v3.23.3

FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments Subject to Fair Value Measurements Recurring Fair Value Measurements The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels.
|  | Fair Value Measurements At September 30, 2023
Description |  | Balance at September 30, 2023 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3 |  | Measured at Net Asset Value as a Practical Expedient (1)
|  | (amounts in thousands)
Assets |  |  |  |  |  |  |  |  |  |
Interest Rate Cash Flow Hedge (2) |  | $ | 1,834 |  |  | $ | — |  |  | $ | 1,834 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities (3) |  | $ | 19,348 |  |  | $ | 15,646 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,702 |
Contingent Consideration (4) |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | — |
|  | Fair Value Measurements At December 31, 2022
Description |  | Balance at December 31, 2022 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3 |  | Measured at Net Asset Value as a Practical Expedient (1)
|  | (amounts in thousands)
Assets |  |  |  |  |  |  |  |  |  |
Interest Rate Cash Flow Hedge (2) |  | $ | 4,012 |  |  | $ | — |  |  | $ | 4,012 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities (3) |  | $ | 24,123 |  |  | $ | 19,944 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,179 |
Contingent Consideration (4) |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
(1)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy. (2)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at September 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. (3)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. (4)In connection with the Podcorn Acquisition, the Company recorded a liability for contingent consideration payable based upon the achievement of certain annual performance benchmarks over 2 years. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates using a scenario based model, and remeasured quarterly. The significant unobservable inputs (Level 3) used to estimate the fair value include the projected Adjusted EBITDA values for 2022 and 2023, as defined in the purchase agreement, and the discount rate. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. During the nine months ended September 30, 2023 and 2022, there were no events or changes in circumstances which indicated the Company’s investments, property and equipment, ROU assets, other intangible assets, or assets held for sale may not be recoverable. As discussed above, the Company conducted an interim impairment assessment on its broadcasting licenses and goodwill during the second and third quarters of 2023. Refer to Note 6, Intangible Assets And Goodwill, for additional information. Fair Value of Financial Instruments Subject to Disclosures The carrying amounts of the following assets and liabilities approximate fair value due to the short maturity of these instruments: (i) cash and cash equivalents; (ii) accounts receivable; and (iii) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated:
|  | September 30, 2023 |  | December 31, 2022
Financial Instrument |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
|  | (amounts in thousands)
Term B-2 Loans (1) |  | $ | 632,415 |  |  | $ | 276,286 |  |  | $ | 632,415 |  |  | $ | 454,548 |
Revolver (2) |  | $ | 219,000 |  |  | $ | 219,000 |  |  | $ | 180,000 |  |  | $ | 180,000 |
2029 Notes (3) |  | $ | 540,000 |  |  | $ | 9,788 |  |  | $ | 540,000 |  |  | $ | 92,138 |
2027 Notes (3) |  | $ | 460,000 |  |  | $ | 7,763 |  |  | $ | 460,000 |  |  | $ | 82,513 |
Accounts receivable facility (4) |  | $ | 75,000 |  |  |  |  | $ | 75,000 |  |  |
Other debt (4) |  | $ | 23 |  |  |  |  | $ | 23 |  |  |
Letters of credit (4) |  | $ | 8,128 |  |  |  |  | $ | 5,909 |  |  |
The following methods and assumptions were used to estimate the fair value of financial instruments: (1)The Company utilizes a Level 2 valuation input based upon the market trading price of the Term B-2 Loan to compute the fair value as the Term B-2 Loan is traded in the debt securities market. The fair value of the Term B-2 Loan is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on SOFR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the 2029 Notes and 2027 Notes to compute the fair value as these 2029 Notes and 2027 Notes are traded in the debt securities market. The 2029 Notes and 2027 Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (4)The Company does not believe it is practicable to estimate the fair value of the accounts receivable facility, other debt or the outstanding standby letters of credit.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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