| LONG-LIVED ASSETS |
LONG-LIVED ASSETS Property, Plant and Equipment, Net
Property, plant and equipment, net, consisted of the following:
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March 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Land, buildings and improvements |
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$ |
1,353,171 |
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$ |
1,324,278 |
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| Computer equipment and capitalized software |
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885,573 |
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910,581 |
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| Furniture and other equipment |
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446,734 |
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411,403 |
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| Construction in progress |
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123,978 |
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173,865 |
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2,809,456 |
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2,820,127 |
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| Less: accumulated depreciation |
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1,723,149 |
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1,728,198 |
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$ |
1,086,307 |
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$ |
1,091,929 |
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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, 2022:
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Client /
vendor
relationships |
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Revenue-
generating
contracts |
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Venue management and leaseholds |
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Trademarks
and
naming
rights |
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Technology |
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Other (1)
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Total |
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(in thousands) |
| Balance as of December 31, 2021: |
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Gross carrying amount |
$ |
576,930 |
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$ |
593,258 |
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$ |
232,856 |
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$ |
180,865 |
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$ |
37,335 |
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$ |
10,414 |
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$ |
1,631,658 |
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Accumulated amortization |
(178,725) |
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(275,909) |
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(46,929) |
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(79,349) |
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(18,375) |
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(6,033) |
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(605,320) |
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| Net |
398,205 |
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317,349 |
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185,927 |
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101,516 |
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18,960 |
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4,381 |
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1,026,338 |
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| Gross carrying amount: |
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Acquisitions—current year |
1,003 |
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— |
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9,978 |
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— |
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— |
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— |
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10,981 |
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Acquisitions—prior year |
(2) |
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— |
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— |
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— |
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— |
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— |
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(2) |
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| Foreign exchange |
4,416 |
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7,307 |
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2,518 |
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3,729 |
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(10) |
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12 |
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17,972 |
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Other (2)
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— |
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— |
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— |
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— |
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(5,612) |
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(540) |
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(6,152) |
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| Net change |
5,417 |
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7,307 |
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12,496 |
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3,729 |
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(5,622) |
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(528) |
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22,799 |
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| Accumulated amortization: |
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Amortization |
(18,106) |
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(17,218) |
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(6,046) |
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(4,556) |
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(2,959) |
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(824) |
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(49,709) |
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| Foreign exchange |
(35) |
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(759) |
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269 |
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(788) |
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5 |
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185 |
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(1,123) |
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Other (2)
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— |
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— |
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(7) |
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2 |
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5,706 |
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440 |
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6,141 |
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| Net change |
(18,141) |
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(17,977) |
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(5,784) |
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(5,342) |
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2,752 |
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(199) |
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(44,691) |
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| Balance as of March 31, 2022: |
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Gross carrying amount |
582,347 |
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600,565 |
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245,352 |
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184,594 |
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31,713 |
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9,886 |
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1,654,457 |
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Accumulated amortization |
(196,866) |
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(293,886) |
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(52,713) |
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(84,691) |
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(15,623) |
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(6,232) |
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(650,011) |
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| Net |
$ |
385,481 |
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$ |
306,679 |
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$ |
192,639 |
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$ |
99,903 |
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$ |
16,090 |
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$ |
3,654 |
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$ |
1,004,446 |
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(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
The 2022 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
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Weighted-
Average
Life (years) |
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| Client/vendor relationships |
3 |
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| Venue management and leaseholds |
30 |
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| All categories |
28 |
Amortization of definite-lived intangible assets for the three months ended March 31, 2022 and 2021 was $49.7 million and $51.9 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
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, 2022:
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Concerts |
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Ticketing |
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Sponsorship
& Advertising |
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Total |
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(in thousands) |
| Balance as of December 31, 2021: |
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| Goodwill |
$ |
1,390,451 |
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$ |
930,064 |
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$ |
705,717 |
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$ |
3,026,232 |
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| Accumulated impairment losses |
(435,363) |
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— |
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— |
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(435,363) |
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| Net |
955,088 |
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930,064 |
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705,717 |
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2,590,869 |
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| Acquisitions—current year |
3,086 |
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— |
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— |
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3,086 |
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| Acquisitions—prior year |
6,164 |
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5,864 |
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(9,788) |
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2,240 |
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| Dispositions |
(1,792) |
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— |
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— |
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(1,792) |
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| Foreign exchange |
(4,227) |
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3,127 |
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11,508 |
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10,408 |
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| Balance as of March 31, 2022: |
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| Goodwill |
1,393,682 |
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939,055 |
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707,437 |
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3,040,174 |
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| Accumulated impairment losses |
(435,363) |
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— |
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— |
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(435,363) |
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| Net |
$ |
958,319 |
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$ |
939,055 |
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$ |
707,437 |
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$ |
2,604,811 |
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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. During the three months ended March 31, 2022, there were no significant sales of investments in nonconsolidated affiliates.
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