XML 18 R7.htm IDEA: XBRL DOCUMENT
v3.7.0.1

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended
--- | ---
Jun. 30, 2017
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Dispositions In January 2017, Americas outdoor sold its Indianapolis, Indiana market to Fairway Media Group, LLC in exchange for certain assets in Atlanta, Georgia with a fair value of $39.4 million, plus $43.1 million in cash, net of closing costs. The assets acquired as part of the transaction consisted of $9.9 million in fixed assets and $29.5 million in intangible assets (including $2.3 million in goodwill). The Company recognized a net gain of $28.9 million related to the sale, which is included within Other operating income, net. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2017 and December 31, 2016, respectively:
(In thousands) | June 30, 2017 |  | December 31, 2016
Land, buildings and improvements | $ | 572,691 |  |  | $ | 570,566 |
Structures | 2,777,063 |  |  | 2,684,673 |
Towers, transmitters and studio equipment | 353,983 |  |  | 350,760 |
Furniture and other equipment | 671,255 |  |  | 622,848 |
Construction in progress | 97,437 |  |  | 91,655 |
| 4,472,429 |  |  | 4,320,502 |
Less: accumulated depreciation | 2,545,770 |  |  | 2,372,340 |
Property, plant and equipment, net | $ | 1,926,659 |  |  | $ | 1,948,162 |
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 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 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, 2017 and December 31, 2016, respectively:
(In thousands) | June 30, 2017 |  | December 31, 2016
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Transit, street furniture and other outdoor contractual rights | $ | 583,567 |  |  | $ | (456,984 | ) |  | $ | 563,863 |  |  | $ | (426,752 | )
Customer / advertiser relationships | 1,222,971 |  |  | (1,072,975 | ) |  | 1,222,519 |  |  | (1,012,380 | )
Talent contracts | 319,384 |  |  | (289,099 | ) |  | 319,384 |  |  | (281,060 | )
Representation contracts | 253,234 |  |  | (233,646 | ) |  | 253,511 |  |  | (229,413 | )
Permanent easements | 162,937 |  |  | — |  |  | 159,782 |  |  | — |
Other | 389,814 |  |  | (230,978 | ) |  | 390,171 |  |  | (219,117 | )
Total | $ | 2,931,907 |  |  | $ | (2,283,682 | ) |  | $ | 2,909,230 |  |  | $ | (2,168,722 | )
Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2017 and 2016 was $49.6 million and $56.8 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2017 and 2016 was $98.7 million and $112.1 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) |
2018 | $ | 127,984 |
2019 | 44,917 |
2020 | 38,273 |
2021 | 34,703 |
2022 | 29,889 |
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, 2015 | $ | 3,288,481 |  |  | $ | 534,683 |  |  | $ | 223,892 |  |  | $ | 81,831 |  |  | $ | 4,128,887 |
Impairment | — |  |  | — |  |  | (7,274 | ) |  | — |  |  | (7,274 | )
Dispositions | — |  |  | (6,934 | ) |  | (30,718 | ) |  | — |  |  | (37,652 | )
Foreign currency | — |  |  | (1,998 | ) |  | (5,051 | ) |  | — |  |  | (7,049 | )
Assets held for sale | — |  |  | (10,337 | ) |  | — |  |  | — |  |  | (10,337 | )
Balance as of December 31, 2016 | $ | 3,288,481 |  |  | $ | 515,414 |  |  | $ | 180,849 |  |  | $ | 81,831 |  |  | $ | 4,066,575 |
Acquisitions | — |  |  | 2,252 |  |  | — |  |  | — |  |  | 2,252 |
Dispositions | — |  |  | — |  |  | (1,817 | ) |  | — |  |  | (1,817 | )
Foreign currency | — |  |  | 709 |  |  | 13,118 |  |  | — |  |  | 13,827 |
Assets held for sale | — |  |  | 89 |  |  | — |  |  | — |  |  | 89 |
Balance as of June 30, 2017 | $ | 3,288,481 |  |  | $ | 518,464 |  |  | $ | 192,150 |  |  | $ | 81,831 |  |  | $ | 4,080,926 |

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=64827811&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=64862545&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
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration