Comcast 2015 Annual Report Download - page 72
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performance, as subsequent revenue from the licensing and sale of a film has historically exhibited a high
correlation to its theatrical performance. Upon a film’s release, our estimates of revenue from succeeding
markets, including home entertainment and other distribution platforms, are revised based on historical rela-
tionships and an analysis of current market trends.
With respect to television series or other owned television programming, the most sensitive factor affecting
our estimate of ultimate revenue is whether the series can be successfully licensed beyond its initial license.
Initial estimates of ultimate revenue are limited to the amount of revenue contracted for each episode under
the initial license. Once it is determined that a television series or other owned television programming can be
licensed for subsequent platforms, revenue estimates for these platforms, such as U.S. and international
syndication, home entertainment, and other distribution platforms, are included in ultimate revenue. Revenue
estimates for produced episodes include revenue expected to be earned within 10 years of delivery of the ini-
tial episode or, if still in production, 5 years from the delivery of the most recent episode, if later.
We capitalize the costs of programming content that we license but do not own, including rights to multiyear,
live-event sports programming, at the earlier of when payments are made for the programming or when the
license period begins and the content is available for use. We amortize capitalized programming costs as the
associated programs are broadcast. We amortize multiyear, live-event sports programming rights using the
ratio of the current period revenue to the estimated ultimate revenue or under the terms of the contract.
Capitalized film and television costs, as well as stage play production costs, are subject to impairment testing
when certain triggering events are identified. If the fair value of a production were to fall below its unamortized
cost, we would record an adjustment for the amount by which the unamortized capitalized costs exceed the
production’s fair value. The fair value assessment is generally based on estimated future discounted cash
flows, which are supported by our internal forecasts. Adjustments to capitalized film and stage play pro-
duction costs of $42 million, $26 million and $167 million were recorded in 2015, 2014 and 2013,
respectively.
69 Comcast 2015 Annual Report on Form 10-K