When evaluating our broadcast licenses for impairment, the testing is done at the unit of accounting level using the income  approach method. The income approach method involves an eight-year model that incorporates several variables, including, but  not limited to, discounted cash flows of a typical market participant, market revenue and long term growth projections, estimated  market share for the typical participant and estimated profit margins based on market size and station type. The model also  assumes outlays for capital expenditures, future terminal values, an effective tax rate assumption and a discount rate based on the  weighted-average cost of capital of the television broadcast industry. The impairment charge taken during the year ended December 31, 2008 was primarily due to the severe economic downturn  during the fourth quarter and, as a result, we made further revisions to our forecasted cash flows, cash flow multiples and  discount rates. Broadcast licenses were impaired in 31 of 35 markets. We recorded goodwill impairment in four markets  including Flint/Saginaw/Bay City, Michigan; Las Vegas, Nevada; Springfield/Champaign, Illinois and St. Louis, Missouri. During the year ended December 31, 2008, certain events led us to test our goodwill associated with an other operating division  company, Acrodyne Communications, Inc. As a result of this testing, we recorded a $1.6 million impairment charge in our  consolidated statements of operations. There was no impairment related to our other operating division companies for the years  ended December 31, 2010 and 2009. We recorded an impairment charge in the first quarter of 2009 based on an interim impairment test performed as a result of the  severe economic downturn and continued decrease in our market capitalization. As a result of this test, we recorded $69.5 million  and $60.6 million in impairment charges related to our goodwill and broadcast licenses, respectively, in the first quarter of 2009. Broadcast licenses were impaired in 28 of 35 markets. The fair value of the broadcast licenses was $85.3 million. We recorded  goodwill impairment in three markets including Cedar Rapids, Iowa; Charleston, West Virginia; and Madison, Wisconsin. The impairment charge taken during the fourth quarter of 2009 was primarily due to the continued deterioration of the  economy and further revisions to our forecasted cash flows, cash flow multiples and discount rates. As a result of this test, we  recorded $94.7 million and $24.3 million in impairment charges related to our goodwill and broadcast licenses, respectively, in the  fourth quarter of 2009. Broadcast licenses were impaired in 18 of 35 markets. We recorded goodwill impairment in two markets  including Buffalo, New York; and Pensacola, Florida. As a result of our 2010 annual impairment test, we recorded an impairment charge related to our broadcast licenses of $4.6  million. Broadcast licenses were impaired in 7 of 35 markets and were primarily the result of additional cash outflows for  increased signal strength necessary to maintain competitive market positions. The fair value of the broadcast licenses was $55.5  million. There was no impairment to goodwill in 2010. The carrying value, fair value and impairment loss of the goodwill and broadcast licenses which were impaired during 2010 and  2009 were as follows (in thousands):  (a) The fair value above represents the fair value of the broadcast licenses that were impaired in 2010, 2009 and 2008 and recorded to fair  value. It excludes carrying values of $32.5 million, $0.4 million and $20.0 million related to broadcast licenses as of December 31,  2010, 2009 and 2008, respectively, which were not impaired during those years and had fair values in excess of carrying value.  Fair Value Measurements Using  Description Carrying Value Quoted  Prices in  Active  Markets for  Identical  Assets  (Level 1)  Significant  Other  Observable  Inputs  (Level 2) Significant  Unobservable  Inputs  (Level 3) Total  Impairment  Losses Year Ended December 31, 2010  Broadcast licenses (a)  $ 14,850  $ —  $ —  $ 14,850  $ 4,613  Year Ended December 31, 2009  Goodwill of markets which were  impaired during the year (b)  $ 55,762  $ —  $ —  $ 55,762 $ 164,171  Broadcast licenses (a)  51,542  51,542 80,434  Year Ended December 31, 2008  Goodwill of markets which were  impaired during the year (b)  $ 20,094  $ —  $ —  $ 20,094  $ 191,840  Broadcast licenses (a)  112,415  112,415  270,422  42    Sinclair Broadcast Group 