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Property, Plant And Equipment, Intangible Assets And Goodwill
6 Months Ended
Jun. 30, 2014
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract]  
Property, Plant And Equipment, Intangible Assets And Goodwill

NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Property, Plant and Equipment

The Company's property, plant and equipment consisted of the following classes of assets at June 30, 2014 and December 31, 2013, respectively.

(In thousands)June 30, 2014 December 31, 2013
Structures$ 3,064,825 $ 3,021,152
Less: accumulated depreciation  1,354,681   1,255,642
Structures, net$ 1,710,144 $ 1,765,510
      
Land, buildings and improvements$ 741,473 $ 723,268
Towers, transmitters and studio equipment  444,753   440,612
Furniture and other equipment  515,315   473,995
Construction in progress  97,896   123,814
   1,799,437   1,761,689
Less: accumulated depreciation  695,262   629,569
Other property, plant and equipment, net$ 1,104,175 $ 1,132,120

 

Indefinite-lived Intangible Assets

The Company's indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its Media and Entertainment (“CCME”) segment and billboard permits in its Americas outdoor advertising segment. Due to significant differences in both business practices and regulations, billboards in the International outdoor advertising segment are subject to long-term, finite contracts unlike the Company's permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International outdoor advertising segment.

Other Intangible Assets

Other intangible assets include definite-lived intangible assets and permanent easements. The Company's definite-lived intangible assets include primarily transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases, all of which are amortized over the respective lives of the agreements, or over the period of time the assets are expected to contribute directly or indirectly to the Company's future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost.

 

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at June 30, 2014 and December 31, 2013, respectively:

(In thousands)June 30, 2014 December 31, 2013
  Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization
Transit, street furniture and other outdoor            
 contractual rights$ 777,430 $ (497,061) $ 777,521 $ (464,548)
Customer / advertiser relationships  1,212,745   (705,688)   1,212,745   (645,988)
Talent contracts  319,384   (209,615)   319,617   (195,403)
Representation contracts  254,187   (212,359)   252,961   (200,058)
Permanent easements  174,597   -   173,753   -
Other  387,434   (164,260)   387,405   (151,459)
 Total$ 3,125,777 $ (1,788,983) $ 3,124,002 $ (1,657,456)

Total amortization expense related to definite-lived intangible assets was $66.3 million and $70.9 million for the three months ended June 30, 2014 and 2013, respectively, and $133.2 million and $143.0 million for the six months ended June 30, 2014 and 2013, respectively.

 

The following table presents the Company's estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:

 

(In thousands)  
2015$ 240,193
2016  223,995
2017  198,651
2018  129,079
2019  44,079

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of the Company's reportable segments.

(In thousands)CCME Americas Outdoor Advertising International Outdoor Advertising Other Consolidated
Balance as of December 31, 2012$ 3,236,688 $ 571,932 $ 290,316 $ 117,149 $ 4,216,085
 Impairment  -   -   (10,684)   -   (10,684)
 Acquisitions  -   -   -   97   97
 Dispositions  -   -   (456)   -   (456)
 Foreign currency  -   -   (974)   -   (974)
 Other  (1,881)   -   -   -   (1,881)
Balance as of December 31, 2013$ 3,234,807 $ 571,932 $ 278,202 $ 117,246 $ 4,202,187
 Acquisitions  -   -   -   300   300
 Foreign currency  -   -   780   -   780
 Other  -   -   -   -   -
Balance as of June 30, 2014$ 3,234,807 $ 571,932 $ 278,982 $ 117,546 $ 4,203,267