INTERNATIONAL SPEEDWAY CORP - 10-Q filing on 2019-07-08

Revenues with Customers (Tables)

6 Months Ended

May 31, 2019

Revenue from Contract with Customer [Abstract]

In the following table, revenue is disaggregated by product line and timing of transfer of products and services. The table is in line with our reportable segments (see Note 15 - Segment Reporting).



	Three Months Ended				Six Months Ended
	May 31, 2018		May 31, 2019		May 31, 2018		May 31, 2019
Admissions	25,677		24,388		$	56,239	$	53,722
NASCAR Broadcasting	92,676		96,541		157,369		163,925
Corporate Sales and Other Event Related	40,652		30,242		81,745		69,499
Food, Beverage and Merchandise	6,906		11,364		14,856		20,616
Other	5,768		5,549		10,345		10,873
Total Revenues	$	171,679	$	168,084	$	320,554	$	318,635

Impact of Adopting ASC 606 on Financial Statements

Accordingly, the Company will net the amount of unbilled revenue and associated deferred income at any reporting date.

Impact on the Consolidated Balance Sheet as of May 31, 2019:



Balance sheet accounts impacted by changes in accounting policies:
	As reported	Adjustments	Balances without adoption of ASC 606
Trade Receivables	42,220	8,524	50,744
Impact of Total Assets	42,220	8,524	50,744

Contract liability	77,981	8,502	86,483
Other Liabilities	37,010	22	37,032
Impact of Total Liabilities and Stockholders’ equity	114,991	8,524	123,515

There was no impact on the Consolidated Statement of Comprehensive Income.

Impact on the Consolidated Statement of Cash Flows for the six months ended May 31, 2019:



Cash flow items impacted by changes in accounting policies:
	As reported		Adjustments		Balances without adoption of ASC 606
Operating activities
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Receivables, net	613		(8,524	)	(7,911	)
Accounts payable and other liabilities	(2,772	)	22		(2,750	)
Deferred income	42,242		8,502		50,744
Impact of net adjustments to cash (used in) provided by operating activities	40,083		—		40,083