Property and equipment as of December 31, 2025 and 2024 consists of (in millions):

 

 

 

Estimated useful
life (years)

 

 

 

2025

 

 

 

2024

 

Buildings

 

40

 

 

$

14.0

 

 

$

18.5

 

Construction in progress

 

 

 

 

 

0.8

 

 

 

2.9

 

Transmission, studio and other broadcast equipment

 

5-15

 

 

 

106.8

 

 

 

115.0

 

Office and computer equipment

 

3-7

 

 

 

43.6

 

 

 

41.6

 

Transportation equipment

 

5

 

 

 

2.9

 

 

 

3.5

 

Leasehold improvements and land improvements

 

Lesser of lease life or useful life

 

 

 

15.0

 

 

 

26.9

 

 

 

 

 

 

183.1

 

 

 

208.4

 

Less accumulated depreciation

 

 

 

 

 

(144.4

)

 

 

(154.9

)

 

 

 

 

 

38.7

 

 

 

53.5

 

Land

 

 

 

 

 

6.1

 

 

 

7.1

 

 

 

 

 

$

44.8

 

 

$

60.6

 

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 6, 2025
2023Mar 14, 2024
2022Mar 16, 2023
2021Mar 16, 2022

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.