Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Pronouncements (Tables)

v3.10.0.1
Recent Accounting Pronouncements (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606  
Recent Accounting Pronouncements  
Schedule of cumulative effect of changes in consolidated financial statements

The cumulative effect of the changes made to the consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 are as follows:

 

 

 

 

 

 

 

 

 

 

Balance at

 

 

 

Balance at

 

 

 

December 31, 

 

Adoption of

 

January 1,

 

 

 

2017

 

ASC 606

 

2018

 

 

 

in millions

 

Assets

 

 

 

 

 

 

 

Other current assets

$

356

 

55

 

411

 

Other assets

$

599

 

37

 

636

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

1,250

 

33

 

1,283

 

Deferred revenue

$

1,941

 

(42)

 

1,899

 

Other current liabilities

$

20

 

11

 

31

 

Other liabilities

$

779

 

30

 

809

 

Deferred income tax liabilities

$

1,478

 

15

 

1,493

 

Retained earnings

$

13,081

 

41

 

13,122

 

Noncontrolling interests in equity of subsidiaries

$

5,631

 

4

 

5,635

 

 

In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the condensed consolidated statements of operations assuming we did not adopt the new revenue standard on January 1, 2018. Other than previously discussed, upon the adoption of the revenue standard on January 1, 2018, there were no additional material adjustments to our condensed consolidated balance sheet as of June 30, 2018. 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

 

 

 

 

 

 

Balances without

 

 

 

 

 

Impact of

 

adoption of

 

 

As reported

 

ASC 606

 

ASC 606

 

 

 

in millions

 

Revenue:

 

 

 

 

 

 

 

Subscriber revenue

$

1,139

 

24

 

1,163

 

Formula 1 revenue

$

585

 

(2)

 

583

 

 

 

 

 

 

 

 

 

Costs of subscriber services:

 

 

 

 

 

 

 

Revenue share and royalties

$

404

 

22

 

426

 

Subscriber acquisition costs

$

119

 

1

 

120

 

Selling, general and administrative

$

303

 

(1)

 

302

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

255

 

0

 

255

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2018

 

 

 

 

 

 

 

Balances without

 

 

 

 

 

Impact of

 

adoption of

 

 

As reported

 

ASC 606

 

ASC 606

 

 

 

in millions

 

Revenue:

 

 

 

 

 

 

 

Subscriber revenue

$

2,256

 

48

 

2,304

 

Formula 1 revenue

$

699

 

(8)

 

691

 

 

 

 

 

 

 

 

 

Costs of subscriber services:

 

 

 

 

 

 

 

Revenue share and royalties

$

714

 

44

 

758

 

Subscriber acquisition costs

$

242

 

2

 

244

 

Selling, general and administrative

$

568

 

(1)

 

567

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

468

 

(5)

 

463

 

 

ASU No. 2016-18 - Restricted Cash  
Recent Accounting Pronouncements  
Schedule of cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

 

 

 

 

 

June 30, 2018

    

December 31, 2017

 

 

amounts in millions

 

Cash and cash equivalents

$

485

 

1,029

 

Restricted cash included in other current assets

 

55

 

 8

 

Restricted cash included in other assets

 

23

 

10

 

Total cash and cash equivalents and restricted cash at end of period

$

563

 

1,047

 

 

Liberty Sirius XM Group | Accounting Standards Update 2014-09  
Recent Accounting Pronouncements  
Schedule of revenue disaggregated by source

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

Six months ended June 30, 2018

 

 

in millions

 

Subscriber

$

1,139

 

2,256

 

Advertising and sponsorship

 

47

 

89

 

Equipment

 

37

 

72

 

Music Royalty and Other

 

209

 

390

 

Total SIRIUS XM revenue

$

1,432

 

2,807

 

 

Braves Group | Accounting Standards Update 2014-09  
Recent Accounting Pronouncements  
Schedule of revenue disaggregated by source

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

Six months ended June 30, 2018

 

 

in millions

 

Baseball

$

172

 

192

 

Development

 

10

 

18

 

Total Braves Holdings revenue

$

182

 

210

 

 

Formula One Group | Accounting Standards Update 2014-09  
Recent Accounting Pronouncements  
Schedule of revenue disaggregated by source

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

Six months ended June 30, 2018

 

 

in millions

 

Primary

$

491

 

576

 

Other

 

94

 

123

 

Total Formula 1 revenue

$

585

 

699