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. The 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 Moines, 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 $594.0 million. The Company recognized a net gain of $280.0 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 market 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.

During the second quarter of 2016, International outdoor sold its business in Turkey. As a result, the Company recognized a net loss of $56.6 million, which includes $32.2 million in cumulative translation adjustments that were recognized upon the sale of the Company's subsidiaries in Turkey.

Property, Plant and Equipment

The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2016 and December 31, 2015, respectively:



(In thousands)	June 30, 2016		December 31, 2015
Land, buildings and improvements	$	587,554	$	603,234
Structures	2,743,167		2,824,794
Towers, transmitters and studio equipment	346,620		347,877
Furniture and other equipment	605,515		591,149
Construction in progress	82,656		69,042
	4,365,512		4,436,096
Less: accumulated depreciation	2,296,965		2,223,540
Property, plant and equipment, net	$	2,068,547	$	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 assets 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 representation 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 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, 2016 and December 31, 2015, respectively:



(In thousands)	June 30, 2016					December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor contractual rights	$	589,682	$	(428,504	)	$	635,772	$	(457,060	)
Customer / advertiser relationships	1,222,518		(951,966		)	1,222,518		(891,488		)
Talent contracts	319,384		(266,821		)	319,384		(252,526		)
Representation contracts	253,602		(223,464		)	239,142		(217,770		)
Permanent easements	157,436		—			156,349		—
Other	389,881		(207,076		)	394,983		(195,644		)
Total	$	2,932,503	$	(2,077,831	)	$	2,968,148	$	(2,014,488	)

Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2016 and 2015 was $56.8 million and $60.7 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2016 and 2015 was $112.1 million and $123.6 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	$	199,630
2018	129,701
2019	46,925
2020	38,998
2021	33,114

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	—		(1,393		)	3,999			—		2,606
Assets held for sale			(10,226		)						(10,226		)
Balance as of June 30, 2016	$	3,288,481	$	516,130		$	227,891		$	81,831	$	4,114,333