PROPERTY AND EQUIPMENT
|9 Months Ended|
Sep. 30, 2021
|PROPERTY AND EQUIPMENT [Abstract]|
|PROPERTY AND EQUIPMENT||
Property and equipment and related accumulated depreciation are summarized as follows:
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging fromto 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.
The Company recorded depreciation expense on property and equipment for the three and nine months ended September 30, 2021 of $1.2 million and $3.4 million, respectively. Depreciation expense for the three and nine months ended September 30, 2020 was $0.9 million and $2.2 million, respectively.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef