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Broadcast Licenses, Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes to broadcast licenses
We have recorded the changes to broadcast licenses for the years ended December 31, 2014 and 2013 as follows:
 
 
 
Radio
 
Television
 
Total
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2013
 
$
80,773
 
$
9,588
 
$
90,361
 
Acquisitions
 
 
132
 
 
 
 
132
 
Impairment charge
 
 
(2,033)
 
 
 
 
(2,033)
 
Balance at December 31, 2013
 
$
78,872
 
$
9,588
 
$
88,460
 
Acquisitions
 
 
219
 
 
19
 
 
238
 
Impairment charge
 
 
(1,936)
 
 
 
 
(1,936)
 
Balance at December 31, 2014
 
$
77,155
 
$
9,607
 
$
86,762
 
Key estimates and assumptions used in the impairment test
The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2014.
 
 
 
Fourth
 
Fourth
 
 
 
Quarter
 
Quarter
 
 
 
2014
 
2013
 
Discount rates
 
12.3% - 12.4%
 
12.2% - 12.4%
 
Operating profit margin ranges
 
20.8% - 36.4%
 
19.9% - 35.8%
 
Market long-term revenue growth rates
 
1.2 % - 4.1%
 
1.9 % - 3.3%
 
 
The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2013.
 
 
 
Fourth
 
Fourth
 
 
 
Quarter
 
Quarter
 
 
 
2013
 
2012
 
Discount rates
 
12.2% - 12.4%
 
12.0% - 12.2%
 
Operating profit margin ranges
 
19.9% - 35.8%
 
17.4% - 35.8%
 
Market long-term revenue growth rates
 
1.9 % - 3.3%
 
1.75 % - 3.1%
 
Changes to Goodwill
We have recorded the changes to goodwill for each of the years ended December 31, 2014 and 2013 as follows:
 
 
 
Radio
 
Television
 
Total
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2013
 
$
 
$
 
$
 
Acquisitions
 
 
 
 
 
 
 
Balance at December 31, 2013
 
$
 
$
 
$
 
Acquisitions
 
 
326
 
 
 
 
326
 
Balance at December 31, 2014
 
$
326
 
$
 
$
326
 
Amortizable intangible assets
We have recorded amortizable intangible assets at December 31, 2014 as follows:
 
 
 
Gross
 
 
 
 
 
 
 
 
 
Carrying
 
Accumulated
 
Net
 
 
 
Amount
 
Amortization
 
Amount
 
 
 
(In thousands)
 
Non-competition agreements
 
$
3,861
 
$
3,861
 
$
 
Favorable lease agreements
 
 
5,862
 
 
5,613
 
 
249
 
Other intangibles
 
 
1,766
 
 
1,609
 
 
157
 
Total amortizable intangible assets
 
$
11,489
 
$
11,083
 
$
406
 
 
We have recorded amortizable intangible assets at December 31, 2013 as follows:
 
 
 
Gross
 
 
 
 
 
 
 
 
 
Carrying
 
Accumulated
 
Net
 
 
 
Amount
 
Amortization
 
Amount
 
 
 
(In thousands)
 
Non-competition agreements
 
$
4,511
 
$
4,511
 
$
 
Favorable lease agreements
 
 
5,862
 
 
5,577
 
 
285
 
Other intangibles
 
 
1,741
 
 
1,592
 
 
149
 
Total amortizable intangible assets
 
$
12,114
 
$
11,680
 
$
434