| Investments In Affiliates Accounted For Using The Equity Method |
(7)ΜύΜύΜύInvestments in Affiliates Accounted for Using the Equity Method
ΒιΆΉapp has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at September 30, 2024 and the carrying amount at December 31, 2023:
β
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|
|
|
|
|
|
|
|
β |
β |
September 30, 2024 |
β |
December 31, 2023 |
β |
β |
ΜύΜύΜύΜύ |
Percentage |
ΜύΜύΜύΜύ |
FairΜύValue |
ΜύΜύΜύΜύ |
Carrying |
ΜύΜύΜύΜύ |
Carrying |
Μύ |
β |
β |
ownership |
β |
(LevelΜύ1) |
β |
amount |
β |
amount |
β |
|
β |
β |
dollarΜύamountsΜύinΜύmillions |
β |
Formula One Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Other |
Μύ |
various |
β |
Μύ |
NA |
β |
$ |
35 |
Μύ |
41 |
β |
Total Formula One Group |
β |
β |
β |
β |
β |
β |
β |
35 |
β |
41 |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
ΒιΆΉapp Live Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Live Nation |
β |
30 |
% |
$ |
7,625 |
β |
β |
422 |
β |
307 |
β |
Other |
β |
β |
β |
β |
NA |
β |
β |
26 |
β |
26 |
β |
Total ΒιΆΉapp Live Group |
β |
β |
β |
β |
β |
β |
β |
448 |
β |
333 |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Consolidated ΒιΆΉapp |
β |
β |
β |
β |
β |
β |
$ |
483 |
Μύ |
374 |
β |
β
β
The following table presents the Company's share of earnings (losses) of affiliates:
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|
|
|
|
|
|
|
β |
β |
Three months ended |
β |
Nine months ended |
β |
β |
β |
September 30, |
β |
September 30, |
β |
β |
ΜύΜύΜύΜύ |
2024 |
ΜύΜύΜύΜύ |
2023 |
ΜύΜύΜύΜύ |
2024 |
ΜύΜύΜύΜύ |
2023 |
Μύ |
|
β |
β |
amountsΜύinΜύmillions |
β |
Formula One Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Other (a) |
β |
$ |
(1) |
Μύ |
2 |
Μύ |
(6) |
Μύ |
(1) |
β |
Total Formula One Group |
β |
β |
(1) |
β |
2 |
β |
(6) |
β |
(1) |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
ΒιΆΉapp Live Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Live Nation (a) |
β |
β |
117 |
β |
90 |
β |
180 |
β |
90 |
β |
Other (a) |
β |
β |
β |
β |
β |
β |
1 |
β |
β |
β |
Total ΒιΆΉapp Live Group |
β |
β |
117 |
β |
90 |
β |
181 |
β |
90 |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
ΒιΆΉapp SiriusXM Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Live Nation (a) |
β |
β |
NA |
β |
50 |
β |
NA |
β |
127 |
β |
Total ΒιΆΉapp Sirius XM Group |
β |
β |
NA |
β |
50 |
β |
NA |
β |
127 |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Braves Group |
β |
β |
β |
β |
β |
β |
β |
β |
β |
β |
Other |
β |
β |
NA |
Μύ |
1 |
β |
NA |
β |
12 |
β |
Total Braves Group |
β |
β |
NA |
β |
1 |
β |
NA |
β |
12 |
β |
Consolidated ΒιΆΉapp |
β |
$ |
116 |
Μύ |
143 |
Μύ |
175 |
Μύ |
228 |
β |
| (a) |
ΒιΆΉappβs interests in Live Nation and certain other equity affiliates were reattributed to the ΒιΆΉapp Live Group effective August 3, 2023.
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β
Live Nation
Live Nation is considered the worldβs leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. See note 8 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2024 pursuant to the Live Nation Margin Loan.
β
Summarized financial information for Live Nation is as follows:
β
Balance Sheets
β
|
|
|
|
|
|
|
β |
ΜύΜύΜύΜύ |
September 30, 2024 |
ΜύΜύΜύΜύ |
December 31, 2023 |
ΜύΜύΜύΜύ |
|
β |
β |
amounts in millions |
β |
Current assets |
β |
$ |
9,775 |
Μύ |
9,533 |
Μύ |
Property, plant and equipment, net |
β |
Μύ |
2,376 |
Μύ |
2,101 |
Μύ |
Intangible assets |
β |
β |
1,428 |
β |
1,539 |
β |
Goodwill |
β |
Μύ |
2,670 |
Μύ |
2,691 |
Μύ |
Investments in affiliates |
β |
β |
515 |
β |
448 |
β |
Other assets |
β |
β |
2,983 |
β |
2,718 |
β |
Total assets |
β |
$ |
19,747 |
Μύ |
19,030 |
Μύ |
β |
β |
β |
β |
β |
β |
β |
Current liabilities |
β |
$ |
9,681 |
β |
9,984 |
β |
Long-term debt, net |
β |
β |
5,673 |
β |
5,459 |
β |
Other liabilities |
β |
β |
2,439 |
β |
2,175 |
β |
Redeemable noncontrolling interests |
β |
β |
1,024 |
β |
860 |
β |
Equity |
β |
β |
930 |
β |
552 |
β |
Total liabilities and equity |
β |
$ |
19,747 |
β |
19,030 |
β |
β
Statements of Operations
β
|
|
|
|
|
|
|
|
|
|
|
β |
β |
Three months ended |
β |
Nine months ended |
β |
β |
β |
September 30, |
β |
September 30, |
β |
β |
β |
2024 |
ΜύΜύΜύΜύ |
2023 |
ΜύΜύΜύΜύ |
2024 |
β |
2023 |
β |
|
β |
β |
amounts in millions |
β |
Revenue |
β |
$ |
7,651 |
Μύ |
8,155 |
Μύ |
17,474 |
β |
16,907 |
β |
Operating expenses: |
β |
Μύ |
β |
β |
β |
β |
β |
β |
β |
β |
Direct operating expenses |
β |
β |
5,780 |
β |
6,298 |
β |
12,840 |
β |
12,590 |
β |
Selling, general and administrative expenses |
β |
Μύ |
1,005 |
Μύ |
974 |
Μύ |
2,913 |
β |
2,533 |
β |
Depreciation and amortization |
β |
β |
137 |
β |
131 |
β |
407 |
β |
382 |
β |
Other operating expenses |
β |
β |
89 |
β |
98 |
β |
250 |
β |
236 |
β |
β |
β |
β |
7,011 |
Μύ |
7,501 |
Μύ |
16,410 |
β |
15,741 |
β |
Operating income (loss) |
β |
β |
640 |
β |
654 |
β |
1,064 |
β |
1,166 |
β |
Interest expense |
β |
β |
(88) |
β |
(86) |
β |
(249) |
β |
(257) |
β |
Other income (expense), net |
β |
β |
34 |
β |
64 |
β |
226 |
β |
147 |
β |
Earnings (loss) before income taxes |
β |
β |
586 |
β |
632 |
β |
1,041 |
β |
1,056 |
β |
Income tax (expense) benefit |
β |
β |
(70) |
β |
(51) |
β |
(192) |
β |
(127) |
β |
Net earnings (loss) |
β |
β |
516 |
β |
581 |
β |
849 |
β |
929 |
β |
Less net earnings (loss) attributable to noncontrolling interests |
β |
β |
64 |
β |
60 |
β |
154 |
β |
139 |
β |
Net earnings (loss) attributable to Live Nation stockholders |
β |
$ |
452 |
β |
521 |
β |
695 |
β |
790 |
β |
β
β
β
|