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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On April 29, 2021, there were 218,683,233 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 3,053,262 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q

  Page
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION



GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
Ticketmaster
Our ticketing business



Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31,
2021
December 31,
2020
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$3,009,487 $2,537,787 
    Accounts receivable, less allowance of $70,330 and $72,904, respectively
467,792 486,734 
    Prepaid expenses567,969 577,130 
    Restricted cash7,970 8,652 
    Other current assets42,880 39,465 
Total current assets4,096,098 3,649,768 
Property, plant and equipment, net1,064,171 1,101,414 
Operating lease assets1,381,812 1,424,223 
Intangible assets
    Definite-lived intangible assets, net813,806 855,600 
    Indefinite-lived intangible assets369,084 369,058 
Goodwill2,113,694 2,129,203 
Long-term advances672,449 668,756 
Other long-term assets408,528 391,281 
Total assets$10,919,642 $10,589,303 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$809,258 $744,096 
    Accounts payable72,913 86,356 
    Accrued expenses898,518 894,149 
    Deferred revenue1,817,328 1,839,323 
    Current portion of long-term debt, net37,275 53,415 
    Current portion of operating lease liabilities111,252 107,147 
    Other current liabilities69,203 72,083 
Total current liabilities3,815,747 3,796,569 
Long-term debt, net5,289,891 4,855,096 
Long-term operating lease liabilities1,408,413 1,445,674 
Long-term deferred income taxes170,622 170,759 
Other long-term liabilities364,699 182,508 
Commitments and contingent liabilities
Redeemable noncontrolling interests264,384 272,449 
Stockholders' equity
    Common stock2,160 2,145 
    Additional paid-in capital2,431,387 2,386,790 
    Accumulated deficit(2,984,026)(2,676,833)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(173,216)(177,009)
Total Live Nation stockholders' equity(730,560)(471,772)
Noncontrolling interests336,446 338,020 
Total equity(394,114)(133,752)
Total liabilities and equity$10,919,642 $10,589,303 


See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
March 31,
 20212020
 (in thousands except share and per share data)
Revenue$290,609 $1,365,693 
Operating expenses:
Direct operating expenses133,966 873,820 
Selling, general and administrative expenses322,853 514,021 
Depreciation and amortization108,876 122,080 
Loss on disposal of operating assets138 130 
Corporate expenses27,948 28,312 
Operating loss(303,172)(172,670)
Interest expense70,830 43,999 
Interest income(1,149)(4,473)
Equity in earnings of nonconsolidated affiliates(581)(2,572)
Gain from sale of investments in nonconsolidated affiliates(55,933)(3,555)
Other expense (income), net(6)8,183 
Loss before income taxes(316,333)(214,252)
Income tax expense (benefit)6,389 (3,330)
Net loss(322,722)(210,922)
Net loss attributable to noncontrolling interests(15,529)(26,138)
Net loss attributable to common stockholders of Live Nation$(307,193)$(184,784)
Basic and diluted net loss per common share available to common stockholders of Live Nation
$(1.44)$(0.94)
Weighted average common shares outstanding:
Basic and diluted214,531,958 211,048,294 
Reconciliation to net loss available to common stockholders of Live Nation:
Net loss attributable to common stockholders of Live Nation
$(307,193)$(184,784)
Accretion of redeemable noncontrolling interests(916)(14,540)
Basic and diluted net loss available to common stockholders of Live Nation
$(308,109)$(199,324)

See Notes to Consolidated Financial Statements
3

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

 Three Months Ended
March 31,
 20212020
 (in thousands)
Net loss$(322,722)$(210,922)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge15,096 (30,831)
Realized loss on cash flow hedge1,916  
Foreign currency translation adjustments(13,219)(82,782)
Comprehensive loss(318,929)(324,535)
Comprehensive loss attributable to noncontrolling interests
(15,529)(26,138)
Comprehensive loss attributable to common stockholders of Live Nation
$(303,400)$(298,397)

See Notes to Consolidated Financial Statements
4

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)


Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 40,017 — — — — 40,017 — 
Common stock issued under stock plans, net of shares withheld for employee taxes566,285 5 (19,949)— — — — (19,944)— 
Exercise of stock options994,273 10 25,784 — — — — 25,794 — 
Purchases of noncontrolling interests— — (500)— — —  (500) 
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — (916)— — — — (916)916 
Contributions received— — — — — — 1,722 1,722  
Cash distributions— — — — — — (4,477)(4,477)(1,139)
Comprehensive loss:
Net loss— — — (307,193)— — (7,687)(314,880)(7,842)
Unrealized gain on cash flow hedge— — — — — 15,096 — 15,096 — 
Realized loss on cash flow hedge— — — — — 1,916 — 1,916 — 
Foreign currency translation adjustments— — — — — (13,219)— (13,219)— 
Balances at March 31, 2021216,027,546 $2,160 $2,431,387 $(2,984,026)$(6,865)$(173,216)$336,446 $(394,114)$264,384 


See Notes to Consolidated Financial Statements
5

Table of Contents
Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2019211,262,062 $2,113 $2,245,619 $(949,334)$(6,865)$(145,713)$318,134 $1,463,954 $449,498 
Cumulative effect of change in accounting principle— — — (2,964)— — — (2,964)— 
Non-cash and stock-based compensation— — 11,741 — — — — 11,741 — 
Common stock issued under stock plans, net of shares withheld for employee taxes262,170 2 (7,448)— — — — (7,446)— 
Exercise of stock options310,507 3 6,453 — — — — 6,456 — 
Fair value of convertible debt conversion feature, net of issuance cost— — 33,330 — — — — 33,330 — 
Acquisitions— — — — — — 31,165 31,165 11,148 
Purchases of noncontrolling interests— — (6,485)— — — (1,032)(7,517)(6,411)
Sales of noncontrolling interests— — (8,161)— — — 39,161 31,000 — 
Redeemable noncontrolling interests fair value adjustments— — (14,540)— — — — (14,540)14,540 
Contributions received— — — — — — 76 76  
Cash distributions— — — — — — (4,768)(4,768)(10,345)
Other— — — — — — 56 56  
Comprehensive loss:
Net loss— — — (184,784)— — (11,314)(196,098)(14,824)
Unrealized loss on cash flow hedge— — — — — (30,831)— (30,831)— 
Foreign currency translation adjustments— — — — — (82,782)— (82,782)— 
Balances at March 31, 2020211,834,739 $2,118 $2,260,509 $(1,137,082)$(6,865)$(259,326)$371,478 $1,230,832 $443,606 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 Three Months Ended
March 31,
 20212020
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(322,722)$(210,922)
Reconciling items:
Depreciation56,975 57,844 
Amortization51,901 64,236 
Amortization of non-recoupable ticketing contract advances10,621 18,811 
Amortization of debt issuance costs and discounts9,196 6,871 
Non-cash compensation expense40,017 11,732 
Loss (gain) on sale of investments in nonconsolidated affiliates(53,899)1,192 
Other, net(6,519)(19,439)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable21,861 227,913 
Decrease (increase) in prepaid expenses and other assets4,704 (207,157)
Decrease in accounts payable, accrued expenses and other liabilities(39,044)(316,204)
Increase in deferred revenue301,483 996,798 
Net cash provided by operating activities74,574 631,675 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(10,784)(10,688)
Collections of notes receivable884 10,218 
Investments made in nonconsolidated affiliates(5,506)(5,679)
Purchases of property, plant and equipment(23,763)(84,563)
Cash paid for acquisitions, net of cash acquired(6,132)(32,508)
Purchases of intangible assets(5,495)(206)
Proceeds from sale of investments in nonconsolidated affiliates60,308  
Other, net596 1,055 
Net cash provided by (used in) investing activities10,108 (122,371)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs501,366 419,418 
Payments on long-term debt(80,316)(6,032)
Distributions to noncontrolling interests(5,616)(15,114)
Purchases and sales of noncontrolling interests, net(3,273)(14,030)
Proceeds from exercise of stock options25,794 6,456 
Taxes paid for net share settlement of equity awards(19,944)(7,445)
Other, net(994)(831)
Net cash provided by financing activities417,017 382,422 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(30,681)(84,257)
Net increase in cash, cash equivalents, and restricted cash471,018 807,469 
Cash, cash equivalents and restricted cash at beginning of period2,546,439 2,474,242 
Cash, cash equivalents and restricted cash at end of period$3,017,457 $3,281,711 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown.
The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on March 1, 2021.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venues and festivals are primarily used in or occur from May through October. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales at our owned or operated venues and festivals in advance of when the event occurs. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
Due to the unprecedented stoppage of our concert and other events globally beginning in mid-March 2020 resulting from the global COVID-19 pandemic, we did not experience our typical seasonality trends in 2020 and do not expect any quarter in 2021 will follow our typical seasonality trends.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.
Included in the March 31, 2021 and December 31, 2020 cash and cash equivalents balance is $724.4 million and $673.5 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts are included in accounts payable, client accounts.
Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement.
Nonconsolidated Affiliates
In general, nonconsolidated investments in which we own more than 20% of the common stock or otherwise exercise significant influence over an affiliate are accounted for under the equity method. We review the value of equity method investments and record impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If we obtain control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, we remeasure our investment to fair value first and then apply the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations. At March 31, 2021 and December 31, 2020, we had investments in nonconsolidated affiliates of $162.5 million and $170.5 million, respectively, included in other long-term assets on our consolidated balance sheets.
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Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of March 31, 2021, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first three months of 2021.
Accounting Pronouncements - Not Yet Adopted
In August 2020, the FASB issued guidance that simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual periods beginning after December 15, 2021 and interim periods within that year. Early adoption is permitted for annual periods beginning after December 15, 2020 and interim periods within that year. The guidance should be applied using either a modified retrospective method or a full retrospective method. We will adopt this guidance on January 1, 2022, and are currently assessing which implementation method we will apply and the impact that adoption will have on our financial position and results of operations.

NOTE 2—IMPACT OF THE GLOBAL COVID-19 PANDEMIC
The unprecedented and rapid spread of COVID-19 and the related government restrictions and social distancing measures implemented throughout the world have significantly impacted our business. Beginning in March 2020, large public events were cancelled, governmental authorities began imposing restrictions on non-essential activities, and businesses suspended activities around the world. As the impact of the global COVID-19 pandemic became clearer, we ceased all Live Nation tours and closed our venues in mid-March 2020 to support global efforts at social distancing and mitigating the virus, and to comply with restrictions put in place by various governmental entities, which has had a materially negative impact on our revenue and financial position.
Operating Results
Our first quarter results were materially impacted by these necessary actions. Our overall revenue for the first quarter of 2021 decreased by 79% to $290.6 million as compared to the same period of the prior year. The revenue reduction was primarily in our Concerts and Ticketing segments as a result of few shows occurring globally beginning in the last half of March 2020 and low ticket sales for future shows during the same period.
The event-related deferred revenue for our Concerts segment, which is reported as part of deferred revenue on our consolidated balance sheets, includes the face value and Concerts’ share of service charges for all tickets sold by March 31, 2021 for shows expected to occur in the next 12 months. Any refunds committed to for shows cancelled or rescheduled during the first three months of 2021 have either been returned to fans or are reflected in accrued expenses on the consolidated balance sheets. In addition, we have recorded an estimate of $89.0 million in Concerts for refunds that may occur in the future for shows we believe may be cancelled or rescheduled based on the data available on refunds resulting from the global shutdown of our live events. This estimate only impacts our financial position as a reclassification from deferred revenue to accrued expenses. We expect that the majority of our shows postponed due to the pandemic will be rescheduled. Event-related deferred revenue for tickets sold for shows expected to occur after March 31, 2022 totaled $229.8 million and is reflected in other long-term liabilities on our consolidated balance sheets.
The revenue recognized in our Ticketing segment during the first three months of 2021 includes our share of ticket service charges for tickets sold during the period for third-party clients and for shows that occurred in the period for our Concerts business where our promoters control the ticketing. Revenue in the period has been reduced by refunds given during the period. In addition, revenue has been reduced for any shows that were cancelled and for refunds requested on rescheduled shows up to the time of the filing of these consolidated financial statements, and funds have either been returned to the customer or are reflected in accrued expenses on the consolidated balance sheets. Our ticketing clients determine if shows will be rescheduled or cancelled and what the refund policy will be for those shows. We have not recorded an estimate for refunds that may occur in the future since our clients, not Ticketmaster, determine when shows are cancelled or rescheduled and we have a limited amount of historical data of refunds resulting from a global shutdown of live events on which to reliably determine an estimate.


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NOTE 3—LONG-LIVED ASSETS
We reviewed our long-lived assets for potential impairment indicators due to the suspension of our live events resulting from the global COVID-19 pandemic. Our venues are either owned or we have long-term operating rights under lease or management agreements with terms ranging from 5 to 25 years. Many of our definite-lived intangible assets are based on revenue-generating contracts, and client or vendor relationships associated with live events and have useful lives, established at the time of acquisition, typically ranging from 3 to 10 years. Our more significant investments in nonconsolidated affiliates are in the concert event promotion, venue operation or ticketing businesses, and these businesses are experiencing similar impacts to their operations, in line with what we are experiencing as a result of the pandemic. Based on our assessments, we have recorded impairment charges on certain of our definite-lived intangible assets, which are discussed below.
The length and severity of the impact to live events and our related sponsorship and ticketing businesses is still uncertain. We currently do not anticipate a significant change in activity levels until early in the second half of 2021 led by outdoor events and festivals in the United States and United Kingdom. We expect that most larger venues will reopen and global tours will resume in the second half of 2021 and that the underlying business supporting all of our long-lived assets will begin generating operating income once again. However, we have never previously experienced a complete cessation of our live events or a large-scale reduction in the number of events selling tickets and, as a consequence, our ability to be predictive regarding the impact of these circumstances is uncertain. As a result, the underlying assumptions used in our impairment assessments could change, resulting in future impairment charges.
Property, Plant and Equipment, Net
Property, plant and equipment, net, consisted of the following:
March 31,December 31,
20212020
(in thousands)
    Land, buildings and improvements$1,246,345 $1,239,696 
    Computer equipment and capitalized software904,791 887,637 
    Furniture and other equipment425,888 424,363 
    Construction in progress134,829 151,830 
2,711,853 2,703,526 
    Less: accumulated depreciation1,647,682 1,602,112 
$1,064,171 $1,101,414 
















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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 three months ended March 31, 2021:
Client /
vendor
relationships
Revenue-
generating
contracts
Venue management and leaseholdsTrademarks
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)
Net349,677 300,954 96,032 76,740 26,484 5,713 855,600 
Gross carrying amount:
Acquisitions—current year
520    9,782 2,477 12,779 
Acquisitions—prior year
5,366      5,366 
Foreign exchange(1,579)(9,166)(945)(1,356)(98)(8)(13,152)
Other (2)
(15,360)(1,250) (7)(7,618)320 (23,915)
Net change(11,053)(10,416)(945)(1,363)2,066 2,789 (18,922)
Accumulated amortization:
Amortization
(21,669)(16,043)(3,618)(4,180)(5,231)(1,160)(51,901)
Foreign exchange1,330 3,130 120 228 70 1 4,879 
Other (2)
15,360 1,239 3 50 7,589 (91)24,150 
Net change(4,979)(11,674)(3,495)(3,902)2,428 (1,250)(22,872)
Balance as of March 31, 2021:
Gross carrying amount
485,021 568,248 147,011 148,981 74,349 20,202 1,443,812 
Accumulated amortization
(151,376)(289,384)(55,419)(77,506)(43,371)(12,950)(630,006)
Net$333,645 $278,864 $91,592 $71,475 $30,978 $7,252 $813,806 
______________

(1) Other primarily includes intangible assets for non-compete agreements.     
(2) Other primarily includes netdowns of fully amortized or impaired assets.
The 2021 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
Weighted-
Average
Life (years)
Client/vendor relationships5
Non-compete agreements2
All categories3

The current year acquisitions amount above for technology intangibles includes software licenses acquired in the normal course of business.
We test for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a significant reduction in operating cash flow or a change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. During the three months ended March 31, 2021 and 2020, we reviewed the carrying value of certain definite-lived intangible assets that management determined had an indicator that future operating cash flows may not support their carrying value, as a result of the expected impacts from the global COVID-19 pandemic, and it was determined that those assets were impaired since the estimated undiscounted operating cash flows associated with those assets were less than their carrying value.
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For the three months ended March 31, 2021, there were no significant impairment charges. For the three months ended March 31, 2020, we recorded impairment charges related to definite-lived intangible assets of $10.1 million as a component of depreciation and amortization primarily related to intangible assets for revenue-generating contracts in the Concerts segment. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair value.
Amortization of definite-lived intangible assets for the three months ended March 31, 2021 and 2020 was $51.9 million and $64.2 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization will vary.
Goodwill
We review goodwill for impairment annually, as of October 1. As such, we completed our annual review in the fourth quarter of 2020 and, as reported in our December 31, 2020 Form 10-K, no impairments were recorded as the fair value of each reporting unit was determined to be in excess of its carrying value for all reporting units.
The rapid and severe impacts of the global COVID-19 pandemic, and more specifically the need to support global social distancing efforts, mitigate the spread of the virus and comply with restrictions put in place by various governmental entities, led to our decision to stop all tours and close our venues beginning in mid-March 2020. As such actions will continue to have a material impact on our cash flows during the suspension of operations, we have performed qualitative and sensitivity reviews to assess as of March 31, 2021 whether we believed these actions caused the fair value of any of our reporting units to fall below its carrying value. These qualitative and sensitivity reviews included discounted cash flow model sensitivity analyses, and a consideration of the impact from changes in financial forecasts, discount rates and carrying values. The conclusion for all reporting units was that no impairment trigger existed that would require a further quantitative analysis during the three months ended March 31, 2021. We are unable to predict how long the impacts from the global COVID-19 pandemic will impact our operations or what additional restrictions may be imposed by governments. Significant variations from current expectations could impact future assessments, resulting in future impairment charges.
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2021:
ConcertsTicketingSponsorship
& 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)
                 Net882,910 782,559 463,734 2,129,203 
Acquisitions—current year532   532 
Acquisitions—prior year(1,815)(3,740)419 (5,136)
Foreign exchange(2,980)(3,673)(4,252)(10,905)
Balance as of March 31, 2021:
Goodwill1,314,010 775,146 459,901 2,549,057 
Accumulated impairment losses(435,363)  (435,363)
                 Net$878,647 $775,146 $459,901 $2,113,694 

We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.
Investments in Nonconsolidated Affiliates
During the three months ended March 31, 2021, we sold certain investments in nonconsolidated affiliates for $60.3 million in cash plus $6.8 million in deferred purchase price consideration resulting in a gain on sale of investments in nonconsolidated affiliates of $55.9 million.

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NOTE 4—LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
March 31,
20212020
(in thousands)
Operating lease cost$55,299 $62,128 
Variable and short-term lease cost9,453 12,522 
Sublease income(2,282)(4,151)
Net lease cost$62,470 $70,499 

Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables, while others include periodic adjustments to rent obligations based on the prevailing inflationary index or market rental rates. Contingent rent obligations are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.
Supplemental cash flow information for our operating leases is as follows:
Three Months Ended
March 31,
20212020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities$58,914 $58,908 
Lease assets obtained in exchange for lease obligations, net of terminations$6,771 $55,042 

Future maturities of our operating lease liabilities at March 31, 2021 are as follows:
(in thousands)
April 1 - December 31, 2021$135,266 
2022199,696 
2023199,743 
2024182,932 
2025171,636 
Thereafter1,464,421 
Total lease payments2,353,694 
Less: Interest834,029 
Present value of lease liabilities$1,519,665 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
March 31, 2021December 31, 2020
Weighted average remaining lease term (in years)13.813.9
Weighted average discount rate6.43 %6.31 %

As of March 31, 2021, we have additional operating leases that have not yet commenced, with total lease payments of $217.4 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2021 to June 2030, with lease terms ranging from 1 to 20 years.
In response to the impacts we are experiencing from the global COVID-19 pandemic, we have amended certain of our lease agreements and are continuing negotiations with certain of our landlords for deferral or abatement of fixed rent payments. These lease concessions are not expected to substantially increase our obligations under the respective lease agreements.
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Therefore, we have elected to account for these lease concessions as though enforceable rights and obligations for those concessions existed in our lease agreements as clarified by the FASB rather than applying the lease modification guidance.

NOTE 5—LONG-TERM DEBT
In January 2021, we issued $500 million principal amount of 3.75% senior secured notes due 2028. A portion of the proceeds were used to pay estimated fees of $7.7 million and repay $75.0 million aggregate principal amount of the Company’s senior secured term loan B facility, leaving approximately $417.3 million for general corporate purposes, including acquisitions and organic investment opportunities.
Long-term debt, which includes finance leases, consisted of the following:
March 31, 2021December 31, 2020
(in thousands)
Senior Secured Credit Facility:
Term loan B$860,940 $938,125 
6.5% Senior Secured Notes due 20271,200,000 1,200,000 
3.75% Senior Secured Notes due 2028500,000  
4.75% Senior Notes due 2027950,000 950,000 
4.875% Senior Notes due 2024575,000 575,000 
5.625% Senior Notes due 2026300,000 300,000 
2.5% Convertible Senior Notes due 2023550,000 550,000 
2.0% Convertible Senior Notes due 2025400,000 400,000 
Other long-term debt118,882 125,226 
Total principal amount5,454,822 5,038,351 
Less unamortized discounts and debt issuance costs(127,656)(129,840)
Total long-term debt, net of unamortized discounts and debt issuance costs5,327,166 4,908,511 
Less: current portion37,275 53,415 
Total long-term debt, net$5,289,891 $4,855,096 
Future maturities of long-term debt at March 31, 2021 are as follows:
(in thousands)
April 1, 2021 - December 31, 2021$31,125 
2022576,441 
202344,880 
2024988,895 
202538,445 
Thereafter3,775,036 
Total$5,454,822 

All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 6—Fair Value Measurements for discussion of the fair value measurement of our long-term debt.
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3.75% Senior Secured Notes due 2028
In January 2021, we issued $500 million principal amount of 3.75% senior secured notes due 2028. Interest on the notes is payable semi-annually in cash in arrears on January 15 and July 15 of each year beginning on July 15, 2021, and will mature on January 15, 2028. We may redeem some or all of the notes, at any time prior to January 15, 2024, at a price equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium. We may redeem up to 35% of the aggregate principal amount of the notes from the proceeds of certain equity offerings prior to January 15, 2024, at a price equal to 103.75% of the aggregate principal amount, plus accrued and unpaid interest thereon, if any, to the date of redemption. In addition, on or after January 15, 2024 we may redeem some or all of the notes at any time at redemption prices specified in the notes indenture, plus any accrued and unpaid interest to the date of redemption.
We must make an offer to redeem the notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to the repurchase date, if we experience certain defined changes of control. The notes are secured by a first priority lien on substantially all of the tangible and intangible personal property of LNE and LNE’s domestic subsidiaries that are guarantors, and by a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of our direct and indirect domestic subsidiaries.

NOTE 6—FAIR VALUE MEASUREMENTS
Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.


Estimated Fair Value
March 31, 2021
December 31, 2020
Level 1Level 2TotalLevel 1Level 2Total
(in thousands)
Assets:
    Cash equivalents$379,076 $— $379,076 $282,696 $— $282,696 

Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.
The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
Estimated Fair Value at
March 31, 2021December 31, 2020
Level 2
(in thousands)
6.5% Senior Secured Notes due 2027$1,330,212 $1,340,688 
3.75% Senior Secured Notes due 2028$493,160 $ 
4.75% Senior Notes due 2027$954,978 $970,872 
4.875% Senior Notes due 2024$584,568 $581,480 
5.625% Senior Notes due 2026$308,853 $307,785 
2.5% Convertible Senior Notes due 2023$768,625 $720,764 
2.0% Convertible Senior Notes due 2025$440,368 $425,172 

The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.
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Non-recurring
The following table shows the fair value of our financial assets that have been adjusted to fair value on a non-recurring basis, which had a significant impact on our results of operations for the three months ended March 31, 2020.
Fair Value Measurements Using
DescriptionFair Value MeasurementLevel 1Level 2Level 3Loss (Gain)
(in thousands)
2020
Definite-lived intangible assets, net$7,390 $