| LONG-LIVED ASSETS |
Property, Plant and Equipment, Net
Property, plant and equipment, net, consisted of the following:
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March 31, 2023 |
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December 31, 2022 |
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(in thousands) |
| Land, buildings and improvements |
|
$ |
1,971,186 |
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$ |
1,648,488 |
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| Computer equipment and capitalized software |
|
861,009 |
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|
910,793 |
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| Furniture and other equipment |
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558,433 |
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535,719 |
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| Construction in progress |
|
223,775 |
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244,618 |
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3,614,403 |
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3,339,618 |
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| Less: accumulated depreciation |
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1,727,333 |
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1,851,955 |
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$ |
1,887,070 |
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$ |
1,487,663 |
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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 three months ended March 31, 2023:
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Client /
vendor
relationships |
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Revenue-
generating
contracts |
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Venue management and leaseholds |
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Trademarks
and
naming
rights |
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Technology and Other (1)
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Total |
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(in thousands) |
| Balance as of December 31, 2022: |
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Gross carrying amount |
563,210 |
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$ |
824,785 |
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$ |
148,022 |
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$ |
188,596 |
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$ |
35,736 |
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$ |
1,760,349 |
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Accumulated amortization |
(209,518) |
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|
(316,581) |
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|
(58,588) |
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|
(97,931) |
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|
(27,109) |
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|
(709,727) |
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| Net |
353,692 |
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|
508,204 |
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|
89,434 |
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|
90,665 |
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8,627 |
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1,050,622 |
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| Gross carrying amount: |
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Acquisitions—current year |
2,649 |
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— |
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|
20,929 |
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— |
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— |
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23,578 |
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Acquisitions—prior year |
119 |
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(2,232) |
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(11) |
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— |
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— |
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(2,124) |
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| Foreign exchange |
8,597 |
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|
28,868 |
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|
1,621 |
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|
4,003 |
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86 |
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43,175 |
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Other (2)
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(5,326) |
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(22,462) |
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— |
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(13,583) |
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(16,580) |
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(57,951) |
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| Net change |
6,039 |
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4,174 |
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22,539 |
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(9,580) |
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(16,494) |
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6,678 |
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| Accumulated amortization: |
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Amortization |
(18,910) |
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(26,175) |
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(4,029) |
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(4,765) |
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(3,596) |
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(57,475) |
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| Dispositions |
— |
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— |
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— |
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— |
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|
464 |
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|
464 |
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| Foreign exchange |
(1,396) |
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(1,861) |
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(372) |
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(479) |
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(219) |
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(4,327) |
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Other (2)
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5,327 |
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22,462 |
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58 |
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13,587 |
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17,142 |
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58,576 |
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| Net change |
(14,979) |
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(5,574) |
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(4,343) |
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8,343 |
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13,791 |
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(2,762) |
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| Balance as of March 31, 2023: |
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Gross carrying amount |
569,249 |
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|
828,959 |
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170,561 |
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179,016 |
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19,242 |
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1,767,027 |
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Accumulated amortization |
(224,497) |
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(322,155) |
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(62,931) |
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(89,588) |
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(13,318) |
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(712,489) |
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| Net |
$ |
344,752 |
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$ |
506,804 |
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$ |
107,630 |
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$ |
89,428 |
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$ |
5,924 |
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$ |
1,054,538 |
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(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of certain venue management businesses located in the United States.
The 2023 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
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Weighted-
Average
Life (years) |
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| Client/vendor relationships |
3 |
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| Venue management and leaseholds |
9 |
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| All categories |
8 |
Amortization of definite-lived intangible assets for the three months ended March 31, 2023 and 2022 was $57.5 million and $49.7 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization will vary.
The following table presents our estimate of amortization expense for the remainder of the current year and the four succeeding fiscal years for definite-lived intangible assets that exist at March 31, 2023:
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(in thousands) |
| Remainder of 2023 |
$ |
155,399 |
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| 2024 |
$ |
190,765 |
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| 2025 |
$ |
159,011 |
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| 2026 |
$ |
132,081 |
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| 2027 |
$ |
106,473 |
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Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2023:
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Concerts |
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Ticketing |
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Sponsorship
& Advertising |
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Total |
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(in thousands) |
| Balance as of December 31, 2022: |
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| Goodwill |
$ |
1,349,426 |
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$ |
979,742 |
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$ |
635,575 |
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$ |
2,964,743 |
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| Accumulated impairment losses |
(435,363) |
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— |
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— |
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(435,363) |
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| Net |
914,063 |
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979,742 |
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635,575 |
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2,529,380 |
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| Acquisitions—current year |
11,204 |
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— |
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— |
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11,204 |
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| Acquisitions—prior year |
114 |
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(106) |
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— |
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8 |
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| Foreign exchange |
6,263 |
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|
16,716 |
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|
13,746 |
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36,725 |
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| Balance as of March 31, 2023: |
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| Goodwill |
1,367,007 |
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|
996,352 |
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|
649,321 |
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3,012,680 |
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| Accumulated impairment losses |
(435,363) |
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— |
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— |
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(435,363) |
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| Net |
$ |
931,644 |
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$ |
996,352 |
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$ |
649,321 |
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$ |
2,577,317 |
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We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.
Investments in Nonconsolidated Affiliates
At March 31, 2023 and December 31, 2022, we had investments in nonconsolidated affiliates of $361.5 million and $408.8 million, respectively, included in other long-term assets on our consolidated balance sheets.
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