Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | TWENTY-FIRST CENTURY FOX, INC. | |
Entity Central Index Key | 1308161 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,258,939,603 | |
Class B Common Stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 798,520,953 |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Income Statement [Abstract] | ||||||||
Revenues | $6,840 | $8,219 | $22,782 | $23,443 | ||||
Operating expenses | -4,357 | -5,475 | -14,775 | -15,473 | ||||
Selling, general and administrative | -823 | -978 | -2,890 | -3,082 | ||||
Depreciation and amortization | -124 | -267 | -601 | -840 | ||||
Equity earnings of affiliates | 330 | 170 | 959 | 430 | ||||
Interest expense, net | -292 | -284 | -907 | -830 | ||||
Interest income | 8 | 6 | 31 | 21 | ||||
Other, net | -67 | -33 | 5,008 | 123 | ||||
Income from continuing operations before income tax expense | 1,515 | 1,358 | 9,607 | 3,792 | ||||
Income tax expense | -458 | -269 | -1,150 | -929 | ||||
Income from continuing operations | 1,057 | 1,089 | 8,457 | 2,863 | ||||
(Loss) income from discontinued operations, net of tax | -15 | -16 | -38 | 696 | ||||
Net income | 1,042 | 1,073 | 8,419 | 3,559 | ||||
Less: Net income attributable to noncontrolling interests | -67 | [1] | -20 | [1] | -200 | [1] | -44 | [1] |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 975 | 1,053 | 8,219 | 3,515 | ||||
Earnings per share data | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - basic and diluted | $990 | $1,069 | $8,257 | $2,819 | ||||
Weighted average shares: | ||||||||
Basic | 2,111 | 2,252 | 2,151 | 2,279 | ||||
Diluted | 2,113 | 2,256 | 2,153 | 2,283 | ||||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share: | ||||||||
Basic | $0.47 | $0.47 | $3.84 | $1.24 | ||||
Diluted | $0.47 | $0.47 | $3.84 | $1.23 | ||||
Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted | $0.46 | $0.47 | $3.82 | $1.54 | ||||
[1] | Net income attributable to noncontrolling interests includes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Statement Of Income And Comprehensive Income [Abstract] | ||||||||
Net income | $1,042 | $1,073 | $8,419 | $3,559 | ||||
Other comprehensive (loss) income, net of tax: | ||||||||
Foreign currency translation adjustments | -378 | 21 | -1,990 | 588 | ||||
Unrealized holding (losses) gains on securities | -1 | 5 | -58 | -134 | ||||
Benefit plan adjustments | 7 | 10 | 21 | 23 | ||||
Other comprehensive (loss) income, net of tax | -372 | 36 | -2,027 | 477 | ||||
Comprehensive income | 670 | 1,109 | 6,392 | 4,036 | ||||
Less: Net income attributable to noncontrolling interests | -67 | [1] | -20 | [1] | -200 | [1] | -44 | [1] |
Less: Other comprehensive (income) loss attributable to noncontrolling interests | -4 | 214 | -134 | |||||
Comprehensive income attributable to Twenty-First Century Fox, Inc. stockholders | $603 | $1,085 | $6,406 | $3,858 | ||||
[1] | Net income attributable to noncontrolling interests includes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income attributable to redeemable noncontrolling interests | $30 | $26 | $83 | $74 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $9,276 | $5,415 | ||
Receivables, net | 6,345 | 6,468 | ||
Inventories, net | 3,062 | [1] | 3,092 | [1] |
Other | 366 | 401 | ||
Total current assets | 19,049 | 15,376 | ||
Non-current assets: | ||||
Receivables, net | 418 | 454 | ||
Investments | 4,441 | 2,859 | ||
Inventories, net | 6,428 | 6,442 | ||
Property, plant and equipment, net | 1,696 | 2,931 | ||
Intangible assets, net | 6,372 | 8,072 | ||
Goodwill | 12,502 | 18,052 | ||
Other non-current assets | 586 | 607 | ||
Total assets | 51,492 | 54,793 | ||
Current liabilities: | ||||
Borrowings | 227 | 799 | ||
Accounts payable, accrued expenses and other current liabilities | 3,860 | 4,183 | ||
Participations, residuals and royalties payable | 1,684 | 1,546 | ||
Program rights payable | 1,251 | 1,638 | ||
Deferred revenue | 468 | 690 | ||
Total current liabilities | 7,490 | 8,856 | ||
Non-current liabilities: | ||||
Borrowings | 18,865 | 18,259 | ||
Other liabilities | 3,355 | 3,507 | ||
Deferred income taxes | 2,169 | 2,729 | ||
Redeemable noncontrolling interests | 638 | 541 | ||
Commitments and contingencies | ||||
Equity: | ||||
Additional paid-in capital | 13,647 | 15,041 | ||
Retained earnings | 6,168 | 2,389 | ||
Accumulated other comprehensive loss | -1,847 | -34 | ||
Total Twenty-First Century Fox, Inc. stockholders' equity | 17,989 | 17,418 | ||
Noncontrolling interests | 986 | 3,483 | ||
Total equity | 18,975 | 20,901 | ||
Total liabilities and equity | 51,492 | 54,793 | ||
Class A Common Stock | ||||
Equity: | ||||
Common stock | 13 | [2] | 14 | [2] |
Class B Common Stock | ||||
Equity: | ||||
Common stock | $8 | [3] | $8 | [3] |
[1] | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. | |||
[2] | Class A common stock, $0.01 par value per share, 6,000,000,000 shares authorized, 1,274,293,132 shares and 1,408,305,942 shares issued and outstanding, net of 123,687,371 treasury shares at par, as of March 31, 2015 and June 30, 2014, respectively. | |||
[3] | Class B common stock, $0.01 par value per share, 3,000,000,000 shares authorized, 798,520,953 shares issued and outstanding, net of 356,993,807 treasury shares at par, as of March 31, 2015 and June 30, 2014. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Class A Common Stock | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued and outstanding net of treasury stock | 1,274,293,132 | 1,408,305,942 |
Common stock, treasury shares | 123,687,371 | 123,687,371 |
Class B Common Stock | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued and outstanding net of treasury stock | 798,520,953 | 798,520,953 |
Common stock, treasury shares | 356,993,807 | 356,993,807 |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $8,419 | $3,559 |
Less: (Loss) income from discontinued operations, net of tax | -38 | 696 |
Income from continuing operations | 8,457 | 2,863 |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | ||
Depreciation and amortization | 601 | 840 |
Amortization of cable distribution investments | 61 | 61 |
Equity-based compensation | 80 | 85 |
Equity earnings of affiliates | -959 | -430 |
Cash distributions received from affiliates | 223 | 223 |
Other, net | -5,008 | -123 |
Deferred income taxes | 204 | -143 |
Change in operating assets and liabilities, net of acquisitions: | ||
Receivables and other assets | -550 | -767 |
Inventories net of program rights payable | -657 | -1,083 |
Accounts payable and other liabilities | 171 | 55 |
Net cash provided by operating activities from continuing operations | 2,623 | 1,581 |
Investing activities: | ||
Property, plant and equipment | -320 | -470 |
Acquisitions, net of cash acquired | -142 | -692 |
Investments in equity affiliates | -1,108 | -72 |
Other investments | -53 | -33 |
Proceeds from dispositions, net | 8,610 | 259 |
Net cash provided by (used in) investing activities from continuing operations | 6,987 | -1,008 |
Financing activities: | ||
Borrowings | 2,534 | 987 |
Repayment of borrowings | -2,174 | -142 |
Issuance of shares | 49 | 66 |
Repurchase of shares | -4,784 | -2,752 |
Dividends paid and distributions | -494 | -444 |
Purchase of subsidiary shares from noncontrolling interests | -650 | -76 |
Distribution to News Corporation | -10 | |
Net cash used in financing activities from continuing operations | -5,519 | -2,371 |
Net (decrease) increase in cash and cash equivalents from discontinued operations | -38 | 608 |
Net increase (decrease) in cash and cash equivalents | 4,053 | -1,190 |
Cash and cash equivalents, beginning of year | 5,415 | 6,659 |
Exchange movement on cash balances | -192 | 48 |
Cash and cash equivalents, end of period | $9,276 | $5,517 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION |
Twenty-First Century Fox, Inc. and its subsidiaries (together, “Twenty-First Century Fox” or the “Company”) is a Delaware corporation. Twenty-First Century Fox is a diversified global media and entertainment company, which manages and reports its businesses in five segments: Cable Network Programming, Television, Filmed Entertainment, Direct Broadcast Satellite Television (“DBS”) and Other, Corporate and Eliminations. The DBS segment consisted entirely of the operations of Sky Italia and Sky Deutschland AG (“Sky Deutschland”). On November 12, 2014, Twenty-First Century Fox completed the previously announced sale of Sky Italia and its 57% interest in Sky Deutschland to British Sky Broadcasting Group plc, which was subsequently renamed Sky plc (“Sky”) (See Note 2 – Acquisitions, Disposals and Other Transactions). Sky is a pan-European digital television provider, which operates in Italy, Germany, Austria, the United Kingdom and Ireland. Following the sale of the DBS businesses, the Company continues to report in five segments for comparative purposes, and there is no future activity in the DBS segment. | |
The accompanying Unaudited Consolidated Financial Statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015. | |
These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014 as filed with the Securities and Exchange Commission (“SEC”) on August 14, 2014 (the “2014 Form 10-K”). | |
The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees. Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. | |
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results could differ from those estimates. | |
Certain fiscal 2014 amounts have been reclassified to conform to the fiscal 2015 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relate to the Company’s continuing operations. | |
Recently Adopted and Recently Issued Accounting Guidance | |
Adopted | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, (“ASU 2013-05”). The objective of ASU 2013-05 is to resolve the diversity in practice regarding the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets or a business within a foreign entity. ASU 2013-05 is effective for the Company for interim reporting periods beginning July 1, 2014. The Company’s adoption of ASU 2013-05 did not have a material effect on the Company’s consolidated financial statements. | |
Issued | |
In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, (“ASU 2015-03”). To simplify the presentation of debt issuance costs, ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 requires retrospective adoption and is effective for the Company for the interim reporting periods beginning July 1, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. | |
In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. ASU 2015-07 requires retrospective adoption and is effective for the Company for the interim reporting periods beginning July 1, 2016. Early adoption is permitted. The Company is currently evaluating the impact ASU 2015-07 will have on its consolidated financial statements. |
Acquisitions_Disposals_and_Oth
Acquisitions, Disposals and Other Transactions | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Acquisitions Disposals And Other Transactions [Abstract] | |||||||||
Acquisitions, Disposals and Other Transactions | NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS | ||||||||
The Company’s acquisitions support the Company’s strategic priority of increasing its brand presence and reach in key domestic and international markets, acquiring greater control of investments that complement its portfolio of businesses, creating new pay-TV sports franchises and leveraging its sports broadcasting rights. | |||||||||
For some recent acquisitions, the accounting for the business combination is based on provisional amounts and the allocation of the excess purchase price is not final. The amounts allocated to intangibles and goodwill, the estimates of useful lives and the related amortization expense are subject to change pending the completion of final valuations of certain assets and liabilities. A change in the purchase price allocations and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense. | |||||||||
Fiscal 2015 | |||||||||
Acquisitions | |||||||||
San Francisco-Bay Area Television Stations | |||||||||
In October 2014, the Company acquired two San Francisco-Bay area television stations, KTVU-TV FOX 2 and KICU-TV 36, with a fair value of approximately $220 million from Cox Media Group in exchange for the Company’s FOX Broadcasting Company (“FOX”) affiliated stations WHBQ-TV FOX 13 and WFXT-TV FOX 25, located in the Memphis and Boston markets, respectively. The aggregate excess purchase price of approximately $175 million has been preliminarily allocated, based on a provisional valuation of the two San Francisco-Bay area television stations, as follows: approximately $170 million to intangible assets, of which approximately $105 million has been allocated to FCC licenses with indefinite lives and approximately $65 million to amortizable intangible assets, primarily retransmission agreements with useful lives of approximately 8 years; and the balance of the excess representing the goodwill on the transaction. | |||||||||
trueX media inc. | |||||||||
In February 2015, the Company acquired trueX media inc. (“true[X]”), a video advertising company specializing in consumer engagement and on-demand marketing campaigns, for an estimated total purchase price of approximately $175 million in cash including deferred payments which are subject to the achievement of service and performance conditions. The excess purchase price of approximately $125 million has been preliminarily allocated, based on a provisional valuation of true[X], as follows: approximately $30 million to intangible assets and the balance of the excess representing the goodwill on the transaction and other net assets. The goodwill reflects the synergies and increased market penetration expected from combining the operations of true[X] and the Company. | |||||||||
MAA Television Network | |||||||||
In February 2015, the Company entered into an agreement to acquire the broadcast business of MAA Television Network Limited (“MAA TV”), an entity in India that broadcasts and operates Telugu language entertainment channels, for approximately $375 million in cash. The acquisition is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close before December 31, 2015. | |||||||||
Dispositions | |||||||||
Sky Italia and Sky Deutschland | |||||||||
In January 2011, the Company purchased a convertible bond from Sky Deutschland for approximately $225 million. In October 2014, the Company exercised its right to convert the bonds into 53.9 million Sky Deutschland shares, increasing the Company’s ownership interest to 57%. | |||||||||
On November 12, 2014, the Company sold its 100% and 57% ownership stakes in Sky Italia and Sky Deutschland, respectively, to Sky for approximately $8.8 billion in value comprised of approximately $8.2 billion in cash received, net of $650 million of cash paid to acquire Sky’s 21% interest in NGC Network International LLC and NGC Network Latin America LLC (collectively “NGC International”), increasing the Company’s ownership stake in NGC International to 73%. In connection with this transaction, the Company participated in Sky’s equity offering in July 2014 by purchasing additional shares in Sky for approximately $900 million and maintained the Company’s 39% ownership interest. As a result of the transaction, Sky Italia and Sky Deutschland ceased to be consolidated subsidiaries of the Company. The Company recorded a gain of $5.0 billion on this transaction, which was included in Other, net in the Unaudited Consolidated Statements of Operations for the nine months ended March 31, 2015. The resulting current income tax liability on this transaction will be substantially offset by the utilization of capital loss carryforwards and foreign tax credits (See Note 14 – Additional Financial Information). | |||||||||
The historical operating results of Sky Italia and Sky Deutschland and the gain on their disposal have not been classified as discontinued operations in the Unaudited Consolidated Financial Statements, as the Company has a continuing involvement in Sky. | |||||||||
The following table presents the summarized assets and liabilities of Sky Italia and Sky Deutschland: | |||||||||
As of | As of | ||||||||
November 12, | June 30, | ||||||||
2014 | 2014 | ||||||||
(in millions) | |||||||||
Total current assets | $ | 1,563 | $ | 1,200 | |||||
Goodwill and intangible assets, net | 5,830 | 6,451 | |||||||
Other non-current assets | 1,363 | 1,493 | |||||||
Total assets | $ | 8,756 | $ | 9,144 | |||||
Total current liabilities | $ | 1,885 | $ | 1,801 | |||||
Total non-current liabilities | 674 | 635 | |||||||
Total liabilities | $ | 2,559 | $ | 2,436 | |||||
Shine Group | |||||||||
The Company and funds managed by Apollo Global Management, LLC (“Apollo”) formed Endemol Shine Group in December 2014, to which the Company contributed its interests in Shine Group and cash, comprising an aggregate carrying value of approximately $830 million. The joint venture, a global multi-platform content provider, is comprised of Shine Group, Endemol, and CORE Media Group. The Company and Apollo have an equal ownership interest in the joint venture. As a result of the transaction, Shine Group ceased to be a consolidated subsidiary of the Company. The Company recorded a gain of $70 million on this transaction which was included in Other, net in the Unaudited Consolidated Statements of Operations for the nine months ended March 31, 2015. For income tax purposes, this was structured as a tax free transaction. The Company’s investment in the Endemol Shine Group is accounted for using the equity method of accounting. | |||||||||
The historical operating results of Shine Group and the gain on its disposal have not been classified as discontinued operations in the Unaudited Consolidated Financial Statements, as the Company has a continuing involvement in Endemol Shine Group. | |||||||||
Fiscal 2014 | |||||||||
Acquisitions | |||||||||
Yankees Entertainment and Sports Network | |||||||||
On February 28, 2014, the Company acquired an additional 31% interest in the Yankees Entertainment and Sports Network (the “YES Network”), increasing the Company’s ownership interest to 80%, for approximately $680 million, net of cash acquired. Subsequent to the acquisition, the Company has consolidated the balance sheet and operating results of the YES Network, including $1.7 billion in debt. The remaining 20% of the YES Network not owned by the Company has been recorded at a fair value of approximately $385 million on the acquisition date based on the Company’s valuation of the YES Network business using a market approach (a Level 3 measurement as defined in Note 7 – Fair Value). The carrying amount of the Company’s previously held equity interest in the YES Network was revalued to its fair value of approximately $860 million as of the acquisition date. The aggregate excess purchase price has been allocated, based on a valuation of 100% of the YES Network, as follows: approximately $1.7 billion to intangible assets consisting of multi-channel video programming distributor (“MVPD”) affiliate agreements and relationships with useful lives of 20 years and advertiser relationships with useful lives of 6 years, and the indefinite-lived YES Network trade name; approximately $1.7 billion to debt; approximately $1.6 billion representing the goodwill on the transaction; and other net assets. The goodwill reflects the synergies and increased market penetration expected from combining the operations of the YES Network and the Company. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Discontinued Operations | NOTE 3. DISCONTINUED OPERATIONS | ||||||||||||||||
Separation of News Corp | |||||||||||||||||
On June 28, 2013, the Company completed the separation of its business into two independent publicly traded companies (the “Separation”) by distributing to its stockholders all of the outstanding shares of the new News Corporation (“News Corp”). The Company retained its interests in a global portfolio of media and entertainment assets spanning six continents. News Corp holds the Company’s former businesses including newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education and sports programming and pay-TV distribution in Australia. The Company completed the Separation by distributing to its stockholders one share of News Corp Class A common stock for every four shares of the Company’s Class A common stock, par value $0.01 per share (“Class A Common Stock”) held on June 21, 2013, and one share of News Corp Class B common stock for every four shares of the Company’s Class B common stock, par value $0.01 per share (“Class B Common Stock”) held on June 21, 2013. The Company’s stockholders received cash in lieu of fractional shares. Following the Separation, the Company does not beneficially own any shares of News Corp Class A common stock or News Corp Class B common stock. | |||||||||||||||||
Effective June 28, 2013, the Separation qualified for discontinued operations treatment in accordance with Accounting Standards Codification (“ASC”) 205-20, “Discontinued Operations”, and accordingly the Company deconsolidated News Corp’s balance sheet as of June 30, 2013, and presented its results for the three and nine months ended March 31, 2015 and 2014 as discontinued operations on the Unaudited Consolidated Statements of Operations and as discontinued operations on the Unaudited Consolidated Statements of Cash Flows for the nine months ended March 31, 2015 and 2014. | |||||||||||||||||
Summarized Financial Information | |||||||||||||||||
(Loss) income from discontinued operations were as follows: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||||
(Loss) income from discontinued operations before income tax expense(a) | $ | (2 | ) | $ | (16 | ) | $ | (11 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax | $ | (15 | ) | $ | (16 | ) | $ | (38 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.31 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.3 | ||||||
(a) | Includes the net tax refund recognized and received, pursuant to the tax sharing and indemnification agreement with News Corp, of approximately $720 million during the nine months ended March 31, 2014. | ||||||||||||||||
Net cash (used in) provided by operating activities from discontinued operations for the nine months ended March 31, 2015 and 2014 were $(38) million and $608 million, respectively. |
Receivables_Net
Receivables, Net | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Receivables, Net | NOTE 4. RECEIVABLES, NET | ||||||||
Receivables, net are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. | |||||||||
Receivables, net consist of: | |||||||||
As of | As of | ||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Total receivables | $ | 7,393 | $ | 7,737 | |||||
Allowances for returns and doubtful accounts | (630 | ) | (815 | ) | |||||
Total receivables, net | 6,763 | 6,922 | |||||||
Less: current receivables, net | (6,345 | ) | (6,468 | ) | |||||
Non-current receivables, net | $ | 418 | $ | 454 | |||||
Inventories_Net
Inventories, Net | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories, Net | NOTE 5. INVENTORIES, NET | ||||||||
The Company’s inventories were comprised of the following: | |||||||||
As of | As of | ||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Programming rights | $ | 5,906 | $ | 5,812 | |||||
DVDs, Blu-rays and other merchandise | 72 | 81 | |||||||
Filmed entertainment costs: | |||||||||
Films: | |||||||||
Released | 1,153 | 1,025 | |||||||
Completed, not released | 58 | 317 | |||||||
In production | 897 | 819 | |||||||
In development or preproduction | 194 | 151 | |||||||
2,302 | 2,312 | ||||||||
Television productions: | |||||||||
Released | 875 | 862 | |||||||
In production | 335 | 463 | |||||||
In development or preproduction | - | 4 | |||||||
1,210 | 1,329 | ||||||||
Total filmed entertainment costs, less accumulated amortization(a) | 3,512 | 3,641 | |||||||
Total inventories, net | 9,490 | 9,534 | |||||||
Less: current portion of inventories, net(b) | (3,062 | ) | (3,092 | ) | |||||
Total non-current inventories, net | $ | 6,428 | $ | 6,442 | |||||
(a) | Does not include $311 million and $335 million of net intangible film library costs as of March 31, 2015 and June 30, 2014, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | ||||||||
(b) | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments
Investments | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Investments [Abstract] | ||||||||||||||
Investments | NOTE 6. INVESTMENTS | |||||||||||||
The Company’s investments were comprised of the following: | ||||||||||||||
Ownership | As of | As of | ||||||||||||
percentage | March 31, | June 30, | ||||||||||||
as of | 2015 | 2014 | ||||||||||||
March 31, | ||||||||||||||
2015 | ||||||||||||||
(in millions) | ||||||||||||||
Sky plc(a)(c) | European DBS operator | 39% | $ | 3,356 | $ | 2,359 | ||||||||
Endemol Shine Group(b)(c) | 50% | 688 | - | |||||||||||
Other investments | various | 397 | 500 | |||||||||||
Total investments | $ | 4,441 | $ | 2,859 | ||||||||||
(a) | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2015 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 7 – Fair Value). | |||||||||||||
(b) | See Note 2 – Acquisitions, Disposals and Other Transactions. | |||||||||||||
(c) | Equity method investment. | |||||||||||||
Sky | ||||||||||||||
In July 2014, the Company participated in Sky’s equity offering by purchasing approximately $900 million of additional shares in Sky and maintained the Company’s 39% ownership interest (See Note 2 – Acquisitions, Disposals and Other Transactions). The Company received dividends of approximately $210 million and $195 million from Sky for the nine months ended March 31, 2015 and 2014, respectively. Included in Equity earnings of affiliates in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 were the Company’s proportionate share of approximately $350 million of Sky’s gains related to the sale of its investment in Sky Betting & Gaming (“Sky Bet”) and for the nine months ended March 31, 2015 were the Company’s proportionate share of approximately $830 million of Sky’s gains related to the sale of its investments in Sky Bet, NGC International and ITV plc. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | NOTE 7. FAIR VALUE | ||||||||||||||||
In accordance with ASC 820, “Fair Value Measurement”, fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). | |||||||||||||||||
The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: | |||||||||||||||||
Fair value measurements | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Description | Total | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other | unobservable | |||||||||||||||
identical instruments | observable | inputs | |||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Investments(a) | $ | 18 | $ | 18 | $ | - | $ | - | |||||||||
Derivatives(b) | 11 | - | 11 | - | |||||||||||||
Liabilities | |||||||||||||||||
Derivatives(b) | (26 | ) | - | (26 | ) | - | |||||||||||
Contingent consideration(c) | (119 | ) | - | - | (119 | ) | |||||||||||
Redeemable noncontrolling interests(d) | (638 | ) | - | - | (638 | ) | |||||||||||
Total | $ | (754 | ) | $ | 18 | $ | (15 | ) | $ | (757 | ) | ||||||
As of June 30, 2014 | |||||||||||||||||
Description | Total | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other | unobservable | |||||||||||||||
identical instruments | observable | inputs | |||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Investments(a) | $ | 124 | $ | 124 | $ | - | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivatives(b) | (10 | ) | - | (10 | ) | - | |||||||||||
Contingent consideration(c) | (134 | ) | - | - | (134 | ) | |||||||||||
Redeemable noncontrolling interests(d) | (541 | ) | - | - | (541 | ) | |||||||||||
Total | $ | (561 | ) | $ | 124 | $ | (10 | ) | $ | (675 | ) | ||||||
(a) | Available for sale securities. | ||||||||||||||||
(b) | Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts which are valued using an income approach. | ||||||||||||||||
(c) | Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. | ||||||||||||||||
(d) | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity”, because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures, using observable inputs such as market data obtained from independent sources. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset (liability). As of March 31, 2015, one minority shareholder’s put right is currently exercisable and another minority shareholder’s put right will become exercisable in March 2016. The increase in the amount of redeemable noncontrolling interests during the three and nine months ended March 31, 2015 was primarily due to the issuance of redeemable instruments in one of the Company’s majority-owned regional sports networks. | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying value of the Company’s cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. | |||||||||||||||||
Borrowings | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Fair value of borrowings | $ | 23,560 | $ | 22,692 | |||||||||||||
Carrying value of borrowings | $ | 19,092 | $ | 19,058 | |||||||||||||
Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). | |||||||||||||||||
Foreign Currency Forward Contracts | |||||||||||||||||
The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues, the cost of producing or acquiring films and television programming as well as its investment in certain foreign operations and equity method investments. | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash flow hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | 799 | $ | 393 | |||||||||||||
Fair value of foreign currency forward contracts | $ | (14 | ) | $ | (3 | ) | |||||||||||
Net investment hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | 321 | $ | - | |||||||||||||
Fair value of foreign currency forward contracts | $ | (1 | ) | $ | - | ||||||||||||
The increase in the net investment hedges balance as of March 31, 2015 is primarily due to the Company’s use of foreign currency forward contracts to hedge a portion of the carrying value of the Company’s investment in an equity method investee. | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Economic hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | - | $ | 305 | |||||||||||||
Fair value of foreign currency forward contracts | $ | - | $ | (1 | ) | ||||||||||||
The economic hedges entered into by the Company as of June 30, 2014 primarily related to foreign currency forward contracts of the DBS segment, which was sold in November 2014 (See Note 2 – Acquisitions, Disposals and Other Transactions). | |||||||||||||||||
Interest Rate Swap Contracts | |||||||||||||||||
The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash flow hedges | |||||||||||||||||
Notional amount of interest rate swap contracts | $ | - | $ | 308 | |||||||||||||
Fair value of interest rate swap contracts | $ | - | $ | (6 | ) | ||||||||||||
As a result of the sale of the DBS businesses in November 2014, the Company no longer has interest rate swap contracts used as cash flow hedges (See Note 2 – Acquisitions, Disposals and Other Transactions). | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Economic hedges | |||||||||||||||||
Notional amount of interest rate swap contracts | $ | 260 | $ | 270 | |||||||||||||
Fair value of interest rate swap contracts | $ | - | $ | - | |||||||||||||
The following table shows the changes in fair value of the Company’s derivatives: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Beginning of period | $ | (9 | ) | $ | (19 | ) | $ | (10 | ) | $ | 3 | ||||||
Changes in fair value recorded in accumulated other comprehensive (loss) income, net of settlements | (10 | ) | (5 | ) | 121 | (26 | ) | ||||||||||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 4 | 6 | (126 | ) | 10 | ||||||||||||
Other | - | - | - | (5 | ) | ||||||||||||
End of period | $ | (15 | ) | $ | (18 | ) | $ | (15 | ) | $ | (18 | ) | |||||
The effective changes in the fair values of derivative contracts designated as cash flow hedges are reclassified from accumulated other comprehensive loss to net income when the underlying hedged item is recognized in earnings. The effective changes in the fair values of derivative contracts designated as net investment hedges are reclassified from accumulated other comprehensive loss to net income when the related foreign subsidiaries or equity method investments are sold and the related cash flows are reported in Proceeds from dispositions, net within Net cash provided by (used in) investing activities from continuing operations in the Unaudited Consolidated Statements of Cash Flows (See Note 2 – Acquisitions, Disposals and Other Transactions). For foreign currency forward contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in accumulated other comprehensive loss, to net income within the next 36 months. Cash flows from the settlement of derivative contracts designated as cash flow hedges offset cash flows from the underlying hedged items and are included in operating activities in the Unaudited Consolidated Statements of Cash Flows. | |||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. | |||||||||||||||||
The Company’s receivables did not represent significant concentrations of credit risk as of March 31, 2015 or June 30, 2014 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. | |||||||||||||||||
The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. As of March 31, 2015, the Company did not anticipate nonperformance by any of the counterparties. |
Goodwill
Goodwill | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill | NOTE 8. GOODWILL | ||||||||||||||||||||||||
The changes in the carrying value of goodwill, by segment, are as follows: | |||||||||||||||||||||||||
Cable Network | Television | Filmed | Direct | Other, | Total Goodwill | ||||||||||||||||||||
Programming | Entertainment | Broadcast | Corporate and Eliminations | ||||||||||||||||||||||
Satellite | |||||||||||||||||||||||||
Television | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 9,551 | $ | 1,882 | $ | 1,594 | $ | 4,994 | $ | 31 | $ | 18,052 | |||||||||||||
Acquisitions | 92 | 5 | - | - | - | 97 | |||||||||||||||||||
Dispositions | - | (55 | ) | (471 | ) | (4,548 | ) | - | (5,074 | ) | |||||||||||||||
Foreign exchange movements and Other | (85 | ) | - | (42 | ) | (446 | ) | - | (573 | ) | |||||||||||||||
Balance, March 31, 2015 | $ | 9,558 | $ | 1,832 | $ | 1,081 | $ | - | $ | 31 | $ | 12,502 | |||||||||||||
The increase in the carrying value of the Cable Network Programming segment goodwill, during the nine months ended March 31, 2015, was primarily due to the acquisition of true[X]. The decrease in the carrying value of the Television, Filmed Entertainment and DBS segments goodwill, during the nine months ended March 31, 2015, was primarily due to the dispositions of the FOX affiliated stations, Shine Group and Sky Deutschland, respectively (See Note 2 – Acquisitions, Disposals and Other Transactions). |
Borrowings
Borrowings | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 9. BORROWINGS |
Borrowings include bank loans, public debt and other borrowings. | |
Senior Notes Issued | |
In September 2014, 21st Century Fox America, Inc. (“21CFA”), a wholly-owned subsidiary of the Company, issued $600 million of 3.70% Senior Notes due 2024 and $600 million of 4.75% Senior Notes due 2044. The net proceeds of approximately $1.19 billion were used for general corporate purposes. | |
Senior Notes Due | |
In December 2014, the Company retired $750 million of 5.30% Senior Notes. | |
Bank loans | |
Included in Borrowings within Non-current liabilities as of June 30, 2014 was €225 million ($308 million) outstanding under the Sky Deutschland credit agreement. In November 2014, Sky Deutschland ceased to be a consolidated subsidiary of the Company, and as a result, this credit agreement is no longer an obligation of the Company (See Note 2 – Acquisitions, Disposals and Other Transactions). | |
In November 2014, the YES Network amended its credit agreement to increase the total size of its credit facility to $1.765 billion, comprised of a secured revolving credit facility, a term loan facility and a delayed draw term loan facility, and to extend the maturity date of the credit agreement to December 2019. As of March 31, 2015, the outstanding balance on the term loan facility and secured revolving credit facility was $893 million and $152 million, respectively. The total amount available under the secured revolving credit facility is $305 million. The total amount available under the delayed draw term loan facility is $560 million and will be used to retire the YES Network’s Senior Subordinated Notes. If YES Network does not draw and utilize the funds on the delayed draw term loan facility by July 2015, it will be withdrawn. | |
Current borrowings | |
Included in Borrowings within Current liabilities as of March 31, 2015 was 7.60% Senior Notes of $200 million that are due in October 2015 and principal payments on the YES Network term loan facility of $27 million that are due in the next 12 months. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity | NOTE 10. STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
The following tables summarize changes in equity: | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Twenty-First Century Fox stockholders | Noncontrolling interests | Total | Twenty-First Century Fox stockholders | Noncontrolling interests | Total | ||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 19,813 | $ | 975 | $ | 20,788 | $ | 17,649 | $ | 3,151 | $ | 20,800 | |||||||||||||
Net income (loss) | 975 | 37 | (a) | 1,012 | 1,053 | (6 | ) | (a) | 1,047 | ||||||||||||||||
Other comprehensive (loss) income | (372 | ) | - | (372 | ) | 32 | 4 | 36 | |||||||||||||||||
Cancellation of shares, net | (2,046 | ) | - | (2,046 | ) | (1,013 | ) | - | (1,013 | ) | |||||||||||||||
Dividends declared | (313 | ) | - | (313 | ) | (281 | ) | - | (281 | ) | |||||||||||||||
Acquisition of YES Network | - | - | - | - | 385 | 385 | |||||||||||||||||||
Other | (68 | ) | (26 | ) | (d) | (94 | ) | 23 | (33 | ) | (d) | (10 | ) | ||||||||||||
Balance, end of period | $ | 17,989 | $ | 986 | $ | 18,975 | $ | 17,463 | $ | 3,501 | $ | 20,964 | |||||||||||||
For the nine months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Twenty-First Century Fox stockholders | Noncontrolling interests | Total | Twenty-First Century Fox stockholders | Noncontrolling interests | Total | ||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 17,418 | $ | 3,483 | $ | 20,901 | $ | 16,998 | $ | 3,127 | $ | 20,125 | |||||||||||||
Net income (loss) | 8,219 | 117 | (a) | 8,336 | 3,515 | (30 | ) | (a) | 3,485 | ||||||||||||||||
Other comprehensive (loss) income | (1,813 | ) | (214 | ) | (2,027 | ) | 343 | 134 | 477 | ||||||||||||||||
Cancellation of shares, net | (4,592 | ) | - | (4,592 | ) | (2,577 | ) | - | (2,577 | ) | |||||||||||||||
Dividends declared | (586 | ) | - | (586 | ) | (568 | ) | - | (568 | ) | |||||||||||||||
Purchase of noncontrolling interests(b) | (522 | ) | (128 | ) | (650 | ) | (58 | ) | (18 | ) | (76 | ) | |||||||||||||
Acquisition of YES Network | - | - | - | - | 385 | 385 | |||||||||||||||||||
Dispositions | - | (2,130 | ) | (c) | (2,130 | ) | - | - | - | ||||||||||||||||
Other | (135 | ) | (142 | ) | (d) | (277 | ) | (190 | ) | (97 | ) | (d) | (287 | ) | |||||||||||
Balance, end of period | $ | 17,989 | $ | 986 | $ | 18,975 | $ | 17,463 | $ | 3,501 | $ | 20,964 | |||||||||||||
(a) | Net income attributable to noncontrolling interests excludes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. | ||||||||||||||||||||||||
(b) | Represents the increase in ownership in NGC International (See Note 2 – Acquisitions, Disposals and Other Transactions) and Latin America Pay Television in fiscal 2015 and 2014, respectively. | ||||||||||||||||||||||||
(c) | Represents the noncontrolling interest in Sky Deutschland (See Note 2 – Acquisitions, Disposals and Other Transactions). | ||||||||||||||||||||||||
(d) | Other activity attributable to noncontrolling interests excludes $61 million and $(13) million for the three months ended March 31, 2015 and 2014, respectively, and $14 million and $(59) million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. | ||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||
Comprehensive income is reported in the Unaudited Consolidated Statements of Comprehensive Income and consists of Net income and other gains and losses, including foreign currency translation adjustments, unrealized holding gains and losses on securities, and benefit plan adjustments, which affect stockholders’ equity, and under GAAP, are excluded from Net income. | |||||||||||||||||||||||||
The following tables summarize the activity within Other comprehensive (loss) income: | |||||||||||||||||||||||||
For the three months ended March 31, 2015 | For the nine months ended March 31, 2015 | ||||||||||||||||||||||||
Before tax | Tax | Net of tax | Before tax | Tax | Net of tax | ||||||||||||||||||||
(provision) | (provision) | ||||||||||||||||||||||||
benefit | benefit | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||||
Unrealized losses | $ | (452 | ) | $ | 71 | $ | (381 | ) | $ | (1,870 | ) | $ | 260 | $ | (1,610 | ) | |||||||||
Amount reclassified on hedging activity(a) | 4 | (1 | ) | 3 | (126 | ) | (1 | ) | (127 | ) | |||||||||||||||
Amount reclassified on dispositions(b) | - | - | - | (253 | ) | - | (253 | ) | |||||||||||||||||
Other comprehensive loss | $ | (448 | ) | $ | 70 | $ | (378 | ) | $ | (2,249 | ) | $ | 259 | $ | (1,990 | ) | |||||||||
Gains and losses on securities | |||||||||||||||||||||||||
Unrealized (losses) gains | $ | (1 | ) | $ | - | $ | (1 | ) | $ | 236 | $ | (83 | ) | $ | 153 | ||||||||||
Amount reclassified on sale of securities(b) | - | - | - | (325 | ) | 114 | (211 | ) | |||||||||||||||||
Other comprehensive loss | $ | (1 | ) | $ | - | $ | (1 | ) | $ | (89 | ) | $ | 31 | $ | (58 | ) | |||||||||
Benefit plan adjustments | |||||||||||||||||||||||||
Reclassification adjustments realized in net income(c) | $ | 10 | $ | (3 | ) | $ | 7 | $ | 32 | $ | (11 | ) | $ | 21 | |||||||||||
Other comprehensive income | $ | 10 | $ | (3 | ) | $ | 7 | $ | 32 | $ | (11 | ) | $ | 21 | |||||||||||
For the three months ended March 31, 2014 | For the nine months ended March 31, 2014 | ||||||||||||||||||||||||
Before tax | Tax | Net of tax | Before tax | Tax | Net of tax | ||||||||||||||||||||
(provision) | (provision) | ||||||||||||||||||||||||
benefit | benefit | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||||
Unrealized gains | $ | 17 | $ | (1 | ) | $ | 16 | $ | 663 | $ | (83 | ) | $ | 580 | |||||||||||
Amount reclassified on hedging activity(a) | 6 | (1 | ) | 5 | 10 | (2 | ) | 8 | |||||||||||||||||
Other comprehensive income | $ | 23 | $ | (2 | ) | $ | 21 | $ | 673 | $ | (85 | ) | $ | 588 | |||||||||||
Gains and losses on securities | |||||||||||||||||||||||||
Unrealized gains (losses) | $ | 8 | $ | (3 | ) | $ | 5 | $ | (6 | ) | $ | 2 | $ | (4 | ) | ||||||||||
Amount reclassified on sale of Phoenix(b) | - | - | - | (200 | ) | 70 | (130 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 8 | $ | (3 | ) | $ | 5 | $ | (206 | ) | $ | 72 | $ | (134 | ) | ||||||||||
Benefit plan adjustments | |||||||||||||||||||||||||
Reclassification adjustments realized in net income(c) | $ | 15 | $ | (5 | ) | $ | 10 | $ | 37 | $ | (14 | ) | $ | 23 | |||||||||||
Other comprehensive income | $ | 15 | $ | (5 | ) | $ | 10 | $ | 37 | $ | (14 | ) | $ | 23 | |||||||||||
(a) | Reclassifications of amounts related to hedging activity are included in Operating expenses, Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014 (See Note 7 – Fair Value for additional information regarding hedging activity). | ||||||||||||||||||||||||
(b) | Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
(c) | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
Earnings Per Share Data | |||||||||||||||||||||||||
The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: | |||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Income from continuing operations | $ | 1,057 | $ | 1,089 | $ | 8,457 | $ | 2,863 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | (67 | ) | (20 | ) | (200 | ) | (44 | ) | |||||||||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | $ | 990 | $ | 1,069 | $ | 8,257 | $ | 2,819 | |||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||||||
The Board has authorized a stock repurchase program, under which the Company is currently authorized to acquire Class A Common Stock. The remaining authorized amount under the Company’s stock repurchase program as of June 30, 2014, excluding commissions, was approximately $0.6 billion. In August 2014, the Company announced that the Board approved an additional $6 billion authorization, excluding commissions, to the Company’s stock repurchase program for the repurchase of Class A Common Stock. The Company intends to complete this stock repurchase program by August 2015. | |||||||||||||||||||||||||
The remaining authorized amount under the Company’s stock repurchase program as of March 31, 2015, excluding commissions, was approximately $1.8 billion. | |||||||||||||||||||||||||
The program may be modified, extended, suspended or discontinued at any time. | |||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||
The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: | |||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Cash dividend per share | $ | 0.15 | $ | 0.125 | $ | 0.275 | $ | 0.25 | |||||||||||||||||
In February 2015, the Company declared a semi-annual dividend of $0.15 per Class A and Class B share, resulting in a prospective annual dividend of $0.30 per share. The dividend declared was paid on April 15, 2015 to stockholders of record on March 11, 2015. | |||||||||||||||||||||||||
Temporary Suspension of Voting Rights Affecting Non-U.S. Stockholders | |||||||||||||||||||||||||
On April 18, 2012, the Company announced that it suspended 50% of the voting rights of the Class B Common Stock held by stockholders who are not U.S. citizens (“Non-U.S. Stockholders”) in order to maintain compliance with U.S. law which states that no broadcast station licensee may be owned by a corporation if more than 25% of that corporation’s stock was owned or voted by Non-U.S. Stockholders, their representatives, or by any other corporation organized under the laws of a foreign country. The Company owns broadcast station licensees in connection with its ownership and operation of U.S. television stations. The suspension of voting rights of shares of Class B Common Stock held by Non-U.S. Stockholders is currently at 10%. This suspension of voting rights will remain in place for as long as the Company deems it necessary to maintain compliance with applicable U.S. law, and may be adjusted by the Audit Committee as it deems appropriate. | |||||||||||||||||||||||||
Voting Agreement with the Murdoch Family Interests | |||||||||||||||||||||||||
On April 18, 2012, the Murdoch Family Trust and K. Rupert Murdoch (together the “Murdoch Family Interests”) entered into an agreement with the Company, whereby the Murdoch Family Interests agreed to limit their voting rights during the voting rights suspension period. Under this agreement, the Murdoch Family Interests will not vote or provide voting instructions with respect to a portion of their shares of Class B Common Stock to the extent that doing so would increase their percentage of voting power from what it was prior to the suspension of voting rights. Currently, as a result of the suspension of voting rights, the aggregate percentage vote of the Murdoch Family Interests is at 39.1% of the outstanding shares of Class B Common Stock not subject to the suspension of voting rights, and the percentage vote may be adjusted as provided in the agreement with the Company. |
Equity_Based_Compensation
Equity Based Compensation | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||
Equity Based Compensation | NOTE 11. EQUITY-BASED COMPENSATION | ||||||||
In August 2014, the Compensation Committee approved the conversion of approximately 2.1 million outstanding cash-settled equity awards granted to certain named executive officers for the fiscal 2013-2015 and fiscal 2014-2016 performance periods from cash-settled to stock-settled awards. As a result, all currently outstanding equity awards granted to the Company’s named executive officers are stock-settled and the remaining cash-settled awards outstanding are not material. | |||||||||
The following table summarizes the Company’s equity-based compensation transactions: | |||||||||
For the nine months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Equity-based compensation | $ | 89 | $ | 126 | |||||
Intrinsic value of all settled equity-based awards | $ | 303 | $ | 298 | |||||
Tax benefit on vested equity-based awards | $ | 110 | $ | 91 | |||||
As of March 31, 2015, the Company’s total compensation cost related to equity-based awards, not yet recognized, was approximately $120 million, and is expected to be recognized over a weighted average period between one and two years. Compensation expense on all equity-based awards is generally recognized on a straight-line basis over the vesting period of the entire award. However, certain performance based awards are recognized on an accelerated basis. | |||||||||
As of March 31, 2015 and June 30, 2014, the liability for cash-settled awards was approximately $15 million and $165 million, respectively. Cash-settled awards are marked-to-market at each reporting period. | |||||||||
Performance Stock Units | |||||||||
The Company’s stock based awards are granted in Class A Common Stock. During the nine months ended March 31, 2015, approximately 4.1 million performance stock units (“PSUs”) were granted and approximately 7.1 million PSUs vested. Approximately 1.7 million units of the awards that vested were settled in cash. | |||||||||
During the nine months ended March 31, 2014, approximately 4.9 million PSUs were granted and approximately 2.8 million PSUs vested. Approximately 2.1 million units of the awards that vested were settled in cash. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES |
Commitments | |
The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal operations. The total firm commitments and future debt payments as of March 31, 2015 and June 30, 2014 were $76 billion and $87 billion, respectively. The decrease from June 30, 2014 was primarily due to the sale of the DBS businesses in November 2014 (See Note 2 – Acquisitions, Disposals and Other Transactions), partially offset by commitments under a new contract with the International Cricket Council (“ICC”). | |
Guarantees | |
The Company’s guarantees as of March 31, 2015 and June 30, 2014 were $967 million and $724 million, respectively. The increase from June 30, 2014 was primarily due to the Company obtaining a bank guarantee covering its programming rights obligation in connection with the agreement with the ICC. | |
Contingencies | |
Shareholder Litigation | |
Southern District of New York | |
On July 19, 2011, a purported class action lawsuit captioned Wilder v. News Corp., et al. (“Wilder Litigation”), was filed on behalf of all purchasers of the Company’s common stock between March 3, 2011 and July 11, 2011, in the United States District Court for the Southern District of New York. The plaintiff brought claims under Section 10(b) and Section 20(a) of the Securities Exchange Act, alleging that false and misleading statements were issued regarding the alleged acts of voicemail interception at The News of the World. The suit names as defendants the Company, Rupert Murdoch, James Murdoch and Rebekah Brooks, and seeks compensatory damages, rescission for damages sustained, and costs. On June 5, 2012, the court issued an order appointing the Avon Pension Fund (“Avon”) as lead plaintiff and Robbins Geller Rudman & Dowd as lead counsel. Thereafter, on July 3, 2012, the court issued an order providing that an amended consolidated complaint shall be filed by July 31, 2012. Avon filed an amended consolidated complaint on July 31, 2012, which among other things, added as defendants NI Group Limited (now known as News Corp UK & Ireland Limited) and Les Hinton, and expanded the class period to include February 15, 2011 to July 18, 2011. The defendants filed motions to dismiss the litigation, which were granted by the court on March 31, 2014. Plaintiffs were allowed to amend their complaint, and on April 30, 2014, plaintiffs filed a second amended consolidated complaint, which generally repeats the allegations of the amended consolidated complaint and also expands the class period to July 8, 2009 to July 18, 2011. On August 11, 2014, defendants filed motions to dismiss the second amended consolidated complaint, and on October 24, 2014, plaintiffs opposed those motions. On November 21, 2014, defendants filed their replies to plaintiffs’ opposition. The Company’s management believes the claims in the Wilder Litigation are entirely without merit, and intends to vigorously defend those claims. | |
U.K. Newspaper Matters and Related Investigations and Litigation | |
In 2011, U.S. regulators and governmental authorities initiated investigations with respect to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corp (the “U.K. Newspaper Matters”). On January 28, 2015, the Company was notified by the United States Department of Justice that it has completed its investigation relating to the U.K. Newspaper Matters, and is declining to prosecute the Company. | |
In connection with the Separation, the Company and News Corp agreed in the Separation and Distribution Agreement that the Company will indemnify News Corp, on an after-tax basis, for payments made after the Separation arising out of civil claims and investigations relating to the U.K. Newspaper Matters, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corp (the “Indemnity”). As of June 30, 2014, the Company recognized approximately $80 million as its obligation under the Indemnity, of which approximately $65 million related to the amounts payable to News Corp and approximately $15 million for the remaining unamortized fair value of expected future payments to be made under the Indemnity. Pursuant to ASC 460, “Guarantees”, the amount provided for future payments is being amortized in a systematic pattern that reflects the release from the underlying risks and is included in (Loss) income from discontinued operations, net of tax, in the Unaudited Consolidated Statements of Operations. As of March 31, 2015, the Company has recognized approximately $50 million as its obligation under the Indemnity, which relates to amounts payable to News Corp. Pursuant to the Indemnity, the Company made payments of $38 million to News Corp during the nine months ended March 31, 2015. If additional information becomes available and as payments are made, the Company will update the liability provision for the Indemnity. Any changes to the liability provision for the Indemnity in the future will impact the results of operations for that period. The liability provision for the Indemnity was estimated by probability weighting expected payments to be made to News Corp under such Agreement and discounting probability-weighted expected payments to the valuation date, using a discount rate based on the Company’s cost of debt. | |
Other | |
Equity purchase arrangements that are exercisable by the counter-party to the agreement, and that are outside the sole control of the Company, are accounted for in accordance with ASC 480-10-S99-3A. Accordingly, the fair values of such equity purchase arrangements are classified in Redeemable noncontrolling interests. Other than the arrangements classified in Redeemable noncontrolling interests, the Company is party to several other purchase and sale arrangements which become exercisable at various points in time. However, these arrangements are currently either not exercisable in the next twelve months or are not material. | |
The Company’s operations are subject to tax in various domestic and international jurisdictions and as a matter of course, the Company is regularly audited by federal, state and foreign tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. | |
The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed above for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | NOTE 13. SEGMENT INFORMATION | ||||||||||||||||
The Company is a diversified global media and entertainment company, which manages and reports its businesses in the following five segments: | |||||||||||||||||
· | Cable Network Programming, which principally consists of the production and licensing of programming distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors in the U.S. and internationally. | ||||||||||||||||
· | Television, which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 11 duopolies, in the U.S. (of these stations, 17 are affiliated with FOX, 10 are affiliated with Master Distribution Service, Inc. (“MyNetworkTV”) and one is an independent station). | ||||||||||||||||
· | Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide. | ||||||||||||||||
· | Direct Broadcast Satellite Television, which consisted of the distribution of programming services via satellite, cable, and broadband directly to subscribers in Italy, Germany and Austria. The DBS segment consisted entirely of the operations of Sky Italia and Sky Deutschland. On November 12, 2014, Twenty-First Century Fox completed the previously announced sale of Sky Italia and its 57% interest in Sky Deutschland to Sky (See Note 2 – Acquisitions, Disposals and Other Transactions). Following the sale of the DBS businesses, the Company continues to report in five segments for comparative purposes. | ||||||||||||||||
· | Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations and other businesses. | ||||||||||||||||
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment OIBDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. | |||||||||||||||||
Segment OIBDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment OIBDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment charges, Equity earnings of affiliates, Interest expense, net, Interest income, Other, net, Income tax expense and Net income attributable to noncontrolling interests. Management believes that Segment OIBDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. | |||||||||||||||||
Management believes that information about Total Segment OIBDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Total Segment OIBDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Segment OIBDA and Total Segment OIBDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). | |||||||||||||||||
Total Segment OIBDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Cable Network Programming | $ | 3,590 | $ | 3,152 | $ | 10,205 | $ | 8,926 | |||||||||
Television | 1,237 | 1,587 | 3,908 | 4,265 | |||||||||||||
Filmed Entertainment | 2,389 | 2,279 | 7,618 | 6,876 | |||||||||||||
Direct Broadcast Satellite Television | - | 1,530 | 2,112 | 4,437 | |||||||||||||
Other, Corporate and Eliminations | (376 | ) | (329 | ) | (1,061 | ) | (1,061 | ) | |||||||||
Total revenues | $ | 6,840 | $ | 8,219 | $ | 22,782 | $ | 23,443 | |||||||||
Segment OIBDA: | |||||||||||||||||
Cable Network Programming | $ | 1,233 | $ | 1,176 | $ | 3,430 | $ | 3,205 | |||||||||
Television | 141 | 288 | 605 | 737 | |||||||||||||
Filmed Entertainment | 382 | 354 | 1,176 | 1,019 | |||||||||||||
Direct Broadcast Satellite Television | - | 58 | 234 | 278 | |||||||||||||
Other, Corporate and Eliminations | (79 | ) | (89 | ) | (267 | ) | (290 | ) | |||||||||
Total Segment OIBDA | $ | 1,677 | $ | 1,787 | $ | 5,178 | $ | 4,949 | |||||||||
Amortization of cable distribution investments | (17 | ) | (21 | ) | (61 | ) | (61 | ) | |||||||||
Depreciation and amortization | (124 | ) | (267 | ) | (601 | ) | (840 | ) | |||||||||
Equity earnings of affiliates | 330 | 170 | 959 | 430 | |||||||||||||
Interest expense, net | (292 | ) | (284 | ) | (907 | ) | (830 | ) | |||||||||
Interest income | 8 | 6 | 31 | 21 | |||||||||||||
Other, net | (67 | ) | (33 | ) | 5,008 | 123 | |||||||||||
Income from continuing operations before income tax expense | 1,515 | 1,358 | 9,607 | 3,792 | |||||||||||||
Income tax expense | (458 | ) | (269 | ) | (1,150 | ) | (929 | ) | |||||||||
Income from continuing operations | 1,057 | 1,089 | 8,457 | 2,863 | |||||||||||||
(Loss) income from discontinued operations, net of tax | (15 | ) | (16 | ) | (38 | ) | 696 | ||||||||||
Net income | 1,042 | 1,073 | 8,419 | 3,559 | |||||||||||||
Less: Net income attributable to noncontrolling interests | (67 | ) | (20 | ) | (200 | ) | (44 | ) | |||||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 975 | $ | 1,053 | $ | 8,219 | $ | 3,515 | |||||||||
Intersegment revenues, generated by the Filmed Entertainment segment, of $442 million and $305 million for the three months ended March 31, 2015 and 2014, respectively, and of $1,002 million and $916 million for the nine months ended March 31, 2015 and 2014, respectively, have been eliminated within the Other, Corporate and Eliminations segment. | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Cable Network Programming | $ | 70 | $ | 58 | $ | 219 | $ | 157 | |||||||||
Television | 29 | 30 | 84 | 79 | |||||||||||||
Filmed Entertainment | 21 | 33 | 84 | 98 | |||||||||||||
Direct Broadcast Satellite Television | - | 143 | 202 | 495 | |||||||||||||
Other, Corporate and Eliminations | 4 | 3 | 12 | 11 | |||||||||||||
Total depreciation and amortization | $ | 124 | $ | 267 | $ | 601 | $ | 840 | |||||||||
Depreciation and amortization for the three months ended March 31, 2015 and 2014 include the amortization of definite lived intangible assets of $60 million and $82 million, respectively, and $243 million and $300 million for the nine months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Total assets: | |||||||||||||||||
Cable Network Programming | $ | 22,879 | $ | 22,422 | |||||||||||||
Television | 6,998 | 6,449 | |||||||||||||||
Filmed Entertainment | 9,357 | 10,419 | |||||||||||||||
Direct Broadcast Satellite Television | - | 9,144 | |||||||||||||||
Other, Corporate and Eliminations | 7,817 | 3,500 | |||||||||||||||
Investments | 4,441 | 2,859 | |||||||||||||||
Total assets | $ | 51,492 | $ | 54,793 | |||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Goodwill and intangible assets, net: | |||||||||||||||||
Cable Network Programming | $ | 12,680 | $ | 12,854 | |||||||||||||
Television | 4,300 | 4,282 | |||||||||||||||
Filmed Entertainment | 1,798 | 2,441 | |||||||||||||||
Direct Broadcast Satellite Television | - | 6,451 | |||||||||||||||
Other, Corporate and Eliminations | 96 | 96 | |||||||||||||||
Total goodwill and intangible assets, net | $ | 18,874 | $ | 26,124 | |||||||||||||
Revenues by Component | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Affiliate fees | $ | 2,740 | $ | 2,326 | $ | 7,652 | $ | 6,547 | |||||||||
Subscription | - | 1,390 | 1,964 | 4,061 | |||||||||||||
Advertising | 1,840 | 2,294 | 5,944 | 6,344 | |||||||||||||
Content | 2,189 | 2,067 | 6,938 | 6,135 | |||||||||||||
Other | 71 | 142 | 284 | 356 | |||||||||||||
Total revenues | $ | 6,840 | $ | 8,219 | $ | 22,782 | $ | 23,443 | |||||||||
Additional_Financial_Informati
Additional Financial Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | |||||||||||||||||
Additional Financial Information | NOTE 14. ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||
Supplemental Cash Flows Information | |||||||||||||||||
For the nine months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Supplemental cash flows information: | |||||||||||||||||
Cash paid for income taxes | $ | (498 | ) | $ | (1,100 | ) | |||||||||||
Cash paid for interest | $ | (908 | ) | $ | (816 | ) | |||||||||||
Sale of other investments | $ | - | $ | 1 | |||||||||||||
Purchase of other investments | $ | (53 | ) | $ | (34 | ) | |||||||||||
Supplemental information on businesses acquired and additional investments: | |||||||||||||||||
Fair value of assets acquired | $ | 219 | $ | 2,833 | |||||||||||||
Cash acquired | - | 3 | |||||||||||||||
Liabilities assumed | (2 | ) | (1,763 | ) | |||||||||||||
Decrease in deferred consideration | - | 7 | |||||||||||||||
Noncontrolling interests increase | - | (385 | ) | ||||||||||||||
Cash paid | (142 | ) | (695 | ) | |||||||||||||
Fair value of equity instruments issued to third parties | 75 | - | |||||||||||||||
Issuance of subsidiary common units | (75 | ) | - | ||||||||||||||
Fair value of equity instruments consideration | $ | - | $ | - | |||||||||||||
Other, net | |||||||||||||||||
The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Gain on sale of the DBS businesses(a) | $ | (11 | ) | $ | - | $ | 4,984 | $ | - | ||||||||
Gain on disposition of Shine Group(a) | 7 | - | 70 | - | |||||||||||||
Gain on sale of investment in Phoenix | - | - | - | 199 | |||||||||||||
Shareholder litigation settlement(b) | - | - | - | 111 | |||||||||||||
Loss on sale of investment in NDS | - | (30 | ) | - | (30 | ) | |||||||||||
Restructuring(c) | (2 | ) | (3 | ) | (40 | ) | (87 | ) | |||||||||
Investment impairment losses(d) | - | - | (3 | ) | (67 | ) | |||||||||||
Devaluation losses and Other(e) | (61 | ) | - | (3 | ) | (3 | ) | ||||||||||
Other, net | $ | (67 | ) | $ | (33 | ) | $ | 5,008 | $ | 123 | |||||||
(a) | See Note 2 – Acquisitions, Disposals and Other Transactions. | ||||||||||||||||
(b) | In the nine months ended March 31, 2014, the Company recorded a net settlement gain of $111 million related to certain shareholder litigation matters (as described in Note 16 – Commitments and Contingencies in the 2014 Form 10-K under the heading “Shareholder Litigation – Delaware”). | ||||||||||||||||
(c) | The restructuring charges in the nine months ended March 31, 2015 primarily relates to cost structure efficiency enhancement initiatives at the Cable Network Programming and Television segments. The restructuring charges in the nine months ended March 31, 2014 primarily relates to contract termination costs associated with cost structure efficiency enhancement initiatives at the DBS segment. | ||||||||||||||||
(d) | The write-downs of investments were recorded as a result of either the deteriorating financial position of the investee or due to a permanent impairment resulting from sustained losses and limited prospects for recovery. | ||||||||||||||||
(e) | Devaluation losses primarily relate to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADI”). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2”) rate. | ||||||||||||||||
Pension and Other Post Retirement Benefits | |||||||||||||||||
The Company is contemplating settling a portion of its pension obligations. As part of that strategy, the Company will irrevocably transfer a significant portion of pension liabilities to an insurance company selected by an independent fiduciary through the purchase of a group annuity contract. If concluded, the annuity contract is expected to be purchased by June 30, 2015. This purchase, which will be funded with pension plan assets, is not expected to have a material impact on net periodic pension expense for fiscal 2015. The Company expects to incur an estimated $250 million to $350 million pre-tax settlement loss related to the purchase due to the recognition of deferred actuarial losses. The proposed transaction is subject to review by the Pension Benefit Guaranty Corporation. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The following table illustrates the overall changes in the Company’s net deferred tax liabilities for the nine months ended March 31, 2015: | |||||||||||||||||
Net deferred tax liabilities before valuation allowance | Less: valuation allowance | Total net deferred tax liabilities | |||||||||||||||
(in millions) | |||||||||||||||||
Balance, June 30, 2014 | $ | (330 | ) | $ | (2,338 | ) | $ | (2,668 | ) | ||||||||
Acquisitions and disposals | (1,296 | ) | 1,720 | 424 | |||||||||||||
Other | (66 | ) | 148 | 82 | |||||||||||||
Balance, March 31, 2015 | $ | (1,692 | ) | $ | (470 | ) | $ | (2,162 | ) | ||||||||
The Company had deferred tax assets of $86 million and $61 million as of March 31, 2015 and June 30, 2014, respectively. The Company had current deferred tax liabilities of $79 million and nil as of March 31, 2015 and June 30, 2014, respectively. | |||||||||||||||||
The Company also had non-current deferred tax liabilities of $2,169 million and $2,729 million as of March 31, 2015 and June 30, 2014, respectively. | |||||||||||||||||
The primary reason for the change in the net deferred tax liabilities is due to the sale of the DBS businesses. This allowed for the utilization of capital loss carryforwards and foreign tax credit carryforwards to offset the current income tax liability attributable to the sale. Previously, these tax assets had a full valuation allowance recorded. As a result of the transaction, the associated valuation allowance was reversed. The Company also reversed the valuation allowance associated with the Company’s remaining foreign tax credit carryforwards as it separately determined that it is more likely than not that the Company will utilize these foreign tax credit carryforwards prior to their expiration. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Supplemental Guarantor Information | TWENTY-FIRST CENTURY FOX, INC. | ||||||||||||||||||||
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||
NOTE 15. SUPPLEMENTAL GUARANTOR INFORMATION | |||||||||||||||||||||
In May 2012, 21CFA entered into a credit agreement (the “Credit Agreement”), among 21CFA as Borrower, the Company as Parent Guarantor, the lenders named therein, the initial issuing banks named therein, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) and Citibank, N.A. as Co-Administrative Agents, JPMorgan Chase as Designated Agent and Bank of America, N.A. as Syndication Agent. The Credit Agreement provides a $2 billion unsecured revolving credit facility with a sub-limit of $400 million (or its equivalent in Euros) available for the issuance of letters of credit and a maturity date of May 2017. Under the Credit Agreement, the Company may request an increase in the amount of the credit facility up to a maximum amount of $2.5 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. Borrowings are issuable in U.S. dollars only, while letters of credit are issuable in U.S. dollars or Euros. The material terms of the agreement include the requirement that the Company maintain specific leverage ratios and limitations on secured indebtedness. Fees under the Credit Agreement will be based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current debt ratings, 21CFA pays a facility fee of 0.125% and an initial drawn cost of LIBOR plus 1.125%. | |||||||||||||||||||||
The Parent Guarantor presently guarantees the senior public indebtedness of 21CFA and the guarantee is full and unconditional. The supplemental condensed consolidating financial information of the Parent Guarantor should be read in conjunction with these Unaudited Consolidated Financial Statements. | |||||||||||||||||||||
In accordance with rules and regulations of the SEC, the Company uses the equity method to account for the results of all of the non-guarantor subsidiaries, representing substantially all of the Company’s consolidated results of operations, excluding certain intercompany eliminations. | |||||||||||||||||||||
The following condensed consolidating financial statements present the results of operations, financial position and cash flows of 21CFA, the Company and the subsidiaries of the Company and the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis. | |||||||||||||||||||||
With respect to the nine months ended March 31, 2015, we identified certain adjustments, which the Company determined were not material, related to the presentation of Earnings (losses) from subsidiary entities for the three and nine months ended March 31, 2014 and for the year ended June 30, 2014 and Intragroup investments as of June 30, 2014. These revisions had no impact on any consolidated totals of the condensed consolidating financial statements. These revisions impacted the amounts presented in the 21CFA column (increasing the amounts presented as Earnings (losses) from subsidiary entities, Income tax (expense) benefit and Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders) and in the Reclassifications and Eliminations column in the Supplemental Condensed Consolidating Statements of Operations for the three and nine months ended March 31, 2014 and for the year ended June 30, 2014 and the amounts presented in the 21CFA column (increasing the Intragroup investments and Equity) and in the Reclassifications and Eliminations column in the Supplemental Condensed Consolidating Balance Sheet as of June 30, 2014. These adjustments were not reflected in the previously filed Supplemental Guarantor Information filed with our Form 10-Q filed with the SEC on May 8, 2014 and with our 2014 Form 10-K. | |||||||||||||||||||||
Accordingly, the Supplemental Condensed Consolidating Statements of Operations for the three and nine months ended March 31, 2014 and for the year ended June 30, 2014 and Supplemental Condensed Consolidating Balance Sheet as of June 30, 2014 have been revised to reflect the immaterial adjustments described above. Fiscal 2015 amounts have been prepared to conform to this presentation. Future filings will also reflect increased 21CFA and reclassification/elimination amounts of Earnings (losses) from subsidiary entities, Income tax (expense) benefit, Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders, Intragroup investments and Equity for prior periods. | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 6,839 | $ | - | $ | 6,840 | |||||||||||
Expenses | (72 | ) | - | (5,232 | ) | - | (5,304 | ) | |||||||||||||
Equity (losses) earnings of affiliates | (1 | ) | - | 331 | - | 330 | |||||||||||||||
Interest expense, net | (394 | ) | (173 | ) | (20 | ) | 295 | (292 | ) | ||||||||||||
Interest income | - | 3 | 300 | (295 | ) | 8 | |||||||||||||||
Earnings (losses) from subsidiary entities | 1,987 | 1,171 | - | (3,158 | ) | - | |||||||||||||||
Other, net | (171 | ) | (11 | ) | 115 | - | (67 | ) | |||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 1,350 | 990 | 2,333 | (3,158 | ) | 1,515 | |||||||||||||||
Income tax (expense) benefit | (425 | ) | - | (593 | ) | 560 | (458 | ) | |||||||||||||
Income (loss) from continuing operations | 925 | 990 | 1,740 | (2,598 | ) | 1,057 | |||||||||||||||
Loss from discontinued operations, net of tax | - | (15 | ) | - | - | (15 | ) | ||||||||||||||
Net income (loss) | 925 | 975 | 1,740 | (2,598 | ) | 1,042 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (67 | ) | - | (67 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 925 | $ | 975 | $ | 1,673 | $ | (2,598 | ) | $ | 975 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 459 | $ | 603 | $ | 1,210 | $ | (1,669 | ) | $ | 603 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 8,218 | $ | - | $ | 8,219 | |||||||||||
Expenses | (68 | ) | - | (6,652 | ) | - | (6,720 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 169 | - | 170 | ||||||||||||||||
Interest expense, net | (396 | ) | (142 | ) | (14 | ) | 268 | (284 | ) | ||||||||||||
Interest income | 1 | 1 | 272 | (268 | ) | 6 | |||||||||||||||
Earnings (losses) from subsidiary entities | 1,952 | 1,203 | - | (3,155 | ) | - | |||||||||||||||
Other, net | 5 | - | (38 | ) | - | (33 | ) | ||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 1,496 | 1,062 | 1,955 | (3,155 | ) | 1,358 | |||||||||||||||
Income tax (expense) benefit | (293 | ) | - | (390 | ) | 414 | (269 | ) | |||||||||||||
Income (loss) from continuing operations | 1,203 | 1,062 | 1,565 | (2,741 | ) | 1,089 | |||||||||||||||
Loss from discontinued operations, net of tax | (7 | ) | (9 | ) | - | - | (16 | ) | |||||||||||||
Net income (loss) | 1,196 | 1,053 | 1,565 | (2,741 | ) | 1,073 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (20 | ) | - | (20 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 1,196 | $ | 1,053 | $ | 1,545 | $ | (2,741 | ) | $ | 1,053 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 1,054 | $ | 1,085 | $ | 1,623 | $ | (2,677 | ) | $ | 1,085 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 22,781 | $ | - | $ | 22,782 | |||||||||||
Expenses | (241 | ) | - | (18,025 | ) | - | (18,266 | ) | |||||||||||||
Equity (losses) earnings of affiliates | (2 | ) | - | 961 | - | 959 | |||||||||||||||
Interest expense, net | (1,188 | ) | (463 | ) | (78 | ) | 822 | (907 | ) | ||||||||||||
Interest income | 8 | 4 | 841 | (822 | ) | 31 | |||||||||||||||
Earnings (losses) from subsidiary entities | 10,513 | 8,727 | - | (19,240 | ) | - | |||||||||||||||
Other, net | (18 | ) | (11 | ) | 5,037 | - | 5,008 | ||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 9,073 | 8,257 | 11,517 | (19,240 | ) | 9,607 | |||||||||||||||
Income tax (expense) benefit | (1,085 | ) | - | (1,378 | ) | 1,313 | (1,150 | ) | |||||||||||||
Income (loss) from continuing operations | 7,988 | 8,257 | 10,139 | (17,927 | ) | 8,457 | |||||||||||||||
Loss from discontinued operations, net of tax | - | (38 | ) | - | - | (38 | ) | ||||||||||||||
Net income (loss) | 7,988 | 8,219 | 10,139 | (17,927 | ) | 8,419 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (200 | ) | - | (200 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 7,988 | $ | 8,219 | $ | 9,939 | $ | (17,927 | ) | $ | 8,219 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 5,925 | $ | 6,406 | $ | 7,858 | $ | (13,783 | ) | $ | 6,406 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 23,442 | $ | - | $ | 23,443 | |||||||||||
Expenses | (233 | ) | - | (19,162 | ) | - | (19,395 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 429 | - | 430 | ||||||||||||||||
Interest expense, net | (1,174 | ) | (418 | ) | (27 | ) | 789 | (830 | ) | ||||||||||||
Interest income | 2 | 2 | 806 | (789 | ) | 21 | |||||||||||||||
Earnings (losses) from subsidiary entities | 5,424 | 3,228 | - | (8,652 | ) | - | |||||||||||||||
Other, net | 280 | - | (157 | ) | - | 123 | |||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 4,301 | 2,812 | 5,331 | (8,652 | ) | 3,792 | |||||||||||||||
Income tax (expense) benefit | (1,054 | ) | - | (1,306 | ) | 1,431 | (929 | ) | |||||||||||||
Income (loss) from continuing operations | 3,247 | 2,812 | 4,025 | (7,221 | ) | 2,863 | |||||||||||||||
(Loss) income from discontinued operations, net of tax | (7 | ) | 703 | - | - | 696 | |||||||||||||||
Net income (loss) | 3,240 | 3,515 | 4,025 | (7,221 | ) | 3,559 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (44 | ) | - | (44 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,240 | $ | 3,515 | $ | 3,981 | $ | (7,221 | ) | $ | 3,515 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,995 | $ | 3,858 | $ | 4,336 | $ | (7,331 | ) | $ | 3,858 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the year ended June 30, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 31,866 | $ | - | $ | 31,867 | |||||||||||
Expenses | (345 | ) | - | (26,034 | ) | - | (26,379 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 621 | - | 622 | ||||||||||||||||
Interest expense, net | (1,561 | ) | (513 | ) | (47 | ) | 1,000 | (1,121 | ) | ||||||||||||
Interest income | 3 | 3 | 1,020 | (1,000 | ) | 26 | |||||||||||||||
Earnings (losses) from subsidiary entities | 6,530 | 4,200 | - | (10,730 | ) | - | |||||||||||||||
Other, net | 590 | 82 | (498 | ) | - | 174 | |||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 5,219 | 3,772 | 6,928 | (10,730 | ) | 5,189 | |||||||||||||||
Income tax (expense) benefit | (1,279 | ) | - | (1,699 | ) | 1,706 | (1,272 | ) | |||||||||||||
Income (loss) from continuing operations | 3,940 | 3,772 | 5,229 | (9,024 | ) | 3,917 | |||||||||||||||
(Loss) income from discontinued operations, net of tax | (13 | ) | 742 | - | - | 729 | |||||||||||||||
Net income (loss) | 3,927 | 4,514 | 5,229 | (9,024 | ) | 4,646 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (132 | ) | - | (132 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,927 | $ | 4,514 | $ | 5,097 | $ | (9,024 | ) | $ | 4,514 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 4,390 | $ | 4,799 | $ | 5,572 | $ | (9,962 | ) | $ | 4,799 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 468 | $ | 7,716 | $ | 1,092 | $ | - | $ | 9,276 | |||||||||||
Receivables, net | 11 | - | 6,335 | (1 | ) | 6,345 | |||||||||||||||
Inventories, net | - | - | 3,062 | - | 3,062 | ||||||||||||||||
Other | 51 | - | 315 | - | 366 | ||||||||||||||||
Total current assets | 530 | 7,716 | 10,804 | (1 | ) | 19,049 | |||||||||||||||
Non-current assets: | |||||||||||||||||||||
Receivables, net | 15 | - | 403 | - | 418 | ||||||||||||||||
Inventories, net | - | - | 6,428 | - | 6,428 | ||||||||||||||||
Property, plant and equipment, net | 219 | - | 1,477 | - | 1,696 | ||||||||||||||||
Intangible assets, net | - | - | 6,372 | - | 6,372 | ||||||||||||||||
Goodwill | - | - | 12,502 | - | 12,502 | ||||||||||||||||
Other | 430 | - | 156 | - | 586 | ||||||||||||||||
Investments: | |||||||||||||||||||||
Investments in associated companies and other investments | 50 | 22 | 4,369 | - | 4,441 | ||||||||||||||||
Intragroup investments | 92,103 | 52,704 | - | (144,807 | ) | - | |||||||||||||||
Total investments | 92,153 | 52,726 | 4,369 | (144,807 | ) | 4,441 | |||||||||||||||
TOTAL ASSETS | $ | 93,347 | $ | 60,442 | $ | 42,511 | $ | (144,808 | ) | $ | 51,492 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Borrowings | $ | 200 | $ | - | $ | 27 | $ | - | $ | 227 | |||||||||||
Other current liabilities | 431 | 376 | 6,457 | (1 | ) | 7,263 | |||||||||||||||
Total current liabilities | 631 | 376 | 6,484 | (1 | ) | 7,490 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||||||
Borrowings | 17,278 | - | 1,587 | - | 18,865 | ||||||||||||||||
Other non-current liabilities | 670 | - | 4,854 | - | 5,524 | ||||||||||||||||
Intercompany | 35,118 | 42,077 | (77,195 | ) | - | - | |||||||||||||||
Redeemable noncontrolling interests | - | - | 638 | - | 638 | ||||||||||||||||
Total equity | 39,650 | 17,989 | 106,143 | (144,807 | ) | 18,975 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 93,347 | $ | 60,442 | $ | 42,511 | $ | (144,808 | ) | $ | 51,492 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | |||||||||||
Receivables, net | 3 | - | 6,466 | (1 | ) | 6,468 | |||||||||||||||
Inventories, net | - | - | 3,092 | - | 3,092 | ||||||||||||||||
Other | 10 | - | 391 | - | 401 | ||||||||||||||||
Total current assets | 486 | 3,120 | 11,771 | (1 | ) | 15,376 | |||||||||||||||
Non-current assets: | |||||||||||||||||||||
Receivables, net | 16 | - | 438 | - | 454 | ||||||||||||||||
Inventories, net | - | - | 6,442 | - | 6,442 | ||||||||||||||||
Property, plant and equipment, net | 145 | - | 2,786 | - | 2,931 | ||||||||||||||||
Intangible assets, net | - | - | 8,072 | - | 8,072 | ||||||||||||||||
Goodwill | - | - | 18,052 | - | 18,052 | ||||||||||||||||
Other | 410 | - | 197 | - | 607 | ||||||||||||||||
Investments: | |||||||||||||||||||||
Investments in associated companies and other investments | 113 | 19 | 2,727 | - | 2,859 | ||||||||||||||||
Intragroup investments | 80,714 | 46,499 | - | (127,213 | ) | - | |||||||||||||||
Total investments | 80,827 | 46,518 | 2,727 | (127,213 | ) | 2,859 | |||||||||||||||
TOTAL ASSETS | $ | 81,884 | $ | 49,638 | $ | 50,485 | $ | (127,214 | ) | $ | 54,793 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Borrowings | $ | 750 | $ | - | $ | 49 | $ | - | $ | 799 | |||||||||||
Other current liabilities | 516 | 85 | 7,457 | (1 | ) | 8,057 | |||||||||||||||
Total current liabilities | 1,266 | 85 | 7,506 | (1 | ) | 8,856 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||||||
Borrowings | 16,279 | - | 1,980 | - | 18,259 | ||||||||||||||||
Other non-current liabilities | 316 | - | 5,920 | - | 6,236 | ||||||||||||||||
Intercompany | 33,276 | 32,135 | (65,411 | ) | - | - | |||||||||||||||
Redeemable noncontrolling interests | - | - | 541 | - | 541 | ||||||||||||||||
Total equity | 30,747 | 17,418 | 99,949 | (127,213 | ) | 20,901 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 81,884 | $ | 49,638 | $ | 50,485 | $ | (127,214 | ) | $ | 54,793 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (276 | ) | $ | 1,675 | $ | 1,224 | $ | - | $ | 2,623 | ||||||||||
Investing activities: | |||||||||||||||||||||
Property, plant and equipment | (84 | ) | - | (236 | ) | - | (320 | ) | |||||||||||||
Investments | (127 | ) | (3 | ) | (1,173 | ) | - | (1,303 | ) | ||||||||||||
Proceeds from dispositions, net | 79 | 8,582 | (51 | ) | - | 8,610 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (132 | ) | 8,579 | (1,460 | ) | - | 6,987 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings | 1,191 | - | 1,343 | - | 2,534 | ||||||||||||||||
Repayment of borrowings | (750 | ) | - | (1,424 | ) | - | (2,174 | ) | |||||||||||||
Issuance of shares | - | 49 | - | - | 49 | ||||||||||||||||
Repurchase of shares | - | (4,784 | ) | - | - | (4,784 | ) | ||||||||||||||
Dividends paid and distributions | - | (273 | ) | (221 | ) | - | (494 | ) | |||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | (650 | ) | - | - | (650 | ) | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 441 | (5,658 | ) | (302 | ) | - | (5,519 | ) | |||||||||||||
Discontinued operations: | |||||||||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | (38 | ) | - | - | - | (38 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (5 | ) | 4,596 | (538 | ) | - | 4,053 | ||||||||||||||
Cash and cash equivalents, beginning of year | 473 | 3,120 | 1,822 | - | 5,415 | ||||||||||||||||
Exchange movement on cash balances | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Cash and cash equivalents, end of period | $ | 468 | $ | 7,716 | $ | 1,092 | $ | - | $ | 9,276 | |||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (817 | ) | $ | 1,481 | $ | 917 | $ | - | $ | 1,581 | ||||||||||
Investing activities: | |||||||||||||||||||||
Property, plant and equipment | (3 | ) | - | (467 | ) | - | (470 | ) | |||||||||||||
Investments | (1 | ) | - | (796 | ) | - | (797 | ) | |||||||||||||
Proceeds from dispositions, net | - | - | 259 | - | 259 | ||||||||||||||||
Net cash used in investing activities from continuing operations | (4 | ) | - | (1,004 | ) | - | (1,008 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings | 987 | - | - | - | 987 | ||||||||||||||||
Repayment of borrowings | (134 | ) | - | (8 | ) | - | (142 | ) | |||||||||||||
Issuance of shares | - | 66 | - | - | 66 | ||||||||||||||||
Repurchase of shares | - | (2,752 | ) | - | - | (2,752 | ) | ||||||||||||||
Dividends paid and distributions | - | (287 | ) | (157 | ) | - | (444 | ) | |||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (76 | ) | - | (76 | ) | ||||||||||||||
Distribution to News Corporation | - | (10 | ) | - | - | (10 | ) | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 853 | (2,983 | ) | (241 | ) | - | (2,371 | ) | |||||||||||||
Discontinued operations: | |||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents from discontinued operations | (90 | ) | 698 | - | - | 608 | |||||||||||||||
Net decrease in cash and cash equivalents | (58 | ) | (804 | ) | (328 | ) | - | (1,190 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 524 | 3,956 | 2,179 | - | 6,659 | ||||||||||||||||
Exchange movement on cash balances | - | - | 48 | - | 48 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 466 | $ | 3,152 | $ | 1,899 | $ | - | $ | 5,517 | |||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Notes to Supplemental Guarantor Information | |||||||||||||||||||||
-1 | Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are accounted for by their parent companies under the equity method of accounting whereby earnings of subsidiaries are reflected in the respective parent company’s investment account and earnings. | ||||||||||||||||||||
-2 | The guarantees of 21CFA’s senior public indebtedness constitute senior indebtedness of the Company, and rank pari passu with all present and future senior indebtedness of the Company. Because the factual basis underlying the obligations created pursuant to the various facilities and other obligations constituting senior indebtedness of the Company differ, it is not possible to predict how a court in bankruptcy would accord priorities among the obligations of the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees. |
Investments | Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. |
Use of Estimates | The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results could differ from those estimates. |
Reclassifications and Adjustments | Certain fiscal 2014 amounts have been reclassified to conform to the fiscal 2015 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relate to the Company’s continuing operations. |
Recently Adopted and Recently Issued Accounting Guidance | Recently Adopted and Recently Issued Accounting Guidance |
Adopted | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, (“ASU 2013-05”). The objective of ASU 2013-05 is to resolve the diversity in practice regarding the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets or a business within a foreign entity. ASU 2013-05 is effective for the Company for interim reporting periods beginning July 1, 2014. The Company’s adoption of ASU 2013-05 did not have a material effect on the Company’s consolidated financial statements. | |
Issued | |
In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, (“ASU 2015-03”). To simplify the presentation of debt issuance costs, ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 requires retrospective adoption and is effective for the Company for the interim reporting periods beginning July 1, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. | |
In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. ASU 2015-07 requires retrospective adoption and is effective for the Company for the interim reporting periods beginning July 1, 2016. Early adoption is permitted. The Company is currently evaluating the impact ASU 2015-07 will have on its consolidated financial statements. | |
Receivables, Net | Receivables, net are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. |
Concentration of Credit Risk | Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. |
Acquisitions_Disposals_and_Oth1
Acquisitions, Disposals and Other Transactions (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Summarized Financial Information | (Loss) income from discontinued operations were as follows: | ||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||||
(Loss) income from discontinued operations before income tax expense(a) | $ | (2 | ) | $ | (16 | ) | $ | (11 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax | $ | (15 | ) | $ | (16 | ) | $ | (38 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.31 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.3 | ||||||
(a) | Includes the net tax refund recognized and received, pursuant to the tax sharing and indemnification agreement with News Corp, of approximately $720 million during the nine months ended March 31, 2014. | ||||||||||||||||
Sky Italia And Sky Deutschland | |||||||||||||||||
Summarized Financial Information | The following table presents the summarized assets and liabilities of Sky Italia and Sky Deutschland: | ||||||||||||||||
As of | As of | ||||||||||||||||
November 12, | June 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Total current assets | $ | 1,563 | $ | 1,200 | |||||||||||||
Goodwill and intangible assets, net | 5,830 | 6,451 | |||||||||||||||
Other non-current assets | 1,363 | 1,493 | |||||||||||||||
Total assets | $ | 8,756 | $ | 9,144 | |||||||||||||
Total current liabilities | $ | 1,885 | $ | 1,801 | |||||||||||||
Total non-current liabilities | 674 | 635 | |||||||||||||||
Total liabilities | $ | 2,559 | $ | 2,436 | |||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Summarized Financial Information | (Loss) income from discontinued operations were as follows: | ||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||||
(Loss) income from discontinued operations before income tax expense(a) | $ | (2 | ) | $ | (16 | ) | $ | (11 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax | $ | (15 | ) | $ | (16 | ) | $ | (38 | ) | $ | 696 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.31 | ||||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.3 | ||||||
(a) | Includes the net tax refund recognized and received, pursuant to the tax sharing and indemnification agreement with News Corp, of approximately $720 million during the nine months ended March 31, 2014. |
Receivables_Net_Tables
Receivables, Net (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Receivables, Net | Receivables, net consist of: | ||||||||
As of | As of | ||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Total receivables | $ | 7,393 | $ | 7,737 | |||||
Allowances for returns and doubtful accounts | (630 | ) | (815 | ) | |||||
Total receivables, net | 6,763 | 6,922 | |||||||
Less: current receivables, net | (6,345 | ) | (6,468 | ) | |||||
Non-current receivables, net | $ | 418 | $ | 454 | |||||
Inventories_Net_Tables
Inventories, Net (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | The Company’s inventories were comprised of the following: | ||||||||
As of | As of | ||||||||
March 31, | June 30, | ||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Programming rights | $ | 5,906 | $ | 5,812 | |||||
DVDs, Blu-rays and other merchandise | 72 | 81 | |||||||
Filmed entertainment costs: | |||||||||
Films: | |||||||||
Released | 1,153 | 1,025 | |||||||
Completed, not released | 58 | 317 | |||||||
In production | 897 | 819 | |||||||
In development or preproduction | 194 | 151 | |||||||
2,302 | 2,312 | ||||||||
Television productions: | |||||||||
Released | 875 | 862 | |||||||
In production | 335 | 463 | |||||||
In development or preproduction | - | 4 | |||||||
1,210 | 1,329 | ||||||||
Total filmed entertainment costs, less accumulated amortization(a) | 3,512 | 3,641 | |||||||
Total inventories, net | 9,490 | 9,534 | |||||||
Less: current portion of inventories, net(b) | (3,062 | ) | (3,092 | ) | |||||
Total non-current inventories, net | $ | 6,428 | $ | 6,442 | |||||
(a) | Does not include $311 million and $335 million of net intangible film library costs as of March 31, 2015 and June 30, 2014, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | ||||||||
(b) | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Investments [Abstract] | ||||||||||||||
Schedule of Investments | The Company’s investments were comprised of the following: | |||||||||||||
Ownership | As of | As of | ||||||||||||
percentage | March 31, | June 30, | ||||||||||||
as of | 2015 | 2014 | ||||||||||||
March 31, | ||||||||||||||
2015 | ||||||||||||||
(in millions) | ||||||||||||||
Sky plc(a)(c) | European DBS operator | 39% | $ | 3,356 | $ | 2,359 | ||||||||
Endemol Shine Group(b)(c) | 50% | 688 | - | |||||||||||
Other investments | various | 397 | 500 | |||||||||||
Total investments | $ | 4,441 | $ | 2,859 | ||||||||||
(a) | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2015 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 7 – Fair Value). | |||||||||||||
(b) | See Note 2 – Acquisitions, Disposals and Other Transactions. | |||||||||||||
(c) | Equity method investment. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them | The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: | ||||||||||||||||
Fair value measurements | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Description | Total | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other | unobservable | |||||||||||||||
identical instruments | observable | inputs | |||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Investments(a) | $ | 18 | $ | 18 | $ | - | $ | - | |||||||||
Derivatives(b) | 11 | - | 11 | - | |||||||||||||
Liabilities | |||||||||||||||||
Derivatives(b) | (26 | ) | - | (26 | ) | - | |||||||||||
Contingent consideration(c) | (119 | ) | - | - | (119 | ) | |||||||||||
Redeemable noncontrolling interests(d) | (638 | ) | - | - | (638 | ) | |||||||||||
Total | $ | (754 | ) | $ | 18 | $ | (15 | ) | $ | (757 | ) | ||||||
As of June 30, 2014 | |||||||||||||||||
Description | Total | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other | unobservable | |||||||||||||||
identical instruments | observable | inputs | |||||||||||||||
(Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
(in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Investments(a) | $ | 124 | $ | 124 | $ | - | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivatives(b) | (10 | ) | - | (10 | ) | - | |||||||||||
Contingent consideration(c) | (134 | ) | - | - | (134 | ) | |||||||||||
Redeemable noncontrolling interests(d) | (541 | ) | - | - | (541 | ) | |||||||||||
Total | $ | (561 | ) | $ | 124 | $ | (10 | ) | $ | (675 | ) | ||||||
(a) | Available for sale securities. | ||||||||||||||||
(b) | Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts which are valued using an income approach. | ||||||||||||||||
(c) | Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. | ||||||||||||||||
(d) | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity”, because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures, using observable inputs such as market data obtained from independent sources. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset (liability). As of March 31, 2015, one minority shareholder’s put right is currently exercisable and another minority shareholder’s put right will become exercisable in March 2016. The increase in the amount of redeemable noncontrolling interests during the three and nine months ended March 31, 2015 was primarily due to the issuance of redeemable instruments in one of the Company’s majority-owned regional sports networks. | ||||||||||||||||
Schedule of Fair Value and Carrying Value of Borrowings | The carrying value of the Company’s cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. | ||||||||||||||||
Borrowings | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Fair value of borrowings | $ | 23,560 | $ | 22,692 | |||||||||||||
Carrying value of borrowings | $ | 19,092 | $ | 19,058 | |||||||||||||
Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). | |||||||||||||||||
Changes in Fair Value of Derivatives Designated as Cash Flow Hedges and Other Derivatives | The following table shows the changes in fair value of the Company’s derivatives: | ||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Beginning of period | $ | (9 | ) | $ | (19 | ) | $ | (10 | ) | $ | 3 | ||||||
Changes in fair value recorded in accumulated other comprehensive (loss) income, net of settlements | (10 | ) | (5 | ) | 121 | (26 | ) | ||||||||||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 4 | 6 | (126 | ) | 10 | ||||||||||||
Other | - | - | - | (5 | ) | ||||||||||||
End of period | $ | (15 | ) | $ | (18 | ) | $ | (15 | ) | $ | (18 | ) | |||||
Foreign Currency Forward Contracts | |||||||||||||||||
Schedule of Financial Instruments Used to Hedge Certain Exposures | The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues, the cost of producing or acquiring films and television programming as well as its investment in certain foreign operations and equity method investments. | ||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash flow hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | 799 | $ | 393 | |||||||||||||
Fair value of foreign currency forward contracts | $ | (14 | ) | $ | (3 | ) | |||||||||||
Net investment hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | 321 | $ | - | |||||||||||||
Fair value of foreign currency forward contracts | $ | (1 | ) | $ | - | ||||||||||||
The increase in the net investment hedges balance as of March 31, 2015 is primarily due to the Company’s use of foreign currency forward contracts to hedge a portion of the carrying value of the Company’s investment in an equity method investee. | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Economic hedges | |||||||||||||||||
Notional amount of foreign currency forward contracts | $ | - | $ | 305 | |||||||||||||
Fair value of foreign currency forward contracts | $ | - | $ | (1 | ) | ||||||||||||
The economic hedges entered into by the Company as of June 30, 2014 primarily related to foreign currency forward contracts of the DBS segment, which was sold in November 2014 (See Note 2 – Acquisitions, Disposals and Other Transactions). | |||||||||||||||||
Interest Rate Swap Contracts | |||||||||||||||||
Schedule of Financial Instruments Used to Hedge Certain Exposures | The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. | ||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Cash flow hedges | |||||||||||||||||
Notional amount of interest rate swap contracts | $ | - | $ | 308 | |||||||||||||
Fair value of interest rate swap contracts | $ | - | $ | (6 | ) | ||||||||||||
As a result of the sale of the DBS businesses in November 2014, the Company no longer has interest rate swap contracts used as cash flow hedges (See Note 2 – Acquisitions, Disposals and Other Transactions). | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Economic hedges | |||||||||||||||||
Notional amount of interest rate swap contracts | $ | 260 | $ | 270 | |||||||||||||
Fair value of interest rate swap contracts | $ | - | $ | - | |||||||||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Carrying Value of Goodwill | The changes in the carrying value of goodwill, by segment, are as follows: | ||||||||||||||||||||||||
Cable Network | Television | Filmed | Direct | Other, | Total Goodwill | ||||||||||||||||||||
Programming | Entertainment | Broadcast | Corporate and Eliminations | ||||||||||||||||||||||
Satellite | |||||||||||||||||||||||||
Television | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, June 30, 2014 | $ | 9,551 | $ | 1,882 | $ | 1,594 | $ | 4,994 | $ | 31 | $ | 18,052 | |||||||||||||
Acquisitions | 92 | 5 | - | - | - | 97 | |||||||||||||||||||
Dispositions | - | (55 | ) | (471 | ) | (4,548 | ) | - | (5,074 | ) | |||||||||||||||
Foreign exchange movements and Other | (85 | ) | - | (42 | ) | (446 | ) | - | (573 | ) | |||||||||||||||
Balance, March 31, 2015 | $ | 9,558 | $ | 1,832 | $ | 1,081 | $ | - | $ | 31 | $ | 12,502 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Equity | The following tables summarize changes in equity: | ||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Twenty-First Century Fox stockholders | Noncontrolling interests | Total | Twenty-First Century Fox stockholders | Noncontrolling interests | Total | ||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 19,813 | $ | 975 | $ | 20,788 | $ | 17,649 | $ | 3,151 | $ | 20,800 | |||||||||||||
Net income (loss) | 975 | 37 | (a) | 1,012 | 1,053 | (6 | ) | (a) | 1,047 | ||||||||||||||||
Other comprehensive (loss) income | (372 | ) | - | (372 | ) | 32 | 4 | 36 | |||||||||||||||||
Cancellation of shares, net | (2,046 | ) | - | (2,046 | ) | (1,013 | ) | - | (1,013 | ) | |||||||||||||||
Dividends declared | (313 | ) | - | (313 | ) | (281 | ) | - | (281 | ) | |||||||||||||||
Acquisition of YES Network | - | - | - | - | 385 | 385 | |||||||||||||||||||
Other | (68 | ) | (26 | ) | (d) | (94 | ) | 23 | (33 | ) | (d) | (10 | ) | ||||||||||||
Balance, end of period | $ | 17,989 | $ | 986 | $ | 18,975 | $ | 17,463 | $ | 3,501 | $ | 20,964 | |||||||||||||
For the nine months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Twenty-First Century Fox stockholders | Noncontrolling interests | Total | Twenty-First Century Fox stockholders | Noncontrolling interests | Total | ||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 17,418 | $ | 3,483 | $ | 20,901 | $ | 16,998 | $ | 3,127 | $ | 20,125 | |||||||||||||
Net income (loss) | 8,219 | 117 | (a) | 8,336 | 3,515 | (30 | ) | (a) | 3,485 | ||||||||||||||||
Other comprehensive (loss) income | (1,813 | ) | (214 | ) | (2,027 | ) | 343 | 134 | 477 | ||||||||||||||||
Cancellation of shares, net | (4,592 | ) | - | (4,592 | ) | (2,577 | ) | - | (2,577 | ) | |||||||||||||||
Dividends declared | (586 | ) | - | (586 | ) | (568 | ) | - | (568 | ) | |||||||||||||||
Purchase of noncontrolling interests(b) | (522 | ) | (128 | ) | (650 | ) | (58 | ) | (18 | ) | (76 | ) | |||||||||||||
Acquisition of YES Network | - | - | - | - | 385 | 385 | |||||||||||||||||||
Dispositions | - | (2,130 | ) | (c) | (2,130 | ) | - | - | - | ||||||||||||||||
Other | (135 | ) | (142 | ) | (d) | (277 | ) | (190 | ) | (97 | ) | (d) | (287 | ) | |||||||||||
Balance, end of period | $ | 17,989 | $ | 986 | $ | 18,975 | $ | 17,463 | $ | 3,501 | $ | 20,964 | |||||||||||||
(a) | Net income attributable to noncontrolling interests excludes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. | ||||||||||||||||||||||||
(b) | Represents the increase in ownership in NGC International (See Note 2 – Acquisitions, Disposals and Other Transactions) and Latin America Pay Television in fiscal 2015 and 2014, respectively. | ||||||||||||||||||||||||
(c) | Represents the noncontrolling interest in Sky Deutschland (See Note 2 – Acquisitions, Disposals and Other Transactions). | ||||||||||||||||||||||||
(d) | Other activity attributable to noncontrolling interests excludes $61 million and $(13) million for the three months ended March 31, 2015 and 2014, respectively, and $14 million and $(59) million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. | ||||||||||||||||||||||||
Schedule of Comprehensive (Loss) Income | The following tables summarize the activity within Other comprehensive (loss) income: | ||||||||||||||||||||||||
For the three months ended March 31, 2015 | For the nine months ended March 31, 2015 | ||||||||||||||||||||||||
Before tax | Tax | Net of tax | Before tax | Tax | Net of tax | ||||||||||||||||||||
(provision) | (provision) | ||||||||||||||||||||||||
benefit | benefit | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||||
Unrealized losses | $ | (452 | ) | $ | 71 | $ | (381 | ) | $ | (1,870 | ) | $ | 260 | $ | (1,610 | ) | |||||||||
Amount reclassified on hedging activity(a) | 4 | (1 | ) | 3 | (126 | ) | (1 | ) | (127 | ) | |||||||||||||||
Amount reclassified on dispositions(b) | - | - | - | (253 | ) | - | (253 | ) | |||||||||||||||||
Other comprehensive loss | $ | (448 | ) | $ | 70 | $ | (378 | ) | $ | (2,249 | ) | $ | 259 | $ | (1,990 | ) | |||||||||
Gains and losses on securities | |||||||||||||||||||||||||
Unrealized (losses) gains | $ | (1 | ) | $ | - | $ | (1 | ) | $ | 236 | $ | (83 | ) | $ | 153 | ||||||||||
Amount reclassified on sale of securities(b) | - | - | - | (325 | ) | 114 | (211 | ) | |||||||||||||||||
Other comprehensive loss | $ | (1 | ) | $ | - | $ | (1 | ) | $ | (89 | ) | $ | 31 | $ | (58 | ) | |||||||||
Benefit plan adjustments | |||||||||||||||||||||||||
Reclassification adjustments realized in net income(c) | $ | 10 | $ | (3 | ) | $ | 7 | $ | 32 | $ | (11 | ) | $ | 21 | |||||||||||
Other comprehensive income | $ | 10 | $ | (3 | ) | $ | 7 | $ | 32 | $ | (11 | ) | $ | 21 | |||||||||||
For the three months ended March 31, 2014 | For the nine months ended March 31, 2014 | ||||||||||||||||||||||||
Before tax | Tax | Net of tax | Before tax | Tax | Net of tax | ||||||||||||||||||||
(provision) | (provision) | ||||||||||||||||||||||||
benefit | benefit | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||||
Unrealized gains | $ | 17 | $ | (1 | ) | $ | 16 | $ | 663 | $ | (83 | ) | $ | 580 | |||||||||||
Amount reclassified on hedging activity(a) | 6 | (1 | ) | 5 | 10 | (2 | ) | 8 | |||||||||||||||||
Other comprehensive income | $ | 23 | $ | (2 | ) | $ | 21 | $ | 673 | $ | (85 | ) | $ | 588 | |||||||||||
Gains and losses on securities | |||||||||||||||||||||||||
Unrealized gains (losses) | $ | 8 | $ | (3 | ) | $ | 5 | $ | (6 | ) | $ | 2 | $ | (4 | ) | ||||||||||
Amount reclassified on sale of Phoenix(b) | - | - | - | (200 | ) | 70 | (130 | ) | |||||||||||||||||
Other comprehensive income (loss) | $ | 8 | $ | (3 | ) | $ | 5 | $ | (206 | ) | $ | 72 | $ | (134 | ) | ||||||||||
Benefit plan adjustments | |||||||||||||||||||||||||
Reclassification adjustments realized in net income(c) | $ | 15 | $ | (5 | ) | $ | 10 | $ | 37 | $ | (14 | ) | $ | 23 | |||||||||||
Other comprehensive income | $ | 15 | $ | (5 | ) | $ | 10 | $ | 37 | $ | (14 | ) | $ | 23 | |||||||||||
(a) | Reclassifications of amounts related to hedging activity are included in Operating expenses, Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014 (See Note 7 – Fair Value for additional information regarding hedging activity). | ||||||||||||||||||||||||
(b) | Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
(c) | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
Earnings Per Share | The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: | ||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Income from continuing operations | $ | 1,057 | $ | 1,089 | $ | 8,457 | $ | 2,863 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | (67 | ) | (20 | ) | (200 | ) | (44 | ) | |||||||||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | $ | 990 | $ | 1,069 | $ | 8,257 | $ | 2,819 | |||||||||||||||||
Schedule of Dividends Declared | The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: | ||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Cash dividend per share | $ | 0.15 | $ | 0.125 | $ | 0.275 | $ | 0.25 | |||||||||||||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||
Summary of Equity-Based Compensation | The following table summarizes the Company’s equity-based compensation transactions: | ||||||||
For the nine months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Equity-based compensation | $ | 89 | $ | 126 | |||||
Intrinsic value of all settled equity-based awards | $ | 303 | $ | 298 | |||||
Tax benefit on vested equity-based awards | $ | 110 | $ | 91 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Reconciliation of Revenue and Segment OIBDA from Segments to Consolidated | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Cable Network Programming | $ | 3,590 | $ | 3,152 | $ | 10,205 | $ | 8,926 | |||||||||
Television | 1,237 | 1,587 | 3,908 | 4,265 | |||||||||||||
Filmed Entertainment | 2,389 | 2,279 | 7,618 | 6,876 | |||||||||||||
Direct Broadcast Satellite Television | - | 1,530 | 2,112 | 4,437 | |||||||||||||
Other, Corporate and Eliminations | (376 | ) | (329 | ) | (1,061 | ) | (1,061 | ) | |||||||||
Total revenues | $ | 6,840 | $ | 8,219 | $ | 22,782 | $ | 23,443 | |||||||||
Segment OIBDA: | |||||||||||||||||
Cable Network Programming | $ | 1,233 | $ | 1,176 | $ | 3,430 | $ | 3,205 | |||||||||
Television | 141 | 288 | 605 | 737 | |||||||||||||
Filmed Entertainment | 382 | 354 | 1,176 | 1,019 | |||||||||||||
Direct Broadcast Satellite Television | - | 58 | 234 | 278 | |||||||||||||
Other, Corporate and Eliminations | (79 | ) | (89 | ) | (267 | ) | (290 | ) | |||||||||
Total Segment OIBDA | $ | 1,677 | $ | 1,787 | $ | 5,178 | $ | 4,949 | |||||||||
Amortization of cable distribution investments | (17 | ) | (21 | ) | (61 | ) | (61 | ) | |||||||||
Depreciation and amortization | (124 | ) | (267 | ) | (601 | ) | (840 | ) | |||||||||
Equity earnings of affiliates | 330 | 170 | 959 | 430 | |||||||||||||
Interest expense, net | (292 | ) | (284 | ) | (907 | ) | (830 | ) | |||||||||
Interest income | 8 | 6 | 31 | 21 | |||||||||||||
Other, net | (67 | ) | (33 | ) | 5,008 | 123 | |||||||||||
Income from continuing operations before income tax expense | 1,515 | 1,358 | 9,607 | 3,792 | |||||||||||||
Income tax expense | (458 | ) | (269 | ) | (1,150 | ) | (929 | ) | |||||||||
Income from continuing operations | 1,057 | 1,089 | 8,457 | 2,863 | |||||||||||||
(Loss) income from discontinued operations, net of tax | (15 | ) | (16 | ) | (38 | ) | 696 | ||||||||||
Net income | 1,042 | 1,073 | 8,419 | 3,559 | |||||||||||||
Less: Net income attributable to noncontrolling interests | (67 | ) | (20 | ) | (200 | ) | (44 | ) | |||||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 975 | $ | 1,053 | $ | 8,219 | $ | 3,515 | |||||||||
Reconciliation of Depreciation and Amortization from Segments to Consolidated | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Cable Network Programming | $ | 70 | $ | 58 | $ | 219 | $ | 157 | |||||||||
Television | 29 | 30 | 84 | 79 | |||||||||||||
Filmed Entertainment | 21 | 33 | 84 | 98 | |||||||||||||
Direct Broadcast Satellite Television | - | 143 | 202 | 495 | |||||||||||||
Other, Corporate and Eliminations | 4 | 3 | 12 | 11 | |||||||||||||
Total depreciation and amortization | $ | 124 | $ | 267 | $ | 601 | $ | 840 | |||||||||
Reconciliation of Assets from Segments to Consolidated | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Total assets: | |||||||||||||||||
Cable Network Programming | $ | 22,879 | $ | 22,422 | |||||||||||||
Television | 6,998 | 6,449 | |||||||||||||||
Filmed Entertainment | 9,357 | 10,419 | |||||||||||||||
Direct Broadcast Satellite Television | - | 9,144 | |||||||||||||||
Other, Corporate and Eliminations | 7,817 | 3,500 | |||||||||||||||
Investments | 4,441 | 2,859 | |||||||||||||||
Total assets | $ | 51,492 | $ | 54,793 | |||||||||||||
Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated | As of | As of | |||||||||||||||
March 31, | June 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Goodwill and intangible assets, net: | |||||||||||||||||
Cable Network Programming | $ | 12,680 | $ | 12,854 | |||||||||||||
Television | 4,300 | 4,282 | |||||||||||||||
Filmed Entertainment | 1,798 | 2,441 | |||||||||||||||
Direct Broadcast Satellite Television | - | 6,451 | |||||||||||||||
Other, Corporate and Eliminations | 96 | 96 | |||||||||||||||
Total goodwill and intangible assets, net | $ | 18,874 | $ | 26,124 | |||||||||||||
Reconciliation of Revenue from Components to Consolidated | Revenues by Component | ||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Affiliate fees | $ | 2,740 | $ | 2,326 | $ | 7,652 | $ | 6,547 | |||||||||
Subscription | - | 1,390 | 1,964 | 4,061 | |||||||||||||
Advertising | 1,840 | 2,294 | 5,944 | 6,344 | |||||||||||||
Content | 2,189 | 2,067 | 6,938 | 6,135 | |||||||||||||
Other | 71 | 142 | 284 | 356 | |||||||||||||
Total revenues | $ | 6,840 | $ | 8,219 | $ | 22,782 | $ | 23,443 | |||||||||
Additional_Financial_Informati1
Additional Financial Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Summary of Changes in Deferred Tax Liability | The following table illustrates the overall changes in the Company’s net deferred tax liabilities for the nine months ended March 31, 2015: | ||||||||||||||||
Net deferred tax liabilities before valuation allowance | Less: valuation allowance | Total net deferred tax liabilities | |||||||||||||||
(in millions) | |||||||||||||||||
Balance, June 30, 2014 | $ | (330 | ) | $ | (2,338 | ) | $ | (2,668 | ) | ||||||||
Acquisitions and disposals | (1,296 | ) | 1,720 | 424 | |||||||||||||
Other | (66 | ) | 148 | 82 | |||||||||||||
Balance, March 31, 2015 | $ | (1,692 | ) | $ | (470 | ) | $ | (2,162 | ) | ||||||||
Other Income And Expenses [Abstract] | |||||||||||||||||
Components of Other, net | The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: | ||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in millions) | |||||||||||||||||
Gain on sale of the DBS businesses(a) | $ | (11 | ) | $ | - | $ | 4,984 | $ | - | ||||||||
Gain on disposition of Shine Group(a) | 7 | - | 70 | - | |||||||||||||
Gain on sale of investment in Phoenix | - | - | - | 199 | |||||||||||||
Shareholder litigation settlement(b) | - | - | - | 111 | |||||||||||||
Loss on sale of investment in NDS | - | (30 | ) | - | (30 | ) | |||||||||||
Restructuring(c) | (2 | ) | (3 | ) | (40 | ) | (87 | ) | |||||||||
Investment impairment losses(d) | - | - | (3 | ) | (67 | ) | |||||||||||
Devaluation losses and Other(e) | (61 | ) | - | (3 | ) | (3 | ) | ||||||||||
Other, net | $ | (67 | ) | $ | (33 | ) | $ | 5,008 | $ | 123 | |||||||
(a) | See Note 2 – Acquisitions, Disposals and Other Transactions. | ||||||||||||||||
(b) | In the nine months ended March 31, 2014, the Company recorded a net settlement gain of $111 million related to certain shareholder litigation matters (as described in Note 16 – Commitments and Contingencies in the 2014 Form 10-K under the heading “Shareholder Litigation – Delaware”). | ||||||||||||||||
(c) | The restructuring charges in the nine months ended March 31, 2015 primarily relates to cost structure efficiency enhancement initiatives at the Cable Network Programming and Television segments. The restructuring charges in the nine months ended March 31, 2014 primarily relates to contract termination costs associated with cost structure efficiency enhancement initiatives at the DBS segment. | ||||||||||||||||
(d) | The write-downs of investments were recorded as a result of either the deteriorating financial position of the investee or due to a permanent impairment resulting from sustained losses and limited prospects for recovery. | ||||||||||||||||
(e) | Devaluation losses primarily relate to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADI”). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2”) rate. | ||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||
Supplemental Cash Flows Information | |||||||||||||||||
For the nine months ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in millions) | |||||||||||||||||
Supplemental cash flows information: | |||||||||||||||||
Cash paid for income taxes | $ | (498 | ) | $ | (1,100 | ) | |||||||||||
Cash paid for interest | $ | (908 | ) | $ | (816 | ) | |||||||||||
Sale of other investments | $ | - | $ | 1 | |||||||||||||
Purchase of other investments | $ | (53 | ) | $ | (34 | ) | |||||||||||
Supplemental information on businesses acquired and additional investments: | |||||||||||||||||
Fair value of assets acquired | $ | 219 | $ | 2,833 | |||||||||||||
Cash acquired | - | 3 | |||||||||||||||
Liabilities assumed | (2 | ) | (1,763 | ) | |||||||||||||
Decrease in deferred consideration | - | 7 | |||||||||||||||
Noncontrolling interests increase | - | (385 | ) | ||||||||||||||
Cash paid | (142 | ) | (695 | ) | |||||||||||||
Fair value of equity instruments issued to third parties | 75 | - | |||||||||||||||
Issuance of subsidiary common units | (75 | ) | - | ||||||||||||||
Fair value of equity instruments consideration | $ | - | $ | - | |||||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 6,839 | $ | - | $ | 6,840 | |||||||||||
Expenses | (72 | ) | - | (5,232 | ) | - | (5,304 | ) | |||||||||||||
Equity (losses) earnings of affiliates | (1 | ) | - | 331 | - | 330 | |||||||||||||||
Interest expense, net | (394 | ) | (173 | ) | (20 | ) | 295 | (292 | ) | ||||||||||||
Interest income | - | 3 | 300 | (295 | ) | 8 | |||||||||||||||
Earnings (losses) from subsidiary entities | 1,987 | 1,171 | - | (3,158 | ) | - | |||||||||||||||
Other, net | (171 | ) | (11 | ) | 115 | - | (67 | ) | |||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 1,350 | 990 | 2,333 | (3,158 | ) | 1,515 | |||||||||||||||
Income tax (expense) benefit | (425 | ) | - | (593 | ) | 560 | (458 | ) | |||||||||||||
Income (loss) from continuing operations | 925 | 990 | 1,740 | (2,598 | ) | 1,057 | |||||||||||||||
Loss from discontinued operations, net of tax | - | (15 | ) | - | - | (15 | ) | ||||||||||||||
Net income (loss) | 925 | 975 | 1,740 | (2,598 | ) | 1,042 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (67 | ) | - | (67 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 925 | $ | 975 | $ | 1,673 | $ | (2,598 | ) | $ | 975 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 459 | $ | 603 | $ | 1,210 | $ | (1,669 | ) | $ | 603 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 8,218 | $ | - | $ | 8,219 | |||||||||||
Expenses | (68 | ) | - | (6,652 | ) | - | (6,720 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 169 | - | 170 | ||||||||||||||||
Interest expense, net | (396 | ) | (142 | ) | (14 | ) | 268 | (284 | ) | ||||||||||||
Interest income | 1 | 1 | 272 | (268 | ) | 6 | |||||||||||||||
Earnings (losses) from subsidiary entities | 1,952 | 1,203 | - | (3,155 | ) | - | |||||||||||||||
Other, net | 5 | - | (38 | ) | - | (33 | ) | ||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 1,496 | 1,062 | 1,955 | (3,155 | ) | 1,358 | |||||||||||||||
Income tax (expense) benefit | (293 | ) | - | (390 | ) | 414 | (269 | ) | |||||||||||||
Income (loss) from continuing operations | 1,203 | 1,062 | 1,565 | (2,741 | ) | 1,089 | |||||||||||||||
Loss from discontinued operations, net of tax | (7 | ) | (9 | ) | - | - | (16 | ) | |||||||||||||
Net income (loss) | 1,196 | 1,053 | 1,565 | (2,741 | ) | 1,073 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (20 | ) | - | (20 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 1,196 | $ | 1,053 | $ | 1,545 | $ | (2,741 | ) | $ | 1,053 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 1,054 | $ | 1,085 | $ | 1,623 | $ | (2,677 | ) | $ | 1,085 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 22,781 | $ | - | $ | 22,782 | |||||||||||
Expenses | (241 | ) | - | (18,025 | ) | - | (18,266 | ) | |||||||||||||
Equity (losses) earnings of affiliates | (2 | ) | - | 961 | - | 959 | |||||||||||||||
Interest expense, net | (1,188 | ) | (463 | ) | (78 | ) | 822 | (907 | ) | ||||||||||||
Interest income | 8 | 4 | 841 | (822 | ) | 31 | |||||||||||||||
Earnings (losses) from subsidiary entities | 10,513 | 8,727 | - | (19,240 | ) | - | |||||||||||||||
Other, net | (18 | ) | (11 | ) | 5,037 | - | 5,008 | ||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 9,073 | 8,257 | 11,517 | (19,240 | ) | 9,607 | |||||||||||||||
Income tax (expense) benefit | (1,085 | ) | - | (1,378 | ) | 1,313 | (1,150 | ) | |||||||||||||
Income (loss) from continuing operations | 7,988 | 8,257 | 10,139 | (17,927 | ) | 8,457 | |||||||||||||||
Loss from discontinued operations, net of tax | - | (38 | ) | - | - | (38 | ) | ||||||||||||||
Net income (loss) | 7,988 | 8,219 | 10,139 | (17,927 | ) | 8,419 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (200 | ) | - | (200 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 7,988 | $ | 8,219 | $ | 9,939 | $ | (17,927 | ) | $ | 8,219 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 5,925 | $ | 6,406 | $ | 7,858 | $ | (13,783 | ) | $ | 6,406 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 23,442 | $ | - | $ | 23,443 | |||||||||||
Expenses | (233 | ) | - | (19,162 | ) | - | (19,395 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 429 | - | 430 | ||||||||||||||||
Interest expense, net | (1,174 | ) | (418 | ) | (27 | ) | 789 | (830 | ) | ||||||||||||
Interest income | 2 | 2 | 806 | (789 | ) | 21 | |||||||||||||||
Earnings (losses) from subsidiary entities | 5,424 | 3,228 | - | (8,652 | ) | - | |||||||||||||||
Other, net | 280 | - | (157 | ) | - | 123 | |||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 4,301 | 2,812 | 5,331 | (8,652 | ) | 3,792 | |||||||||||||||
Income tax (expense) benefit | (1,054 | ) | - | (1,306 | ) | 1,431 | (929 | ) | |||||||||||||
Income (loss) from continuing operations | 3,247 | 2,812 | 4,025 | (7,221 | ) | 2,863 | |||||||||||||||
(Loss) income from discontinued operations, net of tax | (7 | ) | 703 | - | - | 696 | |||||||||||||||
Net income (loss) | 3,240 | 3,515 | 4,025 | (7,221 | ) | 3,559 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (44 | ) | - | (44 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,240 | $ | 3,515 | $ | 3,981 | $ | (7,221 | ) | $ | 3,515 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,995 | $ | 3,858 | $ | 4,336 | $ | (7,331 | ) | $ | 3,858 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the year ended June 30, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 31,866 | $ | - | $ | 31,867 | |||||||||||
Expenses | (345 | ) | - | (26,034 | ) | - | (26,379 | ) | |||||||||||||
Equity earnings of affiliates | 1 | - | 621 | - | 622 | ||||||||||||||||
Interest expense, net | (1,561 | ) | (513 | ) | (47 | ) | 1,000 | (1,121 | ) | ||||||||||||
Interest income | 3 | 3 | 1,020 | (1,000 | ) | 26 | |||||||||||||||
Earnings (losses) from subsidiary entities | 6,530 | 4,200 | - | (10,730 | ) | - | |||||||||||||||
Other, net | 590 | 82 | (498 | ) | - | 174 | |||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | 5,219 | 3,772 | 6,928 | (10,730 | ) | 5,189 | |||||||||||||||
Income tax (expense) benefit | (1,279 | ) | - | (1,699 | ) | 1,706 | (1,272 | ) | |||||||||||||
Income (loss) from continuing operations | 3,940 | 3,772 | 5,229 | (9,024 | ) | 3,917 | |||||||||||||||
(Loss) income from discontinued operations, net of tax | (13 | ) | 742 | - | - | 729 | |||||||||||||||
Net income (loss) | 3,927 | 4,514 | 5,229 | (9,024 | ) | 4,646 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (132 | ) | - | (132 | ) | ||||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,927 | $ | 4,514 | $ | 5,097 | $ | (9,024 | ) | $ | 4,514 | ||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 4,390 | $ | 4,799 | $ | 5,572 | $ | (9,962 | ) | $ | 4,799 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 468 | $ | 7,716 | $ | 1,092 | $ | - | $ | 9,276 | |||||||||||
Receivables, net | 11 | - | 6,335 | (1 | ) | 6,345 | |||||||||||||||
Inventories, net | - | - | 3,062 | - | 3,062 | ||||||||||||||||
Other | 51 | - | 315 | - | 366 | ||||||||||||||||
Total current assets | 530 | 7,716 | 10,804 | (1 | ) | 19,049 | |||||||||||||||
Non-current assets: | |||||||||||||||||||||
Receivables, net | 15 | - | 403 | - | 418 | ||||||||||||||||
Inventories, net | - | - | 6,428 | - | 6,428 | ||||||||||||||||
Property, plant and equipment, net | 219 | - | 1,477 | - | 1,696 | ||||||||||||||||
Intangible assets, net | - | - | 6,372 | - | 6,372 | ||||||||||||||||
Goodwill | - | - | 12,502 | - | 12,502 | ||||||||||||||||
Other | 430 | - | 156 | - | 586 | ||||||||||||||||
Investments: | |||||||||||||||||||||
Investments in associated companies and other investments | 50 | 22 | 4,369 | - | 4,441 | ||||||||||||||||
Intragroup investments | 92,103 | 52,704 | - | (144,807 | ) | - | |||||||||||||||
Total investments | 92,153 | 52,726 | 4,369 | (144,807 | ) | 4,441 | |||||||||||||||
TOTAL ASSETS | $ | 93,347 | $ | 60,442 | $ | 42,511 | $ | (144,808 | ) | $ | 51,492 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Borrowings | $ | 200 | $ | - | $ | 27 | $ | - | $ | 227 | |||||||||||
Other current liabilities | 431 | 376 | 6,457 | (1 | ) | 7,263 | |||||||||||||||
Total current liabilities | 631 | 376 | 6,484 | (1 | ) | 7,490 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||||||
Borrowings | 17,278 | - | 1,587 | - | 18,865 | ||||||||||||||||
Other non-current liabilities | 670 | - | 4,854 | - | 5,524 | ||||||||||||||||
Intercompany | 35,118 | 42,077 | (77,195 | ) | - | - | |||||||||||||||
Redeemable noncontrolling interests | - | - | 638 | - | 638 | ||||||||||||||||
Total equity | 39,650 | 17,989 | 106,143 | (144,807 | ) | 18,975 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 93,347 | $ | 60,442 | $ | 42,511 | $ | (144,808 | ) | $ | 51,492 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | |||||||||||
Receivables, net | 3 | - | 6,466 | (1 | ) | 6,468 | |||||||||||||||
Inventories, net | - | - | 3,092 | - | 3,092 | ||||||||||||||||
Other | 10 | - | 391 | - | 401 | ||||||||||||||||
Total current assets | 486 | 3,120 | 11,771 | (1 | ) | 15,376 | |||||||||||||||
Non-current assets: | |||||||||||||||||||||
Receivables, net | 16 | - | 438 | - | 454 | ||||||||||||||||
Inventories, net | - | - | 6,442 | - | 6,442 | ||||||||||||||||
Property, plant and equipment, net | 145 | - | 2,786 | - | 2,931 | ||||||||||||||||
Intangible assets, net | - | - | 8,072 | - | 8,072 | ||||||||||||||||
Goodwill | - | - | 18,052 | - | 18,052 | ||||||||||||||||
Other | 410 | - | 197 | - | 607 | ||||||||||||||||
Investments: | |||||||||||||||||||||
Investments in associated companies and other investments | 113 | 19 | 2,727 | - | 2,859 | ||||||||||||||||
Intragroup investments | 80,714 | 46,499 | - | (127,213 | ) | - | |||||||||||||||
Total investments | 80,827 | 46,518 | 2,727 | (127,213 | ) | 2,859 | |||||||||||||||
TOTAL ASSETS | $ | 81,884 | $ | 49,638 | $ | 50,485 | $ | (127,214 | ) | $ | 54,793 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Borrowings | $ | 750 | $ | - | $ | 49 | $ | - | $ | 799 | |||||||||||
Other current liabilities | 516 | 85 | 7,457 | (1 | ) | 8,057 | |||||||||||||||
Total current liabilities | 1,266 | 85 | 7,506 | (1 | ) | 8,856 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||||||
Borrowings | 16,279 | - | 1,980 | - | 18,259 | ||||||||||||||||
Other non-current liabilities | 316 | - | 5,920 | - | 6,236 | ||||||||||||||||
Intercompany | 33,276 | 32,135 | (65,411 | ) | - | - | |||||||||||||||
Redeemable noncontrolling interests | - | - | 541 | - | 541 | ||||||||||||||||
Total equity | 30,747 | 17,418 | 99,949 | (127,213 | ) | 20,901 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 81,884 | $ | 49,638 | $ | 50,485 | $ | (127,214 | ) | $ | 54,793 | ||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the nine months ended March 31, 2015 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (276 | ) | $ | 1,675 | $ | 1,224 | $ | - | $ | 2,623 | ||||||||||
Investing activities: | |||||||||||||||||||||
Property, plant and equipment | (84 | ) | - | (236 | ) | - | (320 | ) | |||||||||||||
Investments | (127 | ) | (3 | ) | (1,173 | ) | - | (1,303 | ) | ||||||||||||
Proceeds from dispositions, net | 79 | 8,582 | (51 | ) | - | 8,610 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (132 | ) | 8,579 | (1,460 | ) | - | 6,987 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings | 1,191 | - | 1,343 | - | 2,534 | ||||||||||||||||
Repayment of borrowings | (750 | ) | - | (1,424 | ) | - | (2,174 | ) | |||||||||||||
Issuance of shares | - | 49 | - | - | 49 | ||||||||||||||||
Repurchase of shares | - | (4,784 | ) | - | - | (4,784 | ) | ||||||||||||||
Dividends paid and distributions | - | (273 | ) | (221 | ) | - | (494 | ) | |||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | (650 | ) | - | - | (650 | ) | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 441 | (5,658 | ) | (302 | ) | - | (5,519 | ) | |||||||||||||
Discontinued operations: | |||||||||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | (38 | ) | - | - | - | (38 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (5 | ) | 4,596 | (538 | ) | - | 4,053 | ||||||||||||||
Cash and cash equivalents, beginning of year | 473 | 3,120 | 1,822 | - | 5,415 | ||||||||||||||||
Exchange movement on cash balances | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Cash and cash equivalents, end of period | $ | 468 | $ | 7,716 | $ | 1,092 | $ | - | $ | 9,276 | |||||||||||
See notes to supplemental guarantor information | |||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended March 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | |||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | ||||||||||||||||||
Eliminations | and | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (817 | ) | $ | 1,481 | $ | 917 | $ | - | $ | 1,581 | ||||||||||
Investing activities: | |||||||||||||||||||||
Property, plant and equipment | (3 | ) | - | (467 | ) | - | (470 | ) | |||||||||||||
Investments | (1 | ) | - | (796 | ) | - | (797 | ) | |||||||||||||
Proceeds from dispositions, net | - | - | 259 | - | 259 | ||||||||||||||||
Net cash used in investing activities from continuing operations | (4 | ) | - | (1,004 | ) | - | (1,008 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings | 987 | - | - | - | 987 | ||||||||||||||||
Repayment of borrowings | (134 | ) | - | (8 | ) | - | (142 | ) | |||||||||||||
Issuance of shares | - | 66 | - | - | 66 | ||||||||||||||||
Repurchase of shares | - | (2,752 | ) | - | - | (2,752 | ) | ||||||||||||||
Dividends paid and distributions | - | (287 | ) | (157 | ) | - | (444 | ) | |||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (76 | ) | - | (76 | ) | ||||||||||||||
Distribution to News Corporation | - | (10 | ) | - | - | (10 | ) | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 853 | (2,983 | ) | (241 | ) | - | (2,371 | ) | |||||||||||||
Discontinued operations: | |||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents from discontinued operations | (90 | ) | 698 | - | - | 608 | |||||||||||||||
Net decrease in cash and cash equivalents | (58 | ) | (804 | ) | (328 | ) | - | (1,190 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 524 | 3,956 | 2,179 | - | 6,659 | ||||||||||||||||
Exchange movement on cash balances | - | - | 48 | - | 48 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 466 | $ | 3,152 | $ | 1,899 | $ | - | $ | 5,517 | |||||||||||
See notes to supplemental guarantor information |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) | 9 Months Ended | ||
Mar. 31, 2015 | Nov. 12, 2014 | Oct. 31, 2014 | |
Basis of Presentation [Abstract] | |||
Number of Reportable Segments | 5 | ||
Sky Deutschland | |||
Basis of Presentation [Abstract] | |||
Subsidiary Ownership Percentage | 57.00% | 57.00% | |
Disposal date | 12-Nov-14 | ||
Sky Italia | |||
Basis of Presentation [Abstract] | |||
Subsidiary Ownership Percentage | 100.00% | ||
Disposal date | 12-Nov-14 |
Acquisitions_Disposals_and_Oth2
Acquisitions, Disposals and Other Transactions (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | |||||||||
Share data in Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Nov. 30, 2014 | Mar. 31, 2015 | Oct. 31, 2014 | Feb. 28, 2015 | Dec. 31, 2015 | Feb. 28, 2014 | Jun. 30, 2014 | Nov. 12, 2014 | Jan. 31, 2011 | ||
Acquisitions | |||||||||||||||
Payments To Acquire Businesses | $142,000,000 | $695,000,000 | |||||||||||||
Payments to acquire businesses, net of cash acquired | 142,000,000 | 692,000,000 | |||||||||||||
Business acquisition purchase price allocation goodwill amount | 12,502,000,000 | 12,502,000,000 | 18,052,000,000 | ||||||||||||
Sky | |||||||||||||||
Disposals | |||||||||||||||
Investments in equity affiliates | 900,000,000 | ||||||||||||||
Percentage of ownership | 39.00% | [1],[2] | 39.00% | 39.00% | [1],[2] | ||||||||||
Endemol Shine Group | |||||||||||||||
Disposals | |||||||||||||||
Percentage of ownership | 50.00% | [1],[3] | 50.00% | [1],[3] | |||||||||||
Aggregate carrying value of subsidiary contributed to joint venture including cash contribution | 830,000,000 | ||||||||||||||
Sky Deutschland | |||||||||||||||
Disposals | |||||||||||||||
Disposal date | 12-Nov-14 | ||||||||||||||
Subsidiary Ownership Percentage | 57.00% | 57.00% | |||||||||||||
Sky Italia And Sky Deutschland | |||||||||||||||
Disposals | |||||||||||||||
Disposal date | 12-Nov-14 | ||||||||||||||
Consideration received, including noncash consideration | 8,800,000,000 | ||||||||||||||
Proceeds from disposition of business, cash | 8,200,000,000 | ||||||||||||||
Gain (loss) on exchange or sale of business | 4,984,000,000 | [4] | -11,000,000 | [4] | |||||||||||
Sky Italia | |||||||||||||||
Disposals | |||||||||||||||
Disposal date | 12-Nov-14 | ||||||||||||||
Subsidiary Ownership Percentage | 100.00% | ||||||||||||||
Shine Group | |||||||||||||||
Disposals | |||||||||||||||
Disposal date | 31-Dec-14 | ||||||||||||||
Gain (loss) on exchange or sale of business | 70,000,000 | [4] | 7,000,000 | [4] | |||||||||||
Convertible Debt Securities | Sky Deutschland | |||||||||||||||
Disposals | |||||||||||||||
Convertible bonds | 225,000,000 | ||||||||||||||
Shares received on conversion of bonds | 53.9 | ||||||||||||||
San Francisco-Bay area television stations | |||||||||||||||
Acquisitions | |||||||||||||||
Effective Date of Acquisition | 31-Oct-14 | ||||||||||||||
Number of stations acquired | 2 | ||||||||||||||
Business acquisition fair value | 220,000,000 | ||||||||||||||
Business acquisition purchase price allocation intangible assets other than goodwill | 170,000,000 | ||||||||||||||
Business acquisition purchase price allocation intangible assets including goodwill | 175,000,000 | ||||||||||||||
Business acquisition purchase price allocation amortizable intangible assets | 65,000,000 | ||||||||||||||
San Francisco-Bay area television stations | Retransmission agreements | |||||||||||||||
Acquisitions | |||||||||||||||
Useful life of amortizable intangible assets | 8 years | ||||||||||||||
San Francisco-Bay area television stations | FCC Licenses | |||||||||||||||
Acquisitions | |||||||||||||||
Business acquisition purchase price allocation indefinite lived intangible assets | 105,000,000 | ||||||||||||||
trueX media inc | |||||||||||||||
Acquisitions | |||||||||||||||
Effective Date of Acquisition | 28-Feb-15 | ||||||||||||||
Payments To Acquire Businesses | 175,000,000 | ||||||||||||||
Business acquisition purchase price allocation intangible assets other than goodwill | 30,000,000 | ||||||||||||||
Business acquisition purchase price allocation intangible assets including goodwill | 125,000,000 | ||||||||||||||
Maa Television Network | Forecast | |||||||||||||||
Acquisitions | |||||||||||||||
Date of Acquisition Agreement | 28-Feb-15 | ||||||||||||||
Payments To Acquire Businesses | 375,000,000 | ||||||||||||||
NGC International | |||||||||||||||
Acquisitions | |||||||||||||||
Payments To Acquire Businesses | 650,000,000 | ||||||||||||||
Percentage of voting interests acquired from minority shareholders | 21.00% | ||||||||||||||
Ownership interest in subsidiary including the noncontrolling interest acquired | 73.00% | ||||||||||||||
Yes Network | |||||||||||||||
Acquisitions | |||||||||||||||
Effective Date of Acquisition | 28-Feb-14 | ||||||||||||||
Business acquisition purchase price allocation intangible assets other than goodwill | 1,700,000,000 | ||||||||||||||
Ownership percentage acquired | 31.00% | ||||||||||||||
Ownership percentage in subsidiary after step acquisition | 80.00% | ||||||||||||||
Payments to acquire businesses, net of cash acquired | 680,000,000 | ||||||||||||||
Business acquisition purchase price allocation debt amount | 1,700,000,000 | ||||||||||||||
Minority interest ownership percentage by noncontrolling owners | 20.00% | ||||||||||||||
Business combination, acquisition of less than 100 percent, noncontrolling interest, fair value | 385,000,000 | ||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Valuation Technique | market approach | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 860,000,000 | ||||||||||||||
Percentage of the entity that the excess purchase price valuation is based on | 100.00% | ||||||||||||||
Business acquisition purchase price allocation goodwill amount | $1,600,000,000 | ||||||||||||||
Yes Network | Multi-channel video programming distributor ("MVPD") affiliate agreements and relationships | |||||||||||||||
Acquisitions | |||||||||||||||
Useful life of amortizable intangible assets | 20 years | ||||||||||||||
Yes Network | Advertiser relationships | |||||||||||||||
Acquisitions | |||||||||||||||
Useful life of amortizable intangible assets | 6 years | ||||||||||||||
[1] | Equity method investment. | ||||||||||||||
[2] | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2015 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 7 – Fair Value). | ||||||||||||||
[3] | See Note 2 – Acquisitions, Disposals and Other Transactions. | ||||||||||||||
[4] | See Note 2 – Acquisitions, Disposals and Other Transactions. |
Acquisitions_Disposals_and_Oth3
Acquisitions, Disposals and Other Transactions (Summary of Assets and Liabilities) (Details) (Sky Italia And Sky Deutschland, USD $) | Nov. 12, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Sky Italia And Sky Deutschland | ||
Acquisitions Disposals And Other Transactions [Line Items] | ||
Total current assets | $1,563 | $1,200 |
Goodwill and intangible assets, net | 5,830 | 6,451 |
Other non-current assets | 1,363 | 1,493 |
Total assets | 8,756 | 9,144 |
Total current liabilities | 1,885 | 1,801 |
Total non-current liabilities | 674 | 635 |
Total liabilities | $2,559 | $2,436 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 21, 2013 | Jun. 30, 2014 |
Continent | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Number of continents company operates in | 6 | |||
Net cash (used in) provided by operating activities from discontinued operations | ($38) | $608 | ||
Class A Common Stock | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Common stock, par value | $0.01 | 0.01 | $0.01 | |
Class A Common Stock | News Corp | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
The Percentage of shares distributed to stockholders in the spun off entity for each share of stock in the company | 25.00% | |||
Class B Common Stock | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Common stock, par value | $0.01 | 0.01 | $0.01 | |
Class B Common Stock | News Corp | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
The Percentage of shares distributed to stockholders in the spun off entity for each share of stock in the company | 25.00% |
Discontinued_Operations_Profit
Discontinued Operations (Profit and Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | ||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
(Loss) income from discontinued operations before income tax expense | ($2) | [1] | ($16) | [1] | ($11) | [1] | $696 | [1] | |
(Loss) income from discontinued operations, net of tax | ($15) | ($16) | ($38) | $696 | $729 | ||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic | ($0.01) | ($0.01) | ($0.02) | $0.31 | |||||
(Loss) income from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - diluted | ($0.01) | ($0.01) | ($0.02) | $0.30 | |||||
[1] | Includes the net tax refund recognized and received, pursuant to the tax sharing and indemnification agreement with News Corp, of approximately $720 million during the nine months ended March 31, 2014. |
Discontinued_Operations_Profit1
Discontinued Operations (Profit and Loss) (Parenthetical) (Details) (News Corp, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
News Corp | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net tax refund recognized from News Corp | $720 |
Receivables_Net_Schedule_of_Re
Receivables, Net (Schedule of Receivables, Net) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Total receivables | $7,393 | $7,737 |
Allowances for returns and doubtful accounts | -630 | -815 |
Total receivables, net | 6,763 | 6,922 |
Less: current receivables, net | -6,345 | -6,468 |
Non-current receivables, net | $418 | $454 |
Inventories_Net_Schedule_of_In
Inventories, Net (Schedule of Inventories, Net) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ||||
Programming rights | $5,906 | $5,812 | ||
DVDs, Blu-rays and other merchandise | 72 | 81 | ||
Films: | ||||
Released | 1,153 | 1,025 | ||
Completed, not released | 58 | 317 | ||
In production | 897 | 819 | ||
In development or preproduction | 194 | 151 | ||
Films, Total | 2,302 | 2,312 | ||
Television productions: | ||||
Released | 875 | 862 | ||
In production | 335 | 463 | ||
In development or preproduction | 4 | |||
Television productions, Total | 1,210 | 1,329 | ||
Total filmed entertainment costs, less accumulated amortization | 3,512 | [1] | 3,641 | [1] |
Total inventories, net | 9,490 | 9,534 | ||
Less: current portion of inventories, net | -3,062 | [2] | -3,092 | [2] |
Total non-current inventories, net | $6,428 | $6,442 | ||
[1] | Does not include $311 million and $335 million of net intangible film library costs as of March 31, 2015 and June 30, 2014, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | |||
[2] | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. |
Inventories_Net_Schedule_of_In1
Inventories, Net (Schedule of Inventories, Net) (Parenthetical) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | ||||
Inventory [Line Items] | ||||
Current portion of inventories, net | $3,062 | [1] | $3,092 | [1] |
Acquired Film Libraries | ||||
Inventory [Line Items] | ||||
Intangible assets subject to amortization, net | 311 | 335 | ||
Programming Rights | ||||
Inventory [Line Items] | ||||
Current portion of inventories, net | $2,990 | $3,011 | ||
[1] | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments_Schedule_of_Invest
Investments (Schedule of Investments) (Details) (USD $) | Mar. 31, 2015 | Jul. 31, 2014 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | |||||
Investment Holdings [Line Items] | |||||
Other investments | $397 | $500 | |||
Total investments | 4,441 | 2,859 | |||
Sky plc | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 39.00% | [1],[2] | 39.00% | ||
Equity method investments | 3,356 | [1],[2] | 2,359 | [1],[2] | |
Endemol Shine Group | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 50.00% | [1],[3] | |||
Equity method investments | $688 | [1],[3] | |||
[1] | Equity method investment. | ||||
[2] | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2015 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 7 – Fair Value). | ||||
[3] | See Note 2 – Acquisitions, Disposals and Other Transactions. |
Investments_Schedule_of_Invest1
Investments (Schedule of Investments) (Parenthetical) (Details) (Sky plc, USD $) | Mar. 31, 2015 |
In Billions, unless otherwise specified | |
Sky plc | |
Investment Holdings [Line Items] | |
Market value of equity method investments | $9.90 |
Investments_Narratives_Details
Investments (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | ||
Investment Holdings [Line Items] | ||||||||
Dividends received from equity affiliates | $223 | $223 | ||||||
Equity earnings of affiliates | 330 | 170 | 959 | 430 | 622 | |||
Sky plc | ||||||||
Investment Holdings [Line Items] | ||||||||
Percentage of ownership | 39.00% | [1],[2] | 39.00% | [1],[2] | 39.00% | |||
Investments in equity affiliates | 900 | |||||||
Dividends received from equity affiliates | 210 | 195 | ||||||
Sky plc | Sky Bet | ||||||||
Investment Holdings [Line Items] | ||||||||
Equity earnings of affiliates | 350 | |||||||
Sky plc | Sky Bet, NGC International and ITV plc | ||||||||
Investment Holdings [Line Items] | ||||||||
Equity earnings of affiliates | $830 | |||||||
[1] | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2015 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 7 – Fair Value). | |||||||
[2] | Equity method investment. |
Fair_Value_Schedule_of_Financi
Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | ||
In Millions, unless otherwise specified | ||||
Liabilities | ||||
Redeemable noncontrolling interests | ($638) | ($541) | ||
Fair value measurements recurring | ||||
Assets | ||||
Investments | 18 | [1] | 124 | [1] |
Derivatives | 11 | [2] | ||
Liabilities | ||||
Derivatives | -26 | [2] | -10 | [2] |
Contingent consideration | -119 | [3] | -134 | [3] |
Redeemable noncontrolling interests | -638 | [4] | -541 | [4] |
Total | -754 | -561 | ||
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||||
Assets | ||||
Investments | 18 | [1] | 124 | [1] |
Liabilities | ||||
Total | 18 | 124 | ||
Fair value measurements recurring | Significant Other Observable Inputs (Level 2) | ||||
Assets | ||||
Derivatives | 11 | [2] | ||
Liabilities | ||||
Derivatives | -26 | [2] | -10 | [2] |
Total | -15 | -10 | ||
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | ||||
Liabilities | ||||
Contingent consideration | -119 | [3] | -134 | [3] |
Redeemable noncontrolling interests | -638 | [4] | -541 | [4] |
Total | ($757) | ($675) | ||
[1] | Available for sale securities. | |||
[2] | Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts which are valued using an income approach. | |||
[3] | Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. | |||
[4] | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equityâ€, because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures, using observable inputs such as market data obtained from independent sources. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset (liability). As of March 31, 2015, one minority shareholder’s put right is currently exercisable and another minority shareholder’s put right will become exercisable in March 2016. The increase in the amount of redeemable noncontrolling interests during the three and nine months ended March 31, 2015 was primarily due to the issuance of redeemable instruments in one of the Company’s majority-owned regional sports networks. |
Fair_Value_Borrowings_Details
Fair Value (Borrowings) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair value of borrowings | $23,560 | $22,692 |
Carrying value of borrowings | $19,092 | $19,058 |
Fair_Value_Schedule_of_Financi1
Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Foreign Currency Exchange Risks) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Fair Value Net Asset (Liability) | ($15) | ($9) | ($10) | ($18) | ($19) | $3 |
Foreign Currency Forward Contracts | Economic hedges | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Notional Amount | 305 | |||||
Derivative Fair Value Net Asset (Liability) | -1 | |||||
Foreign Currency Forward Contracts | Cash Flow Hedges | Designated as Hedging Instrument | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Notional Amount | 799 | 393 | ||||
Derivative Fair Value Net Asset (Liability) | -14 | -3 | ||||
Foreign Currency Forward Contracts | Net Investment Hedges | Designated as Hedging Instrument | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Notional Amount | 321 | |||||
Derivative Fair Value Net Asset (Liability) | ($1) |
Fair_Value_Schedule_of_Financi2
Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Interest Rate Risks) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Fair Value Net Asset (Liability) | ($15) | ($9) | ($10) | ($18) | ($19) | $3 |
Interest Rate Swap Contracts | Economic hedges | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Notional Amount | 260 | 270 | ||||
Derivative Fair Value Net Asset (Liability) | 0 | 0 | ||||
Interest Rate Swap Contracts | Cash Flow Hedges | Designated as Hedging Instrument | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative Notional Amount | 308 | |||||
Derivative Fair Value Net Asset (Liability) | ($6) |
Fair_Value_Changes_in_Fair_Val
Fair Value (Changes in Fair Value of Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Changes In Fair Value Of Derivatives Rollforward | ||||||||
Beginning of period | ($9) | ($19) | ($10) | $3 | ||||
Changes in fair value recorded in accumulated other comprehensive (loss) income, net of settlements | -10 | -5 | 121 | -26 | ||||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 4 | [1] | 6 | [1] | -126 | [1] | 10 | [1] |
Other | -5 | |||||||
End of period | ($15) | ($18) | ($15) | ($18) | ||||
[1] | Reclassifications of amounts related to hedging activity are included in Operating expenses, Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014 (See Note 7 – Fair Value for additional information regarding hedging activity). |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Number of months to reclassify the cumulative change in fair value of cash flow hedges | 36 months |
Goodwill_Schedule_of_Changes_i
Goodwill (Schedule of Changes in Carrying Value of Goodwill) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $18,052 | |
Acquisitions | 97 | |
Dispositions | -5,074 | |
Foreign exchange movements and Other | -573 | |
Goodwill, ending balance | 12,502 | |
Operating Segments | Cable Network Programming Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 9,551 | |
Acquisitions | 92 | |
Foreign exchange movements and Other | -85 | |
Goodwill, ending balance | 9,558 | |
Operating Segments | Television Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,882 | |
Acquisitions | 5 | |
Dispositions | -55 | |
Goodwill, ending balance | 1,832 | |
Operating Segments | Filmed Entertainment Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,594 | |
Dispositions | -471 | |
Foreign exchange movements and Other | -42 | |
Goodwill, ending balance | 1,081 | |
Operating Segments | Direct Broadcast Satellite Television Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 4,994 | |
Dispositions | -4,548 | |
Foreign exchange movements and Other | -446 | |
Goodwill, ending balance | 0 | |
Other, Corporate and Eliminations Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 31 | |
Goodwill, ending balance | $31 | $31 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | USD ($) | Sky Deutschland | Credit Agreement | Credit Agreement | Credit Agreement | 5.30% Due 2014 | 5.30% Due 2014 | 7.60% Due 2015 | 21st Century Fox America, Inc. | 21st Century Fox America, Inc. | 21st Century Fox America, Inc. | 21st Century Fox America, Inc. | 21st Century Fox America, Inc. | Yes Network | Yes Network | Yes Network | Yes Network | Yes Network | |
Sky Deutschland | Sky Deutschland | Sky Deutschland | Senior Notes | Senior Notes | Senior Notes | 3.70% Due 2024 | 3.70% Due 2024 | 4.75% Due 2044 | 4.75% Due 2044 | 3.70% Due 2024 and 4.75% Due 2044 | One Point Seven Six Five Billion Credit Agreement | One Point Seven Six Five Billion Credit Agreement | Revolving Credit Facility | Delay Draw Term Loan | Term Loan | ||||
USD ($) | EUR (€) | USD ($) | USD ($) | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | USD ($) | One Point Seven Six Five Billion Credit Agreement | One Point Seven Six Five Billion Credit Agreement | One Point Seven Six Five Billion Credit Agreement | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Face amount of debt | $600,000,000 | $600,000,000 | |||||||||||||||||
Stated interest rate of debt instrument | 5.30% | 7.60% | 3.70% | 4.75% | |||||||||||||||
Net proceeds from issuance of senior notes | 1,190,000,000 | ||||||||||||||||||
Senior notes, maturity year | 2024 | 2044 | |||||||||||||||||
Senior notes retired | 750,000,000 | ||||||||||||||||||
Senior notes retired date | 31-Dec-14 | ||||||||||||||||||
Outstanding under line of credit agreement | 308,000,000 | 225,000,000 | 152,000,000 | ||||||||||||||||
Disposal date | 12-Nov-14 | 12-Nov-14 | |||||||||||||||||
Maximum borrowing capacity under the credit facility | 1,765,000,000 | 305,000,000 | 560,000,000 | ||||||||||||||||
Secured credit facility, maturity date | 31-Dec-19 | ||||||||||||||||||
Long-term Debt, Total | 19,092,000,000 | 19,058,000,000 | 893,000,000 | ||||||||||||||||
Borrowings, current | $227,000,000 | $799,000,000 | $200,000,000 | $27,000,000 | |||||||||||||||
Senior notes, maturity date | 31-Oct-15 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Balance, beginning of period | $20,788 | $20,800 | $20,901 | $20,125 | ||||
Net income (loss) | 1,012 | 1,047 | 8,336 | 3,485 | ||||
Other comprehensive (loss) income | -372 | 36 | -2,027 | 477 | ||||
Cancellation of shares, net | -2,046 | -1,013 | -4,592 | -2,577 | ||||
Dividends declared | -313 | -281 | -586 | -568 | ||||
Purchase of noncontrolling interests | -650 | [1] | -76 | [1] | ||||
Acquisition of YES Network | 385 | 385 | ||||||
Dispositions | -2,130 | |||||||
Other | -94 | -10 | -277 | -287 | ||||
Balance, end of period | 18,975 | 20,964 | 18,975 | 20,964 | ||||
Twenty-First Century Fox stockholders | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Balance, beginning of period | 19,813 | 17,649 | 17,418 | 16,998 | ||||
Net income (loss) | 975 | 1,053 | 8,219 | 3,515 | ||||
Other comprehensive (loss) income | -372 | 32 | -1,813 | 343 | ||||
Cancellation of shares, net | -2,046 | -1,013 | -4,592 | -2,577 | ||||
Dividends declared | -313 | -281 | -586 | -568 | ||||
Purchase of noncontrolling interests | -522 | [1] | -58 | [1] | ||||
Other | -68 | 23 | -135 | -190 | ||||
Balance, end of period | 17,989 | 17,463 | 17,989 | 17,463 | ||||
Noncontrolling Interests | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Balance, beginning of period | 975 | 3,151 | 3,483 | 3,127 | ||||
Net income (loss) | 37 | [2] | -6 | [2] | 117 | [2] | -30 | [2] |
Other comprehensive (loss) income | 4 | -214 | 134 | |||||
Purchase of noncontrolling interests | -128 | [1] | -18 | [1] | ||||
Acquisition of YES Network | 385 | 385 | ||||||
Dispositions | -2,130 | [3] | ||||||
Other | -26 | [4] | -33 | [4] | -142 | [4] | -97 | [4] |
Balance, end of period | $986 | $3,501 | $986 | $3,501 | ||||
[1] | Represents the increase in ownership in NGC International (See Note 2 – Acquisitions, Disposals and Other Transactions) and Latin America Pay Television in fiscal 2015 and 2014, respectively. | |||||||
[2] | Net income attributable to noncontrolling interests excludes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. | |||||||
[3] | Represents the noncontrolling interest in Sky Deutschland (See Note 2 – Acquisitions, Disposals and Other Transactions). | |||||||
[4] | Other activity attributable to noncontrolling interests excludes $61 million and $(13) million for the three months ended March 31, 2015 and 2014, respectively, and $14 million and $(59) million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Parenthetical) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Temporary Equity Disclosure | ||||
Net income attributable to redeemable noncontrolling interests | $30 | $26 | $83 | $74 |
Other activity attributable to redeemable non controlling interests | $61 | ($13) | $14 | ($59) |
Stockholders_Equity_Other_Comp
Stockholders' Equity (Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Foreign currency translation adjustments | ||||||||
Unrealized (losses) gains on foreign currency translation, before reclassification adjustment, before tax | ($452) | $17 | ($1,870) | $663 | ||||
Amount reclassified on hedging activity, before tax | 4 | [1] | 6 | [1] | -126 | [1] | 10 | [1] |
Amount reclassified on dispositions, before tax | -253 | [2] | ||||||
Foreign currency translation adjustments, after reclassification, before tax | -448 | 23 | -2,249 | 673 | ||||
Unrealized (losses) gains on foreign currency translation, before reclassification adjustment, tax | 71 | -1 | 260 | -83 | ||||
Amount reclassified on hedging activity, tax | -1 | [1] | -1 | [1] | -1 | [1] | -2 | [1] |
Foreign currency translation adjustments, after reclassification, tax | 70 | -2 | 259 | -85 | ||||
Unrealized (losses) gains on foreign currency translation, before reclassification adjustment, net of tax | -381 | 16 | -1,610 | 580 | ||||
Amount reclassified on hedging activity, net of tax | 3 | [1] | 5 | [1] | -127 | [1] | 8 | [1] |
Amount reclassified on dispositions, net of tax | -253 | [2] | ||||||
Foreign currency translation adjustments, after reclassification adjustments, net of tax | -378 | 21 | -1,990 | 588 | ||||
Gains and losses on securities | ||||||||
Unrealized (losses) gains on securities, before reclassification adjustment, before tax | -1 | 8 | 236 | -6 | ||||
Amount reclassified on sale of securities, before tax | -325 | [2] | -200 | [2] | ||||
Unrealized (losses) gains on securities, after reclassification adjustment, before tax | -1 | 8 | -89 | -206 | ||||
Unrealized (losses) gains on securities, before reclassification adjustment, tax | -3 | -83 | 2 | |||||
Amount reclassified on sale of securities, tax | 114 | [2] | 70 | [2] | ||||
Unrealized (losses) gains on securities, after reclassification adjustment, tax | -3 | 31 | 72 | |||||
Unrealized (losses) gains on securities, net of tax | -1 | 5 | 153 | -4 | ||||
Amount reclassified on sale of securities, net of tax | -211 | [2] | -130 | [2] | ||||
Unrealized (losses) gains on securities, after reclassification adjustment, net of tax | -1 | 5 | -58 | -134 | ||||
Benefit plan adjustments | ||||||||
Benefit plan reclassification adjustment realized in net income, before tax | 10 | [3] | 15 | [3] | 32 | [3] | 37 | [3] |
Benefit plan adjustments, after reclassification adjustment, before tax | 10 | 15 | 32 | 37 | ||||
Benefit plan reclassification adjustment realized in net income, tax | -3 | [3] | -5 | [3] | -11 | [3] | -14 | [3] |
Benefit plan adjustments, after reclassification adjustment, tax | -3 | -5 | -11 | -14 | ||||
Benefit plan reclassification adjustment realized in net income, net of tax | 7 | [3] | 10 | [3] | 21 | [3] | 23 | [3] |
Benefit plan adjustments, after reclassification adjustment, net of tax | $7 | $10 | $21 | $23 | ||||
[1] | Reclassifications of amounts related to hedging activity are included in Operating expenses, Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014 (See Note 7 – Fair Value for additional information regarding hedging activity). | |||||||
[2] | Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. | |||||||
[3] | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2015 and 2014. |
Stockholders_Equity_Earnings_P
Stockholder's Equity (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | ||||
Earnings per share data | |||||||||
Income from continuing operations | $1,057 | $1,089 | $8,457 | $2,863 | $3,917 | ||||
Less: Net income attributable to noncontrolling interests | -67 | [1] | -20 | [1] | -200 | [1] | -44 | [1] | -132 |
Income from continuing operations attributable to Twenty-First Century Fox stockholders | $990 | $1,069 | $8,257 | $2,819 | |||||
[1] | Net income attributable to noncontrolling interests includes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Billions, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 18, 2012 | Aug. 31, 2014 | Jun. 30, 2014 |
Class Of Stock [Line Items] | ||||||||
Broadcast station licensee ownership threshold | 25.00% | |||||||
Class A Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock repurchase program, remaining authorized amount | $1.80 | $1.80 | $0.60 | |||||
Stock repurchase program, authorized amount | $6 | |||||||
Stock repurchase program, maturity date | 2015-08 | |||||||
Cash dividend per share | $0.15 | $0.15 | $0.13 | $0.28 | $0.25 | |||
Prospective annual dividend per share | $0.30 | |||||||
Class B Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Cash dividend per share | $0.15 | $0.15 | $0.13 | $0.28 | $0.25 | |||
Prospective annual dividend per share | $0.30 | |||||||
Class B Common Stock | Murdoch Family Interests | ||||||||
Class Of Stock [Line Items] | ||||||||
Aggregate percentage vote of outstanding shares not subject to suspension of voting rights | 39.10% | 39.10% | ||||||
Class B Common Stock | Non U S Stockholders | ||||||||
Class Of Stock [Line Items] | ||||||||
Percentage of suspended voting rights | 10.00% | 10.00% | 50.00% |
Stockholders_Equity_Schedule_o2
Stockholder's Equity (Schedule of Dividends Declared) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Class A Common Stock | |||||
Class Of Stock [Line Items] | |||||
Cash dividend per share | $0.15 | $0.15 | $0.13 | $0.28 | $0.25 |
Class B Common Stock | |||||
Class Of Stock [Line Items] | |||||
Cash dividend per share | $0.15 | $0.15 | $0.13 | $0.28 | $0.25 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2014 | Jun. 30, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total compensation costs related to non-vested equity-based awards, not yet recognized | 120 | |||
Liability for cash-settled awards | 15 | $165 | ||
Performance Stock Units | Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted | 4.1 | 4.9 | ||
Vested | 7.1 | 2.8 | ||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized | 1 year | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized | 2 years | |||
Settled In Cash | Performance Stock Units | Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vested | 1.7 | 2.1 | ||
Certain named executive officers | Settled In Cash | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards converted from cash-settled to stock-settled | 2.1 |
EquityBased_Compensation_Summa
Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Equity-based compensation | $89 | $126 |
Intrinsic value of all settled equity-based awards | 303 | 298 |
Tax benefit on vested equity-based awards | $110 | $91 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Loss Contingencies [Line Items] | ||
Total firm commitments and future debt payments | $76,000,000,000 | $87,000,000,000 |
Guarantees | 967,000,000 | 724,000,000 |
Indemnification Agreement | ||
Loss Contingencies [Line Items] | ||
Fair Value of Obligation under Indemnity | 50,000,000 | 80,000,000 |
Fair Value Of Expected Future Payments | 15,000,000 | |
Indemnification Agreement | News Corp | ||
Loss Contingencies [Line Items] | ||
Fair Value of Obligation under Indemnity | 50,000,000 | 65,000,000 |
Indemnification Agreements Payments | $38,000,000 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Nov. 12, 2014 | Oct. 31, 2014 |
Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of Reportable Segments | 5 | ||||||
Revenues | $6,840 | $8,219 | $22,782 | $23,443 | $31,867 | ||
Amortization of Intangible Assets | 60 | 82 | 243 | 300 | |||
Intersegment Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | ($442) | ($305) | ($1,002) | ($916) | |||
Sky Deutschland | |||||||
Segment Reporting Information [Line Items] | |||||||
Subsidiary Ownership Percentage | 57.00% | 57.00% | |||||
Television Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Full power broadcast television stations | 28 | 28 | |||||
Duopolies | 11 | 11 | |||||
Television Segment | Fox | |||||||
Segment Reporting Information [Line Items] | |||||||
Full power broadcast television stations | 17 | 17 | |||||
Television Segment | MyNetworkTV | |||||||
Segment Reporting Information [Line Items] | |||||||
Full power broadcast television stations | 10 | 10 | |||||
Television Segment | Independent Station | |||||||
Segment Reporting Information [Line Items] | |||||||
Full power broadcast television stations | 1 | 1 |
Segment_Information_Segment_Re
Segment Information (Segment Revenues and Segment OIBDA Reconciliation to Net Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | ||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | $6,840 | $8,219 | $22,782 | $23,443 | $31,867 | ||||
Segment OIBDA | 1,677 | 1,787 | 5,178 | 4,949 | |||||
Amortization of cable distribution investments | -17 | -21 | -61 | -61 | |||||
Depreciation and amortization | -124 | -267 | -601 | -840 | |||||
Equity earnings of affiliates | 330 | 170 | 959 | 430 | 622 | ||||
Interest expense, net | -292 | -284 | -907 | -830 | -1,121 | ||||
Interest income | 8 | 6 | 31 | 21 | 26 | ||||
Other, net | -67 | -33 | 5,008 | 123 | 174 | ||||
Income from continuing operations before income tax expense | 1,515 | 1,358 | 9,607 | 3,792 | 5,189 | ||||
Income tax expense | -458 | -269 | -1,150 | -929 | -1,272 | ||||
Income from continuing operations | 1,057 | 1,089 | 8,457 | 2,863 | 3,917 | ||||
(Loss) income from discontinued operations, net of tax | -15 | -16 | -38 | 696 | 729 | ||||
Net income | 1,042 | 1,073 | 8,419 | 3,559 | 4,646 | ||||
Less: Net income attributable to noncontrolling interests | -67 | [1] | -20 | [1] | -200 | [1] | -44 | [1] | -132 |
Net income attributable to Twenty-First Century Fox stockholders | 975 | 1,053 | 8,219 | 3,515 | 4,514 | ||||
Operating Segments | Cable Network Programming Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 3,590 | 3,152 | 10,205 | 8,926 | |||||
Segment OIBDA | 1,233 | 1,176 | 3,430 | 3,205 | |||||
Depreciation and amortization | -70 | -58 | -219 | -157 | |||||
Operating Segments | Television Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 1,237 | 1,587 | 3,908 | 4,265 | |||||
Segment OIBDA | 141 | 288 | 605 | 737 | |||||
Depreciation and amortization | -29 | -30 | -84 | -79 | |||||
Operating Segments | Filmed Entertainment Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 2,389 | 2,279 | 7,618 | 6,876 | |||||
Segment OIBDA | 382 | 354 | 1,176 | 1,019 | |||||
Depreciation and amortization | -21 | -33 | -84 | -98 | |||||
Operating Segments | Direct Broadcast Satellite Television Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 1,530 | 2,112 | 4,437 | ||||||
Segment OIBDA | 58 | 234 | 278 | ||||||
Depreciation and amortization | -143 | -202 | -495 | ||||||
Other, Corporate and Eliminations Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | -376 | -329 | -1,061 | -1,061 | |||||
Segment OIBDA | -79 | -89 | -267 | -290 | |||||
Depreciation and amortization | ($4) | ($3) | ($12) | ($11) | |||||
[1] | Net income attributable to noncontrolling interests includes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
Segment_Information_Depreciati
Segment Information (Depreciation and Amortization) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $124 | $267 | $601 | $840 |
Operating Segments | Cable Network Programming Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 70 | 58 | 219 | 157 |
Operating Segments | Television Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 29 | 30 | 84 | 79 |
Operating Segments | Filmed Entertainment Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 21 | 33 | 84 | 98 |
Operating Segments | Direct Broadcast Satellite Television Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 143 | 202 | 495 | |
Other, Corporate and Eliminations Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $4 | $3 | $12 | $11 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total assets | $51,492 | $54,793 |
Investments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,441 | 2,859 |
Operating Segments | Cable Network Programming Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 22,879 | 22,422 |
Operating Segments | Television Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 6,998 | 6,449 |
Operating Segments | Filmed Entertainment Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 9,357 | 10,419 |
Operating Segments | Direct Broadcast Satellite Television Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 9,144 | |
Other, Corporate and Eliminations Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | $7,817 | $3,500 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | $18,874 | $26,124 |
Operating Segments | Cable Network Programming Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 12,680 | 12,854 |
Operating Segments | Television Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 4,300 | 4,282 |
Operating Segments | Filmed Entertainment Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 1,798 | 2,441 |
Operating Segments | Direct Broadcast Satellite Television Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 6,451 | |
Other, Corporate and Eliminations Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | $96 | $96 |
Segment_Information_Revenues_b
Segment Information (Revenues by Component) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 |
Revenues: | |||||
Affiliate fees | $2,740 | $2,326 | $7,652 | $6,547 | |
Subscription | 1,390 | 1,964 | 4,061 | ||
Advertising | 1,840 | 2,294 | 5,944 | 6,344 | |
Content | 2,189 | 2,067 | 6,938 | 6,135 | |
Other | 71 | 142 | 284 | 356 | |
Total revenues | $6,840 | $8,219 | $22,782 | $23,443 | $31,867 |
Additional_Financial_Informati2
Additional Financial Information (Supplemental Cash Flow) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental cash flows information: | ||
Cash paid for income taxes | ($498) | ($1,100) |
Cash paid for interest | -908 | -816 |
Sale of other investments | 1 | |
Purchase of other investments | -53 | -34 |
Supplemental information on businesses acquired and additional investments: | ||
Fair value of assets acquired | 219 | 2,833 |
Cash acquired | 3 | |
Liabilities assumed | -2 | -1,763 |
Decrease in deferred consideration | 7 | |
Noncontrolling interests increase | -385 | |
Cash paid | -142 | -695 |
Fair value of equity instruments issued to third parties | 75 | 0 |
Issuance of subsidiary common units | -75 | |
Fair value of equity instruments consideration | $0 | $0 |
Additional_Financial_Informati3
Additional Financial Information (Other Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | ||||
Other Income, Nonoperating [Abstract] | |||||||||
Restructuring | ($2) | [1] | ($3) | [1] | ($40) | [1] | ($87) | [1] | |
Investment impairment losses | -3 | [2] | -67 | [2] | |||||
Devaluation losses and Other | -61 | [3] | -3 | [3] | -3 | [3] | |||
Other, net | -67 | -33 | 5,008 | 123 | 174 | ||||
Sky Italia And Sky Deutschland | |||||||||
Other Income, Nonoperating [Abstract] | |||||||||
Gain (loss) on exchange or sale of business | -11 | [4] | 4,984 | [4] | |||||
Shine Group | |||||||||
Other Income, Nonoperating [Abstract] | |||||||||
Gain (loss) on exchange or sale of business | 7 | [4] | 70 | [4] | |||||
NDS | |||||||||
Other Income, Nonoperating [Abstract] | |||||||||
Loss on sale of investment in NDS | -30 | -30 | |||||||
Phoenix | |||||||||
Other Income, Nonoperating [Abstract] | |||||||||
Gain on sale of investment | 199 | ||||||||
Shareholder Litigation | |||||||||
Other Income, Nonoperating [Abstract] | |||||||||
Shareholder litigation settlement | $111 | [5] | |||||||
[1] | The restructuring charges in the nine months ended March 31, 2015 primarily relates to cost structure efficiency enhancement initiatives at the Cable Network Programming and Television segments. The restructuring charges in the nine months ended March 31, 2014 primarily relates to contract termination costs associated with cost structure efficiency enhancement initiatives at the DBS segment. | ||||||||
[2] | The write-downs of investments were recorded as a result of either the deteriorating financial position of the investee or due to a permanent impairment resulting from sustained losses and limited prospects for recovery. | ||||||||
[3] | Devaluation losses primarily relate to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADIâ€). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2â€) rate. | ||||||||
[4] | See Note 2 – Acquisitions, Disposals and Other Transactions. | ||||||||
[5] | In the nine months ended March 31, 2014, the Company recorded a net settlement gain of $111 million related to certain shareholder litigation matters (as described in Note 16 – Commitments and Contingencies in the 2014 Form 10-K under the heading “Shareholder Litigation – Delawareâ€). |
Additional_Financial_Informati4
Additional Financial Information (Parenthetical) (Details) (Shareholder Litigation, USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Shareholder Litigation | ||
Component Of Other Expense Nonoperating [Line Items] | ||
Shareholder litigation settlement | $111 | [1] |
[1] | In the nine months ended March 31, 2014, the Company recorded a net settlement gain of $111 million related to certain shareholder litigation matters (as described in Note 16 – Commitments and Contingencies in the 2014 Form 10-K under the heading “Shareholder Litigation – Delawareâ€). |
Additional_Financial_Informati5
Additional Financial Information (Narratives) (Details) (Forecast, USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2015 |
Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated deferred actuarial losses | $250 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated deferred actuarial losses | $350 |
Additional_Financial_Informati6
Additional Financial Information (Summary of Changes in Deferred Tax Liability) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | |
Net deferred tax liabilities before valuation allowance, Beginning balance | ($330) |
Net deferred tax liabilities before valuation allowance, Acquisitions and disposals | -1,296 |
Net deferred tax liabilities before valuation allowance, Other | -66 |
Net deferred tax liabilities before valuation allowance, Ending balance | -1,692 |
Less: valuation allowance, Beginning balance | -2,338 |
Less: valuation allowance, Acquisitions and disposals | 1,720 |
Less: valuation allowance, Other | 148 |
Less: valuation allowance, Ending balance | -470 |
Total net deferred tax liabilities, Beginning balance | -2,668 |
Total net deferred tax liabilities, Acquisitions and disposals | 424 |
Total net deferred tax liabilities, Other | 82 |
Total net deferred tax liabilities, Ending balance | ($2,162) |
Additional_Financial_Informati7
Additional Financial Information (Narratives 1) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $86 | $61 |
Current deferred tax liabilities | 79 | 0 |
Non-current deferred tax liabilities | $2,169 | $2,729 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Narrative) (Details) (21st Century Fox America, Inc., Revolving Credit Facility, Credit Facility $2 Billion Due May 2017, USD $) | 9 Months Ended |
Mar. 31, 2015 | |
OneYearPeriods | |
21st Century Fox America, Inc. | Revolving Credit Facility | Credit Facility $2 Billion Due May 2017 | |
Line Of Credit Facility [Line Items] | |
Credit facility, agreement date | 31-May-12 |
Line of Credit Facility, Current Borrowing Capacity | $2,000,000,000 |
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility | 400,000,000 |
Maximum borrowing capacity | $2,500,000,000 |
Unsecured revolving credit facility fee | 0.13% |
Premium over LIBOR for initial drawn cost on borrowings on unsecured revolving credit facility | 1.13% |
Secured credit facility, maturity date | 31-May-17 |
Maturity extension number of one year periods | 2 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | ||||
Condensed Income Statements Captions [Line Items] | |||||||||
Revenues | $6,840 | $8,219 | $22,782 | $23,443 | $31,867 | ||||
Expenses | -5,304 | -6,720 | -18,266 | -19,395 | -26,379 | ||||
Equity (losses) earnings of affiliates | 330 | 170 | 959 | 430 | 622 | ||||
Interest expense, net | -292 | -284 | -907 | -830 | -1,121 | ||||
Interest income | 8 | 6 | 31 | 21 | 26 | ||||
Other, net | -67 | -33 | 5,008 | 123 | 174 | ||||
Income from continuing operations before income tax expense | 1,515 | 1,358 | 9,607 | 3,792 | 5,189 | ||||
Income tax (expense) benefit | -458 | -269 | -1,150 | -929 | -1,272 | ||||
Income from continuing operations | 1,057 | 1,089 | 8,457 | 2,863 | 3,917 | ||||
(Loss) income from discontinued operations, net of tax | -15 | -16 | -38 | 696 | 729 | ||||
Net income | 1,042 | 1,073 | 8,419 | 3,559 | 4,646 | ||||
Less: Net income attributable to noncontrolling interests | -67 | [1] | -20 | [1] | -200 | [1] | -44 | [1] | -132 |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 975 | 1,053 | 8,219 | 3,515 | 4,514 | ||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | 603 | 1,085 | 6,406 | 3,858 | 4,799 | ||||
Legal Entities | 21st Century Fox America, Inc. | |||||||||
Condensed Income Statements Captions [Line Items] | |||||||||
Revenues | 1 | 1 | 1 | 1 | 1 | ||||
Expenses | -72 | -68 | -241 | -233 | -345 | ||||
Equity (losses) earnings of affiliates | -1 | 1 | -2 | 1 | 1 | ||||
Interest expense, net | -394 | -396 | -1,188 | -1,174 | -1,561 | ||||
Interest income | 1 | 8 | 2 | 3 | |||||
Earnings (losses) from subsidiary entities | 1,987 | 1,952 | 10,513 | 5,424 | 6,530 | ||||
Other, net | -171 | 5 | -18 | 280 | 590 | ||||
Income from continuing operations before income tax expense | 1,350 | 1,496 | 9,073 | 4,301 | 5,219 | ||||
Income tax (expense) benefit | -425 | -293 | -1,085 | -1,054 | -1,279 | ||||
Income from continuing operations | 925 | 1,203 | 7,988 | 3,247 | 3,940 | ||||
(Loss) income from discontinued operations, net of tax | -7 | -7 | -13 | ||||||
Net income | 925 | 1,196 | 7,988 | 3,240 | 3,927 | ||||
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 925 | 1,196 | 7,988 | 3,240 | 3,927 | ||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | 459 | 1,054 | 5,925 | 2,995 | 4,390 | ||||
Legal Entities | Twenty-First Century Fox | |||||||||
Condensed Income Statements Captions [Line Items] | |||||||||
Interest expense, net | -173 | -142 | -463 | -418 | -513 | ||||
Interest income | 3 | 1 | 4 | 2 | 3 | ||||
Earnings (losses) from subsidiary entities | 1,171 | 1,203 | 8,727 | 3,228 | 4,200 | ||||
Other, net | -11 | -11 | 82 | ||||||
Income from continuing operations before income tax expense | 990 | 1,062 | 8,257 | 2,812 | 3,772 | ||||
Income from continuing operations | 990 | 1,062 | 8,257 | 2,812 | 3,772 | ||||
(Loss) income from discontinued operations, net of tax | -15 | -9 | -38 | 703 | 742 | ||||
Net income | 975 | 1,053 | 8,219 | 3,515 | 4,514 | ||||
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 975 | 1,053 | 8,219 | 3,515 | 4,514 | ||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | 603 | 1,085 | 6,406 | 3,858 | 4,799 | ||||
Legal Entities | Non-Guarantor | |||||||||
Condensed Income Statements Captions [Line Items] | |||||||||
Revenues | 6,839 | 8,218 | 22,781 | 23,442 | 31,866 | ||||
Expenses | -5,232 | -6,652 | -18,025 | -19,162 | -26,034 | ||||
Equity (losses) earnings of affiliates | 331 | 169 | 961 | 429 | 621 | ||||
Interest expense, net | -20 | -14 | -78 | -27 | -47 | ||||
Interest income | 300 | 272 | 841 | 806 | 1,020 | ||||
Other, net | 115 | -38 | 5,037 | -157 | -498 | ||||
Income from continuing operations before income tax expense | 2,333 | 1,955 | 11,517 | 5,331 | 6,928 | ||||
Income tax (expense) benefit | -593 | -390 | -1,378 | -1,306 | -1,699 | ||||
Income from continuing operations | 1,740 | 1,565 | 10,139 | 4,025 | 5,229 | ||||
Net income | 1,740 | 1,565 | 10,139 | 4,025 | 5,229 | ||||
Less: Net income attributable to noncontrolling interests | -67 | -20 | -200 | -44 | -132 | ||||
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 1,673 | 1,545 | 9,939 | 3,981 | 5,097 | ||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | 1,210 | 1,623 | 7,858 | 4,336 | 5,572 | ||||
Reclassifications and Eliminations | |||||||||
Condensed Income Statements Captions [Line Items] | |||||||||
Interest expense, net | 295 | 268 | 822 | 789 | 1,000 | ||||
Interest income | -295 | -268 | -822 | -789 | -1,000 | ||||
Earnings (losses) from subsidiary entities | -3,158 | -3,155 | -19,240 | -8,652 | -10,730 | ||||
Income from continuing operations before income tax expense | -3,158 | -3,155 | -19,240 | -8,652 | -10,730 | ||||
Income tax (expense) benefit | 560 | 414 | 1,313 | 1,431 | 1,706 | ||||
Income from continuing operations | -2,598 | -2,741 | -17,927 | -7,221 | -9,024 | ||||
Net income | -2,598 | -2,741 | -17,927 | -7,221 | -9,024 | ||||
Net income attributable to Twenty-First Century Fox, Inc. stockholders | -2,598 | -2,741 | -17,927 | -7,221 | -9,024 | ||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ($1,669) | ($2,677) | ($13,783) | ($7,331) | ($9,962) | ||||
[1] | Net income attributable to noncontrolling interests includes $30 million and $26 million for the three months ended March 31, 2015 and 2014, respectively, and $83 million and $74 million for the nine months ended March 31, 2015 and 2014, respectively, relating to redeemable noncontrolling interests. |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Supplemental Condensed Consolidating Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $9,276 | $5,415 | $5,517 | $6,659 | ||||
Receivables, net | 6,345 | 6,468 | ||||||
Inventories, net | 3,062 | [1] | 3,092 | [1] | ||||
Other | 366 | 401 | ||||||
Total current assets | 19,049 | 15,376 | ||||||
Non-current assets: | ||||||||
Receivables, net | 418 | 454 | ||||||
Inventories, net | 6,428 | 6,442 | ||||||
Property, plant and equipment, net | 1,696 | 2,931 | ||||||
Intangible assets, net | 6,372 | 8,072 | ||||||
Goodwill | 12,502 | 18,052 | ||||||
Other | 586 | 607 | ||||||
Investments: | ||||||||
Investments in associated companies and other investments | 4,441 | 2,859 | ||||||
Total investments | 4,441 | 2,859 | ||||||
Total assets | 51,492 | 54,793 | ||||||
Current liabilities: | ||||||||
Borrowings | 227 | 799 | ||||||
Other current liabilities | 7,263 | 8,057 | ||||||
Total current liabilities | 7,490 | 8,856 | ||||||
Non-current liabilities: | ||||||||
Borrowings | 18,865 | 18,259 | ||||||
Other non-current liabilities | 5,524 | 6,236 | ||||||
Redeemable noncontrolling interests | 638 | 541 | ||||||
Total equity | 18,975 | 20,788 | 20,901 | 20,964 | 20,800 | 20,125 | ||
Total liabilities and equity | 51,492 | 54,793 | ||||||
Legal Entities | 21st Century Fox America, Inc. | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 468 | 473 | 466 | 524 | ||||
Receivables, net | 11 | 3 | ||||||
Other | 51 | 10 | ||||||
Total current assets | 530 | 486 | ||||||
Non-current assets: | ||||||||
Receivables, net | 15 | 16 | ||||||
Property, plant and equipment, net | 219 | 145 | ||||||
Other | 430 | 410 | ||||||
Investments: | ||||||||
Investments in associated companies and other investments | 50 | 113 | ||||||
Intragroup investments | 92,103 | 80,714 | ||||||
Total investments | 92,153 | 80,827 | ||||||
Total assets | 93,347 | 81,884 | ||||||
Current liabilities: | ||||||||
Borrowings | 200 | 750 | ||||||
Other current liabilities | 431 | 516 | ||||||
Total current liabilities | 631 | 1,266 | ||||||
Non-current liabilities: | ||||||||
Borrowings | 17,278 | 16,279 | ||||||
Other non-current liabilities | 670 | 316 | ||||||
Intercompany | 35,118 | 33,276 | ||||||
Total equity | 39,650 | 30,747 | ||||||
Total liabilities and equity | 93,347 | 81,884 | ||||||
Legal Entities | Twenty-First Century Fox | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 7,716 | 3,120 | 3,152 | 3,956 | ||||
Total current assets | 7,716 | 3,120 | ||||||
Investments: | ||||||||
Investments in associated companies and other investments | 22 | 19 | ||||||
Intragroup investments | 52,704 | 46,499 | ||||||
Total investments | 52,726 | 46,518 | ||||||
Total assets | 60,442 | 49,638 | ||||||
Current liabilities: | ||||||||
Other current liabilities | 376 | 85 | ||||||
Total current liabilities | 376 | 85 | ||||||
Non-current liabilities: | ||||||||
Intercompany | 42,077 | 32,135 | ||||||
Total equity | 17,989 | 17,418 | ||||||
Total liabilities and equity | 60,442 | 49,638 | ||||||
Legal Entities | Non-Guarantor | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,092 | 1,822 | 1,899 | 2,179 | ||||
Receivables, net | 6,335 | 6,466 | ||||||
Inventories, net | 3,062 | 3,092 | ||||||
Other | 315 | 391 | ||||||
Total current assets | 10,804 | 11,771 | ||||||
Non-current assets: | ||||||||
Receivables, net | 403 | 438 | ||||||
Inventories, net | 6,428 | 6,442 | ||||||
Property, plant and equipment, net | 1,477 | 2,786 | ||||||
Intangible assets, net | 6,372 | 8,072 | ||||||
Goodwill | 12,502 | 18,052 | ||||||
Other | 156 | 197 | ||||||
Investments: | ||||||||
Investments in associated companies and other investments | 4,369 | 2,727 | ||||||
Total investments | 4,369 | 2,727 | ||||||
Total assets | 42,511 | 50,485 | ||||||
Current liabilities: | ||||||||
Borrowings | 27 | 49 | ||||||
Other current liabilities | 6,457 | 7,457 | ||||||
Total current liabilities | 6,484 | 7,506 | ||||||
Non-current liabilities: | ||||||||
Borrowings | 1,587 | 1,980 | ||||||
Other non-current liabilities | 4,854 | 5,920 | ||||||
Intercompany | -77,195 | -65,411 | ||||||
Redeemable noncontrolling interests | 638 | 541 | ||||||
Total equity | 106,143 | 99,949 | ||||||
Total liabilities and equity | 42,511 | 50,485 | ||||||
Reclassifications and Eliminations | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Receivables, net | -1 | -1 | ||||||
Total current assets | -1 | -1 | ||||||
Investments: | ||||||||
Intragroup investments | -144,807 | -127,213 | ||||||
Total investments | -144,807 | -127,213 | ||||||
Total assets | -144,808 | -127,214 | ||||||
Current liabilities: | ||||||||
Other current liabilities | -1 | -1 | ||||||
Total current liabilities | -1 | -1 | ||||||
Non-current liabilities: | ||||||||
Total equity | -144,807 | -127,213 | ||||||
Total liabilities and equity | ($144,808) | ($127,214) | ||||||
[1] | Current portion of inventories as of March 31, 2015 and June 30, 2014 was comprised of programming rights ($2,990 million and $3,011 million, respectively), DVDs, Blu-rays and other merchandise. |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net cash provided by operating activities from continuing operations | $2,623 | $1,581 |
Investing activities: | ||
Property, plant and equipment | -320 | -470 |
Investments | -1,303 | -797 |
Proceeds from dispositions, net | 8,610 | 259 |
Net cash provided by (used in) investing activities from continuing operations | 6,987 | -1,008 |
Financing activities: | ||
Borrowings | 2,534 | 987 |
Repayment of borrowings | -2,174 | -142 |
Issuance of shares | 49 | 66 |
Repurchase of shares | -4,784 | -2,752 |
Dividends paid and distributions | -494 | -444 |
Purchase of subsidiary shares from noncontrolling interests | -650 | -76 |
Distribution to News Corporation | -10 | |
Net cash used in financing activities from continuing operations | -5,519 | -2,371 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents from discontinued operations | -38 | 608 |
Net increase (decrease) in cash and cash equivalents | 4,053 | -1,190 |
Cash and cash equivalents, beginning of year | 5,415 | 6,659 |
Exchange movement on cash balances | -192 | 48 |
Cash and cash equivalents, end of period | 9,276 | 5,517 |
Legal Entities | 21st Century Fox America, Inc. | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | -276 | -817 |
Investing activities: | ||
Property, plant and equipment | -84 | -3 |
Investments | -127 | -1 |
Proceeds from dispositions, net | 79 | |
Net cash provided by (used in) investing activities from continuing operations | -132 | -4 |
Financing activities: | ||
Borrowings | 1,191 | 987 |
Repayment of borrowings | -750 | -134 |
Net cash used in financing activities from continuing operations | 441 | 853 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents from discontinued operations | -38 | -90 |
Net increase (decrease) in cash and cash equivalents | -5 | -58 |
Cash and cash equivalents, beginning of year | 473 | 524 |
Cash and cash equivalents, end of period | 468 | 466 |
Legal Entities | Twenty-First Century Fox | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 1,675 | 1,481 |
Investing activities: | ||
Investments | -3 | |
Proceeds from dispositions, net | 8,582 | |
Net cash provided by (used in) investing activities from continuing operations | 8,579 | 0 |
Financing activities: | ||
Issuance of shares | 49 | 66 |
Repurchase of shares | -4,784 | -2,752 |
Dividends paid and distributions | -273 | -287 |
Purchase of subsidiary shares from noncontrolling interests | -650 | |
Distribution to News Corporation | -10 | |
Net cash used in financing activities from continuing operations | -5,658 | -2,983 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents from discontinued operations | 0 | 698 |
Net increase (decrease) in cash and cash equivalents | 4,596 | -804 |
Cash and cash equivalents, beginning of year | 3,120 | 3,956 |
Cash and cash equivalents, end of period | 7,716 | 3,152 |
Legal Entities | Non-Guarantor | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 1,224 | 917 |
Investing activities: | ||
Property, plant and equipment | -236 | -467 |
Investments | -1,173 | -796 |
Proceeds from dispositions, net | -51 | 259 |
Net cash provided by (used in) investing activities from continuing operations | -1,460 | -1,004 |
Financing activities: | ||
Borrowings | 1,343 | |
Repayment of borrowings | -1,424 | -8 |
Dividends paid and distributions | -221 | -157 |
Purchase of subsidiary shares from noncontrolling interests | -76 | |
Net cash used in financing activities from continuing operations | -302 | -241 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents from discontinued operations | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -538 | -328 |
Cash and cash equivalents, beginning of year | 1,822 | 2,179 |
Exchange movement on cash balances | -192 | 48 |
Cash and cash equivalents, end of period | 1,092 | 1,899 |
Reclassifications and Eliminations | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 0 | 0 |
Investing activities: | ||
Net cash provided by (used in) investing activities from continuing operations | 0 | 0 |
Financing activities: | ||
Net cash used in financing activities from continuing operations | 0 | 0 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents from discontinued operations | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |