Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.22.4
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2022
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment Property, plant and equipment consisted of the following:
December 31,
2022 2021
(in thousands)
    Land, buildings and improvements $ 1,648,488  $ 1,324,278 
    Computer equipment and capitalized software 910,793 910,581 
    Furniture and other equipment 535,719 411,403 
    Construction in progress 244,618 173,865 
3,339,618 2,820,127 
    Less: accumulated depreciation 1,851,955 1,728,198 
$ 1,487,663  $ 1,091,929 
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, 2022 and 2021:
Client /
vendor
relationships		 Revenue-
generating
contracts		 Venue management & leaseholds Trademarks
and
naming
rights		 Technology
Other (1)
Total
  (in thousands)
Balance as of December 31, 2020:
Gross carrying amount
 $ 496,074  $ 578,664  $ 147,956  $ 150,344  $ 72,283  $ 17,413  $ 1,462,734 
Accumulated amortization
 (146,397) (277,710) (51,924) (73,604) (45,799) (11,700) (607,134)
Net
 349,677  300,954  96,032  76,740  26,484  5,713  855,600 
Gross carrying amount:
Acquisitions—current year 117,817  93,102  107,000  41,033  10,419  2,650  372,021 
Acquisitions—prior year 5,558  —  —  —  —  —  5,558 
Dispositions —  (1,932) —  —  —  —  (1,932)
Foreign exchange
 (5,922) (13,430) (2,146) (1,689) 160  4  (23,023)
Other (2)
(36,597) (63,146) (19,954) (8,823) (45,527) (9,653) (183,700)
Net change
 80,856  14,594  84,900  30,521  (34,948) (6,999) 168,924 
Accumulated amortization:
Amortization
(72,066) (67,918) (15,599) (14,944) (18,758) (4,152) (193,437)
Dispositions —  751  —  —  —  —  751 
Foreign exchange
 3,141  5,779  622  554  (190) (1) 9,905 
Other (2)
36,597  63,189  19,972  8,645  46,372  9,820  184,595 
Net change
 (32,328) 1,801  4,995  (5,745) 27,424  5,667  1,814 
Balance as of December 31, 2021:
Gross carrying amount
 576,930  593,258  232,856  180,865  37,335  10,414  1,631,658 
Accumulated amortization
 (178,725) (275,909) (46,929) (79,349) (18,375) (6,033) (605,320)
Net
 398,205  317,349  185,927  101,516  18,960  4,381  1,026,338 
Gross carrying amount:
Acquisitions—current year 46,432  32,919  11,562  —  —  —  90,913 
Acquisitions—prior year (7,435) 255,086  (92,290) 7,007  —  318  162,686 
Foreign exchange
 (12,923) (9,308) (3,491) 685  53  (2,417) (27,401)
Other (2)
(39,794) (47,170) (615) 39  (7,486) (2,481) (97,507)
Net change
 (13,720) 231,527  (84,834) 7,731  (7,433) (4,580) 128,691 
Accumulated amortization:
Amortization
(75,369) (93,290) (14,277) (18,382) (10,316) (5,218) (216,852)
Foreign exchange
 4,402  5,561  1,783  335  (3) 181  12,259 
Other (2)
40,174  47,057  835  (535) 8,309  4,346  100,186 
Net change
 (30,793) (40,672) (11,659) (18,582) (2,010) (691) (104,407)
Balance as of December 31, 2022:
Gross carrying amount
 563,210  824,785  148,022  188,596  29,902  5,834  1,760,349 
Accumulated amortization
 (209,518) (316,581) (58,588) (97,931) (20,385) (6,724) (709,727)
Net
 $ 353,692  $ 508,204  $ 89,434  $ 90,665  $ 9,517  $ (890) $ 1,050,622 
___________________
(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 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-Average Life (1)
2022 2021
(in years)
Revenue-generating contracts 5 10
Client/vendor relationships 4 9
Trademarks and naming rights 0 10
Technology (1)
0 0
Venue management and leaseholds 26 10
Other 0 2
All categories 7 10
_____________________
(1) The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years. 		[1]
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, 2022:
 
  (in thousands)
2023 $ 391,820 
2024 $ 156,806 
2025 $ 125,218 
2026 $ 100,895 
2027 $ 75,772 
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, 2022 and 2021:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
Balance as of December 31, 2020:
Goodwill $ 1,318,273  $ 782,559  $ 463,734  $ 2,564,566 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 882,910  782,559  463,734  2,129,203 
Acquisitions—current year 84,592  157,519  248,295  490,406 
Acquisitions—prior year (1,275) (3,888) 418  (4,745)
Dispositions (150) —  —  (150)
Foreign exchange (10,989) (6,126) (6,730) (23,845)
Balance as of December 31, 2021:
Goodwill 1,390,451  930,064  705,717  3,026,232 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 955,088  930,064  705,717  2,590,869 
Acquisitions—current year 37,386  6,045  —  43,431 
Acquisitions—prior year (76,858) 72,420  (85,168) (89,606)
Dispositions (1,792) —  —  (1,792)
Foreign exchange 239  (28,787) 15,026  (13,522)
Balance as of December 31, 2022:
Goodwill 1,349,426  979,742  635,575  2,964,743 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 914,063  $ 979,742  $ 635,575  $ 2,529,380 
[1] The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.