Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS (Tables)

v3.24.0.1
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment
Property, plant and equipment consisted of the following:
December 31,
2023 2022
(in thousands)
    Land, buildings and improvements $ 2,043,595  $ 1,648,488 
    Computer equipment and capitalized software 888,065  910,793 
    Furniture and other equipment 646,966  535,719 
    Construction in progress 317,028  244,618 
Property, plant and equipment, gross 3,895,654  3,339,618 
    Less: accumulated depreciation 1,794,191  1,851,955 
Property, plant and equipment, net $ 2,101,463  $ 1,487,663 
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, 2023 and 2022:
Client /
vendor
relationships		 Revenue-
generating
contracts		 Venue management & leaseholds Trademarks
and
naming
rights
Technology and Other (1)
Total
  (in thousands)
Balance as of December 31, 2021:
Gross carrying amount
 $ 576,930  $ 593,258  $ 232,856  $ 180,865  $ 47,749  $ 1,631,658 
Accumulated amortization
 (178,725) (275,909) (46,929) (79,349) (24,408) (605,320)
Net
 398,205  317,349  185,927  101,516  23,341  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  (2,364) (27,401)
Other (2)
(39,794) (47,170) (615) 39  (9,967) (97,507)
Net change
 (13,720) 231,527  (84,834) 7,731  (12,013) 128,691 
Accumulated amortization:
Amortization
(75,369) (93,290) (14,277) (18,382) (15,534) (216,852)
Foreign exchange
 4,402  5,561  1,783  335  178  12,259 
Other (2)
40,174  47,057  835  (535) 12,655  100,186 
Net change
 (30,793) (40,672) (11,659) (18,582) (2,701) (104,407)
Balance as of December 31, 2022:
Gross carrying amount
 563,210  824,785  148,022  188,596  35,736  1,760,349 
Accumulated amortization
 (209,518) (316,581) (58,588) (97,931) (27,109) (709,727)
Net
 353,692  508,204  89,434  90,665  8,627  1,050,622 
Gross carrying amount:
Acquisitions—current year 46,767  136,117  77,329  —  21,789  282,002 
Acquisitions—prior year (6,681) (1,830) (11) —  —  (8,522)
Foreign exchange
 17,070  57,797  3,960  8,151  (104) 86,874 
Other (2)
(36,930) (91,612) (2,512) (13,254) (37,201) (181,509)
Net change
 20,226  100,472  78,766  (5,103) (15,516) 178,845 
Accumulated amortization:
Amortization
(75,994) (103,756) (22,186) (18,390) (17,303) (237,629)
Foreign exchange
 (3,019) (7,900) (1,132) (1,448) (408) (13,907)
Other (2)
36,882  91,612  2,688  13,733  38,775  183,690 
Net change
 (42,131) (20,044) (20,630) (6,105) 21,064  (67,846)
Balance as of December 31, 2023:
Gross carrying amount
 583,436  925,257  226,788  183,493  20,220  1,939,194 
Accumulated amortization
 (251,649) (336,625) (79,218) (104,036) (6,045) (777,573)
Net
 $ 331,787  $ 588,632  $ 147,570  $ 79,457  $ 14,175  $ 1,161,621 
___________________
(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)
2023 2022
(in years)
Revenue-generating contracts 5 5
Client/vendor relationships 4 4
Technology (1)
3 n/a
Venue management and leaseholds 11 26
All categories 8 7
_____________________
(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, 2023:
 
  (in thousands)
2024 $ 234,313 
2025 $ 203,450 
2026 $ 172,937 
2027 $ 137,951 
2028 $ 122,208 
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, 2023 and 2022:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
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 
Acquisitions—current year 90,298  —  —  90,298 
Acquisitions—prior year 1,657  143  —  1,800 
Dispositions (6,183) —  —  (6,183)
Foreign exchange 4,381  32,645  39,145  76,171 
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 
[1] The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.