Fox (FOX) 10-Q 9 Feb 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38776
Entity Registrant Name	FOX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1825597
Entity Address, Address Line One	1211 Avenue of the Americas
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	852-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001754301
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	FOXA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		315,806,280
Class B Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	FOX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		247,096,334

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues		$ 4,441	$ 4,087	$ 7,486	$ 6,804
Operating expenses		(3,667)	(3,346)	(5,238)	(4,514)
Selling, general and administrative		(468)	(442)	(883)	(830)
Depreciation and amortization		(93)	(70)	(172)	(138)
Impairment and restructuring charges		0	0	0	(35)
Interest expense, net		(97)	(97)	(194)	(195)
Other, net		(211)	172	(142)	691
(Loss) income before income tax benefit (expense)		(95)	304	857	1,783
Income tax benefit (expense)		22	(74)	(222)	(436)
Net (loss) income		(73)	230	635	1,347
Less: Net income attributable to noncontrolling interests	[1]	(12)	(6)	(19)	(17)
Net (loss) income attributable to Fox Corporation stockholders		$ (85)	$ 224	$ 616	$ 1,330
Weighted average shares:
Basic (in shares)		569	595	572	599
Diluted (in shares)		573	598	575	601
Net (loss) income attributable to Fox Corporation stockholders per share:
Basic (in dollars per share)		$ (0.15)	$ 0.38	$ 1.08	$ 2.22
Diluted (in dollars per share)		$ (0.15)	$ 0.37	$ 1.07	$ 2.21
[1]	Net income attributable to noncontrolling interests includes $(3) million and $4 million for the three months ended December 31, 2021 and 2020, respectively, and $(4) million and $8 million for the six months ended December 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (73)	$ 230	$ 635	$ 1,347
Other comprehensive income, net of tax:
Benefit plan adjustments and other		8	7	14	16
Other comprehensive income, net of tax		8	7	14	16
Comprehensive (loss) income		(65)	237	649	1,363
Less: Net income attributable to noncontrolling interests	[1]	(12)	(6)	(19)	(17)
Comprehensive (loss) income attributable to Fox Corporation stockholders		$ (77)	$ 231	$ 630	$ 1,346
[1]	Net income attributable to noncontrolling interests includes $(3) million and $4 million for the three months ended December 31, 2021 and 2020, respectively, and $(4) million and $8 million for the six months ended December 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ (3)	$ 4	$ (4)	$ 8

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents		$ 4,255	$ 5,886
Receivables, net		2,952	2,029
Inventories, net		1,148	729
Other		159	105
Total current assets		8,514	8,749
Non-current assets
Property, plant and equipment, net		1,650	1,708
Intangible assets, net		3,198	3,154
Goodwill		3,565	3,435
Deferred tax assets		3,675	3,822
Other non-current assets		2,276	2,058
Total assets		22,878	22,926
Current liabilities
Borrowings		750	749
Accounts payable, accrued expenses and other current liabilities		2,120	2,253
Total current liabilities		2,870	3,002
Non-current liabilities
Borrowings		7,204	7,202
Other liabilities		1,342	1,336
Redeemable noncontrolling interests		172	261
Commitments and contingencies
Equity
Additional paid-in capital		9,265	9,453
Retained earnings		2,308	1,982
Accumulated other comprehensive loss		(304)	(318)
Total Fox Corporation stockholders' equity		11,275	11,123
Noncontrolling interests		15	2
Total equity		11,290	11,125
Total liabilities and equity		22,878	22,926
Class A Common Stock
Equity
Common stock	[1]	3	3
Class B Common Stock
Equity
Common stock	[2]	$ 3	$ 3
[1]	Class A common stock , $0.01 par value per share, 2,000,000,000 shares authorized, 316,736,627 shares and 324,361,864 shares issued and outstanding at par as of December 31, 2021 and June 30, 2021, respectively.
[2]	Class B common stock , $0.01 par value per share, 1,000,000,000 shares authorized, 247,528,605 shares and 251,821,556 shares issued and outstanding at par as of December 31, 2021 and June 30, 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	316,736,627	324,361,864
Common stock, shares outstanding	316,736,627	324,361,864
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	247,528,605	251,821,556
Common stock, shares outstanding	247,528,605	251,821,556

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net (loss) income	$ 635	$ 1,347
Adjustments to reconcile net income to cash (used in) provided by operating activities
Depreciation and amortization	172	138
Amortization of cable distribution investments	9	11
Impairment and restructuring charges	0	35
Equity-based compensation	47	75
Other, net	142	(691)
Deferred income taxes	143	421
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(940)	(1,011)
Inventories net of program rights payable	(494)	(60)
Accounts payable and accrued expenses	(214)	156
Other changes, net	(156)	(184)
Net cash (used in) provided by operating activities	(656)	237
INVESTING ACTIVITIES
Property, plant and equipment	(121)	(242)
Acquisitions, net of cash acquired	(229)	0
Proceeds from dispositions, net	82	0
Purchase of investments	(28)	(86)
Other investing activities, net	0	(1)
Net cash used in investing activities	(296)	(329)
FINANCING ACTIVITIES
Repurchase of shares	(497)	(416)
Non-operating cash flows from The Walt Disney Company	0	116
Settlement of Divestiture Tax Prepayment	0	462
Dividends paid and distributions	(150)	(176)
Other financing activities, net	(32)	(37)
Net cash used in financing activities	(679)	(51)
Net decrease in cash and cash equivalents	(1,631)	(143)
Cash and cash equivalents, beginning of year	5,886	4,645
Cash and cash equivalents, end of period	$ 4,255	$ 4,502

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Fox Corporation Stockholders' Equity	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Jun. 30, 2020			344	261
Beginning balance at Jun. 30, 2020	$ 10,111	$ 10,094	$ 3	$ 3	$ 9,831	$ 674	$ (417)	$ 17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,339	1,330				1,330		9
Other comprehensive income	16	16					16
Dividends	(138)	(138)				(138)
Shares repurchased			(11)	(4)
Shares repurchased	(419)	(419)			(247)	(172)
Other (in shares)			2
Other	12	34			71	(37)		(22)
Ending balance (in shares) at Dec. 31, 2020			335	257
Ending balance at Dec. 31, 2020	10,921	10,917	$ 3	$ 3	9,655	1,657	(401)	4
Beginning balance (in shares) at Sep. 30, 2020			338	258
Beginning balance at Sep. 30, 2020	10,806	10,791	$ 3	$ 3	9,668	1,525	(408)	15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	226	224				224		2
Other comprehensive income	7	7					7
Shares repurchased			(4)	(1)
Shares repurchased	(149)	(149)			(86)	(63)
Other (in shares)			1
Other	31	44			73	(29)		(13)
Ending balance (in shares) at Dec. 31, 2020			335	257
Ending balance at Dec. 31, 2020	10,921	10,917	$ 3	$ 3	9,655	1,657	(401)	4
Beginning balance (in shares) at Jun. 30, 2021			324	252
Beginning balance at Jun. 30, 2021	11,125	11,123	$ 3	$ 3	9,453	1,982	(318)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	639	616				616		23
Other comprehensive income	14	14					14
Dividends	(138)	(138)				(138)
Shares repurchased			(10)	(4)
Shares repurchased	(497)	(497)			(222)	(275)
Other (in shares)			3
Other	147	157			34	123		(10)
Ending balance (in shares) at Dec. 31, 2021			317	248
Ending balance at Dec. 31, 2021	11,290	11,275	$ 3	$ 3	9,265	2,308	(304)	15
Beginning balance (in shares) at Sep. 30, 2021			321	250
Beginning balance at Sep. 30, 2021	11,430	11,430	$ 3	$ 3	9,327	2,409	(312)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(70)	(85)				(85)		15
Other comprehensive income	8	8					8
Shares repurchased			(5)	(2)
Shares repurchased	(247)	(247)			(108)	(139)
Other (in shares)			1
Other	169	169			46	123
Ending balance (in shares) at Dec. 31, 2021			317	248
Ending balance at Dec. 31, 2021	$ 11,290	$ 11,275	$ 3	$ 3	$ 9,265	$ 2,308	$ (304)	$ 15

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation, a Delaware corporation (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022, due to, among other things, the impact of coronavirus disease 2019 (“COVID-19”) on the Company’s business. The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 as filed with the Securities and Exchange Commission on August 10, 2021 (the “2021 Form 10-K”). The Unaudited Consolidated Financial Statements include the accounts of FOX. All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations. The Company’s fiscal year ends on June 30 of each year. Certain fiscal 2021 amounts have been reclassified to conform to the fiscal 2022 presentation. The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein. Recently Adopted and Recently Issued Accounting Guidance No recently adopted or issued accounting guidance materially impacted or are expected to impact the Company's Financial Statements.

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions	6 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Disposals and Other Transactions	ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS The Company’s acquisitions support the Company’s strategy to strengthen its core brands and to enhance production capabilities for its digital and linear platforms. During the six months ended December 31, 2021, the Company acquired three entertainment production companies for total consideration of approximately $246 million. The revenues and Segment EBITDA (as defined in Note 10-Segment Information) included within the Company's consolidated results of operations associated with these companies were not material individually or in the aggregate. For the fiscal 2021 acquisition disclosed in Note 3—Acquisitions, Disposals and Other Transactions in the 2021 Form 10-K under the heading “Acquisitions and Disposals,” the accounting for the business combination, including consideration transferred, is based on provisional amounts and the allocation of the consideration transferred is not final. The amounts allocated to intangibles and goodwill, the estimates of useful lives and the related amortization expense are subject to changes pending the completion of the final valuation of certain assets and liabilities. A change in the allocation of consideration transferred and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense.

Inventories, Net

Inventories, Net	6 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET The Company’s inventories were comprised of the following: As of December 31, As of June 30, (in millions) Sports programming rights $ 916 $ 573 Entertainment programming rights 694 355 Total inventories, net 1,610 928 Less: current portion of inventories, net (1,148) (729) Total non-current inventories, net $ 462 $ 199 The aggregate amortization expense related to the programming rights was approximately $2.6 billion and $2.8 billion for the three months ended December 31, 2021 and 2020, respectively, and approximately $3.4 billion and $3.5 billion for the six months ended December 31, 2021 and 2020, respectively, which is included in Operating expenses in the Statements of Operations.

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE In accordance with ASC 820, “Fair Value Measurement,” fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). The following tables present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) Assets Investments in equity securities $ 689 $ 689 (a) $ — $ — Redeemable noncontrolling interests (172) — — (172) (b) Total $ 517 $ 689 $ — $ (172) Fair value measurements As of June 30, 2021 Total Level 1 Level 2 Level 3 (in millions) Assets Investments in equity securities $ 788 $ 788 (a) $ — $ — Redeemable noncontrolling interests (261) — — (261) (b) Total $ 527 $ 788 $ — $ (261) (a) The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2021 Form 10-K under the heading “Flutter” for additional information). (b) The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates. Redeemable Noncontrolling Interests The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity,” because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded are put rights held by minority shareholders in a majority-owned sports network, Credible Labs Inc. ("Credible") and an entertainment production company. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Beginning of period $ (302) $ (310) $ (261) $ (305) Acquisitions (a) (13) — (58) — Net loss (income) 3 (4) 4 (8) Redemption of noncontrolling interests (b) — 135 — 135 Distributions — 5 3 11 Accretion and other (c) 140 (28) 140 (35) End of period $ (172) $ (202) $ (172) $ (202) (a) The increase for the six months ended December 31, 2021 was primarily due to the acquisition of an entertainment production company. (b) As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the three months ended December 31, 2020, approximately $135 million was reclassified out of Redeemable noncontrolling interests. At closing, the Company paid half of the purchase price in cash and delivered a three (c) As a result of the expiration of the sports network minority shareholder's final put right during the three months ended December 31, 2021, approximately $110 million was reclassified into equity. The put right held by the Credible minority shareholder will become exercisable in fiscal 2025. The put right held by the entertainment production company's minority shareholder will become exercisable in fiscal 2027. Financial Instruments The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method in accordance with ASC 321, approximates fair value. As of December 31, As of June 30, (in millions) Borrowings Fair value $ 9,362 $ 9,474 Carrying value $ 7,954 $ 7,951 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of December 31, 2021 and June 30, 2021, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	BORROWINGSBorrowings include senior notes (See Note 9—Borrowings in the 2021 Form 10-K under the heading “Public Debt – Senior Notes Issued”). In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of March 2024 (See Note 9—Borrowings in the 2021 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2021, there were no borrowings outstanding under the revolving credit agreement. Subsequent to December 31, 2021, $750 million of 3.666% senior notes due in January 2022 matured and were repaid in full.

Stockholders Equity

Stockholders Equity	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Repurchase Program The Company's Board of Directors (the "Board") has authorized a $4 billion stock repurchase program, under which the Company can repurchase Class A Common Stock (the “Class A Common Stock”) and Class B Common Stock (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time. The Company repurchased approximately 14 million shares of Common Stock for approximately $497 million during the six months ended December 31, 2021. Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings. As of December 31, 2021, the Company’s remaining stock repurchase authorization was approximately $1.90 billion. Subsequent to December 31, 2021, the Company repurchased approximately 1.4 million shares of Common Stock for $53 million. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 Cash dividend per share $ — $ — $ 0.24 $ 0.23 Subsequent to December 31, 2021, the Company declared a semi-annual dividend of $0.24 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 30, 2022 with a record date for determining dividend entitlements of March 2, 2022.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATION The Company has one equity plan, the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2021 Form 10-K). The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Equity-based compensation $ 32 $ 44 $ 47 $ 75 Intrinsic value of all settled equity-based awards $ 18 $ 10 $ 94 $ 91 Tax benefit on settled equity-based awards $ 4 $ 2 $ 21 $ 16 The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2021, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $110 million and is expected to be recognized over a weighted average period between one As of December 31, 2021 and 2020, the Company had approximately 6 million and 7 million stock options outstanding, respectively. Awards Vested and Granted Restricted Stock Units During the six months ended December 31, 2021 and 2020 , a pproximately 2.4 million and 3.5 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company. Performance-Based Stock Options During the six months ended December 31, 2021 and 2020, the Company granted approximately 4 million and 5 million performance-based stock options, respectively, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2021 and June 30, 2021 were approximately $44 billion and $47 billion, respectively. The decrease from June 30, 2021 was primarily due to sports programming rights payments. Contingencies FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of Twenty-First Century Fox, Inc. (now known as TFCF Corporation) ("21CF") and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2021 Form 10-K under the heading “The Distribution”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $60 million and $55 million as of December 31, 2021 and June 30, 2021, respectively. Defamation and Disparagement Claims From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021. The Company believes these lawsuits, including the Smartmatic and Dominion matters, are without merit and intends to defend against them vigorously. To date, none of the amounts the Company has paid in settlements of defamation or disparagement claims or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. Other The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed above for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. The Company’s operations are subject to tax in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Distribution (as defined in Note 1—Description of Business and Basis of Presentation in the 2021 Form 10-K under the heading “The Distribution”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2021 Form 10-K under the heading “The Distribution”) requires 21CF and/or The Walt Disney Company ("Disney") to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the Internal Revenue Service in amounts that the Company cannot quantify.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	PENSION AND OTHER POSTRETIREMENT BENEFITS The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $13 million and $17 million for the three months ended December 31, 2021 and 2020, respectively, and $27 million and $34 million for the six months ended December 31, 2021 and 2020, respectively.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments: • Cable Network Programming , which principally consists of the production and licensing of news and sports content distributed primarily through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”) and online multi-channel video programming distributors (“digital MVPDs”), primarily in the U.S. • Television , which principally consists of the production, acquisition, marketing and distribution of broadcast network programming and free advertising-supported video-on-demand (“AVOD”) services under the FOX and Tubi brands, respectively, and the operation of 29 full power broadcast television stations, including 11 duopolies, in the U.S. Of these stations, 18 are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. • Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace. The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax benefit (expense). Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Revenues Cable Network Programming $ 1,638 $ 1,488 $ 3,054 $ 2,813 Television 2,759 2,556 4,340 3,906 Other, Corporate and Eliminations 44 43 92 85 Total revenues $ 4,441 $ 4,087 $ 7,486 $ 6,804 Segment EBITDA Cable Network Programming $ 668 $ 571 $ 1,442 $ 1,352 Television (273) (185) 86 272 Other, Corporate and Eliminations (85) (81) (154) (153) Amortization of cable distribution investments (4) (6) (9) (11) Depreciation and amortization (93) (70) (172) (138) Impairment and restructuring charges — — — (35) Interest expense, net (97) (97) (194) (195) Other, net (211) 172 (142) 691 (Loss) income before income tax benefit (expense) (95) 304 857 1,783 Income tax benefit (expense) 22 (74) (222) (436) Net (loss) income (73) 230 635 1,347 Less: Net income attributable to noncontrolling interests (12) (6) (19) (17) Net (loss) income attributable to Fox Corporation stockholders $ (85) $ 224 $ 616 $ 1,330 Revenues by Segment by Component For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Cable Network Programming Affiliate fee $ 1,039 $ 928 $ 2,065 $ 1,901 Advertising 454 441 765 740 Other 145 119 224 172 Total Cable Network Programming revenues 1,638 1,488 3,054 2,813 Television Advertising 1,954 1,841 2,773 2,511 Affiliate fee 649 590 1,290 1,150 Other 156 125 277 245 Total Television revenues 2,759 2,556 4,340 3,906 Other, Corporate and Eliminations 44 43 92 85 Total revenues $ 4,441 $ 4,087 $ 7,486 $ 6,804 Future Performance Obligations As of December 31, 2021, approximately $4.0 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice. For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Depreciation and amortization Cable Network Programming $ 17 $ 12 $ 27 $ 25 Television 28 26 54 51 Other, Corporate and Eliminations 48 32 91 62 Total depreciation and amortization $ 93 $ 70 $ 172 $ 138 As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,623 $ 2,577 Television 9,094 7,305 Other, Corporate and Eliminations 10,330 12,145 Investments 831 899 Total assets $ 22,878 $ 22,926

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	ADDITIONAL FINANCIAL INFORMATION Other, net The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Net (losses) gains on investments in equity securities (a) $ (165) $ 220 $ (102) $ 341 U.K Newspaper Matters Indemnity (b) (32) (15) (49) (28) Transaction Costs (c) (11) (18) (24) 433 Other (3) (15) 33 (55) Total other, net $ (211) $ 172 $ (142) $ 691 (a) Net (losses) gains on investments in equity securities for the three and six months ended December 31, 2021 and 2020 included the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value). (b) See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.” (c) The transaction costs for the six months ended December 31, 2020 are primarily related to the reimbursement from Disney of $462 million related to the substantial settlement of the Company’s prepayment of its share of the Divestiture Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2021 Form 10-K). Other Non-Current Assets The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of December 31, As of June 30, (in millions) Investments (a) $ 831 $ 899 Operating lease ROU assets 476 469 Inventories, net 462 199 Grantor Trust 300 304 Other 207 187 Total other non-current assets $ 2,276 $ 2,058 (a) Included investments accounted for at fair value on a recurring basis of $689 million and $788 million as of December 31, 2021 and June 30, 2021, respectively (See Note 4—Fair Value). Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Accrued expenses $ 850 $ 1,077 Program rights payable 771 659 Deferred revenue 163 196 Operating lease liabilities 105 92 Other current liabilities 231 229 Total accounts payable, accrued expenses and other current liabilities $ 2,120 $ 2,253 Other Liabilities The following table sets forth the components of Other liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Accrued non-current pension/postretirement liabilities $ 560 $ 586 Non-current operating lease liabilities 406 409 Other non-current liabilities 376 341 Total other liabilities $ 1,342 $ 1,336 Supplemental Information For the six months ended 2021 2020 (in millions) Supplemental cash flows information Cash paid for interest $ (200) $ (206) Cash paid for income taxes $ (155) $ (92) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ 335 $ — Cash acquired 10 — Liabilities assumed (48) — Redeemable noncontrolling interests issued (5) — Cash paid (239) — Fair value of equity instruments issued as consideration to third parties (a) 53 — Issuance of subsidiary common units (53) — Fair value of equity instruments consideration $ — $ —

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	The Unaudited Consolidated Financial Statements include the accounts of FOX. All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments	The Company’s fiscal year ends on June 30 of each year. Certain fiscal 2021 amounts have been reclassified to conform to the fiscal 2022 presentation.
Recently Adopted and Recently Issued Accounting Guidance	Recently Adopted and Recently Issued Accounting Guidance No recently adopted or issued accounting guidance materially impacted or are expected to impact the Company's Financial Statements.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of December 31, 2021 and June 30, 2021, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The Company’s inventories were comprised of the following: As of December 31, As of June 30, (in millions) Sports programming rights $ 916 $ 573 Entertainment programming rights 694 355 Total inventories, net 1,610 928 Less: current portion of inventories, net (1,148) (729) Total non-current inventories, net $ 462 $ 199

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them	The following tables present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) Assets Investments in equity securities $ 689 $ 689 (a) $ — $ — Redeemable noncontrolling interests (172) — — (172) (b) Total $ 517 $ 689 $ — $ (172) Fair value measurements As of June 30, 2021 Total Level 1 Level 2 Level 3 (in millions) Assets Investments in equity securities $ 788 $ 788 (a) $ — $ — Redeemable noncontrolling interests (261) — — (261) (b) Total $ 527 $ 788 $ — $ (261) (a) The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2021 Form 10-K under the heading “Flutter” for additional information). (b) The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3	The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Beginning of period $ (302) $ (310) $ (261) $ (305) Acquisitions (a) (13) — (58) — Net loss (income) 3 (4) 4 (8) Redemption of noncontrolling interests (b) — 135 — 135 Distributions — 5 3 11 Accretion and other (c) 140 (28) 140 (35) End of period $ (172) $ (202) $ (172) $ (202) (a) The increase for the six months ended December 31, 2021 was primarily due to the acquisition of an entertainment production company. (b) As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the three months ended December 31, 2020, approximately $135 million was reclassified out of Redeemable noncontrolling interests. At closing, the Company paid half of the purchase price in cash and delivered a three (c) As a result of the expiration of the sports network minority shareholder's final put right during the three months ended December 31, 2021, approximately $110 million was reclassified into equity.
Schedule of Fair Value and Carrying Value of Borrowings	As of December 31, As of June 30, (in millions) Borrowings Fair value $ 9,362 $ 9,474 Carrying value $ 7,954 $ 7,951

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Dividends Declared	The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 Cash dividend per share $ — $ — $ 0.24 $ 0.23

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation	The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Equity-based compensation $ 32 $ 44 $ 47 $ 75 Intrinsic value of all settled equity-based awards $ 18 $ 10 $ 94 $ 91 Tax benefit on settled equity-based awards $ 4 $ 2 $ 21 $ 16

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated	The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Revenues Cable Network Programming $ 1,638 $ 1,488 $ 3,054 $ 2,813 Television 2,759 2,556 4,340 3,906 Other, Corporate and Eliminations 44 43 92 85 Total revenues $ 4,441 $ 4,087 $ 7,486 $ 6,804 Segment EBITDA Cable Network Programming $ 668 $ 571 $ 1,442 $ 1,352 Television (273) (185) 86 272 Other, Corporate and Eliminations (85) (81) (154) (153) Amortization of cable distribution investments (4) (6) (9) (11) Depreciation and amortization (93) (70) (172) (138) Impairment and restructuring charges — — — (35) Interest expense, net (97) (97) (194) (195) Other, net (211) 172 (142) 691 (Loss) income before income tax benefit (expense) (95) 304 857 1,783 Income tax benefit (expense) 22 (74) (222) (436) Net (loss) income (73) 230 635 1,347 Less: Net income attributable to noncontrolling interests (12) (6) (19) (17) Net (loss) income attributable to Fox Corporation stockholders $ (85) $ 224 $ 616 $ 1,330
Summary of Revenues by Segment by Component to Consolidated	Revenues by Segment by Component For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Cable Network Programming Affiliate fee $ 1,039 $ 928 $ 2,065 $ 1,901 Advertising 454 441 765 740 Other 145 119 224 172 Total Cable Network Programming revenues 1,638 1,488 3,054 2,813 Television Advertising 1,954 1,841 2,773 2,511 Affiliate fee 649 590 1,290 1,150 Other 156 125 277 245 Total Television revenues 2,759 2,556 4,340 3,906 Other, Corporate and Eliminations 44 43 92 85 Total revenues $ 4,441 $ 4,087 $ 7,486 $ 6,804
Reconciliation of Depreciation and Amortization from Segments to Consolidated	For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Depreciation and amortization Cable Network Programming $ 17 $ 12 $ 27 $ 25 Television 28 26 54 51 Other, Corporate and Eliminations 48 32 91 62 Total depreciation and amortization $ 93 $ 70 $ 172 $ 138
Reconciliation of Assets from Segments to Consolidated	As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,623 $ 2,577 Television 9,094 7,305 Other, Corporate and Eliminations 10,330 12,145 Investments 831 899 Total assets $ 22,878 $ 22,926

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Other, net	The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Net (losses) gains on investments in equity securities (a) $ (165) $ 220 $ (102) $ 341 U.K Newspaper Matters Indemnity (b) (32) (15) (49) (28) Transaction Costs (c) (11) (18) (24) 433 Other (3) (15) 33 (55) Total other, net $ (211) $ 172 $ (142) $ 691 (a) Net (losses) gains on investments in equity securities for the three and six months ended December 31, 2021 and 2020 included the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value). (b) See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.” (c) The transaction costs for the six months ended December 31, 2020 are primarily related to the reimbursement from Disney of $462 million related to the substantial settlement of the Company’s prepayment of its share of the Divestiture Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2021 Form 10-K).
Components of Other Non-current Assets	The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of December 31, As of June 30, (in millions) Investments (a) $ 831 $ 899 Operating lease ROU assets 476 469 Inventories, net 462 199 Grantor Trust 300 304 Other 207 187 Total other non-current assets $ 2,276 $ 2,058 (a) Included investments accounted for at fair value on a recurring basis of $689 million and $788 million as of December 31, 2021 and June 30, 2021, respectively (See Note 4—Fair Value).
Components of Accounts Payable, Accrued Expenses and Other Current Liabilities	The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Accrued expenses $ 850 $ 1,077 Program rights payable 771 659 Deferred revenue 163 196 Operating lease liabilities 105 92 Other current liabilities 231 229 Total accounts payable, accrued expenses and other current liabilities $ 2,120 $ 2,253
Components of Other Liabilities	The following table sets forth the components of Other liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Accrued non-current pension/postretirement liabilities $ 560 $ 586 Non-current operating lease liabilities 406 409 Other non-current liabilities 376 341 Total other liabilities $ 1,342 $ 1,336
Schedule of Supplemental Information	Supplemental Information For the six months ended 2021 2020 (in millions) Supplemental cash flows information Cash paid for interest $ (200) $ (206) Cash paid for income taxes $ (155) $ (92) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ 335 $ — Cash acquired 10 — Liabilities assumed (48) — Redeemable noncontrolling interests issued (5) — Cash paid (239) — Fair value of equity instruments issued as consideration to third parties (a) 53 — Issuance of subsidiary common units (53) — Fair value of equity instruments consideration $ — $ — (a) Includes Redeemable noncontrolling interests.

Acquisitions, Disposals and O_2

Acquisitions, Disposals and Other Transactions - Narrative (Details) $ in Millions	6 Months Ended
	Dec. 31, 2021USD ($)business
Business Combination and Asset Acquisition [Abstract]
Number of businesses acquired | business	3
Consideration transferred | $	$ 246

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Inventory Disclosure [Abstract]
Sports programming rights	$ 916	$ 573
Entertainment programming rights	694	355
Total inventories, net	1,610	928
Less: current portion of inventories, net	(1,148)	(729)
Total non-current inventories, net	$ 462	$ 199

Inventories, Net - Narrative (D

Inventories, Net - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Operating expenses	$ 3,667	$ 3,346	$ 5,238	$ 4,514
Amortization Expense
Inventory [Line Items]
Operating expenses	$ 2,600	$ 2,800	$ 3,400	$ 3,500

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Assets
Redeemable noncontrolling interests	$ (172)	$ (261)
Fair value measurements recurring
Assets
Investments in equity securities	689	788
Redeemable noncontrolling interests	(172)	(261)
Total	517	527
Fair value measurements recurring | Level 1
Assets
Investments in equity securities	689	788
Redeemable noncontrolling interests	0	0
Total	689	788
Fair value measurements recurring | Level 2
Assets
Investments in equity securities	0	0
Redeemable noncontrolling interests	0	0
Total	0	0
Fair value measurements recurring | Level 3
Assets
Investments in equity securities	0	0
Redeemable noncontrolling interests	(172)	(261)
Total	$ (172)	$ (261)

Fair Value - Liabilities Measur

Fair Value - Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts reclassified into equity as a result of the expiration of a put arrangement	$ 110	$ 135
Notes payable, payment period		3 years
Redeemable Noncontrolling Interests | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	(302)	$ (310)	$ (261)	$ (305)
Acquisitions	(13)	0	(58)	0
Net loss (income)	3	(4)	4	(8)
Redemption of noncontrolling interests	0	135	0	135
Distributions	0	5	3	11
Accretion and other(c)	140	(28)	140	(35)
End of period	$ (172)	$ (202)	$ (172)	$ (202)

Fair Value - Narrative (Detail)

Fair Value - Narrative (Detail) - Accounts Receivable - Credit Concentration Risk - customer	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of major customers	0	0
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Concentration risk percentage	10.00%	10.00%

Fair Value - Borrowings (Detail

Fair Value - Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value	$ 9,362	$ 9,474
Carrying value	$ 7,954	$ 7,951

Borrowings - Narrative (Detail)

Borrowings - Narrative (Detail)	Dec. 31, 2021USD ($)
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 750,000,000
Debt instrument interest rate	3.666%
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility	$ 1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility	150,000,000
Borrowings outstanding	$ 0

Stockholders Equity - Narrative

Stockholders Equity - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 08, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 4,000		$ 4,000
Shares repurchased		247	$ 149	$ 497	$ 419
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Shares repurchased				14
Shares repurchased				$ 497
Remaining buyback authorization amount		$ 1,900		$ 1,900
Class A and Class B Common Stock | Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased	1.4
Shares repurchased	$ 53
Class A Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)		$ 0	$ 0	$ 0.24	$ 0.23
Class A Common Stock | Semi Annual Dividend | Subsequent Event
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)	$ 0.24
Class B Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)		$ 0	$ 0	$ 0.24	$ 0.23
Class B Common Stock | Semi Annual Dividend | Subsequent Event
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)	$ 0.24

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.24	$ 0.23
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.24	$ 0.23

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Detail) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2020shares	Dec. 31, 2021USD ($)planshares	Dec. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity plans | plan			1
Total estimated compensation cost, not yet recognized, related to non-vested equity awards | $	$ 110		$ 110
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	6	7	6	7
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)			2.4	3.5
Stock units granted (in shares)			1.7	2
Vesting period			3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Stock units granted (in shares)	4	5
Stock options expiration period			7 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized			1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized			2 years

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-based compensation	$ 32	$ 44	$ 47	$ 75
Intrinsic value of all settled equity-based awards	18	10	94	91
Tax benefit on settled equity-based awards	$ 4	$ 2	$ 21	$ 16

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Loss Contingencies [Line Items]
Total firm commitments and future debt payments	$ 44,000	$ 47,000
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity	$ 60	$ 55

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 13	$ 17	$ 27	$ 34

Segment Information - Narrative

Segment Information - Narrative (Detail) $ in Billions	3 Months Ended
	Dec. 31, 2021USD ($)Fullpowertvstationduopoly
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount | $	$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | Minimum
Segment Reporting Information [Line Items]
Future performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | Maximum
Segment Reporting Information [Line Items]
Future performance obligation, expected timing of satisfaction, period	3 years
Television | US
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies | duopoly	11
FOX Network | Television | US
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV | Television | US
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station | Television | US
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		9 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues		$ 4,441	$ 4,087	$ 7,486	$ 6,804
Amortization of cable distribution investments		(4)	(6)	(9)	(11)
Depreciation and amortization		(93)	(70)	(172)	(138)	$ (172)	$ (138)
Impairment and restructuring charges		0	0	0	(35)
Interest expense, net		(97)	(97)	(194)	(195)
Other, net		(211)	172	(142)	691
(Loss) income before income tax benefit (expense)		(95)	304	857	1,783
Income tax benefit (expense)		22	(74)	(222)	(436)
Net (loss) income		(73)	230	635	1,347
Less: Net income attributable to noncontrolling interests	[1]	(12)	(6)	(19)	(17)
Net (loss) income attributable to Fox Corporation stockholders		(85)	224	616	1,330
Operating Segments | Cable Network Programming
Segment Reporting Information [Line Items]
Revenues		1,638	1,488	3,054	2,813
Segment EBITDA		668	571	1,442	1,352
Depreciation and amortization		(17)	(12)	(27)	(25)	(27)	(25)
Operating Segments | Television
Segment Reporting Information [Line Items]
Revenues		2,759	2,556	4,340	3,906
Segment EBITDA		(273)	(185)	86	272
Depreciation and amortization		(28)	(26)	(54)	(51)	(54)	(51)
Operating Segments | Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Revenues		44	43	92	85
Segment EBITDA		(85)	(81)	(154)	(153)
Depreciation and amortization		$ (48)	$ (32)	$ (91)	$ (62)	$ (91)	$ (62)
[1]	Net income attributable to noncontrolling interests includes $(3) million and $4 million for the three months ended December 31, 2021 and 2020, respectively, and $(4) million and $8 million for the six months ended December 31, 2021 and 2020, respectively, relating to redeemable noncontrolling interests.

Segment Information - Summary o

Segment Information - Summary of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,441	$ 4,087	$ 7,486	$ 6,804
Operating Segments | Cable Network Programming
Disaggregation Of Revenue [Line Items]
Revenues	1,638	1,488	3,054	2,813
Operating Segments | Cable Network Programming | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	1,039	928	2,065	1,901
Operating Segments | Cable Network Programming | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	454	441	765	740
Operating Segments | Cable Network Programming | Other
Disaggregation Of Revenue [Line Items]
Revenues	145	119	224	172
Operating Segments | Television
Disaggregation Of Revenue [Line Items]
Revenues	2,759	2,556	4,340	3,906
Operating Segments | Television | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	649	590	1,290	1,150
Operating Segments | Television | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	1,954	1,841	2,773	2,511
Operating Segments | Television | Other
Disaggregation Of Revenue [Line Items]
Revenues	156	125	277	245
Operating Segments | Other, Corporate and Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	$ 44	$ 43	$ 92	$ 85

Segment Information - Reconci_2

Segment Information - Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 93	$ 70	$ 172	$ 138	$ 172	$ 138
Operating Segments | Cable Network Programming
Segment Reporting Information [Line Items]
Depreciation and amortization	17	12	27	25	27	25
Operating Segments | Television
Segment Reporting Information [Line Items]
Depreciation and amortization	28	26	54	51	54	51
Operating Segments | Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 48	$ 32	$ 91	$ 62	$ 91	$ 62

Segment Information - Reconci_3

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total assets	$ 22,878	$ 22,926
Investments	831	899
Operating Segments | Cable Network Programming
Segment Reporting Information [Line Items]
Total assets	2,623	2,577
Operating Segments | Television
Segment Reporting Information [Line Items]
Total assets	9,094	7,305
Operating Segments | Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 10,330	$ 12,145

Additional Financial Informat_3

Additional Financial Information - Components of Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains (losses) on investments in equity securities	$ (165)	$ 220	$ (102)	$ 341
U.K Newspaper Matters Indemnity	(32)	(15)	(49)	(28)
Transaction costs	(11)	(18)	(24)	433
Other	(3)	(15)	33	(55)
Total other, net	$ (211)	$ 172	(142)	691
Settlement of divestiture tax prepayment			$ 0	$ 462

Additional Financial Informat_4

Additional Financial Information -Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments	$ 831	$ 899
Operating lease ROU assets	476	469
Inventories, net	462	199
Grantor Trust	300	304
Other	207	187
Total other non-current assets	2,276	2,058
Investements, FV	$ 689	$ 788

Additional Financial Informat_5

Additional Financial Information - Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 850	$ 1,077
Program rights payable	771	659
Deferred revenue	163	196
Operating lease liabilities	105	92
Other current liabilities	231	229
Total accounts payable, accrued expenses and other current liabilities	$ 2,120	$ 2,253

Additional Financial Informat_6

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued non-current pension/postretirement liabilities	$ 560	$ 586
Non-current operating lease liabilities	406	409
Other non-current liabilities	376	341
Total other liabilities	$ 1,342	$ 1,336

Additional Financial Informat_7

Additional Financial Information - Supplemental Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flows information
Cash paid for interest	$ (200)	$ (206)
Cash paid for income taxes	(155)	(92)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	335	0
Cash acquired	10	0
Liabilities assumed	(48)	0
Redeemable noncontrolling interests issued	(5)	0
Cash paid	(239)	0
Fair value of equity instruments issued as consideration to third parties(a)	53	0
Issuance of subsidiary common units	(53)	0
Fair value of equity instruments consideration	$ 0	$ 0