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Intangible Assets and Goodwill (Tables)
 12 Months Ended
Feb. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Intangible Impairment by Assessment Period We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. The table below summarizes the results of our interim and annual impairment testing for the three years ending February 28, 2019.

 

 

 

Interim Assessment

 

 

Annual Assessment

 

 

 

 

 

 

 

Goodwill

 

 

Definite-lived

 

 

FCC Licenses

 

 

Goodwill

 

 

Total

 

Year Ended February 28, 2017

 

 

2,058

 

 

 

930

 

 

 

6,855

 

 

 

—

 

 

 

9,843

 

Year Ended February 28, 2018

 

 

—

 

 

 

—

 

 

 

—

 

 

 

265

 

 

 

265

 

Year Ended February 28, 2019

 

 

—

 

 

 

—

 

 

 

343

 

 

 

—

 

 

 

343

 

 
Summary of Methodology Used in Valuation of FCC Licenses

 

 

 

December 1, 2016

 

December 1, 2017

 

December 1, 2018

Discount Rate

 

12.2% - 12.5%

 

12.1% - 12.4%

 

11.9% - 12.3%

Long-term Revenue Growth Rate

 

1.0% - 2.0%

 

1.0% - 1.8%

 

0.3% - 1.0%

Mature Market Share

 

3.1% - 30.4%

 

12.7% - 31.1%

 

12.9% - 30.2%

Operating Profit Margin

 

25.1% - 39.1%

 

27.0% - 39.1%

 

26.0% - 38.0%

 
Schedule of Change in FCC License Carrying Values

 

 

 

Change in FCC License Carrying Values

 

Unit of Accounting

 

As of

February 28,

2017

 

 

Sale of

Stations

 

 

Reclassification

 

 

As of

February 28,

2018

 

 

Sale of

Stations

 

 

Impairment

 

 

As of

February 28,

2019

 

New York Cluster

 

$

71,614

 

 

$

—

 

 

$

—

 

 

$

71,614

 

 

$

—

 

 

$

—

 

 

$

71,614

 

98.7FM (New York)

 

 

46,390

 

 

 

—

 

 

 

—

 

 

 

46,390

 

 

 

—

 

 

 

—

 

 

 

46,390

 

Austin Cluster

 

 

34,720

 

 

 

—

 

 

 

—

 

 

 

34,720

 

 

 

—

 

 

 

—

 

 

 

34,720

 

St. Louis Cluster

 

 

24,758

 

 

 

—

 

 

 

(24,758

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Indianapolis Cluster

 

 

18,166

 

 

 

—

 

 

 

—

 

 

 

18,166

 

 

 

—

 

 

 

(343

)

 

 

17,823

 

KPWR-FM (Los Angeles)

 

 

2,018

 

 

 

(2,018

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Subotal

 

 

197,666

 

 

 

(2,018

)

 

 

(24,758

)

 

 

170,890

 

 

 

—

 

 

 

(343

)

 

 

170,547

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

St. Louis Cluster

 

 

—

 

 

 

—

 

 

 

24,758

 

 

 

24,758

 

 

 

(24,758

)

 

 

—

 

 

 

—

 

Grand Total

 

$

197,666

 

 

$

(2,018

)

 

$

—

 

 

$

195,648

 

 

$

(24,758

)

 

$

(343

)

 

$

170,547

 

 
Schedule of Changes in Goodwill Carrying Values

 

 

 

Change in Goodwill Carrying Values

 

Reporting Unit (Segment)

 

As of

February 28,

2017

 

 

Impairment

 

 

As of

February 28,

2018

 

 

Impairment

 

 

As of

February 28,

2019

 

Indianapolis Cluster (Radio)

 

$

265

 

 

$

(265

)

 

$

—

 

 

$

—

 

 

$

—

 

Austin Cluster (Radio)

 

 

4,338

 

 

 

—

 

 

 

4,338

 

 

 

—

 

 

 

4,338

 

Total

 

$

4,603

 

 

$

(265

)

 

$

4,338

 

 

$

—

 

 

$

4,338

 

 
Schedule of Finite-Lived Intangible Assets

The following table presents the weighted-average remaining useful life at February 28, 2019 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at February 28, 2018 and 2019:

 

 

 

 

 

 

 

As of February 28, 2018

 

 

As of February 28, 2019

 

 

 

Weighted

Average

Remaining

Useful Life

(in years)

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Programming Contract

 

 

2.6

 

 

$

2,154

 

 

$

1,101

 

 

$

1,053

 

 

$

2,154

 

 

$

1,396

 

 

$

758

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangibles:

 

Year ended February 28 (29),

 

Expected

Amortization

Expense

 

 

 

(in 000’s)

 

2020

 

$

294

 

2021

 

 

294

 

2022

 

 

170

 

2023

 

 

—

 

2024

 

 

—