Property and equipment consisted of the following at the reported Balance Sheet dates (in thousands, except years):
Estimated
Useful
Lives
(in Years)
December 31,
20252024
Contemporary imagery5$427,366 $392,303 
Computer hardware purchased34,522 5,625 
Computer software developed for internal use3153,322 141,209 
Leasehold improvements
2–20
9,028 9,060 
Furniture, fixtures and studio equipment513,885 12,384 
Archival imagery4099,361 93,099 
Other
3–4
2,497 2,313 
Property and equipment709,981 655,993 
Less: accumulated depreciation(525,792)(478,701)
Property and equipment, net$184,189 $177,292 

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 17, 2025
2023Mar 15, 2024
2022Mar 14, 2023

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.