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Segment Information | 3 Months Ended
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Sep. 30, 2022
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 produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S. •Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand (“AVOD”) service TUBI, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations 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 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 months ended September 30, 2022 and 2021:
| For the three months ended September 30, |  |
| 2022 |  | 2021 |  |  |  |
| (in millions)
Revenues |  |  |  |  |  |  |
Cable Network Programming | $ | 1,431 |  |  | $ | 1,416 |  |  |  |  |
Television | 1,714 |  |  | 1,581 |  |  |  |  |
Other, Corporate and Eliminations | 47 |  |  | 48 |  |  |  |  |
Total revenues | $ | 3,192 |  |  | $ | 3,045 |  |  |  |  |
Segment EBITDA |  |  |  |  |  |  |
Cable Network Programming | $ | 742 |  |  | $ | 774 |  |  |  |  |
Television | 409 |  |  | 359 |  |  |  |  |
Other, Corporate and Eliminations | (59) |  |  | (69) |  |  |  |  |
Amortization of cable distribution investments | (4) |  |  | (5) |  |  |  |  |
Depreciation and amortization | (99) |  |  | (79) |  |  |  |  |
Interest expense, net | (68) |  |  | (97) |  |  |  |  |
Other, net | (76) |  |  | 69 |  |  |  |  |
Income before income tax expense | 845 |  |  | 952 |  |  |  |  |
Income tax expense | (232) |  |  | (244) |  |  |  |  |
Net income | 613 |  |  | 708 |  |  |  |  |
Less: Net income attributable to noncontrolling interests | (8) |  |  | (7) |  |  |  |  |
Net income attributable to Fox Corporation stockholders | $ | 605 |  |  | $ | 701 |  |  |  |  |
Revenues by Segment by Component
| For the three months ended September 30, |  |
| 2022 |  | 2021 |  |  |  |
| (in millions)
Cable Network Programming |  |  |  |  |  |  |
Affiliate fee | $ | 1,029 |  |  | $ | 1,026 |  |  |  |  |
Advertising | 316 |  |  | 311 |  |  |  |  |
Other | 86 |  |  | 79 |  |  |  |  |
Total Cable Network Programming revenues | 1,431 |  |  | 1,416 |  |  |  |  |
Television |  |  |  |  |  |  |
Advertising | 905 |  |  | 819 |  |  |  |  |
Affiliate fee | 682 |  |  | 641 |  |  |  |  |
Other | 127 |  |  | 121 |  |  |  |  |
Total Television revenues | 1,714 |  |  | 1,581 |  |  |  |  |
Other, Corporate and Eliminations | 47 |  |  | 48 |  |  |  |  |
Total revenues | $ | 3,192 |  |  | $ | 3,045 |  |  |  |  |
| For the three months ended September 30, |  |
| 2022 |  | 2021 |  |  |  |
| (in millions)
Depreciation and amortization |  |  |  |  |  |  |
Cable Network Programming | $ | 17 |  |  | $ | 10 |  |  |  |  |
Television | 29 |  |  | 26 |  |  |  |  |
Other, Corporate and Eliminations | 53 |  |  | 43 |  |  |  |  |
Total depreciation and amortization | $ | 99 |  |  | $ | 79 |  |  |  |  |
| As of September 30, 2022 |  | As of June 30, 2022
| (in millions)
Assets |  |  |
Cable Network Programming | $ | 2,692 |  |  | $ | 2,682 |
Television | 8,448 |  |  | 7,915 |
Other, Corporate and Eliminations | 10,635 |  |  | 11,010 |
Investments | 649 |  |  | 578 |
Total assets | $ | 22,424 |  |  | $ | 22,185 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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