PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Dispositions

During the first quarter of 2016, Americas outdoor entered into an agreement to sell its Indianapolis, Indiana market to Fairway Media Group, LLC in exchange for certain assets in Atlanta, Georgia with a fair value of $39.6 million, plus $43.0 million in cash, net of closing costs. The assets acquired as part of the transaction consisted of $9.9 million in fixed assets, $29.5 million in intangible assets (including $2.3 million in goodwill) and $0.2 million in other assets. The transaction closed in January 2017. The Company recognized a net gain of $28.6 million related to the sale, which is included within Other operating income, net.

Property, Plant and Equipment

The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2017 and December 31, 2016, respectively:



(In thousands)	March 31, 2017		December 31, 2016
Land, buildings and improvements	$	578,194	$	570,566
Structures	2,720,902		2,684,673
Towers, transmitters and studio equipment	352,307		350,760
Furniture and other equipment	652,907		622,848
Construction in progress	73,050		91,655
	4,377,360		4,320,502
Less: accumulated depreciation	2,454,729		2,372,340
Property, plant and equipment, net	$	1,922,631	$	1,948,162

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. Due to significant differences in both business practices and regulations, billboards in the International outdoor segment are subject to long-term, finite contracts unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International outdoor segment.

Other Intangible Assets

Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of March 31, 2017 and December 31, 2016, respectively:



(In thousands)	March 31, 2017					December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor contractual rights	$	569,114	$	(437,297	)	$	563,863	$	(426,752	)
Customer / advertiser relationships	1,222,518		(1,042,587		)	1,222,519		(1,012,380		)
Talent contracts	319,384		(285,080		)	319,384		(281,060		)
Representation contracts	253,359		(231,210		)	253,511		(229,413		)
Permanent easements	162,893		—			159,782		—
Other	390,193		(225,106		)	390,171		(219,117		)
Total	$	2,917,461	$	(2,221,280	)	$	2,909,230	$	(2,168,722	)

Total amortization expense related to definite-lived intangible assets for the three months ended March 31, 2017 and 2016 was $49.1 million and $55.3 million, respectively.

As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:



(In thousands)
2018	$	128,047
2019	44,926
2020	38,279
2021	34,637
2022	29,813

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:



(In thousands)	iHM		Americas Outdoor Advertising			International Outdoor Advertising			Other		Consolidated
Balance as of December 31, 2015	$	3,288,481	$	534,683		$	223,892		$	81,831	$	4,128,887
Impairment	—		—			(7,274		)	—		(7,274		)
Dispositions	—		(6,934		)	(30,718		)	—		(37,652		)
Foreign currency	—		(1,998		)	(5,051		)	—		(7,049		)
Assets held for sale	—		(10,337		)	—			—		(10,337		)
Balance as of December 31, 2016	$	3,288,481	$	515,414		$	180,849		$	81,831	$	4,066,575
Acquisitions	—		2,252			—			—		2,252
Dispositions	—		—			(1,817		)	—		(1,817		)
Foreign currency	—		583			2,460			—		3,043
Assets held for sale	—		89			—			—		89
Balance as of March 31, 2017	$	3,288,481	$	518,338		$	181,492		$	81,831	$	4,070,142