Fair Value Measurements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The three levels of the fair value hierarchy to be applied when determining fair value of financial instruments are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The reconciliation below contains the components of the change in fair value associated with the equity interest in Pulser Media Inc. ("Pulser") for the year ended December 31, 2015 (dollars in thousands):
The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands):
As of December 31, 2016, the Company used the closing trading prices as of the balance sheet date of 67.8% to calculate the fair value of the Term Loan, and 40.9% to calculate the fair value of the 7.75% Senior Notes. As of December 31, 2015, the Company used the closing trading prices as of the balance sheet date of 74.0% to calculate the fair value of the Term Loan, and 33.5% to calculate the fair value of the 7.75% Senior Notes. During the year ended December 31, 2016, the Company recorded impairment charges related to goodwill and FCC licenses of $568.1 million and $35.0 million, respectively. During the year ended December 31, 2015, the Company recorded impairment charges related to goodwill and FCC licenses of $549.7 million and $15.9 million, respectively. The fair value of goodwill and FCC licenses were measured using a discounted cash flow analysis and the Greenfield Method, respectively, both of which are Level 3 measurements. |