Quarterly report pursuant to Section 13 or 15(d)

LONG-LIVED ASSETS

v3.24.2
LONG-LIVED ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Property, Plant, and Equipment and Intangible Assets
Property, Plant and Equipment, Net
Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.
Property, plant and equipment, net, consisted of the following:
June 30, 2024 December 31, 2023
(in thousands)
Land, buildings and improvements $ 2,161,329  $ 2,043,595 
Computer equipment and capitalized software 913,253  888,065 
Furniture and other equipment 664,678  646,966 
Construction in progress 373,500  317,028 
Property, plant and equipment, gross 4,112,760  3,895,654 
Less: accumulated depreciation 1,877,234  1,794,191 
Property, plant and equipment, net $ 2,235,526  $ 2,101,463 
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 six months ended June 30, 2024:
Revenue-
generating
contracts		 Client /
vendor
relationships		 Venue management Trademarks
and
naming
rights
Technology and Other (1)
Total
(in thousands)
Balance as of December 31, 2023:
Gross carrying amount
 $ 925,257  $ 583,436  $ 226,788  $ 183,493  $ 20,220  $ 1,939,194 
Accumulated amortization
 (336,625) (251,649) (79,218) (104,036) (6,045) (777,573)
Net 588,632  331,787  147,570  79,457  14,175  1,161,621 
Gross carrying amount:
Acquisitions and additions—current year
 68,024  27,318  1,256  —  264  96,862 
Acquisitions and additions—prior year
 826  4,066  3  (2) —  4,893 
Foreign exchange (41,116) (14,820) (2,936) (6,126) (104) (65,102)
Other (2)
(4,959) (10,132) (11,973) (383) (147) (27,594)
Net change 22,775  6,432  (13,650) (6,511) 13  9,059 
Accumulated amortization:
Amortization
(55,242) (41,580) (13,775) (9,282) (3,860) (123,739)
Foreign exchange 11,990  5,273  941  2,101  7  20,312 
Other (2)
4,694  10,132  11,973  324  290  27,413 
Net change (38,558) (26,175) (861) (6,857) (3,563) (76,014)
Balance as of June 30, 2024:
Gross carrying amount
 948,032  589,868  213,138  176,982  20,233  1,948,253 
Accumulated amortization
 (375,183) (277,824) (80,079) (110,893) (9,608) (853,587)
Net $ 572,849  $ 312,044  $ 133,059  $ 66,089  $ 10,625  $ 1,094,666 

(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 a festival promotion business and an artist management business both located in the United States.
The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
Weighted-
Average
Life (years)
Revenue-generating contracts 9
Client/vendor relationships 5
Venue management 3
Technology 3
All categories 8
Amortization of definite-lived intangible assets for the three months ended June 30, 2024 and 2023 was $61.7 million and $55.2 million, respectively, and for the six months ended June 30, 2024 and 2023 was $123.7 million and $112.7 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.
Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the six months ended June 30, 2024:
Concerts Ticketing Sponsorship
& Advertising		 Total
(in thousands)
Balance as of December 31, 2023:
Goodwill $ 1,439,579  $ 1,012,530  $ 674,720  $ 3,126,829 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 1,004,216  1,012,530  674,720  2,691,466 
Acquisitions—current year 18,732  —  —  18,732 
Acquisitions—prior year 4,201  —  —  4,201 
Foreign exchange (11,556) (20,445) (18,249) (50,250)
Balance as of June 30, 2024:
Goodwill 1,450,956  992,085  656,471  3,099,512 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 1,015,593  $ 992,085  $ 656,471  $ 2,664,149 
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 June 30, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $548.4 million and $447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.