Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 9 Months Ended
Sep. 30, 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:
 
 
  
December 31, 2021
 
  
September 30, 2022
 
 
  
(Dollars in thousands)
 
Buildings
   
$
28,593
 
   
$
28,407
 
Office furnishings and equipment
   
 
36,598
 
   
 
36,709
 
Antennae, towers and transmitting equipment
   
 
77,813
 
   
 
74,621
 
Studio, production, and mobile equipment
   
 
29,498
 
   
 
30,213
 
Computer software and website development costs
   
 
38,271
 
   
 
39,257
 
Automobiles
   
 
1,515
 
   
 
1,556
 
Leasehold improvements
   
 
18,104
 
   
 
18,889
 
    
 
 
     
 
 
  
    
$
230,392
 
   
$
229,652
 
Less accumulated depreciation
   
 
(186,053
) 
   
 
(188,975
) 
    
 
 
     
 
 
  
    
 
44,339
 
   
$
40,677
 
    
 
 
     
 
 
  
Land
   
$
26,896
 
   
 
26,885
 
Construction-in-progress
   
 
8,104
 
   
 
12,455
 
    
 
 
     
 
 
  
Property and Equipment, net
   
$
79,339
 
   
$
80,017
 
    
 
 
     
 
 
  
Depreciation expense was approximately $2.7 million and $2.8 million for the three-month periods ended September 30, 2022 and 2021, respectively, and $8.5 million and $8.1 million for the nine-month periods ended September 30, 2022 and 2021, 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 three- and nine-month period ended September 30, 2022.