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Revenue Recognition | 6 Months Ended
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Jun. 30, 2021
Revenue Recognition |
Revenue Recognition | 3. Revenue Recognition Contract Balances Our contract assets relate to the Trademark Licensing revenue stream where arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract assets were $15.6 million and $8.3 million as of June 30, 2021 and December 31, 2020, respectively. Contract liabilities were $53.5 million and $55.0 million as of June 30, 2021 and December 31, 2020, respectively. The changes in such contract balances during the six months ended June 30, 2021 primarily relate to (i) $27.9 million of revenues recognized that were included in gross contract liabilities at December 31, 2020, (ii) a $2.7 million increase in contract liabilities due to cash received in advance or consideration to which we are entitled remaining in the net contract liability balance at period-end, (iii) $23.7 million of contract assets reclassified into accounts receivable as the result of rights to consideration becoming unconditional, (iv) a $1.3 million increase in contract liabilities due to the acquisition of TLA, and (v) a $7.4 million increase in contract assets due to certain trademark licensing contract modification. Contract assets were $8.4 million and $8.0 million as of June 30, 2020 and December 31, 2019, respectively. Contract liabilities were $47.7 million and $51.6 million as of June 30, 2020 and December 31, 2019, respectively. The changes in such contract balances during the six months ended June 30, 2020 primarily relate to (i) $27.5 million of revenues recognized that were included in gross contract liabilities at December 31, 2019, (ii) a $2.3 million increase in contract liabilities due to cash received in advance or consideration to which we are entitled remaining in the net contract liability balance at period-end, and (iii) $21.0 million of contract assets reclassified into accounts receivable as a result of rights to consideration becoming unconditional. Future Performance Obligations As of June 30, 2021, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $393.1 million, of which $387.0 million relates to Trademark Licensing, $5.4 million relates to Magazine and Digital Subscriptions, and $0.7 million relates to other obligations. Unrecognized revenue of the Trademark Licensing revenue stream will be recognized over the next ten years, of which 61% will be recognized in the first five years. Unrecognized revenue of the Magazine and Digital Subscriptions revenue stream will be recognized over the next five years, of which 55% will be recognized in the first year. Unrecognized revenues under contracts disclosed above do not include contracts for which variable consideration is determined based on the customer’s subsequent sale or usage. Disaggregation of Revenue Our revenue is recognized over time, with the exception of Consumer Products, for which revenue is recognized at a point in time. The following table disaggregates revenue by type (in thousands):
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​ |  | Three Months Ended June 30, 2021 |  | Six Months Ended June 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Digital | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | Digital |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Direct-to- | ​ | Subscription | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Direct-to- |  | Subscription | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Licensing |  | Consumer |  | and Content |  | Other |  | Total | ​ | Licensing | ​ | Consumer | ​ | and Content | ​ | Other | ​ | Total
Trademark Licensing | ​ | $ | 15,370 | ​ | $ | — | ​ | $ | 591 | ​ | $ | — | ​ | $ | 15,961 | ​ | $ | 30,347 | ​ | $ | — | ​ | $ | 1,318 | ​ | $ | — | ​ | $ | 31,665
Magazine and Digital Subscriptions | ​ |  | — | ​ |  | — | ​ |  | 2,275 | ​ |  | 1,005 | ​ |  | 3,280 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,598 | ​ | ​ | 1,019 | ​ | ​ | 5,617
TV and Cable Programming | ​ |  | — | ​ |  | — | ​ |  | 2,433 | ​ |  | 163 | ​ |  | 2,596 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,025 | ​ | ​ | 163 | ​ | ​ | 5,188
Consumer Products | ​ |  | — | ​ |  | 28,014 | ​ |  | — | ​ |  | — | ​ |  | 28,014 | ​ | ​ | — | ​ | ​ | 50,061 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50,061
Total revenues | ​ | $ | 15,370 | ​ | $ | 28,014 | ​ | $ | 5,299 | ​ | $ | 1,168 | ​ | $ | 49,851 | ​ | $ | 30,347 | ​ | $ | 50,061 | ​ | $ | 10,941 | ​ | $ | 1,182 | ​ | $ | 92,531
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​ | ​ | Three Months Ended June 30,2020 |  | Six Months Ended June 30, 2020
​ |  | ​ | ​ |  | ​ | ​ |  | Digital |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | Digital |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Direct-to- | ​ | Subscription | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Direct-to- | ​ | Subscription | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Licensing | ​ | Consumer | ​ | and Content | ​ | Other | ​ | Total | ​ | Licensing | ​ | Consumer | ​ | and Content | ​ | Other | ​ | Total
Trademark Licensing | ​ | $ | 13,773 | ​ | $ | — | ​ | $ | 564 | ​ | $ | — | ​ | $ | 14,337 | ​ | $ | 29,417 | ​ | $ | — | ​ | $ | 1,272 | ​ | $ | — | ​ | $ | 30,689
Magazine and Digital Subscriptions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,159 | ​ | ​ | 62 | ​ | ​ | 2,221 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,147 | ​ | ​ | 707 | ​ | ​ | 4,854
TV and Cable Programming |  | ​ | — |  | ​ | — |  | ​ | 2,436 |  | ​ | 692 |  | ​ | 3,128 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,943 | ​ | ​ | 692 | ​ | ​ | 5,635
Consumer Products |  | ​ | — |  | ​ | 14,871 |  | ​ | — |  | ​ | — |  | ​ | 14,871 | ​ | ​ | — | ​ | ​ | 25,153 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 25,153
Total revenues |  | $ | 13,773 |  | $ | 14,871 |  | $ | 5,159 |  | $ | 754 |  | $ | 34,557 | ​ | $ | 29,417 | ​ | $ | 25,153 | ​ | $ | 10,362 | ​ | $ | 1,399 | ​ | $ | 66,331
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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