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 June 30, 2019 (Successor) and December 31, 2018 (Predecessor), respectively:



(In thousands)	Successor Company		Predecessor Company
	June 30, 2019		December 31, 2018
Land, buildings and improvements	$	375,661	$	427,501
Towers, transmitters and studio equipment	152,274		365,991
Furniture and other equipment	280,726		591,601
Construction in progress	42,429		43,809
	851,090		1,428,902
Less: accumulated depreciation	16,858		926,700
Property, plant and equipment, net	$	834,232	$	502,202

In connection with the Company's emergence from bankruptcy and in accordance with ASC 852, the Company applied the provisions of fresh start accounting to its Consolidated Financial Statements on the Effective Date. As a result, the Company adjusted Property, plant and equipment to their respective fair values at the Effective Date (see Note 3 - Fresh Start Accounting).

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Audio segment. In connection with the Company's emergence from bankruptcy and in accordance with ASC 852, the Company applied the provisions of fresh start accounting to its Consolidated Financial Statements on the Effective Date. As a result, the Company adjusted its FCC licenses to their respective estimated fair values as of the Effective Date of $2,281.7 million (see Note 3 - Fresh Start Accounting).

The Company performs its annual impairment test on goodwill and indefinite-lived intangible assets, including 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 Period from January 1, 2019 through May 1, 2019, the Predecessor 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 weighted average cost of capital used in performing the annual impairment test.

Other Intangible Assets

Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames 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. In connection with the Company's emergence from bankruptcy and in accordance with ASC 852, the Company applied the provisions of fresh start accounting to its Consolidated Financial Statements on the Effective Date. As a result, the Company adjusted Other intangible assets to their respective fair values at the Effective Date (see Note 3 - Fresh Start Accounting).

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2019 (Successor) and December 31, 2018 (Predecessor), respectively:



(In thousands)	Successor Company					Predecessor Company
	June 30, 2019					December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Customer / advertiser relationships	1,645,880		(29,095		)	1,326,636		(1,278,885		)
Talent contracts	373,000		(8,240		)	164,933		(148,578		)
Trademarks and tradenames	321,977		(4,977		)	—		—
Other	7,057		(195		)	376,978		(240,662		)
Total	$	2,347,914	$	(42,507	)	$	1,868,547	$	(1,668,125	)

Total amortization expense related to definite-lived intangible assets for the Successor Company for the Period from May 2, 2019 through June 30, 2019 was $42.5 million. Total amortization expense related to definite-lived intangible assets for the Predecessor Company for the Period from April 1, 2019 through May 1, 2019, the three months ended June 30, 2018, the Period from January 1, 2019 through May 1, 2019 and the six months ended June 30, 2018 was $3.0 million, $40.1 million, $12.7 million and $81.9 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)
2020	$	21,253
2021	20,456
2022	19,234
2023	19,062
2024	17,978

Goodwill

The following table presents the changes in the carrying amount of goodwill:



(In thousands)	Consolidated
Balance as of December 31, 2017 (Predecessor)	$	3,337,039
Acquisitions	77,320
Dispositions	(1,606		)
Balance as of December 31, 2018 (Predecessor)	$	3,412,753
Acquisitions	2,767
Foreign currency	(28		)
Balance as of May 1, 2019	$	3,415,492
Impact of fresh start accounting	(92,127		)


Balance as of May 2, 2019 (Successor)	$	3,323,365
Acquisitions	4,637
Dispositions	(4,834		)
Foreign currency	39
Balance as of June 30, 2019 (Successor)	$	3,323,207