Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.2
LONG-LIVED ASSETS (Long-Lived Assets) (Tables)
 6 Months Ended
Jun. 30, 2023
LONG-LIVED ASSETS [Abstract]  
Property, Plant and Equipment Property, plant and equipment, net, consisted of the following:
June 30, 2023 December 31, 2022
(in thousands)
Land, buildings and improvements $ 1,989,861  $ 1,648,488 
Computer equipment and capitalized software 897,238  910,793 
Furniture and other equipment 576,119  535,719 
Construction in progress 229,125  244,618 
Property, plant and equipment, gross 3,692,343  3,339,618 
Less: accumulated depreciation 1,788,323  1,851,955 
Property, plant and equipment, net $ 1,904,020  $ 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 six months ended June 30, 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 and additions—current year
 18,429  27,125  47,045  —  20,224  112,823 
Acquisitions and additions—prior year
 619  24,530  (11) —  —  25,138 
Foreign exchange 16,306  24,320  2,795  7,434  171  51,026 
Other (2)
(12,127) (42,442) —  (13,583) (16,601) (84,753)
Net change 23,227  33,533  49,829  (6,149) 3,794  104,234 
Accumulated amortization:
Amortization
(38,482) (50,041) (8,662) (9,240) (6,301) (112,726)
Foreign exchange (3,058) (5,312) (692) (1,108) (413) (10,583)
Other (2)
12,077  43,135  45  13,589  17,773  86,619 
Net change (29,463) (12,218) (9,309) 3,241  11,059  (36,690)
Balance as of June 30, 2023:
Gross carrying amount
 586,437  858,318  197,851  182,447  39,530  1,864,583 
Accumulated amortization
 (238,981) (328,799) (67,897) (94,690) (16,050) (746,417)
Net $ 347,456  $ 529,519  $ 129,954  $ 87,757  $ 23,480  $ 1,118,166 

(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 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
Weighted-
Average
Life (years)
Revenue-generating contracts 5
Client/vendor relationships 5
Venue management and leaseholds 14
Technology (1)
3
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. 		[3]
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 six months ended June 30, 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 29,934  —  —  29,934 
Acquisitions—prior year 1,399  (106) —  1,293 
Dispositions (6,183) —  —  (6,183)
Foreign exchange 7,933  29,147  27,852  64,932 
Balance as of June 30, 2023:
Goodwill 1,382,509  1,008,783  663,427  3,054,719 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 947,146  $ 1,008,783  $ 663,427  $ 2,619,356 
[1] Other primarily includes intangible assets for non-compete agreements.
[2] Other primarily includes netdowns of fully amortized or impaired assets.
[3] The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.