Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
 9 Months Ended
Sep. 30, 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:
 
 
  
December 31, 2020
 
  
September 30, 2021
 
 
  
 
 
  
 
 
 
  
(Dollars in thousands)
 
Buildings
   
$
28,922
 
   
$
28,567
 
Office furnishings and equipment
   
 
36,875
 
   
 
36,592
 
Antennae, towers and transmitting equipment
   
 
78,057
 
   
 
77,543
 
Studio, production, and mobile equipment
   
 
29,023
 
   
 
29,333
 
Computer software and website development costs
   
 
33,928
 
   
 
38,272
 
Record and tape libraries
   
 
17
 
   
 
—  
 
Automobiles
   
 
1,514
 
   
 
1,492
 
Leasehold improvements
      18,187     
 
18,703
 
    
 
 
     
 
 
  
     $ 226,523     
$
230,502
 
Less accumulated depreciation
      (180,336 )    
 
(185,127
) 
    
 
 
     
 
 
  
       46,187     
 
45,375
 
Land
    $ 30,254     
$
27,040
 
Construction-in-progress
      2,681     
 
6,010
 
    
 
 
     
 
 
  
     $ 79,122     
$
78,425
 
    
 
 
     
 
 
  
Depreciation expense was approximately $2.7 million for the three-month periods ended September 30, 2021 and 2020, and $8.1 million for the nine-month periods ended September 30, 2021 and 2020. 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 nine-month period ended September 30, 2021
.