EQUITY Equity (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Equity [Abstract] |
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| Reconciliation of Carrying Amount of Equity and Redeemable Noncontrolling Interests |
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation, equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the nine months ended September 30, 2018:
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Live Nation
Stockholders’ Equity
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Noncontrolling
Interests
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Total
Equity
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Redeemable
Noncontrolling
Interests
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(in thousands) |
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(in thousands) |
Balance at December 31, 2017 |
$ |
1,181,196 |
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$ |
236,948 |
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$ |
1,418,144 |
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$ |
244,727 |
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Non-cash compensation expense |
34,415 |
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— |
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34,415 |
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— |
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Common stock issued under stock plans, net of shares withheld for employee taxes |
(8,685 |
) |
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— |
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(8,685 |
) |
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— |
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Exercise of stock options |
16,447 |
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— |
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16,447 |
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— |
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Fair value of convertible debt conversion feature, net of issuance costs |
62,624 |
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— |
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62,624 |
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— |
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Repurchase of convertible debt conversion feature |
(92,641 |
) |
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— |
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(92,641 |
) |
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— |
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Acquisitions |
— |
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21,770 |
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21,770 |
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20,911 |
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Divestitures |
— |
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(6,684 |
) |
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(6,684 |
) |
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— |
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Purchases of noncontrolling interests |
(4,784 |
) |
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(1,526 |
) |
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(6,310 |
) |
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(10,356 |
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Sales of noncontrolling interests |
1,410 |
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(980 |
) |
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430 |
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— |
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Redeemable noncontrolling interests fair value adjustments |
(54,246 |
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— |
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(54,246 |
) |
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54,246 |
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Contributions received |
— |
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7,501 |
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7,501 |
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1,806 |
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Cash distributions |
— |
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(33,481 |
) |
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(33,481 |
) |
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(7,870 |
) |
Other |
(107 |
) |
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(2,439 |
) |
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(2,546 |
) |
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28 |
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Comprehensive income (loss): |
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Net income |
208,136 |
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12,431 |
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220,567 |
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4,958 |
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Foreign currency translation adjustments |
(26,376 |
) |
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— |
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(26,376 |
) |
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— |
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Balance at September 30, 2018 |
$ |
1,317,389 |
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$ |
233,540 |
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$ |
1,550,929 |
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$ |
308,450 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2018:
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Total (Foreign Currency Items) |
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(in thousands) |
Balance at December 31, 2017 |
$ |
(108,542 |
) |
Other comprehensive income before reclassifications |
(26,376 |
) |
Net other comprehensive income |
(26,376 |
) |
Balance at September 30, 2018 |
$ |
(134,918 |
) |
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| Computation of Weighted Average Common Shares Outstanding |
The following table sets forth the computation of weighted average common shares outstanding:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Weighted average common shares—basic |
207,614,413 |
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205,287,843 |
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207,228,034 |
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204,574,742 |
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Effect of dilutive securities: |
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Stock options and restricted stock |
8,347,718 |
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9,914,361 |
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8,178,167 |
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9,311,710 |
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Convertible senior notes |
826,852 |
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7,929,982 |
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— |
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— |
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Weighted average common shares—diluted |
216,788,983 |
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223,132,186 |
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215,406,201 |
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213,886,452 |
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| Potentially Dilutive Securities Excluded From Diluted Net Income (Loss) Per Common Share |
The following table shows securities excluded from the calculation of diluted net income (loss) per common share because such securities are anti-dilutive:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Options to purchase shares of common stock |
604,781 |
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8,000 |
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604,781 |
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810,796 |
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Restricted and deferred stock—unvested |
2,483,572 |
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196,484 |
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2,498,072 |
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219,084 |
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Conversion shares related to the convertible senior notes |
8,085,275 |
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— |
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8,912,127 |
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7,929,982 |
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Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
11,173,628 |
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204,484 |
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12,014,980 |
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8,959,862 |
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