Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Live Nation Entertainment, Inc. | ||
Entity Central Index Key | 1335258 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Public Float | $3,565,000,000 | ||
Entity Common Stock, Shares Outstanding | 201,500,637 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $1,382,029 | $1,299,184 |
Accounts receivable, less allowance of $17,489 and $19,850 in 2014 and 2013, respectively | 419,301 | 439,151 |
Prepaid expenses | 440,272 | 378,342 |
Other current assets | 26,089 | 43,427 |
Total current assets | 2,267,691 | 2,160,104 |
Property, plant and equipment | ||
Land, buildings and improvements | 808,116 | 816,931 |
Computer equipment and capitalized software | 454,925 | 421,846 |
Furniture and other equipment | 209,624 | 210,866 |
Construction in progress | 78,111 | 52,883 |
Property, plant and equipment, gross | 1,550,776 | 1,502,526 |
Less accumulated depreciation | 855,439 | 795,726 |
Property, plant and equipment, net | 695,337 | 706,800 |
Intangible assets | ||
Definite-lived intangible assets, net | 682,713 | 676,564 |
Indefinite-lived intangible assets | 369,480 | 376,736 |
Goodwill | 1,479,037 | 1,466,983 |
Other long-term assets | 494,103 | 296,334 |
Total assets | 5,988,361 | 5,683,521 |
Current liabilities | ||
Accounts payable, client accounts | 658,108 | 656,253 |
Accounts payable | 74,151 | 111,320 |
Accrued expenses | 675,880 | 668,799 |
Deferred revenue | 543,122 | 486,433 |
Current portion of long-term debt | 47,485 | 278,403 |
Other current liabilities | 12,035 | 54,310 |
Total current liabilities | 2,010,781 | 2,255,518 |
Long-term debt, net | 2,015,915 | 1,530,484 |
Long-term deferred income taxes | 196,759 | 161,637 |
Other long-term liabilities | 112,204 | 85,035 |
Commitments and contingent liabilities | ||
Redeemable noncontrolling interests | 168,855 | 61,041 |
Stockholders’ equity | ||
Common stock, $.01 par value; 450,000,000 shares authorized; 201,601,859 and 199,974,160 shares issued and 201,193,835 and 199,566,136 shares outstanding in 2014 and 2013, respectively | 2,004 | 1,978 |
Additional paid-in capital | 2,414,428 | 2,368,281 |
Accumulated deficit | -1,042,603 | -951,796 |
Cost of shares held in treasury (408,024 shares) | -6,865 | -6,865 |
Accumulated other comprehensive loss | -70,010 | -2,370 |
Total Live Nation Entertainment, Inc. stockholders’ equity | 1,296,954 | 1,409,228 |
Noncontrolling interests | 186,893 | 180,578 |
Total equity | 1,483,847 | 1,589,806 |
Total liabilities and equity | 5,988,361 | 5,683,521 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock | 0 | 0 |
Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets | ||
Allowance for doubtful accounts | $17,489 | $19,850 |
Stockholders’ equity | ||
Common stock, par value (in dollars per share | $0.01 | $0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 201,601,859 | 199,974,160 |
Common stock, shares outstanding | 201,193,835 | 199,566,136 |
Treasury stock, shares | 408,024 | 408,024 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $6,866,964 | $6,478,547 | $5,819,047 |
Operating expenses: | |||
Direct operating expenses | 4,919,969 | 4,680,507 | 4,151,277 |
Selling, general and administrative expenses | 1,330,160 | 1,226,892 | 1,143,632 |
Depreciation and amortization | 368,143 | 368,923 | 429,557 |
Goodwill impairment | 134,961 | 0 | 0 |
Gain on disposal of operating assets | -4,494 | -38,259 | -514 |
Corporate expenses | 101,000 | 94,385 | 113,364 |
Acquisition transaction expenses | 10,061 | 6,439 | 3,370 |
Operating income (loss) | 7,164 | 139,660 | -21,639 |
Interest expense | 106,312 | 111,659 | 123,740 |
Loss (gain) on extinguishment of debt | 188 | 36,269 | -460 |
Interest income | -3,606 | -5,071 | -4,170 |
Equity in earnings of nonconsolidated affiliates | -4,166 | -856 | -9,921 |
Other expense, net | 8,256 | 2,796 | 1,333 |
Loss before income taxes | -99,820 | -5,137 | -132,161 |
Income tax expense | 4,630 | 30,878 | 29,736 |
Net loss | -104,450 | -36,015 | -161,897 |
Net income (loss) attributable to noncontrolling interests | -13,643 | 7,363 | 1,330 |
Net loss attributable to common stockholders of Live Nation | ($90,807) | ($43,378) | ($163,227) |
Basic and diluted net loss per common share attributable to common stockholders of Live Nation | ($0.49) | ($0.23) | ($0.88) |
Weighted average common shares outstanding: | |||
Basic and diluted (in shares) | 198,874,019 | 193,885,066 | 186,955,748 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net loss | ($104,450) | ($36,015) | ($161,897) |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on cash flow hedges | -6 | 20 | -148 |
Realized loss (gain) on cash flow hedges | 60 | 496 | -16 |
Change in funded status of defined benefit pension plan | 30 | 0 | -390 |
Foreign currency translation adjustments | -67,724 | 8,037 | 26,005 |
Comprehensive loss | -172,090 | -27,462 | -136,446 |
Comprehensive income (loss) attributable to noncontrolling interests | -13,643 | 7,363 | 1,330 |
Comprehensive loss attributable to common stockholders of Live Nation | ($158,447) | ($34,825) | ($137,776) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Cost of Shares Held in Treasury [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balances at Dec. 31, 2011 | $8,277 | |||||||
Balances at Dec. 31, 2011 | 1,616,894 | 1,868 | 2,243,587 | -745,191 | -2,787 | -36,374 | 155,791 | |
Balances (in shares) at Dec. 31, 2011 | 186,789,948 | |||||||
Equity [Roll Forward] | ||||||||
Non-cash and stock-based compensation | 37,063 | 2 | 36,847 | 214 | ||||
Non-cash and stock-based compensation (in shares) | 151,592 | |||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | -5,357 | 4 | -7,934 | 2,573 | ||||
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 450,002 | |||||||
Exercise of stock options | 1,143 | 3 | 1,140 | |||||
Exercise of stock options (in shares) | 259,799 | |||||||
Acquisitions | 15,540 | 15,540 | ||||||
Purchases of noncontrolling interests | -236 | 43 | -279 | |||||
Redeemable noncontrolling interests fair value adjustments | -801 | -801 | ||||||
Noncontrolling interests contributions | 825 | 825 | ||||||
Cash distributions | -20,079 | -20,079 | ||||||
Other | -1,498 | -1,498 | ||||||
Other comprehensive income (loss): | ||||||||
Net income (loss) | -160,371 | -163,227 | 2,856 | |||||
Unrealized gain (loss) on cash flow hedges | -148 | -148 | ||||||
Realized loss (gain) on cash flow hedges | -16 | -16 | ||||||
Change in funded status of defined benefit pension plan | -390 | -390 | ||||||
Foreign currency translation adjustments | 26,005 | 26,005 | ||||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||||||
Acquisitions | 37,866 | |||||||
Redeemable noncontrolling interests fair value adjustments | 801 | |||||||
Cash distributions | 0 | |||||||
Exercise of put option | -4,000 | |||||||
Other | 682 | |||||||
Comprehensive income (loss): | ||||||||
Net income (loss) | -1,526 | |||||||
Balances at Dec. 31, 2012 | 42,100 | |||||||
Balances at Dec. 31, 2012 | 1,508,574 | 1,877 | 2,272,882 | -908,418 | 0 | -10,923 | 153,156 | |
Balances (in shares) at Dec. 31, 2012 | 187,651,341 | |||||||
Equity [Roll Forward] | ||||||||
Non-cash and stock-based compensation | 28,415 | 28,415 | ||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | -6,579 | 9 | -6,588 | |||||
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 894,640 | |||||||
Exercise of stock options | 85,110 | 87 | 85,023 | |||||
Exercise of stock options (in shares) | 8,718,128 | |||||||
Exercise of warrants | 0 | 5 | 6,860 | -6,865 | ||||
Exercise of warrants (in shares) | 500,000 | |||||||
Acquisitions | 61,217 | 61,217 | ||||||
Purchases of noncontrolling interests | -49,900 | -17,732 | -32,168 | |||||
Sales of noncontrolling interests | -399 | -399 | ||||||
Redeemable noncontrolling interests fair value adjustments | -569 | -569 | ||||||
Noncontrolling interests contributions | 363 | 363 | ||||||
Cash distributions | -17,248 | -17,248 | ||||||
Other | -1,029 | -10 | -1,019 | |||||
Other comprehensive income (loss): | ||||||||
Net income (loss) | -26,702 | -43,378 | 16,676 | |||||
Unrealized gain (loss) on cash flow hedges | 20 | 20 | ||||||
Realized loss (gain) on cash flow hedges | 496 | 496 | ||||||
Change in funded status of defined benefit pension plan | 0 | |||||||
Foreign currency translation adjustments | 8,037 | 8,037 | ||||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||||||
Acquisitions | 29,756 | |||||||
Redeemable noncontrolling interests fair value adjustments | 569 | |||||||
Cash distributions | -136 | |||||||
Exercise of put option | -2,000 | |||||||
Other | 65 | |||||||
Comprehensive income (loss): | ||||||||
Net income (loss) | -9,313 | |||||||
Balances at Dec. 31, 2013 | 61,041 | 61,041 | ||||||
Balances at Dec. 31, 2013 | 1,589,806 | 1,978 | 2,368,281 | -951,796 | -6,865 | -2,370 | 180,578 | |
Balances (in shares) at Dec. 31, 2013 | 197,764,109 | |||||||
Equity [Roll Forward] | ||||||||
Non-cash and stock-based compensation | 39,029 | 39,029 | ||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | -14,893 | 9 | -14,902 | 0 | 0 | 0 | ||
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 897,973 | |||||||
Exercise of stock options | 21,797 | 17 | 21,780 | |||||
Exercise of stock options (in shares) | 1,769,194 | |||||||
Fair value of convertible debt conversion feature, net of issuance costs | 21,444 | 21,444 | ||||||
Acquisitions | 37,484 | 37,484 | ||||||
Purchases of noncontrolling interests | -3,486 | -3,796 | 310 | |||||
Sales of noncontrolling interests | -11,907 | -11,748 | -159 | |||||
Redeemable noncontrolling interests fair value adjustments | -5,660 | -5,660 | ||||||
Noncontrolling interests contributions | 106 | 106 | ||||||
Cash distributions | -30,520 | -30,520 | ||||||
Other | -5,449 | -5,449 | ||||||
Other comprehensive income (loss): | ||||||||
Net income (loss) | -86,264 | -90,807 | 4,543 | |||||
Unrealized gain (loss) on cash flow hedges | -6 | -6 | ||||||
Realized loss (gain) on cash flow hedges | 60 | 60 | ||||||
Change in funded status of defined benefit pension plan | 30 | 30 | ||||||
Foreign currency translation adjustments | -67,724 | -67,724 | ||||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||||||
Acquisitions | 108,104 | |||||||
Purchases of noncontrolling interests | -5,017 | |||||||
Sales of noncontrolling interests | 19,246 | |||||||
Redeemable noncontrolling interests fair value adjustments | 5,660 | |||||||
Cash distributions | -1,993 | |||||||
Other | 0 | |||||||
Comprehensive income (loss): | ||||||||
Net income (loss) | -18,186 | |||||||
Balances at Dec. 31, 2014 | 168,855 | 168,855 | ||||||
Balances at Dec. 31, 2014 | $1,483,847 | $2,004 | $2,414,428 | ($1,042,603) | ($6,865) | ($70,010) | $186,893 | |
Balances (in shares) at Dec. 31, 2014 | 200,431,276 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($104,450) | ($36,015) | ($161,897) |
Reconciling items: | |||
Depreciation | 127,168 | 122,164 | 124,593 |
Amortization | 240,975 | 246,759 | 304,964 |
Goodwill impairment | 134,961 | 0 | 0 |
Deferred income tax benefit | -17,664 | -15,888 | -10,957 |
Amortization of debt issuance costs and discount/premium, net | 16,038 | 20,187 | 16,696 |
Loss (gain) on extinguishment of debt | 188 | 36,269 | -460 |
Non-cash compensation expense | 39,029 | 28,415 | 37,063 |
Gain on disposal of operating assets | -4,494 | -38,259 | -514 |
Equity in earnings of nonconsolidated affiliates | -4,166 | -856 | -9,921 |
Loss (gain) on consolidation of nonconsolidated affiliates | -16,356 | -986 | 2,373 |
Other, net | -1,512 | 4,907 | 8,062 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Decrease (increase) in accounts receivable | -14,356 | 34,344 | -20,319 |
Increase in prepaid expenses | -187,113 | -8,410 | -88,841 |
Increase in other assets | -44,447 | -102,756 | -22,316 |
Increase in accounts payable, accrued expenses and other liabilities | 31,878 | 90,809 | 63,812 |
Increase in deferred revenue | 73,730 | 36,788 | 124,760 |
Net cash provided by operating activities | 269,409 | 417,472 | 367,098 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Collections and advances of notes receivable | -25,627 | -1,193 | -2,408 |
Distributions from nonconsolidated affiliates | 7,864 | 13,889 | 9,241 |
Investments made in nonconsolidated affiliates | -19,600 | -9,628 | -3,788 |
Purchases of property, plant and equipment | -139,587 | -134,868 | -123,811 |
Proceeds from disposal of operating assets, net of cash divested | 7,045 | 82,618 | 8,293 |
Cash paid for acquisitions, net of cash acquired | -210,243 | -93,537 | -75,641 |
Purchases of intangible assets | -3,350 | -522 | -14,562 |
Other, net | -796 | -422 | -1,115 |
Net cash used in investing activities | -384,294 | -143,663 | -203,791 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term debt, net of debt issuance costs | 515,385 | 903,179 | 538,124 |
Payments on long-term debt | -253,773 | -886,597 | -525,060 |
Contributions from noncontrolling interests | 81 | 363 | 825 |
Distributions to noncontrolling interests | -32,513 | -17,384 | -20,079 |
Purchases and sales of noncontrolling interests, net | -4,391 | -50,876 | -4,259 |
Proceeds from exercise of stock options | 21,797 | 85,110 | 1,143 |
Payments for deferred and contingent consideration | -5,722 | -811 | -10,585 |
Net cash provided by (used in) financing activities | 240,864 | 32,984 | -19,891 |
Effect of exchange rate changes on cash and cash equivalents | -43,134 | -8,664 | 13,386 |
Net increase in cash and cash equivalents | 82,845 | 298,129 | 156,802 |
Cash and cash equivalents at beginning of period | 1,299,184 | 1,001,055 | 844,253 |
Cash and cash equivalents at end of period | 1,382,029 | 1,299,184 | 1,001,055 |
SUPPLEMENTAL DISCLOSURE | |||
Interest, net of interest income | 89,343 | 86,669 | 107,975 |
Income taxes, net of refunds | $41,471 | $45,567 | ($2,238) |
THE_COMPANY_AND_SUMMARY_OF_SIG
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
History | |
Live Nation was incorporated in Delaware on August 2, 2005 in preparation for the contribution and transfer by Clear Channel of substantially all of its entertainment assets and liabilities to the Company. The Company completed the Separation on December 21, 2005 and became a publicly traded company on the New York Stock Exchange trading under the symbol “LYV.” Prior to the Separation, Live Nation was a wholly-owned subsidiary of Clear Channel. | |
On January 25, 2010, the Company merged with Ticketmaster and it became a wholly-owned subsidiary of Live Nation. Effective with the merger Live Nation, Inc. changed its name to Live Nation Entertainment, Inc. | |
Seasonality | |
Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur from 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. | |
Basis of Presentation and Principles of Consolidation | |
The Company’s consolidated financial statements include all accounts of the Company, its majority owned and controlled subsidiaries and VIEs for which the Company is the primary beneficiary. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations. | |
Typically the Company consolidates entities in which the Company owns more than 50% of the voting common stock and controls operations and also VIEs for which the Company is the primary beneficiary. Investments in nonconsolidated affiliates in which the Company owns more than 20% of the voting common stock or otherwise exercises significant influence over operating and financial policies but not control of the nonconsolidated affiliate are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock and does not exercise significant influence over operating and financial policies are accounted for using the cost method of accounting. | |
All cash flow activity reflected on the consolidated statements of cash flows for the Company is presented net of any non-cash transactions so the amounts reflected may be different than amounts shown in other places in the Company’s financial statements that are based on accrual accounting and therefore include non-cash amounts. For example, the purchases of property, plant and equipment reflected on the consolidated statements of cash flows reflects the amount of cash paid during the year for these purchases and does not include the impact of the changes in accrued expenses related to capital expenditures during the year. | |
Variable Interest Entities | |
In the normal course of business, the Company enters into joint ventures or makes investments in companies that will allow it to expand its core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether the Company is the primary beneficiary of a VIE, it assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities the Company believes most significantly impact the economic performance of its VIEs include the unilateral ability to approve the annual budget, the unilateral ability to terminate key management and the unilateral ability to approve entering into agreements with artists, among others. The Company has certain rights and obligations related to its involvement in the VIEs, including the requirement to provide operational cash flow funding. As of December 31, 2014 and 2013, excluding intercompany balances and allocated goodwill and intangible assets, there were $177.6 million and $109.1 million of assets and $54.9 million and $53.6 million of liabilities, respectively, related to VIEs included in the balance sheets. None of the Company’s VIEs are significant on an individual basis. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. The Company’s cash and cash equivalents consist primarily of domestic and foreign bank accounts as well as money market accounts. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. These balances are stated at cost, which approximates fair value. | |
Included in the December 31, 2014 and 2013 cash and cash equivalents balance is $533.8 million and $538.4 million, respectively, of cash received that includes the face value of tickets sold on behalf of clients and the clients’ share of convenience and order processing charges (“client cash”). The Company generally does not utilize client cash for its own financing or investing activities as the amounts are payable to clients on a regular basis. These amounts due to clients are included in accounts payable, client accounts. | |
The Company’s available cash and cash equivalents are held in accounts managed by third-party financial institutions and consist of cash in operating accounts and invested cash. Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. The invested cash is held in interest-bearing funds consisting primarily of bank deposits and money market funds. | |
While the Company monitors cash and cash equivalents balances in its operating accounts on a regular basis and adjusts the balances as appropriate, these balances could be impacted in the future if the underlying financial institutions fail. To date, the Company has experienced no loss or lack of access to its cash or cash equivalents; however, the Company can provide no assurances that access to its cash and cash equivalents will not be impacted in the future by adverse conditions in the financial markets. | |
Allowance for Doubtful Accounts | |
The Company evaluates the collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company becomes aware of a customer’s inability to meet its financial obligations. | |
The Company believes that the credit risk with respect to trade receivables is limited due to the large number and the geographic diversification of its customers. | |
Prepaid Expenses | |
The majority of the Company’s prepaid expenses relate to event expenses including show advances and deposits and other costs directly related to future concert events. For advances that are expected to be recouped over a period of more than 12 months, the long-term portion of the advance is classified as other long-term assets. These prepaid costs are charged to operations upon completion of the related events. | |
Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to the Company’s clients pursuant to ticketing agreements and are reflected in prepaid expenses or in other long-term assets if the amount is expected to be recouped or recognized over a period of more than 12 months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the clients, based on the contract terms, over the life of the contract. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by the Company to secure exclusive rights with certain clients and are normally amortized over the life of the contract on a straight-line basis. Amortization of these non-recoupable ticketing contract advances is included in depreciation and amortization in the statements of operations. For the years ended December 31, 2014, 2013 and 2012, the Company amortized $79.4 million, $73.6 million and $48.1 million, respectively, related to non-recoupable ticketing contract advances. | |
Business Combinations | |
The Company accounts for its business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost or fair value at date of acquisition. Depreciation, which is recorded for both owned assets and assets under capital leases, is computed using the straight-line method over their estimated useful lives, which are as follows: | |
Buildings and improvements - 10 to 50 years | |
Computer equipment and capitalized software - 3 to 10 years | |
Furniture and other equipment - 3 to 10 years | |
Leasehold improvements are depreciated over the shorter of the economic life or associated lease term assuming the Company exercises renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for asset renewal and improvements are capitalized. | |
The Company tests for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. | |
Intangible Assets | |
The Company classifies intangible assets as definite-lived or indefinite-lived. Definite-lived intangibles include revenue-generating contracts, client/vendor relationships, non-compete agreements, venue management and leasehold agreements, technology and trademarks and naming rights, all of which are amortized either on a straight-line basis over the respective lives of the agreements, typically three to fifteen years, or on a basis more representative of the time pattern over which the benefit is derived. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are stated at cost or fair value. Indefinite-lived intangibles primarily include trade names. The excess cost over fair value of net assets acquired is classified as goodwill. Indefinite-lived intangibles are not subject to amortization, but are reviewed for impairment at least annually. | |
The Company tests for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. | |
The Company tests for possible impairment of indefinite-lived intangible assets at least annually. Depending on facts and circumstances, qualitative factors may first be assessed to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If it is concluded that it is more likely than not impaired, then the Company performs a quantitative impairment test by comparing the fair value with the carrying amount. If the qualitative assessment is not performed first, the Company performs only this quantitative test. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. | |
The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. | |
Goodwill | |
The Company reviews goodwill for impairment annually, as of October 1, using a three-step process. It also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its operating segments or reporting units. The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing and the timing of the last performance of a quantitative assessment. If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment, compares the fair value of the reporting unit’s goodwill with its carrying amount, including goodwill. The third step, employed for any reporting unit that fails the second step, is used to measure the amount of any potential impairment and compares the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. If a reporting unit’s carrying value is negative, the Company does not follow this three-step process. In this case, a qualitative evaluation is performed to determine whether it is more likely than not that the reporting unit’s goodwill is impaired. If it is, the comparison of the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill described above is performed. In all three steps, discount rates, market multiples and sensitivity tests are derived and/or computed with the assistance of external valuation consultants. | |
The second and third steps that the Company uses to evaluate goodwill for impairment involve the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. | |
In developing fair values for its reporting units, the Company may employ a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares the Company to similar companies on the basis of risk characteristics to determine its risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples used and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective company. | |
The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to the Company’s adjusted operating income metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses the Company’s estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate, attrition rate and expected future revenue, which vary among reporting units. | |
Nonconsolidated Affiliates | |
In general, nonconsolidated investments in which the Company owns more than 20% of the common stock or otherwise exercises significant influence over an affiliate are accounted for under the equity method. The Company recognizes gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If the Company obtains control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, it remeasures its investment to fair value first and then applies the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense, net in the statements of operations. | |
Accounts Payable, Client Accounts | |
Accounts payable, client accounts consists of contractual amounts due to ticketing clients which includes the face value of tickets sold and the clients’ share of convenience and order processing charges. | |
Income Taxes | |
The Company accounts for income taxes using the liability method in accordance with the FASB guidance for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion of or the entire asset will not be realized. As almost all earnings from the Company’s continuing foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional United States taxes on those foreign operations. The amount of earnings at December 31, 2014 that was permanently reinvested was approximately $1.1 billion. It is not practical to determine the amount of federal and state income taxes, if any, that might become due in the event that the earnings were distributed. | |
The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. | |
The Company has established a policy of including interest related to tax loss contingencies in income tax expense (benefit). | |
Revenue Recognition | |
Revenue from the promotion and production of an event in the Concerts segment is recognized after the show occurs. Revenue related to larger global tours is recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue guarantee thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally amortized over the operating season or the term of the contract. | |
Revenue from the Company’s ticketing operations primarily consists of convenience charges and order processing fees charged at the time a ticket for an event is sold. For tickets sold to events at the Company’s owned or operated venues in the United States, and where the Company controls the tickets internationally, the revenue for the associated ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs. These service charges are shared between the Company’s Ticketing and Concerts segments. For tickets sold for events at third-party venues, the revenue is recognized at the time of the sale and is recorded by the Company’s Ticketing segment. | |
The Company accounts for taxes that are externally imposed on revenue producing transactions on a net basis, as a reduction of revenue. | |
Gross versus Net Revenue Recognition | |
The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. The Ticketing segment’s revenue, which primarily consists of convenience charges and order processing fees from its ticketing operations, is recorded net of the face value of the ticket as the Company generally acts as an agent in these transactions. | |
Foreign Currency | |
Results of operations for foreign subsidiaries and foreign equity investees are translated into United States dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into United States dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity in AOCI. Foreign currency transaction gains and losses are included in the statements of operations. For the years ended December 31, 2014 and 2013, the Company recorded net foreign currency transaction losses of $28.9 million and $2.8 million, respectively, and a foreign currency transaction gain of $1.4 million for the year ended December 31, 2012. The Company does not currently have operations in highly inflationary countries. | |
Advertising Expense | |
The Company records advertising expense in the year that it is incurred. Throughout the year, general advertising expenses are recognized as they are incurred but event-related advertising for concerts is recognized once the show occurs. However, all advertising costs incurred during the year and not previously recognized are expensed at the end of the year. Advertising expenses of $242.9 million, $224.0 million and $208.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, were recorded as a component of direct operating expenses. Advertising expenses of $28.8 million, $27.7 million and $21.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, were recorded as a component of selling, general and administrative expenses. | |
Direct Operating Expenses | |
Direct operating expenses include artist fees, show related marketing and advertising expenses, royalties paid to clients for a share of convenience and order processing fees, rent expense for events in third-party venues, credit card fees, telecommunications and data communication costs associated with the Company’s call centers, commissions paid on tickets distributed through independent sales outlets away from the box office, and salaries and wages related to seasonal employees at the Company’s venues along with other costs, including ticket stock and shipping. These costs are primarily variable in nature. | |
Selling, General and Administrative Expenses | |
Selling, general and administrative expenses include salaries and other compensation costs related to full-time employees, fixed rent, travel and entertainment, legal expenses and consulting along with other costs. | |
Depreciation and Amortization | |
The Company’s depreciation and amortization is presented as a separate line item in the statements of operations. There is no depreciation or amortization included in direct operating expenses, selling, general and administrative expenses or corporate expenses. | |
Non-cash and Stock-based Compensation | |
The Company follows the fair value recognition provisions in the FASB guidance for stock compensation. Stock-based compensation expense recognized includes compensation expense for all share-based payments using the estimated grant date fair value net of expected forfeitures. Judgment is required in estimating the amount of stock-based awards expected to be forfeited prior to vesting. If actual forfeitures differ from these estimates, non-cash compensation expense could vary. | |
The fair value for options in Live Nation stock is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the options is amortized to expense, net of estimated forfeitures, on a straight-line basis over the options’ vesting period. The Company uses an expected volatility based on an even weighting of its own traded options and historical volatility. The Company uses the simplified method for estimating the expected life within the valuation model which is the period of time that options granted are expected to be outstanding. The Company uses the simplified method as it does not believe its historical experience provides a reasonable basis with which to estimate the expected term due to the impact of a number of divestitures after the Separation, the varying vesting terms of awards issued since the Separation and the impact from the type and amount of awards converted pursuant to the Company’s merger with Ticketmaster. The risk-free rate for periods within the expected life of the option is based on the United States Treasury note rate. | |
The fair value of restricted stock and restricted stock units, which is generally the stock price on the date of issuance, is amortized to expense, net of expected forfeitures, on a straight-line basis over the vesting period. | |
Acquisition Transaction Expenses | |
Acquisition transaction expenses consist of direct costs related to business combinations, such as legal and accounting transaction charges related to reviewing and closing an acquisition and also other legal costs directly tied to the transaction. These expenses also reflect changes in the fair value of accrued acquisition-related contingent consideration arrangements. The Company records transaction costs incurred in connection with the purchase or sale of a noncontrolling interest in a subsidiary, when control is maintained, as a deduction from equity in additional paid-in capital. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. | |
Reclassifications | |
Certain reclassifications have been made to the prior year consolidated financial statements and notes to conform to the 2014 presentation. The reclassifications related to changes in operating assets and liabilities, net of effects of acquisitions and dispositions in the statements of cash flows and deferred tax assets related to net operating loss carryforwards and the associated valuation allowances in the notes to consolidated financial statements. | |
Recent Accounting 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. | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual and interim periods beginning after December 15, 2016, and early adoption of the standard is not permitted. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption. The Company will adopt this standard on January 1, 2017, and is currently assessing which implementation method it will apply and the impact its adoption will have on its financial position and results of operations. | |
In June 2014, the FASB issued guidance that requires a performance target in a share-based payment that affects vesting, and that could be achieved after the requisite service period, be accounted for as a performance condition. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date. The guidance may be applied on a modified retrospective basis for performance targets outstanding on or after the beginning of the first annual period presented as of the date of adoption. The Company does not currently expect to grant these type of awards, but will adopt this guidance on January 1, 2016 and will apply it prospectively to any awards granted on or after January 1, 2016 that include these terms. | |
In February 2015, the FASB issued new guidance for evaluating whether a reporting organization should consolidate certain legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The guidance should be applied either using a modified retrospective approach or retrospectively. The Company will adopt this standard on January 1, 2016, and is currently assessing which implementation method it will apply and the impact its adoption will have on its financial position and results of operations. |
LONGLIVED_ASSETS
LONG-LIVED ASSETS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 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 2014 and 2013, the Company received insurance recoveries and recorded gains of $3.8 million and $14.1 million for the years ended December 31, 2014 and 2013, respectively, as a component of gain on disposal of operating assets in the Concerts segment representing the proceeds received in excess of the carrying value of the assets. The Company received the final insurance recovery in the second quarter of 2014. | ||||||||||||||||||||||||||||||||
During each year presented, the Company reviewed the carrying value of certain property, plant and equipment that management determined would, more likely than not, be disposed of before the end of their previously estimated useful lives or had an indicator that future operating cash flows may not support their carrying value. For the year ended December 31, 2012, the Company recorded impairment charges of $4.3 million as a component of depreciation and amortization. It was determined that certain assets were impaired since the estimated undiscounted cash flows associated with the respective assets were less than their carrying value. The 2012 impairment charges were primarily related to certain leasehold improvements and office furniture and equipment in the Artist Nation segment, an amphitheater in the Concerts segment and a theater in other operations. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair values. There were no significant impairment charges recorded during 2014 and 2013. | ||||||||||||||||||||||||||||||||
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 years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
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, 2012: | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 515,071 | $ | 261,655 | $ | 168,418 | $ | 118,259 | $ | 101,424 | $ | 18,423 | $ | 6,452 | $ | 1,189,702 | ||||||||||||||||
Accumulated amortization | (197,549 | ) | (39,807 | ) | (111,369 | ) | (51,891 | ) | (53,295 | ) | (6,678 | ) | (4,650 | ) | (465,239 | ) | ||||||||||||||||
Net | 317,522 | 221,848 | 57,049 | 66,368 | 48,129 | 11,745 | 1,802 | 724,463 | ||||||||||||||||||||||||
Gross carrying amount: | ||||||||||||||||||||||||||||||||
Acquisitions—current year | 85,927 | 31,582 | — | — | 3,370 | 10,500 | — | 131,379 | ||||||||||||||||||||||||
Acquisitions— prior year | (1,028 | ) | (2,833 | ) | — | — | — | — | — | (3,861 | ) | |||||||||||||||||||||
Dispositions | — | (1,354 | ) | — | — | — | — | — | (1,354 | ) | ||||||||||||||||||||||
Foreign exchange | 2,476 | (6,525 | ) | 98 | (17 | ) | 826 | 376 | (34 | ) | (2,800 | ) | ||||||||||||||||||||
Other (1) | (17,352 | ) | (4,588 | ) | (31,317 | ) | (32,600 | ) | (4,956 | ) | (775 | ) | (4,043 | ) | (95,631 | ) | ||||||||||||||||
Net change | 70,023 | 16,282 | (31,219 | ) | (32,617 | ) | (760 | ) | 10,101 | (4,077 | ) | 27,733 | ||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (49,972 | ) | (47,918 | ) | (21,984 | ) | (24,615 | ) | (24,116 | ) | (4,160 | ) | (416 | ) | (173,181 | ) | ||||||||||||||||
Dispositions | — | 61 | — | — | — | — | — | 61 | ||||||||||||||||||||||||
Foreign exchange | (884 | ) | 1,412 | (92 | ) | 219 | (655 | ) | (209 | ) | 31 | (178 | ) | |||||||||||||||||||
Other (1) | 17,352 | 4,443 | 32,317 | 32,600 | 4,956 | 1,955 | 4,043 | 97,666 | ||||||||||||||||||||||||
Net change | (33,504 | ) | (42,002 | ) | 10,241 | 8,204 | (19,815 | ) | (2,414 | ) | 3,658 | (75,632 | ) | |||||||||||||||||||
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 | 75,304 | 92,974 | — | — | 8,415 | — | 1,100 | 177,793 | ||||||||||||||||||||||||
Acquisitions— prior year | (1,851 | ) | 2,857 | 1,500 | — | 407 | — | — | 2,913 | |||||||||||||||||||||||
Dispositions | (1,600 | ) | — | — | — | — | — | — | (1,600 | ) | ||||||||||||||||||||||
Foreign exchange | (19,056 | ) | (8,508 | ) | — | (2,324 | ) | (1,608 | ) | (1,176 | ) | (5 | ) | (32,677 | ) | |||||||||||||||||
Other (1) | (2,764 | ) | (9,268 | ) | (15,147 | ) | 4 | (92,548 | ) | (3,082 | ) | 111 | (122,694 | ) | ||||||||||||||||||
Net change | 50,033 | 78,055 | (13,647 | ) | (2,320 | ) | (85,334 | ) | (4,258 | ) | 1,206 | 23,735 | ||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (52,664 | ) | (52,389 | ) | (12,531 | ) | (7,960 | ) | (24,946 | ) | (3,458 | ) | (713 | ) | (154,661 | ) | ||||||||||||||||
Dispositions | 605 | — | — | — | — | — | — | 605 | ||||||||||||||||||||||||
Foreign exchange | 8,277 | 1,735 | — | 1,161 | 1,262 | 767 | 3 | 13,205 | ||||||||||||||||||||||||
Other (1) | 2,764 | 9,268 | 15,147 | (4 | ) | 92,548 | 3,082 | 460 | 123,265 | |||||||||||||||||||||||
Net change | (41,018 | ) | (41,386 | ) | 2,616 | (6,803 | ) | 68,864 | 391 | (250 | ) | (17,586 | ) | |||||||||||||||||||
Balance as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Gross carrying amount | 635,127 | 355,992 | 123,552 | 83,322 | 15,330 | 24,266 | 3,581 | 1,241,170 | ||||||||||||||||||||||||
Accumulated amortization | (272,071 | ) | (123,195 | ) | (98,512 | ) | (50,490 | ) | (4,246 | ) | (8,701 | ) | (1,242 | ) | (558,457 | ) | ||||||||||||||||
Net | $ | 363,056 | $ | 232,797 | $ | 25,040 | $ | 32,832 | $ | 11,084 | $ | 15,565 | $ | 2,339 | $ | 682,713 | ||||||||||||||||
(1) | Other includes netdowns of fully amortized or impaired assets and, for 2013, a $1.2 million reclassification from indefinite-lived intangible assets due to a change in the asset’s estimated useful life. | |||||||||||||||||||||||||||||||
___________ | ||||||||||||||||||||||||||||||||
Included in the current year acquisitions amount above for 2014 is $177.8 million of definite-lived intangible assets primarily related to revenue-generating contracts and client/vendor relationships. These additions are primarily associated with the acquisitions of a controlling interest in a festival and concert promoter and five artist management businesses located in the United States and the United Kingdom. | ||||||||||||||||||||||||||||||||
Included in the current year acquisitions amount above for 2013 is $131.4 million of definite-lived intangible assets primarily related to revenue-generating contracts, client/vendor relationships and trademarks and naming rights. These additions are primarily associated with the acquisitions of controlling interests in festival promoters located in the United States and the United Kingdom along with an artist management business located in the United Kingdom. | ||||||||||||||||||||||||||||||||
The 2014 and 2013 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: | ||||||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Life (years) | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Revenue-generating contracts | 9 | 9 | ||||||||||||||||||||||||||||||
Client/vendor relationships | 7 | 8 | ||||||||||||||||||||||||||||||
Technology | 5 | 5 | ||||||||||||||||||||||||||||||
Trademarks and naming rights | — | 10 | ||||||||||||||||||||||||||||||
Other | 10 | — | ||||||||||||||||||||||||||||||
All categories | 8 | 9 | ||||||||||||||||||||||||||||||
During all years presented, the Company reviewed the carrying value of certain definite-lived intangible assets that management determined would not be renewed or that had an indicator that future operating cash flows may not support its carrying value. It was determined that certain assets were impaired since the estimated undiscounted future cash flows associated with those assets were less than their carrying value. For the years ended December 31, 2014, 2013 and 2012, the Company recorded impairment charges related to definite-lived intangible assets of $11.1 million, $10.6 million and $89.6 million, respectively, as a component of depreciation and amortization. The 2014 impairment charges primarily related to client/vendor relationship intangible assets in the Artist Nation segment and technology intangible assets in the Ticketing segment. The 2013 impairment charges primarily related to venue management and leasehold intangible assets in the Concerts segment and client/vendor relationship intangible assets in the Artist Nation segment. The 2012 impairment charges primarily related to client/vendor relationship intangible assets in the Artist Nation segment and revenue-generating contracts and client/vendor relationship intangible assets in the Concerts segment. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair values. | ||||||||||||||||||||||||||||||||
Amortization of definite-lived intangible assets for the years ended December 31, 2014, 2013 and 2012 was $154.7 million, $173.2 million and $256.9 million, respectively. | ||||||||||||||||||||||||||||||||
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2014: | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 130,262 | ||||||||||||||||||||||||||||||
2016 | $ | 125,166 | ||||||||||||||||||||||||||||||
2017 | $ | 104,932 | ||||||||||||||||||||||||||||||
2018 | $ | 86,048 | ||||||||||||||||||||||||||||||
2019 | $ | 73,680 | ||||||||||||||||||||||||||||||
As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization may vary. | ||||||||||||||||||||||||||||||||
Indefinite-lived Intangibles | ||||||||||||||||||||||||||||||||
The Company has indefinite-lived intangible assets which consist primarily of trade names. These indefinite-lived intangible assets had a carrying value of $369.5 million and $376.7 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
The Company tests for possible impairment of indefinite-lived intangible assets on at least an annual basis. For the year ended December 31, 2014, the Company recorded an impairment charge of $6.0 million as a component of depreciation and amortization in the Ticketing segment. During 2014, the Company made a decision to rebrand certain of its markets that were not using the Ticketmaster trade name. In connection with the rebranding, it was determined that an indefinite-lived intangible asset for a certain market was fully impaired since the transition to the Ticketmaster trade name was substantially completed for that market during the year. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair value. There were no impairment charges of indefinite-lived intangible assets recorded for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||
The Company currently has seven reporting units with goodwill balances: International Concerts and North American Concerts within the Concerts segment; Artist Management and Artist Services (non-management) within the Artist Nation segment; International Ticketing and North American Ticketing within the Ticketing segment; and Sponsorship & Advertising. The Company reviews goodwill for impairment annually, as of October 1, using a three-step process: a qualitative review, a quantitative analysis and a measurement of implied goodwill. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its operating segments or reporting units. As part of the Company’s annual test for impairment of goodwill, three reporting units were assessed under the initial qualitative evaluation and did not require a quantitative analysis. These reporting units account for approximately 65% of the Company’s goodwill at December 31, 2014. Considerations included the considerable excess of fair values over carrying values in the most recent quantitative analysis performed together with the following comparison of current information to the most recent quantitative analysis: (a) financial results outperforming prior expectations, (b) a flat or declining discount rate and (c) a large increase in market multiples. | ||||||||||||||||||||||||||||||||
For two reporting units that account for approximately 26% of the Company’s goodwill at December 31, 2014, although these reporting units outperformed financial expectations and showed improved discount rates, the qualitative analysis was inconclusive. As such, quantitative analysis was also performed for these reporting units, but did not require advancing to the final step to measure impairment. | ||||||||||||||||||||||||||||||||
Finally, an assessment of the implied fair value of goodwill was performed for the International Concerts and Artist Services (non-management) reporting units that account for approximately 9% of the Company’s goodwill at December 31, 2014. Although some of their key assumptions had improved, due to recent financial performance against prior year expectations driven from reduced touring content internationally in the year, foreign exchange impacts to results, further expansion and related investment in emerging markets along with reduced merchandise results, a qualitative assessment was inconclusive and these reporting units did not pass the subsequent quantitative test. An excess of the carrying value of goodwill over the implied fair value of goodwill was calculated for these reporting units and impairments were recorded. The Company calculated the impairments using a combination of a discounted cash flows methodology, which uses both market-based and internal assumptions, and a market multiple methodology, which uses primarily market-based assumptions. The impairment resulted principally from the recent financial performance ending with the conclusion of the concert season in the fourth quarter of 2014, an increase in the carrying value of goodwill and the fair value of intangibles over carrying value. Based upon the results of the annual test for 2014, the Company recorded impairment charges of $117.0 million and $17.9 million related to its International Concerts and Artist Services (non-management) reporting units, respectively. There were no impairment charges in 2013 and 2012. | ||||||||||||||||||||||||||||||||
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Total | ||||||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2012: | ||||||||||||||||||||||||||||||||
Goodwill (1) | $ | 468,891 | $ | 637,642 | $ | 266,820 | $ | 254,376 | $ | 1,627,729 | ||||||||||||||||||||||
Accumulated impairment losses (1) | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 198,989 | 637,642 | 266,820 | 254,376 | 1,357,827 | |||||||||||||||||||||||||||
Acquisitions—current year | 42,826 | 1,715 | 3,253 | 49,748 | 97,542 | |||||||||||||||||||||||||||
Acquisitions—prior year | (2,811 | ) | — | 9,203 | — | 6,392 | ||||||||||||||||||||||||||
Dispositions | (3,691 | ) | — | (251 | ) | — | (3,942 | ) | ||||||||||||||||||||||||
Foreign exchange | 257 | 2,892 | (102 | ) | 6,117 | 9,164 | ||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Goodwill | 505,472 | 642,249 | 278,923 | 310,241 | 1,736,885 | |||||||||||||||||||||||||||
Accumulated impairment losses | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 235,570 | 642,249 | 278,923 | 310,241 | 1,466,983 | |||||||||||||||||||||||||||
Acquisitions—current year | 92,393 | 27,943 | 68,107 | 15,774 | 204,217 | |||||||||||||||||||||||||||
Acquisitions—prior year | 1,997 | — | (2,304 | ) | (625 | ) | (932 | ) | ||||||||||||||||||||||||
Dispositions | — | (4,434 | ) | — | — | (4,434 | ) | |||||||||||||||||||||||||
Impairment | (117,013 | ) | — | (17,948 | ) | — | (134,961 | ) | ||||||||||||||||||||||||
Foreign exchange | (21,971 | ) | (8,127 | ) | 787 | (22,525 | ) | (51,836 | ) | |||||||||||||||||||||||
Balance as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Goodwill | 577,891 | 657,631 | 345,513 | 302,865 | 1,883,900 | |||||||||||||||||||||||||||
Accumulated impairment losses | (386,915 | ) | — | (17,948 | ) | — | (404,863 | ) | ||||||||||||||||||||||||
Net | $ | 190,976 | $ | 657,631 | $ | 327,565 | $ | 302,865 | $ | 1,479,037 | ||||||||||||||||||||||
(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 for 2014 is $204.2 million of goodwill primarily associated with the acquisitions of a controlling interest in a festival and concert promoter and three artist management businesses located in the United States and the United Kingdom. | ||||||||||||||||||||||||||||||||
Included in the current year acquisitions amount above for 2013 is $97.5 million of goodwill primarily associated with the acquisitions of controlling interests in festival promoters located in the United States and the United Kingdom. | ||||||||||||||||||||||||||||||||
Of the total amount of goodwill recognized in connection with the 2014 and 2013 acquisitions, $76.4 million and $30.3 million, respectively, is expected to be deductible for tax purposes. | ||||||||||||||||||||||||||||||||
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 interests in these operations are recorded in the statement of operations as equity in earnings of nonconsolidated affiliates. For the year ended December 31, 2014, the Company’s investment in Venta de Boletos por Computadora S.A. de C.V (“VBC”), a 33% owned ticketing distribution services company, is considered significant. Summarized balance sheet and income statement information for VBC is as follows (at 100%): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Current assets | $ | 37,239 | $ | 38,387 | ||||||||||||||||||||||||||||
Noncurrent assets | $ | 6,340 | $ | 6,545 | ||||||||||||||||||||||||||||
Current liabilities | $ | 21,729 | $ | 21,031 | ||||||||||||||||||||||||||||
Noncontrolling interests | $ | 391 | $ | 296 | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue | $ | 43,490 | $ | 51,940 | $ | 49,306 | ||||||||||||||||||||||||||
Operating income | $ | 20,092 | $ | 27,027 | $ | 26,427 | ||||||||||||||||||||||||||
Net income | $ | 14,641 | $ | 20,574 | $ | 20,340 | ||||||||||||||||||||||||||
Net income attributable to the common stockholders of the equity investees | $ | 14,500 | $ | 20,515 | $ | 20,309 | ||||||||||||||||||||||||||
The Company reviews its investments in nonconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For the year ended December 31, 2013, the Company recorded impairment charges related to these investments of $9.2 million as equity in earnings of nonconsolidated affiliates. The impairments primarily related to an investment in a concert promoter located in Europe and an investment in an ecommerce business. See Note 6—Fair Value Measurements for further discussion of the inputs used to determine the fair values. There were no significant impairments of investments in nonconsolidated affiliates during 2014 and 2012. | ||||||||||||||||||||||||||||||||
Long-lived Asset Disposals | ||||||||||||||||||||||||||||||||
In May 2013, the Company completed the sale of a theater in New York. There were no significant disposals of long-lived assets during 2014 and 2012. The table below summarizes the asset and liability values at the time of sale for significant disposals and the resulting gain or loss recorded. | ||||||||||||||||||||||||||||||||
Divested Asset | Segment | Gain on | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||
Disposal of | Assets | Assets | Liabilities | Liabilities | ||||||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2013 Divestiture | ||||||||||||||||||||||||||||||||
New York theater | Concerts | $ | (24,845 | ) | $ | — | $ | 35,785 | $ | — | $ | 3,636 | ||||||||||||||||||||
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS |
During 2014, the Company completed its acquisitions of a controlling interest in a festival and concert promoter located in the United States, three artist management businesses located in the United States and several other smaller acquisitions. These acquisitions were accounted for as business combinations under the acquisition method of accounting and were not significant on an individual basis or in the aggregate. | |
During 2013, the Company completed its acquisitions of controlling interests in festival promoters located in the United States and the United Kingdom, an artist management business located in the United Kingdom and other smaller acquisitions. These acquisitions were accounted for as business combinations under the acquisition method of accounting and were not significant on an individual basis or in the aggregate. | |
During 2012, the Company completed its acquisitions of a controlling interest in a concert promotion business in Australia and New Zealand, a controlling interest in a festival promoter located in the United Kingdom, a festival promoter located in the United States and other smaller acquisitions. These acquisitions were accounted for as business combinations under the acquisition method of accounting and were not significant on an individual basis or in the aggregate. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT | |||||||||||
Long-term debt, which includes capital leases, consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Senior Secured Credit Facility: | ||||||||||||
Term loan A, net of unamortized discount of $1.4 million and $2.0 million | ||||||||||||
in 2014 and 2013, respectively | $ | 103,517 | $ | 111,578 | ||||||||
Term loan B, net of unamortized discount of $12.2 million and | ||||||||||||
$14.4 million in 2014 and 2013, respectively | 925,962 | 933,226 | ||||||||||
Revolving credit facility | — | — | ||||||||||
7% Senior Notes due 2020, plus unamortized premium of $7.3 million and | ||||||||||||
$8.6 million in 2014 and 2013, respectively | 432,286 | 433,571 | ||||||||||
5.375% Senior Notes due 2022 | 250,000 | — | ||||||||||
2.875% Convertible Senior Notes due 2027, net of unamortized discount of | ||||||||||||
$7.6 million in 2013 | — | 212,415 | ||||||||||
2.5% Convertible Senior Notes due 2019, net of unamortized discount of | ||||||||||||
$19.4 million in 2014 | 255,604 | — | ||||||||||
Other long-term debt | 96,031 | 118,097 | ||||||||||
2,063,400 | 1,808,887 | |||||||||||
Less: current portion | 47,485 | 278,403 | ||||||||||
Total long-term debt, net | $ | 2,015,915 | $ | 1,530,484 | ||||||||
Future maturities of long-term debt at December 31, 2014 are as follows: | ||||||||||||
(in thousands) | ||||||||||||
2015 | $ | 47,485 | ||||||||||
2016 | 50,662 | |||||||||||
2017 | 50,180 | |||||||||||
2018 | 332,172 | |||||||||||
2019 | 14,676 | |||||||||||
Thereafter | 1,593,918 | |||||||||||
Total | 2,089,093 | |||||||||||
Debt discount | (32,979 | ) | ||||||||||
Debt premium | 7,286 | |||||||||||
Total, including premium and discount | $ | 2,063,400 | ||||||||||
All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 6—Fair Value Measurements for discussion of fair value measurement of the Company’s long-term debt. | ||||||||||||
Senior Secured Credit Facility | ||||||||||||
At December 31, 2014, the Company’s senior secured credit facility consisted of (i) a $115 million term loan A facility with a maturity of five years, (ii) a $950 million term loan B facility with a maturity of seven years and (iii) a $335 million revolving credit facility with a maturity of five years. In addition, subject to certain conditions, the Company has the right to increase such facilities by at least $450 million or a greater amount so long as the senior secured leverage ratio calculated on a pro-forma basis (as defined in the credit agreement) is no greater than 3.25x. The revolving credit facility provides for borrowings up to the amount of the facility with sublimits of up to (i) $150 million to be available for the issuance of letters of credit, (ii) $50 million to be available for swingline loans, (iii) $150 million to be available for borrowings in Euros or British Pounds and (iv) $50 million to be available for borrowings in one or more other approved currencies. The senior secured credit facility is secured by a first priority lien on substantially all of the tangible and intangible personal property of the Company and the domestic subsidiaries that are guarantors, and by a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of the Company’s direct and indirect domestic subsidiaries and 65% of each class of capital stock of any first-tier foreign subsidiaries. | ||||||||||||
The interest rates per annum applicable to revolving credit facility loans and the term loan A under the amended senior secured credit facility are, at the Company’s option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%, subject to stepdowns based on the Company’s net leverage ratio. The interest rates per annum applicable to the term loan B are, at the Company’s option, equal to either LIBOR plus 2.75% or a base rate plus 1.75%, subject to a LIBOR floor of 0.75% and a base rate floor of 1.75%. The Company is required to pay a commitment fee of 0.5% per year on the undrawn portion available under the revolving credit facility, subject to stepdowns based on the Company’s net leverage ratio, and variable fees on outstanding letters of credit. | ||||||||||||
For the term loan A, the Company is required to make quarterly payments increasing over time from $2.9 million to $13.8 million with the balance due at maturity in August 2018. For the term loan B, the Company is required to make quarterly payments of $2.4 million with the balance due at maturity in August 2020. The Company is also required to make mandatory prepayments of the loans under the credit agreement, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events. | ||||||||||||
Based on the Company’s outstanding letters of credit of $62.0 million, $273.0 million was available for future borrowings under the revolving credit facility at December 31, 2014. | ||||||||||||
7% Senior Notes | ||||||||||||
In August 2013, the Company issued an additional $200 million principal amount of its existing 7% senior notes due 2020 with a $9.0 million premium, which increased the total principal amount of such notes outstanding to $425 million. Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year and the notes will mature on September 1, 2020. The Company may redeem some or all of the notes at any time prior to September 1, 2016 at a price equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium using a discount rate equal to the treasury rate plus 50 basis points. The Company may also redeem up to 35% of the notes from the proceeds of certain equity offerings prior to September 1, 2015, at a price equal to 107% of the principal amount, plus any accrued and unpaid interest. In addition, on or after September 1, 2016, the Company may redeem at its option some or all of the notes at redemption prices that start at 103.5% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control. | ||||||||||||
5.375% Senior Notes | ||||||||||||
In May 2014, the Company issued $250 million of 5.375% senior notes due 2022. Interest on the notes is payable semi-annually in arrears on June 15 and December 15, beginning December 15, 2014, and the notes will mature on June 15, 2022. The Company may redeem some or all of the notes at any time prior to June 15, 2017 at a price equal to 100% of the principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium. The Company may also redeem up to 35% of the aggregate principal amount of the notes from the proceeds of certain equity offerings prior to June 15, 2017, at a price equal to 105.375% of the principal amount, plus any accrued and unpaid interest. In addition, on or after June 15, 2017, the Company may redeem at its option some or all of the notes at redemption prices that start at 104.0313% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control. | ||||||||||||
2.5% Convertible Senior Notes | ||||||||||||
In May 2014, the Company issued $275 million of convertible senior notes due 2019. The notes pay interest semiannually in arrears on May 15 and November 15 at a rate of 2.5% per annum, beginning on November 15, 2014. The notes will mature on May 15, 2019, and may not be redeemed by the Company prior to the maturity date. The notes will be convertible, under certain circumstances, until November 15, 2018, and on or after such date without condition, at an initial conversion rate of 28.8363 shares of the Company’s common stock per $1,000 principal amount of notes, subject to adjustment, which represents a 52.5% conversion premium based on the last reported sale price for the Company’s common stock of $22.74 on May 19, 2014. Upon conversion, the notes may be settled in shares of common stock or, at the Company’s election, cash or a combination of cash and shares of common stock. Assuming the Company fully settled the notes in shares, the maximum number of shares that could be issued to satisfy the conversion is currently 7.9 million. | ||||||||||||
If the Company experiences a fundamental change, as defined in the indenture governing the notes, the holders of the 2.5% convertible senior notes may require the Company to purchase for cash all or a portion of their notes, subject to specified exceptions, at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any. | ||||||||||||
The carrying amount of the equity component of the notes is $22.0 million and the principal amount of the liability component (face value of the notes) is $275 million. As of December 31, 2014, the remaining period for the debt discount was approximately four years and the value of the notes, if converted and fully settled in shares, did not exceed the principal amount of the notes. As of December 31, 2014, the effective interest rate on the liability component of the notes was 5.0%. The following table summarizes the amount of pre-tax interest cost recognized on the 2.5% convertible senior notes and the 2.875% convertible senior notes which were redeemed in September 2014: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest cost recognized relating to: | ||||||||||||
Contractual interest coupon | $ | 8,701 | $ | 6,325 | $ | 6,325 | ||||||
Amortization of debt discount | 10,165 | 12,995 | 11,792 | |||||||||
Amortization of debt issuance costs | 1,175 | 703 | 703 | |||||||||
Total interest cost recognized on the notes | $ | 20,041 | $ | 20,023 | $ | 18,820 | ||||||
Other Long-term Debt | ||||||||||||
Other long-term debt is comprised of capital leases of $9.0 million and notes payable and other debt of $87.0 million, including debt to noncontrolling interest partners of $30.0 million and $32.7 million of long-term debt for Academy Music Holdings Limited Group which consists of term loans and shareholder loan notes. Total notes payable consist primarily of seventeen notes with interest rates ranging from 0.3% to 11.0% and maturities of up to seven years. | ||||||||||||
Debt Extinguishment | ||||||||||||
In May 2014, the Company issued $250 million of 5.375% senior notes due 2022 and $275 million of 2.5% convertible senior notes due 2019 and paid related fees and expenses of $9.8 million. In July 2014, the holders of $29.3 million of aggregate outstanding principal of the 2.875% convertible senior notes exercised their right to redeem their notes for cash and in late September 2014, pursuant to the Company’s option under the indenture governing the notes, the Company redeemed the remainder of these notes using the net proceeds noted above. In addition to redeeming the $220 million principal amount of these notes, the Company paid total accrued interest of $1.1 million and related fees and expenses of $0.2 million for the redemption, leaving $293.9 million in additional cash available for general corporate purposes. The loss on extinguishment of debt related to the redemption of the 2.875% convertible senior notes was not significant in 2014. | ||||||||||||
In August 2013, the Company issued additional notes under the indenture governing its existing 7% senior notes due 2020 with a $9.0 million premium and amended its senior secured credit facility. The amendment to the senior secured credit facility provided the existing term loan A and term loan B lenders with an option to convert their outstanding principal amounts into the new term loans. Excluding the outstanding principal amounts for lenders who elected to convert their outstanding term loans, proceeds of $802.2 million from issuance of these borrowings were used to repay $472.5 million principal amount of the Company’s outstanding borrowings under the existing senior secured credit facility, to repay the entire $250 million principal amount of the Company’s outstanding 8.125% senior notes due 2018 and to pay the related ‘make-whole’ premium on these senior notes and total accrued interest and fees of $35.3 million along with related fees and expenses for the refinancing of $22.0 million, leaving $22.4 million in additional cash for general corporate purposes. The Company recorded $36.3 million as a loss on extinguishment of debt related to this refinancing in 2013. | ||||||||||||
Debt Covenants | ||||||||||||
The Company’s senior secured credit facility contains a number of covenants and restrictions that, among other things, require the Company to satisfy certain financial covenants and restrict the Company’s and its subsidiaries’ ability to incur additional debt, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets, merge or consolidate, and pay dividends and make distributions (with the exception of subsidiary dividends or distributions to the parent company or other subsidiaries on at least a pro-rata basis with any noncontrolling interest partners). Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the credit facility becoming immediately due and payable. The senior secured credit facility agreement has a covenant, measured quarterly that relates to total leverage. The consolidated total leverage covenant requires the Company to maintain a ratio of consolidated total funded debt to consolidated EBITDA (both as defined in the credit agreement) of 5.0x over the trailing four consecutive quarters through September 30, 2015. The consolidated total leverage ratio will reduce to 4.75x on December 31, 2015 and 4.50x on December 31, 2016. | ||||||||||||
The indentures governing the 7% senior notes and the 5.375% senior notes contain covenants that limit, among other things, the Company’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of restricted subsidiaries to make payments to the Company, merge, consolidate or sell all of the Company’s assets, create certain liens, and engage in transactions with affiliates on terms that are not arms-length. Certain covenants, including those pertaining to incurrence of indebtedness, restricted payments, asset sales, mergers and transactions with affiliates will be suspended during any period in which the notes are rated investment grade by both rating agencies and no default or event of default under the indenture has occurred and is continuing. The 7% senior notes and the 5.375% senior notes contain two incurrence-based financial covenants, as defined, requiring a minimum fixed charge coverage ratio of 2.0x and a maximum secured indebtedness leverage ratio of 3.25x for the 7% senior notes and 3.50x for the 5.375% senior notes. | ||||||||||||
Some of the Company’s other subsidiary indebtedness includes restrictions on entering into various transactions, such as acquisitions and disposals, and prohibits payment of ordinary dividends. They also have financial covenants including minimum consolidated EBITDA to consolidated net interest payable, minimum consolidated cash flow to consolidated debt service and maximum consolidated debt to consolidated EBITDA, all as defined in the applicable debt agreements. | ||||||||||||
As of December 31, 2014, the Company believes it was in compliance with all of its debt covenants. The Company expects to remain in compliance with all of these covenants throughout 2015. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS |
The Company primarily uses forward currency contracts and options to reduce its exposure to foreign currency risk associated with short-term artist fee commitments. The Company may also enter into forward currency contracts to minimize the risks and/or costs associated with changes in foreign currency rates on forecasted operating income. At December 31, 2014 and 2013, the Company had forward currency contracts and options outstanding with notional amounts of $63.3 million and $96.0 million, respectively. These instruments have not been designated as hedging instruments and any change in fair value is reported in earnings during the period of the change. The Company’s foreign currency derivative activity, including the related fair values, are not material to any period presented. | |
Additionally, the Company has entered into certain interest rate swap agreements to limit its exposure to variable interest rates, related to portions of the Company’s outstanding debt, one of which has been designated as a cash flow hedge. At December 31, 2014 and 2013, the Company had interest rate swaps outstanding with notional amounts of $29.3 million and $39.3 million, respectively. The Company’s interest rate swap activity, including the related fair values, are not material to any period presented. As of December 31, 2014 and 2013, there was no ineffective portion or amount excluded from effectiveness testing for derivatives designated as cash flow hedging instruments. | |
The Company does not enter into derivative instruments for speculative or trading purposes and does not anticipate any significant recognition of derivative activity through the income statement in the future related to the instruments currently held. See Note 6—Fair Value Measurements for further discussion and disclosure of the fair values for the Company’s derivative instruments. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||
The Company currently has various financial instruments carried at fair value, such as marketable securities, derivatives and contingent consideration, but does not currently have nonfinancial assets and liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from all levels of the fair value hierarchy as defined in the FASB guidance for fair values. For this categorization, only inputs that are significant to the fair value are considered. The three levels are defined as follows: | ||||||||||||||||||||||||||||||||
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. | ||||||||||||||||||||||||||||||||
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (i.e., market corroborated inputs). | ||||||||||||||||||||||||||||||||
Level 3—Unobservable inputs that reflect assumptions about what market participants would use in pricing the asset or liability. These inputs would be based on the best information available, including the Company’s own data. | ||||||||||||||||||||||||||||||||
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other long-term assets, other current liabilities and other long-term liabilities: | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
at December 31, 2014 | at December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 111 | $ | — | $ | — | $ | 111 | $ | 26,627 | $ | — | $ | — | $ | 26,627 | ||||||||||||||||
Forward currency contracts | — | 1,910 | — | 1,910 | — | 297 | — | 297 | ||||||||||||||||||||||||
Stock options | — | — | 445 | 445 | — | — | 469 | 469 | ||||||||||||||||||||||||
Total | $ | 111 | $ | 1,910 | $ | 445 | $ | 2,466 | $ | 26,627 | $ | 297 | $ | 469 | $ | 27,393 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 1,004 | $ | — | $ | 1,004 | $ | — | $ | 1,491 | $ | — | $ | 1,491 | ||||||||||||||||
Forward currency contracts | — | 5 | — | 5 | — | 1,543 | — | 1,543 | ||||||||||||||||||||||||
Put option | — | — | — | — | — | — | 435 | 435 | ||||||||||||||||||||||||
Contingent consideration | — | — | 8,927 | 8,927 | — | — | 5,934 | 5,934 | ||||||||||||||||||||||||
Total | $ | — | $ | 1,009 | $ | 8,927 | $ | 9,936 | $ | — | $ | 3,034 | $ | 6,369 | $ | 9,403 | ||||||||||||||||
Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. Fair values for forward currency contracts are based on observable market transactions of spot and forward rates. Fair values for the interest rate swaps are based on inputs corroborated by observable market data with similar tenors. | ||||||||||||||||||||||||||||||||
The Company has stock options in both publicly traded and non-publicly traded companies that are measured at fair value using Level 3 inputs. The stock options were received as consideration in connection with operational agreements entered into by subsidiaries of the Company. The Company has recorded assets for these options which were valued using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||||||
A third-party had a put option to sell its noncontrolling interest to the Company in the second quarter of 2014 that was entered into as a separate transaction and therefore was carried at fair value using Level 3 inputs. The Company recorded a current liability for this put option which was valued using the Black-Scholes option pricing model. Changes in the fair value were recorded in acquisition transaction expenses. | ||||||||||||||||||||||||||||||||
The Company has certain contingent consideration obligations related to acquisitions which are measured at fair value using Level 3 inputs. The amounts due to the sellers are based on the achievement of agreed-upon financial performance metrics by the acquired companies where the contingent obligation is either earned or not earned. The Company records the liability at the time of the acquisition based on the present value of management’s best estimates of the future results of the acquired companies compared to the agreed-upon metrics. Subsequent to the date of acquisition, the Company updates the original valuation to reflect current projections of future results of the acquired companies and the passage of time. Accretion of, and changes in the valuations of, contingent consideration are reported in acquisition transaction expenses. See Note 7—Commitments and Contingent Liabilities for additional information related to the contingent payments. | ||||||||||||||||||||||||||||||||
Due to their short maturity, the carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
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, which are considered to be Level 2 inputs. The estimated fair values of the 7% senior notes, the 5.375% senior notes and the 2.5% convertible senior notes were $451.3 million, $250.3 million and $296.3 million, respectively, at December 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. See Note 4—Long-Term Debt for discussion of the issuance of the 5.375% senior notes and the 2.5% convertible senior notes and redemption of the 2.875% convertible senior notes. The Company has fixed rate debt held by noncontrolling interest partners with a face value of $30.0 million and $34.6 million at December 31, 2014 and 2013, respectively. The Company is unable to determine the fair value of this debt. | ||||||||||||||||||||||||||||||||
The following table shows the fair value of the Company’s financial assets that have been adjusted to fair value on a non-recurring basis which had a significant impact on the Company’s results of operations for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements Using | Loss | ||||||||||||||||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | (Gain) | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Definite-lived intangible assets, net | $ | 627 | $ | — | $ | — | $ | 627 | $ | 11,107 | ||||||||||||||||||||||
Indefinite-lived intangible assets, net | $ | — | $ | — | $ | — | $ | — | $ | 5,963 | ||||||||||||||||||||||
Goodwill | $ | 142,719 | $ | — | $ | — | $ | 142,719 | $ | 134,961 | ||||||||||||||||||||||
Investments in nonconsolidated affiliates | $ | — | $ | — | $ | — | $ | — | $ | (16,356 | ) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Definite-lived intangible assets, net | $ | 660 | $ | — | $ | — | $ | 660 | $ | 10,625 | ||||||||||||||||||||||
Investments in nonconsolidated affiliates | $ | — | $ | — | $ | — | $ | — | $ | 9,174 | ||||||||||||||||||||||
During 2014, 2013 and 2012, the Company recorded impairment charges related to definite-lived intangible assets of $11.1 million, $10.6 million and $89.6 million, respectively, as a component of depreciation and amortization. The 2014 impairment charges were primarily related to intangible assets for client/vendor relationships in the Artist Nation segment and technology in the Ticketing segment. The 2013 impairment charges were primarily related to intangible assets for venue management and leaseholds in the Concerts segment and client/vendor relationships in the Concerts and Artist Nation segments. The 2012 impairment charges were primarily related to intangible assets for client/vendor relationships in the Artist Nation segment and revenue-generating contracts and client/vendor relationships in the Concerts segment. In all these cases it was determined that these assets were impaired since the most recent estimated undiscounted future cash flows associated with these assets were less than their carrying value or that the technology would no longer be used. These impairments were then calculated using operating cash flows which were discounted to approximate fair value. The key inputs in these calculations include future cash flow projections, including revenue and profit margins, attrition rates as applicable, and, for the fair value computation, a discount rate. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs. | ||||||||||||||||||||||||||||||||
During 2014, goodwill impairments were recorded for the International Concerts reporting unit in the Concerts segment and the Artist Services (non-management) reporting unit in the Artist Nation segment in the amounts of $117.0 million and$17.9 million, respectively, in conjunction with our annual impairment tests. The Company calculated these impairments using a combination of a discounted cash flows methodology, which uses both Level 2 and Level 3 inputs, and a market multiple methodology, which uses primarily Level 2 inputs. These key inputs include discount rates, market multiples, control premiums, revenue growth, estimates of future financial performance and attrition rates. See Note 1—The Company and Summary of Significant Accounting Policies and Note 2—Long-Lived Assets for further discussion of the Company’s methodology and these impairments. | ||||||||||||||||||||||||||||||||
During 2014, the Company recorded an impairment charge related to indefinite-lived intangible assets of $6.0 million as a component of depreciation and amortization. The Company made a decision to rebrand certain of its markets that were not using the Ticketmaster trade name. In connection with the rebranding, it was determined that an indefinite-lived intangible asset for a certain market was fully impaired since the transition to the Ticketmaster trade name was substantially completed for that market during the third quarter. The fair value of this asset was calculated using a relief-from royalty method. The relief-from royalty method applied a royalty rate to the projected earnings attributable to the indefinite-lived intangible asset. The projected earnings for this non-recurring fair value measurement are considered Level 3 inputs. | ||||||||||||||||||||||||||||||||
During 2014, the Company recorded a net gain related to investments in nonconsolidated affiliates of $16.4 million as a component of other expense, net. The net gain was related to changes in the governing agreements of two artist management businesses resulting in those businesses being consolidated by the Company on a prospective basis. Prior to consolidation, the Company remeasured these investments to fair value using a discounted cash flow methodology. The key inputs in these fair value measurements include future cash flow projections, including revenue and profit margins, discount rates and attrition rates. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs. | ||||||||||||||||||||||||||||||||
During 2013, the Company recorded impairment charges related to investments in nonconsolidated affiliates of $9.2 million as a component of equity in earnings of nonconsolidated affiliates. The impairment charges primarily related to investments in a concert promoter located in Europe and an ecommerce business. Based on financial information received regarding the sale or liquidation of the nonconsolidated affiliates, the Company believed its investment balances were fully impaired. The financial information received from the nonconsolidated affiliates used for these non-recurring fair value measurements are considered Level 3 inputs. | ||||||||||||||||||||||||||||||||
In 2014 and 2013, there were no significant impairment charges recorded related to property, plant and equipment. During 2012, the Company recorded impairment charges of $4.3 million as a component of depreciation and amortization for certain property, plant and equipment. The 2012 impairment charges were primarily related to certain leasehold improvements and office furniture and equipment in the Artist Nation segment, an amphitheater in the Concerts segment and a theater in other operations. It was determined that these assets were impaired since the estimated undiscounted future cash flows associated with the respective asset were less than its carrying value. These cash flows were calculated using the estimated sale values for the assets being sold and/or operating cash flows, all of which were discounted to approximate fair value. The estimated sale values and operating cash flows used for these non-recurring fair value measurements are considered Level 2 inputs. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES | |||||||||||
The Company leases office space, certain equipment and many of its concert venues. Some of the lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for the payment of utilities and maintenance by the Company. The Company also has non-cancelable contracts related to minimum performance payments with various artists, other event-related costs and nonrecoupable ticketing contract advances. In addition, the Company has commitments relating to additions to property, plant, and equipment under certain construction commitments for facilities and venues. | ||||||||||||
As of December 31, 2014, the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year and capital expenditure commitments consist of the following: | ||||||||||||
Non-cancelable | Non-cancelable | Capital | ||||||||||
Operating Leases | Contracts | Expenditures | ||||||||||
(in thousands) | ||||||||||||
2015 | $ | 135,816 | $ | 877,072 | $ | 9,807 | ||||||
2016 | 135,047 | 237,016 | 25 | |||||||||
2017 | 129,784 | 190,761 | 25 | |||||||||
2018 | 118,865 | 43,261 | — | |||||||||
2019 | 110,859 | 34,079 | — | |||||||||
Thereafter | 1,610,171 | 10,118 | 250 | |||||||||
Total | $ | 2,240,542 | $ | 1,392,307 | $ | 10,107 | ||||||
Commitment amounts for non-cancelable operating leases and non-cancelable contracts which stipulate an increase in the commitment amount based on an inflationary index have been estimated using an inflation factor of 2.4% for North America, 3.3% for the United Kingdom and 1.8% for the Netherlands. | ||||||||||||
Aggregate minimum rentals of $70.5 million to be received in years 2015 through 2023 under non-cancelable subleases are excluded from the commitment amounts in the above table. | ||||||||||||
Total rent expense charged to operations for 2014, 2013 and 2012 was $155.7 million, $162.6 million and $145.2 million, respectively. In addition to the minimum rental commitments included in the table above, the Company has leases that contain contingent payment requirements for which payments vary depending on revenue, tickets sold or other variables. Contingent rent expense charged to operations for 2014, 2013 and 2012 was $28.9 million, $46.5 million and $30.0 million, respectively. The above table above does not include contingent rent or rent expense for events in third-party venues. | ||||||||||||
In connection with asset and business disposals, the Company generally provides indemnifications to the buyers including claims resulting from employment matters, commercial claims and governmental actions that may be taken against the assets or businesses sold. Settlement of these claims is subject to various statutory limitations that are dependent upon the nature of the claim. | ||||||||||||
Certain agreements relating to acquisitions provide for deferred purchase consideration payments at future dates. A liability is established at the time of the acquisition for these fixed payments. For obligations payable at a date greater than twelve months from the acquisition date, the Company applies a discount rate to present value the obligations. As of December 31, 2014, the Company has accrued $0.1 million in other current liabilities and $15.5 million in other long-term liabilities related to these deferred purchase consideration payments. There were no deferred purchase consideration payment liabilities at December 31, 2013. | ||||||||||||
The Company has contingent obligations related to acquisitions which are accounted for as business combinations. Contingent consideration associated with business combinations is recorded at its fair value at the time of the acquisition and reflected at current fair value for each subsequent reporting period thereafter until settled. The Company records these fair value changes in its statements of operations as acquisition transaction expenses. The contingent consideration is generally subject to payout following the achievement of future performance targets and a portion is expected to be payable in the next twelve months. As of December 31, 2014, the Company has accrued $0.1 million in other current liabilities and $8.8 million in other long-term liabilities and, as of December 31, 2013, the Company had accrued $1.9 million in other current liabilities and $4.0 million in other long-term liabilities, representing the fair value of these estimated payments. The last contingency period for which the Company has an outstanding contingent payment is for the period ending May 2019. See Note 6—Fair Value Measurements for further discussion related to the valuation of these contingent payments. | ||||||||||||
During 2006, in connection with the Company’s acquisition of Historic Theatre Group, the Company guaranteed obligations related to a lease agreement. In the event of default, the Company could be liable for obligations through the end of 2035 which have future lease payments (undiscounted) of approximately $20.0 million as of December 31, 2014. The scheduled future minimum rentals for this lease for the years 2015 through 2019 are $1.6 million each year. The venues under the lease agreement were included in the sale of the Company’s North American theatrical business in 2008. The buyer has assumed the Company’s obligations under the guaranty, however the Company remains contingently liable to the lessor. The Company believes that the likelihood of a material liability being triggered under this lease is remote, and no liability has been accrued for these contingent lease obligations as of December 31, 2014. | ||||||||||||
As of December 31, 2014 and 2013, the Company guaranteed the debt of third parties of approximately $13.1 million in each respective period primarily related to maximum credit limits on employee and tour-related credit cards and obligations under a venue management agreement. | ||||||||||||
Litigation | ||||||||||||
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 later that same month, 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 preliminarily approved, 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 December 31, 2014, the Company has accrued $34.9 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 | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS | CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS | |||||||||||
Transactions Involving Principal Owners and Directors | ||||||||||||
The following table sets forth revenue earned and expenses incurred from the transactions noted below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Principal owner and director related-party revenue | $ | 3,995 | $ | 6,050 | $ | 21,532 | ||||||
Principal owner and director related-party expenses | $ | 424 | $ | 5,006 | $ | 22,291 | ||||||
Agreements and Transactions with Liberty Media | ||||||||||||
Two current members of our board of directors were originally nominated by Liberty Media pursuant to a stockholder agreement. | ||||||||||||
The Company provides ticketing services to a sports franchise owned by Liberty Media and pays royalty fees and non-recoupable ticketing contract advances to the sports franchise. The Company also receives transaction fees from the sports franchise for tickets the sports franchise sells using the Company’s ticketing software. From time to time, the Company purchases advertising from Sirius XM Satellite Radio, a subsidiary of Liberty Media. These transactions are entered into in the ordinary course of business on an arms-length basis. | ||||||||||||
Relationship with Microsoft | ||||||||||||
The Company has a non-employee director who became an executive of Microsoft Corporation as of September 2, 2014. This director receives directors’ fees, stock options and restricted stock awards on the same basis as other non-employee members of the Company’s board of directors. From time to time, the Company purchases software licenses, advertising and other products from and provides sponsorship and advertising opportunities to Microsoft Corporation and its subsidiaries in the ordinary course of business on an arms-length basis. | ||||||||||||
Relationship with Clear Channel | ||||||||||||
For purposes of governing certain of the ongoing relationships between Clear Channel and Live Nation at and after the Separation, Clear Channel and Live Nation entered into a tax matters agreement, among other agreements. | ||||||||||||
The Company has a non-employee director who was also a director and executive officer of Clear Channel until July 2013. This director receives directors’ fees, stock options and restricted stock awards on the same basis as other non-employee members of the Company’s board of directors. From time to time, the Company purchases advertising from Clear Channel and its subsidiaries in the ordinary course of business on an arm’s-length basis. The Company also has various lease and licensing agreements with Clear Channel for office space. These transactions are included in the table above through July 2013. | ||||||||||||
Transactions with Madison Square Garden | ||||||||||||
The Company had a non-employee director until February 2013 who is also a director and executive officer of Madison Square Garden (“MSG”) and Cablevision Systems Corporation. This director received directors’ fees, stock options and restricted stock awards on the same basis as other non-employee members of the Company’s board of directors. From time to time, the Company promotes events at venues owned and/or operated by MSG and pays rental fees and co-promote fees to MSG and its subsidiaries. In addition, the Company provides ticketing services for venues and sports franchises owned or operated by MSG and pays royalty fees and non-recoupable ticketing contract advances to MSG and its subsidiaries. The Company also receives transaction fees from MSG and its subsidiaries for tickets MSG sells using the Company’s ticketing software. Finally, the Company purchases advertising from Cablevision Systems Corporation and its subsidiaries from time to time. All of these transactions are entered into in the ordinary course of business on an arms-length basis and are included in the table above through February 2013. | ||||||||||||
Transactions Involving Executives | ||||||||||||
ATC Aviation, Inc. (“ATC”), which was owned by the Company’s former Executive Chairman who resigned on December 31, 2012, owned an aircraft. The Company was charged market rates for the use of the aircraft when used by the former executive or other executives on Company business, a portion of which was paid to ATC. These arrangements are no longer in effect following the executive’s departure from the Company. For the year ended December 31, 2012, the Company made payments totaling $1.9 million. | ||||||||||||
During 2012, the former executive noted above had a minority ownership interest in an entity that subleases office space from the Company. Rent charged by the Company for the year ended December 31, 2012 totaled $0.7 million. | ||||||||||||
Trust Note | ||||||||||||
For the year ended December 31, 2012, the Company recorded $11.7 million of acquisition expenses related to the Trust Note as a component of corporate expenses. The Trust Note was paid in full in December 2012 in connection with the resignation of the executive affiliated with the trust that held the Trust Note. | ||||||||||||
Transactions Involving Equity Method Investees | ||||||||||||
The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions relate to venue rentals, management fees and sponsorship revenue. Revenue of $6.5 million, $2.6 million and $2.3 million were earned in 2014, 2013 and 2012, respectively, and expenses of $5.2 million, $7.5 million and $6.8 million were incurred in 2014, 2013 and 2012, respectively, from these equity investees for services rendered or provided in relation to these business ventures. | ||||||||||||
Other Related Parties | ||||||||||||
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. 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. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Other related-party revenue | $ | 4,942 | $ | 5,721 | $ | 4,755 | ||||||
Other related-party expenses | $ | 16,639 | $ | 20,208 | $ | 13,720 | ||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
Significant components of the provision for income tax expense (benefit) are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 17 | $ | 1,238 | $ | 2,235 | |||||||
Foreign | 12,727 | 41,664 | 34,541 | ||||||||||
State | 9,550 | 3,864 | 3,917 | ||||||||||
Total current | 22,294 | 46,766 | 40,693 | ||||||||||
Deferred: | |||||||||||||
Federal | (10,827 | ) | (852 | ) | (386 | ) | |||||||
Foreign | (4,249 | ) | (14,606 | ) | (14,591 | ) | |||||||
State | (2,588 | ) | (430 | ) | 4,020 | ||||||||
Total deferred | (17,664 | ) | (15,888 | ) | (10,957 | ) | |||||||
Income tax expense | $ | 4,630 | $ | 30,878 | $ | 29,736 | |||||||
The domestic net loss before income taxes was $16.2 million, $103.9 million and $232.3 million for 2014, 2013 and 2012, respectively. Foreign income (loss) before income taxes was a loss of $83.6 million and income of $98.8 million and $100.1 million for 2014, 2013 and 2012, respectively. | |||||||||||||
Significant components of the Company’s deferred tax liabilities and assets are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | $ | 232,521 | $ | 234,454 | |||||||||
Prepaid expenses | 2,518 | 7,089 | |||||||||||
Long-term debt | 8,521 | 51,166 | |||||||||||
Total deferred tax liabilities | 243,560 | 292,709 | |||||||||||
Deferred tax assets: | |||||||||||||
Intangible and fixed assets | — | 8,991 | |||||||||||
Accrued expenses | 59,081 | 59,944 | |||||||||||
Net operating loss carryforwards | 526,811 | 538,644 | |||||||||||
Foreign tax credit carryforwards | 55,806 | 42,323 | |||||||||||
Equity compensation | 9,868 | 24,930 | |||||||||||
Other | 2,065 | 14,597 | |||||||||||
Total gross deferred tax assets | 653,631 | 689,429 | |||||||||||
Valuation allowance | 593,305 | 580,594 | |||||||||||
Total deferred tax assets | 60,326 | 108,835 | |||||||||||
Net deferred tax liabilities | $ | (183,234 | ) | $ | (183,874 | ) | |||||||
The valuation allowance was recorded due to the uncertainty of the ability to generate sufficient taxable income necessary to realize certain deferred tax assets in future years. If, at a later date, it is determined that due to a change in circumstances, the Company will utilize all or a portion of those deferred tax assets, the Company will reverse the corresponding valuation allowance with the offset to income tax benefit. | |||||||||||||
The decrease in the long-term debt deferred tax liability is primarily attributable to the release of deferred taxes related to interest expense deductions for tax purposes on the Company’s 2.875% convertible senior notes that were redeemed in September 2014 partially offset by a deferred tax liability established for the equity component and related transaction costs of the Company’s 2.5% convertible senior notes issued in May 2014. | |||||||||||||
During 2014 and 2013, the Company recorded net deferred tax liabilities of $23.2 million and $15.1 million, respectively, due principally to differences in financial reporting and tax bases in assets acquired in business combinations. | |||||||||||||
As of December 31, 2014, the Company has United States federal, state and foreign deferred tax assets related to net operating loss carryforwards of $248.1 million, $62.7 million and $216.0 million, respectively. Based on current statutory carryforward periods, these losses will expire on various dates between the years 2024 and 2033. The Company’s federal net operating loss is subject to statutory limitations on the amount that can be used in any given year. | |||||||||||||
The reconciliation of income tax computed at the United States federal statutory rates to income tax expense is: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax benefit at United States statutory rates | $ | (34,937 | ) | $ | (1,798 | ) | $ | (46,256 | ) | ||||
State income taxes, net of federal tax benefits | 9,550 | 3,864 | 3,917 | ||||||||||
Differences between foreign and United States statutory rates | (10,735 | ) | (21,182 | ) | (25,637 | ) | |||||||
Non-United States income inclusions and exclusions | 2,926 | 18,525 | 9,901 | ||||||||||
Nondeductible items | 55,469 | 7,570 | 9,005 | ||||||||||
Tax contingencies | 950 | 697 | 4,316 | ||||||||||
Change in valuation allowance | (6,168 | ) | 15,912 | 79,214 | |||||||||
Other, net | (12,425 | ) | 7,290 | (4,724 | ) | ||||||||
$ | 4,630 | $ | 30,878 | $ | 29,736 | ||||||||
During 2014, 2013 and 2012, the Company recorded income tax expense of approximately $4.6 million, $30.9 million and $29.7 million, respectively, on losses before tax of $99.8 million, $5.1 million and $132.2 million, respectively. Income tax expense is principally attributable to the Company’s earnings in foreign tax jurisdictions along with state income taxes. The Company does not record current tax benefits associated with losses from operations within tax jurisdictions where the losses cannot be carried back and/or for which future taxable income cannot be reasonably assured. | |||||||||||||
Differences between foreign and United States statutory rates of $(10.7) million, $(21.2) million and $(25.6) million for the years ended December 31, 2014, 2013 and 2012, respectively, are primarily attributable to the Company’s Luxembourg holding company structure and tax rulings received from the Luxembourg tax authorities. | |||||||||||||
Nondeductible items for 2014 primarily relate to the goodwill impairment that is not deductible for tax purposes. | |||||||||||||
During 2014, the Company recorded an income tax benefit of $12.9 million from the release of valuation allowances related to deferred tax liabilities associated with certain acquisitions. In 2013 and 2012, there were no significant income tax benefits recognized for valuation allowance reversals attributable to acquisitions. | |||||||||||||
The Company regularly assesses the likelihood of additional assessments in each taxing jurisdiction resulting from current and subsequent years’ examinations. Liabilities for income taxes are established for future income tax assessments when it is probable there will be future assessments and the amount thereof can be reasonably estimated. Once established, liabilities for uncertain tax positions are adjusted only when there is more information available or when an event occurs necessitating a change to the liabilities. The Company believes that the resolution of income tax matters for open years will not have a material effect on its consolidated financial statements although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period. | |||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. For the years ended December 31, 2014, 2013 and 2012, the Company has recognized $0.5 million, $0.1 million and $0.7 million, respectively, of interest and penalties related to uncertain tax positions. As of December 31, 2014 and 2013, the Company has accrued interest related to uncertain tax positions of $1.3 million and $1.2 million, respectively. | |||||||||||||
The tax years 2005 through 2014 remain open to examination by the major tax jurisdictions to which the Company is subject. | |||||||||||||
At December 31, 2014 and 2013, the Company had $12.6 million and $12.9 million, respectively, of unrecognized tax benefits. All of these unrecognized tax benefits would favorably impact the effective tax rate if recognized at some point in the future. The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at January 1 | $ | 12,860 | $ | 15,974 | $ | 13,357 | |||||||
Additions: | |||||||||||||
Increase for current year positions | 306 | 396 | 2,978 | ||||||||||
Increase for prior year positions | 1,089 | 800 | 652 | ||||||||||
Decrease for prior year positions | — | (75 | ) | — | |||||||||
Interest and penalties for prior years | 511 | 148 | 686 | ||||||||||
Reductions: | |||||||||||||
Expiration of applicable statute of limitations | (236 | ) | (572 | ) | — | ||||||||
Settlements for prior year positions | (1,225 | ) | (3,212 | ) | (1,716 | ) | |||||||
Foreign exchange | (686 | ) | (599 | ) | 247 | ||||||||
Reclassification to other liabilities | — | — | (230 | ) | |||||||||
Balance at December 31 | $ | 12,619 | $ | 12,860 | $ | 15,974 | |||||||
EQUITY
EQUITY | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
EQUITY | EQUITY | ||||||||||||||||
Dividends | |||||||||||||||||
The Company presently intends to retain future earnings, if any, to finance the expansion of its business. Therefore, it does not expect to pay any cash dividends in the foreseeable future. Moreover, the terms of the Company’s senior secured credit facility limit the amount of funds that the Company will have available to declare and distribute as dividends on its common stock. Payment of future cash dividends, if any, will be at the discretion of the Company’s board of directors in accordance with applicable laws after taking into account various factors, including the financial condition, operating results, current and anticipated cash needs, plans for expansion and contractual restrictions with respect to the payment of dividends. | |||||||||||||||||
Common Stock | |||||||||||||||||
Issued shares of common stock reported on the balance sheets include 1.2 million and 2.2 million, at December 31, 2014 and 2013, respectively, of unvested restricted stock awards that have not been included in the common shares issued reported on the statements of changes in equity. These shares will be reflected in the statements of changes in equity at the time of vesting. | |||||||||||||||||
During 2014 and 2013, the Company issued 2.7 million shares and 10.1 million shares, respectively, of common stock in connection with stock option exercises and vesting of restricted stock awards. | |||||||||||||||||
The above shares issued in 2013 include 0.5 million shares of common stock that were issued in connection with the exercise of warrants to purchase the Company’s common stock. The transactions were cashless net exercises resulting in the Company repurchasing 0.4 million of the shares issued which have been recorded in treasury stock at a value of $6.9 million. | |||||||||||||||||
Common Stock Reserved for Future Issuance | |||||||||||||||||
Common stock of approximately 23.3 million shares as of December 31, 2014 is reserved for future issuances under the stock incentive plan (including 17.0 million options and 1.2 million restricted stock awards currently granted). | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
Common securities held by the noncontrolling interests that do not include put arrangements exercisable outside of the control of the Company are recorded in equity, separate from the Company’s stockholders’ equity. | |||||||||||||||||
The purchase or sale of additional ownership in an already controlled subsidiary is recorded as an equity transaction with no gain or loss recognized in net income (loss) or comprehensive income (loss) as long as the subsidiary remains a controlled subsidiary. In 2014, in connection with the acquisition of an artist management business, the Company exchanged a noncontrolling interest in certain of its existing artist management businesses. In addition, the Company acquired the remaining equity interests in a festival promoter based in Ireland along with other smaller companies. In 2013, the Company acquired the remaining equity interests in a company that owns the 3Arena in Ireland along with other smaller companies. The following schedule reflects the change in ownership interests for these transactions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Net loss attributable to common stockholders of Live Nation | $ | (90,807 | ) | $ | (43,378 | ) | $ | (163,227 | ) | ||||||||
Transfers of noncontrolling interest: | |||||||||||||||||
Changes in Live Nation’s additional paid-in capital for purchase of noncontrolling interests, net of transaction costs | (3,796 | ) | (17,732 | ) | 43 | ||||||||||||
Changes in Live Nation’s additional paid-in capital for sale of noncontrolling interests, net of transaction costs | (11,748 | ) | — | — | |||||||||||||
Net transfers of noncontrolling interest | (15,544 | ) | (17,732 | ) | 43 | ||||||||||||
Change from net loss attributable to common stockholders of Live Nation and transfers from noncontrolling interests | $ | (106,351 | ) | $ | (61,110 | ) | $ | (163,184 | ) | ||||||||
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 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 estimated 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. The amounts for these put arrangements are reflected in the Company’s balance sheets as redeemable noncontrolling interests outside of permanent equity. The increase during the current year is primarily due to the acquisition of a controlling interest in a festival and concert promoter located in the United States. | |||||||||||||||||
The Company’s estimate of redemption amounts for puts that are redeemable at fixed or determinable prices on fixed or determinable dates for the years ended December 31, 2015, 2016, 2017, 2018 and 2019 are $14.6 million, $11.6 million, $9.2 million, $146.5 million and $8.1 million, respectively. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The following table presents changes in the components of AOCI, net of taxes, for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Gains and Losses on Cash Flow Hedges | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | (431 | ) | $ | (221 | ) | $ | (35,722 | ) | $ | (36,374 | ) | |||||
Other comprehensive income (loss) before reclassifications | (148 | ) | (390 | ) | 26,005 | 25,467 | |||||||||||
Amount reclassified from AOCI | (16 | ) | — | — | (16 | ) | |||||||||||
Net other comprehensive income (loss) | (164 | ) | (390 | ) | 26,005 | 25,451 | |||||||||||
Balance at December 31, 2012 | (595 | ) | (611 | ) | (9,717 | ) | (10,923 | ) | |||||||||
Other comprehensive income before reclassifications | 20 | — | 8,037 | 8,057 | |||||||||||||
Amount reclassified from AOCI | 496 | — | — | 496 | |||||||||||||
Net other comprehensive income | 516 | — | 8,037 | 8,553 | |||||||||||||
Balance at December 31, 2013 | (79 | ) | (611 | ) | (1,680 | ) | (2,370 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (6 | ) | 30 | (67,724 | ) | (67,700 | ) | ||||||||||
Amount reclassified from AOCI | 60 | — | — | 60 | |||||||||||||
Net other comprehensive income (loss) | 54 | 30 | (67,724 | ) | (67,640 | ) | |||||||||||
Balance at December 31, 2014 | $ | (25 | ) | $ | (581 | ) | $ | (69,404 | ) | $ | (70,010 | ) | |||||
The realized loss on cash flow hedges reclassified from AOCI consists of one interest rate swap agreement. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per common share: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Net loss attributable to common stockholders of Live Nation | $ | (90,807 | ) | $ | (43,378 | ) | $ | (163,227 | ) | ||||||||
Accretion of redeemable noncontrolling interests | (5,660 | ) | (569 | ) | (801 | ) | |||||||||||
Net loss available to common stockholders of Live Nation—basic and diluted | $ | (96,467 | ) | $ | (43,947 | ) | $ | (164,028 | ) | ||||||||
Weighted average common shares—basic and diluted | 198,874,019 | 193,885,066 | 186,955,748 | ||||||||||||||
Basic and diluted net loss available to common stockholders of Live Nation | $ | (0.49 | ) | $ | (0.23 | ) | $ | (0.88 | ) | ||||||||
Basic net income (loss) per common share is computed by dividing the net income (loss) available to common shares by the weighted average number of common shares outstanding during the period. Diluted net income per common share adjusts basic net income per common share for the effects of stock options, restricted stock and other potentially dilutive financial instruments only in the periods in which such effect is dilutive. The Company’s 2.5% and 2.875% convertible senior notes are considered in the calculation of diluted net income per common share, if dilutive. | |||||||||||||||||
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 2.5% and 2.875% convertible senior notes where dilutive. For the years ended December 31, 2014, 2013 and 2012 there were no reconciling items to the 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 were anti-dilutive: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Options to purchase shares of common stock | 16,999 | 16,628 | 24,722 | ||||||||||||||
Restricted stock awards and units—unvested | 1,171 | 2,210 | 3,207 | ||||||||||||||
Warrants | — | — | 500 | ||||||||||||||
Conversion shares related to convertible senior notes | 7,930 | 8,105 | 8,105 | ||||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 26,100 | 26,943 | 36,534 | ||||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||||||||||
In December 2005, the Company adopted its 2005 Stock Incentive Plan, which has been amended and/or restated on several occasions. In connection with the Company’s merger with Ticketmaster, the Company adopted the Amended and Restated Ticketmaster 2008 Stock & Annual Incentive Plan. The plans authorize the Company to grant stock option awards, director shares, stock appreciation rights, restricted stock and deferred stock awards, other equity-based awards and performance awards. The Company has granted restricted stock awards and options to purchase its common stock to employees, directors and consultants of the Company and its affiliates under the stock incentive plans at no less than the fair market value of the underlying stock on the date of grant. The stock incentive plans contain anti-dilutive provisions that require the adjustment of the number of shares of the Company’s common stock represented by, and the exercise price of, each option for any stock splits or stock dividends. | |||||||||||||||||||||
The following is a summary of stock-based compensation expense recorded by the Company during the respective periods: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Selling, general and administrative expenses | $ | 21,204 | $ | 12,361 | $ | 14,297 | |||||||||||||||
Corporate expenses | 17,825 | 16,054 | 22,766 | ||||||||||||||||||
Total | $ | 39,029 | $ | 28,415 | $ | 37,063 | |||||||||||||||
The increase in stock-based compensation expense for the year ended December 31, 2014 as compared to the prior year is due primarily to 2.3 million options and 0.8 million shares of restricted stock granted to management and directors during 2014, which will generally vest over one to four years. In addition, the Company granted other equity awards to employees during 2014, with a grant in the first quarter vesting over four years and a grant in the second quarter vesting at issuance. During 2014, the Company recorded stock-based compensation expense for these other awards of $7.9 million as a component of selling, general and administrative expenses. | |||||||||||||||||||||
The Trust held 1.5 million shares of restricted Live Nation common stock that were issued in connection with an acquisition, which unvested shares at December 31, 2012 were accelerated in connection with the resignation of a former executive. Stock-based compensation expense of $6.3 million related to this restricted Live Nation common stock was recorded for the year ended December 31, 2012, as a component of corporate expenses. The value of all exchanged awards which related to services already rendered as of the date of the Company’s merger with Ticketmaster was included as part of the consideration transferred. | |||||||||||||||||||||
As of December 31, 2014, there was $51.4 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 2.5 years. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock options are granted for a term not exceeding ten years and the nonvested options are generally forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates. Any options that have vested at the time of termination are forfeited to the extent they are not exercised within the applicable post-employment exercise period provided in their option agreements. These options vest over two to five years. | |||||||||||||||||||||
The following assumptions were used to calculate the fair value of the Company’s options on the date of grant: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 1.67% - 2.0% | 1.06% - 1.89% | 0.83% - 1.14% | ||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Volatility factors | 42.4% - 47.0% | 48.2% - 48.4% | 54.6% - 61.3% | ||||||||||||||||||
Weighted average expected life (in years) | 6.06 | 5.87 | 6.46 | ||||||||||||||||||
The following table presents a summary of the Company’s stock options outstanding at, and stock option activity (“Price” reflects the weighted average exercise price per share): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Outstanding January 1 | 16,628 | $ | 12.68 | 24,722 | $ | 11.68 | 21,429 | $ | 12.33 | ||||||||||||
Granted | 2,345 | 21.03 | 1,269 | 13.3 | 5,495 | 8.8 | |||||||||||||||
Exercised | (1,769 | ) | 12.32 | (8,718 | ) | 9.76 | (259 | ) | 4.39 | ||||||||||||
Forfeited or expired | (205 | ) | 19.58 | (645 | ) | 14.93 | (1,943 | ) | 11.7 | ||||||||||||
Outstanding December 31 | 16,999 | $ | 13.78 | 16,628 | $ | 12.68 | 24,722 | $ | 11.68 | ||||||||||||
Exercisable December 31 | 10,669 | $ | 13.68 | 9,443 | $ | 14.94 | 15,529 | $ | 13.46 | ||||||||||||
Weighted average fair value per option granted | $ | 9.82 | $ | 6.18 | $ | 3.93 | |||||||||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $20.2 million, $31.6 million and $1.3 million, respectively. Cash received from stock option exercises for the years ended December 31, 2014, 2013 and 2012 was $21.8 million, $85.1 million and $1.1 million, respectively. Through December 31, 2014, no tax benefits from the exercise of stock options have been recognized. Any future excess tax benefits derived from the exercise of stock options will be recorded prospectively and reported as cash flows from financing activities in accordance with the FASB guidance for stock-based compensation. | |||||||||||||||||||||
There were 5.1 million shares available for future grants under the stock incentive plan at December 31, 2014. Upon share option exercise or vesting of restricted stock and restricted stock units, the Company issues new shares or treasury shares to fulfill these grants. Vesting dates on the stock options range from February 2015 to September 2018, and expiration dates range from January 2015 to September 2024 at exercise prices and average contractual lives as follows: | |||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | Weighted | |||||||||||||||
Exercise | as of | Average | Average | as of | Average | Average | |||||||||||||||
Prices | 12/31/14 | Remaining | Exercise | 12/31/14 | Remaining | Exercise | |||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||
Life | Life | ||||||||||||||||||||
(in thousands) | (in years) | (in thousands) | (in years) | ||||||||||||||||||
$2.75 - $4.99 | 2,306 | 4.2 | $ | 2.87 | 2,306 | 4.2 | $ | 2.87 | |||||||||||||
$5.00 - $9.99 | 5,174 | 7.6 | $ | 8.81 | 2,237 | 7.3 | $ | 8.83 | |||||||||||||
$10.00 - $14.99 | 3,676 | 5.9 | $ | 11.4 | 2,796 | 5.5 | $ | 11.35 | |||||||||||||
$15.00 - $19.99 | 901 | 4.8 | $ | 18.64 | 694 | 3.6 | $ | 18.67 | |||||||||||||
$20.00 - $24.99 | 3,821 | 6.3 | $ | 22.47 | 1,515 | 2.2 | $ | 24.65 | |||||||||||||
$25.00 - $29.99 | 708 | 0.4 | $ | 29.68 | 708 | 0.4 | $ | 29.68 | |||||||||||||
$35.00 - $39.99 | 413 | 0.4 | $ | 39.95 | 413 | 0.4 | $ | 39.95 | |||||||||||||
The total intrinsic value of options outstanding and options exercisable as of December 31, 2014 was $217.8 million and $140.9 million, respectively. | |||||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||||
The Company has granted restricted stock awards to its employees and directors under its stock incentive plans. These common shares carry a legend which restricts their transferability for a term of one to five years and are forfeited in the event the recipient’s employment or relationship with the Company is terminated prior to the lapse of the restriction. In addition, certain restricted stock awards require the Company or the recipient to achieve minimum performance targets or market conditions in order for these awards to vest. | |||||||||||||||||||||
RSUs are awards in the form of phantom shares or units, denominated in a hypothetical equivalent number of shares of the Company’s common stock with the value of each RSU equal to the fair value of the Company’s common stock at the date of grant. RSUs may be settled in cash, stock or both, as determined at the time of the grant. The majority of RSUs are settled in stock and are classified as equity. RSU grants to international employees require cash settlement at the end of the vesting term and are therefore classified as liabilities. Each RSU is subject to service-based vesting, where a specific period of continued employment must pass before an award vests. | |||||||||||||||||||||
In 2014, the Company granted 0.4 million shares of restricted stock and 0.3 million shares of performance-based awards under the Company’s stock incentive plans. These awards will all generally vest over one or four years with the exception of the performance-based awards which will vest within two years if the performance criteria are met. | |||||||||||||||||||||
In 2013, the Company granted 0.1 million shares of restricted stock and 0.4 million shares of market-based or performance-based awards under the Company’s stock incentive plans. These awards will all generally vest over one or four years with the exception of the market-based awards which will vest within two years if the performance criteria are met. As of December 31, 2014, the performance or market-based criteria for these awards have been met unless otherwise forfeited. | |||||||||||||||||||||
In 2012, the Company granted 0.2 million shares of restricted stock and 1.0 million shares of market-based or performance-based awards. These awards all vest over four years with the exception of the market-based awards which vest over four years if a specified stock price is achieved over a specified number of consecutive days during the four years and the performance-based awards which vest within two years if the performance criteria are met. As of December 31, 2014, the performance or market-based criteria for these awards have been met unless otherwise forfeited. | |||||||||||||||||||||
The following table presents a summary of the Company’s unvested restricted stock awards and equity-settled RSUs outstanding at December 31, 2014, 2013 and 2012 (“Price” reflects the weighted average share price at the date of grant): | |||||||||||||||||||||
Restricted Stock | RSUs | ||||||||||||||||||||
Awards | Price | Awards | Price | ||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Unvested at December 31, 2011 | 3,325 | $ | 10.98 | 703 | 10.03 | ||||||||||||||||
Granted | 1,243 | 8.96 | — | — | |||||||||||||||||
Forfeited | (151 | ) | 7.9 | (373 | ) | 9.61 | |||||||||||||||
Vested | (1,215 | ) | 10.95 | (325 | ) | 10.51 | |||||||||||||||
Unvested at December 31, 2012 | 3,202 | $ | 10.32 | 5 | $ | 10.51 | |||||||||||||||
Granted | 548 | 12.17 | — | — | |||||||||||||||||
Forfeited | (141 | ) | 9.19 | — | — | ||||||||||||||||
Vested | (1,399 | ) | 10.54 | (5 | ) | 10.51 | |||||||||||||||
Unvested at December 31, 2013 | 2,210 | $ | 10.68 | — | $ | — | |||||||||||||||
Granted | 752 | 21.64 | — | — | |||||||||||||||||
Forfeited | (237 | ) | 12.64 | — | — | ||||||||||||||||
Vested | (1,554 | ) | 11.5 | — | — | ||||||||||||||||
Unvested at December 31, 2014 | 1,171 | $ | 16.18 | — | $ | — | |||||||||||||||
The total grant date fair market value of the shares issued upon the vesting of restricted stock awards during the years ended December 31, 2014, 2013 and 2012 was $17.9 million, $18.8 million and $14.7 million, respectively. As of December 31, 2014, there were 0.3 million restricted stock awards outstanding which require the Company or the recipient to achieve minimum performance targets or market conditions in order for the awards to vest. |
OTHER_INFORMATION
OTHER INFORMATION | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
OTHER INFORMATION | OTHER INFORMATION | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
The following details the components of “Other current assets”: | ||||||||
Cash held in escrow | $ | 1,869 | $ | 23,328 | ||||
Inventory | 12,824 | 12,270 | ||||||
Other | 11,396 | 7,829 | ||||||
Total other current assets | $ | 26,089 | $ | 43,427 | ||||
The following details the components of “Other long-term assets”: | ||||||||
Long-term advances | $ | 246,461 | $ | 150,041 | ||||
Investments in nonconsolidated affiliates | 127,222 | 39,778 | ||||||
Debt issuance costs | 20,000 | 15,161 | ||||||
Other | 100,420 | 91,354 | ||||||
Total other long-term assets | $ | 494,103 | $ | 296,334 | ||||
The following details the components of “Accrued expenses”: | ||||||||
Accrued compensation and benefits | $ | 139,825 | $ | 153,143 | ||||
Accrued event expenses | 164,474 | 129,898 | ||||||
Accrued insurance | 54,183 | 52,699 | ||||||
Accrued legal | 46,186 | 44,965 | ||||||
Collections on behalf of others | 51,180 | 37,014 | ||||||
Other | 220,032 | 251,080 | ||||||
Total accrued expenses | $ | 675,880 | $ | 668,799 | ||||
The following details the components of “Other current liabilities”: | ||||||||
Contingent and deferred purchase consideration | $ | 1,703 | $ | 3,509 | ||||
Other | 10,332 | 50,801 | ||||||
Total other current liabilities | $ | 12,035 | $ | 54,310 | ||||
The following details the components of “Other long-term liabilities”: | ||||||||
Accrued rent | $ | 56,027 | $ | 48,985 | ||||
Deferred revenue | 4,768 | 5,102 | ||||||
Contingent and deferred purchase consideration | 24,248 | 4,008 | ||||||
Other | 27,161 | 26,940 | ||||||
Total other long-term liabilities | $ | 112,204 | $ | 85,035 | ||||
SEGMENT_DATA
SEGMENT DATA | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 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, ticket resale services 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 below include accruals and 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. | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the previously reported capital expenditures amounts have been increased by $24.7 million and $1.2 million to include insurance recoveries and landlord reimbursements. The expenditures had previously been reported net of recoveries and reimbursements. The 2013 increase includes $21.8 million in the Concerts segment of partial insurance recoveries received in connection with storm damage to an amphitheater in New York during Hurricane Sandy. | ||||||||||||||||||||||||||||||||
There were no customers that individually accounted for more than 10% of the Company’s consolidated revenue in any year. | ||||||||||||||||||||||||||||||||
The following table presents the results of operations for the Company’s reportable segments for the years ending December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 4,726,877 | $ | 1,557,254 | $ | 389,437 | $ | 300,279 | $ | 3,171 | $ | — | $ | (110,054 | ) | $ | 6,866,964 | |||||||||||||||
Direct operating expenses | 4,016,540 | 763,280 | 212,302 | 37,973 | (2,174 | ) | — | (107,952 | ) | 4,919,969 | ||||||||||||||||||||||
Selling, general and administrative expenses | 666,475 | 471,982 | 138,066 | 50,292 | 3,345 | — | — | 1,330,160 | ||||||||||||||||||||||||
Depreciation and amortization | 115,088 | 204,901 | 43,343 | 4,281 | 40 | 2,592 | (2,102 | ) | 368,143 | |||||||||||||||||||||||
Goodwill impairment | 117,013 | — | 17,948 | — | — | — | — | 134,961 | ||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (2,954 | ) | (1,583 | ) | 34 | — | (29 | ) | 38 | — | (4,494 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 101,000 | — | 101,000 | ||||||||||||||||||||||||
Acquisition transaction expenses | 5,171 | 1,381 | 566 | — | 38 | 2,905 | — | 10,061 | ||||||||||||||||||||||||
Operating income (loss) | $ | (190,456 | ) | $ | 117,293 | $ | (22,822 | ) | $ | 207,733 | $ | 1,951 | $ | (106,535 | ) | $ | — | $ | 7,164 | |||||||||||||
Intersegment revenue | $ | 97,642 | $ | 1,150 | $ | 11,262 | $ | — | $ | — | $ | — | $ | (110,054 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 35,006 | $ | 89,990 | $ | 1,892 | $ | 1,834 | $ | 6 | $ | 9,490 | $ | — | $ | 138,218 | ||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 4,517,191 | $ | 1,407,817 | $ | 352,947 | $ | 284,692 | $ | 3,164 | $ | — | $ | (87,264 | ) | $ | 6,478,547 | |||||||||||||||
Direct operating expenses | 3,829,991 | 672,221 | 218,113 | 45,021 | 380 | — | (85,219 | ) | 4,680,507 | |||||||||||||||||||||||
Selling, general and administrative expenses | 632,614 | 442,788 | 103,304 | 45,618 | 2,568 | — | — | 1,226,892 | ||||||||||||||||||||||||
Depreciation and amortization | 132,386 | 190,801 | 42,613 | 2,351 | 206 | 2,611 | (2,045 | ) | 368,923 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (38,927 | ) | (4 | ) | 665 | — | 7 | — | — | (38,259 | ) | |||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 94,385 | — | 94,385 | ||||||||||||||||||||||||
Acquisition transaction expenses | 723 | 245 | 3 | 64 | — | 5,404 | — | 6,439 | ||||||||||||||||||||||||
Operating income (loss) | $ | (39,596 | ) | $ | 101,766 | $ | (11,751 | ) | $ | 191,638 | $ | 3 | $ | (102,400 | ) | $ | — | $ | 139,660 | |||||||||||||
Intersegment revenue | $ | 77,050 | $ | 2,295 | $ | 7,919 | $ | — | $ | — | $ | — | $ | (87,264 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 45,925 | $ | 90,132 | $ | 2,255 | $ | 1,424 | $ | — | $ | 1,303 | $ | — | $ | 141,039 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Revenue | $ | 3,870,371 | $ | 1,374,049 | $ | 399,940 | $ | 247,921 | $ | 2,997 | $ | — | $ | (76,231 | ) | $ | 5,819,047 | |||||||||||||||
Direct operating expenses | 3,274,951 | 651,055 | 263,896 | 34,738 | 816 | — | (74,179 | ) | 4,151,277 | |||||||||||||||||||||||
Selling, general and administrative expenses | 569,570 | 434,310 | 99,786 | 38,198 | 1,768 | — | — | 1,143,632 | ||||||||||||||||||||||||
Depreciation and amortization | 145,552 | 165,947 | 115,696 | 1,187 | 398 | 2,829 | (2,052 | ) | 429,557 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (453 | ) | (225 | ) | (42 | ) | — | 206 | — | — | (514 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 113,364 | — | 113,364 | ||||||||||||||||||||||||
Acquisition transaction expenses | 847 | 153 | 1,163 | — | — | 1,207 | — | 3,370 | ||||||||||||||||||||||||
Operating income (loss) | $ | (120,096 | ) | $ | 122,809 | $ | (80,559 | ) | $ | 173,798 | $ | (191 | ) | $ | (117,400 | ) | $ | — | $ | (21,639 | ) | |||||||||||
Intersegment revenue | $ | 65,559 | $ | 2,771 | $ | 7,901 | $ | — | $ | — | $ | — | $ | (76,231 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 24,634 | $ | 92,651 | $ | 601 | $ | 5,147 | $ | 4 | $ | 1,336 | $ | — | $ | 124,373 | ||||||||||||||||
The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements: | ||||||||||||||||||||||||||||||||
United Kingdom Operations | Other Foreign Operations | Total Foreign Operations | Total Domestic Operations | Consolidated Total | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 772,445 | $ | 1,591,643 | $ | 2,364,088 | $ | 4,502,876 | $ | 6,866,964 | ||||||||||||||||||||||
Long-lived assets | $ | 71,269 | $ | 105,937 | $ | 177,206 | $ | 518,131 | $ | 695,337 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 716,982 | $ | 1,773,088 | $ | 2,490,070 | $ | 3,988,477 | $ | 6,478,547 | ||||||||||||||||||||||
Long-lived assets | $ | 76,607 | $ | 116,859 | $ | 193,466 | $ | 513,334 | $ | 706,800 | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Revenue | $ | 691,849 | $ | 1,349,912 | $ | 2,041,761 | $ | 3,777,286 | $ | 5,819,047 | ||||||||||||||||||||||
Long-lived assets | $ | 87,790 | $ | 102,706 | $ | 190,496 | $ | 531,290 | $ | 721,786 | ||||||||||||||||||||||
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Revenue | $ | 1,127,316 | $ | 923,698 | $ | 1,665,785 | $ | 1,679,513 | $ | 2,502,008 | $ | 2,262,236 | $ | 1,571,855 | $ | 1,613,100 | |||||||||||||||||
Operating income (loss) | $ | (12,308 | ) | $ | (33,189 | ) | $ | 55,686 | $ | 97,806 | $ | 150,604 | $ | 126,037 | $ | (186,818 | ) | $ | (50,994 | ) | |||||||||||||
Net income (loss) | $ | (30,097 | ) | $ | (64,187 | ) | $ | 25,822 | $ | 59,015 | $ | 115,827 | $ | 50,418 | $ | (216,002 | ) | $ | (81,261 | ) | |||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | (32,448 | ) | $ | (63,239 | ) | $ | 22,934 | $ | 58,130 | $ | 105,163 | $ | 43,774 | $ | (186,456 | ) | $ | (82,043 | ) | |||||||||||||
Basic net income (loss) per common share attributable to common stockholders of Live Nation | $ | (0.17 | ) | $ | (0.34 | ) | $ | 0.11 | $ | 0.3 | $ | 0.52 | $ | 0.22 | $ | (0.94 | ) | $ | (0.42 | ) | |||||||||||||
Diluted net income (loss) per common share attributable to common stockholders of Live Nation | $ | (0.17 | ) | $ | (0.34 | ) | $ | 0.11 | $ | 0.3 | $ | 0.49 | $ | 0.22 | $ | (0.94 | ) | $ | (0.42 | ) | |||||||||||||
The following summarizes unusual or infrequent items effecting the quarterly results of operations: | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
The Company recorded an impairment charge related to indefinite-lived intangible assets of $6.0 million in the third quarter of 2014 as a component of depreciation and amortization. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion. | |||||||||||||||||||||||||||||||||
The Company recorded impairment charges related to definite-lived intangible assets of $9.3 million in the fourth quarter of 2014 as a component of depreciation and amortization primarily related to intangible assets for client/vendor relationships in the Artist Nation segment and technology in the Ticketing segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion. | |||||||||||||||||||||||||||||||||
The Company recorded goodwill impairments of $135.0 million in the fourth quarter of 2014 in connection with its annual impairment tests. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion. | |||||||||||||||||||||||||||||||||
The Company received the final insurance recovery in the second quarter of 2014, related to an amphitheater in New York that sustained damage during Hurricane Sandy in 2012 and recorded a gain of $3.6 million, as a component of gain on disposal of operating assets. See Note 2—Long-Lived Assets for further discussion. | |||||||||||||||||||||||||||||||||
The Company recorded a gain of $17.1 million in the fourth quarter of 2014 as a component of other expense, net in connection with the consolidation of an artist management business that had been previously accounted for as an equity investment, due to a change in the governing agreements. | |||||||||||||||||||||||||||||||||
The Company recorded net foreign exchange currency losses of $12.3 million and $14.3 million in the third and fourth quarters of 2014, respectively, as a component of other expense, net. | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
The Company received insurance recoveries and recorded gains of $3.1 million, $9.4 million and $2.0 million in the first, second and third quarters of 2013, respectively, as a component of gain on disposal of operating assets related to an amphitheater in New York that sustained damage during Hurricane Sandy in 2012. See Note 2—Long-Lived Assets for further discussion. | |||||||||||||||||||||||||||||||||
In May 2013, the Company completed the sale of a theater in New York and recorded a gain of $21.9 million and $7.0 million in the second and third quarters, respectively, and a loss of $4.1 million in the fourth quarter as a component of gain on disposal of operating assets. See Note 2—Long-Lived Assets for further discussion. | |||||||||||||||||||||||||||||||||
The Company recorded $4.9 million, $4.1 million and $1.5 million in the second, third and fourth quarters of 2013, respectively, for acceleration of amortization as a component of depreciation and amortization primarily related to changes in estimates of the useful lives for certain venue management and leasehold intangible assets in the Concerts segment. See Note 2—Long-Lived Assets for further discussion. | |||||||||||||||||||||||||||||||||
The Company recorded impairment charges related to definite-lived intangible assets of $9.2 million in the fourth quarter of 2013 as a component of depreciation and amortization primarily related to intangible assets for venue management and leasehold intangible assets in the Concerts segment and client/vendor relationship intangible assets in the Artist Nation segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion. | |||||||||||||||||||||||||||||||||
In the third quarter of 2013, the Company recorded a $36.3 million loss on extinguishment of debt related to the refinancing of certain of its debt. See Note 4—Long-Term Debt for further discussion. | |||||||||||||||||||||||||||||||||
In the third quarter of 2013, the Company recorded impairment charges of $4.2 million primarily related to an investment in a concert promoter and recorded a $5.0 million impairment charge in the fourth quarter of 2013 related to an investment in an ecommerce business as a component of equity in earnings of nonconsolidated affiliates. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LIVE NATION ENTERTAINMENT, INC. | |||||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||||||||
Description | Balance at Beginning of Period | Charges of Costs, Expenses and Other | Write-off of Accounts Receivable | Other | Balance at End of Period | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Year ended December 31, 2012 | $ | 16,986 | $ | 6,963 | $ | (4,383 | ) | $ | 228 | (1) | $ | 19,794 | ||||||||||
Year ended December 31, 2013 | $ | 19,794 | $ | 5,875 | $ | (6,423 | ) | $ | 604 | (1) | $ | 19,850 | ||||||||||
Year ended December 31, 2014 | $ | 19,850 | $ | 3,684 | $ | (4,763 | ) | $ | (1,282 | ) | (1) | $ | 17,489 | |||||||||
_________________ | ||||||||||||||||||||||
(1) Foreign currency adjustments and acquisitions. | ||||||||||||||||||||||
LIVE NATION ENTERTAINMENT, INC. | ||||||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
Deferred Tax Asset Valuation Allowance | ||||||||||||||||||||||
Description | Balance at Beginning of Period | Charges of Costs, Expenses and Other | Deletions | Other (1) | Balance at End of Period | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Year ended December 31, 2012 | (2) | $ | 415,449 | $ | 79,214 | $ | — | $ | 41,808 | $ | 536,471 | |||||||||||
Year ended December 31, 2013 | (2) | $ | 536,471 | $ | 15,912 | $ | (6,088 | ) | $ | 34,299 | $ | 580,594 | ||||||||||
Year ended December 31, 2014 | $ | 580,594 | $ | (6,168 | ) | $ | — | $ | 18,879 | $ | 593,305 | |||||||||||
________________________ | ||||||||||||||||||||||
(1) During 2014, 2013, and 2012, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments. | ||||||||||||||||||||||
(2) Certain reclassifications have been made to the prior year amounts to conform to the 2014 presentation. The reclassifications related to changes in deferred tax asset valuation allowances related to net operating loss carryforwards. |
THE_COMPANY_AND_SUMMARY_OF_SIG1
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation |
The Company’s consolidated financial statements include all accounts of the Company, its majority owned and controlled subsidiaries and VIEs for which the Company is the primary beneficiary. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations. | |
Typically the Company consolidates entities in which the Company owns more than 50% of the voting common stock and controls operations and also VIEs for which the Company is the primary beneficiary. Investments in nonconsolidated affiliates in which the Company owns more than 20% of the voting common stock or otherwise exercises significant influence over operating and financial policies but not control of the nonconsolidated affiliate are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock and does not exercise significant influence over operating and financial policies are accounted for using the cost method of accounting. | |
All cash flow activity reflected on the consolidated statements of cash flows for the Company is presented net of any non-cash transactions so the amounts reflected may be different than amounts shown in other places in the Company’s financial statements that are based on accrual accounting and therefore include non-cash amounts. For example, the purchases of property, plant and equipment reflected on the consolidated statements of cash flows reflects the amount of cash paid during the year for these purchases and does not include the impact of the changes in accrued expenses related to capital expenditures during the year. | |
Variable Interest Entities | Variable Interest Entities |
In the normal course of business, the Company enters into joint ventures or makes investments in companies that will allow it to expand its core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether the Company is the primary beneficiary of a VIE, it assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities the Company believes most significantly impact the economic performance of its VIEs include the unilateral ability to approve the annual budget, the unilateral ability to terminate key management and the unilateral ability to approve entering into agreements with artists, among others. The Company has certain rights and obligations related to its involvement in the VIEs, including the requirement to provide operational cash flow funding. As of December 31, 2014 and 2013, excluding intercompany balances and allocated goodwill and intangible assets, there were $177.6 million and $109.1 million of assets and $54.9 million and $53.6 million of liabilities, respectively, related to VIEs included in the balance sheets. None of the Company’s VIEs are significant on an individual basis. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. The Company’s cash and cash equivalents consist primarily of domestic and foreign bank accounts as well as money market accounts. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. These balances are stated at cost, which approximates fair value. | |
Included in the December 31, 2014 and 2013 cash and cash equivalents balance is $533.8 million and $538.4 million, respectively, of cash received that includes the face value of tickets sold on behalf of clients and the clients’ share of convenience and order processing charges (“client cash”). The Company generally does not utilize client cash for its own financing or investing activities as the amounts are payable to clients on a regular basis. These amounts due to clients are included in accounts payable, client accounts. | |
The Company’s available cash and cash equivalents are held in accounts managed by third-party financial institutions and consist of cash in operating accounts and invested cash. Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. The invested cash is held in interest-bearing funds consisting primarily of bank deposits and money market funds. | |
While the Company monitors cash and cash equivalents balances in its operating accounts on a regular basis and adjusts the balances as appropriate, these balances could be impacted in the future if the underlying financial institutions fail. To date, the Company has experienced no loss or lack of access to its cash or cash equivalents; however, the Company can provide no assurances that access to its cash and cash equivalents will not be impacted in the future by adverse conditions in the financial markets. | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
The Company evaluates the collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company becomes aware of a customer’s inability to meet its financial obligations. | |
The Company believes that the credit risk with respect to trade receivables is limited due to the large number and the geographic diversification of its customers. | |
Prepaid Expenses | Prepaid Expenses |
The majority of the Company’s prepaid expenses relate to event expenses including show advances and deposits and other costs directly related to future concert events. For advances that are expected to be recouped over a period of more than 12 months, the long-term portion of the advance is classified as other long-term assets. These prepaid costs are charged to operations upon completion of the related events. | |
Ticketing Contract Advances | Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to the Company’s clients pursuant to ticketing agreements and are reflected in prepaid expenses or in other long-term assets if the amount is expected to be recouped or recognized over a period of more than 12 months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the clients, based on the contract terms, over the life of the contract. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by the Company to secure exclusive rights with certain clients and are normally amortized over the life of the contract on a straight-line basis. Amortization of these non-recoupable ticketing contract advances is included in depreciation and amortization in the statements of operations. For the years ended December 31, 2014, 2013 and 2012, the Company amortized $79.4 million, $73.6 million and $48.1 million, respectively, related to non-recoupable ticketing contract advances. |
Business Combinations | Business Combinations |
The Company accounts for its business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment are stated at cost or fair value at date of acquisition. Depreciation, which is recorded for both owned assets and assets under capital leases, is computed using the straight-line method over their estimated useful lives, which are as follows: | |
Buildings and improvements - 10 to 50 years | |
Computer equipment and capitalized software - 3 to 10 years | |
Furniture and other equipment - 3 to 10 years | |
Leasehold improvements are depreciated over the shorter of the economic life or associated lease term assuming the Company exercises renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for asset renewal and improvements are capitalized. | |
The Company tests for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. | |
Intangible Assets | Intangible Assets |
The Company classifies intangible assets as definite-lived or indefinite-lived. Definite-lived intangibles include revenue-generating contracts, client/vendor relationships, non-compete agreements, venue management and leasehold agreements, technology and trademarks and naming rights, all of which are amortized either on a straight-line basis over the respective lives of the agreements, typically three to fifteen years, or on a basis more representative of the time pattern over which the benefit is derived. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are stated at cost or fair value. Indefinite-lived intangibles primarily include trade names. The excess cost over fair value of net assets acquired is classified as goodwill. Indefinite-lived intangibles are not subject to amortization, but are reviewed for impairment at least annually. | |
The Company tests for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. | |
The Company tests for possible impairment of indefinite-lived intangible assets at least annually. Depending on facts and circumstances, qualitative factors may first be assessed to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If it is concluded that it is more likely than not impaired, then the Company performs a quantitative impairment test by comparing the fair value with the carrying amount. If the qualitative assessment is not performed first, the Company performs only this quantitative test. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value. Any such impairment charge is recorded in depreciation and amortization in the statement of operations. | |
The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. | |
Goodwill | Goodwill |
The Company reviews goodwill for impairment annually, as of October 1, using a three-step process. It also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its operating segments or reporting units. The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing and the timing of the last performance of a quantitative assessment. If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment, compares the fair value of the reporting unit’s goodwill with its carrying amount, including goodwill. The third step, employed for any reporting unit that fails the second step, is used to measure the amount of any potential impairment and compares the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. If a reporting unit’s carrying value is negative, the Company does not follow this three-step process. In this case, a qualitative evaluation is performed to determine whether it is more likely than not that the reporting unit’s goodwill is impaired. If it is, the comparison of the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill described above is performed. In all three steps, discount rates, market multiples and sensitivity tests are derived and/or computed with the assistance of external valuation consultants. | |
The second and third steps that the Company uses to evaluate goodwill for impairment involve the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. | |
In developing fair values for its reporting units, the Company may employ a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares the Company to similar companies on the basis of risk characteristics to determine its risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples used and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective company. | |
The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to the Company’s adjusted operating income metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses the Company’s estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate, attrition rate and expected future revenue, which vary among reporting units. | |
Nonconsolidated Affiliates | Nonconsolidated Affiliates |
In general, nonconsolidated investments in which the Company owns more than 20% of the common stock or otherwise exercises significant influence over an affiliate are accounted for under the equity method. The Company recognizes gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If the Company obtains control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, it remeasures its investment to fair value first and then applies the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense, net in the statements of operations. | |
Accounts Payable, Client Accounts | Accounts Payable, Client Accounts |
Accounts payable, client accounts consists of contractual amounts due to ticketing clients which includes the face value of tickets sold and the clients’ share of convenience and order processing charges. | |
Income Taxes | Income Taxes |
The Company accounts for income taxes using the liability method in accordance with the FASB guidance for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion of or the entire asset will not be realized. As almost all earnings from the Company’s continuing foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional United States taxes on those foreign operations. The amount of earnings at December 31, 2014 that was permanently reinvested was approximately $1.1 billion. It is not practical to determine the amount of federal and state income taxes, if any, that might become due in the event that the earnings were distributed. | |
The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. | |
The Company has established a policy of including interest related to tax loss contingencies in income tax expense (benefit). | |
Revenue Recognition | Revenue Recognition |
Revenue from the promotion and production of an event in the Concerts segment is recognized after the show occurs. Revenue related to larger global tours is recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue guarantee thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally amortized over the operating season or the term of the contract. | |
Revenue from the Company’s ticketing operations primarily consists of convenience charges and order processing fees charged at the time a ticket for an event is sold. For tickets sold to events at the Company’s owned or operated venues in the United States, and where the Company controls the tickets internationally, the revenue for the associated ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs. These service charges are shared between the Company’s Ticketing and Concerts segments. For tickets sold for events at third-party venues, the revenue is recognized at the time of the sale and is recorded by the Company’s Ticketing segment. | |
The Company accounts for taxes that are externally imposed on revenue producing transactions on a net basis, as a reduction of revenue. | |
Gross versus Net Revenue Recognition | Gross versus Net Revenue Recognition |
The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. The Ticketing segment’s revenue, which primarily consists of convenience charges and order processing fees from its ticketing operations, is recorded net of the face value of the ticket as the Company generally acts as an agent in these transactions. | |
Foreign Currency | Foreign Currency |
Results of operations for foreign subsidiaries and foreign equity investees are translated into United States dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into United States dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity in AOCI. Foreign currency transaction gains and losses are included in the statements of operations. For the years ended December 31, 2014 and 2013, the Company recorded net foreign currency transaction losses of $28.9 million and $2.8 million, respectively, and a foreign currency transaction gain of $1.4 million for the year ended December 31, 2012. The Company does not currently have operations in highly inflationary countries. | |
Advertising Expense | Advertising Expense |
The Company records advertising expense in the year that it is incurred. Throughout the year, general advertising expenses are recognized as they are incurred but event-related advertising for concerts is recognized once the show occurs. However, all advertising costs incurred during the year and not previously recognized are expensed at the end of the year. Advertising expenses of $242.9 million, $224.0 million and $208.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, were recorded as a component of direct operating expenses. Advertising expenses of $28.8 million, $27.7 million and $21.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, were recorded as a component of selling, general and administrative expenses. | |
Direct Operating Expenses | Direct Operating Expenses |
Direct operating expenses include artist fees, show related marketing and advertising expenses, royalties paid to clients for a share of convenience and order processing fees, rent expense for events in third-party venues, credit card fees, telecommunications and data communication costs associated with the Company’s call centers, commissions paid on tickets distributed through independent sales outlets away from the box office, and salaries and wages related to seasonal employees at the Company’s venues along with other costs, including ticket stock and shipping. These costs are primarily variable in nature. | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses |
Selling, general and administrative expenses include salaries and other compensation costs related to full-time employees, fixed rent, travel and entertainment, legal expenses and consulting along with other costs. | |
Depreciation and Amortization | Depreciation and Amortization |
The Company’s depreciation and amortization is presented as a separate line item in the statements of operations. There is no depreciation or amortization included in direct operating expenses, selling, general and administrative expenses or corporate expenses. | |
Non-cash and Stock-based Compensation | Non-cash and Stock-based Compensation |
The Company follows the fair value recognition provisions in the FASB guidance for stock compensation. Stock-based compensation expense recognized includes compensation expense for all share-based payments using the estimated grant date fair value net of expected forfeitures. Judgment is required in estimating the amount of stock-based awards expected to be forfeited prior to vesting. If actual forfeitures differ from these estimates, non-cash compensation expense could vary. | |
The fair value for options in Live Nation stock is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the options is amortized to expense, net of estimated forfeitures, on a straight-line basis over the options’ vesting period. The Company uses an expected volatility based on an even weighting of its own traded options and historical volatility. The Company uses the simplified method for estimating the expected life within the valuation model which is the period of time that options granted are expected to be outstanding. The Company uses the simplified method as it does not believe its historical experience provides a reasonable basis with which to estimate the expected term due to the impact of a number of divestitures after the Separation, the varying vesting terms of awards issued since the Separation and the impact from the type and amount of awards converted pursuant to the Company’s merger with Ticketmaster. The risk-free rate for periods within the expected life of the option is based on the United States Treasury note rate. | |
The fair value of restricted stock and restricted stock units, which is generally the stock price on the date of issuance, is amortized to expense, net of expected forfeitures, on a straight-line basis over the vesting period. | |
Acquisition Transaction Expenses | Acquisition Transaction Expenses |
Acquisition transaction expenses consist of direct costs related to business combinations, such as legal and accounting transaction charges related to reviewing and closing an acquisition and also other legal costs directly tied to the transaction. These expenses also reflect changes in the fair value of accrued acquisition-related contingent consideration arrangements. The Company records transaction costs incurred in connection with the purchase or sale of a noncontrolling interest in a subsidiary, when control is maintained, as a deduction from equity in additional paid-in capital. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to the prior year consolidated financial statements and notes to conform to the 2014 presentation. The reclassifications related to changes in operating assets and liabilities, net of effects of acquisitions and dispositions in the statements of cash flows and deferred tax assets related to net operating loss carryforwards and the associated valuation allowances in the notes to consolidated financial statements. | |
Recent Accounting Pronouncements | Recent Accounting 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. | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual and interim periods beginning after December 15, 2016, and early adoption of the standard is not permitted. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption. The Company will adopt this standard on January 1, 2017, and is currently assessing which implementation method it will apply and the impact its adoption will have on its financial position and results of operations. | |
In June 2014, the FASB issued guidance that requires a performance target in a share-based payment that affects vesting, and that could be achieved after the requisite service period, be accounted for as a performance condition. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date. The guidance may be applied on a modified retrospective basis for performance targets outstanding on or after the beginning of the first annual period presented as of the date of adoption. The Company does not currently expect to grant these type of awards, but will adopt this guidance on January 1, 2016 and will apply it prospectively to any awards granted on or after January 1, 2016 that include these terms. | |
In February 2015, the FASB issued new guidance for evaluating whether a reporting organization should consolidate certain legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The guidance should be applied either using a modified retrospective approach or retrospectively. The Company will adopt this standard on January 1, 2016, and is currently assessing which implementation method it will apply and the impact its adoption will have on its financial position and results of operations. |
LONGLIVED_ASSETS_Tables
LONG-LIVED ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 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 years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
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, 2012: | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 515,071 | $ | 261,655 | $ | 168,418 | $ | 118,259 | $ | 101,424 | $ | 18,423 | $ | 6,452 | $ | 1,189,702 | ||||||||||||||||
Accumulated amortization | (197,549 | ) | (39,807 | ) | (111,369 | ) | (51,891 | ) | (53,295 | ) | (6,678 | ) | (4,650 | ) | (465,239 | ) | ||||||||||||||||
Net | 317,522 | 221,848 | 57,049 | 66,368 | 48,129 | 11,745 | 1,802 | 724,463 | ||||||||||||||||||||||||
Gross carrying amount: | ||||||||||||||||||||||||||||||||
Acquisitions—current year | 85,927 | 31,582 | — | — | 3,370 | 10,500 | — | 131,379 | ||||||||||||||||||||||||
Acquisitions— prior year | (1,028 | ) | (2,833 | ) | — | — | — | — | — | (3,861 | ) | |||||||||||||||||||||
Dispositions | — | (1,354 | ) | — | — | — | — | — | (1,354 | ) | ||||||||||||||||||||||
Foreign exchange | 2,476 | (6,525 | ) | 98 | (17 | ) | 826 | 376 | (34 | ) | (2,800 | ) | ||||||||||||||||||||
Other (1) | (17,352 | ) | (4,588 | ) | (31,317 | ) | (32,600 | ) | (4,956 | ) | (775 | ) | (4,043 | ) | (95,631 | ) | ||||||||||||||||
Net change | 70,023 | 16,282 | (31,219 | ) | (32,617 | ) | (760 | ) | 10,101 | (4,077 | ) | 27,733 | ||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (49,972 | ) | (47,918 | ) | (21,984 | ) | (24,615 | ) | (24,116 | ) | (4,160 | ) | (416 | ) | (173,181 | ) | ||||||||||||||||
Dispositions | — | 61 | — | — | — | — | — | 61 | ||||||||||||||||||||||||
Foreign exchange | (884 | ) | 1,412 | (92 | ) | 219 | (655 | ) | (209 | ) | 31 | (178 | ) | |||||||||||||||||||
Other (1) | 17,352 | 4,443 | 32,317 | 32,600 | 4,956 | 1,955 | 4,043 | 97,666 | ||||||||||||||||||||||||
Net change | (33,504 | ) | (42,002 | ) | 10,241 | 8,204 | (19,815 | ) | (2,414 | ) | 3,658 | (75,632 | ) | |||||||||||||||||||
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 | 75,304 | 92,974 | — | — | 8,415 | — | 1,100 | 177,793 | ||||||||||||||||||||||||
Acquisitions— prior year | (1,851 | ) | 2,857 | 1,500 | — | 407 | — | — | 2,913 | |||||||||||||||||||||||
Dispositions | (1,600 | ) | — | — | — | — | — | — | (1,600 | ) | ||||||||||||||||||||||
Foreign exchange | (19,056 | ) | (8,508 | ) | — | (2,324 | ) | (1,608 | ) | (1,176 | ) | (5 | ) | (32,677 | ) | |||||||||||||||||
Other (1) | (2,764 | ) | (9,268 | ) | (15,147 | ) | 4 | (92,548 | ) | (3,082 | ) | 111 | (122,694 | ) | ||||||||||||||||||
Net change | 50,033 | 78,055 | (13,647 | ) | (2,320 | ) | (85,334 | ) | (4,258 | ) | 1,206 | 23,735 | ||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||
Amortization | (52,664 | ) | (52,389 | ) | (12,531 | ) | (7,960 | ) | (24,946 | ) | (3,458 | ) | (713 | ) | (154,661 | ) | ||||||||||||||||
Dispositions | 605 | — | — | — | — | — | — | 605 | ||||||||||||||||||||||||
Foreign exchange | 8,277 | 1,735 | — | 1,161 | 1,262 | 767 | 3 | 13,205 | ||||||||||||||||||||||||
Other (1) | 2,764 | 9,268 | 15,147 | (4 | ) | 92,548 | 3,082 | 460 | 123,265 | |||||||||||||||||||||||
Net change | (41,018 | ) | (41,386 | ) | 2,616 | (6,803 | ) | 68,864 | 391 | (250 | ) | (17,586 | ) | |||||||||||||||||||
Balance as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Gross carrying amount | 635,127 | 355,992 | 123,552 | 83,322 | 15,330 | 24,266 | 3,581 | 1,241,170 | ||||||||||||||||||||||||
Accumulated amortization | (272,071 | ) | (123,195 | ) | (98,512 | ) | (50,490 | ) | (4,246 | ) | (8,701 | ) | (1,242 | ) | (558,457 | ) | ||||||||||||||||
Net | $ | 363,056 | $ | 232,797 | $ | 25,040 | $ | 32,832 | $ | 11,084 | $ | 15,565 | $ | 2,339 | $ | 682,713 | ||||||||||||||||
(1) | Other includes netdowns of fully amortized or impaired assets and, for 2013, a $1.2 million reclassification from indefinite-lived intangible assets due to a change in the asset’s estimated useful life. | |||||||||||||||||||||||||||||||
Weighted Average Lives of Additions to Definite-Lived Intangible Assets | The 2014 and 2013 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: | |||||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Life (years) | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Revenue-generating contracts | 9 | 9 | ||||||||||||||||||||||||||||||
Client/vendor relationships | 7 | 8 | ||||||||||||||||||||||||||||||
Technology | 5 | 5 | ||||||||||||||||||||||||||||||
Trademarks and naming rights | — | 10 | ||||||||||||||||||||||||||||||
Other | 10 | — | ||||||||||||||||||||||||||||||
All categories | 8 | 9 | ||||||||||||||||||||||||||||||
Estimate of Amortization Expense for Each of the Five Succeeding Fiscal Years for Definite-Lived Intangible Assets | The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2014: | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 130,262 | ||||||||||||||||||||||||||||||
2016 | $ | 125,166 | ||||||||||||||||||||||||||||||
2017 | $ | 104,932 | ||||||||||||||||||||||||||||||
2018 | $ | 86,048 | ||||||||||||||||||||||||||||||
2019 | $ | 73,680 | ||||||||||||||||||||||||||||||
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 years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Total | ||||||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2012: | ||||||||||||||||||||||||||||||||
Goodwill (1) | $ | 468,891 | $ | 637,642 | $ | 266,820 | $ | 254,376 | $ | 1,627,729 | ||||||||||||||||||||||
Accumulated impairment losses (1) | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 198,989 | 637,642 | 266,820 | 254,376 | 1,357,827 | |||||||||||||||||||||||||||
Acquisitions—current year | 42,826 | 1,715 | 3,253 | 49,748 | 97,542 | |||||||||||||||||||||||||||
Acquisitions—prior year | (2,811 | ) | — | 9,203 | — | 6,392 | ||||||||||||||||||||||||||
Dispositions | (3,691 | ) | — | (251 | ) | — | (3,942 | ) | ||||||||||||||||||||||||
Foreign exchange | 257 | 2,892 | (102 | ) | 6,117 | 9,164 | ||||||||||||||||||||||||||
Balance as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Goodwill | 505,472 | 642,249 | 278,923 | 310,241 | 1,736,885 | |||||||||||||||||||||||||||
Accumulated impairment losses | (269,902 | ) | — | — | — | (269,902 | ) | |||||||||||||||||||||||||
Net | 235,570 | 642,249 | 278,923 | 310,241 | 1,466,983 | |||||||||||||||||||||||||||
Acquisitions—current year | 92,393 | 27,943 | 68,107 | 15,774 | 204,217 | |||||||||||||||||||||||||||
Acquisitions—prior year | 1,997 | — | (2,304 | ) | (625 | ) | (932 | ) | ||||||||||||||||||||||||
Dispositions | — | (4,434 | ) | — | — | (4,434 | ) | |||||||||||||||||||||||||
Impairment | (117,013 | ) | — | (17,948 | ) | — | (134,961 | ) | ||||||||||||||||||||||||
Foreign exchange | (21,971 | ) | (8,127 | ) | 787 | (22,525 | ) | (51,836 | ) | |||||||||||||||||||||||
Balance as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Goodwill | 577,891 | 657,631 | 345,513 | 302,865 | 1,883,900 | |||||||||||||||||||||||||||
Accumulated impairment losses | (386,915 | ) | — | (17,948 | ) | — | (404,863 | ) | ||||||||||||||||||||||||
Net | $ | 190,976 | $ | 657,631 | $ | 327,565 | $ | 302,865 | $ | 1,479,037 | ||||||||||||||||||||||
(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 | For the year ended December 31, 2014, the Company’s investment in Venta de Boletos por Computadora S.A. de C.V (“VBC”), a 33% owned ticketing distribution services company, is considered significant. Summarized balance sheet and income statement information for VBC is as follows (at 100%): | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Current assets | $ | 37,239 | $ | 38,387 | ||||||||||||||||||||||||||||
Noncurrent assets | $ | 6,340 | $ | 6,545 | ||||||||||||||||||||||||||||
Current liabilities | $ | 21,729 | $ | 21,031 | ||||||||||||||||||||||||||||
Noncontrolling interests | $ | 391 | $ | 296 | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenue | $ | 43,490 | $ | 51,940 | $ | 49,306 | ||||||||||||||||||||||||||
Operating income | $ | 20,092 | $ | 27,027 | $ | 26,427 | ||||||||||||||||||||||||||
Net income | $ | 14,641 | $ | 20,574 | $ | 20,340 | ||||||||||||||||||||||||||
Net income attributable to the common stockholders of the equity investees | $ | 14,500 | $ | 20,515 | $ | 20,309 | ||||||||||||||||||||||||||
Asset and Liability Values at the Time of Disposal and the Resulting Gain or Loss Recorded | The table below summarizes the asset and liability values at the time of sale for significant disposals and the resulting gain or loss recorded. | |||||||||||||||||||||||||||||||
Divested Asset | Segment | Gain on | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||
Disposal of | Assets | Assets | Liabilities | Liabilities | ||||||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2013 Divestiture | ||||||||||||||||||||||||||||||||
New York theater | Concerts | $ | (24,845 | ) | $ | — | $ | 35,785 | $ | — | $ | 3,636 | ||||||||||||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of long-term debt | Long-term debt, which includes capital leases, consisted of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Senior Secured Credit Facility: | ||||||||||||
Term loan A, net of unamortized discount of $1.4 million and $2.0 million | ||||||||||||
in 2014 and 2013, respectively | $ | 103,517 | $ | 111,578 | ||||||||
Term loan B, net of unamortized discount of $12.2 million and | ||||||||||||
$14.4 million in 2014 and 2013, respectively | 925,962 | 933,226 | ||||||||||
Revolving credit facility | — | — | ||||||||||
7% Senior Notes due 2020, plus unamortized premium of $7.3 million and | ||||||||||||
$8.6 million in 2014 and 2013, respectively | 432,286 | 433,571 | ||||||||||
5.375% Senior Notes due 2022 | 250,000 | — | ||||||||||
2.875% Convertible Senior Notes due 2027, net of unamortized discount of | ||||||||||||
$7.6 million in 2013 | — | 212,415 | ||||||||||
2.5% Convertible Senior Notes due 2019, net of unamortized discount of | ||||||||||||
$19.4 million in 2014 | 255,604 | — | ||||||||||
Other long-term debt | 96,031 | 118,097 | ||||||||||
2,063,400 | 1,808,887 | |||||||||||
Less: current portion | 47,485 | 278,403 | ||||||||||
Total long-term debt, net | $ | 2,015,915 | $ | 1,530,484 | ||||||||
Future maturities of long-term debt | Future maturities of long-term debt at December 31, 2014 are as follows: | |||||||||||
(in thousands) | ||||||||||||
2015 | $ | 47,485 | ||||||||||
2016 | 50,662 | |||||||||||
2017 | 50,180 | |||||||||||
2018 | 332,172 | |||||||||||
2019 | 14,676 | |||||||||||
Thereafter | 1,593,918 | |||||||||||
Total | 2,089,093 | |||||||||||
Debt discount | (32,979 | ) | ||||||||||
Debt premium | 7,286 | |||||||||||
Total, including premium and discount | $ | 2,063,400 | ||||||||||
Summary of pre tax interest cost recognized on convertible senior notes | The following table summarizes the amount of pre-tax interest cost recognized on the 2.5% convertible senior notes and the 2.875% convertible senior notes which were redeemed in September 2014: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest cost recognized relating to: | ||||||||||||
Contractual interest coupon | $ | 8,701 | $ | 6,325 | $ | 6,325 | ||||||
Amortization of debt discount | 10,165 | 12,995 | 11,792 | |||||||||
Amortization of debt issuance costs | 1,175 | 703 | 703 | |||||||||
Total interest cost recognized on the notes | $ | 20,041 | $ | 20,023 | $ | 18,820 | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis | In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other long-term assets, other current liabilities and other long-term liabilities: | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
at December 31, 2014 | at December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 111 | $ | — | $ | — | $ | 111 | $ | 26,627 | $ | — | $ | — | $ | 26,627 | ||||||||||||||||
Forward currency contracts | — | 1,910 | — | 1,910 | — | 297 | — | 297 | ||||||||||||||||||||||||
Stock options | — | — | 445 | 445 | — | — | 469 | 469 | ||||||||||||||||||||||||
Total | $ | 111 | $ | 1,910 | $ | 445 | $ | 2,466 | $ | 26,627 | $ | 297 | $ | 469 | $ | 27,393 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 1,004 | $ | — | $ | 1,004 | $ | — | $ | 1,491 | $ | — | $ | 1,491 | ||||||||||||||||
Forward currency contracts | — | 5 | — | 5 | — | 1,543 | — | 1,543 | ||||||||||||||||||||||||
Put option | — | — | — | — | — | — | 435 | 435 | ||||||||||||||||||||||||
Contingent consideration | — | — | 8,927 | 8,927 | — | — | 5,934 | 5,934 | ||||||||||||||||||||||||
Total | $ | — | $ | 1,009 | $ | 8,927 | $ | 9,936 | $ | — | $ | 3,034 | $ | 6,369 | $ | 9,403 | ||||||||||||||||
Fair Value of Assets Measured on a Non-recurring Basis | The following table shows the fair value of the Company’s financial assets that have been adjusted to fair value on a non-recurring basis which had a significant impact on the Company’s results of operations for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements Using | Loss | ||||||||||||||||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | (Gain) | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Definite-lived intangible assets, net | $ | 627 | $ | — | $ | — | $ | 627 | $ | 11,107 | ||||||||||||||||||||||
Indefinite-lived intangible assets, net | $ | — | $ | — | $ | — | $ | — | $ | 5,963 | ||||||||||||||||||||||
Goodwill | $ | 142,719 | $ | — | $ | — | $ | 142,719 | $ | 134,961 | ||||||||||||||||||||||
Investments in nonconsolidated affiliates | $ | — | $ | — | $ | — | $ | — | $ | (16,356 | ) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Definite-lived intangible assets, net | $ | 660 | $ | — | $ | — | $ | 660 | $ | 10,625 | ||||||||||||||||||||||
Investments in nonconsolidated affiliates | $ | — | $ | — | $ | — | $ | — | $ | 9,174 | ||||||||||||||||||||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Future Minimum Rental Commitments, Minimum Payments, and Capital Expenditure Commitments | As of December 31, 2014, the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year and capital expenditure commitments consist of the following: | |||||||||||
Non-cancelable | Non-cancelable | Capital | ||||||||||
Operating Leases | Contracts | Expenditures | ||||||||||
(in thousands) | ||||||||||||
2015 | $ | 135,816 | $ | 877,072 | $ | 9,807 | ||||||
2016 | 135,047 | 237,016 | 25 | |||||||||
2017 | 129,784 | 190,761 | 25 | |||||||||
2018 | 118,865 | 43,261 | — | |||||||||
2019 | 110,859 | 34,079 | — | |||||||||
Thereafter | 1,610,171 | 10,118 | 250 | |||||||||
Total | $ | 2,240,542 | $ | 1,392,307 | $ | 10,107 | ||||||
CERTAIN_RELATIONSHIPS_AND_RELA1
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Expenses Incurred and Revenue Earned from Director Related Party | The following table sets forth revenue earned and expenses incurred from the transactions noted below: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Principal owner and director related-party revenue | $ | 3,995 | $ | 6,050 | $ | 21,532 | ||||||
Principal owner and director related-party expenses | $ | 424 | $ | 5,006 | $ | 22,291 | ||||||
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. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Other related-party revenue | $ | 4,942 | $ | 5,721 | $ | 4,755 | ||||||
Other related-party expenses | $ | 16,639 | $ | 20,208 | $ | 13,720 | ||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Significant Components of the Provision for Income Tax Expense (Benefit) | Significant components of the provision for income tax expense (benefit) are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 17 | $ | 1,238 | $ | 2,235 | |||||||
Foreign | 12,727 | 41,664 | 34,541 | ||||||||||
State | 9,550 | 3,864 | 3,917 | ||||||||||
Total current | 22,294 | 46,766 | 40,693 | ||||||||||
Deferred: | |||||||||||||
Federal | (10,827 | ) | (852 | ) | (386 | ) | |||||||
Foreign | (4,249 | ) | (14,606 | ) | (14,591 | ) | |||||||
State | (2,588 | ) | (430 | ) | 4,020 | ||||||||
Total deferred | (17,664 | ) | (15,888 | ) | (10,957 | ) | |||||||
Income tax expense | $ | 4,630 | $ | 30,878 | $ | 29,736 | |||||||
Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company’s deferred tax liabilities and assets are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | $ | 232,521 | $ | 234,454 | |||||||||
Prepaid expenses | 2,518 | 7,089 | |||||||||||
Long-term debt | 8,521 | 51,166 | |||||||||||
Total deferred tax liabilities | 243,560 | 292,709 | |||||||||||
Deferred tax assets: | |||||||||||||
Intangible and fixed assets | — | 8,991 | |||||||||||
Accrued expenses | 59,081 | 59,944 | |||||||||||
Net operating loss carryforwards | 526,811 | 538,644 | |||||||||||
Foreign tax credit carryforwards | 55,806 | 42,323 | |||||||||||
Equity compensation | 9,868 | 24,930 | |||||||||||
Other | 2,065 | 14,597 | |||||||||||
Total gross deferred tax assets | 653,631 | 689,429 | |||||||||||
Valuation allowance | 593,305 | 580,594 | |||||||||||
Total deferred tax assets | 60,326 | 108,835 | |||||||||||
Net deferred tax liabilities | $ | (183,234 | ) | $ | (183,874 | ) | |||||||
Reconciliation of Income Taxes From Continuing Operations | The reconciliation of income tax computed at the United States federal statutory rates to income tax expense is: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax benefit at United States statutory rates | $ | (34,937 | ) | $ | (1,798 | ) | $ | (46,256 | ) | ||||
State income taxes, net of federal tax benefits | 9,550 | 3,864 | 3,917 | ||||||||||
Differences between foreign and United States statutory rates | (10,735 | ) | (21,182 | ) | (25,637 | ) | |||||||
Non-United States income inclusions and exclusions | 2,926 | 18,525 | 9,901 | ||||||||||
Nondeductible items | 55,469 | 7,570 | 9,005 | ||||||||||
Tax contingencies | 950 | 697 | 4,316 | ||||||||||
Change in valuation allowance | (6,168 | ) | 15,912 | 79,214 | |||||||||
Other, net | (12,425 | ) | 7,290 | (4,724 | ) | ||||||||
$ | 4,630 | $ | 30,878 | $ | 29,736 | ||||||||
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at January 1 | $ | 12,860 | $ | 15,974 | $ | 13,357 | |||||||
Additions: | |||||||||||||
Increase for current year positions | 306 | 396 | 2,978 | ||||||||||
Increase for prior year positions | 1,089 | 800 | 652 | ||||||||||
Decrease for prior year positions | — | (75 | ) | — | |||||||||
Interest and penalties for prior years | 511 | 148 | 686 | ||||||||||
Reductions: | |||||||||||||
Expiration of applicable statute of limitations | (236 | ) | (572 | ) | — | ||||||||
Settlements for prior year positions | (1,225 | ) | (3,212 | ) | (1,716 | ) | |||||||
Foreign exchange | (686 | ) | (599 | ) | 247 | ||||||||
Reclassification to other liabilities | — | — | (230 | ) | |||||||||
Balance at December 31 | $ | 12,619 | $ | 12,860 | $ | 15,974 | |||||||
EQUITY_Tables
EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Change in Ownership Interest | The following schedule reflects the change in ownership interests for these transactions: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Net loss attributable to common stockholders of Live Nation | $ | (90,807 | ) | $ | (43,378 | ) | $ | (163,227 | ) | ||||||||
Transfers of noncontrolling interest: | |||||||||||||||||
Changes in Live Nation’s additional paid-in capital for purchase of noncontrolling interests, net of transaction costs | (3,796 | ) | (17,732 | ) | 43 | ||||||||||||
Changes in Live Nation’s additional paid-in capital for sale of noncontrolling interests, net of transaction costs | (11,748 | ) | — | — | |||||||||||||
Net transfers of noncontrolling interest | (15,544 | ) | (17,732 | ) | 43 | ||||||||||||
Change from net loss attributable to common stockholders of Live Nation and transfers from noncontrolling interests | $ | (106,351 | ) | $ | (61,110 | ) | $ | (163,184 | ) | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the components of AOCI, net of taxes, for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Gains and Losses on Cash Flow Hedges | Defined Benefit Pension Items | Foreign Currency Items | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | (431 | ) | $ | (221 | ) | $ | (35,722 | ) | $ | (36,374 | ) | |||||
Other comprehensive income (loss) before reclassifications | (148 | ) | (390 | ) | 26,005 | 25,467 | |||||||||||
Amount reclassified from AOCI | (16 | ) | — | — | (16 | ) | |||||||||||
Net other comprehensive income (loss) | (164 | ) | (390 | ) | 26,005 | 25,451 | |||||||||||
Balance at December 31, 2012 | (595 | ) | (611 | ) | (9,717 | ) | (10,923 | ) | |||||||||
Other comprehensive income before reclassifications | 20 | — | 8,037 | 8,057 | |||||||||||||
Amount reclassified from AOCI | 496 | — | — | 496 | |||||||||||||
Net other comprehensive income | 516 | — | 8,037 | 8,553 | |||||||||||||
Balance at December 31, 2013 | (79 | ) | (611 | ) | (1,680 | ) | (2,370 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (6 | ) | 30 | (67,724 | ) | (67,700 | ) | ||||||||||
Amount reclassified from AOCI | 60 | — | — | 60 | |||||||||||||
Net other comprehensive income (loss) | 54 | 30 | (67,724 | ) | (67,640 | ) | |||||||||||
Balance at December 31, 2014 | $ | (25 | ) | $ | (581 | ) | $ | (69,404 | ) | $ | (70,010 | ) | |||||
Earnings Per Share | The following table sets forth the computation of basic and diluted net income (loss) per common share: | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Net loss attributable to common stockholders of Live Nation | $ | (90,807 | ) | $ | (43,378 | ) | $ | (163,227 | ) | ||||||||
Accretion of redeemable noncontrolling interests | (5,660 | ) | (569 | ) | (801 | ) | |||||||||||
Net loss available to common stockholders of Live Nation—basic and diluted | $ | (96,467 | ) | $ | (43,947 | ) | $ | (164,028 | ) | ||||||||
Weighted average common shares—basic and diluted | 198,874,019 | 193,885,066 | 186,955,748 | ||||||||||||||
Basic and diluted net loss available to common stockholders of Live Nation | $ | (0.49 | ) | $ | (0.23 | ) | $ | (0.88 | ) | ||||||||
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 were anti-dilutive: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Options to purchase shares of common stock | 16,999 | 16,628 | 24,722 | ||||||||||||||
Restricted stock awards and units—unvested | 1,171 | 2,210 | 3,207 | ||||||||||||||
Warrants | — | — | 500 | ||||||||||||||
Conversion shares related to convertible senior notes | 7,930 | 8,105 | 8,105 | ||||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 26,100 | 26,943 | 36,534 | ||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 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: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Selling, general and administrative expenses | $ | 21,204 | $ | 12,361 | $ | 14,297 | |||||||||||||||
Corporate expenses | 17,825 | 16,054 | 22,766 | ||||||||||||||||||
Total | $ | 39,029 | $ | 28,415 | $ | 37,063 | |||||||||||||||
Assumptions Used to Calculate Fair Value of Options | The following assumptions were used to calculate the fair value of the Company’s options on the date of grant: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 1.67% - 2.0% | 1.06% - 1.89% | 0.83% - 1.14% | ||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Volatility factors | 42.4% - 47.0% | 48.2% - 48.4% | 54.6% - 61.3% | ||||||||||||||||||
Weighted average expected life (in years) | 6.06 | 5.87 | 6.46 | ||||||||||||||||||
Summary of Stock Options Activity | The following table presents a summary of the Company’s stock options outstanding at, and stock option activity (“Price” reflects the weighted average exercise price per share): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Outstanding January 1 | 16,628 | $ | 12.68 | 24,722 | $ | 11.68 | 21,429 | $ | 12.33 | ||||||||||||
Granted | 2,345 | 21.03 | 1,269 | 13.3 | 5,495 | 8.8 | |||||||||||||||
Exercised | (1,769 | ) | 12.32 | (8,718 | ) | 9.76 | (259 | ) | 4.39 | ||||||||||||
Forfeited or expired | (205 | ) | 19.58 | (645 | ) | 14.93 | (1,943 | ) | 11.7 | ||||||||||||
Outstanding December 31 | 16,999 | $ | 13.78 | 16,628 | $ | 12.68 | 24,722 | $ | 11.68 | ||||||||||||
Exercisable December 31 | 10,669 | $ | 13.68 | 9,443 | $ | 14.94 | 15,529 | $ | 13.46 | ||||||||||||
Weighted average fair value per option granted | $ | 9.82 | $ | 6.18 | $ | 3.93 | |||||||||||||||
Summary of Stock Options, by Range of Exercise Prices | Vesting dates on the stock options range from February 2015 to September 2018, and expiration dates range from January 2015 to September 2024 at exercise prices and average contractual lives as follows: | ||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | Weighted | |||||||||||||||
Exercise | as of | Average | Average | as of | Average | Average | |||||||||||||||
Prices | 12/31/14 | Remaining | Exercise | 12/31/14 | Remaining | Exercise | |||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||
Life | Life | ||||||||||||||||||||
(in thousands) | (in years) | (in thousands) | (in years) | ||||||||||||||||||
$2.75 - $4.99 | 2,306 | 4.2 | $ | 2.87 | 2,306 | 4.2 | $ | 2.87 | |||||||||||||
$5.00 - $9.99 | 5,174 | 7.6 | $ | 8.81 | 2,237 | 7.3 | $ | 8.83 | |||||||||||||
$10.00 - $14.99 | 3,676 | 5.9 | $ | 11.4 | 2,796 | 5.5 | $ | 11.35 | |||||||||||||
$15.00 - $19.99 | 901 | 4.8 | $ | 18.64 | 694 | 3.6 | $ | 18.67 | |||||||||||||
$20.00 - $24.99 | 3,821 | 6.3 | $ | 22.47 | 1,515 | 2.2 | $ | 24.65 | |||||||||||||
$25.00 - $29.99 | 708 | 0.4 | $ | 29.68 | 708 | 0.4 | $ | 29.68 | |||||||||||||
$35.00 - $39.99 | 413 | 0.4 | $ | 39.95 | 413 | 0.4 | $ | 39.95 | |||||||||||||
Summary of Unvested Restricted Stock and RSUs Activity | The following table presents a summary of the Company’s unvested restricted stock awards and equity-settled RSUs outstanding at December 31, 2014, 2013 and 2012 (“Price” reflects the weighted average share price at the date of grant): | ||||||||||||||||||||
Restricted Stock | RSUs | ||||||||||||||||||||
Awards | Price | Awards | Price | ||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Unvested at December 31, 2011 | 3,325 | $ | 10.98 | 703 | 10.03 | ||||||||||||||||
Granted | 1,243 | 8.96 | — | — | |||||||||||||||||
Forfeited | (151 | ) | 7.9 | (373 | ) | 9.61 | |||||||||||||||
Vested | (1,215 | ) | 10.95 | (325 | ) | 10.51 | |||||||||||||||
Unvested at December 31, 2012 | 3,202 | $ | 10.32 | 5 | $ | 10.51 | |||||||||||||||
Granted | 548 | 12.17 | — | — | |||||||||||||||||
Forfeited | (141 | ) | 9.19 | — | — | ||||||||||||||||
Vested | (1,399 | ) | 10.54 | (5 | ) | 10.51 | |||||||||||||||
Unvested at December 31, 2013 | 2,210 | $ | 10.68 | — | $ | — | |||||||||||||||
Granted | 752 | 21.64 | — | — | |||||||||||||||||
Forfeited | (237 | ) | 12.64 | — | — | ||||||||||||||||
Vested | (1,554 | ) | 11.5 | — | — | ||||||||||||||||
Unvested at December 31, 2014 | 1,171 | $ | 16.18 | — | $ | — | |||||||||||||||
OTHER_INFORMATION_Tables
OTHER INFORMATION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Other Information | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
The following details the components of “Other current assets”: | ||||||||
Cash held in escrow | $ | 1,869 | $ | 23,328 | ||||
Inventory | 12,824 | 12,270 | ||||||
Other | 11,396 | 7,829 | ||||||
Total other current assets | $ | 26,089 | $ | 43,427 | ||||
The following details the components of “Other long-term assets”: | ||||||||
Long-term advances | $ | 246,461 | $ | 150,041 | ||||
Investments in nonconsolidated affiliates | 127,222 | 39,778 | ||||||
Debt issuance costs | 20,000 | 15,161 | ||||||
Other | 100,420 | 91,354 | ||||||
Total other long-term assets | $ | 494,103 | $ | 296,334 | ||||
The following details the components of “Accrued expenses”: | ||||||||
Accrued compensation and benefits | $ | 139,825 | $ | 153,143 | ||||
Accrued event expenses | 164,474 | 129,898 | ||||||
Accrued insurance | 54,183 | 52,699 | ||||||
Accrued legal | 46,186 | 44,965 | ||||||
Collections on behalf of others | 51,180 | 37,014 | ||||||
Other | 220,032 | 251,080 | ||||||
Total accrued expenses | $ | 675,880 | $ | 668,799 | ||||
The following details the components of “Other current liabilities”: | ||||||||
Contingent and deferred purchase consideration | $ | 1,703 | $ | 3,509 | ||||
Other | 10,332 | 50,801 | ||||||
Total other current liabilities | $ | 12,035 | $ | 54,310 | ||||
The following details the components of “Other long-term liabilities”: | ||||||||
Accrued rent | $ | 56,027 | $ | 48,985 | ||||
Deferred revenue | 4,768 | 5,102 | ||||||
Contingent and deferred purchase consideration | 24,248 | 4,008 | ||||||
Other | 27,161 | 26,940 | ||||||
Total other long-term liabilities | $ | 112,204 | $ | 85,035 | ||||
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 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 years ending December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 4,726,877 | $ | 1,557,254 | $ | 389,437 | $ | 300,279 | $ | 3,171 | $ | — | $ | (110,054 | ) | $ | 6,866,964 | |||||||||||||||
Direct operating expenses | 4,016,540 | 763,280 | 212,302 | 37,973 | (2,174 | ) | — | (107,952 | ) | 4,919,969 | ||||||||||||||||||||||
Selling, general and administrative expenses | 666,475 | 471,982 | 138,066 | 50,292 | 3,345 | — | — | 1,330,160 | ||||||||||||||||||||||||
Depreciation and amortization | 115,088 | 204,901 | 43,343 | 4,281 | 40 | 2,592 | (2,102 | ) | 368,143 | |||||||||||||||||||||||
Goodwill impairment | 117,013 | — | 17,948 | — | — | — | — | 134,961 | ||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (2,954 | ) | (1,583 | ) | 34 | — | (29 | ) | 38 | — | (4,494 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 101,000 | — | 101,000 | ||||||||||||||||||||||||
Acquisition transaction expenses | 5,171 | 1,381 | 566 | — | 38 | 2,905 | — | 10,061 | ||||||||||||||||||||||||
Operating income (loss) | $ | (190,456 | ) | $ | 117,293 | $ | (22,822 | ) | $ | 207,733 | $ | 1,951 | $ | (106,535 | ) | $ | — | $ | 7,164 | |||||||||||||
Intersegment revenue | $ | 97,642 | $ | 1,150 | $ | 11,262 | $ | — | $ | — | $ | — | $ | (110,054 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 35,006 | $ | 89,990 | $ | 1,892 | $ | 1,834 | $ | 6 | $ | 9,490 | $ | — | $ | 138,218 | ||||||||||||||||
Concerts | Ticketing | Artist | Sponsorship | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
Nation | & Advertising | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 4,517,191 | $ | 1,407,817 | $ | 352,947 | $ | 284,692 | $ | 3,164 | $ | — | $ | (87,264 | ) | $ | 6,478,547 | |||||||||||||||
Direct operating expenses | 3,829,991 | 672,221 | 218,113 | 45,021 | 380 | — | (85,219 | ) | 4,680,507 | |||||||||||||||||||||||
Selling, general and administrative expenses | 632,614 | 442,788 | 103,304 | 45,618 | 2,568 | — | — | 1,226,892 | ||||||||||||||||||||||||
Depreciation and amortization | 132,386 | 190,801 | 42,613 | 2,351 | 206 | 2,611 | (2,045 | ) | 368,923 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (38,927 | ) | (4 | ) | 665 | — | 7 | — | — | (38,259 | ) | |||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 94,385 | — | 94,385 | ||||||||||||||||||||||||
Acquisition transaction expenses | 723 | 245 | 3 | 64 | — | 5,404 | — | 6,439 | ||||||||||||||||||||||||
Operating income (loss) | $ | (39,596 | ) | $ | 101,766 | $ | (11,751 | ) | $ | 191,638 | $ | 3 | $ | (102,400 | ) | $ | — | $ | 139,660 | |||||||||||||
Intersegment revenue | $ | 77,050 | $ | 2,295 | $ | 7,919 | $ | — | $ | — | $ | — | $ | (87,264 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 45,925 | $ | 90,132 | $ | 2,255 | $ | 1,424 | $ | — | $ | 1,303 | $ | — | $ | 141,039 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Revenue | $ | 3,870,371 | $ | 1,374,049 | $ | 399,940 | $ | 247,921 | $ | 2,997 | $ | — | $ | (76,231 | ) | $ | 5,819,047 | |||||||||||||||
Direct operating expenses | 3,274,951 | 651,055 | 263,896 | 34,738 | 816 | — | (74,179 | ) | 4,151,277 | |||||||||||||||||||||||
Selling, general and administrative expenses | 569,570 | 434,310 | 99,786 | 38,198 | 1,768 | — | — | 1,143,632 | ||||||||||||||||||||||||
Depreciation and amortization | 145,552 | 165,947 | 115,696 | 1,187 | 398 | 2,829 | (2,052 | ) | 429,557 | |||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (453 | ) | (225 | ) | (42 | ) | — | 206 | — | — | (514 | ) | ||||||||||||||||||||
Corporate expenses | — | — | — | — | — | 113,364 | — | 113,364 | ||||||||||||||||||||||||
Acquisition transaction expenses | 847 | 153 | 1,163 | — | — | 1,207 | — | 3,370 | ||||||||||||||||||||||||
Operating income (loss) | $ | (120,096 | ) | $ | 122,809 | $ | (80,559 | ) | $ | 173,798 | $ | (191 | ) | $ | (117,400 | ) | $ | — | $ | (21,639 | ) | |||||||||||
Intersegment revenue | $ | 65,559 | $ | 2,771 | $ | 7,901 | $ | — | $ | — | $ | — | $ | (76,231 | ) | $ | — | |||||||||||||||
Capital expenditures | $ | 24,634 | $ | 92,651 | $ | 601 | $ | 5,147 | $ | 4 | $ | 1,336 | $ | — | $ | 124,373 | ||||||||||||||||
Schedule of Revenue and Long-Lived Assets, by Geographical Areas | The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements: | |||||||||||||||||||||||||||||||
United Kingdom Operations | Other Foreign Operations | Total Foreign Operations | Total Domestic Operations | Consolidated Total | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Revenue | $ | 772,445 | $ | 1,591,643 | $ | 2,364,088 | $ | 4,502,876 | $ | 6,866,964 | ||||||||||||||||||||||
Long-lived assets | $ | 71,269 | $ | 105,937 | $ | 177,206 | $ | 518,131 | $ | 695,337 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Revenue | $ | 716,982 | $ | 1,773,088 | $ | 2,490,070 | $ | 3,988,477 | $ | 6,478,547 | ||||||||||||||||||||||
Long-lived assets | $ | 76,607 | $ | 116,859 | $ | 193,466 | $ | 513,334 | $ | 706,800 | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Revenue | $ | 691,849 | $ | 1,349,912 | $ | 2,041,761 | $ | 3,777,286 | $ | 5,819,047 | ||||||||||||||||||||||
Long-lived assets | $ | 87,790 | $ | 102,706 | $ | 190,496 | $ | 531,290 | $ | 721,786 | ||||||||||||||||||||||
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations | |||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Revenue | $ | 1,127,316 | $ | 923,698 | $ | 1,665,785 | $ | 1,679,513 | $ | 2,502,008 | $ | 2,262,236 | $ | 1,571,855 | $ | 1,613,100 | |||||||||||||||||
Operating income (loss) | $ | (12,308 | ) | $ | (33,189 | ) | $ | 55,686 | $ | 97,806 | $ | 150,604 | $ | 126,037 | $ | (186,818 | ) | $ | (50,994 | ) | |||||||||||||
Net income (loss) | $ | (30,097 | ) | $ | (64,187 | ) | $ | 25,822 | $ | 59,015 | $ | 115,827 | $ | 50,418 | $ | (216,002 | ) | $ | (81,261 | ) | |||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | (32,448 | ) | $ | (63,239 | ) | $ | 22,934 | $ | 58,130 | $ | 105,163 | $ | 43,774 | $ | (186,456 | ) | $ | (82,043 | ) | |||||||||||||
Basic net income (loss) per common share attributable to common stockholders of Live Nation | $ | (0.17 | ) | $ | (0.34 | ) | $ | 0.11 | $ | 0.3 | $ | 0.52 | $ | 0.22 | $ | (0.94 | ) | $ | (0.42 | ) | |||||||||||||
Diluted net income (loss) per common share attributable to common stockholders of Live Nation | $ | (0.17 | ) | $ | (0.34 | ) | $ | 0.11 | $ | 0.3 | $ | 0.49 | $ | 0.22 | $ | (0.94 | ) | $ | (0.42 | ) | |||||||||||||
THE_COMPANY_AND_SUMMARY_OF_SIG2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Variable Interest Entities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Assets | $177.60 | $109.10 |
Liabilities | $54.90 | $53.60 |
THE_COMPANY_AND_SUMMARY_OF_SIG3
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents [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 | $533.80 | $538.40 | |
Ticketing contract advances [Abstract] | |||
Amortization of non-recoupable ticketing contract advances | $79.40 | $73.60 | $48.10 |
THE_COMPANY_AND_SUMMARY_OF_SIG4
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property, Plant and Equipment Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Computer Equipment and Capitalized Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer Equipment and Capitalized Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Furniture and Other Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Other Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
THE_COMPANY_AND_SUMMARY_OF_SIG5
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Intangible Asset Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 15 years |
THE_COMPANY_AND_SUMMARY_OF_SIG6
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Deferred Tax Liability Not Recognized, Undistributed Earnings of Foreign Subsidiaries [Abstract] | |
Foreign earnings permanently reinvested | $1.10 |
THE_COMPANY_AND_SUMMARY_OF_SIG7
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Transaction Gain (Loss), before Tax [Abstract] | |||||
Net foreign currency transaction gains/(losses) | ($14.30) | ($12.30) | ($28.90) | ($2.80) | $1.40 |
THE_COMPANY_AND_SUMMARY_OF_SIG8
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Direct Operating Expense [Member] | |||
Income Statement Location [Line Items] | |||
Advertising expense | $242.90 | $224 | $208 |
Selling, General and Administrative Expense [Member] | |||
Income Statement Location [Line Items] | |||
Advertising expense | $28.80 | $27.70 | $21.50 |
LONGLIVED_ASSETS_Narrative_Det
LONG-LIVED ASSETS (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||
Gain (loss) on disposal of operating assets | $4,494,000 | $38,259,000 | $514,000 | ||||||
Impairment charge, property, plant and equipment assets | 4,300,000 | ||||||||
Impairment related to definite-lived intangible assets | 9,300,000 | 9,200,000 | 11,107,000 | 10,625,000 | 89,600,000 | ||||
Amortization of definite-lived intangibles | 154,700,000 | 173,200,000 | 256,900,000 | ||||||
New York Amphitheater [Member] | Concerts [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain (loss) on disposal of operating assets | $3,800,000 | $14,100,000 | $3,600,000 | $2,000,000 | $9,400,000 | $3,100,000 |
LONGLIVED_ASSETS_Definitelived
LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | $1,217,435,000 | $1,189,702,000 | ||
Accumulated amortization - Beginning of period | -540,871,000 | -465,239,000 | ||
Net - Beginning of period | 676,564,000 | 724,463,000 | ||
Gross carrying amount - Acquisitions - current year | 177,793,000 | 131,379,000 | ||
Gross carrying amount - Acquisitions - prior year | 2,913,000 | -3,861,000 | ||
Gross carrying amount - Dispositions | -1,600,000 | -1,354,000 | ||
Gross carrying amount - Foreign exchange | -32,677,000 | -2,800,000 | ||
Gross carrying amount - Other | -122,694,000 | [1] | -95,631,000 | [1] |
Gross carrying amount - Change | 23,735,000 | 27,733,000 | ||
Accumulated amortization - Amortization | -154,661,000 | -173,181,000 | ||
Accumulated amortization - Dispositions | 605,000 | 61,000 | ||
Accumulated amortization - Foreign exchange | 13,205,000 | -178,000 | ||
Accumulated amortization - Other | 123,265,000 | [1] | 97,666,000 | [1] |
Accumulated amortization - Change | -17,586,000 | -75,632,000 | ||
Gross carrying amount - End of period | 1,241,170,000 | 1,217,435,000 | ||
Accumulated amortization - End of period | -558,457,000 | -540,871,000 | ||
Net - End of period | 682,713,000 | 676,564,000 | ||
Reclassifications from indefinite-lived assets | 1,200,000 | |||
Weighted-average lives of definite-lived intangible assets | 8 years | 9 years | ||
Estimate of amortization expense for each of the five succeeding fiscal years [Abstract] | ||||
2015 | 130,262,000 | |||
2016 | 125,166,000 | |||
2017 | 104,932,000 | |||
2018 | 86,048,000 | |||
2019 | 73,680,000 | |||
Revenue-generating contracts [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 585,094,000 | 515,071,000 | ||
Accumulated amortization - Beginning of period | -231,053,000 | -197,549,000 | ||
Net - Beginning of period | 354,041,000 | 317,522,000 | ||
Gross carrying amount - Acquisitions - current year | 75,304,000 | 85,927,000 | ||
Gross carrying amount - Acquisitions - prior year | -1,851,000 | -1,028,000 | ||
Gross carrying amount - Dispositions | -1,600,000 | 0 | ||
Gross carrying amount - Foreign exchange | -19,056,000 | 2,476,000 | ||
Gross carrying amount - Other | -2,764,000 | [1] | -17,352,000 | [1] |
Gross carrying amount - Change | 50,033,000 | 70,023,000 | ||
Accumulated amortization - Amortization | -52,664,000 | -49,972,000 | ||
Accumulated amortization - Dispositions | 605,000 | 0 | ||
Accumulated amortization - Foreign exchange | 8,277,000 | -884,000 | ||
Accumulated amortization - Other | 2,764,000 | [1] | 17,352,000 | [1] |
Accumulated amortization - Change | -41,018,000 | -33,504,000 | ||
Gross carrying amount - End of period | 635,127,000 | 585,094,000 | ||
Accumulated amortization - End of period | -272,071,000 | -231,053,000 | ||
Net - End of period | 363,056,000 | 354,041,000 | ||
Weighted-average lives of definite-lived intangible assets | 9 years | 9 years | ||
Client/vendor relationships [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 277,937,000 | 261,655,000 | ||
Accumulated amortization - Beginning of period | -81,809,000 | -39,807,000 | ||
Net - Beginning of period | 196,128,000 | 221,848,000 | ||
Gross carrying amount - Acquisitions - current year | 92,974,000 | 31,582,000 | ||
Gross carrying amount - Acquisitions - prior year | 2,857,000 | -2,833,000 | ||
Gross carrying amount - Dispositions | 0 | -1,354,000 | ||
Gross carrying amount - Foreign exchange | -8,508,000 | -6,525,000 | ||
Gross carrying amount - Other | -9,268,000 | [1] | -4,588,000 | [1] |
Gross carrying amount - Change | 78,055,000 | 16,282,000 | ||
Accumulated amortization - Amortization | -52,389,000 | -47,918,000 | ||
Accumulated amortization - Dispositions | 0 | 61,000 | ||
Accumulated amortization - Foreign exchange | 1,735,000 | 1,412,000 | ||
Accumulated amortization - Other | 9,268,000 | [1] | 4,443,000 | [1] |
Accumulated amortization - Change | -41,386,000 | -42,002,000 | ||
Gross carrying amount - End of period | 355,992,000 | 277,937,000 | ||
Accumulated amortization - End of period | -123,195,000 | -81,809,000 | ||
Net - End of period | 232,797,000 | 196,128,000 | ||
Weighted-average lives of definite-lived intangible assets | 7 years | 8 years | ||
Non-compete agreements [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 137,199,000 | 168,418,000 | ||
Accumulated amortization - Beginning of period | -101,128,000 | -111,369,000 | ||
Net - Beginning of period | 36,071,000 | 57,049,000 | ||
Gross carrying amount - Acquisitions - current year | 0 | 0 | ||
Gross carrying amount - Acquisitions - prior year | 1,500,000 | 0 | ||
Gross carrying amount - Dispositions | 0 | 0 | ||
Gross carrying amount - Foreign exchange | 0 | 98,000 | ||
Gross carrying amount - Other | -15,147,000 | [1] | -31,317,000 | [1] |
Gross carrying amount - Change | -13,647,000 | -31,219,000 | ||
Accumulated amortization - Amortization | -12,531,000 | -21,984,000 | ||
Accumulated amortization - Dispositions | 0 | 0 | ||
Accumulated amortization - Foreign exchange | 0 | -92,000 | ||
Accumulated amortization - Other | 15,147,000 | [1] | 32,317,000 | [1] |
Accumulated amortization - Change | 2,616,000 | 10,241,000 | ||
Gross carrying amount - End of period | 123,552,000 | 137,199,000 | ||
Accumulated amortization - End of period | -98,512,000 | -101,128,000 | ||
Net - End of period | 25,040,000 | 36,071,000 | ||
Venue management and leaseholds [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 85,642,000 | 118,259,000 | ||
Accumulated amortization - Beginning of period | -43,687,000 | -51,891,000 | ||
Net - Beginning of period | 41,955,000 | 66,368,000 | ||
Gross carrying amount - Acquisitions - current year | 0 | 0 | ||
Gross carrying amount - Acquisitions - prior year | 0 | 0 | ||
Gross carrying amount - Dispositions | 0 | 0 | ||
Gross carrying amount - Foreign exchange | -2,324,000 | -17,000 | ||
Gross carrying amount - Other | 4,000 | [1] | -32,600,000 | [1] |
Gross carrying amount - Change | -2,320,000 | -32,617,000 | ||
Accumulated amortization - Amortization | -7,960,000 | -24,615,000 | ||
Accumulated amortization - Dispositions | 0 | 0 | ||
Accumulated amortization - Foreign exchange | 1,161,000 | 219,000 | ||
Accumulated amortization - Other | -4,000 | [1] | 32,600,000 | [1] |
Accumulated amortization - Change | -6,803,000 | 8,204,000 | ||
Gross carrying amount - End of period | 83,322,000 | 85,642,000 | ||
Accumulated amortization - End of period | -50,490,000 | -43,687,000 | ||
Net - End of period | 32,832,000 | 41,955,000 | ||
Technology [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 100,664,000 | 101,424,000 | ||
Accumulated amortization - Beginning of period | -73,110,000 | -53,295,000 | ||
Net - Beginning of period | 27,554,000 | 48,129,000 | ||
Gross carrying amount - Acquisitions - current year | 8,415,000 | 3,370,000 | ||
Gross carrying amount - Acquisitions - prior year | 407,000 | 0 | ||
Gross carrying amount - Dispositions | 0 | 0 | ||
Gross carrying amount - Foreign exchange | -1,608,000 | 826,000 | ||
Gross carrying amount - Other | -92,548,000 | [1] | -4,956,000 | [1] |
Gross carrying amount - Change | -85,334,000 | -760,000 | ||
Accumulated amortization - Amortization | -24,946,000 | -24,116,000 | ||
Accumulated amortization - Dispositions | 0 | 0 | ||
Accumulated amortization - Foreign exchange | 1,262,000 | -655,000 | ||
Accumulated amortization - Other | 92,548,000 | [1] | 4,956,000 | [1] |
Accumulated amortization - Change | 68,864,000 | -19,815,000 | ||
Gross carrying amount - End of period | 15,330,000 | 100,664,000 | ||
Accumulated amortization - End of period | -4,246,000 | -73,110,000 | ||
Net - End of period | 11,084,000 | 27,554,000 | ||
Weighted-average lives of definite-lived intangible assets | 5 years | 5 years | ||
Trademarks and naming rights [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 28,524,000 | 18,423,000 | ||
Accumulated amortization - Beginning of period | -9,092,000 | -6,678,000 | ||
Net - Beginning of period | 19,432,000 | 11,745,000 | ||
Gross carrying amount - Acquisitions - current year | 0 | 10,500,000 | ||
Gross carrying amount - Acquisitions - prior year | 0 | 0 | ||
Gross carrying amount - Dispositions | 0 | 0 | ||
Gross carrying amount - Foreign exchange | -1,176,000 | 376,000 | ||
Gross carrying amount - Other | -3,082,000 | [1] | -775,000 | [1] |
Gross carrying amount - Change | -4,258,000 | 10,101,000 | ||
Accumulated amortization - Amortization | -3,458,000 | -4,160,000 | ||
Accumulated amortization - Dispositions | 0 | 0 | ||
Accumulated amortization - Foreign exchange | 767,000 | -209,000 | ||
Accumulated amortization - Other | 3,082,000 | [1] | 1,955,000 | [1] |
Accumulated amortization - Change | 391,000 | -2,414,000 | ||
Gross carrying amount - End of period | 24,266,000 | 28,524,000 | ||
Accumulated amortization - End of period | -8,701,000 | -9,092,000 | ||
Net - End of period | 15,565,000 | 19,432,000 | ||
Weighted-average lives of definite-lived intangible assets | 10 years | |||
Other [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount - Beginning of period | 2,375,000 | 6,452,000 | ||
Accumulated amortization - Beginning of period | -992,000 | -4,650,000 | ||
Net - Beginning of period | 1,383,000 | 1,802,000 | ||
Gross carrying amount - Acquisitions - current year | 1,100,000 | 0 | ||
Gross carrying amount - Acquisitions - prior year | 0 | 0 | ||
Gross carrying amount - Dispositions | 0 | 0 | ||
Gross carrying amount - Foreign exchange | -5,000 | -34,000 | ||
Gross carrying amount - Other | 111,000 | [1] | -4,043,000 | [1] |
Gross carrying amount - Change | 1,206,000 | -4,077,000 | ||
Accumulated amortization - Amortization | -713,000 | -416,000 | ||
Accumulated amortization - Dispositions | 0 | 0 | ||
Accumulated amortization - Foreign exchange | 3,000 | 31,000 | ||
Accumulated amortization - Other | 460,000 | [1] | 4,043,000 | [1] |
Accumulated amortization - Change | -250,000 | 3,658,000 | ||
Gross carrying amount - End of period | 3,581,000 | 2,375,000 | ||
Accumulated amortization - End of period | -1,242,000 | -992,000 | ||
Net - End of period | $2,339,000 | $1,383,000 | ||
Weighted-average lives of definite-lived intangible assets | 10 years | |||
Artist Nation [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Number of businesses acquired | 3 | |||
Finite-Lived Intangible Assets [Member] | Artist Nation [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Number of businesses acquired | 5 | |||
[1] | Other includes netdowns of fully amortized or impaired assets and, for 2013, a $1.2 million reclassification from indefinite-lived intangible assets due to a change in the asset’s estimated useful life. |
LONGLIVED_ASSETS_Indefiniteliv
LONG-LIVED ASSETS (Indefinite-lived Intangibles) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | $369,480 | $376,736 | ||
Impairment charge, indefinite-lived intangible assets | $5,963 | $5,963 | $0 | $0 |
LONGLIVED_ASSETS_Goodwill_Asse
LONG-LIVED ASSETS (Goodwill Assessment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
reporting_unit | ||||
Goodwill [Line Items] | ||||
Number of reporting units | 7 | |||
Goodwill impairment | $134,961 | $134,961 | $0 | $0 |
Concerts [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | 117,013 | |||
Artist Nation [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $17,948 | |||
Qualitative Review [Member] | ||||
Goodwill [Line Items] | ||||
Number of reporting units | 3 | |||
Reporting unit percentage of goodwill | 65.00% | |||
Quantitative Analysis [Member] | ||||
Goodwill [Line Items] | ||||
Number of reporting units | 2 | |||
Reporting unit percentage of goodwill | 26.00% | |||
Implied Fair Value of Goodwill Assessment [Member] | ||||
Goodwill [Line Items] | ||||
Reporting unit percentage of goodwill | 9.00% |
LONGLIVED_ASSETS_Goodwill_Deta
LONG-LIVED ASSETS (Goodwill) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - Beginning of period | $1,736,885,000 | $1,627,729,000 | [1] | |||
Accumulated impairment losses - Beginning of period | -269,902,000 | -269,902,000 | [1] | |||
Net Goodwill - Beginning of period | 1,466,983,000 | 1,357,827,000 | ||||
Acquisitions—current year | 204,217,000 | 97,542,000 | ||||
Acquisitions—prior year | -932,000 | 6,392,000 | ||||
Dispositions | -4,434,000 | -3,942,000 | ||||
Impairment | -134,961,000 | -134,961,000 | 0 | 0 | ||
Foreign exchange | -51,836,000 | 9,164,000 | ||||
Gross Goodwill - End of period | 1,883,900,000 | 1,883,900,000 | 1,736,885,000 | 1,627,729,000 | [1] | |
Accumulated impairment losses - End of period | -404,863,000 | -404,863,000 | -269,902,000 | -269,902,000 | [1] | |
Net Goodwill - End of period | 1,479,037,000 | 1,479,037,000 | 1,466,983,000 | 1,357,827,000 | ||
Goodwill expected to be tax deductible | 76,400,000 | 76,400,000 | 30,300,000 | |||
Concerts [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - Beginning of period | 505,472,000 | 468,891,000 | ||||
Accumulated impairment losses - Beginning of period | -269,902,000 | -269,902,000 | ||||
Net Goodwill - Beginning of period | 235,570,000 | 198,989,000 | ||||
Acquisitions—current year | 92,393,000 | 42,826,000 | ||||
Acquisitions—prior year | 1,997,000 | -2,811,000 | ||||
Dispositions | 0 | -3,691,000 | ||||
Impairment | -117,013,000 | |||||
Foreign exchange | -21,971,000 | 257,000 | ||||
Gross Goodwill - End of period | 577,891,000 | 577,891,000 | 505,472,000 | |||
Accumulated impairment losses - End of period | -386,915,000 | -386,915,000 | -269,902,000 | |||
Net Goodwill - End of period | 190,976,000 | 190,976,000 | 235,570,000 | |||
Ticketing [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - Beginning of period | 642,249,000 | 637,642,000 | ||||
Accumulated impairment losses - Beginning of period | 0 | 0 | ||||
Net Goodwill - Beginning of period | 642,249,000 | 637,642,000 | ||||
Acquisitions—current year | 27,943,000 | 1,715,000 | ||||
Acquisitions—prior year | 0 | 0 | ||||
Dispositions | -4,434,000 | 0 | ||||
Impairment | 0 | |||||
Foreign exchange | -8,127,000 | 2,892,000 | ||||
Gross Goodwill - End of period | 657,631,000 | 657,631,000 | 642,249,000 | |||
Accumulated impairment losses - End of period | 0 | 0 | 0 | |||
Net Goodwill - End of period | 657,631,000 | 657,631,000 | 642,249,000 | |||
Artist Nation [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - Beginning of period | 278,923,000 | 266,820,000 | ||||
Accumulated impairment losses - Beginning of period | 0 | 0 | ||||
Net Goodwill - Beginning of period | 278,923,000 | 266,820,000 | ||||
Acquisitions—current year | 68,107,000 | 3,253,000 | ||||
Acquisitions—prior year | -2,304,000 | 9,203,000 | ||||
Dispositions | 0 | -251,000 | ||||
Impairment | -17,948,000 | |||||
Foreign exchange | 787,000 | -102,000 | ||||
Gross Goodwill - End of period | 345,513,000 | 345,513,000 | 278,923,000 | |||
Accumulated impairment losses - End of period | -17,948,000 | -17,948,000 | 0 | |||
Net Goodwill - End of period | 327,565,000 | 327,565,000 | 278,923,000 | |||
Number of businesses acquired | 3 | |||||
Sponsorship & Advertising [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - Beginning of period | 310,241,000 | 254,376,000 | ||||
Accumulated impairment losses - Beginning of period | 0 | 0 | ||||
Net Goodwill - Beginning of period | 310,241,000 | 254,376,000 | ||||
Acquisitions—current year | 15,774,000 | 49,748,000 | ||||
Acquisitions—prior year | -625,000 | 0 | ||||
Dispositions | 0 | 0 | ||||
Impairment | 0 | |||||
Foreign exchange | -22,525,000 | 6,117,000 | ||||
Gross Goodwill - End of period | 302,865,000 | 302,865,000 | 310,241,000 | |||
Accumulated impairment losses - End of period | 0 | 0 | 0 | |||
Net Goodwill - End of period | 302,865,000 | 302,865,000 | 310,241,000 | |||
Current Year Adjustment [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Gross Goodwill - End of period | ($13,000,000) | |||||
Goodwill [Member] | Artist Nation [Member] | ||||||
Changes in carrying amount of goodwill [Roll Forward] | ||||||
Number of businesses acquired | 3 | |||||
[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) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Summarized income statement | |||||
Impairment charge, investments in nonconsolidated affiliates | $5,000 | $4,200 | $9,174 | ||
Venta de Boletos por Computadora S.A. de C.V. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 33.00% | ||||
Summarized balance sheet | |||||
Current assets | 38,387 | 38,387 | 37,239 | ||
Noncurrent assets | 6,545 | 6,545 | 6,340 | ||
Current liabilities | 21,031 | 21,031 | 21,729 | ||
Noncontrolling interests | 296 | 296 | 391 | ||
Summarized income statement | |||||
Revenue | 51,940 | 43,490 | 49,306 | ||
Operating income | 27,027 | 20,092 | 26,427 | ||
Net income | 20,574 | 14,641 | 20,340 | ||
Net income attributable to the common stockholders of the equity investees | $20,515 | $14,500 | $20,309 |
LONGLIVED_ASSETS_LongLived_Ass
LONG-LIVED ASSETS (Long-Lived Asset Disposals) (Details) (New York theater [Member], Concerts [Member], USD $) | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
New York theater [Member] | Concerts [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss (gain) on disposal of operating assets | ($24,845) | $4,100 | ($7,000) | ($21,900) |
Current Assets | 0 | |||
Noncurrent Assets | 35,785 | |||
Current Liabilities | 0 | |||
Noncurrent Liabilities | $3,636 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (Artist Nation [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Artist Nation [Member] | |
Business Acquisition [Line Items] | |
Number of businesses acquired | 3 |
LONGTERM_DEBT_Schedule_of_Long
LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | 31-May-14 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |||||
Debt Instrument [Line Items] | |||||
Debt discount | $32,979 | ||||
Debt premium | 7,286 | ||||
Total debt including premium and discount | 2,063,400 | 1,808,887 | |||
Less: current portion | 47,485 | 278,403 | |||
Total long-term debt, net | 2,015,915 | 1,530,484 | |||
Senior Secured Credit Facility Term loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount | 1,400 | 2,000 | |||
Total debt including premium and discount | 103,517 | 111,578 | |||
Senior Secured Credit Facility Term loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount | 12,200 | 14,400 | |||
Total debt including premium and discount | 925,962 | 933,226 | |||
Senior Secured Credit Facility Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt including premium and discount | 0 | 0 | |||
7% Senior Notes Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt premium | 7,300 | 8,600 | |||
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% | ||
Total debt including premium and discount | 432,286 | 433,571 | |||
5.375% Senior Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 5.38% | 5.38% | |||
Total debt including premium and discount | 250,000 | 0 | |||
2.875% Convertible Senior Notes Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount | 0 | 7,600 | |||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | ||
Total debt including premium and discount | 0 | 212,415 | |||
2.5% Convertible Senior Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount | 19,400 | ||||
Interest rate, stated percentage | 2.50% | 2.50% | |||
Total debt including premium and discount | 255,604 | 0 | |||
Other Long Term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt including premium and discount | $96,031 | $118,097 |
LONGTERM_DEBT_Future_Maturitie
LONG-TERM DEBT (Future Maturities of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $47,485 | |
2016 | 50,662 | |
2017 | 50,180 | |
2018 | 332,172 | |
2019 | 14,676 | |
Thereafter | 1,593,918 | |
Total | 2,089,093 | |
Debt discount | -32,979 | |
Debt premium | 7,286 | |
Total debt including premium and discount | $2,063,400 | $1,808,887 |
LONGTERM_DEBT_Senior_Secured_C
LONG-TERM DEBT (Senior Secured Credit Facility) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Senior Secured Credit Facility Term loan A [Member] | |
Debt Instrument [Line Items] | |
Face amount | $115,000,000 |
Maturity period | 5 years |
Senior Secured Credit Facility Term loan A [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Quarterly payments | 2,900,000 |
Senior Secured Credit Facility Term loan A [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Quarterly payments | 13,800,000 |
Senior Secured Credit Facility Term loan B [Member] | |
Debt Instrument [Line Items] | |
Face amount | 950,000,000 |
Maturity period | 7 years |
Quarterly payments | 2,400,000 |
Senior Secured Credit Facility Term loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.75% |
Senior Secured Credit Facility Term loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.75% |
Senior Secured Credit Facility Term loan B [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Senior Secured Credit Facility Term loan B [Member] | Base Rate [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Senior Secured Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Secured indebtedness leverage ratio, maximum | 3.25 |
Percentage of capital stock of foreign wholly owned (first-tier) subsidiaries | 65.00% |
Senior Secured Credit Facility [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Additional borrowing capacity available | 450,000,000 |
Senior Secured Credit Facility Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maturity period | 5 years |
Maximum borrowing capacity | 335,000,000 |
Line of credit facility, unused capacity, commitment fee percentage | 0.50% |
Outstanding letters of credit | 62,000,000 |
Current borrowing capacity available | 273,000,000 |
Senior Secured Credit Facility Revolving Credit Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 150,000,000 |
Senior Secured Credit Facility Revolving Credit Facility [Member] | Swingline Loans [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 50,000,000 |
Senior Secured Credit Facility Revolving Credit Facility [Member] | Euro and British Pound Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 150,000,000 |
Senior Secured Credit Facility Revolving Credit Facility [Member] | Other Foreign Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $50,000,000 |
Senior Secured Credit Facility Revolving Credit Facility & Term loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.25% |
Senior Secured Credit Facility Revolving Credit Facility & Term loan A [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.25% |
LONGTERM_DEBT_7_Senior_Notes_D
LONG-TERM DEBT (7% Senior Notes) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | |
Debt Instrument [Line Items] | |||
Debt premium | 7,286,000 | ||
7% Senior Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | 425,000,000 | ||
Debt premium | 7,300,000 | 8,600,000 | |
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% |
7% Senior Notes Due 2020 [Member] | Prior to September 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 100.00% | ||
Basis spread on make whole premium, as a percentage | 0.50% | ||
7% Senior Notes Due 2020 [Member] | Redemption, Equity Offering [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 107.00% | ||
Percentage of notes which may be redeemed | 35.00% | ||
7% Senior Notes Due 2020 [Member] | After September 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 103.50% | ||
7% Senior Notes Due 2020 [Member] | Redemption, Defined Changes of Control [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 101.00% | ||
Add-on 7% Senior Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | 200,000,000 | ||
Debt premium | 9,000,000 |
LONGTERM_DEBT_5375_Senior_Note
LONG-TERM DEBT (5.375% Senior Notes) (Details) (5.375% Senior Notes due 2022 [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | 31-May-14 | |
Debt Instrument [Line Items] | ||
Face amount | $250,000,000 | |
Interest rate, stated percentage | 5.38% | 5.38% |
Prior to June 15, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage | 100.00% | |
Redemption, Equity Offering [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage | 105.38% | |
Percentage of notes which may be redeemed | 35.00% | |
After June 15, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage | 104.03% | |
Redemption, Defined Changes of Control [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage | 101.00% |
LONGTERM_DEBT_25_Convertible_S
LONG-TERM DEBT (2.5% Convertible Senior Notes) (Details) (2.5% Convertible Senior Notes Due 2019 [Member], USD $) | 12 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | 31-May-14 |
Debt Instrument [Line Items] | ||
Face amount | $275,000,000 | $275,000,000 |
Interest rate, stated percentage | 2.50% | 2.50% |
Conversion ratio | 0.0288363 | |
Conversion premium | 52.50% | |
Last reported sale price used to calculate conversion premium | $22.74 | |
Maximum number of shares issuable upon conversion | 7.9 | |
Carrying amount of equity component | $22,000,000 | |
Debt discount amortization period | 4 years 0 months | |
Effective interest rate | 5.00% | |
Redemption, Defined Changes of Control [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage | 100.00% |
LONGTERM_DEBT_Schedule_of_Debt
LONG-TERM DEBT (Schedule of Debt Interest Expense) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Jul. 31, 2014 |
2.5% Convertible Senior Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 2.50% | 2.50% | |||
2.5% Convertible Senior Notes & 2.875% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual interest coupon | $8,701 | ||||
Amortization of debt discount | 10,165 | ||||
Amortization of debt issuance costs | 1,175 | ||||
Total interest cost recognized on the notes | 20,041 | ||||
2.875% Convertible Senior Notes Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | ||
Contractual interest coupon | 6,325 | 6,325 | |||
Amortization of debt discount | 12,995 | 11,792 | |||
Amortization of debt issuance costs | 703 | 703 | |||
Total interest cost recognized on the notes | $20,023 | $18,820 |
LONGTERM_DEBT_Other_Longterm_D
LONG-TERM DEBT (Other Long-term Debt) (Details) (Other Long Term Debt [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
note | |
Debt Instrument [Line Items] | |
Capital lease obligations | $9 |
Notes payable and other long-term debt | 87 |
Number of notes payable | 17 |
Notes payable, interest rate range, minimum | 0.30% |
Notes payable, interest rate range, maximum | 11.00% |
Notes payable maturity period, maximum | 7 years |
Noncontrolling Interest Partners [Member] | |
Debt Instrument [Line Items] | |
Notes payable and other long-term debt | 30 |
AMG [Member] | |
Debt Instrument [Line Items] | |
Notes payable and other long-term debt | $32.70 |
LONGTERM_DEBT_Debt_Extinguishm
LONG-TERM DEBT (Debt Extinguishment) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Aug. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||
Cash available for general corporate purposes | $293,900,000 | $22,400,000 | ||||||
Debt premium | 7,286,000 | |||||||
Loss (gain) on extinguishment of debt | 36,300,000 | 188,000 | 36,269,000 | -460,000 | ||||
5.375% Senior Notes due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 250,000,000 | |||||||
Interest rate, stated percentage | 5.38% | 5.38% | ||||||
2.5% Convertible Senior Notes Due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 275,000,000 | 275,000,000 | ||||||
Interest rate, stated percentage | 2.50% | 2.50% | ||||||
5.375% Senior Notes & 2.5% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Related fees and expenses | 9,800,000 | |||||||
2.875% Convertible Senior Notes Due 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | |||||
Extinguishment of debt | 220,000,000 | 29,300,000 | ||||||
Payment of accrued interest | 1,100,000 | |||||||
Related fees & expenses, debt extinguishment | 200,000 | |||||||
7% Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 425,000,000 | |||||||
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% | |||||
Related fees and expenses | 22,000,000 | |||||||
Debt premium | 7,300,000 | 8,600,000 | ||||||
Proceeds from issuance of debt | 802,200,000 | |||||||
Add-on 7% Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 200,000,000 | |||||||
Debt premium | 9,000,000 | |||||||
Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of debt | 472,500,000 | |||||||
8.125% Senior Notes Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 8.13% | |||||||
Extinguishment of debt | 250,000,000 | |||||||
Make-whole premium and accrued interest | 35,300,000 | |||||||
Loss (gain) on extinguishment of debt | $36,300,000 |
LONGTERM_DEBT_Debt_Covenants_D
LONG-TERM DEBT (Debt Covenants) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | 31-May-14 | |
quarter | ||||
Senior Secured Credit Facility [Member] | Through September 30, 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of consolidated total funded debt to consolidated EBITDA | 5 | |||
Number of consecutive quarters | 4 | |||
Senior Secured Credit Facility [Member] | December 31, 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of consolidated total funded debt to consolidated EBITDA | 4.75 | |||
Senior Secured Credit Facility [Member] | December 31, 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of consolidated total funded debt to consolidated EBITDA | 4.5 | |||
7% Senior Notes Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% | |
Secured indebtedness leverage ratio, maximum | 3.25 | |||
5.375% Senior Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.38% | 5.38% | ||
Secured indebtedness leverage ratio, maximum | 3.5 | |||
7% Senior Notes & 5.375% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of covenants | 2 | |||
Fixed charge coverage ratio, minimum | 2 |
DERIVATIVE_INSTRUMENTS_Details
DERIVATIVE INSTRUMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instrument [Line Items] | ||
Notional amounts | $63.30 | $96 |
Interest Rate Swap [Member] | ||
Derivative Instrument [Line Items] | ||
Notional amounts | $29.30 | $39.30 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instrument [Line Items] | ||
Number of instruments designated as cash flow hedges | 1 |
FAIR_VALUE_MEASUREMENTS_Assets
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured on Recurring Basis) (Details) (Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash equivalents | $111 | $26,627 |
Forward currency contracts | 1,910 | 297 |
Stock options | 445 | 469 |
Total | 2,466 | 27,393 |
Liabilities: | ||
Interest rate swaps | 1,004 | 1,491 |
Forward currency contracts | 5 | 1,543 |
Put option | 0 | 435 |
Contingent consideration | 8,927 | 5,934 |
Total | 9,936 | 9,403 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 111 | 26,627 |
Forward currency contracts | 0 | 0 |
Stock options | 0 | 0 |
Total | 111 | 26,627 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Forward currency contracts | 0 | 0 |
Put option | 0 | 0 |
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Forward currency contracts | 1,910 | 297 |
Stock options | 0 | 0 |
Total | 1,910 | 297 |
Liabilities: | ||
Interest rate swaps | 1,004 | 1,491 |
Forward currency contracts | 5 | 1,543 |
Put option | 0 | 0 |
Contingent consideration | 0 | 0 |
Total | 1,009 | 3,034 |
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Forward currency contracts | 0 | 0 |
Stock options | 445 | 469 |
Total | 445 | 469 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Forward currency contracts | 0 | 0 |
Put option | 0 | 435 |
Contingent consideration | 8,927 | 5,934 |
Total | $8,927 | $6,369 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | 31-May-14 | Jul. 31, 2014 | |
Debt Fair Value [Line Items] | |||||||
Impairment charge, goodwill | $134,961,000 | $134,961,000 | $0 | $0 | |||
Impairment charge, property, plant and equipment assets | 4,300,000 | ||||||
7% Senior Notes Due 2020 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% | 7.00% | |||
5.375% Senior Notes due 2022 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 5.38% | 5.38% | 5.38% | ||||
2.5% Convertible Senior Notes Due 2019 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 2.50% | 2.50% | 2.50% | ||||
2.875% Convertible Senior Notes Due 2027 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | 2.88% | |||
Fixed Rate Debt With Noncontrolling Interest Partner [Member] | |||||||
Estimate of fair value not practicable [Abstract] | |||||||
Face amount of debt | 30,000,000 | 30,000,000 | 34,600,000 | ||||
Level 2 [Member] | 7% Senior Notes Due 2020 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 7.00% | 7.00% | 7.00% | ||||
Estimated fair values of senior notes | 451,300,000 | 451,300,000 | 461,900,000 | ||||
Level 2 [Member] | 5.375% Senior Notes due 2022 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 5.38% | 5.38% | |||||
Estimated fair values of senior notes | 250,300,000 | 250,300,000 | |||||
Level 2 [Member] | 2.5% Convertible Senior Notes Due 2019 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 2.50% | 2.50% | |||||
Estimated fair values of convertible senior notes | 296,300,000 | 296,300,000 | |||||
Level 2 [Member] | 2.875% Convertible Senior Notes Due 2027 [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Interest rate, stated percentage | 2.88% | ||||||
Estimated fair values of convertible senior notes | 223,000,000 | ||||||
Artist Nation [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Impairment charge, goodwill | 17,948,000 | ||||||
Number of businesses consolidated | 2 | ||||||
Concerts [Member] | |||||||
Debt Fair Value [Line Items] | |||||||
Impairment charge, goodwill | $117,013,000 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value of Assets Measured on Non-recurring Basis) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment charge, definite-lived intangible assets | $9,300 | $9,200 | $11,107 | $10,625 | $89,600 | ||
Impairment charge, indefinite-lived intangible assets | 5,963 | 5,963 | 0 | 0 | |||
Impairment charge, goodwill | 134,961 | 134,961 | 0 | 0 | |||
Impairment charge, investments in nonconsolidated affiliates | 5,000 | 4,200 | 9,174 | ||||
Gain on consolidation of business | -17,100 | -16,356 | -986 | 2,373 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Definite-lived intangible assets, net | 627 | 660 | 627 | 660 | |||
Indefinite-lived intangible assets, net | 0 | 0 | |||||
Goodwill | 142,719 | 142,719 | |||||
Investments in nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Definite-lived intangible assets, net | 0 | 0 | 0 | 0 | |||
Indefinite-lived intangible assets, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Investments in nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Definite-lived intangible assets, net | 0 | 0 | 0 | 0 | |||
Indefinite-lived intangible assets, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Investments in nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Definite-lived intangible assets, net | 627 | 660 | 627 | 660 | |||
Indefinite-lived intangible assets, net | 0 | 0 | |||||
Goodwill | 142,719 | 142,719 | |||||
Investments in nonconsolidated affiliates | $0 | $0 | $0 | $0 |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Leases, Contracts, Capital Expenditures) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Non-cancelable Operating Leases [Abstract] | |
2015 | $135,816 |
2016 | 135,047 |
2017 | 129,784 |
2018 | 118,865 |
2019 | 110,859 |
Thereafter | 1,610,171 |
Total | 2,240,542 |
Non-cancelable Contracts [Abstract] | |
2015 | 877,072 |
2016 | 237,016 |
2017 | 190,761 |
2018 | 43,261 |
2019 | 34,079 |
Thereafter | 10,118 |
Total | 1,392,307 |
Capital Expenditures [Abstract] | |
2015 | 9,807 |
2016 | 25 |
2017 | 25 |
2018 | 0 |
2019 | 0 |
Thereafter | 250 |
Total | $10,107 |
COMMITMENTS_AND_CONTINGENT_LIA3
COMMITMENTS AND CONTINGENT LIABILITIES (Commitment Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments [Member] | |||
Guarantor Obligations [Line Items] | |||
Commitment amount, inflation factor for North America | 2.40% | ||
Commitment amount, inflation factor for United Kingdom | 3.30% | ||
Commitment amount, inflation factor for the Netherlands | 1.80% | ||
Minimum rentals to be received in future years under non-cancelable subleases | $70.50 | ||
Rent expense | 155.7 | 162.6 | 145.2 |
Rent expense, contingent rentals | 28.9 | 46.5 | 30 |
Property Lease Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 20 | ||
Guarantor obligations, scheduled future minimum rentals per year, for the next five years | 1.6 | ||
Guaranteed Debt of Third Parties [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, balance | $13.10 | $13.30 |
COMMITMENTS_AND_CONTINGENT_LIA4
COMMITMENTS AND CONTINGENT LIABILITIES (Business Acquisitions) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Amount accrued in other liabilities, deferred purchase consideration | $0 | |
Other Current Liabilities [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Amount accrued in other liabilities, deferred purchase consideration | 100,000 | |
Other Noncurrent Liabilities [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Amount accrued in other liabilities, deferred purchase consideration | 15,500,000 | |
Earn Out Arrangements [Member] | Other Current Liabilities [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Amount accrued in other liabilities | 100,000 | 1,900,000 |
Earn Out Arrangements [Member] | Other Noncurrent Liabilities [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Amount accrued in other liabilities | $8,800,000 | $4,000,000 |
COMMITMENTS_AND_CONTINGENT_LIA5
COMMITMENTS AND CONTINGENT LIABILITIES (Loss Contingencies) (Details) (Ticketing Fees Consumer Class Action Litigation [Member], Pending Litigation [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Ticketing Fees Consumer Class Action Litigation [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Accrual for best estimate of probable costs of settlement | $34.90 |
CERTAIN_RELATIONSHIPS_AND_RELA2
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Trust Note [Member] | |||
Related Party Transaction [Line Items] | |||
Corporate expenses recognized | $11,700,000 | ||
Director related party [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from transactions with related parties | 3,995,000 | 6,050,000 | 21,532,000 |
Expenses from transactions with related party | 424,000 | 5,006,000 | 22,291,000 |
Liberty Media [Member] | |||
Related Party Transaction [Line Items] | |||
Number of directors nominated by related party | 2 | ||
ATC Aviation Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | 1,900,000 | ||
Sublease [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | -700,000 | ||
Equity Method Investee [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from transactions with related parties | 6,500,000 | 2,600,000 | 2,300,000 |
Expenses from transactions with related party | 5,200,000 | 7,500,000 | 6,800,000 |
Other related-parties [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from transactions with related parties | 4,942,000 | 5,721,000 | 4,755,000 |
Expenses from transactions with related party | $16,639,000 | $20,208,000 | $13,720,000 |
INCOME_TAXES_Schedule_of_Incom
INCOME TAXES (Schedule of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of the provision for income tax expense (benefit) [Abstract] | |||
Federal | $17 | $1,238 | $2,235 |
Foreign | 12,727 | 41,664 | 34,541 |
State | 9,550 | 3,864 | 3,917 |
Total current | 22,294 | 46,766 | 40,693 |
Federal | -10,827 | -852 | -386 |
Foreign | -4,249 | -14,606 | -14,591 |
State | -2,588 | -430 | 4,020 |
Total deferred | -17,664 | -15,888 | -10,957 |
Income tax expense (benefit) | $4,630 | $30,878 | $29,736 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2014 | 31-May-14 | |
Income Tax Examination [Line Items] | ||||||
Domestic loss from continuing operations before income taxes | $16,200,000 | $103,900,000 | $232,300,000 | |||
Non-U.S income (loss) from continuing operations, before taxes | -83,600,000 | 98,800,000 | 100,100,000 | |||
Net deferred tax liability acquired in business combinations | 23,200,000 | 15,100,000 | ||||
Net operating loss carryforwards - United States federal | 248,100,000 | |||||
Net operating loss carryforwards - state | 62,700,000 | |||||
Net operating loss carryforwards - foreign | 216,000,000 | |||||
Income tax expense (benefit) | 4,630,000 | 30,878,000 | 29,736,000 | |||
Income (loss) before income taxes | -99,820,000 | -5,137,000 | -132,161,000 | |||
Differences between foreign and United States statutory rates | -10,735,000 | -21,182,000 | -25,637,000 | |||
Reversal of valuation allowances | 12,900,000 | |||||
Interest and penalties related to uncertain tax positions in income tax expense | 511,000 | 148,000 | 686,000 | |||
Accrued interest related to uncertain tax positions | 1,300,000 | 1,200,000 | ||||
Unrecognized tax benefits | $12,619,000 | $12,860,000 | $15,974,000 | $13,357,000 | ||
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 | 2014 | |||||
2.875% Convertible Senior Notes Due 2027 [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | |||
2.5% Convertible Senior Notes Due 2019 [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Interest rate, stated percentage | 2.50% | 2.50% |
INCOME_TAXES_Schedule_of_Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ||
Intangible assets | $232,521 | $234,454 |
Prepaid expenses | 2,518 | 7,089 |
Long-term debt | 8,521 | 51,166 |
Total deferred tax liabilities | 243,560 | 292,709 |
Deferred tax assets: | ||
Intangible and fixed assets | 0 | 8,991 |
Accrued expenses | 59,081 | 59,944 |
Net operating loss carryforwards | 526,811 | 538,644 |
Foreign tax credit carryforwards | 55,806 | 42,323 |
Equity compensation | 9,868 | 24,930 |
Other | 2,065 | 14,597 |
Total gross deferred tax assets | 653,631 | 689,429 |
Valuation allowance | 593,305 | 580,594 |
Total deferred tax assets | 60,326 | 108,835 |
Net deferred tax liabilities | ($183,234) | ($183,874) |
INCOME_TAXES_Reconciliation_of
INCOME TAXES (Reconciliation of Income Tax from Statutory Rates to Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax benefit at United States statutory rates | ($34,937) | ($1,798) | ($46,256) |
State income taxes, net of federal tax benefits | 9,550 | 3,864 | 3,917 |
Differences between foreign and United States statutory rates | -10,735 | -21,182 | -25,637 |
Non-United States income inclusions and exclusions | 2,926 | 18,525 | 9,901 |
Nondeductible items | 55,469 | 7,570 | 9,005 |
Tax contingencies | 950 | 697 | 4,316 |
Change in valuation allowance | -6,168 | 15,912 | 79,214 |
Other, net | -12,425 | 7,290 | -4,724 |
Income tax expense (benefit) | $4,630 | $30,878 | $29,736 |
INCOME_TAXES_Schedule_of_Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $12,860 | $15,974 | $13,357 |
Increase for current year positions | 306 | 396 | 2,978 |
Increase for prior year positions | 1,089 | 800 | 652 |
Decrease for prior year positions | 0 | -75 | 0 |
Interest and penalties for prior years | 511 | 148 | 686 |
Expiration of applicable statute of limitations | -236 | -572 | 0 |
Settlements for prior year positions | -1,225 | -3,212 | -1,716 |
Foreign exchange | -686 | -599 | 247 |
Reclassification to other liabilities | 0 | 0 | -230 |
Balance at December 31 | $12,619 | $12,860 | $15,974 |
EQUITY_Narrative_Details
EQUITY (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued | 2,700,000 | 10,100,000 | ||
Shares available for future grants (in shares) | 23,300,000 | |||
Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Sale of common shares (in shares) | 500,000 | |||
Live Nation Entertainment, Inc. Stockholders' Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Treasury stock, shares, repurchased | 400,000 | |||
Purchase of common stock | 6.9 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options currently granted | 16,999,000 | 16,628,000 | 24,722,000 | 21,429,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards currently granted | 1,171,000 | 2,210,000 | 3,202,000 | 3,325,000 |
EQUITY_Change_in_ownership_int
EQUITY (Change in ownership interest) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||
Net loss attributable to common stockholders of Live Nation | ($186,456) | $105,163 | $22,934 | ($32,448) | ($82,043) | $43,774 | $58,130 | ($63,239) | ($90,807) | ($43,378) | ($163,227) |
Changes in Live Nation’s additional paid-in capital for purchase of noncontrolling interests, net of transaction costs | -3,796 | -17,732 | 43 | ||||||||
Changes in Live Nation’s additional paid-in capital for sale of noncontrolling interests, net of transaction costs | -11,748 | 0 | 0 | ||||||||
Net transfers of noncontrolling interest | -15,544 | -17,732 | 43 | ||||||||
Change from net loss attributable to common stockholders of Live Nation and transfers from noncontrolling interests | ($106,351) | ($61,110) | ($163,184) |
EQUITY_Redeemable_Noncontrolli
EQUITY (Redeemable Noncontrolling Interests) (Details) (Put Option [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Estimate of redemption amounts of puts | $14,600 |
2016 [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Estimate of redemption amounts of puts | 11,600 |
2017 [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Estimate of redemption amounts of puts | 9,200 |
2018 [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Estimate of redemption amounts of puts | 146,500 |
2019 [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Estimate of redemption amounts of puts | $8,100 |
EQUITY_Accumulated_Other_Compr
EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Number of settled instruments designated as cash flow hedges | 1 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | ($2,370) | ($10,923) | ($36,374) |
Other comprehensive income (loss) before reclassifications | -67,700 | 8,057 | 25,467 |
Amount reclassified from AOCI | 60 | 496 | -16 |
Net other comprehensive income (loss) | -67,640 | 8,553 | 25,451 |
Ending balance | -70,010 | -2,370 | -10,923 |
Gains and Losses On Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | -79 | -595 | -431 |
Other comprehensive income (loss) before reclassifications | -6 | 20 | -148 |
Amount reclassified from AOCI | 60 | 496 | -16 |
Net other comprehensive income (loss) | 54 | 516 | -164 |
Ending balance | -25 | -79 | -595 |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | -611 | -611 | -221 |
Other comprehensive income (loss) before reclassifications | 30 | 0 | -390 |
Amount reclassified from AOCI | 0 | 0 | 0 |
Net other comprehensive income (loss) | 30 | 0 | -390 |
Ending balance | -581 | -611 | -611 |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | -1,680 | -9,717 | -35,722 |
Other comprehensive income (loss) before reclassifications | -67,724 | 8,037 | 26,005 |
Amount reclassified from AOCI | 0 | 0 | 0 |
Net other comprehensive income (loss) | -67,724 | 8,037 | 26,005 |
Ending balance | ($69,404) | ($1,680) | ($9,717) |
EQUITY_Earnings_per_Share_Deta
EQUITY (Earnings per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Jul. 31, 2014 |
Computation of basic and diluted net income (loss) per common share [Abstract] | |||||||||||||
Net loss attributable to common stockholders of Live Nation | ($186,456) | $105,163 | $22,934 | ($32,448) | ($82,043) | $43,774 | $58,130 | ($63,239) | ($90,807) | ($43,378) | ($163,227) | ||
Accretion of redeemable noncontrolling interests | -5,660 | -569 | -801 | ||||||||||
Net loss available to common stockholders of Live Nation—basic and diluted | ($96,467) | ($43,947) | ($164,028) | ||||||||||
Weighted average common shares—basic and diluted (in shares) | 198,874,019 | 193,885,066 | 186,955,748 | ||||||||||
Basic and diluted net income (loss) per common share (in dollars per shares) | ($0.49) | ($0.23) | ($0.88) | ||||||||||
2.5% Convertible Senior Notes Due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate, stated percentage | 2.50% | 2.50% | 2.50% | ||||||||||
2.875% Convertible Senior Notes Due 2027 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate, stated percentage | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% |
EQUITY_Antidilutive_Securities
EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 26,100 | 26,943 | 36,534 |
Options to purchase shares of common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 16,999 | 16,628 | 24,722 |
Restricted stock awards and units - unvested [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 1,171 | 2,210 | 3,207 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 0 | 0 | 500 |
Conversion shares related to convertible senior notes [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 7,930 | 8,105 | 8,105 |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION (Summary of stock-based compensation expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $39,029 | $28,415 | $37,063 |
Selling, general, and administrative expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 21,204 | 12,361 | 14,297 |
Corporate expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $17,825 | $16,054 | $22,766 |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $39,029,000 | $28,415,000 | $37,063,000 |
Total unrecognized compensation cost | 51,400,000 | ||
Amortization period of unrecognized compensation cost | 2 years 6 months 3 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 2,345,000 | 1,269,000 | 5,495,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 752,000 | 548,000 | 1,243,000 |
Trust [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated vesting of unvested share based awards (in shares) | 1,500,000 | ||
Selling, general, and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 21,204,000 | 12,361,000 | 14,297,000 |
Corporate expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 17,825,000 | 16,054,000 | 22,766,000 |
Corporate expenses [Member] | Trust [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 6,300,000 | ||
Other Equity Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Other Equity Award [Member] | Selling, general, and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $7,900,000 | ||
Minimum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
2014 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
2014 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years |
STOCKBASED_COMPENSATION_Fair_v
STOCK-BASED COMPENSATION (Fair value assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate, minimum | 1.67% | 1.06% | 0.83% |
Risk-free interest rate, maximum | 2.00% | 1.89% | 1.14% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factors, minimum | 42.40% | 48.20% | 54.60% |
Volatility factors, maximum | 47.00% | 48.40% | 61.30% |
Weighted average expected life (in years) | 6 years 0 months 22 days | 5 years 10 months 13 days | 6 years 5 months 16 days |
STOCKBASED_COMPENSATION_Stock_
STOCK-BASED COMPENSATION (Stock Options) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-based compensation, additional disclosures [Abstract] | |||
Intrinsic value of stock options exercised | $20,200,000 | $31,600,000 | $1,300,000 |
Cash received from exercise of stock options | 21,797,000 | 85,110,000 | 1,143,000 |
Shares available for future grants (in shares) | 23,300,000 | ||
Total intrinsic value, options outstanding | 217,800,000 | ||
Total intrinsic value, options exercisable | $140,900,000 | ||
Stock Options [Member] | |||
Summary of stock option activity [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 16,628,000 | 24,722,000 | 21,429,000 |
Granted (in shares) | 2,345,000 | 1,269,000 | 5,495,000 |
Exercised (in shares) | -1,769,000 | -8,718,000 | -259,000 |
Forfeited or expired (in shares) | -205,000 | -645,000 | -1,943,000 |
Outstanding at end of period (in shares) | 16,999,000 | 16,628,000 | 24,722,000 |
Exercisable at end of period (in shares) | 10,669,000 | 9,443,000 | 15,529,000 |
Summary of stock option activity, additional disclosures [Abstract] | |||
Price, Outstanding at beginning of period (in dollars per share) | $12.68 | $11.68 | $12.33 |
Price, Granted (in dollars per share) | $21.03 | $13.30 | $8.80 |
Price, Exercised (in dollars per share) | $12.32 | $9.76 | $4.39 |
Price, Forfeited or expired (in dollars per share) | $19.58 | $14.93 | $11.70 |
Price, Outstanding at end of period (in dollars per share) | $13.78 | $12.68 | $11.68 |
Price, Exercisable at end of period (in dollars per share) | $13.68 | $14.94 | $13.46 |
Weighted average fair value per option granted (in dollars per share) | $9.82 | $6.18 | $3.93 |
Stock-based compensation, additional disclosures [Abstract] | |||
Expiration period | 10 years | ||
Stock Incentive Plan [Member] | |||
Stock-based compensation, additional disclosures [Abstract] | |||
Shares available for future grants (in shares) | 5,100,000 | ||
Minimum [Member] | Stock Options [Member] | |||
Stock-based compensation, additional disclosures [Abstract] | |||
Vesting period | 2 years | ||
Maximum [Member] | Stock Options [Member] | |||
Stock-based compensation, additional disclosures [Abstract] | |||
Vesting period | 5 years |
STOCKBASED_COMPENSATION_Exerci
STOCK-BASED COMPENSATION (Exercise price range) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
$2.75-$4.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $2.75 |
Upper range limit (in dollars per share) | $4.99 |
Outstanding (in shares) | 2,306 |
Outstanding, weighted average remaining contractual life (in years) | 4 years 2 months 12 days |
Outstanding, weighted average exercise price (in dollars per share) | $2.87 |
Exercisable (in shares) | 2,306 |
Exercisable, weighted average remaining contractual life (in years) | 4 years 2 months 12 days |
Exercisable, weighted average exercise price (in dollars per share) | $2.87 |
$5.00-$9.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $5 |
Upper range limit (in dollars per share) | $9.99 |
Outstanding (in shares) | 5,174 |
Outstanding, weighted average remaining contractual life (in years) | 7 years 7 months 6 days |
Outstanding, weighted average exercise price (in dollars per share) | $8.81 |
Exercisable (in shares) | 2,237 |
Exercisable, weighted average remaining contractual life (in years) | 7 years 3 months 18 days |
Exercisable, weighted average exercise price (in dollars per share) | $8.83 |
$10.00-$14.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $10 |
Upper range limit (in dollars per share) | $14.99 |
Outstanding (in shares) | 3,676 |
Outstanding, weighted average remaining contractual life (in years) | 5 years 10 months 24 days |
Outstanding, weighted average exercise price (in dollars per share) | $11.40 |
Exercisable (in shares) | 2,796 |
Exercisable, weighted average remaining contractual life (in years) | 5 years 6 months |
Exercisable, weighted average exercise price (in dollars per share) | $11.35 |
$15.00-$19.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $15 |
Upper range limit (in dollars per share) | $19.99 |
Outstanding (in shares) | 901 |
Outstanding, weighted average remaining contractual life (in years) | 4 years 9 months 18 days |
Outstanding, weighted average exercise price (in dollars per share) | $18.64 |
Exercisable (in shares) | 694 |
Exercisable, weighted average remaining contractual life (in years) | 3 years 7 months 6 days |
Exercisable, weighted average exercise price (in dollars per share) | $18.67 |
$20.00-$24.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $20 |
Upper range limit (in dollars per share) | $24.99 |
Outstanding (in shares) | 3,821 |
Outstanding, weighted average remaining contractual life (in years) | 6 years 3 months 18 days |
Outstanding, weighted average exercise price (in dollars per share) | $22.47 |
Exercisable (in shares) | 1,515 |
Exercisable, weighted average remaining contractual life (in years) | 2 years 2 months 12 days |
Exercisable, weighted average exercise price (in dollars per share) | $24.65 |
$25.00-$29.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $25 |
Upper range limit (in dollars per share) | $29.99 |
Outstanding (in shares) | 708 |
Outstanding, weighted average remaining contractual life (in years) | 0 years 4 months 24 days |
Outstanding, weighted average exercise price (in dollars per share) | $29.68 |
Exercisable (in shares) | 708 |
Exercisable, weighted average remaining contractual life (in years) | 0 years 4 months 24 days |
Exercisable, weighted average exercise price (in dollars per share) | $29.68 |
$35.00-$39.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit (in dollars per share) | $35 |
Upper range limit (in dollars per share) | $39.99 |
Outstanding (in shares) | 413 |
Outstanding, weighted average remaining contractual life (in years) | 0 years 4 months 24 days |
Outstanding, weighted average exercise price (in dollars per share) | $39.95 |
Exercisable (in shares) | 413 |
Exercisable, weighted average remaining contractual life (in years) | 0 years 4 months 24 days |
Exercisable, weighted average exercise price (in dollars per share) | $39.95 |
STOCKBASED_COMPENSATION_Restri
STOCK-BASED COMPENSATION (Restricted Stock Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair market value of the shares issued upon vesting | 17.9 | 18.8 | 14.7 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 752 | 548 | 1,243 | |
Shares that will begin to vest on achieving minimum performance targets or market conditions (in shares) | 1,171 | 2,210 | 3,202 | 3,325 |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Restricted Stock Performance Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | 2 years | ||
Shares granted | 300 | |||
Non-Market Based or Performance Based Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Shares granted | 400 | 100 | 200 | |
Non-Market Based or Performance Based Restricted Stock Awards [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | 1 year | ||
Non-Market Based or Performance Based Restricted Stock Awards [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | 4 years | ||
Restricted Stock Market Based or Performance Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 400 | 1,000 | ||
Shares that will begin to vest on achieving minimum performance targets or market conditions (in shares) | 300 | |||
Restricted Stock Market Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | 4 years |
STOCKBASED_COMPENSATION_Restri1
STOCK-BASED COMPENSATION (Restricted Stock and Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Summary of restricted stock [Roll Forward] | |||
Unvested at beginning of period (in shares) | 2,210 | 3,202 | 3,325 |
Granted (in shares) | 752 | 548 | 1,243 |
Forfeited (in shares) | -237 | -141 | -151 |
Vested (in shares) | -1,554 | -1,399 | -1,215 |
Unvested at end of period (in shares) | 1,171 | 2,210 | 3,202 |
Summary of restricted stock awards, additional disclosures [Abstract] | |||
Price, Unvested at beginning of period (in dollars per share) | $10.68 | $10.32 | $10.98 |
Price, Granted (in dollars per share) | $21.64 | $12.17 | $8.96 |
Price, Forfeited (in dollars per share) | $12.64 | $9.19 | $7.90 |
Price, Vested (in dollars per share) | $11.50 | $10.54 | $10.95 |
Price, Unvested at end of period (in dollars per share) | $16.18 | $10.68 | $10.32 |
Restricted Stock Units (RSUs) [Member] | |||
Summary of restricted stock [Roll Forward] | |||
Unvested at beginning of period (in shares) | 0 | 5 | 703 |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | -373 |
Vested (in shares) | 0 | -5 | -325 |
Unvested at end of period (in shares) | 0 | 0 | 5 |
Summary of restricted stock awards, additional disclosures [Abstract] | |||
Price, Unvested at beginning of period (in dollars per share) | $0 | $10.51 | $10.03 |
Price, Granted (in dollars per share) | $0 | $0 | $0 |
Price, Forfeited (in dollars per share) | $0 | $0 | $9.61 |
Price, Vested (in dollars per share) | $0 | $10.51 | $10.51 |
Price, Unvested at end of period (in dollars per share) | $0 | $0 | $10.51 |
OTHER_INFORMATION_Details
OTHER INFORMATION (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
The following details the components of “Other current assetsâ€: | ||
Cash held in escrow | $1,869 | $23,328 |
Inventory | 12,824 | 12,270 |
Other | 11,396 | 7,829 |
Total other current assets | 26,089 | 43,427 |
The following details the components of “Other long-term assetsâ€: | ||
Long-term advances | 246,461 | 150,041 |
Investments in nonconsolidated affiliates | 127,222 | 39,778 |
Debt issuance costs | 20,000 | 15,161 |
Other | 100,420 | 91,354 |
Total other long-term assets | 494,103 | 296,334 |
The following details the components of “Accrued expensesâ€: | ||
Accrued compensation and benefits | 139,825 | 153,143 |
Accrued event expenses | 164,474 | 129,898 |
Accrued insurance | 54,183 | 52,699 |
Accrued legal | 46,186 | 44,965 |
Collections on behalf of others | 51,180 | 37,014 |
Other | 220,032 | 251,080 |
Total accrued expenses | 675,880 | 668,799 |
The following details the components of “Other current liabilitiesâ€: | ||
Contingent and deferred purchase consideration | 1,703 | 3,509 |
Other | 10,332 | 50,801 |
Total other current liabilities | 12,035 | 54,310 |
The following details the components of “Other long-term liabilitiesâ€: | ||
Accrued rent | 56,027 | 48,985 |
Deferred revenue | 4,768 | 5,102 |
Contingent and deferred purchase consideration | 24,248 | 4,008 |
Other | 27,161 | 26,940 |
Total other long-term liabilities | $112,204 | $85,035 |
SEGMENT_DATA_Narrative_Details
SEGMENT DATA (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||
Increase in previously reported capital expenditures | $24.70 | $1.20 |
New York Amphitheater [Member] | Operating Segments [Member] | Concerts [Member] | ||
Segment Reporting Information [Line Items] | ||
Increase in previously reported capital expenditures | $21.80 |
SEGMENT_DATA_Details
SEGMENT DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $1,571,855 | $2,502,008 | $1,665,785 | $1,127,316 | $1,613,100 | $2,262,236 | $1,679,513 | $923,698 | $6,866,964 | $6,478,547 | $5,819,047 |
Direct operating expenses | 4,919,969 | 4,680,507 | 4,151,277 | ||||||||
Selling, general and administrative expenses | 1,330,160 | 1,226,892 | 1,143,632 | ||||||||
Depreciation and amortization | 368,143 | 368,923 | 429,557 | ||||||||
Goodwill impairment | 134,961 | 134,961 | 0 | 0 | |||||||
Loss (gain) on disposal of operating assets | -4,494 | -38,259 | -514 | ||||||||
Corporate expenses | 101,000 | 94,385 | 113,364 | ||||||||
Acquisition transaction expenses | 10,061 | 6,439 | 3,370 | ||||||||
Operating income (loss) | -186,818 | 150,604 | 55,686 | -12,308 | -50,994 | 126,037 | 97,806 | -33,189 | 7,164 | 139,660 | -21,639 |
Capital expenditures | 138,218 | 141,039 | 124,373 | ||||||||
Long-lived assets | 695,337 | 706,800 | 695,337 | 706,800 | 721,786 | ||||||
Concerts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill impairment | 117,013 | ||||||||||
Ticketing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill impairment | 0 | ||||||||||
Artist Nation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill impairment | 17,948 | ||||||||||
Sponsorship & Advertising [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill impairment | 0 | ||||||||||
Operating Segments [Member] | Concerts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,726,877 | 4,517,191 | 3,870,371 | ||||||||
Direct operating expenses | 4,016,540 | 3,829,991 | 3,274,951 | ||||||||
Selling, general and administrative expenses | 666,475 | 632,614 | 569,570 | ||||||||
Depreciation and amortization | 115,088 | 132,386 | 145,552 | ||||||||
Goodwill impairment | 117,013 | ||||||||||
Loss (gain) on disposal of operating assets | -2,954 | -38,927 | -453 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 5,171 | 723 | 847 | ||||||||
Operating income (loss) | -190,456 | -39,596 | -120,096 | ||||||||
Capital expenditures | 35,006 | 45,925 | 24,634 | ||||||||
Operating Segments [Member] | Ticketing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,557,254 | 1,407,817 | 1,374,049 | ||||||||
Direct operating expenses | 763,280 | 672,221 | 651,055 | ||||||||
Selling, general and administrative expenses | 471,982 | 442,788 | 434,310 | ||||||||
Depreciation and amortization | 204,901 | 190,801 | 165,947 | ||||||||
Goodwill impairment | 0 | ||||||||||
Loss (gain) on disposal of operating assets | -1,583 | -4 | -225 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 1,381 | 245 | 153 | ||||||||
Operating income (loss) | 117,293 | 101,766 | 122,809 | ||||||||
Capital expenditures | 89,990 | 90,132 | 92,651 | ||||||||
Operating Segments [Member] | Artist Nation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 389,437 | 352,947 | 399,940 | ||||||||
Direct operating expenses | 212,302 | 218,113 | 263,896 | ||||||||
Selling, general and administrative expenses | 138,066 | 103,304 | 99,786 | ||||||||
Depreciation and amortization | 43,343 | 42,613 | 115,696 | ||||||||
Goodwill impairment | 17,948 | ||||||||||
Loss (gain) on disposal of operating assets | 34 | 665 | -42 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 566 | 3 | 1,163 | ||||||||
Operating income (loss) | -22,822 | -11,751 | -80,559 | ||||||||
Capital expenditures | 1,892 | 2,255 | 601 | ||||||||
Operating Segments [Member] | Sponsorship & Advertising [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 300,279 | 284,692 | 247,921 | ||||||||
Direct operating expenses | 37,973 | 45,021 | 34,738 | ||||||||
Selling, general and administrative expenses | 50,292 | 45,618 | 38,198 | ||||||||
Depreciation and amortization | 4,281 | 2,351 | 1,187 | ||||||||
Goodwill impairment | 0 | ||||||||||
Loss (gain) on disposal of operating assets | 0 | 0 | 0 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 0 | 64 | 0 | ||||||||
Operating income (loss) | 207,733 | 191,638 | 173,798 | ||||||||
Capital expenditures | 1,834 | 1,424 | 5,147 | ||||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,171 | 3,164 | 2,997 | ||||||||
Direct operating expenses | -2,174 | 380 | 816 | ||||||||
Selling, general and administrative expenses | 3,345 | 2,568 | 1,768 | ||||||||
Depreciation and amortization | 40 | 206 | 398 | ||||||||
Goodwill impairment | 0 | ||||||||||
Loss (gain) on disposal of operating assets | -29 | 7 | 206 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 38 | 0 | 0 | ||||||||
Operating income (loss) | 1,951 | 3 | -191 | ||||||||
Capital expenditures | 6 | 0 | 4 | ||||||||
Operating Segments [Member] | Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 2,592 | 2,611 | 2,829 | ||||||||
Goodwill impairment | 0 | ||||||||||
Loss (gain) on disposal of operating assets | 38 | 0 | 0 | ||||||||
Corporate expenses | 101,000 | 94,385 | 113,364 | ||||||||
Acquisition transaction expenses | 2,905 | 5,404 | 1,207 | ||||||||
Operating income (loss) | -106,535 | -102,400 | -117,400 | ||||||||
Capital expenditures | 9,490 | 1,303 | 1,336 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | -110,054 | -87,264 | -76,231 | ||||||||
Direct operating expenses | -107,952 | -85,219 | -74,179 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | -2,102 | -2,045 | -2,052 | ||||||||
Goodwill impairment | 0 | ||||||||||
Loss (gain) on disposal of operating assets | 0 | 0 | 0 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Acquisition transaction expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Concerts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 97,642 | 77,050 | 65,559 | ||||||||
Intersegment Eliminations [Member] | Ticketing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,150 | 2,295 | 2,771 | ||||||||
Intersegment Eliminations [Member] | Artist Nation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 11,262 | 7,919 | 7,901 | ||||||||
Intersegment Eliminations [Member] | Sponsorship & Advertising [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Total Foreign Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,364,088 | 2,490,070 | 2,041,761 | ||||||||
Long-lived assets | 177,206 | 193,466 | 177,206 | 193,466 | 190,496 | ||||||
United Kingdom Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 772,445 | 716,982 | 691,849 | ||||||||
Long-lived assets | 71,269 | 76,607 | 71,269 | 76,607 | 87,790 | ||||||
Other Foreign Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,591,643 | 1,773,088 | 1,349,912 | ||||||||
Long-lived assets | 105,937 | 116,859 | 105,937 | 116,859 | 102,706 | ||||||
Total Domestic Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,502,876 | 3,988,477 | 3,777,286 | ||||||||
Long-lived assets | $518,131 | $513,334 | $518,131 | $513,334 | $531,290 |
QUARTERLY_RESULTS_OF_OPERATION2
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $1,571,855 | $2,502,008 | $1,665,785 | $1,127,316 | $1,613,100 | $2,262,236 | $1,679,513 | $923,698 | $6,866,964 | $6,478,547 | $5,819,047 |
Operating income (loss) | -186,818 | 150,604 | 55,686 | -12,308 | -50,994 | 126,037 | 97,806 | -33,189 | 7,164 | 139,660 | -21,639 |
Net income (loss) | -216,002 | 115,827 | 25,822 | -30,097 | -81,261 | 50,418 | 59,015 | -64,187 | -104,450 | -36,015 | -161,897 |
Net income (loss) attributable to common stockholders of Live Nation | ($186,456) | $105,163 | $22,934 | ($32,448) | ($82,043) | $43,774 | $58,130 | ($63,239) | ($90,807) | ($43,378) | ($163,227) |
Basic net income (loss) per common share attributable to common stockholders of Live Nation (in dollars per share) | ($0.94) | $0.52 | $0.11 | ($0.17) | ($0.42) | $0.22 | $0.30 | ($0.34) | |||
Diluted net income (loss) per common share attributable to common stockholders of Live Nation (in dollars per share) | ($0.94) | $0.49 | $0.11 | ($0.17) | ($0.42) | $0.22 | $0.30 | ($0.34) |
QUARTERLY_RESULTS_OF_OPERATION3
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2013 | 31-May-13 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Impairment charge, indefinite-lived intangible assets | $5,963,000 | $5,963,000 | $0 | $0 | |||||||
Impairment related to definite-lived intangible assets | 9,300,000 | 9,200,000 | 11,107,000 | 10,625,000 | 89,600,000 | ||||||
Impairment charge, goodwill | 134,961,000 | 134,961,000 | 0 | 0 | |||||||
Gain (loss) on disposal of operating assets | 4,494,000 | 38,259,000 | 514,000 | ||||||||
Gain on consolidation of business | 17,100,000 | 16,356,000 | 986,000 | -2,373,000 | |||||||
Net foreign currency transaction gains/(losses) | -14,300,000 | -12,300,000 | -28,900,000 | -2,800,000 | 1,400,000 | ||||||
Additional amortization expense due to change in estimate | 1,500,000 | 4,100,000 | 4,900,000 | ||||||||
Loss (gain) on extinguishment of debt | 36,300,000 | 188,000 | 36,269,000 | -460,000 | |||||||
Impairment charge, equity in earnings of nonconsolidated affiliates | 5,000,000 | 4,200,000 | 9,174,000 | ||||||||
Concerts [Member] | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Impairment charge, goodwill | 117,013,000 | ||||||||||
Concerts [Member] | New York Amphitheater [Member] | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Gain (loss) on disposal of operating assets | 2,000,000 | 9,400,000 | 3,800,000 | 14,100,000 | 3,600,000 | 3,100,000 | |||||
New York theater [Member] | Concerts [Member] | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Gain (loss) on disposal of operating assets | ($4,100,000) | $7,000,000 | $21,900,000 | $24,845,000 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation allowances and reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $19,850 | $19,794 | $16,986 | |||
Charges of Costs, Expenses and Other | 3,684 | 5,875 | 6,963 | |||
Write-off of Accounts Receivable | -4,763 | -6,423 | -4,383 | |||
Other | -1,282 | [1] | 604 | [1] | 228 | [1] |
Balance at End of Period | 17,489 | 19,850 | 19,794 | |||
Deferred Tax Asset Valuation Allowance [Member] | ||||||
Valuation allowances and reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 580,594 | [2] | 536,471 | [2] | 415,449 | [2] |
Charges of Costs, Expenses and Other | -6,168 | 15,912 | 79,214 | |||
Deletions | 0 | -6,088 | 0 | |||
Other | 18,879 | [3] | 34,299 | [2],[3] | 41,808 | [2],[3] |
Balance at End of Period | $593,305 | $580,594 | [2] | $536,471 | [2] | |
[1] | Foreign currency adjustments and acquisitions. | |||||
[2] | Certain reclassifications have been made to the prior year amounts to conform to the 2014 presentation. The reclassifications related to changes in deferred tax asset valuation allowances related to net operating loss carryforwards. | |||||
[3] | During 2014, 2013, and 2012, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments. |