Comcast 2013 Annual Report Download - page 158

Table of Contents
NBCUniversal Media, LLC
cial statements and footnotes include a black line division, which appears between the columns titled Predecessor and Successor,
which signifies that the amounts shown for the periods prior to and following the Joint Venture transaction are not comparable. See
Note 3 for additional information on the Joint Venture transaction.
Reclassifications
Reclassifications have been made to our consolidated financial statements for the prior years to conform to classifications used in
2013.
Note 2: Accounting Policies
Our consolidated financial statements are prepared in accordance with GAAP, which requires us to select accounting policies,
including in certain cases industry-
specific policies, and make estimates that affect the reported amount of assets, liabilities,
revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from
these estimates. We believe the judgments and related estimates for the following items are critical in the preparation of our
consolidated financial statements:
In addition, the following accounting policies are specific to the industries in which we operate:
Information on our other accounting policies or methods related to our consolidated financial statements are included, where
applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our
consolidated financial statements that are not presented within other footnotes.
Revenue Recognition
Cable Networks and Broadcast Television Segments
Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel
video providers, the sale of advertising and the licensing of our owned programming. Our Broadcast Television segment generates
revenue primarily from the sale of advertising, the licensing of our owned programming and the fees received under retransmission
consent agreements. We recognize revenue from distributors as programming is provided, generally under multiyear distribution
agreements. From time to time, the distribution agreements expire while programming continues to be provided to the distributor
based on interim arrangements while the parties negotiate new contract terms. Revenue recognition is generally limited to current
payments being made by the distributor, typically under the prior contract terms, until a new contract is negotiated, sometimes with
effective dates that affect prior periods. Differences between actual amounts determined upon resolution of negotiations and
amounts recorded during these interim arrangements are recorded in the period of resolution.
Advertising revenue for our Cable Networks and Broadcast Television segments is recognized in the period in which commercials
are aired or viewed. In some instances, we guarantee viewer ratings for the commercials. To the extent there is a shortfall in the
ratings that were guaranteed, a portion of the revenue is deferred until
•
revenue recognition (see below)
•
film and television costs (see Note 5)
•
goodwill and intangible assets (see Note 8)
•
fair value of contractual obligations (see Note 10)
•
capitalization and amortization of film and television costs (see Note 5)
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Comcast 2013 Annual Report on Form 10
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