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Segment Information | 6 Months Ended
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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 December 31, |  | For the six months ended December 31, |  |
| 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 December 31, |  | For the six months ended December 31, |  |
| 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 December 31, |  | For the six months ended December 31, |  |
| 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, 2021 |  | As of June 30, 2021
| (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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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