Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.2
Property and Equipment
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment
NOTE 7. PROPERTY AND EQUIPMENT
We account for property and equipment in accordance with FASB ASC Topic
360-10,
Property, Plant and Equipment
.
The following is a summary of the categories of our property and equipment:
 
     As of December 31, 2019     
As of June 30, 2020
  
    
(Dollars in thousands)
  
Land
    $ 30,936     
$
30,951
 
Buildings
      30,283     
 
30,283
 
Office furnishings and equipment
      36,855     
 
36,885
 
Antennae, towers and transmitting equipment
      78,312     
 
78,603
 
Studio, production and mobile equipment
      30,164     
 
29,465
 
Computer software and website development costs
      29,595     
 
31,828
 
Record and tape libraries
      17     
 
17
 
Automobiles
      1,509     
 
1,515
 
Leasehold improvements
      18,834     
 
18,960
 
Construction-in-progress
      4,290     
 
2,562
 
  
 
 
     
 
 
  
   $ 260,795     
$
261,069
 
Less accumulated depreciation
      (173,122 )    
 
(176,689
) 
  
 
 
     
 
 
  
   $ 87,673     
$
84,380
 
  
 
 
     
 
 
  
Depreciation expense was approximately $2.7 million and $2.9 million for the three-month periods ended June 30, 2020 and 2019, respectively and $5.4 million and $5.8 million for the
six-month
periods ended June 30, 2020 and 2019, respectively. We periodically review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. This review requires us to estimate the fair value of the assets using significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value, including assumptions about risk. If actual future results are less favorable than the assumptions and estimates we used, we are subject to future impairment charges, the amount of which may be material. There were no indications of impairment during the three- and
six-month
period ended June 30, 2020.