Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.1
Property and Equipment
3 Months Ended
Mar. 31, 2022
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, 2021     
March 31, 2022
 
    
(Dollars in thousands)
 
Buildings
   $ 28,593     
$
28,600
 
Office furnishings and equipment
     36,598     
 
36,955
 
Antennae, towers and transmitting equipment
     77,813     
 
78,219
 
Studio, production, and mobile equipment
     29,498     
 
29,693
 
Computer software and website development costs
     38,271     
 
38,471
 
Automobiles
     1,515     
 
1,515
 
Leasehold improvements
     18,104     
 
18,213
 
    
 
 
    
 
 
 
     $ 230,392     
$
231,666
 
Less accumulated depreciation
     (186,053   
 
(188,960
    
 
 
    
 
 
 
       44,339     
$
42,706
 
    
 
 
    
 
 
 
Land
   $ 26,896     
 
27,037
 
Construction-in-progress
     8,104     
 
10,519
 
    
 
 
    
 
 
 
Property and Equipment, net
   $ 79,339     
$
80,262
 
    
 
 
    
 
 
 
Depreciation expense was approximately $2.9 million and $2.6 million for the three-month periods ended March 31, 2022 and 2021, 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 three months ended March 31, 2022.