Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.20.4
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2020
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment
Property, plant and equipment consisted of the following:
December 31,
2020 2019
(in thousands)
    Land, buildings and improvements $ 1,239,696  $ 1,181,876 
    Computer equipment and capitalized software 887,637 800,990 
    Furniture and other equipment 424,363 380,174 
    Construction in progress 151,830 176,275 
2,703,526 2,539,315 
    Less: accumulated depreciation 1,602,112 1,421,383 
$ 1,101,414  $ 1,117,932 
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, 2020 and 2019:
Client /
vendor
relationships		 Revenue-
generating
contracts		 Venue management & leaseholds Trademarks
and
naming
rights		 Technology
Other (1)
Total
  (in thousands)
Balance as of December 31, 2018:
Gross carrying amount
 $ 393,772  $ 692,963  $ 70,048  $ 123,707  $ 85,411  $ 50,115  $ 1,416,016 
Accumulated amortization
 (213,599) (391,002) (33,507) (41,808) (38,826) (35,823) (754,565)
Net
 180,173  301,961  36,541  81,899  46,585  14,292  661,451 
Gross carrying amount:
Acquisitions—current year 209,398  94,464  80,643  29,061  13,839  8,075  435,480 
Acquisitions—prior year —  —  43  —  —  —  43 
Foreign exchange
 90  (4,713) 896  91  356  (208) (3,488)
Other (2)
(75,770) (82,157) (2,044) 76  (12,268) (32,763) (204,926)
Net change
 133,718  7,594  79,538  29,228  1,927  (24,896) 227,109 
Accumulated amortization:
Amortization
(65,059) (94,439) (10,683) (14,513) (27,512) (11,326) (223,532)
Foreign exchange
 (473) 1,331  (553) (96) (152) 122  179 
Other (2)
75,770  82,088  2,044  1  12,270  32,761  204,934 
Net change
 10,238  (11,020) (9,192) (14,608) (15,394) 21,557  (18,419)
Balance as of December 31, 2019:
Gross carrying amount
 527,490  700,557  149,586  152,935  87,338  25,219  1,643,125 
Accumulated amortization
 (203,361) (402,022) (42,699) (56,416) (54,220) (14,266) (772,984)
Net
 324,129  298,535  106,887  96,519  33,118  10,953  870,141 
Gross carrying amount:
Acquisitions—current year 129,015  69,766  8,695  12  19,712  94  227,294 
Acquisitions—prior year (33,118) 22,821  2,093  —  1,000  —  (7,204)
Foreign exchange
 8,391  7,720  2,923  (2,462) 411  12  16,995 
Other (2)
(135,704) (222,200) (15,341) (141) (36,178) (7,912) (417,476)
Net change
 (31,416) (121,893) (1,630) (2,591) (15,055) (7,806) (180,391)
Accumulated amortization:
Amortization
(77,389) (88,640) (23,532) (16,737) (27,646) (5,368) (239,312)
Foreign exchange
 (1,351) (9,239) (1,034) (613) (433) (49) (12,719)
Other (2)
135,704  222,191  15,341  162  36,500  7,983  417,881 
Net change
 56,964  124,312  (9,225) (17,188) 8,421  2,566  165,850 
Balance as of December 31, 2020:
Gross carrying amount
 496,074  578,664  147,956  150,344  72,283  17,413  1,462,734 
Accumulated amortization
 (146,397) (277,710) (51,924) (73,604) (45,799) (11,700) (607,134)
Net
 $ 349,677  $ 300,954  $ 96,032  $ 76,740  $ 26,484  $ 5,713  $ 855,600 
___________________
(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
Weighted Average Lives of Additions to Definite-Lived Intangible Assets
The 2020 and 2019 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-
Average
Life (1)
2020 2019
(in years)
Revenue-generating contracts 8 8
Client/vendor relationships 7 9
Trademarks and naming rights 1 10
Technology (1)
5 3
Venue management and leaseholds 7 10
Other 1 5
All categories 7 9
_____________________
(1) The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years. 		[1]
Estimate of Amortization Expense for Each of the Five Succeeding Fiscal Years for Definite-Lived Intangible Assets
The following table presents our estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2020:
 
  (in thousands)
2021 $ 181,078 
2022 $ 151,716 
2023 $ 131,875 
2024 $ 113,525 
2025 $ 86,086 
Changes in Goodwill by Segment
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the years ended December 31, 2020 and 2019:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
Balance as of December 31, 2018:
Goodwill $ 1,094,604  $ 762,953  $ 400,749  $ 2,258,306 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 659,241  762,953  400,749  1,822,943 
Acquisitions—current year 121,355  4,017  38,421  163,793 
Acquisitions—prior year 8,428  —  —  8,428 
Foreign exchange 1,670  (707) 2,371  3,334 
Balance as of December 31, 2019:
Goodwill 1,226,057  766,263  441,541  2,433,861 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 790,694  766,263  441,541  1,998,498 
Acquisitions—current year 66,810  8,778  13,847  89,435 
Acquisitions—prior year 9,033  —  7,165  16,198 
Foreign exchange 16,373  7,518  1,181  25,072 
Balance as of December 31, 2020:
Goodwill 1,318,273  782,559  463,734  2,564,566 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 882,910  $ 782,559  $ 463,734  $ 2,129,203 
[1] The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.