Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.2
Property and Equipment
6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment
NOTE 7. 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, 2018
   
As of

June 30, 2019
 
 
 
 
 
 
 
 
   
(Dollars in thousands)
 
Land
  $ 31,822    
$
31,437
 
Buildings
    30,104      
30,208
 
Office furnishings and equipment
    36,756      
37,240
 
Antennae, towers and transmitting equipment
    85,998      
86,266
 
Studio, production and mobile equipment
    29,040      
29,566
 
Computer software and website development costs
    27,603      
27,555
 
Record and tape libraries
    17      
17
 
Automobiles
    1,570      
1,553
 
Leasehold improvements
    19,357      
19,353
 
Construction-in-progress
    4,833      
5,671
 
   
 
 
   
 
 
 
    $ 267,100    
$
268,866
 
Less accumulated depreciation
    (170,756    
(174,275
   
 
 
   
 
 
 
    $ 96,344    
$
94,591
 
   
 
 
   
 
 
 
Depreciation expense was approximately $2.9 million and $3.0 million for the three month periods ended June 30, 2019 and 2018, respectively, and $5.8 million and $6.0 million for the six month periods ended June 30, 2019 and 2018, respectively. We periodically review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Our review requires us to estimate the fair value of assets when events or circumstances indicate that they may be impaired. The fair value measurements for our long-lived assets use significant observable 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 period ended June 30, 2019.