Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
LONG-LIVED ASSETS (Long-Lived Assets) (Tables)
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment Property, plant and equipment, net, consisted of the following:
September 30, 2023 December 31, 2022
(in thousands)
Land, buildings and improvements $ 1,987,508  $ 1,648,488 
Computer equipment and capitalized software 870,881  910,793 
Furniture and other equipment 573,239  535,719 
Construction in progress 281,862  244,618 
Property, plant and equipment, gross 3,713,490  3,339,618 
Less: accumulated depreciation 1,757,584  1,851,955 
Property, plant and equipment, net $ 1,955,906  $ 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 nine months ended September 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
 47,478  51,369  77,074  —  21,789  197,710 
Acquisitions and additions—prior year
 619  (1,830) (11) —  —  (1,222)
Foreign exchange 8,582  38,841  1,166  5,560  (429) 53,720 
Other (2)
(16,527) (53,926) (583) (13,625) (37,015) (121,676)
Net change 40,152  34,454  77,646  (8,065) (15,655) 128,532 
Accumulated amortization:
Amortization
(59,064) (73,939) (15,540) (13,912) (13,680) (176,135)
Foreign exchange 223  (1,079) 107  (446) (368) (1,563)
Other (2)
16,301  53,926  650  13,781  37,037  121,695 
Net change (42,540) (21,092) (14,783) (577) 22,989  (56,003)
Balance as of September 30, 2023:
Gross carrying amount
 603,362  859,239  225,668  180,531  20,081  1,888,881 
Accumulated amortization
 (252,058) (337,673) (73,371) (98,508) (4,120) (765,730)
Net $ 351,304  $ 521,566  $ 152,297  $ 82,023  $ 15,961  $ 1,123,151 

(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 6
Client/vendor relationships 5
Venue management and leaseholds 13
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 nine months ended September 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 90,765  —  —  90,765 
Acquisitions—prior year 233  143  —  376 
Dispositions (6,183) —  —  (6,183)
Foreign exchange (1,444) 22,127  18,505  39,188 
Balance as of September 30, 2023:
Goodwill 1,432,797  1,002,012  654,080  3,088,889 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 997,434  $ 1,002,012  $ 654,080  $ 2,653,526 
[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.