Analysis of Inventory
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Inventory Disclosure
Twenty-First Century Fox Inc., balance sheet: inventory
US$ in millions
Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).
The financial data reveals various trends in programming rights, production costs, inventories, and merchandise over the evaluated periods.
- Programming Rights
- Programming rights show an overall upward trend from 2013 to 2018, increasing from 4,996 million US dollars to 6,895 million US dollars. The sports and entertainment programming rights, which had no recorded values before 2016, show a steady rise from 3,263 million and 3,017 million in 2016 to 3,676 million and 3,219 million in 2018, respectively. The category "Other Programming rights" presents a fluctuating pattern with a high of 5,812 million in 2014, dipping to 5,496 million in 2015, and data ceasing after 2015.
- Films and Related Amortization
- Film-related assets demonstrate growth in total film value from 1,967 million in 2013 to 3,124 million in 2018, indicating increasing capital in film assets. Released films, net of accumulated amortization, fluctuate notably, peaking at 1,067 million in 2016, then declining to 743 million in 2018. Meanwhile, in production, development, or preproduction film assets remain relatively stable, staying within the range of 253 million to 467 million and slightly increasing toward 381 million in 2018.
- Television Productions
- Spending on television productions shows variability, starting at 1,123 million in 2013, peaking at 1,383 million in 2016, and decreasing to 1,124 million in 2018, indicating a non-consistent investment pattern in this segment.
- Filmed Entertainment Costs, Less Accumulated Amortization
- Filmed entertainment costs, net of amortization, steadily increase from 3,090 million in 2013 to 4,248 million in 2018, reflecting continuous investment or capitalization of filmed entertainment assets.
- Inventories
- Inventories, net, show a consistent upward trend, increasing from 8,155 million to 11,187 million over the period, suggesting growth in stock levels. The current portion of inventories is reported as negative values, which may represent a contra asset or reclassification, consistently growing in magnitude from -2,784 million to -3,669 million. The non-current inventory part also rises steadily from 5,371 million to 7,518 million, supporting the total increase.
- DVDs, Blu-rays, and Other Merchandise
- Merchandise sales including DVDs and Blu-rays decline over the period, from 69 million in 2013 to 44 million in 2018, showing a decrease in this revenue stream or asset category.
- Released, Completed, In Production, and Development Film Categories
- The released, less accumulated amortization film assets show a peak in 2016 at 1,505 million followed by a drop and subsequent recovery. Completed but not released films vary significantly, with a peak at 398 million in 2017 and a decline thereafter. Films in production show a drop from 2013 to 2014 but then trend upward from 2015 onward, reaching 1,556 million in 2018. Films in development or preproduction display a modest upward trend, from 193 million in 2013 to a high of 295 million in 2017, followed by a slight decrease.