|6 Months Ended|
Jun. 30, 2018
|LONG-LIVED ASSETS [Abstract]|
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, 2018:
(1) Other includes intangible assets for non-compete, venue management and leasehold agreements.
(2) Other includes netdowns of fully amortized assets.
Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of controlling interests in various concert and festival promotion businesses and artist management businesses that are all located in the United States, and the acquisition of certain software assets from a business located in the United States.
The 2018 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
Amortization of definite-lived intangible assets for the three months ended June 30, 2018 and 2017 was $46.4 million and $45.4 million, respectively, and for the six months ended June 30, 2018 and 2017 was $92.2 million and $90.0 million, respectively.
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at June 30, 2018:
As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization will vary.
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the six months ended June 30, 2018:
Included in the current year acquisitions amount above is goodwill associated with the acquisition of a controlling interest in a concert promotion business and the acquisition of a festival and concert promotion business that are both located in the United States.
Included in the prior year acquisitions amount above is a purchase price adjustment recognized in connection with contingent consideration paid during 2018 related to an acquisition that occurred prior to the Company’s adoption of the current FASB guidance for business combinations. Under the previous guidance, which was in place at the time of this acquisition, such contingent payments were recognized when it was determinable that the applicable financial targets were met.
The Company is in various stages of finalizing its acquisition accounting for recent acquisitions, which include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and its allocation between segments.
The entire disclosure for long-lived assets, which may include long-lived physical assets used in the normal conduct of business and not intended for resale, goodwill and intangible assets.
No definition available.