Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 01, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NEWS CORP | |
Entity Central Index Key | 1,564,708 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | NWS | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 385,325,489 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 199,630,240 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | ||||
Total Revenues | $ 2,627 | $ 2,180 | $ 5,151 | $ 4,238 |
Operating expenses | (1,484) | (1,139) | (2,824) | (2,288) |
Selling, general and administrative | (773) | (713) | (1,599) | (1,374) |
Depreciation and amortization | (163) | (100) | (326) | (197) |
Impairment and restructuring charges | (19) | (12) | (37) | (27) |
Equity losses of affiliates | (6) | (18) | (9) | (28) |
Interest (expense) income, net | (15) | 1 | (31) | 7 |
Other, net | 7 | (30) | 27 | (21) |
Income before income tax expense | 174 | 169 | 352 | 310 |
Income tax expense | (55) | (235) | (105) | (289) |
Net income (loss) | 119 | (66) | 247 | 21 |
Less: Net income attributable to noncontrolling interests | (24) | (17) | (51) | (36) |
Net income (loss) attributable to News Corporation stockholders | $ 95 | $ (83) | $ 196 | $ (15) |
Net income (loss) available to News Corporation stockholders per share: | ||||
Basic | $ 0.16 | $ (0.14) | $ 0.34 | $ (0.03) |
Diluted | $ 0.16 | $ (0.14) | $ 0.33 | $ (0.03) |
Circulation and Subscription [Member] | ||||
Revenues: | ||||
Total Revenues | $ 1,029 | $ 637 | $ 2,063 | $ 1,288 |
Advertising [Member] | ||||
Revenues: | ||||
Total Revenues | 718 | 717 | 1,382 | 1,399 |
Consumer [Member] | ||||
Revenues: | ||||
Total Revenues | 478 | 453 | 878 | 839 |
Real Estate [Member] | ||||
Revenues: | ||||
Total Revenues | 248 | 222 | 475 | 425 |
Other [Member] | ||||
Revenues: | ||||
Total Revenues | $ 154 | $ 151 | $ 353 | $ 287 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 119 | $ (66) | $ 247 | $ 21 | |
Other comprehensive (loss) income: | |||||
Foreign currency translation adjustments | (147) | 0 | (257) | 134 | |
Net change in the fair value of cash flow hedges | [1] | 5 | 0 | 7 | 0 |
Unrealized holding gains on securities, net | [2] | 0 | 18 | 0 | 5 |
Benefit plan adjustments, net | [3] | 8 | 1 | 13 | (5) |
Share of other comprehensive income from equity affiliates, net | [4] | 0 | 0 | 0 | 1 |
Other comprehensive (loss) income | (134) | 19 | (237) | 135 | |
Comprehensive (loss) income | (15) | (47) | 10 | 156 | |
Less: Net income attributable to noncontrolling interests | (24) | (17) | (51) | (36) | |
Less: Other comprehensive loss (income) attributable to noncontrolling interests | 28 | 1 | 56 | (3) | |
Comprehensive (loss) income attributable to News Corporation stockholders | $ (11) | $ (63) | $ 15 | $ 117 | |
[1] | Net of income tax expense of nil and $1 million for the three and six months ended December 31, 2018, respectively. | ||||
[2] | Net of income tax expense of $8 million and $2 million for the three and six months ended December 31, 2017, respectively. | ||||
[3] | Net of income tax expense of $2 million and nil for the three months ended December 31, 2018 and 2017, respectively, and income tax expense (benefit) of $3 million and ($2) million for the six months ended December 31, 2018 and 2017, respectively. | ||||
[4] | Net of income tax expense of nil for the three and six months ended December 31, 2018 and 2017, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net change in the fair value of cash flow hedges income tax expense (benefit) | $ 0 | $ 1 | ||
Unrealized holding (losses) gains on securities, income tax (benefit) expense | $ 8 | $ 2 | ||
Benefit plan adjustments, income tax expense (benefit) | 2 | 0 | 3 | (2) |
Share of other comprehensive (loss) income from equity affiliates, income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 1,618 | $ 2,034 | |
Receivables, net | 1,853 | 1,612 | |
Inventory, net | 400 | 376 | |
Other current assets | 558 | 372 | |
Total current assets | 4,429 | 4,394 | |
Non-current assets: | |||
Investments | 345 | 393 | |
Property, plant and equipment, net | 2,517 | 2,560 | |
Intangible assets, net | 2,571 | 2,671 | |
Goodwill | 5,225 | 5,218 | |
Deferred income tax assets | 228 | 279 | |
Other non-current assets | 912 | 831 | |
Total assets | 16,227 | 16,346 | |
Current liabilities: | |||
Accounts payable | 625 | 605 | |
Accrued expenses | 1,243 | 1,340 | |
Deferred revenue | 430 | 516 | |
Current borrowings | 744 | 462 | |
Other current liabilities | 670 | 372 | |
Total current liabilities | 3,712 | 3,295 | |
Non-current liabilities: | |||
Borrowings | 936 | 1,490 | |
Retirement benefit obligations | 237 | 245 | |
Deferred income tax liabilities | 384 | 389 | |
Other non-current liabilities | 524 | 430 | |
Commitments and contingencies | |||
Equity | |||
Additional paid-in capital | 12,271 | 12,322 | |
Accumulated deficit | (1,937) | (2,163) | |
Accumulated other comprehensive loss | (1,076) | (874) | |
Total News Corporation stockholders' equity | 9,264 | 9,291 | |
Noncontrolling interests | 1,170 | 1,186 | |
Total equity | 10,434 | 10,477 | |
Total liabilities and equity | 16,227 | 16,346 | |
Redeemable Preferred Stock [Member] | |||
Equity | |||
Redeemable preferred stock | 0 | 20 | |
Class A Common Stock [Member] | |||
Equity | |||
Common stock | [1] | 4 | 4 |
Class B Common Stock [Member] | |||
Equity | |||
Common stock | [2] | $ 2 | $ 2 |
[1] | Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 385,259,814 and 383,385,353 shares issued and outstanding, net of 27,368,413 treasury shares at par at December 31, 2018 and June 30, 2018, respectively. | ||
[2] | Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 199,630,240 shares issued and outstanding, net of 78,430,424 treasury shares at par at December 31, 2018 and June 30, 2018, respectively. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued, net of treasury stock | 385,259,814 | 383,385,353 |
Common stock outstanding, net of treasury stock | 385,259,814 | 383,385,353 |
Common stock, treasury shares | 27,368,413 | 27,368,413 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued, net of treasury stock | 199,630,240 | 199,630,240 |
Common stock outstanding, net of treasury stock | 199,630,240 | 199,630,240 |
Common stock, treasury shares | 78,430,424 | 78,430,424 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net income | $ 247 | $ 21 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 326 | 197 |
Equity losses of affiliates | 9 | 28 |
Cash distributions received from affiliates | 27 | 1 |
Other, net | (27) | 21 |
Deferred income taxes and taxes payable | 40 | 200 |
Change in operating assets and liabilities, net of acquisitions: | ||
Receivables and other assets | (140) | (73) |
Inventories, net | (43) | (8) |
Accounts payable and other liabilities | (81) | (183) |
Net cash provided by operating activities | 358 | 204 |
Investing activities: | ||
Capital expenditures | (264) | (128) |
Acquisitions, net of cash acquired | (185) | (53) |
Investments in equity affiliates and other | (13) | (33) |
Proceeds from property, plant and equipment and other asset dispositions | 37 | 15 |
Other, net | 16 | 23 |
Net cash used in investing activities | (409) | (176) |
Financing activities: | ||
Borrowings | 263 | 0 |
Repayment of borrowings | (470) | (93) |
Dividends paid | (81) | (80) |
Other, net | (45) | (29) |
Net cash used in financing activities | (333) | (202) |
Net decrease in cash and cash equivalents | (384) | (174) |
Cash and cash equivalents, beginning of period | 2,034 | 2,016 |
Exchange movement on opening cash balance | (32) | 14 |
Cash and cash equivalents, end of period | $ 1,618 | $ 1,856 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we,” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: news and information services, subscription video services in Australia, book publishing and digital real estate services. In April 2018, News Corp and Telstra Corporation Limited (“Telstra”) combined their respective 50% interests in Foxtel and News Corp’s 100 Basis of Presentation The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10- Q S-X. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. In accordance with ASU 2016-01, The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The accompanying 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 10-K”). Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. Specifically, in the first quarter of fiscal 2019, the Company reclassified Conference Sponsorship revenues at its Dow Jones reporting unit and Merchandising revenues at News America Marketing from Other revenues to Advertising revenues as the Company believes that the reclassification more accurately reflects the nature of those revenue streams. These revenue reclassifications totaled $15 million and $27 million for the three and six months ended December 31, 2017, respectively, and $57 million for the fiscal year ended June 30, 2018. The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2019 and fiscal 2018 include 52 weeks. All references to the three and six months ended December 31, 2018 and 2017 relate to the three and six months ended December 30, 2018 and December 31, 2017, respectively. For convenience purposes, the Company continues to date its consolidated financial statements as of December 31. Recently Issued Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2014-09”), 2014 -09 2014-09 In January 2016, the FASB issued ASU 2016-01, 825-10): 2016-01”). 2016-01 2016-01 2016-01, In March 2017, the FASB issued ASU 2017-07, 2017-07”). 2017-07 715-30-35-4 715-60-35-9 2017-07 2017-07 2017-07 In June 2018, the FASB issued ASU 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). The amendments in ASU 2018-07 expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As permitted by ASU 2018-07, the Company early-adopted this standard and the adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Other—Internal-Use 350-40): 2018-15”). 2018-15 internal-use internal-use 2018-15, Issued In February 2016, the FASB issued ASU 2016-02, 2016-02”). 2016-02 right-of-use 2016-02 The FASB has also issued additional standards which provide additional clarification and implementation guidance on the previously issued ASU 2016-02 and have the same effective date as the original standard. The Company plans to apply this guidance on a modified retrospective basis at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings, with no restatement of prior periods. The Company is currently evaluating the impact ASU 2016-02 will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 In August 2017, the FASB issued ASU 2017-12, 2017-12”). 2017-12 2017-12 2017-12 In February 2018, the FASB issued ASU 2018-02, (“ASU 2018-02”). 2018-02 2018-02 2018-02 In August 2018, the FASB issued ASU 2018-13, 2018-13”). 2018-13 2018-13 2018-13 2018-13 In August 2018, the FASB issued ASU 2018-14, 715-20): 2018-14”). 2018-14 2018-14 2018-14 |
Revenues
Revenues | 6 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | NOTE 2. REVENUES On July 1, 2018, the Company adopted ASC 606 on a modified retrospective basis for all contracts which were not completed as of the adoption date. Results for reporting periods beginning after July 1, 2018 are presented under ASC 606 while prior periods have not been restated. Under ASC 606, revenue is recognized when or as the Company satisfies its respective performance obligations under each contract. The Company recorded a $20 million decrease to Accumulated deficit as of July 1, 2018 to reflect the cumulative impact of its adoption of ASC 606. When implementing ASC 606, the Company applied the practical expedient to reflect the aggregate effect of all contract modifications occurring before the beginning of the earliest period presented when identifying satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations. The adoption of ASC 606 primarily resulted in the following changes related to the Company’s revenue recognition policies: • Reclassification of certain payments to customers For certain revenue streams within the Subscription Video Services, Book Publishing and News and Information Services segments, the Company previously recorded certain marketing and sales incentive payments to customers within Operating expenses and Selling, general and administrative expenses. In accordance with ASC 606, such payments are now recorded as a reduction of revenue. For the three and six months ended December 31, 2018, revenues were $34 million and $62 million lower, respectively, as a result of this reclassification, with no impact on the Company’s net income. • Deferred installation revenues in the Subscription Video Services segment Under ASC 606, each customer subscription sold is accounted for as a distinct performance obligation. Installation services are not accounted for as a distinct performance obligation and are instead included within the overall services being provided. Therefore, installation revenues are deferred and recognized over the respective customer contract term. Historically, installation revenues were deferred and recognized over the estimated customer life. For the three and six months ended December 31, 2018, revenues were $7 million and $13 million higher, respectively, as a result of the adoption of ASC 606. • Acceleration of revenue associated with REA Group’s financial services business The Company has historically delayed the recognition of trailing commission revenue associated with REA Group’s financial services business until such amounts became fixed or determinable. Under ASC 606, trailing commission revenue is recognized when the related mortgage loan is established. As a result, the Company established a commission receivable of $121 million and a broker commission payable of $94 million as of July 1, 2018. The current portion of the commission receivable and broker commission payable are classified in Receivables, net and Other current liabilities, respectively, with the non-current The Company’s revenues for the three and six months ended December 31, 2018 and the opening balance sheet as of July 1, 2018 under both ASC 606 and the prior standard, ASC 605 are as follows: For the three months ended December 31, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Revenue: Circulation and subscription $ 1,025 $ 4 $ 1,029 Advertising 718 — 718 Consumer 496 (18 ) 478 Real estate 248 — 248 Other 160 (6 ) 154 Total Revenues $ 2,647 $ (20 ) $ 2,627 Operating expenses and Selling, general and administrative $ (2,288 ) $ 31 $ (2,257 ) Net income $ 111 $ 8 $ 119 For the six months ended December 31, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Revenue: Circulation and subscription $ 2,057 $ 6 $ 2,063 Advertising 1,382 — 1,382 Consumer 908 (30 ) 878 Real estate 475 — 475 Other 366 (13 ) 353 Total Revenues $ 5,188 $ (37 ) $ 5,151 Operating expenses and Selling, general and administrative $ (4,478 ) $ 55 $ (4,423 ) Net income $ 234 $ 13 $ 247 As of July 1, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Assets: Receivables, net $ 1,612 $ 200 $ 1,812 Other current assets 372 (4 ) 368 Deferred income tax assets 279 2 281 Other non-current 831 92 923 Liabilities and Equity: Deferred revenue $ 516 $ (6 ) $ 510 Other current liabilities 372 194 566 Deferred income tax liabilities 389 11 400 Other non-current 430 71 501 Accumulated deficit (2,163 ) 20 (2,143 ) Disaggregated revenue The following table presents revenue by type and segment for the three and six months ended December 31, 2018: For the three months ended December 31, 2018 News and Subscription Book Digital Real Other Total (in millions) Revenues: Circulation and subscription $ 526 $ 490 $ — $ 13 $ — $ 1,029 Advertising 632 55 — 31 — 718 Consumer — — 478 — — 478 Real estate — — — 248 — 248 Other 99 17 18 19 1 154 Total Revenues $ 1,257 $ 562 $ 496 $ 311 $ 1 $ 2,627 For the six months ended December 31, 2018 News and Subscription Book Digital Real Other Total (in millions) Revenues: Circulation and subscription $ 1,055 $ 981 $ — $ 27 $ — $ 2,063 Advertising 1,208 112 — 62 — 1,382 Consumer — — 878 — — 878 Real estate — — — 475 — 475 Other 242 34 36 40 1 353 Total Revenues $ 2,505 $ 1,127 $ 914 $ 604 $ 1 $ 5,151 Disclosures regarding the nature, timing and uncertainty of the Company’s revenue streams across its segments are as follows: Circulation and subscription revenues Circulation and subscription revenues include single-copy newspaper, newspaper subscription and information services subscription revenues. Circulation revenues are based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and/or digital subscriptions sold, and the associated rates charged to the customers. Single-copy revenue is recognized at a point in time on the date the newspapers are sold to distribution outlets, net of provisions for related returns. Revenues from home delivery and digital subscriptions are recognized over the subscription term as the newspapers and/or digital subscriptions are delivered. Information services subscription revenues are recognized over time as the subscriptions are delivered. Payments from subscribers are generally due at the beginning of the month and are recorded as deferred revenue. Such amounts are recognized as revenue as the associated subscription is delivered. Revenue generated from subscriptions to receive pay television broadcast services, broadband and home phone services for residential and commercial subscribers is recognized over time on a monthly basis as the services are provided. Payment is generally received monthly in advance of providing services, and is deferred upon receipt. Such amounts are recognized as revenue as the related services are provided. Advertising revenues Revenue from print advertising is recognized at the point in time the print advertisement is circulated. Broadcast advertising revenue is recognized over the time that the broadcast advertisement is aired. For impressions-based digital advertising, revenues are recognized as impressions are delivered over the term of the arrangement, while revenue from non -impressions-based Advertising revenues earned from integrated marketing services are recognized at the point in time when free-standing inserts are published. Revenues earned from in-store in-store Billings to clients and payments received in advance of performance of services or delivery of products are recorded as deferred revenue until the services are performed or the product is delivered. Payment for advertising services is typically due shortly after the Company has satisfied its performance obligation to print, broadcast or place the advertising specified in the contract. For advertising campaigns that extend beyond one month, the Company generally invoices the advertiser in arrears based on the number of advertisements that were printed, broadcast or placed, or impressions delivered during the month. Consumer revenues Revenue from the sale of physical books and electronic books (“e-books”) Revenue is recognized net of any amounts billed to customers for taxes remitted to government authorities. Payments for the sale of physical books and e-books e-books Real Estate revenues Real estate revenues are derived from the sale of online real estate listing products and advanced client management and reporting products, as well as services to agents, brokers and developers. Revenue is typically recognized over the contractual period during which the services are provided. Payments are generally due monthly over the subscription term. Other revenues Other revenues are recognized when the related services are performed or the product has been delivered. Areas of judgment Contracts with multiple performance obligations The Company has certain revenue contracts which contain multiple performance obligations such as print and digital advertising bundles and bundled video service subscriptions. Revenues derived from sales contracts that contain multiple products and services are allocated based on the relative standalone selling price of each performance obligation to be delivered. Standalone selling price is typically determined based on prices charged to customers for the same or similar goods or services on a standalone basis. If observable standalone prices are not available, the Company estimates standalone selling price by maximizing the use of observable inputs to most accurately reflect the price of each individual performance obligation. Revenue is recognized as each performance obligation included in the contract is satisfied. Identification of a customer and gross versus net revenue recognition In the normal course of business, the Company acts as or uses an intermediary or agent in executing transactions with third parties. When the intermediary or agent is determined to be the Company’s customer, the Company records revenue based on the amount it expects to receive from the agent or intermediary. In other circumstances, the determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the transaction. If the Company is acting as a principal in a transaction, the Company reports revenue on a gross basis. If the Company is acting as an agent in a transaction, the Company reports revenue on a net basis. The determination of whether the Company is acting as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of the arrangement. The Company serves as the principal in transactions in which it controls the goods or services prior to being transferred to the ultimate customer. Sales returns Certain of the Company’s products, such as books and newspapers, are sold with the right of return. The Company records the estimated impact of such returns as a reduction of revenue. To estimate product sales that will be returned and the related products that are expected to be placed back into inventory, the Company analyzes historical returns, current economic trends, changes in customer demand and acceptance of the Company’s products. Based on this information, the Company reserves a percentage of each dollar of product sales that provide the customer with the right of return. As a result of the adoption of ASC 606, the Company reclassified its sales returns reserve from Receivables, net to Other current liabilities. Contract liabilities and assets The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2018: For the three months For the six months ended (in millions) (in millions) Balance, beginning of period $ 436 $ 510 Deferral of revenue 742 1,337 Recognition of deferred revenue (a) (747 ) (1,417 ) Other (1 ) — Balance, end of period $ 430 $ 430 (a) For the three and six months ended December 31, 2018, the Company recognized approximately $267 million and $421 million, respectively, of revenue which was included in the opening deferred revenue balance for each of the respective periods. Contract assets were immaterial for disclosure as of December 31, 2018. Practical expedients and other revenue disclosures The Company typically expenses sales commissions incurred to obtain a customer contract as those amounts are incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also applies the practical expedient for significant financing components when the transfer of the good or service is paid within twelve months or less, or the receipt of consideration is received within twelve months or less of the transfer of the good or service. During the three and six months ended December 31, 2018, the Company recognized approximately $72 million and $152 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2018 was approximately $310 million, of which approximately $79 million is expected to be recognized over the remainder of fiscal 2019, approximately $119 million is expected to be recognized in fiscal 2020, $89 million is expected to be recognized in fiscal 2021, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606. |
Acquisitions, Disposals and Oth
Acquisitions, Disposals and Other Transactions | 6 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions, Disposals and Other Transactions | NOTE 3. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS Opcity In October 2018, the Company acquired Opcity Inc. (“Opcity”), a market-leading real estate technology platform that matches qualified home buyers and sellers with real estate professionals in real time. The total transaction value was approximately $210 million, consisting of approximately $182 million in cash, net of $7 million of cash acquired, and approximately $28 million in deferred payments and restricted stock unit awards for Opcity’s founders and qualifying employees, which is being recognized as compensation expense over the three years following the closing. Included in the cash amount was approximately $20 million that is being held back for approximately 18 months after closing. The acquisition broadens realtor.com ® Under the acquisition method of accounting, the total consideration was first allocated to net tangible assets and identifiable intangible assets based upon their fair values as of the date of completion of the acquisition. As a result of the acquisition, the Company recorded approximately $ 73 49 12 9 years. In accordance with ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”) the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately $124 million was recorded as goodwill on the transaction. The values assigned to the acquired assets and liabilities are based on estimates of fair value available as of the date of this filing and will be adjusted upon completion of final valuations of certain assets and liabilities. Any changes in these fair values could potentially result in an adjustment to the goodwill recorded for this transaction. New Foxtel In April 2018, News Corp and Telstra combined their respective 50% interests in Foxtel and News Corp’s 100% interest in FOX SPORTS Australia into a new company. Following the completion of the Transaction, News Corp owns a 65% interest in the combined business, with Telstra owning the remaining 35%. Consequently, the Company began consolidating Foxtel in the fourth quarter of fiscal 2018. The combination allows Foxtel and FOX SPORTS Australia to leverage their media platforms and content to improve services for consumers and advertisers. The results of new Foxtel are reported within the Subscription Video Services segment (formerly the Cable Network Programming segment), and new Foxtel is considered a separate reporting unit for purposes of the Company’s annual goodwill impairment review. The Transaction was accounted for in accordance with ASC 805 “Business Combinations” (“ASC 805”) which requires the Company to re-measure The total aggregate purchase price associated with the Transaction at the completion date is set forth below (in millions): Consideration transferred (a) $ 331 Fair value of News Corp previously held equity interest in Foxtel 631 Fair value of noncontrolling interest (b) 578 Fair value of net assets $ 1,540 a) Primarily represents the fair value of 35% of FOX SPORTS Australia exchanged as consideration in the Transaction and has been included in noncontrolling interest. b) Primarily represents the fair value of 35% of Foxtel, which includes the impact of certain market participant synergies. Under the acquisition method of accounting, the aggregate purchase price, based on a valuation of 100% of Foxtel, was allocated to net tangible and intangible assets based upon their fair value as of the date of completion of the Transaction. The excess of the aggregate purchase price over the fair value of the net tangible and intangible assets acquired was recorded as goodwill. The allocation is as follows (in millions): Assets acquired: Cash $ 78 Current assets 526 Property, plant and equipment 967 Intangible assets 868 Goodwill 1,574 Other non-current 292 Total assets acquired $ 4,305 Liabilities assumed: Current liabilities $ 609 Long-term borrowings 1,751 Other non-current 405 Total liabilities assumed 2,765 Net assets acquired $ 1,540 As a result of the Transaction, the Company recorded net tangible assets of approximately $849 million, excluding long-term borrowings, primarily consisting of property, plant and equipment, which mainly relate to digital set top units and installations and technical equipment, as well as accounts receivable, inventory, accounts payable and accruals at their estimated fair values at the completion date of the Transaction. The Company recorded outstanding borrowings of approximately $1.8 billion as a result of the Transaction. See Note 6—Borrowings. In addition, the Company recorded approximately $0.9 billion of intangible assets of which $468 million has been allocated to subscriber relationships with a weighted-average useful life of 10 years, $277 million has been allocated to the tradenames which have an indefinite life and approximately $123 million has been allocated to advertiser relationships with a weighted-average useful life of 15 years. In accordance with ASC 350, the excess of the purchase price over the fair values of the net tangible and intangible assets of approximately $1.6 billion was recorded as goodwill on the transaction. The values assigned to the acquired assets and liabilities are based on estimates of fair value available as of the date of this filing and will be adjusted upon completion of final valuations of certain assets and liabilities. Any changes in these fair values could potentially result in an adjustment to the goodwill recorded for this transaction. As a result of the Transaction, the Company recognized a $337 million loss in Other, net in the fourth quarter of fiscal 2018, primarily related to the Company’s settlement of its pre-existing write-off |
Impairment and Restructuring Ch
Impairment and Restructuring Charges | 6 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Impairment and Restructuring Charges | NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES Fiscal 2019 During the three and six months ended December 31, 2018, the Company recorded restructuring charges of $19 million and $37 million, respectively, of which $15 million and $32 million, respectively, related to the News and Information Services segment. The restructuring charges recorded in fiscal 2019 were for employee termination benefits. Fiscal 2018 During the three and six months ended December 31, 2017, the Company recorded restructuring charges of $12 million and $27 million, respectively, of which $11 million and $25 million, respectively, related to the News and Information Services segment. The restructuring charges recorded in fiscal 2018 were primarily for employee termination benefits. Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2018 2017 One time Facility Other costs Total One time Facility Other costs Total (in millions) Balance, beginning of period $ 23 $ 2 $ 11 $ 36 $ 25 $ 5 $ 10 $ 40 Additions 19 — — 19 11 — 1 12 Payments (21 ) — — (21 ) (15 ) (1 ) (1 ) (17 ) Other (1 ) — — (1 ) 1 — — 1 Balance, end of period $ 20 $ 2 $ 11 $ 33 $ 22 $ 4 $ 10 $ 36 For the six months ended December 31, 2018 2017 One time Facility Other costs Total One time Facility Other costs Total (in millions) Balance, beginning of period $ 29 $ 2 $ 11 $ 42 $ 33 $ 6 $ 10 $ 49 Additions 37 — — 37 26 — 1 27 Payments (44 ) — (1 ) (45 ) (38 ) (1 ) (1 ) (40 ) Other (2 ) — 1 (1 ) 1 (1 ) — — Balance, end of period $ 20 $ 2 $ 11 $ 33 $ 22 $ 4 $ 10 $ 36 As of December 31, 2018, restructuring liabilities of approximately $23 million were included in the Balance Sheet in Other current liabilities and $10 million were included in Other non-current |
Investments
Investments | 6 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Investments | NOTE 5. INVESTMENTS The Company’s investments were comprised of the following: Ownership As of As of (in millions) Equity method investments (a) various $ 164 $ 173 Equity securities (b) various 181 220 Total Investments $ 345 $ 393 (a) Equity method investments are primarily comprised of Elara Technologies Pte. Ltd., which operates PropTiger.com, Makaan.com. and Housing.com and new Foxtel’s investment in Nickelodeon Australia Joint Venture. (b) Equity securities are primarily comprised of the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets and certain investments in China. The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below: For the three months ended December 31, For the six months ended December 31, 2018 2017 2018 2017 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (44 ) $ 2 $ (29 ) $ (17 ) Less: Losses recognized on equity securities sold or impaired — (30 ) — (24 ) Unrealized (losses) gains recognized on equity securities held at end of period $ (44 ) $ 32 $ (29 ) $ 7 Equity Losses of Affiliates The Company’s share of the (losses) earnings of its equity affiliates was as follows: For the three months ended December 31, For the six months ended 2018 2017 2018 2017 (in millions) (in millions) Foxtel (a) $ — $ 1 $ — $ (4 ) Other equity affiliates, net (b) (6 ) (19 ) (9 ) (24 ) Total Equity losses of affiliates $ (6 ) $ (18 ) $ (9 ) $ (28 ) (a) Following completion of the Transaction in April 2018, News Corp ceased accounting for Foxtel as an equity method investment and began consolidating its results in the fourth quarter of fiscal 2018. See Note 3— Acquisitions, Disposals and Other Transactions. In accordance with ASC 350, the Company amortized $15 million and $32 million related to excess cost over the Company’s proportionate share of its investment’s underlying net assets allocated to finite-lived intangible assets during the three and six months ended December 31, 2017. Such amortization is reflected in Equity losses of affiliates in the Statement of Operations. (b) Other equity affiliates, net for the three and six months ended December 31, 2018 include losses primarily from the Company’s interest in Elara. During the three months ended December 31, 2017, the Company recognized $13 million in non-cash Summarized financial information for Foxtel, presented in accordance with U.S. GAAP, was as follows: For the six months ended 2018 (a) 2017 (in millions) Revenues $ — $ 1,231 Operating income (b) — 120 Net income — 56 (a) The Company began consolidating the results of Foxtel in the fourth quarter of fiscal 2018 as a result of the Transaction. (b) Includes Depreciation and amortization of $118 million for the six months ended December 31, 2017. Operating income before depreciation and amortization was $238 million for the six months ended December 31, 2017. |
Borrowings
Borrowings | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 6. BORROWINGS The Company’s total borrowings consist of the following: Interest rate at Due date at As of As of (in millions) Foxtel Group Credit facility 2013 (a) 3.84 % Apr 7, 2019 $ 211 $ 222 Credit facility 2014 — tranche 1 (a) 3.84 % May 30, 2019 140 148 Credit facility 2014 — tranche 2 (a) 3.94 % Jan 31, 2020 141 148 Credit facility 2015 (a) 3.99 % Jul 31, 2020 282 296 Credit facility 2016 (a)(b) 4.54 % Sept 11, 2021 — 108 Working capital facility 2017 (a)(b) 4.14 % Jul 3, 2020 42 59 US private placement 2009 — tranche 3 6.20 % Sept 24, 2019 75 75 US private placement 2012 — USD portion — tranche 1 (c) 3.68 % Jul 25, 2019 149 150 US private placement 2012 — USD portion — tranche 2 (c) 4.27 % Jul 25, 2022 197 196 US private placement 2012 — USD portion — tranche 3 (c) 4.42 % Jul 25 2024 147 146 US private placement 2012 — AUD portion 7.04 % Jul 25, 2022 78 83 REA Group Credit facility 2016 — tranche 2 (d)(e) 2.67 % Dec 31, 2018 — 89 Credit facility 2016 — tranche 3 (d) 3.00 % Dec 31, 2019 169 178 Credit facility 2018 (d) 2.83 % Apr 27, 2021 49 54 Total borrowings 1,680 1,952 Less: current portion (f) (744 ) (462 ) Long-term borrowings $ 936 $ 1,490 (a) Borrowings under these facilities bear interest at a floating rate of Australian BBSY plus an applicable margin of between 1.10% and 2.70% per annum payable quarterly. (b) As of December 31, 2018, the Foxtel Group has undrawn commitments of $306 million under these facilities for which it pays a commitment fee in the range of 40% to 45% of the applicable margin. (c) The carrying value of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 9 —Financial Instruments and Fair Value Measurements. (d) Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.45% depending on REA Group’s net leverage ratio. As of December 31, 2018, REA Group was paying a margin of between 0.85% and 1.05%. (e) During the three months ended December 31, 2018, REA Group repaid A$120 million (approximately $87 A$480 (f) The Company classifies the current portion of long term debt as non-current 470-50 |
Redeemable Preferred Stock
Redeemable Preferred Stock | 6 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Redeemable Preferred Stock | NOTE 7. REDEEMABLE PREFERRED STOCK In connection with the Company’s separation of its businesses (the “Separation”) from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013 (the “Distribution Date”), 21st Century Fox sold 4,000 shares of cumulative redeemable preferred stock with a par value of $5,000 per share of a newly formed U.S. subsidiary of the Company. The preferred stock paid dividends at a rate of 9.5% per annum, payable quarterly, in arrears. The preferred stock was callable by the Company at any time after the fifth year and puttable at the option of the holder after 10 years. In July 2018, the Company exercised its call option and redeemed 100% of the outstanding redeemable preferred stock. |
Equity
Equity | 6 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Equity | NOTE 8. EQUITY The following tables summarize changes in equity for the three and six months ended December 31, 2018 and 2017: For the three months ended December 31, 2018 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, September 30, 2018 385 $ 4 200 $ 2 $ 12,257 $ (2,032 ) $ (970 ) $ 9,261 $ 1,169 $ 10,430 Net income — — — — — 95 — 95 24 119 Other comprehensive loss — — — — — — (106 ) (106 ) (28 ) (134 ) Dividends — — — — — — — — — — Other — — — — 14 — — 14 5 19 Balance, December 31, 2018 385 $ 4 200 $ 2 $ 12,271 $ (1,937 ) $ (1,076 ) $ 9,264 $ 1,170 $ 10,434 For the three months ended December 31, 2017 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, September 30, 2017 383 $ 4 200 $ 2 $ 12,340 $ (581 ) $ (852 ) $ 10,913 $ 283 $ 11,196 Net (loss) income — — — — — (83 ) — (83 ) 17 (66 ) Other comprehensive income (loss) — — — — — — 20 20 (1 ) 19 Dividends — — — — — — — — — — Other — — — — 10 — — 10 (1 ) 9 Balance, December 31, 2017 383 $ 4 200 $ 2 $ 12,350 $ (664 ) $ (832 ) $ 10,860 $ 298 $ 11,158 For the six months ended December 31, 2018 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Other Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, June 30, 2018 383 $ 4 200 $ 2 $ 12,322 $ (2,163 ) $ (874 ) $ 9,291 $ 1,186 $ 10,477 Cumulative impact from adoption of new accounting standards 32 (22 ) 10 10 20 Net income — — — — — 196 — 196 51 247 Other comprehensive loss — — — — — — (181 ) (181 ) (56 ) (237 ) Dividends — — — — (59 ) — — (59 ) (23 ) (82 ) Other 2 — — — 8 (2 ) 1 7 2 9 Balance, December 31, 2018 385 $ 4 200 $ 2 $ 12,271 $ (1,937 ) $ (1,076 ) $ 9,264 $ 1,170 $ 10,434 For the six months ended December 31, 2017 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, June 30, 2017 382 $ 4 200 $ 2 $ 12,395 $ (648 ) $ (964 ) $ 10,789 $ 284 $ 11,073 Net (loss) income — — — — — (15 ) — (15 ) 36 21 Other comprehensive income — — — — — — 132 132 3 135 Dividends — — — — (59 ) — — (59 ) (21 ) (80 ) Other 1 — — — 14 (1 ) — 13 (4 ) 9 Balance, December 31, 2017 383 $ 4 200 $ 2 $ 12,350 $ (664 ) $ (832 ) $ 10,860 $ 298 11,158 Stock Repurchases In May 2013, the Company’s Board of Directors (the “Board of Directors”) authorized the Company to repurchase up to an aggregate of $500 million of its Class A Common Stock. No stock repurchases were made during the six months ended December 31, 2018. Through February 1, 2019, the Company cumulatively repurchased approximately 5.2 million shares of Class A Common Stock for an aggregate cost of approximately $71 million. The remaining authorized amount under the stock repurchase program as of February 1, 2019 was approximately $429 million. All decisions regarding any future stock repurchases are at the sole discretion of a duly appointed committee of the Board of Directors and management. The committee’s decisions regarding future stock repurchases will be evaluated from time to time in light of many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the committee may deem relevant. The stock repurchase authorization may be modified, extended, suspended or discontinued at any time by the Board of Directors and the Board of Directors cannot provide any assurances that any additional shares will be repurchased. Dividends In August 2018, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend was paid on October 17, 2018 to stockholders of record at the close of business on September 12, 2018. In August 2017, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend was paid on October 18, 2017 to stockholders of record at the close of business on September 13, 2017. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS In accordance with ASC 820, “Fair Value Measurements” (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples. Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period. The following table summarizes those assets and liabilities measured at fair value on a recurring basis: As of December 31, 2018 As of June 30, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Foreign currency derivatives—cash flow hedges $ — $ 5 $ — $ 5 $ — $ 3 $ — $ 3 Cross currency interest rate derivatives—fair value hedges — 26 — 26 — 29 — 29 Cross currency interest rate derivatives—economic hedges — 12 — 12 — 10 — 10 Cross currency interest rate derivatives—cash flow hedges — 105 — 105 — 76 — 76 Equity securities (a) 66 — 115 181 93 — — 93 Total assets $ 66 $ 148 $ 115 $ 329 $ 93 $ 118 $ — $ 211 Liabilities: Interest rate derivatives—cash flow hedges $ — $ 18 $ — $ 18 $ — $ 20 $ — $ 20 Mandatorily redeemable noncontrolling interests — — 12 12 — — 12 12 Cross currency interest rate derivatives—cash flow hedges — 12 — 12 — 12 — 12 Total liabilities $ — $ 30 $ 12 $ 42 $ — $ 32 $ 12 $ 44 (a) See Note 5 —Investments. There have been no transfers between levels of the fair value hierarchy during the periods presented. Equity securities The fair values of equity securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period. These securities are classified as Level 1 in the fair value hierarchy outlined above. The fair values of equity securities without readily determinable fair market values are determined based on cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. These securities are classified as Level 3 in the fair value hierarchy outlined above. A rollforward of the Company’s equity securities classified as Level 3 is as follows: For the six months ended December 31, 2018 (in millions) Balance—beginning of period (a) $ 127 Purchases 6 Sales (10 ) Foreign exchange and other (8 ) Balance—end of period $ 115 (a) Includes impact from the adoption of ASU 2016-01. See Note 1 — Description of Business and Basis of Presentation. Mandatorily redeemable noncontrolling interests The Company has liabilities recorded in its Balance Sheets for its mandatorily redeemable noncontrolling interests. These liabilities represent management’s best estimate of the amounts expected to be paid in accordance with the contractual terms of the underlying acquisition agreements. The fair values of these liabilities are based on the contractual payout formulas included in the acquisition agreements taking into account the expected performance of the business. Any remeasurements or accretion related to the Company’s mandatorily redeemable noncontrolling interests are recorded through Interest (expense) income, net in the Statements of Operations. As the fair value does not rely on observable market inputs, the Company classifies these liabilities as Level 3 in the fair value hierarchy. A rollforward of the Company’s mandatorily redeemable noncontrolling interest liabilities classified as Level 3 is as follows: For the six months ended December 31, 2018 2017 (in millions) Balance—beginning of period $ 12 $ 79 Additions — 12 Accretion — 2 Balance—end of period $ 12 $ 93 Derivative Instruments The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risks managed by the Company through the use of derivative instruments include: • foreign currency exchange rate risk: arising primarily through Foxtel Group borrowings denominated in U.S. dollars and payments for license fees; and • interest rate risk: arising from fixed and floating rate Foxtel Group borrowings. The Company formally designates qualifying derivatives as hedge relationships (“hedges”) and applies hedge accounting when considered appropriate. For economic hedges where no hedge relationship has been designated, changes in fair value are included as a component of net income in each reporting period within Other, net in the Statements of Operations. The Company does not use derivative financial instruments for trading or speculative purposes. Hedges are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details: Fair value as of Balance Sheet Location December 31, June 30, (in millions) Foreign currency derivatives—cash flow hedges Other current assets $ 5 $ 3 Cross currency interest rate derivatives—fair value hedges Other current assets 8 — Cross currency interest rate derivatives—economic hedges Other current assets 12 — Cross currency interest rate derivatives—cash flow hedges Other current assets 32 — Cross currency interest rate derivatives—fair value hedges Other non-current assets 18 29 Cross currency interest rate derivatives—cash flow hedges Other non-current assets 73 76 Cross currency interest rate derivatives—economic hedges Other non-current assets — 10 Interest rate derivatives—cash flow hedges Other current liabilities (4 ) — Interest rate derivatives—cash flow hedges Other non-current liabilities (14 ) (20 ) Cross currency interest rate derivatives—cash flow hedges Other non-current liabilities (12 ) (12 ) Cash flow hedges The Company utilizes a combination of foreign currency derivatives, interest rate derivatives and cross currency interest rate derivatives to mitigate currency exchange and interest rate risk in relation to payments for license fees and future interest payments. The total notional value of foreign exchange contract derivatives designated for hedging was $51 million as of December 31, 2018. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is to June 2019. The total notional value of interest rate swap derivatives designated as cash flow hedges was approximately A$ 700 The total notional value of the cross currency interest rate swaps that were designated as cash flow hedges was approximately A$400 million as of December 31, 2018. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2024. The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on Accumulated other comprehensive loss and the Statement of Operations during the three and six months ended December 31, 2018. The Company did not have any such hedges in the three and six months ended December 31, 2017. (Gain) loss recognized Gain (loss) reclassified Income statement location 2018 2017 2018 2017 (in millions) Derivative instruments designated as cash flow hedges: Foreign currency derivatives—cash flow hedges $ (2 ) $ — $ 1 $ — Operating expenses Cross currency interest rate derivatives—cash flow hedges (30 ) — 26 — Interest (expense) income, net Interest rate derivatives—cash flow hedges 1 — (2 ) — Interest (expense) income, net Total $ (31 ) $ — $ 25 $ — (Gain) loss recognized Gain (loss) reclassified Income statement location 2018 2017 2018 2017 (in millions) Derivative instruments designated as cash flow hedges: Foreign currency derivatives—cash flow hedges $ (4 ) $ — $ 2 $ — Operating expenses Cross currency interest rate derivatives—cash flow hedges (16 ) — 12 — Interest (expense) income, net Interest rate derivatives—cash flow hedges 2 — (4 ) — Interest (expense) income, net Total $ (18 ) $ — $ 10 $ — During the three and six months ended December 31, 2018 the amount recognized in the Statement of Operations for the ineffective portion of derivative instruments designated as cash flow hedges was approximately $1 million and the Company did not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. As of December 31, 2018, the Company estimates that approximately $5 million of net derivative gains related to its foreign currency derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statement of Operations within the next 12 months. As of December 31, 2018, the Company estimates that approximately $3 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statement of Operations within the next 12 As of December 31, 2018, the Company estimates that approximately $1 million of net derivative gains related to its cross currency interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statement of Operations within the next 12 months. Fair value hedges The Company’s primary interest rate risk arises from its borrowings acquired as a part of the Transaction. Borrowings issued at fixed rates and in U.S. dollars expose new Foxtel to fair value interest rate risk and currency exchange rate risk. The Company manages fair value interest rate risk and currency exchange rate risk through the use of cross currency interest rate swaps under which the Company exchanges fixed interest payments equivalent to the interest payments on the U.S. dollar denominated debt for floating rate Australian dollar denominated interest payments. The changes in fair value of derivatives designated as fair value hedges and the offsetting changes in fair value of the hedged items are recognized in Other, net. As of December 31, 2018, such adjustments increased the carrying value of borrowings by approximately $2 million. The total notional value of the fair value hedges was approximately A$100 million as of December 31, 2018. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2024. During the three and six months ended December 31, 2018, the amount recognized in the Statement of Operations on derivative instruments designated as fair value hedges related to the ineffective portion was nil and the Company did not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. Economic (non-designated) In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives not designated as accounting hedges to mitigate foreign currency and interest rate risk. These are referred to as economic hedges. The changes in fair value of economic hedges are immediately recognized in the Statement of Operations. The total notional value of these cross currency interest rate derivatives was $75 million as of December 31, 2018, which relate to the U.S. private placement 2009 debt. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are remeasured at fair value on a recurring basis, the Company has certain assets, primarily goodwill, intangible assets, equity method investments and property, plant and equipment, that are not required to be remeasured to fair value at the end of each reporting period. On an ongoing basis, the Company monitors whether events occur or circumstances change that would more likely than not reduce the fair values of these assets below their carrying amounts. If the Company determines that these assets are impaired, the Company would write down these assets to fair value. These nonrecurring fair value measurements are considered to be Level 3 in the fair value hierarchy. In the second quarter of fiscal 2018, the Company recognized non-cash The Company did not recognize any write-downs on the carrying value of its assets during the six months ended December 31, 2018. Other Fair Value Measurements As of December 31, 2018, the carrying value of the Company’s outstanding borrowings approximates the fair value and is classified as Level 3 in the fair value hierarchy. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 10. EARNINGS (LOSS) PER SHARE The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”: For the three months ended December 31, For the six months ended December 31, 2018 2017 2018 2017 (in millions, except per share amounts) Net income (loss) $ 119 $ (66 ) $ 247 $ 21 Less: Net income attributable to noncontrolling interests (24 ) (17 ) (51 ) (36 ) Less: Redeemable preferred stock dividends (a) — (1 ) — (1 ) Net income (loss) available to News Corporation stockholders $ 95 $ (84 ) $ 196 $ (16 ) Weighted-average number of shares of common stock outstanding—basic 584.9 582.7 584.4 582.5 Dilutive effect of equity awards (b) 2.2 — 1.9 — Weighted-average number of shares of common stock outstanding—diluted 587.1 582.7 586.3 582.5 Net income (loss) available to News Corporation stockholders per share—basic $ 0.16 $ (0.14 ) $ 0.34 $ (0.03 ) Net income (loss) available to News Corporation stockholders per share—diluted $ 0.16 $ (0.14 ) $ 0.33 $ (0.03 ) (a) In connection with the Separation, as defined in Note 7, 21st Century Fox sold 4,000 shares of cumulative redeemable preferred stock with a par value of $5,000 per share of a newly formed U.S. subsidiary of the Company. The preferred stock paid dividends at a rate of 9.5% per annum, payable quarterly, in arrears. The preferred stock was callable by the Company at any time after the fifth year and puttable at the option of the holder after 10 years. In July 2018, the Company exercised its call option and redeemed 100 (b) The dilutive impact of the Company’s PSUs, RSUs and stock options has been excluded from the calculation of diluted loss per share for the three and six months ended December 31, 2017 because their inclusion would have an antidilutive effect on the net loss per share. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11. 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 Company’s commitments as of December 31, 2018 have not changed significantly from the disclosures included in the 2018 Form 10-K. Contingencies The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition. The Company establishes an accrued liability for legal claims when it 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. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable. Valassis Communications, Inc. On November 8, 2013, Valassis Communications, Inc. (“Valassis”) filed a complaint in the U.S. District Court for the Eastern District of Michigan (the “District Court”) against News America Incorporated, News America Marketing FSI L.L.C., News America Marketing In-Store re-open U.K. Newspaper Matters Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World The Sun In connection with the Separation, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after the Distribution Date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants after-tax The net expense (benefit) related to the U.K. Newspaper Matters in Selling, general and administrative was $4 million and $3 million for the three months ended December 31, 2018 and 2017, respectively, and $6 million and ($40) million for the six months ended December 31, 2018 and 2017, respectively. As of December 31, 2018, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $50 million. The amount to be indemnified by 21st Century Fox of approximately $47 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2018. The net benefit for the six months ended December 31, 2017 reflects a $46 million impact from the reversal of a portion of the Company’s previously accrued liability and the corresponding receivable from 21st Century Fox as the result of an agreement reached with the relevant tax authority with respect to certain employment taxes. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters. The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition. Other The Company’s tax returns are subject to on-going The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12. INCOME TAXES At the end of each interim period, the Company estimates the annual effective tax rate and applies that rate to its ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs. For the three months ended December 31, 2018, the Company recorded a tax charge of $55 million on pre-tax For the six months ended December 31, 2018, the Company recorded a tax charge of $105 million on pre-tax On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including, among other things, lowering the U.S. statutory federal tax rate to 21%. The reduction of the U.S. corporate tax rate caused the Company to adjust its U.S. deferred tax assets and liabilities to the lower federal rate of 21% at the fiscal year ended June 30, 2018. The Tax Act also added many new provisions, including a one-time repatriation tax on deemed repatriation of historical earnings of foreign subsidiaries (“transition tax”), changes to bonus depreciation, limits on deductions for executive compensation and interest expense, a tax on global intangible low-taxed income (“GILTI”), the base erosion anti-abuse tax (“BEAT”) and a deduction for foreign-derived intangible income. The Company has elected to account for the tax on GILTI and BEAT as a period cost and thus has not adjusted any net deferred tax assets of its foreign subsidiaries for the new tax. However, the Company has considered the potential impact of GILTI and BEAT on its U.S. federal net operating loss (“NOL”) carryforward and determined that the projected tax benefit to be received from its NOL carryforward may be reduced due to these provisions. The changes included in the Tax Act are broad and complex. The SEC issued Staff Accounting Bulletin No. 118 (SAB 118), as amended by ASU 2018-05, which provides guidance for companies related to the Tax Act. ASU 2018-05 allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The Company’s accounting for the tax effects of the Tax Act were completed in the second quarter of fiscal 2019. Although the Company believes the effects of the Tax Act have been appropriately recorded, it will continue to monitor, among other things, changes in interpretations of the Tax Act, any legislative action arising because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act. The Company intends to monitor and assess the impact of any future changes in legislative interpretations or standards and adjust its provision as new information becomes available. In accordance with SAB 118, the Company has made reasonable estimates related to the of its U.S. deferred tax balances for the reduction in the statutory tax rate, the liability for the transition tax and the partial valuation allowance recorded against its federal NOL due to the impact of the and BEAT provisions. As a result, the Company recognized a net provisional income tax expense of $ million associated with these items in the fiscal year ended June , . In the second quarter of fiscal , the Company determined that there were no material changes to the provisional amounts recorded as of June , . Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management’s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets in U.S. Federal, State and foreign jurisdictions may not be realized and therefore, a valuation allowance has been established against those tax assets. For the three months ended December 31, 2017, the Company recorded a tax charge of $235 million on pre-tax For the six months ended December 31, 2017, the Company recorded a tax charge of $289 million on pre-tax The Company’s tax returns are subject to on-going |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 13. SEGMENT INFORMATION The Company manages and reports its businesses in the following five segments: • News and Information Services The Wall Street Journal Barron ’ s The Australian The Daily Telegraph Herald Sun The Courier Mail The Advertiser The Times The Sunday Times The Sun The Sun on Sunday New York Post in-store • Subscription Video Services pay-TV pay-TV ANC operates the SKY NEWS network, Australia’s 24-hour • Book Publishing The Hobbit Goodnight Moon To Kill a Mockingbird Jesus Calling Hillbilly Elegy • Digital Real Estate Services end-to-end Move is a leading provider of online real estate services in the U.S. and primarily operates realtor.com ® SM SM ® ® TM • Other Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income attributable to noncontrolling interests. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA 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. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Segment information is summarized as follows: For the three months ended For the six 2018 2017 2018 2017 (in millions) Revenues: News and Information Services $ 1,257 $ 1,298 $ 2,505 $ 2,539 Subscription Video Services 562 120 1,127 265 Book Publishing 496 469 914 870 Digital Real Estate Services 311 292 604 563 Other 1 1 1 1 Total revenues $ 2,627 $ 2,180 $ 5,151 $ 4,238 Segment EBITDA: News and Information Services $ 120 $ 141 $ 236 $ 215 Subscription Video Services 84 33 197 60 Book Publishing 88 78 156 126 Digital Real Estate Services 121 119 226 214 Other (43 ) (43 ) (87 ) (39 ) Depreciation and amortization (163 ) (100 ) (326 ) (197 ) Impairment and restructuring charges (19 ) (12 ) (37 ) (27 ) Equity losses of affiliates (6 ) (18 ) (9 ) (28 ) Interest (expense) income, net (15 ) 1 (31 ) 7 Other, net 7 (30 ) 27 (21 ) Income before income tax expense 174 169 352 310 Income tax expense (55 ) (235 ) (105 ) (289 ) Net income (loss) $ 119 $ (66 ) $ 247 $ 21 As of As of (in millions) Total assets: News and Information Services $ 5,905 $ 6,039 Subscription Video Services 4,618 4,738 Book Publishing 2,141 1,898 Digital Real Estate Services 2,189 2,171 Other (a) 1,029 1,107 Investments 345 393 Total assets $ 16,227 $ 16,346 (a) The Other segment primarily includes Cash and cash equivalents. As of As of (in millions) Goodwill and intangible assets, net: News and Information Services $ 2,737 $ 2,730 Subscription Video Services 2,684 2,853 Book Publishing 773 804 Digital Real Estate Services 1,602 1,502 Total Goodwill and intangible assets, net $ 7,796 $ 7,889 |
Additional Financial Informatio
Additional Financial Information | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information | NOTE 14. ADDITIONAL FINANCIAL INFORMATION Receivables, net Receivables are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being collected. Receivables, net consist of: As of As of (in millions) Receivables $ 1,901 $ 1,829 Allowance for sales returns (a) — (171 ) Allowance for doubtful accounts (48 ) (46 ) Receivables, net $ 1,853 $ 1,612 (a) As a result of the adoption of the new revenue recognition standard during the first quarter of fiscal 2019, the Company reclassified the allowance for sales returns from Receivables, net to Other current liabilities. See Note 2—Revenues. Other Non-Current The following table sets forth the components of Other non-current As of As of (in millions) Royalty advances to authors $ 326 $ 312 Retirement benefit assets 145 135 Inventory (a) 144 143 Other 297 241 Total Other non-current $ 912 $ 831 (a) Primarily consists of the non-current Other Current Liabilities The following table sets forth the components of Other current liabilities: As of As of (in millions) Current tax payable $ 18 $ 17 Allowance for sales returns 216 — Royalties and commissions payable 223 187 Other 213 168 Total Other current liabilities $ 670 $ 372 Other, net The following table sets forth the components of Other, net: For the three months ended For the six months ended December 31, December 31, 2018 2017 2018 2017 (in millions) Dividends received from equity security investments $ 22 $ — $ 23 $ — Remeasurement of equity securities (a) (44 ) — (29 ) — Write-down of available-for-sale securities (b) — (30 ) — (30 ) Gain on sale of Australian property 12 — 12 — Other, net 17 — 21 9 Total Other, net $ 7 $ (30 ) $ 27 $ (21 ) (a) As a result of the adoption of ASU 2016-01 during the first quarter of fiscal 2019, the Company has included the impact from the remeasurement of equity securities in Other, net in the Statement of Operations for the three and six months ended December 31, 2018. During the three and six months ended December 31, 2017, the impact from the remeasurement of equity securities was included in Accumulated other comprehensive loss in the Balance Sheets. (b) For the three and six months ended December 31, 2017, the write-downs of available-for-sale securities were reclassified out of accumulated other comprehensive loss and included in Other, net in the Statement of Operations. Supplemental Cash Flow Information The following table sets forth the Company’s cash paid for taxes and interest: For the six months ended December 31, 2018 2017 (in millions) Cash paid for interest $ 45 $ 6 Cash paid for taxes 75 89 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15. SUBSEQUENT EVENTS In February 2019, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend is payable on April 17, 2019 to stockholders of record as of March 13, 2019. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10- Q S-X. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. In accordance with ASU 2016-01, The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The accompanying 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 10-K”). Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. Specifically, in the first quarter of fiscal 2019, the Company reclassified Conference Sponsorship revenues at its Dow Jones reporting unit and Merchandising revenues at News America Marketing from Other revenues to Advertising revenues as the Company believes that the reclassification more accurately reflects the nature of those revenue streams. These revenue reclassifications totaled $15 million and $27 million for the three and six months ended December 31, 2017, respectively, and $57 million for the fiscal year ended June 30, 2018. The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2019 and fiscal 2018 include 52 weeks. All references to the three and six months ended December 31, 2018 and 2017 relate to the three and six months ended December 30, 2018 and December 31, 2017, respectively. For convenience purposes, the Company continues to date its consolidated financial statements as of December 31. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2014-09”), 2014 -09 2014-09 In January 2016, the FASB issued ASU 2016-01, 825-10): 2016-01”). 2016-01 2016-01 2016-01, In March 2017, the FASB issued ASU 2017-07, 2017-07”). 2017-07 715-30-35-4 715-60-35-9 2017-07 2017-07 2017-07 In June 2018, the FASB issued ASU 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). The amendments in ASU 2018-07 expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As permitted by ASU 2018-07, the Company early-adopted this standard and the adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Other—Internal-Use 350-40): 2018-15”). 2018-15 internal-use internal-use 2018-15, Issued In February 2016, the FASB issued ASU 2016-02, 2016-02”). 2016-02 right-of-use 2016-02 The FASB has also issued additional standards which provide additional clarification and implementation guidance on the previously issued ASU 2016-02 and have the same effective date as the original standard. The Company plans to apply this guidance on a modified retrospective basis at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings, with no restatement of prior periods. The Company is currently evaluating the impact ASU 2016-02 will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 In August 2017, the FASB issued ASU 2017-12, 2017-12”). 2017-12 2017-12 2017-12 In February 2018, the FASB issued ASU 2018-02, (“ASU 2018-02”). 2018-02 2018-02 2018-02 In August 2018, the FASB issued ASU 2018-13, 2018-13”). 2018-13 2018-13 2018-13 2018-13 In August 2018, the FASB issued ASU 2018-14, 715-20): 2018-14”). 2018-14 2018-14 2018-14 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Cumulative Effect and Impact of Adoption of ASC 606 on Consolidated Statement of Operations and Consolidated Balance Sheets | The Company’s revenues for the three and six months ended December 31, 2018 and the opening balance sheet as of July 1, 2018 under both ASC 606 and the prior standard, ASC 605 are as follows: For the three months ended December 31, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Revenue: Circulation and subscription $ 1,025 $ 4 $ 1,029 Advertising 718 — 718 Consumer 496 (18 ) 478 Real estate 248 — 248 Other 160 (6 ) 154 Total Revenues $ 2,647 $ (20 ) $ 2,627 Operating expenses and Selling, general and administrative $ (2,288 ) $ 31 $ (2,257 ) Net income $ 111 $ 8 $ 119 For the six months ended December 31, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Revenue: Circulation and subscription $ 2,057 $ 6 $ 2,063 Advertising 1,382 — 1,382 Consumer 908 (30 ) 878 Real estate 475 — 475 Other 366 (13 ) 353 Total Revenues $ 5,188 $ (37 ) $ 5,151 Operating expenses and Selling, general and administrative $ (4,478 ) $ 55 $ (4,423 ) Net income $ 234 $ 13 $ 247 As of July 1, 2018 ASC 605 Effects of Adoption ASC 606 (in millions) Assets: Receivables, net $ 1,612 $ 200 $ 1,812 Other current assets 372 (4 ) 368 Deferred income tax assets 279 2 281 Other non-current 831 92 923 Liabilities and Equity: Deferred revenue $ 516 $ (6 ) $ 510 Other current liabilities 372 194 566 Deferred income tax liabilities 389 11 400 Other non-current 430 71 501 Accumulated deficit (2,163 ) 20 (2,143 ) |
Summary of Disaggregated Revenue by Type and Segment | Disaggregated revenue The following table presents revenue by type and segment for the three and six months ended December 31, 2018: For the three months ended December 31, 2018 News and Subscription Book Digital Real Other Total (in millions) Revenues: Circulation and subscription $ 526 $ 490 $ — $ 13 $ — $ 1,029 Advertising 632 55 — 31 — 718 Consumer — — 478 — — 478 Real estate — — — 248 — 248 Other 99 17 18 19 1 154 Total Revenues $ 1,257 $ 562 $ 496 $ 311 $ 1 $ 2,627 For the six months ended December 31, 2018 News and Subscription Book Digital Real Other Total (in millions) Revenues: Circulation and subscription $ 1,055 $ 981 $ — $ 27 $ — $ 2,063 Advertising 1,208 112 — 62 — 1,382 Consumer — — 878 — — 878 Real estate — — — 475 — 475 Other 242 34 36 40 1 353 Total Revenues $ 2,505 $ 1,127 $ 914 $ 604 $ 1 $ 5,151 |
Summary of Deferred Revenue from Contracts with Customers | The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2018: For the three months For the six months ended (in millions) (in millions) Balance, beginning of period $ 436 $ 510 Deferral of revenue 742 1,337 Recognition of deferred revenue (a) (747 ) (1,417 ) Other (1 ) — Balance, end of period $ 430 $ 430 (a) For the three and six months ended December 31, 2018, the Company recognized approximately $267 million and $421 million, respectively, of revenue which was included in the opening deferred revenue balance for each of the respective periods. |
Acquisitions, Disposals and O_2
Acquisitions, Disposals and Other Transactions (Tables) - New Foxtel [Member] | 6 Months Ended |
Dec. 31, 2018 | |
Schedule of Total Aggregate Purchase Price Transaction Value/ Fair Value of Acquisition | The total aggregate purchase price associated with the Transaction at the completion date is set forth below (in millions): Consideration transferred (a) $ 331 Fair value of News Corp previously held equity interest in Foxtel 631 Fair value of noncontrolling interest (b) 578 Fair value of net assets $ 1,540 a) Primarily represents the fair value of 35% of FOX SPORTS Australia exchanged as consideration in the Transaction and has been included in noncontrolling interest. b) Primarily represents the fair value of 35% of Foxtel, which includes the impact of certain market participant synergies. |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | Under the acquisition method of accounting, the aggregate purchase price, based on a valuation of 100% of Foxtel, was allocated to net tangible and intangible assets based upon their fair value as of the date of completion of the Transaction. The excess of the aggregate purchase price over the fair value of the net tangible and intangible assets acquired was recorded as goodwill. The allocation is as follows (in millions): Assets acquired: Cash $ 78 Current assets 526 Property, plant and equipment 967 Intangible assets 868 Goodwill 1,574 Other non-current 292 Total assets acquired $ 4,305 Liabilities assumed: Current liabilities $ 609 Long-term borrowings 1,751 Other non-current 405 Total liabilities assumed 2,765 Net assets acquired $ 1,540 |
Impairment and Restructuring _2
Impairment and Restructuring Charges (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Changes in Restructuring Program Liabilities | Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2018 2017 One time Facility Other costs Total One time Facility Other costs Total (in millions) Balance, beginning of period $ 23 $ 2 $ 11 $ 36 $ 25 $ 5 $ 10 $ 40 Additions 19 — — 19 11 — 1 12 Payments (21 ) — — (21 ) (15 ) (1 ) (1 ) (17 ) Other (1 ) — — (1 ) 1 — — 1 Balance, end of period $ 20 $ 2 $ 11 $ 33 $ 22 $ 4 $ 10 $ 36 For the six months ended December 31, 2018 2017 One time Facility Other costs Total One time Facility Other costs Total (in millions) Balance, beginning of period $ 29 $ 2 $ 11 $ 42 $ 33 $ 6 $ 10 $ 49 Additions 37 — — 37 26 — 1 27 Payments (44 ) — (1 ) (45 ) (38 ) (1 ) (1 ) (40 ) Other (2 ) — 1 (1 ) 1 (1 ) — — Balance, end of period $ 20 $ 2 $ 11 $ 33 $ 22 $ 4 $ 10 $ 36 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Schedule of Investments | The Company’s investments were comprised of the following: Ownership As of As of (in millions) Equity method investments (a) various $ 164 $ 173 Equity securities (b) various 181 220 Total Investments $ 345 $ 393 (a) Equity method investments are primarily comprised of Elara Technologies Pte. Ltd., which operates PropTiger.com, Makaan.com. and Housing.com and new Foxtel’s investment in Nickelodeon Australia Joint Venture. (b) Equity securities are primarily comprised of the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets and certain investments in China. |
Schedule of Total Gains and Losses on Equity Securities | The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below: For the three months ended December 31, For the six months ended December 31, 2018 2017 2018 2017 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (44 ) $ 2 $ (29 ) $ (17 ) Less: Losses recognized on equity securities sold or impaired — (30 ) — (24 ) Unrealized (losses) gains recognized on equity securities held at end of period $ (44 ) $ 32 $ (29 ) $ 7 |
Schedule of Losses of Equity Affiliates | The Company’s share of the (losses) earnings of its equity affiliates was as follows: For the three months ended December 31, For the six months ended 2018 2017 2018 2017 (in millions) (in millions) Foxtel (a) $ — $ 1 $ — $ (4 ) Other equity affiliates, net (b) (6 ) (19 ) (9 ) (24 ) Total Equity losses of affiliates $ (6 ) $ (18 ) $ (9 ) $ (28 ) (a) Following completion of the Transaction in April 2018, News Corp ceased accounting for Foxtel as an equity method investment and began consolidating its results in the fourth quarter of fiscal 2018. See Note 3— Acquisitions, Disposals and Other Transactions. In accordance with ASC 350, the Company amortized $15 million and $32 million related to excess cost over the Company’s proportionate share of its investment’s underlying net assets allocated to finite-lived intangible assets during the three and six months ended December 31, 2017. Such amortization is reflected in Equity losses of affiliates in the Statement of Operations. (b) Other equity affiliates, net for the three and six months ended December 31, 2018 include losses primarily from the Company’s interest in Elara. During the three months ended December 31, 2017, the Company recognized $13 million in non-cash |
Schedule of Summarized Financial Information | Summarized financial information for Foxtel, presented in accordance with U.S. GAAP, was as follows: For the six months ended 2018 (a) 2017 (in millions) Revenues $ — $ 1,231 Operating income (b) — 120 Net income — 56 (a) The Company began consolidating the results of Foxtel in the fourth quarter of fiscal 2018 as a result of the Transaction. (b) Includes Depreciation and amortization of $118 million for the six months ended December 31, 2017. Operating income before depreciation and amortization was $238 million for the six months ended December 31, 2017. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The Company’s total borrowings consist of the following: Interest rate at Due date at As of As of (in millions) Foxtel Group Credit facility 2013 (a) 3.84 % Apr 7, 2019 $ 211 $ 222 Credit facility 2014 — tranche 1 (a) 3.84 % May 30, 2019 140 148 Credit facility 2014 — tranche 2 (a) 3.94 % Jan 31, 2020 141 148 Credit facility 2015 (a) 3.99 % Jul 31, 2020 282 296 Credit facility 2016 (a)(b) 4.54 % Sept 11, 2021 — 108 Working capital facility 2017 (a)(b) 4.14 % Jul 3, 2020 42 59 US private placement 2009 — tranche 3 6.20 % Sept 24, 2019 75 75 US private placement 2012 — USD portion — tranche 1 (c) 3.68 % Jul 25, 2019 149 150 US private placement 2012 — USD portion — tranche 2 (c) 4.27 % Jul 25, 2022 197 196 US private placement 2012 — USD portion — tranche 3 (c) 4.42 % Jul 25 2024 147 146 US private placement 2012 — AUD portion 7.04 % Jul 25, 2022 78 83 REA Group Credit facility 2016 — tranche 2 (d)(e) 2.67 % Dec 31, 2018 — 89 Credit facility 2016 — tranche 3 (d) 3.00 % Dec 31, 2019 169 178 Credit facility 2018 (d) 2.83 % Apr 27, 2021 49 54 Total borrowings 1,680 1,952 Less: current portion (f) (744 ) (462 ) Long-term borrowings $ 936 $ 1,490 (a) Borrowings under these facilities bear interest at a floating rate of Australian BBSY plus an applicable margin of between 1.10% and 2.70% per annum payable quarterly. (b) As of December 31, 2018, the Foxtel Group has undrawn commitments of $306 million under these facilities for which it pays a commitment fee in the range of 40% to 45% of the applicable margin. (c) The carrying value of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 9 —Financial Instruments and Fair Value Measurements. (d) Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.45% depending on REA Group’s net leverage ratio. As of December 31, 2018, REA Group was paying a margin of between 0.85% and 1.05%. (e) During the three months ended December 31, 2018, REA Group repaid A$120 million (approximately $87 A$480 (f) The Company classifies the current portion of long term debt as non-current 470-50 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Summary of Changes in Equity | The following tables summarize changes in equity for the three and six months ended December 31, 2018 and 2017: For the three months ended December 31, 2018 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, September 30, 2018 385 $ 4 200 $ 2 $ 12,257 $ (2,032 ) $ (970 ) $ 9,261 $ 1,169 $ 10,430 Net income — — — — — 95 — 95 24 119 Other comprehensive loss — — — — — — (106 ) (106 ) (28 ) (134 ) Dividends — — — — — — — — — — Other — — — — 14 — — 14 5 19 Balance, December 31, 2018 385 $ 4 200 $ 2 $ 12,271 $ (1,937 ) $ (1,076 ) $ 9,264 $ 1,170 $ 10,434 For the three months ended December 31, 2017 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, September 30, 2017 383 $ 4 200 $ 2 $ 12,340 $ (581 ) $ (852 ) $ 10,913 $ 283 $ 11,196 Net (loss) income — — — — — (83 ) — (83 ) 17 (66 ) Other comprehensive income (loss) — — — — — — 20 20 (1 ) 19 Dividends — — — — — — — — — — Other — — — — 10 — — 10 (1 ) 9 Balance, December 31, 2017 383 $ 4 200 $ 2 $ 12,350 $ (664 ) $ (832 ) $ 10,860 $ 298 $ 11,158 For the six months ended December 31, 2018 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Other Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, June 30, 2018 383 $ 4 200 $ 2 $ 12,322 $ (2,163 ) $ (874 ) $ 9,291 $ 1,186 $ 10,477 Cumulative impact from adoption of new accounting standards 32 (22 ) 10 10 20 Net income — — — — — 196 — 196 51 247 Other comprehensive loss — — — — — — (181 ) (181 ) (56 ) (237 ) Dividends — — — — (59 ) — — (59 ) (23 ) (82 ) Other 2 — — — 8 (2 ) 1 7 2 9 Balance, December 31, 2018 385 $ 4 200 $ 2 $ 12,271 $ (1,937 ) $ (1,076 ) $ 9,264 $ 1,170 $ 10,434 For the six months ended December 31, 2017 Class A Common Stock Class B Common Stock Additional Capital Accumulated Deficit Accumulated Loss Total News Equity Noncontrolling Interests Total Equity Shares Amount Shares Amount (in millions) Balance, June 30, 2017 382 $ 4 200 $ 2 $ 12,395 $ (648 ) $ (964 ) $ 10,789 $ 284 $ 11,073 Net (loss) income — — — — — (15 ) — (15 ) 36 21 Other comprehensive income — — — — — — 132 132 3 135 Dividends — — — — (59 ) — — (59 ) (21 ) (80 ) Other 1 — — — 14 (1 ) — 13 (4 ) 9 Balance, December 31, 2017 383 $ 4 200 $ 2 $ 12,350 $ (664 ) $ (832 ) $ 10,860 $ 298 11,158 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis | The following table summarizes those assets and liabilities measured at fair value on a recurring basis: As of December 31, 2018 As of June 30, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Foreign currency derivatives—cash flow hedges $ — $ 5 $ — $ 5 $ — $ 3 $ — $ 3 Cross currency interest rate derivatives—fair value hedges — 26 — 26 — 29 — 29 Cross currency interest rate derivatives—economic hedges — 12 — 12 — 10 — 10 Cross currency interest rate derivatives—cash flow hedges — 105 — 105 — 76 — 76 Equity securities (a) 66 — 115 181 93 — — 93 Total assets $ 66 $ 148 $ 115 $ 329 $ 93 $ 118 $ — $ 211 Liabilities: Interest rate derivatives—cash flow hedges $ — $ 18 $ — $ 18 $ — $ 20 $ — $ 20 Mandatorily redeemable noncontrolling interests — — 12 12 — — 12 12 Cross currency interest rate derivatives—cash flow hedges — 12 — 12 — 12 — 12 Total liabilities $ — $ 30 $ 12 $ 42 $ — $ 32 $ 12 $ 44 (a) See Note 5 —Investments. |
Summary of Equity Securities Classified as Level 3 | A rollforward of the Company’s equity securities classified as Level 3 is as follows: For the six months ended December 31, 2018 (in millions) Balance—beginning of period (a) $ 127 Purchases 6 Sales (10 ) Foreign exchange and other (8 ) Balance—end of period $ 115 (a) Includes impact from the adoption of ASU 2016-01. See Note 1 — Description of Business and Basis of Presentation. |
Summary of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3 | A rollforward of the Company’s mandatorily redeemable noncontrolling interest liabilities classified as Level 3 is as follows: For the six months ended December 31, 2018 2017 (in millions) Balance—beginning of period $ 12 $ 79 Additions — 12 Accretion — 2 Balance—end of period $ 12 $ 93 |
Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates | Fair value as of Balance Sheet Location December 31, June 30, (in millions) Foreign currency derivatives—cash flow hedges Other current assets $ 5 $ 3 Cross currency interest rate derivatives—fair value hedges Other current assets 8 — Cross currency interest rate derivatives—economic hedges Other current assets 12 — Cross currency interest rate derivatives—cash flow hedges Other current assets 32 — Cross currency interest rate derivatives—fair value hedges Other non-current assets 18 29 Cross currency interest rate derivatives—cash flow hedges Other non-current assets 73 76 Cross currency interest rate derivatives—economic hedges Other non-current assets — 10 Interest rate derivatives—cash flow hedges Other current liabilities (4 ) — Interest rate derivatives—cash flow hedges Other non-current liabilities (14 ) (20 ) Cross currency interest rate derivatives—cash flow hedges Other non-current liabilities (12 ) (12 ) |
Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on Accumulated other comprehensive loss and the Statement of Operations during the three and six months ended December 31, 2018. The Company did not have any such hedges in the three and six months ended December 31, 2017. (Gain) loss recognized Gain (loss) reclassified Income statement location 2018 2017 2018 2017 (in millions) Derivative instruments designated as cash flow hedges: Foreign currency derivatives—cash flow hedges $ (2 ) $ — $ 1 $ — Operating expenses Cross currency interest rate derivatives—cash flow hedges (30 ) — 26 — Interest (expense) income, net Interest rate derivatives—cash flow hedges 1 — (2 ) — Interest (expense) income, net Total $ (31 ) $ — $ 25 $ — (Gain) loss recognized Gain (loss) reclassified Income statement location 2018 2017 2018 2017 (in millions) Derivative instruments designated as cash flow hedges: Foreign currency derivatives—cash flow hedges $ (4 ) $ — $ 2 $ — Operating expenses Cross currency interest rate derivatives—cash flow hedges (16 ) — 12 — Interest (expense) income, net Interest rate derivatives—cash flow hedges 2 — (4 ) — Interest (expense) income, net Total $ (18 ) $ — $ 10 $ — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) per Share | The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”: For the three months ended December 31, For the six months ended December 31, 2018 2017 2018 2017 (in millions, except per share amounts) Net income (loss) $ 119 $ (66 ) $ 247 $ 21 Less: Net income attributable to noncontrolling interests (24 ) (17 ) (51 ) (36 ) Less: Redeemable preferred stock dividends (a) — (1 ) — (1 ) Net income (loss) available to News Corporation stockholders $ 95 $ (84 ) $ 196 $ (16 ) Weighted-average number of shares of common stock outstanding—basic 584.9 582.7 584.4 582.5 Dilutive effect of equity awards (b) 2.2 — 1.9 — Weighted-average number of shares of common stock outstanding—diluted 587.1 582.7 586.3 582.5 Net income (loss) available to News Corporation stockholders per share—basic $ 0.16 $ (0.14 ) $ 0.34 $ (0.03 ) Net income (loss) available to News Corporation stockholders per share—diluted $ 0.16 $ (0.14 ) $ 0.33 $ (0.03 ) (a) In connection with the Separation, as defined in Note 7, 21st Century Fox sold 4,000 shares of cumulative redeemable preferred stock with a par value of $5,000 per share of a newly formed U.S. subsidiary of the Company. The preferred stock paid dividends at a rate of 9.5% per annum, payable quarterly, in arrears. The preferred stock was callable by the Company at any time after the fifth year and puttable at the option of the holder after 10 years. In July 2018, the Company exercised its call option and redeemed 100 (b) The dilutive impact of the Company’s PSUs, RSUs and stock options has been excluded from the calculation of diluted loss per share for the three and six months ended December 31, 2017 because their inclusion would have an antidilutive effect on the net loss per share. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated | Segment EBITDA 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. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Segment information is summarized as follows: For the three months ended For the six 2018 2017 2018 2017 (in millions) Revenues: News and Information Services $ 1,257 $ 1,298 $ 2,505 $ 2,539 Subscription Video Services 562 120 1,127 265 Book Publishing 496 469 914 870 Digital Real Estate Services 311 292 604 563 Other 1 1 1 1 Total revenues $ 2,627 $ 2,180 $ 5,151 $ 4,238 Segment EBITDA: News and Information Services $ 120 $ 141 $ 236 $ 215 Subscription Video Services 84 33 197 60 Book Publishing 88 78 156 126 Digital Real Estate Services 121 119 226 214 Other (43 ) (43 ) (87 ) (39 ) Depreciation and amortization (163 ) (100 ) (326 ) (197 ) Impairment and restructuring charges (19 ) (12 ) (37 ) (27 ) Equity losses of affiliates (6 ) (18 ) (9 ) (28 ) Interest (expense) income, net (15 ) 1 (31 ) 7 Other, net 7 (30 ) 27 (21 ) Income before income tax expense 174 169 352 310 Income tax expense (55 ) (235 ) (105 ) (289 ) Net income (loss) $ 119 $ (66 ) $ 247 $ 21 |
Reconciliation of Assets from Segments to Consolidated | As of As of (in millions) Total assets: News and Information Services $ 5,905 $ 6,039 Subscription Video Services 4,618 4,738 Book Publishing 2,141 1,898 Digital Real Estate Services 2,189 2,171 Other (a) 1,029 1,107 Investments 345 393 Total assets $ 16,227 $ 16,346 (a) The Other segment primarily includes Cash and cash equivalents. |
Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated | As of As of (in millions) Goodwill and intangible assets, net: News and Information Services $ 2,737 $ 2,730 Subscription Video Services 2,684 2,853 Book Publishing 773 804 Digital Real Estate Services 1,602 1,502 Total Goodwill and intangible assets, net $ 7,796 $ 7,889 |
Additional Financial Informat_2
Additional Financial Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Receivables, Net | Receivables, net consist of: As of As of (in millions) Receivables $ 1,901 $ 1,829 Allowance for sales returns (a) — (171 ) Allowance for doubtful accounts (48 ) (46 ) Receivables, net $ 1,853 $ 1,612 (a) As a result of the adoption of the new revenue recognition standard during the first quarter of fiscal 2019, the Company reclassified the allowance for sales returns from Receivables, net to Other current liabilities. See Note 2—Revenues. |
Components of Other Non-Current Assets | The following table sets forth the components of Other non-current As of As of (in millions) Royalty advances to authors $ 326 $ 312 Retirement benefit assets 145 135 Inventory (a) 144 143 Other 297 241 Total Other non-current $ 912 $ 831 (a) Primarily consists of the non-current |
Components of Other Current Liabilities | The following table sets forth the components of Other current liabilities: As of As of (in millions) Current tax payable $ 18 $ 17 Allowance for sales returns 216 — Royalties and commissions payable 223 187 Other 213 168 Total Other current liabilities $ 670 $ 372 |
Components of Other, Net | The following table sets forth the components of Other, net: For the three months ended For the six months ended December 31, December 31, 2018 2017 2018 2017 (in millions) Dividends received from equity security investments $ 22 $ — $ 23 $ — Remeasurement of equity securities (a) (44 ) — (29 ) — Write-down of available-for-sale securities (b) — (30 ) — (30 ) Gain on sale of Australian property 12 — 12 — Other, net 17 — 21 9 Total Other, net $ 7 $ (30 ) $ 27 $ (21 ) (a) As a result of the adoption of ASU 2016-01 during the first quarter of fiscal 2019, the Company has included the impact from the remeasurement of equity securities in Other, net in the Statement of Operations for the three and six months ended December 31, 2018. During the three and six months ended December 31, 2017, the impact from the remeasurement of equity securities was included in Accumulated other comprehensive loss in the Balance Sheets. (b) For the three and six months ended December 31, 2017, the write-downs of available-for-sale securities were reclassified out of accumulated other comprehensive loss and included in Other, net in the Statement of Operations. |
Summary of Supplemental Cash Flow Information | The following table sets forth the Company’s cash paid for taxes and interest: For the six months ended December 31, 2018 2017 (in millions) Cash paid for interest $ 45 $ 6 Cash paid for taxes 75 89 |
Description of Business and B_3
Description of Business and Basis of presentation (Detail) - USD ($) $ in Millions | Jul. 02, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | |||||
Advertising [Member] | ||||||
Revenue reclassifications | $ 15 | $ 27 | $ 57 | |||
Other [Member] | ||||||
Revenue reclassifications | $ (15) | $ (27) | $ (57) | |||
New Foxtel [Member] | ||||||
Ownership interest | 65.00% | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Adjustment to retained earnings | $ 20 | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
Adjustment to retained earnings | $ 22 | |||||
FOX SPORTS Australia [Member] | ||||||
Company ownership percentage | 100.00% | |||||
Telstra [Member] | New Foxtel [Member] | ||||||
Ownership interest held by minority interest | 35.00% | |||||
Foxtel [Member] | ||||||
Equity method investment, ownership percentage | 50.00% |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | Jul. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue | $ 2,627,000,000 | $ 2,180,000,000 | $ 5,151,000,000 | $ 4,238,000,000 | |
Revenue from performance obligation | 72,000,000 | 152,000,000 | |||
Revenue from remaining performance obligation | 310,000,000 | 310,000,000 | |||
Impact on net income | 119,000,000 | (66,000,000) | 247,000,000 | 21,000,000 | |
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustment to retained earnings | $ 20,000,000 | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue | (20,000,000) | (37,000,000) | |||
Impact on net income | 8,000,000 | 13,000,000 | |||
Subscription Video Services [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue | 562,000,000 | $ 120,000,000 | 1,127,000,000 | $ 265,000,000 | |
Reclassification of Marketing and Sales Incentive Payments [Member] | Subscription Video Services, Book Publishing and News and Information Services [Member] | ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue | (34,000,000) | (62,000,000) | |||
Impact on net income | 0 | 0 | |||
January 1, 2019 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue from remaining performance obligation | $ 79,000,000 | $ 79,000,000 | |||
Expected period of performance obligation to be recognized | 6 months | 6 months | |||
July 1, 2020 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue from remaining performance obligation | $ 119,000,000 | $ 119,000,000 | |||
Expected period of performance obligation to be recognized | 1 year | 1 year | |||
July 1, 2021 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue from remaining performance obligation | $ 89,000,000 | $ 89,000,000 | |||
Expected period of performance obligation to be recognized | 1 year | 1 year | |||
Installation Operations [Member] | Subscription Video Services [Member] | ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue | $ 7,000,000 | $ 13,000,000 | |||
Financial Services [Member] | REA Group Inc [Member] | Accounting Standards Update 2014-09 [Member] | Commission Receivable [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Commission receivable | 121,000,000 | ||||
Financial Services [Member] | REA Group Inc [Member] | Accounting Standards Update 2014-09 [Member] | Commission Payable [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Commission payable | $ 94,000,000 |
Revenues - Summary of Cumulativ
Revenues - Summary of Cumulative Effect and Impact of Adoption ASC 606 and ASC 605 (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | $ 2,627 | $ 2,180 | $ 5,151 | $ 4,238 | ||
Operating expenses and Selling, general and administrative | (2,257) | (4,423) | ||||
Net income (loss) | 119 | (66) | 247 | 21 | ||
Receivables, net | 1,853 | 1,853 | $ 1,812 | $ 1,612 | ||
Other current assets | 558 | 558 | 368 | 372 | ||
Deferred income tax assets | 228 | 228 | 281 | 279 | ||
Other non-current assets | 912 | 912 | 923 | 831 | ||
Deferred revenue | 430 | 430 | 510 | 516 | ||
Other current liabilities | 670 | 670 | 566 | 372 | ||
Deferred income tax liabilities | 384 | 384 | 400 | 389 | ||
Other non-current liabilities | 524 | 524 | 501 | 430 | ||
Accumulated deficit | (1,937) | (1,937) | (2,143) | $ (2,163) | ||
Circulation and Subscription [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 1,029 | 637 | 2,063 | 1,288 | ||
Advertising [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 718 | 717 | 1,382 | 1,399 | ||
Consumer [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 478 | 453 | 878 | 839 | ||
Real Estate [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 248 | 222 | 475 | 425 | ||
Other [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 154 | $ 151 | 353 | $ 287 | ||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 2,647 | 5,188 | ||||
Operating expenses and Selling, general and administrative | (2,288) | (4,478) | ||||
Net income (loss) | 111 | 234 | ||||
Receivables, net | 1,612 | |||||
Other current assets | 372 | |||||
Deferred income tax assets | 279 | |||||
Other non-current assets | 831 | |||||
Deferred revenue | 516 | |||||
Other current liabilities | 372 | |||||
Deferred income tax liabilities | 389 | |||||
Other non-current liabilities | 430 | |||||
Accumulated deficit | (2,163) | |||||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | Circulation and Subscription [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 1,025 | 2,057 | ||||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | Advertising [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 718 | 1,382 | ||||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | Consumer [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 496 | 908 | ||||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | Real Estate [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 248 | 475 | ||||
ASC 605 [Member] | Accounting Standards Update 2014-09 [Member] | Other [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 160 | 366 | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | (20) | (37) | ||||
Operating expenses and Selling, general and administrative | 31 | 55 | ||||
Net income (loss) | 8 | 13 | ||||
Receivables, net | 200 | |||||
Other current assets | (4) | |||||
Deferred income tax assets | 2 | |||||
Other non-current assets | 92 | |||||
Deferred revenue | (6) | |||||
Other current liabilities | 194 | |||||
Deferred income tax liabilities | 11 | |||||
Other non-current liabilities | 71 | |||||
Accumulated deficit | $ 20 | |||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | Circulation and Subscription [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 4 | 6 | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | Advertising [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 0 | 0 | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | Consumer [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | (18) | (30) | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | Real Estate [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | 0 | 0 | ||||
ASC 606 [Member] | Accounting Standards Update 2014-09 [Member] | Other [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total Revenues | $ (6) | $ (13) |
Revenues - Summary of Disaggreg
Revenues - Summary of Disaggregated Revenue by Type and by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,627 | $ 2,180 | $ 5,151 | $ 4,238 |
Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,029 | 637 | 2,063 | 1,288 |
Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 718 | 717 | 1,382 | 1,399 |
Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 478 | 453 | 878 | 839 |
Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 248 | 222 | 475 | 425 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 154 | 151 | 353 | 287 |
News and Information Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,257 | 1,298 | 2,505 | 2,539 |
News and Information Services [Member] | Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 526 | 1,055 | ||
News and Information Services [Member] | Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 632 | 1,208 | ||
News and Information Services [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
News and Information Services [Member] | Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
News and Information Services [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 99 | 242 | ||
Subscription Video Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 562 | 120 | 1,127 | 265 |
Subscription Video Services [Member] | Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 490 | 981 | ||
Subscription Video Services [Member] | Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 55 | 112 | ||
Subscription Video Services [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Subscription Video Services [Member] | Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Subscription Video Services [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17 | 34 | ||
Digital Real Estate Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 311 | 292 | 604 | 563 |
Digital Real Estate Services [Member] | Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13 | 27 | ||
Digital Real Estate Services [Member] | Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31 | 62 | ||
Digital Real Estate Services [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Digital Real Estate Services [Member] | Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 248 | 475 | ||
Digital Real Estate Services [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19 | 40 | ||
Book Publishing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 496 | $ 469 | 914 | $ 870 |
Book Publishing [Member] | Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Book Publishing [Member] | Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Book Publishing [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 478 | 878 | ||
Book Publishing [Member] | Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Book Publishing [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 18 | 36 | ||
Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1 | 1 | ||
Other Services [Member] | Circulation and Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Other Services [Member] | Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Other Services [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Other Services [Member] | Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Other Services [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1 | $ 1 |
Revenues - Summary of Deferred
Revenues - Summary of Deferred Revenue from Contract with Customers (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Deferred Revenue [Abstract] | ||
Balance, beginning of period | $ 436 | $ 510 |
Deferral of revenue | 742 | 1,337 |
Recognition of deferred revenue | (747) | (1,417) |
Other | (1) | 0 |
Balance, end of period | $ 430 | $ 430 |
Revenues - Summary of Deferre_2
Revenues - Summary of Deferred Revenue from Contract with Customers (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Deferred Revenue Arrangement [Line Items] | ||
Recognition of deferred revenue | $ 747 | $ 1,417 |
Deferred Revenue [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Recognition of deferred revenue | $ 267 | $ 421 |
Acquisitions, Disposals and O_3
Acquisitions, Disposals and Other Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2018 | Apr. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | |
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Goodwill | $ 5,218 | $ 5,225 | ||
New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Cash acquired | $ 78 | |||
Goodwill | $ 1,574 | |||
Ownership interest | 65.00% | |||
Business acquisition, acquired interest percentage | 65.00% | |||
Percentage of the entity that the excess purchase price valuation is based on | 100.00% | |||
Business acquisition purchase price allocation, tangible assets | $ 849 | |||
Business acquisition purchase price allocation, Outstanding borrowings | 1,751 | |||
Business acquisition purchase price allocation, amortizable and indefinite-lived intangible assets | 868 | |||
Business Assets Acquired | $ 4,305 | |||
Opcity [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Total transaction value | $ 210 | |||
Payment to acquire business | 182 | |||
Cash acquired | 7 | |||
Compensation expense | 28 | |||
Cash held back after closing | $ 20 | |||
Acquisition cost recognized as compensation expense, period for recognition | 3 years | |||
Goodwill | $ 124 | |||
Business Assets Acquired | $ 73 | |||
Opcity [Member] | Purchased technology | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Purchased technology, weighted average useful life | 12 years | |||
Business acquisition, purchased technology amount | $ 49 | |||
Opcity [Member] | Leads and Customer Relationships [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Business acquisition purchase price allocation, amortizable intangible assets | $ 24 | |||
Finite lived intangible assets, weighted average useful life | 9 years | |||
Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
FOX SPORTS Australia [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Company ownership percentage | 100.00% | |||
Write-off of channel distribution agreement intangible asset | 317 | |||
FOX SPORTS Australia [Member] | Nonoperating Income (Expense) [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Loss on transactions | $ (337) | |||
FOX SPORTS Australia [Member] | New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Company ownership percentage | 65.00% | |||
Subscriber Relationships [Member] | New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Business acquisition purchase price allocation, amortizable intangible assets | $ 468 | |||
Finite lived intangible assets, weighted average useful life | 10 years | |||
Trade Names [Member] | New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Business acquisition purchase price allocation, indefinite-lived intangible assets | $ 277 | |||
Customer Relationships [Member] | New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Finite lived intangible assets, weighted average useful life | 15 years | |||
Business acquisition purchase price allocation, amortizable and indefinite-lived intangible assets | $ 123 | |||
Telstra [Member] | New Foxtel [Member] | ||||
Schedule Of Business Acquisitions And Divestitures [Line Items] | ||||
Ownership interest held by minority interest | 35.00% |
Acquisitions, Disposals and O_4
Acquisitions, Disposals and Other Transactions - Schedule of Total Aggregate Purchase Price Transaction Value/ Fair Value of Acquisition (Detail) - New Foxtel [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2018USD ($) | |
Business Acquisition [Line Items] | |
Consideration transferred | $ 331 |
Fair value of News Corp previously held equity interest in Foxtel | 631 |
Fair value of noncontrolling interest | 578 |
Fair value of net assets | $ 1,540 |
Acquisitions, Disposals and O_5
Acquisitions, Disposals and Other Transactions - Schedule of Total Aggregate Purchase Price Transaction Value/ Fair Value of Acquisition (Parenthetical) (Detail) | 1 Months Ended |
Apr. 30, 2018 | |
FOX SPORTS Australia [Member] | |
Business Acquisition [Line Items] | |
Percentage of fair value, noncontrolling interest | 35.00% |
Foxtel [Member] | |
Business Acquisition [Line Items] | |
Percentage of fair value, noncontrolling interest | 35.00% |
Acquisitions, Disposals and O_6
Acquisitions, Disposals and Other Transactions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 | Apr. 30, 2018 |
Assets acquired: | |||
Goodwill | $ 5,225 | $ 5,218 | |
New Foxtel [Member] | |||
Assets acquired: | |||
Cash | $ 78 | ||
Current assets | 526 | ||
Property, plant and equipment | 967 | ||
Intangible assets | 868 | ||
Goodwill | 1,574 | ||
Other non-current assets | 292 | ||
Total assets acquired | 4,305 | ||
Liabilities assumed: | |||
Current liabilities | 609 | ||
Long-term borrowings | 1,751 | ||
Other non-current liabilities | 405 | ||
Total liabilities assumed | 2,765 | ||
Net assets acquired | $ 1,540 |
Impairment and Restructuring _3
Impairment and Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 19 | $ 12 | $ 37 | $ 27 |
News and Information Services [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 15 | $ 11 | 32 | $ 25 |
Other Current Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liabilities, current | 23 | 23 | ||
Other Non-Current Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liabilities, non-current | $ 10 | $ 10 |
Impairment and Restructuring _4
Impairment and Restructuring Charges - Schedule of Changes in Restructuring Program Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Liabilities, Beginning Balance | $ 36 | $ 40 | $ 42 | $ 49 |
Additions | 19 | 12 | 37 | 27 |
Payments | (21) | (17) | (45) | (40) |
Other | (1) | 1 | (1) | 0 |
Restructuring Liabilities, Ending Balance | 33 | 36 | 33 | 36 |
One Time Employee Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Liabilities, Beginning Balance | 23 | 25 | 29 | 33 |
Additions | 19 | 11 | 37 | 26 |
Payments | (21) | (15) | (44) | (38) |
Other | (1) | 1 | (2) | 1 |
Restructuring Liabilities, Ending Balance | 20 | 22 | 20 | 22 |
Facility Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Liabilities, Beginning Balance | 2 | 5 | 2 | 6 |
Additions | 0 | 0 | 0 | 0 |
Payments | 0 | (1) | 0 | (1) |
Other | 0 | 0 | 0 | (1) |
Restructuring Liabilities, Ending Balance | 2 | 4 | 2 | 4 |
Other Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Liabilities, Beginning Balance | 11 | 10 | 11 | 10 |
Additions | 0 | 1 | 0 | 1 |
Payments | 0 | (1) | (1) | (1) |
Other | 0 | 0 | 1 | 0 |
Restructuring Liabilities, Ending Balance | $ 11 | $ 10 | $ 11 | $ 10 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Investments Schedule [Abstract] | ||||
Equity method investments | $ 164 | $ 173 | $ 123 | $ 136 |
Equity securities | 181 | 220 | ||
Total Investments | $ 345 | $ 393 |
Investments - Schedule of Total
Investments - Schedule of Total Gains and Losses on Equity Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments Schedule [Abstract] | ||||
Total (losses) gains recognized on equity securities | $ (44) | $ 2 | $ (29) | $ (17) |
Less: Losses recognized on equity securities sold or impaired | 0 | (30) | 0 | (24) |
Unrealized (losses) gains recognized on equity securities held at end of period | $ (44) | $ 32 | $ (29) | $ 7 |
Investments - Schedule of Losse
Investments - Schedule of Losses of Equity Affiliates (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity losses of affiliates | $ (6) | $ (18) | $ (9) | $ (28) |
Foxtel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity losses of affiliates | 0 | 1 | 0 | (4) |
Other Equity Affiliates, Net [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity losses of affiliates | $ (6) | $ (19) | $ (9) | $ (24) |
Investments - Schedule of Los_2
Investments - Schedule of Losses of Equity Affiliates (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Other Equity Affiliates, Net [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Impairments of investment | $ 13 | $ 13 |
Equity Losses of Affiliates [Member] | Foxtel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Amortization of excess basis allocated to finite-lived intangible assets | $ 15 | $ 32 |
Investments - Schedule of Summa
Investments - Schedule of Summarized Financial Information (Detail) - Foxtel [Member] - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 0 | $ 1,231 |
Operating income | 0 | 120 |
Net income | $ 0 | $ 56 |
Investments - Schedule of Sum_2
Investments - Schedule of Summarized Financial Information (Parenthetical) (Detail) - Foxtel [Member] $ in Millions | 6 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Depreciation and amortization | $ 118 |
Operating income before depreciation and amortization | $ 238 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Debt and Financial Instruments [Line Items] | ||
Total borrowings | $ 1,680 | $ 1,952 |
Less: current portion | (744) | (462) |
Long-term borrowings | $ 936 | 1,490 |
Credit Facility 2013 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.84% | |
Due date | Apr. 7, 2019 | |
Total | $ 211 | 222 |
Credit Facility 2014 Tranche 1 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.84% | |
Due date | May 30, 2019 | |
Total | $ 140 | 148 |
Working Capital Facility 2017 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 4.14% | |
Due date | Jul. 3, 2020 | |
Total | $ 42 | 59 |
Credit Facility 2014 Tranche 2 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.94% | |
Due date | Jan. 31, 2020 | |
Total | $ 141 | 148 |
Credit Facility 2015 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.99% | |
Due date | Jul. 31, 2020 | |
Total | $ 282 | 296 |
Credit Facility 2016 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 4.54% | |
Due date | Sep. 11, 2021 | |
Total | $ 0 | 108 |
US Private Placement 2009 Tranche 3 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 6.20% | |
Due date | Sep. 24, 2019 | |
Total | $ 75 | 75 |
US Private Placement 2012 USD Portion Tranche 1 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.68% | |
Due date | Jul. 25, 2019 | |
Total | $ 149 | 150 |
US Private Placement 2012 USD Portion Tranche 2 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 4.27% | |
Due date | Jul. 25, 2022 | |
Total | $ 197 | 196 |
US Private Placement 2012 USD Portion Tranche 3 [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 4.42% | |
Due date | Jul. 25, 2024 | |
Total | $ 147 | 146 |
US Private Placement 2012 AUD Portion [Member] | Foxtel Group [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 7.04% | |
Due date | Jul. 25, 2022 | |
Total | $ 78 | 83 |
Credit Facility Fiscal 2016 Tranche 2 [Member] | REA Group Inc [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 2.67% | |
Due date | Dec. 31, 2018 | |
Total | $ 0 | 89 |
Credit Facility Fiscal 2016 Tranche 3 [Member] | REA Group Inc [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 3.00% | |
Due date | Dec. 31, 2019 | |
Total | $ 169 | 178 |
Credit Facility Fiscal 2018 [Member] | REA Group Inc [Member] | ||
Debt and Financial Instruments [Line Items] | ||
Interest rate | 2.83% | |
Due date | Apr. 27, 2021 | |
Total | $ 49 | $ 54 |
Borrowings - Schedule of Borr_2
Borrowings - Schedule of Borrowings (Parenthetical) (Detail) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018AUD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018AUD ($) | |
New Foxtel [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Undrawn commitments | $ 306 | $ 306 | ||
Minimum [Member] | Australian BBSY [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 1.10% | |||
Minimum [Member] | New Foxtel [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Percentage of applicable margin payable as commitment fee | 40.00% | |||
Maximum [Member] | Australian BBSY [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 2.70% | |||
Maximum [Member] | New Foxtel [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Percentage of applicable margin payable as commitment fee | 45.00% | |||
REA Group [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Maximum borrowing capacity under the revolving loan facility | $ 480 | |||
REA Group [Member] | Minimum [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 0.85% | |||
REA Group [Member] | Minimum [Member] | Australian BBSY [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 0.85% | |||
REA Group [Member] | Maximum [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 1.05% | |||
REA Group [Member] | Maximum [Member] | Australian BBSY [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Interest rate margin | 1.45% | |||
Credit Facility Fiscal 2016 Tranche 2 [Member] | REA Group [Member] | ||||
Debt and Financial Instruments [Line Items] | ||||
Repayment of revolving credit facility | 87 | $ 120 | ||
Amounts drawn under credit facility | $ 169 | $ 169 | $ 240 |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) - Redeemable Preferred Stock [Member] - $ / shares | Jun. 28, 2013 | Jul. 31, 2018 | Jul. 28, 2018 |
Class of Stock [Line Items] | |||
Preferred stock sold | 4,000 | ||
Preferred stock, par value | $ 5,000 | ||
Preferred stock dividend rate | 9.50% | ||
Company exercised its call option and redeemed | 100.00% | 100.00% | |
Call Option [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period | 5 years | ||
Put Option [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock redemption period | 10 years |
Equity - Summary of Changes in
Equity - Summary of Changes in Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes In Equity [Line Items] | ||||
Balance, beginning of period | $ 10,430 | $ 11,196 | $ 10,477 | $ 11,073 |
Cumulative impact from adoption of new accounting standards | 20 | |||
Net income (loss) | 119 | (66) | 247 | 21 |
Other comprehensive income (loss) | (134) | 19 | (237) | 135 |
Dividends | 0 | 0 | (82) | (80) |
Other | 19 | 9 | 9 | 9 |
Balance, end of period | $ 10,434 | 11,158 | $ 10,434 | 11,158 |
Class A Common Stock [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period, Shares | 383,385,353 | |||
Balance, end of period, Shares | 385,259,814 | 385,259,814 | ||
Class B Common Stock [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period, Shares | 199,630,240 | |||
Balance, end of period, Shares | 199,630,240 | 199,630,240 | ||
Common Stock [Member] | Class A Common Stock [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | $ 4 | $ 4 | $ 4 | $ 4 |
Balance, beginning of period, Shares | 385,000,000 | 383,000,000 | 383,000,000 | 382,000,000 |
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 | 0 |
Other | 0 | 0 | $ 0 | $ 0 |
Other, Shares | 2,000,000 | 1,000,000 | ||
Balance, end of period | $ 4 | $ 4 | $ 4 | $ 4 |
Balance, end of period, Shares | 385,000,000 | 383,000,000 | 385,000,000 | 383,000,000 |
Common Stock [Member] | Class B Common Stock [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | $ 2 | $ 2 | $ 2 | $ 2 |
Balance, beginning of period, Shares | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 |
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | $ 2 | $ 2 | $ 2 | $ 2 |
Balance, end of period, Shares | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 |
Additional Paid-in Capital [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | $ 12,257 | $ 12,340 | $ 12,322 | $ 12,395 |
Net income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | (59) | (59) |
Other | 14 | 10 | 8 | 14 |
Balance, end of period | 12,271 | 12,350 | 12,271 | 12,350 |
Accumulated Deficit [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | (2,032) | (581) | (2,163) | (648) |
Cumulative impact from adoption of new accounting standards | 32 | |||
Net income (loss) | 95 | (83) | 196 | (15) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 | 0 |
Other | 0 | 0 | (2) | (1) |
Balance, end of period | (1,937) | (664) | (1,937) | (664) |
Accumulated Other Comprehensive Loss [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | (970) | (852) | (874) | (964) |
Cumulative impact from adoption of new accounting standards | (22) | |||
Net income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (106) | 20 | (181) | 132 |
Dividends | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 1 | 0 |
Balance, end of period | (1,076) | (832) | (1,076) | (832) |
Total News Corporation Equity | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | 9,261 | 10,913 | 9,291 | 10,789 |
Cumulative impact from adoption of new accounting standards | 10 | |||
Net income (loss) | 95 | (83) | 196 | (15) |
Other comprehensive income (loss) | (106) | 20 | (181) | 132 |
Dividends | 0 | 0 | (59) | (59) |
Other | 14 | 10 | 7 | 13 |
Balance, end of period | 9,264 | 10,860 | 9,264 | 10,860 |
Noncontrolling Interest [Member] | ||||
Changes In Equity [Line Items] | ||||
Balance, beginning of period | 1,169 | 283 | 1,186 | 284 |
Cumulative impact from adoption of new accounting standards | 10 | |||
Net income (loss) | 24 | 17 | 51 | 36 |
Other comprehensive income (loss) | (28) | (1) | (56) | 3 |
Dividends | 0 | 0 | (23) | (21) |
Other | 5 | (1) | 2 | (4) |
Balance, end of period | $ 1,170 | $ 298 | $ 1,170 | $ 298 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 01, 2019 | Aug. 31, 2018 | Aug. 31, 2017 | Dec. 31, 2018 | May 31, 2013 |
Class of Stock [Line Items] | |||||
Cash dividends per common share, date of dividend payable | Oct. 17, 2018 | Oct. 18, 2017 | |||
Cash dividends per common share, date of record for dividend | Sep. 12, 2018 | Sep. 13, 2017 | |||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends per common share, date of dividend payable | Apr. 17, 2019 | ||||
Cash dividends per common share, date of record for dividend | Mar. 13, 2019 | ||||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Aggregate amount of shares authorized to be repurchased | $ 500 | ||||
Number of shares repurchased | 0 | ||||
Cash dividends declared per share of common stock | $ 0.10 | $ 0.10 | |||
Class A Common Stock [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares repurchased | 5.2 | ||||
Remaining authorized amount under stock repurchase program | $ 429 | ||||
Aggregate cost of shares repurchased | $ 71 | ||||
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared per share of common stock | $ 0.10 | $ 0.10 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Assets: | ||
Equity securities | $ 181 | $ 93 |
Total assets | 329 | 211 |
Liabilities: | ||
Mandatorily redeemable noncontrolling interests | 12 | 12 |
Total liabilities | 42 | 44 |
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 5 | 3 |
Cross Currency Interest Rate Derivatives [Member] | ||
Liabilities: | ||
Derivative liabilities | 12 | 12 |
Cross Currency Interest Rate Derivatives [Member] | Fair Value Hedging [Member] | ||
Assets: | ||
Derivative assets | 26 | 29 |
Cross Currency Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Assets: | ||
Derivative assets | 12 | 10 |
Cross Currency Interest Rate Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 105 | 76 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Liabilities: | ||
Derivative liabilities | 18 | 20 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets: | ||
Equity securities | 66 | 93 |
Total assets | 66 | 93 |
Liabilities: | ||
Mandatorily redeemable noncontrolling interests | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cross Currency Interest Rate Derivatives [Member] | Fair Value Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cross Currency Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cross Currency Interest Rate Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets: | ||
Equity securities | 0 | 0 |
Total assets | 148 | 118 |
Liabilities: | ||
Mandatorily redeemable noncontrolling interests | 0 | 0 |
Total liabilities | 30 | 32 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 5 | 3 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cross Currency Interest Rate Derivatives [Member] | Fair Value Hedging [Member] | ||
Assets: | ||
Derivative assets | 26 | 29 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cross Currency Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Assets: | ||
Derivative assets | 12 | 10 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cross Currency Interest Rate Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 105 | 76 |
Liabilities: | ||
Derivative liabilities | 12 | 12 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Liabilities: | ||
Derivative liabilities | 18 | 20 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Assets: | ||
Equity securities | 115 | 0 |
Total assets | 115 | 0 |
Liabilities: | ||
Mandatorily redeemable noncontrolling interests | 12 | 12 |
Total liabilities | 12 | 12 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Cross Currency Interest Rate Derivatives [Member] | Fair Value Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Cross Currency Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Cross Currency Interest Rate Derivatives [Member] | Cash Flow Hedging [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Summary of Equity Securities Classified as Level 3 (Detail) - Level 3 [Member] $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance—beginning of period | $ 127 |
Purchases | 6 |
Sales | (10) |
Foreign exchange and other | (8) |
Balance—end of period | $ 115 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Summary of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3 (Detail) - Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value [Member] - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance—beginning of period | $ 12 | $ 79 |
Additions | 0 | 12 |
Accretion | 0 | 2 |
Balance—end of period | $ 12 | $ 93 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, reported under other current assets | $ 5 | $ 3 |
Cross Currency Interest Rate Derivatives [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, reported under other current assets | 32 | 0 |
Derivatives, reported under other non-current assets | 73 | 76 |
Derivatives, reported under other non-current liabilities | (12) | (12) |
Cross Currency Interest Rate Derivatives [Member] | Fair Value Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, reported under other current assets | 8 | 0 |
Derivatives, reported under other non-current assets | 18 | 29 |
Cross Currency Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, reported under other current assets | 12 | 0 |
Derivatives, reported under other non-current assets | 0 | 10 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, reported under other current liabilities | (4) | 0 |
Derivatives, reported under other non-current liabilities | $ (14) | $ (20) |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018AUD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investment carrying value | $ 164 | $ 123 | $ 164 | $ 173 | $ 136 | |
Non-cash impairments of equity method investment | $ 13 | |||||
Notional value of fair value hedges | $ 100 | |||||
Cash Flow Hedging [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notional value of foreign exchange contract derivatives designated for hedging | 51 | 51 | ||||
Notional value of interest rate swap derivatives designated as cash flow hedges | 700 | |||||
Amount recognized in earnings for ineffective portion of derivative instruments designated as cash flow hedges | 1 | 1 | ||||
Estimates of net derivative gains related to cash flow hedges included in Accumulated other comprehensive loss | 5 | 5 | ||||
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notional value of interest rate swap derivatives designated as cash flow hedges | $ 400 | |||||
Estimates of net derivative gains related to cash flow hedges included in Accumulated other comprehensive loss | 1 | 1 | ||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Estimates of net derivative gains related to cash flow hedges included in Accumulated other comprehensive loss | 3 | 3 | ||||
Fair Value Hedging [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Adjustments decreased the carrying value of long-term debt | 2 | 2 | ||||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notional value of cross currency interest rate swaps designated as cash flow hedges | $ 75 | $ 75 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges (Detail) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
(Gain) loss recognized in Accumulated Other Comprehensive Income | $ (31) | $ 0 | $ (18) | $ 0 |
Gain (loss) reclassified from Accumulated Other Comprehensive Income | 25 | 0 | 10 | 0 |
Foreign Currency Derivatives [Member] | Operating Expense [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
(Gain) loss recognized in Accumulated Other Comprehensive Income | (2) | 0 | (4) | 0 |
Gain (loss) reclassified from Accumulated Other Comprehensive Income | 1 | 0 | 2 | 0 |
Cross Currency Interest Rate Derivatives [Member] | Interest (Expense) Income, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
(Gain) loss recognized in Accumulated Other Comprehensive Income | (30) | 0 | (16) | 0 |
Gain (loss) reclassified from Accumulated Other Comprehensive Income | 26 | 0 | 12 | 0 |
Interest Rate Contract [Member] | Interest (Expense) Income, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
(Gain) loss recognized in Accumulated Other Comprehensive Income | 1 | 0 | 2 | 0 |
Gain (loss) reclassified from Accumulated Other Comprehensive Income | $ (2) | $ 0 | $ (4) | $ 0 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 119 | $ (66) | $ 247 | $ 21 |
Less: Net income attributable to noncontrolling interests | (24) | (17) | (51) | (36) |
Less: Redeemable preferred stock dividends | 0 | (1) | 0 | (1) |
Net income (loss) available to News Corporation stockholders | $ 95 | $ (84) | $ 196 | $ (16) |
Weighted-average number of shares of common stock outstanding—basic | 584.9 | 582.7 | 584.4 | 582.5 |
Dilutive effect of equity awards | 2.2 | 0 | 1.9 | 0 |
Weighted-average number of shares of common stock outstanding—diluted | 587.1 | 582.7 | 586.3 | 582.5 |
Net income (loss) available to News Corporation stockholders per share—basic | $ 0.16 | $ (0.14) | $ 0.34 | $ (0.03) |
Net income (loss) available to News Corporation stockholders per share—diluted | $ 0.16 | $ (0.14) | $ 0.33 | $ (0.03) |
Earnings (Loss) Per Share - C_2
Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Parenthetical) (Detail) - Redeemable Preferred Stock [Member] - $ / shares | Jun. 28, 2013 | Jul. 31, 2018 | Jul. 28, 2018 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Preferred stock sold | 4,000 | ||
Preferred stock, par value | $ 5,000 | ||
Preferred stock dividend rate | 9.50% | ||
Company exercised its call option and redeemed | 100.00% | 100.00% | |
Call Option [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Preferred stock redemption period | 5 years | ||
Put Option [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Preferred stock redemption period | 10 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2018 | Jun. 30, 2018 | |
Loss Contingencies [Line Items] | ||||||
Other current assets | $ 558 | $ 558 | $ 368 | $ 372 | ||
U.K. Newspaper Matters [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Selling, general and administrative expenses (benefit), net | 4 | $ 3 | 6 | $ (40) | ||
Litigation liability accrued | 50 | 50 | ||||
Impact due to reversal of previous accrued liability due to settlement with tax authority | $ 46 | $ 46 | ||||
U.K. Newspaper Matters Indemnification [Member] | 21st Century Fox [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Other current assets | $ 47 | $ 47 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 55,000,000 | $ 235,000,000 | $ 105,000,000 | $ 289,000,000 | |
Income (loss) before income tax (expense) benefit | $ 174,000,000 | 169,000,000 | 352,000,000 | 310,000,000 | |
Provisional charges recorded | $ 174,000,000 | 174,000,000 | |||
Gross income tax paid | 75,000,000 | 89,000,000 | |||
Income tax refunds | $ 10,000,000 | $ 0 | |||
U.S. Tax Cuts and Jobs Act [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 237,000,000 | ||||
US Statutory Federal Tax Rate [Member] | |||||
Income Tax Contingency [Line Items] | |||||
U.S. statutory federal tax rate | 21.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended | |
Dec. 31, 2018SegmentItemBrandCountry | Apr. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 5 | |
New Foxtel [Member] | ||
Segment Reporting Information [Line Items] | ||
Company ownership percentage | 65.00% | |
New Foxtel [Member] | Telstra [Member] | ||
Segment Reporting Information [Line Items] | ||
Ownership interest held by minority interest | 35.00% | |
Digital Real Estate Services [Member] | Move Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Company ownership percentage | 80.00% | |
Digital Real Estate Services [Member] | Move Inc [Member] | REA Group Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Ownership interest held by minority interest | 20.00% | |
Digital Real Estate Services [Member] | REA Group Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Company ownership percentage | 61.60% | |
Book Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of countries | Country | 17 | |
Book Publishing [Member] | Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of branded publishing imprints | Brand | 120 | |
Subscription Video Services [Member] | New Foxtel [Member] | ||
Segment Reporting Information [Line Items] | ||
Company ownership percentage | 65.00% | |
Subscription Video Services [Member] | New Foxtel [Member] | Telstra [Member] | ||
Segment Reporting Information [Line Items] | ||
Ownership interest held by minority interest | 35.00% | |
Subscription Video Services [Member] | Minimum [Member] | New Foxtel [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of channels | Item | 200 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,627 | $ 2,180 | $ 5,151 | $ 4,238 |
Depreciation and amortization | (163) | (100) | (326) | (197) |
Impairment and restructuring charges | (19) | (12) | (37) | (27) |
Equity losses of affiliates | (6) | (18) | (9) | (28) |
Interest (expense) income, net | (15) | 1 | (31) | 7 |
Other, net | 7 | (30) | 27 | (21) |
Income before income tax expense | 174 | 169 | 352 | 310 |
Income tax expense | (55) | (235) | (105) | (289) |
Net income (loss) | 119 | (66) | 247 | 21 |
News and Information Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,257 | 1,298 | 2,505 | 2,539 |
Total Segment EBITDA | 120 | 141 | 236 | 215 |
Subscription Video Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 562 | 120 | 1,127 | 265 |
Total Segment EBITDA | 84 | 33 | 197 | 60 |
Book Publishing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 496 | 469 | 914 | 870 |
Total Segment EBITDA | 88 | 78 | 156 | 126 |
Digital Real Estate Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 311 | 292 | 604 | 563 |
Total Segment EBITDA | 121 | 119 | 226 | 214 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1 | 1 | 1 | 1 |
Total Segment EBITDA | $ (43) | $ (43) | $ (87) | $ (39) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Investments | $ 345 | $ 393 |
Total assets | 16,227 | 16,346 |
News and Information Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,905 | 6,039 |
Subscription Video Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,618 | 4,738 |
Book Publishing [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,141 | 1,898 |
Digital Real Estate Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,189 | 2,171 |
Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,029 | $ 1,107 |
Segment Information - Reconci_3
Segment Information - Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Segment Reporting Information [Line Items] | ||
Total Goodwill and intangible assets, net | $ 7,796 | $ 7,889 |
News and Information Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Goodwill and intangible assets, net | 2,737 | 2,730 |
Subscription Video Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Goodwill and intangible assets, net | 2,684 | 2,853 |
Book Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Goodwill and intangible assets, net | 773 | 804 |
Digital Real Estate Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Goodwill and intangible assets, net | $ 1,602 | $ 1,502 |
Additional Financial Informat_3
Additional Financial Information - Components of Receivables, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
Receivables [Abstract] | |||
Receivables | $ 1,901 | $ 1,829 | |
Allowance for sales returns | 0 | (171) | |
Allowance for doubtful accounts | (48) | (46) | |
Receivables, net | $ 1,853 | $ 1,812 | $ 1,612 |
Additional Financial Informat_4
Additional Financial Information - Components of Other Non-Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
Assets, Noncurrent [Abstract] | |||
Royalty advances to authors | $ 326 | $ 312 | |
Retirement benefit assets | 145 | 135 | |
Inventory | 144 | 143 | |
Other | 297 | 241 | |
Total Other non-current assets | $ 912 | $ 923 | $ 831 |
Additional Financial Informat_5
Additional Financial Information - Components of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Other current liabilities | $ 670 | $ 566 | $ 372 |
Other Current Liabilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current tax payable | 18 | 17 | |
Allowance for sales returns | 216 | 0 | |
Royalties and commissions payable | 223 | 187 | |
Other | 213 | 168 | |
Total Other current liabilities | $ 670 | $ 372 |
Additional Financial Informat_6
Additional Financial Information - Components of Other, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | ||||
Dividends received from equity security investments | $ 22 | $ 0 | $ 23 | $ 0 |
Remeasurement of equity securities | (44) | 0 | (29) | 0 |
Write-down of available-for-sale securities | 0 | (30) | 0 | (30) |
Gain on sale of Australian property | 12 | 0 | 12 | 0 |
Other, net | 17 | 0 | 21 | 9 |
Total Other, net | $ 7 | $ (30) | $ 27 | $ (21) |
Additional Financial Informat_7
Additional Financial Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest | $ 45 | $ 6 |
Cash paid for taxes | $ 75 | $ 89 |
Subsequent Events- Additional I
Subsequent Events- Additional Information (Detail) - $ / shares | Feb. 01, 2019 | Aug. 31, 2018 | Aug. 31, 2017 |
Subsequent Event [Line Items] | |||
Dividend Declared payable | Oct. 17, 2018 | Oct. 18, 2017 | |
Dividend Declared record | Sep. 12, 2018 | Sep. 13, 2017 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividend Declared payable | Apr. 17, 2019 | ||
Dividend Declared record | Mar. 13, 2019 | ||
Subsequent Event [Member] | Common Class A [Member] | |||
Subsequent Event [Line Items] | |||
Dividend Declared amount per share | $ 0.10 | ||
Subsequent Event [Member] | Common Class B [Member] | |||
Subsequent Event [Line Items] | |||
Dividend Declared amount per share | $ 0.10 |