Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.10.0.1
LONG-LIVED ASSETS (Tables)
12 Months Ended
Dec. 31, 2018
LONG-LIVED ASSETS [Abstract]  
Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets
The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the years ended December 31, 2018 and 2017:
 
Revenue-
generating
contracts
 
Client /
vendor
relationships
 
Trademarks
and
naming
rights
 
Technology
 
Other (1)
 
Total
 
(in thousands)
Balance as of December 31, 2016:
 
 
 
 
 
 
 
 
Gross carrying amount
$
760,398

 
$
402,009

 
$
94,338

 
$
53,078

 
$
124,007

 
$
1,433,830

Accumulated amortization
(316,800
)
 
(213,785
)
 
(23,724
)
 
(13,637
)
 
(53,853
)
 
(621,799
)
Net
443,598

 
188,224

 
70,614

 
39,441

 
70,154

 
812,031

Gross carrying amount:
 
 
 
 
 
 
 
 
 
 
Acquisitions—current year
19,095

 
22,635

 

 
12,707

 
6,620

 
61,057

Acquisitions—prior year
(6,724
)
 

 
35,464

 
1,120

 

 
29,860

Foreign exchange
23,308

 
10,457

 
1,429

 
2,278

 
4,857

 
42,329

Other (2)
(6,714
)
 
(93,652
)
 
(4,900
)
 
(5,517
)
 
(253
)
 
(111,036
)
Net change
28,965

 
(60,560
)
 
31,993

 
10,588

 
11,224

 
22,210

Accumulated amortization:
 
 
 
 
 
 
 
 
 
 
Amortization
(94,797
)
 
(61,550
)
 
(13,315
)
 
(13,869
)
 
(19,035
)
 
(202,566
)
Foreign exchange
(9,918
)
 
(4,460
)
 
(560
)
 
(764
)
 
(2,463
)
 
(18,165
)
Other (2)
11,504

 
93,438

 
4,918

 
5,525

 
370

 
115,755

Net change
(93,211
)
 
27,428

 
(8,957
)
 
(9,108
)
 
(21,128
)
 
(104,976
)
Balance as of December 31, 2017:
 
 
 
 
 
 
 
 
Gross carrying amount
789,363

 
341,449

 
126,331

 
63,666

 
135,231

 
1,456,040

Accumulated amortization
(410,011
)
 
(186,357
)
 
(32,681
)
 
(22,745
)
 
(74,981
)
 
(726,775
)
Net
379,352

 
155,092

 
93,650

 
40,921

 
60,250

 
729,265

Gross carrying amount:
 
 
 
 
 
 
 
 
 
 
Acquisitions—current year
6,128

 
84,146

 
2,067

 
30,029

 
15,402

 
137,772

Acquisitions—prior year
4,447

 

 

 

 
1,900

 
6,347

Dispositions

 
(11,812
)
 

 

 
(18,754
)
 
(30,566
)
Foreign exchange
(14,426
)
 
(7,378
)
 
(1,756
)
 
(1,626
)
 
(3,209
)
 
(28,395
)
Other (2)
(92,549
)
 
(12,633
)
 
(2,935
)
 
(6,658
)
 
(10,407
)
 
(125,182
)
Net change
(96,400
)
 
52,323

 
(2,624
)
 
21,745

 
(15,068
)
 
(40,024
)
Accumulated amortization:
 
 
 
 
 
 
 

 
 
Amortization
(81,291
)
 
(52,879
)
 
(12,633
)
 
(23,727
)
 
(20,123
)
 
(190,653
)
Dispositions

 
8,146

 

 

 
13,238

 
21,384

Foreign exchange
7,526

 
4,813

 
536

 
973

 
1,979

 
15,827

Other (2)
92,774

 
12,678

 
2,970

 
6,673

 
10,557

 
125,652

Net change
19,009

 
(27,242
)
 
(9,127
)
 
(16,081
)
 
5,651

 
(27,790
)
Balance as of December 31, 2018:
 
 
 
 
 
 
 
 
Gross carrying amount
692,963

 
393,772

 
123,707

 
85,411

 
120,163

 
1,416,016

Accumulated amortization
(391,002
)
 
(213,599
)
 
(41,808
)
 
(38,826
)
 
(69,330
)
 
(754,565
)
Net
$
301,961

 
$
180,173

 
$
81,899

 
$
46,585

 
$
50,833

 
$
661,451

___________________ 
(1) Other primarily includes intangible assets for non-compete, venue management and leasehold agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
Weighted Average Lives of Additions to Definite-Lived Intangible Assets
The 2018 and 2017 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-
Average
Life
 
2018
 
2017
 
(in years)
Revenue-generating contracts
7
 
7
Client/vendor relationships
7
 
6
Trademarks and naming rights
3
 
Technology
3
 
3
Other
12
 
9
All categories
7
 
6
Estimate of Amortization Expense for Each of the Five Succeeding Fiscal Years for Definite-Lived Intangible Assets
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2018:
 
 
(in thousands)
2019
$
176,313

2020
$
137,489

2021
$
99,384

2022
$
80,004

2023
$
65,987

Changes in Goodwill by Segment
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2018 and 2017:
 
Concerts
 
Sponsorship
&  Advertising
 
Ticketing
 
Total
 
(in thousands)
Balance as of December 31, 2016:
 
 
 
 
 
 
 
Goodwill
$
1,017,020

 
$
395,826

 
$
739,105

 
$
2,151,951

Accumulated impairment losses
(404,863
)
 

 

 
(404,863
)
                 Net
612,157

 
395,826

 
739,105

 
1,747,088

 
 
 
 
 
 
 
 
Acquisitions—current year
10,265

 
5,438

 
11,139

 
26,842

Acquisitions—prior year
(21,614
)
 
(9,822
)
 
882

 
(30,554
)
Impairment
(20,000
)
 

 

 
(20,000
)
Foreign exchange
10,242

 
10,311

 
10,660

 
31,213

 
 
 
 
 
 
 
 
Balance as of December 31, 2017:
 
 
 
 
 
 
 
Goodwill
1,015,913

 
401,753

 
761,786

 
2,179,452

Accumulated impairment losses
(424,863
)
 

 

 
(424,863
)
                 Net
591,050

 
401,753

 
761,786

 
1,754,589

 
 
 
 
 
 
 
 
Acquisitions—current year
42,841

 
3,902

 
5,875

 
52,618

Acquisitions—prior year
53,541

 
1,697

 

 
55,238

Dispositions
(7,053
)
 

 

 
(7,053
)
Impairment
(10,500
)
 

 

 
(10,500
)
Foreign exchange
(10,638
)
 
(6,603
)
 
(4,708
)
 
(21,949
)
 
 
 
 
 
 
 
 
Balance as of December 31, 2018:
 
 
 
 
 
 
Goodwill
1,094,604

 
400,749

 
762,953

 
2,258,306

Accumulated impairment losses
(435,363
)
 

 

 
(435,363
)
                 Net
$
659,241

 
$
400,749

 
$
762,953

 
$
1,822,943

Investments in Nonconsolidated Affiliates
Summarized balance sheet and income statement information for this entity is as follows (at 100%):
 
 
December 31,
 
 
2018
 
2017
 
 
(in thousands)
Current assets
 
$
71,685

 
$
93,524

Noncurrent assets
 
$
4,074

 
$
2,514

Current liabilities
 
$
42,470

 
$
67,329

Noncontrolling interests
 
$
1,095

 
$
476

 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
 
(in thousands)
Revenue
 
$
56,857

 
$
56,078

 
$
47,556

Operating income
 
$
34,841

 
$
29,684

 
$
23,368

Net income
 
$
28,554

 
$
24,116

 
$
17,347

Net income attributable to the common stockholders of the equity investees
 
$
27,935

 
$
23,995

 
$
17,365