Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.19.3.a.u2
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment
Property, plant and equipment, net, consisted of the following:
December 31,
2019 2018
(in thousands)  
    Land, buildings and improvements $ 1,181,876    $ 984,558   
    Computer equipment and capitalized software 800,990 742,737   
    Furniture and other equipment 380,174 329,607   
    Construction in progress 176,275 160,028   
2,539,315 2,216,930   
    Less accumulated depreciation 1,421,383 1,270,337   
$ 1,117,932    $ 946,593   
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, 2019 and 2018:
Revenue-
generating
contracts		 Client /
vendor
relationships		 Trademarks
and
naming
rights		 Venue management & Leaseholds Technology
Other (1)
Total
  (in thousands)
Balance as of December 31, 2017:
Gross carrying amount
 $ 789,363    $ 341,449    $ 126,331    $ 63,135    $ 63,666    $ 72,096    $ 1,456,040   
Accumulated amortization
 (410,011)   (186,357)   (32,681)   (35,953)   (22,745)   (39,028)   (726,775)  
Net
 379,352    155,092    93,650    27,182    40,921    33,068    729,265   
Gross carrying amount:
Acquisitions—current year 6,128    84,146    2,067    15,402    30,029    —    137,772   
Acquisitions—prior year 4,447    —    —    1,900    —    —    6,347   
Dispositions —    (11,812)   —    —    —    (18,754)   (30,566)  
Foreign exchange
 (14,426)   (7,378)   (1,756)   (1,989)   (1,626)   (1,220)   (28,395)  
Other (2)
(92,549)   (12,633)   (2,935)   (8,400)   (6,658)   (2,007)   (125,182)  
Net change
 (96,400)   52,323    (2,624)   6,913    21,745    (21,981)   (40,024)  
Accumulated amortization:
Amortization
(81,291)   (52,879)   (12,633)   (7,185)   (23,727)   (12,938)   (190,653)  
Dispositions —    8,146    —    —    —    13,238    21,384   
Foreign exchange
 7,526    4,813    536    1,235    973    744    15,827   
Other (2)
92,774    12,678    2,970    8,396    6,673    2,161    125,652   
Net change
 19,009    (27,242)   (9,127)   2,446    (16,081)   3,205    (27,790)  
Balance as of December 31, 2018:
Gross carrying amount
 692,963    393,772    123,707    70,048    85,411    50,115    1,416,016   
Accumulated amortization
 (391,002)   (213,599)   (41,808)   (33,507)   (38,826)   (35,823)   (754,565)  
Net
 301,961    180,173    81,899    36,541    46,585    14,292    661,451   
Gross carrying amount:
Acquisitions—current year 94,464    209,398    29,061    80,643    13,839    8,075    435,480   
Acquisitions—prior year —    —    —    43    —    —    43   
Foreign exchange
 (4,713)   90    91    896    356    (208)   (3,488)  
Other (2)
(82,157)   (75,770)   76    (2,044)   (12,268)   (32,763)   (204,926)  
Net change
 7,594    133,718    29,228    79,538    1,927    (24,896)   227,109   
Accumulated amortization:
Amortization
(94,439)   (65,059)   (14,513)   (10,683)   (27,512)   (11,326)   (223,532)  
Foreign exchange
 1,331    (473)   (96)   (553)   (152)   122    179   
Other (2)
82,088    75,770    1    2,044    12,270    32,761    204,934   
Net change
 (11,020)   10,238    (14,608)   (9,192)   (15,394)   21,557    (18,419)  
Balance as of December 31, 2019:
Gross carrying amount
 700,557    527,490    152,935    149,586    87,338    25,219    1,643,125   
Accumulated amortization
 (402,022)   (203,361)   (56,416)   (42,699)   (54,220)   (14,266)   (772,984)  
Net
 $ 298,535    $ 324,129    $ 96,519    $ 106,887    $ 33,118    $ 10,953    $ 870,141   
___________________
(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 2019 and 2018 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-
Average
Life
2019 2018
(in years)
Revenue-generating contracts 8 7
Client/vendor relationships 9 7
Trademarks and naming rights 8 3
Technology 2 3
Venue management and leaseholds 10 12
Other 5 —   
All categories 8 7
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, 2019:
 
  (in thousands)
2020 $ 219,927   
2021 $ 153,233   
2022 $ 122,808   
2023 $ 103,253   
2024 $ 85,218   
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, 2019 and 2018:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
Balance as of December 31, 2017:
Goodwill $ 1,015,913    $ 761,786    $ 401,753    $ 2,179,452   
Accumulated impairment losses (424,863)   —    —    (424,863)  
                 Net 591,050    761,786    401,753    1,754,589   
Acquisitions—current year 42,841    5,875    3,902    52,618   
Acquisitions—prior year 53,541    —    1,697    55,238   
Dispositions (7,053)   —    —    (7,053)  
Impairment (10,500)   —    —    (10,500)  
Foreign exchange (10,638)   (4,708)   (6,603)   (21,949)  
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   
Investments in Nonconsolidated Affiliates Summarized balance sheet and income statement information for these entities is as follows (at 100%):
December 31,
2019 2018
(in thousands)
Current assets $ 40,937    $ 71,685   
Noncurrent assets $ 6,845    $ 4,074   
Current liabilities $ 35,662    $ 42,470   
Noncontrolling interests $ 1,624    $ 1,095   

Year Ended December 31,
2019 2018 2017
  (in thousands)
Revenue $ 54,173    $ 56,857    $ 56,078   
Operating income $ 30,262    $ 34,841    $ 29,684   
Net income $ 23,969    $ 28,554    $ 24,116   
Net income attributable to the common stockholders of the equity investees
 $ 23,440    $ 27,935    $ 23,995