Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
 6 Months Ended
Jun. 30, 2021
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:
 
     December 31,
2020		     
June 30,
2021
  
    
(Dollars in thousands)
  
Land
    $ 30,254     
$
30,254
 
Buildings
      28,922     
 
28,971
 
Office furnishings and equipment
      36,875     
 
37,229
 
Antennae, towers and transmitting equipment
      78,057     
 
78,549
 
Studio, production, and mobile equipment
      29,023     
 
29,303
 
Computer software and website development costs
      33,928     
 
35,258
 
Record and tape libraries
      17        —    
Automobiles
      1,514     
 
1,514
 
Leasehold improvements
      18,187     
 
18,546
 
Construction-in-progress
      2,681     
 
4,312
 
    
 
 
     
 
 
  
     $ 259,458     
$
263,936
 
Less accumulated depreciation
      (180,336 )    
 
(184,521
) 
    
 
 
     
 
 
  
     $ 79,122     
$
79,415
 
    
 
 
     
 
 
  
Depreciation expense was approximately $2.7 million for the three-month periods ended June 30, 2021 and 2020, and $5.3 million and $5.4 million for the
six-month
periods ended June 30, 2021 and 2020, 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
t
he 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- and
six-month
period ended June 30, 2021.