Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.3
Property and Equipment
 9 Months Ended
Sep. 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
 
  
September 30, 2023
 
 
 
 
 
 
 
  
(Dollars in thousands)
 
Buildings
    $ 28,523     
$
29,449
 
Office furnishings and equipment
      37,162     
 
38,034
 
Antennae, towers and transmitting equipment
      76,950     
 
78,987
 
Studio, production, and mobile equipment
      30,267     
 
31,374
 
Computer software and website development costs
      42,304     
 
36,342
 
Automobiles
      1,633     
 
1,625
 
Leasehold improvements
      19,131     
 
19,602
 
    
 
 
     
 
 
  
     $ 235,970     
$
235,413
 
Less accumulated depreciation
      (191,638 )    
 
(192,540
 )
 
    
 
 
     
 
 
  
       44,332     
$
42,873
 
    
 
 
     
 
 
  
Land
    $ 27,070     
 
27,057
 
Construction-in-progress
      9,894     
 
10,147
 
    
 
 
     
 
 
  
Property and Equipment, net
    $ 81,296     
$
80,077
 
    
 
 
     
 
 
  
Depreciation expense was approximately $2.8 million and $2.7 million for the three-month periods ended September 30, 2023 and 2022, respectively, and $8.5 million for the nine-month periods ended September 30, 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 nine months ended September 30, 2023.