Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

6. PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2023 and 2022 consists of (in millions):


	Estimated useful life (years)			2023			2022
Buildings	40		$	18.5		$	18.6
Construction in progress		—		4.4			5.2
Transmission, studio and other broadcast equipment	5-15			152.5			152.7
Office and computer equipment	3-7			54.7			44.8
Transportation equipment	5			3.9			4.5
Leasehold improvements and land improvements	Lesser of lease life or useful life			28.3			22.0
				262.3			247.8
Less accumulated depreciation				(197.6	)		(194.4	)
				64.7			53.4
Land				6.8			8.0
			$	71.5		$	61.4

Depreciation expense was $15.4 million, $14.9 million, and $13.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As part of the FCC auction for broadcast spectrum that concluded in 2017, the FCC has reassigned some stations to new post-auction channels and will reimburse station owners for the cost of the relocation. The Company received notification from the FCC that 17 of its stations have been assigned to new channels with an estimated reimbursable cost of approximately $16.0 million. The Company did not have gains on involuntary conversion associated with the repack process in 2023, and recorded gains of $0.2 million and $2.6 million in 2022 and 2021, respectively, which are presented as other operating gain in the Consolidated Statements of Operations.