Quarterly report pursuant to Section 13 or 15(d)

LONG-LIVED ASSETS

v3.19.1
LONG-LIVED ASSETS
 3 Months Ended
Mar. 31, 2019
LONG-LIVED ASSETS [Abstract]  
LONG-LIVED ASSETS
LONG-LIVED ASSETS
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, 2019:
 
Revenue-
generating
contracts
 
Client /
vendor
relationships
 
Trademarks
and
naming
rights
 
Technology
 
Other (1)
 
Total
 
(in thousands)
Balance as of December 31, 2018:
 
 
 
 
 
 
 
 
Gross carrying amount
$
692,963

 
$
393,772

 
$
123,707

 
$
85,411

 
$
120,163

 
$
1,416,016

Accumulated amortization
(391,002
)
 
(213,599
)
 
(41,808
)
 
(38,826
)
 
(69,330
)
 
(754,565
)
Net
301,961

 
180,173

 
81,899

 
46,585

 
50,833

 
661,451

Gross carrying amount:
 
 
 
 
 
 
 
 
 
 
Acquisitions—current year
13,432

 
7,801

 
1,632

 
1,466

 
16,120

 
40,451

Foreign exchange
516

 
(271
)
 
241

 
425

 
299

 
1,210

Other (2)
(13,109
)
 
(13,000
)
 
—

 
(605
)
 
—

 
(26,714
)
Net change
839

 
(5,470
)
 
1,873

 
1,286

 
16,419

 
14,947

Accumulated amortization:
 
 
 
 
 
 
 
 
 
 
Amortization
(17,909
)
 
(15,237
)
 
(3,406
)
 
(5,867
)
 
(4,821
)
 
(47,240
)
Foreign exchange
(478
)
 
(7
)
 
(37
)
 
(239
)
 
(233
)
 
(994
)
Other (2)
13,064

 
13,000

 
(51
)
 
606

 
29

 
26,648

Net change
(5,323
)
 
(2,244
)
 
(3,494
)
 
(5,500
)
 
(5,025
)
 
(21,586
)
Balance as of March 31, 2019:
 
 
 
 
 
 
 
 
Gross carrying amount
693,802

 
388,302

 
125,580

 
86,697

 
136,582

 
1,430,963

Accumulated amortization
(396,325
)
 
(215,843
)
 
(45,302
)
 
(44,326
)
 
(74,355
)
 
(776,151
)
Net
$
297,477

 
$
172,459

 
$
80,278

 
$
42,371

 
$
62,227

 
$
654,812


______________
(1) Other primarily includes intangible assets for non-compete, venue management and leasehold agreements.      
(2) Other primarily includes netdowns of fully amortized assets.
Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisition of a ticketing business located in Australia and controlling interests in a concert promotion business located in Canada and a festival promotion business located in Finland.
The 2019 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
 
Weighted-
Average
Life (years)
Revenue-generating contracts
5
Client/vendor relationships
3
Trademarks and naming rights
3
Technology
3
Other
8
All categories
5

Amortization of definite-lived intangible assets for the three months ended March 31, 2019 and 2018 was $47.2 million and $45.7 million, respectively.

Goodwill
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, 2019:
 
Concerts
 
Ticketing
 
Sponsorship
& Advertising
 
Total
 
(in thousands)
Balance as of December 31, 2018:
 
 
 
 
 
 
 
Goodwill
$
1,094,604

 
$
762,953

 
$
400,749

 
$
2,258,306

Accumulated impairment losses
(435,363
)
 
—

 
—

 
(435,363
)
                 Net
659,241

 
762,953

 
400,749

 
1,822,943

 
 
 
 
 
 
 
 
Acquisitions—current year
10,895

 
3,810

 
—

 
14,705

Acquisitions—prior year
2,914

 
—

 
—

 
2,914

Foreign exchange
(81
)
 
(1,030
)
 
1,783

 
672

 
 
 
 
 
 
 
 
Balance as of March 31, 2019:
 
 
 
 
 
 
 
Goodwill
1,108,332

 
765,733

 
402,532

 
2,276,597

Accumulated impairment losses
(435,363
)
 
—

 
—

 
(435,363
)
                 Net
$
672,969

 
$
765,733

 
$
402,532

 
$
1,841,234


Included in the current year acquisitions amount above is goodwill primarily associated with the acquisitions of controlling interests in a concert promotion business located in Canada and a festival promotion business located in Finland.
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.