Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.1
LONG-LIVED ASSETS (Long-Lived Assets) (Tables)
 3 Months Ended
Mar. 31, 2023
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment Property, plant and equipment, net, consisted of the following:
March 31, 2023 December 31, 2022
(in thousands)
    Land, buildings and improvements $ 1,971,186  $ 1,648,488 
    Computer equipment and capitalized software 861,009  910,793 
    Furniture and other equipment 558,433  535,719 
    Construction in progress 223,775  244,618 
3,614,403  3,339,618 
    Less: accumulated depreciation 1,727,333  1,851,955 
$ 1,887,070  $ 1,487,663 
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 three months ended March 31, 2023:
Client /
vendor
relationships		 Revenue-
generating
contracts		 Venue management and leaseholds Trademarks
and
naming
rights
Technology and Other (1)
Total
(in thousands)
Balance as of December 31, 2022:
Gross carrying amount
 563,210  $ 824,785  $ 148,022  $ 188,596  $ 35,736  $ 1,760,349 
Accumulated amortization
 (209,518) (316,581) (58,588) (97,931) (27,109) (709,727)
Net 353,692  508,204  89,434  90,665  8,627  1,050,622 
Gross carrying amount:
Acquisitions—current year
 2,649  —  20,929  —  —  23,578 
Acquisitions—prior year
 119  (2,232) (11) —  —  (2,124)
Foreign exchange 8,597  28,868  1,621  4,003  86  43,175 
Other (2)
(5,326) (22,462) —  (13,583) (16,580) (57,951)
Net change 6,039  4,174  22,539  (9,580) (16,494) 6,678 
Accumulated amortization:
Amortization
(18,910) (26,175) (4,029) (4,765) (3,596) (57,475)
Dispositions —  —  —  —  464  464 
Foreign exchange (1,396) (1,861) (372) (479) (219) (4,327)
Other (2)
5,327  22,462  58  13,587  17,142  58,576 
Net change (14,979) (5,574) (4,343) 8,343  13,791  (2,762)
Balance as of March 31, 2023:
Gross carrying amount
 569,249  828,959  170,561  179,016  19,242  1,767,027 
Accumulated amortization
 (224,497) (322,155) (62,931) (89,588) (13,318) (712,489)
Net $ 344,752  $ 506,804  $ 107,630  $ 89,428  $ 5,924  $ 1,054,538 

(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 2023 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
Weighted-
Average
Life (years)
Client/vendor relationships 3
Venue management and leaseholds 9
All categories 8
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 the remainder of the current year and the four succeeding fiscal years for definite-lived intangible assets that exist at March 31, 2023:
 
  (in thousands)
Remainder of 2023 $ 155,399 
2024 $ 190,765 
2025 $ 159,011 
2026 $ 132,081 
2027 $ 106,473 
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 three months ended March 31, 2023:
Concerts Ticketing Sponsorship
& Advertising		 Total
(in thousands)
Balance as of December 31, 2022:
Goodwill $ 1,349,426  $ 979,742  $ 635,575  $ 2,964,743 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 914,063  979,742  635,575  2,529,380 
Acquisitions—current year 11,204  —  —  11,204 
Acquisitions—prior year 114  (106) —  8 
Foreign exchange 6,263  16,716  13,746  36,725 
Balance as of March 31, 2023:
Goodwill 1,367,007  996,352  649,321  3,012,680 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 931,644  $ 996,352  $ 649,321  $ 2,577,317 
[1] Other primarily includes intangible assets for non-compete agreements.
[2] Other primarily includes netdowns of fully amortized or impaired assets.