Goodwill (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Schedule of Changes in Goodwill |
The following table presents the changes in goodwill including business acquisitions as described in Note 3—Recent Transactions.
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Year Ended December 31, |
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|
2019 |
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|
(Dollars in thousands) |
|
Balance, beginning of period before cumulative loss on impairment, |
|
$ |
28,818 |
|
|
$ |
28,454 |
|
Accumulated loss on impairment |
|
|
(2,029 |
) |
|
|
(4,456 |
) |
| |
|
|
|
|
|
|
|
|
Balance, beginning of period after cumulative loss on impairment |
|
|
26,789 |
|
|
|
23,998 |
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| |
|
|
|
|
|
|
|
|
Acquisitions of digital media entities |
|
|
6 |
|
|
|
66 |
|
Disposition of radio stations |
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|
(29 |
) |
|
|
— |
|
Disposition of digital media entities |
|
|
(341 |
) |
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|
|
|
Impairments based on the estimated fair value goodwill |
|
|
(2,427 |
) |
|
|
(307 |
) |
| |
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|
|
|
|
|
|
$ |
23,998 |
|
|
$ |
23,757 |
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| |
|
|
|
|
|
|
|
|
Balance, end of period before cumulative loss on impairment |
|
|
28,454 |
|
|
|
28,520 |
|
Accumulated loss on impairment |
|
|
(4,456 |
) |
|
|
(4,763 |
) |
| |
|
|
|
|
|
|
|
|
|
|
$ |
23,998 |
|
|
$ |
23,757 |
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| |
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|
| 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:
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Broadcast Market Clusters as of December 31, 2020 |
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Percentage Range By Which Estimated Fair Value Exceeds
Carrying Value Including Goodwill |
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| |
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|
Number of accounting units |
|
|
1 |
|
|
|
— |
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|
|
— |
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|
|
3 |
|
Carrying value including goodwill ( in thousands ) |
|
|
8,386 |
|
|
|
— |
|
|
|
— |
|
|
|
43,617 |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations were as follows:
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|
Broadcast Markets Enterprise Valuations |
|
December 31, 2019 |
|
December 31, 2020 |
Risk-adjusted discount rate |
|
9.0% |
|
8.5% |
Operating profit margin ranges |
|
(31.1%) - 38.7% |
|
(11.4%) - 41.5% |
Long-term revenue growth rates |
|
0.7% -0.9% |
|
0.5% - 0.8% |
|
| 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 digital media entities, including goodwill.
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Digital Media Entities as of December 31, 2020 |
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| |
|
Percentage Range By Which Estimated Fair Value Exceeds
Carrying Value Including Goodwill |
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| |
|
< 10% |
|
|
>10% to 20% |
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|
>21% to 50% |
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|
> than 51% |
|
Number of accounting units |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
— |
|
Carrying value including goodwill ( in thousands ) |
|
|
|
|
|
|
|
|
|
|
3,164 |
|
|
|
— |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations were as follows:
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|
|
|
|
Digital Media Enterprise Valuations |
|
December 31, 2019 |
|
December 31, 2020 |
Risk adjusted discount rate |
|
10.0% |
|
9.5% |
Operating profit margin ranges |
|
3.7% - 28.8% |
|
|
Long-term revenue growth rates |
|
0.5% -1.0% |
|
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.
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Publishing Entities as of December 31, 2020 |
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Percentage Range By Which Estimated Fair Value Exceeds
Carrying Value Including Goodwill |
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| |
|
< 10% |
|
|
>11% to 20% |
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>21% to 50% |
|
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> than 51% |
|
Number of accounting units |
|
|
1 |
|
|
|
— |
|
|
|
— |
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|
|
1 |
|
Carrying value including goodwill ( in thousands ) |
|
|
2,282 |
|
|
|
— |
|
|
|
— |
|
|
|
391 |
|
|
| Schedule of Assumptions Used |
The key estimates and assumptions used for our enterprise valuations were as follows:
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|
Publishing Enterprise Valuations |
|
December 31, 2019 |
|
March 31, 2020 |
|
December 31, 2020 |
Risk adjusted discount rate |
|
10.0% |
|
10.5% |
|
9.5% |
|
|
1.5% - 3.9% |
|
0.0% - 3.9% |
|
|
Long-term revenue growth rates |
|
0.5% |
|
0.5% |
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|