Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2
Property and Equipment
 6 Months Ended
Jun. 30, 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     
June 30, 2022
  
    
(Dollars in thousands)
  
Buildings
    $ 28,593     
$
28,406
 
Office furnishings and equipment
      36,598     
 
36,601
 
Antennae, towers and transmitting equipment
      77,813     
 
74,937
 
Studio, production, and mobile equipment
      29,498     
 
29,094
 
Computer software and website development costs
      38,271     
 
39,265
 
Automobiles
      1,515     
 
1,556
 
Leasehold improvements
      18,104     
 
17,739
 
    
 
 
     
 
 
  
     $ 230,392     
$
227,598
 
Less accumulated depreciation
      (186,053 )    
 
(186,881
) 
    
 
 
     
 
 
  
       44,339     
$
40,717
 
    
 
 
     
 
 
  
Land
    $ 26,896     
 
26,893
 
Construction-in-progress
      8,104     
 
12,103
 
    
 
 
     
 
 
  
Property and Equipment, net
    $ 79,339     
$
79,713
 
    
 
 
     
 
 
  
Depreciation expense was approximately $2.9 million and $2.7 million for the three-month periods ended June 30, 2022 and 2021, respectively, and $5.8 million and $5.3 million for the
six-month
periods ended June 30, 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 six months ended June 30, 2022.