| Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] |
The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023:
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December 31, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands) |
| Accounts receivable |
$ |
2,069,054 |
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$ |
(44,405) |
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$ |
2,024,649 |
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| Total current assets |
9,577,754 |
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(44,405) |
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9,533,349 |
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| Total assets |
19,074,045 |
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(44,405) |
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19,029,640 |
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| Accrued expenses |
3,006,281 |
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24,531 |
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3,030,812 |
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| Total current liabilities |
9,959,903 |
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24,531 |
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9,984,434 |
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| Redeemable noncontrolling interests |
893,709 |
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(33,779) |
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859,930 |
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| Total Live Nation stockholders' equity |
(17,148) |
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(35,157) |
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(52,305) |
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| Total equity |
587,157 |
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(35,157) |
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552,000 |
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| Total liabilities and equity |
19,074,045 |
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(44,405) |
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19,029,640 |
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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the three months ended September 30, 2023:
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Three Months Ended September 30, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands except per share data) |
| Revenue |
$ |
8,152,019 |
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$ |
2,544 |
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$ |
8,154,563 |
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| Direct operating expenses |
6,330,465 |
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(32,582) |
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6,297,883 |
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| Operating income |
618,532 |
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35,126 |
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653,658 |
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| Income before income taxes |
596,555 |
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35,126 |
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631,681 |
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| Income tax expense |
55,874 |
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(5,605) |
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50,269 |
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| Net income |
540,681 |
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40,731 |
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581,412 |
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| Net income attributable to noncontrolling interests |
57,186 |
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2,746 |
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59,932 |
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| Net income attributable to common stockholders of Live Nation |
483,495 |
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37,985 |
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521,480 |
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| Basic net income per common share available to common stockholders of Live Nation |
1.85 |
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0.16 |
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2.01 |
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| Diluted net income per common share available to common stockholders of Live Nation |
1.78 |
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0.15 |
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1.93 |
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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023:
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Three Months Ended September 30, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands) |
| Net income |
$ |
540,681 |
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$ |
40,731 |
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$ |
581,412 |
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| Comprehensive income |
493,670 |
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40,731 |
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534,401 |
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| Comprehensive income attributable to noncontrolling interests |
57,186 |
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2,746 |
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$ |
59,932 |
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| Comprehensive income attributable to common stockholders of Live Nation |
436,484 |
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37,985 |
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474,469 |
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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the nine months ended September 30, 2023:
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Nine Months Ended September 30, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands except per share data) |
| Revenue |
$ |
16,910,132 |
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$ |
(2,496) |
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$ |
16,907,636 |
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| Direct operating expenses |
12,610,832 |
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(21,226) |
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12,589,606 |
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| Operating income |
1,147,679 |
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18,730 |
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1,166,409 |
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| Income before income taxes |
1,037,572 |
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18,730 |
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1,056,302 |
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| Income tax expense |
121,362 |
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5,708 |
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127,070 |
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| Net income |
916,210 |
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13,022 |
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929,232 |
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| Net income attributable to noncontrolling interests |
142,202 |
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(2,797) |
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139,405 |
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| Net income attributable to common stockholders of Live Nation |
774,008 |
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15,819 |
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789,827 |
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| Basic net income per common share available to common stockholders of Live Nation |
2.63 |
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0.07 |
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2.70 |
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| Diluted net income per common share available to common stockholders of Live Nation |
2.59 |
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0.07 |
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2.66 |
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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023:
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Nine Months Ended September 30, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands) |
| Net income |
$ |
916,210 |
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$ |
13,022 |
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$ |
929,232 |
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| Comprehensive income |
1,018,528 |
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13,022 |
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1,031,550 |
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| Comprehensive income attributable to noncontrolling interests |
142,202 |
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(2,797) |
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139,405 |
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| Comprehensive income attributable to common stockholders of Live Nation |
876,326 |
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15,819 |
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892,145 |
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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the nine months ended September 30, 2023:
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Nine Months Ended September 30, 2023 |
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As Reported |
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Adjustments |
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As Revised |
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(in thousands) |
| Net income |
$ |
916,210 |
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$ |
13,022 |
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$ |
929,232 |
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| Increase in accounts receivable |
(1,014,739) |
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(15,714) |
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(1,030,453) |
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| Increase in accounts payable, accrued expenses and other liabilities |
916,619 |
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(13,022) |
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903,597 |
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| Decrease in deferred revenue |
(150,487) |
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7,894 |
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(142,593) |
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| Net cash provided by operating activities |
762,441 |
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(7,820) |
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754,621 |
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| Net increase in cash, cash equivalents and restricted cash |
342,988 |
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(7,820) |
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335,168 |
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| Cash, cash equivalents and restricted cash at beginning of period |
5,612,374 |
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7,820 |
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5,620,194 |
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