Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | TWENTY-FIRST CENTURY FOX, INC. | |
Entity Central Index Key | 1,308,161 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | FOXA | |
Entity Common Stock, Shares Outstanding | 1,095,725,970 | |
Class B Common Stock | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | FOX | |
Entity Common Stock, Shares Outstanding | 798,520,953 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Income Statement [Abstract] | |||||
Revenues | $ 7,228 | $ 6,840 | $ 20,680 | $ 22,782 | |
Operating expenses | (4,472) | (4,357) | (12,902) | (14,775) | |
Selling, general and administrative | (893) | (823) | (2,685) | (2,890) | |
Depreciation and amortization | (133) | (124) | (391) | (601) | |
Equity (losses) earnings of affiliates | (9) | 330 | 38 | 959 | |
Interest expense, net | (295) | (292) | (888) | (907) | |
Interest income | 12 | 8 | 28 | 31 | |
Other, net | (47) | (67) | (272) | 5,008 | |
Income from continuing operations before income tax expense | 1,391 | 1,515 | 3,608 | 9,607 | |
Income tax expense | (463) | (458) | (1,190) | (1,150) | |
Income from continuing operations | 928 | 1,057 | 2,418 | 8,457 | |
Loss from discontinued operations, net of tax | (3) | (15) | (8) | (38) | |
Net income | 925 | 1,042 | 2,410 | 8,419 | |
Less: Net income attributable to noncontrolling interests | [1] | (84) | (67) | (222) | (200) |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 841 | 975 | 2,188 | 8,219 | |
Earnings per share data | |||||
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - basic and diluted | $ 844 | $ 990 | $ 2,196 | $ 8,257 | |
Weighted average shares: | |||||
Basic | 1,916 | 2,111 | 1,961 | 2,151 | |
Diluted | 1,916 | 2,113 | 1,962 | 2,153 | |
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted | $ 0.44 | $ 0.47 | $ 1.12 | $ 3.84 | |
Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted | $ 0.44 | $ 0.46 | $ 1.12 | $ 3.82 | |
[1] | Net income attributable to noncontrolling interests includes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Net income | $ 925 | $ 1,042 | $ 2,410 | $ 8,419 | |
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | 77 | (378) | (298) | (1,990) | |
Unrealized holding losses on securities | 0 | (1) | (4) | (58) | |
Benefit plan adjustments | 5 | 7 | 15 | 21 | |
Other comprehensive income (loss), net of tax | 74 | (372) | (295) | (2,027) | |
Comprehensive income | 999 | 670 | 2,115 | 6,392 | |
Less: Net income attributable to noncontrolling interests | [1] | (84) | (67) | (222) | (200) |
Less: Other comprehensive loss attributable to noncontrolling interests | 214 | ||||
Comprehensive income attributable to Twenty-First Century Fox, Inc. stockholders | 915 | $ 603 | 1,893 | $ 6,406 | |
Interest Rate Swap Contracts | |||||
Other comprehensive income (loss), net of tax: | |||||
Losses on interest rate swap contracts | $ (8) | $ (8) | |||
[1] | Net income attributable to noncontrolling interests includes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
UNAUDITED CONSOLIDATED STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income attributable to redeemable noncontrolling interests | $ 36 | $ 30 | $ 96 | $ 83 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | |
Current assets: | |||
Cash and cash equivalents | $ 4,993 | $ 8,428 | |
Receivables, net | 6,756 | 5,912 | |
Inventories, net | [1] | 3,522 | 2,749 |
Other | 349 | 287 | |
Total current assets | 15,620 | 17,376 | |
Non-current assets: | |||
Receivables, net | 461 | 394 | |
Investments | 4,155 | 4,529 | |
Inventories, net | 7,108 | 6,411 | |
Property, plant and equipment, net | 1,660 | 1,722 | |
Intangible assets, net | 6,707 | 6,320 | |
Goodwill | 12,732 | 12,513 | |
Other non-current assets | 805 | 786 | |
Total assets | 49,248 | 50,051 | |
Current liabilities: | |||
Borrowings | 475 | 244 | |
Accounts payable, accrued expenses and other current liabilities | 3,828 | 3,937 | |
Participations, residuals and royalties payable | 1,856 | 1,632 | |
Program rights payable | 1,519 | 1,001 | |
Deferred revenue | 598 | 448 | |
Total current liabilities | 8,276 | 7,262 | |
Non-current liabilities: | |||
Borrowings | 19,270 | 18,795 | |
Other liabilities | 3,226 | 3,105 | |
Deferred income taxes | 2,415 | 2,082 | |
Redeemable noncontrolling interests | $ 511 | $ 621 | |
Commitments and contingencies | |||
Equity: | |||
Additional paid-in capital | $ 12,503 | $ 13,427 | |
Retained earnings | 3,814 | 5,343 | |
Accumulated other comprehensive loss | (1,865) | (1,570) | |
Total Twenty-First Century Fox, Inc. stockholders' equity | 14,471 | 17,220 | |
Noncontrolling interests | 1,079 | 966 | |
Total equity | 15,550 | 18,186 | |
Total liabilities and equity | 49,248 | 50,051 | |
Class A Common Stock | |||
Equity: | |||
Common stock | [2] | 11 | 12 |
Class B Common Stock | |||
Equity: | |||
Common stock | [3] | $ 8 | $ 8 |
[1] | Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. | ||
[2] | Class A common stock, $0.01 par value per share, 6,000,000,000 shares authorized, 1,104,848,261 shares and 1,239,971,838 shares issued and outstanding, net of 123,687,371 treasury shares at par as of March 31, 2016 and June 30, 2015, respectively. | ||
[3] | Class B common stock, $0.01 par value per share, 3,000,000,000 shares authorized, 798,520,953 shares issued and outstanding, net of 356,993,807 treasury shares at par as of March 31, 2016 and June 30, 2015. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
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 | 1,104,848,261 | 1,239,971,838 |
Common stock, treasury shares | 123,687,371 | 123,687,371 |
Class B Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued and outstanding net of treasury stock | 798,520,953 | 798,520,953 |
Common stock, treasury shares | 356,993,807 | 356,993,807 |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Operating activities: | |||
Net income | $ 2,410 | $ 8,419 | |
Less: Loss from discontinued operations, net of tax | (8) | (38) | |
Income from continuing operations | 2,418 | 8,457 | |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||
Depreciation and amortization | 391 | 601 | |
Amortization of cable distribution investments | 53 | 61 | |
Equity-based compensation | 152 | 80 | |
Equity earnings of affiliates | (38) | (959) | |
Cash distributions received from affiliates | 225 | 223 | |
Other, net | 272 | (5,008) | |
Deferred income taxes and other taxes | 373 | 204 | |
Change in operating assets and liabilities, net of acquisitions and dispositions: | |||
Receivables and other assets | (866) | (550) | |
Inventories net of program rights payable | (814) | (657) | |
Accounts payable and other liabilities | 266 | 171 | |
Net cash provided by operating activities from continuing operations | 2,012 | 2,623 | |
Investing activities: | |||
Property, plant and equipment | (156) | (320) | |
Acquisitions, net of cash acquired | (908) | (142) | |
Investments in equity affiliates | (87) | (1,108) | |
Other investments | (229) | (53) | |
Proceeds from dispositions, net | 8,610 | ||
Net cash (used in) provided by investing activities from continuing operations | (1,380) | 6,987 | |
Financing activities: | |||
Borrowings | 1,195 | 2,534 | |
Repayment of borrowings | (502) | (2,174) | |
Excess tax benefit from equity-based compensation | 11 | 49 | |
Repurchase of shares | (3,958) | (4,784) | |
Dividends paid and distributions | (465) | (494) | |
Purchase of subsidiary shares from noncontrolling interests | (287) | (650) | |
Net cash used in financing activities from continuing operations | (4,006) | (5,519) | |
Net decrease in cash and cash equivalents from discontinued operations | (15) | (38) | |
Net (decrease) increase in cash and cash equivalents | (3,389) | 4,053 | |
Cash and cash equivalents, beginning of year | 8,428 | 5,415 | |
Exchange movement on cash balances | (46) | (192) | |
Cash and cash equivalents, end of period | 4,993 | $ 9,276 | |
CLT20 | |||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||
CLT20 contract termination costs | [1] | $ (420) | |
[1] | See Note 12 – Additional Financial Information |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION Twenty-First Century Fox, Inc., a Delaware corporation, and its subsidiaries (together, “Twenty-First Century Fox” or the “Company”) is a diversified global media and entertainment company, which currently manages and reports its businesses in the following segments: Cable Network Programming, Television, Filmed Entertainment and Other, Corporate and Eliminations. In addition, the Direct Broadcast Satellite Television (“DBS”) segment consisted of the distribution of programming services via satellite, cable and broadband directly to subscribers in Italy, Germany and Austria. The DBS segment consisted entirely of the operations of Sky Italia and Sky Deutschland AG (“Sky Deutschland”) (collectively the “DBS businesses”). On November 12, 2014, Twenty-First Century Fox completed the sale of Sky Italia and its 57% interest in Sky Deutschland to Sky plc (“Sky”). Sky is a pan-European digital television provider, which operates in Italy, Germany, Austria, the United Kingdom and Ireland. Following the sale of the DBS businesses, the Company continues to report in five segments for comparative purposes, and there is no current activity in the DBS segment. The accompanying Unaudited Consolidated Financial Statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 as filed with the Securities and Exchange Commission (“SEC”) on August 13, 2015 (the “2015 Form 10-K”). The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results could differ from those estimates. Certain fiscal 2015 amounts have been reclassified to conform to the fiscal 2016 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relate to the Company’s continuing operations. Recently Adopted and Recently Issued Accounting Guidance Adopted In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“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 annual and interim reporting periods beginning July 1, 2015. Certain disposals that occurred in the past were not reported as discontinued operations as they did not meet the criteria under the superseded accounting guidance. Such disposals would have met the criteria to be reported as discontinued operations in accordance with ASU 2014-08. Issued In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts, that are identified during the measurement period, in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company for annual and interim reporting periods beginning July 1, 2016. The Company is currently evaluating the impact ASU 2015-16 will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). The amendments in ASU 2015-17 require that tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 will be effective for the Company for annual and interim reporting periods beginning July 1, 2017. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments––Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The amendments in ASU 2016-02 require recognition of lease assets and liabilities on the balance sheet and disclosure of key information about leasing arrangements. ASU 2016-02 will be effective for the Company for annual and interim reporting periods beginning July 1, 2019. The Company is currently evaluating the impact ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendments in ASU 2016-09 simplify the accounting regarding income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company for annual and interim reporting periods beginning July 1, 2017. The Company is currently evaluating the impact ASU 2016-09 will have on its consolidated financial statements. |
Acquisitions, Disposals and Oth
Acquisitions, Disposals and Other Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Acquisitions Disposals And Other Transactions [Abstract] | |
Acquisitions, Disposals and Other Transactions | NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS The Company’s acquisitions support the Company’s strategic priority of increasing its brand presence and reach in key domestic and international markets and acquiring greater control of investments that complement its portfolio of businesses. For recent acquisitions, the accounting for the business combination, including consideration transferred, 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 changes pending the completion of the 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 2016 Acquisitions National Geographic Partners In fiscal 2016, the Company, through 21st Century Fox America, Inc. (“21CFA”), a wholly-owned subsidiary of the Company, and the National Geographic Society (“NGS”), formed the entity that became National Geographic Partners, LLC (“National Geographic Partners”), to which, in November 2015, the Company contributed $625 million in cash and the Company and NGS contributed their existing interests in NGC Network US, LLC, NGC Network International, LLC and NGC Network Latin America, LLC (collectively “NGC Networks”). Prior to the transaction, the Company held a controlling interest in NGC Networks, a consolidated subsidiary. NGS also contributed its publishing, travel and certain other businesses (collectively the “NGS Media Business”) to National Geographic Partners. As part of the transaction, National Geographic Partners also acquired the long-term license for the use of certain trademarks owned by NGS related to the NGC Networks and the NGS Media Business. The Company currently holds a 73% controlling interest in National Geographic Partners. The cash paid to NGS of $625 million has been preliminarily allocated as follows: approximately $130 million to certain intangible assets, with useful lives of five years, and other net assets of the NGS Media Business, approximately $440 million to indefinite-lived intangible assets related to the trademark license agreement and approximately $55 million to the increase in the Company’s interest in National Geographic Partners. MAA Television Network In December 2015, the Company acquired the entirety of the broadcast business of MAA Television Network Limited (“MAA TV”), an entity in India that broadcasts and operates Telugu language entertainment channels, for approximately $346 million in cash including payments toward non-compete agreements. The excess purchase price of approximately $285 million has been preliminarily allocated, based on a provisional valuation of MAA TV, as follows: approximately $75 million to intangible assets consisting of multi-channel video programming distributor affiliate agreements and relationships with useful lives of 12 years, advertiser relationships with useful lives of nine years and the MAA TV trade name with a useful life of 10 years; and the balance of the excess representing the goodwill on the transaction included in the Cable Network Programming segment. The goodwill is tax deductible and reflects the synergies and increased market penetration expected from combining the operations of MAA TV and the Company. Other In February 2016, the Company acquired the 7% interest it did not already own in a regional sports network for $225 million in cash. As a result of this transaction, the Company now owns 100% of the regional sports network. This transaction was accounted for as the purchase of subsidiary shares from noncontrolling interests (See Note 6 – Fair Value under the heading “Redeemable Noncontrolling Interests”). Fiscal 2015 Acquisitions trueX media inc. In February 2015, the Company acquired trueX media inc. (“true[X]”), a video advertising company specializing in consumer engagement and on-demand marketing campaigns, for a total purchase price of approximately $175 million in cash including deferred payments which are subject to the achievement of service and performance conditions. The excess purchase price of approximately $125 million has been allocated as follows: approximately $25 million to intangible assets and the balance of the excess representing the goodwill on the transaction and other net assets. The goodwill reflects the synergies and increased market penetration expected from combining the operations of true[X] and the Company. For fiscal 2016 and 2015, as applicable, the incremental revenues and Segment OIBDA (as defined in Note 11 – Segment Information) related to the acquisitions above included in the Company’s consolidated results of operations were not material individually or in the aggregate. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Receivables, Net | NOTE 3. RECEIVABLES, NET Receivables are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. Receivables, net consist of: As of March 31, 2016 As of June 30, 2015 (in millions) Total receivables $ 7,834 $ 6,812 Allowances for returns and doubtful accounts (617 ) (506 ) Total receivables, net 7,217 6,306 Less: current receivables, net (6,756 ) (5,912 ) Non-current receivables, net $ 461 $ 394 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | NOTE 4. INVENTORIES, NET The Company’s inventories were comprised of the following: As of March 31, 2016 As of June 30, 2015 (in millions) Programming rights $ 6,510 $ 5,496 DVDs, Blu-rays and other merchandise 78 67 Filmed entertainment costs: Films: Released 1,193 1,094 Completed, not released 6 27 In production 1,099 1,170 In development or preproduction 253 185 2,551 2,476 Television productions: Released 1,000 868 In production 491 252 In development or preproduction - 1 1,491 1,121 Total filmed entertainment costs, less accumulated amortization (a) 4,042 3,597 Total inventories, net 10,630 9,160 Less: current portion of inventories, net (b) (3,522 ) (2,749 ) Total non-current inventories, net $ 7,108 $ 6,411 (a) Does not include $280 million and $304 million of net intangible film library costs as of March 31, 2016 and June 30, 2015, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. (b) Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments
Investments | 9 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Investments | NOTE 5. INVESTMENTS The Company’s investments were comprised of the following: Ownership percentage as of March 31, 2016 As of March 31, 2016 As of June 30, 2015 (in millions) Sky (a)(b) European DBS operator 39% $ 3,150 $ 3,382 Endemol Shine Group (b) Global multi-platform content provider 50% 588 706 Other investments various 417 441 Total investments $ 4,155 $ 4,529 (a) The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2016 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 6 – Fair Value). (b) Equity method investment. Sky In July 2014, the Company participated in Sky’s equity offering by purchasing approximately $900 million of additional shares in Sky and maintained the Company’s 39% ownership interest. The Company received dividends of approximately $210 million from Sky for the nine months ended March 31, 2016 and 2015. Included in Equity earnings of affiliates in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 were the Company’s proportionate share of approximately $350 million of Sky’s gains related to the sale of its investment in Sky Betting & Gaming (“Sky Bet”) and for the nine months ended March 31, 2015 were the Company’s proportionate share of approximately $830 million of Sky’s gains related to the sale of its investments in NGC Network International, LLC and NGC Network Latin America, LLC (collectively “NGC International”), Sky Bet and ITV plc. Other During the nine months ended March 31, 2016, the Company invested approximately $160 million in cash for a minority equity interest in DraftKings, Inc. (“DraftKings”), a leading operator of online fantasy games and contests. The Company accounts for this investment at cost. During the nine months ended March 31, 2016, based on information concerning DraftKings’ current valuation in a financing transaction, the Company determined that a portion of its investment in DraftKings was impaired and reduced the carrying value by approximately $95 million as reflected in Other, net in the Unaudited Consolidated Statements of Operations for the nine months ended March 31, 2016. |
Fair Value
Fair Value | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 6. FAIR VALUE In accordance with ASC 820, “Fair Value Measurement,” fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of March 31, 2016 Description Total Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in millions) Assets Derivatives (a) $ 12 $ - $ 12 $ - Liabilities Derivatives (a) (38 ) - (38 ) - Contingent consideration (b) (114 ) - - (114 ) Redeemable noncontrolling interests (511 ) - - (511 ) Total $ (651 ) $ - $ (26 ) $ (625 ) As of June 30, 2015 Description Total Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in millions) Assets Investments (c) $ 18 $ 18 $ - $ - Derivatives (a) 4 - 4 - Liabilities Derivatives (a) (34 ) - (34 ) - Contingent consideration (b) (114 ) - - (114 ) Redeemable noncontrolling interests (621 ) - - (621 ) Total $ (747 ) $ 18 $ (30 ) $ (735 ) (a) Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts. (b) Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. (c ) Available-for-sale securities. Redeemable Noncontrolling Interests The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity” (“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, using observable inputs such as market data obtained from independent sources. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset (liability). One minority shareholder’s put right will become exercisable in March 2017. The remaining redeemable noncontrolling interests are currently not exercisable. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Beginning of period $ (617 ) $ (547 ) $ (621 ) $ (541 ) Net income (36 ) (30 ) (96 ) (83 ) Issuances (73 ) (75 ) (73 ) (75 ) Repurchases (a) 225 - 225 - Distributions and other (10 ) 14 54 61 End of period $ (511 ) $ (638 ) $ (511 ) $ (638 ) (a) See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Other”. Financial Instruments The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. As of March 31, 2016, the carrying value of the Company’s investment in DraftKings approximates its fair value, a Level 3 measurement (See Note 5 – Investments under the heading “Other”). As of March 31, 2016 As of June 30, 2015 (in millions) Borrowings Fair value $ 23,140 $ 21,998 Carrying value $ 19,745 $ 19,039 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Foreign Currency Forward Contracts The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues, the cost of producing or acquiring films and television programming as well as its investment in certain foreign operations and equity method investments. As of March 31, 2016 As of June 30, 2015 (in millions) Cash flow hedges Notional amount $ 858 $ 903 Fair value $ (9 ) $ (13 ) As of March 31, 2016 As of June 30, 2015 (in millions) Net investment hedges Notional amount $ - $ 198 Fair value $ - $ (13 ) As of March 31, 2016 As of June 30, 2015 (in millions) Economic hedges Notional amount $ 45 $ - Fair value $ (1 ) $ - Interest Rate Swap Contracts The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. As of March 31, 2016 As of June 30, 2015 (in millions) Cash flow hedges Notional amount $ 706 $ 723 Fair value $ (16 ) $ (4 ) As of March 31, 2016 As of June 30, 2015 (in millions) Economic hedges Notional amount $ - $ 255 Fair value $ - $ - Unrealized (losses) gains on hedging activity, before tax, of $(41) million and $(10) million for the three months ended March 31, 2016 and 2015, respectively, and $(13) million and $121 million for the nine months ended March 31, 2016 and 2015, respectively, are included in other comprehensive income (loss). For foreign currency forward contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in Accumulated other comprehensive loss, within the next three years. For interest rate swap contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in Accumulated other comprehensive loss, within the next four years. Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. The Company’s receivables did not represent significant concentrations of credit risk as of March 31, 2016 or June 30, 2015 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. As of March 31, 2016, the Company did not anticipate nonperformance by any of the counterparties. |
Borrowings
Borrowings | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 7. BORROWINGS Borrowings include bank loans and public debt. Senior Notes Issued In October 2015, 21CFA issued $600 million of 3.70% Senior Notes due 2025 and $400 million of 4.95% Senior Notes due 2045. The net proceeds of $987 million were used for general corporate purposes. Senior Notes Retired In October 2015, the Company retired $200 million of 7.60% Senior Notes. Current Borrowings Included in Borrowings within Current liabilities as of March 31, 2016 was $400 million of 8.00% Senior Notes that are due in October 2016 and principal payments on the Yankees Entertainment and Sports Network term loan facility of $75 million that are due in the next 12 months. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | NOTE 8. STOCKHOLDERS’ EQUITY The following tables summarize changes in stockholders’ equity: For the three months ended March 31, 2016 For the nine months ended March 31, 2016 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 14,504 $ 991 $ 15,495 $ 17,220 $ 966 $ 18,186 Net income 841 48 (a) 889 2,188 126 (a) 2,314 Other comprehensive income (loss) 74 - 74 (295 ) - (295 ) Cancellation of shares, net (740 ) - (740 ) (3,897 ) - (3,897 ) Dividends declared (287 ) - (287 ) (586 ) - (586 ) Other 79 40 (b) 119 (159 ) (13 ) (b) (172 ) Balance, end of period $ 14,471 $ 1,079 $ 15,550 $ 14,471 $ 1,079 $ 15,550 For the three months ended March 31, 2015 For the nine months ended March 31, 2015 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 19,813 $ 975 $ 20,788 $ 17,418 $ 3,483 $ 20,901 Net income 975 37 (a) 1,012 8,219 117 (a) 8,336 Other comprehensive loss (372 ) - (372 ) (1,813 ) (214 ) (2,027 ) Cancellation of shares, net (2,046 ) - (2,046 ) (4,592 ) - (4,592 ) Dividends declared (313 ) - (313 ) (586 ) - (586 ) Purchase of noncontrolling interests (c) - - - (522 ) (128 ) (650 ) Dispositions (d) - - - - (2,130 ) (2,130 ) Other (68 ) (26 ) (b) (94 ) (135 ) (142 ) (b) (277 ) - Balance, end of period $ 17,989 $ 986 $ 18,975 $ 17,989 $ 986 $ 18,975 (a) Net income attributable to noncontrolling interests excludes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. (b) Other activity attributable to noncontrolling interests excludes $(142) million and $61 million for the three months ended March 31, 2016 and 2015, respectively, and $(206) million and $14 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. (c) Represents the increase in ownership of NGC International (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). (d) Represents the noncontrolling interest in Sky Deutschland (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). Comprehensive Income Comprehensive income is reported in the Unaudited Consolidated Statements of Comprehensive Income and consists of Net income and Other comprehensive income (loss), including foreign currency translation adjustments, losses on interest rate swap contracts, unrealized holding gains and losses on securities and benefit plan adjustments, which affect stockholders’ equity, and under GAAP, are excluded from Net income. The following tables summarize the activity within Other comprehensive income (loss): For the three months ended March 31, 2016 For the nine months ended March 31, 2016 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized gains (losses) $ 71 $ 1 $ 72 $ (279 ) $ (23 ) $ (302 ) Amount reclassified on hedging activity (a) 9 (4 ) 5 7 (3 ) 4 Other comprehensive income (loss) $ 80 $ (3 ) $ 77 $ (272 ) $ (26 ) $ (298 ) Losses on interest rate swap contracts Unrealized losses $ (13 ) $ 5 $ (8 ) $ (19 ) $ 7 $ (12 ) Amount reclassified on hedging activity (a) 2 (2 ) - 7 (3 ) 4 Other comprehensive loss $ (11 ) $ 3 $ (8 ) $ (12 ) $ 4 $ (8 ) Losses on securities Amount reclassified on sale of securities (b) $ - $ - $ - $ (7 ) $ 3 $ (4 ) - Other comprehensive loss $ - $ - $ - $ (7 ) $ 3 $ (4 ) Benefit plan adjustments Unrealized losses $ - $ - $ - $ (2 ) $ - $ (2 ) Reclassification adjustments realized in net income (c) 9 (4 ) 5 26 (9 ) 17 Other comprehensive income $ 9 $ (4 ) $ 5 $ 24 $ (9 ) $ 15 For the three months ended March 31, 2015 For the nine months ended March 31, 2015 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized losses $ (452 ) $ 71 $ (381 ) $ (1,870 ) $ 260 $ (1,610 ) Amount reclassified on hedging activity (a) 4 (1 ) 3 (126 ) (1 ) (127 ) Amount reclassified on dispositions (b) - - - (253 ) - (253 ) Other comprehensive loss $ (448 ) $ 70 $ (378 ) $ (2,249 ) $ 259 $ (1,990 ) Gains and losses on securities Unrealized (losses) gains $ (1 ) $ - $ (1 ) $ 236 $ (83 ) $ 153 Amount reclassified on sale of securities (b) - - - (325 ) 114 (211 ) Other comprehensive loss $ (1 ) $ - $ (1 ) $ (89 ) $ 31 $ (58 ) Benefit plan adjustments Reclassification adjustments realized in net income (c) $ 10 $ (3 ) $ 7 $ 32 $ (11 ) $ 21 Other comprehensive income $ 10 $ (3 ) $ 7 $ 32 $ (11 ) $ 21 (a) Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015 (See Note 6 – Fair Value for additional information regarding hedging activity). (b) Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity (losses) earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. (c) Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. Earnings Per Share Data The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Income from continuing operations $ 928 $ 1,057 $ 2,418 $ 8,457 Less: Net income attributable to noncontrolling interests (84 ) (67 ) (222 ) (200 ) Income from continuing operations attributable to Twenty-First Century Fox stockholders $ 844 $ 990 $ 2,196 $ 8,257 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 2015, the Board approved an additional $5 billion authorization, excluding commissions, to the Company’s stock repurchase program for the repurchase of Class A Common Stock. The Company currently intends to complete this stock repurchase program by August 2016, however, the completion date and the timing and amount of repurchases are at the Company’s discretion. The program may be modified, extended, suspended or discontinued at any time. The remaining authorized amount under the Company’s stock repurchase program as of March 31, 2016, excluding commissions, was approximately $1.6 billion. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 Cash dividend per share $ 0.150 $ 0.150 $ 0.300 $ 0.275 The Company declared a dividend of $0.150 per share on both the Class A Common Stock and Class B Common Stock in the three months ended March 31, 2016, which was paid in April 2016 to stockholders of record on March 9, 2016. Temporary Suspension of Voting Rights Affecting Non-U.S. Stockholders The Company owns broadcast station licensees in connection with its ownership and operation of U.S. television stations. Under U.S. law, no broadcast station licensee may be owned by a corporation if more than 25% of its stock is owned or voted by non-U.S. persons, their representatives, or by any other corporation organized under the laws of a foreign country. In order to maintain compliance with U.S. law, the suspension of voting rights of the Class B Common Stock held by non-U.S. stockholders is currently at 10%. This suspension 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 38.9% of the outstanding shares of Class B Common Stock not subject to the suspension of voting rights, and the percentage vote may be adjusted as provided in the agreement with the Company. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 9. EQUITY-BASED COMPENSATION The following table summarizes the Company’s equity-based compensation transactions: For the nine months ended March 31, 2016 2015 (in millions) Equity-based compensation $ 158 $ 89 Intrinsic value of all settled equity-based awards $ 192 $ 303 Tax benefit on vested equity-based awards $ 69 $ 110 As of March 31, 2016, the Company’s total estimated compensation cost related to equity-based awards, not yet recognized, was approximately $140 million, and is expected to be recognized over a weighted average period between one and two years. Compensation expense on all equity-based awards is generally recognized on a straight-line basis over the vesting period of the entire award. However, certain performance based awards are recognized on an accelerated basis. Performance Stock Units The Company’s stock based awards are granted in Class A Common Stock. During the nine months ended March 31, 2016, approximately 6.2 million performance stock units (“PSUs”) were granted and approximately 5.9 million PSUs vested. During the nine months ended March 31, 2015, approximately 4.1 million PSUs were granted and approximately 7.1 million PSUs vested. Approximately 1.7 million units of the awards that vested were settled in cash. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10. COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of March 31, 2016 and June 30, 2015 were approximately $85 billion and $75 billion, respectively. The increase from June 30, 2015 was primarily due to an expanded arrangement with one of the collegiate conferences for broadcast rights through 2032, a new rights agreement with a Major League Baseball team for broadcast rights through 2032 and other sports rights agreements. Contingent Guarantees The Company’s contingent guarantees as of March 31, 2016 and June 30, 2015 were approximately $690 million and $1.3 billion, respectively. The decrease from June 30, 2015 was primarily due to the release of the Company’s obligations under a bank guarantee benefiting the Board of Control for Cricket in India (“BCCI”) in July 2015 (See Note 12 – Additional Financial Information under the heading “Restructuring Programs”) and the expiration of a bank guarantee covering the Company’s programming rights obligations as part of the agreement with the International Cricket Council. Contingencies Shareholder Litigation Southern District of New York On July 19, 2011, a purported class action lawsuit captioned Wilder v. News Corp., et al. (“Wilder Litigation”), was filed on behalf of all purchasers of the Company’s common stock between March 3, 2011 and July 11, 2011, in the United States District Court for the Southern District of New York. The plaintiff brought claims under Section 10(b) and Section 20(a) of the Securities Exchange Act, alleging that false and misleading statements were issued regarding the alleged acts of voicemail interception at The News of the World Other Equity purchase arrangements that are exercisable by the counter-party to the agreement, and that are outside the sole control of the Company, are accounted for in accordance with ASC 480-10-S99-3A and are classified as Redeemable noncontrolling interests in the Consolidated Balance Sheets. Other than the arrangements classified as Redeemable noncontrolling interests, the Company is also a party to several other purchase and sale arrangements which become exercisable at various points in time. However, these arrangements are currently either not exercisable in the next twelve months or are not material. The Company 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. 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. |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 11. SEGMENT INFORMATION The Company is a diversified global media and entertainment company, which manages and reports its businesses in the following segments: · Cable Network Programming , which principally consists of the production and licensing of programming distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors in the U.S. and internationally. · Television , which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 11 duopolies, in the U.S. (of these stations, 17 are affiliated with FOX Broadcasting Company (“FOX”), 10 are affiliated with Master Distribution Service, Inc. (“MyNetworkTV”) and one is an independent station). · Filmed Entertainment , which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide. · Direct Broadcast Satellite Television , which consisted of the distribution of programming services via satellite, cable and broadband directly to subscribers in Italy, Germany and Austria. The DBS segment consisted entirely of the operations of Sky Italia and Sky Deutschland. On November 12, 2014, Twenty-First Century Fox completed the sale of Sky Italia and its 57% interest in Sky Deutschland to Sky. · Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations and other businesses. Following the sale of the DBS businesses, the Company continues to report in five segments for comparative purposes. 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 (losses) earnings of affiliates, Interest expense, net, Interest income, Other, net, Income tax expense and Net income attributable to noncontrolling interests. Management believes that Segment OIBDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Management believes that information about Total Segment OIBDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Total Segment OIBDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Segment OIBDA and Total Segment OIBDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Total Segment OIBDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Revenues: Cable Network Programming $ 3,941 $ 3,590 $ 11,108 $ 10,205 Television 1,299 1,237 4,064 3,908 Filmed Entertainment 2,321 2,389 6,467 7,618 Direct Broadcast Satellite Television - - - 2,112 Other, Corporate and Eliminations (333 ) (376 ) (959 ) (1,061 ) Total revenues $ 7,228 $ 6,840 $ 20,680 $ 22,782 Segment OIBDA: Cable Network Programming $ 1,375 $ 1,233 $ 3,931 $ 3,430 Television 125 141 600 605 Filmed Entertainment 470 382 921 1,176 Direct Broadcast Satellite Television - - - 234 Other, Corporate and Eliminations (89 ) (79 ) (306 ) (267 ) Total Segment OIBDA $ 1,881 $ 1,677 $ 5,146 $ 5,178 Amortization of cable distribution investments (18 ) (17 ) (53 ) (61 ) Depreciation and amortization (133 ) (124 ) (391 ) (601 ) Equity (losses) earnings of affiliates (9 ) 330 38 959 Interest expense, net (295 ) (292 ) (888 ) (907 ) Interest income 12 8 28 31 Other, net (47 ) (67 ) (272 ) 5,008 Income from continuing operations before income tax expense 1,391 1,515 3,608 9,607 Income tax expense (463 ) (458 ) (1,190 ) (1,150 ) Income from continuing operations 928 1,057 2,418 8,457 Loss from discontinued operations, net of tax (3 ) (15 ) (8 ) (38 ) Net income 925 1,042 2,410 8,419 Less: Net income attributable to noncontrolling interests (84 ) (67 ) (222 ) (200 ) Net income attributable to Twenty-First Century Fox stockholders $ 841 $ 975 $ 2,188 $ 8,219 Intersegment revenues, generated by the Filmed Entertainment segment, of $315 million and $442 million for the three months ended March 31, 2016 and 2015, respectively, and of $878 million and $1,002 million for the nine months ended March 31, 2016 and 2015, respectively, have been eliminated within the Other, Corporate and Eliminations segment. For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Depreciation and amortization: Cable Network Programming $ 79 $ 70 $ 229 $ 219 Television 29 29 88 84 Filmed Entertainment 20 21 60 84 Direct Broadcast Satellite Television - - - 202 Other, Corporate and Eliminations 5 4 14 12 Total depreciation and amortization $ 133 $ 124 $ 391 $ 601 Depreciation and amortization includes the amortization of definite lived intangible assets of $64 million and $60 million he three months ended March 31, 2016 and 2015, respectively, and $182 million and $243 million for the nine months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 As of June 30, 2015 (in millions) Total assets: Cable Network Programming $ 25,151 $ 23,235 Television 7,098 6,646 Filmed Entertainment 9,817 9,105 Other, Corporate and Eliminations 3,027 6,536 Investments 4,155 4,529 Total assets $ 49,248 $ 50,051 As of March 31, 2016 As of June 30, 2015 (in millions) Goodwill and intangible assets, net: Cable Network Programming $ 13,382 $ 12,746 Television 4,291 4,297 Filmed Entertainment 1,766 1,790 Total goodwill and intangible assets, net $ 19,439 $ 18,833 Revenues by Component For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Revenues: Affiliate fees $ 2,939 $ 2,740 $ 8,321 $ 7,652 Subscription - - - 1,964 Advertising 1,907 1,840 5,950 5,944 Content 2,288 2,189 6,046 6,938 Other 94 71 363 284 Total revenues $ 7,228 $ 6,840 $ 20,680 $ 22,782 |
Additional Financial Informatio
Additional Financial Information | 9 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Additional Financial Information | NOTE 12. ADDITIONAL FINANCIAL INFORMATION Supplemental Cash Flows Information For the nine months ended March 31, 2016 2015 (in millions) Supplemental cash flows information: Cash paid for income taxes $ (586 ) $ (498 ) Cash paid for interest $ (873 ) $ (908 ) Purchase of other investments $ (229 ) $ (53 ) Supplemental information on acquisitions and additional investments: Fair value of assets acquired $ 1,199 $ 219 Cash acquired 8 - Liabilities assumed (110 ) (2 ) Cash paid (916 ) (142 ) Fair value of equity instruments issued to third parties (a) 181 75 Issuance of subsidiary common units (181 ) (75 ) Fair value of equity instruments consideration $ - $ - (a) Includes Redeemable noncontrolling interests. Other, net The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Gain on disposition of DBS businesses (a) $ - $ (11 ) $ - $ 4,984 Gain on disposition of Shine Group (a) - 7 - 70 Investment impairment losses (b) - - (99 ) (3 ) Acquisition related costs (c) - - (66 ) - Restructuring (6 ) (2 ) (14 ) (40 ) Other (d) (41 ) (61 ) (93 ) (3 ) Total other, net $ (47 ) $ (67 ) $ (272 ) $ 5,008 (a) See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the headings “Sky Italia and Sky Deutschland” and “Shine Group” for further discussion of these dispositions. (b) See Note 5 – Investments under the heading “Other” for further discussion. (c) The acquisition related costs for the nine months ended March 31, 2016 are primarily due to the revision of a contingency estimate related to a past acquisition. (d) Other, in fiscal 2015, includes devaluation losses primarily related to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADI”). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2”) rate. Restructuring Programs In fiscal 2015, the Company recorded restructuring charges reflecting contract termination costs at STAR India (“STAR”) related to a program rights contract with the BCCI for the Champions League Twenty20 (“CLT20”) cricket tournament through 2018. The Company paid approximately $420 million to the BCCI in July 2015 for the contract termination, including service taxes. As a result of the contract termination in June 2015, STAR no longer has the rights to broadcast future CLT20 cricket matches and has no additional payment obligations. Voluntary Resignation Program During the third quarter of fiscal 2016, as part of ongoing efforts to transform certain functions and reduce costs, the Company extended a voluntary resignation program to certain employees. Costs related to the voluntary resignation program are accrued when the Company and the employee agree on the specific terms of the voluntary resignation. The Company expects to record a significant portion of the costs in the fourth quarter of fiscal 2016 which will be included in restructuring charges, included in Other, net, in the consolidated statement of operations. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Information | TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 13. SUPPLEMENTAL GUARANTOR INFORMATION In May 2015, 21CFA entered into a credit agreement (the “Credit Agreement”), among 21CFA as Borrower, the Company as Parent Guarantor and other parties. The Credit Agreement provides a $1.4 billion unsecured revolving credit facility with a sub-limit of $250 million (or its equivalent in Euros) available for the issuance of letters of credit and a maturity date of May 2020. The Parent Guarantor presently guarantees the senior public indebtedness of 21CFA and the guarantee is full and unconditional. The supplemental condensed consolidating financial information of the Parent Guarantor should be read in conjunction with these Unaudited Consolidated Financial Statements. In accordance with rules and regulations of the SEC, the Company uses the equity method to account for the results of all of the non-guarantor subsidiaries, representing substantially all of the Company’s consolidated results of operations, excluding certain intercompany eliminations. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of 21CFA, the Company and the subsidiaries of the Company and the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis. TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended March 31, 2016 (in millions) 21st Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 7,227 $ - $ 7,228 Expenses (88 ) - (5,410 ) - (5,498 ) Equity losses of affiliates (1 ) - (8 ) - (9 ) Interest expense, net (408 ) (179 ) (17 ) 309 (295 ) Interest income 5 1 315 (309 ) 12 Earnings from subsidiary entities 1,570 1,022 - (2,592 ) - Other, net (6 ) - (41 ) - (47 ) Income from continuing operations before income tax expense 1,073 844 2,066 (2,592 ) 1,391 Income tax expense (358 ) - (689 ) 584 (463 ) Income from continuing operations 715 844 1,377 (2,008 ) 928 Loss from discontinued operations, net of tax - (3 ) - - (3 ) Net income 715 841 1,377 (2,008 ) 925 Less: Net income attributable to noncontrolling interests - - (84 ) - (84 ) Net income attributable to Twenty-First Century Fox stockholders $ 715 $ 841 $ 1,293 $ (2,008 ) $ 841 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 703 $ 915 $ 1,415 $ (2,118 ) $ 915 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 6,839 $ - $ 6,840 Expenses (72 ) - (5,232 ) - (5,304 ) Equity (losses) earnings of affiliates (1 ) - 331 - 330 Interest expense, net (394 ) (173 ) (20 ) 295 (292 ) Interest income - 3 300 (295 ) 8 Earnings from subsidiary entities 1,987 1,171 - (3,158 ) - Other, net (171 ) (11 ) 115 - (67 ) Income from continuing operations before income tax expense 1,350 990 2,333 (3,158 ) 1,515 Income tax expense (425 ) - (593 ) 560 (458 ) Income from continuing operations 925 990 1,740 (2,598 ) 1,057 Loss from discontinued operations, net of tax - (15 ) - - (15 ) Net income 925 975 1,740 (2,598 ) 1,042 Less: Net income attributable to noncontrolling interests - - (67 ) - (67 ) Net income attributable to Twenty-First Century Fox stockholders $ 925 $ 975 $ 1,673 $ (2,598 ) $ 975 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 459 $ 603 $ 1,210 $ (1,669 ) $ 603 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the nine months ended March 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 20,679 $ - $ 20,680 Expenses (283 ) - (15,695 ) - (15,978 ) Equity (losses) earnings of affiliates (2 ) - 40 - 38 Interest expense, net (1,212 ) (532 ) (56 ) 912 (888 ) Interest income 6 3 931 (912 ) 28 Earnings from subsidiary entities 4,803 2,725 - (7,528 ) - Other, net (114 ) - (158 ) - (272 ) Income from continuing operations before income tax expense 3,199 2,196 5,741 (7,528 ) 3,608 Income tax expense (1,055 ) - (1,894 ) 1,759 (1,190 ) Income from continuing operations 2,144 2,196 3,847 (5,769 ) 2,418 Loss from discontinued operations, net of tax - (8 ) - - (8 ) Net income 2,144 2,188 3,847 (5,769 ) 2,410 Less: Net income attributable to noncontrolling interests - - (222 ) - (222 ) Net income attributable to Twenty-First Century Fox stockholders $ 2,144 $ 2,188 $ 3,625 $ (5,769 ) $ 2,188 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 1,657 $ 1,893 $ 3,301 $ (4,958 ) $ 1,893 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the nine months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 22,781 $ - $ 22,782 Expenses (241 ) - (18,025 ) - (18,266 ) Equity (losses) earnings of affiliates (2 ) - 961 - 959 Interest expense, net (1,188 ) (463 ) (78 ) 822 (907 ) Interest income 8 4 841 (822 ) 31 Earnings from subsidiary entities 10,513 8,727 - (19,240 ) - Other, net (18 ) (11 ) 5,037 - 5,008 Income from continuing operations before income tax expense 9,073 8,257 11,517 (19,240 ) 9,607 Income tax expense (1,085 ) - (1,378 ) 1,313 (1,150 ) Income from continuing operations 7,988 8,257 10,139 (17,927 ) 8,457 Loss from discontinued operations, net of tax - (38 ) - - (38 ) Net income 7,988 8,219 10,139 (17,927 ) 8,419 Less: Net income attributable to noncontrolling interests - - (200 ) - (200 ) Net income attributable to Twenty-First Century Fox stockholders $ 7,988 $ 8,219 $ 9,939 $ (17,927 ) $ 8,219 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 5,925 $ 6,406 $ 7,858 $ (13,783 ) $ 6,406 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets: Cash and cash equivalents $ 764 $ 2,594 $ 1,635 $ - $ 4,993 Receivables, net 16 - 6,741 (1 ) 6,756 Inventories, net - - 3,522 - 3,522 Other 15 - 334 - 349 Total current assets 795 2,594 12,232 (1 ) 15,620 Non-current assets: Receivables, net 15 - 446 - 461 Inventories, net - - 7,108 - 7,108 Property, plant and equipment, net 215 - 1,445 - 1,660 Intangible assets, net - - 6,707 - 6,707 Goodwill - - 12,732 - 12,732 Other non-current assets 388 - 417 - 805 Investments: Investments in associated companies and other investments 136 37 3,982 - 4,155 Intragroup investments 97,639 55,559 - (153,198 ) - Total investments 97,775 55,596 3,982 (153,198 ) 4,155 TOTAL ASSETS $ 99,188 $ 58,190 $ 45,069 $ (153,199 ) $ 49,248 LIABILITIES AND EQUITY Current liabilities: Borrowings $ 400 $ - $ 75 $ - $ 475 Other current liabilities 468 406 6,928 (1 ) 7,801 Total current liabilities 868 406 7,003 (1 ) 8,276 Non-current liabilities: Borrowings 17,878 - 1,392 - 19,270 Other non-current liabilities 537 - 5,104 - 5,641 Intercompany 37,281 43,313 (80,594 ) - - Redeemable noncontrolling interests - - 511 - 511 Total equity 42,624 14,471 111,653 (153,198 ) 15,550 TOTAL LIABILITIES AND EQUITY $ 99,188 $ 58,190 $ 45,069 $ (153,199 ) $ 49,248 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of June 30, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets: Cash and cash equivalents $ 767 $ 5,913 $ 1,748 $ - $ 8,428 Receivables, net 11 - 5,902 (1 ) 5,912 Inventories, net - - 2,749 - 2,749 Other 14 - 273 - 287 Total current assets 792 5,913 10,672 (1 ) 17,376 Non-current assets: Receivables, net 15 - 379 - 394 Inventories, net - - 6,411 - 6,411 Property, plant and equipment, net 230 - 1,492 - 1,722 Intangible assets, net - - 6,320 - 6,320 Goodwill - - 12,513 - 12,513 Other non-current assets 384 - 402 - 786 Investments: Investments in associated companies and other investments 50 22 4,457 - 4,529 Intragroup investments 92,821 53,278 - (146,099 ) - Total investments 92,871 53,300 4,457 (146,099 ) 4,529 TOTAL ASSETS $ 94,292 $ 59,213 $ 42,646 $ (146,100 ) $ 50,051 LIABILITIES AND EQUITY Current liabilities: Borrowings $ 200 $ - $ 44 $ - $ 244 Other current liabilities 467 74 6,478 (1 ) 7,018 Total current liabilities 667 74 6,522 (1 ) 7,262 Non-current liabilities: Borrowings 17,278 - 1,517 - 18,795 Other non-current liabilities 571 - 4,616 - 5,187 Intercompany 35,999 41,919 (77,918 ) - - Redeemable noncontrolling interests - - 621 - 621 Total equity 39,777 17,220 107,288 (146,099 ) 18,186 TOTAL LIABILITIES AND EQUITY $ 94,292 $ 59,213 $ 42,646 $ (146,100 ) $ 50,051 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended March 31, 2016 (in millions) 21st Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Operating activities: Net cash (used in) provided by operating activities from continuing operations $ (585 ) $ 1,569 $ 1,028 $ - $ 2,012 Investing activities: Property, plant and equipment (5 ) - (151 ) - (156 ) Investments (185 ) (586 ) (453 ) - (1,224 ) Net cash used in investing activities from continuing operations (190 ) (586 ) (604 ) - (1,380 ) Financing activities: Borrowings 987 - 208 - 1,195 Repayment of borrowings (200 ) - (302 ) - (502 ) Excess tax benefit from equity-based compensation - 11 - - 11 Repurchase of shares - (3,958 ) - - (3,958 ) Dividends paid and distributions - (299 ) (166 ) - (465 ) Purchase of subsidiary shares from noncontrolling interests - (56 ) (231 ) - (287 ) Net cash provided by (used in) financing activities from continuing operations 787 (4,302 ) (491 ) - (4,006 ) Discontinued operations: Net decrease in cash and cash equivalents from discontinued operations (15 ) - - - (15 ) Net decrease in cash and cash equivalents (3 ) (3,319 ) (67 ) - (3,389 ) Cash and cash equivalents, beginning of year 767 5,913 1,748 - 8,428 Exchange movement on cash balances - - (46 ) - (46 ) Cash and cash equivalents, end of period $ 764 $ 2,594 $ 1,635 $ - $ 4,993 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Operating activities: Net cash (used in) provided by operating activities from continuing operations $ (276 ) $ 1,675 $ 1,224 $ - $ 2,623 Investing activities: Property, plant and equipment (84 ) - (236 ) - (320 ) Investments (127 ) (3 ) (1,173 ) - (1,303 ) Proceeds from dispositions, net 79 8,582 (51 ) - 8,610 Net cash (used in) provided by investing activities from continuing operations (132 ) 8,579 (1,460 ) - 6,987 Financing activities: Borrowings 1,191 - 1,343 - 2,534 Repayment of borrowings (750 ) - (1,424 ) - (2,174 ) Excess tax benefit from equity-based compensation - 49 - - 49 Repurchase of shares - (4,784 ) - - (4,784 ) Dividends paid and distributions - (273 ) (221 ) - (494 ) Purchase of subsidiary shares from noncontrolling interests - (650 ) - - (650 ) Net cash provided by (used in) financing activities from continuing operations 441 (5,658 ) (302 ) - (5,519 ) Discontinued operations: Net decrease in cash and cash equivalents from discontinued operations (38 ) - - - (38 ) Net (decrease) increase in cash and cash equivalents (5 ) 4,596 (538 ) - 4,053 Cash and cash equivalents, beginning of year 473 3,120 1,822 - 5,415 Exchange movement on cash balances - - (192 ) - (192 ) Cash and cash equivalents, end of period $ 468 $ 7,716 $ 1,092 $ - $ 9,276 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 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 Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees |
Investments | Investments in and advances to equity or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. |
Use of Estimates | The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results could differ from those estimates. |
Reclassifications and Adjustments | Certain fiscal 2015 amounts have been reclassified to conform to the fiscal 2016 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relate to the Company’s continuing operations. |
Recently Adopted and Recently Issued Accounting Guidance | Recently Adopted and Recently Issued Accounting Guidance Adopted In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“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 annual and interim reporting periods beginning July 1, 2015. Certain disposals that occurred in the past were not reported as discontinued operations as they did not meet the criteria under the superseded accounting guidance. Such disposals would have met the criteria to be reported as discontinued operations in accordance with ASU 2014-08. Issued In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts, that are identified during the measurement period, in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company for annual and interim reporting periods beginning July 1, 2016. The Company is currently evaluating the impact ASU 2015-16 will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). The amendments in ASU 2015-17 require that tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 will be effective for the Company for annual and interim reporting periods beginning July 1, 2017. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments––Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The amendments in ASU 2016-02 require recognition of lease assets and liabilities on the balance sheet and disclosure of key information about leasing arrangements. ASU 2016-02 will be effective for the Company for annual and interim reporting periods beginning July 1, 2019. The Company is currently evaluating the impact ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendments in ASU 2016-09 simplify the accounting regarding income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company for annual and interim reporting periods beginning July 1, 2017. The Company is currently evaluating the impact ASU 2016-09 will have on its consolidated financial statements. |
Receivables, Net | Receivables are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. |
Concentration of Credit Risk | Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. The Company’s receivables did not represent significant concentrations of credit risk as of March 31, 2016 or June 30, 2015 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. As of March 31, 2016, the Company did not anticipate nonperformance by any of the counterparties. |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Receivables, Net | Receivables, net consist of: As of March 31, 2016 As of June 30, 2015 (in millions) Total receivables $ 7,834 $ 6,812 Allowances for returns and doubtful accounts (617 ) (506 ) Total receivables, net 7,217 6,306 Less: current receivables, net (6,756 ) (5,912 ) Non-current receivables, net $ 461 $ 394 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | The Company’s inventories were comprised of the following: As of March 31, 2016 As of June 30, 2015 (in millions) Programming rights $ 6,510 $ 5,496 DVDs, Blu-rays and other merchandise 78 67 Filmed entertainment costs: Films: Released 1,193 1,094 Completed, not released 6 27 In production 1,099 1,170 In development or preproduction 253 185 2,551 2,476 Television productions: Released 1,000 868 In production 491 252 In development or preproduction - 1 1,491 1,121 Total filmed entertainment costs, less accumulated amortization (a) 4,042 3,597 Total inventories, net 10,630 9,160 Less: current portion of inventories, net (b) (3,522 ) (2,749 ) Total non-current inventories, net $ 7,108 $ 6,411 (a) Does not include $280 million and $304 million of net intangible film library costs as of March 31, 2016 and June 30, 2015, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. (b) Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Schedule of Investments | The Company’s investments were comprised of the following: Ownership percentage as of March 31, 2016 As of March 31, 2016 As of June 30, 2015 (in millions) Sky (a)(b) European DBS operator 39% $ 3,150 $ 3,382 Endemol Shine Group (b) Global multi-platform content provider 50% 588 706 Other investments various 417 441 Total investments $ 4,155 $ 4,529 (a) The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2016 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 6 – Fair Value). (b) Equity method investment. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them | The tables below present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of March 31, 2016 Description Total Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in millions) Assets Derivatives (a) $ 12 $ - $ 12 $ - Liabilities Derivatives (a) (38 ) - (38 ) - Contingent consideration (b) (114 ) - - (114 ) Redeemable noncontrolling interests (511 ) - - (511 ) Total $ (651 ) $ - $ (26 ) $ (625 ) As of June 30, 2015 Description Total Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in millions) Assets Investments (c) $ 18 $ 18 $ - $ - Derivatives (a) 4 - 4 - Liabilities Derivatives (a) (34 ) - (34 ) - Contingent consideration (b) (114 ) - - (114 ) Redeemable noncontrolling interests (621 ) - - (621 ) Total $ (747 ) $ 18 $ (30 ) $ (735 ) (a) Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts. (b) Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. (c ) Available-for-sale securities. |
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 three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Beginning of period $ (617 ) $ (547 ) $ (621 ) $ (541 ) Net income (36 ) (30 ) (96 ) (83 ) Issuances (73 ) (75 ) (73 ) (75 ) Repurchases (a) 225 - 225 - Distributions and other (10 ) 14 54 61 End of period $ (511 ) $ (638 ) $ (511 ) $ (638 ) (a) See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Other”. |
Schedule of Fair Value and Carrying Value of Borrowings | The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. As of March 31, 2016, the carrying value of the Company’s investment in DraftKings approximates its fair value, a Level 3 measurement (See Note 5 – Investments under the heading “Other”). As of March 31, 2016 As of June 30, 2015 (in millions) Borrowings Fair value $ 23,140 $ 21,998 Carrying value $ 19,745 $ 19,039 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 | |
Schedule of Financial Instruments Used to Hedge Certain Exposures | The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues, the cost of producing or acquiring films and television programming as well as its investment in certain foreign operations and equity method investments. As of March 31, 2016 As of June 30, 2015 (in millions) Cash flow hedges Notional amount $ 858 $ 903 Fair value $ (9 ) $ (13 ) As of March 31, 2016 As of June 30, 2015 (in millions) Net investment hedges Notional amount $ - $ 198 Fair value $ - $ (13 ) As of March 31, 2016 As of June 30, 2015 (in millions) Economic hedges Notional amount $ 45 $ - Fair value $ (1 ) $ - |
Interest Rate Swap Contracts | |
Schedule of Financial Instruments Used to Hedge Certain Exposures | The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. As of March 31, 2016 As of June 30, 2015 (in millions) Cash flow hedges Notional amount $ 706 $ 723 Fair value $ (16 ) $ (4 ) As of March 31, 2016 As of June 30, 2015 (in millions) Economic hedges Notional amount $ - $ 255 Fair value $ - $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule of Changes in Stockholders' Equity | The following tables summarize changes in stockholders’ equity: For the three months ended March 31, 2016 For the nine months ended March 31, 2016 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 14,504 $ 991 $ 15,495 $ 17,220 $ 966 $ 18,186 Net income 841 48 (a) 889 2,188 126 (a) 2,314 Other comprehensive income (loss) 74 - 74 (295 ) - (295 ) Cancellation of shares, net (740 ) - (740 ) (3,897 ) - (3,897 ) Dividends declared (287 ) - (287 ) (586 ) - (586 ) Other 79 40 (b) 119 (159 ) (13 ) (b) (172 ) Balance, end of period $ 14,471 $ 1,079 $ 15,550 $ 14,471 $ 1,079 $ 15,550 For the three months ended March 31, 2015 For the nine months ended March 31, 2015 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 19,813 $ 975 $ 20,788 $ 17,418 $ 3,483 $ 20,901 Net income 975 37 (a) 1,012 8,219 117 (a) 8,336 Other comprehensive loss (372 ) - (372 ) (1,813 ) (214 ) (2,027 ) Cancellation of shares, net (2,046 ) - (2,046 ) (4,592 ) - (4,592 ) Dividends declared (313 ) - (313 ) (586 ) - (586 ) Purchase of noncontrolling interests (c) - - - (522 ) (128 ) (650 ) Dispositions (d) - - - - (2,130 ) (2,130 ) Other (68 ) (26 ) (b) (94 ) (135 ) (142 ) (b) (277 ) - Balance, end of period $ 17,989 $ 986 $ 18,975 $ 17,989 $ 986 $ 18,975 (a) Net income attributable to noncontrolling interests excludes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. (b) Other activity attributable to noncontrolling interests excludes $(142) million and $61 million for the three months ended March 31, 2016 and 2015, respectively, and $(206) million and $14 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. (c) Represents the increase in ownership of NGC International (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). (d) Represents the noncontrolling interest in Sky Deutschland (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). |
Schedule of Activity within Other Comprehensive Income (Loss) | The following tables summarize the activity within Other comprehensive income (loss): For the three months ended March 31, 2016 For the nine months ended March 31, 2016 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized gains (losses) $ 71 $ 1 $ 72 $ (279 ) $ (23 ) $ (302 ) Amount reclassified on hedging activity (a) 9 (4 ) 5 7 (3 ) 4 Other comprehensive income (loss) $ 80 $ (3 ) $ 77 $ (272 ) $ (26 ) $ (298 ) Losses on interest rate swap contracts Unrealized losses $ (13 ) $ 5 $ (8 ) $ (19 ) $ 7 $ (12 ) Amount reclassified on hedging activity (a) 2 (2 ) - 7 (3 ) 4 Other comprehensive loss $ (11 ) $ 3 $ (8 ) $ (12 ) $ 4 $ (8 ) Losses on securities Amount reclassified on sale of securities (b) $ - $ - $ - $ (7 ) $ 3 $ (4 ) - Other comprehensive loss $ - $ - $ - $ (7 ) $ 3 $ (4 ) Benefit plan adjustments Unrealized losses $ - $ - $ - $ (2 ) $ - $ (2 ) Reclassification adjustments realized in net income (c) 9 (4 ) 5 26 (9 ) 17 Other comprehensive income $ 9 $ (4 ) $ 5 $ 24 $ (9 ) $ 15 For the three months ended March 31, 2015 For the nine months ended March 31, 2015 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized losses $ (452 ) $ 71 $ (381 ) $ (1,870 ) $ 260 $ (1,610 ) Amount reclassified on hedging activity (a) 4 (1 ) 3 (126 ) (1 ) (127 ) Amount reclassified on dispositions (b) - - - (253 ) - (253 ) Other comprehensive loss $ (448 ) $ 70 $ (378 ) $ (2,249 ) $ 259 $ (1,990 ) Gains and losses on securities Unrealized (losses) gains $ (1 ) $ - $ (1 ) $ 236 $ (83 ) $ 153 Amount reclassified on sale of securities (b) - - - (325 ) 114 (211 ) Other comprehensive loss $ (1 ) $ - $ (1 ) $ (89 ) $ 31 $ (58 ) Benefit plan adjustments Reclassification adjustments realized in net income (c) $ 10 $ (3 ) $ 7 $ 32 $ (11 ) $ 21 Other comprehensive income $ 10 $ (3 ) $ 7 $ 32 $ (11 ) $ 21 (a) Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015 (See Note 6 – Fair Value for additional information regarding hedging activity). (b) Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity (losses) earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. (c) Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. |
Computation of Numerator for Earnings Per Share | The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Income from continuing operations $ 928 $ 1,057 $ 2,418 $ 8,457 Less: Net income attributable to noncontrolling interests (84 ) (67 ) (222 ) (200 ) Income from continuing operations attributable to Twenty-First Century Fox stockholders $ 844 $ 990 $ 2,196 $ 8,257 |
Schedule of Dividends Declared | The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 Cash dividend per share $ 0.150 $ 0.150 $ 0.300 $ 0.275 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Equity-Based Compensation | The following table summarizes the Company’s equity-based compensation transactions: For the nine months ended March 31, 2016 2015 (in millions) Equity-based compensation $ 158 $ 89 Intrinsic value of all settled equity-based awards $ 192 $ 303 Tax benefit on vested equity-based awards $ 69 $ 110 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Segment OIBDA from Segments to Consolidated | For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Revenues: Cable Network Programming $ 3,941 $ 3,590 $ 11,108 $ 10,205 Television 1,299 1,237 4,064 3,908 Filmed Entertainment 2,321 2,389 6,467 7,618 Direct Broadcast Satellite Television - - - 2,112 Other, Corporate and Eliminations (333 ) (376 ) (959 ) (1,061 ) Total revenues $ 7,228 $ 6,840 $ 20,680 $ 22,782 Segment OIBDA: Cable Network Programming $ 1,375 $ 1,233 $ 3,931 $ 3,430 Television 125 141 600 605 Filmed Entertainment 470 382 921 1,176 Direct Broadcast Satellite Television - - - 234 Other, Corporate and Eliminations (89 ) (79 ) (306 ) (267 ) Total Segment OIBDA $ 1,881 $ 1,677 $ 5,146 $ 5,178 Amortization of cable distribution investments (18 ) (17 ) (53 ) (61 ) Depreciation and amortization (133 ) (124 ) (391 ) (601 ) Equity (losses) earnings of affiliates (9 ) 330 38 959 Interest expense, net (295 ) (292 ) (888 ) (907 ) Interest income 12 8 28 31 Other, net (47 ) (67 ) (272 ) 5,008 Income from continuing operations before income tax expense 1,391 1,515 3,608 9,607 Income tax expense (463 ) (458 ) (1,190 ) (1,150 ) Income from continuing operations 928 1,057 2,418 8,457 Loss from discontinued operations, net of tax (3 ) (15 ) (8 ) (38 ) Net income 925 1,042 2,410 8,419 Less: Net income attributable to noncontrolling interests (84 ) (67 ) (222 ) (200 ) Net income attributable to Twenty-First Century Fox stockholders $ 841 $ 975 $ 2,188 $ 8,219 |
Reconciliation of Depreciation and Amortization from Segments to Consolidated | For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Depreciation and amortization: Cable Network Programming $ 79 $ 70 $ 229 $ 219 Television 29 29 88 84 Filmed Entertainment 20 21 60 84 Direct Broadcast Satellite Television - - - 202 Other, Corporate and Eliminations 5 4 14 12 Total depreciation and amortization $ 133 $ 124 $ 391 $ 601 |
Reconciliation of Assets from Segments to Consolidated | As of March 31, 2016 As of June 30, 2015 (in millions) Total assets: Cable Network Programming $ 25,151 $ 23,235 Television 7,098 6,646 Filmed Entertainment 9,817 9,105 Other, Corporate and Eliminations 3,027 6,536 Investments 4,155 4,529 Total assets $ 49,248 $ 50,051 |
Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated | As of March 31, 2016 As of June 30, 2015 (in millions) Goodwill and intangible assets, net: Cable Network Programming $ 13,382 $ 12,746 Television 4,291 4,297 Filmed Entertainment 1,766 1,790 Total goodwill and intangible assets, net $ 19,439 $ 18,833 |
Reconciliation of Revenue from Components to Consolidated | Revenues by Component For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Revenues: Affiliate fees $ 2,939 $ 2,740 $ 8,321 $ 7,652 Subscription - - - 1,964 Advertising 1,907 1,840 5,950 5,944 Content 2,288 2,189 6,046 6,938 Other 94 71 363 284 Total revenues $ 7,228 $ 6,840 $ 20,680 $ 22,782 |
Additional Financial Informat29
Additional Financial Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Cash Flows Information | Supplemental Cash Flows Information For the nine months ended March 31, 2016 2015 (in millions) Supplemental cash flows information: Cash paid for income taxes $ (586 ) $ (498 ) Cash paid for interest $ (873 ) $ (908 ) Purchase of other investments $ (229 ) $ (53 ) Supplemental information on acquisitions and additional investments: Fair value of assets acquired $ 1,199 $ 219 Cash acquired 8 - Liabilities assumed (110 ) (2 ) Cash paid (916 ) (142 ) Fair value of equity instruments issued to third parties (a) 181 75 Issuance of subsidiary common units (181 ) (75 ) Fair value of equity instruments consideration $ - $ - (a) Includes Redeemable noncontrolling interests. |
Components of Other, net | The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2016 2015 2016 2015 (in millions) Gain on disposition of DBS businesses (a) $ - $ (11 ) $ - $ 4,984 Gain on disposition of Shine Group (a) - 7 - 70 Investment impairment losses (b) - - (99 ) (3 ) Acquisition related costs (c) - - (66 ) - Restructuring (6 ) (2 ) (14 ) (40 ) Other (d) (41 ) (61 ) (93 ) (3 ) Total other, net $ (47 ) $ (67 ) $ (272 ) $ 5,008 (a) See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the headings “Sky Italia and Sky Deutschland” and “Shine Group” for further discussion of these dispositions. (b) See Note 5 – Investments under the heading “Other” for further discussion. (c) The acquisition related costs for the nine months ended March 31, 2016 are primarily due to the revision of a contingency estimate related to a past acquisition. (d) Other, in fiscal 2015, includes devaluation losses primarily related to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADI”). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2”) rate. |
Supplemental Guarantor Inform30
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Condensed Consolidating Statements of Operations | TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended March 31, 2016 (in millions) 21st Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 7,227 $ - $ 7,228 Expenses (88 ) - (5,410 ) - (5,498 ) Equity losses of affiliates (1 ) - (8 ) - (9 ) Interest expense, net (408 ) (179 ) (17 ) 309 (295 ) Interest income 5 1 315 (309 ) 12 Earnings from subsidiary entities 1,570 1,022 - (2,592 ) - Other, net (6 ) - (41 ) - (47 ) Income from continuing operations before income tax expense 1,073 844 2,066 (2,592 ) 1,391 Income tax expense (358 ) - (689 ) 584 (463 ) Income from continuing operations 715 844 1,377 (2,008 ) 928 Loss from discontinued operations, net of tax - (3 ) - - (3 ) Net income 715 841 1,377 (2,008 ) 925 Less: Net income attributable to noncontrolling interests - - (84 ) - (84 ) Net income attributable to Twenty-First Century Fox stockholders $ 715 $ 841 $ 1,293 $ (2,008 ) $ 841 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 703 $ 915 $ 1,415 $ (2,118 ) $ 915 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 6,839 $ - $ 6,840 Expenses (72 ) - (5,232 ) - (5,304 ) Equity (losses) earnings of affiliates (1 ) - 331 - 330 Interest expense, net (394 ) (173 ) (20 ) 295 (292 ) Interest income - 3 300 (295 ) 8 Earnings from subsidiary entities 1,987 1,171 - (3,158 ) - Other, net (171 ) (11 ) 115 - (67 ) Income from continuing operations before income tax expense 1,350 990 2,333 (3,158 ) 1,515 Income tax expense (425 ) - (593 ) 560 (458 ) Income from continuing operations 925 990 1,740 (2,598 ) 1,057 Loss from discontinued operations, net of tax - (15 ) - - (15 ) Net income 925 975 1,740 (2,598 ) 1,042 Less: Net income attributable to noncontrolling interests - - (67 ) - (67 ) Net income attributable to Twenty-First Century Fox stockholders $ 925 $ 975 $ 1,673 $ (2,598 ) $ 975 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 459 $ 603 $ 1,210 $ (1,669 ) $ 603 Supplemental Condensed Consolidating Statement of Operations For the nine months ended March 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 20,679 $ - $ 20,680 Expenses (283 ) - (15,695 ) - (15,978 ) Equity (losses) earnings of affiliates (2 ) - 40 - 38 Interest expense, net (1,212 ) (532 ) (56 ) 912 (888 ) Interest income 6 3 931 (912 ) 28 Earnings from subsidiary entities 4,803 2,725 - (7,528 ) - Other, net (114 ) - (158 ) - (272 ) Income from continuing operations before income tax expense 3,199 2,196 5,741 (7,528 ) 3,608 Income tax expense (1,055 ) - (1,894 ) 1,759 (1,190 ) Income from continuing operations 2,144 2,196 3,847 (5,769 ) 2,418 Loss from discontinued operations, net of tax - (8 ) - - (8 ) Net income 2,144 2,188 3,847 (5,769 ) 2,410 Less: Net income attributable to noncontrolling interests - - (222 ) - (222 ) Net income attributable to Twenty-First Century Fox stockholders $ 2,144 $ 2,188 $ 3,625 $ (5,769 ) $ 2,188 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 1,657 $ 1,893 $ 3,301 $ (4,958 ) $ 1,893 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the nine months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ 1 $ - $ 22,781 $ - $ 22,782 Expenses (241 ) - (18,025 ) - (18,266 ) Equity (losses) earnings of affiliates (2 ) - 961 - 959 Interest expense, net (1,188 ) (463 ) (78 ) 822 (907 ) Interest income 8 4 841 (822 ) 31 Earnings from subsidiary entities 10,513 8,727 - (19,240 ) - Other, net (18 ) (11 ) 5,037 - 5,008 Income from continuing operations before income tax expense 9,073 8,257 11,517 (19,240 ) 9,607 Income tax expense (1,085 ) - (1,378 ) 1,313 (1,150 ) Income from continuing operations 7,988 8,257 10,139 (17,927 ) 8,457 Loss from discontinued operations, net of tax - (38 ) - - (38 ) Net income 7,988 8,219 10,139 (17,927 ) 8,419 Less: Net income attributable to noncontrolling interests - - (200 ) - (200 ) Net income attributable to Twenty-First Century Fox stockholders $ 7,988 $ 8,219 $ 9,939 $ (17,927 ) $ 8,219 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 5,925 $ 6,406 $ 7,858 $ (13,783 ) $ 6,406 |
Supplemental Condensed Consolidating Balance Sheets | TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets: Cash and cash equivalents $ 764 $ 2,594 $ 1,635 $ - $ 4,993 Receivables, net 16 - 6,741 (1 ) 6,756 Inventories, net - - 3,522 - 3,522 Other 15 - 334 - 349 Total current assets 795 2,594 12,232 (1 ) 15,620 Non-current assets: Receivables, net 15 - 446 - 461 Inventories, net - - 7,108 - 7,108 Property, plant and equipment, net 215 - 1,445 - 1,660 Intangible assets, net - - 6,707 - 6,707 Goodwill - - 12,732 - 12,732 Other non-current assets 388 - 417 - 805 Investments: Investments in associated companies and other investments 136 37 3,982 - 4,155 Intragroup investments 97,639 55,559 - (153,198 ) - Total investments 97,775 55,596 3,982 (153,198 ) 4,155 TOTAL ASSETS $ 99,188 $ 58,190 $ 45,069 $ (153,199 ) $ 49,248 LIABILITIES AND EQUITY Current liabilities: Borrowings $ 400 $ - $ 75 $ - $ 475 Other current liabilities 468 406 6,928 (1 ) 7,801 Total current liabilities 868 406 7,003 (1 ) 8,276 Non-current liabilities: Borrowings 17,878 - 1,392 - 19,270 Other non-current liabilities 537 - 5,104 - 5,641 Intercompany 37,281 43,313 (80,594 ) - - Redeemable noncontrolling interests - - 511 - 511 Total equity 42,624 14,471 111,653 (153,198 ) 15,550 TOTAL LIABILITIES AND EQUITY $ 99,188 $ 58,190 $ 45,069 $ (153,199 ) $ 49,248 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of June 30, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets: Cash and cash equivalents $ 767 $ 5,913 $ 1,748 $ - $ 8,428 Receivables, net 11 - 5,902 (1 ) 5,912 Inventories, net - - 2,749 - 2,749 Other 14 - 273 - 287 Total current assets 792 5,913 10,672 (1 ) 17,376 Non-current assets: Receivables, net 15 - 379 - 394 Inventories, net - - 6,411 - 6,411 Property, plant and equipment, net 230 - 1,492 - 1,722 Intangible assets, net - - 6,320 - 6,320 Goodwill - - 12,513 - 12,513 Other non-current assets 384 - 402 - 786 Investments: Investments in associated companies and other investments 50 22 4,457 - 4,529 Intragroup investments 92,821 53,278 - (146,099 ) - Total investments 92,871 53,300 4,457 (146,099 ) 4,529 TOTAL ASSETS $ 94,292 $ 59,213 $ 42,646 $ (146,100 ) $ 50,051 LIABILITIES AND EQUITY Current liabilities: Borrowings $ 200 $ - $ 44 $ - $ 244 Other current liabilities 467 74 6,478 (1 ) 7,018 Total current liabilities 667 74 6,522 (1 ) 7,262 Non-current liabilities: Borrowings 17,278 - 1,517 - 18,795 Other non-current liabilities 571 - 4,616 - 5,187 Intercompany 35,999 41,919 (77,918 ) - - Redeemable noncontrolling interests - - 621 - 621 Total equity 39,777 17,220 107,288 (146,099 ) 18,186 TOTAL LIABILITIES AND EQUITY $ 94,292 $ 59,213 $ 42,646 $ (146,100 ) $ 50,051 |
Supplemental Condensed Consolidating Statements of Cash Flows | TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended March 31, 2016 (in millions) 21st Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Operating activities: Net cash (used in) provided by operating activities from continuing operations $ (585 ) $ 1,569 $ 1,028 $ - $ 2,012 Investing activities: Property, plant and equipment (5 ) - (151 ) - (156 ) Investments (185 ) (586 ) (453 ) - (1,224 ) Net cash used in investing activities from continuing operations (190 ) (586 ) (604 ) - (1,380 ) Financing activities: Borrowings 987 - 208 - 1,195 Repayment of borrowings (200 ) - (302 ) - (502 ) Excess tax benefit from equity-based compensation - 11 - - 11 Repurchase of shares - (3,958 ) - - (3,958 ) Dividends paid and distributions - (299 ) (166 ) - (465 ) Purchase of subsidiary shares from noncontrolling interests - (56 ) (231 ) - (287 ) Net cash provided by (used in) financing activities from continuing operations 787 (4,302 ) (491 ) - (4,006 ) Discontinued operations: Net decrease in cash and cash equivalents from discontinued operations (15 ) - - - (15 ) Net decrease in cash and cash equivalents (3 ) (3,319 ) (67 ) - (3,389 ) Cash and cash equivalents, beginning of year 767 5,913 1,748 - 8,428 Exchange movement on cash balances - - (46 ) - (46 ) Cash and cash equivalents, end of period $ 764 $ 2,594 $ 1,635 $ - $ 4,993 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended March 31, 2015 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Operating activities: Net cash (used in) provided by operating activities from continuing operations $ (276 ) $ 1,675 $ 1,224 $ - $ 2,623 Investing activities: Property, plant and equipment (84 ) - (236 ) - (320 ) Investments (127 ) (3 ) (1,173 ) - (1,303 ) Proceeds from dispositions, net 79 8,582 (51 ) - 8,610 Net cash (used in) provided by investing activities from continuing operations (132 ) 8,579 (1,460 ) - 6,987 Financing activities: Borrowings 1,191 - 1,343 - 2,534 Repayment of borrowings (750 ) - (1,424 ) - (2,174 ) Excess tax benefit from equity-based compensation - 49 - - 49 Repurchase of shares - (4,784 ) - - (4,784 ) Dividends paid and distributions - (273 ) (221 ) - (494 ) Purchase of subsidiary shares from noncontrolling interests - (650 ) - - (650 ) Net cash provided by (used in) financing activities from continuing operations 441 (5,658 ) (302 ) - (5,519 ) Discontinued operations: Net decrease in cash and cash equivalents from discontinued operations (38 ) - - - (38 ) Net (decrease) increase in cash and cash equivalents (5 ) 4,596 (538 ) - 4,053 Cash and cash equivalents, beginning of year 473 3,120 1,822 - 5,415 Exchange movement on cash balances - - (192 ) - (192 ) Cash and cash equivalents, end of period $ 468 $ 7,716 $ 1,092 $ - $ 9,276 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - Segment | 9 Months Ended | |
Mar. 31, 2016 | Nov. 12, 2014 | |
Basis of Presentation [Abstract] | ||
Number of Reportable Segments | 5 | |
Sky Deutschland | ||
Basis of Presentation [Abstract] | ||
Disposal date | Nov. 12, 2014 | |
Subsidiary Ownership Percentage | 57.00% |
Acquisitions, Disposals and O32
Acquisitions, Disposals and Other Transactions (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Feb. 29, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||||||
Purchase of subsidiary shares from noncontrolling interests | $ 287 | $ 650 | ||||
Business acquisition, cost of acquired entity, cash paid | $ 916 | $ 142 | ||||
MAA Television Network | ||||||
Business Acquisition [Line Items] | ||||||
Effective Date of Acquisition | Dec. 31, 2015 | |||||
Business acquisition, cost of acquired entity, cash paid | $ 346 | |||||
Business acquisition purchase price allocation intangible assets including goodwill | 285 | |||||
Business acquisition purchase price allocation intangible assets other than goodwill | $ 75 | |||||
MAA Television Network | Multi-Channel Video Programming Distributor Affiliate Agreements and Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of amortizable intangible assets | 12 years | |||||
MAA Television Network | Advertiser Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of amortizable intangible assets | 9 years | |||||
MAA Television Network | Trade Names | ||||||
Business Acquisition [Line Items] | ||||||
Useful life of amortizable intangible assets | 10 years | |||||
trueX media inc | ||||||
Business Acquisition [Line Items] | ||||||
Effective Date of Acquisition | Feb. 28, 2015 | |||||
Business acquisition purchase price allocation intangible assets including goodwill | $ 125 | |||||
Business acquisition purchase price allocation intangible assets other than goodwill | 25 | |||||
Payments To Acquire Businesses | $ 175 | |||||
National Geographic Partners | ||||||
Business Acquisition [Line Items] | ||||||
Cash contributed to a consolidated subsidiary | $ 625 | |||||
Preliminary allocation of cash paid to NGS | $ 625 | |||||
Subsidiary Ownership Percentage | 73.00% | |||||
Purchase of subsidiary shares from noncontrolling interests | $ 55 | |||||
National Geographic Partners | Trademark License | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, intangible asset, cash paid | 440 | |||||
National Geographic Partners | NGS Media Business | ||||||
Business Acquisition [Line Items] | ||||||
Effective Date of Acquisition | Nov. 30, 2015 | |||||
Business acquisition purchase price allocation, certain intangible assets and other net assets | $ 130 | |||||
Useful life of amortizable intangible assets | 5 years | |||||
Regional Sports Network | ||||||
Business Acquisition [Line Items] | ||||||
Purchase of subsidiary shares from noncontrolling interests | $ 225 | |||||
Percentage of ownership interest acquired | 7.00% | |||||
Subsidiary ownership percentage including ownership interest acquired | 100.00% |
Receivables, Net (Schedule of R
Receivables, Net (Schedule of Receivables, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Receivables [Abstract] | ||
Total receivables | $ 7,834 | $ 6,812 |
Allowances for returns and doubtful accounts | (617) | (506) |
Total receivables, net | 7,217 | 6,306 |
Less: current receivables, net | (6,756) | (5,912) |
Non-current receivables, net | $ 461 | $ 394 |
Inventories, Net (Schedule of I
Inventories, Net (Schedule of Inventories, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |||
Programming rights | $ 6,510 | $ 5,496 | |
DVDs, Blu-rays and other merchandise | 78 | 67 | |
Films: | |||
Released | 1,193 | 1,094 | |
Completed, not released | 6 | 27 | |
In production | 1,099 | 1,170 | |
In development or preproduction | 253 | 185 | |
Films, Total | 2,551 | 2,476 | |
Television productions: | |||
Released | 1,000 | 868 | |
In production | 491 | 252 | |
In development or preproduction | 1 | ||
Television productions, Total | 1,491 | 1,121 | |
Total filmed entertainment costs, less accumulated amortization | [1] | 4,042 | 3,597 |
Total inventories, net | 10,630 | 9,160 | |
Less: current portion of inventories, net | [2] | (3,522) | (2,749) |
Total non-current inventories, net | $ 7,108 | $ 6,411 | |
[1] | Does not include $280 million and $304 million of net intangible film library costs as of March 31, 2016 and June 30, 2015, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. | ||
[2] | Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. |
Inventories, Net (Schedule of35
Inventories, Net (Schedule of Inventories, Net) (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | |
Inventory [Line Items] | |||
Current portion of inventories, net | [1] | $ 3,522 | $ 2,749 |
Acquired Film Libraries | |||
Inventory [Line Items] | |||
Intangible assets subject to amortization, net | 280 | 304 | |
Programming Rights | |||
Inventory [Line Items] | |||
Current portion of inventories, net | $ 3,444 | $ 2,682 | |
[1] | Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | Jul. 31, 2014 | ||
Investment Holdings [Line Items] | |||||
Other investments | $ 417 | $ 441 | |||
Total investments | $ 4,155 | 4,529 | |||
Sky | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 39.00% | [1],[2] | 39.00% | ||
Equity method investments | [1],[2] | $ 3,150 | 3,382 | ||
Endemol Shine Group | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | [1] | 50.00% | |||
Equity method investments | [1] | $ 588 | $ 706 | ||
[1] | Equity method investment. | ||||
[2] | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2016 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 6 – Fair Value). |
Investments (Schedule of Inve37
Investments (Schedule of Investments) (Parenthetical) (Details) $ in Billions | Mar. 31, 2016USD ($) |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Sky | |
Investment Holdings [Line Items] | |
Market value of equity method investments | $ 9.9 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |||
Investment Holdings [Line Items] | |||||||
Equity earnings of affiliates | $ (9) | $ 330 | $ 38 | $ 959 | |||
Dividends received from equity affiliates | 225 | 223 | |||||
Investment in minority equity interest | $ 229 | 53 | |||||
Sky | |||||||
Investment Holdings [Line Items] | |||||||
Investments in equity affiliates | $ 900 | ||||||
Percentage of ownership | 39.00% | 39.00% | [1],[2] | 39.00% | [1],[2] | ||
Dividends received from equity affiliates | $ 210 | 210 | |||||
Sky | Sky Betting & Gaming | |||||||
Investment Holdings [Line Items] | |||||||
Equity earnings of affiliates | $ 350 | ||||||
Sky | NGC International, Sky Betting & Gaming and ITV plc | |||||||
Investment Holdings [Line Items] | |||||||
Equity earnings of affiliates | $ 830 | ||||||
DraftKings, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment in minority equity interest | 160 | ||||||
Investment impairment | $ 95 | ||||||
[1] | Equity method investment. | ||||||
[2] | The Company’s investment in Sky had a market value of $9.9 billion as of March 31, 2016 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 6 – Fair Value). |
Fair Value (Schedule of Financi
Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | |
Liabilities | |||
Redeemable noncontrolling interests | $ (511) | $ (621) | |
Fair value measurements recurring | |||
Assets | |||
Derivatives | [1] | 12 | 4 |
Investments | [2] | 18 | |
Liabilities | |||
Derivatives | [1] | (38) | (34) |
Contingent consideration | [3] | (114) | (114) |
Redeemable noncontrolling interests | (511) | (621) | |
Total | (651) | (747) | |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | |||
Assets | |||
Investments | [2] | 18 | |
Liabilities | |||
Total | 18 | ||
Fair value measurements recurring | Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Derivatives | [1] | 12 | 4 |
Liabilities | |||
Derivatives | [1] | (38) | (34) |
Total | (26) | (30) | |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | |||
Liabilities | |||
Contingent consideration | [3] | (114) | (114) |
Redeemable noncontrolling interests | (511) | (621) | |
Total | $ (625) | $ (735) | |
[1] | Represents derivatives associated with the Company’s foreign currency forward contracts and interest rate swap contracts. | ||
[2] | Available-for-sale securities. | ||
[3] | Represents contingent consideration related to the acquisitions of Eredivisie Media & Marketing and SportsTime Ohio in fiscal 2013. |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Minority shareholder's put right exercisable period | ||||
Minority shareholder's put right exercisable period | One minority shareholder’s put right will become exercisable in March 2017. The remaining redeemable noncontrolling interests are currently not exercisable. | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ||||
Unrealized (losses) gains on hedging activity, before tax | $ (41) | $ (10) | $ (13) | $ 121 |
Foreign Currency Cash Flow Hedges [Abstract] | ||||
Number of years to reclassify the cumulative change in fair value of cash flow hedges, foreign currency forward contracts | 3 years | |||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Number of years to reclassify the cumulative change in fair value of cash flow hedges, interest rate swap | 4 years |
Fair Value (Liabilities Measure
Fair Value (Liabilities Measured on Recurring Basis) (Details) - Redeemable Noncontrolling Interests - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning of period | $ (617) | $ (547) | $ (621) | $ (541) | |
Net income | (36) | (30) | (96) | (83) | |
Issuances | (73) | (75) | (73) | (75) | |
Repurchases | [1] | 225 | 225 | ||
Distributions and other | (10) | 14 | 54 | 61 | |
End of period | $ (511) | $ (638) | $ (511) | $ (638) | |
[1] | See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Other”. |
Fair Value (Borrowings) (Detail
Fair Value (Borrowings) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value | $ 23,140 | $ 21,998 |
Carrying value | $ 19,745 | $ 19,039 |
Fair Value (Schedule of Finan43
Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Foreign Currency Exchange Risks) (Details) - Foreign Currency Forward Contracts - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Economic hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 45 | |
Fair Value | (1) | |
Cash Flow Hedges | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 858 | $ 903 |
Fair Value | $ (9) | (13) |
Net Investment Hedges | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 198 | |
Fair Value | $ (13) |
Fair Value (Schedule of Finan44
Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Interest Rate Risks) (Details) - Interest Rate Swap Contracts - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Economic hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 255 | |
Fair Value | 0 | |
Cash Flow Hedges | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 706 | 723 |
Fair Value | $ (16) | $ (4) |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Oct. 31, 2015 | Mar. 31, 2016 | |
Term Loans | Yankees Entertainment and Sports Network | ||
Debt Instrument [Line Items] | ||
Principal payment | $ 75,000,000 | |
3.70% Due 2025 | Senior Notes | 21st Century Fox America, Inc. | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 600,000,000 | |
Stated interest rate of debt instrument | 3.70% | |
Senior notes, maturity year | 2,025 | |
4.95% Due 2045 | Senior Notes | 21st Century Fox America, Inc. | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 400,000,000 | |
Stated interest rate of debt instrument | 4.95% | |
Senior notes, maturity year | 2,045 | |
3.70% Due 2025 and 4.95% Due 2045 | Senior Notes | 21st Century Fox America, Inc. | ||
Debt Instrument [Line Items] | ||
Net proceeds from issuance of senior notes | $ 987,000,000 | |
7.60% Due 2015 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 7.60% | |
Senior notes retired | $ 200,000,000 | |
8.00% Due 2016 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 8.00% | |
Senior notes, current | $ 400,000,000 | |
Senior notes, maturity date | Oct. 31, 2016 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Increase (Decrease) in Stockholders' Equity | |||||
Balance, beginning of period | $ 15,495 | $ 20,788 | $ 18,186 | $ 20,901 | |
Net income | 889 | 1,012 | 2,314 | 8,336 | |
Other comprehensive income (loss) | 74 | (372) | (295) | (2,027) | |
Cancellation of shares, net | (740) | (2,046) | (3,897) | (4,592) | |
Dividends declared | (287) | (313) | (586) | (586) | |
Purchase of noncontrolling interests | [1] | (650) | |||
Dispositions | [2] | (2,130) | |||
Other | 119 | (94) | (172) | (277) | |
Balance, end of period | 15,550 | 18,975 | 15,550 | 18,975 | |
Twenty-First Century Fox stockholders | |||||
Increase (Decrease) in Stockholders' Equity | |||||
Balance, beginning of period | 14,504 | 19,813 | 17,220 | 17,418 | |
Net income | 841 | 975 | 2,188 | 8,219 | |
Other comprehensive income (loss) | 74 | (372) | (295) | (1,813) | |
Cancellation of shares, net | (740) | (2,046) | (3,897) | (4,592) | |
Dividends declared | (287) | (313) | (586) | (586) | |
Purchase of noncontrolling interests | [1] | (522) | |||
Other | 79 | (68) | (159) | (135) | |
Balance, end of period | 14,471 | 17,989 | 14,471 | 17,989 | |
Noncontrolling Interests | |||||
Increase (Decrease) in Stockholders' Equity | |||||
Balance, beginning of period | 991 | 975 | 966 | 3,483 | |
Net income | [3] | 48 | 37 | 126 | 117 |
Other comprehensive income (loss) | (214) | ||||
Purchase of noncontrolling interests | [1] | (128) | |||
Dispositions | [2] | (2,130) | |||
Other | [4] | 40 | (26) | (13) | (142) |
Balance, end of period | $ 1,079 | $ 986 | $ 1,079 | $ 986 | |
[1] | Represents the increase in ownership of NGC International (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). | ||||
[2] | Represents the noncontrolling interest in Sky Deutschland (See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the heading “Sky Italia and Sky Deutschland”). | ||||
[3] | Net income attributable to noncontrolling interests excludes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. | ||||
[4] | Other activity attributable to noncontrolling interests excludes $(142) million and $61 million for the three months ended March 31, 2016 and 2015, respectively, and $(206) million and $14 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
Stockholders' Equity (Schedul47
Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Temporary Equity Disclosure | ||||
Net income attributable to redeemable noncontrolling interests | $ 36 | $ 30 | $ 96 | $ 83 |
Other activity attributable to redeemable noncontrolling interests | $ (142) | $ 61 | $ (206) | $ 14 |
Stockholders' Equity (Other Com
Stockholders' Equity (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Foreign currency translation adjustments | |||||
Unrealized gains (losses) on foreign currency translation, before reclassification adjustment, before tax | $ 71 | $ (452) | $ (279) | $ (1,870) | |
Amount reclassified on dispositions, before tax | [1] | (253) | |||
Foreign currency translation adjustments, after reclassification, before tax | 80 | (448) | (272) | (2,249) | |
Unrealized gains (losses) on foreign currency translation, before reclassification adjustment, tax | 1 | 71 | (23) | 260 | |
Foreign currency translation adjustments, after reclassification, tax | (3) | 70 | (26) | 259 | |
Unrealized gains (losses) on foreign currency translation, before reclassification adjustment, net of tax | 72 | (381) | (302) | (1,610) | |
Amount reclassified on dispositions, net of tax | [1] | 0 | (253) | ||
Foreign currency translation adjustments, after reclassification adjustments, net of tax | 77 | (378) | (298) | (1,990) | |
Gains and losses on securities | |||||
Unrealized (losses) gains on securities, before reclassification adjustment, before tax | (1) | 236 | |||
Amount reclassified on sale of securities, before tax | [1] | (7) | (325) | ||
Other comprehensive loss on securities, before tax | 0 | (1) | (7) | (89) | |
Unrealized (losses) gains on securities, before reclassification adjustment, tax | (83) | ||||
Amount reclassified on sale of securities, tax | [1] | 3 | 114 | ||
Other comprehensive loss on securities, tax | 0 | 0 | 3 | 31 | |
Unrealized (losses) gains on securities, before reclassification adjustment, net of tax | (1) | 153 | |||
Amount reclassified on sale of securities, net of tax | [1] | 0 | 0 | (4) | (211) |
Other comprehensive loss on securities, net of tax | 0 | (1) | (4) | (58) | |
Benefit plan adjustments | |||||
Benefit plan adjustments unrealized losses, before reclassification adjustment, before tax | (2) | ||||
Benefit plan reclassification adjustments realized in net income, before tax | [2] | 9 | 10 | 26 | 32 |
Benefit plan adjustments, after reclassification adjustment, before tax | 9 | 10 | 24 | 32 | |
Benefit plan reclassification adjustments realized in net income, tax | [2] | (4) | (3) | (9) | (11) |
Benefit plan adjustments, after reclassification adjustment, tax | (4) | (3) | (9) | (11) | |
Benefit plan adjustments unrealized losses, before reclassification adjustment, net of tax | 0 | (2) | |||
Benefit plan reclassification adjustments realized in net income, net of tax | [2] | 5 | 7 | 17 | 21 |
Benefit plan adjustments, after reclassification adjustment, net of tax | 5 | 7 | 15 | 21 | |
Foreign Currency Forward Contracts | |||||
Foreign currency translation adjustments | |||||
Amount reclassified on hedging activity, before tax | [3] | 9 | 4 | 7 | (126) |
Amount reclassified on hedging activity, tax | [3] | (4) | (1) | (3) | (1) |
Amount reclassified on hedging activity, net of tax | [3] | 5 | $ 3 | 4 | $ (127) |
Interest Rate Swap Contracts | |||||
Losses on interest rate swap contracts | |||||
Unrealized losses on interest rate swap contracts, before reclassification adjustment, before tax | (13) | (19) | |||
Amount reclassified on hedging activity, before tax | [3] | 2 | 7 | ||
Other comprehensive loss on interest rate swap contracts, before tax | (11) | (12) | |||
Unrealized losses on interest rate swap contracts, before reclassification adjustment, tax | 5 | 7 | |||
Amount reclassified on hedging activity, tax | [3] | (2) | (3) | ||
Other comprehensive loss on interest rate swap contracts, tax | 3 | 4 | |||
Unrealized losses on interest rate swap contracts, net of tax | (8) | (12) | |||
Amount reclassified on hedging activity, net of tax | [3] | 0 | 4 | ||
Other comprehensive loss on interest rate swap contracts, net of tax | $ (8) | $ (8) | |||
[1] | Reclassifications of amounts related to dispositions and gains and losses on securities are included in Equity (losses) earnings of affiliates or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. | ||||
[2] | Reclassifications of amounts related to benefit plan adjustments are included in Selling, general and administrative expenses in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015. | ||||
[3] | Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2016 and 2015 (See Note 6 – Fair Value for additional information regarding hedging activity). |
Stockholders' Equity (Earnings
Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share Data | |||||
Income from continuing operations | $ 928 | $ 1,057 | $ 2,418 | $ 8,457 | |
Less: Net income attributable to noncontrolling interests | [1] | (84) | (67) | (222) | (200) |
Income from continuing operations attributable to Twenty-First Century Fox stockholders | $ 844 | $ 990 | $ 2,196 | $ 8,257 | |
[1] | Net income attributable to noncontrolling interests includes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Aug. 31, 2015 | |
Temporary Suspension of Voting Rights [Abstract] | |||||
Broadcast station licensee ownership threshold | 25.00% | 25.00% | |||
Class A Common Stock | |||||
Stock Repurchase Program [Abstract] | |||||
Stock repurchase program, authorized repurchase amount | $ 5,000,000,000 | ||||
Stock repurchase program, intended maturity date | 2016-08 | ||||
Stock repurchase program, remaining authorized amount | $ 1,600,000,000 | $ 1,600,000,000 | |||
Dividends [Abstract] | |||||
Cash dividend declared per share | $ 0.150 | $ 0.150 | $ 0.300 | $ 0.275 | |
Cash dividend payable date | 2016-04 | 2016-04 | |||
Cash dividend record date | Mar. 9, 2016 | ||||
Class B Common Stock | |||||
Dividends [Abstract] | |||||
Cash dividend declared per share | $ 0.150 | $ 0.150 | $ 0.300 | $ 0.275 | |
Cash dividend payable date | 2016-04 | 2016-04 | |||
Cash dividend record date | Mar. 9, 2016 | ||||
Class B Common Stock | Murdoch Family Interests | |||||
Temporary Suspension of Voting Rights [Abstract] | |||||
Aggregate percentage vote of outstanding shares not subject to suspension of voting rights | 38.90% | 38.90% | |||
Class B Common Stock | Non U S Stockholders | |||||
Temporary Suspension of Voting Rights [Abstract] | |||||
Percentage of suspended voting rights | 10.00% | 10.00% |
Stockholders' Equity (Schedul51
Stockholders' Equity (Schedule of Dividends Declared) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class A Common Stock | ||||
Class Of Stock [Line Items] | ||||
Cash dividend per share | $ 0.150 | $ 0.150 | $ 0.300 | $ 0.275 |
Class B Common Stock | ||||
Class Of Stock [Line Items] | ||||
Cash dividend per share | $ 0.150 | $ 0.150 | $ 0.300 | $ 0.275 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Equity-based compensation | $ 158 | $ 89 |
Intrinsic value of all settled equity-based awards | 192 | 303 |
Tax benefit on vested equity-based awards | $ 69 | $ 110 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total compensation costs related to non-vested equity-based awards, not yet recognized | $ 140 | |
Performance Stock Units | Class A Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 6.2 | 4.1 |
Vested | 5.9 | 7.1 |
Performance Stock Units | Class A Common Stock | Settled In Cash | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested | 1.7 | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized | 1 year | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized | 2 years |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Commitments And Contingencies Disclosure [Abstract] | ||
Total firm commitments and future debt payments | $ 85,000 | $ 75,000 |
Contingent guarantees | $ 690 | $ 1,300 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)SegmentFullpowertvstationDuopoly | Mar. 31, 2015USD ($) | Nov. 12, 2014 | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | Segment | 5 | ||||
Revenues | $ | $ 7,228 | $ 6,840 | $ 20,680 | $ 22,782 | |
Amortization of Intangible Assets | $ | 64 | 60 | 182 | 243 | |
Sky Deutschland | |||||
Segment Reporting Information [Line Items] | |||||
Subsidiary Ownership Percentage | 57.00% | ||||
Filmed Entertainment Segment | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ | $ (315) | $ (442) | $ (878) | $ (1,002) | |
US | Television Segment | |||||
Segment Reporting Information [Line Items] | |||||
Full power broadcast television stations | 28 | ||||
Duopolies | Duopoly | 11 | ||||
US | Television Segment | Fox | |||||
Segment Reporting Information [Line Items] | |||||
Full power broadcast television stations | 17 | ||||
US | Television Segment | MyNetworkTV | |||||
Segment Reporting Information [Line Items] | |||||
Full power broadcast television stations | 10 | ||||
US | Television Segment | Independent Station | |||||
Segment Reporting Information [Line Items] | |||||
Full power broadcast television stations | 1 |
Segment Information (Segment Re
Segment Information (Segment Revenues and Segment OIBDA Reconciliation to Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 7,228 | $ 6,840 | $ 20,680 | $ 22,782 | |
Segment OIBDA | 1,881 | 1,677 | 5,146 | 5,178 | |
Amortization of cable distribution investments | (18) | (17) | (53) | (61) | |
Depreciation and amortization | (133) | (124) | (391) | (601) | |
Equity (losses) earnings of affiliates | (9) | 330 | 38 | 959 | |
Interest expense, net | (295) | (292) | (888) | (907) | |
Interest income | 12 | 8 | 28 | 31 | |
Other, net | (47) | (67) | (272) | 5,008 | |
Income from continuing operations before income tax expense | 1,391 | 1,515 | 3,608 | 9,607 | |
Income tax expense | (463) | (458) | (1,190) | (1,150) | |
Income from continuing operations | 928 | 1,057 | 2,418 | 8,457 | |
Loss from discontinued operations, net of tax | (3) | (15) | (8) | (38) | |
Net income | 925 | 1,042 | 2,410 | 8,419 | |
Less: Net income attributable to noncontrolling interests | [1] | (84) | (67) | (222) | (200) |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 841 | 975 | 2,188 | 8,219 | |
Operating Segments | Cable Network Programming Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,941 | 3,590 | 11,108 | 10,205 | |
Segment OIBDA | 1,375 | 1,233 | 3,931 | 3,430 | |
Depreciation and amortization | (79) | (70) | (229) | (219) | |
Operating Segments | Television Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,299 | 1,237 | 4,064 | 3,908 | |
Segment OIBDA | 125 | 141 | 600 | 605 | |
Depreciation and amortization | (29) | (29) | (88) | (84) | |
Operating Segments | Filmed Entertainment Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,321 | 2,389 | 6,467 | 7,618 | |
Segment OIBDA | 470 | 382 | 921 | 1,176 | |
Depreciation and amortization | (20) | (21) | (60) | (84) | |
Operating Segments | Direct Broadcast Satellite Television Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,112 | ||||
Segment OIBDA | 234 | ||||
Depreciation and amortization | (202) | ||||
Other, Corporate and Eliminations Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (333) | (376) | (959) | (1,061) | |
Segment OIBDA | (89) | (79) | (306) | (267) | |
Depreciation and amortization | $ (5) | $ (4) | $ (14) | $ (12) | |
[1] | Net income attributable to noncontrolling interests includes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
Segment Information (Depreciati
Segment Information (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 133 | $ 124 | $ 391 | $ 601 |
Operating Segments | Cable Network Programming Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 79 | 70 | 229 | 219 |
Operating Segments | Television Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 29 | 29 | 88 | 84 |
Operating Segments | Filmed Entertainment Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 20 | 21 | 60 | 84 |
Operating Segments | Direct Broadcast Satellite Television Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 202 | |||
Other, Corporate and Eliminations Segment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 5 | $ 4 | $ 14 | $ 12 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 49,248 | $ 50,051 |
Investments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,155 | 4,529 |
Operating Segments | Cable Network Programming Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,151 | 23,235 |
Operating Segments | Television Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 7,098 | 6,646 |
Operating Segments | Filmed Entertainment Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 9,817 | 9,105 |
Other, Corporate and Eliminations Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,027 | $ 6,536 |
Segment Information (Reconcil59
Segment Information (Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | $ 19,439 | $ 18,833 |
Operating Segments | Cable Network Programming Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 13,382 | 12,746 |
Operating Segments | Television Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | 4,291 | 4,297 |
Operating Segments | Filmed Entertainment Segment | ||
Segment Reporting Information [Line Items] | ||
Goodwill and intangible assets, net | $ 1,766 | $ 1,790 |
Segment Information (Reconcil60
Segment Information (Reconciliation of Revenues by Component to Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||||
Affiliate fees | $ 2,939 | $ 2,740 | $ 8,321 | $ 7,652 |
Subscription | 1,964 | |||
Advertising | 1,907 | 1,840 | 5,950 | 5,944 |
Content | 2,288 | 2,189 | 6,046 | 6,938 |
Other | 94 | 71 | 363 | 284 |
Total revenues | $ 7,228 | $ 6,840 | $ 20,680 | $ 22,782 |
Additional Financial Informat61
Additional Financial Information (Supplemental Cash Flows Information) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Supplemental cash flows information: | |||
Cash paid for income taxes | $ (586) | $ (498) | |
Cash paid for interest | (873) | (908) | |
Purchase of other investments | (229) | (53) | |
Supplemental information on acquisitions and additional investments: | |||
Fair value of assets acquired | 1,199 | 219 | |
Cash acquired | 8 | ||
Liabilities assumed | (110) | (2) | |
Cash paid | (916) | (142) | |
Fair value of equity instruments issued to third parties | [1] | 181 | 75 |
Issuance of subsidiary common units | (181) | (75) | |
Fair value of equity instruments consideration | $ 0 | $ 0 | |
[1] | Includes Redeemable noncontrolling interests. |
Additional Financial Informat62
Additional Financial Information (Other, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Other Non Operating Income Expense [Line Items] | |||||
Investment impairment losses | [1] | $ (99) | $ (3) | ||
Acquisition related costs | [2] | (66) | |||
Restructuring | $ (6) | $ (2) | (14) | (40) | |
Other | [3] | (41) | (61) | (93) | (3) |
Total other, net | $ (47) | (67) | $ (272) | 5,008 | |
Sky Italia And Sky Deutschland | |||||
Other Non Operating Income Expense [Line Items] | |||||
Pre tax gain on exchange or sale of business | [4] | (11) | 4,984 | ||
Shine Group | |||||
Other Non Operating Income Expense [Line Items] | |||||
Pre tax gain on exchange or sale of business | [4] | $ 7 | $ 70 | ||
[1] | See Note 5 – Investments under the heading “Other” for further discussion. | ||||
[2] | The acquisition related costs for the nine months ended March 31, 2016 are primarily due to the revision of a contingency estimate related to a past acquisition. | ||||
[3] | Other, in fiscal 2015, includes devaluation losses primarily related to the Company’s business activities in Venezuela which operate in a highly inflationary economy. In February 2015, the Venezuelan government introduced a new foreign currency exchange system called the Marginal Currency System (“SIMADI”). Accordingly, the Company has remeasured all its Venezuelan Bolivar denominated net monetary assets at the devalued SIMADI exchange rate. The Company had previously used the Supplementary Foreign Currency Administration System (“SICAD 2”) rate. | ||||
[4] | See Note 3 – Acquisitions, Disposals and Other Transactions in the 2015 Form 10-K under the headings “Sky Italia and Sky Deutschland” and “Shine Group” for further discussion of these dispositions. |
Additional Financial Informat63
Additional Financial Information (Narrative) (Details) - CLT20 - USD ($) | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2015 | Mar. 31, 2016 | ||
Other Non Operating Income Expense [Line Items] | |||
Payments | [1] | $ 420,000,000 | |
STAR | Cable Network Programming Segment | |||
Other Non Operating Income Expense [Line Items] | |||
Payments | $ 420,000,000 | ||
Contractual obligation related to contract termination | $ 0 | ||
[1] | See Note 12 – Additional Financial Information |
Supplemental Guarantor Inform64
Supplemental Guarantor Information (Narrative) (Details) - 21st Century Fox America, Inc. - Revolving Credit Facility - Credit Facility $1.4 Billion Due May 2020 - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | May. 31, 2015 | |
Line Of Credit Facility [Line Items] | ||
Credit facility, agreement date | May 31, 2015 | |
Line of Credit Facility, Current Borrowing Capacity | $ 1,400 | |
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility | $ 250 | |
Secured credit facility, maturity date | May 31, 2020 |
Supplemental Guarantor Inform65
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Condensed Income Statements Captions [Line Items] | |||||
Revenues | $ 7,228 | $ 6,840 | $ 20,680 | $ 22,782 | |
Expenses | (5,498) | (5,304) | (15,978) | (18,266) | |
Equity (losses) earnings of affiliates | (9) | 330 | 38 | 959 | |
Interest expense, net | (295) | (292) | (888) | (907) | |
Interest income | 12 | 8 | 28 | 31 | |
Other, net | (47) | (67) | (272) | 5,008 | |
Income from continuing operations before income tax expense | 1,391 | 1,515 | 3,608 | 9,607 | |
Income tax expense | (463) | (458) | (1,190) | (1,150) | |
Income from continuing operations | 928 | 1,057 | 2,418 | 8,457 | |
Loss from discontinued operations, net of tax | (3) | (15) | (8) | (38) | |
Net income | 925 | 1,042 | 2,410 | 8,419 | |
Less: Net income attributable to noncontrolling interests | [1] | (84) | (67) | (222) | (200) |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 841 | 975 | 2,188 | 8,219 | |
Comprehensive income attributable to Twenty-First Century Fox stockholders | 915 | 603 | 1,893 | 6,406 | |
Legal Entities | 21st Century Fox America, Inc. | |||||
Condensed Income Statements Captions [Line Items] | |||||
Revenues | 1 | 1 | 1 | 1 | |
Expenses | (88) | (72) | (283) | (241) | |
Equity (losses) earnings of affiliates | (1) | (1) | (2) | (2) | |
Interest expense, net | (408) | (394) | (1,212) | (1,188) | |
Interest income | 5 | 6 | 8 | ||
Earnings from subsidiary entities | 1,570 | 1,987 | 4,803 | 10,513 | |
Other, net | (6) | (171) | (114) | (18) | |
Income from continuing operations before income tax expense | 1,073 | 1,350 | 3,199 | 9,073 | |
Income tax expense | (358) | (425) | (1,055) | (1,085) | |
Income from continuing operations | 715 | 925 | 2,144 | 7,988 | |
Net income | 715 | 925 | 2,144 | 7,988 | |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 715 | 925 | 2,144 | 7,988 | |
Comprehensive income attributable to Twenty-First Century Fox stockholders | 703 | 459 | 1,657 | 5,925 | |
Legal Entities | Twenty-First Century Fox | |||||
Condensed Income Statements Captions [Line Items] | |||||
Interest expense, net | (179) | (173) | (532) | (463) | |
Interest income | 1 | 3 | 3 | 4 | |
Earnings from subsidiary entities | 1,022 | 1,171 | 2,725 | 8,727 | |
Other, net | (11) | (11) | |||
Income from continuing operations before income tax expense | 844 | 990 | 2,196 | 8,257 | |
Income from continuing operations | 844 | 990 | 2,196 | 8,257 | |
Loss from discontinued operations, net of tax | (3) | (15) | (8) | (38) | |
Net income | 841 | 975 | 2,188 | 8,219 | |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 841 | 975 | 2,188 | 8,219 | |
Comprehensive income attributable to Twenty-First Century Fox stockholders | 915 | 603 | 1,893 | 6,406 | |
Legal Entities | Non-Guarantor | |||||
Condensed Income Statements Captions [Line Items] | |||||
Revenues | 7,227 | 6,839 | 20,679 | 22,781 | |
Expenses | (5,410) | (5,232) | (15,695) | (18,025) | |
Equity (losses) earnings of affiliates | (8) | 331 | 40 | 961 | |
Interest expense, net | (17) | (20) | (56) | (78) | |
Interest income | 315 | 300 | 931 | 841 | |
Other, net | (41) | 115 | (158) | 5,037 | |
Income from continuing operations before income tax expense | 2,066 | 2,333 | 5,741 | 11,517 | |
Income tax expense | (689) | (593) | (1,894) | (1,378) | |
Income from continuing operations | 1,377 | 1,740 | 3,847 | 10,139 | |
Net income | 1,377 | 1,740 | 3,847 | 10,139 | |
Less: Net income attributable to noncontrolling interests | (84) | (67) | (222) | (200) | |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | 1,293 | 1,673 | 3,625 | 9,939 | |
Comprehensive income attributable to Twenty-First Century Fox stockholders | 1,415 | 1,210 | 3,301 | 7,858 | |
Reclassifications and Eliminations | |||||
Condensed Income Statements Captions [Line Items] | |||||
Interest expense, net | 309 | 295 | 912 | 822 | |
Interest income | (309) | (295) | (912) | (822) | |
Earnings from subsidiary entities | (2,592) | (3,158) | (7,528) | (19,240) | |
Income from continuing operations before income tax expense | (2,592) | (3,158) | (7,528) | (19,240) | |
Income tax expense | 584 | 560 | 1,759 | 1,313 | |
Income from continuing operations | (2,008) | (2,598) | (5,769) | (17,927) | |
Net income | (2,008) | (2,598) | (5,769) | (17,927) | |
Net income attributable to Twenty-First Century Fox, Inc. stockholders | (2,008) | (2,598) | (5,769) | (17,927) | |
Comprehensive income attributable to Twenty-First Century Fox stockholders | $ (2,118) | $ (1,669) | $ (4,958) | $ (13,783) | |
[1] | Net income attributable to noncontrolling interests includes $36 million and $30 million for the three months ended March 31, 2016 and 2015, respectively, and $96 million and $83 million for the nine months ended March 31, 2016 and 2015, respectively, relating to redeemable noncontrolling interests. |
Supplemental Guarantor Inform66
Supplemental Guarantor Information (Supplemental Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Current assets: | |||||||
Cash and cash equivalents | $ 4,993 | $ 8,428 | $ 9,276 | $ 5,415 | |||
Receivables, net | 6,756 | 5,912 | |||||
Inventories, net | [1] | 3,522 | 2,749 | ||||
Other | 349 | 287 | |||||
Total current assets | 15,620 | 17,376 | |||||
Non-current assets: | |||||||
Receivables, net | 461 | 394 | |||||
Inventories, net | 7,108 | 6,411 | |||||
Property, plant and equipment, net | 1,660 | 1,722 | |||||
Intangible assets, net | 6,707 | 6,320 | |||||
Goodwill | 12,732 | 12,513 | |||||
Other non-current assets | 805 | 786 | |||||
Investments: | |||||||
Investments in associated companies and other investments | 4,155 | 4,529 | |||||
Total investments | 4,155 | 4,529 | |||||
Total assets | 49,248 | 50,051 | |||||
Current liabilities: | |||||||
Borrowings | 475 | 244 | |||||
Other current liabilities | 7,801 | 7,018 | |||||
Total current liabilities | 8,276 | 7,262 | |||||
Non-current liabilities: | |||||||
Borrowings | 19,270 | 18,795 | |||||
Other non-current liabilities | 5,641 | 5,187 | |||||
Redeemable noncontrolling interests | 511 | 621 | |||||
Total equity | 15,550 | $ 15,495 | 18,186 | 18,975 | $ 20,788 | 20,901 | |
Total liabilities and equity | 49,248 | 50,051 | |||||
Legal Entities | 21st Century Fox America, Inc. | |||||||
Current assets: | |||||||
Cash and cash equivalents | 764 | 767 | 468 | 473 | |||
Receivables, net | 16 | 11 | |||||
Other | 15 | 14 | |||||
Total current assets | 795 | 792 | |||||
Non-current assets: | |||||||
Receivables, net | 15 | 15 | |||||
Property, plant and equipment, net | 215 | 230 | |||||
Other non-current assets | 388 | 384 | |||||
Investments: | |||||||
Investments in associated companies and other investments | 136 | 50 | |||||
Intragroup investments | 97,639 | 92,821 | |||||
Total investments | 97,775 | 92,871 | |||||
Total assets | 99,188 | 94,292 | |||||
Current liabilities: | |||||||
Borrowings | 400 | 200 | |||||
Other current liabilities | 468 | 467 | |||||
Total current liabilities | 868 | 667 | |||||
Non-current liabilities: | |||||||
Borrowings | 17,878 | 17,278 | |||||
Other non-current liabilities | 537 | 571 | |||||
Intercompany | 37,281 | 35,999 | |||||
Total equity | 42,624 | 39,777 | |||||
Total liabilities and equity | 99,188 | 94,292 | |||||
Legal Entities | Twenty-First Century Fox | |||||||
Current assets: | |||||||
Cash and cash equivalents | 2,594 | 5,913 | 7,716 | 3,120 | |||
Total current assets | 2,594 | 5,913 | |||||
Investments: | |||||||
Investments in associated companies and other investments | 37 | 22 | |||||
Intragroup investments | 55,559 | 53,278 | |||||
Total investments | 55,596 | 53,300 | |||||
Total assets | 58,190 | 59,213 | |||||
Current liabilities: | |||||||
Other current liabilities | 406 | 74 | |||||
Total current liabilities | 406 | 74 | |||||
Non-current liabilities: | |||||||
Intercompany | 43,313 | 41,919 | |||||
Total equity | 14,471 | 17,220 | |||||
Total liabilities and equity | 58,190 | 59,213 | |||||
Legal Entities | Non-Guarantor | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,635 | 1,748 | 1,092 | 1,822 | |||
Receivables, net | 6,741 | 5,902 | |||||
Inventories, net | 3,522 | 2,749 | |||||
Other | 334 | 273 | |||||
Total current assets | 12,232 | 10,672 | |||||
Non-current assets: | |||||||
Receivables, net | 446 | 379 | |||||
Inventories, net | 7,108 | 6,411 | |||||
Property, plant and equipment, net | 1,445 | 1,492 | |||||
Intangible assets, net | 6,707 | 6,320 | |||||
Goodwill | 12,732 | 12,513 | |||||
Other non-current assets | 417 | 402 | |||||
Investments: | |||||||
Investments in associated companies and other investments | 3,982 | 4,457 | |||||
Total investments | 3,982 | 4,457 | |||||
Total assets | 45,069 | 42,646 | |||||
Current liabilities: | |||||||
Borrowings | 75 | 44 | |||||
Other current liabilities | 6,928 | 6,478 | |||||
Total current liabilities | 7,003 | 6,522 | |||||
Non-current liabilities: | |||||||
Borrowings | 1,392 | 1,517 | |||||
Other non-current liabilities | 5,104 | 4,616 | |||||
Intercompany | (80,594) | (77,918) | |||||
Redeemable noncontrolling interests | 511 | 621 | |||||
Total equity | 111,653 | 107,288 | |||||
Total liabilities and equity | 45,069 | 42,646 | |||||
Reclassifications and Eliminations | |||||||
Current assets: | |||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||
Receivables, net | (1) | (1) | |||||
Total current assets | (1) | (1) | |||||
Investments: | |||||||
Intragroup investments | (153,198) | (146,099) | |||||
Total investments | (153,198) | (146,099) | |||||
Total assets | (153,199) | (146,100) | |||||
Current liabilities: | |||||||
Other current liabilities | (1) | (1) | |||||
Total current liabilities | (1) | (1) | |||||
Non-current liabilities: | |||||||
Total equity | (153,198) | (146,099) | |||||
Total liabilities and equity | $ (153,199) | $ (146,100) | |||||
[1] | Current portion of inventories, net as of March 31, 2016 and June 30, 2015 was comprised of programming rights ($3,444 million and $2,682 million, respectively), DVDs, Blu-rays and other merchandise. |
Supplemental Guarantor Inform67
Supplemental Guarantor Information (Supplemental Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Net cash provided by operating activities from continuing operations | $ 2,012 | $ 2,623 |
Investing activities: | ||
Property, plant and equipment | (156) | (320) |
Investments | (1,224) | (1,303) |
Proceeds from dispositions, net | 8,610 | |
Net cash (used in) provided by investing activities from continuing operations | (1,380) | 6,987 |
Financing activities: | ||
Borrowings | 1,195 | 2,534 |
Repayment of borrowings | (502) | (2,174) |
Excess tax benefit from equity-based compensation | 11 | 49 |
Repurchase of shares | (3,958) | (4,784) |
Dividends paid and distributions | (465) | (494) |
Purchase of subsidiary shares from noncontrolling interests | (287) | (650) |
Net cash used in financing activities from continuing operations | (4,006) | (5,519) |
Discontinued operations: | ||
Net decrease in cash and cash equivalents from discontinued operations | (15) | (38) |
Net (decrease) increase in cash and cash equivalents | (3,389) | 4,053 |
Cash and cash equivalents, beginning of year | 8,428 | 5,415 |
Exchange movement on cash balances | (46) | (192) |
Cash and cash equivalents, end of period | 4,993 | 9,276 |
Legal Entities | 21st Century Fox America, Inc. | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | (585) | (276) |
Investing activities: | ||
Property, plant and equipment | (5) | (84) |
Investments | (185) | (127) |
Proceeds from dispositions, net | 79 | |
Net cash (used in) provided by investing activities from continuing operations | (190) | (132) |
Financing activities: | ||
Borrowings | 987 | 1,191 |
Repayment of borrowings | (200) | (750) |
Net cash used in financing activities from continuing operations | 787 | 441 |
Discontinued operations: | ||
Net decrease in cash and cash equivalents from discontinued operations | (15) | (38) |
Net (decrease) increase in cash and cash equivalents | (3) | (5) |
Cash and cash equivalents, beginning of year | 767 | 473 |
Cash and cash equivalents, end of period | 764 | 468 |
Legal Entities | Twenty-First Century Fox | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 1,569 | 1,675 |
Investing activities: | ||
Investments | (586) | (3) |
Proceeds from dispositions, net | 8,582 | |
Net cash (used in) provided by investing activities from continuing operations | (586) | 8,579 |
Financing activities: | ||
Excess tax benefit from equity-based compensation | 11 | 49 |
Repurchase of shares | (3,958) | (4,784) |
Dividends paid and distributions | (299) | (273) |
Purchase of subsidiary shares from noncontrolling interests | (56) | (650) |
Net cash used in financing activities from continuing operations | (4,302) | (5,658) |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents | (3,319) | 4,596 |
Cash and cash equivalents, beginning of year | 5,913 | 3,120 |
Cash and cash equivalents, end of period | 2,594 | 7,716 |
Legal Entities | Non-Guarantor | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 1,028 | 1,224 |
Investing activities: | ||
Property, plant and equipment | (151) | (236) |
Investments | (453) | (1,173) |
Proceeds from dispositions, net | (51) | |
Net cash (used in) provided by investing activities from continuing operations | (604) | (1,460) |
Financing activities: | ||
Borrowings | 208 | 1,343 |
Repayment of borrowings | (302) | (1,424) |
Dividends paid and distributions | (166) | (221) |
Purchase of subsidiary shares from noncontrolling interests | (231) | |
Net cash used in financing activities from continuing operations | (491) | (302) |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents | (67) | (538) |
Cash and cash equivalents, beginning of year | 1,748 | 1,822 |
Exchange movement on cash balances | (46) | (192) |
Cash and cash equivalents, end of period | 1,635 | 1,092 |
Reclassifications and Eliminations | ||
Operating activities: | ||
Net cash provided by operating activities from continuing operations | 0 | 0 |
Investing activities: | ||
Net cash (used in) provided by investing activities from continuing operations | 0 | 0 |
Financing activities: | ||
Net cash used in financing activities from continuing operations | 0 | 0 |
Discontinued operations: | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 |