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Property, Plant and Equipment, Intangible Assets and Goodwill | 3 Months Ended
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Mar. 31, 2016
Property, Plant and Equipment, Intangible Assets and Goodwill | NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Dispositions On January 15, 2016, the Company and certain of the Company’s subsidiaries completed the final closing for the sale of six of the Company’s broadcast communication tower sites and related assets for approximately $5.5 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of space on all six of the towers sold. T he Company realized a net gain of $2.7 million, of which $1.9 million was deferred and will be recognized over the lease term. During the first quarter of 2016, Americas outdoor sold nine non-strategic outdoor markets including Cleveland and Columbus, Ohio, Des Moine s, Iowa, Ft. Smith, Arkansas, Memphis, Tennessee, Portland, Oregon, Reno, Nevada, Seattle, Washington and Wichita, Kansas for net proceeds, which included cash and certain advertising assets in Florida, totaling $596.6 million. The Company reco gnized a net gain of $281.7 million related to the sale, which is included within Other operating income (expense), net. During the first quarter of 2016, Americas outdoor also entered into an agreement to sell its Indianapolis, Indiana marke t in exchange for certain assets in Atlanta, Georgia, plus approximately $41.2 million in cash. The transaction is subject to regulatory approval and is expected to close in 2016. This transaction has met the criteria to be classified as held-for-sale and as such, the related assets are separately presented on the face of the Consolidated Balance Sheet.
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2016 and December 31, 2015, respectively:
(In thousands) | March 31, |  | December 31,
| 2016 |  | 2015
Land, buildings and improvements | $ | 600,582 |  | $ | 603,234
Structures |  | 2,799,699 |  |  | 2,824,794
Towers, transmitters and studio equipment |  | 345,240 |  |  | 347,877
Furniture and other equipment |  | 600,067 |  |  | 591,149
Construction in progress |  | 66,110 |  |  | 69,042
|  | 4,411,698 |  |  | 4,436,096
Less: accumulated depreciation |  | 2,267,258 |  |  | 2,223,540
Property, plant and equipment, net | $ | 2,144,440 |  | $ | 2,212,556
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 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 ass ets in the International outdoor segment. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, talent and repres entation contracts, customer and advertiser relationships, and site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to cont ribute 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 o f 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 March 31, 2016 and December 31, 2015, respectively:
(In thousands) | March 31, 2016 |  | December 31, 2015
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Transit, street furniture and other outdoor contractual rights | $ | 631,943 |  | $ | (458,829) |  | $ | 635,772 |  | $ | (457,060)
Customer / advertiser relationships |  | 1,222,518 |  |  | (921,759) |  |  | 1,222,518 |  |  | (891,488)
Talent contracts |  | 319,384 |  |  | (259,674) |  |  | 319,384 |  |  | (252,526)
Representation contracts |  | 239,142 |  |  | (220,109) |  |  | 239,142 |  |  | (217,770)
Permanent easements |  | 157,314 |  |  | - |  |  | 156,349 |  |  | -
Other |  | 390,379 |  |  | (201,191) |  |  | 394,983 |  |  | (195,644)
| Total | $ | 2,960,680 |  | $ | (2,061,562) |  | $ | 2,968,148 |  | $ | (2,014,488)
Total amortization expense related to definite-lived intangible assets for the three months ended March 31, 2016 and 2015 was $55.3 million and $62.9 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) |  |  |
2017 | $ | 197,498 |
2018 |  | 127,246 |
2019 |  | 43,476 |
2020 |  | 36,735 |
2021 |  | 33,333 |
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, 2014 | $ | 3,288,481 |  | $ | 584,574 |  | $ | 232,538 |  | $ | 81,831 |  | $ | 4,187,424
| Acquisitions |  | - |  |  | - |  |  | 10,998 |  |  | - |  |  | 10,998
| Foreign currency |  | - |  |  | (709) |  |  | (19,644) |  |  | - |  |  | (20,353)
| Assets held for sale |  | - |  |  | (49,182) |  |  | - |  |  | - |  |  | (49,182)
Balance as of December 31, 2015 | $ | 3,288,481 |  | $ | 534,683 |  | $ | 223,892 |  | $ | 81,831 |  | $ | 4,128,887
| Dispositions |  | - |  |  | (6,934) |  |  | - |  |  | - |  |  | (6,934)
| Foreign currency |  | - |  |  | (1,210) |  |  | 9,834 |  |  | - |  |  | 8,624
| Assets held for sale |  | - |  |  | (10,337) |  |  | - |  |  | - |  |  | (10,337)
Balance as of March 31, 2016 | $ | 3,288,481 |  | $ | 516,202 |  | $ | 233,726 |  | $ | 81,831 |  | $ | 4,120,240

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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=51717284&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=51719941&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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