Goodwill (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Changes in Goodwill |
The following table presents the changes in goodwill including business acquisitions as described in Note 3—Recent Transactions.
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2019 |
|
| |
|
(Dollars
in
thousands)
|
|
Balance, beginning of period before cumulative loss on impairment, |
|
$ |
28,453 |
|
|
$ |
28,818 |
|
Accumulated loss on impairment |
|
|
(2,029 |
) |
|
|
(2,029 |
) |
|
|
|
|
|
|
|
|
|
Balance, beginning of period after cumulative loss on impairment |
|
|
26,424 |
|
|
|
26,789 |
|
|
|
|
|
|
|
|
|
|
Acquisitions of radio stations |
|
|
7 |
|
|
|
— |
|
Acquisitions of digital media entities |
|
|
986 |
|
|
|
6 |
|
Disposition of radio stations |
|
|
(628 |
) |
|
|
(29 |
) |
Disposition of digital media entities |
|
|
— |
|
|
|
(341 |
) |
Impairments based on the estimated fair value goodwill |
|
|
— |
|
|
|
(2,427 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
26,789 |
|
|
$ |
23,998 |
|
|
|
|
|
|
|
|
|
|
Balance, end of period before cumulative loss on impairment |
|
|
28,818 |
|
|
|
28,454 |
|
Accumulated loss on impairment |
|
|
(2,029 |
) |
|
|
(4,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
26,789 |
|
|
$ |
23,998 |
|
|
|
|
|
|
|
|
|
|
|
| Broadcast Markets Enterprise Valuations [Member] |
|
| Carrying Value and Fair Value of Financial Instrument Disclosure |
The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Broadcast Market Clusters as of December 31, 2019 |
|
| |
|
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill |
|
| |
|
< 10% |
|
|
>11% to 20% |
|
|
>21% to 50% |
|
|
> than 51% |
|
Number of accounting units |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
1 |
|
Carrying value including goodwill ( in thousands ) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
62,480 |
|
|
$ |
2,021 |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows:
|
|
|
|
|
Broadcast Markets Enterprise Valuations |
|
December 31, 2018 |
|
December 31, 2019 |
Risk-adjusted discount rate |
|
9.0% |
|
9.0% |
Operating profit margin ranges |
|
(4.1%) - 45.1% |
|
|
Long-term revenue growth rates |
|
0.5% - 1.1% |
|
0.7% - 0.9% |
|
| Digital Media [Member] |
|
| Carrying Value and Fair Value of Financial Instrument Disclosure |
The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of the remaining accounting units, including goodwill.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Digital Media Entities as of December 31, 2019 |
|
| |
|
Percentage Range By Which Estimated Fair Value Exceeds Carrying
Value Including Goodwill |
|
| |
|
< 10% |
|
|
>10% to 20% |
|
|
>21% to 50% |
|
|
> than 51% |
|
Number of accounting units |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Carrying value including goodwill ( in thousands ) |
|
$ |
3,253 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,671 |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows:
|
|
|
|
|
Digital Media Enterprise Valuations |
|
December 31, 2018 |
|
December 31, 2019 |
Risk adjusted discount rate |
|
10.0% |
|
10.0% |
Operating profit margin ranges |
|
8.5% - 17.2% |
|
|
Long-term revenue growth rates |
|
1.0% |
|
0.5% - 1.0% |
|
| Publishing [Member] |
|
| Carrying Value and Fair Value of Financial Instrument Disclosure |
The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our remaining accounting units, including goodwill.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Publishing Entities as of December 31, 2019 |
|
| |
|
Percentage Range By Which Estimated Fair Value Exceeds Carrying
Value Including Goodwill |
|
| |
|
< 10% |
|
|
>11% to 20% |
|
|
>21% to 50% |
|
|
> than 51% |
|
Number of accounting units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Carrying value including goodwill ( in thousands ) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
686 |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows:
|
|
|
|
|
Publishing Enterprise Valuations |
|
December 31, 2018 |
|
December 31, 2019 |
Risk adjusted discount rate |
|
10.0% |
|
10.0% |
|
|
4.0% - 5.0% |
|
|
Long-term revenue growth rates |
|
1.0% |
|
0.5% |
|