Annual report [Section 13 and 15(d), not S-K Item 405]

LONG-LIVED ASSETS (Tables)

v3.25.4
LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment
Property, plant and equipment consisted of the following:
December 31,
2025 2024
(in thousands)
    Land, buildings and improvements $ 2,873,491  $ 2,325,929 
    Computer equipment and capitalized software 815,403  867,294 
    Furniture and other equipment 952,651  757,803 
    Construction in progress 830,878  386,880 
Property, plant and equipment, gross 5,472,423  4,337,906 
    Less: accumulated depreciation 2,056,652  1,896,034 
Property, plant and equipment, net $ 3,415,771  $ 2,441,872 
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, 2025 and 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		 68,453  52,406  35,273  7,331  7,551  171,014 
Acquisitions and additions
prior year		 826  4,066  3  —  —  4,895 
Foreign exchange
 (96,995) (32,993) (6,954) (14,096) (709) (151,747)
Other (2)
(77,947) (39,343) (23,930) (14,240) (825) (156,285)
Net change
 (105,663) (15,864) 4,392  (21,005) 6,017  (132,123)
Accumulated amortization:
Amortization
(111,711) (86,637) (23,978) (17,791) (9,142) (249,259)
Foreign exchange
 29,331  12,013  2,185  5,096  89  48,714 
Other (2)
79,707  39,892  24,066  11,763  1,432  156,860 
Net change
 (2,673) (34,732) 2,273  (932) (7,621) (43,685)
Balance as of December 31, 2024:
Gross carrying amount
 819,594  567,572  231,180  162,488  26,237  1,807,071 
Accumulated amortization
 (339,298) (286,381) (76,945) (104,968) (13,667) (821,259)
Net
 480,296  281,191  154,235  57,520  12,570  985,812 
Gross carrying amount:
Acquisitions and additions
current year		 52,409  203,456  22,529  2,241  20,934  301,569 
Acquisitions and additions
prior year		 —  165  —  —  —  165 
Foreign exchange
 74,948  24,818  6,882  8,354  1,087  116,089 
Other (2)
(160,749) (64,523) (18,161) (69,794) 3,148  (310,079)
Net change
 (33,392) 163,916  11,250  (59,199) 25,169  107,744 
Accumulated amortization:
Amortization
(107,524) (102,548) (30,033) (14,270) (10,196) (264,571)
Foreign exchange
 (29,106) (10,085) (2,774) (3,225) (479) (45,669)
Other (2)
140,445  64,321  18,280  69,805  2,286  295,137 
Net change
 3,815  (48,312) (14,527) 52,310  (8,389) (15,103)
Balance as of December 31, 2025:
Gross carrying amount
 786,202  731,488  242,430  103,289  51,406  1,914,815 
Accumulated amortization
 (335,483) (334,693) (91,472) (52,658) (22,056) (836,362)
Net
 $ 450,719  $ 396,795  $ 150,958  $ 50,631  $ 29,350  $ 1,078,453 
___________________
(1) Other primarily includes crypto assets and intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets as well as mark-to-market adjustments of crypto 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
2025 2024
(in years)
Revenue-generating contracts 5 9
Client/vendor relationships 6 5
Trademarks and naming rights 5 6
Technology 5 3
Venue management 3 6
All categories 6 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, 2025:
 
  (in thousands)
2026 $ 248,128 
2027 $ 213,169 
2028 $ 181,755 
2029 $ 153,145 
2030 $ 103,539 
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, 2025 and 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 41,095  507  1,015  42,617 
Acquisitions—prior year 4,136  —  —  4,136 
Foreign exchange (22,708) (48,816) (45,784) (117,308)
Balance as of December 31, 2024:
Goodwill 1,462,102  964,221  629,951  3,056,274 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 1,026,739  964,221  629,951  2,620,911 
Acquisitions—current year 144,657  9,727  —  154,384 
Acquisitions—prior year (274) —  —  (274)
Foreign exchange 8,703  40,632  64,823  114,157 
Balance as of December 31, 2025:
Goodwill 1,615,188  1,014,580  694,774  3,324,541 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 1,179,825  $ 1,014,580  $ 694,774  $ 2,889,178