Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 153

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 153
---
 including $7.1 million of intangible assets acquired through a non-cash exchange with another out-of-home advertising provider. The acquired permits have amortization periods ranging from 5 to 28 years.During 2023, the Company acquired permits of $7.0 million and permanent easements of $3.8 million. The acquired permits have amortization periods ranging from 11 to 16 years. AmortizationTotal amortization expense related to finite-lived intangible assets for continuing operations for 2024, 2023 and 2022 was $78.3 million, $78.0 million, and $34.6 million, respectively. The increase in amortization expense from 2022 was driven by the change in the classification of permits from indefinite-lived to finite-lived, as described in Note 2.The following table presents the Company’s estimate of future amortization expense; however, in the event that acquisitions, dispositions or impairments occur in the future, amortization expense may vary.(In thousands)2025$78,773 202678,075 202776,990 202875,745 202968,816 Thereafter288,340 Total$666,739 ImpairmentThe Company did not recognize any impairments of definite-lived intangible assets during 2024, 2023 or 2022.As described in Note 2, the Company performs its annual impairment test for indefinite-lived intangible assets as of July 1 of each year, or more frequently as events or changes in circumstances warrant. No impairment was recognized during 2024 or 2023 as a result of these tests. In 2022, the Company recognized total impairment charges of $22.7 million, including $21.8 million on its then-indefinite-lived permits, driven by rising interest rates and inflation, and $0.9 million on permanent easements.GoodwillThe following table presents the goodwill balance for the Company’s segments as of December 31, 2024. There were no changes to the balances during 2024 or 2023.(In thousands)America(1)AirportsConsolidatedBalance as of December 31, 2024$482,937 $24,882 $507,819 (1)The goodwill balance for the America segment is net of cumulative impairments totaling $2.6 billion.ImpairmentAs described in Note 2, the Company performs its annual impairment test for goodwill