Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
3 Months Ended
Mar. 31, 2020
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, 2019     
As of March 31, 2020
 
    
(Dollars in thousands)
 
Land
   $ 30,936     
$
30,951
 
Buildings
     30,283     
 
30,283
 
Office furnishings and equipment
     36,855     
 
37,215
 
Antennae, towers and transmitting equipment
     78,312     
 
78,423
 
Studio, production and mobile equipment
     30,164     
 
29,713
 
Computer software and website development costs
     29,595     
 
30,587
 
Record and tape libraries
     17     
 
17
 
Automobiles
     1,509     
 
1,556
 
Leasehold improvements
     18,834     
 
18,983
 
Construction-in-progress
     4,290     
 
4,114
 
  
 
 
    
 
 
 
   $ 260,795     
$
261,842
 
Less accumulated depreciation
     (173,122   
 
(175,212
  
 
 
    
 
 
 
   $ 87,673     
$
86,630
 
  
 
 
    
 
 
 
Depreciation expense was approximately $2.7 million and $2.9 million for the three month periods ended March 31, 2020 and 2019, respectively. We periodically 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 period ended March 31, 2020.