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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 11. FAIR VALUE MEASUREMENTS ASC 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the company has the ability to access at the measurement date. Level 2 – Assets and liabilities whose values are based on quoted prices for similar attributes in active markets; quoted prices in markets where trading occurs infrequently; and inputs other than quoted prices that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the consolidated balance sheets (in millions):
|  | December 31, 2024 |
|  | Total Fair Value and Carrying Value on Balance Sheet |  |  | Fair Value Measurement Category |  |  |  |
Recurring fair value measurements |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Gains (Losses) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market account |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |
Corporate bonds and notes |  | $ | 4.7 |  |  |  |  |  |  | $ | 4.7 |  |  | $ |  |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FCC licenses |  | $ | 93.5 |  |  |  | — |  |  |  | — |  |  | $ | 93.5 |  | $ | (17.9 | )
|  | December 31, 2023 |
|  | Total Fair Value and Carrying Value on Balance Sheet |  |  | Fair Value Measurement Category |  |  |  |
Recurring fair value measurements |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Gains (Losses) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market account |  | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  |  |
Corporate bonds and notes |  | $ | 13.2 |  |  |  |  |  |  | $ | 13.2 |  |  | $ |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 3.9 |  |  | $ | — |  |  |  | — |  |  | $ | 3.9 |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FCC licenses |  | $ | 27.6 |  |  |  | — |  |  |  | — |  |  | $ | 27.6 |  | $ | (12.3 | )
The Company recorded a goodwill impairment in the amount of $43.3 million for the year ended December 31, 2024. See Note 6. The Company’s money market account is comprised of cash and cash equivalents, which are recorded at their fair market value within Cash and cash equivalents in the Consolidated Balance Sheets. The Company’s available for sale debt securities are comprised of corporate bonds and notes, asset-backed securities, and U.S. Government securities. The majority of the carrying value of these securities held by the Company are investment grade. These securities are valued using quoted prices for similar attributes in active markets (Level 2). Since these investments are classified as available for sale, they are recorded at their fair market value within Marketable securities in the Consolidated Balance Sheets and their unrealized gains or losses are included in other comprehensive income. Realized gains and losses from the sale of available for sale securities are included in the Consolidated Statements of Operations and were determined on a specific identification basis. As of December 31, 2024, the following table summarizes the amortized cost and the unrealized (gains) losses of the available for sale securities (in thousands):
|  | Corporate Bonds and Notes |
|  | Amortized Cost |  |  | Unrealized gains (losses) |
Due within a year |  | $ | 900 |  |  | $ | (8 | )
Due after one year |  |  | 3,812 |  |  |  | (10 | )
Total |  | $ | 4,712 |  |  | $ | (18 | )
The Company’s available for sale debt securities are considered for credit losses under the guidance of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). As of December 31, 2024 and December 31, 2023, the Company determined that a credit loss allowance is not required. Included in interest income for the years ended December 31, 2024, 2023 and 2022 was interest income related to the Company’s available for sale se curities of $0.3 million, $1.3 million and $2.1 million, respectively. The fair value of the contingent consideration is related to prior acquisitions. As of December 31, 2023, the contingent liability fair value was included in the Consolidated Balance Sheets in the amount of $1.6 million as a current liability within Accounts payable and accrued expenses, and $2.3 million as a noncurrent liability within Other long-term liabilities. The fair value of the contingent consideration was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs. The following table presents the changes in the contingent consideration (in millions):
| Year Ended December 31, |
| 2024 |  |  | 2023 |
Beginning balance | $ | 3.9 |  |  | $ | 2.2 |
Additions from acquisitions (dispositions) |  | - |  |  |  | 1.6 |
Payments to sellers |  | (3.3 | ) |  |  | (0.7 | )
(Gain) loss recognized in earnings |  | (0.6 | ) |  |  | 0.8 |
Ending balance | $ | - |  |  | $ | 3.9 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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