Revenue Recognition |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition Transaction Price Allocated to Future Performance Obligations As of June 30, 2026, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to remaining performance obligations was not material to our consolidated revenues. Contract Balances from Contracts with Customers The following table provides information about accounts receivable and contract liabilities from contracts with customers.
Revenue recognized for the six months ended June 30, 2026 and 2025 relating to the contract liabilities at December 31, 2025 and 2024 was $34.7 million and $32.3 million, respectively. The Company has an agreement enabling it to sell certain customer receivables to a financial institution on a recurring basis for cash. The transferred receivables will be fully guaranteed by a bankruptcy-remote entity and the financial institution that purchases the receivables will have no recourse to the Company's other assets in the event of non-payment by the customers. The Company can sell an indefinite amount of customer receivables under the agreement on a revolving basis, but the outstanding balance of unpaid customer receivables to the financial institution cannot exceed the initial program limit of $125.0 million at any given time. As of June 30, 2026, the Company had not yet sold any customer receivables under this agreement. On July 30, 2026, the Company announced that it had entered into a license agreement with Netflix Inc. granting Netflix co-exclusive global streaming rights to all shows in The Walking Dead Universe, including all seasons of The Walking Dead and Fear the Walking Dead. The Company retains the global rights to exhibit the shows in The Walking Dead Universe on its own streaming services. Other shows in The Walking Dead Universe include: The Walking Dead: Daryl Dixon; The Walking Dead: Dead City; The Walking Dead: World Beyond; The Walking Dead: The Ones Who Live; and Tales of the Walking Dead. The license agreement generally provides for a five-year term for each licensed show, with licenses for individual shows commencing on different dates in different geographic territories based on the expiration of streaming rights under the Company's existing licenses. The co-exclusive license for the U.S. streaming rights to The Walking Dead begins on January 6, 2027 and the co-exclusive license for U.S. streaming rights to other series in the Walking Dead Universe begin at various times in 2026. Under the license agreement, Netflix will pay an aggregate content license fee of $500 million payable in quarterly cash installments over the five-year term, with approximately $25 million of such payments expected to be received in 2026. As a result of the extended payment terms, the aggregate revenue that the Company expects to recognize will be based on the present value of future payments, which is estimated to be approximately $445 million.
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