Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||
Jun. 30, 2014 | Aug. 08, 2014 | Dec. 31, 2013 | Aug. 08, 2014 | Dec. 31, 2013 | |
Class A Common Stock | Class A Common Stock | Class B Common Stock | Class B Common Stock | ||
Document And Entity Information [Line Items] | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' |
Entity Registrant Name | 'TWENTY-FIRST CENTURY FOX, INC. | ' | ' | ' | ' |
Entity Central Index Key | '0001308161 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,391,535,388 | ' | 798,520,953 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' |
Entity Public Float | ' | ' | $51,307,677,794 | ' | $16,732,411,358 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Revenues | $31,867 | $27,675 | $25,051 | |||
Operating expenses | -21,108 | -17,496 | -15,663 | |||
Selling, general and administrative | -4,129 | -4,007 | -3,719 | |||
Depreciation and amortization | -1,142 | -797 | -711 | |||
Impairment charges | 0 | -35 | -201 | |||
Equity earnings of affiliates | 622 | [1] | 655 | [1] | 636 | [1] |
Interest expense, net | -1,121 | -1,063 | -1,032 | |||
Interest income | 26 | 57 | 77 | |||
Other, net | 174 | 3,747 | 25 | |||
Income from continuing operations before income tax expense | 5,189 | 8,736 | 4,463 | |||
Income tax expense | -1,272 | -1,690 | -1,094 | |||
Income from continuing operations | 3,917 | 7,046 | 3,369 | |||
Income (loss) from discontinued operations, net of tax | 729 | 277 | -1,997 | |||
Net income | 4,646 | 7,323 | 1,372 | |||
Less: Net income attributable to noncontrolling interests | -132 | [2] | -226 | [2] | -193 | [2] |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 4,514 | 7,097 | 1,179 | |||
Earnings per share data | ' | ' | ' | |||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - basic | 3,785 | 6,820 | 3,176 | |||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - diluted | $3,785 | $6,817 | $3,174 | |||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted | $1.67 | $2.91 | $1.27 | |||
Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted | $1.99 | $3.03 | $0.47 | |||
[1] | The Companybs investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of JuneB 30, 2014 and 2013, respectively, which represented the excess cost over the Companybs proportionate share of its investmentsb underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill.B In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of JuneB 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest.In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. | |||||
[2] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Net income | $4,646 | $7,323 | $1,372 | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | |||
Foreign currency translation adjustments | 598 | [1] | -874 | [1],[2] | -1,094 | [1] |
Unrealized holding losses on securities | -84 | -45 | [2] | -11 | ||
Benefit plan adjustments | -107 | 303 | [2] | -511 | ||
Other comprehensive income (loss), net of tax | 407 | -616 | -1,616 | |||
Comprehensive income (loss) | 5,053 | 6,707 | -244 | |||
Less: Net income attributable to noncontrolling interests | -132 | [3] | -226 | [3] | -193 | [3] |
Less: Other comprehensive (income) loss attributable to noncontrolling interests | -122 | -15 | 5 | |||
Comprehensive income (loss) attributable to Twenty-First Century Fox, Inc. stockholders | $4,799 | $6,466 | ($432) | |||
[1] | Foreign currency translation adjustments include $122 million, $15 million and $(5) million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, relating to noncontrolling interests. | |||||
[2] | Other comprehensive income (loss) in fiscal 2013 excludes amounts related to the Separation of $(28) million, $(3) million and $321 million for foreign currency translation adjustments, unrealized holding gains on securities and benefit plan adjustments, respectively. | |||||
[3] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net income attributable to redeemable noncontrolling interests | $95 | $93 | $75 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $5,415 | $6,659 | ||
Receivables, net | 6,468 | 5,459 | ||
Inventories, net | 3,092 | [1] | 2,784 | [1] |
Other | 401 | 665 | ||
Total current assets | 15,376 | 15,567 | ||
Non-current assets: | ' | ' | ||
Receivables | 454 | 437 | ||
Investments | 2,859 | 3,704 | ||
Inventories, net | 6,442 | 5,371 | ||
Property, plant and equipment, net | 2,931 | 2,829 | ||
Intangible assets, net | 8,072 | 5,064 | ||
Goodwill | 18,052 | 17,255 | ||
Other non-current assets | 607 | 717 | ||
Total assets | 54,793 | 50,944 | ||
Current liabilities: | ' | ' | ||
Borrowings | 799 | 137 | ||
Accounts payable, accrued expenses and other current liabilities | 4,183 | 4,434 | ||
Participations, residuals and royalties payable | 1,546 | 1,663 | ||
Program rights payable | 1,638 | 1,524 | ||
Deferred revenue | 690 | 677 | ||
Total current liabilities | 8,856 | 8,435 | ||
Non-current liabilities: | ' | ' | ||
Borrowings | 18,259 | 16,321 | ||
Other liabilities | 3,507 | 3,264 | ||
Deferred income taxes | 2,729 | 2,280 | ||
Redeemable noncontrolling interests | 541 | [2] | 519 | [2] |
Commitments and contingencies | ' | ' | ||
Equity: | ' | ' | ||
Additional paid-in capital | 15,041 | 15,840 | ||
Retained earnings | 2,389 | 1,454 | ||
Accumulated other comprehensive loss | -34 | -319 | ||
Total Twenty-First Century Fox, Inc. stockholders' equity | 17,418 | 16,998 | ||
Noncontrolling interests | 3,483 | 3,127 | ||
Total equity | 20,901 | 20,125 | ||
Total liabilities and equity | 54,793 | 50,944 | ||
Class A Common Stock | ' | ' | ||
Equity: | ' | ' | ||
Common stock | 14 | [3] | 15 | [3] |
Total equity | 14 | 15 | ||
Class B Common Stock | ' | ' | ||
Equity: | ' | ' | ||
Common stock | 8 | [4] | 8 | [4] |
Total equity | $8 | $8 | ||
[1] | Current portion of inventories as of JuneB 30, 2014 and 2013 was comprised of programming rights ($3,011 million and $2,715 million, respectively), DVDs, Blu-rays, and other merchandise. | |||
[2] | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Companybs majority-owned sports networks.The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 Companybs 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. Significant unobservable inputs used in the fair value measurement of the Companybs redeemable noncontrolling interests are operating income before depreciation and amortization (bOIBDAb) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement.The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i)B applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii)B using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholderbs put right is currently exercisable and another minority shareholderbs put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. | |||
[3] | ClassB A common stock, $0.01 par value per share, 6,000,000,000 shares authorized, 1,408,305,942 shares and 1,517,670,765 shares issued and outstanding, net of 123,687,371 treasury shares at par at JuneB 30, 2014 and 2013, respectively. | |||
[4] | Class B common stock, $0.01 par value per share, 3,000,000,000 shares authorized, 798,520,953 shares issued and outstanding, net of 356,993,807 treasury shares at par at JuneB 30, 2014 and 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Class A Common Stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued and outstanding net of treasury stock | 1,408,305,942 | 1,517,670,765 |
Common stock, treasury shares | 123,687,371 | 123,687,371 |
Class B Common Stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued and outstanding net of treasury stock | 798,520,953 | 798,520,953 |
Common stock, treasury shares | 356,993,807 | 356,993,807 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Operating activities: | ' | ' | ' | |||
Net income | $4,646 | $7,323 | $1,372 | |||
Less: Income (loss) from discontinued operations, net of tax | 729 | 277 | -1,997 | |||
Income from continuing operations | 3,917 | 7,046 | 3,369 | |||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | ' | ' | ' | |||
Amortization of cable distribution investments | 85 | 89 | 88 | |||
Depreciation and amortization | 1,142 | 797 | 711 | |||
Impairment charges | 0 | 35 | 201 | |||
Equity earnings of affiliates | -622 | [1] | -655 | [1] | -636 | [1] |
Cash distributions received from affiliates | 358 | 324 | 281 | |||
Other, net | -174 | -3,747 | -25 | |||
Change in operating assets and liabilities, net of acquisitions: | ' | ' | ' | |||
Receivables and other assets | -790 | -127 | -734 | |||
Inventories, net | -1,057 | -1,035 | -393 | |||
Accounts payable and other liabilities | 105 | 275 | -28 | |||
Net cash provided by operating activities from continuing operations | 2,964 | 3,002 | 2,834 | |||
Investing activities: | ' | ' | ' | |||
Property, plant and equipment | -678 | -622 | -564 | |||
Acquisitions, net of cash acquired | -692 | -606 | -450 | |||
Investments in equity affiliates | -19 | -502 | 25 | |||
Other investments | -64 | -152 | -181 | |||
Proceeds from dispositions | 518 | 1,968 | 404 | |||
Net cash (used in) provided by investing activities from continuing operations | -935 | 86 | -766 | |||
Financing activities: | ' | ' | ' | |||
Borrowings | 1,155 | 1,277 | ' | |||
Repayment of borrowings | -296 | -754 | -35 | |||
Issuance of shares | 66 | 203 | 167 | |||
Repurchase of shares | -3,772 | -2,026 | -4,589 | |||
Dividends paid | -792 | -613 | -580 | |||
Purchase of subsidiary shares from noncontrolling interest | -127 | -163 | -65 | |||
Sale of subsidiary shares to noncontrolling interest | ' | 93 | ' | |||
Distribution to News Corporation | -10 | -2,588 | ' | |||
Net cash used in financing activities from continuing operations | -3,776 | -4,571 | -5,102 | |||
Net increase (decrease) in cash and cash equivalents from discontinued operations | 571 | -1,431 | 288 | |||
Net decrease in cash and cash equivalents | -1,176 | -2,914 | -2,746 | |||
Cash and cash equivalents, beginning of year | 6,659 | 9,626 | 12,680 | |||
Exchange movement on cash balances | -68 | -53 | -308 | |||
Cash and cash equivalents, end of year | $5,415 | $6,659 | $9,626 | |||
[1] | The Companybs investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of JuneB 30, 2014 and 2013, respectively, which represented the excess cost over the Companybs proportionate share of its investmentsb underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill.B In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of JuneB 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest.In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Retained Earnings and Accumulated Other Comprehensive (Loss) Income | Total Twenty-First Century Fox, Inc. Equity | Noncontrolling Interests | ||
In Millions | |||||||||
Balance at Jun. 30, 2011 | $30,647 | $18 | $8 | $17,435 | $12,608 | $30,069 | $578 | [1] | |
Balance, shares at Jun. 30, 2011 | ' | 1,828 | 799 | ' | ' | ' | ' | ||
Net income | 1,332 | ' | ' | ' | 1,179 | 1,179 | 153 | [1] | |
Other comprehensive (loss) income | -1,616 | ' | ' | ' | -1,611 | -1,611 | -5 | [1] | |
Dividends declared | -455 | ' | ' | ' | -455 | -455 | ' | ||
Shares (purchased) issued, net, value | [2] | -4,341 | -3 | ' | -1,471 | -2,867 | -4,341 | ' | |
Shares (purchased) issued, net, shares | [2] | ' | -243 | ' | ' | ' | ' | ' | |
Other | -382 | ' | ' | 176 | -333 | -157 | -225 | [1] | |
Balance at Jun. 30, 2012 | 25,185 | 15 | 8 | 16,140 | 8,521 | 24,684 | 501 | [1] | |
Balance, shares at Jun. 30, 2012 | ' | 1,585 | 799 | ' | ' | ' | ' | ||
Net income | 7,230 | ' | ' | ' | 7,097 | 7,097 | 133 | [1] | |
Other comprehensive (loss) income | -616 | ' | ' | ' | -631 | -631 | 15 | [1] | |
Distribution to News Corp | -12,125 | ' | ' | 13 | -12,028 | -12,015 | -110 | [1] | |
Dividends declared | -398 | ' | ' | ' | -398 | -398 | ' | ||
Shares (purchased) issued, net, value | [2] | -1,725 | ' | ' | -253 | -1,472 | -1,725 | ' | |
Shares (purchased) issued, net, shares | [2] | ' | -69 | ' | ' | ' | ' | ' | |
Acquisitions | [3] | 2,619 | ' | ' | ' | ' | ' | 2,619 | [1] |
Other | -45 | ' | ' | -60 | 46 | -14 | -31 | [1] | |
Balance at Jun. 30, 2013 | 20,125 | 15 | 8 | 15,840 | 1,135 | 16,998 | 3,127 | [1] | |
Balance, shares at Jun. 30, 2013 | ' | 1,516 | 799 | ' | ' | ' | ' | ||
Net income | 4,551 | ' | ' | ' | 4,514 | 4,514 | 37 | [1] | |
Other comprehensive (loss) income | 407 | ' | ' | ' | 285 | 285 | 122 | [1] | |
Dividends declared | -568 | ' | ' | ' | -568 | -568 | ' | ||
Shares (purchased) issued, net, value | [2] | -3,602 | -1 | ' | -611 | -2,990 | -3,602 | ' | |
Shares (purchased) issued, net, shares | [2] | ' | -108 | ' | ' | ' | ' | ' | |
Acquisitions | [3] | 385 | ' | ' | ' | ' | ' | 385 | [1] |
Other | -397 | ' | ' | -188 | -21 | -209 | -188 | [1] | |
Balance at Jun. 30, 2014 | $20,901 | $14 | $8 | $15,041 | $2,355 | $17,418 | $3,483 | [1] | |
Balance, shares at Jun. 30, 2014 | ' | 1,408 | 799 | ' | ' | ' | ' | ||
[1] | Net income attributable to noncontrolling interests excludes $95 million, $93 million and $75 million relating to redeemable noncontrolling interests which is reflected in temporary equity for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. Net income attributable to noncontrolling interests included nil for the fiscal years ended June 30, 2014 and 2013 and $35 million for the fiscal year ended June 30, 2012 relating to discontinued operations. Other activity attributable to noncontrolling interests excludes $73 million, $215 million and $324 million relating to redeemable noncontrolling interests for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
[2] | Shares repurchased are retired. | ||||||||
[3] | See Note 3 b Acquisitions, Disposals and Other Transactions. |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Noncontrolling Interest [Abstract] | ' | ' | ' | |||
Net income attributable to redeemable noncontrolling interests | $95 | $93 | $75 | |||
Net income attributable to noncontrolling interests | 132 | [1] | 226 | [1] | 193 | [1] |
Other activity attributable to redeemable noncontrolling interests | 73 | 215 | 324 | |||
Discontinued Operations | ' | ' | ' | |||
Noncontrolling Interest [Abstract] | ' | ' | ' | |||
Net income attributable to noncontrolling interests | $0 | $0 | $35 | |||
[1] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. |
Description_of_Business
Description of Business | 12 Months Ended |
Jun. 30, 2014 | |
Description of Business | ' |
NOTE 1. DESCRIPTION OF BUSINESS | |
Twenty-First Century Fox, Inc., a Delaware corporation, (formerly known as News Corporation) and its subsidiaries (together, “Twenty-First Century Fox” or the “Company”) is a diversified global media and entertainment company, which manages and reports its businesses in five segments: Cable Network Programming, which principally consists of the production and licensing of programming distributed through cable television systems, direct broadcast satellite (“DBS”) operators and telecommunication companies primarily in the U.S., Latin America, Europe and Asia; Television, which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 10 duopolies, in the U.S. (of these stations, 18 are affiliated with the Fox Broadcasting Company (“FOX”) and 10 are affiliated with Master Distribution Service, Inc. (“MyNetworkTV”) programming distribution service); Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production of original television programming worldwide; Direct Broadcast Satellite Television, which consists of the distribution of programming services via satellite and broadband directly to subscribers in Italy, Germany and Austria; and Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations and other businesses. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Summary of Significant Accounting Policies | ' | |||||||
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Principles of consolidation | ||||||||
The Consolidated Financial Statements include the accounts of all majority-owned and controlled subsidiaries. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810-10, “Consolidation” (“ASC 810-10”) and whether the Company is the primary beneficiary. Consolidation is required if both of these criteria are met. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees. | ||||||||
Any change in the Company’s ownership interest in a consolidated subsidiary, where a controlling financial interest is retained, are accounted for as a capital transaction. When the Company ceases to have a controlling interest in a consolidated subsidiary, the Company will recognize a gain or loss in net income upon deconsolidation. | ||||||||
On September 19, 2013, the Company changed its fiscal year from a 52-53 week fiscal year ending on the Sunday closest to June 30 to a fiscal year ending on June 30 of each year. The Company’s 2013 fiscal year ended on June 30, 2013. The Company made this change to better align its financial reporting with the media and entertainment assets retained following the separation of its business into two independent publicly traded companies (the “Separation”) by distributing to its stockholders all of the outstanding shares of the new News Corporation (“News Corp”) on June 28, 2013. (See Note 4 – Discontinued Operations) | ||||||||
Reclassifications and adjustments | ||||||||
Certain fiscal 2013 and 2012 amounts have been reclassified to conform to the fiscal 2014 presentation. As a result of the Separation, News Corp has been classified as discontinued operations for all periods presented (See Note 4 – Discontinued Operations). Unless indicated otherwise, the information in the notes to the Consolidated Financial Statements relates to the Company’s continuing operations. | ||||||||
Use of estimates | ||||||||
The preparation of the Company’s Consolidated Financial Statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts that are reported in the 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. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. | ||||||||
Concentration of credit risk | ||||||||
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. | ||||||||
Receivables, net | ||||||||
Receivables, net are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. | ||||||||
The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being paid. In determining the allowance for returns, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of product sales that provide the customer with the right of return. | ||||||||
The Company has receivables with original maturities greater than one year in duration principally related to the Company’s sale of program rights in the television syndication markets within the Filmed Entertainment segment. Allowances for credit losses are established against these non-current receivables as necessary. As of June 30, 2014 and 2013, these allowances were not material. | ||||||||
Receivables, net consist of: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Total receivables | $ | 7,737 | $ | 6,795 | ||||
Allowances for returns and doubtful accounts | (815 | ) | (899 | ) | ||||
Total receivables, net | 6,922 | 5,896 | ||||||
Less: current receivables, net | (6,468 | ) | (5,459 | ) | ||||
Non-current receivables, net | $ | 454 | $ | 437 | ||||
Inventories | ||||||||
Filmed Entertainment Costs | ||||||||
In accordance with ASC 926, “Entertainment—Films” (“ASC 926”), Filmed Entertainment costs include capitalized production costs, overhead and capitalized interest costs, net of any amounts received from outside investors. These costs, as well as participations and talent residuals, are recognized as operating expenses on an individual motion picture or television series based on the ratio that current year’s gross revenues for such film or series bear to management’s estimate of its total remaining ultimate gross revenues. Television production costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode-by-episode basis. Estimates for initial syndication and basic cable revenues are not included in the estimated lifetime revenues of network series until such sales are probable. Television production costs incurred subsequent to the establishment of secondary markets are capitalized and amortized. Marketing costs and development costs under term deals are charged as operating expenses as incurred. Development costs for projects not produced are written-off at the earlier of the time the decision is made not to develop the story or after three years. | ||||||||
Filmed Entertainment costs are stated at the lower of unamortized cost or estimated fair value on an individual motion picture or television series basis. Revenue forecasts for both motion pictures and television series are continually reviewed by management and revised when warranted by changing conditions. When estimates of total revenues and other events or changes in circumstances indicate that a motion picture or television series has a fair value that is less than its unamortized cost, a loss is recognized currently for the amount by which the unamortized cost exceeds the film or television series’ fair value. | ||||||||
Programming Rights | ||||||||
In accordance with ASC 920, “Entertainment—Broadcasters,” costs incurred in acquiring program rights or producing programs for the Cable Network Programming, Television and Direct Broadcast Satellite Television segments 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. Television broadcast network and original cable programming are amortized on an accelerated basis. The Company has single and multi-year contracts for broadcast rights of programs and sporting events. At least annually, the Company evaluates the recoverability of the unamortized costs associated therewith, using total estimated advertising and other revenues attributable to the program material. The recoverability of sports rights contracts for content broadcast on the national 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, additional amortization is provided. The costs of national sports contracts at FOX and the national sports channels are charged to expense and allocated to segments 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 costs of local and regional sports contracts for a specified number of events are amortized on an event-by-event basis while costs for local and regional sports contracts for a specified season are amortized over the season on a straight-line basis. | ||||||||
Investments | ||||||||
Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Significant influence is generally presumed to exist when the Company owns an interest between 20% and 50% and exercises significant influence. | ||||||||
Under the equity method of accounting, the Company includes its investments and amounts due to and from its equity method investees in its Consolidated Balance Sheets. The Company’s Consolidated Statements of Operations include the Company’s share of the investees’ earnings (losses) and the Company’s Consolidated Statements of Cash Flows include all cash received from or paid to the investees. | ||||||||
The difference between the Company’s investment and its share of the fair value of the underlying net assets of the investee is first allocated to either finite-lived intangibles or indefinite-lived intangibles and the balance is attributed to goodwill. The Company follows ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), which requires that equity method finite-lived intangibles be amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. | ||||||||
Investments in which the Company has no significant influence (generally less than a 20% ownership interest) are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. The Company reports available-for-sale investments at fair value based on quoted market prices. Unrealized gains and losses on available-for-sale investments are included in Accumulated other comprehensive (loss) income, net of applicable taxes and other adjustments until the investment is sold or considered impaired. Dividends and other distributions of earnings from available-for-sale investments and cost method investments are included in Interest income in the Consolidated Statements of Operations when declared. | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over an estimated useful life of 3 to 40 years. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or the life of the lease. Costs associated with the repair and maintenance of property are expensed as incurred. Changes in circumstances, such as technological advances, or changes to the Company’s business model or capital strategy, could result in the actual useful lives differing from the Company’s estimates. In those cases where the Company determines that the useful life of buildings and equipment should be shortened, the Company would depreciate the asset over its revised remaining useful life, thereby increasing depreciation expense. | ||||||||
Goodwill and intangible assets | ||||||||
The Company has a significant amount of intangible assets, including goodwill, film and television libraries, Federal Communications Commission (“FCC”) licenses, multi-channel video programming distributor (“MVPD”) affiliate agreements and relationships and trademarks and other copyrighted products. Goodwill is recorded as the difference between the consideration paid to acquire entities and amounts assigned to their tangible and identifiable intangible net assets. In accordance with ASC 350, the Company’s goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are tested annually for impairment or earlier if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Intangible assets with finite lives are generally amortized over their estimated useful lives. The impairment assessment of indefinite-lived intangibles compares the fair value of these intangible assets to their carrying value. | ||||||||
The Company’s goodwill impairment reviews are determined using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not impaired and the second step of the impairment review is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment review is required to be performed to estimate the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is compared with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||
When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method. | ||||||||
Asset impairments | ||||||||
Investments | ||||||||
Equity method investments are regularly reviewed for impairment by initially comparing their fair value to their respective carrying amounts each quarter. The Company determines the fair value of its public company investments by reference to their publicly traded stock prices. With respect to private company investments, the Company makes its estimate of fair value by considering other available information, including recent investee equity transactions, discounted cash flow analyses, estimates based on comparable public company operating multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of the time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions. | ||||||||
The Company regularly reviews available-for-sale investment securities for other-than-temporary impairment based on criteria that include the extent to which the investment’s carrying value exceeds its related market value, the duration of the market decline, the Company’s ability to hold until recovery and the financial strength and specific prospects of the issuer of the security. | ||||||||
The Company regularly reviews investments accounted for at cost for other-than-temporary impairment based on criteria that include the extent to which the investment’s carrying value exceeds its related estimated fair value, the duration of the estimated fair value decline, the Company’s ability to hold until recovery and the financial strength and specific prospects of the issuer of the security. | ||||||||
Long-lived assets | ||||||||
ASC 360, “Property, Plant, and Equipment,” and ASC 350 require that the Company periodically review the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment adjustment is recognized if the carrying value of such asset exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell. | ||||||||
Guarantees | ||||||||
The Company follows ASC 460, “Guarantees” (“ASC 460”). ASC 460 requires a guarantor to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing certain guarantees. Subsequently, the initial liability recognized for the guarantee is generally reduced as the Company is released from the risk under the guarantee. The Company periodically reviews the facts and circumstances pertaining to its guarantees in determining the level of related risk. | ||||||||
Revenue recognition | ||||||||
Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment. | ||||||||
Cable Network Programming, Television and Direct Broadcast Satellite Television | ||||||||
Advertising revenue is recognized as the commercials are aired, net of agency commissions. Subscriber fees received from MVPDs for Cable Network Programming and Television are recognized as affiliate fee revenue in the period services are provided. Direct Broadcast Satellite Television subscription and pay-per-view revenues are recognized when programming is broadcast to subscribers, while fees for equipment rental are recognized as revenue on a straight-line basis over the contract period. | ||||||||
The Company classifies the amortization of cable distribution investments (capitalized fees paid to MVPDs to facilitate carriage of a cable network) against affiliate fee revenue in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company defers the cable distribution investments and amortizes the amounts on a straight-line basis over the contract period. | ||||||||
Filmed Entertainment | ||||||||
Revenues from the distribution of motion pictures are recognized in accordance with ASC 926. Revenues from the theatrical distribution of motion pictures are recognized as they are exhibited, and revenues from home entertainment sales, net of a reserve for estimated returns, are recognized on the date that DVD and Blu-ray units are made widely available for sale by retailers or when made available for viewing via digital distribution platforms and all Company-imposed restrictions on the sale or availability have expired. Revenues from television distribution are recognized when the motion picture or television series is made available to the licensee for broadcast. | ||||||||
Management bases its estimates of ultimate revenue for each motion picture on the historical performance of similar motion pictures, incorporating factors such as the past box office record of the lead actors and actresses, the genre of the motion picture, pre-release market research (including test market screenings) and the expected number of theaters in which the film will be released. Management updates such estimates based on information available on the actual results of each film through its life cycle. | ||||||||
License agreements for the broadcast of theatrical and television series in the broadcast network, syndicated television and cable television markets are routinely entered into in advance of their available date for broadcast. Cash received and amounts billed in connection with such contractual rights for which revenue is not yet recognizable is classified as deferred revenue. Because deferred revenue generally relates to contracts for the licensing of motion pictures and television series which have already been produced, the recognition of revenue for such completed product is principally only dependent upon the commencement of the availability period for broadcast under the terms of the related licensing agreement. | ||||||||
The Company earns and recognizes revenues as a distributor on behalf of third parties. In such cases, determining whether revenue should be reported on a gross or net basis is based on management’s assessment of whether the Company acts as the principal or agent in the transaction. To the extent the Company acts as the principal in a transaction, revenues are reported on a gross basis. Determining whether the Company acts as principal or agent in a transaction involves judgment and is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. | ||||||||
Direct Broadcast Satellite Television programming expense and subscriber acquisition costs | ||||||||
Programming expenses of the Direct Broadcast Satellite Television segment are the fees paid to vendors to license the programming distributed to customers. These programming expenses are recognized at the time the Company distributes the related programming. Contracts with vendors are generally multi-year agreements that provide for the Company to make payments at agreed upon rates based on the number of subscribers. | ||||||||
Subscriber acquisition costs in the Direct Broadcast Satellite Television segment primarily consist of amounts paid for third-party customer acquisitions, which consist of the cost of commissions paid to authorized retailers and dealers for subscribers added through their respective distribution channels and the cost of hardware and installation subsidies for subscribers. All costs, including hardware, installation and commissions, are expensed upon activation. However, where legal ownership is retained in the equipment, the cost of the equipment is capitalized and depreciated over the useful life. Additional components of subscriber acquisition costs include the cost of print, radio and television advertising, which are expensed as incurred. | ||||||||
Advertising expenses | ||||||||
The Company expenses advertising costs as incurred, including advertising expenses for theatrical and television productions in accordance with ASC 720-35, “Other Expenses—Advertising Cost.” Advertising expenses recognized totaled $2.9 billion, $2.2 billion and $1.9 billion for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
Translation of foreign currencies | ||||||||
Foreign subsidiaries and affiliates are translated into U.S. Dollars using the current rate method, whereby trading results are converted at the average rate of exchange for the period and assets and liabilities are converted at the closing rates on the period end date. The resulting translation adjustments are accumulated as a component of Accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in income for the period. | ||||||||
Income taxes | ||||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Deferred taxes have not been provided on the cumulative undistributed earnings of foreign subsidiaries to the extent amounts are reinvested indefinitely. | ||||||||
Earnings per share | ||||||||
Basic earnings per share for the Class A common stock, par value $0.01 per share (“Class A Common Stock”), and Class B common stock, par value $0.01 per share (“Class B Common Stock”) is calculated by dividing Net income attributable to Twenty-First Century Fox stockholders by the weighted average number of outstanding shares of Class A Common Stock and Class B Common Stock. Diluted earnings per share for Class A Common Stock and Class B Common Stock is calculated similarly, except that the calculation includes the dilutive effect of the assumed issuance of shares issuable under the Company’s equity based compensation plans. | ||||||||
Equity based compensation | ||||||||
The Company accounts for share-based payments in accordance with ASC 718, “Compensation—Stock Compensation” (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the Consolidated Financial Statements. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all companies to apply a fair-value-based measurement method in accounting for generally all share-based payment transactions with employees. (See Note 14 – Equity Based Compensation) | ||||||||
Financial instruments and derivatives | ||||||||
ASC 815, “Derivatives and Hedging” (“ASC 815”), requires every derivative instrument (including certain derivative instruments embedded in other contracts) to be recorded on the balance sheet at fair value as either an asset or a liability (See Note 8 – Fair Value). ASC 815 also requires that changes in the fair value of recorded derivatives be recognized currently in earnings unless specific hedge accounting criteria are met. | ||||||||
The carrying value of the Company’s financial instruments, including cash and cash equivalents and cost investments, approximate fair value. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. | ||||||||
The Company uses financial instruments designated as cash flow hedges to hedge its limited exposures to foreign currency exchange risks associated with the costs for producing or acquiring films and television programming abroad. All cash flow hedges are recorded at fair value on the Consolidated Balance Sheets (See Note 8 – Fair Value). The effective changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive (loss) income with foreign currency translation adjustments. Amounts are reclassified from Accumulated other comprehensive (loss) income when the underlying hedged item is recognized in earnings. If derivatives are not designated as hedges, changes in fair value are recorded in earnings as Other, net in the Consolidated Statements of Operations. | ||||||||
Derivative instruments embedded in other contracts, such as convertible debt securities and exchangeable securities, are separated into their host and derivative financial instrument components. The derivative component is recorded at its estimated fair value in the Consolidated Balance Sheets with changes in estimated fair value recorded in Other, net in the Consolidated Statements of Operations. | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | ||||||||
Adopted | ||||||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires the Company to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU 2013-02 became effective for the Company for interim reporting periods beginning July 1, 2013. The adoption of ASU 2013-02 resulted in the disclosure of additional information within the notes to the Consolidated Financial Statements. (See Note 13 – Stockholders’ Equity) | ||||||||
Issued | ||||||||
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). The objective of ASU 2013-05 is to resolve the diversity in practice regarding the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets or a business within a foreign entity. ASU 2013-05 is effective for the Company for interim reporting periods beginning July 1, 2014. The Company is currently evaluating the impact ASU 2013-05 will have on its Consolidated Financial Statements. | ||||||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)” (“ASU 2014-08”). The amendments in ASU 2014-08 provide guidance for the recognition of discontinued operations, change the requirements for reporting discontinued operations in ASC 205-20, “Discontinued Operations” (“ASC 205-20”) and require additional disclosures about discontinued operations. ASU 2014-08 is effective on a prospective basis for the Company for interim reporting periods beginning July 1, 2015. Early adoption is permitted, subject to certain conditions. The Company is currently evaluating the impact ASU 2014-08 will have on its Consolidated Financial Statements. | ||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts from Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company for interim reporting periods beginning July 1, 2017. Early adoption is not permitted. The Company is currently evaluating the impact ASU 2014-09 will have on its Consolidated Financial Statements. | ||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation––Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for the Company for interim reporting periods beginning July 1, 2016, however early adoption is permitted. The Company does not expect the adoption of ASU 2014-12 to have a significant impact on the Consolidated Financial Statements. |
Acquisitions_Disposals_and_Oth
Acquisitions, Disposals and Other Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Acquisitions, Disposals and Other Transactions | ' |
NOTE 3. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS | |
During the fiscal year ended June 30, 2014, the Company completed a number of acquisitions as more fully described below. All of the Company’s acquisitions were accounted for under ASC 805, “Business Combinations” (“ASC 805”), which requires, among other things, that an acquirer (i) remeasure any previously held equity interest in an acquiree at its acquisition date fair value and recognize any resulting gains or losses in earnings and (ii) record any noncontrolling interests in an acquiree at their acquisition date fair values. Accordingly, several of the transactions described below resulted in the recognition of remeasurement gains since the Company acquired control of an acquiree in stages. Further, other transactions described below involved the Company acquiring control with an ownership stake of less than 100%. In those instances, the allocation of the excess purchase price reflects 100% of the fair value of the acquiree with the noncontrolling interests recorded at fair value. | |
The below acquisitions all support the Company’s strategic priority of increasing its brand presence and reach in key international and domestic markets, acquiring greater control of investments that complement its portfolio of businesses and creating new pay-TV sports franchises. For those acquisitions where the accounting for the business combination is based on provisional amounts and the allocation of the excess purchase price is not final, the amounts allocated to intangibles and goodwill, the estimates of useful lives and the related amortization expense are subject to change pending the completion of final valuations of certain assets and liabilities. A change in the purchase price allocations and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense. | |
Fiscal 2015 | |
Dispositions | |
Sky Italia and Sky Deutschland | |
In July 2014, the Company entered into agreements with British Sky Broadcasting Group plc (“BSkyB”) to sell its 100% and 57% (on a fully diluted basis) ownership stakes in Sky Italia and Sky Deutschland AG (“Sky Deutschland”), respectively, for approximately $9.3 billion (based on foreign currency exchange rates as of the date of the agreements) comprised of approximately $8.6 billion in cash and the transfer to the Company of BSkyB’s 21% interest in NGC Network International LLC and NGC Network Latin America LLC (collectively “NGC International”), increasing the Company’s ownership stake to 73% in NGC International. In connection with this transaction, the Company participated in BSkyB’s equity offering in July 2014 by purchasing additional shares in BSkyB for approximately $900 million and maintained the Company’s 39% ownership interest. The agreements are subject to regulatory approvals, the approval of BSkyB stockholders and customary closing conditions. | |
Fiscal 2014 | |
Acquisitions | |
Latin America Pay Television | |
In May 2012, the Company acquired an interest of approximately 23% in Latin America Pay Television (“LAPTV”), an entity that distributes premium and basic television channels in Latin America, for $64 million in cash. As a result of this transaction, the Company increased its interest in LAPTV to approximately 78% from the 55% it owned at June 30, 2011. In September 2013, the Company acquired the remaining 22% interest in LAPTV for approximately $75 million in cash. As a result of this transaction, the Company now owns 100% of LAPTV. These transactions were accounted for as the purchase of subsidiary shares from noncontrolling interests. | |
Yankees Entertainment and Sports Networks | |
In December 2012, the Company acquired a 49% equity interest in the Yankees Entertainment and Sports Network (“YES Network”), a Regional Sports Network (“RSN”) primarily broadcasting pre-season and regular season games for the New York Yankees and the Brooklyn Nets, for $584 million. Simultaneous with the closing of this transaction, the Company also paid approximately $250 million of upfront programming costs on behalf of the YES Network. The Company accounted for its investment in the YES Network under the equity method of accounting. The Company’s total investment of $834 million was allocated between tangible and intangible assets in accordance with ASC 323, “Investments – Equity Investments.” | |
On February 28, 2014, the Company acquired an additional 31% interest in the YES Network, increasing the Company’s ownership interest to 80%, for approximately $680 million, net of cash acquired, and subsequent to the acquisition, the Company has consolidated the balance sheet and operating results of the YES Network, including $1.7 billion in debt. The remaining 20% of the YES Network not owned by the Company has been recorded at fair value of approximately $385 million based on the Company’s provisional valuation of the YES Network business using a market approach (a Level 3 measurement as defined in Note 8 – Fair Value). The carrying amount of the Company’s previously held equity interest in the YES Network was revalued to its provisional fair value of approximately $860 million as of the acquisition date. The aggregate excess purchase price has been preliminarily allocated, based on a provisional valuation of 100% of the YES Network, as follows: approximately $1.7 billion to intangible assets consisting of MVPD affiliate agreements and relationships with useful lives of 20 years and advertiser relationships with useful lives of 6 years, and the indefinite-lived YES Network trade name; approximately $1.7 billion to debt; approximately $1.6 billion representing the goodwill on the transaction; and other net assets. The goodwill reflects the synergies and increased market penetration expected from combining the operations of the YES Network and the Company. Subsequent to the acquisition, the Company paid approximately $160 million of upfront programming costs on behalf of the YES Network. | |
For the fiscal year ended June 30, 2014, the incremental revenues and Segment OIBDA (as defined in Note 19 – Segment Information) related to the YES Network included in the Company’s consolidated results of operations were not material. | |
San Francisco-Bay Area Television Stations | |
In June 2014, the Company entered into an agreement to acquire two San Francisco-Bay area television stations from Cox Media Group in exchange for the Company’s FOX affiliated stations WHBQ-TV FOX 13 and WFXT-TV FOX 24, located in the Memphis and Boston markets, respectively. The transaction is subject to regulatory approvals and other closing conditions. | |
Fiscal 2013 | |
Acquisitions | |
Eredivisie Media & Marketing | |
In November 2012, the Company acquired a controlling 51% ownership stake in Eredivisie Media & Marketing CV (“EMM”) for approximately $350 million, of which $325 million was cash and $25 million was contingent consideration. EMM is a media company that holds the collective media and sponsorship rights of the Dutch Premier League. The remaining 49% of EMM, which is owned by the Dutch Premier League and the global TV production company Endemol, has been recorded at its acquisition date fair value. The excess purchase price, based on a valuation of 100% of EMM, of approximately $670 million has been allocated as follows: $325 million to amortizable intangible assets, primarily customer relationships, with useful lives ranging from 6 to 20 years, and approximately $345 million representing the goodwill on the transaction. The goodwill reflects the synergies and increased market penetration expected from combining the operations of EMM and the Company. The contingent consideration relates to payments that are contingent upon the achievement of certain performance objectives and was valued using an income approach using a probability-weighted discounted cash flow method. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. | |
Fox Sports Asia (formerly ESPN Star Sports) | |
In November 2012, the Company acquired the remaining 50% interest in ESPN Star Sports, now operating as Fox Sports Asia, that it did not already own for approximately $220 million, net of cash acquired. Fox Sports Asia is a leading sports broadcaster in Asia and the Company now, through its wholly owned subsidiaries, owns 100% of Fox Sports Asia. The carrying amount of the Company’s previously held equity interest in Fox Sports Asia was revalued to fair value as of the acquisition date, resulting in a non-taxable gain of $174 million which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. The aggregate excess purchase price of $1,030 million, including the revalued previously held investment of $280 million and contract-related liabilities of approximately $450 million, has been allocated as follows: $190 million to amortizable intangible assets, primarily MVPD affiliate agreements and relationships, with useful lives ranging from 8 to 15 years, and approximately $840 million representing the goodwill on the transaction. The goodwill reflects the synergies and increased market penetration expected from combining the operations of Fox Sports Asia and the Company. | |
SportsTime Ohio | |
In December 2012, the Company acquired SportsTime Ohio, a RSN serving the Cleveland, Ohio market, for an estimated total purchase price, including post-closing costs, of approximately $285 million, of which $135 million was in cash. The balance of the purchase price represents the fair value of deferred payments and payments that are contingent upon the achievement of certain performance objectives. The excess purchase price of approximately $275 million has been allocated as follows: $135 million to amortizable intangible assets, primarily MVPD affiliate agreements and relationships, with useful lives ranging from 8 to 20 years, and approximately $140 million representing the goodwill on the transaction. The goodwill reflects the synergies and increased market penetration expected from combining the operations of the RSN and the Company. The contingent consideration was valued using an income approach using a probability-weighted discounted cash flow method and is remeasured to fair value at each reporting date until the contingency is resolved. | |
Sky Deutschland | |
During fiscal 2013, the Company acquired, through a combination of a private placement and a rights offering, approximately 92 million additional shares of Sky Deutschland increasing the Company’s ownership interest to 55%. The remaining 45% of Sky Deutschland not owned by the Company has been recorded at fair value of approximately $2.3 billion, based on the closing price of its shares on the Frankfurt Stock Exchange on the date control was acquired (a Level 1 measurement as defined in Note 8 – Fair Value). The aggregate cost of shares acquired by the Company was approximately €410 million (approximately $550 million). The carrying amount of the Company’s previously held equity interest in Sky Deutschland was revalued to fair value as of the acquisition date, resulting in a gain of approximately $2.1 billion which was included in Other, net in the Consolidated Statement of Operation for the fiscal year ended June 30, 2013. The aggregate excess purchase price has been allocated as follows: approximately $1.7 billion to intangible assets, primarily consisting of subscriber relationships, with a useful life of 11 years, and the indefinite-lived Sky trade name, approximately $4.3 billion representing the goodwill on the transaction and the related deferred tax liabilities. As a result of these transactions, the Company has the power to control Sky Deutschland and the results of Sky Deutschland were included in the Company’s consolidated results of operations beginning in January 2013. Prior to the acquisition of the additional 5% ownership interest, the Company accounted for its investment in Sky Deutschland under the equity method of accounting and the Company’s investment consisted of common stock, convertible bonds and loans. | |
The Company has guaranteed Sky Deutschland’s €300 million (approximately $410 million) five-year bank credit facility, of which €225 million ($308 million) has been utilized and is included in Borrowings. In connection with the consolidation of Sky Deutschland, the Company assumed approximately $480 million in bank debt, which Sky Deutschland repaid in full during fiscal 2013. Additionally, the Company is the guarantor to the German Football League for Sky Deutschland’s Bundesliga broadcasting license for the 2013-2014 to 2016-2017 seasons in an amount up to 50% of the license fee per season and the Company has also agreed to extend the maturity of existing shareholder loans that were issued before it became a consolidated subsidiary. | |
In January 2011, the Company purchased a convertible bond from Sky Deutschland for approximately $225 million. The Company currently has the right to convert the bonds into 53.9 million underlying Sky Deutschland shares, subject to certain black-out periods. If not converted, the Company will redeem the bonds for cash upon their maturity in January 2015. The convertible bonds were separated into their host and derivative financial instrument components. Prior to Sky Deutschland becoming a consolidated subsidiary, both the host and derivative financial instrument components were recorded at their estimated fair value in Investments in the Consolidated Balance Sheets. The change in estimated fair value of the security (derivative instrument) resulted in a gain of $58 million and a loss of $61 million and were recorded in Other, net in the Company’s Consolidated Statements of Operations for the fiscal years ended June 30, 2013 and 2012, respectively. Subsequent to becoming a consolidated subsidiary, the derivative instrument was effectively settled as a pre-existing relationship under the provisions of ASC 805-10-25-21 “Business Combinations—Determining What Is Part of the Business Combination Transaction” with the carrying amount of the asset for the derivative component written off as a settlement loss which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. | |
Other | |
In May 2012, the Company renewed its existing FOX affiliation agreement with a major FOX affiliate group (“Network Affiliate”). As part of the transaction, the Company received cash consideration of $50 million and the Network Affiliate had an option to buy the Company’s Baltimore station. Network Affiliate exercised its option to purchase the Baltimore television station and the Company recognized a loss on the transaction of $92 million which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. The Company is amortizing the $50 million received from the Network Affiliate over the term of the affiliation agreement. | |
In fiscal 2013, the Company increased its interest in Asianet Communications Limited (“Asianet Communications”), an entity in India that broadcasts and operates the Malayalam language channels Asianet and Asianet Plus and the Kannada language channel Suvarna television, to 87% from the 75% it owned at June 30, 2012 for approximately $160 million in cash. In the fourth quarter of fiscal 2014, the Company acquired the 13% interest it did not already own in Asianet Communications for approximately $50 million in cash. As a result of this transaction, the Company now owns 100% of Asianet Communications. These transactions were accounted for as the purchase of subsidiary shares from noncontrolling interests. | |
Fiscal 2012 | |
Acquisitions | |
In December 2011, the Company acquired the 67% equity interest it did not already own in Fox Pan American Sports LLC, doing business as Fox Sports Latin America (“FSLA”), for approximately $400 million. FSLA, an international sports programming and production entity, which owns and operates Fox Sports Latin America network, a Spanish and Portuguese-language sports network distributed to subscribers in certain Caribbean and Central and South American nations, and partially through its ownership in FSLA, a 53% interest in Fox Deportes, a Spanish-language sports programming service distributed in the U.S. As a result of this transaction, the Company now owns 100% of FSLA and Fox Deportes. Accordingly, the Company changed its accounting for FSLA from an equity method investment to a consolidated subsidiary beginning in December 2011. The acquisition of FSLA supports the Company’s strategic priority of increasing its brand presence and reach in key international markets. | |
The carrying amount of the Company’s previously held equity interest in FSLA was revalued to fair value at the acquisition date, resulting in a non-taxable gain of $158 million which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2012. The aggregate excess purchase price has been allocated as follows: approximately $280 million to finite-lived intangible assets with useful lives ranging from 5 to 15 years and approximately $320 million representing the goodwill on the transaction. The goodwill reflects the synergies and increased market penetration expected from combining the operations of FSLA and the Company. | |
Dispositions | |
In July 2011, the Company sold its majority interest in its outdoor advertising businesses in Russia and Romania (“News Outdoor Russia”) for cash consideration of approximately $360 million. In connection with the sale, the Company repaid $32 million of News Outdoor Russia debt. The Company recorded a gain related to the sale of this business, which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2012. The gain on the sale and the net income, assets, liabilities and cash flow attributable to the News Outdoor Russia operations were not material to the Company in any of the periods presented and, accordingly, have not been presented separately. | |
Other | |
In fiscal 2012, the Company entered into an asset acquisition agreement with a third party in exchange for a noncontrolling ownership interest in one of the Company’s majority-owned RSNs. The noncontrolling shareholder has a put option related to its ownership interest that is exercisable beginning in March 2015. Since redemption of the noncontrolling interest is outside of the control of the Company, the Company has accounted for this put option in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity” (“ASC 480-10-S99-3A”), and has recorded the put option at its fair value as a Redeemable noncontrolling interest in the Consolidated Balance Sheets. (See Note 8 – Fair Value) |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued Operations | ' | |||||||||||
NOTE 4. DISCONTINUED OPERATIONS | ||||||||||||
Separation of News Corp | ||||||||||||
On June 28, 2013, the Company completed the Separation of its business into two independent publicly traded companies by distributing to its stockholders all of the outstanding shares of News Corp. The Company retained its interests in a global portfolio of media and entertainment assets spanning six continents. News Corp holds the Company’s former businesses including newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education and sports programming and pay-TV distribution in Australia. The Company completed the Separation by distributing to its stockholders one share of News Corp Class A common stock for every four shares of the Company’s Class A Common Stock held on June 21, 2013, and one share of News Corp Class B common stock for every four shares of the Company’s Class B Common Stock held on June 21, 2013. The Company’s stockholders received cash in lieu of fractional shares. Following the Separation, the Company does not beneficially own any shares of News Corp Class A common stock or News Corp Class B common stock. | ||||||||||||
Effective June 28, 2013, the Separation qualified for discontinued operations treatment in accordance with ASC 205-20 and accordingly the Company deconsolidated News Corp’s balance sheet as of June 30, 2013, and presented its results for the fiscal years ended June 30, 2013 and 2012 as discontinued operations on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. The footnotes to the financial statements have also been revised accordingly. | ||||||||||||
The Company entered into a separation and distribution agreement with News Corp (the “Separation and Distribution Agreement”) pursuant to which the Company agreed to provide a cash contribution to News Corp immediately prior to the Separation, so that as of the Separation, News Corp would have approximately $2.6 billion of cash on hand. Accordingly, immediately prior to the Separation, the Company distributed approximately $2.4 billion to News Corp, which was comprised of $1.6 billion in cash funding and approximately $800 million that was held by News Corp’s subsidiaries immediately prior to the Separation. The Company made a final cash distribution of $217 million in September 2013, pursuant to the Separation and Distribution Agreement. | ||||||||||||
Separation and Distribution Agreement | ||||||||||||
The Separation and Distribution Agreement sets forth, among other things, the parties’ agreements regarding the principal transactions necessary to effect the Separation. It also provides that the Company will indemnify News Corp, on an after-tax basis, for payments made after the Separation arising out of civil claims and investigations relating to the U.K. Newspaper Matters (as defined below), as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corp. U.K. Newspaper Matters refers to ongoing investigations by U.K. and U.S. regulators and governmental authorities relating to phone hacking, illegal data access and inappropriate payments to public officials at The News of the World and The Sun and related matters. In addition, the Separation and Distribution Agreement governs the Company’s and News Corp’s agreements with regard to each party’s ability to comply with certain statutes or rules and regulations promulgated by the FCC. (See Note 16 – Commitments and Contingencies) | ||||||||||||
Tax Sharing and Indemnification Agreement | ||||||||||||
The Company entered into a tax sharing and indemnification agreement with News Corp that governs the Company’s and News Corp’s respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. Under the tax sharing and indemnification agreement, News Corp will generally indemnify the Company against taxes attributable to News Corp’s assets or operations for all tax periods or portions thereof after the Separation. For taxable periods or portions thereof prior to the Separation, the Company will generally indemnify News Corp against U.S. consolidated and combined taxes attributable to such periods, and News Corp will indemnify the Company against News Corp’s separately filed U.S. state and foreign taxes and foreign consolidated and combined taxes for such periods. | ||||||||||||
A subsidiary of News Corp, prior to the Separation, had filed for refunds to claim certain losses in a foreign jurisdiction. In accordance with the tax sharing and indemnification agreement, the refund (plus interest) is to be paid to the Company, net of certain taxes. At June 30, 2013, News Corp did not recognize an asset for the claims since such amounts were being disputed by the foreign tax authority and the resolution was not determinable at that time. During the fiscal year ended June 30, 2014, the foreign jurisdiction notified News Corp that it had accepted its claims and would refund the taxes plus interest to News Corp. As of June 30, 2014, the net amount that the Company received, pursuant to the tax sharing and indemnification agreement with News Corp, is approximately $720 million, which has been included in Income (loss) from discontinued operations, net of tax, in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | ||||||||||||
Employee Matters Agreement | ||||||||||||
The Company entered into an employee matters agreement that governs the Company’s and News Corp’s obligations with respect to employment, compensation, benefits and other related matters for employees of certain of News Corp’s U.S.-based businesses (the “Employee Matters Agreement”). In general, the Employee Matters Agreement addresses matters relating to employees transferring to News Corp’s U.S. businesses and former News Corp employees of those businesses that participated in the Company’s retirement plans (including postretirement benefits) and welfare programs, which were retained by the Company following the distribution. The Employee Matters Agreement also addresses equity compensation matters relating to employees of both companies. | ||||||||||||
Summarized Financial Information | ||||||||||||
Revenues and Income (loss) from discontinued operations related to News Corp were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | - | $ | 8,891 | $ | 8,655 | ||||||
Income (loss) before income tax benefit | $ | 698 | $ | 240 | $ | (2,251 | ) | |||||
Income tax benefit | $ | 31 | $ | 365 | $ | 289 | ||||||
Income (loss) from discontinued operations, net of tax(a) | $ | 729 | $ | 277 | $ | (1,997 | ) | |||||
(a) | Includes the net tax refund from News Corp, as stated above, for the fiscal year ended June 30, 2014 of approximately $720 million. | |||||||||||
Cash flows from discontinued operations related to News Corp were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net cash provided by operating activities from discontinued operations | $ | 571 | $ | 506 | $ | 956 | ||||||
Net cash used in investing activities from discontinued operations | - | (1,674 | ) | (655 | ) | |||||||
Net cash used in financing activities from discontinued operations | - | (263 | ) | (13 | ) | |||||||
Net increase (decrease) in cash and cash equivalents from discontinued operations | $ | 571 | $ | (1,431 | ) | $ | 288 | |||||
News Corp Transactions Prior to the Separation | ||||||||||||
Prior to the Separation, the Company’s former businesses that are now subsidiaries of News Corp entered into the following transactions: | ||||||||||||
Fiscal 2013 | ||||||||||||
Acquisitions | ||||||||||||
In July 2012, News Corp acquired Thomas Nelson, Inc., one of the leading Christian book publishers in the U.S., for approximately $200 million in cash. | ||||||||||||
In November 2012, News Corp acquired Consolidated Media Holdings Ltd. (“CMH”), a media investment company that operates in Australia, for approximately $2 billion in cash and assumed debt of approximately $235 million. CMH owned a 25% interest in Foxtel through its 50% interest in FOX SPORTS Australia. The acquisition doubled News Corp’s stakes in FOX SPORTS Australia and Foxtel to 100% and 50%, respectively. | ||||||||||||
The carrying amount of the News Corp’s previously held equity interest in FOX SPORTS Australia, through which News Corp held its indirect 25% interest in Foxtel, was revalued to fair value as of the acquisition date, resulting in a non-taxable gain of approximately $1.2 billion which was included in Income (loss) from discontinued operations, net of tax in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. The fair value of News Corp’s previously held equity interest of $1.6 billion was determined using an income approach (discounted cash flow analysis) adjusted to remove an assumed control premium. Significant unobservable inputs utilized in the income approach valuation method were discount rates ranging from 9.5% to 10.5%, based on weighted average cost of capital for FOX SPORTS Australia and Foxtel using the capital asset pricing model, and long-term growth rates of approximately 2.5%, reflecting News Corp’s assessment of the long-term inflation rate for Australia. | ||||||||||||
Dispositions | ||||||||||||
In March 2013, News Corp sold its 44% equity interest in SKY Network Television Ltd. for approximately $675 million and recorded a gain of $321 million which was included in Income (loss) from discontinued operations, net of tax in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. | ||||||||||||
News Corp Impairments | ||||||||||||
During the fourth quarter of fiscal 2013, as part of News Corp’s long-range planning process in preparation for the distribution, News Corp adjusted its future outlook and related strategy principally with respect to its News and Information Services business in Australia and secondarily with respect to its News and Information Services businesses in the U.S. which resulted in a reduction in expected future cash flows. As a result, News Corp determined that the fair value of these reporting units declined below their respective carrying values and recorded an impairment charge of approximately $1.4 billion ($1.1 billion, net of tax) in the fiscal year ended June 30, 2013. The charges primarily consisted of a write-down of News Corp’s goodwill of $494 million, a write-down of intangible assets (primarily newspaper mastheads) of $862 million, and a write-down of fixed assets of $46 million. The impairment charges also include $42 million reflecting the potential sale of assets at values below their carrying values. | ||||||||||||
During the fourth quarter of fiscal 2012, News Corp recorded non-cash impairment charges of approximately $2.6 billion ($2.2 billion, net of tax) related to discontinued operations. The charges consisted of a write-down of News Corp’s goodwill of approximately $1.3 billion and a write-down of the indefinite-lived intangible assets (primarily newspaper mastheads and distribution networks) of approximately $1.3 billion. |
Restructuring_Programs
Restructuring Programs | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Restructuring Programs | ' | |||||||||||||||||||
NOTE 5. RESTRUCTURING PROGRAMS | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
In fiscal 2014, the Company recorded net restructuring charges from continuing operations of $52 million reflecting $81 million in contract termination costs related to cost structure efficiency enhancement initiatives primarily at the Direct Broadcast Satellite Television segment partially offset by an adjustment to facility termination obligations. | ||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
In fiscal 2013, the Company recorded restructuring charges from continuing operations of $13 million primarily reflecting a charge for accretion on facility termination obligations. | ||||||||||||||||||||
Fiscal 2012 | ||||||||||||||||||||
In fiscal 2012, the Company recorded restructuring charges from continuing operations of $41 million reflecting $29 million in one-time termination benefits and a $12 million charge for accretion on facility termination obligations. | ||||||||||||||||||||
Changes in the program liabilities were as follows: | ||||||||||||||||||||
One time | Facility costs | Total | Discontinued | Total | ||||||||||||||||
termination | and | continuing | operations | |||||||||||||||||
benefits | license fees | operations | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, June 30, 2011 | $ | 4 | $ | 197 | $ | 201 | $ | 33 | $ | 234 | ||||||||||
Additions | 29 | 12 | 41 | 156 | 197 | |||||||||||||||
Payments | (16 | ) | (32 | ) | (48 | ) | (117 | ) | (165 | ) | ||||||||||
Other | (4 | ) | - | (4 | ) | (13 | ) | (17 | ) | |||||||||||
Balance, June 30, 2012 | $ | 13 | $ | 177 | $ | 190 | $ | 59 | $ | 249 | ||||||||||
Additions | 3 | 10 | 13 | - | 13 | |||||||||||||||
Payments | (12 | ) | (29 | ) | (41 | ) | - | (41 | ) | |||||||||||
Separation of News Corp | - | - | - | (59 | ) | (59 | ) | |||||||||||||
Balance, June 30, 2013 | $ | 4 | $ | 158 | $ | 162 | $ | - | $ | 162 | ||||||||||
Additions | 3 | 89 | 92 | - | 92 | |||||||||||||||
Payments | (5 | ) | (72 | ) | (77 | ) | - | (77 | ) | |||||||||||
Other(a) | - | (40 | ) | (40 | ) | - | (40 | ) | ||||||||||||
Balance, June 30, 2014 | $ | 2 | $ | 135 | $ | 137 | $ | - | $ | 137 | ||||||||||
(a) | Primarily related to a change in assumptions related to the facility termination obligations of the Company’s formerly owned digital media properties. | |||||||||||||||||||
Restructuring charges are recorded in Other, net in the Consolidated Statements of Operations (See Note 23 – Additional Financial Information). The Company expects to record an additional $22 million of restructuring charges, principally related to accretion on facility termination obligations through fiscal 2021. As of June 30, 2014, restructuring liabilities of $34 million were included in Current liabilities and the balance of the accrual was included in Non-current Other liabilities. Amounts included in Non-current Other liabilities primarily relate to facility termination obligations, which are expected to be paid through fiscal 2021. |
Inventories
Inventories | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
NOTE 6. INVENTORIES | ||||||||
The Company’s inventories were comprised of the following: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Programming rights | $ | 5,812 | $ | 4,996 | ||||
DVDs, Blu-rays, and other merchandise | 81 | 69 | ||||||
Filmed entertainment costs: | ||||||||
Films: | ||||||||
Released | 1,025 | 806 | ||||||
Completed, not released | 317 | 10 | ||||||
In production | 819 | 958 | ||||||
In development or preproduction | 151 | 193 | ||||||
2,312 | 1,967 | |||||||
Television productions: | ||||||||
Released | 862 | 696 | ||||||
In production | 463 | 425 | ||||||
In development or preproduction | 4 | 2 | ||||||
1,329 | 1,123 | |||||||
Total filmed entertainment costs, less accumulated amortization(a) | 3,641 | 3,090 | ||||||
Total inventories, net | 9,534 | 8,155 | ||||||
Less: current portion of inventories, net(b) | (3,092 | ) | (2,784 | ) | ||||
Total non-current inventories | $ | 6,442 | $ | 5,371 | ||||
(a) | Does not include $335 million and $366 million of net intangible film library costs as of June 30, 2014 and 2013, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | |||||||
(b) | Current portion of inventories as of June 30, 2014 and 2013 was comprised of programming rights ($3,011 million and $2,715 million, respectively), DVDs, Blu-rays, and other merchandise. | |||||||
As of June 30, 2014, the Company estimated that approximately 60% of unamortized filmed entertainment costs from the completed films are expected to be amortized during fiscal 2015 and approximately 93% of released filmed entertainment costs will be amortized within the next three fiscal years. During fiscal 2015, the Company expects to pay $1,109 million in accrued participation liabilities, which are included in Participations, residuals and royalties payable in the Consolidated Balance Sheets. As of June 30, 2014, acquired film and television libraries had remaining unamortized film costs of $28 million, which are generally amortized using the individual film forecast method over a remaining period of approximately 3-7 years. |
Investments
Investments | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Investments | ' | |||||||||||||
NOTE 7. INVESTMENTS | ||||||||||||||
The Company’s investments were comprised of the following: | ||||||||||||||
Ownership | As of June 30, | |||||||||||||
percentage | ||||||||||||||
as of | ||||||||||||||
30-Jun-14 | 2014 | 2013 | ||||||||||||
(in millions) | ||||||||||||||
Equity method investments: | ||||||||||||||
British Sky Broadcasting Group plc(a) | U.K. DBS operator | 39% | $ | 2,359 | $ | 1,978 | ||||||||
YES Network(b) | RSN | - | 825 | |||||||||||
Other equity method investments | various | 197 | 386 | |||||||||||
Fair value of available-for-sale investments | various | 124 | 268 | |||||||||||
Other investments | various | 179 | 247 | |||||||||||
Total investments | $ | 2,859 | $ | 3,704 | ||||||||||
(a) | The Company’s investment in BSkyB had a market value of $9.5 billion at June 30, 2014 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 – Fair Value). For the fiscal years ended June 30, 2014 and 2013, the Company received dividends from BSkyB of $317 million and $272 million, respectively. | |||||||||||||
(b) | As of June 30, 2014, YES Network was a majority owned consolidated subsidiary of the Company. (See Note 3 – Acquisitions, Disposals and Other Transactions) | |||||||||||||
The cost basis, accumulated unrealized gains and fair value of available-for-sale investments are set forth below: | ||||||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Cost basis of available-for-sale investments(a) | $ | 90 | $ | 36 | ||||||||||
Accumulated unrealized gains(b) | 34 | 232 | ||||||||||||
Total fair value of available-for-sale investments | $ | 124 | $ | 268 | ||||||||||
Net deferred tax liability | $ | 12 | $ | 81 | ||||||||||
(a) | Bona Film Group (“Bona”) and Phoenix Satellite Television Holdings Ltd. (“Phoenix”) were the significant available-for-sale investments at June 30, 2014 and 2013, respectively. | |||||||||||||
(b) | Approximately $200 million of the unrealized gain as of June 30, 2013 relates to the Company’s investment in Phoenix which was sold in November 2013 and recognized in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | |||||||||||||
The Company reclassified gains from Accumulated other comprehensive (loss) income to the Consolidated Statements of Operations, based on the specific identification method. (See Note 13 – Stockholders’ Equity for further discussion) | ||||||||||||||
Equity Earnings of Affiliates | ||||||||||||||
The Company’s share of the earnings of its equity affiliates was as follows: | ||||||||||||||
For the years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
DBS equity affiliates | $ | 609 | $ | 826 | $ | 658 | ||||||||
Cable channel equity affiliates | 29 | (52 | ) | (34 | ) | |||||||||
Other equity affiliates | (16 | ) | (119 | ) | 12 | |||||||||
Total equity earnings of affiliates(a) | $ | 622 | $ | 655 | $ | 636 | ||||||||
(a) | The Company’s investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of June 30, 2014 and 2013, respectively, which represented the excess cost over the Company’s proportionate share of its investments’ underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill. In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of June 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest. | |||||||||||||
In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. | ||||||||||||||
BSkyB | ||||||||||||||
BSkyB’s shareholders and board of directors have authorized a share repurchase program. Since BSkyB’s market purchases of shares is subject to shareholder authorization, favorable market conditions and availability in the market, the number of shares repurchased may vary from period to period. The current authorization is effective until the 2014 annual general meeting of BSkyB shareholders. However, BSkyB’s share repurchase program was suspended in July 2014. The Company entered into an agreement with BSkyB under which, following any market purchases of shares by BSkyB, the Company will sell to BSkyB sufficient shares to maintain its approximate 39% interest subsequent to those market purchases, for a price equal to the price paid by BSkyB in respect of the relevant market purchases. BSkyB began repurchasing shares as part of this share repurchase program during fiscal 2012. As a result, the Company received cash considerations of approximately $170 million, $385 million and $335 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. The Company recognized gains of $134 million, $306 million and $270 million during the fiscal years ended June 30, 2014, 2013 and 2012, respectively, which were included in Equity earnings of affiliates in the Company’s Consolidated Statements of Operations. | ||||||||||||||
In July 2014, the Company participated in BSkyB’s equity offering by purchasing approximately $900 million of additional shares in BSkyB and maintained the Company’s 39% ownership interest. (See Note 3 – Acquisitions, Disposals and Other Transactions) | ||||||||||||||
NDS | ||||||||||||||
In July 2012, the Company sold its 49% investment in NDS Group Limited (“NDS”) to Cisco Systems Inc. for approximately $1.9 billion, of which approximately $60 million was set aside in escrow to satisfy any indemnification obligations. The Company recorded a gain of approximately $1.4 billion on this transaction which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. During fiscal 2014, upon the resolution of the indemnification obligations, the escrow was released. The Company received approximately $30 million of the amount set aside in escrow and has recorded a charge for the remaining amount. The charge was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | ||||||||||||||
Other | ||||||||||||||
In fiscal 2014, through separate transactions, the Company sold its 47% interest in CMC-News Asia Holdings Limited, its 50% interest in STATS LLC and its 50% interest in STAR CJ Network India Pvt. Ltd., all equity method investees, for a total consideration of approximately $255 million. The Company recorded a gain on these transactions which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. (See Note 23 – Additional Financial Information) | ||||||||||||||
In fiscal 2013, the Company sold a portion of its interest in Phoenix, for approximately $90 million in cash, decreasing its ownership interest to 12% from 18% at June 30, 2012. The Company recorded a gain of $81 million on this transaction which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2013. In fiscal 2014, the Company sold its remaining 12% interest in Phoenix for approximately $210 million. The Company recorded a gain, net of expenses, of $199 million on this transaction which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | ||||||||||||||
In fiscal 2013, the Company invested approximately $70 million for a minority equity interest in Vice Holdings Inc., a digital media company, and the Company accounts for this investment at cost. | ||||||||||||||
In fiscal 2012, the Company sold its 17% interest in Hathway Cable and Datacom Limited for $71 million and recorded a gain of $23 million on the sale which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2012. In fiscal 2012, the Company also acquired a 17% interest in Bona, a film distributer in China, for approximately $70 million in cash. In July 2014, the Company sold its entire interest in Bona for approximately $70 million in cash. | ||||||||||||||
Impairments of investments | ||||||||||||||
The Company regularly reviews investments for impairments based on criteria that include the extent to which the investment’s carrying value exceeds its related market value, the duration of the market decline, the Company’s ability to hold its investment until recovery and the investment’s financial strength and specific prospects. In the fiscal years ended 2014, 2013 and 2012, the Company wrote down certain investments and as a result recorded losses of $69 million, $20 million and $34 million, respectively. The write-downs are reflected in Other, net in the Consolidated Statements of Operations and were taken as a result of either the deteriorating financial position of the investee or due to a permanent impairment resulting from sustained losses and limited prospects for recovery. (See Note 23 – Additional Financial Information) | ||||||||||||||
Summarized financial information | ||||||||||||||
Summarized financial information for a significant equity affiliate, determined in accordance with Regulation S-X of the Securities and Exchange Act of 1934, as amended, accounted for under the equity method was as follows: | ||||||||||||||
For the years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Revenues | $ | 12,402 | $ | 11,342 | $ | 10,754 | ||||||||
Operating income | 1,887 | 2,024 | 1,968 | |||||||||||
Income from continuing operations | 1,332 | 1,535 | 1,435 | |||||||||||
Net income | 1,332 | 1,535 | 1,435 | |||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Current assets | $ | 4,401 | $ | 3,908 | ||||||||||
Non-current assets | 7,679 | 6,678 | ||||||||||||
Current liabilities | 4,309 | 3,524 | ||||||||||||
Non-current liabilities | 4,889 | 4,588 | ||||||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value | ' | |||||||||||||||
NOTE 8. FAIR VALUE | ||||||||||||||||
In accordance with ASC 820, “Fair Value Measurement,” fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). | ||||||||||||||||
The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: | ||||||||||||||||
Fair value measurements | ||||||||||||||||
As of June 30, 2014 | ||||||||||||||||
Description | Total | Quoted prices in active markets for identical instruments | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities(a) | $ | 124 | $ | 124 | $ | - | $ | - | ||||||||
Liabilities | ||||||||||||||||
Derivatives(b) | (10 | ) | - | (10 | ) | - | ||||||||||
Contingent consideration(c) | (134 | ) | - | - | (134 | ) | ||||||||||
Redeemable noncontrolling interests(d) | (541 | ) | - | - | (541 | ) | ||||||||||
Total | $ | (561 | ) | $ | 124 | $ | (10 | ) | $ | (675 | ) | |||||
As of June 30, 2013 | ||||||||||||||||
Description | Total | Quoted prices in active markets for identical instruments | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities(a) | $ | 268 | $ | 268 | $ | - | $ | - | ||||||||
Derivatives(b) | 3 | - | 3 | - | ||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration(c) | (84 | ) | - | - | (84 | ) | ||||||||||
Redeemable noncontrolling interests(d) | (519 | ) | - | - | (519 | ) | ||||||||||
Total | $ | (332 | ) | $ | 268 | $ | 3 | $ | (603 | ) | ||||||
(a) | See Note 7 – Investments. | |||||||||||||||
(b) | Primarily represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts designated as cash flow hedges. | |||||||||||||||
(c) | Represents contingent consideration related to EMM and SportsTime Ohio. (See Note 3 – Acquisitions, Disposals and Other Transactions) | |||||||||||||||
(d) | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. | |||||||||||||||
The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. | ||||||||||||||||
Significant unobservable inputs used in the fair value measurement of the Company’s redeemable noncontrolling interests are operating income before depreciation and amortization (“OIBDA”) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement. | ||||||||||||||||
The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i) applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii) using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholder’s put right is currently exercisable and another minority shareholder’s put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. | ||||||||||||||||
The changes in contingent consideration classified as Level 3 measurements were as follows: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | (84 | ) | $ | - | |||||||||||
Additions | - | (83 | ) | |||||||||||||
Payments | 1 | - | ||||||||||||||
Measurement adjustments | (51 | ) | (1 | ) | ||||||||||||
End of period | $ | (134 | ) | $ | (84 | ) | ||||||||||
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | (519 | ) | $ | (641 | ) | ||||||||||
Net income attributable to redeemable noncontrolling interests | (95 | ) | (93 | ) | ||||||||||||
Distributions and other(a) | 73 | 215 | ||||||||||||||
End of period | $ | (541 | ) | $ | (519 | ) | ||||||||||
(a) | The redeemable noncontrolling interest in Asianet Communications was redeemed in fiscal 2013 and as a result, $186 million was reclassified out of Redeemable noncontrolling interests. | |||||||||||||||
Financial Instruments | ||||||||||||||||
The carrying value of the Company’s financial instruments, including cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. | ||||||||||||||||
The aggregate fair value of the Company’s borrowings at June 30, 2014 was $22,692 million compared with a carrying value of $19,058 million and, at June 30, 2013, was $18,756 million compared with a carrying value of $16,458 million. Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). | ||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||
The Company uses financial instruments primarily to hedge certain exposures to foreign currency exchange risks associated with the cost of producing or acquiring films and television programming. The Company’s foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The notional amounts of foreign currency forward contracts designated as cash flow hedges with foreign currency risk outstanding at June 30, 2014 and 2013 were $393 million and $578 million, respectively. As of June 30, 2014 and 2013, the fair values of the foreign currency forward contracts designated as cash flow hedges of $(3) million and $3 million, respectively, were recorded along with the underlying hedged balances. The notional amounts of foreign currency forward contracts, not designated as cash flow hedges, but used as economic hedges with foreign currency risk outstanding at June 30, 2014 and June 30, 2013 were $305 million and $128 million, respectively. As of June 30, 2014 and 2013, the fair values of the foreign currency forward contracts used as economic hedges were not material and were recorded along with the underlying hedged balances. For the fiscal years ended June 30, 2014 and 2013, the changes in the fair values of foreign currency forward contracts that are not designated as cash flow hedges were not material. These changes were recorded in earnings each period and are presented net within Other in the table below. As of June 30, 2014 and 2013, the fair values of all foreign currency forward contracts outstanding were $(4) and $3 million, respectively. | ||||||||||||||||
Interest Rate Swap Contracts | ||||||||||||||||
The Company uses financial instruments to hedge certain exposures to interest rate risks associated with certain borrowings. The Company’s interest rate swap contracts are valued using an income approach. The notional amounts of interest rate swap contracts with interest rate risk outstanding as of June 30, 2014 and 2013 were $578 million and nil, respectively. As of June 30, 2014 approximately $310 million of the total notional amount of interest rate swap contracts outstanding was designated as cash flow hedges. The fair value of the interest rate swap contracts as of June 30, 2014 and the change in fair value for the year ended June 30, 2014 was approximately $(6) million and was recorded along with the underlying hedged balance. For designated cash flow hedges and economic hedges, the changes in fair value were recorded in Accumulated other comprehensive loss and earnings, respectively, and are presented net in the table below. | ||||||||||||||||
The following table shows the changes in fair value of derivatives designated as cash flow hedges and other derivatives: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | 3 | $ | 17 | ||||||||||||
Changes in fair value recorded in accumulated other comprehensive loss, | (24 | ) | (2 | ) | ||||||||||||
net of settlements | ||||||||||||||||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 14 | (13 | ) | |||||||||||||
Other | (3 | ) | 1 | |||||||||||||
End of period | $ | (10 | ) | $ | 3 | |||||||||||
The ineffective changes in fair values of derivatives designated as cash flow hedges were immaterial. The effective changes in the fair values of derivative contracts designated as cash flow hedges are reclassified from Accumulated other comprehensive loss to Net income when the underlying hedged item is recognized in earnings. The Company expects to reclassify the cumulative changes in fair values of the foreign currency forward contracts, included in Accumulated other comprehensive loss, within the next 24 months. For interest rate swaps, the Company expects to reclassify changes in fair values included in Accumulated other comprehensive loss to earnings during the relevant period as interest payments are made until the expiration of the swap contracts occurs at various dates until fiscal 2017. Cash flows from the settlement of these derivative contracts offset cash flows from the underlying hedged item and are included in operating activities in the Consolidated Statement of Cash Flows. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
The Company’s assets measured at fair value on a nonrecurring basis include investments, long-lived assets, indefinite-lived intangible assets and goodwill. The Company reviews the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually as of June 30 for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. | ||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. | ||||||||||||||||
The Company’s receivables did not represent significant concentrations of credit risk at June 30, 2014 or 2013 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. | ||||||||||||||||
The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. At June 30, 2014, the Company did not anticipate nonperformance by any of the counterparties. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment | ' | |||||||||
NOTE 9. PROPERTY, PLANT AND EQUIPMENT | ||||||||||
As of June 30, | ||||||||||
Useful lives | 2014 | 2013 | ||||||||
(in millions) | ||||||||||
Land | $ | 142 | $ | 142 | ||||||
Buildings and leaseholds | 3 to 40 years | 1,373 | 1,307 | |||||||
Machinery and equipment | 3 to 15 years | 6,571 | 5,726 | |||||||
8,086 | 7,175 | |||||||||
Less: accumulated depreciation and amortization | (5,300 | ) | (4,480 | ) | ||||||
2,786 | 2,695 | |||||||||
Construction in progress | 145 | 134 | ||||||||
Total property, plant and equipment, net | $ | 2,931 | $ | 2,829 | ||||||
Depreciation and amortization related to Property, plant and equipment was $741 million, $614 million and $585 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. This includes depreciation of set-top boxes in the Direct Broadcast Satellite Television segment of $308 million, $240 million and $221 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||
Total operating lease expense was approximately $365 million for the fiscal year ended June 30, 2014 and $385 million for the fiscal years ended June 30, 2013 and 2012. | ||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||||
NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows: | ||||||||||||||||||||||||||||
Intangible assets not | Amortizable intangible | |||||||||||||||||||||||||||
subject to amortization | assets, net | |||||||||||||||||||||||||||
FCC | Other | Total | MVPD affiliate | Other | Total | Total | ||||||||||||||||||||||
licenses | agreements and relationships(a) | intangible | intangible | |||||||||||||||||||||||||
assets, | assets, | |||||||||||||||||||||||||||
net(b) | net | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 2,398 | $ | 1,025 | $ | 3,423 | $ | 708 | $ | 933 | $ | 1,641 | $ | 5,064 | ||||||||||||||
Acquisitions | - | 191 | 191 | 1,464 | 82 | 1,546 | 1,737 | |||||||||||||||||||||
Foreign exchange | - | 7 | 7 | - | 63 | 63 | 70 | |||||||||||||||||||||
Amortization | - | - | - | (90 | ) | (311 | ) | (401 | ) | (401 | ) | |||||||||||||||||
Adjustments | - | 240 | 240 | - | 1,362 | 1,362 | 1,602 | |||||||||||||||||||||
Balance, June 30, 2014 | $ | 2,398 | $ | 1,463 | $ | 3,861 | $ | 2,082 | $ | 2,129 | $ | 4,211 | $ | 8,072 | ||||||||||||||
(a) | Net of accumulated amortization of $367 million and $277 million as of June 30, 2014 and 2013, respectively. The average useful life of the MVPD affiliate agreements and relationships ranges from 10 to 20 years. | |||||||||||||||||||||||||||
(b) | Net of accumulated amortization of $791 million and $551 million as of June 30, 2014 and 2013, respectively. The average useful life of other intangible assets ranges from 5 to 20 years. | |||||||||||||||||||||||||||
The increase in MVPD affiliate agreements and relationships is attributable to the acquisition of the majority interest in the YES Network in February 2014. The increase in other intangible assets, net is attributable to the finalization of the allocation of excess purchase price for Sky Deutschland. (See Note 3 – Acquisitions, Disposals and Other Transactions) | ||||||||||||||||||||||||||||
Amortization related to amortizable intangible assets was $401 million, $183 million and $126 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Based on the current amount of amortizable intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows: | ||||||||||||||||||||||||||||
For the year ending June 30, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Estimated amortization expense(a) | $ | 401 | $ | 381 | $ | 355 | $ | 345 | $ | 343 | ||||||||||||||||||
(a) | These amounts may vary as acquisitions and disposals occur in the future and as purchase price allocations are finalized. | |||||||||||||||||||||||||||
The changes in the carrying value of goodwill, by segment, are as follows: | ||||||||||||||||||||||||||||
Cable Network Programming | Television | Filmed Entertainment | Direct Broadcast Satellite Television | Other, Corporate and Eliminations | Total Goodwill | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 7,753 | $ | 1,882 | $ | 1,537 | $ | 6,052 | $ | 31 | $ | 17,255 | ||||||||||||||||
Acquisitions | 1,620 | - | - | - | - | 1,620 | ||||||||||||||||||||||
Foreign exchange movements | 19 | - | 57 | 281 | - | 357 | ||||||||||||||||||||||
Adjustments | 159 | - | - | (1,339 | ) | - | (1,180 | ) | ||||||||||||||||||||
Balance, June 30, 2014 | $ | 9,551 | $ | 1,882 | $ | 1,594 | $ | 4,994 | $ | 31 | $ | 18,052 | ||||||||||||||||
The carrying amount of goodwill at June 30, 2014 and 2013 was net of accumulated impairments of $371 million. | ||||||||||||||||||||||||||||
The increase in the carrying value of the Cable Network Programming segment goodwill during fiscal 2014 was attributable to the preliminary allocation of the excess purchase price related to the acquisition of the majority interest in the YES Network in February 2014 and the finalization of the allocation of excess purchase price related to Fox Sports Asia. The decrease in the carrying value of Direct Broadcast Satellite Television segment goodwill during fiscal 2014 was primarily due to the finalization of the allocation of excess purchase price, for Sky Deutschland, from goodwill to acquired identifiable intangible assets of approximately $1.7 billion partially offset by deferred tax liabilities of approximately $0.4 billion. (See Note 3 – Acquisitions, Disposals and Other Transactions) | ||||||||||||||||||||||||||||
Annual Impairment Review | ||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
The Company’s goodwill impairment reviews are determined using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. In performing the first step, the Company determines the fair value of a reporting unit by primarily using a discounted cash flow analysis and market-based valuation approach methodologies. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable public company trading values. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment review is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment review is required to be performed to estimate the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the estimated fair value of the reporting unit was the purchase price paid. The implied fair value of the reporting unit’s goodwill is compared with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||||||||||||||||
FCC licenses | ||||||||||||||||||||||||||||
The Company performs impairment reviews consisting of a comparison of the estimated fair value of the Company’s FCC licenses with their carrying amount on a station-by-station basis using a discounted cash flow valuation method, assuming a hypothetical start-up scenario for a broadcast station in each of the markets the Company operates in. The significant assumptions used are the discount rate and terminal growth rates and operating margins, as well as industry data on future advertising revenues in the markets where the Company owns television stations. These assumptions are based on actual historical performance in each market and estimates of future performance in each market. | ||||||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||||||
During fiscal 2014, the Company determined that the goodwill and indefinite-lived intangible assets included in the Consolidated Balance Sheet as of June 30, 2014 were not impaired. | ||||||||||||||||||||||||||||
Fiscal 2013 and 2012 | ||||||||||||||||||||||||||||
The Company recorded goodwill impairment charges of $35 million and $201 million in fiscal 2013 and 2012, respectively, related to a business in its Digital Media Group, which was sold in fiscal 2013. |
Borrowings
Borrowings | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Borrowings | ' | |||||||||||||
NOTE 11. BORROWINGS | ||||||||||||||
Weighted | Due date as of | Outstanding | ||||||||||||
average | as of June 30, | |||||||||||||
interest rate | ||||||||||||||
Description | as of June 30, 2014 | 30-Jun-14 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||||
Bank loans | $ | 1,434 | $ | 293 | ||||||||||
Public debt | ||||||||||||||
- Predecessor indentures | 7.02% | 2014 - 2096 | 11,529 | 11,665 | ||||||||||
- Senior notes issued under August 2009 indenture | 5.11% | 2020 - 2043 | 5,500 | 4,500 | ||||||||||
Total public debt | 17,029 | 16,165 | ||||||||||||
Other borrowings | Jun-18 | 595 | - | |||||||||||
Total borrowings | 19,058 | 16,458 | ||||||||||||
Less: current portion | (799 | ) | (137 | ) | ||||||||||
Long-term borrowings | $ | 18,259 | $ | 16,321 | ||||||||||
Bank loans | ||||||||||||||
In January 2013, Sky Deutschland, a majority owned subsidiary of the Company, entered into a credit agreement, with major financial institutions, that 21st Century Fox America, Inc. (formerly known as News America Incorporated) (“21CFA”), a wholly-owned subsidiary, and the Company have both guaranteed. The credit agreement provides a €300 million unsecured credit facility with a sub-limit of €75 million revolving credit facility available for cash drawdowns or the issuance of letters of credit and a maturity date of February 2018. Sky Deutschland may request that the maturity date be extended for one year. The material terms of the agreement include limitations on liens and indebtedness. Fees under the credit agreement are based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current debt ratings of the Company, Sky Deutschland pays a facility fee of 0.125% and interest of Eurocurrency Rate plus 1.125%. As of June 30, 2014, €225 million ($308 million) was outstanding under this credit agreement and €73 million was available for either additional financing or letters of credit. The proceeds were used to repay existing Sky Deutschland debt. In fiscal 2014, Sky Deutschland amended its credit agreement to increase the size of its revolving credit facility by €78.5 million. Sky Deutschland intends to draw and utilize funds from the enhancement for the development of production capabilities. If Sky Deutschland does not draw and utilize the funds by September 30, 2014, this amendment to the credit agreement will be rescinded. The amendment did not materially change the terms of the original credit facility entered into in January 2013. | ||||||||||||||
In connection with the acquisition of the majority interest in the YES Network in February 2014, the Company consolidated $1.1 billion, the aggregate outstanding under a term loan facility and a secured revolving credit facility, collectively (the “YES Credit Agreement”), with a sub-limit available for the issuance of letters of credit. The material terms of the YES Credit Agreement include various financial and restrictive covenants. The YES Credit Agreement is collateralized by a substantial portion of the real and personal property assets of the YES Network. At the election of the YES Network, the YES Credit Agreement bears interest at (i) one, two, three or six month LIBOR plus the applicable LIBOR margin, or (ii) the Base Rate plus a Base Rate margin; margins reset quarterly based on the specified leverage ratio of YES Network. The YES Network pays a facility fee of 0.50%. Principal payments with respect to the term loan are required quarterly. Additionally, an annual excess cash flow payment is required as mandatory prepayment of future amortization obligations, subject to certain leverage ratio conditions. The YES Credit Agreement also provides for the establishment of additional credit facilities provided certain terms and provisions are met. As of June 30, 2014, the outstanding balance on the term loan and secured revolving credit facility was $1.07 billion and $60 million, respectively. The total amount available under the secured revolving credit facility is $305 million. | ||||||||||||||
Public debt - Predecessor indentures | ||||||||||||||
These notes are issued under previous indentures, as supplemented, by and among 21CFA, the Company as Parent Guarantor and the trustees. These notes are direct unsecured obligations of 21CFA and rank pari passu with all other unsecured indebtedness of 21CFA. Redemption may occur, at the option of the holders, at 101% of the principal plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. These notes are subject to certain covenants, which, among other things, restrict secured indebtedness to 10% of tangible assets and in certain circumstances limit new senior indebtedness. | ||||||||||||||
Included in the predecessor indentures as of June 30, 2013 was A$150 million ($137 million) of 8.625% Senior Notes which were retired in February 2014. The Company will not issue any new debt under the predecessor indentures. | ||||||||||||||
Public debt - Senior notes issued under August 2009 indenture | ||||||||||||||
These notes are issued under the Amended and Restated Indenture dated as of August 25, 2009, as supplemented, by and among 21CFA, the Company, as Parent Guarantor, and The Bank of New York Mellon, as Trustee (the “2009 Indenture”). These notes are direct unsecured obligations of 21CFA and rank pari passu with all other unsecured indebtedness of 21CFA. Redemption may occur, at the option of the holders, at 101% of the principal plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. These notes are subject to certain covenants, which, among other things, limit the Company’s ability and the ability of the Company’s subsidiaries, to create liens and engage in a merger, sale or consolidation transaction. The 2009 Indenture does not contain any financial maintenance covenants. | ||||||||||||||
Under the August 2009 indenture, the Company recently had the following issuances: | ||||||||||||||
In September 2013, 21CFA issued $300 million of 4.00% Senior Notes due 2023 and $700 million of 5.40% Senior Notes due 2043. The net proceeds of $987 million were used for general corporate purposes. | ||||||||||||||
In September 2012, 21CFA issued $1.0 billion of 3.00% Senior Notes due 2022. The net proceeds of $987 million were used for general corporate purposes. | ||||||||||||||
Other borrowings | ||||||||||||||
Other borrowings include the Senior Subordinated Notes, consolidated in connection with the acquisition of the majority interest of the YES Network, issued in June 2008 with a principal amount of $525 million pursuant to an indenture agreement and note purchase agreement. These notes are direct unsecured obligations of the YES Network and rank pari passu with all other unsecured indebtedness of the YES Network. Redemption may occur after a specified date, in whole or in part, at the option of the Company, at the principal plus any redemption fees, otherwise the principal amount is due at maturity. These agreements contain various customary affirmative and negative covenants. On acquisition of the majority interest in the YES Network, the Company recorded a preliminary fair value adjustment to increase the carrying value of the Senior Subordinated Notes to the acquisition date fair value of approximately $605 million yielding an effective interest rate of 5.75%. The adjustment is being amortized as a reduction of interest expense over the remaining term of the obligation. | ||||||||||||||
Current borrowings | ||||||||||||||
Included in Borrowings within current liabilities as of June 30, 2014, was 5.30% Senior Notes of $750 million and principal payments on the YES Network term loan of $49 million that is due in the next 12 months. | ||||||||||||||
Original Currencies of Borrowings | ||||||||||||||
Borrowings are payable in the following currencies: | ||||||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
U.S. Dollars | $ | 18,750 | $ | 16,028 | ||||||||||
Euros(a) | 308 | 293 | ||||||||||||
Australian Dollars | - | 137 | ||||||||||||
Total borrowings | $ | 19,058 | $ | 16,458 | ||||||||||
(a)Sky Deutschland credit agreement. | ||||||||||||||
Revolving Credit Agreement | ||||||||||||||
In May 2012, 21CFA entered into a credit agreement (the “Credit Agreement”), among 21CFA as Borrower, the Company as Parent Guarantor, the lenders named therein, the initial issuing banks named therein, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) and Citibank, N.A. as Co-Administrative Agents, JPMorgan Chase as Designated Agent and Bank of America, N.A. as Syndication Agent. The Credit Agreement provides a $2 billion unsecured revolving credit facility with a sub-limit of $400 million (or its equivalent in Euros) available for the issuance of letters of credit and a maturity date of May 2017. Under the Credit Agreement, the Company may request an increase in the amount of the credit facility up to a maximum amount of $2.5 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. Borrowings are issuable in U.S. Dollars only, while letters of credit are issuable in U.S. Dollars or Euros. The material terms of the agreement include the requirement that the Company maintain specific leverage ratios and limitations on secured indebtedness. Fees under the Credit Agreement will be based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current debt ratings, 21CFA pays a facility fee of 0.125% and an initial drawn cost of LIBOR plus 1.125%. |
Film_Production_Financing
Film Production Financing | 12 Months Ended |
Jun. 30, 2014 | |
Film Production Financing | ' |
NOTE 12. Film Production Financing | |
The Company enters into arrangements with third parties to co-produce certain of its theatrical productions. These arrangements, which are referred to as co-financing arrangements, take various forms. The parties to these arrangements include studio and non-studio entities both domestic and international. In several of these agreements, other parties control certain distribution rights. The Filmed Entertainment segment records the amounts received for the sale of an economic interest as a reduction of the cost of the film, as the investor assumes full risk for that portion of the film asset acquired in these transactions. The substance of these arrangements is that the third-party investors own an interest in the film and, therefore, receive a participation based on the third-party investor’s contractual interest in the profits or losses incurred on the film. Consistent with the requirements of ASC 926, the estimate of the third-party investor’s interest in profits or losses on the film is based on total estimated ultimate revenues. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholders' Equity | ' | |||||||||||
Note 13. STOCKHOLDERS’ Equity | ||||||||||||
Preferred Stock and Common Stock | ||||||||||||
Under the Twenty-First Century Fox Restated Certificate of Incorporation, the Board of Directors (the “Board”) is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares, including the following: | ||||||||||||
(i) the voting rights, if any, except that the issuance of preferred stock or series common stock which entitles holders thereof to more than one vote per share requires the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of the Company’s capital stock entitled to vote generally in the election of directors; | ||||||||||||
(ii) the dividend rate and preferences, if any, which that preferred stock or common stock will have compared to any other class; and | ||||||||||||
(iii) the redemption and liquidation rights and preferences, if any, which that preferred stock or common stock will have compared to any other class. | ||||||||||||
Any decision by the Board to issue preferred stock or common stock must, however, be taken in accordance with the Board’s fiduciary duty to act in the best interests of the Company’s stockholders. The Company is authorized to issue 100,000,000 shares of preferred stock, par value $0.01 per share. The Board has the authority, without any further vote or action by the stockholders, to issue preferred stock in one or more series and to fix the number of shares, designations, relative rights (including voting rights), preferences, qualifications and limitations of such series to the full extent permitted by Delaware law. | ||||||||||||
The Company has two classes of common stock that are authorized and outstanding, non-voting Class A Common Stock and voting Class B Common Stock. | ||||||||||||
As of June 30, 2014, there were approximately 36,400 holders of record of shares of Class A Common Stock and 1,400 holders of record of Class B Common Stock. | ||||||||||||
In the event of a liquidation or dissolution of the Company, or a portion thereof, holders of Class A Common Stock and Class B Common Stock shall be entitled to receive all of the remaining assets of the Company available for distribution to its stockholders, ratably in proportion to the number of shares held by Class A Common Stock holders and Class B Common Stock holders, respectively. In the event of any merger or consolidation with or into another entity, the holders of Class A Common Stock and the holders of Class B Common Stock shall be entitled to receive substantially identical per share consideration. | ||||||||||||
Stockholder Rights Agreement | ||||||||||||
During fiscal 2013, the Board adopted a stockholder rights agreement. Each right entitled the holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock upon the occurrence of certain triggering events. The rights never became exercisable and expired on May 24, 2014. | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||
The following table summarizes the components of Accumulated other comprehensive (loss) income as follows: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | $ | 430 | $ | (46 | ) | $ | 871 | |||||
Unrealized holding gains on securities | 67 | 151 | 199 | |||||||||
Benefit plan adjustments | (531 | ) | (424 | ) | (1,048 | ) | ||||||
Accumulated other comprehensive (loss) income, net of tax | $ | (34 | ) | $ | (319 | ) | $ | 22 | ||||
Other Comprehensive Income (Loss) | ||||||||||||
Comprehensive income is reported in the Consolidated Statements of Comprehensive Income and consists of Net income and other gains and losses, including foreign currency translation adjustments, unrealized holding gains and losses on securities, and benefit plan adjustments, which affect shareholders’ equity, and under GAAP, are excluded from Net income. | ||||||||||||
The following table summarizes the activity within Other comprehensive income (loss): | ||||||||||||
For the year ended June 30, 2014 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized gains | $ | 664 | $ | (74 | ) | $ | 590 | |||||
Amount reclassified on hedging activity(a) | 14 | (6 | ) | 8 | ||||||||
Other comprehensive income(b) | $ | 678 | $ | (80 | ) | $ | 598 | |||||
Gains and losses on securities | ||||||||||||
Unrealized gains | $ | 71 | $ | (25 | ) | $ | 46 | |||||
Amount reclassified on sale of Phoenix(c) | (200 | ) | 70 | (130 | ) | |||||||
Other comprehensive loss | $ | (129 | ) | $ | 45 | $ | (84 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized losses | $ | (210 | ) | $ | 75 | $ | (135 | ) | ||||
Reclassification adjustments realized in net income(d) | 45 | (17 | ) | 28 | ||||||||
Other comprehensive loss | $ | (165 | ) | $ | 58 | $ | (107 | ) | ||||
For the year ended June 30, 2013 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized losses | $ | (877 | ) | $ | 2 | $ | (875 | ) | ||||
Amount reclassified on hedging activity(a) | (13 | ) | 4 | (9 | ) | |||||||
Amount reclassified on the sale of NDS(c) | 10 | - | 10 | |||||||||
Other comprehensive loss(b)(e) | $ | (880 | ) | $ | 6 | $ | (874 | ) | ||||
Gains and losses on securities | ||||||||||||
Unrealized losses | $ | (71 | ) | $ | 26 | $ | (45 | ) | ||||
Other comprehensive loss(e) | $ | (71 | ) | $ | 26 | $ | (45 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized gains | $ | 374 | $ | (138 | ) | $ | 236 | |||||
Reclassification adjustments realized in net income(d) | 103 | (36 | ) | 67 | ||||||||
Other comprehensive income(e) | $ | 477 | $ | (174 | ) | $ | 303 | |||||
For the year ended June 30, 2012 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized losses | $ | (999 | ) | $ | (83 | ) | $ | (1,082 | ) | |||
Amount reclassified on hedging activity(a) | (19 | ) | 7 | (12 | ) | |||||||
Other comprehensive loss(b) | $ | (1,018 | ) | $ | (76 | ) | $ | (1,094 | ) | |||
Gains and losses on securities | ||||||||||||
Unrealized losses | $ | (17 | ) | $ | 6 | $ | (11 | ) | ||||
Other comprehensive loss | $ | (17 | ) | $ | 6 | $ | (11 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized losses | $ | (833 | ) | $ | 293 | $ | (540 | ) | ||||
Reclassification adjustments realized in net income(d) | 42 | (13 | ) | 29 | ||||||||
Other comprehensive loss | $ | (791 | ) | $ | 280 | $ | (511 | ) | ||||
(a) | Reclassifications of amounts related to hedging activity are included in Operating expenses or Selling, general and administrative expenses, as appropriate, in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 8 – Fair Value for additional information regarding hedging activity) | |||||||||||
(b) | Foreign currency translation adjustments include $122 million, $15 million and $(5) million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, relating to noncontrolling interests. | |||||||||||
(c) | Reclassifications of amounts related to the sales of Phoenix and NDS are included in Other, net in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014 and 2013. | |||||||||||
(d) | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 17 – Pension And Other Postretirement Benefits for additional information) | |||||||||||
(e) | Other comprehensive income (loss) in fiscal 2013 excludes amounts related to the Separation of $(28) million, $(3) million and $321 million for foreign currency translation adjustments, unrealized holding gains on securities and benefit plan adjustments, respectively. | |||||||||||
Stock Repurchase Program | ||||||||||||
The Board has authorized a stock repurchase program, under which the Company is currently authorized to acquire Class A Common Stock. In August 2013, the Board authorized the repurchase of $4 billion of Class A Common Stock, excluding commissions, which replaced the remaining authorized amount under the stock repurchase program. | ||||||||||||
The remaining authorized amount under the Company’s stock repurchase program at June 30, 2014, excluding commissions, was approximately $0.6 billion which was utilized in full subsequent to June 30, 2014. In August 2014, the Company announced that the Board approved an additional $6 billion authorization to the Company’s stock repurchase program for the repurchase of Class A Common Stock. The Company intends to complete this stock repurchase program by August 2015. | ||||||||||||
The program may be modified, extended, suspended or discontinued at any time. | ||||||||||||
Below is a summary of the Company’s purchases of its Class A Common Stock: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013(a) | 2012(a) | ||||||||||
(in millions) | ||||||||||||
Total cost of purchases | $ | 3,772 | $ | 2,026 | $ | 4,589 | ||||||
Total number of shares purchased | 115 | 81 | 258 | |||||||||
(a) | During fiscal 2013 and 2012, the shares repurchased were Class A Common Stock of the Company then known as News Corporation. | |||||||||||
The Company did not purchase any of its Class B Common Stock during the three fiscal years ended June 30, 2014. | ||||||||||||
Dividends | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash dividend paid per share | $ | 0.25 | $ | 0.17 | $ | 0.18 | ||||||
Subsequent to June 30, 2014, the Company declared a dividend of $0.125 per share on both the Class A Common Stock and the Class B Common Stock, which is payable on October 15, 2014. The record date for determining dividend entitlements is September 10, 2014. | ||||||||||||
Temporary Suspension of Voting Rights Affecting Non-U.S. Stockholders | ||||||||||||
On April 18, 2012, the Company announced that it suspended 50% of the voting rights of the Class B Common Stock held by stockholders who are not U.S. citizens (“Non-U.S. Stockholders”) in order to maintain compliance with U.S. law which states that no broadcast station licensee may be owned by a corporation if more than 25% of that corporation’s stock was owned or voted by Non-U.S. Stockholders, their representatives, or by any other corporation organized under the laws of a foreign country. The Company owns broadcast station licensees in connection with its ownership and operation of U.S. television stations. As of October 2013, the suspension of voting rights of shares of Class B Common Stock held by Non-U.S. Stockholders was 35%. This suspension of voting rights will remain in place for as long as the Company deems it necessary to maintain compliance with applicable U.S. law, and may be adjusted by the Audit Committee as it deems appropriate. | ||||||||||||
Voting Agreement with the Murdoch Family Interests | ||||||||||||
On April 18, 2012, the Murdoch Family Trust and K. Rupert Murdoch (together the “Murdoch Family Interests”) entered into an agreement with the Company, whereby the Murdoch Family Interests agreed to limit their voting rights during the voting rights suspension period. Under this agreement, the Murdoch Family Interests will not vote or provide voting instructions with respect to a portion of their shares of Class B Common Stock to the extent that doing so would increase their percentage of voting power from what it was prior to the suspension of voting rights. Currently, as a result of the suspension of voting rights, the aggregate percentage vote of the Murdoch Family Interests is at 39.4% of the outstanding shares of Class B Common Stock not subject to the suspension of voting rights, and the percentage vote may be adjusted as provided in the agreement with the Company. | ||||||||||||
Delisting from the Australian Securities Exchange | ||||||||||||
In March 2014, the Company received approval from its stockholders and subsequently the Australian Securities Exchange (the “ASX”) for removal of its full foreign listing from the ASX. Delisting from the ASX occurred on May 8, 2014 and, effective as of that date, all of Twenty-First Century Fox’s Class A Common Stock and Class B Common Stock is listed solely on the NASDAQ Global Select Market (“NASDAQ”). |
Equity_Based_Compensation
Equity Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Equity Based Compensation | ' | |||||||||||||||||||||||
NOTE 14. EQUITY BASED COMPENSATION | ||||||||||||||||||||||||
2013 Long-Term Incentive Plan | ||||||||||||||||||||||||
In October 2013, the Company adopted the 2013 Long-Term Incentive Plan (the “2013 Plan”), under which equity based compensation, including stock options, performance stock units (“PSUs”), restricted stock, restricted stock units (“RSUs”) and other types of awards, may be granted. The Company’s employees and directors are eligible to participate in the 2013 Plan. The Compensation Committee of the Board (the “Compensation Committee”) determines the recipients, type of award to be granted and amounts of awards to be granted under the 2013 Plan. Stock options awarded under the 2013 Plan will be granted at exercise prices which are equal to or exceed the market price at the date of grant. The 2013 Plan replaced the 2005 Long-Term Incentive Plan (the “2005 Plan”) (collectively the “Plans”) under which no additional stock options, PSUs, restricted stock or RSUs will be granted. The maximum number of shares of Class A Common Stock that may be issued under the 2013 Plan is 87.5 million shares plus any residual shares remaining under the 2005 Plan. At June 30, 2014, the remaining number of shares available for issuance under the 2013 Plan was approximately 87.4 million. The Company will issue new shares of Class A Common Stock upon vesting of stock settled RSUs and PSUs. The Company currently has no stock options outstanding. | ||||||||||||||||||||||||
The fair value of equity-based compensation under the 2013 Plan is calculated according to the type of award issued. Cash settled awards are marked-to-market at each reporting period. | ||||||||||||||||||||||||
Performance Stock Units | ||||||||||||||||||||||||
PSUs are fair valued on the date of grant and expensed using a straight-line method as the awards cliff vest at the end of the three-year performance period. The Company also estimates the number of shares expected to vest which is based on management’s determination of the probable outcome of the performance condition, which requires considerable judgment. The Company records a cumulative adjustment in periods that the Company’s estimate of the number of shares expected to vest changes. Additionally, the Company ultimately adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. The number of shares that will be issued upon vesting of PSUs can range from 0% to 200% (limited to 150% for certain executives) of the target award, based on the Company’s three-year total shareholder return (“TSR”) as measured against the three-year TSR of the companies that comprise the Standard and Poor’s 500 Index (excluding financial and energy sector companies) and other performance measures. The fair value of the TSR condition is determined using a Monte Carlo simulation model. | ||||||||||||||||||||||||
In fiscal 2014, 2013 and 2012, participants in the plan received a grant of PSUs that has a three-year performance measurement period beginning in July 2013, 2012 and 2011, respectively. The awards are subject to the achievement of one or more pre-established objective performance measures determined by the Compensation Committee. The majority of the awards issued will be settled in shares of Class A Common Stock upon vesting and are subject to the participants’ continued employment with the Company. Any person who holds PSUs shall have no ownership interest in the shares of Class A Common Stock to which such PSUs relate until and unless shares of Class A Common Stock are delivered to the holder. All shares of Class A Common Stock reserved for cancelled or forfeited equity-based compensation awards become available for future grants. Certain of these awards have a graded vesting provision and the expense recognition is accelerated. | ||||||||||||||||||||||||
The PSUs were awarded under the Company’s Plans. In fiscal 2014, 2013 and 2012, a total of approximately 4.9 million, 8.2 million and 9.1 million PSUs were granted, respectively, of which approximately 3.9 million, 6.3 million and 6.9 million, respectively, will be settled in shares of Class A Common Stock. The PSUs granted in fiscal 2014 include a minor adjustment due to the actual performance level achieved for PSUs granted in fiscal 2011 that vested during fiscal 2014. PSUs granted to executive directors and certain awards granted to employees in certain foreign locations are settled in cash. During fiscal 2014, approximately 2.1 million cash-settled PSUs vested. Cash paid for vested cash-settled PSUs was $67 million in the fiscal year ended June 30, 2014 before statutory tax withholdings. No PSUs vested during fiscal 2013 and 2012. | ||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||
RSU awards are grants that entitle the holder to shares of Class A Common Stock or the value of shares of Class A Common Stock as the award vests, subject to the Plans and such other terms and conditions as the Compensation Committee may establish. RSUs issued under the Plans are fair valued based upon the fair market value of Class A Common Stock on the grant date. Any person who holds RSUs shall have no ownership interest in the shares of Class A Common Stock to which such RSUs relate until and unless shares of Class A Common Stock are delivered to the holder. All shares of Class A Common Stock reserved for cancelled or forfeited equity-based compensation awards become available for future grants. Certain RSU awards are settled in cash and are subject to terms and conditions of the Plans and such other terms and conditions as the Compensation Committee may establish. | ||||||||||||||||||||||||
Certain executives, who are not named executive officers of the Company, responsible for various business units within the Company had the opportunity to earn a grant of RSUs under the Plans in fiscal 2014, 2013 and 2012. These awards (the “Performance Awards”) were conditioned upon the attainment of pre-determined operating profit goals for fiscal 2014, 2013 and 2012 by the executive’s particular business unit. If the actual fiscal 2014, 2013 and 2012 operating profit of the executive’s business unit as compared to its pre-determined target metrics for the fiscal year was within a certain performance goal range, the executive was entitled to receive a grant of RSUs pursuant to a Performance Award. To the extent that it was determined that the business unit’s actual fiscal 2014, 2013 and 2012 metrics fell within the performance goal range for that fiscal year, the executive received a percentage of his or her annualized base salary, ranging from 0% to 100%, in time-vested RSUs, generally settled in shares of Class A Common Stock upon vesting and are subject to the participants’ continued employment with the Company. | ||||||||||||||||||||||||
During fiscal 2014, 2013 and 2012, approximately 0.8 million, 1.4 million and 6.7 million RSUs were granted, respectively, which primarily vest over four years. Outstanding RSUs as of June 30, 2014 are to be settled in shares of Class A Common Stock, upon vesting, except for a nominal amount of RSUs that will be settled in cash. During fiscal 2014, 2013 and 2012, approximately 0.6 million, 0.9 million and 1.2 million cash-settled RSUs vested, respectively. Cash paid for vested cash-settled RSUs was $18 million, $22 million and $19 million in fiscal 2014, 2013 and 2012, respectively, before statutory tax withholdings. | ||||||||||||||||||||||||
Separation-Related Adjustments | ||||||||||||||||||||||||
In connection with the Separation, the Company entered into an Employee Matters Agreement with News Corp, which generally provides that employees of News Corp no longer participate in benefit plans sponsored or maintained by the Company. Pursuant to the Employee Matters Agreement, the Company made certain adjustments to the exercise price and number of the Company’s share-based compensation awards, using the closing price of the Company’s Class A Common Stock on the final day of trading prior to the effective date of the Separation and the volumetric weighted-average prices for the first day of trading for the Company immediately following the Separation, with the intention of preserving the intrinsic value of the awards immediately prior to the Separation. These adjustments are summarized as follows and are reflected in the activity of the table below: | ||||||||||||||||||||||||
— | All equity based awards that had a vesting, payment or expiration date, as applicable, on or prior to December 31, 2013 continued under the Company’s 2005 Plan and have been settled in, or by reference to, the Company’s Class A Common Stock, as adjusted to reflect the Separation. | |||||||||||||||||||||||
— | All other equity based awards that have a vesting, payment or expiration date, as applicable, after December 31, 2013 were converted to awards over equity of the post-Separation employer, as adjusted to reflect the Separation. | |||||||||||||||||||||||
— | All equity based awards were adjusted in terms of exercise price and number of shares to preserve the intrinsic value of the awards immediately prior to the Separation. | |||||||||||||||||||||||
The Separation-related adjustments did not have a material impact on either compensation expense or the potentially dilutive securities to be considered in the calculation of diluted earnings per share of common stock. | ||||||||||||||||||||||||
The following table summarizes the activity related to the Company’s RSUs and target PSUs to be settled in stock (RSUs and PSUs in thousands): | ||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||||
of | average | of | average | of | average | |||||||||||||||||||
shares | grant- | shares | grant- | shares | grant- | |||||||||||||||||||
date fair | date fair | date fair | ||||||||||||||||||||||
value | value | value | ||||||||||||||||||||||
RSUs and PSUs | ||||||||||||||||||||||||
Unvested units at beginning of the year | 17,794 | $ | 16.19 | 18,197 | $ | 14.51 | 13,377 | $ | 13.04 | |||||||||||||||
Granted | 4,677 | 35.33 | 7,680 | 24.21 | 13,389 | 15.12 | ||||||||||||||||||
Vested(a) | (5,680 | ) | 15.57 | (6,208 | ) | 14.9 | (7,859 | ) | 13.06 | |||||||||||||||
Cancelled | (609 | ) | 18.89 | (1,071 | ) | 15.59 | (710 | ) | 14.44 | |||||||||||||||
Separation of News Corp | - | - | (2,586 | ) | 20.34 | - | - | |||||||||||||||||
Shares granted in conversion, as a result | - | - | 1,782 | 16.19 | - | - | ||||||||||||||||||
of the Separation | ||||||||||||||||||||||||
Unvested units at the end of the year(b) | 16,182 | $ | 22.22 | 17,794 | $ | 16.19 | 18,197 | $ | 14.51 | |||||||||||||||
(a) | The fair value and intrinsic value of the Company’s RSUs that vested during fiscal 2014, 2013 and 2012 was $160 million, $147 million and $132 million, respectively. The fair value and intrinsic value of the Company’s PSUs that vested during fiscal 2014 was $21 million and nil for fiscal 2013 and 2012. Included in the number of shares vested in fiscal 2014 was approximately 1 million shares issued to News Corp employees. | |||||||||||||||||||||||
(b) | The intrinsic value of unvested RSUs and target PSUs at June 30, 2014 was approximately $570 million. | |||||||||||||||||||||||
2004 Stock Option Plan and 2004 Replacement Stock Option Plan | ||||||||||||||||||||||||
As a result of the Company’s reorganization in November 2004, all the underlying preferred limited voting ordinary shares for the Company’s issued stock options were cancelled and, in exchange, the option holders received stock options for shares of Class A Common Stock on a one-for-two basis with no change in the original terms under the 2004 Stock Option Plan and 2004 Replacement Stock Option Plan (collectively, the “2004 Plan”). In addition, all other outstanding stock options to purchase preferred limited voting ordinary shares were adjusted to be exercisable into shares of Class A Common Stock subject to the one-for-two share exchange ratio. Prior to the Company’s reorganization in November 2004, stock options were granted to employees with Australian dollar exercise prices. | ||||||||||||||||||||||||
Under the 2004 Plan, equity grants generally vest over a four-year period and expire ten years from the date of grant. The equity awards were granted with exercise prices that are equal to or exceed the market price at the date of grant and were valued, in Australian dollars. The 2004 Plan automatically terminated in fiscal 2014. The Company had no stock options outstanding at June 30, 2014. The intrinsic value of options outstanding at June 30, 2013 and 2012 was $29 million and $39 million, respectively. | ||||||||||||||||||||||||
The following table summarizes the Company’s equity-based compensation: | ||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Equity-based compensation from continuing operations | $ | 205 | $ | 241 | $ | 198 | ||||||||||||||||||
Cash received from exercise of equity-based compensation | $ | 35 | $ | 181 | $ | 147 | ||||||||||||||||||
Total intrinsic value of stock options exercised(a) | $ | 32 | $ | 73 | $ | 34 | ||||||||||||||||||
(a) | The total intrinsic value of options exercised related to discontinued operations for fiscal 2014, 2013 and 2012 was $9 million, $23 million and $12 million, respectively. | |||||||||||||||||||||||
At June 30, 2014, the Company’s total compensation cost, not yet recognized, related to non-vested RSUs and PSUs for all plans presented was approximately $120 million and is expected to be recognized over a weighted average period between one and two years. | ||||||||||||||||||||||||
The Company recognized a tax benefit of $89 million, $66 million and $35 million for fiscal 2014, 2013 and 2012, respectively, on vested PSUs and RSUs and on the exercise of stock options. | ||||||||||||||||||||||||
At June 30, 2014 and 2013, the liability for cash-settled awards was approximately $165 million and $185 million, respectively. | ||||||||||||||||||||||||
Related_Parties
Related Parties | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Related Parties | ' | |||||||||||
NOTE 15. RELATED PARTIES | ||||||||||||
Director transactions | ||||||||||||
In connection with the Separation in fiscal 2013, the Company undertook a series of internal reorganization transactions to facilitate the transfers of entities and the related assets and liabilities. As part of those transactions, the Company redeemed 7,600 shares of preferred stock of Fox Television Holdings, Inc. (the “Preferred Stock”), an indirect wholly-owned subsidiary, from Mr. K.R. Murdoch, the Company’s Chairman and CEO. Mr. K.R. Murdoch initially was issued the Preferred Stock in connection with the Company’s first acquisition of broadcast television stations in the U.S., at a time when the Company was domiciled in Australia. The Preferred Stock was issued to Mr. K.R. Murdoch, a U.S. citizen, to enable compliance with federal law and FCC rules regulating foreign ownership of broadcast licensees. The structure was no longer necessary under federal law or FCC rules. The total redemption of approximately $875,000 consisted of a $760,000 repurchase at par value, plus accrued and unpaid dividends of approximately $115,000 (based on a $12 per share annual dividend). The amount paid was pursuant to the terms of the Preferred Stock and no premium was paid on the shares. | ||||||||||||
Freud Communications, which is controlled by Matthew Freud, Mr. K.R. Murdoch’s son-in-law, provided external support to certain press and publicity activities of the Company during fiscal years 2014, 2013 and 2012. The fees paid by the Company to Freud Communications were $142,000, $138,000 and $195,000 in fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||
Mr. Stanley Shuman, who resigned as Director Emeritus on June 28, 2013, and Mr. Kenneth Siskind, son of Mr. Arthur M. Siskind, Director Emeritus and Senior Advisor to the Chairman, are Managing Directors of Allen & Company LLC, a U.S. based investment bank, which provided investment advisory services to the Company. Total fees paid to Allen & Company LLC were nil, $3 million and nil in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Other related entities | ||||||||||||
In the ordinary course of business, the Company enters into transactions with related parties, such as equity affiliates, to purchase and/or sell advertising, the sale of programming, administrative services and supplying digital technology and services for digital pay television platforms. The following table sets forth the net revenue from related parties included in the Consolidated Statements of Operations: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Related party revenue, net of expense | $ | 546 | $ | 398 | $ | 317 | ||||||
The following table sets forth the amount of accounts receivable due from and payable to related parties outstanding on the Consolidated Balance Sheets: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Accounts receivable from related parties | $ | 223 | $ | 254 | ||||||||
Accounts payable to related parties(a) | 165 | 456 | ||||||||||
(a) | Balances as of June 30, 2014 and 2013 include amounts expected to be covered by the Indemnity (See Note 16 – Commitments and Contingencies). Also included in fiscal 2013 was the final cash distribution to News Corp. | |||||||||||
Rotana | ||||||||||||
The Company has an approximate 19% interest in Rotana Holding FZ-LLC (“Rotana”), a diversified media company in the Middle East and North Africa. A significant stockholder of the Company, who owns more than 5% of the Company’s Class B Common Stock, owns a controlling interest in Rotana. The Company also has an option to sell its interest in Rotana in fiscal year 2015 at the higher of the price per share based on a bona-fide sale offer or the original subscription price plus interest. | ||||||||||||
In January 2014, the Company terminated its licensing arrangement with Rotana Media Services (“RMS”), a subsidiary of Rotana, whereby RMS had licensed two English-language, free-to-air general entertainment channels from the Company for distribution in the Middle East. In connection with the termination, the Company agreed to settle all outstanding receivables at a discount and RMS agreed to provide the Company with continued satellite transponder capacity services for two years. In addition, the Company has provided a shareholder loan to the Rotana venture. None of the amounts between the Company and RMS in connection with the termination of the licensing agreement is material to the Company either individually or in the aggregate. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||
NOTE 16. COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||
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 following table summarizes the Company’s material firm commitments as of June 30, 2014: | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Payments due by period | ||||||||||||||||||||
Total | 1 year | 2-3 years | 4-5 years | After 5 | ||||||||||||||||
years | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Contracts for capital expenditure | $ | 131 | $ | 108 | $ | 23 | $ | - | $ | - | ||||||||||
Operating leases and service agreements | ||||||||||||||||||||
Land and buildings | 2,210 | 311 | 517 | 451 | 931 | |||||||||||||||
Transponder service agreements and other | 2,513 | 465 | 841 | 611 | 596 | |||||||||||||||
Other commitments | ||||||||||||||||||||
Borrowings | 18,988 | 799 | 783 | 3,027 | 14,379 | |||||||||||||||
Sports programming rights | 52,800 | 6,138 | 12,051 | 9,123 | 25,488 | |||||||||||||||
Entertainment programming rights | 4,618 | 2,069 | 1,852 | 590 | 107 | |||||||||||||||
Other commitments and contractual obligations | 5,733 | 1,611 | 2,459 | 688 | 975 | |||||||||||||||
Total commitments, borrowings and contractual obligations | $ | 86,993 | $ | 11,501 | $ | 18,526 | $ | 14,490 | $ | 42,476 | ||||||||||
The Company also has certain contractual arrangements in relation to certain investees that would require the Company to make payments or provide funding if certain circumstances occur (“contingent guarantees”). The Company does not expect that these contingent guarantees will result in any material amounts being paid by the Company in the foreseeable future. The timing of the amounts presented in the table below reflect when the maximum contingent guarantees will expire and does not indicate that the Company expects to incur an obligation to make payments during that time frame. | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Amount of guarantees expiration per period | ||||||||||||||||||||
Contingent guarantees: | Total | 1 year | 2-3 years | 4-5 years | After 5 years | |||||||||||||||
(in millions) | ||||||||||||||||||||
Sports programming rights | $ | 559 | $ | 387 | $ | 172 | $ | - | $ | - | ||||||||||
Hulu indemnity | 115 | - | - | 115 | - | |||||||||||||||
Letters of credit and other | 50 | 50 | - | - | - | |||||||||||||||
Total contingent guarantees | $ | 724 | $ | 437 | $ | 172 | $ | 115 | $ | - | ||||||||||
Operating leases and service agreements | ||||||||||||||||||||
The transponder service agreements represent approximately $1.9 billion of the total amounts committed and the balance includes leases for office facilities, equipment and microwave transmitters used to carry broadcast signals. These leases, which are classified as operating leases, expire at certain dates through fiscal 2050. Included in the total amounts committed of $2.2 billion, are approximately $315 million for office facilities that have been sub-leased to News Corp. | ||||||||||||||||||||
Sport programming rights | ||||||||||||||||||||
Under the Company’s contract with the National Football League, remaining future minimum payments for program rights to broadcast certain football games are payable over the remaining term of the contract through 2022. | ||||||||||||||||||||
The Company’s contract with the Major League Baseball (“MLB”) gives the Company rights to broadcast certain regular season and post-season games, as well as exclusive rights to broadcast MLB’s World Series and All-Star Game through the 2021 MLB season. | ||||||||||||||||||||
The Company’s contracts with the National Association of Stock Car Auto Racing (“NASCAR”) give the Company rights to broadcast certain races and ancillary content through calendar year 2024. | ||||||||||||||||||||
Under the Company’s contracts with certain collegiate conferences, remaining future minimum payments for program rights to broadcast certain sporting events are payable over the remaining terms of the contracts. | ||||||||||||||||||||
Under the Company’s contract with Italy’s National League Football, remaining future minimum payments for programming rights to broadcast National League Football matches are payable over the remaining term of the contract through 2018. | ||||||||||||||||||||
Under the Company’s contract with the Board of Control for Cricket in India (“BCCI”), remaining future minimum payments for program rights to broadcast international and domestic cricket matches and series are payable over the remaining term of the contract through 2018. In connection with the agreement with BCCI, the Company was required to obtain a bank guarantee covering its programming rights obligation. | ||||||||||||||||||||
In addition, the Company has certain other local sports broadcasting rights including the right to broadcast the New York Yankees pre-season and regular season games through the 2042 MLB season. | ||||||||||||||||||||
Other commitments and contractual obligations | ||||||||||||||||||||
Primarily includes obligations relating to distribution agreements, marketing agreements and television rating services. | ||||||||||||||||||||
Hulu indemnity | ||||||||||||||||||||
The Company owns an equity interest in Hulu LLC (“Hulu”), which is considered a variable interest entity under ASC 810-10. However, the Company is not the primary beneficiary and hence accounts for its investment under the equity method. In October 2012, Hulu redeemed Providence Equity Partners’ equity interest for $200 million. In connection with the transaction, Hulu incurred a charge primarily related to employee equity-based compensation. Accordingly, the Company recorded approximately $60 million to reflect its share of the charge in the second quarter of fiscal 2013. The Company has guaranteed $115 million of Hulu’s $338 million five-year term loan which was used by Hulu, in part, to finance the transaction. The fair value of this guarantee was calculated using Level 3 inputs and was included in the Consolidated Balance Sheet in Other liabilities. In July 2013, the Company invested an additional $125 million in Hulu and has committed to invest an additional $125 million in Hulu to maintain its ownership percentage of approximately 33%. The Company will continue to account for its interest in Hulu as an equity method investment. | ||||||||||||||||||||
Pension and other postretirement benefits | ||||||||||||||||||||
In accordance with ASC 715, “Compensation—Retirement Benefits” (“ASC 715”), the total accrued net benefit liability for pension and other postretirement benefit plans recognized as of June 30, 2014 was $773 million (See Note 17 – Pension and Other Postretirement Benefits). This amount is affected by, among other items, statutory funding levels, changes in plan demographics and assumptions and investment returns on plan assets. Because of the current overall funded status of the Company’s material plans, the accrued liability does not represent expected near-term liquidity needs and, accordingly, this amount is not included in the contractual obligations table. | ||||||||||||||||||||
Contingencies | ||||||||||||||||||||
Shareholder Litigation | ||||||||||||||||||||
Delaware | ||||||||||||||||||||
Reference is made to the Amalgamated Bank Litigation, the New Orleans Employees’ Retirement Litigation, the Mass. Laborers Litigation and the Cohen Litigation which were purported stockholder derivative actions consolidated in the Delaware Court of Chancery (the “Consolidated Action”) and previously described by the Company in the 2013 Form 10-K. The plaintiffs’ Third Amended Complaint in the Consolidated Action alleged claims against director defendants for breach of fiduciary duty arising from the Company’s purchase of Shine and from their purported failure to investigate alleged acts of voicemail interception at The News of the World (the “NoW Matter”) and allegedly permitting the Company to engage in a cover up related to the NoW Matter. The Third Amended Complaint sought a declaration that the defendants violated their fiduciary duties, damages, pre- and post-judgment interest, fees and costs. | ||||||||||||||||||||
On June 26, 2013, the Court approved the settlement in principle that the parties reached on April 17, 2013, and entered a final judgment dismissing the Consolidated Action. Pursuant to the terms of that settlement, the parties agreed that the director defendants in the Consolidated Action would cause to be paid on their behalf the amount of $139 million to the Company, minus $28 million in attorneys’ fees and expenses awarded by the Court to the plaintiffs’ counsel. No stockholder objected to either the settlement or the proposed fee award. The settlement became effective on August 16, 2013, because as of that date, the dismissal of the Consolidated Action as well as the dismissals of each of the Shields Litigation, the Iron Workers Litigation and the Stricklin Litigation (each as described in the 2013 Form 10-K under the heading “Shareholder Litigation—Southern District of New York”) were no longer subject to appeal. The above amount was paid from an escrow account created for the benefit of the director defendants pursuant to an agreement reached between the defendants and their directors’ and officers’ liability insurers for the payment of insurance proceeds, subject to a claims release, and accordingly the Company recorded the net settlement of $111 million in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. In addition to the payment to the Company, the settlement contemplates that the Company will build on corporate governance and compliance enhancements which the Company has implemented. These shall remain in effect at least through December 31, 2016, and will be applicable to both the Company and News Corp. | ||||||||||||||||||||
Southern District of New York | ||||||||||||||||||||
On July 19, 2011, a purported class action lawsuit captioned Wilder v. News Corp., et al. (“Wilder Litigation”), was filed on behalf of all purchasers of the Company’s common stock between March 3, 2011 and July 11, 2011, in the United States District Court for the Southern District of New York. The plaintiff brought claims under Section 10(b) and Section 20(a) of the Securities Exchange Act, alleging that false and misleading statements were issued regarding the NoW Matter. The suit names as defendants the Company, Rupert Murdoch, James Murdoch and Rebekah Brooks, and seeks compensatory damages, rescission for damages sustained, and costs. On June 5, 2012, the court issued an order appointing the Avon Pension Fund (“Avon”) as lead plaintiff and Robbins Geller Rudman & Dowd as lead counsel. Thereafter, on July 3, 2012, the court issued an order providing that an amended consolidated complaint shall be filed by July 31, 2012. Avon filed an amended consolidated complaint on July 31, 2012, which among other things, added as defendants NI Group Limited (now known as News Corp UK & Ireland Limited) and Les Hinton, and expanded the class period to include February 15, 2011 to July 18, 2011. The defendants filed motions to dismiss the litigation, which were granted by the court on March 31, 2014. Plaintiffs were allowed to amend their complaint, and on April 30, 2014, plaintiffs filed a second amended consolidated complaint, which generally repeats the allegations of the amended consolidated complaint and also expands the class period to July 8, 2009 to July 18, 2011. The Company’s management believes the claims in the Wilder Litigation are entirely without merit, and intends to vigorously defend those claims. | ||||||||||||||||||||
U.K. Newspaper Matters and Related Investigations and Litigation | ||||||||||||||||||||
U.S. regulators and governmental authorities continue to conduct investigations initiated in 2011 with respect to the U.K. Newspaper Matters. The Company is cooperating with these investigations. It is not possible at this time to estimate the liability, if any, of the Company relating to these investigations. | ||||||||||||||||||||
In connection with the Separation, the Company and News Corp agreed in the Separation and Distribution Agreement that the Company will indemnify News Corp, on an after-tax basis, for payments made after the Separation arising out of civil claims and investigations relating to the U.K. Newspaper Matters, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corp (the “Indemnity”). As of June 30, 2013, the Company recognized approximately $150 million as its obligation under the Indemnity, of which approximately $40 million related to the amounts accrued by News Corp as of the date of the Separation and approximately $110 million for the fair value of expected future payments to be made under the Indemnity. Pursuant to ASC 460, the amount provided for future payments is being amortized in a systematic pattern that reflects the release from the underlying risks and is included in Income (loss) from discontinued operations, net of tax, in the Consolidated Statements of Operations. As of June 30, 2014, the Company has recognized approximately $80 million as its obligation under the Indemnity, of which approximately $65 million relates to amounts payable to News Corp and approximately $15 million for the remaining unamortized fair value of expected future payments to be made under the Indemnity. Pursuant to the Indemnity, the Company made payments of $79 million to News Corp during fiscal 2014. If additional information becomes available and as payments are made, the Company will update the liability provision for the Indemnity. Any changes to the liability provision for the Indemnity in the future will impact the results of operations for that period. The liability provision for the Indemnity was estimated by probability weighting expected payments to be made to News Corp under such Agreement and discounting probability-weighted expected payments to the valuation date, using a discount rate based on the Company’s cost of debt. | ||||||||||||||||||||
It is possible that these proceedings and any adverse resolution thereof, including any fines or other penalties associated with any plea, judgment or similar result could damage the Company’s reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Other than as disclosed elsewhere in the notes to the Consolidated Financial Statements, the Company is party to several other purchase and sale arrangements which become exercisable over the next ten years by the Company or the counter-party to the agreement. None of these arrangements that become or are exercisable in the next twelve months are material. Equity purchase arrangements that are exercisable by the counter-party to the agreement, and that are outside the sole control of the Company, are accounted for in accordance with ASC 480-10-S99-3A. Accordingly, the fair values of such equity purchase arrangements are classified in Redeemable noncontrolling interests. | ||||||||||||||||||||
The Company’s operations are subject to tax in various domestic and international jurisdictions and as a matter of course, the Company is regularly audited by federal, state and foreign tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. | ||||||||||||||||||||
The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed above for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. | ||||||||||||||||||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||||||||||
NOTE 17. PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||||||||||||||||
The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. The major pension plans and postretirement benefit plans are closed to new participants (with the exception of groups covered by collective bargaining agreements). In connection with the Separation, the Company entered into an Employee Matters Agreement with News Corp which provides that employees of News Corp no longer participate in benefit plans sponsored or maintained by the Company as of the Separation date. Upon separation, the Company’s plans transferred assets and obligations to News Corp resulting in a net decrease in sponsored pension and postretirement plan obligations of $558 million. Additionally, as a result of the Separation, deferred items of approximately $500 million were transferred to News Corp. | ||||||||||||||||||||||||||||||||
The Company has a legally enforceable obligation to contribute to some plans and is not required to contribute to others. The plans in the U.S. include both defined benefit pension plans and employee non-contributory and employee contributory accumulation plans covering all eligible employees. The Company makes contributions in accordance with applicable laws or contract terms in each jurisdiction in which the Company operates. The Company’s benefit obligation is calculated using several assumptions which the Company reviews on a regular basis. | ||||||||||||||||||||||||||||||||
The funded status of the plans can change from year to year, but the assets of the funded plans have been sufficient to pay all benefits that came due in each of fiscal 2014, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and funded status for the Company’s benefit plans: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation, beginning of the year | $ | 2,095 | $ | 3,855 | $ | 146 | $ | 377 | ||||||||||||||||||||||||
Service cost | 73 | 105 | 4 | 4 | ||||||||||||||||||||||||||||
Interest cost | 106 | 101 | 6 | 6 | ||||||||||||||||||||||||||||
Benefits paid | (53 | ) | (51 | ) | (8 | ) | (7 | ) | ||||||||||||||||||||||||
Settlements(a) | (39 | ) | (66 | ) | - | - | ||||||||||||||||||||||||||
Actuarial loss (gain)(b) | 289 | (279 | ) | 5 | (3 | ) | ||||||||||||||||||||||||||
Foreign exchange rate changes | 16 | (2 | ) | - | - | |||||||||||||||||||||||||||
Other | 7 | (34 | ) | - | - | |||||||||||||||||||||||||||
Separation of News Corp plans | - | (1,534 | ) | - | (231 | ) | ||||||||||||||||||||||||||
Projected benefit obligation, end of the year | 2,494 | 2,095 | 153 | 146 | ||||||||||||||||||||||||||||
Change in the fair value of plan assets for the | ||||||||||||||||||||||||||||||||
Company’s benefit plans: | ||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of the year | 1,657 | 2,772 | - | - | ||||||||||||||||||||||||||||
Actual return on plan assets | 197 | 116 | - | - | ||||||||||||||||||||||||||||
Employer contributions | 100 | 95 | 8 | 7 | ||||||||||||||||||||||||||||
Benefits paid | (53 | ) | (51 | ) | (8 | ) | (7 | ) | ||||||||||||||||||||||||
Settlements(a) | (39 | ) | (66 | ) | - | - | ||||||||||||||||||||||||||
Foreign exchange rate changes | 12 | (3 | ) | - | - | |||||||||||||||||||||||||||
Amendments, transfers and other | - | 1 | - | - | ||||||||||||||||||||||||||||
Separation of News Corp plans | - | (1,187 | ) | - | - | |||||||||||||||||||||||||||
Payable to News Corp plans | - | (20 | ) | - | - | |||||||||||||||||||||||||||
Fair value of plan assets, end of the year | 1,874 | 1,657 | - | - | ||||||||||||||||||||||||||||
Funded status(c) | $ | (620 | ) | $ | (438 | ) | $ | (153 | ) | $ | (146 | ) | ||||||||||||||||||||
(a) | Amounts related to payments made to former employees in full settlement of their deferred pension benefits. | |||||||||||||||||||||||||||||||
(b) | Actuarial losses (gains) primarily related to changes in the discount rate and the strengthening of the mortality tables utilized in measuring plan obligations at June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
(c) | The Company has established an irrevocable grantor trust (the “Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 and 2013 was approximately $210 million and $200 million, respectively. | |||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Pension/postretirement assets | $ | 34 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Accrued pension/postretirement liabilities | (654 | ) | (438 | ) | (153 | ) | (146 | ) | ||||||||||||||||||||||||
Net amount recognized | $ | (620 | ) | $ | (438 | ) | $ | (153 | ) | $ | (146 | ) | ||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss, before tax, consist of: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Actuarial losses | $ | 794 | $ | 625 | $ | 45 | $ | 42 | ||||||||||||||||||||||||
Prior service cost | 7 | 9 | - | - | ||||||||||||||||||||||||||||
Net amounts recognized | $ | 801 | $ | 634 | $ | 45 | $ | 42 | ||||||||||||||||||||||||
Amounts in Accumulated other comprehensive loss, before tax, expected to be recognized as a component of net periodic pension cost in fiscal 2015: | ||||||||||||||||||||||||||||||||
Pension | Postretirement benefits | |||||||||||||||||||||||||||||||
benefits | ||||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Actuarial losses | $ | 36 | $ | 3 | ||||||||||||||||||||||||||||
Prior service cost | 1 | - | ||||||||||||||||||||||||||||||
Net amounts recognized | $ | 37 | $ | 3 | ||||||||||||||||||||||||||||
Accumulated pension benefit obligations at June 30, 2014 and 2013 were $2,191 million and $1,843 million, respectively. Below is information about funded and unfunded pension plans. | ||||||||||||||||||||||||||||||||
Funded plans | Unfunded plans | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,168 | $ | 1,807 | $ | 326 | $ | 288 | ||||||||||||||||||||||||
Accumulated benefit obligation | 1,873 | 1,563 | 318 | 280 | ||||||||||||||||||||||||||||
Fair value of plan assets | 1,874 | 1,657 | - | (a) | - | |||||||||||||||||||||||||||
(a) | The Company has established a Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 was approximately $210 million. | |||||||||||||||||||||||||||||||
Below is information about pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets. | ||||||||||||||||||||||||||||||||
Funded plans | Unfunded plans | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,319 | $ | 411 | $ | 326 | $ | 288 | ||||||||||||||||||||||||
Accumulated benefit obligation | 1,023 | 386 | 318 | 280 | ||||||||||||||||||||||||||||
Fair value of plan assets | 992 | 370 | - | (a) | - | |||||||||||||||||||||||||||
(a) | The Company has established a Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 was approximately $210 million. | |||||||||||||||||||||||||||||||
The components of net periodic benefits costs from continuing operations were as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Service cost benefits earned during the period | $ | 73 | $ | 105 | $ | 78 | $ | 4 | $ | 4 | $ | 3 | ||||||||||||||||||||
Interest costs on projected benefit obligations | 106 | 101 | 103 | 6 | 6 | 6 | ||||||||||||||||||||||||||
Expected return on plan assets | (113 | ) | (110 | ) | (103 | ) | - | - | - | |||||||||||||||||||||||
Amortization of deferred losses | 41 | 79 | 32 | 3 | 3 | - | ||||||||||||||||||||||||||
Other | 1 | 2 | 6 | - | - | (2 | ) | |||||||||||||||||||||||||
Net periodic benefits costs from continuing operations | $ | 108 | $ | 177 | $ | 116 | $ | 13 | $ | 13 | $ | 7 | ||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Additional information related to continuing operations: | ||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.2 | % | 4.3 | % | 4.3 | % | 4.8 | % | 3.8 | % | ||||||||||||||||||||
Rate of increase in future compensation | 4.6 | % | 4.4 | % | 6.2 | % | N/A | N/A | N/A | |||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.3 | % | 5.7 | % | 4.8 | % | 3.8 | % | 5.3 | % | ||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | N/A | N/A | N/A | |||||||||||||||||||||||
Rate of increase in future compensation | 4.4 | % | 6.2 | % | 6.1 | % | N/A | N/A | N/A | |||||||||||||||||||||||
N/A – not applicable | ||||||||||||||||||||||||||||||||
The following assumed health care cost trend rates at June 30 were also used in accounting for postretirement benefits: | ||||||||||||||||||||||||||||||||
Postretirement benefits | ||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | |||||||||||||||||||||||||||||||
Health care cost trend rate | 6.4 | % | 6.8 | % | ||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2028 | 2019 | ||||||||||||||||||||||||||||||
Assumed health care cost trend rates could have a significant effect on the amounts reported for the postretirement health care plan. The effect of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate would have the following effects on the results for fiscal 2014: | ||||||||||||||||||||||||||||||||
Service and | Benefit | |||||||||||||||||||||||||||||||
interest costs | obligation | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
One percentage point increase | N/A | $ | 5 | |||||||||||||||||||||||||||||
One percentage point decrease | N/A | $ | (4 | ) | ||||||||||||||||||||||||||||
N/A – not applicable | ||||||||||||||||||||||||||||||||
The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service: | ||||||||||||||||||||||||||||||||
Expected benefit payments | ||||||||||||||||||||||||||||||||
Pension | Postretirement benefits | |||||||||||||||||||||||||||||||
benefits | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fiscal year: | ||||||||||||||||||||||||||||||||
2015 | $ | 101 | $ | 7 | ||||||||||||||||||||||||||||
2016 | 100 | 7 | ||||||||||||||||||||||||||||||
2017 | 107 | 8 | ||||||||||||||||||||||||||||||
2018 | 111 | 9 | ||||||||||||||||||||||||||||||
2019 | 115 | 9 | ||||||||||||||||||||||||||||||
2020-2024 | 682 | 49 | ||||||||||||||||||||||||||||||
The above table shows expected benefits payments for the postretirement benefits net of U.S. Medicare subsidy receipts which are anticipated to be less than $1 million per year. | ||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
The Company applies the provisions of ASC 715, which required disclosures include: (i) investment policies and strategies; (ii) the major categories of plan assets; (iii) the inputs and valuation techniques used to measure plan assets; (iv) the effect of fair value measurements using significant unobservable inputs on changes in plan assets for the period; and (v) significant concentrations of risk within plan assets. | ||||||||||||||||||||||||||||||||
The table below presents the Company’s plan assets by level within the fair value hierarchy, as described in Note 8 – Fair Value, as of June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||||||||||||||||||||||||||
Fair value measurements at reporting date using | Fair value measurements at reporting date using | |||||||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Pooled funds:(a) | ||||||||||||||||||||||||||||||||
Money market funds | $ | 117 | $ | - | $ | 117 | $ | - | $ | 22 | $ | - | $ | 22 | $ | - | ||||||||||||||||
Domestic equity funds | 172 | 172 | - | - | 146 | 146 | - | - | ||||||||||||||||||||||||
International equity funds | 309 | 255 | 54 | - | 264 | 214 | 50 | - | ||||||||||||||||||||||||
Domestic fixed income funds | 164 | 164 | - | - | 278 | 278 | - | - | ||||||||||||||||||||||||
International fixed income funds | 161 | 1 | 160 | - | 32 | - | 32 | - | ||||||||||||||||||||||||
Balanced funds | 334 | 173 | 161 | - | 297 | 155 | 142 | - | ||||||||||||||||||||||||
Common stocks(b) | ||||||||||||||||||||||||||||||||
U.S. common stocks | 360 | 360 | - | - | 300 | 300 | - | - | ||||||||||||||||||||||||
Government and agency obligations(c) | ||||||||||||||||||||||||||||||||
Domestic government obligations | 24 | - | 24 | - | 35 | - | 35 | - | ||||||||||||||||||||||||
Domestic agency obligations | 33 | - | 33 | - | 67 | - | 67 | - | ||||||||||||||||||||||||
International government obligations | - | - | - | - | 66 | - | 66 | - | ||||||||||||||||||||||||
Corporate obligations(c) | 84 | - | 84 | - | 75 | - | 75 | - | ||||||||||||||||||||||||
Partnership interests(d) | 37 | - | 37 | - | 38 | - | 38 | - | ||||||||||||||||||||||||
Other | 79 | (11 | ) | 89 | 1 | 37 | (12 | ) | 48 | 1 | ||||||||||||||||||||||
Total | $ | 1,874 | $ | 1,114 | $ | 759 | $ | 1 | $ | 1,657 | $ | 1,081 | $ | 575 | $ | 1 | ||||||||||||||||
(a) | Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published net asset value (“NAV”). Other pooled funds are valued at the NAV provided by the fund issuer. | |||||||||||||||||||||||||||||||
(b) | Common stocks that are publicly traded are valued at the closing price reported on active markets in which the individual securities are traded. | |||||||||||||||||||||||||||||||
(c) | The fair value of corporate, government and agency obligations are valued based on a compilation of primary observable market information or a broker quote in a non-active market. | |||||||||||||||||||||||||||||||
(d) | The fair values of partnerships that are not publicly traded are based on the fair value obtained from the general partner. | |||||||||||||||||||||||||||||||
The Company’s investment strategy for its pension plans is to maximize the long-term rate of return on plan assets within an acceptable level of risk in order to minimize the cost of providing pension benefits while maintaining adequate funding levels. The Company’s practice is to conduct a periodic strategic review of its asset allocation. The Company’s current broad strategic targets are to have a pension asset portfolio comprising of 48% equity securities, 37% fixed income securities and 15% in cash and other investments. In developing the expected long-term rate of return, the Company considered the pension asset portfolio’s past average rate of returns and future return expectations of the various asset classes. A portion of the other allocation is reserved in short-term cash to provide for expected benefits to be paid in the short-term. The Company’s equity portfolios are managed in such a way as to achieve optimal diversity. The Company’s fixed income portfolio is investment grade in the aggregate. The Company does not manage any assets internally. | ||||||||||||||||||||||||||||||||
The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | ||||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||||||
Equity securities | 46 | % | 43 | % | ||||||||||||||||||||||||||||
Debt securities | 29 | 37 | ||||||||||||||||||||||||||||||
Other, including cash | 25 | 20 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
Required pension plan contributions for the next fiscal year are not expected to be material; however, actual contributions may be affected by pension asset and liability valuation changes during the year. The Company will continue to make voluntary contributions as necessary to improve funded status. | ||||||||||||||||||||||||||||||||
Multiemployer Pension and Postretirements Plans | ||||||||||||||||||||||||||||||||
The Company contributes to various multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union-represented employees, primarily at the Filmed Entertainment segment. The risks of participating in these multiemployer pension plans are different from single-employer pension plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in certain of these multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan, which is referred to as a withdrawal liability; and (iii) actions taken by a participating employer that lead to a deterioration of the financial health of a multiemployer pension plan may result in the unfunded obligations of the multiemployer pension plan to be borne by its remaining participating employers. While no multiemployer pension plan that the Company contributed to is individually significant to the Company, the Company was listed on four Form 5500s as providing more than 5% of total contributions based on the current information available. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006, which represents the funded status of the plan as certified by the plan’s actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. The most recent available funded status of the four plans in which the Company was listed as providing more than 5% of total contributions are all green. Total contributions made by the Company to multiemployer pension plans were $70 million for the fiscal year ended June 30, 2014 and $66 million for the fiscal years ended June 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The Company also contributes to various other multiemployer benefit plans that provide health and welfare benefits to active and retired participants, primarily at the Filmed Entertainment segment. Total contributions made by the Company to these other multiemployer benefit plans for the fiscal years ended June 30, 2014, 2013, and 2012 were $85 million, $80 million and $67 million, respectively. | ||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||
The Company has defined contribution plans for the benefit of substantially all employees meeting certain eligibility requirements. Employer contributions to such plans were $69 million, $195 million and $198 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, of which nil, $134 million and $141 million related to discontinued operations, respectively. | ||||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Taxes | ' | |||||||||||
NOTE 18. INCOME TAXES | ||||||||||||
Income from continuing operations before income tax expense was attributable to the following jurisdictions: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. (including exports) | $ | 5,375 | $ | 8,115 | $ | 3,861 | ||||||
Foreign | (186 | ) | 621 | 602 | ||||||||
Income from continuing operations before income tax expense | $ | 5,189 | $ | 8,736 | $ | 4,463 | ||||||
Significant components of the Company’s provision for income taxes from continuing operations were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. | ||||||||||||
Federal | $ | 1,178 | $ | 1,024 | $ | 867 | ||||||
State & local | 76 | 93 | 16 | |||||||||
Foreign | 57 | 93 | 49 | |||||||||
Total current | 1,311 | 1,210 | 932 | |||||||||
Deferred | (39 | ) | 480 | 162 | ||||||||
Provision for income taxes from continuing operations | $ | 1,272 | $ | 1,690 | $ | 1,094 | ||||||
The reconciliation of income tax attributable to continuing operations computed at the statutory rate to income tax expense was: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Sale of interest in subsidiaries | - | (4 | ) | (4 | ) | |||||||
State and local taxes | 1 | 1 | 1 | |||||||||
Effect of foreign operations | (5 | ) | (2 | ) | (6 | ) | ||||||
Resolution of tax matters | - | (1 | ) | - | ||||||||
Non-deductible goodwill on asset impairment | - | - | 2 | |||||||||
Valuation allowance movements | - | (7 | ) | 1 | ||||||||
Nontaxable income attributable to noncontrolling interests | (2 | ) | (1 | ) | (2 | ) | ||||||
Domestic production activities deduction | (2 | ) | (1 | ) | (3 | ) | ||||||
Other | (2 | ) | (1 | ) | 1 | |||||||
Effective tax rate for income from continuing operations | 25 | % | 19 | % | 25 | % | ||||||
The following is a summary of the components of the deferred tax accounts: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 284 | $ | 1,109 | ||||||||
Capital loss carryforwards | 1,360 | 1,676 | ||||||||||
Foreign tax credit carryforwards | 561 | 474 | ||||||||||
Accrued liabilities | 733 | 653 | ||||||||||
Other | 293 | 231 | ||||||||||
Total deferred tax assets | 3,231 | 4,143 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Basis difference and amortization | (2,898 | ) | (2,449 | ) | ||||||||
Revenue recognition | (528 | ) | (505 | ) | ||||||||
Sports rights contracts | (135 | ) | (128 | ) | ||||||||
Total deferred tax liabilities | (3,561 | ) | (3,082 | ) | ||||||||
Net deferred tax (liability) asset before valuation allowance | (330 | ) | 1,061 | |||||||||
Less: valuation allowance | (2,338 | ) | (3,284 | ) | ||||||||
Total net deferred tax liabilities | $ | (2,668 | ) | $ | (2,223 | ) | ||||||
At June 30, 2014, there were no net current deferred tax assets recorded by the Company. At June 30, 2013, there were $9 million of net current deferred tax assets recorded. | ||||||||||||
The Company had non-current deferred tax assets of $61 million and $48 million at June 30, 2014 and 2013, respectively. The Company also had non-current deferred tax liabilities of $2,729 million and $2,280 million at June 30, 2014 and 2013, respectively. | ||||||||||||
At June 30, 2014, the Company had approximately $866 million attributable to net operating loss carryforwards available to offset future taxable income. The majority of these net operating loss carryforwards have an unlimited carryforward period, however, in accordance with ASC 740, a valuation allowance of $216 million was established against these operating losses to reflect their realizable value. In addition, at June 30, 2013, a net deferred tax asset of $1.1 billion with a corresponding valuation allowance of $1.1 billion was recorded with respect to net operating losses, primarily due to the consolidation of Sky Deutschland. The valuation allowance was recorded because Sky Deutschland had a history of net operating losses and the Company had made a determination that it was not more likely than not that there would be sufficient future taxable income to recognize these net operating loss carry forwards. In fiscal 2014, the deferred asset and the valuation allowance have been adjusted pending the completion of a confirmation process prescribed under German tax law which is expected to commence in the second half of calendar 2014. | ||||||||||||
At June 30, 2014, the Company had approximately $3.9 billion of gross capital loss carryforwards available to offset future taxable income. The majority of these losses are subject to a five year carryforward period. It is not more likely than not that the Company will generate capital gain income in the normal course of business. Therefore, a valuation allowance of $1.3 billion has been established to reflect the expected realization of these capital loss carryforwards as of June 30, 2014, in accordance with ASC 740. | ||||||||||||
At June 30, 2014, the Company has approximately $561 million of foreign tax credit carryovers available to offset future income tax expense. Foreign tax credit carryforwards may only be utilized to offset the portion of the Company’s earnings in the U.S. which are considered foreign source. The Company has concluded that it is more likely than not that these foreign tax credit carryforwards will not be realized. In accordance with ASC 740, a full valuation allowance has been established. | ||||||||||||
As discussed in Note 3 – Acquisitions, Disposals and Other Transactions, in connection with the pending disposition of Sky Italia and Sky Deutschland pursuant to sale agreements with BSkyB, the Company expects to use most of its U.S. capital loss carryforwards and foreign tax credits carryforwards to offset a substantial amount of the gain which is likely to be recognized. | ||||||||||||
The following table sets forth the change in the unrecognized tax benefits, excluding interest and penalties: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Balance, beginning of period | $ | 200 | $ | 173 | $ | 140 | ||||||
Additions for prior year tax positions | 1 | 60 | 32 | |||||||||
Additions for current year tax positions | 13 | 4 | 14 | |||||||||
Reduction for prior year tax positions | (70 | ) | (37 | ) | (13 | ) | ||||||
Balance, end of period from continuing operations | 144 | 200 | 173 | |||||||||
Balance, end of period from discontinued operations | - | - | 116 | |||||||||
Balance, end of period | $ | 144 | $ | 200 | $ | 289 | ||||||
The Company recognizes interest and penalty charges related to unrecognized tax benefits as income tax expense, which is consistent with the recognition in prior reporting periods. The Company recorded liabilities for accrued interest of $29 million and $44 million as of June 30, 2014 and 2013, respectively and the amounts of interest income/expense recorded in each of the three years ending June 30, 2014 were not material. | ||||||||||||
The Company is subject to tax in various domestic and international jurisdictions and, as a matter of ordinary course, the Company is regularly audited by Federal, state and foreign tax authorities. The Company believes it has appropriately accrued for the expected outcome of all other pending tax matters and does not currently anticipate that the ultimate resolution of other pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. The U.S. Internal Revenue Service has concluded its examination of the Company’s returns through fiscal year 2009. Additionally, the Company’s income tax returns for fiscal years 2000 through 2014 are subject to examination in various foreign jurisdictions. The Company does not expect significant changes to these positions over the next 12 months. As of June 30, 2014 and 2013, approximately $144 million and $200 million, respectively, would affect the Company’s effective income tax rate, if and when recognized in future fiscal years. | ||||||||||||
A foreign subsidiary of News Corp prior to the Separation filed for refunds to claim certain losses in a foreign jurisdiction. Pursuant to the tax sharing and indemnification agreement, the proceeds of such claims, net of applicable taxes incurred by News Corp, are to be paid to the Company. During fiscal 2014, these claims were resolved. (See Note 4 – Discontinued Operations) | ||||||||||||
The Company has not provided for U.S. taxes on undistributed earnings of foreign subsidiaries as they are considered to be reinvested indefinitely. Calculation of the unrecognized deferred tax liability for temporary differences related to these earnings is not practicable. Undistributed earnings of foreign subsidiaries of the Company considered to be indefinitely reinvested amounted to approximately $851 million at June 30, 2014. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Information | ' | |||||||||||
NOTE 19. SEGMENT INFORMATION | ||||||||||||
The Company is a diversified global media and entertainment company, which manages and reports its businesses in the following five segments: | ||||||||||||
— | Cable Network Programming, which principally consists of the production and licensing of programming distributed through cable television systems, direct broadcast satellite operators and telecommunication companies primarily in the U.S., Latin America, Europe and Asia. | |||||||||||
— | Television, which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 10 duopolies, in the U.S. (of these stations, 18 are affiliated with the FOX Broadcasting Company (“FOX”) and 10 are affiliated with Master Distribution Service, Inc. (“MyNetworkTV”)). | |||||||||||
— | Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide. | |||||||||||
— | Direct Broadcast Satellite Television, which consists of the distribution of programming services via satellite, cable, and broadband directly to subscribers in Italy, Germany and Austria. | |||||||||||
— | Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations and other businesses. | |||||||||||
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment OIBDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. | ||||||||||||
Segment OIBDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment OIBDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment charges, Equity earnings of affiliates, Interest expense, net, Interest income, Other, net, Income tax expense and Net income attributable to noncontrolling interests. Management believes that Segment OIBDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. | ||||||||||||
Management believes that information about Total Segment OIBDA assists all users of the Company’s Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Total Segment OIBDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Segment OIBDA and Total Segment OIBDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). | ||||||||||||
Total Segment OIBDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as Depreciation and amortization and Impairment charges, which are significant components in assessing the Company’s financial performance. | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Cable Network Programming | $ | 12,273 | $ | 10,881 | $ | 9,324 | ||||||
Television | 5,296 | 4,860 | 4,803 | |||||||||
Filmed Entertainment | 9,679 | 8,642 | 8,363 | |||||||||
Direct Broadcast Satellite Television | 6,030 | 4,439 | 3,740 | |||||||||
Other, Corporate and Eliminations | (1,411 | ) | (1,147 | ) | (1,179 | ) | ||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
Segment OIBDA: | ||||||||||||
Cable Network Programming | $ | 4,407 | $ | 4,177 | $ | 3,549 | ||||||
Television | 882 | 855 | 791 | |||||||||
Filmed Entertainment | 1,358 | 1,308 | 1,312 | |||||||||
Direct Broadcast Satellite Television | 424 | 397 | 561 | |||||||||
Other, Corporate and Eliminations | (356 | ) | (476 | ) | (456 | ) | ||||||
Total Segment OIBDA | 6,715 | 6,261 | 5,757 | |||||||||
Amortization of cable distribution investments | (85 | ) | (89 | ) | (88 | ) | ||||||
Depreciation and amortization | (1,142 | ) | (797 | ) | (711 | ) | ||||||
Impairment charges | - | (35 | ) | (201 | ) | |||||||
Equity earnings of affiliates | 622 | 655 | 636 | |||||||||
Interest expense, net | (1,121 | ) | (1,063 | ) | (1,032 | ) | ||||||
Interest income | 26 | 57 | 77 | |||||||||
Other, net | 174 | 3,747 | 25 | |||||||||
Income from continuing operations before income tax expense | 5,189 | 8,736 | 4,463 | |||||||||
Income tax expense | (1,272 | ) | (1,690 | ) | (1,094 | ) | ||||||
Income from continuing operations | 3,917 | 7,046 | 3,369 | |||||||||
Income (loss) from discontinued operations, net of tax | 729 | 277 | (1,997 | ) | ||||||||
Net income | 4,646 | 7,323 | 1,372 | |||||||||
Less: Net income attributable to noncontrolling interests | (132 | ) | (226 | ) | (193 | ) | ||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 4,514 | $ | 7,097 | $ | 1,179 | ||||||
Intersegment revenues, generated by the Filmed Entertainment segment, of $1,292 million, $979 million and $1,061 million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, have been eliminated within the Other, Corporate and Eliminations segment. Segment OIBDA generated by the Filmed Entertainment segment of $(18) million for the fiscal years ended June 30, 2014 and 2013, and $51 million for the fiscal year ended June 30, 2012, have been eliminated within the Other, Corporate and Eliminations segment. | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Depreciation and amortization: | ||||||||||||
Cable Network Programming | $ | 232 | $ | 197 | $ | 166 | ||||||
Television | 105 | 93 | 85 | |||||||||
Filmed Entertainment | 133 | 132 | 129 | |||||||||
Direct Broadcast Satellite Television | 657 | 355 | 307 | |||||||||
Other, Corporate and Eliminations | 15 | 20 | 24 | |||||||||
Total depreciation and amortization | $ | 1,142 | $ | 797 | $ | 711 | ||||||
Capital expenditures: | ||||||||||||
Cable Network Programming | $ | 131 | $ | 88 | $ | 83 | ||||||
Television | 90 | 103 | 72 | |||||||||
Filmed Entertainment | 61 | 63 | 50 | |||||||||
Direct Broadcast Satellite Television | 368 | 344 | 298 | |||||||||
Other, Corporate and Eliminations | 28 | 24 | 61 | |||||||||
Total capital expenditures | $ | 678 | $ | 622 | $ | 564 | ||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Total assets: | ||||||||||||
Cable Network Programming | $ | 22,422 | $ | 17,830 | ||||||||
Television | 6,449 | 6,415 | ||||||||||
Filmed Entertainment | 10,419 | 9,411 | ||||||||||
Direct Broadcast Satellite Television | 9,144 | 8,636 | ||||||||||
Other, Corporate and Eliminations | 3,500 | 4,948 | ||||||||||
Investments | 2,859 | 3,704 | ||||||||||
Total assets | $ | 54,793 | $ | 50,944 | ||||||||
Goodwill and intangible assets, net: | ||||||||||||
Cable Network Programming | $ | 12,854 | $ | 9,444 | ||||||||
Television | 4,282 | 4,283 | ||||||||||
Filmed Entertainment | 2,441 | 2,439 | ||||||||||
Direct Broadcast Satellite Television | 6,451 | 6,057 | ||||||||||
Other, Corporate and Eliminations | 96 | 96 | ||||||||||
Total goodwill and intangible assets, net | $ | 26,124 | $ | 22,319 | ||||||||
Revenues by Component | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Affiliate fees | $ | 8,984 | $ | 7,678 | $ | 6,331 | ||||||
Subscription | 5,467 | 4,074 | 3,408 | |||||||||
Advertising | 8,218 | 7,634 | 7,553 | |||||||||
Content | 8,596 | 7,871 | 7,260 | |||||||||
Other | 602 | 418 | 499 | |||||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
Geographic Segments | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
U.S. and Canada(a) | $ | 17,842 | $ | 15,937 | $ | 15,200 | ||||||
Europe(b) | 9,745 | 7,717 | 6,728 | |||||||||
Other(c) | 4,280 | 4,021 | 3,123 | |||||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
(a) | Revenues include approximately $17.4 billion, $15.6 billion and $14.9 billion from customers in the U.S. in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
(b) | Revenues include approximately $2.4 billion, $1.3 billion and $0.3 billion for fiscal 2014, 2013 and 2012, respectively, from customers in Germany, as well as approximately $3.9 billion, $3.6 billion and $3.8 billion from customers in Italy in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
(c) | Revenues include approximately $2.2 billion, $2.1 billion and $1.6 billion from customers in Asia in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Long-lived assets:(a) | ||||||||||||
U.S. and Canada | $ | 7,951 | $ | 6,855 | ||||||||
Europe | 1,788 | 1,752 | ||||||||||
Other | 634 | 700 | ||||||||||
Total long-lived assets | $ | 10,373 | $ | 9,307 | ||||||||
(a) | Reflects Total assets less Current assets, Goodwill, Intangible assets, Investments and Non-current deferred tax assets. | |||||||||||
There is no material reliance on any single customer. Revenues are attributed to countries based on location of customers. | ||||||||||||
Other primarily consists of Asia and South America. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share | ' | |||||||||||
NOTE 20. EARNINGS PER SHARE | ||||||||||||
The following tables set forth the computation of basic and diluted earnings per share under ASC 260, “Earnings per Share”: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per share amounts) | ||||||||||||
Income from continuing operations | $ | 3,917 | $ | 7,046 | $ | 3,369 | ||||||
Less: Net income attributable to noncontrolling interests | (132 | ) | (226 | ) | (193 | ) | ||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - basic | $ | 3,785 | $ | 6,820 | $ | 3,176 | ||||||
Other | - | (3 | ) | (2 | ) | |||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - diluted | $ | 3,785 | $ | 6,817 | $ | 3,174 | ||||||
Income (loss) from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders - basic and diluted | 729 | 277 | (1,997 | ) | ||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | 4,514 | 7,097 | 1,179 | |||||||||
Other | - | (3 | ) | (2 | ) | |||||||
Net income attributable to Twenty-First Century Fox stockholders - diluted | $ | 4,514 | $ | 7,094 | $ | 1,177 | ||||||
Weighted average shares - basic | 2,265 | 2,337 | 2,499 | |||||||||
Shares issuable under equity-based compensation plans(a) | 4 | 4 | 5 | |||||||||
Weighted average shares - diluted | 2,269 | 2,341 | 2,504 | |||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 1.67 | $ | 2.91 | $ | 1.27 | ||||||
Income (loss) from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.32 | $ | 0.12 | $ | (0.80 | ) | |||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 1.99 | $ | 3.03 | $ | 0.47 | ||||||
(a) | Weighted average common shares include the incremental shares that would be issued upon the assumed exercise of stock options and vesting of RSUs and PSUs if the effect is dilutive. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Data (Unaudited) | ' | |||||||||||||||
NOTE 21. QUARTERLY DATA (UNAUDITED) | ||||||||||||||||
For the three months ended | ||||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Fiscal 2014 | ||||||||||||||||
Revenues | $ | 7,061 | $ | 8,163 | $ | 8,219 | $ | 8,424 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | 768 | 982 | 1,069 | 966 | ||||||||||||
Income (loss) from discontinued operations, net of tax(a) | 487 | 225 | (16 | ) | 33 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 1,255 | $ | 1,207 | $ | 1,053 | $ | 999 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.33 | $ | 0.43 | $ | 0.47 | $ | 0.43 | ||||||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.54 | $ | 0.53 | $ | 0.47 | $ | 0.45 | ||||||||
Stock prices(b) | ||||||||||||||||
Class A - High | $ | 33.51 | $ | 35.18 | $ | 35.63 | $ | 36.21 | ||||||||
Class A - Low | $ | 29.21 | $ | 32.2 | $ | 30.73 | $ | 31.65 | ||||||||
Class B - High | $ | 33.4 | $ | 34.85 | $ | 35.04 | $ | 35.36 | ||||||||
Class B - Low | $ | 29.34 | $ | 31.65 | $ | 30.21 | $ | 30.77 | ||||||||
Fiscal 2013 | ||||||||||||||||
Revenues | $ | 6,003 | $ | 7,107 | $ | 7,353 | $ | 7,212 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | 2,253 | 1,057 | 2,533 | 977 | ||||||||||||
(Loss) income from discontinued operations, net of tax(a) | (20 | ) | 1,324 | 321 | (1,348 | ) | ||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,233 | $ | 2,381 | $ | 2,854 | $ | (371 | ) | |||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.95 | $ | 0.45 | $ | 1.09 | $ | 0.42 | ||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - basic | $ | 0.94 | $ | 1.02 | $ | 1.23 | $ | (0.16 | ) | |||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - diluted | $ | 0.94 | $ | 1.01 | $ | 1.22 | $ | (0.16 | ) | |||||||
Stock prices(b) | ||||||||||||||||
Class A - High | $ | 22.09 | $ | 22.51 | $ | 27.1 | $ | 29.56 | ||||||||
Class A - Low | $ | 19.04 | $ | 20.42 | $ | 22.52 | $ | 26.79 | ||||||||
Class B - High | $ | 22.27 | $ | 23.08 | $ | 27.44 | $ | 29.71 | ||||||||
Class B - Low | $ | 19.18 | $ | 20.81 | $ | 23.17 | $ | 26.96 | ||||||||
(a) | In the quarter ended June 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 – Discontinued Operations) | |||||||||||||||
(b) | The stock prices reflect the reported high and low closing sales prices for the Class A Common Stock and Class B Common Stock, as reported on the NASDAQ under the symbols “FOXA” and “FOX”, respectively. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||||||||
NOTE 22. VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
Balance as | Additions | Acquisitions | Utilization | Foreign exchange | Balance as | |||||||||||||||||||
of beginning | and | of end of | ||||||||||||||||||||||
of year | disposals | year | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | $ | (899 | ) | $ | (890 | ) | $ | - | $ | 943 | $ | 31 | $ | (815 | ) | |||||||||
Deferred tax valuation allowance | (3,284 | ) | (171 | ) | 938 | 218 | (39 | ) | (2,338 | ) | ||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | (800 | ) | (1,078 | ) | 5 | 994 | (20 | ) | (899 | ) | ||||||||||||||
Deferred tax valuation allowance | (1,514 | ) | (156 | ) | (2,054 | ) | 392 | 48 | (3,284 | ) | ||||||||||||||
Fiscal 2012 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | (872 | ) | (1,116 | ) | 7 | 1,138 | 43 | (800 | ) | |||||||||||||||
Deferred tax valuation allowance | (1,410 | ) | (162 | ) | - | 58 | - | (1,514 | ) | |||||||||||||||
Additional_Financial_Informati
Additional Financial Information | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Additional Financial Information | ' | |||||||||||
NOTE 23. ADDITIONAL FINANCIAL INFORMATION | ||||||||||||
Supplemental Cash Flows Information | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Supplemental cash flows information: | ||||||||||||
Cash paid for income taxes(a) | $ | (1,441 | ) | $ | (1,267 | ) | $ | (1,103 | ) | |||
Cash paid for interest | (1,140 | ) | (1,080 | ) | (1,043 | ) | ||||||
Sale of other investments | 1 | 3 | 37 | |||||||||
Purchase of other investments | (65 | ) | (155 | ) | (218 | ) | ||||||
Supplemental information on businesses acquired: | ||||||||||||
Fair value of assets acquired | 2,833 | 5,399 | 795 | |||||||||
Cash acquired | 3 | 684 | 19 | |||||||||
Liabilities assumed | (1,763 | ) | (2,174 | ) | (91 | ) | ||||||
Decrease in deferred consideration | 7 | - | - | |||||||||
Noncontrolling interest (increase) decrease | (385 | ) | (2,619 | ) | 19 | |||||||
Cash paid | (695 | ) | (1,290 | ) | (469 | ) | ||||||
Fair value of equity instruments issued to third parties | - | - | 273 | |||||||||
Issuance of subsidiary common units | - | - | (273 | ) | ||||||||
Fair value of equity instruments consideration | $ | - | $ | - | $ | - | ||||||
(a) | Cash paid for income taxes related to discontinued operations for the fiscal years ended June 30, 2014, 2013 and 2012 was nil, $104 million and $88 million, respectively. | |||||||||||
Other, net | ||||||||||||
The following table sets forth the components of Other, net included in the Consolidated Statements of Operations: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Gain on Sky Deutschland transaction(a) | $ | - | $ | 2,069 | $ | - | ||||||
(Loss) gain on sale of investment in NDS(b) | (30 | ) | 1,446 | - | ||||||||
Gain on sale of investment in Phoenix(b) | 199 | 81 | - | |||||||||
Gain on Fox Sports Asia transaction(a) | - | 174 | - | |||||||||
Gain on sale of investment in STATS(b) | 112 | - | - | |||||||||
Shareholder litigation settlement(c) | 111 | - | - | |||||||||
Venezuela foreign currency devaluation(d) | (104 | ) | - | - | ||||||||
Loss on sale of Baltimore station(a) | - | (92 | ) | - | ||||||||
Gain on FSLA transaction(a) | - | - | 158 | |||||||||
Change in fair value of securities(a) | (4 | ) | 86 | (61 | ) | |||||||
Investment impairment(b) | (69 | ) | (20 | ) | (34 | ) | ||||||
Restructuring(e) | (52 | ) | (13 | ) | (41 | ) | ||||||
BSkyB termination fee(b)(f) | - | - | (63 | ) | ||||||||
Gain on sale of investment in Hathway Cable(b) | - | - | 23 | |||||||||
Other | 11 | 16 | 43 | |||||||||
Total other, net | $ | 174 | $ | 3,747 | $ | 25 | ||||||
(a) | See Note 3 – Acquisitions, Disposals and Other Transactions. | |||||||||||
(b) | See Note 7 – Investments. | |||||||||||
(c) | See Note 16 – Commitments and Contingencies. | |||||||||||
(d) | The Company’s business activities in Venezuela operate in a highly inflationary economy. Recently, there have been significant changes to the foreign currency exchange rate environment in Venezuela governing the conversion of Venezuelan Bolivars (“Bolivars”) to U.S. Dollars. Companies generally have used the official exchange rate controlled by Venezuela’s Commission for the Administration of Foreign Exchange (“CADIVI”), which is 6.3 Bolivars per U.S. Dollar unless they had transactions or were among the entities the Venezuelan government had specifically authorized to use the Supplementary Foreign Currency Administration System (“SICAD”) auction rate. In January 2014, the Venezuelan government significantly expanded the use of the SICAD rate and, more recently, in March 2014, the Venezuelan government created a third currency exchange mechanism called SICAD 2 and said it may be used by all entities for all transactions. Until March 31, 2014, the Company’s Venezuelan Bolivar denominated net monetary assets were translated at the official exchange rate of 6.3 Bolivars per U.S. Dollar. During the fourth quarter of fiscal 2014, the Company was able to use the SICAD 2 mechanism to convert a portion of its Venezuelan Bolivar denominated cash to U.S. Dollars. Accordingly, the Company remeasured all its Venezuelan Bolivar denominated net monetary assets at the SICAD 2 exchange rate resulting in a devaluation loss of $104 million for the year ended June 30, 2014. | |||||||||||
(e) | See Note 5 – Restructuring Programs. | |||||||||||
(f) | The Company paid a termination fee to BSkyB in fiscal 2012 as a result of the Company revoking its cash offer for the shares of BSkyB that it did not already own. | |||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||
TWENTY-FIRST CENTURY FOX, INC. | ||||||||||||||||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||||||||
NOTE 24. SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||
In May 2012, 21CFA entered into the Credit Agreement, among 21CFA as Borrower, the Company as Parent Guarantor, the lenders named therein, the initial issuing banks named therein, JPMorgan Chase and Citibank, N.A. as Co-Administrative Agents, JPMorgan Chase as Designated Agent and Bank of America, N.A. as Syndication Agent. The Credit Agreement provides a $2 billion unsecured revolving credit facility with a sub-limit of $400 million (or its equivalent in Euros) available for the issuance of letters of credit and a maturity date of May 2017. Under the Credit Agreement, the Company may request an increase in the amount of the credit facility up to a maximum amount of $2.5 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. Borrowings are issuable in U.S. Dollars only, while letters of credit are issuable in U.S. Dollars or Euros. The material terms of the agreement include the requirement that the Company maintain specific leverage ratios and limitations on secured indebtedness. Fees under the Credit Agreement will be based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current debt ratings, 21CFA pays a facility fee of 0.125% and an initial drawn cost of LIBOR plus 1.125%. | ||||||||||||||||||||
The Parent Guarantor presently guarantees the senior public indebtedness of 21CFA and the guarantee is full and unconditional. The supplemental condensed consolidating financial information of the Parent Guarantor should be read in conjunction with these Consolidated Financial Statements. | ||||||||||||||||||||
In accordance with rules and regulations of the SEC, the Company uses the equity method to account for the results of all of the non-guarantor subsidiaries, representing substantially all of the Company’s consolidated results of operations, excluding certain intercompany eliminations. | ||||||||||||||||||||
The following condensed consolidating financial statements present the results of operations, financial position and cash flows of 21CFA, the Company and the subsidiaries of the Company and the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis. | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 31,866 | $ | - | $ | 31,867 | ||||||||||
Expenses | (345 | ) | - | (26,034 | ) | - | (26,379 | ) | ||||||||||||
Equity earnings of affiliates | 1 | - | 621 | - | 622 | |||||||||||||||
Interest expense, net | (1,561 | ) | (513 | ) | (47 | ) | 1,000 | (1,121 | ) | |||||||||||
Interest income | 3 | 3 | 1,020 | (1,000 | ) | 26 | ||||||||||||||
Earnings (losses) from subsidiary entities | 1,435 | 4,200 | - | (5,635 | ) | - | ||||||||||||||
Other, net | 590 | 82 | (498 | ) | - | 174 | ||||||||||||||
Income (loss) from continuing operations before income tax expense | 124 | 3,772 | 6,928 | (5,635 | ) | 5,189 | ||||||||||||||
Income tax (expense) benefit | (30 | ) | - | (1,699 | ) | 457 | (1,272 | ) | ||||||||||||
Income (loss) from continuing operations | 94 | 3,772 | 5,229 | (5,178 | ) | 3,917 | ||||||||||||||
(Loss) income from discontinued operations, net of tax | (13 | ) | 742 | - | - | 729 | ||||||||||||||
Net income (loss) | 81 | 4,514 | 5,229 | (5,178 | ) | 4,646 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (132 | ) | - | (132 | ) | |||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 81 | $ | 4,514 | $ | 5,097 | $ | (5,178 | ) | $ | 4,514 | |||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 234 | $ | 4,799 | $ | 5,279 | $ | (5,513 | ) | $ | 4,799 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 27,674 | $ | - | $ | 27,675 | ||||||||||
Expenses | (467 | ) | - | (21,868 | ) | - | (22,335 | ) | ||||||||||||
Equity earnings of affiliates | 1 | - | 654 | - | 655 | |||||||||||||||
Interest expense, net | (1,551 | ) | (491 | ) | 109 | 870 | (1,063 | ) | ||||||||||||
Interest income | 137 | 6 | 921 | (1,007 | ) | 57 | ||||||||||||||
Earnings (losses) from subsidiary entities | 4,650 | 4,922 | - | (9,572 | ) | - | ||||||||||||||
Other, net | 269 | 2,768 | 710 | - | 3,747 | |||||||||||||||
Income (loss) from continuing operations before income tax expense | 3,040 | 7,205 | 8,200 | (9,709 | ) | 8,736 | ||||||||||||||
Income tax (expense) benefit | (588 | ) | - | (1,586 | ) | 484 | (1,690 | ) | ||||||||||||
Income (loss) from continuing operations | 2,452 | 7,205 | 6,614 | (9,225 | ) | 7,046 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | 663 | (108 | ) | 968 | (1,246 | ) | 277 | |||||||||||||
Net income (loss) | 3,115 | 7,097 | 7,582 | (10,471 | ) | 7,323 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (226 | ) | - | (226 | ) | |||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,115 | $ | 7,097 | $ | 7,356 | $ | (10,471 | ) | $ | 7,097 | |||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,566 | $ | 6,466 | $ | 7,519 | $ | (10,085 | ) | $ | 6,466 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 25,050 | $ | - | $ | 25,051 | ||||||||||
Expenses | (386 | ) | - | (19,908 | ) | - | (20,294 | ) | ||||||||||||
Equity (losses) earnings of affiliates | (5 | ) | - | 641 | - | 636 | ||||||||||||||
Interest expense, net | (1,497 | ) | (410 | ) | (10 | ) | 885 | (1,032 | ) | |||||||||||
Interest income | 4 | 7 | 951 | (885 | ) | 77 | ||||||||||||||
Earnings (losses) from subsidiary entities | 1,307 | 1,632 | - | (2,939 | ) | - | ||||||||||||||
Other, net | 221 | (64 | ) | (132 | ) | - | 25 | |||||||||||||
(Loss) income from continuing operations before income tax expense | (355 | ) | 1,165 | 6,592 | (2,939 | ) | 4,463 | |||||||||||||
Income tax benefit (expense) | 87 | - | (1,616 | ) | 435 | (1,094 | ) | |||||||||||||
(Loss) income from continuing operations | (268 | ) | 1,165 | 4,976 | (2,504 | ) | 3,369 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 74 | 14 | (2,085 | ) | - | (1,997 | ) | |||||||||||||
Net (loss) income | (194 | ) | 1,179 | 2,891 | (2,504 | ) | 1,372 | |||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (193 | ) | - | (193 | ) | |||||||||||||
Net (loss) income attributable to Twenty-First Century Fox stockholders | $ | (194 | ) | $ | 1,179 | $ | 2,698 | $ | (2,504 | ) | $ | 1,179 | ||||||||
Comprehensive (loss) income attributable to Twenty-First Century Fox stockholders | $ | (231 | ) | $ | (432 | ) | $ | 1,426 | $ | (1,195 | ) | $ | (432 | ) | ||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | ||||||||||
Receivables, net | 3 | - | 6,466 | (1 | ) | 6,468 | ||||||||||||||
Inventories, net | - | - | 3,092 | - | 3,092 | |||||||||||||||
Other | 10 | - | 391 | - | 401 | |||||||||||||||
Total current assets | 486 | 3,120 | 11,771 | (1 | ) | 15,376 | ||||||||||||||
Non-current assets: | ||||||||||||||||||||
Receivables | 16 | - | 438 | - | 454 | |||||||||||||||
Inventories, net | - | - | 6,442 | - | 6,442 | |||||||||||||||
Property, plant and equipment, net | 145 | - | 2,786 | - | 2,931 | |||||||||||||||
Intangible assets, net | - | - | 8,072 | - | 8,072 | |||||||||||||||
Goodwill | - | - | 18,052 | - | 18,052 | |||||||||||||||
Other | 410 | - | 197 | - | 607 | |||||||||||||||
Investments: | ||||||||||||||||||||
Investments in associated companies and other investments | 113 | 19 | 2,727 | - | 2,859 | |||||||||||||||
Intragroup investments | 66,212 | 46,499 | - | (112,711 | ) | - | ||||||||||||||
Total investments | 66,325 | 46,518 | 2,727 | (112,711 | ) | 2,859 | ||||||||||||||
TOTAL ASSETS | $ | 67,382 | $ | 49,638 | $ | 50,485 | $ | (112,712 | ) | $ | 54,793 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Borrowings | $ | 750 | $ | - | $ | 49 | $ | - | $ | 799 | ||||||||||
Other current liabilities | 516 | 85 | 7,457 | (1 | ) | 8,057 | ||||||||||||||
Total current liabilities | 1,266 | 85 | 7,506 | (1 | ) | 8,856 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Borrowings | 16,279 | - | 1,980 | - | 18,259 | |||||||||||||||
Other non-current liabilities | 316 | - | 5,920 | - | 6,236 | |||||||||||||||
Intercompany | 33,276 | 32,135 | (65,411 | ) | - | - | ||||||||||||||
Redeemable noncontrolling interests | - | - | 541 | - | 541 | |||||||||||||||
Equity | 16,245 | 17,418 | 99,949 | (112,711 | ) | 20,901 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 67,382 | $ | 49,638 | $ | 50,485 | $ | (112,712 | ) | $ | 54,793 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 524 | $ | 3,956 | $ | 2,179 | $ | - | $ | 6,659 | ||||||||||
Receivables, net | 17 | - | 5,442 | - | 5,459 | |||||||||||||||
Inventories, net | - | - | 2,784 | - | 2,784 | |||||||||||||||
Other | 28 | 209 | 428 | - | 665 | |||||||||||||||
Total current assets | 569 | 4,165 | 10,833 | - | 15,567 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Receivables | 15 | - | 422 | - | 437 | |||||||||||||||
Inventories, net | - | - | 5,371 | - | 5,371 | |||||||||||||||
Property, plant and equipment, net | 132 | - | 2,697 | - | 2,829 | |||||||||||||||
Intangible assets, net | - | - | 5,064 | - | 5,064 | |||||||||||||||
Goodwill | - | - | 17,255 | - | 17,255 | |||||||||||||||
Other | 361 | - | 356 | - | 717 | |||||||||||||||
Investments: | ||||||||||||||||||||
Investments in associated companies and other investments | 86 | 58 | 3,560 | - | 3,704 | |||||||||||||||
Intragroup investments | 64,062 | 41,775 | - | (105,837 | ) | - | ||||||||||||||
Total investments | 64,148 | 41,833 | 3,560 | (105,837 | ) | 3,704 | ||||||||||||||
TOTAL ASSETS | $ | 65,225 | $ | 45,998 | $ | 45,558 | $ | (105,837 | ) | $ | 50,944 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Borrowings | $ | 137 | $ | - | $ | - | $ | - | $ | 137 | ||||||||||
Other current liabilities | 551 | 134 | 7,613 | - | 8,298 | |||||||||||||||
Total current liabilities | 688 | 134 | 7,613 | - | 8,435 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Borrowings | 16,029 | - | 292 | - | 16,321 | |||||||||||||||
Other non-current liabilities | 307 | 16 | 5,221 | - | 5,544 | |||||||||||||||
Intercompany | 31,495 | 28,850 | (60,345 | ) | - | - | ||||||||||||||
Redeemable noncontrolling interests | - | - | 519 | - | 519 | |||||||||||||||
Equity | 16,706 | 16,998 | 92,258 | (105,837 | ) | 20,125 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 65,225 | $ | 45,998 | $ | 45,558 | $ | (105,837 | ) | $ | 50,944 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (756 | ) | $ | 2,633 | $ | 1,087 | $ | - | $ | 2,964 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (26 | ) | - | (652 | ) | - | (678 | ) | ||||||||||||
Investments | (4 | ) | - | (771 | ) | - | (775 | ) | ||||||||||||
Proceeds from dispositions | 9 | 117 | 392 | - | 518 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (21 | ) | 117 | (1,031 | ) | - | (935 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 987 | - | 168 | - | 1,155 | |||||||||||||||
Repayment of borrowings | (134 | ) | - | (162 | ) | - | (296 | ) | ||||||||||||
Issuance of shares | - | 66 | - | - | 66 | |||||||||||||||
Repurchase of shares | - | (3,772 | ) | - | - | (3,772 | ) | |||||||||||||
Dividends paid | - | (568 | ) | (224 | ) | - | (792 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (127 | ) | - | (127 | ) | |||||||||||||
Distribution to News Corporation | - | (10 | ) | - | - | (10 | ) | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 853 | (4,284 | ) | (345 | ) | - | (3,776 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash (used in) provided by from discontinued operations | (127 | ) | 698 | - | - | 571 | ||||||||||||||
Net decrease in cash and cash equivalents | (51 | ) | (836 | ) | (289 | ) | - | (1,176 | ) | |||||||||||
Cash and cash equivalents, beginning of year | 524 | 3,956 | 2,179 | - | 6,659 | |||||||||||||||
Exchange movement on cash balances | - | - | (68 | ) | - | (68 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty‑First | Non-Guarantor | Reclassifications | Twenty‑First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (625 | ) | $ | 2,017 | $ | 1,610 | $ | - | $ | 3,002 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (21 | ) | - | (601 | ) | - | (622 | ) | ||||||||||||
Investments | (17 | ) | (19 | ) | (1,224 | ) | - | (1,260 | ) | |||||||||||
Proceeds from dispositions | - | - | 1,968 | - | 1,968 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (38 | ) | (19 | ) | 143 | - | 86 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 987 | - | 290 | - | 1,277 | |||||||||||||||
Repayment of borrowings | (273 | ) | - | (481 | ) | - | (754 | ) | ||||||||||||
Issuance of shares | - | 203 | - | - | 203 | |||||||||||||||
Repurchase of shares | - | (2,026 | ) | - | - | (2,026 | ) | |||||||||||||
Dividends paid | - | (398 | ) | (215 | ) | - | (613 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (163 | ) | - | (163 | ) | |||||||||||||
Sale of subsidiary shares to noncontrolling interests | 19 | - | 74 | - | 93 | |||||||||||||||
Distribution to News Corporation | - | (1,826 | ) | (762 | ) | - | (2,588 | ) | ||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 733 | (4,047 | ) | (1,257 | ) | - | (4,571 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash used in from discontinued operations | (107 | ) | - | (1,324 | ) | - | (1,431 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (37 | ) | (2,049 | ) | (828 | ) | - | (2,914 | ) | |||||||||||
Cash and cash equivalents, beginning of year | 561 | 6,005 | 3,060 | - | 9,626 | |||||||||||||||
Exchange movement on cash balances | - | - | (53 | ) | - | (53 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 524 | $ | 3,956 | $ | 2,179 | $ | - | $ | 6,659 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | 266 | $ | 3,049 | $ | (481 | ) | $ | - | $ | 2,834 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (57 | ) | - | (507 | ) | - | (564 | ) | ||||||||||||
Investments | (15 | ) | - | (591 | ) | - | (606 | ) | ||||||||||||
Proceeds from dispositions | 7 | 11 | 386 | - | 404 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (65 | ) | 11 | (712 | ) | - | (766 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Repayment of borrowings | - | - | (35 | ) | - | (35 | ) | |||||||||||||
Issuance of shares | - | 167 | - | - | 167 | |||||||||||||||
Repurchase of shares | - | (4,589 | ) | - | - | (4,589 | ) | |||||||||||||
Dividends paid | - | (449 | ) | (131 | ) | - | (580 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (65 | ) | - | (65 | ) | |||||||||||||
Net cash used in financing activities from continuing operations | - | (4,871 | ) | (231 | ) | - | (5,102 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash from discontinued operations | - | - | 288 | - | 288 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 201 | (1,811 | ) | (1,136 | ) | - | (2,746 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 360 | 7,816 | 4,504 | - | 12,680 | |||||||||||||||
Exchange movement on cash balances | - | - | (308 | ) | - | (308 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 561 | $ | 6,005 | $ | 3,060 | $ | - | $ | 9,626 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Notes to Supplemental Guarantor Information | ||||||||||||||||||||
(1) Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are accounted for by their parent companies under the equity method of accounting whereby earnings of subsidiaries are reflected in the respective parent company’s investment account and earnings. | ||||||||||||||||||||
(2) The guarantees of 21CFA’s senior public indebtedness constitute senior indebtedness of the Company, and rank pari passu with all present and future senior indebtedness of the Company. Because the factual basis underlying the obligations created pursuant to the various facilities and other obligations constituting senior indebtedness of the Company differ, it is not possible to predict how a court in bankruptcy would accord priorities among the obligations of the Company. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Principles of Consolidation | ' | |||||||
Principles of consolidation | ||||||||
The Consolidated Financial Statements include the accounts of all majority-owned and controlled subsidiaries. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810-10, “Consolidation” (“ASC 810-10”) and whether the Company is the primary beneficiary. Consolidation is required if both of these criteria are met. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees. | ||||||||
Any change in the Company’s ownership interest in a consolidated subsidiary, where a controlling financial interest is retained, are accounted for as a capital transaction. When the Company ceases to have a controlling interest in a consolidated subsidiary, the Company will recognize a gain or loss in net income upon deconsolidation. | ||||||||
On September 19, 2013, the Company changed its fiscal year from a 52-53 week fiscal year ending on the Sunday closest to June 30 to a fiscal year ending on June 30 of each year. The Company’s 2013 fiscal year ended on June 30, 2013. The Company made this change to better align its financial reporting with the media and entertainment assets retained following the separation of its business into two independent publicly traded companies (the “Separation”) by distributing to its stockholders all of the outstanding shares of the new News Corporation (“News Corp”) on June 28, 2013. (See Note 4 – Discontinued Operations) | ||||||||
Reclassifications and Adjustments | ' | |||||||
Reclassifications and adjustments | ||||||||
Certain fiscal 2013 and 2012 amounts have been reclassified to conform to the fiscal 2014 presentation. As a result of the Separation, News Corp has been classified as discontinued operations for all periods presented (See Note 4 – Discontinued Operations). Unless indicated otherwise, the information in the notes to the Consolidated Financial Statements relates to the Company’s continuing operations. | ||||||||
Use of Estimates | ' | |||||||
Use of estimates | ||||||||
The preparation of the Company’s Consolidated Financial Statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts that are reported in the 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. | ||||||||
Cash and Cash Equivalents | ' | |||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. | ||||||||
Concentration of Credit Risk | ' | |||||||
Concentration of credit risk | ||||||||
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. | ||||||||
Receivables, Net | ' | |||||||
Receivables, net | ||||||||
Receivables, net are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. | ||||||||
The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being paid. In determining the allowance for returns, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of product sales that provide the customer with the right of return. | ||||||||
The Company has receivables with original maturities greater than one year in duration principally related to the Company’s sale of program rights in the television syndication markets within the Filmed Entertainment segment. Allowances for credit losses are established against these non-current receivables as necessary. As of June 30, 2014 and 2013, these allowances were not material. | ||||||||
Receivables, net consist of: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Total receivables | $ | 7,737 | $ | 6,795 | ||||
Allowances for returns and doubtful accounts | (815 | ) | (899 | ) | ||||
Total receivables, net | 6,922 | 5,896 | ||||||
Less: current receivables, net | (6,468 | ) | (5,459 | ) | ||||
Non-current receivables, net | $ | 454 | $ | 437 | ||||
Inventories | ' | |||||||
Inventories | ||||||||
Filmed Entertainment Costs | ||||||||
In accordance with ASC 926, “Entertainment—Films” (“ASC 926”), Filmed Entertainment costs include capitalized production costs, overhead and capitalized interest costs, net of any amounts received from outside investors. These costs, as well as participations and talent residuals, are recognized as operating expenses on an individual motion picture or television series based on the ratio that current year’s gross revenues for such film or series bear to management’s estimate of its total remaining ultimate gross revenues. Television production costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode-by-episode basis. Estimates for initial syndication and basic cable revenues are not included in the estimated lifetime revenues of network series until such sales are probable. Television production costs incurred subsequent to the establishment of secondary markets are capitalized and amortized. Marketing costs and development costs under term deals are charged as operating expenses as incurred. Development costs for projects not produced are written-off at the earlier of the time the decision is made not to develop the story or after three years. | ||||||||
Filmed Entertainment costs are stated at the lower of unamortized cost or estimated fair value on an individual motion picture or television series basis. Revenue forecasts for both motion pictures and television series are continually reviewed by management and revised when warranted by changing conditions. When estimates of total revenues and other events or changes in circumstances indicate that a motion picture or television series has a fair value that is less than its unamortized cost, a loss is recognized currently for the amount by which the unamortized cost exceeds the film or television series’ fair value. | ||||||||
Programming Rights | ||||||||
In accordance with ASC 920, “Entertainment—Broadcasters,” costs incurred in acquiring program rights or producing programs for the Cable Network Programming, Television and Direct Broadcast Satellite Television segments 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. Television broadcast network and original cable programming are amortized on an accelerated basis. The Company has single and multi-year contracts for broadcast rights of programs and sporting events. At least annually, the Company evaluates the recoverability of the unamortized costs associated therewith, using total estimated advertising and other revenues attributable to the program material. The recoverability of sports rights contracts for content broadcast on the national 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, additional amortization is provided. The costs of national sports contracts at FOX and the national sports channels are charged to expense and allocated to segments 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 costs of local and regional sports contracts for a specified number of events are amortized on an event-by-event basis while costs for local and regional sports contracts for a specified season are amortized over the season on a straight-line basis. | ||||||||
Investments | ' | |||||||
Investments | ||||||||
Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Significant influence is generally presumed to exist when the Company owns an interest between 20% and 50% and exercises significant influence. | ||||||||
Under the equity method of accounting, the Company includes its investments and amounts due to and from its equity method investees in its Consolidated Balance Sheets. The Company’s Consolidated Statements of Operations include the Company’s share of the investees’ earnings (losses) and the Company’s Consolidated Statements of Cash Flows include all cash received from or paid to the investees. | ||||||||
The difference between the Company’s investment and its share of the fair value of the underlying net assets of the investee is first allocated to either finite-lived intangibles or indefinite-lived intangibles and the balance is attributed to goodwill. The Company follows ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), which requires that equity method finite-lived intangibles be amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. | ||||||||
Investments in which the Company has no significant influence (generally less than a 20% ownership interest) are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. The Company reports available-for-sale investments at fair value based on quoted market prices. Unrealized gains and losses on available-for-sale investments are included in Accumulated other comprehensive (loss) income, net of applicable taxes and other adjustments until the investment is sold or considered impaired. Dividends and other distributions of earnings from available-for-sale investments and cost method investments are included in Interest income in the Consolidated Statements of Operations when declared. | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment | ||||||||
Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over an estimated useful life of 3 to 40 years. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or the life of the lease. Costs associated with the repair and maintenance of property are expensed as incurred. Changes in circumstances, such as technological advances, or changes to the Company’s business model or capital strategy, could result in the actual useful lives differing from the Company’s estimates. In those cases where the Company determines that the useful life of buildings and equipment should be shortened, the Company would depreciate the asset over its revised remaining useful life, thereby increasing depreciation expense. | ||||||||
Goodwill and Intangible Assets | ' | |||||||
Goodwill and intangible assets | ||||||||
The Company has a significant amount of intangible assets, including goodwill, film and television libraries, Federal Communications Commission (“FCC”) licenses, multi-channel video programming distributor (“MVPD”) affiliate agreements and relationships and trademarks and other copyrighted products. Goodwill is recorded as the difference between the consideration paid to acquire entities and amounts assigned to their tangible and identifiable intangible net assets. In accordance with ASC 350, the Company’s goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are tested annually for impairment or earlier if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Intangible assets with finite lives are generally amortized over their estimated useful lives. The impairment assessment of indefinite-lived intangibles compares the fair value of these intangible assets to their carrying value. | ||||||||
The Company’s goodwill impairment reviews are determined using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not impaired and the second step of the impairment review is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment review is required to be performed to estimate the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is compared with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||
When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method. | ||||||||
Asset Impairments | ' | |||||||
Asset impairments | ||||||||
Investments | ||||||||
Equity method investments are regularly reviewed for impairment by initially comparing their fair value to their respective carrying amounts each quarter. The Company determines the fair value of its public company investments by reference to their publicly traded stock prices. With respect to private company investments, the Company makes its estimate of fair value by considering other available information, including recent investee equity transactions, discounted cash flow analyses, estimates based on comparable public company operating multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of the time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions. | ||||||||
The Company regularly reviews available-for-sale investment securities for other-than-temporary impairment based on criteria that include the extent to which the investment’s carrying value exceeds its related market value, the duration of the market decline, the Company’s ability to hold until recovery and the financial strength and specific prospects of the issuer of the security. | ||||||||
The Company regularly reviews investments accounted for at cost for other-than-temporary impairment based on criteria that include the extent to which the investment’s carrying value exceeds its related estimated fair value, the duration of the estimated fair value decline, the Company’s ability to hold until recovery and the financial strength and specific prospects of the issuer of the security. | ||||||||
Long-lived assets | ||||||||
ASC 360, “Property, Plant, and Equipment,” and ASC 350 require that the Company periodically review the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment adjustment is recognized if the carrying value of such asset exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell. | ||||||||
Guarantees | ' | |||||||
Guarantees | ||||||||
The Company follows ASC 460, “Guarantees” (“ASC 460”). ASC 460 requires a guarantor to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing certain guarantees. Subsequently, the initial liability recognized for the guarantee is generally reduced as the Company is released from the risk under the guarantee. The Company periodically reviews the facts and circumstances pertaining to its guarantees in determining the level of related risk. | ||||||||
Revenue Recognition | ' | |||||||
Revenue recognition | ||||||||
Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment. | ||||||||
Cable Network Programming, Television and Direct Broadcast Satellite Television | ||||||||
Advertising revenue is recognized as the commercials are aired, net of agency commissions. Subscriber fees received from MVPDs for Cable Network Programming and Television are recognized as affiliate fee revenue in the period services are provided. Direct Broadcast Satellite Television subscription and pay-per-view revenues are recognized when programming is broadcast to subscribers, while fees for equipment rental are recognized as revenue on a straight-line basis over the contract period. | ||||||||
The Company classifies the amortization of cable distribution investments (capitalized fees paid to MVPDs to facilitate carriage of a cable network) against affiliate fee revenue in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company defers the cable distribution investments and amortizes the amounts on a straight-line basis over the contract period. | ||||||||
Filmed Entertainment | ||||||||
Revenues from the distribution of motion pictures are recognized in accordance with ASC 926. Revenues from the theatrical distribution of motion pictures are recognized as they are exhibited, and revenues from home entertainment sales, net of a reserve for estimated returns, are recognized on the date that DVD and Blu-ray units are made widely available for sale by retailers or when made available for viewing via digital distribution platforms and all Company-imposed restrictions on the sale or availability have expired. Revenues from television distribution are recognized when the motion picture or television series is made available to the licensee for broadcast. | ||||||||
Management bases its estimates of ultimate revenue for each motion picture on the historical performance of similar motion pictures, incorporating factors such as the past box office record of the lead actors and actresses, the genre of the motion picture, pre-release market research (including test market screenings) and the expected number of theaters in which the film will be released. Management updates such estimates based on information available on the actual results of each film through its life cycle. | ||||||||
License agreements for the broadcast of theatrical and television series in the broadcast network, syndicated television and cable television markets are routinely entered into in advance of their available date for broadcast. Cash received and amounts billed in connection with such contractual rights for which revenue is not yet recognizable is classified as deferred revenue. Because deferred revenue generally relates to contracts for the licensing of motion pictures and television series which have already been produced, the recognition of revenue for such completed product is principally only dependent upon the commencement of the availability period for broadcast under the terms of the related licensing agreement. | ||||||||
The Company earns and recognizes revenues as a distributor on behalf of third parties. In such cases, determining whether revenue should be reported on a gross or net basis is based on management’s assessment of whether the Company acts as the principal or agent in the transaction. To the extent the Company acts as the principal in a transaction, revenues are reported on a gross basis. Determining whether the Company acts as principal or agent in a transaction involves judgment and is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. | ||||||||
Programming Expense and Subscriber Acquisition Costs | ' | |||||||
Direct Broadcast Satellite Television programming expense and subscriber acquisition costs | ||||||||
Programming expenses of the Direct Broadcast Satellite Television segment are the fees paid to vendors to license the programming distributed to customers. These programming expenses are recognized at the time the Company distributes the related programming. Contracts with vendors are generally multi-year agreements that provide for the Company to make payments at agreed upon rates based on the number of subscribers. | ||||||||
Subscriber acquisition costs in the Direct Broadcast Satellite Television segment primarily consist of amounts paid for third-party customer acquisitions, which consist of the cost of commissions paid to authorized retailers and dealers for subscribers added through their respective distribution channels and the cost of hardware and installation subsidies for subscribers. All costs, including hardware, installation and commissions, are expensed upon activation. However, where legal ownership is retained in the equipment, the cost of the equipment is capitalized and depreciated over the useful life. Additional components of subscriber acquisition costs include the cost of print, radio and television advertising, which are expensed as incurred. | ||||||||
Advertising Expenses | ' | |||||||
Advertising expenses | ||||||||
The Company expenses advertising costs as incurred, including advertising expenses for theatrical and television productions in accordance with ASC 720-35, “Other Expenses—Advertising Cost.” Advertising expenses recognized totaled $2.9 billion, $2.2 billion and $1.9 billion for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
Translation of Foreign Currencies | ' | |||||||
Translation of foreign currencies | ||||||||
Foreign subsidiaries and affiliates are translated into U.S. Dollars using the current rate method, whereby trading results are converted at the average rate of exchange for the period and assets and liabilities are converted at the closing rates on the period end date. The resulting translation adjustments are accumulated as a component of Accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in income for the period. | ||||||||
Income Taxes | ' | |||||||
Income taxes | ||||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Deferred taxes have not been provided on the cumulative undistributed earnings of foreign subsidiaries to the extent amounts are reinvested indefinitely. | ||||||||
Earnings Per Share | ' | |||||||
Earnings per share | ||||||||
Basic earnings per share for the Class A common stock, par value $0.01 per share (“Class A Common Stock”), and Class B common stock, par value $0.01 per share (“Class B Common Stock”) is calculated by dividing Net income attributable to Twenty-First Century Fox stockholders by the weighted average number of outstanding shares of Class A Common Stock and Class B Common Stock. Diluted earnings per share for Class A Common Stock and Class B Common Stock is calculated similarly, except that the calculation includes the dilutive effect of the assumed issuance of shares issuable under the Company’s equity based compensation plans. | ||||||||
Equity Based Compensation | ' | |||||||
Equity based compensation | ||||||||
The Company accounts for share-based payments in accordance with ASC 718, “Compensation—Stock Compensation” (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the Consolidated Financial Statements. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all companies to apply a fair-value-based measurement method in accounting for generally all share-based payment transactions with employees. (See Note 14 – Equity Based Compensation) | ||||||||
Financial instruments and derivatives | ' | |||||||
Financial instruments and derivatives | ||||||||
ASC 815, “Derivatives and Hedging” (“ASC 815”), requires every derivative instrument (including certain derivative instruments embedded in other contracts) to be recorded on the balance sheet at fair value as either an asset or a liability (See Note 8 – Fair Value). ASC 815 also requires that changes in the fair value of recorded derivatives be recognized currently in earnings unless specific hedge accounting criteria are met. | ||||||||
The carrying value of the Company’s financial instruments, including cash and cash equivalents and cost investments, approximate fair value. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. | ||||||||
The Company uses financial instruments designated as cash flow hedges to hedge its limited exposures to foreign currency exchange risks associated with the costs for producing or acquiring films and television programming abroad. All cash flow hedges are recorded at fair value on the Consolidated Balance Sheets (See Note 8 – Fair Value). The effective changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive (loss) income with foreign currency translation adjustments. Amounts are reclassified from Accumulated other comprehensive (loss) income when the underlying hedged item is recognized in earnings. If derivatives are not designated as hedges, changes in fair value are recorded in earnings as Other, net in the Consolidated Statements of Operations. | ||||||||
Derivative instruments embedded in other contracts, such as convertible debt securities and exchangeable securities, are separated into their host and derivative financial instrument components. The derivative component is recorded at its estimated fair value in the Consolidated Balance Sheets with changes in estimated fair value recorded in Other, net in the Consolidated Statements of Operations. | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | ' | |||||||
Recently Adopted and Recently Issued Accounting Guidance | ||||||||
Adopted | ||||||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires the Company to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU 2013-02 became effective for the Company for interim reporting periods beginning July 1, 2013. The adoption of ASU 2013-02 resulted in the disclosure of additional information within the notes to the Consolidated Financial Statements. (See Note 13 – Stockholders’ Equity) | ||||||||
Issued | ||||||||
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). The objective of ASU 2013-05 is to resolve the diversity in practice regarding the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets or a business within a foreign entity. ASU 2013-05 is effective for the Company for interim reporting periods beginning July 1, 2014. The Company is currently evaluating the impact ASU 2013-05 will have on its Consolidated Financial Statements. | ||||||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)” (“ASU 2014-08”). The amendments in ASU 2014-08 provide guidance for the recognition of discontinued operations, change the requirements for reporting discontinued operations in ASC 205-20, “Discontinued Operations” (“ASC 205-20”) and require additional disclosures about discontinued operations. ASU 2014-08 is effective on a prospective basis for the Company for interim reporting periods beginning July 1, 2015. Early adoption is permitted, subject to certain conditions. The Company is currently evaluating the impact ASU 2014-08 will have on its Consolidated Financial Statements. | ||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts from Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company for interim reporting periods beginning July 1, 2017. Early adoption is not permitted. The Company is currently evaluating the impact ASU 2014-09 will have on its Consolidated Financial Statements. | ||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation––Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for the Company for interim reporting periods beginning July 1, 2016, however early adoption is permitted. The Company does not expect the adoption of ASU 2014-12 to have a significant impact on the Consolidated Financial Statements. | ||||||||
Business Combinations | ' | |||||||
During the fiscal year ended June 30, 2014, the Company completed a number of acquisitions as more fully described below. All of the Company’s acquisitions were accounted for under ASC 805, “Business Combinations” (“ASC 805”), which requires, among other things, that an acquirer (i) remeasure any previously held equity interest in an acquiree at its acquisition date fair value and recognize any resulting gains or losses in earnings and (ii) record any noncontrolling interests in an acquiree at their acquisition date fair values. Accordingly, several of the transactions described below resulted in the recognition of remeasurement gains since the Company acquired control of an acquiree in stages. Further, other transactions described below involved the Company acquiring control with an ownership stake of less than 100%. In those instances, the allocation of the excess purchase price reflects 100% of the fair value of the acquiree with the noncontrolling interests recorded at fair value. | ||||||||
The below acquisitions all support the Company’s strategic priority of increasing its brand presence and reach in key international and domestic markets, acquiring greater control of investments that complement its portfolio of businesses and creating new pay-TV sports franchises. For those acquisitions where the accounting for the business combination is based on provisional amounts and the allocation of the excess purchase price is not final, the amounts allocated to intangibles and goodwill, the estimates of useful lives and the related amortization expense are subject to change pending the completion of final valuations of certain assets and liabilities. A change in the purchase price allocations and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense. | ||||||||
Annual Impairment Review | ' | |||||||
Annual Impairment Review | ||||||||
Goodwill | ||||||||
The Company’s goodwill impairment reviews are determined using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. In performing the first step, the Company determines the fair value of a reporting unit by primarily using a discounted cash flow analysis and market-based valuation approach methodologies. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable public company trading values. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment review is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment review is required to be performed to estimate the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the estimated fair value of the reporting unit was the purchase price paid. The implied fair value of the reporting unit’s goodwill is compared with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||
FCC licenses | ||||||||
The Company performs impairment reviews consisting of a comparison of the estimated fair value of the Company’s FCC licenses with their carrying amount on a station-by-station basis using a discounted cash flow valuation method, assuming a hypothetical start-up scenario for a broadcast station in each of the markets the Company operates in. The significant assumptions used are the discount rate and terminal growth rates and operating margins, as well as industry data on future advertising revenues in the markets where the Company owns television stations. These assumptions are based on actual historical performance in each market and estimates of future performance in each market. | ||||||||
Film Production Financing | ' | |||||||
The Company enters into arrangements with third parties to co-produce certain of its theatrical productions. These arrangements, which are referred to as co-financing arrangements, take various forms. The parties to these arrangements include studio and non-studio entities both domestic and international. In several of these agreements, other parties control certain distribution rights. The Filmed Entertainment segment records the amounts received for the sale of an economic interest as a reduction of the cost of the film, as the investor assumes full risk for that portion of the film asset acquired in these transactions. The substance of these arrangements is that the third-party investors own an interest in the film and, therefore, receive a participation based on the third-party investor’s contractual interest in the profits or losses incurred on the film. Consistent with the requirements of ASC 926, the estimate of the third-party investor’s interest in profits or losses on the film is based on total estimated ultimate revenues. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables, Net | ' | |||||||
Receivables, net consist of: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Total receivables | $ | 7,737 | $ | 6,795 | ||||
Allowances for returns and doubtful accounts | (815 | ) | (899 | ) | ||||
Total receivables, net | 6,922 | 5,896 | ||||||
Less: current receivables, net | (6,468 | ) | (5,459 | ) | ||||
Non-current receivables, net | $ | 454 | $ | 437 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Revenues and Income (Loss) from Discontinued Operations | ' | |||||||||||
Revenues and Income (loss) from discontinued operations related to News Corp were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | - | $ | 8,891 | $ | 8,655 | ||||||
Income (loss) before income tax benefit | $ | 698 | $ | 240 | $ | (2,251 | ) | |||||
Income tax benefit | $ | 31 | $ | 365 | $ | 289 | ||||||
Income (loss) from discontinued operations, net of tax(a) | $ | 729 | $ | 277 | $ | (1,997 | ) | |||||
(a) | Includes the net tax refund from News Corp, as stated above, for the fiscal year ended June 30, 2014 of approximately $720 million. | |||||||||||
Cash Flows from Discontinued Operations | ' | |||||||||||
Cash flows from discontinued operations related to News Corp were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net cash provided by operating activities from discontinued operations | $ | 571 | $ | 506 | $ | 956 | ||||||
Net cash used in investing activities from discontinued operations | - | (1,674 | ) | (655 | ) | |||||||
Net cash used in financing activities from discontinued operations | - | (263 | ) | (13 | ) | |||||||
Net increase (decrease) in cash and cash equivalents from discontinued operations | $ | 571 | $ | (1,431 | ) | $ | 288 | |||||
Restructuring_Programs_Tables
Restructuring Programs (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Schedule of Changes in Restructuring Liability | ' | |||||||||||||||||||
Changes in the program liabilities were as follows: | ||||||||||||||||||||
One time | Facility costs | Total | Discontinued | Total | ||||||||||||||||
termination | and | continuing | operations | |||||||||||||||||
benefits | license fees | operations | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, June 30, 2011 | $ | 4 | $ | 197 | $ | 201 | $ | 33 | $ | 234 | ||||||||||
Additions | 29 | 12 | 41 | 156 | 197 | |||||||||||||||
Payments | (16 | ) | (32 | ) | (48 | ) | (117 | ) | (165 | ) | ||||||||||
Other | (4 | ) | - | (4 | ) | (13 | ) | (17 | ) | |||||||||||
Balance, June 30, 2012 | $ | 13 | $ | 177 | $ | 190 | $ | 59 | $ | 249 | ||||||||||
Additions | 3 | 10 | 13 | - | 13 | |||||||||||||||
Payments | (12 | ) | (29 | ) | (41 | ) | - | (41 | ) | |||||||||||
Separation of News Corp | - | - | - | (59 | ) | (59 | ) | |||||||||||||
Balance, June 30, 2013 | $ | 4 | $ | 158 | $ | 162 | $ | - | $ | 162 | ||||||||||
Additions | 3 | 89 | 92 | - | 92 | |||||||||||||||
Payments | (5 | ) | (72 | ) | (77 | ) | - | (77 | ) | |||||||||||
Other(a) | - | (40 | ) | (40 | ) | - | (40 | ) | ||||||||||||
Balance, June 30, 2014 | $ | 2 | $ | 135 | $ | 137 | $ | - | $ | 137 | ||||||||||
(a) | Primarily related to a change in assumptions related to the facility termination obligations of the Company’s formerly owned digital media properties. |
Inventories_Net_Tables
Inventories, Net (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Schedule of Inventories | ' | |||||||
The Company’s inventories were comprised of the following: | ||||||||
As of June 30, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Programming rights | $ | 5,812 | $ | 4,996 | ||||
DVDs, Blu-rays, and other merchandise | 81 | 69 | ||||||
Filmed entertainment costs: | ||||||||
Films: | ||||||||
Released | 1,025 | 806 | ||||||
Completed, not released | 317 | 10 | ||||||
In production | 819 | 958 | ||||||
In development or preproduction | 151 | 193 | ||||||
2,312 | 1,967 | |||||||
Television productions: | ||||||||
Released | 862 | 696 | ||||||
In production | 463 | 425 | ||||||
In development or preproduction | 4 | 2 | ||||||
1,329 | 1,123 | |||||||
Total filmed entertainment costs, less accumulated amortization(a) | 3,641 | 3,090 | ||||||
Total inventories, net | 9,534 | 8,155 | ||||||
Less: current portion of inventories, net(b) | (3,092 | ) | (2,784 | ) | ||||
Total non-current inventories | $ | 6,442 | $ | 5,371 | ||||
(a) | Does not include $335 million and $366 million of net intangible film library costs as of June 30, 2014 and 2013, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | |||||||
(b) | Current portion of inventories as of June 30, 2014 and 2013 was comprised of programming rights ($3,011 million and $2,715 million, respectively), DVDs, Blu-rays, and other merchandise. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Schedule of Investments | ' | |||||||||||||
The Company’s investments were comprised of the following: | ||||||||||||||
Ownership | As of June 30, | |||||||||||||
percentage | ||||||||||||||
as of | ||||||||||||||
30-Jun-14 | 2014 | 2013 | ||||||||||||
(in millions) | ||||||||||||||
Equity method investments: | ||||||||||||||
British Sky Broadcasting Group plc(a) | U.K. DBS operator | 39% | $ | 2,359 | $ | 1,978 | ||||||||
YES Network(b) | RSN | - | 825 | |||||||||||
Other equity method investments | various | 197 | 386 | |||||||||||
Fair value of available-for-sale investments | various | 124 | 268 | |||||||||||
Other investments | various | 179 | 247 | |||||||||||
Total investments | $ | 2,859 | $ | 3,704 | ||||||||||
(a) | The Company’s investment in BSkyB had a market value of $9.5 billion at June 30, 2014 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 – Fair Value). For the fiscal years ended June 30, 2014 and 2013, the Company received dividends from BSkyB of $317 million and $272 million, respectively. | |||||||||||||
(b) | As of June 30, 2014, YES Network was a majority owned consolidated subsidiary of the Company. (See Note 3 – Acquisitions, Disposals and Other Transactions) | |||||||||||||
Schedule of Available-for-Sale Investments | ' | |||||||||||||
The cost basis, accumulated unrealized gains and fair value of available-for-sale investments are set forth below: | ||||||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Cost basis of available-for-sale investments(a) | $ | 90 | $ | 36 | ||||||||||
Accumulated unrealized gains(b) | 34 | 232 | ||||||||||||
Total fair value of available-for-sale investments | $ | 124 | $ | 268 | ||||||||||
Net deferred tax liability | $ | 12 | $ | 81 | ||||||||||
(a) | Bona Film Group (“Bona”) and Phoenix Satellite Television Holdings Ltd. (“Phoenix”) were the significant available-for-sale investments at June 30, 2014 and 2013, respectively. | |||||||||||||
(b) | Approximately $200 million of the unrealized gain as of June 30, 2013 relates to the Company’s investment in Phoenix which was sold in November 2013 and recognized in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | |||||||||||||
Schedule of Earnings (Losses) of Equity Affiliates | ' | |||||||||||||
The Company’s share of the earnings of its equity affiliates was as follows: | ||||||||||||||
For the years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
DBS equity affiliates | $ | 609 | $ | 826 | $ | 658 | ||||||||
Cable channel equity affiliates | 29 | (52 | ) | (34 | ) | |||||||||
Other equity affiliates | (16 | ) | (119 | ) | 12 | |||||||||
Total equity earnings of affiliates(a) | $ | 622 | $ | 655 | $ | 636 | ||||||||
(a) | The Company’s investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of June 30, 2014 and 2013, respectively, which represented the excess cost over the Company’s proportionate share of its investments’ underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill. In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of June 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest. | |||||||||||||
In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. | ||||||||||||||
Schedule of Summarized Financial Information | ' | |||||||||||||
Summarized financial information for a significant equity affiliate, determined in accordance with Regulation S-X of the Securities and Exchange Act of 1934, as amended, accounted for under the equity method was as follows: | ||||||||||||||
For the years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Revenues | $ | 12,402 | $ | 11,342 | $ | 10,754 | ||||||||
Operating income | 1,887 | 2,024 | 1,968 | |||||||||||
Income from continuing operations | 1,332 | 1,535 | 1,435 | |||||||||||
Net income | 1,332 | 1,535 | 1,435 | |||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Current assets | $ | 4,401 | $ | 3,908 | ||||||||||
Non-current assets | 7,679 | 6,678 | ||||||||||||
Current liabilities | 4,309 | 3,524 | ||||||||||||
Non-current liabilities | 4,889 | 4,588 | ||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them | ' | |||||||||||||||
The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: | ||||||||||||||||
Fair value measurements | ||||||||||||||||
As of June 30, 2014 | ||||||||||||||||
Description | Total | Quoted prices in active markets for identical instruments | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities(a) | $ | 124 | $ | 124 | $ | - | $ | - | ||||||||
Liabilities | ||||||||||||||||
Derivatives(b) | (10 | ) | - | (10 | ) | - | ||||||||||
Contingent consideration(c) | (134 | ) | - | - | (134 | ) | ||||||||||
Redeemable noncontrolling interests(d) | (541 | ) | - | - | (541 | ) | ||||||||||
Total | $ | (561 | ) | $ | 124 | $ | (10 | ) | $ | (675 | ) | |||||
As of June 30, 2013 | ||||||||||||||||
Description | Total | Quoted prices in active markets for identical instruments | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities(a) | $ | 268 | $ | 268 | $ | - | $ | - | ||||||||
Derivatives(b) | 3 | - | 3 | - | ||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration(c) | (84 | ) | - | - | (84 | ) | ||||||||||
Redeemable noncontrolling interests(d) | (519 | ) | - | - | (519 | ) | ||||||||||
Total | $ | (332 | ) | $ | 268 | $ | 3 | $ | (603 | ) | ||||||
(a) | See Note 7 – Investments. | |||||||||||||||
(b) | Primarily represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts designated as cash flow hedges. | |||||||||||||||
(c) | Represents contingent consideration related to EMM and SportsTime Ohio. (See Note 3 – Acquisitions, Disposals and Other Transactions) | |||||||||||||||
(d) | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. | |||||||||||||||
The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. | ||||||||||||||||
Significant unobservable inputs used in the fair value measurement of the Company’s redeemable noncontrolling interests are operating income before depreciation and amortization (“OIBDA”) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement. | ||||||||||||||||
The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i) applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii) using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholder’s put right is currently exercisable and another minority shareholder’s put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. | ||||||||||||||||
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3 | ' | |||||||||||||||
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | (519 | ) | $ | (641 | ) | ||||||||||
Net income attributable to redeemable noncontrolling interests | (95 | ) | (93 | ) | ||||||||||||
Distributions and other(a) | 73 | 215 | ||||||||||||||
End of period | $ | (541 | ) | $ | (519 | ) | ||||||||||
(a) | The redeemable noncontrolling interest in Asianet Communications was redeemed in fiscal 2013 and as a result, $186 million was reclassified out of Redeemable noncontrolling interests. | |||||||||||||||
Changes in Fair Value of Derivatives Designated as Cash Flow Hedges and Other Derivatives | ' | |||||||||||||||
The following table shows the changes in fair value of derivatives designated as cash flow hedges and other derivatives: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | 3 | $ | 17 | ||||||||||||
Changes in fair value recorded in accumulated other comprehensive loss, | (24 | ) | (2 | ) | ||||||||||||
net of settlements | ||||||||||||||||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 14 | (13 | ) | |||||||||||||
Other | (3 | ) | 1 | |||||||||||||
End of period | $ | (10 | ) | $ | 3 | |||||||||||
Contingent Consideration | ' | |||||||||||||||
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3 | ' | |||||||||||||||
The changes in contingent consideration classified as Level 3 measurements were as follows: | ||||||||||||||||
For the years ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning of period | $ | (84 | ) | $ | - | |||||||||||
Additions | - | (83 | ) | |||||||||||||
Payments | 1 | - | ||||||||||||||
Measurement adjustments | (51 | ) | (1 | ) | ||||||||||||
End of period | $ | (134 | ) | $ | (84 | ) | ||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment | ' | |||||||||
As of June 30, | ||||||||||
Useful lives | 2014 | 2013 | ||||||||
(in millions) | ||||||||||
Land | $ | 142 | $ | 142 | ||||||
Buildings and leaseholds | 3 to 40 years | 1,373 | 1,307 | |||||||
Machinery and equipment | 3 to 15 years | 6,571 | 5,726 | |||||||
8,086 | 7,175 | |||||||||
Less: accumulated depreciation and amortization | (5,300 | ) | (4,480 | ) | ||||||
2,786 | 2,695 | |||||||||
Construction in progress | 145 | 134 | ||||||||
Total property, plant and equipment, net | $ | 2,931 | $ | 2,829 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Schedule of Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization | ' | |||||||||||||||||||||||||||
The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows: | ||||||||||||||||||||||||||||
Intangible assets not | Amortizable intangible | |||||||||||||||||||||||||||
subject to amortization | assets, net | |||||||||||||||||||||||||||
FCC | Other | Total | MVPD affiliate | Other | Total | Total | ||||||||||||||||||||||
licenses | agreements and relationships(a) | intangible | intangible | |||||||||||||||||||||||||
assets, | assets, | |||||||||||||||||||||||||||
net(b) | net | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 2,398 | $ | 1,025 | $ | 3,423 | $ | 708 | $ | 933 | $ | 1,641 | $ | 5,064 | ||||||||||||||
Acquisitions | - | 191 | 191 | 1,464 | 82 | 1,546 | 1,737 | |||||||||||||||||||||
Foreign exchange | - | 7 | 7 | - | 63 | 63 | 70 | |||||||||||||||||||||
Amortization | - | - | - | (90 | ) | (311 | ) | (401 | ) | (401 | ) | |||||||||||||||||
Adjustments | - | 240 | 240 | - | 1,362 | 1,362 | 1,602 | |||||||||||||||||||||
Balance, June 30, 2014 | $ | 2,398 | $ | 1,463 | $ | 3,861 | $ | 2,082 | $ | 2,129 | $ | 4,211 | $ | 8,072 | ||||||||||||||
(a) | Net of accumulated amortization of $367 million and $277 million as of June 30, 2014 and 2013, respectively. The average useful life of the MVPD affiliate agreements and relationships ranges from 10 to 20 years. | |||||||||||||||||||||||||||
(b) | Net of accumulated amortization of $791 million and $551 million as of June 30, 2014 and 2013, respectively. The average useful life of other intangible assets ranges from 5 to 20 years. | |||||||||||||||||||||||||||
Schedule of Estimated Amortization Expenses | ' | |||||||||||||||||||||||||||
Based on the current amount of amortizable intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows: | ||||||||||||||||||||||||||||
For the year ending June 30, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Estimated amortization expense(a) | $ | 401 | $ | 381 | $ | 355 | $ | 345 | $ | 343 | ||||||||||||||||||
(a) | These amounts may vary as acquisitions and disposals occur in the future and as purchase price allocations are finalized. | |||||||||||||||||||||||||||
Schedule of Changes in the Carrying Value of Goodwill | ' | |||||||||||||||||||||||||||
The changes in the carrying value of goodwill, by segment, are as follows: | ||||||||||||||||||||||||||||
Cable Network Programming | Television | Filmed Entertainment | Direct Broadcast Satellite Television | Other, Corporate and Eliminations | Total Goodwill | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | 7,753 | $ | 1,882 | $ | 1,537 | $ | 6,052 | $ | 31 | $ | 17,255 | ||||||||||||||||
Acquisitions | 1,620 | - | - | - | - | 1,620 | ||||||||||||||||||||||
Foreign exchange movements | 19 | - | 57 | 281 | - | 357 | ||||||||||||||||||||||
Adjustments | 159 | - | - | (1,339 | ) | - | (1,180 | ) | ||||||||||||||||||||
Balance, June 30, 2014 | $ | 9,551 | $ | 1,882 | $ | 1,594 | $ | 4,994 | $ | 31 | $ | 18,052 | ||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Schedule of Borrowings | ' | |||||||||||||
Weighted | Due date as of | Outstanding | ||||||||||||
average | as of June 30, | |||||||||||||
interest rate | ||||||||||||||
Description | as of June 30, 2014 | 30-Jun-14 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||||
Bank loans | $ | 1,434 | $ | 293 | ||||||||||
Public debt | ||||||||||||||
- Predecessor indentures | 7.02% | 2014 - 2096 | 11,529 | 11,665 | ||||||||||
- Senior notes issued under August 2009 indenture | 5.11% | 2020 - 2043 | 5,500 | 4,500 | ||||||||||
Total public debt | 17,029 | 16,165 | ||||||||||||
Other borrowings | Jun-18 | 595 | - | |||||||||||
Total borrowings | 19,058 | 16,458 | ||||||||||||
Less: current portion | (799 | ) | (137 | ) | ||||||||||
Long-term borrowings | $ | 18,259 | $ | 16,321 | ||||||||||
Schedule of Borrowings by Currency | ' | |||||||||||||
Borrowings are payable in the following currencies: | ||||||||||||||
As of June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
U.S. Dollars | $ | 18,750 | $ | 16,028 | ||||||||||
Euros(a) | 308 | 293 | ||||||||||||
Australian Dollars | - | 137 | ||||||||||||
Total borrowings | $ | 19,058 | $ | 16,458 | ||||||||||
(a)Sky Deutschland credit agreement. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following table summarizes the components of Accumulated other comprehensive (loss) income as follows: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | $ | 430 | $ | (46 | ) | $ | 871 | |||||
Unrealized holding gains on securities | 67 | 151 | 199 | |||||||||
Benefit plan adjustments | (531 | ) | (424 | ) | (1,048 | ) | ||||||
Accumulated other comprehensive (loss) income, net of tax | $ | (34 | ) | $ | (319 | ) | $ | 22 | ||||
Schedule of Comprehensive Income Loss | ' | |||||||||||
The following table summarizes the activity within Other comprehensive income (loss): | ||||||||||||
For the year ended June 30, 2014 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized gains | $ | 664 | $ | (74 | ) | $ | 590 | |||||
Amount reclassified on hedging activity(a) | 14 | (6 | ) | 8 | ||||||||
Other comprehensive income(b) | $ | 678 | $ | (80 | ) | $ | 598 | |||||
Gains and losses on securities | ||||||||||||
Unrealized gains | $ | 71 | $ | (25 | ) | $ | 46 | |||||
Amount reclassified on sale of Phoenix(c) | (200 | ) | 70 | (130 | ) | |||||||
Other comprehensive loss | $ | (129 | ) | $ | 45 | $ | (84 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized losses | $ | (210 | ) | $ | 75 | $ | (135 | ) | ||||
Reclassification adjustments realized in net income(d) | 45 | (17 | ) | 28 | ||||||||
Other comprehensive loss | $ | (165 | ) | $ | 58 | $ | (107 | ) | ||||
For the year ended June 30, 2013 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized losses | $ | (877 | ) | $ | 2 | $ | (875 | ) | ||||
Amount reclassified on hedging activity(a) | (13 | ) | 4 | (9 | ) | |||||||
Amount reclassified on the sale of NDS(c) | 10 | - | 10 | |||||||||
Other comprehensive loss(b)(e) | $ | (880 | ) | $ | 6 | $ | (874 | ) | ||||
Gains and losses on securities | ||||||||||||
Unrealized losses | $ | (71 | ) | $ | 26 | $ | (45 | ) | ||||
Other comprehensive loss(e) | $ | (71 | ) | $ | 26 | $ | (45 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized gains | $ | 374 | $ | (138 | ) | $ | 236 | |||||
Reclassification adjustments realized in net income(d) | 103 | (36 | ) | 67 | ||||||||
Other comprehensive income(e) | $ | 477 | $ | (174 | ) | $ | 303 | |||||
For the year ended June 30, 2012 | ||||||||||||
Before tax | Tax | Net of tax | ||||||||||
(provision) | ||||||||||||
benefit | ||||||||||||
(in millions) | ||||||||||||
Foreign currency translation adjustments | ||||||||||||
Unrealized losses | $ | (999 | ) | $ | (83 | ) | $ | (1,082 | ) | |||
Amount reclassified on hedging activity(a) | (19 | ) | 7 | (12 | ) | |||||||
Other comprehensive loss(b) | $ | (1,018 | ) | $ | (76 | ) | $ | (1,094 | ) | |||
Gains and losses on securities | ||||||||||||
Unrealized losses | $ | (17 | ) | $ | 6 | $ | (11 | ) | ||||
Other comprehensive loss | $ | (17 | ) | $ | 6 | $ | (11 | ) | ||||
Benefit plan adjustments | ||||||||||||
Unrealized losses | $ | (833 | ) | $ | 293 | $ | (540 | ) | ||||
Reclassification adjustments realized in net income(d) | 42 | (13 | ) | 29 | ||||||||
Other comprehensive loss | $ | (791 | ) | $ | 280 | $ | (511 | ) | ||||
(a) | Reclassifications of amounts related to hedging activity are included in Operating expenses or Selling, general and administrative expenses, as appropriate, in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 8 – Fair Value for additional information regarding hedging activity) | |||||||||||
(b) | Foreign currency translation adjustments include $122 million, $15 million and $(5) million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, relating to noncontrolling interests. | |||||||||||
(c) | Reclassifications of amounts related to the sales of Phoenix and NDS are included in Other, net in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014 and 2013. | |||||||||||
(d) | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 17 – Pension And Other Postretirement Benefits for additional information) | |||||||||||
(e) | Other comprehensive income (loss) in fiscal 2013 excludes amounts related to the Separation of $(28) million, $(3) million and $321 million for foreign currency translation adjustments, unrealized holding gains on securities and benefit plan adjustments, respectively. | |||||||||||
Schedule of Dividends Declared | ' | |||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash dividend paid per share | $ | 0.25 | $ | 0.17 | $ | 0.18 | ||||||
Class A Common Stock | ' | |||||||||||
Summary of Purchase of Class A Common Stock | ' | |||||||||||
Below is a summary of the Company’s purchases of its Class A Common Stock: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013(a) | 2012(a) | ||||||||||
(in millions) | ||||||||||||
Total cost of purchases | $ | 3,772 | $ | 2,026 | $ | 4,589 | ||||||
Total number of shares purchased | 115 | 81 | 258 | |||||||||
(a) | During fiscal 2013 and 2012, the shares repurchased were Class A Common Stock of the Company then known as News Corporation. |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Restricted Stock Units and Target Performance Stock Units Settled in Stock | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the Company’s RSUs and target PSUs to be settled in stock (RSUs and PSUs in thousands): | ||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||||||
of | average | of | average | of | average | |||||||||||||||||||
shares | grant- | shares | grant- | shares | grant- | |||||||||||||||||||
date fair | date fair | date fair | ||||||||||||||||||||||
value | value | value | ||||||||||||||||||||||
RSUs and PSUs | ||||||||||||||||||||||||
Unvested units at beginning of the year | 17,794 | $ | 16.19 | 18,197 | $ | 14.51 | 13,377 | $ | 13.04 | |||||||||||||||
Granted | 4,677 | 35.33 | 7,680 | 24.21 | 13,389 | 15.12 | ||||||||||||||||||
Vested(a) | (5,680 | ) | 15.57 | (6,208 | ) | 14.9 | (7,859 | ) | 13.06 | |||||||||||||||
Cancelled | (609 | ) | 18.89 | (1,071 | ) | 15.59 | (710 | ) | 14.44 | |||||||||||||||
Separation of News Corp | - | - | (2,586 | ) | 20.34 | - | - | |||||||||||||||||
Shares granted in conversion, as a result | - | - | 1,782 | 16.19 | - | - | ||||||||||||||||||
of the Separation | ||||||||||||||||||||||||
Unvested units at the end of the year(b) | 16,182 | $ | 22.22 | 17,794 | $ | 16.19 | 18,197 | $ | 14.51 | |||||||||||||||
(a) | The fair value and intrinsic value of the Company’s RSUs that vested during fiscal 2014, 2013 and 2012 was $160 million, $147 million and $132 million, respectively. The fair value and intrinsic value of the Company’s PSUs that vested during fiscal 2014 was $21 million and nil for fiscal 2013 and 2012. Included in the number of shares vested in fiscal 2014 was approximately 1 million shares issued to News Corp employees. | |||||||||||||||||||||||
(b) | The intrinsic value of unvested RSUs and target PSUs at June 30, 2014 was approximately $570 million. | |||||||||||||||||||||||
Summary of Equity-Based Compensation | ' | |||||||||||||||||||||||
The following table summarizes the Company’s equity-based compensation: | ||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Equity-based compensation from continuing operations | $ | 205 | $ | 241 | $ | 198 | ||||||||||||||||||
Cash received from exercise of equity-based compensation | $ | 35 | $ | 181 | $ | 147 | ||||||||||||||||||
Total intrinsic value of stock options exercised(a) | $ | 32 | $ | 73 | $ | 34 | ||||||||||||||||||
(a) | The total intrinsic value of options exercised related to discontinued operations for fiscal 2014, 2013 and 2012 was $9 million, $23 million and $12 million, respectively. |
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Schedule of Net Revenue from Related Parties | ' | |||||||||||
The following table sets forth the net revenue from related parties included in the Consolidated Statements of Operations: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Related party revenue, net of expense | $ | 546 | $ | 398 | $ | 317 | ||||||
Schedule of Amounts Due to from Related Parties | ' | |||||||||||
The following table sets forth the amount of accounts receivable due from and payable to related parties outstanding on the Consolidated Balance Sheets: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Accounts receivable from related parties | $ | 223 | $ | 254 | ||||||||
Accounts payable to related parties(a) | 165 | 456 | ||||||||||
(a) | Balances as of June 30, 2014 and 2013 include amounts expected to be covered by the Indemnity (See Note 16 – Commitments and Contingencies). Also included in fiscal 2013 was the final cash distribution to News Corp. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Schedule of Commitments by Fiscal Year Maturity | ' | |||||||||||||||||||
The following table summarizes the Company’s material firm commitments as of June 30, 2014: | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Payments due by period | ||||||||||||||||||||
Total | 1 year | 2-3 years | 4-5 years | After 5 | ||||||||||||||||
years | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Contracts for capital expenditure | $ | 131 | $ | 108 | $ | 23 | $ | - | $ | - | ||||||||||
Operating leases and service agreements | ||||||||||||||||||||
Land and buildings | 2,210 | 311 | 517 | 451 | 931 | |||||||||||||||
Transponder service agreements and other | 2,513 | 465 | 841 | 611 | 596 | |||||||||||||||
Other commitments | ||||||||||||||||||||
Borrowings | 18,988 | 799 | 783 | 3,027 | 14,379 | |||||||||||||||
Sports programming rights | 52,800 | 6,138 | 12,051 | 9,123 | 25,488 | |||||||||||||||
Entertainment programming rights | 4,618 | 2,069 | 1,852 | 590 | 107 | |||||||||||||||
Other commitments and contractual obligations | 5,733 | 1,611 | 2,459 | 688 | 975 | |||||||||||||||
Total commitments, borrowings and contractual obligations | $ | 86,993 | $ | 11,501 | $ | 18,526 | $ | 14,490 | $ | 42,476 | ||||||||||
Schedule of Contingent Guarantees | ' | |||||||||||||||||||
The timing of the amounts presented in the table below reflect when the maximum contingent guarantees will expire and does not indicate that the Company expects to incur an obligation to make payments during that time frame. | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Amount of guarantees expiration per period | ||||||||||||||||||||
Contingent guarantees: | Total | 1 year | 2-3 years | 4-5 years | After 5 years | |||||||||||||||
(in millions) | ||||||||||||||||||||
Sports programming rights | $ | 559 | $ | 387 | $ | 172 | $ | - | $ | - | ||||||||||
Hulu indemnity | 115 | - | - | 115 | - | |||||||||||||||
Letters of credit and other | 50 | 50 | - | - | - | |||||||||||||||
Total contingent guarantees | $ | 724 | $ | 437 | $ | 172 | $ | 115 | $ | - | ||||||||||
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status | ' | |||||||||||||||||||||||||||||||
The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and funded status for the Company’s benefit plans: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation, beginning of the year | $ | 2,095 | $ | 3,855 | $ | 146 | $ | 377 | ||||||||||||||||||||||||
Service cost | 73 | 105 | 4 | 4 | ||||||||||||||||||||||||||||
Interest cost | 106 | 101 | 6 | 6 | ||||||||||||||||||||||||||||
Benefits paid | (53 | ) | (51 | ) | (8 | ) | (7 | ) | ||||||||||||||||||||||||
Settlements(a) | (39 | ) | (66 | ) | - | - | ||||||||||||||||||||||||||
Actuarial loss (gain)(b) | 289 | (279 | ) | 5 | (3 | ) | ||||||||||||||||||||||||||
Foreign exchange rate changes | 16 | (2 | ) | - | - | |||||||||||||||||||||||||||
Other | 7 | (34 | ) | - | - | |||||||||||||||||||||||||||
Separation of News Corp plans | - | (1,534 | ) | - | (231 | ) | ||||||||||||||||||||||||||
Projected benefit obligation, end of the year | 2,494 | 2,095 | 153 | 146 | ||||||||||||||||||||||||||||
Change in the fair value of plan assets for the | ||||||||||||||||||||||||||||||||
Company’s benefit plans: | ||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of the year | 1,657 | 2,772 | - | - | ||||||||||||||||||||||||||||
Actual return on plan assets | 197 | 116 | - | - | ||||||||||||||||||||||||||||
Employer contributions | 100 | 95 | 8 | 7 | ||||||||||||||||||||||||||||
Benefits paid | (53 | ) | (51 | ) | (8 | ) | (7 | ) | ||||||||||||||||||||||||
Settlements(a) | (39 | ) | (66 | ) | - | - | ||||||||||||||||||||||||||
Foreign exchange rate changes | 12 | (3 | ) | - | - | |||||||||||||||||||||||||||
Amendments, transfers and other | - | 1 | - | - | ||||||||||||||||||||||||||||
Separation of News Corp plans | - | (1,187 | ) | - | - | |||||||||||||||||||||||||||
Payable to News Corp plans | - | (20 | ) | - | - | |||||||||||||||||||||||||||
Fair value of plan assets, end of the year | 1,874 | 1,657 | - | - | ||||||||||||||||||||||||||||
Funded status(c) | $ | (620 | ) | $ | (438 | ) | $ | (153 | ) | $ | (146 | ) | ||||||||||||||||||||
(a) | Amounts related to payments made to former employees in full settlement of their deferred pension benefits. | |||||||||||||||||||||||||||||||
(b) | Actuarial losses (gains) primarily related to changes in the discount rate and the strengthening of the mortality tables utilized in measuring plan obligations at June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
(c) | The Company has established an irrevocable grantor trust (the “Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 and 2013 was approximately $210 million and $200 million, respectively. | |||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Pension/postretirement assets | $ | 34 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
Accrued pension/postretirement liabilities | (654 | ) | (438 | ) | (153 | ) | (146 | ) | ||||||||||||||||||||||||
Net amount recognized | $ | (620 | ) | $ | (438 | ) | $ | (153 | ) | $ | (146 | ) | ||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Loss | ' | |||||||||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss, before tax, consist of: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Actuarial losses | $ | 794 | $ | 625 | $ | 45 | $ | 42 | ||||||||||||||||||||||||
Prior service cost | 7 | 9 | - | - | ||||||||||||||||||||||||||||
Net amounts recognized | $ | 801 | $ | 634 | $ | 45 | $ | 42 | ||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year | ' | |||||||||||||||||||||||||||||||
Amounts in Accumulated other comprehensive loss, before tax, expected to be recognized as a component of net periodic pension cost in fiscal 2015: | ||||||||||||||||||||||||||||||||
Pension | Postretirement benefits | |||||||||||||||||||||||||||||||
benefits | ||||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Actuarial losses | $ | 36 | $ | 3 | ||||||||||||||||||||||||||||
Prior service cost | 1 | - | ||||||||||||||||||||||||||||||
Net amounts recognized | $ | 37 | $ | 3 | ||||||||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Funded and Unfunded Pension Plans | ' | |||||||||||||||||||||||||||||||
Below is information about funded and unfunded pension plans. | ||||||||||||||||||||||||||||||||
Funded plans | Unfunded plans | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,168 | $ | 1,807 | $ | 326 | $ | 288 | ||||||||||||||||||||||||
Accumulated benefit obligation | 1,873 | 1,563 | 318 | 280 | ||||||||||||||||||||||||||||
Fair value of plan assets | 1,874 | 1,657 | - | (a) | - | |||||||||||||||||||||||||||
(a) | The Company has established a Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 was approximately $210 million. | |||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | |||||||||||||||||||||||||||||||
Below is information about pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets. | ||||||||||||||||||||||||||||||||
Funded plans | Unfunded plans | |||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,319 | $ | 411 | $ | 326 | $ | 288 | ||||||||||||||||||||||||
Accumulated benefit obligation | 1,023 | 386 | 318 | 280 | ||||||||||||||||||||||||||||
Fair value of plan assets | 992 | 370 | - | (a) | - | |||||||||||||||||||||||||||
(a) | The Company has established a Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at June 30, 2014 was approximately $210 million. | |||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Costs | ' | |||||||||||||||||||||||||||||||
The components of net periodic benefits costs from continuing operations were as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Service cost benefits earned during the period | $ | 73 | $ | 105 | $ | 78 | $ | 4 | $ | 4 | $ | 3 | ||||||||||||||||||||
Interest costs on projected benefit obligations | 106 | 101 | 103 | 6 | 6 | 6 | ||||||||||||||||||||||||||
Expected return on plan assets | (113 | ) | (110 | ) | (103 | ) | - | - | - | |||||||||||||||||||||||
Amortization of deferred losses | 41 | 79 | 32 | 3 | 3 | - | ||||||||||||||||||||||||||
Other | 1 | 2 | 6 | - | - | (2 | ) | |||||||||||||||||||||||||
Net periodic benefits costs from continuing operations | $ | 108 | $ | 177 | $ | 116 | $ | 13 | $ | 13 | $ | 7 | ||||||||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | |||||||||||||||||||||||||||||||
For the years ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Additional information related to continuing operations: | ||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.2 | % | 4.3 | % | 4.3 | % | 4.8 | % | 3.8 | % | ||||||||||||||||||||
Rate of increase in future compensation | 4.6 | % | 4.4 | % | 6.2 | % | N/A | N/A | N/A | |||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.3 | % | 5.7 | % | 4.8 | % | 3.8 | % | 5.3 | % | ||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | N/A | N/A | N/A | |||||||||||||||||||||||
Rate of increase in future compensation | 4.4 | % | 6.2 | % | 6.1 | % | N/A | N/A | N/A | |||||||||||||||||||||||
N/A – not applicable | ||||||||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||||||||
The following assumed health care cost trend rates at June 30 were also used in accounting for postretirement benefits: | ||||||||||||||||||||||||||||||||
Postretirement benefits | ||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | |||||||||||||||||||||||||||||||
Health care cost trend rate | 6.4 | % | 6.8 | % | ||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2028 | 2019 | ||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||||||||
Assumed health care cost trend rates could have a significant effect on the amounts reported for the postretirement health care plan. The effect of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate would have the following effects on the results for fiscal 2014: | ||||||||||||||||||||||||||||||||
Service and | Benefit | |||||||||||||||||||||||||||||||
interest costs | obligation | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
One percentage point increase | N/A | $ | 5 | |||||||||||||||||||||||||||||
One percentage point decrease | N/A | $ | (4 | ) | ||||||||||||||||||||||||||||
N/A – not applicable | ||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||||||
The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service: | ||||||||||||||||||||||||||||||||
Expected benefit payments | ||||||||||||||||||||||||||||||||
Pension | Postretirement benefits | |||||||||||||||||||||||||||||||
benefits | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fiscal year: | ||||||||||||||||||||||||||||||||
2015 | $ | 101 | $ | 7 | ||||||||||||||||||||||||||||
2016 | 100 | 7 | ||||||||||||||||||||||||||||||
2017 | 107 | 8 | ||||||||||||||||||||||||||||||
2018 | 111 | 9 | ||||||||||||||||||||||||||||||
2019 | 115 | 9 | ||||||||||||||||||||||||||||||
2020-2024 | 682 | 49 | ||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||||
The table below presents the Company’s plan assets by level within the fair value hierarchy, as described in Note 8 – Fair Value, as of June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||||||||||||||||||||||||||
Fair value measurements at reporting date using | Fair value measurements at reporting date using | |||||||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Pooled funds:(a) | ||||||||||||||||||||||||||||||||
Money market funds | $ | 117 | $ | - | $ | 117 | $ | - | $ | 22 | $ | - | $ | 22 | $ | - | ||||||||||||||||
Domestic equity funds | 172 | 172 | - | - | 146 | 146 | - | - | ||||||||||||||||||||||||
International equity funds | 309 | 255 | 54 | - | 264 | 214 | 50 | - | ||||||||||||||||||||||||
Domestic fixed income funds | 164 | 164 | - | - | 278 | 278 | - | - | ||||||||||||||||||||||||
International fixed income funds | 161 | 1 | 160 | - | 32 | - | 32 | - | ||||||||||||||||||||||||
Balanced funds | 334 | 173 | 161 | - | 297 | 155 | 142 | - | ||||||||||||||||||||||||
Common stocks(b) | ||||||||||||||||||||||||||||||||
U.S. common stocks | 360 | 360 | - | - | 300 | 300 | - | - | ||||||||||||||||||||||||
Government and agency obligations(c) | ||||||||||||||||||||||||||||||||
Domestic government obligations | 24 | - | 24 | - | 35 | - | 35 | - | ||||||||||||||||||||||||
Domestic agency obligations | 33 | - | 33 | - | 67 | - | 67 | - | ||||||||||||||||||||||||
International government obligations | - | - | - | - | 66 | - | 66 | - | ||||||||||||||||||||||||
Corporate obligations(c) | 84 | - | 84 | - | 75 | - | 75 | - | ||||||||||||||||||||||||
Partnership interests(d) | 37 | - | 37 | - | 38 | - | 38 | - | ||||||||||||||||||||||||
Other | 79 | (11 | ) | 89 | 1 | 37 | (12 | ) | 48 | 1 | ||||||||||||||||||||||
Total | $ | 1,874 | $ | 1,114 | $ | 759 | $ | 1 | $ | 1,657 | $ | 1,081 | $ | 575 | $ | 1 | ||||||||||||||||
(a) | Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published net asset value (“NAV”). Other pooled funds are valued at the NAV provided by the fund issuer. | |||||||||||||||||||||||||||||||
(b) | Common stocks that are publicly traded are valued at the closing price reported on active markets in which the individual securities are traded. | |||||||||||||||||||||||||||||||
(c) | The fair value of corporate, government and agency obligations are valued based on a compilation of primary observable market information or a broker quote in a non-active market. | |||||||||||||||||||||||||||||||
(d) | The fair values of partnerships that are not publicly traded are based on the fair value obtained from the general partner. | |||||||||||||||||||||||||||||||
Schedule of Weighted Average Asset Allocations by Asset Category | ' | |||||||||||||||||||||||||||||||
The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | ||||||||||||||||||||||||||||||||
As of June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||||||
Equity securities | 46 | % | 43 | % | ||||||||||||||||||||||||||||
Debt securities | 29 | 37 | ||||||||||||||||||||||||||||||
Other, including cash | 25 | 20 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Schedule of Income (Loss) from Continuing Operations Before Income Tax Expense by Jurisdiction | ' | |||||||||||
Income from continuing operations before income tax expense was attributable to the following jurisdictions: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. (including exports) | $ | 5,375 | $ | 8,115 | $ | 3,861 | ||||||
Foreign | (186 | ) | 621 | 602 | ||||||||
Income from continuing operations before income tax expense | $ | 5,189 | $ | 8,736 | $ | 4,463 | ||||||
Schedule of Components of Provision (Benefit) for Income Taxes from Continuing Operations | ' | |||||||||||
Significant components of the Company’s provision for income taxes from continuing operations were as follows: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. | ||||||||||||
Federal | $ | 1,178 | $ | 1,024 | $ | 867 | ||||||
State & local | 76 | 93 | 16 | |||||||||
Foreign | 57 | 93 | 49 | |||||||||
Total current | 1,311 | 1,210 | 932 | |||||||||
Deferred | (39 | ) | 480 | 162 | ||||||||
Provision for income taxes from continuing operations | $ | 1,272 | $ | 1,690 | $ | 1,094 | ||||||
Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of income tax attributable to continuing operations computed at the statutory rate to income tax expense was: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Sale of interest in subsidiaries | - | (4 | ) | (4 | ) | |||||||
State and local taxes | 1 | 1 | 1 | |||||||||
Effect of foreign operations | (5 | ) | (2 | ) | (6 | ) | ||||||
Resolution of tax matters | - | (1 | ) | - | ||||||||
Non-deductible goodwill on asset impairment | - | - | 2 | |||||||||
Valuation allowance movements | - | (7 | ) | 1 | ||||||||
Nontaxable income attributable to noncontrolling interests | (2 | ) | (1 | ) | (2 | ) | ||||||
Domestic production activities deduction | (2 | ) | (1 | ) | (3 | ) | ||||||
Other | (2 | ) | (1 | ) | 1 | |||||||
Effective tax rate for income from continuing operations | 25 | % | 19 | % | 25 | % | ||||||
Schedule of Components of Deferred Tax Assets and Liabilities | ' | |||||||||||
The following is a summary of the components of the deferred tax accounts: | ||||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 284 | $ | 1,109 | ||||||||
Capital loss carryforwards | 1,360 | 1,676 | ||||||||||
Foreign tax credit carryforwards | 561 | 474 | ||||||||||
Accrued liabilities | 733 | 653 | ||||||||||
Other | 293 | 231 | ||||||||||
Total deferred tax assets | 3,231 | 4,143 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Basis difference and amortization | (2,898 | ) | (2,449 | ) | ||||||||
Revenue recognition | (528 | ) | (505 | ) | ||||||||
Sports rights contracts | (135 | ) | (128 | ) | ||||||||
Total deferred tax liabilities | (3,561 | ) | (3,082 | ) | ||||||||
Net deferred tax (liability) asset before valuation allowance | (330 | ) | 1,061 | |||||||||
Less: valuation allowance | (2,338 | ) | (3,284 | ) | ||||||||
Total net deferred tax liabilities | $ | (2,668 | ) | $ | (2,223 | ) | ||||||
Change in the Accrual for Uncertain Tax Positions | ' | |||||||||||
The following table sets forth the change in the unrecognized tax benefits, excluding interest and penalties: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Balance, beginning of period | $ | 200 | $ | 173 | $ | 140 | ||||||
Additions for prior year tax positions | 1 | 60 | 32 | |||||||||
Additions for current year tax positions | 13 | 4 | 14 | |||||||||
Reduction for prior year tax positions | (70 | ) | (37 | ) | (13 | ) | ||||||
Balance, end of period from continuing operations | 144 | 200 | 173 | |||||||||
Balance, end of period from discontinued operations | - | - | 116 | |||||||||
Balance, end of period | $ | 144 | $ | 200 | $ | 289 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Reconciliation of Revenue and Segment OIBDA from Segments to Consolidated | ' | |||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Cable Network Programming | $ | 12,273 | $ | 10,881 | $ | 9,324 | ||||||
Television | 5,296 | 4,860 | 4,803 | |||||||||
Filmed Entertainment | 9,679 | 8,642 | 8,363 | |||||||||
Direct Broadcast Satellite Television | 6,030 | 4,439 | 3,740 | |||||||||
Other, Corporate and Eliminations | (1,411 | ) | (1,147 | ) | (1,179 | ) | ||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
Segment OIBDA: | ||||||||||||
Cable Network Programming | $ | 4,407 | $ | 4,177 | $ | 3,549 | ||||||
Television | 882 | 855 | 791 | |||||||||
Filmed Entertainment | 1,358 | 1,308 | 1,312 | |||||||||
Direct Broadcast Satellite Television | 424 | 397 | 561 | |||||||||
Other, Corporate and Eliminations | (356 | ) | (476 | ) | (456 | ) | ||||||
Total Segment OIBDA | 6,715 | 6,261 | 5,757 | |||||||||
Amortization of cable distribution investments | (85 | ) | (89 | ) | (88 | ) | ||||||
Depreciation and amortization | (1,142 | ) | (797 | ) | (711 | ) | ||||||
Impairment charges | - | (35 | ) | (201 | ) | |||||||
Equity earnings of affiliates | 622 | 655 | 636 | |||||||||
Interest expense, net | (1,121 | ) | (1,063 | ) | (1,032 | ) | ||||||
Interest income | 26 | 57 | 77 | |||||||||
Other, net | 174 | 3,747 | 25 | |||||||||
Income from continuing operations before income tax expense | 5,189 | 8,736 | 4,463 | |||||||||
Income tax expense | (1,272 | ) | (1,690 | ) | (1,094 | ) | ||||||
Income from continuing operations | 3,917 | 7,046 | 3,369 | |||||||||
Income (loss) from discontinued operations, net of tax | 729 | 277 | (1,997 | ) | ||||||||
Net income | 4,646 | 7,323 | 1,372 | |||||||||
Less: Net income attributable to noncontrolling interests | (132 | ) | (226 | ) | (193 | ) | ||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 4,514 | $ | 7,097 | $ | 1,179 | ||||||
Reconciliation of Depreciation and Amortization, Capital Expenditures from Segments to Consolidated | ' | |||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Depreciation and amortization: | ||||||||||||
Cable Network Programming | $ | 232 | $ | 197 | $ | 166 | ||||||
Television | 105 | 93 | 85 | |||||||||
Filmed Entertainment | 133 | 132 | 129 | |||||||||
Direct Broadcast Satellite Television | 657 | 355 | 307 | |||||||||
Other, Corporate and Eliminations | 15 | 20 | 24 | |||||||||
Total depreciation and amortization | $ | 1,142 | $ | 797 | $ | 711 | ||||||
Capital expenditures: | ||||||||||||
Cable Network Programming | $ | 131 | $ | 88 | $ | 83 | ||||||
Television | 90 | 103 | 72 | |||||||||
Filmed Entertainment | 61 | 63 | 50 | |||||||||
Direct Broadcast Satellite Television | 368 | 344 | 298 | |||||||||
Other, Corporate and Eliminations | 28 | 24 | 61 | |||||||||
Total capital expenditures | $ | 678 | $ | 622 | $ | 564 | ||||||
Reconciliation of Assets from Segments to Consolidated | ' | |||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Total assets: | ||||||||||||
Cable Network Programming | $ | 22,422 | $ | 17,830 | ||||||||
Television | 6,449 | 6,415 | ||||||||||
Filmed Entertainment | 10,419 | 9,411 | ||||||||||
Direct Broadcast Satellite Television | 9,144 | 8,636 | ||||||||||
Other, Corporate and Eliminations | 3,500 | 4,948 | ||||||||||
Investments | 2,859 | 3,704 | ||||||||||
Total assets | $ | 54,793 | $ | 50,944 | ||||||||
Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated | ' | |||||||||||
Goodwill and intangible assets, net: | ||||||||||||
Cable Network Programming | $ | 12,854 | $ | 9,444 | ||||||||
Television | 4,282 | 4,283 | ||||||||||
Filmed Entertainment | 2,441 | 2,439 | ||||||||||
Direct Broadcast Satellite Television | 6,451 | 6,057 | ||||||||||
Other, Corporate and Eliminations | 96 | 96 | ||||||||||
Total goodwill and intangible assets, net | $ | 26,124 | $ | 22,319 | ||||||||
Reconciliation of Revenue from Components to Consolidated | ' | |||||||||||
Revenues by Component | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Affiliate fees | $ | 8,984 | $ | 7,678 | $ | 6,331 | ||||||
Subscription | 5,467 | 4,074 | 3,408 | |||||||||
Advertising | 8,218 | 7,634 | 7,553 | |||||||||
Content | 8,596 | 7,871 | 7,260 | |||||||||
Other | 602 | 418 | 499 | |||||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
Revenue and Long-Lived Assets by Geographical Region | ' | |||||||||||
Geographic Segments | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
U.S. and Canada(a) | $ | 17,842 | $ | 15,937 | $ | 15,200 | ||||||
Europe(b) | 9,745 | 7,717 | 6,728 | |||||||||
Other(c) | 4,280 | 4,021 | 3,123 | |||||||||
Total revenues | $ | 31,867 | $ | 27,675 | $ | 25,051 | ||||||
(a) | Revenues include approximately $17.4 billion, $15.6 billion and $14.9 billion from customers in the U.S. in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
(b) | Revenues include approximately $2.4 billion, $1.3 billion and $0.3 billion for fiscal 2014, 2013 and 2012, respectively, from customers in Germany, as well as approximately $3.9 billion, $3.6 billion and $3.8 billion from customers in Italy in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
(c) | Revenues include approximately $2.2 billion, $2.1 billion and $1.6 billion from customers in Asia in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
As of June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Long-lived assets:(a) | ||||||||||||
U.S. and Canada | $ | 7,951 | $ | 6,855 | ||||||||
Europe | 1,788 | 1,752 | ||||||||||
Other | 634 | 700 | ||||||||||
Total long-lived assets | $ | 10,373 | $ | 9,307 | ||||||||
(a) | Reflects Total assets less Current assets, Goodwill, Intangible assets, Investments and Non-current deferred tax assets. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following tables set forth the computation of basic and diluted earnings per share under ASC 260, “Earnings per Share”: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per share amounts) | ||||||||||||
Income from continuing operations | $ | 3,917 | $ | 7,046 | $ | 3,369 | ||||||
Less: Net income attributable to noncontrolling interests | (132 | ) | (226 | ) | (193 | ) | ||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - basic | $ | 3,785 | $ | 6,820 | $ | 3,176 | ||||||
Other | - | (3 | ) | (2 | ) | |||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - diluted | $ | 3,785 | $ | 6,817 | $ | 3,174 | ||||||
Income (loss) from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders - basic and diluted | 729 | 277 | (1,997 | ) | ||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | 4,514 | 7,097 | 1,179 | |||||||||
Other | - | (3 | ) | (2 | ) | |||||||
Net income attributable to Twenty-First Century Fox stockholders - diluted | $ | 4,514 | $ | 7,094 | $ | 1,177 | ||||||
Weighted average shares - basic | 2,265 | 2,337 | 2,499 | |||||||||
Shares issuable under equity-based compensation plans(a) | 4 | 4 | 5 | |||||||||
Weighted average shares - diluted | 2,269 | 2,341 | 2,504 | |||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 1.67 | $ | 2.91 | $ | 1.27 | ||||||
Income (loss) from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.32 | $ | 0.12 | $ | (0.80 | ) | |||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 1.99 | $ | 3.03 | $ | 0.47 | ||||||
(a) | Weighted average common shares include the incremental shares that would be issued upon the assumed exercise of stock options and vesting of RSUs and PSUs if the effect is dilutive. |
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
For the three months ended | ||||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Fiscal 2014 | ||||||||||||||||
Revenues | $ | 7,061 | $ | 8,163 | $ | 8,219 | $ | 8,424 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | 768 | 982 | 1,069 | 966 | ||||||||||||
Income (loss) from discontinued operations, net of tax(a) | 487 | 225 | (16 | ) | 33 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders | $ | 1,255 | $ | 1,207 | $ | 1,053 | $ | 999 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.33 | $ | 0.43 | $ | 0.47 | $ | 0.43 | ||||||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.54 | $ | 0.53 | $ | 0.47 | $ | 0.45 | ||||||||
Stock prices(b) | ||||||||||||||||
Class A - High | $ | 33.51 | $ | 35.18 | $ | 35.63 | $ | 36.21 | ||||||||
Class A - Low | $ | 29.21 | $ | 32.2 | $ | 30.73 | $ | 31.65 | ||||||||
Class B - High | $ | 33.4 | $ | 34.85 | $ | 35.04 | $ | 35.36 | ||||||||
Class B - Low | $ | 29.34 | $ | 31.65 | $ | 30.21 | $ | 30.77 | ||||||||
Fiscal 2013 | ||||||||||||||||
Revenues | $ | 6,003 | $ | 7,107 | $ | 7,353 | $ | 7,212 | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | 2,253 | 1,057 | 2,533 | 977 | ||||||||||||
(Loss) income from discontinued operations, net of tax(a) | (20 | ) | 1,324 | 321 | (1,348 | ) | ||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,233 | $ | 2,381 | $ | 2,854 | $ | (371 | ) | |||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $ | 0.95 | $ | 0.45 | $ | 1.09 | $ | 0.42 | ||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - basic | $ | 0.94 | $ | 1.02 | $ | 1.23 | $ | (0.16 | ) | |||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - diluted | $ | 0.94 | $ | 1.01 | $ | 1.22 | $ | (0.16 | ) | |||||||
Stock prices(b) | ||||||||||||||||
Class A - High | $ | 22.09 | $ | 22.51 | $ | 27.1 | $ | 29.56 | ||||||||
Class A - Low | $ | 19.04 | $ | 20.42 | $ | 22.52 | $ | 26.79 | ||||||||
Class B - High | $ | 22.27 | $ | 23.08 | $ | 27.44 | $ | 29.71 | ||||||||
Class B - Low | $ | 19.18 | $ | 20.81 | $ | 23.17 | $ | 26.96 | ||||||||
(a) | In the quarter ended June 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 – Discontinued Operations) | |||||||||||||||
(b) | The stock prices reflect the reported high and low closing sales prices for the Class A Common Stock and Class B Common Stock, as reported on the NASDAQ under the symbols “FOXA” and “FOX”, respectively. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | |||||||||||||||||||||||
Balance as | Additions | Acquisitions | Utilization | Foreign exchange | Balance as | |||||||||||||||||||
of beginning | and | of end of | ||||||||||||||||||||||
of year | disposals | year | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | $ | (899 | ) | $ | (890 | ) | $ | - | $ | 943 | $ | 31 | $ | (815 | ) | |||||||||
Deferred tax valuation allowance | (3,284 | ) | (171 | ) | 938 | 218 | (39 | ) | (2,338 | ) | ||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | (800 | ) | (1,078 | ) | 5 | 994 | (20 | ) | (899 | ) | ||||||||||||||
Deferred tax valuation allowance | (1,514 | ) | (156 | ) | (2,054 | ) | 392 | 48 | (3,284 | ) | ||||||||||||||
Fiscal 2012 | ||||||||||||||||||||||||
Allowances for returns and doubtful accounts | (872 | ) | (1,116 | ) | 7 | 1,138 | 43 | (800 | ) | |||||||||||||||
Deferred tax valuation allowance | (1,410 | ) | (162 | ) | - | 58 | - | (1,514 | ) | |||||||||||||||
Additional_Financial_Informati1
Additional Financial Information (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Supplemental cash flows information: | ||||||||||||
Cash paid for income taxes(a) | $ | (1,441 | ) | $ | (1,267 | ) | $ | (1,103 | ) | |||
Cash paid for interest | (1,140 | ) | (1,080 | ) | (1,043 | ) | ||||||
Sale of other investments | 1 | 3 | 37 | |||||||||
Purchase of other investments | (65 | ) | (155 | ) | (218 | ) | ||||||
Supplemental information on businesses acquired: | ||||||||||||
Fair value of assets acquired | 2,833 | 5,399 | 795 | |||||||||
Cash acquired | 3 | 684 | 19 | |||||||||
Liabilities assumed | (1,763 | ) | (2,174 | ) | (91 | ) | ||||||
Decrease in deferred consideration | 7 | - | - | |||||||||
Noncontrolling interest (increase) decrease | (385 | ) | (2,619 | ) | 19 | |||||||
Cash paid | (695 | ) | (1,290 | ) | (469 | ) | ||||||
Fair value of equity instruments issued to third parties | - | - | 273 | |||||||||
Issuance of subsidiary common units | - | - | (273 | ) | ||||||||
Fair value of equity instruments consideration | $ | - | $ | - | $ | - | ||||||
(a) | Cash paid for income taxes related to discontinued operations for the fiscal years ended June 30, 2014, 2013 and 2012 was nil, $104 million and $88 million, respectively. | |||||||||||
Components of Other, net | ' | |||||||||||
The following table sets forth the components of Other, net included in the Consolidated Statements of Operations: | ||||||||||||
For the years ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Gain on Sky Deutschland transaction(a) | $ | - | $ | 2,069 | $ | - | ||||||
(Loss) gain on sale of investment in NDS(b) | (30 | ) | 1,446 | - | ||||||||
Gain on sale of investment in Phoenix(b) | 199 | 81 | - | |||||||||
Gain on Fox Sports Asia transaction(a) | - | 174 | - | |||||||||
Gain on sale of investment in STATS(b) | 112 | - | - | |||||||||
Shareholder litigation settlement(c) | 111 | - | - | |||||||||
Venezuela foreign currency devaluation(d) | (104 | ) | - | - | ||||||||
Loss on sale of Baltimore station(a) | - | (92 | ) | - | ||||||||
Gain on FSLA transaction(a) | - | - | 158 | |||||||||
Change in fair value of securities(a) | (4 | ) | 86 | (61 | ) | |||||||
Investment impairment(b) | (69 | ) | (20 | ) | (34 | ) | ||||||
Restructuring(e) | (52 | ) | (13 | ) | (41 | ) | ||||||
BSkyB termination fee(b)(f) | - | - | (63 | ) | ||||||||
Gain on sale of investment in Hathway Cable(b) | - | - | 23 | |||||||||
Other | 11 | 16 | 43 | |||||||||
Total other, net | $ | 174 | $ | 3,747 | $ | 25 | ||||||
(a) | See Note 3 – Acquisitions, Disposals and Other Transactions. | |||||||||||
(b) | See Note 7 – Investments. | |||||||||||
(c) | See Note 16 – Commitments and Contingencies. | |||||||||||
(d) | The Company’s business activities in Venezuela operate in a highly inflationary economy. Recently, there have been significant changes to the foreign currency exchange rate environment in Venezuela governing the conversion of Venezuelan Bolivars (“Bolivars”) to U.S. Dollars. Companies generally have used the official exchange rate controlled by Venezuela’s Commission for the Administration of Foreign Exchange (“CADIVI”), which is 6.3 Bolivars per U.S. Dollar unless they had transactions or were among the entities the Venezuelan government had specifically authorized to use the Supplementary Foreign Currency Administration System (“SICAD”) auction rate. In January 2014, the Venezuelan government significantly expanded the use of the SICAD rate and, more recently, in March 2014, the Venezuelan government created a third currency exchange mechanism called SICAD 2 and said it may be used by all entities for all transactions. Until March 31, 2014, the Company’s Venezuelan Bolivar denominated net monetary assets were translated at the official exchange rate of 6.3 Bolivars per U.S. Dollar. During the fourth quarter of fiscal 2014, the Company was able to use the SICAD 2 mechanism to convert a portion of its Venezuelan Bolivar denominated cash to U.S. Dollars. Accordingly, the Company remeasured all its Venezuelan Bolivar denominated net monetary assets at the SICAD 2 exchange rate resulting in a devaluation loss of $104 million for the year ended June 30, 2014. | |||||||||||
(e) | See Note 5 – Restructuring Programs. | |||||||||||
(f) | The Company paid a termination fee to BSkyB in fiscal 2012 as a result of the Company revoking its cash offer for the shares of BSkyB that it did not already own. |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 31,866 | $ | - | $ | 31,867 | ||||||||||
Expenses | (345 | ) | - | (26,034 | ) | - | (26,379 | ) | ||||||||||||
Equity earnings of affiliates | 1 | - | 621 | - | 622 | |||||||||||||||
Interest expense, net | (1,561 | ) | (513 | ) | (47 | ) | 1,000 | (1,121 | ) | |||||||||||
Interest income | 3 | 3 | 1,020 | (1,000 | ) | 26 | ||||||||||||||
Earnings (losses) from subsidiary entities | 1,435 | 4,200 | - | (5,635 | ) | - | ||||||||||||||
Other, net | 590 | 82 | (498 | ) | - | 174 | ||||||||||||||
Income (loss) from continuing operations before income tax expense | 124 | 3,772 | 6,928 | (5,635 | ) | 5,189 | ||||||||||||||
Income tax (expense) benefit | (30 | ) | - | (1,699 | ) | 457 | (1,272 | ) | ||||||||||||
Income (loss) from continuing operations | 94 | 3,772 | 5,229 | (5,178 | ) | 3,917 | ||||||||||||||
(Loss) income from discontinued operations, net of tax | (13 | ) | 742 | - | - | 729 | ||||||||||||||
Net income (loss) | 81 | 4,514 | 5,229 | (5,178 | ) | 4,646 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (132 | ) | - | (132 | ) | |||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 81 | $ | 4,514 | $ | 5,097 | $ | (5,178 | ) | $ | 4,514 | |||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 234 | $ | 4,799 | $ | 5,279 | $ | (5,513 | ) | $ | 4,799 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 27,674 | $ | - | $ | 27,675 | ||||||||||
Expenses | (467 | ) | - | (21,868 | ) | - | (22,335 | ) | ||||||||||||
Equity earnings of affiliates | 1 | - | 654 | - | 655 | |||||||||||||||
Interest expense, net | (1,551 | ) | (491 | ) | 109 | 870 | (1,063 | ) | ||||||||||||
Interest income | 137 | 6 | 921 | (1,007 | ) | 57 | ||||||||||||||
Earnings (losses) from subsidiary entities | 4,650 | 4,922 | - | (9,572 | ) | - | ||||||||||||||
Other, net | 269 | 2,768 | 710 | - | 3,747 | |||||||||||||||
Income (loss) from continuing operations before income tax expense | 3,040 | 7,205 | 8,200 | (9,709 | ) | 8,736 | ||||||||||||||
Income tax (expense) benefit | (588 | ) | - | (1,586 | ) | 484 | (1,690 | ) | ||||||||||||
Income (loss) from continuing operations | 2,452 | 7,205 | 6,614 | (9,225 | ) | 7,046 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | 663 | (108 | ) | 968 | (1,246 | ) | 277 | |||||||||||||
Net income (loss) | 3,115 | 7,097 | 7,582 | (10,471 | ) | 7,323 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (226 | ) | - | (226 | ) | |||||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders | $ | 3,115 | $ | 7,097 | $ | 7,356 | $ | (10,471 | ) | $ | 7,097 | |||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | $ | 2,566 | $ | 6,466 | $ | 7,519 | $ | (10,085 | ) | $ | 6,466 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | $ | 1 | $ | - | $ | 25,050 | $ | - | $ | 25,051 | ||||||||||
Expenses | (386 | ) | - | (19,908 | ) | - | (20,294 | ) | ||||||||||||
Equity (losses) earnings of affiliates | (5 | ) | - | 641 | - | 636 | ||||||||||||||
Interest expense, net | (1,497 | ) | (410 | ) | (10 | ) | 885 | (1,032 | ) | |||||||||||
Interest income | 4 | 7 | 951 | (885 | ) | 77 | ||||||||||||||
Earnings (losses) from subsidiary entities | 1,307 | 1,632 | - | (2,939 | ) | - | ||||||||||||||
Other, net | 221 | (64 | ) | (132 | ) | - | 25 | |||||||||||||
(Loss) income from continuing operations before income tax expense | (355 | ) | 1,165 | 6,592 | (2,939 | ) | 4,463 | |||||||||||||
Income tax benefit (expense) | 87 | - | (1,616 | ) | 435 | (1,094 | ) | |||||||||||||
(Loss) income from continuing operations | (268 | ) | 1,165 | 4,976 | (2,504 | ) | 3,369 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 74 | 14 | (2,085 | ) | - | (1,997 | ) | |||||||||||||
Net (loss) income | (194 | ) | 1,179 | 2,891 | (2,504 | ) | 1,372 | |||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (193 | ) | - | (193 | ) | |||||||||||||
Net (loss) income attributable to Twenty-First Century Fox stockholders | $ | (194 | ) | $ | 1,179 | $ | 2,698 | $ | (2,504 | ) | $ | 1,179 | ||||||||
Comprehensive (loss) income attributable to Twenty-First Century Fox stockholders | $ | (231 | ) | $ | (432 | ) | $ | 1,426 | $ | (1,195 | ) | $ | (432 | ) | ||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | ||||||||||
Receivables, net | 3 | - | 6,466 | (1 | ) | 6,468 | ||||||||||||||
Inventories, net | - | - | 3,092 | - | 3,092 | |||||||||||||||
Other | 10 | - | 391 | - | 401 | |||||||||||||||
Total current assets | 486 | 3,120 | 11,771 | (1 | ) | 15,376 | ||||||||||||||
Non-current assets: | ||||||||||||||||||||
Receivables | 16 | - | 438 | - | 454 | |||||||||||||||
Inventories, net | - | - | 6,442 | - | 6,442 | |||||||||||||||
Property, plant and equipment, net | 145 | - | 2,786 | - | 2,931 | |||||||||||||||
Intangible assets, net | - | - | 8,072 | - | 8,072 | |||||||||||||||
Goodwill | - | - | 18,052 | - | 18,052 | |||||||||||||||
Other | 410 | - | 197 | - | 607 | |||||||||||||||
Investments: | ||||||||||||||||||||
Investments in associated companies and other investments | 113 | 19 | 2,727 | - | 2,859 | |||||||||||||||
Intragroup investments | 66,212 | 46,499 | - | (112,711 | ) | - | ||||||||||||||
Total investments | 66,325 | 46,518 | 2,727 | (112,711 | ) | 2,859 | ||||||||||||||
TOTAL ASSETS | $ | 67,382 | $ | 49,638 | $ | 50,485 | $ | (112,712 | ) | $ | 54,793 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Borrowings | $ | 750 | $ | - | $ | 49 | $ | - | $ | 799 | ||||||||||
Other current liabilities | 516 | 85 | 7,457 | (1 | ) | 8,057 | ||||||||||||||
Total current liabilities | 1,266 | 85 | 7,506 | (1 | ) | 8,856 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Borrowings | 16,279 | - | 1,980 | - | 18,259 | |||||||||||||||
Other non-current liabilities | 316 | - | 5,920 | - | 6,236 | |||||||||||||||
Intercompany | 33,276 | 32,135 | (65,411 | ) | - | - | ||||||||||||||
Redeemable noncontrolling interests | - | - | 541 | - | 541 | |||||||||||||||
Equity | 16,245 | 17,418 | 99,949 | (112,711 | ) | 20,901 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 67,382 | $ | 49,638 | $ | 50,485 | $ | (112,712 | ) | $ | 54,793 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 524 | $ | 3,956 | $ | 2,179 | $ | - | $ | 6,659 | ||||||||||
Receivables, net | 17 | - | 5,442 | - | 5,459 | |||||||||||||||
Inventories, net | - | - | 2,784 | - | 2,784 | |||||||||||||||
Other | 28 | 209 | 428 | - | 665 | |||||||||||||||
Total current assets | 569 | 4,165 | 10,833 | - | 15,567 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Receivables | 15 | - | 422 | - | 437 | |||||||||||||||
Inventories, net | - | - | 5,371 | - | 5,371 | |||||||||||||||
Property, plant and equipment, net | 132 | - | 2,697 | - | 2,829 | |||||||||||||||
Intangible assets, net | - | - | 5,064 | - | 5,064 | |||||||||||||||
Goodwill | - | - | 17,255 | - | 17,255 | |||||||||||||||
Other | 361 | - | 356 | - | 717 | |||||||||||||||
Investments: | ||||||||||||||||||||
Investments in associated companies and other investments | 86 | 58 | 3,560 | - | 3,704 | |||||||||||||||
Intragroup investments | 64,062 | 41,775 | - | (105,837 | ) | - | ||||||||||||||
Total investments | 64,148 | 41,833 | 3,560 | (105,837 | ) | 3,704 | ||||||||||||||
TOTAL ASSETS | $ | 65,225 | $ | 45,998 | $ | 45,558 | $ | (105,837 | ) | $ | 50,944 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Borrowings | $ | 137 | $ | - | $ | - | $ | - | $ | 137 | ||||||||||
Other current liabilities | 551 | 134 | 7,613 | - | 8,298 | |||||||||||||||
Total current liabilities | 688 | 134 | 7,613 | - | 8,435 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Borrowings | 16,029 | - | 292 | - | 16,321 | |||||||||||||||
Other non-current liabilities | 307 | 16 | 5,221 | - | 5,544 | |||||||||||||||
Intercompany | 31,495 | 28,850 | (60,345 | ) | - | - | ||||||||||||||
Redeemable noncontrolling interests | - | - | 519 | - | 519 | |||||||||||||||
Equity | 16,706 | 16,998 | 92,258 | (105,837 | ) | 20,125 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 65,225 | $ | 45,998 | $ | 45,558 | $ | (105,837 | ) | $ | 50,944 | |||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2014 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (756 | ) | $ | 2,633 | $ | 1,087 | $ | - | $ | 2,964 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (26 | ) | - | (652 | ) | - | (678 | ) | ||||||||||||
Investments | (4 | ) | - | (771 | ) | - | (775 | ) | ||||||||||||
Proceeds from dispositions | 9 | 117 | 392 | - | 518 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (21 | ) | 117 | (1,031 | ) | - | (935 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 987 | - | 168 | - | 1,155 | |||||||||||||||
Repayment of borrowings | (134 | ) | - | (162 | ) | - | (296 | ) | ||||||||||||
Issuance of shares | - | 66 | - | - | 66 | |||||||||||||||
Repurchase of shares | - | (3,772 | ) | - | - | (3,772 | ) | |||||||||||||
Dividends paid | - | (568 | ) | (224 | ) | - | (792 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (127 | ) | - | (127 | ) | |||||||||||||
Distribution to News Corporation | - | (10 | ) | - | - | (10 | ) | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 853 | (4,284 | ) | (345 | ) | - | (3,776 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash (used in) provided by from discontinued operations | (127 | ) | 698 | - | - | 571 | ||||||||||||||
Net decrease in cash and cash equivalents | (51 | ) | (836 | ) | (289 | ) | - | (1,176 | ) | |||||||||||
Cash and cash equivalents, beginning of year | 524 | 3,956 | 2,179 | - | 6,659 | |||||||||||||||
Exchange movement on cash balances | - | - | (68 | ) | - | (68 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 473 | $ | 3,120 | $ | 1,822 | $ | - | $ | 5,415 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2013 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty‑First | Non-Guarantor | Reclassifications | Twenty‑First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (625 | ) | $ | 2,017 | $ | 1,610 | $ | - | $ | 3,002 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (21 | ) | - | (601 | ) | - | (622 | ) | ||||||||||||
Investments | (17 | ) | (19 | ) | (1,224 | ) | - | (1,260 | ) | |||||||||||
Proceeds from dispositions | - | - | 1,968 | - | 1,968 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (38 | ) | (19 | ) | 143 | - | 86 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 987 | - | 290 | - | 1,277 | |||||||||||||||
Repayment of borrowings | (273 | ) | - | (481 | ) | - | (754 | ) | ||||||||||||
Issuance of shares | - | 203 | - | - | 203 | |||||||||||||||
Repurchase of shares | - | (2,026 | ) | - | - | (2,026 | ) | |||||||||||||
Dividends paid | - | (398 | ) | (215 | ) | - | (613 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (163 | ) | - | (163 | ) | |||||||||||||
Sale of subsidiary shares to noncontrolling interests | 19 | - | 74 | - | 93 | |||||||||||||||
Distribution to News Corporation | - | (1,826 | ) | (762 | ) | - | (2,588 | ) | ||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 733 | (4,047 | ) | (1,257 | ) | - | (4,571 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash used in from discontinued operations | (107 | ) | - | (1,324 | ) | - | (1,431 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (37 | ) | (2,049 | ) | (828 | ) | - | (2,914 | ) | |||||||||||
Cash and cash equivalents, beginning of year | 561 | 6,005 | 3,060 | - | 9,626 | |||||||||||||||
Exchange movement on cash balances | - | - | (53 | ) | - | (53 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 524 | $ | 3,956 | $ | 2,179 | $ | - | $ | 6,659 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
21st Century | Twenty-First | Non-Guarantor | Reclassifications | Twenty-First | ||||||||||||||||
Fox America, Inc. | Century Fox | and | Century Fox | |||||||||||||||||
Eliminations | and | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | 266 | $ | 3,049 | $ | (481 | ) | $ | - | $ | 2,834 | |||||||||
Investing activities: | ||||||||||||||||||||
Property, plant and equipment | (57 | ) | - | (507 | ) | - | (564 | ) | ||||||||||||
Investments | (15 | ) | - | (591 | ) | - | (606 | ) | ||||||||||||
Proceeds from dispositions | 7 | 11 | 386 | - | 404 | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (65 | ) | 11 | (712 | ) | - | (766 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Repayment of borrowings | - | - | (35 | ) | - | (35 | ) | |||||||||||||
Issuance of shares | - | 167 | - | - | 167 | |||||||||||||||
Repurchase of shares | - | (4,589 | ) | - | - | (4,589 | ) | |||||||||||||
Dividends paid | - | (449 | ) | (131 | ) | - | (580 | ) | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests | - | - | (65 | ) | - | (65 | ) | |||||||||||||
Net cash used in financing activities from continuing operations | - | (4,871 | ) | (231 | ) | - | (5,102 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Net cash from discontinued operations | - | - | 288 | - | 288 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 201 | (1,811 | ) | (1,136 | ) | - | (2,746 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 360 | 7,816 | 4,504 | - | 12,680 | |||||||||||||||
Exchange movement on cash balances | - | - | (308 | ) | - | (308 | ) | |||||||||||||
Cash and cash equivalents, end of year | $ | 561 | $ | 6,005 | $ | 3,060 | $ | - | $ | 9,626 | ||||||||||
See notes to supplemental guarantor information | ||||||||||||||||||||
Description_of_Business_Narrat
Description of Business (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
segments | |
fullpowertvstations | |
Description of Business [Abstract] | ' |
Number of Reportable Segments | 5 |
Full power broadcast television stations | 28 |
Duopolies | ' |
Description of Business [Abstract] | ' |
Full power broadcast television stations | 10 |
Fox Broadcasting Company | ' |
Description of Business [Abstract] | ' |
Full power broadcast television stations | 18 |
MyNetworkTV | ' |
Description of Business [Abstract] | ' |
Full power broadcast television stations | 10 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Schedule of Receivables) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Total receivables | $7,737 | $6,795 |
Allowances for returns and doubtful accounts | -815 | -899 |
Total receivables, net | 6,922 | 5,896 |
Less: current receivables, net | -6,468 | -5,459 |
Non-current receivables, net | $454 | $437 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Billions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Marketing and Advertising Expense [Abstract] | ' | ' | ' |
Advertising expense | $2.90 | $2.20 | $1.90 |
Class A Common Stock | ' | ' | ' |
Class of Stock Disclosures [Abstract] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' |
Class B Common Stock | ' | ' | ' |
Class of Stock Disclosures [Abstract] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' |
Minimum | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '3 years | ' | ' |
Maximum | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '40 years | ' | ' |
Acquisitions_Disposals_and_Oth1
Acquisitions, Disposals and Other Transactions (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | 31-May-12 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | 31-May-12 | Jun. 30, 2011 | Feb. 28, 2014 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Jun. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2011 | Jul. 31, 2014 | Jul. 31, 2014 | ||||||||
USD ($) | USD ($) | USD ($) | FOX affiliate group | Baltimore Station | Revolving Credit Facility | MVPD Affiliate | MVPD Affiliate | British Sky Broadcasting Group plc | British Sky Broadcasting Group plc | British Sky Broadcasting Group plc | Latin America Pay Television | Latin America Pay Television | Latin America Pay Television | Yes Network | Yes Network | Yes Network | Yes Network | Yes Network | Yes Network | EMM | EMM | EMM | Fox Sports Asia | Fox Sports Asia | Fox Sports Asia | Fox Sports Asia | SportsTime Ohio | SportsTime Ohio | SportsTime Ohio | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Sky Deutschland | Asianet | Asianet | Asianet | Fox Sports Latin America | Fox Sports Latin America | Fox Sports Latin America | Fox Sports Latin America | Fox Deportes | Fox Sports Latin America and Fox Deportes | Sky Italia | Sky Deutschland Fully Diluted | News Outdoor | Subsequent Event | Forecast | |||||||||
USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Revolving Credit Facility | MVPD Affiliate | Advertiser Relationships | USD ($) | Minimum | Maximum | USD ($) | USD ($) | Minimum | Maximum | USD ($) | Minimum | Maximum | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | British Sky Broadcasting Group plc | Sky Italia and Sky Deutchland Fully Diluted | |||||||||||||||||||
USD ($) | USD ($) | EUR (€) | EUR (€) | USD ($) | NGC International | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
British Sky Broadcasting Group plc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Subsidiary Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | 100.00% | 57.00% | ' | ' | ' | ||||||||
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | |||||||
Consideration expected to be received from the transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,300,000,000 | ||||||||
Proceeds from disposition of business, cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000,000 | ' | 8,600,000,000 | ||||||||
Repayment of borrowings | 296,000,000 | 754,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of voting interests acquired from minority shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.00% | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.00% | ||||||||
Ownership interest in subsidiary including the noncontrolling interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 87.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.00% | ||||||||
Investments in equity affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ||||||||
Purchase of subsidiary shares from noncontrolling interests | 127,000,000 | 163,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Subsidiary Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | 100.00% | 57.00% | ' | ' | ' | ||||||||
Ownership Percentage Acquired in the equity method Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Upfront cost paid on behalf of equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity investment, aggregate cost | ' | ' | ' | ' | ' | ' | ' | ' | 2,359,000,000 | [1] | 1,978,000,000 | [1] | ' | ' | ' | ' | ' | 834,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Ownership percentage acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | ' | ' | ' | ' | 51.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | ' | ' | ' | 53.00% | ' | ' | ' | ' | ' | ' | ||||||||
Ownership percentage in subsidiary after step acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | 55.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ||||||||
Minority interest ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business acquisition, cost of acquired entity, cash paid | 692,000,000 | 606,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680,000,000 | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | 220,000,000 | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Aggregate fair value of borrowings | 22,692,000,000 | 18,756,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business combination, acquisition of less than 100 percent, noncontrolling interest, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Valuation Technique | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Market approach | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of the entity that the excess purchase price valuation is based on | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business acquisition purchase price allocation amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | 190,000,000 | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Useful life of amortizable intangible assets | ' | ' | ' | ' | ' | ' | '10 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '6 years | ' | '6 years | '20 years | ' | ' | '8 years | '15 years | ' | '8 years | '20 years | ' | '11 years | '11 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business acquisition purchase price allocation goodwill amount | 18,052,000,000 | 17,255,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | 345,000,000 | ' | ' | 840,000,000 | ' | ' | ' | 140,000,000 | ' | ' | ' | 4,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Upfront costs paid subsequent to the acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 860,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Purchase price of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | 285,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Contingent consideration on acquisition | 134,000,000 | [2] | 84,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business acquisition purchase price allocation intangible assets including goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 670,000,000 | ' | ' | 1,030,000,000 | ' | ' | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Remeasurement gain or loss on step acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,000,000 | [3] | ' | ' | ' | ' | ' | ' | 2,069,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Business acquisition purchase price allocation contract-related liabilities amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business acquisition, cost of acquired entity, cash paid, gross | 695,000,000 | 1,290,000,000 | 469,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | 410,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Assumed debt from acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Outstanding under line of credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308,000,000 | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 410,000,000 | 300,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage Of License Fee Per Season | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Available For Sale Securities | 124,000,000 | [4] | 268,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum number of convertible shares in convertible bond issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Embedded Derivative Gain (Loss) On Embedded Derivative Net | -4,000,000 | [3] | 86,000,000 | [3] | -61,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000,000 | ' | -61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total payment received from network affiliate | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain (loss) on exchange or sale of business | ' | ' | ' | ' | ($92,000,000) | ' | ' | ' | $134,000,000 | $306,000,000 | $270,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | The Companybs investment in BSkyB had a market value of $9.5 billion at JuneB 30, 2014 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 b Fair Value). For the fiscal years ended JuneB 30, 2014 and 2013, the Company received dividends from BSkyB of $317 million and $272 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents contingent consideration related to EMM and SportsTime Ohio. (See Note 3 b Acquisitions, Disposals and Other Transactions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See Note 3 b Acquisitions, Disposals and Other Transactions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | See Note 7 b Investments. |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Jun. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Jul. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 21, 2013 | Jun. 21, 2013 | |
News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | News Corp | ||||
Sky Network Television | Foxtel | Foxtel | Foxtel | Foxtel | Foxtel | Thomas Nelson | Consolidated Media Holdings Ltd | Consolidated Media Holdings Ltd | Consolidated Media Holdings Ltd | Total Amount Distributed Prior to Separation of News Corporation | Cash Funding Prior to Separation of News Corporation | Cash Held by Subsidiaries Prior to Separation of News Corporation | Final Amount Paid to News Corporation | Class A Common Stock | Class B Common Stock | ||||||
FOX SPORTS Australia | FOX SPORTS Australia | FOX SPORTS Australia | FOX SPORTS Australia | FOX SPORTS Australia | Foxtel | ||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company shares exchanged for News Corp share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 |
Cash distribution to News Corp | $10,000,000 | $2,588,000,000 | ' | $2,588,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,400,000,000 | $1,600,000,000 | $800,000,000 | $217,000,000 | ' | ' |
Net tax refund received and recognized from News Corp | 720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, cash paid | 695,000,000 | 1,290,000,000 | 469,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed debt from acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Third Party Ownership Percentage In Affiliate Before Transaction Is Completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | ' | ' | ' | ' | ' | ' |
Ownership percentage in subsidiary after step acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 44.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Step Acquisition Equity Interest | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs Long Term Revenue | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of equity method investments | ' | ' | ' | ' | ' | 675,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Stock in Subsidiary or Equity Method Investee | ' | ' | ' | ' | ' | 321,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | ' | 1,400,000,000 | 2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges Net | ' | ' | ' | 1,100,000,000 | 2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | 0 | 35,000,000 | 201,000,000 | 494,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite Lived Intangible Assets Impairment | ' | ' | ' | 862,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Lived Assets Held For Sale Impairment Charge | ' | ' | ' | $42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Profit
Discontinued Operations (Profit and Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) from discontinued operations, net of tax | $33 | [1] | ($16) | [1] | $225 | [1] | $487 | [1] | ($1,348) | [1] | $321 | [1] | $1,324 | [1] | ($20) | [1] | $729 | $277 | ($1,997) | |||
News Corp | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,891 | 8,655 | |||||||||||
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 698 | 240 | -2,251 | |||||||||||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 31 | 365 | 289 | |||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $729 | [2] | $277 | [2] | ($1,997) | [2] | ||||||||
[1] | In the quarter ended JuneB 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 b Discontinued Operations) | |||||||||||||||||||||
[2] | Includes the net tax refund from News Corp, as stated above, for the fiscal year ended JuneB 30, 2014 of approximately $720 million. |
Discontinued_Operations_Profit1
Discontinued Operations (Profit and Loss) (Parenthetical) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' |
Net tax refund received and recognized from News Corp | $720 |
Discontinued_Operations_Cash_F
Discontinued Operations (Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | $571 | ($1,431) | $288 |
News Corp | ' | ' | ' |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' |
Net cash provided by operating activities from discontinued operations | 571 | 506 | 956 |
Net cash used in investing activities from discontinued operations | ' | -1,674 | -655 |
Net cash used in financing activities from discontinued operations | ' | -263 | -13 |
Net increase (decrease) in cash and cash equivalents from discontinued operations | $571 | ($1,431) | $288 |
Restructuring_Programs_Narrati
Restructuring Programs (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | $92 | $13 | $197 | |||
Expected restructuring charges | 22 | ' | ' | |||
Restructuring liabilities, current | 34 | ' | ' | |||
Total Continuing Operations | ' | ' | ' | |||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | |||
Restructuring Charges net of adjustments | 52 | [1] | 13 | [1] | 41 | [1] |
Restructuring charges | 92 | 13 | 41 | |||
Total Continuing Operations | One-time Termination Benefits | ' | ' | ' | |||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | 3 | 3 | 29 | |||
Total Continuing Operations | Facility Closing | ' | ' | ' | |||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | ' | ' | 12 | |||
Direct Broadcast Satellite Television Segment | Total Continuing Operations | License fees | ' | ' | ' | |||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | |||
Restructuring charges | $81 | ' | ' | |||
[1] | See Note 5 b Restructuring Programs. |
Restructuring_Programs_Schedul
Restructuring Programs (Schedule of Changes in Restructuring Liability) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring liabilities, beginning balance | $162 | $249 | $234 | |
Additions | 92 | 13 | 197 | |
Payments | -77 | -41 | -165 | |
Other | -40 | [1] | ' | -17 |
Separation of News Corp | ' | -59 | ' | |
Restructuring liabilities, ending balance | 137 | 162 | 249 | |
Total Continuing Operations | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring liabilities, beginning balance | 162 | 190 | 201 | |
Additions | 92 | 13 | 41 | |
Payments | -77 | -41 | -48 | |
Other | -40 | [1] | ' | -4 |
Restructuring liabilities, ending balance | 137 | 162 | 190 | |
Discontinued Operations | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring liabilities, beginning balance | 0 | 59 | 33 | |
Additions | ' | ' | 156 | |
Payments | ' | ' | -117 | |
Other | ' | ' | -13 | |
Separation of News Corp | ' | -59 | ' | |
Restructuring liabilities, ending balance | 0 | 0 | 59 | |
One-time Termination Benefits | Total Continuing Operations | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring liabilities, beginning balance | 4 | 13 | 4 | |
Additions | 3 | 3 | 29 | |
Payments | -5 | -12 | -16 | |
Other | ' | ' | -4 | |
Restructuring liabilities, ending balance | 2 | 4 | 13 | |
Facility costs and license fees | Total Continuing Operations | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring liabilities, beginning balance | 158 | 177 | 197 | |
Additions | 89 | 10 | 12 | |
Payments | -72 | -29 | -32 | |
Other | -40 | [1] | ' | ' |
Restructuring liabilities, ending balance | $135 | $158 | $177 | |
[1] | Primarily related to a change in assumptions related to the facility termination obligations of the Companybs formerly owned digital media properties. |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Inventory [Line Items] | ' | ' | ||
Programming rights | $5,812 | $4,996 | ||
DVDs, Blu-rays, and other merchandise | 81 | 69 | ||
Films: | ' | ' | ||
Released | 1,025 | 806 | ||
Completed, not released | 317 | 10 | ||
In production | 819 | 958 | ||
In development or preproduction | 151 | 193 | ||
Films, Total | 2,312 | 1,967 | ||
Television productions: | ' | ' | ||
Released | 862 | 696 | ||
In production | 463 | 425 | ||
In development or preproduction | 4 | 2 | ||
Television productions, Total | 1,329 | 1,123 | ||
Total filmed entertainment costs, less accumulated amortization | 3,641 | [1] | 3,090 | [1] |
Total inventories, net | 9,534 | 8,155 | ||
Less: current portion of inventories, net | -3,092 | [2] | -2,784 | [2] |
Total non-current inventories | $6,442 | $5,371 | ||
[1] | Does not include $335 million and $366 million of net intangible film library costs as of JuneB 30, 2014 and 2013, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | |||
[2] | Current portion of inventories as of JuneB 30, 2014 and 2013 was comprised of programming rights ($3,011 million and $2,715 million, respectively), DVDs, Blu-rays, and other merchandise. |
Inventories_Parenthetical_Deta
Inventories (Parenthetical) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Intangible assets subject to amortization, net | $4,211 | $1,641 |
Programming rights | 5,812 | 4,996 |
Acquired Film Libraries | ' | ' |
Inventory [Line Items] | ' | ' |
Intangible assets subject to amortization, net | 335 | 366 |
Current | ' | ' |
Inventory [Line Items] | ' | ' |
Programming rights | $3,011 | $2,715 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Inventory Net [Line Items] | ' |
Percentage of filmed entertainment costs from the completed films to be amortized in next year | 60.00% |
Percentage of released filmed entertainment costs to be amortized in the next three fiscal years | 93.00% |
Accrued participation liabilities, due in next operating cycle | 1,109 |
Acquired film and television libraries, unamortized costs | 28 |
Minimum | ' |
Inventory Net [Line Items] | ' |
Acquired film and television libraries, remaining amortization period | '3 years |
Maximum | ' |
Inventory Net [Line Items] | ' |
Acquired film and television libraries, remaining amortization period | '7 years |
Investments_Details
Investments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Investments Table [Line Items] | ' | ' | ||
Fair value of available-for-sale investments | $124 | [1] | $268 | [1] |
Other investments | 179 | 247 | ||
Total investments | 2,859 | 3,704 | ||
British Sky Broadcasting Group plc | ' | ' | ||
Investments Table [Line Items] | ' | ' | ||
Percentage of ownership | 39.00% | [2] | ' | |
Equity method investments | 2,359 | [2] | 1,978 | [2] |
YES Network | ' | ' | ||
Investments Table [Line Items] | ' | ' | ||
Equity method investments | ' | 825 | [3] | |
Other Equity Method Investments | ' | ' | ||
Investments Table [Line Items] | ' | ' | ||
Equity method investments | $197 | $386 | ||
[1] | See Note 7 b Investments. | |||
[2] | The Companybs investment in BSkyB had a market value of $9.5 billion at JuneB 30, 2014 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 b Fair Value). For the fiscal years ended JuneB 30, 2014 and 2013, the Company received dividends from BSkyB of $317 million and $272 million, respectively. | |||
[3] | As of June 30, 2014, YES Network was a majority owned consolidated subsidiary of the Company. (See Note 3 b Acquisitions, Disposals and Other Transactions) |
Investments_Parenthetical_Deta
Investments (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Investments Table [Line Items] | ' | ' | ' |
Cash distributions received from affiliates | $358,000,000 | $324,000,000 | $281,000,000 |
British Sky Broadcasting Group plc | ' | ' | ' |
Investments Table [Line Items] | ' | ' | ' |
Market value of equity method investments | 9,500,000,000 | ' | ' |
Cash distributions received from affiliates | $317,000,000 | $272,000,000 | ' |
Investments_Available_for_Sale
Investments (Available for Sale Table) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Cost basis of available-for-sale investment | $90 | [1] | $36 | [1] |
Accumulated unrealized gains | 34 | [2] | 232 | [2] |
Total fair value of available-for-sale investments | 124 | [3] | 268 | [3] |
Net deferred tax liability | $12 | $81 | ||
[1] | Bona Film Group (bBonab) and Phoenix Satellite Television Holdings Ltd. (bPhoenixb) were the significant available-for-sale investments at June 30, 2014 and 2013, respectively. | |||
[2] | Approximately $200 million of the unrealized gain as of June 30, 2013 relates to the Companybs investment in Phoenix which was sold in November 2013 and recognized in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. | |||
[3] | See Note 7 b Investments. |
Investments_Available_for_Sale1
Investments (Available for Sale Table) (Parenthetical) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Accumulated unrealized gains | $34 | [1] | $232 | [1] |
Phoenix Satellite Television Holdings Ltd. | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Accumulated unrealized gains | ' | $200 | ||
[1] | Approximately $200 million of the unrealized gain as of June 30, 2013 relates to the Companybs investment in Phoenix which was sold in November 2013 and recognized in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014. |
Investments_Schedule_of_Equity
Investments (Schedule of Equity Earnings) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity earnings of affiliates | $622 | [1] | $655 | [1] | $636 | [1] |
DBS equity affiliates | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity earnings of affiliates | 609 | 826 | 658 | |||
Cable channel equity affiliates | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity earnings of affiliates | 29 | -52 | -34 | |||
Other equity affiliates | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | |||
Equity earnings of affiliates | ($16) | ($119) | $12 | |||
[1] | The Companybs investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of JuneB 30, 2014 and 2013, respectively, which represented the excess cost over the Companybs proportionate share of its investmentsb underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill.B In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of JuneB 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest.In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. |
Investments_Schedule_of_Equity1
Investments (Schedule of Equity Earnings) (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity [Abstract] | ' | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | $1,300,000,000 | $2,600,000,000 | ' |
Amortization of Intangible Assets | 401,000,000 | 183,000,000 | 126,000,000 |
Weighted Average | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity [Abstract] | ' | ' | ' |
Useful life of amortizable intangible assets | '13 years | '18 years | ' |
Affiliated Entity | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $46,000,000 | $39,000,000 | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jul. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jul. 31, 2014 | Jul. 31, 2014 | |||||||
British Sky Broadcasting Group plc | British Sky Broadcasting Group plc | British Sky Broadcasting Group plc | NDS Group Limited | NDS Group Limited | NDS Group Limited | NDS Group Limited | CMC-News Asia Holdings Limited | STATS LLC | STAR CJ Network India Pvt. Ltd. | CMC News Asia Holdings Limited and STATS LLC and STAR CJ Network India Pvt. Ltd | Phoenix Satellite Television Holdings Ltd. | Phoenix Satellite Television Holdings Ltd. | Phoenix Satellite Television Holdings Ltd. | Vice Holdings Inc. | Bona Film Group | Hathway Cable And Datacom Limited | Subsequent Event | Subsequent Event | |||||||||||
Escrow | British Sky Broadcasting Group plc | Bona Film Group | |||||||||||||||||||||||||||
Investments Table [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Percentage of ownership | ' | ' | ' | 39.00% | [1] | ' | ' | 49.00% | ' | ' | ' | 47.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | 17.00% | 17.00% | 39.00% | ' | ||||||
Proceeds from sale of equity method investments | ' | ' | ' | $170 | $385 | $335 | $1,900 | ' | ' | $60 | ' | ' | ' | $255 | ' | ' | ' | ' | ' | $71 | ' | ' | |||||||
Gain (loss) on exchange or sale of business | ' | ' | ' | 134 | 306 | 270 | ' | -30 | [2] | 1,446 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | [2] | ' | ' | ||||
Investments in equity affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70 | ' | 900 | ' | |||||||
Cash received from escrow | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Proceeds from the sale of an available for sale security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210 | 90 | ' | ' | ' | ' | ' | 70 | |||||||
Percentage of ownership in an investment accounted for as an available for sale security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | 18.00% | ' | ' | ' | ' | ' | |||||||
Gain (loss) on sale of available for sale investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199 | 81 | ' | ' | ' | ' | ' | ' | |||||||
Investment in minority equity interest | 65 | 155 | 218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70 | ' | ' | ' | ' | |||||||
Investment impairment | $69 | [2] | $20 | [2] | $34 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The Companybs investment in BSkyB had a market value of $9.5 billion at JuneB 30, 2014 and was valued using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 b Fair Value). For the fiscal years ended JuneB 30, 2014 and 2013, the Company received dividends from BSkyB of $317 million and $272 million, respectively. | ||||||||||||||||||||||||||||
[2] | See Note 7 b Investments. |
Investments_Schedule_of_Summar
Investments (Schedule of Summarized Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Equity Method Investment, Summarized Financial Information [Abstract] | ' | ' | ' |
Revenues | $12,402 | $11,342 | $10,754 |
Operating income | 1,887 | 2,024 | 1,968 |
Income from continuing operations | 1,332 | 1,535 | 1,435 |
Net income | 1,332 | 1,535 | 1,435 |
Current assets | 4,401 | 3,908 | ' |
Non-current assets | 7,679 | 6,678 | ' |
Current liabilities | 4,309 | 3,524 | ' |
Non-current liabilities | $4,889 | $4,588 | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
In Millions, unless otherwise specified | |||||
Assets | ' | ' | ' | ||
Available For Sale Securities | $124 | [1] | $268 | [1] | ' |
Derivatives | ' | 3 | [2] | ' | |
Liabilities | ' | ' | ' | ||
Derivatives | -10 | [2] | ' | ' | |
Contingent consideration | -134 | [3] | -84 | [3] | ' |
Redeemable noncontrolling interests | -541 | [4] | -519 | [4] | -641 |
Total | -561 | -332 | ' | ||
Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ' | ||
Assets | ' | ' | ' | ||
Available For Sale Securities | 124 | [1] | 268 | [1] | ' |
Liabilities | ' | ' | ' | ||
Total | 124 | 268 | ' | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ||
Assets | ' | ' | ' | ||
Derivatives | ' | 3 | [2] | ' | |
Liabilities | ' | ' | ' | ||
Derivatives | -10 | [2] | ' | ' | |
Total | -10 | 3 | ' | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ||
Liabilities | ' | ' | ' | ||
Contingent consideration | -134 | [3] | -84 | [3] | ' |
Redeemable noncontrolling interests | -541 | [4] | -519 | [4] | ' |
Total | ($675) | ($603) | ' | ||
[1] | See Note 7 b Investments. | ||||
[2] | Primarily represents derivatives associated with the Companybs foreign currency forward contracts and interest rate swap contracts designated as cash flow hedges. | ||||
[3] | Represents contingent consideration related to EMM and SportsTime Ohio. (See Note 3 b Acquisitions, Disposals and Other Transactions) | ||||
[4] | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Companybs majority-owned sports networks.The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 Companybs 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. Significant unobservable inputs used in the fair value measurement of the Companybs redeemable noncontrolling interests are operating income before depreciation and amortization (bOIBDAb) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement.The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i)B applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii)B using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholderbs put right is currently exercisable and another minority shareholderbs put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. |
Fair_Value_Parenthetical_Detai
Fair Value (Parenthetical) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Fair value inputs, quantitative information: | ' |
Minority shareholder's put right exercisable period | 'As of June 30, 2014, one minority shareholderbs put right is currently exercisable and another minority shareholderbs put right will become exercisable in March 2015. |
Significant Unobservable Inputs (Level 3) | Redeemable Noncontrolling Interests | ' |
Fair value inputs, quantitative information: | ' |
Fair Value Inputs Discount Rate | 8.00% |
Minimum | Significant Unobservable Inputs (Level 3) | Redeemable Noncontrolling Interests | ' |
Fair value inputs, quantitative information: | ' |
OIBDA growth rates | 3.00% |
Maximum | Significant Unobservable Inputs (Level 3) | Redeemable Noncontrolling Interests | ' |
Fair value inputs, quantitative information: | ' |
OIBDA growth rates | 6.00% |
Fair_Value_Liabilities_Measure
Fair Value (Liabilities Measured on Recurring Basis) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning of period | ($519) | [1] | ($641) | |
Net income attributable to redeemable noncontrolling interests | -95 | -93 | ||
Distributions and others | 73 | [2] | 215 | [2] |
End of period | -541 | [1] | -519 | [1] |
Changes in Contingent Consideration Classified as Level 3 Measurements | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning of period | -84 | ' | ||
Additions | ' | -83 | ||
Payments | 1 | ' | ||
Measurement adjustments | -51 | -1 | ||
End of period | ($134) | ($84) | ||
[1] | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Companybs majority-owned sports networks.The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 Companybs 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. Significant unobservable inputs used in the fair value measurement of the Companybs redeemable noncontrolling interests are operating income before depreciation and amortization (bOIBDAb) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement.The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i)B applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii)B using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholderbs put right is currently exercisable and another minority shareholderbs put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. | |||
[2] | The redeemable noncontrolling interest in Asianet Communications was redeemed in fiscal 2013 and as a result, $186 million was reclassified out of Redeemable noncontrolling interests. |
Fair_Value_Liabilities_Measure1
Fair Value (Liabilities Measured on Recurring Basis) (Parenthetical) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Reclassified out of redeemable noncontrolling | ($73) | [1] | ($215) | [1] |
Asianet | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Reclassified out of redeemable noncontrolling | ' | $186 | ||
[1] | The redeemable noncontrolling interest in Asianet Communications was redeemed in fiscal 2013 and as a result, $186 million was reclassified out of Redeemable noncontrolling interests. |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Financial Instruments [Abstract] | ' | ' |
Aggregate fair value of borrowings | $22,692 | $18,756 |
Aggregate carrying value of borrowings | 19,058 | 16,458 |
Foreign Currency Forward Contract | ' | ' |
Financial Instruments [Abstract] | ' | ' |
Fair value of foreign exchange forward contracts, liabilities | -4 | 3 |
Foreign Currency Forward Contract | Cash Flow Hedging | ' | ' |
Financial Instruments [Abstract] | ' | ' |
Derivative Notional Amount | 393 | 578 |
Fair value of foreign exchange forward contracts, liabilities | -3 | 3 |
Number of months to reclassify the cumulative change in fair value of cash flow hedges | '24 months | ' |
Foreign Currency Forward Contract | Not Designated as Hedging Instrument | ' | ' |
Financial Instruments [Abstract] | ' | ' |
Derivative Notional Amount | 305 | 128 |
Interest Rate Swap | ' | ' |
Financial Instruments [Abstract] | ' | ' |
Derivative Notional Amount | 578 | 0 |
Fair value of interest rate swap contracts, liabilities | -6 | 0 |
Interest Rate Swap | Cash Flow Hedging | ' | ' |
Financial Instruments [Abstract] | ' | ' |
Derivative Notional Amount | $310 | $0 |
Reclassification of OCI to earnings for interest rate swap, description | 'For interest rate swaps, the Company expects to reclassify changes in fair values included in Accumulated other comprehensive loss to earnings during the relevant period as interest payments are made until the expiration of the swap contracts occurs at various dates until fiscal 2017 | ' |
Fair_Value_Changes_in_Fair_Val
Fair Value (Changes in Fair Value of Derivatives) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Changes In Fair Value Of Derivatives Rollforward | ' | ' | ' | |||
Beginning of period | $3 | $17 | ' | |||
Changes in fair value recorded in accumulated other comprehensive loss, net of settlements | -24 | -2 | ' | |||
Reclassified losses (gains) from accumulated other comprehensive loss to net income | 14 | [1] | -13 | [1] | -19 | [1] |
Other | -3 | 1 | ' | |||
End of period | ($10) | $3 | $17 | |||
[1] | Reclassifications of amounts related to hedging activity are included in Operating expenses or Selling, general and administrative expenses, as appropriate, in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 8 b Fair Value for additional information regarding hedging activity) |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Minimum | Maximum | Buildings and Leaseholds | Buildings and Leaseholds | Machinery and equipment | Machinery and equipment | ||
Minimum | Maximum | Minimum | Maximum | |||||
Property Plant And Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | ' | '3 years | '40 years | '3 years | '40 years | '3 years | '15 years |
Land | $142 | $142 | ' | ' | ' | ' | ' | ' |
Buildings and leaseholds | 1,373 | 1,307 | ' | ' | ' | ' | ' | ' |
Machinery and equipment | 6,571 | 5,726 | ' | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 8,086 | 7,175 | ' | ' | ' | ' | ' | ' |
Less: accumulated depreciation and amortization | -5,300 | -4,480 | ' | ' | ' | ' | ' | ' |
Total property, plant and equipment, net, before construction in progress | 2,786 | 2,695 | ' | ' | ' | ' | ' | ' |
Construction in progress | 145 | 134 | ' | ' | ' | ' | ' | ' |
Total property, plant and equipment, net | $2,931 | $2,829 | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization of property, plant and equipment | $741 | $614 | $585 |
Expense recognized related to depreciation of set top boxes in the direct broadcast satellite television segment | 308 | 240 | 221 |
Operating lease expense | $365 | $385 | $385 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Changes in Carrying Value of Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Intangible assets not subject to amortization, rollforward | ' | ' | ' | |
Intangible assets not subject to amortization, beginning | $3,423 | ' | ' | |
Intangible assets not subject to amortization, acquisitions | 191 | ' | ' | |
Intangible assets not subject to amortization, foreign exchange | 7 | ' | ' | |
Intangible assets not subject to amortization, adjustments | 240 | ' | ' | |
Intangible assets not subject to amortization, ending | 3,861 | 3,423 | ' | |
Amortizable intangible assets, net, rollforward | ' | ' | ' | |
Amortizable intangible assets, net, beginning | 1,641 | ' | ' | |
Amortizable intangible assets, net, acquisitions | 1,546 | ' | ' | |
Amortizable intangible assets, net, foreign exchange | 63 | ' | ' | |
Amortizable intangible assets, net, amortization | -401 | ' | ' | |
Amortizable intangible assets, net, adjustments | 1,362 | ' | ' | |
Amortizable intangible assets, net, ending | 4,211 | 1,641 | ' | |
Total intangible assets, net rollforward | ' | ' | ' | |
Total intangible assets, net, beginning | 5,064 | ' | ' | |
Intangible assets, net acquisitions | 1,737 | ' | ' | |
Intangible assets, net, foreign exchange | 70 | ' | ' | |
Intangible assets, net, amortization | -401 | -183 | -126 | |
Intangible assets, net, adjustments | 1,602 | ' | ' | |
Total intangible assets, net, ending | 8,072 | 5,064 | ' | |
MVPD affiliate agreements and relationships | ' | ' | ' | |
Amortizable intangible assets, net, rollforward | ' | ' | ' | |
Amortizable intangible assets, net, beginning | 708 | [1] | ' | ' |
Amortizable intangible assets, net, acquisitions | 1,464 | [1] | ' | ' |
Amortizable intangible assets, net, amortization | -90 | [1] | ' | ' |
Amortizable intangible assets, net, ending | 2,082 | [1] | ' | ' |
Other intangible assets, net | ' | ' | ' | |
Amortizable intangible assets, net, rollforward | ' | ' | ' | |
Amortizable intangible assets, net, beginning | 933 | [2] | ' | ' |
Amortizable intangible assets, net, acquisitions | 82 | [2] | ' | ' |
Amortizable intangible assets, net, foreign exchange | 63 | [2] | ' | ' |
Amortizable intangible assets, net, amortization | -311 | [2] | ' | ' |
Amortizable intangible assets, net, adjustments | 1,362 | [2] | ' | ' |
Amortizable intangible assets, net, ending | 2,129 | [2] | ' | ' |
FCC licenses | ' | ' | ' | |
Intangible assets not subject to amortization, rollforward | ' | ' | ' | |
Intangible assets not subject to amortization, ending | 2,398 | 2,398 | ' | |
Other Intangible assets not subject to amortization | ' | ' | ' | |
Intangible assets not subject to amortization, rollforward | ' | ' | ' | |
Intangible assets not subject to amortization, beginning | 1,025 | ' | ' | |
Intangible assets not subject to amortization, acquisitions | 191 | ' | ' | |
Intangible assets not subject to amortization, foreign exchange | 7 | ' | ' | |
Intangible assets not subject to amortization, adjustments | 240 | ' | ' | |
Intangible assets not subject to amortization, ending | $1,463 | ' | ' | |
[1] | Net of accumulated amortization of $367 million and $277 million as of JuneB 30, 2014 and 2013, respectively. The average useful life of the MVPD affiliate agreements and relationships ranges from 10 to 20 years. | |||
[2] | Net of accumulated amortization of $791 million and $551 million as of JuneB 30, 2014 and 2013, respectively. The average useful life of other intangible assets ranges from 5 to 20 years |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Changes in Carrying Value of Intangible Assets) (Parenthetical) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | MVPD Affiliate | MVPD Affiliate | MVPD Affiliate | MVPD Affiliate | Other intangible assets, net | Other intangible assets, net | Other intangible assets, net | Other intangible assets, net |
Minimum | Maximum | Minimum | Maximum | |||||
Indefinite Lived And Finite Lived Intangible Assets By Major Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization of amortizable intangible assets | $367 | $277 | ' | ' | $791 | $551 | ' | ' |
Useful life of amortizable intangible assets | ' | ' | '10 years | '20 years | ' | ' | '5 years | '20 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of Intangible Assets | $401,000,000 | $183,000,000 | $126,000,000 |
Accumulated impairment loss, goodwill | 371,000,000 | 371,000,000 | ' |
Annual impairment review | ' | ' | ' |
Goodwill, Impairment Loss | 0 | 35,000,000 | 201,000,000 |
Digital Media Group | ' | ' | ' |
Annual impairment review | ' | ' | ' |
Goodwill, Impairment Loss | 0 | 35,000,000 | 201,000,000 |
Sky Deutschland | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Business acquisition purchase price allocation amortizable intangible assets | 1,700,000,000 | ' | ' |
Deferred tax liabilities | $400,000,000 | ' | ' |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expenses) (Details) (USD $) | Jun. 30, 2014 | |
In Millions, unless otherwise specified | ||
Finite Lived Intangible Assets [Line Items] | ' | |
Estimated amortization expense in fiscal 2015 | $401 | [1] |
Estimated amortization expense in fiscal 2016 | 381 | [1] |
Estimated amortization expense in fiscal 2017 | 355 | [1] |
Estimated amortization expense in fiscal 2018 | 345 | [1] |
Estimated amortization expense in fiscal 2019 | $343 | [1] |
[1] | These amounts may vary as acquisitions and disposals occur in the future and as purchase price allocations are finalized. |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets (Schedule of Changes in Carrying Value of Goodwill by Segment) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | ||
Cable Network Programming Segment | Television Segment | Television Segment | Filmed Entertainment Segment | Direct Broadcast Satellite Television Segment | Other, Corporate and Eliminations Segment | Other, Corporate and Eliminations Segment | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, beginning balance | $17,255 | $7,753 | $1,882 | $1,882 | $1,537 | $6,052 | $31 | $31 |
Acquisitions | 1,620 | 1,620 | ' | ' | ' | ' | ' | ' |
Foreign exchange movements | 357 | 19 | ' | ' | 57 | 281 | ' | ' |
Adjustments | -1,180 | 159 | ' | ' | ' | -1,339 | ' | ' |
Goodwill, ending balance | $18,052 | $9,551 | $1,882 | $1,882 | $1,594 | $4,994 | $31 | $31 |
Borrowings_Schedule_of_Borrowi
Borrowings (Schedule of Borrowings) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Bank loans | Bank loans | Public debt - Predecessor indentures | Public debt - Predecessor indentures | Public debt - Predecessor indentures | Public debt - Predecessor indentures | Public debt - Senior notes issued under August 2009 indenture | Public debt - Senior notes issued under August 2009 indenture | Public debt - Senior notes issued under August 2009 indenture | Public debt - Senior notes issued under August 2009 indenture | Public Debt | Public Debt | Other Borrowings | ||
Minimum | Maximum | Minimum | Maximum | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings | $19,058 | $16,458 | $1,434 | $293 | $11,529 | $11,665 | ' | ' | $5,500 | $4,500 | ' | ' | $17,029 | $16,165 | $595 |
Less: current portion | -799 | -137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowings | $18,259 | $16,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | 7.02% | ' | ' | ' | 5.11% | ' | ' | ' | ' | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | '2014 | '2096 | ' | ' | '2020 | '2043 | ' | ' | 'June 2018 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 25, 2009 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | Public debt - Predecessor indentures | 8.625% Senior Notes | 8.625% Senior Notes | Public debt - Senior notes issued under August 2009 indenture | Public debt - Senior notes issued under August 2009 indenture | 4.00% Due 2023 | 5.40% Due 2043 | 5.40% Due 2043 and 4.00% Due 2023 | 3.00% Due 2022 | Senior Notes 5.30% Due 2014 | Sky Deutschland | Sky Deutschland | Yes Network | Yes Network | Yes Network | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Credit Agreement | Term Loan | |
USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Senior Subordinated notes Issued June 2008 and Due June 2018 | Senior Subordinated notes Issued June 2008 and Due June 2018 | USD ($) | Sky Deutschland | Sky Deutschland | Sky Deutschland | Yes Network | Yes Network | Yes Network | ||||||
USD ($) | USD ($) | OneYearPeriods | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||
OneYearPeriods | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limit on revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $410,000,000 | € 300,000,000 | ' | ' | ' | $2,000,000,000 | € 300,000,000 | ' | ' | $305,000,000 | ' | ' |
Sub-limit on unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 75,000,000 | ' | ' | ' | ' | ' |
Facility Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.13% | ' | ' | 0.50% | ' | ' |
Premium over LIBOR and Eurocurrency rate for interest on credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.13% | 1.13% | ' | ' | ' | ' | ' |
Maturity extension number of one year periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' |
Maturity date on unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 2017 | ' | 'February 2018 | ' | ' | ' | ' |
Outstanding under line of credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | 308,000,000 | 60,000,000 | ' | 1,070,000,000 |
Amount available for additional financing or letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' |
Line of credit facility, increase in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,500,000 | ' | ' | ' | ' |
Aggregate fair value of borrowings | 22,692,000,000 | 18,756,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | 605,000,000 | ' | ' | ' | ' | ' | 1,100,000,000 | ' |
Early redemption upon change of control, percent of principal | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restriction on secured indebtedness as a percentage of tangible assets | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of debt instrument | ' | ' | ' | 8.63% | 8.63% | ' | ' | 4.00% | 5.40% | ' | 3.00% | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 799,000,000 | 137,000,000 | ' | 137,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 |
Senior notes, maturity date | ' | ' | ' | 28-Feb-14 | 28-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indenture date | ' | ' | ' | ' | ' | ' | 'August 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 700,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | 525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 1,155,000,000 | 1,277,000,000 | ' | ' | ' | ' | ' | ' | ' | 987,000,000 | 987,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Effective Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' |
Credit facility, initiation date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-12 | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000,000 | ' | ' | ' | ' | ' | ' |
Borrowings_Schedule_of_Borrowi1
Borrowings (Schedule of Borrowings by Currency) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Borrowing By Currency [Line Items] | ' | ' | ||
Total borrowings | $19,058 | $16,458 | ||
U.S. Dollars | ' | ' | ||
Borrowing By Currency [Line Items] | ' | ' | ||
Total borrowings | 18,750 | 16,028 | ||
Euros | ' | ' | ||
Borrowing By Currency [Line Items] | ' | ' | ||
Total borrowings | 308 | [1] | 293 | [1] |
Australian Dollars | ' | ' | ||
Borrowing By Currency [Line Items] | ' | ' | ||
Total borrowings | ' | $137 | ||
[1] | Sky Deutschland credit agreement. |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Billions, except Share data, unless otherwise specified | Jun. 30, 2014 | Apr. 18, 2012 | Aug. 13, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 13, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Aug. 13, 2014 | Oct. 31, 2013 | Apr. 18, 2012 | ||
Subsequent Event | Stockholders Rights Agreement | Stockholders Rights Agreement | Class A Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | |||||
Stockholders | Subsequent Event | Stockholders | Murdoch Family Interests | Subsequent Event | Non U S Stockholders | Non U S Stockholders | |||||||||||||
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Preferred stock, shares authorized | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Preferred stock, par or stated value per share | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Holders of record common stock | ' | ' | ' | ' | ' | ' | 36,400 | ' | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | ||
Stockholders Rights Agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share of Series A Junior Participating Preferred Stock entitled to holders | ' | ' | ' | ' | 0.001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stockholders right agreement expiration date | ' | ' | ' | 24-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock repurchase program, remaining authorized amount | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock repurchase program, remaining authorized repurchase amount increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ||
Total number of shares purchased | ' | ' | ' | ' | ' | ' | 115,000,000 | 81,000,000 | [1] | 258,000,000 | [1] | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | ' | ' | ' | ' | $0.13 | ' | ' | ||
Cash dividend payable date | ' | ' | 15-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividend record date | ' | ' | 10-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Temporary Suspension of Voting Rights [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Broadcast station licensee ownership threshold | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of suspended voting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 50.00% | ||
Aggregate percentage vote of outstanding shares not subject to suspension of voting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.40% | ' | ' | ' | ||
Delisting From Australian Securities Exchange | 8-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | During fiscal 2013 and 2012, the shares repurchased were Class A Common Stock of the Company then known as News Corporation. |
Stockholders_Equity_Components
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Millions, unless otherwise specified | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Foreign currency translation adjustments | $430 | ($46) | $871 |
Unrealized holding gains on securities | 67 | 151 | 199 |
Benefit plan adjustments | -531 | -424 | -1,048 |
Accumulated other comprehensive (loss) income, net of tax | ($34) | ($319) | $22 |
Stockholders_Equity_Other_Comp
Stockholders' Equity (Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Foreign currency translation adjustments | ' | ' | ' | |||
Unrealized gains (losses), before reclassification adjustment, before tax | $664 | ($877) | ($999) | |||
Amount reclassified on hedging activity, before tax | 14 | [1] | -13 | [1] | -19 | [1] |
Amount reclassified on the sale of NDS, before tax | ' | 10 | [2] | ' | ||
Foreign currency translation adjustments, after reclassification, before tax | 678 | [3] | -880 | [3],[4] | -1,018 | [3] |
Unrealized gains, before reclassification adjustment, tax | -74 | 2 | -83 | |||
Amount reclassified on hedging activity, tax | -6 | [1] | 4 | [1] | 7 | [1] |
Foreign currency translation adjustments, after reclassification, tax | -80 | [3] | 6 | [3],[4] | -76 | [3] |
Unrealized gains (losses), before reclassification adjustment, net of tax | 590 | -875 | -1,082 | |||
Amount reclassified on hedging activity, after tax | 8 | [1] | -9 | [1] | -12 | [1] |
Amount reclassified on the sale of NDS, net of tax | ' | 10 | [2] | ' | ||
Foreign currency translation adjustments | 598 | [3] | -874 | [3],[4] | -1,094 | [3] |
Gains and losses on securities | ' | ' | ' | |||
Unrealized gains (losses) on securities, before reclassification adjustment, before tax | 71 | -71 | -17 | |||
Amount reclassified on sale of Phoenix, before tax | -200 | [2] | ' | ' | ||
Unrealized gains (losses) on securities, after reclassification adjustment, before tax | -129 | -71 | [4] | -17 | ||
Unrealized gains (losses) on securities, before reclassification adjustment, tax | -25 | 26 | 6 | |||
Amount reclassified on sale of Phoenix, tax | 70 | [2] | ' | ' | ||
Unrealized gains (losses) on securities, after reclassification adjustment, tax | 45 | 26 | [4] | 6 | ||
Unrealized gains (losses), net of tax | 46 | -45 | -11 | |||
Amount reclassified on sale of Phoenix, net of tax | -130 | [2] | ' | ' | ||
Unrealized holding (losses) gains on securities | -84 | -45 | [4] | -11 | ||
Benefit plan adjustments | ' | ' | ' | |||
Unrealized gains (losses), before benefit plan adjustments adjustment, before tax | -210 | 374 | -833 | |||
Reclassification adjustment realized in net income, before tax | 45 | [5] | 103 | [5] | 42 | [5] |
Benefit plan adjustments, after reclassification adjustment, before tax | -165 | 477 | [4] | -791 | ||
Unrealized gains (losses), before benefit plan adjustments, tax | 75 | -138 | 293 | |||
Reclassification adjustment realized in net income, tax | -17 | [5] | -36 | [5] | -13 | [5] |
Benefit plan adjustments, after reclassification adjustment, tax | 58 | -174 | [4] | 280 | ||
Unrealized gains (losses) on securities, before reclassification adjustment, net of tax | -135 | 236 | -540 | |||
Reclassification adjustment realized in net income, net of tax | 28 | [5] | 67 | [5] | 29 | [5] |
Benefit plan adjustments | ($107) | $303 | [4] | ($511) | ||
[1] | Reclassifications of amounts related to hedging activity are included in Operating expenses or Selling, general and administrative expenses, as appropriate, in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 8 b Fair Value for additional information regarding hedging activity) | |||||
[2] | Reclassifications of amounts related to the sales of Phoenix and NDS are included in Other, net in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014 and 2013. | |||||
[3] | Foreign currency translation adjustments include $122 million, $15 million and $(5) million for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, relating to noncontrolling interests. | |||||
[4] | Other comprehensive income (loss) in fiscal 2013 excludes amounts related to the Separation of $(28) million, $(3) million and $321 million for foreign currency translation adjustments, unrealized holding gains on securities and benefit plan adjustments, respectively. | |||||
[5] | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Consolidated Statements of Operations for the fiscal years ended June 30, 2014, 2013 and 2012. (See Note 17 b Pension And Other Postretirement Benefits for additional information) |
Stockholders_Equity_Other_Comp1
Stockholders' Equity (Other Comprehensive Income) (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Foreign currency translation adjustments relating to noncontrolling interests | $122 | $15 | ($5) |
Foreign currency translation adjustments related to the separation of News Corp | ' | -28 | ' |
Unrealized holding losses on securities related to the separation of News Corp | ' | -3 | ' |
Benefit plan adjustments related to the separation of News Corp | ' | $321 | ' |
Stockholders_Equity_Summary_of
Stockholder's Equity (Summary of Purchase of Class A Common Stock) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Equity Class Of Treasury Stock [Line Items] | ' | ' | ' | ||
Total cost of purchases | $3,772 | $2,026 | $4,589 | ||
Class A Common Stock | ' | ' | ' | ||
Equity Class Of Treasury Stock [Line Items] | ' | ' | ' | ||
Total cost of purchases | $3,772 | $2,026 | [1] | $4,589 | [1] |
Total number of shares purchased | 115,000,000 | 81,000,000 | [1] | 258,000,000 | [1] |
[1] | During fiscal 2013 and 2012, the shares repurchased were Class A Common Stock of the Company then known as News Corporation. |
Stockholders_Equity_Schedule_o
Stockholder's Equity (Schedule of Dividends Declared) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Class A Common Stock | ' | ' | ' |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Cash dividend paid per share | $0.25 | $0.17 | $0.18 |
Class B Common Stock | ' | ' | ' |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Cash dividend paid per share | $0.25 | $0.17 | $0.18 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total compensation costs, not yet recognized, related to non-vested RSUs and PSUs for all plans presented | $120 | ' | ' |
Tax benefit on vested PSUs, RSUs and stock options | 89 | 66 | 35 |
Liability for cash-settled awards | 165 | 185 | ' |
Minimum | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Weighted average future expense period of unrecognized stock-based compensation expense related to RSUs and PSUs (years) | '1 year | ' | ' |
Maximum | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Weighted average future expense period of unrecognized stock-based compensation expense related to RSUs and PSUs (years) | '2 years | ' | ' |
Performance Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Performance period | '3 years | ' | ' |
Granted | 4,900,000 | 8,200,000 | 9,100,000 |
Performance Stock Units | Settle In Cash | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,100,000 | 0 | 0 |
Cash used to settle vested Restricted Stock Units in the period | 67 | 0 | 0 |
Performance Stock Units | Minimum | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Payout Range On Stock Based Compensation Awards | 0.00% | ' | ' |
Performance Stock Units | Maximum | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Payout Range On Stock Based Compensation Awards | 200.00% | ' | ' |
Performance Stock Units | Maximum | Certain Executives | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Payout Range On Stock Based Compensation Awards | 150.00% | ' | ' |
Restricted Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Granted | 800,000 | 1,400,000 | 6,700,000 |
Minimum percentage of annualized base salary received in RSU shares | 0.00% | ' | ' |
Maximum percentage of annualized base salary received in RSU shares | 100.00% | ' | ' |
Vesting period (years) | '4 years | ' | ' |
Restricted Stock Units | Settle In Cash | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 600,000 | 900,000 | 1,200,000 |
Cash used to settle vested Restricted Stock Units in the period | 18 | 22 | 19 |
2013 Long-Term Incentive Plan | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Maximum Number of Class A Common Stock Shares that may be issued under 2013 Plan | 87,500,000 | ' | ' |
Remaining Number of Shares Available for Issuance Under 2013 Plan | 87,400,000 | ' | ' |
Settled In Stock | Performance Stock Units | Class A Common Stock | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Granted | 3,900,000 | 6,300,000 | 6,900,000 |
2004 Stock Option Plan and 2004 Replacement Stock Option Plan | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Vesting period (years) | '4 years | ' | ' |
Expiration period from date of grant | '10 years | ' | ' |
Total intrinsic value of options outstanding | ' | $29 | $39 |
Stock options outstanding | 0 | ' | ' |
EquityBased_Compensation_RSUs_
Equity-Based Compensation (RSUs and PSUs Settled In Stock) (Details) (RSU and PSU, Class A Common Stock, USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
RSU and PSU | Class A Common Stock | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Unvested units at beginning of the year | 17,794 | [1] | 18,197 | [1] | 13,377 | |
Number of shares, granted | 4,677 | 7,680 | 13,389 | |||
Number of shares, vested | -5,680 | [2] | -6,208 | [2] | -7,859 | [2] |
Number of shares, cancelled | -609 | -1,071 | -710 | |||
Separation of News Corp | ' | -2,586 | ' | |||
Shares granted in conversion, as a result of the separation of News Corp | ' | 1,782 | ' | |||
Unvested units at the end of the year | 16,182 | [1] | 17,794 | [1] | 18,197 | [1] |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | |||
Weighted average grant-date fair value of unvested units at beginning of the year | $16.19 | [1] | $14.51 | [1] | $13.04 | |
Weighted average grant-date fair value of units, granted | $35.33 | $24.21 | $15.12 | |||
Weighted average grant-date fair value of units, vested | $15.57 | [2] | $14.90 | [2] | $13.06 | [2] |
Weighted average grant-date fair value of units, cancelled | $18.89 | $15.59 | $14.44 | |||
Weighted average grant-date fair value of units, Separation of News Corp | ' | $20.34 | ' | |||
Weighted average grant-date fair value of units granted in conversion, as a result of the Separation | ' | $16.19 | ' | |||
Weighted average grant-date fair value of unvested units at end of the year | $22.22 | [1] | $16.19 | [1] | $14.51 | [1] |
[1] | The intrinsic value of unvested RSUs and target PSUs at JuneB 30, 2014 was approximately $570 million. | |||||
[2] | The fair value and intrinsic value of the Companybs RSUs that vested during fiscal 2014, 2013 and 2012 was $160 million, $147 million and $132 million, respectively. The fair value and intrinsic value of the Companybs PSUs that vested during fiscal 2014 was $21 million and nil for fiscal 2013 and 2012. Included in the number of shares vested in fiscal 2014 was approximately 1B million shares issued to News Corp employees. |
EquityBased_Compensation_RSUs_1
Equity-Based Compensation (RSUs and PSUs Settled In Stock) (Parenthetical) (Details) (Class A Common Stock, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Restricted Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total Fair Value of Stock Units Vested During the Period | $160 | $147 | $132 |
Total intrinsic value of stock units vested during the period | 160 | 147 | 132 |
Performance Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total Fair Value of Stock Units Vested During the Period | 21 | 0 | 0 |
Total intrinsic value of stock units vested during the period | 21 | ' | ' |
RSU and PSU | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Intrinsic Value of Unvested RSUs and Target PSUs | $570 | ' | ' |
RSU and PSU | News Corp | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Shares Vesting Held By News Corp Employees | 1 | ' | ' |
EquityBased_Compensation_Summa
Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Equity-based compensation | $205 | $241 | $198 | |||
Cash received from exercise of equity-based compensation | 35 | 181 | 147 | |||
Total intrinsic value of stock options exercised | $32 | [1] | $73 | [1] | $34 | [1] |
[1] | The total intrinsic value of options exercised related to discontinued operations for fiscal 2014, 2013 and 2012 was $9 million, $23 million and $12 million, respectively. |
EquityBased_Compensation_Summa1
Equity-Based Compensation (Summary of Equity-Based Compensation) (Parenthetical) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Total intrinsic value of stock options exercised | $32 | [1] | $73 | [1] | $34 | [1] |
Discontinued Operations | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Total intrinsic value of stock options exercised | $9 | $23 | $12 | |||
[1] | The total intrinsic value of options exercised related to discontinued operations for fiscal 2014, 2013 and 2012 was $9 million, $23 million and $12 million, respectively. |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Freud Communications | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $142,000 | $138,000 | $195,000 |
Allen And Company L L C | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 3,000,000 | 0 |
Fox Television Holdings, Inc. | Board of Directors Chairman | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total preferred stock redemption amount | ' | 875,000 | ' |
Price per share on annual dividend | ' | $12 | ' |
Shares Of Preferred Stock Redeemed | ' | 7,600 | ' |
Fox Television Holdings, Inc. | Preferred Shares Repurchased At Par Value | Board of Directors Chairman | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total preferred stock redemption amount | ' | 760,000 | ' |
Fox Television Holdings, Inc. | Accrued And Unpaid Dividends | Board of Directors Chairman | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total preferred stock redemption amount | ' | $115,000 | ' |
Related_Parties_Related_Partie
Related Parties (Related Parties Revenue Table) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party revenue, net of expense | $546 | $398 | $317 |
Related_Parties_Amounts_Due_to
Related Parties (Amounts Due to from Related Parties, Table) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Related Party Transaction [Line Items] | ' | ' | ||
Accounts receivable from related parties | $223 | $254 | ||
Accounts payable to related parties | $165 | [1] | $456 | [1] |
[1] | Balances as of June 30, 2014 and 2013 include amounts expected to be covered by the Indemnity (See Note 16 b Commitments and Contingencies). Also included in fiscal 2013 was the final cash distribution to News Corp. |
Related_Parties_Rotana_Narrati
Related Parties (Rotana Narrative) (Details) (Rotana) | 12 Months Ended |
Jun. 30, 2014 | |
Channel | |
Related Party Transaction [Line Items] | ' |
Equity method investment, ownership percentage | 19.00% |
Number of licensed free-to-air general entertainment channels | 2 |
Continued satellite transponder capacity services time period | '2 years |
Minimum | ' |
Related Party Transaction [Line Items] | ' |
Percentage of the Company's Class B Common Stock held by controlling interest of affiliate | 5.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Commitments Disclosure) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Contracts for Capital Expenditures, Fiscal Year Maturity [Abstract] | ' |
Contracts for capital expenditures, due 1 year or less | $108 |
Contracts for capital expenditures, due 2-3 years | 23 |
Total contracts for capital expenditures | 131 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' |
Borrowings, due 1 year or less | 799 |
Borrowings, due 2-3 years | 783 |
Borrowings, due 4-5 years | 3,027 |
Borrowings, due after 5 years | 14,379 |
Total borrowings | 18,988 |
Other Commitment, Fiscal Year Maturity [Abstract] | ' |
Other commitments and contractual obligations, due 1 year or less | 1,611 |
Other commitments and contractual obligations, due 2-3 years | 2,459 |
Other commitments and contractual obligations, due 4-5 years | 688 |
Other commitments and contractual obligations, due after 5 years | 975 |
Total other commitments and contractual obligations | 5,733 |
Contractual Obligation, Fiscal Year Maturity [Abstract] | ' |
Total commitments, borrowings and contractual obligations, due 1 year or less | 11,501 |
Total commitments, borrowings and contractual obligations, due 2-3 years | 18,526 |
Total commitments, borrowings and contractual obligations, due 4-5 years | 14,490 |
Total commitments, borrowings and contractual obligations, due after 5 years | 42,476 |
Total commitments, borrowings and contractual obligations | 86,993 |
Transponder service agreements and other | ' |
Operating Leases, Fiscal Year Maturity [Abstract] | ' |
Operating leases and service agreements, due 1 year or less | 465 |
Operating leases and service agreements, due 2-3 years | 841 |
Operating leases and service agreements, due 4-5 years | 611 |
Operating leases and service agreements, due after 5 years | 596 |
Total operating leases and service agreements | 2,513 |
Sports Programming Rights | ' |
Program Rights Obligations, Fiscal Year Maturity [Abstract] | ' |
Programming rights, due 1 year or less | 6,138 |
Programming rights, due 2-3 years | 12,051 |
Programming rights, due 4-5 years | 9,123 |
Programming rights, due after 5 years | 25,488 |
Total programming rights | 52,800 |
Entertainment Programming Rights | ' |
Program Rights Obligations, Fiscal Year Maturity [Abstract] | ' |
Programming rights, due 1 year or less | 2,069 |
Programming rights, due 2-3 years | 1,852 |
Programming rights, due 4-5 years | 590 |
Programming rights, due after 5 years | 107 |
Total programming rights | 4,618 |
Land and buildings | ' |
Operating Leases, Fiscal Year Maturity [Abstract] | ' |
Operating leases and service agreements, due 1 year or less | 311 |
Operating leases and service agreements, due 2-3 years | 517 |
Operating leases and service agreements, due 4-5 years | 451 |
Operating leases and service agreements, due after 5 years | 931 |
Total operating leases and service agreements | $2,210 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Contingent Guarantees) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Guarantees Fiscal Year Maturity Schedule [Line Items] | ' |
Contingent guarantees, due 1 year or less | $437 |
Contingent guarantees, due 2-3 years | 172 |
Contingent guarantees, due 4-5 years | 115 |
Contingent guarantees, due after 5 years | 0 |
Total contingent guarantees | 724 |
Sports Programming Rights Guarantees | ' |
Guarantees Fiscal Year Maturity Schedule [Line Items] | ' |
Contingent guarantees, due 1 year or less | 387 |
Contingent guarantees, due 2-3 years | 172 |
Total contingent guarantees | 559 |
Hulu indemnity | ' |
Guarantees Fiscal Year Maturity Schedule [Line Items] | ' |
Contingent guarantees, due 4-5 years | 115 |
Total contingent guarantees | 115 |
Letters of Credit and Other | ' |
Guarantees Fiscal Year Maturity Schedule [Line Items] | ' |
Contingent guarantees, due 1 year or less | 50 |
Total contingent guarantees | $50 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 26, 2013 | Jun. 30, 2014 | Jul. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 26, 2013 | Jun. 30, 2014 |
Consolidated Action | Shareholder Litigation | Hulu | Hulu | Hulu | Hulu | News Corp | News Corp | Transponder Service Agreements | Attorney's Fees | Land and buildings | ||||
Consolidated Action | ||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total commitments, borrowings and contractual obligations | $86,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,900 | ' | ' |
Total operating leases and service agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,210 |
Total amounts to be received from subleases of office facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315 | ' | ' | ' | ' |
Equity affiliate's redemption of equity interest | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation | 205 | 241 | 198 | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' |
Contingent Guarantees | 724 | ' | ' | ' | ' | ' | ' | ' | 115 | ' | ' | ' | ' | ' |
Carrying value of equity affiliate's term loan | ' | ' | ' | ' | ' | ' | 338 | ' | ' | ' | ' | ' | ' | ' |
Investments in equity affiliates | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional commitment | 5,733 | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Net amount recognized, pension/postretirement | -773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, gross | ' | ' | ' | 139 | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' |
Shareholder litigation settlement | ' | ' | ' | ' | 111 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compliance enhancements effective through | '2016-12-31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of obligation under indemnity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | 150 | ' | ' | ' |
Fair value of amounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 40 | ' | ' | ' |
Fair value of expected future payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 110 | ' | ' | ' |
Indemnity payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $79 | ' | ' | ' | ' |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits - Defined Benefit (Narrative) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Equity Securities | Fixed Income Securities | Other, Including Cash | News Corp | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Transfer of plan assets and obligations to News Corp as a result of the separation | ' | ' | ' | ' | ' | $558 |
Transfer of deferred items to News Corp as a result of the separation | ' | ' | ' | ' | ' | 500 |
Accumulated benefit obligation | 2,191 | 1,843 | ' | ' | ' | ' |
Expected annual U.S. Medicare subsidy receipts, maximum | $1 | ' | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | ' | 48.00% | 37.00% | 15.00% | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Pension Benefits | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ||
Projected benefit obligation, beginning of the year | $2,095 | $3,855 | ||
Service cost | 73 | 105 | ||
Interest cost | 106 | 101 | ||
Benefits paid | -53 | -51 | ||
Settlements | -39 | [1] | -66 | [1] |
Actuarial loss (gain) | 289 | [2] | -279 | [2] |
Foreign exchange rate changes | 16 | -2 | ||
Other | 7 | -34 | ||
Separation of News Corp plans | ' | -1,534 | ||
Projected benefit obligation, end of the year | 2,494 | 2,095 | ||
Change in the fair value of plan assets for the Companybs benefit plans: | ' | ' | ||
Fair value of plan assets, beginning of the year | 1,657 | 2,772 | ||
Actual return on plan assets | 197 | 116 | ||
Employer contributions | 100 | 95 | ||
Benefits paid | -53 | -51 | ||
Settlements | -39 | [1] | -66 | [1] |
Foreign exchange rate changes | 12 | -3 | ||
Amendments, transfers and other | ' | 1 | ||
Separation of News Corp plans | ' | -1,187 | ||
Payable to News Corp plans | ' | -20 | ||
Fair value of plan assets, end of the year | 1,874 | 1,657 | ||
Funded status | -620 | [3] | -438 | [3] |
Postretirement Benefits | ' | ' | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ||
Projected benefit obligation, beginning of the year | 146 | 377 | ||
Service cost | 4 | 4 | ||
Interest cost | 6 | 6 | ||
Benefits paid | -8 | -7 | ||
Actuarial loss (gain) | 5 | [2] | -3 | [2] |
Separation of News Corp plans | ' | -231 | ||
Projected benefit obligation, end of the year | 153 | 146 | ||
Change in the fair value of plan assets for the Companybs benefit plans: | ' | ' | ||
Employer contributions | 8 | 7 | ||
Benefits paid | -8 | -7 | ||
Funded status | ($153) | [3] | ($146) | [3] |
[1] | Amounts related to payments made to former employees in full settlement of their deferred pension benefits. | |||
[2] | Actuarial losses (gains) primarily related to changes in the discount rate and the strengthening of the mortality tables utilized in measuring plan obligations at JuneB 30, 2014 and 2013, respectively. | |||
[3] | The Company has established an irrevocable grantor trust (the bTrustb), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Companybs obligations in the event of bankruptcy or insolvency. The fair value of the assets in the Trust at JuneB 30, 2014 and 2013 was approximately $210 million and $200 million, respectively. |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Schedule of Net Funded Status) (Parenthetical) (Details) (Irrevocable Grantor Trust, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Irrevocable Grantor Trust | ' | ' |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' |
Fair value of plan assets | $210 | $200 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits (Schedule of Amounts Recognized in Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net amount recognized | ($773) | ' |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension/postretirement assets | 34 | ' |
Accrued pension/postretirement liabilities | -654 | -438 |
Net amount recognized | -620 | -438 |
Postretirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued pension/postretirement liabilities | -153 | -146 |
Net amount recognized | ($153) | ($146) |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' |
Actuarial losses | $794 | $625 |
Prior service cost | 7 | 9 |
Net amounts recognized | 801 | 634 |
Postretirement Benefits | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' |
Actuarial losses | 45 | 42 |
Net amounts recognized | $45 | $42 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits (Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as a Component of Net Periodic Pension Cost in Next Fiscal Year) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Pension Benefits | ' |
Pension and Other Postretirement Benefit Plans, Amounts that will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ' |
Actuarial losses | $36 |
Prior service cost | 1 |
Net amounts recognized | 37 |
Postretirement Benefits | ' |
Pension and Other Postretirement Benefit Plans, Amounts that will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ' |
Actuarial losses | 3 |
Net amounts recognized | $3 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits (Funded and Unfunded Pension Plans) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | |
Accumulated benefit obligation | $2,191 | $1,843 | |
Funded Pension Plans | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | |
Projected benefit obligation | 2,168 | 1,807 | |
Accumulated benefit obligation | 1,873 | 1,563 | |
Fair value of plan assets | 1,874 | 1,657 | |
Unfunded Pension Plans | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | |
Projected benefit obligation | 326 | 288 | |
Accumulated benefit obligation | 318 | 280 | |
Fair value of plan assets | $0 | [1] | ' |
[1] | The Company has established a Trust to fund certain future pension benefit obligations of the Company.B The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Companybs obligations in the event of bankruptcy or insolvency.B The fair value of the assets in the Trust at JuneB 30, 2014 was approximately $210 million. |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits (Funded and Unfunded Pension Plans) (Parenthetical) (Details) (Irrevocable Grantor Trust, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Irrevocable Grantor Trust | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $210 | $200 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits (Pension Plans in Which Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | |
In Millions, unless otherwise specified | |||
Funded Pension Plans | ' | ' | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ' | ' | |
Projected benefit obligation | $1,319 | $411 | |
Accumulated benefit obligation | 1,023 | 386 | |
Fair value of plan assets | 992 | 370 | |
Unfunded Pension Plans | ' | ' | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ' | ' | |
Projected benefit obligation | 326 | 288 | |
Accumulated benefit obligation | 318 | 280 | |
Fair value of plan assets | $0 | [1] | ' |
[1] | The Company has established a Trust to fund certain future pension benefit obligations of the Company.B The assets in the Trust are unsecured funds of the Company and can be used to satisfy the Companybs obligations in the event of bankruptcy or insolvency.B The fair value of the assets in the Trust at JuneB 30, 2014 was approximately $210 million. |
Recovered_Sheet1
Pension and Other Postretirement Benefits (Pension Plans in Which Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets) (Parenthetical) (Details) (Irrevocable Grantor Trust, USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Irrevocable Grantor Trust | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fair value of plan assets | $210 |
Recovered_Sheet2
Pension and Other Postretirement Benefits (Components of Net Periodic Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Pension Benefits | ' | ' | ' |
Components of net periodic benefits costs: | ' | ' | ' |
Service cost benefits earned during the period | $73 | $105 | ' |
Interest costs on projected benefit obligations | 106 | 101 | ' |
Pension Benefits | Continuing Operations | ' | ' | ' |
Components of net periodic benefits costs: | ' | ' | ' |
Service cost benefits earned during the period | 73 | 105 | 78 |
Interest costs on projected benefit obligations | 106 | 101 | 103 |
Expected return on plan assets | -113 | -110 | -103 |
Amortization of deferred losses | 41 | 79 | 32 |
Other | 1 | 2 | 6 |
Net periodic benefits costs from continuing operations | 108 | 177 | 116 |
Postretirement Benefits | ' | ' | ' |
Components of net periodic benefits costs: | ' | ' | ' |
Service cost benefits earned during the period | 4 | 4 | ' |
Interest costs on projected benefit obligations | 6 | 6 | ' |
Postretirement Benefits | Continuing Operations | ' | ' | ' |
Components of net periodic benefits costs: | ' | ' | ' |
Service cost benefits earned during the period | 4 | 4 | 3 |
Interest costs on projected benefit obligations | 6 | 6 | 6 |
Amortization of deferred losses | 3 | 3 | ' |
Other | ' | ' | -2 |
Net periodic benefits costs from continuing operations | $13 | $13 | $7 |
Recovered_Sheet3
Pension and Other Postretirement Benefits (Additional Information for Components of Net Periodic Costs) (Details) (Continuing Operations) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.50% | 5.20% | 4.30% |
Rate of increase in future compensation | 4.60% | 4.40% | 6.20% |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate | 5.20% | 4.30% | 5.70% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of increase in future compensation | 4.40% | 6.20% | 6.10% |
Postretirement Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.30% | 4.80% | 3.80% |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate | 4.80% | 3.80% | 5.30% |
Recovered_Sheet4
Pension and Other Postretirement Benefits (Health Care Cost Trend Rates ) (Details) (Postretirement Benefits, Continuing Operations) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Postretirement Benefits | Continuing Operations | ' | ' |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Health care cost trend rate | 6.40% | 6.80% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2028 | '2019 |
Recovered_Sheet5
Pension and Other Postretirement Benefits (Effect Of One Percentage Point Increase And One Percentage Point Decrease In Health Care Cost Trend Rates) (Details) (Postretirement Benefits, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Postretirement Benefits | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
One percentage point increase, benefit obligation | $5 |
One percentage point decrease, benefit obligation | ($4) |
Recovered_Sheet6
Pension and Other Postretirement Benefits (Estimated Benefit Payments) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | ' |
Fiscal year: | ' |
2015 | $101 |
2016 | 100 |
2017 | 107 |
2018 | 111 |
2019 | 115 |
2020-2024 | 682 |
Postretirement Benefits | ' |
Fiscal year: | ' |
2015 | 7 |
2016 | 7 |
2017 | 8 |
2018 | 9 |
2019 | 9 |
2020-2024 | $49 |
Recovered_Sheet7
Pension and Other Postretirement Benefits (Plan Assets by Level with In Fair Value Hierarchy) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $1,874 | $1,657 | ||
Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 1,114 | 1,081 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 759 | 575 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 1 | 1 | ||
Money Market Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 117 | [1] | 22 | [1] |
Money Market Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 117 | [1] | 22 | [1] |
Domestic Equity Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 172 | [1] | 146 | [1] |
Domestic Equity Funds | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 172 | [1] | 146 | [1] |
International Equity Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 309 | [1] | 264 | [1] |
International Equity Funds | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 255 | [1] | 214 | [1] |
International Equity Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 54 | [1] | 50 | [1] |
Domestic Fixed Income Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 164 | [1] | 278 | [1] |
Domestic Fixed Income Funds | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 164 | [1] | 278 | [1] |
International Fixed Income Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 161 | [1] | 32 | [1] |
International Fixed Income Funds | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 1 | [1] | ' | |
International Fixed Income Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 160 | [1] | 32 | [1] |
Balanced Funds | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 334 | [1] | 297 | [1] |
Balanced Funds | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 173 | [1] | 155 | [1] |
Balanced Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 161 | [1] | 142 | [1] |
U.S. Common Stocks | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 360 | [2] | 300 | [2] |
U.S. Common Stocks | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 360 | [2] | 300 | [2] |
Domestic Government Obligations | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 24 | [3] | 35 | [3] |
Domestic Government Obligations | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 24 | [3] | 35 | [3] |
Domestic Agency Obligations | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 33 | [3] | 67 | [3] |
Domestic Agency Obligations | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 33 | [3] | 67 | [3] |
International Government Obligations | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 66 | [3] | |
International Government Obligations | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 66 | [3] | |
Corporate Obligations | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 84 | [3] | 75 | [3] |
Corporate Obligations | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 84 | [3] | 75 | [3] |
Partnership Interests | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 37 | [4] | 38 | [4] |
Partnership Interests | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 37 | [4] | 38 | [4] |
Other Plan Assets | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 79 | 37 | ||
Other Plan Assets | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | -11 | -12 | ||
Other Plan Assets | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 89 | 48 | ||
Other Plan Assets | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $1 | $1 | ||
[1] | Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published net asset value (bNAVb).B Other pooled funds are valued at the NAV provided by the fund issuer. | |||
[2] | Common stocks that are publicly traded are valued at the closing price reported on active markets in which the individual securities are traded. | |||
[3] | The fair value of corporate, government and agency obligations are valued based on a compilation of primary observable market information or a broker quote in a non-active market. | |||
[4] | The fair values of partnerships that are not publicly traded are based on the fair value obtained from the general partner. |
Recovered_Sheet8
Pension and Other Postretirement Benefits (Weighted-Average Asset Allocations by Asset Category) (Details) | Jun. 30, 2014 | Jun. 30, 2013 |
Asset Category: | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities | ' | ' |
Asset Category: | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 46.00% | 43.00% |
Debt Securities | ' | ' |
Asset Category: | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 29.00% | 37.00% |
Other, Including Cash | ' | ' |
Asset Category: | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 25.00% | 20.00% |
Recovered_Sheet9
Pension and Other Postretirement Benefits - Multi Employer Pension and Postretirements Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Multiemployer Plans Pension | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Period contributions | $70 | $66 | $66 |
Multiemployer Plans Pension | Green | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer, Number of plans | 4 | ' | ' |
Multiemployer Plans Pension | Maximum | Red | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | 65.00% | ' | ' |
Multiemployer Plans Pension | Maximum | Yellow | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | 80.00% | ' | ' |
Multiemployer Plans Pension | Minimum | Yellow | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | 65.00% | ' | ' |
Multiemployer Plans Pension | Minimum | Green | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | 80.00% | ' | ' |
Multiemployer Plans, Percentage on total contributions | 5.00% | ' | ' |
Multiemployer Plans Pension | Four Plans Company Provides More Than5 Percent Of Total Contributions | None Of Above | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Zone status | 'Green | ' | ' |
Multiemployer Plans, Postretirement Benefit | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Period contributions | $85 | $80 | $67 |
Recovered_Sheet10
Pension and Other Postretirement Benefits - Defined Contribution Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Contribution Plans | ' | ' | ' |
Employer contributions to defined contribution plans | $69 | $195 | $198 |
Discontinued Operations | ' | ' | ' |
Defined Contribution Plans | ' | ' | ' |
Employer contributions to defined contribution plans | $0 | $134 | $141 |
Income_Taxes_Income_Loss_From_
Income Taxes (Income (Loss) From Continuing Operations Before Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
United States (including exports) | $5,375 | $8,115 | $3,861 |
Foreign | -186 | 621 | 602 |
Income from continuing operations before income tax expense | $5,189 | $8,736 | $4,463 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision (Benefit) For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal | $1,178 | $1,024 | $867 |
State & local | 76 | 93 | 16 |
Foreign | 57 | 93 | 49 |
Total current | 1,311 | 1,210 | 932 |
Deferred | -39 | 480 | 162 |
Total provision for income taxes from continuing operations | $1,272 | $1,690 | $1,094 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Sale of interest in subsidiaries | ' | -4.00% | -4.00% |
State and local taxes | 1.00% | 1.00% | 1.00% |
Effect of foreign operations | -5.00% | -2.00% | -6.00% |
Resolution of tax matters | ' | -1.00% | ' |
Non-deductible goodwill on asset impairment | ' | ' | 2.00% |
Valuation allowance movements | ' | -7.00% | 1.00% |
Nontaxable income attributable to noncontrolling interests | -2.00% | -1.00% | -2.00% |
Domestic production activities deduction | -2.00% | -1.00% | -3.00% |
Other | -2.00% | -1.00% | 1.00% |
Effective tax rate for income from continuing operations | 25.00% | 19.00% | 25.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets Liabilities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $284 | $1,109 |
Capital loss carryforwards | 1,360 | 1,676 |
Foreign tax credit carryforwards | 561 | 474 |
Accrued liabilities | 733 | 653 |
Other | 293 | 231 |
Total deferred tax assets | 3,231 | 4,143 |
Deferred tax liabilities: | ' | ' |
Basis difference and amortization | -2,898 | -2,449 |
Revenue recognition | -528 | -505 |
Sports rights contracts | -135 | -128 |
Total deferred tax liabilities | -3,561 | -3,082 |
Deferred tax assets liabilities, net | ' | ' |
Net deferred tax (liability) asset before valuation allowance | -330 | 1,061 |
Less: valuation allowance | -2,338 | -3,284 |
Total net deferred tax liabilities | ($2,668) | ($2,223) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Examination [Line Items] | ' | ' |
Current deferred tax assets | $0 | $9,000,000 |
Non-current deferred tax assets | 61,000,000 | 48,000,000 |
Non-current deferred tax liabilities | 2,729,000,000 | 2,280,000,000 |
Deferred tax asset attributable to net operating loss carryforwards | 866,000,000 | ' |
Valuation allowance, operating loss carryforwards | 216,000,000 | 1,100,000,000 |
Deferred tax asset attributable to net operating loss carryforwards | 284,000,000 | 1,109,000,000 |
Foreign tax credit carryforwards | 561,000,000 | 474,000,000 |
Liabilities for accrued interest related to unrecognized tax benefits | 29,000,000 | 44,000,000 |
Unrecognized tax benefits that would impact effective tax rate | 144,000,000 | 200,000,000 |
Undistributed earnings of foreign subsidiaries | 851,000,000 | ' |
Capital Loss Carryforwards | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Capital loss carryforwards, gross | 3,900,000,000 | ' |
Valuation allowance | $1,300,000,000 | ' |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Change in accrual for uncertain tax positions, excluding interest and penalties | ' | ' | ' |
Balance, end of period | $144 | $200 | $289 |
Continuing Operations | ' | ' | ' |
Change in accrual for uncertain tax positions, excluding interest and penalties | ' | ' | ' |
Balance, beginning of period | 200 | 173 | 140 |
Additions for prior year tax positions | 1 | 60 | 32 |
Additions for current year tax positions | 13 | 4 | 14 |
Reduction for prior year tax positions | -70 | -37 | -13 |
Balance, end of period | 144 | 200 | 173 |
Discontinued Operations | ' | ' | ' |
Change in accrual for uncertain tax positions, excluding interest and penalties | ' | ' | ' |
Balance, end of period | ' | ' | $116 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
fullpowertvstations | segments | ||||||||||
fullpowertvstations | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of segments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Full power broadcast television stations | 28 | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' |
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 |
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 6,715 | 6,261 | 5,757 |
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,292 | -979 | -1,061 |
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | ($18) | ($18) | $51 |
Duopolies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Full power broadcast television stations | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Fox Broadcasting Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Full power broadcast television stations | 18 | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' |
MyNetworkTV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Full power broadcast television stations | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Segment_Information_Segment_Ne
Segment Information (Segment Net Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 6,715 | 6,261 | 5,757 | |||||||||||
Amortization of cable distribution investments | ' | ' | ' | ' | ' | ' | ' | ' | -85 | -89 | -88 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -1,142 | -797 | -711 | |||||||||||
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -35 | -201 | |||||||||||
Equity earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 622 | [1] | 655 | [1] | 636 | [1] | ||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,121 | -1,063 | -1,032 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 57 | 77 | |||||||||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 3,747 | 25 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,189 | 8,736 | 4,463 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,272 | -1,690 | -1,094 | |||||||||||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,917 | 7,046 | 3,369 | |||||||||||
Income (loss) from discontinued operations, net of tax | 33 | [2] | -16 | [2] | 225 | [2] | 487 | [2] | -1,348 | [2] | 321 | [2] | 1,324 | [2] | -20 | [2] | 729 | 277 | -1,997 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,646 | 7,323 | 1,372 | |||||||||||
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -132 | [3] | -226 | [3] | -193 | [3] | ||||||||
Net income attributable to Twenty-First Century Fox, stockholders | 999 | 1,053 | 1,207 | 1,255 | -371 | 2,854 | 2,381 | 2,233 | 4,514 | 7,097 | 1,179 | |||||||||||
Operating Segments | Cable Network Programming Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,273 | 10,881 | 9,324 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 4,407 | 4,177 | 3,549 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -232 | -197 | -166 | |||||||||||
Operating Segments | Television Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,296 | 4,860 | 4,803 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 882 | 855 | 791 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -105 | -93 | -85 | |||||||||||
Operating Segments | Filmed Entertainment Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,679 | 8,642 | 8,363 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 1,358 | 1,308 | 1,312 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -133 | -132 | -129 | |||||||||||
Operating Segments | Direct Broadcast Satellite Television Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,030 | 4,439 | 3,740 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | 424 | 397 | 561 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -657 | -355 | -307 | |||||||||||
Operating Segments | Other, Corporate and Eliminations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,411 | -1,147 | -1,179 | |||||||||||
Segment OIBDA | ' | ' | ' | ' | ' | ' | ' | ' | -356 | -476 | -456 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ($15) | ($20) | ($24) | |||||||||||
[1] | The Companybs investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of JuneB 30, 2014 and 2013, respectively, which represented the excess cost over the Companybs proportionate share of its investmentsb underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill.B In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of JuneB 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest.In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. | |||||||||||||||||||||
[2] | In the quarter ended JuneB 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 b Discontinued Operations) | |||||||||||||||||||||
[3] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. |
Segment_Information_Depreciati
Segment Information (Depreciation and Amortization, Capital Expenditures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | $1,142 | $797 | $711 |
Capital expenditures | 678 | 622 | 564 |
Operating Segments | Cable Network Programming Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 232 | 197 | 166 |
Capital expenditures | 131 | 88 | 83 |
Operating Segments | Television Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 105 | 93 | 85 |
Capital expenditures | 90 | 103 | 72 |
Operating Segments | Filmed Entertainment Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 133 | 132 | 129 |
Capital expenditures | 61 | 63 | 50 |
Operating Segments | Direct Broadcast Satellite Television Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 657 | 355 | 307 |
Capital expenditures | 368 | 344 | 298 |
Operating Segments | Other, Corporate and Eliminations Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 15 | 20 | 24 |
Capital expenditures | $28 | $24 | $61 |
Segment_Information_Assets_Goo
Segment Information (Assets, Goodwill and Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | $54,793 | $50,944 |
Goodwill and intangible assets, net | 26,124 | 22,319 |
Investments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 2,859 | 3,704 |
Operating Segments | Cable Network Programming Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 22,422 | 17,830 |
Goodwill and intangible assets, net | 12,854 | 9,444 |
Operating Segments | Television Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 6,449 | 6,415 |
Goodwill and intangible assets, net | 4,282 | 4,283 |
Operating Segments | Filmed Entertainment Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 10,419 | 9,411 |
Goodwill and intangible assets, net | 2,441 | 2,439 |
Operating Segments | Direct Broadcast Satellite Television Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 9,144 | 8,636 |
Goodwill and intangible assets, net | 6,451 | 6,057 |
Operating Segments | Other, Corporate and Eliminations Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets: | 3,500 | 4,948 |
Goodwill and intangible assets, net | $96 | $96 |
Segment_Information_Revenues_b
Segment Information (Revenues by Component) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Affiliate fees | ' | ' | ' | ' | ' | ' | ' | ' | $8,984 | $7,678 | $6,331 |
Subscription | ' | ' | ' | ' | ' | ' | ' | ' | 5,467 | 4,074 | 3,408 |
Advertising | ' | ' | ' | ' | ' | ' | ' | ' | 8,218 | 7,634 | 7,553 |
Content | ' | ' | ' | ' | ' | ' | ' | ' | 8,596 | 7,871 | 7,260 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 602 | 418 | 499 |
Total revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 |
Segment_Information_Geographic
Segment Information (Geographic Region Revenues and Long Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 | |||||
Long-lived assets | 10,373 | [1] | ' | ' | ' | 9,307 | [1] | ' | ' | ' | 10,373 | [1] | 9,307 | [1] | ' | |
Reportable Geographical Components | U.S. and Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,842 | [2] | 15,937 | [2] | 15,200 | [2] | ||
Long-lived assets | 7,951 | [1] | ' | ' | ' | 6,855 | [1] | ' | ' | ' | 7,951 | [1] | 6,855 | [1] | ' | |
Reportable Geographical Components | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,745 | [3] | 7,717 | [3] | 6,728 | [3] | ||
Long-lived assets | 1,788 | [1] | ' | ' | ' | 1,752 | [1] | ' | ' | ' | 1,788 | [1] | 1,752 | [1] | ' | |
Reportable Geographical Components | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,280 | [4] | 4,021 | [4] | 3,123 | [4] | ||
Long-lived assets | $634 | [1] | ' | ' | ' | $700 | [1] | ' | ' | ' | $634 | [1] | $700 | [1] | ' | |
[1] | Reflects Total assets less Current assets, Goodwill, Intangible assets, Investments and Non-current deferred tax assets. | |||||||||||||||
[2] | Revenues include approximately $17.4 billion, $15.6 billion and $14.9 billion from customers in the U.S. in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||
[3] | Revenues include approximately $2.4 billion, $1.3 billion and $0.3 billion for fiscal 2014, 2013 and 2012, respectively, from customers in Germany, as well as approximately $3.9 billion, $3.6 billion and $3.8 billion from customers in Italy in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||
[4] | Revenues include approximately $2.2 billion, $2.1 billion and $1.6 billion from customers in Asia in fiscal 2014, 2013 and 2012, respectively. |
Segment_Information_Geographic1
Segment Information (Geographic Region Revenues and Long Lived Assets) (Parenthetical) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 |
Reportable Geographical Components | United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,400 | 15,600 | 14,900 |
Reportable Geographical Components | Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,400 | 1,300 | 300 |
Reportable Geographical Components | Italy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | 3,600 | 3,800 |
Reportable Geographical Components | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $2,200 | $2,100 | $1,600 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $3,917 | $7,046 | $3,369 | |||||||||||
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -132 | [1] | -226 | [1] | -193 | [1] | ||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - basic | 966 | 1,069 | 982 | 768 | 977 | 2,533 | 1,057 | 2,253 | 3,785 | 6,820 | 3,176 | |||||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -2 | |||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 3,785 | 6,817 | 3,174 | |||||||||||
Income (loss) from discontinued operations, net of tax | 33 | [2] | -16 | [2] | 225 | [2] | 487 | [2] | -1,348 | [2] | 321 | [2] | 1,324 | [2] | -20 | [2] | 729 | 277 | -1,997 | |||
Net income attributable to Twenty-First Century Fox stockholders - basic | 999 | 1,053 | 1,207 | 1,255 | -371 | 2,854 | 2,381 | 2,233 | 4,514 | 7,097 | 1,179 | |||||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -2 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $4,514 | $7,094 | $1,177 | |||||||||||
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 2,265 | 2,337 | 2,499 | |||||||||||
Shares issuable under equity-based compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 4 | [3] | 4 | [3] | 5 | [3] | ||||||||
Weighted average shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 2,269 | 2,341 | 2,504 | |||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $0.43 | $0.47 | $0.43 | $0.33 | $0.42 | $1.09 | $0.45 | $0.95 | $1.67 | $2.91 | $1.27 | |||||||||||
Income (loss) from discontinued operations, net of tax attributable to Twenty-First Century Fox stockholders per share - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.12 | ($0.80) | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $0.45 | $0.47 | $0.53 | $0.54 | ' | ' | ' | ' | $1.99 | $3.03 | $0.47 | |||||||||||
[1] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. | |||||||||||||||||||||
[2] | In the quarter ended JuneB 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 b Discontinued Operations) | |||||||||||||||||||||
[3] | Weighted average common shares include the incremental shares that would be issued upon the assumed exercise of stock options and vesting of RSUs and PSUs if the effect is dilutive. |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 | ||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders | 966 | 1,069 | 982 | 768 | 977 | 2,533 | 1,057 | 2,253 | 3,785 | 6,820 | 3,176 | ||||||||||
Income (loss) from discontinued operations, net of tax | 33 | [1] | -16 | [1] | 225 | [1] | 487 | [1] | -1,348 | [1] | 321 | [1] | 1,324 | [1] | -20 | [1] | 729 | 277 | -1,997 | ||
Net income available to Twenty-First Century Fox stockholders | $999 | $1,053 | $1,207 | $1,255 | ($371) | $2,854 | $2,381 | $2,233 | $4,514 | $7,097 | $1,179 | ||||||||||
Income from continuing operations attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $0.43 | $0.47 | $0.43 | $0.33 | $0.42 | $1.09 | $0.45 | $0.95 | $1.67 | $2.91 | $1.27 | ||||||||||
Net income attributable to Twenty-First Century Fox stockholders per share - basic and diluted | $0.45 | $0.47 | $0.53 | $0.54 | ' | ' | ' | ' | $1.99 | $3.03 | $0.47 | ||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - basic | ' | ' | ' | ' | ($0.16) | $1.23 | $1.02 | $0.94 | ' | ' | ' | ||||||||||
Net income (loss) attributable to Twenty-First Century Fox stockholders per share - diluted | ' | ' | ' | ' | ($0.16) | $1.22 | $1.01 | $0.94 | ' | ' | ' | ||||||||||
Class A Common Stock | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Stock Prices | $36.21 | [2] | $35.63 | [2] | $35.18 | [2] | $33.51 | [2] | $29.56 | [2] | $27.10 | [2] | $22.51 | [2] | $22.09 | [2] | $36.21 | [2] | $29.56 | [2] | ' |
Class A Common Stock | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Stock Prices | $31.65 | [2] | $30.73 | [2] | $32.20 | [2] | $29.21 | [2] | $26.79 | [2] | $22.52 | [2] | $20.42 | [2] | $19.04 | [2] | $31.65 | [2] | $26.79 | [2] | ' |
Class B Common Stock | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Stock Prices | $35.36 | [2] | $35.04 | [2] | $34.85 | [2] | $33.40 | [2] | $29.71 | [2] | $27.44 | [2] | $23.08 | [2] | $22.27 | [2] | $35.36 | [2] | $29.71 | [2] | ' |
Class B Common Stock | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Stock Prices | $30.77 | [2] | $30.21 | [2] | $31.65 | [2] | $29.34 | [2] | $26.96 | [2] | $23.17 | [2] | $20.81 | [2] | $19.18 | [2] | $30.77 | [2] | $26.96 | [2] | ' |
[1] | In the quarter ended JuneB 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 b Discontinued Operations) | ||||||||||||||||||||
[2] | The stock prices reflect the reported high and low closing sales prices for the ClassB A Common Stock and Class B Common Stock, as reported on the NASDAQ under the symbols bFOXAb and bFOXb, respectively. |
Quarterly_Data_Unaudited_Paren
Quarterly Data (Unaudited) (Parenthetical) (Details) (News Corp, Discontinued Operations, USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2013 |
News Corp | Discontinued Operations | ' |
Selected Quarterly Financial Information [Abstract] | ' |
Impairment and restructuring charges | $1.50 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Allowance for Returns and Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ($899) | ($800) | ($872) |
Additions | -890 | -1,078 | -1,116 |
Acquisitions and disposals | ' | 5 | 7 |
Utilization | 943 | 994 | 1,138 |
Foreign exchange | 31 | -20 | 43 |
Balance at end of year | -815 | -899 | -800 |
Deferred Tax Valuation Allowance | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -3,284 | -1,514 | -1,410 |
Additions | -171 | -156 | -162 |
Acquisitions and disposals | 938 | -2,054 | ' |
Utilization | 218 | 392 | 58 |
Foreign exchange | -39 | 48 | ' |
Balance at end of year | ($2,338) | ($3,284) | ($1,514) |
Additional_Financial_Informati2
Additional Financial Information (Supplemental Cash Flow) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Supplemental cash flows information: | ' | ' | ' | |||
Cash paid for income taxes | ($1,441) | [1] | ($1,267) | [1] | ($1,103) | [1] |
Cash paid for interest | -1,140 | -1,080 | -1,043 | |||
Sale of other investments | 1 | 3 | 37 | |||
Purchase of other investments | -65 | -155 | -218 | |||
Supplemental information on businesses acquired: | ' | ' | ' | |||
Fair value of assets acquired | 2,833 | 5,399 | 795 | |||
Cash acquired | 3 | 684 | 19 | |||
Liabilities assumed | -1,763 | -2,174 | -91 | |||
Decrease in deferred consideration | 7 | ' | ' | |||
Noncontrolling interest (increase) decrease | -385 | -2,619 | 19 | |||
Cash paid | -695 | -1,290 | -469 | |||
Fair value of equity instruments issued to third parties | 0 | 0 | 273 | |||
Issuance of subsidiary common units | ' | ' | -273 | |||
Fair value of equity instruments consideration | $0 | $0 | $0 | |||
[1] | Cash paid for income taxes related to discontinued operations for the fiscal years ended June 30, 2014, 2013 and 2012 was nil, $104 million and $88 million, respectively |
Additional_Financial_Informati3
Additional Financial Information (Parenthetical) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Supplemental cash flows information: | ' | ' | ' | |||
Cash paid for income taxes | $1,441 | [1] | $1,267 | [1] | $1,103 | [1] |
Discontinued Operations | ' | ' | ' | |||
Supplemental cash flows information: | ' | ' | ' | |||
Cash paid for income taxes | $0 | $104 | $88 | |||
[1] | Cash paid for income taxes related to discontinued operations for the fiscal years ended June 30, 2014, 2013 and 2012 was nil, $104 million and $88 million, respectively |
Additional_Financial_Informati4
Additional Financial Information (Other Net) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Venezuela foreign currency devaluation | ($104) | [1] | ' | ' | ||
Change in fair value of securities | -4 | [2] | 86 | [2] | -61 | [2] |
Investment impairment | -69 | [3] | -20 | [3] | -34 | [3] |
BSkyB termination fee | ' | ' | -63 | [3],[4] | ||
Other | 11 | 16 | 43 | |||
Total other, net | 174 | 3,747 | 25 | |||
Sky Deutschland | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Remeasurement gain or loss on step acquisition | ' | 2,069 | [2] | ' | ||
Change in fair value of securities | ' | 58 | -61 | |||
Fox Sports Asia | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Remeasurement gain or loss on step acquisition | ' | 174 | [2] | ' | ||
Fox Sports Latin America | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Remeasurement gain or loss on step acquisition | ' | ' | 158 | [2] | ||
NDS Group Limited | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Gain (Loss) on Sale of Stock in Subsidiary or Equity Method Investee | -30 | [3] | 1,446 | [3] | ' | |
STATS | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Gain (Loss) on Sale of Stock in Subsidiary or Equity Method Investee | 112 | [3] | ' | ' | ||
Baltimore Station | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Gain (Loss) on Sale of Stock in Subsidiary or Equity Method Investee | ' | -92 | [2] | ' | ||
Hathway Cable And Datacom Limited | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Gain (Loss) on Sale of Stock in Subsidiary or Equity Method Investee | ' | ' | 23 | [3] | ||
Shareholder Litigation | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Shareholder litigation settlement | 111 | [5] | ' | ' | ||
Phoenix Satellite Television Holdings Ltd. | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Gain on sale of investment | 199 | [3] | 81 | [3] | ' | |
Total Continuing Operations | ' | ' | ' | |||
Other Non Operating Income Expense [Line Items] | ' | ' | ' | |||
Restructuring charges net of adjustments | ($52) | [6] | ($13) | [6] | ($41) | [6] |
[1] | The Companybs business activities in Venezuela operate in a highly inflationary economy. Recently, there have been significant changes to the foreign currency exchange rate environment in Venezuela governing the conversion of Venezuelan Bolivars (bBolivarsb) to U.S. Dollars. Companies generally have used the official exchange rate controlled by Venezuelabs Commission for the Administration of Foreign Exchange (bCADIVIb), which is 6.3 Bolivars per U.S. Dollar unless they had transactions or were among the entities the Venezuelan government had specifically authorized to use the Supplementary Foreign Currency Administration System (bSICADb) auction rate.B In January 2014, the Venezuelan government significantly expanded the use of the SICAD rate and, more recently, in March 2014, the Venezuelan government created a third currency exchange mechanism called SICAD 2 and said it may be used by all entities for all transactions. Until March 31, 2014, the Companybs Venezuelan Bolivar denominated net monetary assets were translated at the official exchange rate of 6.3 Bolivars per U.S. Dollar. During the fourth quarter of fiscal 2014, the Company was able to use the SICAD 2 mechanism to convert a portion of its Venezuelan Bolivar denominated cash to U.S. Dollars. Accordingly, the Company remeasured all its Venezuelan Bolivar denominated net monetary assets at the SICAD 2 exchange rate resulting in a devaluation loss of $104B million for the year ended June 30, 2014. | |||||
[2] | See Note 3 b Acquisitions, Disposals and Other Transactions. | |||||
[3] | See Note 7 b Investments. | |||||
[4] | The Company paid a termination fee to BSkyB in fiscal 2012 as a result of the Company revoking its cash offer for the shares of BSkyB that it did not already own | |||||
[5] | See Note 16 b Commitments and Contingencies. | |||||
[6] | See Note 5 b Restructuring Programs. |
Additional_Financial_Informati5
Additional Financial Information (Other Net) (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | |
Other Non Operating Income Expense [Line Items] | ' | ' | |
Official exchange rate of net monetary assets | ' | 6.3 | |
Venezuela Devaluation loss on net monetary assets | $104 | [1] | ' |
[1] | The Companybs business activities in Venezuela operate in a highly inflationary economy. Recently, there have been significant changes to the foreign currency exchange rate environment in Venezuela governing the conversion of Venezuelan Bolivars (bBolivarsb) to U.S. Dollars. Companies generally have used the official exchange rate controlled by Venezuelabs Commission for the Administration of Foreign Exchange (bCADIVIb), which is 6.3 Bolivars per U.S. Dollar unless they had transactions or were among the entities the Venezuelan government had specifically authorized to use the Supplementary Foreign Currency Administration System (bSICADb) auction rate.B In January 2014, the Venezuelan government significantly expanded the use of the SICAD rate and, more recently, in March 2014, the Venezuelan government created a third currency exchange mechanism called SICAD 2 and said it may be used by all entities for all transactions. Until March 31, 2014, the Companybs Venezuelan Bolivar denominated net monetary assets were translated at the official exchange rate of 6.3 Bolivars per U.S. Dollar. During the fourth quarter of fiscal 2014, the Company was able to use the SICAD 2 mechanism to convert a portion of its Venezuelan Bolivar denominated cash to U.S. Dollars. Accordingly, the Company remeasured all its Venezuelan Bolivar denominated net monetary assets at the SICAD 2 exchange rate resulting in a devaluation loss of $104B million for the year ended June 30, 2014. |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Narrative) (Details) (Credit Facility $2 Billion Due May 2017, USD $) | 12 Months Ended |
Jun. 30, 2014 | |
OneYearPeriods | |
Credit Facility $2 Billion Due May 2017 | ' |
Line Of Credit Facility [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | $2,000,000,000 |
Sub-limit on unsecured revolving credit facility | 400,000,000 |
Maximum borrowing capacity | $2,500,000,000 |
Unsecured revolving credit facility fee | 0.13% |
Premium over LIBOR for initial drawn cost on borrowings on unsecured revolving credit facility | 1.13% |
Maturity date on unsecured revolving credit facility | 'May 2017 |
Maturity extension number of one year periods | 2 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | $8,424 | $8,219 | $8,163 | $7,061 | $7,212 | $7,353 | $7,107 | $6,003 | $31,867 | $27,675 | $25,051 | |||||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -26,379 | -22,335 | -20,294 | |||||||||||
Equity (losses) earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 622 | [1] | 655 | [1] | 636 | [1] | ||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,121 | -1,063 | -1,032 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 57 | 77 | |||||||||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 3,747 | 25 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,189 | 8,736 | 4,463 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,272 | -1,690 | -1,094 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,917 | 7,046 | 3,369 | |||||||||||
Income (loss) from discontinued operations, net of tax | 33 | [2] | -16 | [2] | 225 | [2] | 487 | [2] | -1,348 | [2] | 321 | [2] | 1,324 | [2] | -20 | [2] | 729 | 277 | -1,997 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,646 | 7,323 | 1,372 | |||||||||||
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -132 | [3] | -226 | [3] | -193 | [3] | ||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | 999 | 1,053 | 1,207 | 1,255 | -371 | 2,854 | 2,381 | 2,233 | 4,514 | 7,097 | 1,179 | |||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 4,799 | 6,466 | -432 | |||||||||||
Reclassifications and Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 870 | 885 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,000 | -1,007 | -885 | |||||||||||
Earnings (losses) from subsidiary entities | ' | ' | ' | ' | ' | ' | ' | ' | -5,635 | -9,572 | -2,939 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,635 | -9,709 | -2,939 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 457 | 484 | 435 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,178 | -9,225 | -2,504 | |||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,246 | ' | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -5,178 | -10,471 | -2,504 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | -5,178 | -10,471 | -2,504 | |||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -5,513 | -10,085 | -1,195 | |||||||||||
21st Century Fox America, Inc. | Legal Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | |||||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -345 | -467 | -386 | |||||||||||
Equity (losses) earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | -5 | |||||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,561 | -1,551 | -1,497 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 137 | 4 | |||||||||||
Earnings (losses) from subsidiary entities | ' | ' | ' | ' | ' | ' | ' | ' | 1,435 | 4,650 | 1,307 | |||||||||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 590 | 269 | 221 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 3,040 | -355 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -30 | -588 | 87 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 94 | 2,452 | -268 | |||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -13 | 663 | 74 | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 3,115 | -194 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 3,115 | -194 | |||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 234 | 2,566 | -231 | |||||||||||
Twenty-First Century Fox | Legal Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -513 | -491 | -410 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 6 | 7 | |||||||||||
Earnings (losses) from subsidiary entities | ' | ' | ' | ' | ' | ' | ' | ' | 4,200 | 4,922 | 1,632 | |||||||||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 2,768 | -64 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,772 | 7,205 | 1,165 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,772 | 7,205 | 1,165 | |||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 742 | -108 | 14 | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,514 | 7,097 | 1,179 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 4,514 | 7,097 | 1,179 | |||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 4,799 | 6,466 | -432 | |||||||||||
Non-Guarantor | Legal Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 31,866 | 27,674 | 25,050 | |||||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -26,034 | -21,868 | -19,908 | |||||||||||
Equity (losses) earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 621 | 654 | 641 | |||||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -47 | 109 | -10 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,020 | 921 | 951 | |||||||||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -498 | 710 | -132 | |||||||||||
Income from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,928 | 8,200 | 6,592 | |||||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,699 | -1,586 | -1,616 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 5,229 | 6,614 | 4,976 | |||||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 968 | -2,085 | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,229 | 7,582 | 2,891 | |||||||||||
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -132 | -226 | -193 | |||||||||||
Net income attributable to Twenty-First Century Fox stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 5,097 | 7,356 | 2,698 | |||||||||||
Comprehensive income (loss) attributable to Twenty-First Century Fox stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $5,279 | $7,519 | $1,426 | |||||||||||
[1] | The Companybs investment in several of its affiliates exceeded its equity in the underlying net assets by approximately $1.3 billion and $2.6 billion as of JuneB 30, 2014 and 2013, respectively, which represented the excess cost over the Companybs proportionate share of its investmentsb underlying net assets. This excess was allocated between finite-lived intangible assets, indefinite-lived intangible assets and goodwill.B In fiscal 2014, the finite-lived intangible assets primarily represented tradenames and subscriber lists. In fiscal 2013, the finite-lived intangible assets primarily represented MVPD affiliate agreements and relationships, trade names and subscriber lists. The weighted average useful lives of these finite-lived intangible assets as of JuneB 30, 2014 and 2013 were 13 and 18 years, respectively. The YES Network was an equity affiliate as of June 30, 2013 and subsequently became a subsidiary in February 2014 upon acquisition of the majority ownership interest.In accordance with ASC 350, the Company amortized $46 million and $39 million in fiscal 2014 and 2013, respectively, related to amounts allocated to finite-lived intangible assets. Such amortization is reflected in Equity earnings of affiliates. | |||||||||||||||||||||
[2] | In the quarter ended JuneB 30, 2013, the Company recorded impairment charges and restructuring charges of approximately $1.5 billion related to discontinued operations. (See Note 4 b Discontinued Operations) | |||||||||||||||||||||
[3] | Net income attributable to noncontrolling interests includes $95 million, $93 million and $75 million for the fiscal years ended JuneB 30, 2014, 2013 and 2012, respectively, relating to redeemable noncontrolling interests. |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Supplemental Condensed Consolidating Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | ||
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $5,415 | $6,659 | $9,626 | $12,680 | ||
Receivables, net | 6,468 | 5,459 | ' | ' | ||
Inventories, net | 3,092 | [1] | 2,784 | [1] | ' | ' |
Other | 401 | 665 | ' | ' | ||
Total current assets | 15,376 | 15,567 | ' | ' | ||
Non-current assets: | ' | ' | ' | ' | ||
Receivables | 454 | 437 | ' | ' | ||
Inventories, net | 6,442 | 5,371 | ' | ' | ||
Property, plant and equipment, net | 2,931 | 2,829 | ' | ' | ||
Intangible assets, net | 8,072 | 5,064 | ' | ' | ||
Goodwill | 18,052 | 17,255 | ' | ' | ||
Other | 607 | 717 | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Investments in associated companies and other investments | 2,859 | 3,704 | ' | ' | ||
Total investments | 2,859 | 3,704 | ' | ' | ||
Total assets: | 54,793 | 50,944 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Borrowings | 799 | 137 | ' | ' | ||
Other current liabilities | 8,057 | 8,298 | ' | ' | ||
Total current liabilities | 8,856 | 8,435 | ' | ' | ||
Non-current liabilities: | ' | ' | ' | ' | ||
Borrowings | 18,259 | 16,321 | ' | ' | ||
Other non-current liabilities | 6,236 | 5,544 | ' | ' | ||
Redeemable noncontrolling interests | 541 | [2] | 519 | [2] | 641 | ' |
Equity | 20,901 | 20,125 | 25,185 | 30,647 | ||
Total liabilities and equity | 54,793 | 50,944 | ' | ' | ||
Reclassifications and Eliminations | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Receivables, net | -1 | ' | ' | ' | ||
Total current assets | -1 | ' | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Intragroup investments | -112,711 | -105,837 | ' | ' | ||
Total investments | -112,711 | -105,837 | ' | ' | ||
Total assets: | -112,712 | -105,837 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Other current liabilities | -1 | ' | ' | ' | ||
Total current liabilities | -1 | ' | ' | ' | ||
Non-current liabilities: | ' | ' | ' | ' | ||
Equity | -112,711 | -105,837 | ' | ' | ||
Total liabilities and equity | -112,712 | -105,837 | ' | ' | ||
21st Century Fox America, Inc. | Legal Entities | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 473 | 524 | 561 | 360 | ||
Receivables, net | 3 | 17 | ' | ' | ||
Other | 10 | 28 | ' | ' | ||
Total current assets | 486 | 569 | ' | ' | ||
Non-current assets: | ' | ' | ' | ' | ||
Receivables | 16 | 15 | ' | ' | ||
Property, plant and equipment, net | 145 | 132 | ' | ' | ||
Other | 410 | 361 | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Investments in associated companies and other investments | 113 | 86 | ' | ' | ||
Intragroup investments | 66,212 | 64,062 | ' | ' | ||
Total investments | 66,325 | 64,148 | ' | ' | ||
Total assets: | 67,382 | 65,225 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Borrowings | 750 | 137 | ' | ' | ||
Other current liabilities | 516 | 551 | ' | ' | ||
Total current liabilities | 1,266 | 688 | ' | ' | ||
Non-current liabilities: | ' | ' | ' | ' | ||
Borrowings | 16,279 | 16,029 | ' | ' | ||
Other non-current liabilities | 316 | 307 | ' | ' | ||
Intercompany | 33,276 | 31,495 | ' | ' | ||
Equity | 16,245 | 16,706 | ' | ' | ||
Total liabilities and equity | 67,382 | 65,225 | ' | ' | ||
Twenty-First Century Fox | Legal Entities | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 3,120 | 3,956 | 6,005 | 7,816 | ||
Other | ' | 209 | ' | ' | ||
Total current assets | 3,120 | 4,165 | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Investments in associated companies and other investments | 19 | 58 | ' | ' | ||
Intragroup investments | 46,499 | 41,775 | ' | ' | ||
Total investments | 46,518 | 41,833 | ' | ' | ||
Total assets: | 49,638 | 45,998 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Other current liabilities | 85 | 134 | ' | ' | ||
Total current liabilities | 85 | 134 | ' | ' | ||
Non-current liabilities: | ' | ' | ' | ' | ||
Other non-current liabilities | ' | 16 | ' | ' | ||
Intercompany | 32,135 | 28,850 | ' | ' | ||
Equity | 17,418 | 16,998 | ' | ' | ||
Total liabilities and equity | 49,638 | 45,998 | ' | ' | ||
Non-Guarantor | Legal Entities | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,822 | 2,179 | 3,060 | 4,504 | ||
Receivables, net | 6,466 | 5,442 | ' | ' | ||
Inventories, net | 3,092 | 2,784 | ' | ' | ||
Other | 391 | 428 | ' | ' | ||
Total current assets | 11,771 | 10,833 | ' | ' | ||
Non-current assets: | ' | ' | ' | ' | ||
Receivables | 438 | 422 | ' | ' | ||
Inventories, net | 6,442 | 5,371 | ' | ' | ||
Property, plant and equipment, net | 2,786 | 2,697 | ' | ' | ||
Intangible assets, net | 8,072 | 5,064 | ' | ' | ||
Goodwill | 18,052 | 17,255 | ' | ' | ||
Other | 197 | 356 | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Investments in associated companies and other investments | 2,727 | 3,560 | ' | ' | ||
Total investments | 2,727 | 3,560 | ' | ' | ||
Total assets: | 50,485 | 45,558 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Borrowings | 49 | ' | ' | ' | ||
Other current liabilities | 7,457 | 7,613 | ' | ' | ||
Total current liabilities | 7,506 | 7,613 | ' | ' | ||
Non-current liabilities: | ' | ' | ' | ' | ||
Borrowings | 1,980 | 292 | ' | ' | ||
Other non-current liabilities | 5,920 | 5,221 | ' | ' | ||
Intercompany | -65,411 | -60,345 | ' | ' | ||
Redeemable noncontrolling interests | 541 | 519 | ' | ' | ||
Equity | 99,949 | 92,258 | ' | ' | ||
Total liabilities and equity | $50,485 | $45,558 | ' | ' | ||
[1] | Current portion of inventories as of JuneB 30, 2014 and 2013 was comprised of programming rights ($3,011 million and $2,715 million, respectively), DVDs, Blu-rays, and other merchandise. | |||||
[2] | The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Companybs majority-owned sports networks.The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures. 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 Companybs 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 asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. Significant unobservable inputs used in the fair value measurement of the Companybs redeemable noncontrolling interests are operating income before depreciation and amortization (bOIBDAb) growth rates (3%-6% range) and discount rates (8%). Significant increases (decreases) in growth rates and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates and multiples, would result in a significantly higher (lower) fair value measurement.The fair value of the redeemable noncontrolling interests in two of the sports networks were primarily determined by (i)B applying a multiples-based formula that is intended to approximate fair value for one of the sports networks and (ii)B using a discounted OIBDA valuation model, assuming an 8% discount rate for another sports network. As of June 30, 2014, one minority shareholderbs put right is currently exercisable and another minority shareholderbs put right will become exercisable in March 2015. The remaining redeemable noncontrolling interest is currently not exercisable and is not material. |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating activities: | ' | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | $2,964 | $3,002 | $2,834 |
Investing activities: | ' | ' | ' |
Property, plant and equipment | -678 | -622 | -564 |
Investments | -775 | -1,260 | -606 |
Proceeds from dispositions | 518 | 1,968 | 404 |
Net cash (used in) provided by investing activities from continuing operations | -935 | 86 | -766 |
Financing activities: | ' | ' | ' |
Borrowings | 1,155 | 1,277 | ' |
Repayment of borrowings | -296 | -754 | -35 |
Issuance of shares | 66 | 203 | 167 |
Repurchase of shares | -3,772 | -2,026 | -4,589 |
Dividends paid | -792 | -613 | -580 |
Purchase of subsidiary shares from noncontrolling interest | -127 | -163 | -65 |
Sale of subsidiary shares to noncontrolling interest | ' | 93 | ' |
Distribution to News Corporation | -10 | -2,588 | ' |
Net cash provided by (used in) financing activities from continuing operations | -3,776 | -4,571 | -5,102 |
Discontinued operations: | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | 571 | -1,431 | 288 |
Net increase (decrease) in cash and cash equivalents | -1,176 | -2,914 | -2,746 |
Cash and cash equivalents, beginning of year | 6,659 | 9,626 | 12,680 |
Exchange movement on cash balances | -68 | -53 | -308 |
Cash and cash equivalents, end of year | 5,415 | 6,659 | 9,626 |
Reclassifications and Eliminations | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | 0 | 0 | 0 |
Investing activities: | ' | ' | ' |
Net cash (used in) provided by investing activities from continuing operations | 0 | 0 | 0 |
Financing activities: | ' | ' | ' |
Net cash provided by (used in) financing activities from continuing operations | 0 | 0 | 0 |
Discontinued operations: | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | 0 | 0 | 0 |
21st Century Fox America, Inc. | Legal Entities | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | -756 | -625 | 266 |
Investing activities: | ' | ' | ' |
Property, plant and equipment | -26 | -21 | -57 |
Investments | -4 | -17 | -15 |
Proceeds from dispositions | 9 | ' | 7 |
Net cash (used in) provided by investing activities from continuing operations | -21 | -38 | -65 |
Financing activities: | ' | ' | ' |
Borrowings | 987 | 987 | ' |
Repayment of borrowings | -134 | -273 | ' |
Sale of subsidiary shares to noncontrolling interest | ' | 19 | ' |
Net cash provided by (used in) financing activities from continuing operations | 853 | 733 | 0 |
Discontinued operations: | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | -127 | -107 | 0 |
Net increase (decrease) in cash and cash equivalents | -51 | -37 | 201 |
Cash and cash equivalents, beginning of year | 524 | 561 | 360 |
Cash and cash equivalents, end of year | 473 | 524 | 561 |
Twenty-First Century Fox | Legal Entities | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | 2,633 | 2,017 | 3,049 |
Investing activities: | ' | ' | ' |
Investments | ' | -19 | ' |
Proceeds from dispositions | 117 | ' | 11 |
Net cash (used in) provided by investing activities from continuing operations | 117 | -19 | 11 |
Financing activities: | ' | ' | ' |
Issuance of shares | 66 | 203 | 167 |
Repurchase of shares | -3,772 | -2,026 | -4,589 |
Dividends paid | -568 | -398 | -449 |
Distribution to News Corporation | -10 | -1,826 | ' |
Net cash provided by (used in) financing activities from continuing operations | -4,284 | -4,047 | -4,871 |
Discontinued operations: | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | 698 | ' | 0 |
Net increase (decrease) in cash and cash equivalents | -836 | -2,049 | -1,811 |
Cash and cash equivalents, beginning of year | 3,956 | 6,005 | 7,816 |
Cash and cash equivalents, end of year | 3,120 | 3,956 | 6,005 |
Non-Guarantor | Legal Entities | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | 1,087 | 1,610 | -481 |
Investing activities: | ' | ' | ' |
Property, plant and equipment | -652 | -601 | -507 |
Investments | -771 | -1,224 | -591 |
Proceeds from dispositions | 392 | 1,968 | 386 |
Net cash (used in) provided by investing activities from continuing operations | -1,031 | 143 | -712 |
Financing activities: | ' | ' | ' |
Borrowings | 168 | 290 | ' |
Repayment of borrowings | -162 | -481 | -35 |
Dividends paid | -224 | -215 | -131 |
Purchase of subsidiary shares from noncontrolling interest | -127 | -163 | -65 |
Sale of subsidiary shares to noncontrolling interest | ' | 74 | ' |
Distribution to News Corporation | ' | -762 | ' |
Net cash provided by (used in) financing activities from continuing operations | -345 | -1,257 | -231 |
Discontinued operations: | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents from discontinued operations | ' | -1,324 | 288 |
Net increase (decrease) in cash and cash equivalents | -289 | -828 | -1,136 |
Cash and cash equivalents, beginning of year | 2,179 | 3,060 | 4,504 |
Exchange movement on cash balances | -68 | -53 | -308 |
Cash and cash equivalents, end of year | $1,822 | $2,179 | $3,060 |