Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.22.0.1
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2021
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment Property, plant and equipment consisted of the following:
December 31,
2021 2020
(in thousands)
    Land, buildings and improvements $ 1,324,278  $ 1,239,696 
    Computer equipment and capitalized software 910,581 887,637 
    Furniture and other equipment 411,403 424,363 
    Construction in progress 173,865 151,830 
2,820,127 2,703,526 
    Less: accumulated depreciation 1,728,198 1,602,112 
$ 1,091,929  $ 1,101,414 
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, 2021 and 2020:
Client /
vendor
relationships		 Revenue-
generating
contracts		 Venue management & leaseholds Trademarks
and
naming
rights		 Technology
Other (1)
Total
  (in thousands)
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 
Gross carrying amount:
Acquisitions—current year 117,817  93,102  107,000  41,033  10,419  2,650  372,021 
Acquisitions—prior year 5,558  —  —  —  —  —  5,558 
Dispositions —  (1,932) —  —  —  —  (1,932)
Foreign exchange
 (5,922) (13,430) (2,146) (1,689) 160  4  (23,023)
Other (2)
(36,597) (63,146) (19,954) (8,823) (45,527) (9,653) (183,700)
Net change
 80,856  14,594  84,900  30,521  (34,948) (6,999) 168,924 
Accumulated amortization:
Amortization
(72,066) (67,918) (15,599) (14,944) (18,758) (4,152) (193,437)
Dispositions —  751  —  —  —  —  751 
Foreign exchange
 3,141  5,779  622  554  (190) (1) 9,905 
Other (2)
36,597  63,189  19,972  8,645  46,372  9,820  184,595 
Net change
 (32,328) 1,801  4,995  (5,745) 27,424  5,667  1,814 
Balance as of December 31, 2021:
Gross carrying amount
 576,930  593,258  232,856  180,865  37,335  10,414  1,631,658 
Accumulated amortization
 (178,725) (275,909) (46,929) (79,349) (18,375) (6,033) (605,320)
Net
 $ 398,205  $ 317,349  $ 185,927  $ 101,516  $ 18,960  $ 4,381  $ 1,026,338 
___________________
(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 2021 and 2020 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-
Average
Life (1)
2021 2020
(in years)
Revenue-generating contracts 9 9
Client/vendor relationships 9 8
Trademarks and naming rights 10 1
Technology (1)
0 5
Venue management and leaseholds 10 7
Other 2 1
All categories 10 8
_____________________
(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, 2021:
 
  (in thousands)
2022 $ 194,045 
2023 $ 168,195 
2024 $ 148,994 
2025 $ 120,926 
2026 $ 102,083 
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, 2021 and 2020:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
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 
Acquisitions—current year 84,592  157,519  248,295  490,406 
Acquisitions—prior year (1,275) (3,888) 418  (4,745)
Dispositions (150) —  —  (150)
Foreign exchange (10,989) (6,126) (6,730) (23,845)
Balance as of December 31, 2021:
Goodwill 1,390,451  930,064  705,717  3,026,232 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 955,088  $ 930,064  $ 705,717  $ 2,590,869 
[1] The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.