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Note 4 - Fair Value Measurement
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
4
.      
Fair Value Measurement
 
For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level
1”
) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level
3”
). Level
2
inputs are those that are other than quoted prices on national exchanges included within Level
1
that are observable for the asset or liability either directly or indirectly (“Level
2”
).
 
Equity Investments Without Readily Determinable Fair Values
 
We have equity investments in privately held broadcasting and technology companies for which there is
no
readily determinable fair value. As such, we have elected the measurement alternative to measure our equity investments as provided by ASC Topic
321,
Investments – Equity Securities
. The measurement alternative is intended to reflect current fair value by taking the cost basis of each investment and subtracting impairment, if any, while adding or subtracting changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.
 
The carrying amount of our equity investments without readily determinable fair values was
$16.6
million as of each of
June 30, 2018
and
December 31, 2017.
There were
no
impairment charges or changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer for the period ended
June 30, 2018.
 
Fair Value of Other Financial Instruments
 
The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are
not
necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition.
 
The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue.
 
The carrying amount of our long-term debt was
$1.8
billion and
$1.8
billion, respectively, and the fair value was
$1.8
billion and
$1.9
billion, respectively, as of
June 30, 2018
and
December 31, 2017.
Fair value of our long-term debt is based on observable estimates provided by
third
-party financial professionals as of
June 30, 2018
and
December 31, 2017
and as such is classified within Level
2
of the fair value hierarchy.