Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

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ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table]
The following table summarizes the final acquisition-date fair value of the identifiable assets acquired, liabilities assumed and noncontrolling interests including goodwill:
Initial Allocation (1)
Adjustments (2)
Final Allocation
(in thousands)
Fair value of consideration transferred $ 431,943  $ —  $ 431,943 
Adjustments for working capital —  2,269  2,269 
Fair value of redeemable noncontrolling interests 280,000  —  280,000 
Fair value of noncontrolling interests 7,000  (3,000) 4,000 
Fair value of pre-existing investment in nonconsolidated affiliates 50,000  16,660  66,660 
Less: recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents 113,014  (7,896) 105,118 
Accounts receivable 89,844  (18,497) 71,347 
Prepaid expenses 33,070  (7,178) 25,892 
Other current assets 658  7,168  7,826 
Property, plant and equipment 25,318  (97) 25,221 
Operating lease assets 67,142  51  67,193 
Intangible assets 340,000  134,000  474,000 
Investments in nonconsolidated affiliates 30,000  —  30,000 
Other long-term assets 36,525  —  36,525 
Accounts payable, client accounts (13,344) 13,019  (325)
Accounts payable (12,584) 18  (12,566)
Accrued expenses (69,583) 8,514  (61,069)
Deferred revenue (144,557) 8,401  (136,156)
Current portion of operating lease liabilities (9,209) (1) (9,210)
Long-term operating lease liabilities (57,984) —  (57,984)
Long-term deferred income taxes (102,279) (40,200) (142,479)
Other long-term liabilities —  (10,334) (10,334)
Goodwill $ 442,912  $ (71,039) $ 371,873 
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(1) As reported in our 2021 Annual Report on Form 10-K.
(2) The adjustments to the initial allocation were based on more detailed information obtained about the specific assets acquired and liabilities assumed. The fair value adjustments made to the initial allocation did not result in significant changes to the amortization expense recorded for the years ended December 31, 2022 and 2021.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]
Intangible assets — the fair value of the acquired intangible assets was evaluated using commonly used valuation techniques. In estimating the fair value of the acquired intangible assets, we utilized the valuation methodology determined to be most appropriate for the individual intangible asset being valued. The acquired definite-lived intangible assets include the following:
Fair Value
Useful Lives (1)
(in thousands) (years)
Client/vendor relationships $ 90,000 
10
Revenue-generating contracts 325,000 
10
Venue management and leaseholds 14,000  10
Trademarks and naming rights 45,000 
10
Total acquired intangible assets $ 474,000 
_____________________
(1) Determination of the estimated useful lives of the individual categories of intangible assets was based on the nature of the applicable intangible asset and the expected future cash flows to be derived from the intangible asset. Amortization of intangible assets with definite lives is recognized over the shorter of the respective lives of the agreement or the period of time the assets are expected to contribute to future cash flows.