XML 42 R67.htm IDEA: XBRL DOCUMENT v2.4.0.8
Financial Assets and Liabilities and Non-Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Goodwill   $ 132,000  
Broadcast licenses   384,400  
Contingent Consideration
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair Value (31) 0  
Green Bay Option - exercised in 2013
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair Value 0 (11,386) (11,398)
Fair Value, Measurements, Recurring
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Assets 22 516,391  
Goodwill   131,997 [1]  
Broadcast licenses   384,350 [2]  
Fair Value (31)    
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Assets 22 44  
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Assets   516,347  
Goodwill   131,997 [1]  
Broadcast licenses   384,350 [2]  
Fair Value (31) (11,386)  
Fair Value, Measurements, Recurring | Interest rate cap
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Assets 22 [3] 44 [3]  
Fair Value, Measurements, Recurring | Interest rate cap | Significant Other Observable Inputs (Level 2)
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Assets 22 [3] 44 [3]  
Fair Value, Measurements, Recurring | Contingent Consideration
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Add: Acquisition of WFME (31) [4]    
Fair Value, Measurements, Recurring | Contingent Consideration | Significant Unobservable Inputs (Level 3)
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Add: Acquisition of WFME (31) [4]    
Fair Value, Measurements, Recurring | Green Bay Option - exercised in 2013
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair Value   (11,386) [5]  
Fair Value, Measurements, Recurring | Green Bay Option - exercised in 2013 | Significant Unobservable Inputs (Level 3)
     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair Value   $ (11,386) [5]  
[1] As disclosed in Note 6, in accordance with the provisions of ASC 350, goodwill with a carrying amount of $232.0 million was written down to its implied fair value of $132.0 million, resulting in an impairment charge of $98.9 million, which was included in earnings for the period.
[2] As disclosed in Note 6, in accordance with the provisions of ASC 350, FCC licenses with a carrying amount of $399.1 million were written down to their fair value of $384.4 million, resulting in an impairment charge of $14.7 million, which has been included in earnings for the period.
[3] The Company’s only derivative financial instrument is the Interest Rate Cap pursuant to which the Company pays a fixed interest rate on a $71.3 million notional amount of its term loans. The fair value of the Interest Rate Cap is determined based on discounted cash flow analysis on the expected future cash flows using observable inputs, including interest rates and yield curves. Derivative valuations incorporate adjustments that are necessary to reflect the credit risk.
[4] The fair value of the contingent consideration was determined using inputs that are supported by little or no market activity (a Level 3 measurement). Contingent consideration represents the fair value of the additional cash consideration potentially payable as part of the WFME Asset Exchange if certain future conditions are met as detailed in the purchase agreement. See Note 2 “Acquisitions and Dispositions”.
[5] The fair value of the Green Bay Option was determined using inputs that are supported by little or no market activity (a Level 3 measurement). The fair value represents an estimate of the net amount that the Company would pay if the option was transferred to another party as of the date of the valuation. The option valuation incorporates a credit risk adjustment to reflect the probability of default by the Company.