Quarterly report pursuant to Section 13 or 15(d)

BUSINESS ACQUISITIONS (Tables)

v3.22.2
BUSINESS ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table]
The following table summarizes the preliminary acquisition-date fair value of the identifiable assets acquired, liabilities assumed and noncontrolling interests including goodwill:
Initial Allocation
(in thousands)
Fair value of consideration transferred $ 431,943 
Adjustments for working capital 2,269 
Fair value of redeemable noncontrolling interests 280,000 
Fair value of noncontrolling interests 7,000 
Fair value of pre-existing investment in nonconsolidated affiliates 50,000 
Less: Preliminary recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents 105,118 
Accounts receivable 90,575 
Prepaid expenses 33,060 
Other current assets 658 
Property, plant and equipment 25,221 
Operating lease assets 67,193 
Intangible assets 340,000 
Investments in nonconsolidated affiliates 30,000 
Other long-term assets 36,525 
Accounts payable, client accounts (12,566)
Accounts payable (13,344)
Accrued expenses (65,026)
Deferred revenue (144,557)
Current portion of operating lease liabilities (9,209)
Long-term operating lease liabilities (57,984)
Long-term deferred income taxes (102,279)
Goodwill $ 447,827 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] Intangible assets — the preliminary fair value of the acquired intangible assets is currently being evaluated using commonly used valuation techniques. In estimating the fair value of the acquired intangible assets, we utilized the valuation
methodology determined to be most appropriate for the individual intangible asset being valued. The acquired definite-lived intangible assets include the following:
Preliminary Estimated Fair Value
Preliminary Estimated Useful Lives (1)
(in thousands) (years)
Client/vendor relationships $ 102,000 
5 to 10
Revenue-generating contracts 90,000 
4 to 10
Venue management and leaseholds 107,000  10
Trademarks and naming rights 41,000 
5 to 10
Total acquired intangible assets $ 340,000 
_____________________
(1) Determination of the preliminary estimated useful lives of the individual categories of intangible assets was based on the nature of the applicable intangible asset and the expected future cash flows to be derived from the intangible asset. Amortization of intangible assets with definite lives is recognized over the shorter of the respective lives of the agreement or the period of time the assets are expected to contribute to future cash flows.