Revenues

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

5) REVENUES

The following table presents our revenues disaggregated into categories based on the nature of such revenues.



	Three Months Ended
	March 31,
	2020		2019
Revenues by Type:
Advertising	$	2,484	$	3,066
Affiliate	2,197		2,165
Content licensing	1,594		1,465
Theatrical	167		172
Publishing	170		164
Other	57		68
Total Revenues	$	6,669	$	7,100

Receivables

Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. Our allowance for credit losses was $86 million at both March 31, 2020 and December 31, 2019.

Included in “Other Assets” on the Consolidated Balance Sheets are noncurrent receivables of $2.00 billion and $2.15 billion at March 31, 2020 and December 31, 2019, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term television licensing arrangements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is collected over the term of the license period. The year of origination for these receivables at March 31, 2020 was $197 million in 2020, $1.02 billion in 2019, $491 million in 2018, $218 million in 2017, $41 million in 2016 and $24 million prior to 2016.

Contract Liabilities

Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $856 million and $910 million at March 31, 2020 and December 31, 2019, respectively. The change in contract liabilities for the three months ended March 31, 2020 primarily reflects $277 million of revenues recognized that were included in deferred revenues at December 31, 2019 offset by cash payments received during the period for which the performance obligation was not satisfied prior to the end of the period. For the three months ended March 31, 2019, we recognized revenues of $214 million that were included in deferred revenues at December 31, 2018.

Unrecognized Revenues Under Contract

As of March 31, 2020, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts was $7.81 billion, of which $3.52 billion is expected to be recognized for the remainder of 2020, $2.43 billion in 2021, $1.26 billion in 2022, and $598 million thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contract disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which our right to invoice corresponds with the value of the programs provided to the customer.

Performance Obligations Satisfied in Previous Periods

Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements, which primarily include licensing of our content to distributors of transactional video-on-demand and electronic sell-through services, we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. During the three months ended March 31, 2020 and 2019, we recognized revenues of approximately $74 million and $121 million, respectively, in our Filmed Entertainment segment for performance obligations satisfied, or partially satisfied, in a prior period.