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ASSETS HELD FOR SALE (Block)
 12 Months Ended
Dec. 31, 2015
Discontinued Operations And Disposal Groups Abstract  
Disposal Groups Including Discontinued Operations Disclosure Text Block

19. ASSETS HELD FOR SALE

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. As of December 31, 2015, the Company classified assets held for sale, which primarily reflect: (1) an AM radio station in Denver, Colorado, that is described in Note 20, Contingencies And Commitments; (2) land, building and a tower at a tower/antenna site to be sold to a government agency; and (3) land and a building that the Company formerly used as its main studio facility in one of its markets and a co-located tower/antenna structure for two of its AM radio stations that the Company plans to relocate to other suitable sites.

Goodwill, which is usually measured at the market level rather than the station level, is not included with the sale of the Denver radio station. It is expected that the cash flows of this radio station will not be migrated to other Company-owned radio stations in the Denver market. As a result, the Company determined that it was not appropriate to include an amount of goodwill that is attributable to this radio station.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement.

The major categories of these assets are as follows:

As Of
December 31,
Assets Held For Sale2015
(amounts in
thousands)
Land and land improvements$3,972
Building1,036
Equipment497
Total property and equipment5,505
Depreciation and amortization796
Net property and equipment4,709
Radio broadcasting licenses1,397
Total intangibles1,397
Assets held for sale$6,106

During the fourth quarter of 2014, the Company completed the sale of land at a former transmitter site that was previously reflected as held for sale and received $2.1 million in cash.

Impairment Of Assets Held For Sale

In 2013, the Company determined that the carrying value of land it was holding for sale was in excess of the fair value less the cost to sell. The Level 3 fair value measurement was determined using a third party’s offer as representative of the fair value. The third party’s offer was accepted by the Company in early July 2013. As a result, the Company recorded an impairment of $0.9 million in 2013.