LONG-LIVED ASSETS

Property, Plant and Equipment, Net

Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.

Property, plant and equipment consisted of the following:


	December 31,
	2024		2023
	(in thousands)
Land, buildings and improvements	$	2,325,929	$	2,043,595
Computer equipment and capitalized software	867,294		888,065
Furniture and other equipment	757,803		646,966
Construction in progress	386,880		317,028
Property, plant and equipment, gross	4,337,906		3,895,654
Less: accumulated depreciation	1,896,034		1,794,191
Property, plant and equipment, net	$	2,441,872	$	2,101,463

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 years ended December 31, 2024 and 2023:


	Revenue- generating contracts		Client / vendor relationships		Venue management		Trademarks and naming rights		Technology and Other (1)		Total
			(in thousands)
Balance as of December 31, 2022:
Gross carrying amount	$	824,785	$	563,210	$	148,022	$	188,596	$	35,736	$	1,760,349
Accumulated amortization	(316,581)		(209,518)		(58,588)		(97,931)		(27,109)		(709,727)
Net	508,204		353,692		89,434		90,665		8,627		1,050,622
Gross carrying amount:
Acquisitions and additions—current year	136,117		46,767		77,329		—		21,789		282,002
Acquisitions and additions—prior year	(1,830)		(6,681)		(11)		—		—		(8,522)

Foreign exchange	57,797		17,070		3,960		8,151		(104)		86,874
Other (2)	(91,612)		(36,930)		(2,512)		(13,254)		(37,201)		(181,509)
Net change	100,472		20,226		78,766		(5,103)		(15,516)		178,845
Accumulated amortization:
Amortization	(103,756)		(75,994)		(22,186)		(18,390)		(17,303)		(237,629)

Foreign exchange	(7,900)		(3,019)		(1,132)		(1,448)		(408)		(13,907)
Other (2)	91,612		36,882		2,688		13,733		38,775		183,690
Net change	(20,044)		(42,131)		(20,630)		(6,105)		21,064		(67,846)
Balance as of December 31, 2023:
Gross carrying amount	925,257		583,436		226,788		183,493		20,220		1,939,194
Accumulated amortization	(336,625)		(251,649)		(79,218)		(104,036)		(6,045)		(777,573)
Net	588,632		331,787		147,570		79,457		14,175		1,161,621
Gross carrying amount:
Acquisitions and additions—current year	68,453		52,406		35,273		7,331		7,551		171,014
Acquisitions and additions—prior year	826		4,066		3		—		—		4,895

Foreign exchange	(96,995)		(32,993)		(6,954)		(14,096)		(709)		(151,747)
Other (2)	(77,947)		(39,343)		(23,930)		(14,240)		(825)		(156,285)
Net change	(105,663)		(15,864)		4,392		(21,005)		6,017		(132,123)
Accumulated amortization:
Amortization	(111,711)		(86,637)		(23,978)		(17,791)		(9,142)		(249,259)

Foreign exchange	29,331		12,013		2,185		5,096		89		48,714
Other (2)	79,707		39,892		24,066		11,763		1,432		156,860
Net change	(2,673)		(34,732)		2,273		(932)		(7,621)		(43,685)
Balance as of December 31, 2024:
Gross carrying amount	819,594		567,572		231,180		162,488		26,237		1,807,071
Accumulated amortization	(339,298)		(286,381)		(76,945)		(104,968)		(13,667)		(821,259)
Net	$	480,296	$	281,191	$	154,235	$	57,520	$	12,570	$	985,812

(1) Other primarily includes intangible assets for non-compete agreements.

(2) Other primarily includes netdowns of fully amortized or impaired assets.

Included in the current year acquisitions amounts above for 2024 are definite-lived intangible assets primarily associated with the acquisitions of certain festival promotion, venue and artist management businesses located in the United States.

Included in the current year acquisitions amounts above for 2023 are definite-lived intangible assets primarily associated with the acquisitions of certain venue and artist management businesses located in the United States, a concert and festival promotion business in Australia, a promotion business in South America, as well as additions for music publishing rights.

The additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:


	Weighted-Average Life
	2024	2023
	(in years)
Revenue-generating contracts	9	5
Client/vendor relationships	5	4
Trademarks and naming rights	6	0
Technology	3	3

Venue management	6	11

All categories	7	8

Amortization of definite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was $249.3 million, $237.6 million and $216.9 million, respectively.

The following table presents our estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2024:


	(in thousands)
2025	$	223,347
2026	$	187,016
2027	$	149,931
2028	$	129,323
2029	$	109,702

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Indefinite-lived Intangibles

We have indefinite-lived intangible assets which consist of trade names and cryptocurrency assets. These indefinite-lived intangible assets had a carrying value of $380.6 million and $377.3 million as of December 31, 2024 and 2023, respectively.

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the years ended December 31, 2024 and 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	90,298		—		—		90,298
Acquisitions—prior year	1,657		143		—		1,800
Dispositions	(6,183)		—		—		(6,183)

Foreign exchange	4,381		32,645		39,145		76,171

Balance as of December 31, 2023:
Goodwill	1,439,579		1,012,530		674,720		3,126,829
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	1,004,216		1,012,530		674,720		2,691,466

Acquisitions—current year	41,095		507		1,015		42,617
Acquisitions—prior year	4,136		—		—		4,136


Foreign exchange	(22,708)		(48,816)		(45,784)		(117,308)

Balance as of December 31, 2024:
Goodwill	1,462,102		964,221		629,951		3,056,274
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	1,026,739	$	964,221	$	629,951	$	2,620,911

Included in the current year acquisitions amounts above for 2024 is goodwill primarily associated with the acquisitions of an artist management business and certain festival and concert promotion businesses located in the United States.

Included in the current year acquisitions amounts above for 2023 is goodwill primarily associated with the acquisitions of certain venue and festival promotion businesses located in the United States and Europe as well as a promotion business in South America.

We are in various stages of finalizing our 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 the allocation between segments.

Investments in Nonconsolidated Affiliates