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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended
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Mar. 31, 2019
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 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 as of March 31, 2019 and December 31, 2018, respectively:
(In thousands) | March 31, 2019 |  | December 31, 2018
Land, buildings and improvements | $ | 572,362 |  |  | $ | 572,904 |
Structures | 2,833,051 |  |  | 2,835,411 |
Towers, transmitters and studio equipment | 366,500 |  |  | 365,991 |
Furniture and other equipment | 818,278 |  |  | 793,756 |
Construction in progress | 112,442 |  |  | 116,839 |
| 4,702,633 |  |  | 4,684,901 |
Less: accumulated depreciation | 2,961,395 |  |  | 2,893,761 |
Property, plant and equipment, net | $ | 1,741,238 |  |  | $ | 1,791,140 |
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. Accordingly, there are no indefinite-lived intangible assets in the International outdoor segment. The Company performs its annual impairment test on goodwill and indefinite-lived intangible assets, including Federal Communication Commission ("FCC") licenses, as of July 1 of each year. In addition, the Company tests for impairment of intangible assets whenever events and circumstances indicate that such assets might be impaired. During the three months ended March 31, 2019, the Company recognized non-cash impairment charges of $91.4 million in relation to indefinite-lived FCC licenses as a result of an increase in the Company's weighted average cost of capital. 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 amortized cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of March 31, 2019 and December 31, 2018, respectively:
(In thousands) | March 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Transit, street furniture and other outdoor contractual rights | $ | 528,232 |  |  | $ | (443,963 | ) |  | $ | 528,185 |  |  | $ | (440,228 | )
Customer / advertiser relationships | 1,237,115 |  |  | (1,210,498 | ) |  | 1,249,128 |  |  | (1,208,056 | )
Talent contracts | 164,932 |  |  | (150,289 | ) |  | 164,933 |  |  | (148,578 | )
Representation contracts | 77,508 |  |  | (72,419 | ) |  | 77,508 |  |  | (70,829 | )
Permanent easements | 163,341 |  |  | — |  |  | 163,317 |  |  | — |
Other | 394,923 |  |  | (249,018 | ) |  | 382,897 |  |  | (244,993 | )
Total | $ | 2,566,051 |  |  | $ | (2,126,187 | ) |  | $ | 2,565,968 |  |  | $ | (2,112,684 | )
Total amortization expense related to definite-lived intangible assets for the three months ended March 31, 2019 and 2018 was $13.9 million and $47.0 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) |
2020 | $ | 43,788 |
2021 | 38,457 |
2022 | 32,707 |
2023 | 24,849 |
2024 | 20,983 |
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 |  | International Outdoor |  | Other |  | Consolidated
Balance as of December 31, 2017 | $ | 3,255,208 |  |  | $ | 507,819 |  |  | $ | 206,224 |  |  | $ | 81,831 |  |  | $ | 4,051,082 |
Acquisitions | 77,320 |  |  | — |  |  | — |  |  | — |  |  | 77,320 |
Dispositions | (1,606 | ) |  | — |  |  | — |  |  | — |  |  | (1,606 | )
Foreign currency | — |  |  | — |  |  | (8,040 | ) |  | — |  |  | (8,040 | )
Balance as of December 31, 2018 | $ | 3,330,922 |  |  | $ | 507,819 |  |  | $ | 198,184 |  |  | $ | 81,831 |  |  | $ | 4,118,756 |
Acquisitions | 2,767 |  |  | — |  |  | — |  |  | — |  |  | 2,767 |
Foreign currency | (27 | ) |  | — |  |  | (3,184 | ) |  | — |  |  | (3,211 | )
Balance as of March 31, 2019 | $ | 3,333,662 |  |  | $ | 507,819 |  |  | $ | 195,000 |  |  | $ | 81,831 |  |  | $ | 4,118,312 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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