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
|
|
|