Live Nation Entertainment Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LONG-LIVED ASSETS (Long-Lived Assets) (Tables)

LONG-LIVED ASSETS (Long-Lived Assets) (Tables)

9 Months Ended

Sep. 30, 2020

Property, plant and equipment, net, consisted of the following:


	September 30,		December 31,
	2020		2019
	(in thousands)
Land, buildings and improvements	$	1,250,692	$	1,181,876
Computer equipment and capitalized software	857,948		800,990
Furniture and other equipment	413,453		380,174
Construction in progress	168,232		176,275
	2,690,325		2,539,315
Less accumulated depreciation	1,583,637		1,421,383
	$	1,106,688	$	1,117,932

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 nine months ended September 30, 2020:


	Revenue- generating contracts		Client / vendor relationships		Trademarks and naming rights		Venue management & leaseholds		Technology		Other (1)		Total
	(in thousands)
Balance as of December 31, 2019:
Gross carrying amount	$	700,557	$	527,490	$	152,935	$	149,586	$	87,338	$	25,219	$	1,643,125
Accumulated amortization	(402,022)		(203,361)		(56,416)		(42,699)		(54,220)		(14,266)		(772,984)
Net	298,535		324,129		96,519		106,887		33,118		10,953		870,141
Gross carrying amount:
Acquisitions—current year	46,701		164,361		12		8,695		3,624		94		223,487
Acquisitions—prior year	(228)		—		—		93		—		—		(135)

Foreign exchange	(10,140)		(2,302)		(4,924)		(102)		(292)		4		(17,756)
Other (2)	(31,314)		(125,143)		(150)		(7,211)		(17,180)		(7,902)		(188,900)
Net change	5,019		36,916		(5,062)		1,475		(13,848)		(7,804)		16,696
Accumulated amortization:
Amortization	(65,349)		(62,667)		(12,541)		(14,117)		(21,221)		(4,499)		(180,394)

Foreign exchange	(1,578)		662		267		193		177		(18)		(297)
Other (2)	31,300		125,143		151		7,211		17,209		7,926		188,940
Net change	(35,627)		63,138		(12,123)		(6,713)		(3,835)		3,409		8,249
Balance as of September 30, 2020:
Gross carrying amount	705,576		564,406		147,873		151,061		73,490		17,415		1,659,821
Accumulated amortization	(437,649)		(140,223)		(68,539)		(49,412)		(58,055)		(10,857)		(764,735)
Net	$	267,927	$	424,183	$	79,334	$	101,649	$	15,435	$	6,558	$	895,086

______________

(1) Other primarily includes intangible assets for non-compete agreements.

(2) Other primarily includes netdowns of fully amortized or impaired assets.

^[1],[2]

Weighted Average Lives of Additions to Definite-Lived Intangible Assets

The 2020 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:


			Weighted- Average Life (years) (1)
Revenue-generating contracts			8
Client/vendor relationships			8
Trademarks and naming rights			1

Venue management and leaseholds			7


All categories			8

______________

(1) The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.

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 September 30, 2020:


	(in thousands)
October 1 - December 31, 2020	$	50,797
2021	$	178,297
2022	$	150,749
2023	$	128,758
2024	$	110,858

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 nine months ended September 30, 2020:


	Concerts		Ticketing		Sponsorship & Advertising		Total
	(in thousands)
Balance as of December 31, 2019:
Goodwill	$	1,226,057	$	766,263	$	441,541	$	2,433,861
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	790,694		766,263		441,541		1,998,498

Acquisitions—current year	48,516		1,409		—		49,925
Acquisitions—prior year	5,072		—		7,165		12,237


Foreign exchange	(2,799)		2,720		(8,678)		(8,757)

Balance as of September 30, 2020:
Goodwill	1,276,846		770,392		440,028		2,487,266
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	841,483	$	770,392	$	440,028	$	2,051,903

[1]	(1) Other primarily includes intangible assets for non-compete agreements.
[2]	(2) Other primarily includes netdowns of fully amortized or impaired assets.