Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v2.4.0.6
LONG-LIVED ASSETS (Tables)
12 Months Ended
Dec. 31, 2011
LONG-LIVED ASSETS [Abstract]  
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, 2011 and 2010:
 
   
Revenue-
generating
contracts
   
Client /
vendor
relationships
   
Non-compete
agreements
   
Venue
management
and
leaseholds
   
Technology
   
Trademarks
and
naming
rights
   
Other
   
Total
 
   
(in thousands)
 
Balance as of December 31, 2009:
                                               
Gross carrying amount
  $ 285,145     $ 19,275     $ 132,912     $ 112,044     $ -     $ 21,925     $ 7,537     $ 578,838  
Accumulated amortization
    (52,576 )     (3,930 )     (45,568 )     (23,354 )     -       (8,525 )     (2,244 )     (136,197 )
Net
    232,569       15,345       87,344       88,690       -       13,400       5,293       442,641  
                                                                 
Gross carrying amount
                                                               
Acquisitions
    217,827       351,060       43,861       4,872       96,096       6,493       8       720,217  
Divestitures
    -       -       -       -       -       (360 )     -       (360 )
Foreign currency and other (1)
    (20,384 )     (4,991 )     (1,033 )     (1,691 )     (994 )     (4,060 )     (1,116 )     (34,269 )
      197,443       346,069       42,828       3,181       95,102       2,073       (1,108 )     685,588  
                                                                 
Accumulated amortization:
                                                               
Amortization Expense
    (76,607 )     (30,451 )     (24,258 )     (8,224 )     (11,796 )     (4,649 )     (5,964 )     (161,949 )
Foreign currency and other (1)
    16,608       4,067       993       700       (1 )     3,652       4,969       30,988  
      (59,999 )     (26,384 )     (23,265 )     (7,524 )     (11,797 )     (997 )     (995 )     (130,961 )
                                                                 
Balance as of December 31, 2010:
                                                               
Gross carrying amount
    482,588       365,344       175,740       115,225       95,102       23,998       6,429       1,264,426  
Accumulated amortization
    (112,575 )     (30,314 )     (68,833 )     (30,878 )     (11,797 )     (9,522 )     (3,239 )     (267,158 )
Net
    370,013       335,030       106,907       84,347       83,305       14,476       3,190       997,268  
                                                                 
Gross carrying amount
                                                               
Acquisitions
    51,477       (5,538 )     (3,768 )     3,828       8,814       2,578       13       57,404  
Divestitures
    -       (4,299 )     (100 )     -       -       -       -       (4,399 )
Foreign currency and other (1)
    8,361       (24,932 )     (107 )     (2,281 )     (579 )     (2,059 )     (16 )     (21,613 )
      59,838       (34,769 )     (3,975 )     1,547       8,235       519       (3 )     31,392  
                                                                 
Accumulated amortization:
                                                               
Amortization Expense
    (64,497 )     (45,178 )     (25,558 )     (10,379 )     (20,127 )     (8,525 )     (953 )     (175,217 )
Divestitures
    -       361       61       -       -       -       -       422  
Foreign currency and other (1)
    6,183       8,583       866       2,240       112       1,845       18       19,847  
      (58,314 )     (36,234 )     (24,631 )     (8,139 )     (20,015 )     (6,680 )     (935 )     (154,948 )
                                                                 
Balance as of December 31, 2011:
                                                               
Gross carrying amount
    542,426       330,575       171,765       116,772       103,337       24,517       6,426       1,295,818  
Accumulated amortization
    (170,889 )     (66,548 )     (93,464 )     (39,017 )     (31,812 )     (16,202 )     (4,174 )     (422,106 )
Net
  $ 371,537     $ 264,027     $ 78,301     $ 77,755     $ 71,525     $ 8,315     $ 2,252     $ 873,712  
 
(1)
Other includes reclassifications between categories of definite-lived intangible assets resulting from the finalization of valuations and netdowns of fully amortized or impaired assets.
 
Weighted Average Lives of Additions to Definite-Lived Intangible Assets
The 2011 and 2010 additions to definite-lived intangible assets have weighted average lives as follows:
 
 
Weighted Average
Life (years)
 
2011
 
2010
 
     
Revenue-generating contracts
10
 
9
Client/vendor relationships
8
 
9
Non-compete agreements
3
 
4
Venue management and leaseholds
6
 
13
Technology
6
 
8
Trademarks and naming rights
5
 
7
       
All categories
9
 
9
 
Estimate of Amortization Expense for Each of the Five Succeeding Fiscal Years for Definite-Lived Intangible Assets
The following table presents the Company's estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2011:
 
   
(in thousands)
 
2012
  $ 138,183  
2013
  $ 139,587  
2014
  $ 121,549  
2015
  $ 116,734  
2016
  $ 101,970  
 
Changes in Goodwill by Segment
The following table presents the changes in the carrying amount of goodwill in each of the Company's reportable segments for the years ended December 31, 2011 and 2010:
 
   
Concerts
   
Ticketing
   
Artist
Nation
   
eCommerce
   
Sponsorship
   
Other
   
Total
 
                                           
Balance as of December 31, 2009:
                                         
Goodwill
  $ 388,631     $ -     $ -     $ -     $ 85,943     $ 13,037     $ 487,611  
Accumulated impairment
                                                       
losses
    (269,902 )     -       -       -       -       (13,037 )     (282,939 )
Net
    118,729       -       -       -       85,943       -       204,672  
                                                         
Acquisitions - current year
    -       559,479       267,742       214,927       -       -       1,042,148  
Acquisitions - prior year
    173       -       250       -       125       -       548  
Dispositions
    (5,011 )     -       -       -       -       -       (5,011 )
Foreign currency
    (8,306 )     (1,623 )     -       -       (6,012 )     -       (15,941 )
Balance as of December 31, 2010:
                                                       
Goodwill
    375,487       557,856       267,992       214,927       80,056       13,037       1,509,355  
Accumulated impairment
                                                       
losses
    (269,902 )     -       -       -       -       (13,037 )     (282,939 )
Net
    105,585       557,856       267,992       214,927       80,056       -       1,226,416  
                                                         
Acquisitions - current year
    15,040       17,955       1,836       9,635       -       -       44,466  
Acquisitions - prior year
    2       2,956       (7,523 )     -       -       -       (4,565 )
Dispositions
    -       -       (147 )     -       -       -       (147 )
Foreign currency
    (3,341 )     (1,636 )     -       -       (3,549 )     -       (8,526 )
Balance as of December 31, 2011:
                                                       
Goodwill
    387,188       577,131       262,158       224,562       76,507       13,037       1,540,583  
Accumulated impairment
                                                       
losses
    (269,902 )     -       -       -       -       (13,037 )     (282,939 )
Net
  $ 117,286     $ 577,131     $ 262,158     $ 224,562     $ 76,507     $ -     $ 1,257,644  
 
Asset and Liability Values at the Time of Disposal and the Resulting Gain or Loss Recorded
The table below summarizes the asset and liability values at the time of disposal and the resulting gain or loss recorded.
 
Divested Asset
 
 Segment
   
Gain (Loss)
on Sale
   
Current
Assets
   
Noncurrent
Assets
   
Current
Liabilities
   
Noncurrent
Liabilities
 
         
(in thousands)
 
2011 Divestiture
                                   
Selma amphitheater
 
Concerts
    $ 798     $ -     $ 3,206     $ -     $ -  
Artist management company
 
Artist Nation
    $ (1,264 )   $ 3     $ 4,153     $ 119     $ -  
2010 Divestiture
                                             
Paciolan
 
Ticketing
    $ (5,218 )   $ 8,357     $ 33,492     $ 7,595     $ 6,364  
Cirkus
 
Concerts
    $ 3,094     $ (1,258 )   $ 15,502     $ 3,847     $ -  
Latin/salsa event
 
Concerts
    $ (67 )   $ 408     $ 8     $ 348     $ -  
2009 Divestiture
                                             
Boston venues
 
Concerts
    $ 60     $ 127     $ 22,422     $ 1,232     $ -  
MLK
 
Concerts
    $ 1,564     $ -     $ 7,419     $ -     $ -