v3.23.1

DERIVATIVE AND HEDGING ACTIVITIES | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt. Hedge Accounting Treatment As of March 31, 2023, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment:
Type Of Hedge |  | Notional Amount |  | Effective Date |  | Collar |  | Fixed LIBOR Rate |  | Expiration Date |  | Notional Amount Decreases |  | Amount After Decrease
|  | (amounts in millions) |  |  |  |  |  |  |  |  |  |  |  | (amounts in millions)
|  |  |  |  |  | Cap |  | 2.75% |  |  |  |  |  |
Collar |  | $ | 220.0 |  |  | Jun. 25, 2019 |  | Floor |  | 0.402% |  | Jun. 28, 2024 |  | Jun. 28, 2023 |  | $ | 90.0 |
Total |  | $ | 220.0 |  |  |  |  |  |  |  |  |  |  |  |  |
For the three months ended March 31, 2023, the Company recorded the net change in the fair value of this derivative as a loss of $0.8 million (net of tax benefit of $0.3 million as of March 31, 2023) to the condensed consolidated statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of March 31, 2023, the fair value of these derivatives was an asset of $2.9 million, and is recorded within other assets, net of accumulated amortization on the condensed consolidated balance sheet. The Company does not expect to reclassify any of this amount to the condensed consolidated statement of operations over the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of March 31, 2023 and December 31, 2022:
|  | Accumulated Derivative Gain (Loss)
Description |  | March 31, 2023 |  | December 31, 2022
|  | (amounts in thousands)
Accumulated derivative unrealized gain (loss) |  | $ | 2,102 |  |  | $ | 2,942 |
The following tables present the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the three months ended March 31, 2023 and March 31, 2022:
Other Comprehensive Income (Loss)
Net Change in Accumulated Derivative Unrealized Gain (Loss) |  | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations
Three Months Ended March 31,
2023 |  | 2022 |  | 2023 |  | 2022
(amounts in thousands)
$ | (840) |  |  | $ | 1,223 |  |  | $ | — |  |  | $ | 232 |
Undesignated Derivatives The Company is subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plans. During the quarter ended June 30, 2020, the Company entered into a Total Return Swap ("TRS") in order to manage the market risks associated with its non-qualified deferred compensation plan liabilities. The Company pays a floating rate, based on the SOFR, on the notional amount of the TRS. The TRS is designed to substantially offset changes in its non-qualified deferred compensation plan's liabilities due to changes in the value of the investment options made by employees.The Company did not designate the TRS as an accounting hedge. Rather, the Company records all changes in the fair value of the TRS to earnings to offset the market value changes of its non-qualified deferred compensation plan liabilities. The contract term of the TRS expires April 2023 and will not be renewed.For the three months ended March 31, 2023, the Company recorded the net change in the fair value of the TRS in station operating expenses and corporate, general and administrative expenses in the amount of a $0.8 million expense. Of this amount, a $0.3 million expense was recorded in corporate, general and administrative expenses and a $0.5 million expense was recorded in station operating expenses.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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