Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 135

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 135
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 circumstances indicate that such assets might be impaired. 

72

IHEARTMEDIA, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 and cash flows. In addition, the economic uncertainty has had a significant impact on 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 FCC licenses, which resulted in a non-cash impairment charge of $304.1 million to the FCC licenses balance 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. The Company recognized a non-cash impairment charge of $363.6 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter.The Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses as part of the 2022 annual impairment testing.Since our emergence from bankruptcy in 2019, we have recorded $1.5 billion of cumulative impairment charges to our FCC licenses. Other Intangible AssetsThe following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:(In thousands)December 31, 2024December 31, 2023Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated AmortizationCustomer / advertiser relationships$1,652,623 $(967,377)$1,652,623 $(800,377)Talent and other contracts338,900 (245,909)338,900 (203,479)Trademarks and tradenames335,912 (190,450)335,912 (156,468)Other18,003 (14,120)18,003 (11,904)Total$2,345,438 $(1,417,856)$2,345,438 $(1,172,228)Total amortization expense related to