Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 134

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 134
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2024, 2023, and 2022, respectively.   

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)December 31,2024December 31,2023Land, buildings and improvements$335,502 $316,655 Towers, transmitters and studio equipment207,349 195,609 Computer equipment and software741,259 685,417 Furniture and other equipment54,108 47,684 Construction in progress12,186 16,473 1,350,404 1,261,838 Less: accumulated depreciation860,561 702,973 Property, plant and equipment, net$489,843 $558,865 In September 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the Statement of Comprehensive Loss. Indefinite-lived Intangible AssetsThe Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $0.8 billion and $1.1 billion at December 31, 2024 and 2023, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future.  Indefinite-lived Intangible Assets ImpairmentThe Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and