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Equity Method Investments (Tables)
12 Months Ended
Dec. 31, 2013
Equity Method Investments and Joint Ventures [Abstract]  
Summary of quantitative information about significant unobservable inputs used for initial determination of fair value of Brand
The following table details quantitative information about significant unobservable inputs:
 
 
Fair Value at December 31 2013
 
 
 
 
 
Range
(Dollars in thousands)
 
 
Valuation Technique
 
Unobservable Input
 
Low
 
High
Equity method investment - Brand
 
$
296,082

 
Discounted cash flow
 
EBITDA Margin
 
10.9
%
 
12.6
%
 
 
 
 
 
 
Ratio of capital expenditures to revenues
 
2.9
%
 
3.8
%
 
 
 
 
 
 
Long-term revenue growth
 
3.0
%
 
3.0
%
 
 
 
 
 
 
WACC Rate
 
9.25
%
 
9.25
%
 
 
 
 
 
 
Cost of equity
 
12.5
%
 
12.5
%
 
 
 
 
 
 
Implied exit EBITDA multiple
 
7.0X

 
7.5X

 
 
 
 
 
 
Discount for lack of marketability
 
15
%
 
15
%
Summary of balances related to transactions between Company and Brand
Balances related to transactions between the Company and Brand at December 31, 2013 are as follows:
(In thousands)
 
December 31
2013
Balances due from Brand
 
$
85,908

Balances due to Brand
 
149,325