IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Results of Impairment Testing Under the Income Approach |
The table below presents the results of our impairment testing under the income approach for the 2015 annual testing period: | | | Excess Fair Value | | | Market Cluster | | 2015 Estimate | | | Boston, MA | | | 42.6 | % | | Chicago, IL | | | 72.3 | % | | Colorado Springs, CO | | | 142.8 | % | | Dallas, TX | | | 10.9 | % | | Greenville, SC | | | 95.5 | % | | Minneapolis, MN | | | 92.2 | % | | Orlando FL | | | 51.0 | % | | Phoenix, AZ | | | 12.5 | % | | Portland, OR | | | 2.2 | % | | Sacramento, CA | | | 21.2 | % | | Tampa, FL | | | 48.8 | % |
The table below presents the results of our impairment testing under the income approach for the 2015 annual testing period: | | | Excess Fair Value | | | Mastheads | | 2015 Estimate | | | Print Magazines | | | 1.1% | |
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| Key Estimates and Assumptions |
The key estimates and assumptions are as follows: | Mastheads | | Interim June 30, 2013 | | | December 31, 2013 | | | December 31, 2014 | | | December 31, 2015 | | | Risk-adjusted discount rate | | | 9.0% | | | | 9.5% | | | | 8.0% | | | | 8.0% | | | Projected revenue growth ranges | | | 1.0% - 2.8% | | | | 1.2% - 2.5% | | | | (4.8%) 1.4% | | | | 2.1 2.9% | | | Royalty growth rate | | | 3.0% | | | | 2.0% | | | | 3.0% | | | | 3.0% | |
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| Enterprise Valuation [Member] |
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| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows: | | | December 31, 2013 | | | December 31, 2014 | | | December 31, 2015 | | | Enterprise Valuations | | Broadcast Markets | | | Broadcast Markets | | | Broadcast Markets | | | Risk-adjusted discount rate | | | 9.0% | | | | 8.0% | | | | 8.0% | | | Operating profit margin ranges | | |
11.9% - 44.7% | | | |
8.4% - 46.1% | | | | 49.7% | | | Long-term revenue market growth rate ranges | | |
1.0% - 2.5% | | | |
1.0% - 5.0% | | | | 2.0% | |
| Digital Media [Member] |
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| Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value |
The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. | | | Digital Media Entities as of December 31, 2015 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 1 | | | | - | | | | | | | | 4 | | | Carrying value including goodwill (in thousands) | | $ | 4,488 | | | $ | - | | | | $ | | | $ | 29,126 | | | | | Digital Media Entities as of December 31, 2014 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 1 | | | | 1 | | | | 1 | | | | 1 | | | Carrying value including goodwill (in thousands) | | $ | 4,649 | | | $ | 6,118 | | | $ | 385 | | | $ | 26,101 | | | | | Digital Media Entities as of December 31, 2013 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 1 | | | | - | | | | 1 | | | | - | | | Carrying value including goodwill (in thousands) | | $ | 27,456 | | | $ | - | | | $ | 2,984 | | | $ | - | | |
| Digital Media [Member] | Enterprise Valuation [Member] |
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| Schedule of Assumptions Used |
The key estimates and assumptions used in the valuation of our digital media entities for each testing period are as follows: | Enterprise Valuation | | December 31, 2013 | | | December 31, 2014 | | | December 31, 2015 | | | Risk adjusted discount rate | | | 13.5% | | | | 8.0% | | | |
8.0% - 9.0% | | | Operating profit margin ranges | | |
21.2% - 22.0% | | | |
(7.4%) - 34.9% | | | | (8.9%) - 13.8% | | | Long-term revenue market growth rate ranges | | | 3.0% | | | | 2.50% | | | |
2.0-3.0% | | |
| Publishing [Member] |
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| Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value |
The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. | | | Publishing Accounting units as of December 31, 2015 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 1 | | | | - | | | | - | | | | 1 | | | Carrying value including goodwill (in thousands) | | $ | 854 | | | $ | - | | | $ | - | | | $ | 2,453 | | | | | Publishing Accounting units as of December 31, 2014 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 2 | | | | - | | | | - | | | | 1 | | | Carrying value including goodwill (in thousands) | | $ | 3,417 | | | $ | - | | | $ | - | | | $ | 2,314 | | | | | Publishing Accounting units as of December 31, 2013 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 1 | | | | - | | | | 1 | | | | - | | | Carrying value including goodwill (in thousands) | | $ | 1,251 | | | $ | - | | | $ | 2,123 | | | $ | - | | |
| Publishing [Member] | Enterprise Valuation [Member] |
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| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows: | Enterprise Valuation | | Interim
June 30, 2013 | | | December 31, 2013 | | | December 31, 2014 | | | December 31, 2015 | | | Risk adjusted discount rate | | | 9.0% | | | | 9.5% | | | | 8.0% | | | | 9.5% | | | Operating margin ranges | | |
0.9% - 6.0% | | | |
(0.5%) 6.0% | | | |
2.4% - 5.9% | | | |
(0.5%) 6.0% | | | Long-term revenue market growth rate ranges | | | 1.0% | | | | 0.5% | | | | 1.5% | | | | 2.0% | | |
| Goodwill-Broadcast [Member] |
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| Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value |
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, 2015 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 3 | | | | 3 | | | | 2 | | | | 11 | | | Carrying value including goodwill (in thousands) | | $ | 56,179 | | | $ | 52,164 | | | $ | 37,570 | | | | 169,907 | | | | | Broadcast Market Clusters as of December 31, 2014 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <10% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 5 | | | | | | | | 2 | | | | 7 | | | Carrying value including goodwill (in thousands) | | $ | 81,507 | | | $ | | | | $ | 27,636 | | | $ | 84,693 | | | | | Broadcast Market Clusters as of December 31, 2013 | | | | | Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including
Goodwill | | | | | <1% | | | >10% to 20% | | | >20% to 50% | | | > than 50% | | | | | | | | | | | | | | | | | Number of accounting units | | | 4 | | | | 1 | | | | 3 | | | | 3 | | | Carrying value including goodwill (in thousands) | | $ | 28,952 | | | $ | 17,978 | | | $ | 45,375 | | | $ | 45,152 | | |
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations are as follows: | | | December 31, 2015 | | | Enterprise Valuations | | Broadcast Networks | | | Risk-adjusted discount rate | | | 9.0% | | | Operating profit margin ranges | | | (74.1%) (97.5%) | | | Long-term revenue market growth rate ranges | | | 2.0% | | |
| Broadcast Licenses [Member] |
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| Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value |
The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeds the current year carrying value of our broadcasting licenses: | | | Geographic Market Clusters as of December 31, 2015 | | | | | Percentage Range By Which 2014 Estimated Fair Value Exceeds 2015 Carrying Value | | | | | % | | | >26%-50% | | | >50% to 75% | | | > than 75% | | | Number of accounting units | | | 8 | | | | 5 | | | | 3 | | | | 11 | | | Broadcast license carrying value (in thousands) | | $ | 185,372 | | | $ | 66,914 | | | $ | 35,843 | | | $ | 51,941 | | |
| Schedule of Assumptions Used |
The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: | Broadcast Licenses | | December 31, 2013 | | | December 31, 2014 | | | December 31, 2015 | | | Risk-adjusted discount rate | | | 9.0% | | | | 8.0% | | | | 8.0% | | | Operating profit margin ranges | | |
4.1% - 37.5% | | | |
(13.9%) - 30.8% | | | |
(13.9%) - 30.8% | | | Long-term market revenue growth rate ranges | | |
1.0% - 2.5% | | | |
1.5% - 2.5% | | | | 2.0% | |
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| Broadcast Licenses [Member] | Station Operating Income [Member] |
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| Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value |
The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these three market clusters: | | | Geographic Market Clusters as of December 31, 2015 | | | | | Tested due to length of time from prior valuation | | | | | >90% | | | >140% | | | Number of accounting units | | | 2 | | | | 1 | | | Broadcast license carrying value (in thousands) | | $ | 11,319 | | | $ | 4,242 | | |