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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Acquisitions
On April 29, 2011, a wholly owned subsidiary of the Company purchased the traffic business of Westwood One, Inc. for $24.3
million. Immediately after closing, the acquired subsidiaries repaid pre-existing, intercompany debt owed by the subsidiaries to
Westwood One, Inc. in the amount of $95.0 million. The acquisition resulted in an increase of $17.2 million to property, plant and
equipment, $35.0 million to intangible assets and $70.6 million to goodwill.
During 2011, a subsidiary of the Company acquired Brouwer & Partners, a street furniture business in Holland, for $12.5 million.
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets at December 31, 2011 and 2010,
respectively:
Definite-lived Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of definite-lived intangible
assets at December 31, 2011 and 2010, respectively:
Total amortization expense related to definite-lived intangible assets was $328.3 million, $332.3 million, and $341.6 million for the
years ended December 31, 2011, 2010 and 2009, 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:
74
(In thousands)
December 31,
December 31,
2011
2010
Land, buildings and improvements
$ 657,346
$ 652,575
Structures
2,783,434
2,623,561
Towers, transmitters and studio e
q
ui
p
ment
400,832
397,434
Furniture and other e
q
ui
p
ment
365,137
282,385
Construction in
p
ro
g
ress
68,658
65,173
4,275,407
4,021,128
Less: accumulated de
p
reciation
1,212,080
875,574
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment, net
$3,063,327
$3,145,554
(In thousands)
December 31, 2011
December 31, 2010
Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Transit, street furniture, and
other outdoor contractual
ri
g
hts
$ 773,238
$ 329,563
$ 789,867
$256,685
Customer / advertiser
relationshi
p
s
1,210,269
409,794
1,210,205
289,824
Talent contracts
347,489
139,154
317,352
99,050
Re
p
resentation contracts
237,451
137,058
231,623
101,650
Other
560,978
96,096
551,197
64,886
Total
$3,129,425
$1,111,665
$3,100,244
$812,095
(In thousands)
2012
$ 302,374
2013
282,921
2014
259,86
0
2015
232,293
2016
217,248