Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 70

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 70
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Lease liabilities from obtaining right-of-use assets include new leases entered into during the nine months ended September 30, 2025 and 2024, respectively.The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $14.7 million and $16.2 million for the three months ended September 30, 2025 and 2024, respectively. The non-cash operating lease expense was $47.6 million and $47.7 million for the nine months ended September 30, 2025 and 2024, respectively.

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IHEARTMEDIA, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Property, Plant and EquipmentThe Company’s property, plant and equipment consisted of the following classes of assets:(In thousands)September 30,2025December 31,2024Land, buildings and improvements$332,846 $335,502 Towers, transmitters and studio equipment213,707 207,349 Computer equipment and software716,932 741,259 Furniture and other equipment54,075 54,108 Construction in progress22,573 12,186 1,340,133 1,350,404 Less: accumulated depreciation903,619 860,561 Property, plant and equipment, net$436,514 $489,843 Indefinite-lived Intangible AssetsThe 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 intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of other intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation, macroeconomic uncertainty, including persistent inflation and elevated interest rates, has contributed to slowing broadcast revenue growth and declines in margins. These factors have negatively impacted the key assumptions used in the discounted cash flow models which are utilized to value our FCC licenses, particularly the industry profit margins used in estimating the market profitability.The Company's FCC licenses are valued using a combination of direct and market valuation approaches. Key assumptions in the direct valuation approach