v2.4.0.8
|
Goodwill and Other Intangible Assets
|
12 Months Ended |
|
|
| Goodwill And Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Other Intangible Assets |
4. GOODWILL AND OTHER
INTANGIBLE ASSETS
The carrying
amount of goodwill for each of the Company’s operating
segments for the years ended December 31, 2013 and 2012 is as
follows (in thousands):
The composition
of the Company’s acquired intangible assets and the
associated accumulated amortization as of December 31, 2013
and 2012 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
2013 |
|
|
2012 |
|
| |
|
Weighted
average
remaining
life in
years |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Intangible assets subject
to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television network
affiliation agreements
|
|
|
8 |
|
|
$ |
65,089 |
|
|
$ |
46,530 |
|
|
$ |
18,559 |
|
|
$ |
65,089 |
|
|
$ |
44,210 |
|
|
$ |
20,879 |
|
|
Customer base
|
|
|
3 |
|
|
|
746 |
|
|
|
473 |
|
|
|
273 |
|
|
|
746 |
|
|
|
382 |
|
|
|
364 |
|
|
Other
|
|
|
18 |
|
|
|
25,655 |
|
|
|
24,675 |
|
|
|
980 |
|
|
|
25,655 |
|
|
|
24,549 |
|
|
|
1,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
subject to amortization
|
|
|
|
|
|
$ |
91,490 |
|
|
$ |
71,678 |
|
|
|
19,812 |
|
|
$ |
91,490 |
|
|
$ |
69,141 |
|
|
|
22,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not
subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC licenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,701 |
|
|
|
|
|
|
|
|
|
|
|
220,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
240,513 |
|
|
|
|
|
|
|
|
|
|
$ |
243,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate
amount of amortization expense for the years ended
December 31, 2013, 2012 and 2011 was approximately $2.5
million, $2.7 million and $3.8 million, respectively. Estimated
amortization expense for each of the years ended December 31,
2014 through 2018 is as follows (in thousands):
|
|
|
|
|
|
Estimated
Amortization Expense
|
|
Amount |
|
|
2014
|
|
$ |
2,500 |
|
|
2015
|
|
|
2,500 |
|
|
2016
|
|
|
2,500 |
|
|
2017
|
|
|
2,400 |
|
|
2018
|
|
|
2,300 |
|
Impairment
The Company has
identified each of its two operating segments to be separate
reporting units: television broadcasting and radio broadcasting.
The carrying values of the reporting units are determined by
allocating all applicable assets (including goodwill) and
liabilities based upon the unit in which the assets are employed
and to which the liabilities relate, considering the methodologies
utilized to determine the fair value of the reporting
units.
Goodwill and
indefinite life intangibles are not amortized but are tested
annually for impairment, or more frequently, if events or changes
in circumstances indicate that the assets might be impaired. The
annual testing date is October 1.
The Company
conducted a review of the fair value of the television and radio
reporting units in 2013 and 2012. The fair value of each reporting
unit was primarily determined by using a combination of a market
approach and an income approach. The income approach estimates fair
value based on the estimated future cash flows of each reporting
unit, discounted by an estimated weighted-average cost of capital
that reflects current market conditions, which reflect the overall
level of inherent risk of that reporting unit. The income approach
also requires the Company to make a series of assumptions, such as
discount rates, revenue projections, profit margin projections and
terminal value multiples. The Company estimated the discount rates
on a blended rate of return considering both debt and equity for
comparable publicly-traded companies in the television and radio
industries. These comparable publicly-traded companies have similar
size, operating characteristics and/or financial profiles to the
Company. The Company also estimated the terminal value multiple
based on comparable publicly-traded companies in the television and
radio industries. The Company estimated the revenue projections and
profit margin projections based on internal forecasts about future
performance. The market-based approach used comparable company
earnings multiples. Based on the assumptions and projections, the
television and radio reporting unit fair values were both greater
than their respective carrying values. As a result, the Company
passed the first step of the goodwill impairment test for both
reporting units and no impairment of goodwill was recorded for the
years ended December 31, 2013 and 2012.
The Company
also conducted a review of the fair value of the television and
radio FCC licenses in 2013 and 2012. The estimated fair value of
indefinite life intangible assets is determined by an income
approach. The income approach estimates fair value based on the
estimated future cash flows of each market cluster that a
hypothetical buyer would expect to generate, discounted by an
estimated weighted-average cost of capital that reflects current
market conditions, which reflect the level of inherent risk. The
income approach requires the Company to make a series of
assumptions, such as discount rates, revenue projections, profit
margin projections and terminal value multiples. The Company
estimates the discount rates on a blended rate of return
considering both debt and equity for comparable publicly-traded
companies in the television and radio industries. These comparable
publicly-traded companies have similar size, operating
characteristics and/or financial profiles to the Company. The
Company also estimated the terminal value multiple based on
comparable publicly-traded companies in the television and radio
industries. The Company estimated the revenue projections and
profit margin projections based on various market clusters signal
coverage of the markets and industry information for an average
station within a given market. The information for each market
cluster includes such things as estimated market share, estimated
capital start-up costs, population, household income, retail sales
and other expenditures that would influence advertising
expenditures. Alternatively, some stations under evaluation have
had limited relevant cash flow history due to planned or actual
conversion of format or upgrade of station signal. The assumptions
the Company makes about cash flows after conversion are based on
the performance of similar stations in similar markets and
potential proceeds from the sale of the assets. Based on the
assumptions and estimates, the Company did not record impairment of
FCC licenses for the years ended December 31, 2013 and
2012.
|
| X |
- Details
| Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
+ References+ Details
| Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
nonnum:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
|
