Property and Equipment

Property and equipment consisted of the following as of December 31, 2018 and 2017 (dollars in thousands):



		Successor Company			Predecessor Company
	Estimated Useful Life	As of December 31, 2018			As of December 31, 2017
Land	N/A	$	79,670		$	86,308
Broadcasting and other equipment	3 to 30 years	77,812			240,740
Computer and capitalized software costs	1 to 3 years	17,681			29,793
Furniture and fixtures	5 years	5,269			15,278
Leasehold improvements	5 years	25,812			42,504
Buildings	9 to 20 years	28,689			51,549
Construction in progress	N/A	15,946			32,463
		250,879			498,635
Less: accumulated depreciation		(14,981		)	(307,031		)
		$	235,898		$	191,604

Depreciation expense for the Successor Company period June 4, 2018 through December 31, 2018, the Predecessor Company period January 1, 2018 through June 3, 2018, the Predecessor Company year ended December 31, 2017 and the Predecessor Company year ended December 31, 2016 was $15.2 million, $14.2 million, $28.7 million, and $31.1 million, respectively.

In connection with the application of fresh start accounting on June 3, 2018, the Company recorded fair value adjustments disclosed in Note 3, “Fresh Start Accounting.” Accumulated depreciation was therefore eliminated as of that date.

The Company capitalizes certain costs related to software developed or obtained for internal use in accordance with ASC 350-40, Intangibles-Goodwill and Other-Internal Use Software. The Company evaluates these long-lived assets for impairment whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable.

As a result of the annual impairment assessment, there was no impairment to capitalized costs related to our internally developed software as of December 31, 2018. The Company is currently evaluating alternatives related to capitalized software associated with certain internally developed systems and will assess the recoverability of those costs whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

The table presented above does not reflect certain assets in the Company's Washington, DC market which

has been classified as held for sale in the accompanying Consolidated Balance Sheet at December 31, 2018 as disclosed in Note 1, "Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies."