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Property, Plant and Equipment, Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2015
Property, Plant and Equipment, Intangible Assets and Goodwill | NOTE 2 – Property, plant and equipment, INTANGIBLE ASSETS AND GOODWILL Dispositions During the first quarter of 2015, the Company sold two office building s located in San Antonio, T exas for $3 4.3 million. Concurrently with the sale of these properties, the Company entered into lease agreements for the continued use of the buildings, pursuant to which the Company will have annual lease payments of $2.6 million. The Company recognized a gain of $8.1 million on the sale of one of the buildings, which is being recognized over the term of the lease. On December 11, 2014, the Company announced that its subsidiary had entered into an agreement with Vertical Bridge Holdings, LLC (“Vertical Bridge”) for the sale of up to 411 of our broadcast communications tower sites. On April 3, 2015, the Company’s affiliate and certain of the Company’s subsidiaries completed the first closing for the sale of 367 of the Company’s broadcast communica tions tower sites and related assets for $369.2 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of 360 of the towers sold. The Company incurred $5.1 million in relation to these lease agreements in the three months ended June 30, 2015. Upon completion of the transaction, the Company realized a net gain of $207.2 million, of which $108.1 million will be deferred and recognized over the lease term. On July 16, 2015, the Company and certain of the Company’s su bsidiaries completed the second closing for the sale of an additional nine of the Company’s broadcast communication tower sites and related assets for approximately $5.9 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of seven of the towers, pursuant to which the Company will have annual lease payments of $0.3 million. The leases entered into as a part of these transactions are for a term of fifteen years and include three optional five-year renewal peri ods.
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively:
(In thousands) | June 30, |  | December 31,
| 2015 |  | 2014
Land, buildings and improvements | $ | 626,050 |  | $ | 731,925
Structures |  | 3,005,159 |  |  | 2,999,582
Towers, transmitters and studio equipment |  | 341,815 |  |  | 453,044
Furniture and other equipment |  | 563,168 |  |  | 536,255
Construction in progress |  | 70,953 |  |  | 95,671
|  | 4,607,145 |  |  | 4,816,477
Less: accumulated depreciation |  | 2,202,219 |  |  | 2,117,413
Other property, plant and equipment, net | $ | 2,404,926 |  | $ | 2,699,064
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its iHM 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 and in Latin America are subject to long-term, finite contracts, unlike the Company’s permits in the United States and Canada. A ccordingly, 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 i ntangible 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 peri od 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 as of June 30, 2015 and December 31, 2014, respectively:
(In thousands) | June 30, 2015 |  | December 31, 2014
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Transit, street furniture and other outdoor contractual rights | $ | 675,466 |  | $ | (465,228) |  | $ | 716,723 |  | $ | (476,523)
Customer / advertiser relationships |  | 1,222,518 |  |  | (831,137) |  |  | 1,222,518 |  |  | (765,596)
Talent contracts |  | 319,384 |  |  | (238,231) |  |  | 319,384 |  |  | (223,936)
Representation contracts |  | 241,158 |  |  | (215,977) |  |  | 238,313 |  |  | (206,338)
Permanent easements |  | 171,641 |  |  | - |  |  | 171,271 |  |  | -
Other |  | 388,122 |  |  | (183,737) |  |  | 388,160 |  |  | (177,249)
| Total | $ | 3,018,289 |  | $ | (1,934,310) |  | $ | 3,056,369 |  | $ | (1,849,642)
Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2015 and 2014 was $60.7 million and $66.3 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2015 and 2014 was $123.6 million and $133.2 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. 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) |  |  |
2016 | $ | 220,130 |
2017 |  | 197,105 |
2018 |  | 130,993 |
2019 |  | 43,102 |
2020 |  | 36,115 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
(In thousands) | iHM |  | Americas Outdoor Advertising |  | International Outdoor Advertising |  | Other |  | Consolidated
Balance as of December 31, 2013 | $ | 3,234,807 |  | $ | 585,227 |  | $ | 264,907 |  | $ | 117,246 |  | $ | 4,202,187
| Acquisitions |  | 17,900 |  |  | - |  |  | - |  |  | 299 |  |  | 18,199
| Foreign currency |  | - |  |  | (653) |  |  | (32,369) |  |  | - |  |  | (33,022)
| Other |  | 60 |  |  | - |  |  | - |  |  | - |  |  | 60
Balance as of December 31, 2014 | $ | 3,252,767 |  | $ | 584,574 |  | $ | 232,538 |  | $ | 117,545 |  | $ | 4,187,424
| Acquisitions |  | - |  |  | - |  |  | - |  |  | - |  |  | -
| Foreign currency |  | - |  |  | (312) |  |  | (9,340) |  |  | - |  |  | (9,652)
| Other |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Balance as of June 30, 2015 | $ | 3,252,767 |  | $ | 584,262 |  | $ | 223,198 |  | $ | 117,545 |  | $ | 4,177,772

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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