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REVENUE FROM CONTRACT WITH CUSTOMER | 9 Months Ended
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Sep. 30, 2018
Revenue from Contract with Customer [Abstract] |
RevenueFromContractWithCustomerTextBlock | 3. REVENUE Nature O f G oods A nd S ervices The following is a description of principal activities from which the Company generates its revenue. The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: (i) commercial broadcast time; (ii) digital advertising; (iii) promotional a nd sponsorship event revenue; (iv) e-commerce revenue; and (v) trade and barter revenue. Services and products may be sold separately or in bundled packages. The typical length of a contract for service is less than 12 months. Revenue is recognized when or as performance obligations under the terms of a contract with customers are satisfied. This typically occurs over the period of time that advertisements are broadcast, marketing services are provided, or as an event occurs. For commercial broadcast time and digital advertising, the Company recognizes revenue based on amounts invoiced to the customer on a monthly basis under the right-to-invoice practical expedient. For e-commerce revenue transactions, revenue is recognized as each third party sale is made and the advertisers’ good or service is transferred to the end customer. For trade and barter transactions, revenue is recognized over the period of time promotional advertising is aired. For bundled packages, the Company accounts for each product or performance obligation separately if they are distinct. A product or service is distinct if it is separately identifiable from other items in the bundled package and if a customer c an benefit from it on its own or with other resources that are readily available to the customer. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the commercial broadcast time, digital advertising, or digital product and marketing solutions. Broadcast Revenues Commercial broadcast time - The Company sells air-time to advertise rs and broadcasts commercials at agreed upon dates and times. The Company’s performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts. The amount of consideration the Company receives and revenu e it recognizes is fixed based upon contractually agreed upon rates. The Company recognizes revenue based on amounts invoiced to the advertiser under the right-to-invoice practical expedient. Revenues are recorded on a net basis, after the deduction of ad vertising agency fees by the advertising agencies. Digital advertising - The Company sells digital marketing services to advertisers. The Company’s performance obligations are providing broadcasting advertisements and integrated marketing services for adv ertisers. The Company recognizes revenue based on amounts invoiced to the advertiser under the right-to-invoice practical expedient. Revenues are recorded on a gross basis as the Company acts as a principal in these transactions. Event And Other Revenues Promotional and Sponsorship Event revenue - The Company provides promotional advertising to advertisers in exchange for cash proceeds from ticket sales. Performance obligations are broadcasting advertisements for advertisers’ events at specifically ident ifiable days and dayparts. The Company also sells sponsorships to advertisers at various local events. Performance obligations include providing advertising space at the Company’s event. The Company recognizes revenue at a point in time, as the event occu rs. Revenues are recorded on a net basis when the Company is not the primary party hosting the event and acts as an agent in these transactions. E-Commerce r evenue - The Company sells discount certificates to listeners on its websites. Listeners purcha se goods and services from the advertiser at a discount to the fair value of the merchandise or service. Performance obligations include the promotion of advertisers’ discount offers on the Company’s website as well as revenue share payments to the advert iser. The Company records revenue on a net basis as it acts as an agent in these transactions. Trade And Barter Revenues Trade and barter – The Company provides advertising broadcast time in exchange for certain products, supplies, and services. The ter m of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. Other than network barter programming, which is reflected on a net basis, t he Company includes the value of such exc hanges in both broadcasting net revenues and station operating expenses. Trade and barter value is based upon management’s estimate of the fair value of the products, supplies and services received. Contract B alances Refer to the table below for informa tion about receivables, contract assets and contract liabilities from contracts with customers:
|  | September 30, |  | December 31,
Description |  | 2018 |  | 2017
|  | (amounts in thousands)
Receivables, included in "Accounts receivable |  |  |  |  |  |
net of allowance for doubtful accounts" |  | $ | 318,075 |  | $ | 341,989
Contract assets |  |  | - |  |  | -
Unearned revenue - current |  |  | 21,125 |  |  | 17,519
Unearned revenue - noncurrent |  |  | 5,455 |  |  | 13,000
Changes in Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits (unearned revenue) on the Company’s consolidated balance sheet. At times, however, the Company receives advance payments or deposits from its customers before revenue is recognized, resulting in contract liabilities. The contra ct l iabilities primarily relate to the advance consideration received from customers on certain contracts. For these contracts, revenue is recognized in a manner that is consistent with the satisfaction of the underlying performance obligations. The cont ract liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each respective reporting period within the other current liabilities and other long-term liabilities line items. Significant changes in the co ntract liabilities balances during the period are as follows:
|  | Nine Months Ended
|  | September 30,
|  | 2018
Description |  |  | Unearned Revenue
|  | (amounts in thousands)
Beginning balance on January 1, 2018 |  | $ | 30,519
Revenue recognized during the period that was included in the beginning balance of contract liabilities |  |  | (10,670)
Additional amounts recognized during period |  |  | 6,731
Ending balance |  | $ | 26,580
Disaggregation of revenue The following table presents the Company’s revenues disaggregated by revenue source:
|  | Nine Months Ended
|  | September 30,
|  | 2018 |  | 2017
Revenue by Source |  | (amounts in thousands)
Broadcast revenues |  | $ | 963,118 |  | $ | 315,942
Event and other revenues |  |  | 77,252 |  |  | 25,601
Trade and barter revenues |  |  | 10,822 |  |  | 4,727
Net revenues |  | $ | 1,051,192 |  | $ | 346,270
|  | Three Months Ended
|  | September 30,
|  | 2018 |  | 2017
Revenue by Source |  | (amounts in thousands)
Broadcast revenues |  | $ | 348,066 |  | $ | 110,430
Event and other revenues |  |  | 26,391 |  |  | 9,464
Trade and barter revenues |  |  | 4,051 |  |  | 2,405
Net revenues |  | $ | 378,508 |  | $ | 122,299
Performance obligations A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer, and is the unit of account under this guidance. A contract’s transaction price is allocated to each distinct performance obligation and is recognized as revenue when the performance obligation is satisfied. Some of the Company’s contracts have one performance obligation which requires no allocation. For other contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. The Company’s performance obligations are either satisfied at a point in time or are satisfied over a period of time. For performance obligations that are satisfied over time, revenue is recognized over time using an output measure on the basis of the amount the Company has a right to invoice. As the Company’s inputs are expended evenly throughout the performance period, the Company re cognizes revenue on a straight-line basis over the life of a contract. For performance obligations that are satisfied at a point in time, the Company recognizes revenue when an advertisement is aired and the customer has received the benefits of advertisi ng. Performance obligations for all products and services, with the exception of e vent revenues, are satisfied over the term of the contracts, which are typically less than 12 months. Practical expedients As a practical expedient, when the period of time between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less, the Company will not adjust the promised amount of consideration for the effects of a significant financing component. As a practical expedient for spot revenue and digital revenue, the Company will recognize revenue in the amount to which the entity has a right to invoice. The Com pany elected to apply the practical expedient which allows it to not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company has contracts with customers which will result in the recognition of revenue beyond one year. From these contracts, the Company expects to recognize $5.5 million of revenue in excess of one year. The Company also elected to apply the practical expedient which allows it to not disclose the amount of the trans action price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize that amount as revenue for all reporting periods presented before January 1, 2018. The Company elected to apply the practical exped ient which allow s the Company to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in station operating expenses on the consolidated statements of operations. Significant judgments For performance obligations satisfied at a point in time, the Company does not estimate when a customer obtains control of the promised goods or services. Rather, the Company implements the right-to-invoice practical expedient for spot revenue and digital revenues. For all revenue streams with the exception of barter revenues, the transaction price is contractually determined. Accordingly, no estimates are required and there is no variable consideration. For trade and barter rev enues, the Company estimates the consideration by estimating the fair value of the goods and services received. Net revenues from network barter programming have historically been recorded on a net basis. This treatment will continue to be the Company’s policy under the amended accounting guidance for revenue recognition. The adoption of the amended accounting guidance for revenue recognition had no impact on the Company’s consolidated statements of operations, balance sheets, statements of shareholders’ equity, or statements of cash flow s for the nine months ended September 30, 2018.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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