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ASSETS HELD FOR SALE (Block) | 3 Months Ended
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Mar. 31, 2018
Discontinued Operations And Disposal Groups Abstract |
Disposal Groups Including Discontinued Operations Disclosure Text Block | 11. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Assets Held f or 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. On November 17, 2 017, in order to facilitate the Merger, the Company assigned assets to a trust and the trust subsequently entered into two separate LMAs with Bonneville which became effective upon the closing of the Merger. Under the terms of the LMAs, Bonneville began o perating four stations in Sacramento, California and four stations in San Francisco, California. The LMAs will terminate upon the earlier of: (i) one year after the Merger date; or (ii) consummation of a final agreement to divest the stations as required under a DOJ consent order agreed to by the Company, as a condition to complete the Merger. Of the eight radio stations currently operated by Bonneville, three were originally owned by the Company and the remaining five were originally owned by CBS Radio. The Company conducted an analysis and determined the assets of the eight radio stations met the criteria to be classified as held for sale. The five CBS Radio stations met the criteria to be classified within discontinued operations at March 31, 2018. This tra nsaction is expected to close within one year. As of December 31, 2017, the Company entered into an agreement to dispose of a parcel of land along with the land improvements in Chicago, Illinois for $46.0 million and classified th ese assets as held for sale. This transaction is expected to close within one year. As of December 31, 2017, the Company entered into an agreement to dispose of buildings in Washington, D.C., with a carrying value of $0.4 million. During the first quart er of 2018, the Company closed on this sale, which resulted in no gain or loss to the Company. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverabl e. 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 held for sale, w hich includes the assets of the discontinued operations, are as follows:
|  | Assets Held for Sale
|  | March 31, 2018 |  |  | December 31, 2017
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  | Other
|  |  |  |  | Bonneville |  | Assets Held |  |  |  |  |  | Bonneville |  | Assets Held
|  | Total |  | LMA |  | for Sale |  |  | Total |  | LMA |  | for Sale
|  | (amounts in thousands)
Land and land improvements |  | $ | 47,110 |  | $ | 1,110 |  | $ | 46,000 |  |  | $ | 47,110 |  | $ | 1,110 |  | $ | 46,000
Building |  |  | 1,520 |  |  | 1,520 |  |  | - |  |  |  | 1,970 |  |  | 1,520 |  |  | 450
Leasehold improvements |  |  | 88 |  |  | 88 |  |  | - |  |  |  | 88 |  |  | 88 |  |  | -
Equipment |  |  | 2,618 |  |  | 2,618 |  |  | - |  |  |  | 2,618 |  |  | 2,618 |  |  | -
Net property and equipment |  |  | 51,336 |  |  | 5,336 |  |  | 46,000 |  |  |  | 51,786 |  |  | 5,336 |  |  | 46,450
Net radio broadcasting licenses |  |  | 136,014 |  |  | 136,014 |  |  | - |  |  |  | 136,014 |  |  | 136,014 |  |  | -
Other intangibles |  |  | 1,947 |  |  | 1,947 |  |  | - |  |  |  | 1,947 |  |  | 1,947 |  |  | -
Goodwill |  |  | 22,573 |  |  | 22,573 |  |  | - |  |  |  | 22,573 |  |  | 22,573 |  |  | -
Total intangibles |  |  | 160,534 |  |  | 160,534 |  |  | - |  |  |  | 160,534 |  |  | 160,534 |  |  | -
Net assets held for sale |  | $ | 211,870 |  | $ | 165,870 |  | $ | 46,000 |  |  | $ | 212,320 |  | $ | 165,870 |  | $ | 46,450
Discontinued Operations The results of operations for several radio stations acquired from CBS, which will never be a part of the Company’s continuing operations as these radio stations have been disposed or are expected to be disposed, were classified as discontinued operations for the period commencing after the Merger. Refer to Note 2, Business Combinations, for additional information on the Bonneville Transaction. The Company did not have any discontinued operations for the three months ended March 31, 2017. The following table presents the results of operations of the discontinued operations for the three months ended March 31, 2018:
|  | Three Months Ended
|  | March 31,
|  | 2018
|  | (amounts in thousands)
Net time brokerage agreement income |  |  | 415
Income before income taxes |  |  | 415
Income taxes |  |  | 87
Income from discontinued operations, |  |  |
net of income taxes |  | $ | 328

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
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