麻豆最新出品

(1)听听听Basis of Presentation

The accompanying condensed consolidated financial statements include all the accounts of 麻豆最新出品 and its controlled subsidiaries ("麻豆最新出品," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated.

麻豆最新出品, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries globally. 麻豆最新出品鈥檚 significant subsidiaries include SIRIUS XM Holdings Inc. ("SIRIUS XM Holdings"), Delta Topco Limited (the parent company of Formula 1) (鈥淒elta Topco鈥�) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation").听

The accompanying (a) condensed consolidated balance sheet as of December 31, 2018, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form听10-Q and Article听10 of Regulation听S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in 麻豆最新出品's Annual Report on Form听10-K for the year ended December 31, 2018.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i)听fair value measurement of non-financial instruments, (ii)听accounting for income taxes and (iii)听the determination of the useful life of SIRIUS XM Holdings鈥� broadcast/transmission system to be its most significant estimates.

麻豆最新出品 holds investments that are accounted for using the equity method. 麻豆最新出品 does not control the decision making process or business management practices of these affiliates. Accordingly, 麻豆最新出品 relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, 麻豆最新出品 relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on 麻豆最新出品's condensed consolidated financial statements.

麻豆最新出品 has entered into certain agreements with Qurate Retail, Inc. (鈥淨urate Retail鈥�), 麻豆最新出品 TripAdvisor Holdings, Inc., 麻豆最新出品 Broadband Corporation (鈥溌槎棺钚鲁銎� Broadband鈥�), 麻豆最新出品 Expedia Holdings and GCI 麻豆最新出品, Inc. (鈥淕CI 麻豆最新出品鈥�), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI 麻豆最新出品 owns shares of 麻豆最新出品 Broadband鈥檚 Series C non-voting common stock). These agreements include Reorganization Agreements (in the case of Qurate Retail and 麻豆最新出品 Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of 麻豆最新出品 Broadband only).

The Reorganization Agreements provide for, among other things, provisions governing the relationships between 麻豆最新出品 and the applicable counterparty, including certain cross-indemnities. Pursuant to the Services Agreements, 麻豆最新出品 provides the applicable counterparty with general and administrative services including legal, tax, accounting, treasury and investor relations support. 麻豆最新出品 is reimbursed by each counterparty for direct, out-of-pocket expenses incurred by 麻豆最新出品 in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. The remaining Services Agreements provide for the payment to 麻豆最新出品 of an annual fee for the provision of these services. Under the Facilities Sharing Agreements, 麻豆最新出品 shares office space and related amenities at its corporate headquarters with the other companies. Under these various agreements, approximately $8 million and $8 million of these allocated expenses were reimbursed to 麻豆最新出品 during the three months ended听March 31, 2019 and 2018, respectively.

Seasonality

Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (鈥淓vents鈥�) that take place in different countries around the world throughout the year. The Events generally take place between March and November each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

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Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.