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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended
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Mar. 31, 2024
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:
(In thousands) | March 31, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 319,589 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 197,895 |  |  | 195,609 |
Computer equipment and software | 690,470 |  |  | 685,417 |
Furniture and other equipment | 47,872 |  |  | 47,684 |
Construction in progress | 18,321 |  |  | 16,473 |
| 1,274,147 |  |  | 1,261,838 |
Less: accumulated depreciation | 745,033 |  |  | 702,973 |
Property, plant and equipment, net | $ | 529,114 |  |  | $ | 558,865 |
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.
(In thousands) | March 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (842,639) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (214,143) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (164,963) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (12,457) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,234,202) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) |
2025 | $ | 213,758 |
2026 | 201,512 |
2027 | 176,171 |
2028 | 160,395 |
2029 | 121,622 |
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, 2023(1) | $ | 1,340,459 |  |  | $ | 311,426 |  |  | $ | 69,598 |  |  | $ | 1,721,483 |
Foreign currency | — |  |  | (73) |  |  | (61) |  |  | (134) |
Balance as of March 31, 2024 | $ | 1,340,459 |  |  | $ | 311,353 |  |  | $ | 69,537 |  |  | $ | 1,721,349 |
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.
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:
(In thousands) | March 31, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 319,589 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 197,895 |  |  | 195,609 |
Computer equipment and software | 690,470 |  |  | 685,417 |
Furniture and other equipment | 47,872 |  |  | 47,684 |
Construction in progress | 18,321 |  |  | 16,473 |
| 1,274,147 |  |  | 1,261,838 |
Less: accumulated depreciation | 745,033 |  |  | 702,973 |
Property, plant and equipment, net | $ | 529,114 |  |  | $ | 558,865 |
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.
(In thousands) | March 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (842,639) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (214,143) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (164,963) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (12,457) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,234,202) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) |
2025 | $ | 213,758 |
2026 | 201,512 |
2027 | 176,171 |
2028 | 160,395 |
2029 | 121,622 |
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, 2023(1) | $ | 1,340,459 |  |  | $ | 311,426 |  |  | $ | 69,598 |  |  | $ | 1,721,483 |
Foreign currency | — |  |  | (73) |  |  | (61) |  |  | (134) |
Balance as of March 31, 2024 | $ | 1,340,459 |  |  | $ | 311,353 |  |  | $ | 69,537 |  |  | $ | 1,721,349 |
(1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to our Multiplatform Group, $439.4 million related to our Digital Audio Group and $34.5 million related to our Audio & Media Services Group.

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