Broadcast Licenses (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Indefinite-lived Intangible Assets [Line Items] |
|
| Schedule of Interim Impairment Testing Under Start-Up Income Approach |
The table below presents the results of our interim impairment testing under the
start-up
income approach at June 30, 2023:
|
|
|
|
|
|
|
Excess Fair Value June 30, 2023 |
|
Boston, MA |
|
|
12.7 |
% |
Chicago, IL |
|
|
0.2 |
% |
Cleveland, OH |
|
|
7.5 |
% |
Columbus, OH |
|
|
11.4 |
% |
Dallas, TX |
|
|
7.1 |
% |
Denver, CO |
|
|
857.2 |
% |
Detroit, MI |
|
|
45.6 |
% |
Greenville, SC |
|
|
5.2 |
% |
Honolulu, HI |
|
|
12.3 |
% |
Houston, TX |
|
|
2,318.6 |
% |
Little Rock, AR |
|
|
7.0 |
% |
Los Angeles, CA |
|
|
31.3 |
% |
Nashville, TN |
|
|
457.2 |
% |
New York, NY |
|
|
2.1 |
% |
Orlando FL |
|
|
14.1 |
% |
Philadelphia, PA |
|
|
31.2 |
% |
Phoenix, AZ |
|
|
49.7 |
% |
Pittsburgh, PA |
|
|
197.6 |
% |
Portland, OR |
|
|
(3.0 |
)% |
Sacramento, CA |
|
|
15.7 |
% |
San Antonio, TX |
|
|
279.1 |
% |
San Francisco, CA |
|
|
(1.9 |
)% |
Seattle, WA |
|
|
85.5 |
% |
Tampa, FL |
|
|
18.0 |
% |
Washington, D.C. |
|
|
150.3 |
% |
|
| Schedule of Estimates and Assumptions Used in the Start - Up Income Valuation for Broadcast Licenses |
The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows:
|
|
|
|
|
| |
|
December 31, 2022 |
|
|
| Risk-adjusted discount rate |
|
9.5
%
|
|
|
| Operating profit margin ranges |
|
|
|
|
| Long-term revenue growth rates |
|
0.4
% -
0.8
%
|
|
|
|
| Schedule of Changes in Broadcasting Licenses |
The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators.
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance before cumulative loss on impairment, beginning of period |
|
$ |
434,444 |
|
|
$ |
|
|
Accumulated loss on impairment, beginning of period |
|
|
(114,436 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Balance after cumulative loss on impairment, beginning of period |
|
|
320,008 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Acquisitions of radio station and FM Translators |
|
|
514 |
|
|
|
|
|
Disposition of radio stations and FM translators |
|
|
(2,763 |
) |
|
|
|
|
|
|
|
(13,985 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Balance, end of period after cumulative loss on impairment |
|
$ |
303,774 |
|
|
$ |
|
|
| |
|
|
|
|
|
|
|
|
Balance, end of period before cumulative loss on impairment |
|
$ |
429,890 |
|
|
$ |
|
|
Accumulated loss on impairment, end of period |
|
|
(126,116 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Balance, end of period after cumulative loss on impairment |
|
$ |
303,774 |
|
|
$ |
|
|
| |
|
|
|
|
|
|
|
|
|