| Investments in Affiliates Accounted for Using the Equity Method |
(7)听听听Investments in Affiliates Accounted for Using the Equity Method
麻豆最新出品 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 June 30, 2025 and the carrying amount at December 31, 2024:
鈥
|
|
|
|
|
|
|
|
|
|
|
|
鈥 |
鈥 |
June 30, 2025 |
鈥 |
December 31, 2024 |
鈥 |
鈥 |
听听听听 |
Percentage |
听听听听 |
Fair听Value |
听听听听 |
Carrying |
听听听听 |
Carrying |
听 |
鈥 |
鈥 |
ownership |
鈥 |
(Level听1) |
鈥 |
amount |
鈥 |
amount |
鈥 |
|
鈥 |
鈥 |
dollar听amounts听in听millions |
鈥 |
Formula One Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Other |
听 |
various |
鈥 |
听 |
NA |
鈥 |
$ |
33 |
听 |
33 |
鈥 |
Total Formula One Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
33 |
鈥 |
33 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Live Nation |
鈥 |
30 |
% |
$ |
10,536 |
鈥 |
鈥 |
557 |
鈥 |
430 |
鈥 |
Other |
鈥 |
鈥 |
鈥 |
鈥 |
NA |
鈥 |
鈥 |
32 |
鈥 |
28 |
鈥 |
Total 麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
589 |
鈥 |
458 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Consolidated 麻豆最新出品 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
$ |
622 |
听 |
491 |
鈥 |
鈥
鈥
The following table presents the Company's share of earnings (losses) of affiliates:
鈥
|
|
|
|
|
|
|
|
|
|
|
鈥 |
鈥 |
Three months ended |
鈥 |
Six months ended |
鈥 |
鈥 |
鈥 |
June 30, |
鈥 |
June 30, |
鈥 |
鈥 |
听听听听 |
2025 |
听听听听 |
2024 |
听听听听 |
2025 |
听听听听 |
2024 |
听 |
|
鈥 |
鈥 |
amounts听in听millions |
鈥 |
Formula One Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Other |
鈥 |
$ |
(2) |
听 |
(2) |
听 |
(5) |
听 |
(5) |
鈥 |
Total Formula One Group |
鈥 |
鈥 |
(2) |
鈥 |
(2) |
鈥 |
(5) |
鈥 |
(5) |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
麻豆最新出品 Live Group |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Live Nation |
鈥 |
鈥 |
69 |
鈥 |
83 |
鈥 |
73 |
鈥 |
63 |
鈥 |
Other |
鈥 |
鈥 |
4 |
鈥 |
2 |
鈥 |
4 |
鈥 |
1 |
鈥 |
Total 麻豆最新出品 Live Group |
鈥 |
鈥 |
73 |
鈥 |
85 |
鈥 |
77 |
鈥 |
64 |
鈥 |
Consolidated 麻豆最新出品 |
鈥 |
$ |
71 |
听 |
83 |
听 |
72 |
听 |
59 |
鈥 |
鈥
Live Nation
Live Nation is considered the world鈥檚 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 pursuant to the margin loan secured by shares of Live Nation (the 鈥淟ive Nation Margin Loan鈥) and the Live Nation Forward Contracts as of June 30, 2025.
Summarized financial information for Live Nation is as follows:
Balance Sheets
鈥
|
|
|
|
|
|
|
鈥 |
听听听听 |
June 30, 2025 |
听听听听 |
December 31, 2024 |
听听听听 |
|
鈥 |
鈥 |
amounts in millions |
鈥 |
Current assets |
鈥 |
$ |
11,823 |
听 |
9,290 |
听 |
Property, plant and equipment, net |
鈥 |
听 |
2,949 |
听 |
2,442 |
听 |
Intangible assets |
鈥 |
鈥 |
1,461 |
鈥 |
1,366 |
鈥 |
Goodwill |
鈥 |
听 |
2,821 |
听 |
2,621 |
听 |
Investments in affiliates |
鈥 |
鈥 |
484 |
鈥 |
504 |
鈥 |
Other assets |
鈥 |
鈥 |
3,612 |
鈥 |
3,416 |
鈥 |
Total assets |
鈥 |
$ |
23,150 |
听 |
19,639 |
听 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Current liabilities |
鈥 |
$ |
13,458 |
鈥 |
9,358 |
鈥 |
Long-term debt, net |
鈥 |
鈥 |
4,991 |
鈥 |
6,177 |
鈥 |
Other liabilities |
鈥 |
鈥 |
2,395 |
鈥 |
2,159 |
鈥 |
Redeemable noncontrolling interests |
鈥 |
鈥 |
1,378 |
鈥 |
1,126 |
鈥 |
Equity |
鈥 |
鈥 |
928 |
鈥 |
819 |
鈥 |
Total liabilities and equity |
鈥 |
$ |
23,150 |
鈥 |
19,639 |
鈥 |
鈥
Statements of Operations
鈥
|
|
|
|
|
|
|
|
|
|
|
鈥 |
鈥 |
Three months ended |
鈥 |
Six months ended |
鈥 |
鈥 |
鈥 |
June 30, |
鈥 |
June 30, |
鈥 |
鈥 |
鈥 |
2025 |
听听听听 |
2024 |
听听听听 |
2025 |
鈥 |
2024 |
鈥 |
|
鈥 |
鈥 |
amounts in millions |
鈥 |
Revenue |
鈥 |
$ |
7,007 |
听 |
6,023 |
听 |
10,389 |
鈥 |
9,823 |
鈥 |
Operating expenses: |
鈥 |
听 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Direct operating expenses |
鈥 |
鈥 |
5,211 |
鈥 |
4,408 |
鈥 |
7,466 |
鈥 |
7,060 |
鈥 |
Selling, general and administrative expenses |
鈥 |
听 |
1,003 |
听 |
926 |
听 |
1,782 |
鈥 |
1,908 |
鈥 |
Depreciation and amortization |
鈥 |
鈥 |
159 |
鈥 |
138 |
鈥 |
308 |
鈥 |
270 |
鈥 |
Other operating expenses |
鈥 |
鈥 |
147 |
鈥 |
85 |
鈥 |
232 |
鈥 |
161 |
鈥 |
鈥 |
鈥 |
鈥 |
6,520 |
听 |
5,557 |
听 |
9,788 |
鈥 |
9,399 |
鈥 |
Operating income (loss) |
鈥 |
鈥 |
487 |
鈥 |
466 |
鈥 |
601 |
鈥 |
424 |
鈥 |
Interest expense |
鈥 |
鈥 |
(72) |
鈥 |
(80) |
鈥 |
(152) |
鈥 |
(161) |
鈥 |
Other income (expense), net |
鈥 |
鈥 |
5 |
鈥 |
70 |
鈥 |
37 |
鈥 |
192 |
鈥 |
Earnings (loss) before income taxes |
鈥 |
鈥 |
420 |
鈥 |
456 |
鈥 |
486 |
鈥 |
455 |
鈥 |
Income tax (expense) benefit |
鈥 |
鈥 |
(117) |
鈥 |
(80) |
鈥 |
(137) |
鈥 |
(121) |
鈥 |
Net earnings (loss) |
鈥 |
鈥 |
303 |
鈥 |
376 |
鈥 |
349 |
鈥 |
334 |
鈥 |
Less net earnings (loss) attributable to noncontrolling interests |
鈥 |
鈥 |
60 |
鈥 |
78 |
鈥 |
82 |
鈥 |
91 |
鈥 |
Net earnings (loss) attributable to Live Nation stockholders |
鈥 |
$ |
243 |
鈥 |
298 |
鈥 |
267 |
鈥 |
243 |
鈥 |
鈥
|