The key assumptions used to determine the fair value of our reporting units to test our goodwill for impairment and to  determine the fair value of our broadcast licenses consist of discount rates, revenue and expense growth rates, constant growth  rates and comparable business multiples. The revenue and expense growth rates used in our goodwill impairment testing and the  revenue, expense and constant growth rates used in determining the fair value of our broadcast licenses have decreased slightly  from 2009 to 2010. However, the baseline cash flows to which these growth rates were applied have increased due to a stronger  than expected recovery in revenue in 2010. The growth rates are based on market studies, industry knowledge and historical  performance.  The discount rates used to determine the fair value of our reporting units to test our goodwill for impairment and to determine  the fair value of our broadcast licenses have slightly decreased from 2009 to 2010. The discount rate is based on a number of  factors including market interest rates, a weighted average cost of capital analysis based on the target capital structure for a  television station, and includes adjustments for market risk and company specific risk. The decrease in the discount rate is  primarily due to a slight decrease in the general cost of equity in 2010. The comparable business multiple used to determine the fair value of our reporting units to test our goodwill for impairment  has not changed from 2009 to 2010. Due to the lack of data from comparable sales transactions in the past two years, we  estimated the multiple that would most likely be paid for a mature, cash flowing television station in the current marketplace. After taking the effect of the above mentioned impairment, as of December 31, 2010, all of our reporting units tested for  goodwill impairment had fair values that were greater than the carrying value by more than 10%. For the year ended December 31, 2010, an increase in our discount rate of 10% and/or a decrease in our multiple of 10%  would not result in a goodwill impairment. An increase in our discount rate of greater than 89% or a decrease in our multiple of  greater than 39% would likely cause reporting units to fail our Step 1 test for goodwill impairment and could lead to goodwill  impairment.  When factors indicate that there may be a decrease in value of an equity or cost method investment, we assess that investment  and determine whether a loss in value has occurred. If that loss is deemed to be other than temporary an impairment loss is  recorded. For any investments that indicate a potential impairment, we estimate the fair value of those investments using  discounted cash flow models, unrelated third party valuations or industry comparables, based on the various facts available to us. During 2010, we recorded $6.7 million of impairment on equity method investments. No impairment of our equity or cost  method investments was recorded in 2009 or 2008. Revenue Recognition . Advertising revenues, net of agency commissions, are recognized in the period during which commercials  are aired. All other revenues are recognized as services are provided. The revenues realized from station barter arrangements are  recorded as the programs are aired at the estimated fair value of the advertising airtime given in exchange for the program rights. Our retransmission consent agreements contain both advertising and retransmission consent elements that are paid in cash. We have determined that our agreements are revenue arrangements with multiple deliverables. Advertising and retransmission  consent deliverables sold under our agreements are separated into different units of accounting based on fair value. Revenue  applicable to the advertising element of the arrangement is recognized consistent with the advertising revenue policy noted above. Revenue applicable to the retransmission consent element of the arrangement is recognized ratably over the life of the agreement. Allowance for Doubtful Accounts . We maintain an allowance for doubtful accounts for estimated losses resulting from extending  credit to our customers that are unable to make required payments. If the economy and/or the financial condition of our  customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be  required. For example, a 10% increase in the balance of our allowance for doubtful accounts as of December 31, 2010, would  increase bad debt expense by approximately $0.3 million. The allowance for doubtful accounts was $3.2 million and $2.9 million  as of December 31, 2010 and 2009, respectively.  Program Contract Costs . We have agreements with distributors for the rights to televise programming over contract periods,  which generally run from one to seven years. Contract payments are made in installments over terms that are generally equal to  or shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross cash  contractual commitment when the license period begins and the program is available for its first showing. The portion of  program contracts which become payable within one year is reflected as a current liability in the consolidated balance sheets. As  of December 31, 2010 and 2009, we recorded $45.7 million and $60.2 million, respectively, in program contract assets and $97.9  million and $140.4 million, respectively, in program contract liabilities.  The programming rights are reflected in the consolidated balance sheets at the lower of unamortized cost or estimated net  realizable value (NRV). Estimated NRVs are based on management’s expectation of future advertising revenue, net of sales  commissions, to be generated by the remaining program material available under the contract terms. In conjunction with our  2010 Annual Report    11 