Twenty-First Century Fox 2005 Annual Report Download - page 84

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NEWS CORPORATION
Notes to the Consolidated Financial Statements (continued)
> Note 4 Inventories
2005 2004
As of June 30, (in millions)
Current inventories:
Raw materials $ 132 $ 98
Work and projects in progress 55 52
Finished goods 123 139
Programming rights 1,235 1,270
1,545 1,559
Less: inventory reserve (29) (29)
Total current inventories, net 1,516 1,530
Non-current inventories:
Filmed entertainment costs:
Films:
Released (including acquired film libraries) 733 734
Completed, not released 234 125
In production 218 545
In development or preproduction 90 52
1,275 1,456
Television productions:
Released (including acquired libraries) 470 449
Completed, not released 14 13
In production 149 112
In development or preproduction 21
635 575
Total filmed entertainment costs, less accumulated amortization 1,910 2,031
Programming rights 456 638
Total non-current inventories 2,366 2,669
Total inventories, net $3,882 $4,199
As of June 30, 2005, the Company estimated that approximately 62% of unamortized filmed entertainment costs from the completed films are
expected to be amortized during fiscal year 2006 and approximately 92% of released filmed entertainment costs will be amortized within the next
three years. As of June 30, 2005, the Company estimated that approximately 59% of $1,182 million in accrued participation liabilities, included in
Participations, residuals and royalties payable on the consolidated balance sheet, will be payable during fiscal 2006. At June 30, 2005, acquired
film and television libraries have remaining unamortized film costs of $133 million, which are generally amortized using the individual film forecast
method over a remaining period of approximately 8 to 16 years.
>83<