Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment
NOTE 5. 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
 
  
June 30, 2023
 
 
  
 
 
  
 
 
 
  
(Dollars in thousands)
 
Buildings
    $ 28,523     
$
29,497
 
Office furnishings and equipment
      37,162     
 
37,497
 
Antennae, towers and transmitting equipment
      76,950     
 
78,850
 
Studio, production, and mobile equipment
      30,267     
 
30,801
 
Computer software and website development costs
      42,304     
 
43,717
 
Automobiles
      1,633     
 
1,625
 
Leasehold improvements
      19,131     
 
19,499
 
    
 
 
     
 
 
  
     $ 235,970     
$
241,486
  
Less accumulated depreciation
      (191,638 )      
(196,340
)
 
    
 
 
     
 
 
  
       44,332     
$
45,146
  
    
 
 
     
 
 
  
Land
    $ 27,070       
27,071
  
Construction-in-progress
      9,894       
11,250
  
    
 
 
     
 
 
  
Property and Equipment, net
    $ 81,296     
$
83,467
  
    
 
 
     
 
 
  
Depreciation e
xpense was approximately $2.9 million for
 
e
a
c
h
 
o
f the three-month periods ended June 30, 2023 and 2022, and $5.7 million and $5.8 million for the
six-month
periods ended June 30, 2023 and 2022, 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, 2023.