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, 2022

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, 2021			March 31, 2022
	(Dollars in thousands)
Buildings	$	28,593		$	28,600
Office furnishings and equipment		36,598			36,955
Antennae, towers and transmitting equipment		77,813			78,219
Studio, production, and mobile equipment		29,498			29,693
Computer software and website development costs		38,271			38,471
Automobiles		1,515			1,515
Leasehold improvements		18,104			18,213

	$	230,392		$	231,666
Less accumulated depreciation		(186,053	)		(188,960	)

		44,339		$	42,706

Land	$	26,896			27,037
Construction-in-progress		8,104			10,519

Property and Equipment, net	$	79,339		$	80,262

Depreciation expense was approximately $2.9 million and $2.6 million for the three-month periods ended March 31, 2022 and 2021, respectively. We 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, 2022.