Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Live Nation Entertainment, Inc. | ' |
Entity Central Index Key | '0001335258 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 200,443,897 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $1,629,142 | $1,299,184 |
Accounts receivable, less allowance of $19,089 and $19,850, respectively | 509,119 | 439,151 |
Prepaid expenses | 514,111 | 378,342 |
Other current assets | 59,385 | 43,427 |
Total current assets | 2,711,757 | 2,160,104 |
Property, plant and equipment | ' | ' |
Land, buildings and improvements | 806,476 | 816,931 |
Computer equipment and capitalized software | 432,676 | 421,846 |
Furniture and other equipment | 203,708 | 210,866 |
Construction in progress | 54,321 | 52,883 |
Property, plant and equipment, gross | 1,497,181 | 1,502,526 |
Less accumulated depreciation | 799,203 | 795,726 |
Property, plant and equipment, net | 697,978 | 706,800 |
Intangible assets | ' | ' |
Definite-lived intangible assets, net | 664,187 | 676,564 |
Indefinite-lived intangible assets | 376,193 | 376,736 |
Goodwill | 1,493,536 | 1,466,983 |
Other long-term assets | 316,524 | 296,334 |
Total assets | 6,260,175 | 5,683,521 |
Current liabilities | ' | ' |
Accounts payable, client accounts | 750,852 | 656,253 |
Accounts payable | 107,333 | 111,320 |
Accrued expenses | 622,021 | 668,799 |
Deferred revenue | 1,020,775 | 486,433 |
Current portion of long-term debt | 284,059 | 278,403 |
Other current liabilities | 51,377 | 54,310 |
Total current liabilities | 2,836,417 | 2,255,518 |
Long-term debt, net | 1,523,657 | 1,530,484 |
Long-term deferred income taxes | 161,437 | 161,637 |
Other long-term liabilities | 104,227 | 85,035 |
Commitments and contingent liabilities | ' | ' |
Redeemable noncontrolling interests | 61,009 | 61,041 |
Stockholders’ equity | ' | ' |
Common stock | 1,989 | 1,978 |
Additional paid-in capital | 2,376,354 | 2,368,281 |
Accumulated deficit | -984,244 | -951,796 |
Cost of shares held in treasury | -6,865 | -6,865 |
Accumulated other comprehensive income (loss) | 7,493 | -2,370 |
Total Live Nation Entertainment, Inc. stockholders’ equity | 1,394,727 | 1,409,228 |
Noncontrolling interests | 178,701 | 180,578 |
Total equity | 1,573,428 | 1,589,806 |
Total liabilities and equity | $6,260,175 | $5,683,521 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Allowance for doubtful accounts | $19,089 | $19,850 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue | $1,127,316 | $923,698 |
Operating expenses: | ' | ' |
Direct operating expenses | 731,151 | 576,934 |
Selling, general and administrative expenses | 302,405 | 279,522 |
Depreciation and amortization | 82,588 | 82,165 |
Loss (gain) on disposal of operating assets | 506 | -3,597 |
Corporate expenses | 21,174 | 20,655 |
Acquisition transaction expenses | 1,800 | 1,208 |
Operating (loss) income | -12,308 | -33,189 |
Interest expense | 24,492 | 28,151 |
Interest income | -666 | -1,768 |
Equity in earnings of nonconsolidated affiliates | -2,806 | -2,582 |
Other (income) expense, net | -1,176 | 3,638 |
Loss before income taxes | -32,152 | -60,628 |
Income tax (benefit) expense | -2,055 | 3,559 |
Net loss | -30,097 | -64,187 |
Net income (loss) attributable to noncontrolling interests | 2,351 | -948 |
Net loss attributable to common stockholders of Live Nation Entertainment, Inc. | ($32,448) | ($63,239) |
Basic and diluted net loss per common share attributable to common stockholders of Live Nation Entertainment, Inc. (in dollars per share) | ($0.16) | ($0.33) |
Basic and diluted weighted average common shares outstanding (in shares) | 197,857,662 | 188,827,190 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net loss | ($30,097) | ($64,187) |
Other comprehensive income (loss), net of tax: | ' | ' |
Unrealized (loss) gain on cash flow hedges | -3 | 70 |
Realized loss on cash flow hedges | 17 | 8 |
Change in funded status of defined benefit pension plan | 30 | 0 |
Foreign currency translation adjustments | 9,819 | -34,257 |
Comprehensive loss | -20,234 | -98,366 |
Comprehensive income (loss) attributable to noncontrolling interests | 2,351 | -948 |
Comprehensive loss attributable to common stockholders of Live Nation Entertainment, Inc. | ($22,585) | ($97,418) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($30,097) | ($64,187) |
Reconciling items: | ' | ' |
Depreciation | 30,619 | 30,328 |
Amortization | 51,969 | 51,837 |
Deferred income tax benefit | -8,729 | -3,229 |
Amortization of debt issuance costs and discount/premium, net | 4,737 | 5,170 |
Non-cash compensation expense | 10,018 | 6,305 |
Loss (gain) on disposal of operating assets | 506 | -3,597 |
Equity in earnings of nonconsolidated affiliates | -2,806 | -2,582 |
Other, net | -2,336 | 691 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' |
Increase in accounts receivable | -77,980 | -63,146 |
Increase in prepaid expenses | -137,308 | -180,243 |
Increase in other assets | -47,784 | -32,474 |
Increase in accounts payable, accrued expenses and other liabilities | 43,550 | 21,773 |
Increase in deferred revenue | 531,338 | 503,814 |
Net cash provided by operating activities | 365,697 | 270,460 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Distributions from nonconsolidated affiliates | 911 | 1,767 |
Investments made in nonconsolidated affiliates | -823 | -1,963 |
Purchases of property, plant and equipment | -24,523 | -25,670 |
Proceeds from disposal of operating assets, net of cash divested | -539 | 8,100 |
Cash paid for acquisitions, net of cash acquired | -11,634 | -339 |
Purchases of intangible assets | -75 | -17 |
Other, net | 60 | -514 |
Net cash used in investing activities | -36,623 | -18,636 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from long-term debt, net of debt issuance costs | 43 | 89,267 |
Payments on long-term debt | -6,547 | -96,674 |
Contributions from noncontrolling interests | 81 | 267 |
Distributions to noncontrolling interests | -4,195 | -1,221 |
Purchases and sales of noncontrolling interests, net | -102 | 0 |
Proceeds from exercise of stock options | 7,919 | 22,332 |
Payments for deferred and contingent consideration | -1,951 | -750 |
Net cash (used in) provided by financing activities | -4,752 | 13,221 |
Effect of exchange rate changes on cash and cash equivalents | 5,636 | -19,685 |
Net increase in cash and cash equivalents | 329,958 | 245,360 |
Cash and cash equivalents at beginning of period | 1,299,184 | 1,001,055 |
Cash and cash equivalents at end of period | $1,629,142 | $1,246,415 |
BASIS_OF_PRESENTATION_AND_OTHE
BASIS OF PRESENTATION AND OTHER INFORMATION | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND OTHER INFORMATION | ' |
BASIS OF PRESENTATION AND OTHER INFORMATION | |
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 contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K filed with the SEC on February 24, 2014. | |
Seasonality | |
Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur May through September, the Company experiences higher revenue for the Concerts and Sponsorship & Advertising segments during the second and third quarters. The Artist Nation segment’s revenue is impacted, to a large degree, by the touring schedules of artists it represents and generally, the Company experiences higher revenue in this segment during the second and third quarters as the period from May through September tends to be a popular time for touring events. The Ticketing segment’s sales are impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by its clients. The Company’s 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. Therefore, the results to date are not necessarily indicative of the results expected for the full year. | |
Cash and Cash Equivalents | |
Included in the March 31, 2014 and December 31, 2013 cash and cash equivalents balance is $568.8 million and $538.4 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and the clients’ share of convenience and order processing charges. | |
Acquisitions | |
During the first three months of 2014, the Company completed its acquisition of an artist management business located in California and certain other smaller acquisitions. These acquisitions were accounted for as business combinations under the acquisition method of accounting and were not significant either on an individual basis or in the aggregate. | |
Debt | |
Holders of the Company’s $220 million, 2.875% convertible senior notes may require the Company to purchase for cash all or a portion of their notes on July 15, 2014, July 15, 2017 and July 15, 2022 at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, subject to specified additional conditions. On or after July 20, 2014, the Company may redeem all or a portion of the notes for cash at a price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest, if any. As of March 31, 2014 and December 31, 2013, the Company has $215.9 million and $212.4 million, respectively, net of unamortized discount, included in current portion of long-term debt related to such notes. | |
Recently Issued Pronouncements | |
In April 2014, the FASB issued guidance that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within that year. This guidance is applied prospectively and early adoption is permitted. The Company will adopt this guidance on January 1, 2015 and will apply it prospectively to disposals occurring on or after January 1, 2015. |
LONGLIVED_ASSETS
LONG-LIVED ASSETS | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
LONG-LIVED ASSETS [Abstract] | ' | |||||||||||||||||||||||||||||||
LONG-LIVED ASSETS | ' | |||||||||||||||||||||||||||||||
LONG-LIVED ASSETS | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||||||
In the fourth quarter of 2012, an amphitheater in New York that is operated by the Company sustained substantial damage during Hurricane Sandy. During the three months ended March 31, 2013, the Company received a partial insurance recovery and recorded a gain of $3.1 million as a component of loss (gain) on disposal of operating assets in the Concerts segment representing the proceeds received in excess of the carrying value of this amphitheater asset. | ||||||||||||||||||||||||||||||||
Definite-lived Intangible Assets | ||||||||||||||||||||||||||||||||
The Company has definite-lived intangible assets which are amortized over the shorter of either the lives of the respective agreements or the period of time the assets are expected to contribute to the Company’s future cash flows. The amortization is recognized on either a straight-line or expected cash flows basis. | ||||||||||||||||||||||||||||||||
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, 2014: | ||||||||||||||||||||||||||||||||
Revenue- | Client / | Non-compete | Venue | Technology | Trademarks | Other | Total | |||||||||||||||||||||||||
generating | vendor | agreements | management | and | ||||||||||||||||||||||||||||
contracts | relationships | and | naming | |||||||||||||||||||||||||||||
leaseholds | rights | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 585,094 | $ | 277,937 | $ | 137,199 | $ | 85,642 | $ | 100,664 | $ | 28,524 | $ | 2,375 | $ | 1,217,435 | ||||||||||||||||
Accumulated amortization | (231,053 | ) | (81,809 | ) | (101,128 | ) | (43,687 | ) | (73,110 | ) | (9,092 | ) | (992 | ) | (540,871 | ) | ||||||||||||||||
Net | 354,041 | 196,128 | 36,071 | 41,955 | 27,554 | 19,432 | 1,383 | 676,564 | ||||||||||||||||||||||||
Gross carrying amount: | ||||||||||||||||||||||||||||||||
Acquisitions— current year | — | 15,000 | — | — | 1,231 | — | — | 16,231 | ||||||||||||||||||||||||
Acquisitions— prior year | — | 2,598 | — | — | — | — | — | 2,598 | ||||||||||||||||||||||||
Foreign exchange | 1,576 | 1,890 | — | (137 | ) | (10 | ) | 50 | — | 3,369 | ||||||||||||||||||||||
Other (1) | — | (800 | ) | (12,300 | ) | — | — | — | 571 | (12,529 | ) | |||||||||||||||||||||
Net change | 1,576 | 18,688 | (12,300 | ) | (137 | ) | 1,221 | 50 | 571 | 9,669 | ||||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (12,939 | ) | (9,762 | ) | (3,724 | ) | (1,704 | ) | (5,456 | ) | (894 | ) | (89 | ) | (34,568 | ) | ||||||||||||||||
Foreign exchange | (520 | ) | (470 | ) | — | 163 | 5 | (6 | ) | — | (828 | ) | ||||||||||||||||||||
Other (1) | — | 800 | 12,550 | — | — | — | — | 13,350 | ||||||||||||||||||||||||
Net change | (13,459 | ) | (9,432 | ) | 8,826 | (1,541 | ) | (5,451 | ) | (900 | ) | (89 | ) | (22,046 | ) | |||||||||||||||||
Balance as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Gross carrying amount | 586,670 | 296,625 | 124,899 | 85,505 | 101,885 | 28,574 | 2,946 | 1,227,104 | ||||||||||||||||||||||||
Accumulated amortization | (244,512 | ) | (91,241 | ) | (92,302 | ) | (45,228 | ) | (78,561 | ) | (9,992 | ) | (1,081 | ) | (562,917 | ) | ||||||||||||||||
Net | $ | 342,158 | $ | 205,384 | $ | 32,597 | $ | 40,277 | $ | 23,324 | $ | 18,582 | $ | 1,865 | $ | 664,187 | ||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
(1) | Other includes netdowns of fully amortized assets and reclassification of certain assets from indefinite-lived intangible assets. | |||||||||||||||||||||||||||||||
Included in the current year acquisitions amount above of $16.2 million are client/vendor relationships primarily associated with the March 2014 acquisition of an artist management business located in California. | ||||||||||||||||||||||||||||||||
The 2014 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: | ||||||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Life (years) | ||||||||||||||||||||||||||||||||
Client/vendor relationships | 8 | |||||||||||||||||||||||||||||||
Technology | 3 | |||||||||||||||||||||||||||||||
All categories | 8 | |||||||||||||||||||||||||||||||
Amortization of definite-lived intangible assets for the three months ended March 31, 2014 and 2013 was $34.6 million and $38.2 million, respectively. In addition, amortization related to nonrecoupable ticketing contract advances for the three months ended March 31, 2014 and 2013 was $17.4 million and $13.6 million, respectively. | ||||||||||||||||||||||||||||||||
As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization may vary. Therefore, the expense to date is not necessarily indicative of the expense expected for the full year. | ||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the three months ended March 31, 2014: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Total | ||||||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Goodwill (1) | $ | 505,472 | $ | 642,249 | $ | 278,923 | $ | 310,241 | $ | 1,736,885 | ||||||||||||||||||||||
Accumulated impairment losses (1) | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 235,570 | 642,249 | 278,923 | 310,241 | 1,466,983 | |||||||||||||||||||||||||||
Acquisitions—current year | 1,129 | — | 18,658 | — | 19,787 | |||||||||||||||||||||||||||
Acquisitions—prior year | 2 | — | 1,062 | 399 | 1,463 | |||||||||||||||||||||||||||
Foreign exchange | 3,682 | (75 | ) | 80 | 1,616 | 5,303 | ||||||||||||||||||||||||||
Balance as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Goodwill | 510,285 | 642,174 | 298,723 | 312,256 | 1,763,438 | |||||||||||||||||||||||||||
Accumulated impairment losses | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | $ | 240,383 | $ | 642,174 | $ | 298,723 | $ | 312,256 | $ | 1,493,536 | ||||||||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
(1) | The previously reported total balance has been reduced by $13.0 million due to the net down of fully impaired goodwill related to the Company’s non-core events business which was sold in 2008. | |||||||||||||||||||||||||||||||
Included in the current year acquisitions amount above of $19.8 million is goodwill primarily associated with the March 2014 acquisition of an artist management business located in California. | ||||||||||||||||||||||||||||||||
The Company is in the process of finalizing its acquisition accounting for recent acquisitions which could result in a change to the associated purchase price allocations, including goodwill and its allocation between segments. | ||||||||||||||||||||||||||||||||
Investments in nonconsolidated affiliates | ||||||||||||||||||||||||||||||||
The Company has investments in various affiliates which are not consolidated and are accounted for under the equity method of accounting. The Company records its investments in these entities in the balance sheet as investments in nonconsolidated affiliates reported as part of other long-term assets. The Company’s interest in these operations are recorded in the statement of operations as equity in earnings of nonconsolidated affiliates. The Company’s investment in Venta de Boletos por Computadora S.A. de C.V. (“VBC”), a 33% owned ticketing distribution services company in Mexico, was considered significant on an individual basis at December 31, 2013. | ||||||||||||||||||||||||||||||||
Summarized income statement information for VBC is as follows (at 100%): | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue | $ | 10,368 | $ | 10,469 | ||||||||||||||||||||||||||||
Operating income | $ | 4,978 | $ | 4,943 | ||||||||||||||||||||||||||||
Net income | $ | 3,777 | $ | 3,972 | ||||||||||||||||||||||||||||
Net income attributable to the common stockholders of the equity investee | $ | 3,736 | $ | 4,001 | ||||||||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
FAIR VALUE MEASUREMENTS | |
The Company’s outstanding debt held by third-party financial institutions is carried at cost, adjusted for premium or discounts. The Company’s debt is not publicly traded and the carrying amounts typically approximate fair value for the Company’s debt that accrues interest at a variable rate. The estimated fair values of the 7% senior notes and the 2.875% convertible senior notes were $466.4 million and $224.1 million, respectively, at March 31, 2014. The estimated fair values of the 7% senior notes and the 2.875% convertible senior notes were $461.9 million and $223.0 million, respectively, at December 31, 2013. The estimated fair value of the Company’s third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs as defined in the FASB guidance. The Company has fixed rate debt held by noncontrolling interest partners with a face value of $34.9 million and $34.6 million at March 31, 2014 and December 31, 2013, respectively. The Company is unable to determine the fair value of this debt. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENT LIABILITIES | ' |
COMMITMENTS AND CONTINGENT LIABILITIES | |
Ticketing Fees Consumer Class Action Litigation | |
In October 2003, a putative representative action was filed in the Superior Court of California challenging Ticketmaster’s charges to online customers for shipping fees and alleging that its failure to disclose on its website that the charges contain a profit component is unlawful. The complaint asserted a claim for violation of California’s Unfair Competition Law (“UCL”) and sought restitution or disgorgement of the difference between (i) the total shipping fees charged by Ticketmaster in connection with online ticket sales during the applicable period, and (ii) the amount that Ticketmaster actually paid to the shipper for delivery of those tickets. In August 2005, the plaintiffs filed a first amended complaint, then pleading the case as a putative class action and adding the claim that Ticketmaster’s website disclosures in respect of its ticket order processing fees constitute false advertising in violation of California’s False Advertising Law. On this new claim, the amended complaint seeks restitution or disgorgement of the entire amount of order processing fees charged by Ticketmaster during the applicable period. In April 2009, the Court granted the plaintiffs’ motion for leave to file a second amended complaint adding new claims that (a) Ticketmaster’s order processing fees are unconscionable under the UCL, and (b) Ticketmaster’s alleged business practices further violate the California Consumer Legal Remedies Act. Plaintiffs later filed a third amended complaint, to which Ticketmaster filed a demurrer in July 2009. The Court overruled Ticketmaster’s demurrer in October 2009. | |
The plaintiffs filed a class certification motion in August 2009, which Ticketmaster opposed. In February 2010, the Court granted certification of a class on the first and second causes of action, which allege that Ticketmaster misrepresents/omits the fact of a profit component in Ticketmaster’s shipping and order processing fees. The class would consist of California consumers who purchased tickets through Ticketmaster’s website from 1999 to present. The Court denied certification of a class on the third and fourth causes of action, which allege that Ticketmaster’s shipping and order processing fees are unconscionably high. In March 2010, Ticketmaster filed a Petition for Writ of Mandate with the California Court of Appeal, and plaintiffs also filed a Motion for Reconsideration of the Superior Court’s class certification order. In April 2010, the Superior Court denied plaintiffs’ Motion for Reconsideration of the Court’s class certification order, and the Court of Appeal denied Ticketmaster’s Petition for Writ of Mandate. In June 2010, the Court of Appeal granted the plaintiffs’ Petition for Writ of Mandate and ordered the Superior Court to vacate its February 2010 order denying plaintiffs’ motion to certify a national class and enter a new order granting plaintiffs’ motion to certify a nationwide class on the first and second claims. In September 2010, Ticketmaster filed its Motion for Summary Judgment on all causes of action in the Superior Court, and that same month plaintiffs filed their Motion for Summary Adjudication of various affirmative defenses asserted by Ticketmaster. In November 2010, Ticketmaster filed its Motion to Decertify Class. | |
In December 2010, the parties entered into a binding agreement providing for the settlement of the litigation and the resolution of all claims therein. In September 2011, the Court declined to approve the settlement in its then-current form. Litigation continued, and in September 2011, the Court granted in part and denied in part Ticketmaster’s Motion for Summary Judgment. The parties reached a new settlement in September 2011, which was approved preliminarily, but in September 2012 the Court declined to grant final approval. In June 2013, the parties reached a revised settlement, which was preliminarily approved by the Court in April 2014. Ticketmaster and its parent, Live Nation, have not acknowledged any violations of law or liability in connection with the matter. | |
As of March 31, 2014, the Company has accrued $35.4 million, its best estimate of the probable costs associated with the settlement referred to above. This liability includes an estimated redemption rate. Any difference between the Company’s estimated redemption rate and the actual redemption rate it experiences will impact the final settlement amount; however, the Company does not expect this difference to be material. | |
Other Litigation | |
From time to time, the Company is involved in other legal proceedings arising in the ordinary course of its business, including proceedings and claims based upon violations of antitrust laws and intellectual property rights, and tortious interference, which could cause the Company to incur significant expenses. The Company has also been the subject of personal injury and wrongful death claims relating to accidents at its venues in connection with its operations. As required, the Company has accrued its estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. |
CERTAIN_RELATIONSHIPS_AND_RELA
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | ' | |||||||
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS | ||||||||
The Company conducts certain transactions in the ordinary course of business with companies that are owned, in part or in total, by various members of management of the Company’s subsidiaries or companies over which it has significant influence. These transactions primarily relate to venue rentals, concession services, equipment rentals, ticketing, marketing and other services. As of March 31, 2014 and December 31, 2013, the Company has a receivable balance of $8.5 million and $13.5 million, respectively, from certain of these companies. | ||||||||
The following table sets forth expenses incurred and revenue earned from these companies for services rendered or provided in relation to these business ventures. None of these transactions were with directors or executive officers of the Company. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Other related-parties revenue | $ | 1,247 | $ | 1,327 | ||||
Other related-parties expenses | $ | 4,509 | $ | 5,150 | ||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company calculates interim effective tax rates in accordance with the FASB guidance for income taxes and applies the estimated annual effective tax rate to year-to-date pretax income (loss) at the end of each interim period to compute a year-to-date tax expense (or benefit). This guidance requires departure from effective tax rate computations when losses incurred within tax jurisdictions cannot be carried back and future profits associated with operations in those tax jurisdictions cannot be assured beyond any reasonable doubt. Accordingly, the Company has calculated and applied an expected annual effective tax rate of approximately 20% for 2014 (as compared to 18% in the prior year), excluding significant, unusual or extraordinary items, for ordinary income associated with operations for which the Company currently expects to have annual taxable income, which are principally outside of the United States. The Company has not recorded tax benefits associated with losses from operations for which future taxable income cannot be reasonably assured. As required by this guidance, the Company also includes tax effects of significant, unusual or extraordinary items in income tax expense (benefit) in the interim period in which they occur. | |
Net income tax benefit is $2.1 million for the three months ended March 31, 2014. The components of tax expense (benefit) that contributed to this net income tax benefit primarily consist of discrete deferred tax benefits of $6.5 million attributable to the release of valuation allowances primarily due to deferred tax liabilities associated with the March 2014 acquisition of an artist management business located in California. This benefit was partially offset by income tax expense of $3.3 million based on the expected annual rate pertaining to taxable ordinary income for the three-month period. | |
Historically, the Company has reinvested all foreign earnings in its continuing foreign operations. The Company currently believes all undistributed foreign earnings that are not currently subject to United States federal income tax will be indefinitely reinvested in its foreign operations. | |
The tax years 2005 through 2013 remain open to examination by the major tax jurisdictions to which the Company is subject. |
EQUITY
EQUITY | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
EQUITY | ' | ||||||||||||||||
EQUITY | |||||||||||||||||
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation Entertainment, Inc., equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the three months ended March 31, 2014: | |||||||||||||||||
Live Nation | Noncontrolling | Total | Redeemable | ||||||||||||||
Entertainment, Inc. | Interests | Equity | Noncontrolling | ||||||||||||||
Stockholders’ Equity | Interests | ||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 1,409,228 | $ | 180,578 | $ | 1,589,806 | $ | 61,041 | |||||||||
Non-cash and stock-based compensation | 9,727 | 291 | 10,018 | — | |||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | (7,658 | ) | — | (7,658 | ) | — | |||||||||||
Exercise of stock options | 7,919 | — | 7,919 | — | |||||||||||||
Acquisitions | — | 2,155 | 2,155 | — | |||||||||||||
Purchases of noncontrolling interests | 140 | 53 | 193 | — | |||||||||||||
Sales of noncontrolling interests | — | (158 | ) | (158 | ) | — | |||||||||||
Redeemable noncontrolling interests fair value adjustments | (2,044 | ) | — | (2,044 | ) | 2,044 | |||||||||||
Noncontrolling interests contributions | — | 231 | 231 | — | |||||||||||||
Cash distributions | — | (4,195 | ) | (4,195 | ) | — | |||||||||||
Other | — | (4,681 | ) | (4,681 | ) | — | |||||||||||
Comprehensive income (loss): | |||||||||||||||||
Net income (loss) | (32,448 | ) | 4,427 | (28,021 | ) | (2,076 | ) | ||||||||||
Unrealized loss on cash flow hedges | (3 | ) | — | (3 | ) | — | |||||||||||
Realized loss on cash flow hedges | 17 | — | 17 | — | |||||||||||||
Change in funded status of defined benefit pension plan | 30 | — | 30 | — | |||||||||||||
Foreign currency translation adjustments | 9,819 | — | 9,819 | — | |||||||||||||
Balance at March 31, 2014 | $ | 1,394,727 | $ | 178,701 | $ | 1,573,428 | $ | 61,009 | |||||||||
Common Stock | |||||||||||||||||
During the first quarter of 2014, the Company issued 1.2 million shares of common stock in connection with stock option exercises and vestings of restricted stock awards, net of shares withheld for taxes. | |||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||
The Company is subject to put arrangements arising from business combinations where the holders of the noncontrolling interests can require the Company to repurchase their shares at specified dates in the future or within specified periods in the future. Certain of these puts can be exercised earlier upon the occurrence of triggering events as specified in the agreements. The exercise dates for these puts range from June 2014 to December 2018. The redemption amounts for these puts are either at a fixed amount, at fair value at the time of exercise or a variable amount based on a formula linked to earnings. In accordance with the FASB guidance for business combinations, the redeemable noncontrolling interests are recorded at their fair value at acquisition date. As these put arrangements are not currently redeemable, the Company accretes up to the redemption value over the period from the date of issuance to the earliest redemption date of the individual puts, with the offset recorded to additional paid-in capital. Decreases in accretion are only recognized to the extent that increases had been previously recognized. The estimated redemption values that are based on a formula linked to future earnings are computed using projected cash flows each reporting period which take into account the current expectations regarding profitability and the timing of revenue-generating events. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2014: | |||||||||||||||||
Gains and Losses On Cash Flow Hedges | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | (79 | ) | $ | (611 | ) | $ | (1,680 | ) | $ | (2,370 | ) | |||||
Other comprehensive income (loss) before reclassifications | (3 | ) | 30 | 9,819 | 9,846 | ||||||||||||
Amount reclassified from AOCI | 17 | — | — | 17 | |||||||||||||
Net other comprehensive income | 14 | 30 | 9,819 | 9,863 | |||||||||||||
Balance at March 31, 2014 | $ | (65 | ) | $ | (581 | ) | $ | 8,139 | $ | 7,493 | |||||||
The realized loss on cash flow hedges reclassified from AOCI consists of one interest rate swap agreement. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
The calculation of diluted net income per common share includes the effects of the assumed exercise of any outstanding stock options and warrants, the assumed vesting of shares of restricted stock awards and units and the assumed conversion of the 2.875% convertible senior notes where dilutive. For the three months ended March 31, 2014 and 2013 there were no reconciling items to net loss attributable to common stockholders of Live Nation Entertainment, Inc. or weighted average common shares outstanding in the calculation of diluted net income per common share. The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Options to purchase shares of common stock | 18,060 | 22,078 | |||||||||||||||
Restricted stock awards and units—unvested | 1,868 | 2,685 | |||||||||||||||
Warrants | — | 500 | |||||||||||||||
Conversion shares related to 2.875% convertible senior notes | 8,105 | 8,105 | |||||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 28,033 | 33,368 | |||||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
STOCK-BASED COMPENSATION | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
The following is a summary of stock-based compensation expense recorded by the Company during the respective periods: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Selling, general and administrative expenses | $ | 4,920 | $ | 2,650 | ||||
Corporate expenses | 5,098 | 3,655 | ||||||
Total | $ | 10,018 | $ | 6,305 | ||||
The increase in stock-based compensation expense for the three months ended March 31, 2014 as compared to the same period of 2013 is due primarily to 2.1 million options and 0.7 million shares of restricted stock awards granted to management during the first quarter of 2014, which will generally vest over two to four years. | ||||||||
As of March 31, 2014, there was $61.4 million of total unrecognized compensation cost related to stock-based compensation arrangements for stock options and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 2.9 years. |
SEGMENT_DATA
SEGMENT DATA | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
SEGMENT DATA | ' | |||||||||||||||||||||||||||||||
SEGMENT DATA | ||||||||||||||||||||||||||||||||
The Company’s reportable segments are Concerts, Ticketing, Artist Nation and Sponsorship & Advertising. The Concerts segment involves the promotion of live music events globally in the Company’s owned or operated venues and in rented third-party venues, the production of music festivals and the operation and management of music venues. The Ticketing segment involves the management of the Company’s global ticketing operations including providing ticketing software and services to clients and online access for customers relating to ticket and event information and is responsible for the Company’s primary websites, www.livenation.com and www.ticketmaster.com. The Artist Nation segment provides management services to artists and other services including merchandise sales. The Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising including signage, promotional programs and banner ads in the Company’s owned or operated venues and on its primary websites. | ||||||||||||||||||||||||||||||||
Revenue and expenses earned and charged between segments are eliminated in consolidation. Corporate expenses and all line items below operating income are managed on a total company basis. The Company’s capital expenditures include accruals but exclude expenditures funded by outside parties such as landlords or replacements funded by insurance companies. | ||||||||||||||||||||||||||||||||
The Company manages its working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, the Company’s management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented. | ||||||||||||||||||||||||||||||||
The following table presents the results of operations for the Company’s reportable segments for the three months ending March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 662,490 | $ | 354,461 | $ | 72,556 | $ | 45,388 | $ | 746 | $ | — | $ | (8,325 | ) | $ | 1,127,316 | |||||||||||||||
Direct operating expenses | 517,155 | 172,591 | 42,076 | 8,064 | (909 | ) | — | (7,826 | ) | 731,151 | ||||||||||||||||||||||
Selling, general and administrative expenses | 149,916 | 114,020 | 25,793 | 11,921 | 755 | — | — | 302,405 | ||||||||||||||||||||||||
Depreciation and amortization | 28,520 | 45,983 | 7,771 | 204 | 10 | 599 | (499 | ) | 82,588 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | 510 | (74 | ) | 33 | — | — | 37 | — | 506 | |||||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 21,174 | — | 21,174 | ||||||||||||||||||||||||
Acquisition transaction expenses | 327 | 5 | 453 | — | — | 1,015 | — | 1,800 | ||||||||||||||||||||||||
Operating (loss) income | $ | (33,938 | ) | $ | 21,936 | $ | (3,570 | ) | $ | 25,199 | $ | 890 | $ | (22,825 | ) | $ | — | $ | (12,308 | ) | ||||||||||||
Intersegment revenue | $ | 7,430 | $ | 273 | $ | 622 | $ | — | $ | — | $ | — | $ | (8,325 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 5,626 | $ | 13,878 | $ | 601 | $ | (46 | ) | $ | — | $ | 537 | $ | — | $ | 20,596 | |||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 513,535 | $ | 325,135 | $ | 50,271 | $ | 40,147 | $ | 793 | $ | — | $ | (6,183 | ) | $ | 923,698 | |||||||||||||||
Direct operating expenses | 390,252 | 155,062 | 31,412 | 6,864 | (965 | ) | — | (5,691 | ) | 576,934 | ||||||||||||||||||||||
Selling, general and administrative expenses | 137,318 | 111,940 | 20,038 | 9,688 | 538 | — | — | 279,522 | ||||||||||||||||||||||||
Depreciation and amortization | 28,702 | 42,813 | 10,034 | 142 | 174 | 792 | (492 | ) | 82,165 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (3,130 | ) | (62 | ) | (412 | ) | — | 7 | — | — | (3,597 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 20,655 | — | 20,655 | ||||||||||||||||||||||||
Acquisition transaction expenses | 234 | 24 | 128 | — | — | 822 | — | 1,208 | ||||||||||||||||||||||||
Operating (loss) income | $ | (39,841 | ) | $ | 15,358 | $ | (10,929 | ) | $ | 23,453 | $ | 1,039 | $ | (22,269 | ) | $ | — | $ | (33,189 | ) | ||||||||||||
Intersegment revenue | $ | 5,713 | $ | 267 | $ | 203 | $ | — | $ | — | $ | — | $ | (6,183 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 2,441 | $ | 18,863 | $ | 118 | $ | 303 | $ | — | $ | (177 | ) | $ | — | $ | 21,548 | |||||||||||||||
BASIS_OF_PRESENTATION_AND_OTHE1
BASIS OF PRESENTATION AND OTHER INFORMATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Pronouncements | ' |
Recently Issued Pronouncements | |
In April 2014, the FASB issued guidance that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within that year. This guidance is applied prospectively and early adoption is permitted. The Company will adopt this guidance on January 1, 2015 and will apply it prospectively to disposals occurring on or after January 1, 2015. |
LONGLIVED_ASSETS_Tables
LONG-LIVED ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
LONG-LIVED ASSETS [Abstract] | ' | |||||||||||||||||||||||||||||||
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 three months ended March 31, 2014: | ||||||||||||||||||||||||||||||||
Revenue- | Client / | Non-compete | Venue | Technology | Trademarks | Other | Total | |||||||||||||||||||||||||
generating | vendor | agreements | management | and | ||||||||||||||||||||||||||||
contracts | relationships | and | naming | |||||||||||||||||||||||||||||
leaseholds | rights | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 585,094 | $ | 277,937 | $ | 137,199 | $ | 85,642 | $ | 100,664 | $ | 28,524 | $ | 2,375 | $ | 1,217,435 | ||||||||||||||||
Accumulated amortization | (231,053 | ) | (81,809 | ) | (101,128 | ) | (43,687 | ) | (73,110 | ) | (9,092 | ) | (992 | ) | (540,871 | ) | ||||||||||||||||
Net | 354,041 | 196,128 | 36,071 | 41,955 | 27,554 | 19,432 | 1,383 | 676,564 | ||||||||||||||||||||||||
Gross carrying amount: | ||||||||||||||||||||||||||||||||
Acquisitions— current year | — | 15,000 | — | — | 1,231 | — | — | 16,231 | ||||||||||||||||||||||||
Acquisitions— prior year | — | 2,598 | — | — | — | — | — | 2,598 | ||||||||||||||||||||||||
Foreign exchange | 1,576 | 1,890 | — | (137 | ) | (10 | ) | 50 | — | 3,369 | ||||||||||||||||||||||
Other (1) | — | (800 | ) | (12,300 | ) | — | — | — | 571 | (12,529 | ) | |||||||||||||||||||||
Net change | 1,576 | 18,688 | (12,300 | ) | (137 | ) | 1,221 | 50 | 571 | 9,669 | ||||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (12,939 | ) | (9,762 | ) | (3,724 | ) | (1,704 | ) | (5,456 | ) | (894 | ) | (89 | ) | (34,568 | ) | ||||||||||||||||
Foreign exchange | (520 | ) | (470 | ) | — | 163 | 5 | (6 | ) | — | (828 | ) | ||||||||||||||||||||
Other (1) | — | 800 | 12,550 | — | — | — | — | 13,350 | ||||||||||||||||||||||||
Net change | (13,459 | ) | (9,432 | ) | 8,826 | (1,541 | ) | (5,451 | ) | (900 | ) | (89 | ) | (22,046 | ) | |||||||||||||||||
Balance as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Gross carrying amount | 586,670 | 296,625 | 124,899 | 85,505 | 101,885 | 28,574 | 2,946 | 1,227,104 | ||||||||||||||||||||||||
Accumulated amortization | (244,512 | ) | (91,241 | ) | (92,302 | ) | (45,228 | ) | (78,561 | ) | (9,992 | ) | (1,081 | ) | (562,917 | ) | ||||||||||||||||
Net | $ | 342,158 | $ | 205,384 | $ | 32,597 | $ | 40,277 | $ | 23,324 | $ | 18,582 | $ | 1,865 | $ | 664,187 | ||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
(1) | Other includes netdowns of fully amortized assets and reclassification of certain assets from indefinite-lived intangible assets. | |||||||||||||||||||||||||||||||
Weighted Average Lives of Additions to Definite-Lived Intangible Assets | ' | |||||||||||||||||||||||||||||||
The 2014 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: | ||||||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Life (years) | ||||||||||||||||||||||||||||||||
Client/vendor relationships | 8 | |||||||||||||||||||||||||||||||
Technology | 3 | |||||||||||||||||||||||||||||||
All categories | 8 | |||||||||||||||||||||||||||||||
Changes in Goodwill by Segment | ' | |||||||||||||||||||||||||||||||
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the three months ended March 31, 2014: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Total | ||||||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Goodwill (1) | $ | 505,472 | $ | 642,249 | $ | 278,923 | $ | 310,241 | $ | 1,736,885 | ||||||||||||||||||||||
Accumulated impairment losses (1) | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 235,570 | 642,249 | 278,923 | 310,241 | 1,466,983 | |||||||||||||||||||||||||||
Acquisitions—current year | 1,129 | — | 18,658 | — | 19,787 | |||||||||||||||||||||||||||
Acquisitions—prior year | 2 | — | 1,062 | 399 | 1,463 | |||||||||||||||||||||||||||
Foreign exchange | 3,682 | (75 | ) | 80 | 1,616 | 5,303 | ||||||||||||||||||||||||||
Balance as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Goodwill | 510,285 | 642,174 | 298,723 | 312,256 | 1,763,438 | |||||||||||||||||||||||||||
Accumulated impairment losses | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | $ | 240,383 | $ | 642,174 | $ | 298,723 | $ | 312,256 | $ | 1,493,536 | ||||||||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
(1) | The previously reported total balance has been reduced by $13.0 million due to the net down of fully impaired goodwill related to the Company’s non-core events business which was sold in 2008. | |||||||||||||||||||||||||||||||
Investments in Nonconsolidated Affiliates | ' | |||||||||||||||||||||||||||||||
Summarized income statement information for VBC is as follows (at 100%): | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue | $ | 10,368 | $ | 10,469 | ||||||||||||||||||||||||||||
Operating income | $ | 4,978 | $ | 4,943 | ||||||||||||||||||||||||||||
Net income | $ | 3,777 | $ | 3,972 | ||||||||||||||||||||||||||||
Net income attributable to the common stockholders of the equity investee | $ | 3,736 | $ | 4,001 | ||||||||||||||||||||||||||||
CERTAIN_RELATIONSHIPS_AND_RELA1
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Expenses Incurred and Revenue Earned From Other Related Parties | ' | |||||||
The following table sets forth expenses incurred and revenue earned from these companies for services rendered or provided in relation to these business ventures. None of these transactions were with directors or executive officers of the Company. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Other related-parties revenue | $ | 1,247 | $ | 1,327 | ||||
Other related-parties expenses | $ | 4,509 | $ | 5,150 | ||||
EQUITY_Tables
EQUITY (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reconciliation of Carrying Amount of Equity and Redeemable Noncontrolling Interests | ' | ||||||||||||||||
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation Entertainment, Inc., equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the three months ended March 31, 2014: | |||||||||||||||||
Live Nation | Noncontrolling | Total | Redeemable | ||||||||||||||
Entertainment, Inc. | Interests | Equity | Noncontrolling | ||||||||||||||
Stockholders’ Equity | Interests | ||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 1,409,228 | $ | 180,578 | $ | 1,589,806 | $ | 61,041 | |||||||||
Non-cash and stock-based compensation | 9,727 | 291 | 10,018 | — | |||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | (7,658 | ) | — | (7,658 | ) | — | |||||||||||
Exercise of stock options | 7,919 | — | 7,919 | — | |||||||||||||
Acquisitions | — | 2,155 | 2,155 | — | |||||||||||||
Purchases of noncontrolling interests | 140 | 53 | 193 | — | |||||||||||||
Sales of noncontrolling interests | — | (158 | ) | (158 | ) | — | |||||||||||
Redeemable noncontrolling interests fair value adjustments | (2,044 | ) | — | (2,044 | ) | 2,044 | |||||||||||
Noncontrolling interests contributions | — | 231 | 231 | — | |||||||||||||
Cash distributions | — | (4,195 | ) | (4,195 | ) | — | |||||||||||
Other | — | (4,681 | ) | (4,681 | ) | — | |||||||||||
Comprehensive income (loss): | |||||||||||||||||
Net income (loss) | (32,448 | ) | 4,427 | (28,021 | ) | (2,076 | ) | ||||||||||
Unrealized loss on cash flow hedges | (3 | ) | — | (3 | ) | — | |||||||||||
Realized loss on cash flow hedges | 17 | — | 17 | — | |||||||||||||
Change in funded status of defined benefit pension plan | 30 | — | 30 | — | |||||||||||||
Foreign currency translation adjustments | 9,819 | — | 9,819 | — | |||||||||||||
Balance at March 31, 2014 | $ | 1,394,727 | $ | 178,701 | $ | 1,573,428 | $ | 61,009 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2014: | |||||||||||||||||
Gains and Losses On Cash Flow Hedges | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | (79 | ) | $ | (611 | ) | $ | (1,680 | ) | $ | (2,370 | ) | |||||
Other comprehensive income (loss) before reclassifications | (3 | ) | 30 | 9,819 | 9,846 | ||||||||||||
Amount reclassified from AOCI | 17 | — | — | 17 | |||||||||||||
Net other comprehensive income | 14 | 30 | 9,819 | 9,863 | |||||||||||||
Balance at March 31, 2014 | $ | (65 | ) | $ | (581 | ) | $ | 8,139 | $ | 7,493 | |||||||
Potentially Dilutive Securities Excluded From Diluted Net Income Per Common Share | ' | ||||||||||||||||
The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Options to purchase shares of common stock | 18,060 | 22,078 | |||||||||||||||
Restricted stock awards and units—unvested | 1,868 | 2,685 | |||||||||||||||
Warrants | — | 500 | |||||||||||||||
Conversion shares related to 2.875% convertible senior notes | 8,105 | 8,105 | |||||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 28,033 | 33,368 | |||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Summary of Stock-Based Compensation Expense | ' | |||||||
The following is a summary of stock-based compensation expense recorded by the Company during the respective periods: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Selling, general and administrative expenses | $ | 4,920 | $ | 2,650 | ||||
Corporate expenses | 5,098 | 3,655 | ||||||
Total | $ | 10,018 | $ | 6,305 | ||||
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Results of Operations Related to Reportable Segments of the Entity | ' | |||||||||||||||||||||||||||||||
The following table presents the results of operations for the Company’s reportable segments for the three months ending March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 662,490 | $ | 354,461 | $ | 72,556 | $ | 45,388 | $ | 746 | $ | — | $ | (8,325 | ) | $ | 1,127,316 | |||||||||||||||
Direct operating expenses | 517,155 | 172,591 | 42,076 | 8,064 | (909 | ) | — | (7,826 | ) | 731,151 | ||||||||||||||||||||||
Selling, general and administrative expenses | 149,916 | 114,020 | 25,793 | 11,921 | 755 | — | — | 302,405 | ||||||||||||||||||||||||
Depreciation and amortization | 28,520 | 45,983 | 7,771 | 204 | 10 | 599 | (499 | ) | 82,588 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | 510 | (74 | ) | 33 | — | — | 37 | — | 506 | |||||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 21,174 | — | 21,174 | ||||||||||||||||||||||||
Acquisition transaction expenses | 327 | 5 | 453 | — | — | 1,015 | — | 1,800 | ||||||||||||||||||||||||
Operating (loss) income | $ | (33,938 | ) | $ | 21,936 | $ | (3,570 | ) | $ | 25,199 | $ | 890 | $ | (22,825 | ) | $ | — | $ | (12,308 | ) | ||||||||||||
Intersegment revenue | $ | 7,430 | $ | 273 | $ | 622 | $ | — | $ | — | $ | — | $ | (8,325 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 5,626 | $ | 13,878 | $ | 601 | $ | (46 | ) | $ | — | $ | 537 | $ | — | $ | 20,596 | |||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 513,535 | $ | 325,135 | $ | 50,271 | $ | 40,147 | $ | 793 | $ | — | $ | (6,183 | ) | $ | 923,698 | |||||||||||||||
Direct operating expenses | 390,252 | 155,062 | 31,412 | 6,864 | (965 | ) | — | (5,691 | ) | 576,934 | ||||||||||||||||||||||
Selling, general and administrative expenses | 137,318 | 111,940 | 20,038 | 9,688 | 538 | — | — | 279,522 | ||||||||||||||||||||||||
Depreciation and amortization | 28,702 | 42,813 | 10,034 | 142 | 174 | 792 | (492 | ) | 82,165 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (3,130 | ) | (62 | ) | (412 | ) | — | 7 | — | — | (3,597 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 20,655 | — | 20,655 | ||||||||||||||||||||||||
Acquisition transaction expenses | 234 | 24 | 128 | — | — | 822 | — | 1,208 | ||||||||||||||||||||||||
Operating (loss) income | $ | (39,841 | ) | $ | 15,358 | $ | (10,929 | ) | $ | 23,453 | $ | 1,039 | $ | (22,269 | ) | $ | — | $ | (33,189 | ) | ||||||||||||
Intersegment revenue | $ | 5,713 | $ | 267 | $ | 203 | $ | — | $ | — | $ | — | $ | (6,183 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 2,441 | $ | 18,863 | $ | 118 | $ | 303 | $ | — | $ | (177 | ) | $ | — | $ | 21,548 | |||||||||||||||
BASIS_OF_PRESENTATION_AND_OTHE2
BASIS OF PRESENTATION AND OTHER INFORMATION (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Collected proceeds relating to the face value of the tickets sold on behalf of clients and the clients share of convenience and order processing charges | $568.80 | $538.40 |
2.875% Convertible Senior Notes Due 2027 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Face amount | 220 | ' |
Interest rate, stated percentage | 2.88% | 2.88% |
Percentage of aggregate principal amount of notes if redeemed | 100.00% | ' |
Total debt including discount | $215.90 | $212.40 |
LONGLIVED_ASSETS_Narrative_Det
LONG-LIVED ASSETS (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Loss (gain) on disposal of operating assets | $506 | ($3,597) |
New York Amphitheater [Member] | Concerts [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss (gain) on disposal of operating assets | ' | ($3,100) |
LONGLIVED_ASSETS_Definitelived
LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | $1,217,435,000 | ' | |
Accumulated amortization - Beginning of period | -540,871,000 | ' | |
Net - Beginning of period | 676,564,000 | ' | |
Gross carrying amount - Acquisitions - current year | 16,231,000 | ' | |
Gross carrying amount - Acquisitions - prior year | 2,598,000 | ' | |
Gross carrying amount - Foreign exchange | 3,369,000 | ' | |
Gross carrying amount - Other | -12,529,000 | [1] | ' |
Gross carrying amount - Change | 9,669,000 | ' | |
Accumulated amortization - Amortization expense | -34,568,000 | 38,200,000 | |
Accumulated amortization - Foreign exchange | -828,000 | ' | |
Accumulated amortization - Other | 13,350,000 | [1] | ' |
Accumulated amortization - Change | -22,046,000 | ' | |
Gross carrying amount - End of period | 1,227,104,000 | ' | |
Accumulated amortization - End of period | -562,917,000 | ' | |
Net - End of period | 664,187,000 | ' | |
Weighted-average lives of definite-lived intangible assets | '8 years | ' | |
Amortization expense related to nonrecoupable ticketing contract advances | 17,400,000 | 13,600,000 | |
Revenue-generating contracts [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 585,094,000 | ' | |
Accumulated amortization - Beginning of period | -231,053,000 | ' | |
Net - Beginning of period | 354,041,000 | ' | |
Gross carrying amount - Acquisitions - current year | 0 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | 1,576,000 | ' | |
Gross carrying amount - Other | 0 | [1] | ' |
Gross carrying amount - Change | 1,576,000 | ' | |
Accumulated amortization - Amortization expense | -12,939,000 | ' | |
Accumulated amortization - Foreign exchange | -520,000 | ' | |
Accumulated amortization - Other | 0 | [1] | ' |
Accumulated amortization - Change | -13,459,000 | ' | |
Gross carrying amount - End of period | 586,670,000 | ' | |
Accumulated amortization - End of period | -244,512,000 | ' | |
Net - End of period | 342,158,000 | ' | |
Client/vendor relationships [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 277,937,000 | ' | |
Accumulated amortization - Beginning of period | -81,809,000 | ' | |
Net - Beginning of period | 196,128,000 | ' | |
Gross carrying amount - Acquisitions - current year | 15,000,000 | ' | |
Gross carrying amount - Acquisitions - prior year | 2,598,000 | ' | |
Gross carrying amount - Foreign exchange | 1,890,000 | ' | |
Gross carrying amount - Other | -800,000 | [1] | ' |
Gross carrying amount - Change | 18,688,000 | ' | |
Accumulated amortization - Amortization expense | -9,762,000 | ' | |
Accumulated amortization - Foreign exchange | -470,000 | ' | |
Accumulated amortization - Other | 800,000 | [1] | ' |
Accumulated amortization - Change | -9,432,000 | ' | |
Gross carrying amount - End of period | 296,625,000 | ' | |
Accumulated amortization - End of period | -91,241,000 | ' | |
Net - End of period | 205,384,000 | ' | |
Weighted-average lives of definite-lived intangible assets | '8 years | ' | |
Non-compete agreements [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 137,199,000 | ' | |
Accumulated amortization - Beginning of period | -101,128,000 | ' | |
Net - Beginning of period | 36,071,000 | ' | |
Gross carrying amount - Acquisitions - current year | 0 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | 0 | ' | |
Gross carrying amount - Other | -12,300,000 | [1] | ' |
Gross carrying amount - Change | -12,300,000 | ' | |
Accumulated amortization - Amortization expense | -3,724,000 | ' | |
Accumulated amortization - Foreign exchange | 0 | ' | |
Accumulated amortization - Other | 12,550,000 | [1] | ' |
Accumulated amortization - Change | 8,826,000 | ' | |
Gross carrying amount - End of period | 124,899,000 | ' | |
Accumulated amortization - End of period | -92,302,000 | ' | |
Net - End of period | 32,597,000 | ' | |
Venue management and leaseholds [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 85,642,000 | ' | |
Accumulated amortization - Beginning of period | -43,687,000 | ' | |
Net - Beginning of period | 41,955,000 | ' | |
Gross carrying amount - Acquisitions - current year | 0 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | -137,000 | ' | |
Gross carrying amount - Other | 0 | [1] | ' |
Gross carrying amount - Change | -137,000 | ' | |
Accumulated amortization - Amortization expense | -1,704,000 | ' | |
Accumulated amortization - Foreign exchange | 163,000 | ' | |
Accumulated amortization - Other | 0 | [1] | ' |
Accumulated amortization - Change | -1,541,000 | ' | |
Gross carrying amount - End of period | 85,505,000 | ' | |
Accumulated amortization - End of period | -45,228,000 | ' | |
Net - End of period | 40,277,000 | ' | |
Technology [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 100,664,000 | ' | |
Accumulated amortization - Beginning of period | -73,110,000 | ' | |
Net - Beginning of period | 27,554,000 | ' | |
Gross carrying amount - Acquisitions - current year | 1,231,000 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | -10,000 | ' | |
Gross carrying amount - Other | 0 | [1] | ' |
Gross carrying amount - Change | 1,221,000 | ' | |
Accumulated amortization - Amortization expense | -5,456,000 | ' | |
Accumulated amortization - Foreign exchange | 5,000 | ' | |
Accumulated amortization - Other | 0 | [1] | ' |
Accumulated amortization - Change | -5,451,000 | ' | |
Gross carrying amount - End of period | 101,885,000 | ' | |
Accumulated amortization - End of period | -78,561,000 | ' | |
Net - End of period | 23,324,000 | ' | |
Weighted-average lives of definite-lived intangible assets | '3 years | ' | |
Trademarks and naming rights [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 28,524,000 | ' | |
Accumulated amortization - Beginning of period | -9,092,000 | ' | |
Net - Beginning of period | 19,432,000 | ' | |
Gross carrying amount - Acquisitions - current year | 0 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | 50,000 | ' | |
Gross carrying amount - Other | 0 | [1] | ' |
Gross carrying amount - Change | 50,000 | ' | |
Accumulated amortization - Amortization expense | -894,000 | ' | |
Accumulated amortization - Foreign exchange | -6,000 | ' | |
Accumulated amortization - Other | 0 | [1] | ' |
Accumulated amortization - Change | -900,000 | ' | |
Gross carrying amount - End of period | 28,574,000 | ' | |
Accumulated amortization - End of period | -9,992,000 | ' | |
Net - End of period | 18,582,000 | ' | |
Other [Member] | ' | ' | |
Finite-lived Intangibles Asset [Roll Forward] | ' | ' | |
Gross carrying amount - Beginning of period | 2,375,000 | ' | |
Accumulated amortization - Beginning of period | -992,000 | ' | |
Net - Beginning of period | 1,383,000 | ' | |
Gross carrying amount - Acquisitions - current year | 0 | ' | |
Gross carrying amount - Acquisitions - prior year | 0 | ' | |
Gross carrying amount - Foreign exchange | 0 | ' | |
Gross carrying amount - Other | 571,000 | [1] | ' |
Gross carrying amount - Change | 571,000 | ' | |
Accumulated amortization - Amortization expense | -89,000 | ' | |
Accumulated amortization - Foreign exchange | 0 | ' | |
Accumulated amortization - Other | 0 | [1] | ' |
Accumulated amortization - Change | -89,000 | ' | |
Gross carrying amount - End of period | 2,946,000 | ' | |
Accumulated amortization - End of period | -1,081,000 | ' | |
Net - End of period | $1,865,000 | ' | |
[1] | Other includes netdowns of fully amortized assets and reclassification of certain assets from indefinite-lived intangible assets. |
LONGLIVED_ASSETS_Goodwill_Deta
LONG-LIVED ASSETS (Goodwill) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | $1,736,885 | [1] | ' |
Accumulated impairment losses - Beginning of period | -269,902 | [1] | ' |
Acquisitions—current year | 19,787 | ' | |
Acquisitions—prior year | 1,463 | ' | |
Foreign exchange | 5,303 | ' | |
Gross Goodwill - End of period | 1,763,438 | ' | |
Accumulated impairment losses - End of period | -269,902 | ' | |
Net Goodwill - End of period | 1,493,536 | 1,466,983 | |
Concerts [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | 505,472 | ' | |
Accumulated impairment losses - Beginning of period | -269,902 | ' | |
Acquisitions—current year | 1,129 | ' | |
Acquisitions—prior year | 2 | ' | |
Foreign exchange | 3,682 | ' | |
Gross Goodwill - End of period | 510,285 | ' | |
Accumulated impairment losses - End of period | -269,902 | ' | |
Net Goodwill - End of period | 240,383 | 235,570 | |
Ticketing [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | 642,249 | ' | |
Accumulated impairment losses - Beginning of period | 0 | ' | |
Acquisitions—current year | 0 | ' | |
Acquisitions—prior year | 0 | ' | |
Foreign exchange | -75 | ' | |
Gross Goodwill - End of period | 642,174 | ' | |
Accumulated impairment losses - End of period | 0 | ' | |
Net Goodwill - End of period | 642,174 | 642,249 | |
Artist Nation [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | 278,923 | ' | |
Accumulated impairment losses - Beginning of period | 0 | ' | |
Acquisitions—current year | 18,658 | ' | |
Acquisitions—prior year | 1,062 | ' | |
Foreign exchange | 80 | ' | |
Gross Goodwill - End of period | 298,723 | ' | |
Accumulated impairment losses - End of period | 0 | ' | |
Net Goodwill - End of period | 298,723 | 278,923 | |
Sponsorship & Advertising [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | 310,241 | ' | |
Accumulated impairment losses - Beginning of period | 0 | ' | |
Acquisitions—current year | 0 | ' | |
Acquisitions—prior year | 399 | ' | |
Foreign exchange | 1,616 | ' | |
Gross Goodwill - End of period | 312,256 | ' | |
Accumulated impairment losses - End of period | 0 | ' | |
Net Goodwill - End of period | 312,256 | 310,241 | |
Current Year Adjustment [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Gross Goodwill - Beginning of period | ' | -13,000 | |
Gross Goodwill - End of period | ' | ($13,000) | |
[1] | The previously reported total balance has been reduced by $13.0 million due to the net down of fully impaired goodwill related to the Company’s non-core events business which was sold in 2008. |
LONGLIVED_ASSETS_Investments_i
LONG-LIVED ASSETS (Investments in Nonconsolidated Affiliates) (Details) (Venta de Boletos por Computadora S.A. de C.V. [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Venta de Boletos por Computadora S.A. de C.V. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage | 33.00% | ' |
Revenue | $10,368 | $10,469 |
Operating income | 4,978 | 4,943 |
Net income | 3,777 | 3,972 |
Net income attributable to the common stockholders of the equity investee | $3,736 | $4,001 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fixed Rate Debt With Noncontrolling Interest Partner [Member] | ' | ' |
Fair value, estimate not practicable [Abstract] | ' | ' |
Face amount of debt | $34.90 | $34.60 |
2.875% Convertible Senior Notes Due 2027 [Member] | ' | ' |
Debt Fair Value [Line Items] | ' | ' |
Interest rate, stated percentage | 2.88% | 2.88% |
Level 2 [Member] | 7% Senior Notes Due 2020 [Member] | ' | ' |
Debt Fair Value [Line Items] | ' | ' |
Interest rate, stated percentage | 7.00% | 7.00% |
Estimated fair values of senior notes | 466.4 | 461.9 |
Level 2 [Member] | 2.875% Convertible Senior Notes Due 2027 [Member] | ' | ' |
Debt Fair Value [Line Items] | ' | ' |
Interest rate, stated percentage | 2.88% | 2.88% |
Estimated fair values of convertible senior notes | $224.10 | $223 |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (Ticketing Fees Consumer Class Action Litigation [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Ticketing Fees Consumer Class Action Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Accrual for best estimate of probable costs of settlement | $35.40 |
CERTAIN_RELATIONSHIPS_AND_RELA2
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS (Details) (Other related-parties [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Other related-parties [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Receivable balance | $8,500,000 | ' | $13,500,000 |
Revenue from transactions with related parties | 1,247,000 | 1,327,000 | ' |
Expenses from transactions with related party | $4,509,000 | $5,150,000 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Expected annual effective income tax rate | 20.00% | 18.00% |
Income tax (benefit) expense | ($2,055,000) | $3,559,000 |
Reversal of valuation allowances | 6,500,000 | ' |
Income tax expense based on expected annual rate | $3,300,000 | ' |
Major tax jurisdictions [Member] | Minimum [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Tax years remain open to examination | '2005 | ' |
Major tax jurisdictions [Member] | Maximum [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Tax years remain open to examination | '2013 | ' |
EQUITY_Equity_and_Redeemable_N
EQUITY (Equity and Redeemable Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data in Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Roll Forward] | ' | ' |
Balance at December 31, 2013 | $1,589,806 | ' |
Non-cash and stock-based compensation | 10,018 | ' |
Common stock issued under stock plans, net of shares withheld for employee taxes | -7,658 | ' |
Exercise of stock options | 7,919 | ' |
Acquisitions | 2,155 | ' |
Purchases of noncontrolling interests | 193 | ' |
Sales of noncontrolling interests | -158 | ' |
Redeemable noncontrolling interests fair value adjustments | -2,044 | ' |
Noncontrolling interests contributions | 231 | ' |
Cash distributions | -4,195 | ' |
Other | -4,681 | ' |
Comprehensive income (loss): | ' | ' |
Net income (loss) | -28,021 | ' |
Unrealized loss on cash flow hedges | -3 | 70 |
Realized loss on cash flow hedges | 17 | 8 |
Change in funded status of defined benefit pension plan | 30 | 0 |
Foreign currency translation adjustments | 9,819 | -34,257 |
Balance at March 31, 2014 | 1,573,428 | ' |
Redeemable Noncontrolling Interests [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 61,041 | ' |
Acquisitions | 0 | ' |
Redeemable noncontrolling interests fair value adjustments | 2,044 | ' |
Cash distributions | 0 | ' |
Other | 0 | ' |
Comprehensive income (loss): | ' | ' |
Net income (loss) | -2,076 | ' |
Balance at March 31, 2014 | 61,009 | ' |
Common stock issued | 1.2 | ' |
Live Nation Entertainment, Inc. Stockholders' Equity [Member] | ' | ' |
Equity [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 1,409,228 | ' |
Non-cash and stock-based compensation | 9,727 | ' |
Common stock issued under stock plans, net of shares withheld for employee taxes | -7,658 | ' |
Exercise of stock options | 7,919 | ' |
Acquisitions | 0 | ' |
Purchases of noncontrolling interests | 140 | ' |
Sales of noncontrolling interests | 0 | ' |
Redeemable noncontrolling interests fair value adjustments | -2,044 | ' |
Noncontrolling interests contributions | 0 | ' |
Cash distributions | 0 | ' |
Other | 0 | ' |
Comprehensive income (loss): | ' | ' |
Net income (loss) | -32,448 | ' |
Unrealized loss on cash flow hedges | -3 | ' |
Realized loss on cash flow hedges | 17 | ' |
Change in funded status of defined benefit pension plan | 30 | ' |
Foreign currency translation adjustments | 9,819 | ' |
Balance at March 31, 2014 | 1,394,727 | ' |
Noncontrolling Interests [Member] | ' | ' |
Equity [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 180,578 | ' |
Non-cash and stock-based compensation | 291 | ' |
Common stock issued under stock plans, net of shares withheld for employee taxes | 0 | ' |
Exercise of stock options | 0 | ' |
Acquisitions | 2,155 | ' |
Purchases of noncontrolling interests | 53 | ' |
Sales of noncontrolling interests | -158 | ' |
Redeemable noncontrolling interests fair value adjustments | 0 | ' |
Noncontrolling interests contributions | 231 | ' |
Cash distributions | -4,195 | ' |
Other | -4,681 | ' |
Comprehensive income (loss): | ' | ' |
Net income (loss) | 4,427 | ' |
Unrealized loss on cash flow hedges | 0 | ' |
Realized loss on cash flow hedges | 0 | ' |
Change in funded status of defined benefit pension plan | 0 | ' |
Foreign currency translation adjustments | 0 | ' |
Balance at March 31, 2014 | $178,701 | ' |
EQUITY_Accumulated_Other_Compr
EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
agreement | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance at December 31, 2013 | ($2,370) |
Other comprehensive income (loss) before reclassifications | 9,846 |
Amount reclassified from AOCI | 17 |
Net other comprehensive income | 9,863 |
Balance at March 31, 2014 | 7,493 |
Number of settled instruments designated as cash flow hedges (in agreements) | 1 |
Gains and Losses On Cash Flow Hedges [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance at December 31, 2013 | -79 |
Other comprehensive income (loss) before reclassifications | -3 |
Amount reclassified from AOCI | 17 |
Net other comprehensive income | 14 |
Balance at March 31, 2014 | -65 |
Defined Benefit Pension Items [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance at December 31, 2013 | -611 |
Other comprehensive income (loss) before reclassifications | 30 |
Amount reclassified from AOCI | 0 |
Net other comprehensive income | 30 |
Balance at March 31, 2014 | -581 |
Foreign Currency Items [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance at December 31, 2013 | -1,680 |
Other comprehensive income (loss) before reclassifications | 9,819 |
Amount reclassified from AOCI | 0 |
Net other comprehensive income | 9,819 |
Balance at March 31, 2014 | $8,139 |
EQUITY_Antidilutive_Securities
EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Options to purchase shares of common stock [Member] | Options to purchase shares of common stock [Member] | Restricted stock awards and units - unvested [Member] | Restricted stock awards and units - unvested [Member] | Warrants [Member] | Warrants [Member] | Conversion shares related to 2.875% convertible senior notes [Member] | Conversion shares related to 2.875% convertible senior notes [Member] | 2.875% Convertible Senior Notes Due 2027 [Member] | 2.875% Convertible Senior Notes Due 2027 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.88% | 2.88% |
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 28,033 | 33,368 | 18,060 | 22,078 | 1,868 | 2,685 | 0 | 500 | 8,105 | 8,105 | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | |
Share data in Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | $10,018,000 | $6,305,000 |
Options granted in period (in shares) | 2.1 | ' |
Restricted stock awards granted in period (in shares) | 0.7 | ' |
Total unrecognized compensation cost | 61,400,000 | ' |
Amortization period of unrecognized compensation cost (in years) | '2 years 10 months 24 days | ' |
Selling, general and administrative expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | 4,920,000 | 2,650,000 |
Corporate expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | $5,098,000 | $3,655,000 |
Minimum [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Vesting period | '2 years | ' |
Maximum [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Vesting period | '4 years | ' |
SEGMENT_DATA_Details
SEGMENT DATA (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $1,127,316 | $923,698 |
Direct operating expenses | 731,151 | 576,934 |
Selling, general and administrative expenses | 302,405 | 279,522 |
Depreciation and amortization | 82,588 | 82,165 |
Loss (gain) on disposal of operating assets | 506 | -3,597 |
Corporate expenses | 21,174 | 20,655 |
Acquisition transaction expenses | 1,800 | 1,208 |
Operating (loss) income | -12,308 | -33,189 |
Capital expenditures | 20,596 | 21,548 |
Operating Segments [Member] | Concerts [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 662,490 | 513,535 |
Direct operating expenses | 517,155 | 390,252 |
Selling, general and administrative expenses | 149,916 | 137,318 |
Depreciation and amortization | 28,520 | 28,702 |
Loss (gain) on disposal of operating assets | 510 | -3,130 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 327 | 234 |
Operating (loss) income | -33,938 | -39,841 |
Capital expenditures | 5,626 | 2,441 |
Operating Segments [Member] | Ticketing [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 354,461 | 325,135 |
Direct operating expenses | 172,591 | 155,062 |
Selling, general and administrative expenses | 114,020 | 111,940 |
Depreciation and amortization | 45,983 | 42,813 |
Loss (gain) on disposal of operating assets | -74 | -62 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 5 | 24 |
Operating (loss) income | 21,936 | 15,358 |
Capital expenditures | 13,878 | 18,863 |
Operating Segments [Member] | Artist Nation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 72,556 | 50,271 |
Direct operating expenses | 42,076 | 31,412 |
Selling, general and administrative expenses | 25,793 | 20,038 |
Depreciation and amortization | 7,771 | 10,034 |
Loss (gain) on disposal of operating assets | 33 | -412 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 453 | 128 |
Operating (loss) income | -3,570 | -10,929 |
Capital expenditures | 601 | 118 |
Operating Segments [Member] | Sponsorship and Advertising [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 45,388 | 40,147 |
Direct operating expenses | 8,064 | 6,864 |
Selling, general and administrative expenses | 11,921 | 9,688 |
Depreciation and amortization | 204 | 142 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 0 | 0 |
Operating (loss) income | 25,199 | 23,453 |
Capital expenditures | -46 | 303 |
Operating Segments [Member] | Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 746 | 793 |
Direct operating expenses | -909 | -965 |
Selling, general and administrative expenses | 755 | 538 |
Depreciation and amortization | 10 | 174 |
Loss (gain) on disposal of operating assets | 0 | 7 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 0 | 0 |
Operating (loss) income | 890 | 1,039 |
Capital expenditures | 0 | 0 |
Operating Segments [Member] | Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Direct operating expenses | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization | 599 | 792 |
Loss (gain) on disposal of operating assets | 37 | 0 |
Corporate expenses | 21,174 | 20,655 |
Acquisition transaction expenses | 1,015 | 822 |
Operating (loss) income | -22,825 | -22,269 |
Capital expenditures | 537 | -177 |
Operating Segments [Member] | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | -8,325 | -6,183 |
Direct operating expenses | -7,826 | -5,691 |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization | -499 | -492 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 0 | 0 |
Acquisition transaction expenses | 0 | 0 |
Operating (loss) income | 0 | 0 |
Capital expenditures | 0 | 0 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Concerts [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 7,430 | 5,713 |
Intersegment Eliminations [Member] | Ticketing [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 273 | 267 |
Intersegment Eliminations [Member] | Artist Nation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 622 | 203 |
Intersegment Eliminations [Member] | Sponsorship and Advertising [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | ($8,325) | ($6,183) |