Property, Plant And Equipment, Intangible Assets And Goodwill

6 Months Ended

Jun. 30, 2012

Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract]

Property, Plant And Equipment, Intangible Assets And Goodwill

NOTE 2 – 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 at June 30, 2012 and December 31, 2011, respectively.

(In thousands)		June 30,		December 31,
		2012		2011
Land, buildings and improvements	$	670,122	$	657,346
Structures		2,858,625		2,783,434
Towers, transmitters and studio equipment		411,577		400,832
Furniture and other equipment		387,204		365,137
Construction in progress		75,128		68,658
		4,402,656		4,275,407
Less: accumulated depreciation		1,381,108		1,212,080
Property, plant and equipment, net	$	3,021,548	$	3,063,327

Definite-lived Intangible Assets

The Company has definite-lived intangible assets which consist primarily of transit and street furniture contracts, talent and representation contracts, and customer and advertiser relationships, all of which are amortized over 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. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at June 30, 2012 and December 31, 2011, respectively:

(In thousands)			June 30, 2012				December 31, 2011
			Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor contractual rights		$	779,418	$	(365,941)	$	773,238	$	(329,563)
Customer / advertiser relationships			1,210,245		(466,635)		1,210,269		(409,794)
Talent contracts			349,046		(161,833)		347,489		(139,154)
Representation contracts			243,936		(154,478)		237,451		(137,058)
Other			561,619		(112,472)		560,978		(96,096)
	Total	$	3,144,264	$	(1,261,359)	$	3,129,425	$	(1,111,665)

Total amortization expense related to definite-lived intangible assets was $76.2 million and $80.4 million for the three months ended June 30, 2012 and 2011, respectively, and $151.5 million and $159.5 million for the six months ended June 30, 2012 and 2011, 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)
2013	$	283,193
2014		263,354
2015		237,112
2016		222,565
2017		194,814

Indefinite-lived Intangible Assets

The Company's indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its Media and Entertainment (“CCME”) segment and billboard permits in its Americas outdoor advertising (“Americas outdoor”) 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 and Canada. Accordingly, there are no indefinite-lived assets in the International outdoor segment. The Company's indefinite-lived intangible assets are as follows:

(In thousands)		June 30,		December 31,
		2012		2011
FCC broadcast licenses	$	2,409,401	$	2,411,367
Billboard permits		1,106,265		1,105,704
Total indefinite-lived intangible assets	$	3,515,666	$	3,517,071

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of the Company's reportable segments.

(In thousands)			CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Consolidated
Balance as of December 31, 2010		$	3,140,198	$	571,932	$	290,310	$	116,886	$	4,119,326
	Impairment		-		-		(1,146)		-		(1,146)
	Acquisitions		82,844		-		2,995		212		86,051
	Dispositions		(10,542)		-		-		-		(10,542)
	Foreign currency		-		-		(6,898)		-		(6,898)
	Other		(73)		-		-		-		(73)
Balance as of December 31, 2011		$	3,212,427	$	571,932	$	285,261	$	117,098	$	4,186,718
	Acquisitions		188		-		-		51		239
	Dispositions		(445)		-		-		-		(445)
	Foreign currency		-		-		(3,325)		-		(3,325)
	Other		(31)		-		-		-		(31)
Balance as of June 30, 2012		$	3,212,139	$	571,932	$	281,936	$	117,149	$	4,183,156