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Property, Plant and Equipment, Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2016
Property, Plant and Equipment, Intangible Assets and Goodwill

NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Dispositions

On January 15, 2016, Parent and certain of the Company’s subsidiaries completed the final closing for the sale of six of the Company’s broadcast communication tower sites and related assets for approximately $5.5 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of space on all six of the towers sold. The Company realized a net gain of $2.7 million, of which $1.9 million was deferred and will be recognized over the lease term.

During the first quarter of 2016, Americas outdoor sold nine non-strategic outdoor markets including Cleveland and Columbus, Ohio, Des Moines, Iowa, Ft. Smith, Arkansas, Memphis, Tennessee, Portland, Oregon, Reno, Nevada, Seattle, Washington and Wichita, Kansas for net proceeds, which included cash and certain advertising assets in Florida, totaling $596.6 million. The Company recognized a net gain of $281.7 million related to the sale, which is included within Other operating income (expense), net.

During the first quarter of 2016, Americas outdoor also entered into an agreement to sell its Indianapolis, Indiana market in exchange for certain assets in Atlanta, Georgia, plus approximately $41.2 million in cash. The transaction is subject to regulatory approval and is expected to close in 2016. This transaction has met the criteria to be classified as held-for-sale and as such, the related assets are separately presented on the face of the Consolidated Balance Sheet.

Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2016 and December 31, 2015, respectively:
(In thousands)March 31,December 31,
20162015
Land, buildings and improvements$600,582$603,234
Structures2,799,6992,824,794
Towers, transmitters and studio equipment345,240347,877
Furniture and other equipment600,067591,149
Construction in progress66,11069,042
4,411,6984,436,096
Less: accumulated depreciation2,267,2582,223,540
Property, plant and equipment, net$2,144,440$2,212,556

Intangible Assets

The Company’s indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising 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 intangible assets in the International outdoor segment.

Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases 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 cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of March 31, 2016 and December 31, 2015, respectively:
(In thousands)March 31, 2016December 31, 2015
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Transit, street furniture and other outdoor contractual rights$631,943$(458,829)$635,772$(457,060)
Customer / advertiser relationships1,222,518(921,759)1,222,518(891,488)
Talent contracts319,384(259,674)319,384(252,526)
Representation contracts239,142(220,109)239,142(217,770)
Permanent easements157,314-156,349-
Other390,379(201,191)394,983(195,644)
Total$2,960,680$(2,061,562)$2,968,148$(2,014,488)

Total amortization expense related to definite-lived intangible assets for the three months ended March 31, 2016 and 2015 was $55.3 million and $62.9 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)
2017$197,498
2018127,246
201943,476
202036,735
202133,333

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
(In thousands)iHMAmericas Outdoor AdvertisingInternational Outdoor AdvertisingOtherConsolidated
Balance as of December 31, 2014$3,288,481$584,574$232,538$81,831$4,187,424
Acquisitions--10,998-10,998
Foreign currency-(709)(19,644)-(20,353)
Assets held for sale-(49,182)--(49,182)
Balance as of December 31, 2015$3,288,481$534,683$223,892$81,831$4,128,887
Dispositions-(6,934)--(6,934)
Foreign currency-(1,210)9,834-8,624
Assets held for sale-(10,337)--(10,337)
Balance as of March 31, 2016$3,288,481$516,202$233,726$81,831$4,120,240