Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.4
Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment
NOTE 6. 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     
2020
  
    
(Dollars in thousands)
  
Land
    $ 30,936     
$
30,254
 
Buildings
      30,283     
 
28,922
 
Office furnishings and equipment
      36,855     
 
36,875
 
Antennae, towers and transmitting equipment
      78,312     
 
78,057
 
Studio, production, and mobile equipment
      30,164     
 
29,023
 
Computer software and website development costs
      29,595     
 
33,928
 
Record and tape libraries
      17     
 
17
 
Automobiles
      1,509     
 
1,514
 
Leasehold improvements
      18,834     
 
18,187
 
Construction-in-progress
      4,290     
 
2,681
 
    
 
 
     
 
 
  
     $ 260,795     
$
259,458
 
Less accumulated depreciation
      (173,122 )    
 
(180,336
) 
    
 
 
     
 
 
  
     $ 87,673     
$
79,122
 
    
 
 
     
 
 
  
Depreciation expense was approximately $10.8 million and $11.3 million for the years ended December 31, 2020 and 2019. 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 period ended December 31, 2020.