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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Notes)
3 Months Ended
Mar. 31, 2014
Guarantees [Abstract]  
Guarantor and Non-guarantor Financial Information [Text Block]
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
As discussed in Note 5, "Long-term Debt and Other Financing Arrangements", our 100% owned subsidiaries, CME NV and CME BV (collectively, the "Guarantor Subsidiaries"), have agreed to fully and unconditionally, and jointly and severally guarantee, subject to certain limits imposed by local law (the “Guarantees”), on a senior basis the 2017 PIK Notes that were issued May 2, 2014. The Guarantor Subsidiaries are subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities registered or being registered with the SEC. Our remaining subsidiaries (the “Non-Guarantor Subsidiaries”) are presented separately from CME Ltd. (the “Parent Issuer”) and the Guarantor Subsidiaries in the condensed consolidating financial statements presented below.
The Guarantees are senior obligations of the Guarantors and rank equal in right of payment with all of the Guarantor Subsidiaries’ existing and future senior indebtedness, including in respect of their guarantees of the 2015 Convertible Notes, the 2017 Term Loan and the 2017 Revolving Credit Facility. In addition, the Guarantees rank senior in right of payment to any other existing and future obligations of the Guarantor Subsidiaries expressly subordinated in right of payment to the Guarantees. The Guarantees effectively rank junior to all of the future indebtedness and other liabilities of our Non-Guarantor Subsidiaries, including with respect to their obligations in respect of the 2017 PIK Notes.
CME Ltd. and the Guarantor Subsidiaries are holding companies with no revenue-generating operations and rely on the repayment of intercompany indebtedness and the declaration of dividends to receive distributions of cash from our operating subsidiaries and affiliates. There are no significant restrictions on CME Ltd.'s ability to obtain funds from the Guarantor Subsidiaries.
The following tables present condensed consolidating financial information relating to the Guarantor Subsidiaries as at March 31, 2014 and 2013, and for the three months ended March 31, 2014 and 2013:
Condensed Consolidating Balance Sheets as at March 31, 2014
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
9,992

 
$
8,730

 
$
93,664

 
$
—

 
$
112,386

Accounts receivable, net
—

 
—

 
153,709

 
—

 
153,709

Program rights, net
—

 
—

 
135,084

 
—

 
135,084

Other current assets
9,835

 
256

 
45,460

 
—

 
55,551

Assets held for sale
—

 
—

 
2,989

 
—

 
2,989

Intercompany current assets
19,095

 
2,499

 
104,551

 
(126,145
)
 
—

Total current assets
38,922

 
11,485

 
535,457

 
(126,145
)
 
459,719

Non-current assets
 
 
 
 
 
 
 
 
 
Investments in subsidiaries
—

 
447,610

 
—

 
(447,610
)
 
—

Property, plant and equipment, net
—

 
—

 
194,584

 
—

 
194,584

Program rights, net
—

 
—

 
280,094

 
—

 
280,094

Goodwill
—

 
—

 
783,390

 
—

 
783,390

Broadcast licenses and other intangible assets, net
—

 
—

 
222,069

 
—

 
222,069

Other non-current assets
5,195

 
—

 
9,730

 
—

 
14,925

Intercompany non-current assets
1,881,877

 
322,025

 
22,425

 
(2,226,327
)
 
—

Total non-current assets
1,887,072

 
769,635

 
1,512,292

 
(2,673,937
)
 
1,495,062

Total assets
$
1,925,994

 
$
781,120

 
$
2,047,749

 
$
(2,800,082
)
 
$
1,954,781

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
19,516

 
$
179

 
$
292,912

 
$
—

 
$
312,607

Current portion of long-term debt and other financing arrangements
—

 
—

 
1,772

 
—

 
1,772

Other current liabilities
469

 
—

 
35,461

 
—

 
35,930

Liabilities held for sale
—

 
—

 
2,989

 
—

 
2,989

Intercompany current liabilities
5,225

 
100,083

 
20,837

 
(126,145
)
 
—

Total current liabilities
25,210

 
100,262

 
353,971

 
(126,145
)
 
353,298

Non-current liabilities
 

 
 

 
 
 
 
 
 
Deficiency in excess of investments in subsidiaries

353,615

 
—

 
—

 
(353,615
)
 
—

Long-term debt and other financing arrangements
622,558

 
—

 
342,272

 
—

 
964,830

Other non-current liabilities
41

 
—

 
34,731

 
—

 
34,772

Intercompany non-current liabilities
322,689

 
1,903,638

 
—

 
(2,226,327
)
 
—

Total non-current liabilities
1,298,903

 
1,903,638

 
377,003

 
(2,579,942
)
 
999,602

Temporary equity
211,734

 
—

 
—

 
—

 
211,734

Total equity / (deficit)
390,147

 
(1,222,780
)
 
1,316,775

 
(93,995
)
 
390,147

Total liabilities and equity
$
1,925,994

 
$
781,120

 
$
2,047,749

 
$
(2,800,082
)
 
$
1,954,781


Condensed Consolidating Balance Sheets as at December 31, 2013    
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
19,461

 
$
5,422

 
$
79,152

 
$
—

 
$
104,035

Accounts receivable, net
—

 
—

 
179,447

 
—

 
179,447

Program rights, net
—

 
—

 
109,238

 
—

 
109,238

Other current assets
2,638

 
31

 
45,229

 
—

 
47,898

Assets held for sale
—

 
—

 
11,762

 
—

 
11,762

Intercompany current assets
53,396

 
2,052

 
—

 
(55,448
)
 
—

Total current assets
75,495

 
7,505

 
424,828

 
(55,448
)
 
452,380

Non-current assets
 

 
 

 
 
 
 
 
 
Investments in subsidiaries
—

 
479,435

 
—

 
(479,435
)
 
—

Property, plant and equipment, net
—

 
—

 
198,346

 
—

 
198,346

Program rights, net
—

 
—

 
289,212

 
—

 
289,212

Goodwill
—

 
—

 
782,870

 
—

 
782,870

Broadcast licenses and other intangible assets, net
—

 
—

 
225,258

 
—

 
225,258

Other non-current assets
3,976

 
—

 
9,831

 
—

 
13,807

Intercompany non-current assets
1,822,966

 
315,017

 
18,887

 
(2,156,870
)
 
—

Total non-current assets
1,826,942

 
794,452

 
1,524,404

 
(2,636,305
)
 
1,509,493

Total assets
$
1,902,437

 
$
801,957

 
$
1,949,232

 
$
(2,691,753
)
 
$
1,961,873

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
18,234

 
$
41

 
$
275,155

 
$
—

 
$
293,430

Current portion of long-term debt and other financing arrangements
—

 
71

 
2,043

 
—

 
2,114

Other current liabilities
500

 
—

 
16,130

 
—

 
16,630

Liabilities held for sale
—

 
—

 
3,918

 
—

 
3,918

Intercompany current liabilities
7,788

 
45,988

 
1,672

 
(55,448
)
 
—

Total current liabilities
26,522

 
46,100

 
298,918

 
(55,448
)
 
316,092

Non-current liabilities
 

 
 

 
 
 
 
 
 
Deficiency in excess of investments in subsidiaries
296,351

 
—

 
—

 
(296,351
)
 
—

Long-term debt and other financing arrangements
620,375

 
—

 
342,568

 
—

 
962,943

Other non-current liabilities
—

 
—

 
33,947

 
—

 
33,947

Intercompany non-current liabilities
310,298

 
1,846,572

 
—

 
(2,156,870
)
 
—

Total non-current liabilities
1,227,024

 
1,846,572

 
376,515

 
(2,453,221
)
 
996,890

Temporary equity
207,890

 
—

 
—

 
—

 
207,890

Total equity / (deficit)
441,001

 
(1,090,715
)
 
1,273,799

 
(183,084
)
 
441,001

Total liabilities and equity
$
1,902,437

 
$
801,957

 
$
1,949,232

 
$
(2,691,753
)
 
$
1,961,873


Condensed Consolidating Statements of Operations for the three months ended March 31, 2014
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

Net revenues
$
—

 
$
—

 
$
153,050

 
$
—

 
$
153,050

Cost of revenues
—

 
—

 
129,274

 
—

 
129,274

Selling, general and administrative expenses
3,667

 
252

 
28,885

 
—

 
32,804

Restructuring costs
—

 
—

 
5,366

 
—

 
5,366

Operating loss
(3,667
)
 
(252
)
 
(10,475
)
 
—

 
(14,394
)
Interest income
39,191

 
7,047

 
136

 
(46,228
)
 
146

Interest expense
(26,407
)
 
(39,130
)
 
(8,612
)
 
46,228

 
(27,921
)
Foreign currency exchange gain / (loss), net
178

 
(892
)
 
254

 
—

 
(460
)
Change in fair value of derivatives
(50
)
 
(2,855
)
 
2,855

 
—

 
(50
)
Loss from continuing operations before tax and loss from investment in subsidiaries
9,245

 
(36,082
)
 
(15,842
)
 
—

 
(42,679
)
Credit / (provision) for income taxes
—

 
3,603

 
(1,493
)
 
—

 
2,110

Loss from continuing operations before loss from investment in subsidiaries
9,245

 
(32,479
)
 
(17,335
)
 
—

 
(40,569
)
Loss from investment in subsidiaries
(55,786
)
 
(23,494
)
 
—

 
79,280

 
—

Loss from continuing operations
(46,541
)
 
(55,973
)
 
(17,335
)
 
79,280

 
(40,569
)
Loss from discontinued operations, net of tax
—

—

—

—

(8,064
)
—

—

—

(8,064
)
Net loss
(46,541
)
 
(55,973
)
 
(25,399
)
 
79,280

 
(48,633
)
Net loss attributable to noncontrolling interests
—

 
—

 
717

 
—

 
717

Net loss attributable to CME Ltd.
(46,541
)
 
(55,973
)
 
(24,682
)
 
79,280

 
(47,916
)
Comprehensive loss attributable to CME Ltd.
$
(46,541
)
 
$
(55,786
)
 
$
(23,494
)
 
$
79,280

 
$
(46,541
)

Condensed Consolidating Statements of Operations for the three months ended March 31, 2013
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

Net revenues
$
—

 
$
—

 
$
132,715

 
$
—

 
$
132,715

Cost of revenues
—

 
—

 
134,735

 
—

 
134,735

Selling, general and administrative expenses
3,374

 
192

 
29,499

 
—

 
33,065

Operating loss
(3,374
)
 
(192
)
 
(31,519
)
 
—

 
(35,085
)
Interest income
36,340

 
15

 
217

 
(36,337
)
 
235

Interest expense
(24,590
)
 
(30,106
)
 
(13,654
)
 
36,337

 
(32,013
)
Foreign currency exchange loss, net
(37,842
)
 
(582
)
 
(11,458
)
 
—

 
(49,882
)
Change in fair value of derivatives
—

 
—

 
104

 
—

 
104

Other (expense) / income
—

 
(38
)
 
22

 
—

 
(16
)
Loss from continuing operations before tax and loss on investment in subsidiaries
(29,466
)
 
(30,903
)
 
(56,288
)
 
—

 
(116,657
)
Credit for income taxes
—

 
3,777

 
3,841

 
—

 
7,618

Loss from continuing operations before loss on investment in subsidiaries
(29,466
)
 
(27,126
)
 
(52,447
)
 
—

 
(109,039
)
Loss on investment in subsidiaries
(76,494
)
 
(49,757
)
 
—

 
126,251

 
—

Loss from continuing operations
(105,960
)
 
(76,883
)
 
(52,447
)
 
126,251

 
(109,039
)
Income from discontinued operations, net of tax
—

—

—

—

77

—

—

—

77

Net loss
(105,960
)
 
(76,883
)
 
(52,370
)
 
126,251

 
(108,962
)
Net loss attributable to noncontrolling interests
—

 
—

 
682

 
—

 
682

Net loss attributable to CME Ltd.
(105,960
)
 
(76,883
)
 
(51,688
)
 
126,251

 
(108,280
)
Comprehensive loss attributable to CME Ltd.
$
(105,960
)
 
$
(76,494
)
 
$
(49,757
)
 
$
126,251

 
$
(105,960
)


Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2014
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

Net cash (used in) / generated from continuing operating activities
$
(24,649
)
 
$
(2,584
)
 
$
45,490

 
$
—

 
$
18,257

 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
—

 
—

 
(8,982
)
 
—

 
(8,982
)
Disposal of property, plant and equipment
—

 
—

 
69

 
—

 
69

Intercompany investing activity
15,242

 
21,096

 
—

 
(36,338
)
 
—

Net cash used in continuing investing activities
15,242

 
21,096

 
(8,913
)
 
(36,338
)
 
(8,913
)
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Debt transaction costs
(62
)
 
—

 
(827
)
 
—

 
(889
)
Payment of credit facilities and capital leases
—

 
—

 
(458
)
 
—

 
(458
)
Dividends paid to holders of noncontrolling interests
—

 
—

 
(46
)
 
—

 
(46
)
Intercompany financing activity
—

 
(15,242
)
 
(21,096
)
 
36,338

 
—

Net cash provided by / (used in) continuing financing activities
(62
)
 
(15,242
)
 
(22,427
)
 
36,338

 
(1,393
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by discontinued operations - operating activities
—

 
—

 
348

 
—

 
348

Net cash used in discontinued operations - financing activities
—

 
—

 
(286
)
 
—

 
(286
)
 
 
 
 
 
 
 
 
 
 
Impact of exchange rate fluctuations on cash
—

 
38

 
300

 
—

 
338

Net (decrease) / increase in cash and cash equivalents
(9,469
)
 
3,308

 
14,512

 
—

 
8,351

CASH AND CASH EQUIVALENTS, beginning of period
19,461

 
5,422

 
79,152

 
—

 
104,035

CASH AND CASH EQUIVALENTS, end of period
$
9,992

 
$
8,730

 
$
93,664

 
$
—

 
$
112,386



Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2013
 
Parent Issuer

 
Guarantor Subsidiaries

 
Non-Guarantor Subsidiaries

 
Eliminations

 
Consolidated

Net cash (used in) / generated from continuing operating activities
$
(25,710
)
 
$
2,720

 
$
20,714

 
$
—

 
$
(2,276
)
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
—

 
—

 
(10,230
)
 
—

 
(10,230
)
Disposal of property, plant and equipment
—

 
—

 
167

 
—

 
167

Intercompany investing activity
—

 
(26,012
)
 
—

 
26,012

 
—

Net cash used in continuing investing activities
—

 
(26,012
)
 
(10,063
)
 
26,012

 
(10,063
)
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Repurchase of Senior Notes
(20,467
)
 
—

 
—

 
—

 
(20,467
)
Debt transactions costs
(780
)
 
—

 
—

 
—

 
(780
)
Change in restricted cash
20,467

 
—

 
—

 
—

 
20,467

Proceeds from credit facilities
—

 
—

 
228

 
—

 
228

Payment of credit facilities and capital leases
—

 
—

 
(273
)
 
—

 
(273
)
Dividends paid to holders of noncontrolling interests
—

 
—

 
(113
)
 
—

 
(113
)
Intercompany financing activity
20,449

 
20,749

 
(15,186
)
 
(26,012
)
 
—

Net cash provided by / (used in) financing activities
19,669

 
20,749

 
(15,344
)
 
(26,012
)
 
(938
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by discontinued operations - operating activities
—

 
—

 
713

 
—

 
713

Net cash used in discontinued operations - financing activities
—

 
—

 
(24
)
 
—

 
(24
)
 
 
 
 
 
 
 
 
 
 
Impact of exchange rate fluctuations on cash
—

 
21

 
(5,330
)
 
—

 
(5,309
)
Net decrease in cash and cash equivalents
(6,041
)
 
(2,522
)
 
(9,334
)
 
—

 
(17,897
)
CASH AND CASH EQUIVALENTS, beginning of period
9,372

 
2,836

 
127,455

 
—

 
139,663

CASH AND CASH EQUIVALENTS, end of period
$
3,331

 
$
314

 
$
118,121

 
$
—

 
$
121,766