Name: Twenty-First Century Fox Inc. (NASDAQ:FOX) | Analysis of Inventory
Creator: Stock Analysis on Net

Analysis of Inventory

Inventory Disclosure

Inventory Disclosure

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Twenty-First Century Fox Inc., balance sheet: inventory

US$ in millions

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Sports programming rights	3,676)	3,201)	3,263)	—)	—)	—)
Entertainment programming rights	3,219)	3,168)	3,017)	—)	—)	—)
Other Programming rights	—)	—)	—)	5,496)	5,812)	4,996)
Programming rights	6,895)	6,369)	6,280)	5,496)	5,812)	4,996)
DVDs, Blu-rays and other merchandise	44)	64)	79)	67)	81)	69)
Released, less accumulated amortization	1,249)	1,112)	1,505)	1,094)	1,025)	806)
Completed, not released	98)	398)	64)	27)	317)	10)
In production	1,556)	1,094)	825)	1,170)	819)	958)
In development or preproduction	221)	295)	196)	185)	151)	193)
Films	3,124)	2,899)	2,590)	2,476)	2,312)	1,967)
Released, less accumulated amortization	743)	838)	1,067)	868)	862)	696)
In production, development or preproduction	381)	383)	316)	253)	467)	427)
Television productions	1,124)	1,221)	1,383)	1,121)	1,329)	1,123)
Filmed entertainment costs, less accumulated amortization	4,248)	4,120)	3,973)	3,597)	3,641)	3,090)
Inventories, net	11,187)	10,553)	10,332)	9,160)	9,534)	8,155)
Current portion of inventories, net	(3,669)	(3,101)	(3,291)	(2,749)	(3,092)	(2,784)
Non-current inventories, net	7,518)	7,452)	7,041)	6,411)	6,442)	5,371)

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).

Total inventories, net exhibited a consistent upward trajectory over the six-year period, increasing from 8,155 million US dollars in 2013 to 11,187 million US dollars by 2018. This growth is primarily driven by expansions in programming rights and filmed entertainment costs.

Programming Rights Trends: Programming rights grew from 4,996 million US dollars in 2013 to 6,895 million US dollars in 2018. A significant shift in reporting occurred in 2016, where "Other Programming rights" were replaced by specific disclosures for sports and entertainment programming. Sports programming rights showed a steady increase from 3,263 million US dollars in 2016 to 3,676 million US dollars in 2018, while entertainment programming rights remained relatively stable, ending at 3,219 million US dollars in 2018.
Filmed Entertainment Analysis: Total filmed entertainment costs, less accumulated amortization, rose from 3,090 million US dollars in 2013 to 4,248 million US dollars in 2018. This increase was largely supported by the films segment, which grew from 1,967 million US dollars to 3,124 million US dollars over the period. Specifically, costs for films "in production" saw a marked increase, rising from 958 million US dollars in 2013 to 1,556 million US dollars in 2018, indicating higher capital commitment to upcoming releases. Television productions remained more stagnant, fluctuating between 1,121 million and 1,383 million US dollars.
Physical Inventory and Merchandise: A clear downward trend is observed in the value of DVDs, Blu-rays, and other merchandise. After peaking at 81 million US dollars in 2014, these assets declined to 44 million US dollars by 2018, representing a contraction in the valuation of physical media inventories.
Asset Classification and Liquidity: The distribution between current and non-current inventories shifted upward in absolute terms. Non-current inventories grew from 5,371 million US dollars in 2013 to 7,518 million US dollars in 2018. Similarly, the current portion of inventories increased from 2,784 million US dollars to 3,669 million US dollars. The consistent growth in non-current inventories suggests a long-term investment strategy in content rights and production that extends beyond the immediate twelve-month operating cycle.

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