Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 3 Months Ended
Mar. 31, 2023
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, 2022     
March 31, 2023
  
               
    
(Dollars in thousands)
  
Buildings
    $ 28,523      $
28,566
  
Office furnishings and equipment
      37,162       
37,567
  
Antennae, towers and transmitting equipment
      76,950       
77,755
  
Studio, production, and mobile equipment
      30,267       
30,673
  
Computer software and website development costs
      42,304       
42,562
  
Automobiles
      1,633       
1,615
  
Leasehold improvements
      19,131       
19,393
  
    
 
 
     
 
 
  
     $ 235,970      $
238,131
  
Less accumulated depreciation
      (191,638 )      
(194,407
)
 
    
 
 
     
 
 
  
       44,332      $
43,724
  
    
 
 
     
 
 
  
Land
    $ 27,070     
 
27,070
 
Construction-in-progress
      9,894       
12,895
  
    
 
 
     
 
 
  
Property and Equipment, net
    $ 81,296      $
83,689
  
    
 
 
     
 
 
  
Depreciation expense was approximately $2.9 million for the three-month periods ended March 31, 2023 and 2022. 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, 2023.