Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Pronouncements (Tables)

v3.10.0.1
Recent Accounting Pronouncements (Tables)
9 Months Ended
Sep. 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 September 30, 2018. 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2018

 

 

 

 

 

 

 

Balances without

 

 

 

 

 

Impact of

 

adoption of

 

 

As reported

 

ASC 606

 

ASC 606

 

 

 

in millions

 

Revenue:

 

 

 

 

 

 

 

Subscriber revenue

$

1,163

 

24

 

1,187

 

Formula 1 revenue

$

647

 

11

 

658

 

Other revenue

$

505

 

(2)

 

503

 

 

 

 

 

 

 

 

 

Costs of subscriber services:

 

 

 

 

 

 

 

Revenue share and royalties

$

343

 

23

 

366

 

Subscriber acquisition costs

$

110

 

1

 

111

 

Selling, general and administrative

$

295

 

 —

 

295

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

366

 

9

 

375

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2018

 

 

 

 

 

 

 

Balances without

 

 

 

 

 

Impact of

 

adoption of

 

 

As reported

 

ASC 606

 

ASC 606

 

 

 

in millions

 

Revenue:

 

 

 

 

 

 

 

Subscriber revenue

$

3,419

 

72

 

3,491

 

Formula 1 revenue

$

1,346

 

3

 

1,349

 

Other revenue

$

1,266

 

(2)

 

1,264

 

 

 

 

 

 

 

 

 

Costs of subscriber services:

 

 

 

 

 

 

 

Revenue share and royalties

$

1,057

 

67

 

1,124

 

Subscriber acquisition costs

$

352

 

3

 

355

 

Selling, general and administrative

$

863

 

(1)

 

862

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

834

 

4

 

838

 

 

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

 

 

 

 

 

 

 

September 30, 2018

    

December 31, 2017

 

 

amounts in millions

 

Cash and cash equivalents

$

355

 

1,029

 

Restricted cash included in other current assets

 

72

 

 8

 

Restricted cash included in other assets

 

24

 

10

 

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

$

451

 

1,047

 

 

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

 

 

 

 

 

 

 

Three months ended September 30, 2018

 

Nine months ended September 30, 2018

 

 

in millions

 

Subscriber

$

1,163

 

3,419

 

Advertising

 

46

 

135

 

Equipment

 

41

 

113

 

Music Royalty and Other

 

218

 

608

 

Total SIRIUS XM revenue

$

1,468

 

4,275

 

 

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

 

 

 

 

 

 

 

Three months ended September 30, 2018

 

Nine months ended September 30, 2018

 

 

in millions

 

Baseball

$

190

 

382

 

Development

 

10

 

28

 

Total Braves Holdings revenue

$

200

 

410

 

 

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

 

 

 

 

 

 

 

Three months ended September 30, 2018

 

Nine months ended September 30, 2018

 

 

in millions

 

Primary

$

560

 

1,136

 

Other

 

87

 

210

 

Total Formula 1 revenue

$

647

 

1,346