Company Quick10K Filing
Live Nation
Price66.70 EPS1
Shares219 P/E119
MCap14,604 P/FCF444
Net Debt886 EBIT292
TEV15,491 TEV/EBIT53
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-06
10-K 2020-12-31 Filed 2021-03-01
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-05
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10-Q 2019-09-30 Filed 2019-10-31
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8-K 2020-11-05
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8-K 2018-01-12

LYV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Other Information
Note 2 - Impact of The Global Covid - 19 Pandemic
Note 3 - Long - Lived Assets
Note 4 - Leases
Note 5 - Long - Term Debt
Note 6 - Fair Value Measurements
Note 7 - Commitments and Contingent Liabilities
Note 8 - Equity
Note 9 - Revenue Recognition
Note 10 - Stock - Based Compensation
Note 11 - Segment Data
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a375seniorsecurednotesinde.htm
EX-10.2 formstockoptionagreementli.htm
EX-10.3 formrestrictedstockagreeme.htm
EX-10.4 formstockoptionagreementti.htm
EX-10.5 formrsaticketmaster-exx105.htm
EX-31.1 lyv-20210331xqex311.htm
EX-31.2 lyv-20210331xqex312.htm
EX-32.1 lyv-20210331xqex321.htm
EX-32.2 lyv-20210331xqex322.htm

Live Nation Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin


Washington, D.C. 20549
Form 10-Q
For the quarterly period ended March 31, 2021
For the transition period from                  to                
Commission File Number 001-32601
(Exact name of registrant as specified in its charter)
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On April 29, 2021, there were 218,683,233 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 3,053,262 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.



AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
Our ticketing business

Table of Contents
Item 1. Financial Statements
March 31,
December 31,
(in thousands)
Current assets
    Cash and cash equivalents$3,009,487 $2,537,787 
    Accounts receivable, less allowance of $70,330 and $72,904, respectively
467,792 486,734 
    Prepaid expenses567,969 577,130 
    Restricted cash7,970 8,652 
    Other current assets42,880 39,465 
Total current assets4,096,098 3,649,768 
Property, plant and equipment, net1,064,171 1,101,414 
Operating lease assets1,381,812 1,424,223 
Intangible assets
    Definite-lived intangible assets, net813,806 855,600 
    Indefinite-lived intangible assets369,084 369,058 
Goodwill2,113,694 2,129,203 
Long-term advances672,449 668,756 
Other long-term assets408,528 391,281 
Total assets$10,919,642 $10,589,303 
Current liabilities
    Accounts payable, client accounts$809,258 $744,096 
    Accounts payable72,913 86,356 
    Accrued expenses898,518 894,149 
    Deferred revenue1,817,328 1,839,323 
    Current portion of long-term debt, net37,275 53,415 
    Current portion of operating lease liabilities111,252 107,147 
    Other current liabilities69,203 72,083 
Total current liabilities3,815,747 3,796,569 
Long-term debt, net5,289,891 4,855,096 
Long-term operating lease liabilities1,408,413 1,445,674 
Long-term deferred income taxes170,622 170,759 
Other long-term liabilities364,699 182,508 
Commitments and contingent liabilities
Redeemable noncontrolling interests264,384 272,449 
Stockholders' equity
    Common stock2,160 2,145 
    Additional paid-in capital2,431,387 2,386,790 
    Accumulated deficit(2,984,026)(2,676,833)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(173,216)(177,009)
Total Live Nation stockholders' equity(730,560)(471,772)
Noncontrolling interests336,446 338,020 
Total equity(394,114)(133,752)
Total liabilities and equity$10,919,642 $10,589,303 

See Notes to Consolidated Financial Statements

Table of Contents
 Three Months Ended
March 31,
 (in thousands except share and per share data)
Revenue$290,609 $1,365,693 
Operating expenses:
Direct operating expenses133,966 873,820 
Selling, general and administrative expenses322,853 514,021 
Depreciation and amortization108,876 122,080 
Loss on disposal of operating assets138 130 
Corporate expenses27,948 28,312 
Operating loss(303,172)(172,670)
Interest expense70,830 43,999 
Interest income(1,149)(4,473)
Equity in earnings of nonconsolidated affiliates(581)(2,572)
Gain from sale of investments in nonconsolidated affiliates(55,933)(3,555)
Other expense (income), net(6)8,183 
Loss before income taxes(316,333)(214,252)
Income tax expense (benefit)6,389 (3,330)
Net loss(322,722)(210,922)
Net loss attributable to noncontrolling interests(15,529)(26,138)
Net loss attributable to common stockholders of Live Nation$(307,193)$(184,784)
Basic and diluted net loss per common share available to common stockholders of Live Nation
Weighted average common shares outstanding:
Basic and diluted214,531,958 211,048,294 
Reconciliation to net loss available to common stockholders of Live Nation:
Net loss attributable to common stockholders of Live Nation
Accretion of redeemable noncontrolling interests(916)(14,540)
Basic and diluted net loss available to common stockholders of Live Nation

See Notes to Consolidated Financial Statements

Table of Contents

 Three Months Ended
March 31,
 (in thousands)
Net loss$(322,722)$(210,922)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge15,096 (30,831)
Realized loss on cash flow hedge1,916  
Foreign currency translation adjustments(13,219)(82,782)
Comprehensive loss(318,929)(324,535)
Comprehensive loss attributable to noncontrolling interests
Comprehensive loss attributable to common stockholders of Live Nation

See Notes to Consolidated Financial Statements

Table of Contents

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 40,017 — — — — 40,017 — 
Common stock issued under stock plans, net of shares withheld for employee taxes566,285 5 (19,949)— — — — (19,944)— 
Exercise of stock options994,273 10 25,784 — — — — 25,794 — 
Purchases of noncontrolling interests— — (500)— — —  (500) 
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — (916)— — — — (916)916 
Contributions received— — — — — — 1,722 1,722  
Cash distributions— — — — — — (4,477)(4,477)(1,139)
Comprehensive loss:
Net loss— — — (307,193)— — (7,687)(314,880)(7,842)
Unrealized gain on cash flow hedge— — — — — 15,096 — 15,096 — 
Realized loss on cash flow hedge— — — — — 1,916 — 1,916 — 
Foreign currency translation adjustments— — — — — (13,219)— (13,219)— 
Balances at March 31, 2021216,027,546 $2,160 $2,431,387 $(2,984,026)$(6,865)$(173,216)$336,446 $(394,114)$264,384 

See Notes to Consolidated Financial Statements

Table of Contents
Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2019211,262,062 $2,113 $2,245,619 $(949,334)$(6,865)$(145,713)$318,134 $1,463,954 $449,498 
Cumulative effect of change in accounting principle— — — (2,964)— — — (2,964)— 
Non-cash and stock-based compensation— — 11,741 — — — — 11,741 — 
Common stock issued under stock plans, net of shares withheld for employee taxes262,170 2 (7,448)— — — — (7,446)— 
Exercise of stock options310,507 3 6,453 — — — — 6,456 — 
Fair value of convertible debt conversion feature, net of issuance cost— — 33,330 — — — — 33,330 — 
Acquisitions— — — — — — 31,165 31,165 11,148 
Purchases of noncontrolling interests— — (6,485)— — — (1,032)(7,517)(6,411)
Sales of noncontrolling interests— — (8,161)— — — 39,161 31,000 — 
Redeemable noncontrolling interests fair value adjustments— — (14,540)— — — — (14,540)14,540 
Contributions received— — — — — — 76 76  
Cash distributions— — — — — — (4,768)(4,768)(10,345)
Other— — — — — — 56 56  
Comprehensive loss:
Net loss— — — (184,784)— — (11,314)(196,098)(14,824)
Unrealized loss on cash flow hedge— — — — — (30,831)— (30,831)— 
Foreign currency translation adjustments— — — — — (82,782)— (82,782)— 
Balances at March 31, 2020211,834,739 $2,118 $2,260,509 $(1,137,082)$(6,865)$(259,326)$371,478 $1,230,832 $443,606 

See Notes to Consolidated Financial Statements

Table of Contents

 Three Months Ended
March 31,
 (in thousands)
Net loss$(322,722)$(210,922)
Reconciling items:
Depreciation56,975 57,844 
Amortization51,901 64,236 
Amortization of non-recoupable ticketing contract advances10,621 18,811 
Amortization of debt issuance costs and discounts9,196 6,871 
Non-cash compensation expense40,017 11,732 
Loss (gain) on sale of investments in nonconsolidated affiliates(53,899)1,192 
Other, net(6,519)(19,439)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable21,861 227,913 
Decrease (increase) in prepaid expenses and other assets4,704 (207,157)
Decrease in accounts payable, accrued expenses and other liabilities(39,044)(316,204)
Increase in deferred revenue301,483 996,798 
Net cash provided by operating activities74,574 631,675 
Advances of notes receivable(10,784)(10,688)
Collections of notes receivable884 10,218 
Investments made in nonconsolidated affiliates(5,506)(5,679)
Purchases of property, plant and equipment(23,763)(84,563)
Cash paid for acquisitions, net of cash acquired(6,132)(32,508)
Purchases of intangible assets(5,495)(206)
Proceeds from sale of investments in nonconsolidated affiliates60,308  
Other, net596 1,055 
Net cash provided by (used in) investing activities10,108 (122,371)
Proceeds from long-term debt, net of debt issuance costs501,366 419,418 
Payments on long-term debt(80,316)(6,032)
Distributions to noncontrolling interests(5,616)(15,114)
Purchases and sales of noncontrolling interests, net(3,273)(14,030)
Proceeds from exercise of stock options25,794 6,456 
Taxes paid for net share settlement of equity awards(19,944)(7,445)
Other, net(994)(831)
Net cash provided by financing activities417,017 382,422 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(30,681)(84,257)
Net increase in cash, cash equivalents, and restricted cash471,018 807,469 
Cash, cash equivalents and restricted cash at beginning of period2,546,439 2,474,242 
Cash, cash equivalents and restricted cash at end of period$3,017,457 $3,281,711 

See Notes to Consolidated Financial Statements

Table of Contents

Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown.
The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on March 1, 2021.
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venues and festivals are primarily used in or occur from May through October. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales at our owned or operated venues and festivals in advance of when the event occurs. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
Due to the unprecedented stoppage of our concert and other events globally beginning in mid-March 2020 resulting from the global COVID-19 pandemic, we did not experience our typical seasonality trends in 2020 and do not expect any quarter in 2021 will follow our typical seasonality trends.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.
Included in the March 31, 2021 and December 31, 2020 cash and cash equivalents balance is $724.4 million and $673.5 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts are included in accounts payable, client accounts.
Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement.
Nonconsolidated Affiliates
In general, nonconsolidated investments in which we own more than 20% of the common stock or otherwise exercise significant influence over an affiliate are accounted for under the equity method. We review the value of equity method investments and record impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If we obtain control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, we remeasure our investment to fair value first and then apply the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations. At March 31, 2021 and December 31, 2020, we had investments in nonconsolidated affiliates of $162.5 million and $170.5 million, respectively, included in other long-term assets on our consolidated balance sheets.

Table of Contents
Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of March 31, 2021, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first three months of 2021.
Accounting Pronouncements - Not Yet Adopted
In August 2020, the FASB issued guidance that simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual periods beginning after December 15, 2021 and interim periods within that year. Early adoption is permitted for annual periods beginning after December 15, 2020 and interim periods within that year. The guidance should be applied using either a modified retrospective method or a full retrospective method. We will adopt this guidance on January 1, 2022, and are currently assessing which implementation method we will apply and the impact that adoption will have on our financial position and results of operations.

The unprecedented and rapid spread of COVID-19 and the related government restrictions and social distancing measures implemented throughout the world have significantly impacted our business. Beginning in March 2020, large public events were cancelled, governmental authorities began imposing restrictions on non-essential activities, and businesses suspended activities around the world. As the impact of the global COVID-19 pandemic became clearer, we ceased all Live Nation tours and closed our venues in mid-March 2020 to support global efforts at social distancing and mitigating the virus, and to comply with restrictions put in place by various governmental entities, which has had a materially negative impact on our revenue and financial position.
Operating Results
Our first quarter results were materially impacted by these necessary actions. Our overall revenue for the first quarter of 2021 decreased by 79% to $290.6 million as compared to the same period of the prior year. The revenue reduction was primarily in our Concerts and Ticketing segments as a result of few shows occurring globally beginning in the last half of March 2020 and low ticket sales for future shows during the same period.
The event-related deferred revenue for our Concerts segment, which is reported as part of deferred revenue on our consolidated balance sheets, includes the face value and Concerts’ share of service charges for all tickets sold by March 31, 2021 for shows expected to occur in the next 12 months. Any refunds committed to for shows cancelled or rescheduled during the first three months of 2021 have either been returned to fans or are reflected in accrued expenses on the consolidated balance sheets. In addition, we have recorded an estimate of $89.0 million in Concerts for refunds that may occur in the future for shows we believe may be cancelled or rescheduled based on the data available on refunds resulting from the global shutdown of our live events. This estimate only impacts our financial position as a reclassification from deferred revenue to accrued expenses. We expect that the majority of our shows postponed due to the pandemic will be rescheduled. Event-related deferred revenue for tickets sold for shows expected to occur after March 31, 2022 totaled $229.8 million and is reflected in other long-term liabilities on our consolidated balance sheets.
The revenue recognized in our Ticketing segment during the first three months of 2021 includes our share of ticket service charges for tickets sold during the period for third-party clients and for shows that occurred in the period for our Concerts business where our promoters control the ticketing. Revenue in the period has been reduced by refunds given during the period. In addition, revenue has been reduced for any shows that were cancelled and for refunds requested on rescheduled shows up to the time of the filing of these consolidated financial statements, and funds have either been returned to the customer or are reflected in accrued expenses on the consolidated balance sheets. Our ticketing clients determine if shows will be rescheduled or cancelled and what the refund policy will be for those shows. We have not recorded an estimate for refunds that may occur in the future since our clients, not Ticketmaster, determine when shows are cancelled or rescheduled and we have a limited amount of historical data of refunds resulting from a global shutdown of live events on which to reliably determine an estimate.


Table of Contents
We reviewed our long-lived assets for potential impairment indicators due to the suspension of our live events resulting from the global COVID-19 pandemic. Our venues are either owned or we have long-term operating rights under lease or management agreements with terms ranging from 5 to 25 years. Many of our definite-lived intangible assets are based on revenue-generating contracts, and client or vendor relationships associated with live events and have useful lives, established at the time of acquisition, typically ranging from 3 to 10 years. Our more significant investments in nonconsolidated affiliates are in the concert event promotion, venue operation or ticketing businesses, and these businesses are experiencing similar impacts to their operations, in line with what we are experiencing as a result of the pandemic. Based on our assessments, we have recorded impairment charges on certain of our definite-lived intangible assets, which are discussed below.
The length and severity of the impact to live events and our related sponsorship and ticketing businesses is still uncertain. We currently do not anticipate a significant change in activity levels until early in the second half of 2021 led by outdoor events and festivals in the United States and United Kingdom. We expect that most larger venues will reopen and global tours will resume in the second half of 2021 and that the underlying business supporting all of our long-lived assets will begin generating operating income once again. However, we have never previously experienced a complete cessation of our live events or a large-scale reduction in the number of events selling tickets and, as a consequence, our ability to be predictive regarding the impact of these circumstances is uncertain. As a result, the underlying assumptions used in our impairment assessments could change, resulting in future impairment charges.
Property, Plant and Equipment, Net
Property, plant and equipment, net, consisted of the following:
March 31,December 31,
(in thousands)
    Land, buildings and improvements$1,246,345 $1,239,696 
    Computer equipment and capitalized software904,791 887,637 
    Furniture and other equipment425,888 424,363 
    Construction in progress134,829 151,830 
2,711,853 2,703,526 
    Less: accumulated depreciation1,647,682 1,602,112 
$1,064,171 $1,101,414 


Table of Contents

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, 2021:
Client /
Venue management and leaseholdsTrademarks
Other (1)
(in thousands)
Balance as of December 31, 2020:
Gross carrying amount
$496,074 $578,664 $147,956 $150,344 $72,283 $17,413 $1,462,734 
Accumulated amortization
Net349,677 300,954 96,032 76,740 26,484 5,713 855,600 
Gross carrying amount:
Acquisitions—current year
520    9,782 2,477 12,779 
Acquisitions—prior year
5,366      5,366 
Foreign exchange(1,579)(9,166)(945)(1,356)(98)(8)(13,152)
Other (2)
(15,360)(1,250) (7)(7,618)320 (23,915)
Net change(11,053)(10,416)(945)(1,363)2,066 2,789 (18,922)
Accumulated amortization:
Foreign exchange1,330 3,130 120 228 70 1 4,879 
Other (2)
15,360 1,239 3 50 7,589 (91)24,150 
Net change(4,979)(11,674)(3,495)(3,902)2,428 (1,250)(22,872)
Balance as of March 31, 2021:
Gross carrying amount
485,021 568,248 147,011 148,981 74,349 20,202 1,443,812 
Accumulated amortization
Net$333,645 $278,864 $91,592 $71,475 $30,978 $7,252 $813,806 

(1) Other primarily includes intangible assets for non-compete agreements.     
(2) Other primarily includes netdowns of fully amortized or impaired assets.
The 2021 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
Life (years)
Client/vendor relationships5
Non-compete agreements2
All categories3

The current year acquisitions amount above for technology intangibles includes software licenses acquired in the normal course of business.
We test for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a significant reduction in operating cash flow or a change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. During the three months ended March 31, 2021 and 2020, we reviewed the carrying value of certain definite-lived intangible assets that management determined had an indicator that future operating cash flows may not support their carrying value, as a result of the expected impacts from the global COVID-19 pandemic, and it was determined that those assets were impaired since the estimated undiscounted operating cash flows associated with those assets were less than their carrying value.

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For the three months ended March 31, 2021, there were no significant impairment charges. For the three months ended March 31, 2020, we recorded impairment charges related to definite-lived intangible assets of $10.1 million as a component of depreciation and amortization primarily related to intangible assets for revenue-generating contracts in the Concerts segment. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair value.
Amortization of definite-lived intangible assets for the three months ended March 31, 2021 and 2020 was $51.9 million and $64.2 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization will vary.
We review goodwill for impairment annually, as of October 1. As such, we completed our annual review in the fourth quarter of 2020 and, as reported in our December 31, 2020 Form 10-K, no impairments were recorded as the fair value of each reporting unit was determined to be in excess of its carrying value for all reporting units.
The rapid and severe impacts of the global COVID-19 pandemic, and more specifically the need to support global social distancing efforts, mitigate the spread of the virus and comply with restrictions put in place by various governmental entities, led to our decision to stop all tours and close our venues beginning in mid-March 2020. As such actions will continue to have a material impact on our cash flows during the suspension of operations, we have performed qualitative and sensitivity reviews to assess as of March 31, 2021 whether we believed these actions caused the fair value of any of our reporting units to fall below its carrying value. These qualitative and sensitivity reviews included discounted cash flow model sensitivity analyses, and a consideration of the impact from changes in financial forecasts, discount rates and carrying values. The conclusion for all reporting units was that no impairment trigger existed that would require a further quantitative analysis during the three months ended March 31, 2021. We are unable to predict how long the impacts from the global COVID-19 pandemic will impact our operations or what additional restrictions may be imposed by governments. Significant variations from current expectations could impact future assessments, resulting in future impairment charges.
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, 2021:
& Advertising
(in thousands)
Balance as of December 31, 2020:
Goodwill $1,318,273 $782,559 $463,734 $2,564,566 
Accumulated impairment losses(435,363)  (435,363)
                 Net882,910 782,559 463,734 2,129,203 
Acquisitions—current year532   532 
Acquisitions—prior year(1,815)(3,740)419 (5,136)
Foreign exchange(2,980)(3,673)(4,252)(10,905)
Balance as of March 31, 2021:
Goodwill1,314,010 775,146 459,901 2,549,057 
Accumulated impairment losses(435,363)  (435,363)