Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2021

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, 2020			As of March 31, 2021
	(Dollars in thousands)
Land	$	30,254		$	30,254
Buildings		28,922			28,993
Office furnishings and equipment		36,875			37,289
Antennae, towers and transmitting equipment		78,057			78,152
Studio, production and mobile equipment		29,023			29,389
Computer software and website development costs		33,928			34,085
Record and tape libraries		17			17
Automobiles		1,514			1,514
Leasehold improvements		18,187			18,208
Construction-in-progress		2,681			3,833

	$	259,458		$	261,734
Less accumulated depreciation		(180,336	)		(183,136	)

	$	79,122		$	78,598

Depreciation expense was approximately $2.6 million and $2.7 million for the three-month periods ended March 31, 2021 and 2020, 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 months ended March 31, 2021.