Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 121

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 121
---
 for sale and expected to be sold within one year, subject to the satisfaction of regulatory approvals and other closing conditions, if applicable. As previously disclosed, certain of the Company’s Latin American businesses were sold in February 2025.(2)As of December 31, 2023, all assets and liabilities of the Company’s business in Spain were classified as current on the Consolidated Balance Sheet, as at that time the sale was expected to occur within one year, subject to regulatory approvals. The assets and liabilities of the Company’s businesses in Europe-North and Latin America are classified as current or non-current in accordance with their original classifications at December 31, 2023.(3)Includes goodwill associated with the Europe-North segment of $143.9 million and $148.7 million as of December 31, 2024 and 2023, respectively. In 2024, the Company recognized $1.9 million of goodwill related to a business acquisition in Norway, with the remaining change in the goodwill balance due to foreign currency fluctuations.(4)The valuation allowance on the business in Brazil represents the loss recorded upon classification of the business as held for sale, reducing the carrying value of the business to fair value less costs to sell. The valuation allowance includes a contra-asset recorded up to the carrying value of the business’s net assets, with the remainder recognized as a liability.Letters of Credit, Indemnities and GuaranteesAs of December 31, 2024, the Company had the following outstanding letters of credit related to discontinued operations:•A $20.2 million letter of credit related to its former business in France. In connection with the sale of this business, and pursuant to the related share purchase agreement, the former business and/or the buyer will replace or counter-guarantee the Company’s payment obligation under the letter of credit.•A $6.3 million letter of credit related to its business in Spain, which will remain an obligation of the Company until its expiration in July 2025 or the business is sold, whichever comes first.

61

Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Additionally, the Company retains a $15.7 million indemnity related to a surety bond held by its former business in France, for which the Company has been indemnified and will be released from any remaining obligation by March 2025.As of December