| Investments in Affiliates Accounted for Using the Equity Method |
(4) Investments in Affiliates Accounted for Using the Equity Method The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates: | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Percentage | | | Carrying | | Carrying | | | Ownership | | | amount | | amount | | | | | | amounts in thousands | Live Nation | | 30% | | $ | 669,775 | | 604,654 | Other | | various | | | 19,438 | | 19,624 | Total | | | | $ | 689,213 | | 624,278 |
The following table presents the Company’s share of earnings (losses) of affiliates, net: | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30, | | September 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | amounts in thousands | | Live Nation | | $ | 128,561 | | 124,077 | | 88,311 | | 194,948 | | Other | | | 1,627 | | 1,079 | | 80 | | 3,104 | | Total | | $ | 130,188 | | 125,156 | | 88,391 | | 198,052 | |
Live Nation Live Nation believes it is the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. As of September 30, 2026, the market value of Liberty Live’s ownership in Live Nation was approximately $11.8 billion. The excess basis has been allocated within memo accounts used for equity method accounting purposes as follows: | | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | | | | amounts in thousands | Amortizable assets | | $ | 129,711 | | 149,542 | Nonamortizable assets | | | 446,479 | | 420,281 | Deferred taxes and other liabilities | | | (42,810) | | (46,422) | | | $ | 533,380 | | 523,401 |
Amortizable intangible assets have a weighted average remaining useful life of approximately 5.6 years. The increase in excess basis for the nine months ended September 30, 2026 was primarily due to the Company’s share of certain of Live Nation’s equity activity partially offset by amortization on the value ascribed to amortizable intangibles. The Company’s share of earnings (loss) line item in the accompanying condensed consolidated statements of operations includes expenses of $5,152 thousand and $5,327 thousand, net of related taxes, for the three months ended September 30, 2026 and 2025, respectively, and $16,972 thousand and $14,517 thousand of losses, net of related taxes, for the nine months ended September 30, 2026 and 2025, respectively, due to the amortization of the excess basis related to assets with identifiable useful lives. Summarized financial information for Live Nation is as follows: Consolidated Balance Sheets | | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | | | | amounts in millions | Current assets | | $ | 14,257 | | 10,974 | Property, plant and equipment, net | | | 4,313 | | 3,416 | Intangible assets | | | 1,671 | | 1,447 | Goodwill | | | 3,315 | | 2,889 | Other assets | | | 4,340 | | 4,187 | Total assets | | $ | 27,896 | | 22,913 | | | | | | | Current liabilities | | $ | 14,984 | | 11,029 | Long-term debt, net | | | 7,890 | | 7,612 | Other liabilities | | | 2,688 | | 2,454 | Redeemable noncontrolling interests | | | 1,147 | | 924 | Equity | | | 1,187 | | 894 | Total liabilities and equity | | $ | 27,896 | | 22,913 |
Consolidated Statements of Operations | | | | | | | | | | | | | Three months ended | | Nine months ended | | | | September 30, | | September 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | amounts in millions | | Revenue | | $ | 10,105 | | 8,499 | | 21,565 | | 18,888 | | Operating expenses: | | | | | | | | | | | Direct operating expenses | | | (7,747) | | (6,438) | | (15,950) | | (13,903) | | Selling, general and administrative expenses | | | (1,161) | | (1,008) | | (3,258) | | (2,790) | | Depreciation and amortization | | | (183) | | (166) | | (541) | | (474) | | Other operating expenses | | | (122) | | (95) | | (773) | | (327) | | Operating income (loss) | | | 892 | | 792 | | 1,043 | | 1,394 | | Interest expense | | | (102) | | (80) | | (290) | | (233) | | Interest income | | | 40 | | 37 | | 123 | | 109 | | Other income (expense), net | | | (4) | | (19) | | 56 | | (54) | | Earnings (loss) before income taxes | | | 826 | | 730 | | 932 | | 1,216 | | Income tax (expense) benefit | | | (259) | | (252) | | (342) | | (389) | | Net earnings (loss) | | | 567 | | 478 | | 590 | | 827 | | Less net earnings (loss) attributable to noncontrolling interests | | | 119 | | 47 | | 237 | | 129 | | Net earnings (loss) attributable to Live Nation stockholders | | $ | 448 | | 431 | | 353 | | 698 | |
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