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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » NOTE B - INTANGIBLE ASSETS AND GOODWILL

This excerpt taken from the CCO 10-K filed Mar 2, 2009.

NOTE B — INTANGIBLE ASSETS AND GOODWILL

STYLE="margin-top:6px;margin-bottom:0px">Definite-lived Intangibles

The Company has definite-lived
intangible assets which consist primarily of transit and street furniture contracts, site leases and other contractual rights, with an estimated 6 year weighted average useful life at the time of Clear Channel Communications’ merger.
Definite-lived intangible assets are amortized on a straight-line basis over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute to the Company’s future cash flows. The
following table presents the gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2008 and 2007:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 








































































































   Post-Merger
2008		  Pre-Merger
2007
(in thousands)  Gross Carrying
Amount		  Accumulated
Amortization		  Gross Carrying
Amount		  Accumulated
Amortization

Transit, street furniture, and other contractual rights

  $883,130  $49,818  $867,283  $613,897

Other

   169,007   1,834   10,719   9,618
                

Total

  $1,052,137  $51,652  $878,002  $623,515
                

Total amortization expense from definite-lived intangible assets for the pre-merger period from January 1,
2008 through July 30, 2008 was $30.6 million. Total amortization expense for the post-merger period from July 31, 2008 through December 31, 2008 was $63.7 million. Total amortization expense for the pre-merger years ended
December 31, 2007 and 2006 was $53.2 million and $85.5 million, respectively. 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)   

2009

  $130,883

2010

   115,624

2011

   106,098

2012

   95,460

2013

   83,984

As acquisitions and dispositions occur in the future and as purchase price allocations are finalized, amortization
expense may vary.

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