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FOX Fox

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Mar. 31, 2021May 03, 2021
Document And Entity Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ3
Entity Registrant NameFOX CORPORATION
Entity Central Index Key0001754301
Current Fiscal Year End Date--06-30
Entity Filer CategoryLarge Accelerated Filer
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Shell Companyfalse
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity File Number001-38776
Entity Tax Identification Number83-1825597
Entity Address, Address Line One1211 Avenue of the Americas
Entity Address, City or TownNew York
Entity Address, State or ProvinceNY
Entity Incorporation, State or Country CodeDE
Entity Address, Postal Zip Code10036
City Area Code212
Local Phone Number852-7000
Document Quarterly Reporttrue
Document Transition Reportfalse
Class A Common Stock
Document And Entity Information [Line Items]
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Security Exchange NameNASDAQ
Trading SymbolFOXA
Entity Common Stock, Shares Outstanding326,938,206
Class B Common Stock
Document And Entity Information [Line Items]
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Security Exchange NameNASDAQ
Trading SymbolFOX
Entity Common Stock, Shares Outstanding253,269,403

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenues $ 3,215 $ 3,440 $ 10,019 $ 9,885
Operating expenses(1,885)(2,061)(6,399)(6,620)
Selling, general and administrative(437)(464)(1,267)(1,247)
Depreciation and amortization(78)(57)(216)(164)
Impairment and restructuring charges0 0 (35)(9)
Interest expense(98)(89)(296)(269)
Interest income0 8 3 33
Other, net61 (632)752 (345)
Income before income tax expense778 145 2,561 1,264
Income tax expense(196)(55)(632)(347)
Net income582 90 1,929 917
Less: Net income attributable to noncontrolling interests[1](15)(12)(32)(40)
Net income attributable to Fox Corporation stockholders $ 567 $ 78 $ 1,897 $ 877
Weighted average shares
Basic589 608 595 615
Diluted593 612 598 619
Net income attributable to Fox Corporation stockholders per share
Basic $ 0.96 $ 0.13 $ 3.19 $ 1.43
Diluted $ 0.96 $ 0.13 $ 3.17 $ 1.42
[1]Net income attributable to noncontrolling interests includes $5 million and $4 million for the three months ended March 31, 2021 and 2020, respectively, and $13 million and $16 million for the nine months ended March 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income $ 582 $ 90 $ 1,929 $ 917
Other comprehensive income, net of tax
Benefit plan adjustments9 5 25 17
Other comprehensive income, net of tax9 5 25 17
Comprehensive income591 95 1,954 934
Less: Net income attributable to noncontrolling interests[1](15)(12)(32)(40)
Comprehensive income attributable to Fox Corporation stockholders $ 576 $ 83 $ 1,922 $ 894
[1]Net income attributable to noncontrolling interests includes $5 million and $4 million for the three months ended March 31, 2021 and 2020, respectively, and $13 million and $16 million for the nine months ended March 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests $ 5 $ 4 $ 13 $ 16

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Current assets
Cash and cash equivalents $ 5,765 $ 4,645
Receivables, net2,153 1,888
Inventories, net685 856
Other91 97
Total current assets8,694 7,486
Non-current assets
Property, plant and equipment, net1,626 1,498
Intangible assets, net3,156 3,198
Goodwill3,403 3,409
Deferred tax assets3,853 4,358
Other non-current assets2,175 1,801
Total assets22,907 21,750
Current liabilities
Borrowings749 0
Accounts payable, accrued expenses and other current liabilities2,236 1,906
Total current liabilities2,985 1,906
Non-current liabilities
Borrowings7,201 7,946
Other liabilities1,412 1,482
Redeemable noncontrolling interests225 305
Commitments and contingencies
Equity
Additional paid-in capital9,555 9,831
Retained earnings1,912 674
Accumulated other comprehensive loss(392)(417)
Total Fox Corporation stockholders' equity11,081 10,094
Noncontrolling interests3 17
Total equity11,084 10,111
Total liabilities and equity22,907 21,750
Class A Common Stock
Equity
Common stock[1]3 3
Class B Common Stock
Equity
Common stock[2] $ 3 $ 3
[1]Class A common stock , $0.01 par value per share, 2,000,000,000 shares authorized, 328,797,729 shares and 343,608,673 shares issued and outstanding
[2]Class B common stock , $0.01 par value per share, 1,000,000,000 shares authorized, 254,094,035 shares and 261,078,355 shares issued and outstanding at par as of March 31, 2021 and June 30, 2020, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesMar. 31, 2021Jun. 30, 2020
Class A Common Stock
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized2,000,000,000 2,000,000,000
Common stock, shares issued328,797,729 343,608,673
Common stock, shares outstanding328,797,729 343,608,673
Class B Common Stock
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized1,000,000,000 1,000,000,000
Common stock, shares issued254,094,035 261,078,355
Common stock, shares outstanding254,094,035 261,078,355

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions9 Months Ended
Mar. 31, 2021Mar. 31, 2020
OPERATING ACTIVITIES
Net income $ 1,929 $ 917
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization216 164
Amortization of cable distribution investments17 19
Impairment and restructuring charges35 9
Equity-based compensation112 101
Other, net(752)345
Deferred income taxes528 255
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets(382)(395)
Inventories net of program rights payable257 167
Accounts payable and accrued expenses88 (178)
Other changes, net(182)(59)
Net cash provided by operating activities1,866 1,345
INVESTING ACTIVITIES
Property, plant and equipment(333)(192)
Acquisitions, net of cash acquired0 (611)
Proceeds from dispositions, net93 45
Sale of investments0 349
Purchase of investments(86)0
Other investing activities, net(3)12
Net cash used in investing activities(329)(397)
FINANCING ACTIVITIES
Repurchase of shares(713)(600)
Non-operating cash flows from (to) The Walt Disney Company113 (70)
Settlement of Divestiture Tax prepayment462 0
Dividends paid and distributions(182)(321)
Purchase of subsidiary noncontrolling interest(67)0
Other financing activities, net(30)5
Net cash used in financing activities(417)(986)
Net increase (decrease) in cash and cash equivalents1,120 (38)
Cash and cash equivalents, beginning of year4,645 3,234
Cash and cash equivalents, end of period $ 5,765 $ 3,196

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in MillionsTotalCommon StockClass A Common StockCommon StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal Fox Corporation Stockholders' EquityNoncontrolling Interests[1]
Beginning Balance at Jun. 30, 2019 $ 9,958 $ 4 $ 3 $ 9,891 $ 357 $ (308) $ 9,947 $ 11
Beginning Balance (in shares) at Jun. 30, 2019354 266
Net income901 $ 0 $ 0 0 877 0 877 24
Other comprehensive income17 0 0 0 0 17 17 0
Dividends(282)0 0 0 (282)0 (282)0
Shares repurchased(600) $ (1) $ 0 (273)(326)0 (600)0
Shares repurchased, shares(12)(5)
Other139 $ 0 $ 0 192 (37)0 155 (16)
Other, shares1 0
Ending Balance at Mar. 31, 202010,133 $ 3 $ 3 9,810 589 (291)10,114 19
Ending Balance (in shares) at Mar. 31, 2020343 261
Beginning Balance at Dec. 31, 201910,353 $ 3 $ 3 9,849 775 (296)10,334 19
Beginning Balance (in shares) at Dec. 31, 2019347 264
Net income86 $ 0 $ 0 0 78 0 78 8
Other comprehensive income5 0 0 0 0 5 5 0
Dividends(139)0 0 0 (139)0 (139)0
Shares repurchased(173) $ 0 $ 0 (79)(94)0 (173)0
Shares repurchased, shares(4)(3)
Other1 $ 0 $ 0 40 (31)0 9 (8)
Other, shares0 0
Ending Balance at Mar. 31, 202010,133 $ 3 $ 3 9,810 589 (291)10,114 19
Ending Balance (in shares) at Mar. 31, 2020343 261
Beginning Balance at Jun. 30, 202010,111 $ 3 $ 3 9,831 674 (417)10,094 17
Beginning Balance (in shares) at Jun. 30, 2020344 261
Net income1,916 $ 0 $ 0 0 1,897 0 1,897 19
Other comprehensive income25 0 0 0 0 25 25 0
Dividends(272)0 0 0 (272)0 (272)0
Shares repurchased(725) $ 0 $ 0 (393)(332)0 (725)0
Shares repurchased, shares(17)(7)
Other29 $ 0 $ 0 117 (55)0 62 (33)
Other, shares2 0
Ending Balance at Mar. 31, 202111,084 $ 3 $ 3 9,555 1,912 (392)11,081 3
Ending Balance (in shares) at Mar. 31, 2021329 254
Beginning Balance at Dec. 31, 202010,921 $ 3 $ 3 9,655 1,657 (401)10,917 4
Beginning Balance (in shares) at Dec. 31, 2020335 257
Net income577 $ 0 $ 0 0 567 0 567 10
Other comprehensive income9 0 0 0 0 9 9 0
Dividends(134)0 0 0 (134)0 (134)0
Shares repurchased(306) $ 0 $ 0 (146)(160)0 (306)0
Shares repurchased, shares(6)(3)
Other17 $ 0 $ 0 46 (18)0 28 (11)
Other, shares0 0
Ending Balance at Mar. 31, 2021 $ 11,084 $ 3 $ 3 $ 9,555 $ 1,912 $ (392) $ 11,081 $ 3
Ending Balance (in shares) at Mar. 31, 2021329 254
[1]Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).

Description of Business and Bas

Description of Business and Basis of Presentation9 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Basis of PresentationNOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation, a Delaware corporation (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) . The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The outbreak In particular, the college football 2020 season was impacted by COVID-19, and as a result had an abridged schedule that included games that were shifted from the first quarter to the second quarter of fiscal 2021, but had fewer live games overall due to cancellations. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the best estimates of the future impacts of COVID-19 as of March 31, 2021. The accounting matters assessed included, but were not limited to, the Company’s valuation allowances, programming rights and the carrying value of the goodwill and other long-lived assets. While there was not an impact to the Company’s consolidated financial statements as of March 31, 2021, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020 as filed with the Securities and Exchange Commission on August 10, 2020 (the “2020 Form 10-K”). The Unaudited Consolidated Financial Statements include the accounts of FOX. All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exist s when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer . All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations . Pursuant to the merger agreement relating to the merger of Twenty-First Century Fox, Inc. (“21CF”) and The Walt Disney Company (“Disney”), the Company made a prepayment of approximately $700 million which represented the Company’s share of the estimated tax liabilities resulting from the anticipated divestitures by Disney of certain assets (the “Divestiture Tax”), principally the FOX Sports Regional Sports Networks (“RSNs”). During the first quarter of fiscal 2021, the Company and Disney reached an agreement to settle the majority of the prepaid Divestiture Tax and the Company received $462 million from Disney as reimbursement of the Company’s prepayment based upon the sales price of the RSNs. This reimbursement was recorded in Other, net in the Statement of Operations (See Note 11 — The Company’s fiscal year ends on June 30 of each year. Certain fiscal 2020 amounts have been reclassified to conform to the fiscal 2021 presentation. The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein. Recently Adopted and Recently Issued Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), as amended. On July 1, 2020, the Company adopted ASU 2016-13 on a modified retrospective basis. The amendments in ASU 2016-13 require, among other things, financial assets measured at amortized cost basis to be presented at the net amount expected to be collected as compared to previous GAAP which delayed recognition until it was probable a loss had been incurred. The adoption of ASU 2016-13 did not have a material impact on the Company’s Financial Statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). On July 1, 2020, the Company adopted ASU 2018-15 on a prospective basis. The amendments in ASU 2018-15 require implementation costs incurred in a hosting arrangement that is a service contract to be capitalized using the same guidance for capitalizing implementation costs incurred to develop or obtain internal-use software. In addition, ASU 2018-15 provides guidance regarding the term over which capitalized implementation costs are to be amortized and requires specific financial statement presentation and disclosures. The adoption of ASU 2018-15 did not have a material impact on the Company’s Financial Statements. In March 2019, the FASB issued ASU 2019-02, “Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials” (“ASU 2019-02”). On July 1, 2020, the Company adopted ASU 2019-02 on a prospective basis and reclassified entertainment programming rights, with a contract duration of longer than a year, that were previously classified as the current portion of inventories, net to non-current inventories, net on the Balance Sheet. The amendments in ASU 2019-02 align the accounting treatment for production costs of episodic television series with the accounting treatment for production costs of films. In addition, ASU 2019-02 modifies certain aspects of the amortization, impairment, presentation and disclosure requirements in ASC 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350, including eliminating the balance sheet classification guidance. The adoption of ASU 2019-02 did not have a significant impact on the Company’s Financial Statements (See Note 3—Inventories, net for additional information).

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions9 Months Ended
Mar. 31, 2021
Acquisitions Disposals And Other Transactions [Abstract]
Acquisitions, Disposals and Other TransactionsNOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS The Company’s acquisitions —Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Tubi Acquisition”), Fiscal 2021 Acquisitions Outkick Media Acquisition In May 2021, the Company entered into a binding term sheet to acquire Outkick Media, LLC, a digital media company focused on the intersection of sports, news and entertainment. Disposals Sports Marketing Businesses Divestiture In March 2021, the Company sold its sports marketing businesses for cash consideration subject to post-closing adjustments and recorded a gain in Other, net in the Statement of Operations. Fiscal 2020 Acquisitions and Disposals Television Stations Acquisition and Divestiture In March 2020, the Company acquired three television stations (FOX-affiliate KCPQ and MyNetworkTV-affiliate KZJO located in Seattle, Washington and FOX-affiliate WITI located in Milwaukee, Wisconsin) for approximately $350 million in cash from Nexstar Media Group, Inc. (“Nexstar”). As part of this transaction, the Company sold Nexstar two television stations (FOX-affiliate WJZY and MyNetworkTV-affiliate WMYT located in Charlotte, North Carolina) for approximately $45 million in cash. The consideration transferred of approximately $350 million for the stations the Company acquired has been allocated, based on a final valuation, as follows: approximately $210 million to intangible assets, of which approximately $110 million has been allocated to Federal Communications Commission licenses with indefinite lives and approximately $100 million to amortizable intangible assets, primarily retransmission agreements with useful lives of eight years; approximately $30 million to property, plant and equipment; and the balance to goodwill. The estimated goodwill, which is tax deductible, reflects the increased synergies and market penetration expected from combining the operations of the three television stations with those of the Company. The Company finalized its purchase price accounting for the acquisition during the third quarter of fiscal 2021 without any material adjustments. Credible Acquisition In October 2019, the Company acquired 67% of the equity in Credible Labs Inc. (“Credible”), a U.S. consumer finance marketplace, for approximately $260 million in cash (the “Credible Acquisition”), net of cash acquired. The remaining 33% of Credible not owned by the Company was recorded at fair value on the acquisition date based on the Company’s valuation of Credible’s business using a market approach (a Level 3 measurement as defined in Note 4—Fair Value). The consideration transferred of approximately $260 million has been allocated, based on a final valuation of 100% of Credible, as follows: approximately $75 million to intangible assets with useful lives ranging from five to 10 years; approximately $285 million representing goodwill; approximately $(110) million to redeemable noncontrolling interests and the remainder to other net assets. The estimated goodwill, which is not tax deductible, reflects the increased market penetration and synergies expected from combining the operations of Credible and the Company. The Company finalized its purchase price accounting for the Credible Acquisition during the second quarter of fiscal 2021 without any material adjustments .

Inventories, Net

Inventories, Net9 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories, NetNOTE 3. INVENTORIES, NET In accordance with ASC 920, “Entertainment—Broadcasters” (“ASC 920”), costs incurred in acquiring program rights or producing programs for the Cable Network Programming and Television segments, including advances, are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable and the program is accepted and available for airing. Effective for the Company beginning on July 1, 2020, ASC 920 permits program rights to be recorded in non-current inventories, net rather than segregated between current and non-current inventories, net. As a result, the Company reclassified entertainment programming rights, with a contract duration of longer than a year, that were previously classified as the current portion of inventories, net to non-current inventories, net on the Balance Sheet. Advances on sports events expected to be broadcast within one year and programs with an initial license period of one year or less continue to be recorded in the current portion of inventories, net. Television broadcast network entertainment programming, which includes acquired series, co-produced series, movies and other programs, are amortized primarily on an accelerated basis. The Company has single and multi-year contracts for broadcast rights of programs and sports events. The Company evaluates the recoverability of the unamortized costs associated therewith, using total estimated advertising and other revenues attributable to the program material and considering the Company’s expectations of the usefulness of the program rights. The recoverability of entertainment programming is generally assessed on a contract basis and the recoverability of certain sports rights contracts for content broadcast on the FOX Network and the sports channels is assessed on an aggregate basis. Where an evaluation indicates that these multi-year contracts will result in an asset that is not recoverable, amortization of rights is accelerated in an amount equal to the amount by which the unamortized costs exceed fair value. The costs of multi-year sports contracts at the FOX Network and the sports channels are primarily amortized based on the ratio of each current period’s attributable revenue for each contract to the estimated total remaining attributable revenue for each contract. Estimates can change and, accordingly, are reviewed periodically and amortization is adjusted as necessary. Such changes in the future could be material. The Company’s inventories were comprised of the following:
As of March 31, 2021
As of June 30, 2020
(in millions)
Sports programming rights
$
505
$
674
Entertainment programming rights
363
384
Total inventories, net
868
1,058
Less: current portion of inventories, net
(685
)
(856
)
Total non-current inventories, net
$
183
$
202
The aggregate amortization expense related to the programming rights was approximately $1.3 billion and $1.5 billion for the three months ended March 31, 2021 and 2020, respectively, and approximately $4.8 billion for the nine months ended March 31, 2021 and 2020, which is included in Operating expenses in the Statements of Operations.

Fair Value

Fair Value9 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair ValueNOTE 4. 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 following tables present information about financial assets and liabilities carried at fair value on a recurring basis:
Fair value measurements
As of March 31, 2021
Total
Level 1
Level 2
Level 3
(in millions)
Assets
Investments in equity securities
$
926
$
926
(a)
$
-
$
-
Liabilities
Other
(4
)
-
-
(4
) (b)
Redeemable noncontrolling interests
(225
)
-
-
(225
) (b)
Total
$
697
$
926
$
-
$
(229
)
Fair value measurements
As of June 30, 2020
Total
Level 1
Level 2
Level 3
(in millions)
Assets
Investments in equity securities
$
531
$
531
(a)
$
-
$
-
Liabilities
Other
(6
)
-
-
(6)
(b)
Redeemable noncontrolling interests
(305
)
-
-
(305)
(b)
Total
$
220
$
531
$
-
$
(311)
( a )
The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Flutter” for further discussion). In December 2020, the Company made an additional investment of approximately $55 million in Flutter.
(b)
The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates. Redeemable Noncontrolling Interests 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 are put rights held by minority shareholders in a majority-owned sports network and in Credible. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Beginning of period
$
(202
)
$
(216
)
$
(305
)
$
(189
)
Acquisitions (a)
-
-
-
(109
)
Net income
(5
)
(4
)
(13
)
(16
)
Redemption of noncontrolling interests (b)
-
-
135
-
Distributions
1
6
12
19
Accretion and other (c)
(19
)
(44
)
(54
)
37
End of period
$
(225
)
$
(258
)
$
(225
)
$
(258
)
(a)
See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”
(b)
As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2021, approximately $135 million was reclassified out of Redeemable noncontrolling interests into equity. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
(c)
As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020, approximately $120 million was reclassified into equity. The final put right held by the sports network minority shareholder will become exercisable in the first quarter of fiscal 2022. The put right held by the Credible minority shareholder will become exercisable in fiscal 2025. Financial Instruments The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method in accordance with ASC 321, approximates fair value.
As of March 31, 2021
As of June 30, 2020
(in millions)
Borrowings
Fair value
$
9,235
$
9,746
Carrying value
$
7,950
$
7,946
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). 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. Generally, the Company does not require collateral to secure receivables. As of March 31, 2021, the Company had one customer that accounted for approximately 10% of the Company’s receivables. As of June 30, 2020, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

Borrowings

Borrowings9 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
BorrowingsNOTE 5. BORROWINGS Senior Notes Issued Borrowings include senior notes (See Note 9—Borrowings in the 2020 Form 10-K under the heading “Public Debt – Senior Notes Issued”). Senior notes of $750 million at 3.666% are due in January 2022 March 2024

Stockholders' Equity

Stockholders' Equity9 Months Ended
Mar. 31, 2021
Stockholders Equity Note [Abstract]
Stockholders' EquityNOTE 6. STOCKHOLDERS’ EQUITY Stock Repurchase Program In fiscal 2020, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program providing for the repurchase of $2 billion of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time. In August 2020, the Company entered into two accelerated share repurchase (“ASR”) agreements to repurchase $154 million of Class A Common Stock and $66 million of Class B Common Stock. In accordance with the ASR agreements, in August 2020, the Company paid a third-party financial institution $154 million and $66 million and received initial deliveries of approximately 4.7 million and 2.0 million shares of Class A Common Stock and Class B Common Stock, respectively, representing 80% of the shares expected to be repurchased under each ASR agreement, at a price of $26.00 and $26.01 per share, which was The Nasdaq Global Select Market closing share price of the Class A Common Stock and Class B Common Stock, respectively, on August 21, 2020. Upon settlement of the ASR agreements in September 2020, the Company received final deliveries of approximately 0.9 million and 0.4 million shares of Class A Common Stock and Class B Common Stock, respectively. The final number of shares purchased under the ASR agreements was determined using a price of $27.57 and $27.67 per share (the volume-weighted average market price of the Class A Common Stock and Class B Common Stock, respectively, during the terms of the ASR agreements less a discount applicable for the Class A Common Stock). The Company accounted for each ASR agreement as two separate transactions. The initial deliveries of Class A Common Stock and Class B Common Stock were accounted for as treasury stock transactions recorded on the acquisition date. The final settlements of Class A Common Stock and Class B Common Stock were accounted for as forward contracts indexed to the Class A Common Stock or Class B Common Stock, as applicable, and qualified as equity transactions. In addition to the shares purchased under the ASR agreements, the Company repurchased shares of Class A Common Stock and Class B Common Stock in the open market. In total, the Company repurchased approximately 24 million shares of Common Stock for $725 million during the nine months ended March 31, 2021. Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings. As of March 31, 2021, the Company’s remaining stock repurchase authorization was approximately $675 million. Subsequent to March 31, 2021, the Company repurchased a total of approximately 2.7 million shares of Common Stock for $100 million in the open market. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
Cash dividend per share
$
0.23
$
0.23
$
0.46
$
0.46
The Company declared a semi-annual dividend of $0.23 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2021, which was paid in April 2021 to stockholders of record on March 10, 2021.

Equity-Based Compensation

Equity-Based Compensation9 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based CompensationNOTE 7. EQUITY-BASED COMPENSATION T he Company has one equity plan, the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”) (See Note 12 The following table summarizes the Company’s equity-based compensation:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Equity-based compensation
$
37
$
41
$
112
$
115
Intrinsic value of all settled equity-based awards
$
4
$
2
$
95
$
8
Tax benefit on settled equity-based awards
$
1
$
1
$
17
$
2
The Company’s stock based awards are settled in Class A Common Stock. As of March 31, 2021, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $105 million and is expected to be recognized over a weighted average period between one and two years. As of March 31, 2021 and 2020, the Company had approximately 6.4 million and 7.0 million stock options outstanding, respectively. For the nine months ended March 31, 2021 and 2020, the computation of diluted earnings per share did not include most of the stock options outstanding during these periods, because their inclusion would have been antidilutive. Awards Vested and Granted Restricted Stock Units During the nine months ended March 31, 2021, approximately 3.5 million restricted stock units (“RSUs”) vested and approximately 2.0 million RSUs were granted, which generally vest in equal annual installments over a three-year During the nine months ended March 31, 2020, approximately 1.1 million RSUs were granted, which vest in equal annual installments over a three-year Stock Options During the nine months ended March 31, 2020, approximately 3.8 million stock options were granted, which generally have a term of seven years and vest in equal annual installments over a three-year Performance-Based Stock Options Performance-based stock options (“PSOs”) are awards that entitle the holder to purchase a specified number of shares of Class A Common Stock at a specified price for a specified period of time, contingent on the performance of the Class A Common Stock over a three-year period, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board may establish. The PSOs granted under the SAP will vest in full only if the Company’s Class A Common Stock exceeds the exercise price of the PSO by a certain threshold over a certain period of time during the performance period (the “market condition”). The PSOs were fair valued using a Monte Carlo simulation model that uses the following assumptions: (i) expected volatility; (ii) expected term; (iii) risk-free interest rate; and (iv) expected dividend yield. During the nine months ended March 3 1 , 202 1 , the Company granted approximately 5.0 million PSOs, which will vest in full at the end of a three - year performance period as the market condition has been met and have a term of seven years thereafter .

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNOTE 8. 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 course of operations. The total firm commitments and future debt payments as of March 31, 2021 and June 30, 2020 were approximately $48 billion and $37 billion, respectively. The increase from June 30, 2020 was primarily due to a new media rights agreement with the National Football League (“NFL”) for broadcast rights partially offset by sports programming rights payments and the early exit of the NFL’s Thursday Night Football package. Contingencies FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of 21CF and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, 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 Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2020 Form 10-K under the heading “The Distribution”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $50 million and $65 million as of March 31, 2021 and June 30, 2020, respectively. Defamation and Disparagement Claims From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021. The Company believes these lawsuits, including the Smartmatic and Dominion matters, are without merit and intends to defend against them vigorously. To date, none of the amounts the Company has paid in settlements of defamation or disparagement claims or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. Other The Company establishes an accrued liability for legal claims and indemnification 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. The Company’s operations are subject to tax in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state 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. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Distribution (as defined in Note 1—Description of Business and Basis of Presentation in the 2020 Form 10-K under the heading “The Distribution”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the Internal Revenue Service in amounts that the Company cannot quantify.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits9 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Pension and Other Postretirement BenefitsNOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $17 million and $14 million for the three months ended March 31, 2021 and 2020, respectively, and $51 million and $41 million for the nine months ended March 31, 2021 and 2020, respectively.

Segment Information

Segment Information9 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationNOTE 10. SEGMENT INFORMATION The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:

Cable Network Programming , which principally consists of the production and licensing of news and sports content distributed primarily through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”) and online multi-channel video programming distributors (“digital MVPDs”), primarily in the U.S.

Television , which principally consists of the acquisition, marketing and distribution of broadcast network programming nationally under the FOX brand and the operation of 29 full power broadcast television stations, including 11 duopolies, in the U.S. Of these stations, 18 are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The Television segment also includes Tubi, a free advertising-supported video-on-demand (“AVOD”) service.

Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace. 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 operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, Interest income, Other, net and Income tax expense. Management believes that Segment EBITDA 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 to the Company’s businesses. The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2021 and 2020:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Revenues
Cable Network Programming
$
1,471
$
1,467
$
4,284
$
4,221
Television
1,695
1,926
5,601
5,548
Other, Corporate and Eliminations
49
47
134
116
Total revenues
$
3,215
$
3,440
$
10,019
$
9,885
Segment EBITDA
Cable Network Programming
$
850
$
792
$
2,202
$
2,032
Television
135
224
407
261
Other, Corporate and Eliminations
(86
)
(96
)
(239
)
(256
)
Amortization of cable distribution investments
(6
)
(5
)
(17
)
(19
)
Depreciation and amortization
(78
)
(57
)
(216
)
(164
)
Impairment and restructuring charges
-
-
(35
)
(9
)
Interest expense
(98
)
(89
)
(296
)
(269
)
Interest income
-
8
3
33
Other, net
61
(632
)
752
(345
)
Income before income tax expense
778
145
2,561
1,264
Income tax expense
(196
)
(55
)
(632
)
(347
)
Net income
582
90
1,929
917
Less: Net income attributable to noncontrolling interests
(15
)
(12
)
(32
)
(40
)
Net income attributable to Fox Corporation stockholders
$
567
$
78
$
1,897
$
877
Revenues by Segment by Component
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Cable Network Programming
Affiliate fee
$
1,068
$
1,006
$
2,969
$
2,902
Advertising
283
304
1,023
895
Other
120
157
292
424
Total Cable Network Programming revenues
1,471
1,467
4,284
4,221
Television
Advertising
915
1,266
3,426
3,726
Affiliate fee
651
553
1,801
1,487
Other
129
107
374
335
Total Television revenues
1,695
1,926
5,601
5,548
Other, Corporate and Eliminations
49
47
134
116
Total revenues
$
3,215
$
3,440
$
10,019
$
9,885
Future Performance Obligations As of March 31, 2021, approximately $4.9 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Depreciation and amortization
Cable Network Programming
$
16
$
15
$
41
$
44
Television
26
17
77
46
Other, Corporate and Eliminations
36
25
98
74
Total depreciation and amortization
$
78
$
57
$
216
$
164
As of March 31, 2021
As of June 30, 2020
(in millions)
Assets
Cable Network Programming
$
2,584
$
2,591
Television
7,247
7,054
Other, Corporate and Eliminations
12,039
11,487
Investments
1,037
618
Total assets
$
22,907
$
21,750

Additional Financial Informatio

Additional Financial Information9 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Additional Financial InformationNOTE 11. ADDITIONAL FINANCIAL INFORMATION Impairment and Restructuring Charges Impairment and restructuring charges were $35 million and $9 million for the nine months ended March 31, 2021 and 2020, respectively, which were primarily comprised of severance costs principally at the Cable Network Programming segment. Other, net The following table sets forth the components of Other, net included in the Statements of Operations:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Transaction costs (a)
$
(2
)
$
(29
)
$
431
$
(72
)
Net gains (losses) on investments in equity securities (b)
43
(567
)
384
(185
)
U.K. Newspaper Matters Indemnity (c)
(15
)
(18
)
(43
)
(62
)
Other
35
(18
)
(20
)
(26
)
Total other, net
$
61
$
(632
)
$
752
$
(345
)
(a)
( b )
Net gains (losses) on investments in equity securities for the three and nine months ended March 31, 2021 included the gains related to the changes in fair value of the Company’s investment in Flutter (See Note 4—Fair Value) and for the three and nine months ended March 31, 2020 included the losses related to the changes in fair value of the Company’s investment in Roku, Inc. which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Roku”).
(c)
See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.” Other Non-Current Assets The following table sets forth the components of Other non-current assets included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Investments (a)
$
1,037
$
618
Operating lease ROU assets
474
539
Grantor Trust
291
247
Inventories, net
183
202
Other
190
195
Total other non-current assets
$
2,175
$
1,801
(a)
Included investments accounted for at fair value on a recurring basis of $926 million and $531 million as of March 31, 2021 and June 30, 2020, respectively (See Note 4—Fair Value).
Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Accrued expenses
$
1,070
$
907
Program rights payable
625
485
Deferred revenue
214
152
Operating lease liabilities
90
122
Other current liabilities
237
240
Total accounts payable, accrued expenses and other current liabilities
$
2,236
$
1,906
Other Liabilities The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Accrued non-current pension/postretirement liabilities
$
678
$
709
Non-current operating lease liabilities
413
452
Other non-current liabilities
321
321
Total other liabilities
$
1,412
$
1,482
Supplemental Information
For the nine months ended March 31,
2021
2020
(in millions)
Supplemental cash flows information
Cash paid for interest
$
(370
)
$
(355
)
Cash paid for income taxes
$
(132
)
$
(75
)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash
$
-
$
773
Cash acquired
-
15
Liabilities assumed
-
(53
)
Noncontrolling interests
-
(109
)
Cash paid
-
(626
)
Fair value of equity instruments consideration
$
-
$
-

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)9 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Use of EstimatesThe preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of ConsolidationThe Unaudited Consolidated Financial Statements include the accounts of FOX. All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exist s when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer . All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations .
Reclassifications and AdjustmentsThe Company’s fiscal year ends on June 30 of each year. Certain fiscal 2020 amounts have been reclassified to conform to the fiscal 2021 presentation.
Recently Adopted and Recently Issued Accounting GuidanceRecently Adopted and Recently Issued Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), as amended. On July 1, 2020, the Company adopted ASU 2016-13 on a modified retrospective basis. The amendments in ASU 2016-13 require, among other things, financial assets measured at amortized cost basis to be presented at the net amount expected to be collected as compared to previous GAAP which delayed recognition until it was probable a loss had been incurred. The adoption of ASU 2016-13 did not have a material impact on the Company’s Financial Statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). On July 1, 2020, the Company adopted ASU 2018-15 on a prospective basis. The amendments in ASU 2018-15 require implementation costs incurred in a hosting arrangement that is a service contract to be capitalized using the same guidance for capitalizing implementation costs incurred to develop or obtain internal-use software. In addition, ASU 2018-15 provides guidance regarding the term over which capitalized implementation costs are to be amortized and requires specific financial statement presentation and disclosures. The adoption of ASU 2018-15 did not have a material impact on the Company’s Financial Statements. In March 2019, the FASB issued ASU 2019-02, “Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials” (“ASU 2019-02”). On July 1, 2020, the Company adopted ASU 2019-02 on a prospective basis and reclassified entertainment programming rights, with a contract duration of longer than a year, that were previously classified as the current portion of inventories, net to non-current inventories, net on the Balance Sheet. The amendments in ASU 2019-02 align the accounting treatment for production costs of episodic television series with the accounting treatment for production costs of films. In addition, ASU 2019-02 modifies certain aspects of the amortization, impairment, presentation and disclosure requirements in ASC 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350, including eliminating the balance sheet classification guidance. The adoption of ASU 2019-02 did not have a significant impact on the Company’s Financial Statements (See Note 3—Inventories, net for additional information).
InventoriesIn accordance with ASC 920, “Entertainment—Broadcasters” (“ASC 920”), costs incurred in acquiring program rights or producing programs for the Cable Network Programming and Television segments, including advances, are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable and the program is accepted and available for airing. Effective for the Company beginning on July 1, 2020, ASC 920 permits program rights to be recorded in non-current inventories, net rather than segregated between current and non-current inventories, net. As a result, the Company reclassified entertainment programming rights, with a contract duration of longer than a year, that were previously classified as the current portion of inventories, net to non-current inventories, net on the Balance Sheet. Advances on sports events expected to be broadcast within one year and programs with an initial license period of one year or less continue to be recorded in the current portion of inventories, net. Television broadcast network entertainment programming, which includes acquired series, co-produced series, movies and other programs, are amortized primarily on an accelerated basis. The Company has single and multi-year contracts for broadcast rights of programs and sports events. The Company evaluates the recoverability of the unamortized costs associated therewith, using total estimated advertising and other revenues attributable to the program material and considering the Company’s expectations of the usefulness of the program rights. The recoverability of entertainment programming is generally assessed on a contract basis and the recoverability of certain sports rights contracts for content broadcast on the FOX Network and the sports channels is assessed on an aggregate basis. Where an evaluation indicates that these multi-year contracts will result in an asset that is not recoverable, amortization of rights is accelerated in an amount equal to the amount by which the unamortized costs exceed fair value. The costs of multi-year sports contracts at the FOX Network and the sports channels are primarily amortized based on the ratio of each current period’s attributable revenue for each contract to the estimated total remaining attributable revenue for each contract. Estimates can change and, accordingly, are reviewed periodically and amortization is adjusted as necessary. Such changes in the future could be material.
Concentrations of Credit RiskConcentrations 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. Generally, the Company does not require collateral to secure receivables. As of March 31, 2021, the Company had one customer that accounted for approximately 10% of the Company’s receivables. As of June 30, 2020, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

Inventories, Net (Tables)

Inventories, Net (Tables)9 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories, NetThe Company’s inventories were comprised of the following
As of March 31, 2021
As of June 30, 2020
(in millions)
Sports programming rights
$
505
$
674
Entertainment programming rights
363
384
Total inventories, net
868
1,058
Less: current portion of inventories, net
(685
)
(856
)
Total non-current inventories, net
$
183
$
202

Fair Value (Tables)

Fair Value (Tables)9 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure ThemThe following tables present information about financial assets and liabilities carried at fair value on a recurring basis:
Fair value measurements
As of March 31, 2021
Total
Level 1
Level 2
Level 3
(in millions)
Assets
Investments in equity securities
$
926
$
926
(a)
$
-
$
-
Liabilities
Other
(4
)
-
-
(4
) (b)
Redeemable noncontrolling interests
(225
)
-
-
(225
) (b)
Total
$
697
$
926
$
-
$
(229
)
Fair value measurements
As of June 30, 2020
Total
Level 1
Level 2
Level 3
(in millions)
Assets
Investments in equity securities
$
531
$
531
(a)
$
-
$
-
Liabilities
Other
(6
)
-
-
(6)
(b)
Redeemable noncontrolling interests
(305
)
-
-
(305)
(b)
Total
$
220
$
531
$
-
$
(311)
( a )
The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Flutter” for further discussion). In December 2020, the Company made an additional investment of approximately $55 million in Flutter.
(b)
The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Beginning of period
$
(202
)
$
(216
)
$
(305
)
$
(189
)
Acquisitions (a)
-
-
-
(109
)
Net income
(5
)
(4
)
(13
)
(16
)
Redemption of noncontrolling interests (b)
-
-
135
-
Distributions
1
6
12
19
Accretion and other (c)
(19
)
(44
)
(54
)
37
End of period
$
(225
)
$
(258
)
$
(225
)
$
(258
)
(a)
See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”
(b)
As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2021, approximately $135 million was reclassified out of Redeemable noncontrolling interests into equity. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
(c)
As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020, approximately $120 million was reclassified into equity.
Schedule of Fair Value and Carrying Value of BorrowingsThe carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method in accordance with ASC 321, approximates fair value.
As of March 31, 2021
As of June 30, 2020
(in millions)
Borrowings
Fair value
$
9,235
$
9,746
Carrying value
$
7,950
$
7,946

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)9 Months Ended
Mar. 31, 2021
Stockholders Equity Note [Abstract]
Schedule of Dividends DeclaredThe following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
Cash dividend per share
$
0.23
$
0.23
$
0.46
$
0.46

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)9 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Equity-Based CompensationThe following table summarizes the Company’s equity-based compensation:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Equity-based compensation
$
37
$
41
$
112
$
115
Intrinsic value of all settled equity-based awards
$
4
$
2
$
95
$
8
Tax benefit on settled equity-based awards
$
1
$
1
$
17
$
2

Segment Information (Tables)

Segment Information (Tables)9 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenues and Segment EBITDA from Segments to ConsolidatedThe following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2021 and 2020:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Revenues
Cable Network Programming
$
1,471
$
1,467
$
4,284
$
4,221
Television
1,695
1,926
5,601
5,548
Other, Corporate and Eliminations
49
47
134
116
Total revenues
$
3,215
$
3,440
$
10,019
$
9,885
Segment EBITDA
Cable Network Programming
$
850
$
792
$
2,202
$
2,032
Television
135
224
407
261
Other, Corporate and Eliminations
(86
)
(96
)
(239
)
(256
)
Amortization of cable distribution investments
(6
)
(5
)
(17
)
(19
)
Depreciation and amortization
(78
)
(57
)
(216
)
(164
)
Impairment and restructuring charges
-
-
(35
)
(9
)
Interest expense
(98
)
(89
)
(296
)
(269
)
Interest income
-
8
3
33
Other, net
61
(632
)
752
(345
)
Income before income tax expense
778
145
2,561
1,264
Income tax expense
(196
)
(55
)
(632
)
(347
)
Net income
582
90
1,929
917
Less: Net income attributable to noncontrolling interests
(15
)
(12
)
(32
)
(40
)
Net income attributable to Fox Corporation stockholders
$
567
$
78
$
1,897
$
877
Summary of Revenues by Segment by Component to ConsolidatedRevenues by Segment by Component
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Cable Network Programming
Affiliate fee
$
1,068
$
1,006
$
2,969
$
2,902
Advertising
283
304
1,023
895
Other
120
157
292
424
Total Cable Network Programming revenues
1,471
1,467
4,284
4,221
Television
Advertising
915
1,266
3,426
3,726
Affiliate fee
651
553
1,801
1,487
Other
129
107
374
335
Total Television revenues
1,695
1,926
5,601
5,548
Other, Corporate and Eliminations
49
47
134
116
Total revenues
$
3,215
$
3,440
$
10,019
$
9,885
Reconciliation of Depreciation and Amortization from Segments to ConsolidatedFor the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Depreciation and amortization
Cable Network Programming
$
16
$
15
$
41
$
44
Television
26
17
77
46
Other, Corporate and Eliminations
36
25
98
74
Total depreciation and amortization
$
78
$
57
$
216
$
164
Reconciliation of Assets from Segments to ConsolidatedAs of March 31, 2021
As of June 30, 2020
(in millions)
Assets
Cable Network Programming
$
2,584
$
2,591
Television
7,247
7,054
Other, Corporate and Eliminations
12,039
11,487
Investments
1,037
618
Total assets
$
22,907
$
21,750

Additional Financial Informat_2

Additional Financial Information (Tables)9 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Components of Other, netThe following table sets forth the components of Other, net included in the Statements of Operations:
For the three months ended March 31,
For the nine months ended March 31,
2021
2020
2021
2020
(in millions)
Transaction costs (a)
$
(2
)
$
(29
)
$
431
$
(72
)
Net gains (losses) on investments in equity securities (b)
43
(567
)
384
(185
)
U.K. Newspaper Matters Indemnity (c)
(15
)
(18
)
(43
)
(62
)
Other
35
(18
)
(20
)
(26
)
Total other, net
$
61
$
(632
)
$
752
$
(345
)
(a)
( b )
Net gains (losses) on investments in equity securities for the three and nine months ended March 31, 2021 included the gains related to the changes in fair value of the Company’s investment in Flutter (See Note 4—Fair Value) and for the three and nine months ended March 31, 2020 included the losses related to the changes in fair value of the Company’s investment in Roku, Inc. which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Roku”).
(c)
See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”
Components of Other Non-current AssetsThe following table sets forth the components of Other non-current assets included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Investments (a)
$
1,037
$
618
Operating lease ROU assets
474
539
Grantor Trust
291
247
Inventories, net
183
202
Other
190
195
Total other non-current assets
$
2,175
$
1,801
(a)
Included investments accounted for at fair value on a recurring basis of $926 million and $531 million as of March 31, 2021 and June 30, 2020, respectively (See Note 4—Fair Value).
Components of Accounts Payable, Accrued Expenses and Other Current LiabilitiesThe following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Accrued expenses
$
1,070
$
907
Program rights payable
625
485
Deferred revenue
214
152
Operating lease liabilities
90
122
Other current liabilities
237
240
Total accounts payable, accrued expenses and other current liabilities
$
2,236
$
1,906
Components of Other LiabilitiesThe following table sets forth the components of Other liabilities included in the Balance Sheets:
As of March 31, 2021
As of June 30, 2020
(in millions)
Accrued non-current pension/postretirement liabilities
$
678
$
709
Non-current operating lease liabilities
413
452
Other non-current liabilities
321
321
Total other liabilities
$
1,412
$
1,482
Schedule of Supplemental InformationSupplemental Information
For the nine months ended March 31,
2021
2020
(in millions)
Supplemental cash flows information
Cash paid for interest
$
(370
)
$
(355
)
Cash paid for income taxes
$
(132
)
$
(75
)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash
$
-
$
773
Cash acquired
-
15
Liabilities assumed
-
(53
)
Noncontrolling interests
-
(109
)
Cash paid
-
(626
)
Fair value of equity instruments consideration
$
-
$
-

Description of Business and B_3

Description of Business and Basis of Presentation (Narrative) (Details) - USD ($) $ in MillionsMar. 19, 2019Sep. 30, 2020Mar. 31, 2021Mar. 31, 2020
Disclosure Basis Of Presentation Details [Line Items]
Settlement of Divestiture Tax prepayment $ 462 $ 0
Separation And Distribution Agreement
Disclosure Basis Of Presentation Details [Line Items]
Prepayment of the Company's share of the estimated taxes resulting from the anticipated divestitures by Disney of certain assets $ 700
Settlement of Divestiture Tax prepayment $ 462

Acquisitions, Disposals and O_2

Acquisitions, Disposals and Other Transactions (Fiscal 2020) (Narrative) (Details) $ in Millions1 Months Ended9 Months Ended
Mar. 31, 2020USD ($)TelevisionStationOct. 31, 2019USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Cash paid to acquire businesses $ 0 $ 626
Payments to acquire businesses, net of cash acquired0 611
Consideration transferred allocated to goodwill $ 3,403 $ 3,409
KCPQ, KZJO and WITI Television Stations
Business Acquisition [Line Items]
Number of television stations acquired | TelevisionStation3
Cash paid to acquire businesses $ 350
Consideration transferred350
Consideration transferred allocated to intangible assets210 210
Consideration transferred allocated to amortizable intangible assets100 100
Consideration transferred allocated to property, plant and equipment $ 30 30
KCPQ, KZJO and WITI Television Stations | Retransmission Agreements
Business Acquisition [Line Items]
Consideration transferred allocated to amortizable intangible assets, useful life8 years
KCPQ, KZJO and WITI Television Stations | FCC licenses
Business Acquisition [Line Items]
Consideration transferred allocated to intangible assets with indefinite lives $ 110 $ 110
WJZY and WMYT Television Stations | Disposal
Business Acquisition [Line Items]
Number of television stations sold | TelevisionStation2
Disposition, cash received $ 45
Credible Labs Inc.
Business Acquisition [Line Items]
Consideration transferred $ 260
Consideration transferred allocated to amortizable intangible assets $ 75
Business acquisition, percentage of equity acquired67.00%
Payments to acquire businesses, net of cash acquired $ 260
Final valuation, percentage of acquired business100.00%
Consideration transferred allocated to goodwill $ 285
Consideration transferred allocated to redeemable noncontrolling interests $ (110)
Credible Labs Inc. | Credible
Business Acquisition [Line Items]
Remaining percentage of equity not acquired by parent33.00%
Credible Labs Inc. | Minimum
Business Acquisition [Line Items]
Consideration transferred allocated to amortizable intangible assets, useful life5 years
Credible Labs Inc. | Maximum
Business Acquisition [Line Items]
Consideration transferred allocated to amortizable intangible assets, useful life10 years

Inventories, Net (Schedule of I

Inventories, Net (Schedule of Inventories, Net) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Inventory Disclosure [Abstract]
Sports programming rights $ 505 $ 674
Entertainment programming rights363 384
Total inventories, net868 1,058
Less: current portion of inventories, net(685)(856)
Total non-current inventories, net $ 183 $ 202

Inventories, Net (Narrative) (D

Inventories, Net (Narrative) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Inventory [Line Items]
Operating expenses $ 1,885 $ 2,061 $ 6,399 $ 6,620
Amortization Expense
Inventory [Line Items]
Operating expenses $ 1,300 $ 1,500 $ 4,800 $ 4,800

Fair Value (Schedule of Financi

Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Assets
Investments in equity securities $ 926 $ 531
Liabilities
Redeemable noncontrolling interests(225)(305)
Fair value measurements recurring
Assets
Investments in equity securities926 531
Liabilities
Other(4)(6)
Redeemable noncontrolling interests(225)(305)
Total697 220
Fair value measurements recurring | Level 1
Assets
Investments in equity securities[1]926 531
Liabilities
Other0 0
Redeemable noncontrolling interests0 0
Total926 531
Fair value measurements recurring | Level 2
Assets
Investments in equity securities0 0
Liabilities
Other0 0
Redeemable noncontrolling interests0 0
Total0 0
Fair value measurements recurring | Level 3
Assets
Investments in equity securities0 0
Liabilities
Other[2](4)(6)
Redeemable noncontrolling interests[2](225)(305)
Total $ (229) $ (311)
[1]The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Flutter” for further discussion). In December 2020, the Company made an additional investment of approximately $55 million in Flutter.
[2]The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

Fair Value (Schedule of Finan_2

Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (parenthetical) (Details) $ in Millions6 Months Ended
Dec. 31, 2020USD ($)
Fair value measurements recurring | Flutter Entertainment "Plc" | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments to acquire investments $ 55

Fair Value (Liabilities Measure

Fair Value (Liabilities Measured on Recurring Basis) (Details) - Redeemable Noncontrolling Interests - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Redemption of noncontrolling interests $ 135
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period $ (202) $ (216)(305) $ (189)
Acquisitions[1]0 0 0 (109)
Net income(5)(4)(13)(16)
Redemption of noncontrolling interests[2]0 0 135 0
Distributions1 6 12 19
Accretion and other[3](19)(44)(54)37
End of period $ (225) $ (258) $ (225) $ (258)
[1]See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”
[2]As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2021, approximately $135 million was reclassified out of Redeemable noncontrolling interests into equity. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
[3]As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020, approximately $120 million was reclassified into equity.

Fair Value (Liabilities Measu_2

Fair Value (Liabilities Measured on Recurring Basis) (Parenthetical) (Details) - Redeemable Noncontrolling Interests - USD ($) $ in Millions9 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Redemption of noncontrolling interests $ 135
Amounts reclassified into equity as a result of the expiration of a put arrangement $ 120

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - Customer9 Months Ended12 Months Ended
Mar. 31, 2021Jun. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Noncontrolling interests, descriptionThe final put right held by the sports network minority shareholder will become exercisable in the first quarter of fiscal 2022. The put right held by the Credible minority shareholder will become exercisable in fiscal 2025
Accounts Receivable | Credit Concentration Risk
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of major customers1 0
Accounts Receivable | Credit Concentration Risk | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Concentration risk percentage10.00%10.00%

Fair Value (Borrowings) (Detail

Fair Value (Borrowings) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value $ 9,235 $ 9,746
Carrying value $ 7,950 $ 7,946

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details)9 Months Ended
Mar. 31, 2021USD ($)
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount $ 750,000,000
Debt instrument interest rate3.666%
Debt instrument maturity dateJan. 31,
2022
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility $ 1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility $ 150,000,000
Credit facility, maturity dateMar. 31,
2024
Borrowings outstanding $ 0

Stockholders Equity (Narrative)

Stockholders Equity (Narrative) (Details)Aug. 21, 2020$ / sharesMay 05, 2021USD ($)sharesSep. 30, 2020$ / sharessharesAug. 31, 2020USD ($)sharesMar. 31, 2021USD ($)$ / sharesMar. 31, 2020USD ($)$ / sharesMar. 31, 2021USD ($)$ / sharessharesMar. 31, 2020USD ($)$ / sharesJun. 30, 2020$ / sharesNov. 06, 2019USD ($)$ / shares
Stockholders Equity [Line Items]
Stock repurchase program, value of shares repurchased during the period | $ $ 306,000,000 $ 173,000,000 $ 725,000,000 $ 600,000,000
Class A Common Stock
Stockholders Equity [Line Items]
Common stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01
Accelerated share repurchases agreement, amount | $ $ 154,000,000
Accelerated share repurchases, amount of payment to third party financial institution | $ $ 154,000,000
Stock repurchase program, number of shares repurchased during the period | shares900,000 4,700,000
Accelerated share repurchases, percentage of shares expected to be repurchased80.00%
Accelerated share repurchases, initial price paid per share $ 26
Accelerated share repurchases, final price paid per share $ 27.57
Cash dividend per share0.23 $ 0.23 0.46 $ 0.46
Class A Common Stock | Semi Annual Dividend
Stockholders Equity [Line Items]
Cash dividend per share $ 0.23 $ 0.23
Dividend payable period, month and year2021-042021-04
Dividend record dateMar. 10,
2021
Mar. 10,
2021
Class B Common Stock
Stockholders Equity [Line Items]
Common stock, par value $ 0.01 $ 0.01 $ 0.01 $ 0.01
Accelerated share repurchases agreement, amount | $ $ 66,000,000
Accelerated share repurchases, amount of payment to third party financial institution | $ $ 66,000,000
Stock repurchase program, number of shares repurchased during the period | shares400,000 2,000,000
Accelerated share repurchases, percentage of shares expected to be repurchased80.00%
Accelerated share repurchases, initial price paid per share $ 26.01
Accelerated share repurchases, final price paid per share $ 27.67
Cash dividend per share0.23 $ 0.23 0.46 $ 0.46
Class B Common Stock | Semi Annual Dividend
Stockholders Equity [Line Items]
Cash dividend per share $ 0.23 $ 0.23
Dividend payable period, month and year2021-042021-04
Dividend record dateMar. 10,
2021
Mar. 10,
2021
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount | $ $ 2,000,000,000
Number of accelerated share repurchase | shares2
Stock repurchase program, number of shares repurchased during the period | shares2,700,000 24,000,000
Stock repurchase program, value of shares repurchased during the period | $ $ 100,000,000 $ 725,000,000
Stock repurchase program, remaining buyback authorization amount | $ $ 675,000,000 $ 675,000,000

Stockholders Equity (Schedule o

Stockholders Equity (Schedule of Dividends Declared) (Details) - $ / shares3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share $ 0.23 $ 0.23 $ 0.46 $ 0.46
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share $ 0.23 $ 0.23 $ 0.46 $ 0.46

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions9 Months Ended
Mar. 31, 2021USD ($)PlansharesMar. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity plans | Plan1
Total estimated compensation cost, not yet recognized, related to non-vested equity awards | $ $ 105
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding6.4 7
Vesting period3 years
Stock units granted3.8
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted2 1.1
Stock units vested3.5
Vesting period3 years3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period3 years
Stock units granted5
Stock options expiration period7 years
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 recognized1 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 recognized2 years

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-based compensation $ 37 $ 41 $ 112 $ 115
Intrinsic value of all settled equity-based awards4 2 95 8
Tax benefit on settled equity-based awards $ 1 $ 1 $ 17 $ 2

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Loss Contingencies [Line Items]
Total firm commitments and future debt payments $ 48,000 $ 37,000
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity $ 50 $ 65

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Net periodic benefit cost $ 17 $ 14 $ 51 $ 41

Segment Information (Narrative)

Segment Information (Narrative) (Details) - Television Segment - US9 Months Ended
Mar. 31, 2021FullpowertvstationDuopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations29
Duopolies | Duopoly11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations1

Segment Information (Reconcilia

Segment Information (Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues $ 3,215 $ 3,440 $ 10,019 $ 9,885
Amortization of cable distribution investments(6)(5)(17)(19)
Depreciation and amortization(78)(57)(216)(164)
Impairment and restructuring charges0 0 (35)(9)
Interest expense(98)(89)(296)(269)
Interest income0 8 3 33
Other, net61 (632)752 (345)
Income before income tax expense778 145 2,561 1,264
Income tax expense(196)(55)(632)(347)
Net income582 90 1,929 917
Less: Net income attributable to noncontrolling interests[1](15)(12)(32)(40)
Net income attributable to Fox Corporation stockholders567 78 1,897 877
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Revenues1,471 1,467 4,284 4,221
Segment EBITDA850 792 2,202 2,032
Depreciation and amortization(16)(15)(41)(44)
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Revenues1,695 1,926 5,601 5,548
Segment EBITDA135 224 407 261
Depreciation and amortization(26)(17)(77)(46)
Operating Segments | Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Revenues49 47 134 116
Segment EBITDA(86)(96)(239)(256)
Depreciation and amortization $ (36) $ (25) $ (98) $ (74)
[1]Net income attributable to noncontrolling interests includes $5 million and $4 million for the three months ended March 31, 2021 and 2020, respectively, and $13 million and $16 million for the nine months ended March 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

Segment Information (Summary of

Segment Information (Summary of Revenues by Segment by Component to Consolidated) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues $ 3,215 $ 3,440 $ 10,019 $ 9,885
Operating Segments | Cable Network Programming Segment
Disaggregation Of Revenue [Line Items]
Revenues1,471 1,467 4,284 4,221
Operating Segments | Cable Network Programming Segment | Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues1,068 1,006 2,969 2,902
Operating Segments | Cable Network Programming Segment | Advertising
Disaggregation Of Revenue [Line Items]
Revenues283 304 1,023 895
Operating Segments | Cable Network Programming Segment | Other
Disaggregation Of Revenue [Line Items]
Revenues120 157 292 424
Operating Segments | Television Segment
Disaggregation Of Revenue [Line Items]
Revenues1,695 1,926 5,601 5,548
Operating Segments | Television Segment | Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues651 553 1,801 1,487
Operating Segments | Television Segment | Advertising
Disaggregation Of Revenue [Line Items]
Revenues915 1,266 3,426 3,726
Operating Segments | Television Segment | Other
Disaggregation Of Revenue [Line Items]
Revenues129 107 374 335
Operating Segments | Other, Corporate and Eliminations Segment
Disaggregation Of Revenue [Line Items]
Revenues $ 49 $ 47 $ 134 $ 116

Segment Information (Narrativ_2

Segment Information (Narrative) (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 $ in Billions9 Months Ended
Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanationrevenues are expected to be recognized primarily over the next one to three years.
Revenue, Remaining Performance Obligation, Amount $ 4.9
Minimum
Segment Reporting Information [Line Items]
Future Performance Obligation, Expected Timing of Satisfaction, Period1 year
Maximum
Segment Reporting Information [Line Items]
Future Performance Obligation, Expected Timing of Satisfaction, Period3 years

Segment Information (Reconcil_2

Segment Information (Reconciliation of Depreciation and Amortization from Segments to Consolidated) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization $ 78 $ 57 $ 216 $ 164
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Depreciation and amortization16 15 41 44
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Depreciation and amortization26 17 77 46
Operating Segments | Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Depreciation and amortization $ 36 $ 25 $ 98 $ 74

Segment Information (Reconcil_3

Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Segment Reporting Information [Line Items]
Total assets $ 22,907 $ 21,750
Investments[1]1,037 618
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Total assets2,584 2,591
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Total assets7,247 7,054
Operating Segments | Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Total assets $ 12,039 $ 11,487
[1]Included investments accounted for at fair value on a recurring basis of $926 million and $531 million as of March 31, 2021 and June 30, 2020, respectively (See Note 4—Fair Value).

Additional Financial Informat_3

Additional Financial Information (Narrative) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Impairment and restructuring charges $ 0 $ 0 $ 35 $ 9

Additional Financial Informat_4

Additional Financial Information (Components of Other, Net) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Transaction costs[1] $ (2) $ (29) $ 431 $ (72)
Net gains (losses) on investments in equity securities[2]43 (567)384 (185)
U.K. Newspaper Matters Indemnity[3](15)(18)(43)(62)
Other35 (18)(20)(26)
Total other, net $ 61 $ (632) $ 752 $ (345)
[1]The transaction costs for the nine months ended March 31, 2021 are primarily related to the partial settlement from Disney of $462 million related to the reimbursement of the Company’s prepayment of its share of the Divestiture Tax (See Note 1—Description of Business and Basis of Presentation). The transaction costs for the nine months ended March 31, 2020 are primarily related to costs associated with the profits participants litigation (See Note 14—Commitments and Contingencies in the 2020 Form 10-K under the heading “Profits Participants Litigation”) and the Separation and the Distribution (See Note 1—Description of Business and Basis of Presentation in the 2020 Form 10-K under the heading “The Distribution”) and included retention related costs.
[2]Net gains (losses) on investments in equity securities for the three and nine months ended March 31, 2021 included the gains related to the changes in fair value of the Company’s investment in Flutter (See Note 4—Fair Value) and for the three and nine months ended March 31, 2020 included the losses related to the changes in fair value of the Company’s investment in Roku, Inc. which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions in the 2020 Form 10-K under the heading “Roku”).
[3]See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

Additional Financial Informat_5

Additional Financial Information (Components of Other, Net) (Parenthetical) (Details) - USD ($) $ in Millions9 Months Ended
Mar. 31, 2021Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Settlement of Divestiture Tax prepayment $ 462 $ 0

Additional Financial Informat_6

Additional Financial Information (Components of Other Non-current Assets) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Investments[1] $ 1,037 $ 618
Operating lease ROU assets474 539
Grantor Trust291 247
Inventories, net183 202
Other190 195
Total other non-current assets $ 2,175 $ 1,801
[1]Included investments accounted for at fair value on a recurring basis of $926 million and $531 million as of March 31, 2021 and June 30, 2020, respectively (See Note 4—Fair Value).

Additional Financial Informat_7

Additional Financial Information (Components of Other Non-current Assets) (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Investments, fair value $ 926 $ 531

Additional Financial Informat_8

Additional Financial Information (Components of Accounts Payable, Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accrued expenses $ 1,070 $ 907
Program rights payable625 485
Deferred revenue214 152
Operating lease liabilities90 122
Other current liabilities237 240
Total accounts payable, accrued expenses and other current liabilities $ 2,236 $ 1,906

Additional Financial Informat_9

Additional Financial Information (Components of Other Liabilities) (Details) - USD ($) $ in MillionsMar. 31, 2021Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accrued non-current pension/postretirement liabilities $ 678 $ 709
Non-current operating lease liabilities413 452
Other non-current liabilities321 321
Total other liabilities $ 1,412 $ 1,482

Additional Financial Informa_10

Additional Financial Information (Supplemental Information) (Details) - USD ($) $ in Millions9 Months Ended
Mar. 31, 2021Mar. 31, 2020
Supplemental cash flows information
Cash paid for interest $ (370) $ (355)
Cash paid for income taxes(132)(75)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash0 773
Cash acquired0 15
Liabilities assumed0 (53)
Noncontrolling interests0 (109)
Cash paid0 (626)
Fair value of equity instruments consideration $ 0 $ 0