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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended
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Sep. 30, 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) | September 30, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 328,606 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 205,035 |  |  | 195,609 |
Computer equipment and software | 708,795 |  |  | 685,417 |
Furniture and other equipment | 55,726 |  |  | 47,684 |
Construction in progress | 27,849 |  |  | 16,473 |
| 1,326,011 |  |  | 1,261,838 |
Less: accumulated depreciation | 825,840 |  |  | 702,973 |
Property, plant and equipment, net | $ | 500,171 |  |  | $ | 558,865 |
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company performs its annual impairment test on goodwill and indefinite-lived 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. As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues, cash flows and trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its FCC licenses, which resulted in a non-cash impairment charge of $304.1 million in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter of 2024. 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 Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. In connection with its impairment testing, the Company also assessed its other intangible assets. Based on the Company's assessment, no impairment indicators were identified related to the definite-lived intangible assets. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands) | September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (925,798) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (235,320) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (181,955) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (13,565) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,356,638) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended September 30, 2024 and 2023 was $61.2 million and $61.7 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the nine months ended September 30, 2024 and 2023 was $184.3 million and $185.3 million, respectively. 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 |
Impairment | (608,958) |  |  | — |  |  | (7,127) |  |  | (616,085) |
Foreign currency | — |  |  | (73) |  |  | 22 |  |  | (51) |
Balance as of September 30, 2024 | $ | 731,501 |  |  | $ | 311,353 |  |  | $ | 62,493 |  |  | $ | 1,105,347 |
Cumulative Impairment | $ | 1,954,895 |  |  | $ | 439,383 |  |  | $ | 41,642 |  |  | $ | 2,435,920 |
(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. Goodwill Impairment The Company performs its impairment test for each reporting unit’s goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. As discussed above, economic uncertainty has had a significant impact on the Company's revenue, cash flows, and the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its goodwill, resulting in a non-cash impairment charge of $616.1 million in the second quarter of 2024. No impairment was identified related to our goodwill balance as part of the 2024 annual impairment test performed during the third quarter of 2024.
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) | September 30, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 328,606 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 205,035 |  |  | 195,609 |
Computer equipment and software | 708,795 |  |  | 685,417 |
Furniture and other equipment | 55,726 |  |  | 47,684 |
Construction in progress | 27,849 |  |  | 16,473 |
| 1,326,011 |  |  | 1,261,838 |
Less: accumulated depreciation | 825,840 |  |  | 702,973 |
Property, plant and equipment, net | $ | 500,171 |  |  | $ | 558,865 |
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company performs its annual impairment test on goodwill and indefinite-lived 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. As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues, cash flows and trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its FCC licenses, which resulted in a non-cash impairment charge of $304.1 million in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter of 2024. 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 Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. In connection with its impairment testing, the Company also assessed its other intangible assets. Based on the Company's assessment, no impairment indicators were identified related to the definite-lived intangible assets. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands) | September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (925,798) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (235,320) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (181,955) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (13,565) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,356,638) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended September 30, 2024 and 2023 was $61.2 million and $61.7 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the nine months ended September 30, 2024 and 2023 was $184.3 million and $185.3 million, respectively. 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 |
Impairment | (608,958) |  |  | — |  |  | (7,127) |  |  | (616,085) |
Foreign currency | — |  |  | (73) |  |  | 22 |  |  | (51) |
Balance as of September 30, 2024 | $ | 731,501 |  |  | $ | 311,353 |  |  | $ | 62,493 |  |  | $ | 1,105,347 |
Cumulative Impairment | $ | 1,954,895 |  |  | $ | 439,383 |  |  | $ | 41,642 |  |  | $ | 2,435,920 |
(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. Goodwill Impairment The Company performs its impairment test for each reporting unit’s goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. As discussed above, economic uncertainty has had a significant impact on the Company's revenue, cash flows, and the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its goodwill, resulting in a non-cash impairment charge of $616.1 million in the second quarter of 2024. No impairment was identified related to our goodwill balance as part of the 2024 annual impairment test performed during the third quarter of 2024.

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