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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, respectively:

(In thousands)			March 31, 2023						December 31, 2022
Land, buildings and improvements			$	349,459					$	340,692
Towers, transmitters and studio equipment			221,588						215,655
Computer equipment and software			629,218						617,794
Furniture and other equipment			41,900						41,924
Construction in progress			28,373						29,091
			1,270,538						1,245,156
Less: accumulated depreciation			596,159						550,314
Property, plant and equipment, net			$	674,379					$	694,842

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group segment.

Other Intangible Assets

Other intangible assets consists of definite-lived intangible assets, which 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 that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. 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, 2023 and December 31, 2022, respectively:

(In thousands)			March 31, 2023												December 31, 2022
			Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Customer / advertiser relationships			$	1,652,455					$	(675,167)					$	1,652,455					$	(633,352)
Talent and other contracts			338,900						(171,272)						338,900						(160,500)
Trademarks and tradenames			335,862						(130,941)						335,862						(122,403)
Other			18,443						(10,396)						18,443						(9,735)
Total			$	2,345,660					$	(987,776)					$	2,345,660					$	(925,990)

Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2023 and 2022 was $61.8 million and $63.1 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)
2024			$	244,707
2025			213,514
2026			201,512
2027			176,171
2028			160,395

Goodwill

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

(In thousands)			Multiplatform Group						Digital Audio Group						Audio & Media Services Group						Consolidated
Balance as of December 31, 2022			$	1,462,022					$	747,350					$	104,031					$	2,313,403
Foreign currency			—						—						33						33
Balance as of March 31, 2023			$	1,462,022					$	747,350					$	104,064					$	2,313,436

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, 2023 and December 31, 2022, respectively:

(In thousands)			March 31, 2023						December 31, 2022
Land, buildings and improvements			$	349,459					$	340,692
Towers, transmitters and studio equipment			221,588						215,655
Computer equipment and software			629,218						617,794
Furniture and other equipment			41,900						41,924
Construction in progress			28,373						29,091
			1,270,538						1,245,156
Less: accumulated depreciation			596,159						550,314
Property, plant and equipment, net			$	674,379					$	694,842

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group segment.

Other Intangible Assets

Other intangible assets consists of definite-lived intangible assets, which 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 that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. 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, 2023 and December 31, 2022, respectively:

(In thousands)			March 31, 2023												December 31, 2022
			Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Customer / advertiser relationships			$	1,652,455					$	(675,167)					$	1,652,455					$	(633,352)
Talent and other contracts			338,900						(171,272)						338,900						(160,500)
Trademarks and tradenames			335,862						(130,941)						335,862						(122,403)
Other			18,443						(10,396)						18,443						(9,735)
Total			$	2,345,660					$	(987,776)					$	2,345,660					$	(925,990)

Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2023 and 2022 was $61.8 million and $63.1 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)
2024			$	244,707
2025			213,514
2026			201,512
2027			176,171
2028			160,395

Goodwill

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

(In thousands)			Multiplatform Group						Digital Audio Group						Audio & Media Services Group						Consolidated
Balance as of December 31, 2022			$	1,462,022					$	747,350					$	104,031					$	2,313,403
Foreign currency			—						—						33						33
Balance as of March 31, 2023			$	1,462,022					$	747,350					$	104,064					$	2,313,436

X

- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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- References

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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