0001628280-23-029065 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2023

The Company’s financial statements as of and for the years ended June 30, 2023, 2022 and 2021 are presented on a consolidated basis.

The consolidated financial statements are referred to as the “Financial Statements” herein. The consolidated statements of operations are referred to as the “Statements of Operations” herein. The consolidated statements of comprehensive income are referred to as the “Statements of Comprehensive Income” herein. The consolidated balance sheets are referred to as the “Balance Sheets” herein. The consolidated statements of cash flows are referred to as the “Statements of Cash Flows” herein. The consolidated statements of equity are referred to as the “Statements of Equity” herein

Principles of Consolidation

The Financial Statements include the accounts of all majority-owned and controlled subsidiaries. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities and whether the Company is the primary beneficiary. Consolidation is required if both of these criteria are met. All significant intercompany accounts and transactions within the Company’s consolidated businesses have been eliminated in consolidation.

Any change in the Company’s ownership interest in a consolidated subsidiary, where a controlling financial interest is retained, is accounted for as an equity transaction. When the Company ceases to have a controlling financial interest in a consolidated subsidiary, the Company recognizes a gain or loss in net income upon deconsolidation.

The Company’s fiscal year ends on June 30 (“fiscal”) of each year.

Reclassifications and Adjustments

Certain fiscal 2022 and 2021 amounts have been reclassified to conform to the fiscal 2023 presentation.

Use of Estimates

The preparation of the Company’s Financial Statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts that are reported in the 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.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less.

Receivables

Receivables are presented net of an allowance for credit losses, which is an estimate of amounts that may not be collectible. The allowance for credit losses is estimated based on historical experience, receivable aging, current expected collections, current economic trends and specific identification of certain receivables that are at risk of not being paid.

Receivables, net consist of:


	As of June 30,
	2023		2022
	(in millions)
Total receivables	$	2,221	$	2,182
Allowance for credit losses	(44)		(54)
Total receivables, net	$	2,177	$	2,128

Inventories

Licensed and Owned Programming

The Company incurs costs to license programming rights and to produce owned programming. Licensed programming includes costs incurred by the Company for access to content owned by third parties. The Company has single and multi-year contracts for sports and non-sports programming. Licensed programming is recorded at the earlier of payment or when the license period has begun, the cost of the program is known or reasonably determinable and the program is accepted and available for airing. Advances paid for the right to broadcast sports events within one year and programming with an initial license period of one year or less are classified as current inventories, and license fees for programming with an initial license period of greater than one year are classified as non-current inventories. Licensed programming is predominantly amortized as the associated programs are made available. The costs of multi-year sports contracts are primarily amortized based on the ratio of each contract’s current period attributable revenue to the estimated total remaining attributable revenue. Estimates can change and, accordingly, are reviewed periodically and amortization is adjusted as necessary. Such changes in the future could be material.

Owned programming includes content internally developed and produced as well as co-produced content. Capitalized costs for owned programming are predominantly amortized using the individual-film-forecast-computation method, which is based on the ratio of current period revenue to estimated total future remaining revenue, and related costs to be incurred throughout the life of the respective program. Future remaining revenue includes imputed license fees for content used by FOX as well as revenue expected to be earned based on distribution strategy and historical performance of similar content. Changes to estimated future revenues may result in impairments or changes in amortization patterns. When production partners distribute owned programming on the Company’s behalf, the net participation in profits is recorded as content license revenue. The Company may receive government incentives in connection with the production of owned programming. The Company records government incentives as a reduction of capitalized costs for owned programming when the monetization of the incentive is probable. Government incentives were not material in fiscal 2023, 2022 and 2021.

Inventories are evaluated for recoverability when an event or circumstance occurs that indicates that fair value may be less than unamortized costs. The Company will determine if there is an impairment by evaluating the fair value of the inventories, which are primarily supported by internal forecasts as compared to unamortized costs. Where an evaluation indicates unamortized costs, including advances on multi-year sports rights contracts, are not recoverable, amortization of rights is accelerated in an amount equal to the amount by which the unamortized costs exceed fair value. Owned programming is monetized and tested for impairment on an individual basis. Licensed programming is predominantly monetized as a group and tested for impairment on a channel, network, or daypart basis. The recoverability of certain sports rights is assessed on an aggregate basis.

Investments

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%.

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 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 Statements of Operations.

Equity method investments are reviewed for impairment by comparing their fair value to their respective carrying amounts. The Company determines the fair value of its private company investments by considering available information, including recent investee equity transactions, discounted cash flow analyses, estimates based on comparable public company operating multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers

several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer of the security, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions.

The Company regularly reviews equity securities not accounted for using the equity method or at fair value for impairment based on a qualitative assessment which includes, but is not limited to (i) significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee, (ii) significant adverse changes in the regulatory, economic or technological environment of the investee and (iii) significant adverse changes in the general market condition of either the geographical area or the industry in which the investee operates. If an equity security is impaired, an impairment loss is recognized in the Statements of Operations equal to the difference between the fair value of the investment and its carrying amount.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over an estimated useful life of three to 40 years for buildings and leaseholds and three to 10 years for machinery and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or the life of the lease. Costs associated with the repair and maintenance of property are expensed as incurred. Changes in circumstances, such as technological advances, or changes to the Company’s business model or capital strategy, could result in the actual useful lives differing from the Company’s estimates. In those cases where the Company determines that the estimated useful life of property, plant and equipment should be shortened, the Company depreciates the asset over its revised remaining useful life, thereby increasing depreciation expense.

Goodwill and Other Intangible Assets

The Company’s intangible assets include goodwill, Federal Communications Commission (“FCC”) licenses, traditional and virtual multi-channel video programming distributor (“MVPD”) affiliate agreements and relationships, software and trademarks and other copyrighted products. Intangible assets other than goodwill acquired in business combinations are recorded at their estimated fair value at the date of acquisition. Goodwill is recorded as the difference between the consideration transferred to acquire entities and the estimated fair values assigned to their tangible and identifiable intangible net assets. Amounts recorded as goodwill are assigned to more than one reporting unit as of the acquisition date when more than one reporting unit is expected to benefit from the synergies of the combination. The Company’s goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are tested annually for impairment, or earlier if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. The impairment assessment of indefinite-lived intangibles compares the fair value of the assets to their carrying value. Intangible assets with finite lives are generally amortized over their estimated useful lives. The weighted average original amortization period of amortizable intangible assets is approximately 10 years.

Annual Impairment Review

Goodwill

Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount after a qualitative assessment, the Company performs a quantitative impairment test to compare the fair value of each reporting unit to its carrying amount, including goodwill. In performing the quantitative assessment, the Company determines the fair value of a reporting unit primarily by using discounted cash flow analysis and market-based valuation approach methodologies. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, company earnings multiples and relevant comparable transactions, as applicable, and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the

Company evaluates its results against other value indicators, such as comparable public company trading values. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

FCC licenses

The Company performs impairment reviews by comparing the estimated fair value of the Company’s FCC licenses with their carrying amount on a station-by-station basis using a discounted cash flow valuation method, assuming a hypothetical start-up scenario for a broadcast station in each of the markets the Company operates in. The significant assumptions used are the discount rate and terminal growth rates and operating margins, as well as industry data on future advertising revenues in the markets where the Company owns television stations. These assumptions are based on actual third-party historical performance and estimates of future performance in each market.

During fiscal 2023, the Company determined that the goodwill and indefinite-lived intangible assets included in the Balance Sheet as of June 30, 2023, were not impaired based on the Company’s annual assessments. The Company determined that there are no reporting units at risk of impairment as of June 30, 2023, and will continue to monitor its goodwill and indefinite-lived intangible assets for any possible future non-cash impairment charges.

Leases

The Company has lease agreements primarily for office facilities and other equipment. At contract inception, the Company determines if a contract is or contains a lease and whether it is an operating or finance lease. The Company does not separate lease components from nonlease components for real estate leases.

For operating leases that have a lease term of greater than one year, the Company initially recognizes operating lease liabilities and right-of-use (“ROU”) assets at the lease commencement date, which is the date that the lessor makes an underlying asset available for use by the Company. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments, primarily escalating fixed payments, over the lease term. The discount rate used to determine the present value of the lease payments is generally the Company’s incremental borrowing rate because the rate implicit in the lease is generally not readily determinable. The incremental borrowing rate for the lease term is determined by adjusting the Company’s unsecured borrowing rate for a similar term to approximate a collateralized borrowing rate. The Company’s lease terms for each of its leases represents the noncancelable period for which the Company has the right to use an underlying asset, together with all of the following: (i) periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; (ii) periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option; and (iii) periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term.

The Company’s operating ROU assets are included in Other non-current assets and the Company’s current and non-current operating lease liabilities are included in Accounts payable, accrued expenses and other current liabilities and Other liabilities, respectively, in the Company’s Balance Sheets (See Note 20—Additional Financial Information).

Long-Lived Asset Impairments

The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment, ROU assets and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized and is measured as the amount by which the carrying value of such asset or asset group exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual

results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.

The Company generates advertising revenue from sales of commercial time within the Company’s network programming, and from sales of advertising on the Company’s owned and operated television stations and various digital properties. Advertising revenue from customers, primarily advertising agencies, is recognized as the commercials are aired. Certain of the Company’s advertising contracts have guarantees of a certain number of targeted audience views, referred to as impressions. Revenues for any audience deficiencies are deferred until the guaranteed number of impressions is met, by providing additional advertisements. Advertising contracts, which are generally short-term, are billed monthly for the spots aired during the month, with payments due shortly thereafter.

The Company generates affiliate fee revenue from agreements with MVPDs for cable network programming and for the broadcast of the Company’s owned and operated television stations. In addition, the Company generates affiliate fee revenue from agreements with independently owned television stations that are affiliated with the FOX Network and receives retransmission consent fees from MVPDs for their signals. Affiliate fee revenue is recognized as we continuously make the programming available to the customer over the term of the agreement. For contracts with affiliate fees based on the number of the affiliate’s subscribers, revenues are recognized based on the contractual rate multiplied by the estimated number of subscribers each period. For contracts with fixed affiliate fees, revenues are recognized based on the relative standalone selling price of the network programming provided over the contract term, which generally reflects the invoiced amount. Affiliate contracts are generally multi-year contracts billed monthly with payments due shortly thereafter.

The Company classifies the amortization of cable distribution investments (capitalized fees paid to MVPDs to facilitate carriage of a cable network) against affiliate fee revenue. The Company amortizes the cable distribution investments on a straight-line basis over the contract period.

Other revenue primarily includes revenue generated from the Company’s content licensing agreements and revenue from production services and rentals. Revenue from content licensing agreements is recognized when the content is made available under the content licensing agreements. Production services and rental revenues are recognized as the goods or services are delivered.

Advertising Expenses

The Company expenses advertising costs as incurred. The Company incurred advertising expenses of $680 million, $708 million and $558 million for fiscal 2023, 2022 and 2021, respectively.

Income Taxes

Income taxes

The Company uses an asset and liability approach for financial accounting and reporting for income taxes. Under this approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

Earnings Per Share

Basic earnings per share for the Class A Common Stock and Class B Common Stock is calculated by dividing Net income attributable to Fox Corporation stockholders by the weighted average number of outstanding shares of Class A Common Stock, including vested restricted stock units (“RSUs”), and Class B Common Stock. Diluted earnings per share for the Class A Common Stock and Class B Common Stock is

calculated similarly, except that the calculation for the Class A Common Stock includes the dilutive effect of the assumed issuance of the shares issuable under the Company’s equity-based compensation plan.

Equity-Based Compensation

The Company applies a fair value-based measurement method in accounting for generally all share-based payment transactions with employees. The Company recognizes compensation cost for awards granted that have only service requirements and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. The Company accounts for forfeitures when they occur.

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, approximates fair value. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market.

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests are presented outside of permanent equity on the Company’s Balance Sheets as their redemption is outside the control of the Company. The redeemable noncontrolling interests recorded are put rights held in Credible Labs Inc. (“Credible”) and an entertainment production company. The Company accretes the changes in the redemption value of the redeemable noncontrolling interests over the period from issuance to the earliest redemption date. If a redeemable noncontrolling interest is redeemable at fair value, adjustments to the carrying amount are recorded in retained earnings. If a redeemable noncontrolling interest is redeemable at an amount in excess of fair value, the portion of the adjustment that reflects a redemption in excess of fair value is presented within net income attributable to noncontrolling interests in the Statements of Operations.

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 June 30, 2023, the Company had one customer that accounted for approximately 11% of the Company’s receivables. As of June 30, 2022, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

Recently Adopted, Recently Issued Accounting Guidance and Other

Inflation Reduction Act

In August 2022, the U.S. government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases. Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two. To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT. The CAMT credit does not expire. The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024. The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022.

The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT. The CAMT will impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax. This change in timing will result in an increase to the Company’s annual cash tax liability which could be material. However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years. The

Company has been subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not material.

Equity-Based Compensation - Summary of Stock Options and PSOs Granted under SAP (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Number of options
Outstanding at the beginning of the year (in shares)	14,250	11,150	6,809
Granted (in shares)	4,314	3,990	5,003
Exercised (in shares)	(234)	(542)	(386)
Cancelled (in shares)	(1,282)	(348)	(276)
Outstanding at the end of the year (in shares)	17,048	14,250	11,150
Exercisable at the end of the year (in shares)	5,282	4,586	3,981
Weighted average exercise price
Outstanding at the beginning of the year (in USD per share)	$ 32.90	$ 32.09	$ 35.11
Granted (in USD per share)	33.40	34.83	27.52
Exercised (in USD per share)	28.76	31.94	27.21
Cancelled (in USD per share)	32.77	30.38	30.44
Outstanding at the end of the year (in USD per share)	33.12	32.90	32.09
Exercisable at the end of the year (in USD per share)	36.35	37.13	38.12
Weighted average grant-date fair value of options granted (in USD per share)	$ 10.32	$ 7.48	$ 7.37
Weighted average remaining contractual term of options outstanding at the end of the year	6 years 6 months 3 days	6 years 9 months	6 years 9 months 25 days
Weighted average remaining contractual term of options exercisable at the end of the year	2 years 11 months 15 days	3 years 10 months 20 days	4 years 9 months 21 days
Proceeds from stock options exercised	$ 7,000,000	$ 17,000,000	$ 12,000,000
Intrinsic value of options outstanding	37,100,000	26,900,000	65,600,000
Intrinsic value of options exercisable	$ 6,800,000	$ 3,100,000	$ 5,500,000

Inventories, Net

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES, NET

The Company’s inventories were comprised of the following:


	As of June 30,
	2023		2022
	(in millions)
Licensed programming, including prepaid sports rights	$	720	$	975
Owned programming	465		337
Total inventories, net	1,185		1,312
Less: current portion of inventories, net	(543)		(791)
Total non-current inventories, net	$	642	$	521

Owned programming
Released	$	256	$	205
In-process or other	209		132
Total	$	465	$	337

The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statement of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Total amortization expense	$	6,036	$	5,379	$	4,721

Based on the balance of inventories, net as of June 30, 2023, the estimated amortization expense for each of the succeeding three fiscal years is as follows:


	For the years ending June 30,
	2024		2025		2026
	(in millions)
Estimated amortization expense	$	694	$	123	$	55

Inventories are evaluated for recoverability when an event or circumstance occurs that indicates that fair value may be less than unamortized costs. The Company will determine if there is an impairment by evaluating the fair value of the inventories, which are primarily supported by internal forecasts as compared to unamortized costs. The Company recognized impairments of approximately $10 million, $50 million and nil in fiscal 2023, 2022 and 2021, respectively, related to owned programming at the Cable Network Programming and Television segments, which were recorded in Operating expenses in the Statements of Operations.

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Mar. 19, 2019
Deferred tax assets
Basis difference	$ 2,911	$ 3,371
Operating lease liabilities	241	123
Pension benefit obligations	14	34
Equity-based compensation	34	30
Net operating loss carryforwards	37	31
Other	188	104
Total deferred tax assets	3,425	3,693
Deferred tax liabilities
Operating lease ROU assets	(229)	(116)
Accrued liabilities	(21)	(2)
Sports rights contracts	(19)	(108)
Total deferred tax liabilities	(269)	(226)
Net deferred tax asset before valuation allowance	3,156	3,467
Less: valuation allowance	(72)	(34)
Total net deferred tax assets	3,084	3,433
Other deferred tax liability	$ 6	$ 7
Separation And Distribution Agreement
Deferred tax liabilities
Estimated tax liability included in Transaction Tax paid			$ 5,800

Leases - Summary of Operating Lease Components of Balance Sheet and Other Supplemental Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
ROU assets	$ 947	$ 477
Lease liabilities
Current lease liabilities	$ 72	$ 107
Operating lease, liability, current, statement of financial position	Accounts payable, accrued expenses and other current liabilities	Accounts payable, accrued expenses and other current liabilities
Non-current lease liabilities	$ 925	$ 405
Operating lease, liability, noncurrent, statement of financial position	Other liabilities	Other liabilities
Total lease liabilities	$ 997	$ 512
Operating lease, liability, statement of financial position	Other Liabilities	Other Liabilities
Other supplemental information
Weighted average remaining lease term	17 years	9 years
Weighted average discount rate	5.00%	3.00%

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains)	$ 228	$ 322
Prior service cost	1	3
Net amounts recognized	229	325
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains)	(34)	(33)
Prior service cost	0	0
Net amounts recognized	$ (34)	$ (33)

Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Estimated Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 46
2025	33
2026	32
2027	29
2028	$ 23

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Class A
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	262,899,364	307,496,876
Common stock, shares outstanding	262,899,364	307,496,876
Class B
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	235,581,025	243,122,595
Common stock, shares outstanding	235,581,025	243,122,595

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Inventory [Line Items]
Licensed programming, including prepaid sports rights	$ 720	$ 975
Owned programming	465	337
Total inventories, net	1,185	1,312
Less: current portion of inventories, net	(543)	(791)
Inventories, net	642	521
Owned programming
Total	465	337
Released
Owned programming
Released	256	205
In-process or other
Owned programming
In-process or other	$ 209	$ 132

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Change in accrual for uncertain tax positions, excluding interest and penalties
Balance, beginning of year	$ 28	$ 30	$ 73
Additions for prior year tax positions	2	1	0
Additions for current year tax positions	2	2	2
Reduction for prior year tax positions	(6)	(5)	(45)
Balance, end of year	26	28	30
Reduction for prior year tax positions from the settlement of audits	$ 6		31
Reduction for prior year tax positions from the expiration of statutes of limitations		$ 5	$ 14

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Material Firm Commitments

The following table summarizes the Company’s material firm commitments as of June 30, 2023:


	As of June 30, 2023
	Payments due by period
	Total		1 year		2 - 3 years		4 - 5 years		After 5 years
	(in millions)
Borrowings	$	7,250	$	1,250	$	600	$	—	$	5,400
Licensed programming	31,115		5,102		8,180		8,044		9,789
Other commitments and contractual obligations	1,032		318		336		138		240
Total commitments	$	39,397	$	6,670	$	9,116	$	8,182	$	15,429

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets, net, amortization	$ 74	$ 66	$ 63
Television \| Operating Segments
Indefinite Lived Intangible Assets By Major Class [Line Items]
Accumulated impairment loss, goodwill	$ 371

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 37	$ 31
Valuation allowance	72	34
Liabilities for accrued interest related to uncertain tax benefits	9	11
Unrecognized tax benefits that would impact effective tax rate	$ 21	$ 22

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued under the SAP	65,000,000
Number of shares available for issuance under the SAP	39,000,000
Granted (in shares)	4,314,000	3,990,000	5,003,000
Total estimated compensation cost, not yet recognized, related to non-vested equity awards	$ 70
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
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	2,100,000	1,700,000	2,200,000
Vesting period	3 years
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	200,000	200,000	300,000
Vesting period	3 years
Performance Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percentage of the target award	0.00%
Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percentage of the target award	200.00%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock options expiration period	7 years

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 884	$ 435
Redeemable noncontrolling interests	(213)	(188)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	884	435
Redeemable noncontrolling interests	(213)	(188)
Total	671	247
Fair value measurements recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	884	435
Redeemable noncontrolling interests	0	0
Total	884	435
Fair value measurements recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	0	0
Total	0	0
Fair value measurements recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	(213)	(188)
Total	$ (213)	$ (188)

Pension and Other Postretirement Benefits - Pension Plans in Which Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Grantor Trust assets	$ 276	$ 270
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Grantor Trust assets	276	270
Pension benefits \| Funded Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	0	807
Accumulated benefit obligation	0	683
Fair value of plan assets	0	675
Pension benefits \| Unfunded Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	271	273
Accumulated benefit obligation	267	268
Fair value of plan assets	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Receivables, Net

Receivables, net consist of:


	As of June 30,
	2023		2022
	(in millions)
Total receivables	$	2,221	$	2,182
Allowance for credit losses	(44)		(54)
Total receivables, net	$	2,177	$	2,128

Borrowings - Narrative (Details)			12 Months Ended
Borrowings - Narrative (Details)	Jun. 14, 2023 USD ($) period	Jan. 25, 2019	Jun. 30, 2023 USD ($)	Apr. 30, 2020 USD ($)	Jan. 31, 2019 USD ($)
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
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000
Maturity extension number of one year periods \| period	2
Line of credit facility, commitment fee percentage			0.125%
Borrowings outstanding			$ 0
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument variable interest rate			1.125%
Senior Notes issued April 2020
Debt Instrument [Line Items]
Senior notes				$ 1,200,000,000
Senior Notes issued January 2019 \| Bridge Credit Agreement
Debt Instrument [Line Items]
Senior notes					$ 6,800,000,000
Senior notes
Debt Instrument [Line Items]
Early redemption in certain circumstances where a change in control is deemed to have occurred, percent of principal		101.00%
Senior notes			$ 1,250,000,000
Debt instrument interest rate			4.03%

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization

The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows:


	Intangible assets not subject to amortization						Amortizable intangible assets, net(a)		Total intangible assets, net
	FCC licenses		Other		Total
	(in millions)
Balance, June 30, 2021	$	2,250	$	642	$	2,892	$	262	$	3,154
Acquisitions(b)	—		—		—		71		71
Amortization and other	—		—		—		(68)		(68)
Balance, June 30, 2022	$	2,250	$	642	$	2,892	$	265	$	3,157
Amortization and other	—		—		—		(73)		(73)
Balance, June 30, 2023	$	2,250	$	642	$	2,892	$	192	$	3,084


(a)			Net of accumulated amortization of $366 million and $292 million as of June 30, 2023 and 2022, respectively.
(b)			See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Schedule of Finite-Lived Intangible Assets, Estimated Amortization Expense

Based on the balance of finite-lived intangible assets as of June 30, 2023, the estimated amortization expense for each of the succeeding five fiscal years is as follows:


	For the years ending June 30,
	2024		2025		2026		2027		2028
	(in millions)
Estimated amortization expense(a)	$	46	$	33	$	32	$	29	$	23


(a)			These amounts may vary as acquisitions and dispositions occur in the future.

Schedule of Carrying Value of Goodwill, by Segment

The changes in the carrying value of goodwill, by segment, are as follows:


	Cable Network Programming		Television		Other, Corporate and Eliminations		Total Goodwill
	(in millions)
Balance, June 30, 2021	$	1,059	$	2,155	$	221	$	3,435
Acquisitions and other(a)	—		86		33		119
Balance, June 30, 2022	$	1,059	$	2,241	$	254	$	3,554
Acquisitions and other	—		5		—		5
Balance, June 30, 2023	$	1,059	$	2,246	$	254	$	3,559


(a)			See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Borrowings - Schedule of Senior Notes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total public debt	$ 7,250	$ 7,250
Less: unamortized discount and debt issuance costs	(40)	(44)
Total borrowings	$ 7,210	7,206
Senior notes
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.03%
Senior notes \| 4.030% senior notes due 2024
Debt Instrument [Line Items]
Total public debt	$ 1,250	1,250
Stated interest rate of debt instrument	4.03%
Senior notes \| 3.050% senior notes due 2025
Debt Instrument [Line Items]
Total public debt	$ 600	600
Stated interest rate of debt instrument	3.05%
Senior notes \| 4.709% senior notes due 2029
Debt Instrument [Line Items]
Total public debt	$ 2,000	2,000
Stated interest rate of debt instrument	4.709%
Senior notes \| 3.500% senior notes due 2030
Debt Instrument [Line Items]
Total public debt	$ 600	600
Stated interest rate of debt instrument	3.50%
Senior notes \| 5.476% senior notes due 2039
Debt Instrument [Line Items]
Total public debt	$ 1,250	1,250
Stated interest rate of debt instrument	5.476%
Senior notes \| 5.576% senior notes due 2049
Debt Instrument [Line Items]
Total public debt	$ 1,550	$ 1,550
Stated interest rate of debt instrument	5.576%

Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET


	As of June 30,
	2023		2022
	(in millions)
Land	$	205	$	199
Buildings and leaseholds	1,320		1,284
Machinery and equipment	1,904		1,743
	3,429		3,226
Less: accumulated depreciation and amortization	(1,966)		(1,729)
	1,463		1,497
Construction in progress	245		185
Total property, plant and equipment, net	$	1,708	$	1,682

Depreciation and amortization expense related to Property, plant and equipment was $337 million, $297 million and $237 million for fiscal 2023, 2022 and 2021, respectively.

Inventories, Net - Schedule of Estimated Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Inventory Disclosure [Abstract]
2024	$ 694
2025	123
2026	$ 55

Additional Financial Information - Components of Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 925	$ 405
Accrued non-current pension/postretirement liabilities	361	447
Other non-current liabilities	198	268
Total other liabilities	$ 1,484	$ 1,120

Related Party Transactions	12 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company enters into transactions with related parties to buy and/or sell programming and purchase and/or sell advertising. For fiscal 2023, 2022 and 2021, the related party revenue and expense were not material (See Note 10—Leases for information related to office facilities that were subleased to News Corporation for a portion of fiscal 2021 and Note 14—Commitments and Contingencies and Note 20—Additional Financial Information for information related to U.K. Newspaper Matters Indemnity obligation to News Corporation). As of June 30, 2023 and 2022, the amounts due to related parties were $124 million and $81 million, respectively, which were included in Accounts payable, accrued expenses and other current liabilities in the Balance Sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The Company’s fiscal year ends on June 30 (“fiscal”) of each year.

Reclassifications and Adjustments

Certain fiscal 2022 and 2021 amounts have been reclassified to conform to the fiscal 2023 presentation.

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less.

Receivables

Receivables, net consist of:


	As of June 30,
	2023		2022
	(in millions)
Total receivables	$	2,221	$	2,182
Allowance for credit losses	(44)		(54)
Total receivables, net	$	2,177	$	2,128

Inventories

Licensed and Owned Programming

Investments

Property, Plant and Equipment

Goodwill and Other Intangible Assets

Annual Impairment Review

Goodwill

FCC licenses

Leases

Long-Lived Asset Impairments

results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell.

Revenue Recognition

Advertising Expenses

The Company expenses advertising costs as incurred. The Company incurred advertising expenses of $680 million, $708 million and $558 million for fiscal 2023, 2022 and 2021, respectively.

Income taxes

Earnings Per Share

Equity-Based Compensation

Financial Instruments

Redeemable Noncontrolling Interests

Concentrations of Credit Risk

Recently Adopted, Recently Issued Accounting Guidance and Other

Inflation Reduction Act

Company has been subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not material.

Description of Business and Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Mar. 19, 2019	Sep. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Basis Of Presentation Details [Line Items]
Estimated annual tax deductions resulting from the Separation and the Distribution, amount	$ 1,500
Estimated reduction to the annual cash tax liability resulting from the Separation and the Distribution, amount	$ 360
Federal and state applicable tax rate	24.00%		28.00%	27.00%	25.00%
Settlement of Divestiture Tax Prepayment			$ 0	$ 0	$ 462
Separation And Distribution Agreement
Disclosure Basis Of Presentation Details [Line Items]
Estimated tax liability included in Transaction Tax paid	$ 5,800
Prepayment of the Company's share of the estimated taxes resulting from the anticipated divestitures by Disney of certain assets	$ 700
Settlement of Divestiture Tax Prepayment		$ 462
Class A
Disclosure Basis Of Presentation Details [Line Items]
Common stock, par value (in USD per share)	$ 0.01		$ 0.01	$ 0.01
Class B
Disclosure Basis Of Presentation Details [Line Items]
Common stock, par value (in USD per share)	$ 0.01		$ 0.01	$ 0.01

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 3,429	$ 3,226
Less: accumulated depreciation and amortization	(1,966)	(1,729)
Property, plant and equipment, net before construction in progress	1,463	1,497
Construction in progress	245	185
Total property, plant and equipment, net	1,708	1,682
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	205	199
Buildings and leaseholds
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,320	1,284
Machinery and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,904	$ 1,743

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other current liabilities	$ 2,514	$ 2,296
Other liabilities	1,484	1,120
Related Party
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other current liabilities	$ 124	$ 81

Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	For the years ended June 30,
	2023		2022		2021
	(in millions, except per share amounts)
Net income attributable to Fox Corporation stockholders	$	1,239	$	1,205	$	2,150
Weighted average shares - basic	529		566		591
Shares issuable under equity-based compensation plans(a)	2		4		4
Weighted average shares - diluted	531		570		595
Net income attributable to Fox Corporation stockholders per share - basic	$	2.34	$	2.13	$	3.64
Net income attributable to Fox Corporation stockholders per share - diluted	$	2.33	$	2.11	$	3.61


(a)			Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options (including PSOs) if the effect is dilutive, and, for those shares that are contingently issuable, all necessary conditions have been satisfied for the periods presented (See Note 12—Equity-Based Compensation).

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox 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 Transaction FOX became a standalone publicly traded company on March 19, 2019, when Twenty-First Century Fox, Inc. (“21CF”) spun off the Company to 21CF stockholders and FOX's Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) began trading independently on The Nasdaq Global Select Market (“the Transaction”). In connection with the Transaction, the Company entered into the Separation and Distribution Agreement, dated as of March 19, 2019 (the “Separation Agreement”), with 21CF, which effected the internal restructuring (the “Separation”) whereby The Walt Disney Company (“Disney”) acquired the remaining 21CF assets and 21CF became a wholly-owned subsidiary of Disney. The Separation and the Transaction were effected as part of a series of transactions contemplated by the Amended and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018 (the “21CF Disney Merger Agreement”), by and among 21CF, Disney and certain subsidiaries of Disney. In connection with the Separation, the Company entered into a tax matters agreement among the Company, Disney and 21CF which governs the parties’ respective rights, responsibilities and obligations with respect to certain tax matters. Under this agreement, 21CF will generally indemnify the Company against any taxes required to be reported on a consolidated or separate tax return of 21CF and/or any of its subsidiaries, including any taxes resulting from the Separation and the Transaction, and the Company will generally indemnify 21CF against any taxes required to be reported on a separate tax return of the Company or any of its subsidiaries. Pursuant to the 21CF Disney Merger Agreement, immediately prior to the Transaction, the Company paid 21CF a dividend (the “Dividend”) for the estimated taxes associated with the Transaction. The final determination of the taxes included an estimated $5.8 billion in respect of the Separation and the Transaction for which the Company is responsible pursuant to the 21CF Disney Merger Agreement and an estimated $700 million prepayment in respect of divestitures (collectively, the “Transaction Tax”). As a result of the Separation and the Transaction, which was a taxable transaction for which an estimated tax liability of $5.8 billion was included in the Transaction Tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values. This resulted in estimated annual tax deductions of approximately $1.5 billion, which is expected to continue over the next several years due to the amortization of the additional tax basis. Such estimates are subject to revisions, which could be material, based upon the occurrence of future events. This amortization is estimated to reduce the Company’s fiscal 2023 cash tax liability by approximately $360 million at the current combined federal and state applicable tax rate of approximately 24%. Included in the Transaction Tax was the Company’s share of the estimated tax liabilities of $700 million related to the anticipated divestitures by Disney of certain assets, principally the FOX Sports Regional Sports Networks (“RSNs”), which Disney sold during calendar year 2019 (“Divestiture Tax”). During fiscal 2021, the Company and Disney reached an agreement to settle the majority of the Divestiture Tax and the Company received $462 million from Disney as reimbursement of the Company’s prepayment based upon the sales price of the RSNs. This reimbursement was recorded in Other, net in the Statement of Operations (See Note 20—Additional Financial Information under the heading “Other, net”). The balance of the Divestiture Tax is subject to adjustment in the future, but any such adjustment is not expected to have a material impact on the financial results of the Company. Basis of Presentation The Company’s financial statements as of and for the years ended June 30, 2023, 2022 and 2021 are presented on a consolidated basis. The consolidated financial statements are referred to as the “Financial Statements” herein. The consolidated statements of operations are referred to as the “Statements of Operations” herein. The consolidated statements of comprehensive income are referred to as the “Statements of Comprehensive Income” herein. The consolidated balance sheets are referred to as the “Balance Sheets” herein. The consolidated statements of cash flows are referred to as the “Statements of Cash Flows” herein. The consolidated statements of equity are referred to as the “Statements of Equity” herein.

Acquisitions, Disposals and Other Transactions - Narrative (Details) $ in Millions	12 Months Ended
	Jun. 30, 2023 business	Jun. 30, 2022 USD ($) business	Jun. 30, 2021 business
Business Combination and Asset Acquisition [Abstract]
Number of businesses acquired \| business	0	3	1
Consideration transferred \| $		$ 240

Additional Financial Information

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

ADDITIONAL FINANCIAL INFORMATION

Interest Expense, net

The following table sets forth the components of Interest expense, net included in the Statements of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Interest expense	$	(349)	$	(377)	$	(395)
Interest income	131		6		4
Total interest expense, net	$	(218)	$	(371)	$	(391)

Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Legal settlement costs(a)	$	(894)	$	—	$	—
Net gains (losses) on investments in equity securities(b)	403		(386)		258
U.K. Newspaper Matters Indemnity(a)	(117)		(81)		(64)
Transaction costs(c)	(55)		(69)		421
Other	(36)		27		(36)
Total other, net	$	(699)	$	(509)	$	579


(a)			See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K. Newspaper Matters Indemnity."


(b)			Net gains (losses) on investments in equity securities includes the gains (losses) related to the changes in fair value of the Company’s investment in Flutter (See Note 6—Fair Value).
(c)			The transaction costs for fiscal 2021 are primarily related to the partial settlement from Disney of $462 million related to the reimbursement of the Company’s prepayment of its share of the Divestiture Tax (See Note 1—Description of Business and Basis of Presentation).

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:


	As of June 30,
	2023		2022
	(in millions)
Investments(a)	$	1,034	$	578
Operating lease assets(b)	947		477
Inventories, net	642		521
Grantor Trust	276		270
Other	269		225
Total other non-current assets	$	3,168	$	2,071


(a)			Includes investments accounted for at fair value on a recurring basis of $884 million and $435 million as of June 30, 2023 and 2022, respectively (See Note 6—Fair Value).
(b)			See Note 10—Leases under the heading “Lessee Arrangements.”

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 June 30,
	2023		2022
	(in millions)
Accrued expenses	$	1,028	$	992
Programming payable	785		686
Deferred revenue	160		209
Operating lease liabilities	72		107
Other current liabilities	469		302
Total accounts payable, accrued expenses and other current liabilities	$	2,514	$	2,296

Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:


	As of June 30,
	2023		2022
	(in millions)
Non-current operating lease liabilities(a)	$	925	$	405
Accrued non-current pension/postretirement liabilities	361		447
Other non-current liabilities	198		268
Total other liabilities	$	1,484	$	1,120


(a)			See Note 10—Leases under the heading “Lessee Arrangements.”

Future Performance Obligations

As of June 30, 2023, approximately $4.1 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.

Supplemental Information


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(345)	$	(383)	$	(390)
Cash paid for income taxes	$	(245)	$	(209)	$	(225)

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	—	$	348	$	49
Cash acquired	—		9		—
Liabilities assumed	—		(47)		2
Redeemable noncontrolling interests issued	—		(5)		—
Cash paid	—		(252)		(51)
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.

Additional Financial Information - Components of Other Non-current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments	$ 1,034	$ 578
Operating lease assets	$ 947	$ 477
Operating lease, right-of-use asset, statement of financial position	Total other non-current assets	Total other non-current assets
Inventories, net	$ 642	$ 521
Grantor Trust	276	270
Other	269	225
Total other non-current assets	3,168	2,071
Investments, fair value	$ 884	$ 435

Segment Information - Narrative (Details) - Television - US	12 Months Ended
	Jun. 30, 2023 tvStation duopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies \| duopoly	11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Fair Value - Narrative (Details) - FanDuel - USD ($) $ in Billions	1 Months Ended
	Jan. 31, 2023	May 31, 2020	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of ownership interest that can be acquired in the future	18.60%	18.60%
Option term to acquire an equity interest		10 years
Call option exercise price annual escalator	5.00%
Call Option
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Option contract, fair value		$ 3.7	$ 4.0

Additional Financial Information - Components of Other, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Legal settlement costs	$ (894)	$ 0	$ 0
Net gains (losses) on investments in equity securities	403	(386)	258
U.K. Newspaper Matters Indemnity	(117)	(81)	(64)
Transaction costs	(55)	(69)	421
Other	(36)	27	(36)
Total other, net	(699)	(509)	579
Settlement of Divestiture Tax Prepayment	$ 0	$ 0	$ 462

Pension and Other Postretirement Benefits - Schedule of Components of Periodic Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 30	$ 38
Interest cost	52	30
Pension benefits \| Direct Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	30	38	$ 38
Interest cost	52	30	30
Expected return on plan assets	(40)	(50)	(50)
Amortization of deferred losses	23	31	44
Other	0	3	2
Net periodic benefit costs	65	52	64
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	2	2
Postretirement benefits \| Direct Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	2
Interest cost	2	2	2
Expected return on plan assets	0	0	0
Amortization of deferred losses	(4)	1	1
Other	0	0	0
Net periodic benefit costs	$ (1)	$ 4	$ 5

Pension and Other Postretirement Benefits - Schedule of Assumptions Used (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Pension benefits
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.30%	4.80%	2.70%
Weighted-average assumptions used to determine net periodic benefit costs
Expected return on plan assets	5.00%	5.10%	6.50%
Pension benefits \| Service Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	4.80%	2.80%	2.90%
Pension benefits \| Interest Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	4.50%	2.10%	2.20%
Postretirement benefits
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.30%	4.80%	2.70%
Postretirement benefits \| Service Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	4.80%	2.90%	3.00%
Postretirement benefits \| Interest Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	4.50%	2.20%	2.20%

Pension and Other Postretirement Benefits - Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in the fair value of plan assets for the Company’s benefit plans:
Grantor Trust assets	$ 276	$ 270
Pension benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of the year	1,203	1,468
Service cost	30	38
Interest cost	52	30
Benefits paid	(22)	(22)
Settlements	(32)	(56)
Actuarial gains	(58)	(256)
Other	(1)	1
Projected benefit obligation, end of the year	1,172	1,203
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year	801	972
Actual return on plan assets	53	(152)
Employer contributions	53	59
Benefits paid	(22)	(22)
Settlements	(32)	(56)
Fair value of plan assets, end of the year	853	801
Funded status	(319)	(402)
Grantor Trust assets	276	270
Postretirement benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of the year	53	98
Service cost	1	1
Interest cost	2	2
Benefits paid	(4)	(4)
Settlements	0	0
Actuarial gains	(5)	(46)
Other	0	2
Projected benefit obligation, end of the year	47	53
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year	0	0
Actual return on plan assets	0	0
Employer contributions	4	4
Benefits paid	(4)	(4)
Settlements	0	0
Fair value of plan assets, end of the year	0	0
Funded status	(47)	(53)
Grantor Trust assets	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income	$ 1,253	$ 1,233	$ 2,201
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	411	363	300
Amortization of cable distribution investments	16	18	22
Impairment and restructuring charges	111	0	35
Equity-based compensation	74	102	147
Other, net	(116)	509	(579)
Deferred income taxes	321	342	534
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(104)	(79)	(269)
Inventories net of programming payable	145	(301)	190
Accounts payable and accrued expenses	(68)	(54)	282
Other changes, net	(243)	(249)	(224)
Net cash provided by operating activities	1,800	1,884	2,639
INVESTING ACTIVITIES
Property, plant and equipment	(357)	(307)	(484)
Acquisitions, net of cash acquired	0	(243)	(51)
Proceeds from dispositions, net	0	83	93
Purchase of investments	(54)	(28)	(86)
Other investing activities, net	(27)	(18)	0
Net cash used in investing activities	(438)	(513)	(528)
FINANCING ACTIVITIES
Repayment of borrowings	0	(750)	0
Repurchase of shares	(2,000)	(1,000)	(1,001)
Non-operating cash flows from The Walt Disney Company	0	0	112
Settlement of Divestiture Tax Prepayment	0	0	462
Dividends paid and distributions	(299)	(307)	(330)
Purchase of subsidiary noncontrolling interest	0	0	(67)
Sale of subsidiary noncontrolling interest	35	25	0
Other financing activities, net	(26)	(25)	(46)
Net cash used in financing activities	(2,290)	(2,057)	(870)
Net (decrease) increase in cash and cash equivalents	(928)	(686)	1,241
Cash and cash equivalents, beginning of year	5,200	5,886	4,645
Cash and cash equivalents, end of year	$ 4,272	$ 5,200	$ 5,886

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2023

Jun. 30, 2022

Current assets

Cash and cash equivalents

$ 4,272

$ 5,200

Receivables, net

2,177

2,128

Inventories, net

543

791

Other

265

162

Total current assets

7,257

8,281

Non-current assets

Property, plant and equipment, net

1,708

1,682

Intangible assets, net

3,084

3,157

Goodwill

3,559

3,554

Deferred tax assets

3,090

3,440

Other non-current assets

3,168

2,071

Total assets

21,866

22,185

Current liabilities

Borrowings

1,249

Accounts payable, accrued expenses and other current liabilities

2,514

2,296

Total current liabilities

3,763

2,296

Non-current liabilities

Borrowings

5,961

7,206

Other liabilities

1,484

1,120

Redeemable noncontrolling interests

213

188

Commitments and contingencies

Equity

Additional paid-in capital

8,253

9,098

Retained earnings

2,269

2,461

Accumulated other comprehensive loss

(149)

(226)

Total Fox Corporation stockholders’ equity

10,378

11,339

Noncontrolling interests

Total equity

10,445

11,375

Total liabilities and equity

21,866

22,185

Equity

^[1]

Equity

^[2]

$ 2

$ 3

[1]	Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 262,899,364 shares and 307,496,876 shares issued and outstanding at par as of June 30, 2023 and 2022, respectively.
[2]	Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares and 243,122,595 shares issued and outstanding at par as of June 30, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Goodwill	$ 3,559	$ 3,554	$ 3,435
Advertising expense	$ 680	$ 708	$ 558
One Customer \| Customer Concentration Risk \| Receivables
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	11.00%
Minimum \| Buildings And Leaseholds
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Minimum \| Machinery And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	10 years
Maximum \| Buildings And Leaseholds
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	40 years
Maximum \| Machinery And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	10 years

Borrowings

12 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Public Debt - Senior Notes Issued

The Company has issued senior notes (the “Notes”) under an Indenture, dated as of January 25, 2019, by and between the Company and The Bank of New York Mellon, as Trustee (the “2019 Indenture”). The Notes are direct unsecured obligations of the Company and rank pari passu with all other senior indebtedness of the Company, including the indebtedness under the Revolving Credit Agreement described below. Redemption may occur, at the option of the holders, at 101% of the principal amount plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. The Notes are subject to certain covenants, which, among other things, limit the Company’s ability and the ability of the Company’s subsidiaries, to create liens and engage in merger, sale or consolidation transactions. The 2019 Indenture does not contain any financial maintenance covenants.

In April 2020, the Company issued $1.2 billion of senior notes and used the net proceeds for general corporate purposes. In January 2019, the Company issued $6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund the Dividend and to pay fees and expenses

incurred in connection with the issuance of such notes and the Separation and the Transaction. The following table summarizes the Company’s senior notes, net of repayments:


	Outstanding as of June 30,
	2023		2022
	(in millions)
Public debt
4.030% senior notes due 2024	$	1,250	$	1,250
3.050% senior notes due 2025	600		600
4.709% senior notes due 2029	2,000		2,000
3.500% senior notes due 2030	600		600
5.476% senior notes due 2039	1,250		1,250
5.576% senior notes due 2049	1,550		1,550
Total public debt	7,250		7,250
Less: unamortized discount and debt issuance costs	(40)		(44)
Total borrowings	$	7,210	$	7,206

Current Borrowings

Included in Borrowings within Current liabilities as of June 30, 2023 was $1.25 billion of 4.030% senior due in January 2024.

Revolving Credit Agreement

On June 14, 2023, the Company entered into a credit agreement (the “Revolving Credit Agreement”) among the Company, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, as Co-Syndication Agents and JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding Inc., as Co-Documentation Agents. The Company entered into the Revolving Credit Agreement in anticipation of the transition away from the London Interbank Offered Rate (“LIBOR”) as a result of reference rate reform and to replace the Company’s previous unsecured revolving credit facility, dated as of March 15, 2019, which was scheduled to mature in March 2024.

The Revolving Credit Agreement provides for 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 June 2028. Under the Revolving Credit Agreement, the Company may request an increase in the amount of the credit facility commitments up to a maximum facility amount of $1.75 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. The material terms of the Revolving Credit Agreement include the requirement that the Company maintain specific leverage ratios and limitations on indebtedness. The interest rates and fees under the Revolving Credit Agreement are based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current credit ratings, the interest rate on borrowings under the Revolving Credit Agreement would be the forward-looking term rate based on the Secured Overnight Financing Rate plus 1.125% and the facility fee is 0.125%. As of June 30, 2023, there were no borrowings outstanding under the Revolving Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity-Based Compensation - Summary of Equity-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 74	$ 102	$ 147
Intrinsic value of all settled equity-based awards	77	97	139
Tax benefit on settled equity-based awards	$ 14	$ 21	$ 23

Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total assets	$ 21,866	$ 22,185
Investments	1,034	578
Cable Network Programming
Segment Reporting Information [Line Items]
Total assets	2,658	2,682
Television
Segment Reporting Information [Line Items]
Total assets	7,803	7,915
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 10,371	$ 11,010

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 7
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Stockholders' Equity - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Other comprehensive income, net of tax:
Other comprehensive income, net of tax	$ 77	$ 92	$ 99
Benefit plan, cumulative translation adjustments and other
Before tax
Unrealized gains	79	100	87
Reclassifications realized in net income, before tax	19	32	45
Cumulative translation adjustment, before tax	3	(7)
Other comprehensive income	101	125	132
Tax benefit (provision)
Unrealized gains	(19)	(25)	(21)
Reclassifications realized in net income, tax	(5)	(8)	(12)
Cumulative translation adjustment, tax	0	0
Other comprehensive income	(24)	(33)	(33)
Other comprehensive income, net of tax:
Unrealized gains	60	75	66
Reclassifications realized in net income, net of tax	14	24	33
Cumulative translation adjustment, net of tax	3	(7)
Other comprehensive income, net of tax	$ 77	$ 92	$ 99

Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Allowance for credit losses
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of year	$ (54)	$ (77)	$ (93)
Additions	0	(2)	(4)
Utilization	3	19	11
Other	7	6	9
Balance as of end of year	(44)	(54)	(77)
Deferred tax valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of year	(34)	(24)	(20)
Additions	(38)	(23)	(9)
Utilization	0	13	5
Other	0	0	0
Balance as of end of year	$ (72)	$ (34)	$ (24)

Equity-Based Compensation - Weighted Average Assumptions Used for Estimated Fair Value of PSO and Stock Option Grants (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	35.00%	35.00%	35.00%
Risk-free interest rate	2.83%	1.20%	0.66%
Expected dividend yield	1.40%	1.31%	1.67%
Expected term	5 years 3 months 18 days	5 years 3 months 14 days	5 years 3 months 14 days

Restructuring Programs - Schedule of Changes in Restructuring Program Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Restructuring liabilities, beginning balance	$ (27)	$ (38)	$ (68)
Additions	(111)		(35)
Payments	54	11	65
Restructuring liabilities, ending balance	(84)	(27)	(38)
One time termination benefits
Restructuring Reserve [Roll Forward]
Restructuring liabilities, beginning balance	(8)	(16)	(38)
Additions	(111)		(39)
Payments	52	8	61
Restructuring liabilities, ending balance	(67)	(8)	(16)
Contract termination costs
Restructuring Reserve [Roll Forward]
Restructuring liabilities, beginning balance	(19)	(22)	(30)
Additions	0		(4)
Payments	2	3	4
Restructuring liabilities, ending balance	$ (17)	$ (19)	$ (22)

Leases - Summary of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Fiscal Year
2024	$ 123
2025	113
2026	63
2027	61
2028	93
Thereafter	1,101
Total lease payments	1,554
Less: imputed interest	(557)
Present value of operating lease liabilities	$ 997	$ 512

Inventories, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Operating Expenses \| Sports Programming Rights and Entertainment Programming Rights \| Cable Network Programming And Television Segments
Inventory [Line Items]
Inventory write-down	$ 10	$ 50	$ 0

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Repurchases of Common Stock

The following table summarizes the Company’s repurchases of its Class A Common Stock and Class B Common Stock:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Total cost of repurchases(a)	$	2,000	$	1,000	$	1,001
Total number of shares repurchased	54		27		31

(a)

These amounts exclude any fees, commissions or other costs associated with the share repurchases.

Schedule of Dividends Declared and Paid

The following table summarizes the dividends declared and paid per share on both the Company’s Class A Common Stock and Class B Common Stock:


	For the years ended June 30,
	2023		2022		2021
Cash dividend per share	$	0.50	$	0.48	$	0.46

Schedule of Activity within Other Comprehensive (Loss) Income

The following tables summarize the activity within Other comprehensive income:


	For the year ended June 30, 2023
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan, cumulative translation adjustments and other
Unrealized gains	$	79	$	(19)	$	60
Reclassifications realized in net income(a)	19		(5)		14
Cumulative translation adjustment	3		—		3
Other comprehensive income	$	101	$	(24)	$	77


	For the year ended June 30, 2022
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan and cumulative translation adjustments
Unrealized gains	$	100	$	(25)	$	75
Reclassifications realized in net income(a)	32		(8)		24
Cumulative translation adjustment	(7)		—		(7)
Other comprehensive income	$	125	$	(33)	$	92


	For the year ended June 30, 2021
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan adjustments
Unrealized gains	$	87	$	(21)	$	66
Reclassifications realized in net income(a)	45		(12)		33
Other comprehensive income	$	132	$	(33)	$	99


(a)			Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax

The following table summarizes the components of Accumulated other comprehensive loss, net of tax:


	As of June 30,
	2023		2022		2021
	(in millions)
Benefit plan adjustments and other	$	(145)	$	(219)	$	(318)
Cumulative translation adjustment	(4)		(7)		—
Accumulated other comprehensive loss, net of tax	$	(149)	$	(226)	$	(318)

Pension and Other Postretirement Benefits - Health Care Cost Trend Rates (Details) - Postretirement benefits	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate	6.10%	5.80%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%
Year that the rate reaches the ultimate trend rate	2047	2047

Equity-Based Compensation - Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock (Details) - RSUs and PSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
RSUs and PSUs, Number of shares
Unvested units at beginning of the year (in shares)	5,052	5,695	8,043
Granted (in shares)	2,314	1,909	2,495
Vested (in shares)	(2,092)	(2,417)	(4,654)
Cancelled (in shares)	(990)	(135)	(189)
Unvested units at the end of the year (in shares)	4,284	5,052	5,695
RSUs and PSUs, Weighted average grant-date fair value
Unvested at the beginning of the year (in USD per share)	$ 32.53	$ 31.75	$ 29.98
Granted (in USD per share)	34.31	35.77	28.07
Vested (in USD per share)	31.75	33.32	26.71
Cancelled (in USD per share)	33.30	31.44	32.01
Unvested units at the end of the year (in USD per share)	$ 33.72	$ 32.53	$ 31.75
Intrinsic value of unvested stock units	$ 145

Commitments and Contingencies

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

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 following table summarizes the Company’s material firm commitments as of June 30, 2023:


	As of June 30, 2023
	Payments due by period
	Total		1 year		2 - 3 years		4 - 5 years		After 5 years
	(in millions)
Borrowings	$	7,250	$	1,250	$	600	$	—	$	5,400
Licensed programming	31,115		5,102		8,180		8,044		9,789
Other commitments and contractual obligations	1,032		318		336		138		240
Total commitments	$	39,397	$	6,670	$	9,116	$	8,182	$	15,429

Licensed programming

Under the Company’s contracts with the National Football League (“NFL”), the remaining future minimum payments for program rights to broadcast certain football games are payable over the remaining term of the contract through the 2033 NFL season. The NFL has a one-time right to terminate the agreement after the 2029 NFL season.

The Company’s contract with Major League Baseball (“MLB”) gives the Company rights to broadcast certain regular season and post-season games, as well as exclusive rights to broadcast MLB’s World Series and All-Star Game through the 2028 MLB season.

The Company’s contracts with the National Association of Stock Car Auto Racing (“NASCAR”) give the Company rights to broadcast certain races and ancillary content through calendar year 2024.

Under the Company’s contracts with certain collegiate conferences, remaining future minimum payments for program rights to broadcast certain sports events are payable over the remaining terms of the contracts.

Other commitments and contractual obligations

Primarily includes obligations relating to talent costs and television rating services agreements.

Pension and other postretirement benefits

The total accrued net benefit liability for pension and other postretirement benefit plans recognized as of June 30, 2023 was $374 million (See Note 15—Pension and Other Postretirement Benefits). This amount is affected by, among other items, statutory funding levels, changes in plan demographics and assumptions and investment returns on plan assets. Because of the current overall funded status of the Company’s material plans, the accrued liability does not represent expected near-term liquidity needs and, accordingly, this amount is not included in the contractual obligations table.

Contingencies

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 below 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.

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 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, 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 $115 million and $65 million as of June 30, 2023 and 2022, respectively. The increase in the liability recorded was attributable to an increase in the number of civil claims submitted in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation.

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 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023, which is included in Other, net in the Consolidated Statement of Operations for fiscal 2023 (See Note 20—Additional Financial Information under the heading “Other, net”).

The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case remains ongoing and it is likely that depositions, expert discovery and summary judgment and other key motions will follow. At this time, a trial in the Smartmatic lawsuit is not expected to commence until 2025. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits against certain directors of the Company under the captions Schwarz v. Murdoch et al., C.A. No. 2023-0418 (Del. Ch.) and Greenberg et al. v. Murdoch et al., C.A. No. 2023-0440 (Del. Ch.). The lawsuits each named the Company as a nominal defendant. The complaints allege that members of the Company’s Board breached their fiduciary duties by allowing the Company’s news channel to air programming regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation cases. The plaintiffs seek orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. The Company believes the lawsuits are without merit and intends to vigorously defend against them.

Other

The Company’s operations are subject to tax primarily 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 Transaction) 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 requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the IRS in amounts that the Company cannot quantify.

Commitments and Contingencies - Schedule of Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
Total borrowings	$ 7,250	$ 7,250
Borrowings, due 1 year or less	1,250
Borrowings, due 2-3 years	600
Borrowings, due 4-5 years	0
Borrowings, due after 5 years	5,400
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total commitments	39,397
Total commitments, due 1 year or less	6,670
Total commitments, due 2-3 years	9,116
Total commitments, due 4-5 years	8,182
Total commitments, due after 5 years	15,429
Other Commitment, Fiscal Year Maturity [Abstract]
Total other commitments and contractual obligations	1,032
Other commitments and contractual obligations, due 1 year or less	318
Other commitments and contractual obligations, due 2-3 years	336
Other commitments and contractual obligations, due 4-5 years	138
Other commitments and contractual obligations, due after 5 years	240
Licensed programming
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total commitments	31,115
Total commitments, due 1 year or less	5,102
Total commitments, due 2-3 years	8,180
Total commitments, due 4-5 years	8,044
Total commitments, due after 5 years	$ 9,789

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Aug. 11, 2023	Sep. 30, 2020	Aug. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Repurchase of common stock				$ 2,000	$ 1,000	$ 1,001
Subsequent Event
Subsequent Event [Line Items]
Repurchase of common stock	$ 50
Class A
Subsequent Event [Line Items]
Cash dividend per share (in USD per share)				$ 0.50	$ 0.48	$ 0.46
Total number of shares repurchased		0.9	4.7
Class A \| Subsequent Event
Subsequent Event [Line Items]
Total number of shares repurchased	1.5
Class B
Subsequent Event [Line Items]
Cash dividend per share (in USD per share)				$ 0.50	$ 0.48	$ 0.46
Total number of shares repurchased		0.4	2.0
Semi Annual Dividend \| Class A \| Subsequent Event
Subsequent Event [Line Items]
Cash dividend per share (in USD per share)	$ 0.26
Semi Annual Dividend \| Class B \| Subsequent Event
Subsequent Event [Line Items]
Cash dividend per share (in USD per share)	$ 0.26

Acquisitions, Disposals and Other Transactions	12 Months Ended
Acquisitions, Disposals and Other Transactions	Jun. 30, 2023
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, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. The Company records any noncontrolling interests in an acquiree at their acquisition date fair value. The initial accounting for a business combination, including the allocation of the consideration transferred, is based on provisional amounts. The amounts allocated to intangible assets and goodwill, the estimates of useful lives and the related amortization expense are subject to changes pending the completion of the final valuations of certain assets and liabilities. A change in the 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. During fiscal 2023, the Company made no acquisitions. During fiscal 2022, the Company made acquisitions, primarily consisting of three entertainment production companies, for total cash consideration of approximately $240 million. During fiscal 2021, the Company made one acquisition consisting of a digital media company and disposed of its sports marketing businesses. The incremental revenues and Segment EBITDA (as defined in Note 17—Segment Information) related to the fiscal 2022 acquisitions and the fiscal 2021 acquisition and disposals, included in the Company's results of operations, were not material individually or in the aggregate.

Additional Financial Information - Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 1,028	$ 992
Programming payable	785	686
Deferred revenue	160	209
Operating lease liabilities	72	107
Other current liabilities	469	302
Total accounts payable, accrued expenses and other current liabilities	$ 2,514	$ 2,296

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 1,253

$ 1,233

$ 2,201

Other comprehensive income, net of tax:

Benefit plan adjustments and other

Other comprehensive income, net of tax

Comprehensive income

1,330

1,325

2,300

Less: Net income attributable to noncontrolling interests

^[1]

(14)

(28)

(51)

Comprehensive income attributable to Fox Corporation stockholders

$ 1,316

$ 1,297

$ 2,249

[1]	Net income attributable to noncontrolling interests includes $(16) million, $(12) million and $25 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Additional Financial Information - Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Supplemental cash flows information
Cash paid for interest	$ (345)	$ (383)	$ (390)
Cash paid for income taxes	(245)	(209)	(225)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	0	348	49
Cash acquired	0	9	0
Liabilities assumed	0	(47)	2
Redeemable noncontrolling interests issued	0	(5)	0
Cash paid	0	(252)	(51)
Fair value of equity instruments issued as consideration to third parties	0	53	0
Issuance of subsidiary common units	0	(53)	0
Fair value of equity instruments consideration	$ 0	$ 0	$ 0

Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock

The following table summarizes the activity related to RSUs and target PSUs granted to the Company’s employees to be settled in stock (RSUs and PSUs in thousands):


	Fiscal 2023			Fiscal 2022			Fiscal 2021
	Number of shares	Weighted average grant- date fair value		Number of shares	Weighted average grant- date fair value		Number of shares	Weighted average grant- date fair value
RSUs and PSUs
Unvested units at beginning of the year	5,052	$	32.53	5,695	$	31.75	8,043	$	29.98
Granted	2,314	34.31		1,909	35.77		2,495	28.07
Vested	(2,092)	31.75		(2,417)	33.32		(4,654)	26.71
Cancelled	(990)	33.30		(135)	31.44		(189)	32.01
Unvested units at the end of the year(a)	4,284	$	33.72	5,052	$	32.53	5,695	$	31.75


(a)			The intrinsic value of unvested RSUs and target PSUs as of June 30, 2023 was approximately $145 million.

Summary of Stock Options and PSOs Granted under SAP

The following table summarizes information about the Company’s stock options and PSOs granted under the SAP during fiscal 2023, 2022 and 2021 (options in thousands):


	Fiscal 2023			Fiscal 2022			Fiscal 2021
	Number of options	Weighted average exercise price		Number of options	Weighted average exercise price		Number of options	Weighted average exercise price
Outstanding at the beginning of the year	14,250	$	32.90	11,150	$	32.09	6,809	$	35.11
Granted	4,314	33.40		3,990	34.83		5,003	27.52
Exercised(a)	(234)	28.76		(542)	31.94		(386)	27.21
Cancelled	(1,282)	32.77		(348)	30.38		(276)	30.44
Outstanding at the end of the year(b)	17,048	$	33.12	14,250	$	32.90	11,150	$	32.09
Exercisable at the end of the year(c)	5,282	$	36.35	4,586	$	37.13	3,981	$	38.12
Weighted average grant-date fair value of options granted		$	10.32		$	7.48		$	7.37
Weighted average remaining contractual term of options outstanding at the end of the year		6.51 years			6.75 years			6.82 years
Weighted average remaining contractual term of options exercisable at the end of the year		2.96 years			3.89 years			4.81 years


(a)			During fiscal 2023, 2022 and 2021, the Company received approximately $7 million, $17 million and $12 million, respectively, in cash payments from the exercise of stock options.
(b)			The intrinsic value of options outstanding as of June 30, 2023, 2022 and 2021 was $37.1 million, $26.9 million and $65.6 million, respectively.
(c)			The intrinsic value of options exercisable as of June 30, 2023, 2022 and 2021 was $6.8 million, $3.1 million and $5.5 million, respectively.

Weighted Average Assumptions Used for Estimated Fair Value of Stock Option Grant

The fair value of each PSO and stock option grant is estimated on the date of grant with the following weighted average assumptions used for grants during fiscal 2023, 2022 and 2021:


	For the years ended June 30,
	2023		2022		2021
Expected volatility	35.00	%	35.00	%	35.00	%
Risk-free interest rate	2.83	%	1.20	%	0.66	%
Expected dividend yield	1.40	%	1.31	%	1.67	%
Expected term	5.30 years		5.29 years		5.29 years

Summary of Equity-Based Compensation

The following table summarizes the Company’s equity-based compensation:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Equity-based compensation	$	74	$	102	$	147
Intrinsic value of all settled equity-based awards	$	77	$	97	$	139
Tax benefit on settled equity-based awards	$	14	$	21	$	23

Stockholders' Equity - Schedule of Dividends Declared and Paid (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Class A
Dividends Payable [Line Items]
Cash dividend per share (in USD per share)	$ 0.50	$ 0.48	$ 0.46
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in USD per share)	$ 0.50	$ 0.48	$ 0.46

Pension and Other Postretirement Benefits

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITSThe 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 Company has a legally enforceable obligation to contribute to some plans and is not required to contribute to others. The plans include both defined benefit pension plans and employee non-contributory and employee contributory accumulation plans covering all eligible employees. The Company makes contributions in accordance with applicable laws or contract terms.

Pension and postretirement plans that are sponsored by the Company are accounted for as defined benefit pension plans. Accordingly, the funded and unfunded position of each plan is recorded in the Balance Sheets. Actuarial gains and losses that have not yet been recognized through income are recorded in Accumulated other comprehensive loss net of taxes, and they are systematically amortized as a component of net periodic benefit cost. The Company’s benefit obligation for the plans is calculated using assumptions which the Company reviews on a regular basis. The funded status of the plans can change from year to year, but the assets of the funded plans have been sufficient to pay all benefits that came due in each of fiscal 2023, 2022 and 2021.

The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and funded status for the Company’s pension and postretirement benefit plans:


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation, beginning of the year	$	1,203	$	1,468	$	53	$	98
Service cost	30		38		1		1
Interest cost	52		30		2		2
Benefits paid	(22)		(22)		(4)		(4)
Settlements(a)	(32)		(56)		—		—
Actuarial gains(b)	(58)		(256)		(5)		(46)
Other	(1)		1		—		2
Projected benefit obligation, end of the year	1,172		1,203		47		53
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year	801		972		—		—
Actual return on plan assets	53		(152)		—		—
Employer contributions	53		59		4		4
Benefits paid	(22)		(22)		(4)		(4)
Settlements(a)	(32)		(56)		—		—
Fair value of plan assets, end of the year	853		801		—		—
Funded status(c)	$	(319)	$	(402)	$	(47)	$	(53)
Grantor Trust assets(c)	$	276	$	270	$	—	$	—


(a)			Represents the full settlement of former employees’ deferred pension benefit obligations through lump sum payments.
(b)			Actuarial gains for June 30, 2023 and June 30, 2022 were primarily due to a change in the discount rate assumption utilized in measuring plan obligations.
(c)			The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency.

Amounts recognized in the Balance Sheets consist of:


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Pension assets	$	8	$	6	$	—	$	—
Accrued pension liabilities	(327)		(408)		(47)		(53)
Net amounts recognized	$	(319)	$	(402)	$	(47)	$	(53)

Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Actuarial losses (gains)	$	228	$	322	$	(34)	$	(33)
Prior service cost	1		3		—		—
Net amounts recognized	$	229	$	325	$	(34)	$	(33)

Accumulated pension benefit obligations as of June 30, 2023 and 2022 were $1.04 billion and $1.07 billion, respectively. For the funded plans, as of June 30, 2023, the projected benefit obligation exceeds the fair value of plan assets except for two plans that have assets of $123 million, a projected benefit obligation of $115 million and an accumulated benefit obligation of $112 million. Information about funded and unfunded pension plans is presented below:


	Funded plans				Unfunded plans
	As of June 30,
	2023		2022		2023			2022
	(in millions)
Projected benefit obligation	$	901	$	930	$	271		$	273
Accumulated benefit obligation	777		801		267			268
Fair value of plan assets	853		801		—		(a)	—		(a)


(a)			The fair value of the assets in the Grantor Trust as of June 30, 2023 and 2022 was $276 million and $270 million, respectively.

Information about funded and unfunded pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets is presented below:


	Funded plans					Unfunded plans
	As of June 30,
	2023			2022		2023			2022
	(in millions)
Projected benefit obligation	$	—		$	807	$	271		$	273
Accumulated benefit obligation	—		(a)	683		267			268
Fair value of plan assets	—		(a)	675		—		(b)	—		(b)


(a)			As of June 30, 2023, the fair value of plan assets exceeded the accumulated benefit obligation for the funded plans.
(b)			The fair value of the assets in the Grantor Trust as of June 30, 2023 and 2022 was $276 million and $270 million, respectively.

The components of net periodic benefit costs were as follows:


	Pension benefits						Postretirement benefits
	For the years ended June 30,
	2023		2022		2021		2023		2022		2021
	(in millions)
Service cost	$	30	$	38	$	38	$	1	$	1	$	2
Interest cost	52		30		30		2		2		2
Expected return on plan assets	(40)		(50)		(50)		—		—		—
Amortization of deferred losses	23		31		44		(4)		1		1
Other	—		3		2		—		—		—
Net periodic benefit costs	$	65	$	52	$	64	$	(1)	$	4	$	5

The components of net periodic benefit costs other than the service cost component are included in Other, net in the Statements of Operations.


	Pension benefits						Postretirement benefits
	For the years ended June 30,
	2023		2022		2021		2023		2022		2021
Additional information
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.3	%	4.8	%	2.7	%	5.3	%	4.8	%	2.7	%
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate for service cost	4.8	%	2.8	%	2.9	%	4.8	%	2.9	%	3.0	%
Discount rate for interest cost	4.5	%	2.1	%	2.2	%	4.5	%	2.2	%	2.2	%
Expected return on plan assets	5.0	%	5.1	%	6.5	%	N/A		N/A		N/A

N/A – not applicable.

The Company utilizes a full yield curve approach in the estimation of the service and interest components of net periodic benefit costs for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The Company utilizes the latest mortality table released by the Society of Actuaries.

The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:


	Postretirement benefits
	Fiscal 2023		Fiscal 2022
Health care cost trend rate	6.1	%	5.8	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.0	%	4.0	%
Year that the rate reaches the ultimate trend rate	2047		2047

The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service:


	Expected benefit payments
	Pension benefits		Postretirement benefits
	(in millions)
Fiscal year
2024	$	68	$	4
2025	66		4
2026	64		4
2027	69		4
2028	74		4
2029-2033	409		18

The above table presents expected benefit payments for the postretirement benefits net of a nominal amount of U.S. Medicare subsidy receipts per year.

Plan Assets and Grantor Trust

The following tables present Plan assets for the Company’s funded pension plans and Grantor Trust assets to fund certain future unfunded pension benefit obligations of the Company. The assets are classified by level within the fair value hierarchy, as described in Note 6—Fair Value, as of June 30, 2023 and 2022:


	As of June 30, 2023
			Fair value measurements at reporting date using		Assets measured
	Total		Level 1		at NAV(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds(b)
Money market funds	$	18	$	18	$	—
Domestic equity funds	189		189		—
Domestic fixed income funds(c)	383		383		—
International equity funds	136		136		—
Balanced funds	78		78		—
Partnership interests	49		—		49
Total fair value of plan assets	$	853	$	804	$	49

GRANTOR TRUST ASSETS
Pooled funds(b)
Money market funds	$	20	$	20	$	—
Domestic fixed income funds(c)	143		143		—
Balanced funds	112		112		—
Other(e)	1		1		—
Total fair value of Grantor Trust assets	$	276	$	276	$	—


	As of June 30, 2022
			Fair value measurements at reporting date using		Assets measured
	Total		Level 1		at NAV(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds(b)
Money market funds	$	20	$	20	$	—
Domestic equity funds	82		82		—
Domestic fixed income funds(c)	381		381		—
International equity funds	133		133		—
Balanced funds	78		78		—
U.S. common stocks(d)	43		43		—
Partnership interests	33		—		33
Exchange traded funds(d)	32		32		—
Other(e)	(1)		(1)		—
Total fair value of plan assets	$	801	$	768	$	33

GRANTOR TRUST ASSETS
Balanced funds(b)	$	234	$	234	$	—
Partnership interests	16		—		16
Other(e)	20		20		—
Total fair value of Grantor Trust assets	$	270	$	254	$	16


(a)			Investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy disclosure. These investments have monthly liquidity.
(b)			Pooled funds that have a readily determinable fair value are valued at the regularly published NAV.
(c)			Domestic fixed income funds consist primarily of investment grade securities.
(d)			Exchange traded funds and common stock investments that are publicly traded are valued at the closing price reported on active markets in which the securities are traded.
(e)			Includes cash and cash equivalents and plan receivables and payables.

The investment objective for the funded pension plans is to grow assets to decrease the deficit and protect improvements in funded status. The asset allocation strategy will change over time by shifting assets from return seeking assets to liability hedging assets upon the achievement of certain funding milestones. The target asset allocation on June 30, 2023 is 50% return seeking assets and 50% liability hedging assets which approximates the actual asset allocation as of June 30, 2023. Return seeking assets are diversified across multiple asset classes and liability hedging assets are managed to correlate highly with the pension liabilities to reduce interest rate risk. Assets are generally managed by external investment managers. The expected long-term rate of return on asset assumption is determined using the current target asset allocation and applying expected future returns for the various asset classes and correlations amongst the asset classes.

The funded plans weighted-average asset allocation, by asset category, are as follows:


	Pension benefits
	As of June 30,
	2023		2022
Asset Category
Equity investments	39	%	37	%
Fixed income investments, including cash	51		52
Other	10		11
Total	100	%	100	%

Required pension plan contributions for the next fiscal year are not expected to be material; however, actual contributions may be affected by pension asset and liability valuation changes during the year. The Company will continue to make voluntary contributions as necessary to improve funded status.

Defined Contribution Plans

The Company has defined contribution plans for the benefit of substantially all employees meeting certain eligibility requirements. Employer contributions to such plans were $68 million, $58 million and $49 million for fiscal 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts


	Balance as of beginning of year		Additions		Utilization		Other		Balance as of end of year
	(in millions)
Fiscal 2023
Allowance for credit losses	$	(54)	$	—	$	3	$	7	$	(44)
Deferred tax valuation allowance	(34)		(38)		—		—		(72)

Fiscal 2022
Allowance for credit losses	$	(77)	$	(2)	$	19	$	6	$	(54)
Deferred tax valuation allowance	(24)		(23)		13		—		(34)

Fiscal 2021
Allowance for credit losses	$	(93)	$	(4)	$	11	$	9	$	(77)
Deferred tax valuation allowance	(20)		(9)		5		—		(24)

Borrowings (Tables)

12 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Notes

The following table summarizes the Company’s senior notes, net of repayments:


	Outstanding as of June 30,
	2023		2022
	(in millions)
Public debt
4.030% senior notes due 2024	$	1,250	$	1,250
3.050% senior notes due 2025	600		600
4.709% senior notes due 2029	2,000		2,000
3.500% senior notes due 2030	600		600
5.476% senior notes due 2039	1,250		1,250
5.576% senior notes due 2049	1,550		1,550
Total public debt	7,250		7,250
Less: unamortized discount and debt issuance costs	(40)		(44)
Total borrowings	$	7,210	$	7,206

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Segment Information - Reconciliation of Depreciation and Amortization from Segments to Consolidated and Reconciliation of Capital Expenditures from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 411	$ 363	$ 300
Capital expenditures	357	307	484
Cable Network Programming
Segment Reporting Information [Line Items]
Depreciation and amortization	71	60	55
Capital expenditures	66	67	53
Television
Segment Reporting Information [Line Items]
Depreciation and amortization	126	112	104
Capital expenditures	96	104	100
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Depreciation and amortization	214	191	141
Capital expenditures	$ 195	$ 136	$ 331

Leases (Tables)

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lessee Operating Lease Components of Balance Sheet and Other Supplemental Information

The following amounts were recorded in the Company’s Balance Sheet relating to its operating leases and other supplemental information:


	As of June 30,
	2023			2022
	(in millions)
ROU assets	$	947		$	477
Lease liabilities
Current lease liabilities	$	72		$	107
Non-current lease liabilities	925			405
Total lease liabilities	$	997		$	512
Other supplemental information
Weighted average remaining lease term	17 years			9 years
Weighted average discount rate	5		%	3		%

Summary of Lease Costs and Supplemental Cash Flows Information

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Lease costs
Total lease costs(a)	$	145	$	128	$	126
Supplemental cash flows information
Operating cash flows from operating leases	$	119	$	116	$	134
ROU assets obtained in exchange for operating lease liabilities	$	568	$	137	$	49


(a)			Total lease costs of $145 million, $128 million and $126 million for fiscal 2023, 2022 and 2021 are net of sublease income of approximately $15 million, $15 million and $30 million, respectively. Approximately $15 million of the sublease income for fiscal 2021 relates to office facilities that were subleased through November 2020 to News Corporation, a related party (see Note 13—Related Party Transactions).

Schedule of lease payments relating to the Company’s operating leases

The following table presents the lease payments relating to the Company’s operating leases:


	As of June 30, 2023
	(in millions)
Fiscal Year
2024	$	123
2025	113
2026	63
2027	61
2028	93
Thereafter	1,101
Total lease payments	1,554
Less: imputed interest	(557)
Present value of operating lease liabilities	$	997

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSSubsequent to June 30, 2023, the Company increased its semi-annual dividend and declared a semi-annual dividend of $0.26 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on September 27, 2023 with a record date for determining dividend entitlements of August 30, 2023. Subsequent to June 30, 2023, the Company repurchased a total of approximately 1.5 million shares of Class A Common Stock for $50 million in the open market.

Income Taxes - Tax Rate Reconciliation (Details)		12 Months Ended
Income Taxes - Tax Rate Reconciliation (Details)	Mar. 19, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. federal income tax rate		21.00%	21.00%	21.00%
State and local taxes		5.00%	4.00%	4.00%
Valuation allowance movement		2.00%	0.00%	0.00%
Return to accrual		0.00%	2.00%	0.00%
Nondeductible compensation		0.00%	1.00%	1.00%
Adjustments for tax matters, net		0.00%	0.00%	(1.00%)
Other		0.00%	(1.00%)	0.00%
Effective tax rate	24.00%	28.00%	27.00%	25.00%

Fair Value - Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value	$ 6,895	$ 7,084
Carrying value	$ 7,210	$ 7,206

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Earnings Per Share

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


	For the years ended June 30,
	2023		2022		2021
	(in millions, except per share amounts)
Net income attributable to Fox Corporation stockholders	$	1,239	$	1,205	$	2,150
Weighted average shares - basic	529		566		591
Shares issuable under equity-based compensation plans(a)	2		4		4
Weighted average shares - diluted	531		570		595
Net income attributable to Fox Corporation stockholders per share - basic	$	2.34	$	2.13	$	3.64
Net income attributable to Fox Corporation stockholders per share - diluted	$	2.33	$	2.11	$	3.61


(a)			Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options (including PSOs) if the effect is dilutive, and, for those shares that are contingently issuable, all necessary conditions have been satisfied for the periods presented (See Note 12—Equity-Based Compensation).

Inventories, Net (Tables)

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The Company’s inventories were comprised of the following:


	As of June 30,
	2023		2022
	(in millions)
Licensed programming, including prepaid sports rights	$	720	$	975
Owned programming	465		337
Total inventories, net	1,185		1,312
Less: current portion of inventories, net	(543)		(791)
Total non-current inventories, net	$	642	$	521

Owned programming
Released	$	256	$	205
In-process or other	209		132
Total	$	465	$	337

Schedule of Inventories Aggregate Amortization Expense

The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statement of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Total amortization expense	$	6,036	$	5,379	$	4,721

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Based on the balance of inventories, net as of June 30, 2023, the estimated amortization expense for each of the succeeding three fiscal years is as follows:


	For the years ending June 30,
	2024		2025		2026
	(in millions)
Estimated amortization expense	$	694	$	123	$	55

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) option	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
ROU assets obtained in exchange for operating lease liabilities	$ 568	$ 137	$ 49
Total lease income	60	$ 60	$ 50
Corporate Headquarters
Lessee, Lease, Description [Line Items]
ROU assets obtained in exchange for operating lease liabilities	$ 540
Production and Office Space
Lessee, Lease, Description [Line Items]
Initial term of lease arrangements	7 years
Number of renewal options \| option	2
Lease arrangements renewal term	5 years
Annual lease payments to be received	$ 50

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York
Auditor Firm ID	42

Restructuring Programs

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Programs

RESTRUCTURING PROGRAMS

During fiscal 2023, 2022 and 2021, the Company recognized restructuring charges of $111 million, nil and $35 million, respectively, which were recorded in Impairment and restructuring charges in the Statements of Operations. These charges were primarily comprised of severance costs at the Cable Network Programming, Television and Other, Corporate and Eliminations segments for fiscal 2023 and the Cable Network Programming segment for fiscal 2021.

Changes in the restructuring program liabilities were as follows:


	One time termination benefits		Contract termination costs		Total
	(in millions)
Balance, June 30, 2020	$	(38)	$	(30)	$	(68)
Additions	(39)		4		(35)
Payments	61		4		65
Balance, June 30, 2021	$	(16)	$	(22)	$	(38)
Payments	8		3		11
Balance, June 30, 2022	$	(8)	$	(19)	$	(27)
Additions	(111)		—		(111)
Payments	52		2		54
Balance, June 30, 2023	$	(67)	$	(17)	$	(84)

As of June 30, 2023 and 2022, restructuring liabilities of $74 million and $16 million, respectively, were included in Accounts payable, accrued expenses and other current liabilities in the Balance Sheets with the remaining liability balances of $10 million and $11 million, respectively, included in Non-current Other liabilities in the Balance Sheets.

Segment Information - Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 6,643	$ 6,711
Cable Network Programming
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	1,312	1,322
Television
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	4,633	4,671
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 698	$ 718

Summary of Significant Accounting Policies - Schedule of Receivables, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Total receivables	$ 2,221	$ 2,182
Allowance for credit losses	(44)	(54)
Total receivables, net	$ 2,177	$ 2,128

Inventories, Net - Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Total amortization expense	$ 6,036	$ 5,379	$ 4,721

Goodwill and Intangible Assets, Net - Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets not subject to amortization, beginning	$ 2,892	$ 2,892
Intangible assets not subject to amortization, acquisitions		0
Intangible assets not subject to amortization, ending	2,892	2,892
Finite-lived Intangible Assets [Roll Forward]
Amortizable intangible assets, net, beginning	265	262
Amortizable intangible assets, net, acquisitions		71
Amortizable intangible assets, net, amortization and other	(73)	(68)
Amortizable intangible assets, net, ending	192	265
Total Intangible Assets, Net [Roll Forward]
Total intangible assets, net, beginning	3,157	3,154
Total intangible assets, net, acquisitions		71
Total intangible assets, net, amortization and other	(73)	(68)
Total intangible assets, net, ending	3,084	3,157
Accumulated amortization of amortizable intangible assets	366	292
FCC licenses
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets not subject to amortization, beginning	2,250	2,250
Intangible assets not subject to amortization, acquisitions		0
Intangible assets not subject to amortization, ending	2,250	2,250
Other
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets not subject to amortization, beginning	642	642
Intangible assets not subject to amortization, acquisitions		0
Intangible assets not subject to amortization, ending	$ 642	$ 642

Pension and Other Postretirement Benefits - Schedule of Weighted Average Asset Allocations by Asset Category (Details) - Pension benefits	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	100.00%	100.00%
Equity investments
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	39.00%	37.00%
Fixed income investments, including cash
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	51.00%	52.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	10.00%	11.00%

Additional Financial Information - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 $ in Billions	Jun. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 4.1
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	1 year
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	3 years

Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Common Stock and Preferred Stock

The Company has two classes of common stock that are authorized and outstanding: Class A Common Stock and Class B Common Stock. As a general matter, holders of Class B Common Stock are entitled to one vote per share on all matters on which stockholders have the right to vote, including director elections. Holders of Class A Common Stock are entitled to vote only in the limited circumstances set forth in the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”).

As of June 30, 2023, there were approximately 15,100 holders of record of shares of Class A Common Stock and approximately 3,400 holders of record of shares of Class B Common Stock.

In the event of a liquidation or dissolution or winding up of the Company, after distribution in full of the preferential and/or other amounts to be distributed to the holders of shares of any outstanding series of preferred stock or series common stock, holders of Class A Common Stock and Class B Common Stock, to the extent fixed by the Board of Directors (the “Board”) with respect thereto, are entitled to receive all of the remaining assets of the Company available for distribution to its stockholders, ratably in proportion to the number of shares held by Class A Common Stock holders and Class B Common Stock holders, respectively. In the event of any merger or consolidation with or into another entity, the holders of Class A Common Stock and the holders of Class B Common Stock generally are entitled to receive substantially identical per share consideration.

Under the Certificate of Incorporation, the Board is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares, including the following:

(i) the voting rights, if any, except that the issuance of preferred stock or series common stock which entitles holders thereof to more than one vote per share requires the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of the Company’s capital stock entitled to vote generally in the election of directors;

(ii) the dividend rate and preferences, if any, which that preferred stock or common stock will have compared to any other class; and

(iii) the redemption and liquidation rights and preferences, if any, which that preferred stock or common stock will have compared to any other class.

Any decision by the Board to issue preferred stock or common stock must, however, be taken in accordance with the Board’s fiduciary duty to act in the best interests of the Company’s stockholders. The Company is authorized to issue 35,000,000 shares of preferred stock, par value $0.01 per share and 35,000,000 shares of series common stock, par value $0.01 per share. The Board has the authority, without any further vote or action by the stockholders, to issue preferred stock and series common stock in one or more series and to fix the number of shares, designations, relative rights (including voting rights), preferences, qualifications and limitations of such series to the full extent permitted by Delaware law.

Stock Repurchase Program

The Board previously authorized a stock repurchase program under which the Company can repurchase $4 billion of Class A Common Stock and Class B Common Stock. In February 2023, the Board authorized incremental stock repurchases of an additional $3 billion of Common Stock. With this increase, the Company’s total stock repurchase authorization is now $7 billion. The program has no time limit and may be modified, suspended or discontinued at any time. As of June 30, 2023, the Company’s remaining stock repurchase authorization was approximately $2.4 billion.

Fiscal 2023

In connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement in February 2023 under which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share, which was the Nasdaq Global Select Market (“Nasdaq”) closing share price of the Class A Common Stock on February 8, 2023. Upon settlement of the ASR agreement in August 2023, the Company received a final delivery of approximately 7.8 million shares of Class A Common Stock. The final number of shares purchased under the ASR agreement was determined using a price of $33.03 per share (the volume-weighted average market price of the Class A Common Stock on the Nasdaq during the term of the ASR agreement less a discount). The Company accounted for the ASR agreement as two separate transactions. The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date. The final settlement of Class A Common Stock was accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction.

Fiscal 2021

In connection with the stock repurchase program, the Company entered into two ASR agreements in August 2020 to repurchase $154 million of Class A Common Stock and $66 million of Class B Common Stock. In accordance with the ASR agreements, the Company paid a third-party financial institution $154 million and $66 million and received initial deliveries of approximately 4.7 million and 2.0 million shares of Class A Common Stock and Class B Common Stock, respectively, representing 80% of the shares expected to be repurchased under each ASR agreement, at a price of $26.00 and $26.01 per share, which was the Nasdaq closing share price of the Class A Common Stock and Class B Common Stock, respectively, on August 21, 2020. Upon settlement of the ASR agreements in September 2020, the Company received final deliveries of approximately 0.9 million and 0.4 million shares of Class A Common Stock and Class B Common Stock, respectively. The final

number of shares purchased under the ASR agreements was determined using a price of $27.57 and $27.67 per share (the volume-weighted average market price on the Nasdaq of the Class A Common Stock and Class B Common Stock, respectively, during the terms of the ASR agreements less a discount applicable for the Class A Common Stock). The Company accounted for each ASR agreement as two separate transactions. The initial deliveries of Class A Common Stock and Class B Common Stock were accounted for as treasury stock transactions recorded on the acquisition date. The final settlements of Class A Common Stock and Class B Common Stock were accounted for as forward contracts indexed to the Class A Common Stock or Class B Common Stock, as applicable, and qualified as equity transactions.

In addition to the shares purchased under the ASR agreements, the Company repurchased shares of Class A Common Stock and Class B Common Stock in the open market during fiscal 2023, 2022 and 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.

The following table summarizes the Company’s repurchases of its Class A Common Stock and Class B Common Stock:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Total cost of repurchases(a)	$	2,000	$	1,000	$	1,001
Total number of shares repurchased	54		27		31

(a)

These amounts exclude any fees, commissions or other costs associated with the share repurchases.

Stockholders Agreement

The Company announced on November 6, 2019 that it had entered into a stockholders agreement with the Murdoch Family Trust pursuant to which the Company and the Murdoch Family Trust have agreed not to take actions that would result in the Murdoch Family Trust and Murdoch family members together owning more than 44% of the outstanding voting power of the shares of Class B Common Stock or would increase the Murdoch Family Trust’s voting power by more than 1.75% in any rolling twelve-month period. The Murdoch Family Trust would forfeit votes to the extent necessary to ensure that the Murdoch Family Trust and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the Class B shares, except where a Murdoch family member votes their own shares differently from the Murdoch Family Trust on any matter.

Dividends

The following table summarizes the dividends declared and paid per share on both the Company’s Class A Common Stock and Class B Common Stock:


	For the years ended June 30,
	2023		2022		2021
Cash dividend per share	$	0.50	$	0.48	$	0.46

Comprehensive Income

Comprehensive income is reported in the Statements of Comprehensive Income and consists of Net income and Other comprehensive income, including benefit plan adjustments, which affect stockholders’ equity, and under GAAP, are excluded from Net income.

The following tables summarize the activity within Other comprehensive income:


	For the year ended June 30, 2023
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan, cumulative translation adjustments and other
Unrealized gains	$	79	$	(19)	$	60
Reclassifications realized in net income(a)	19		(5)		14
Cumulative translation adjustment	3		—		3
Other comprehensive income	$	101	$	(24)	$	77


	For the year ended June 30, 2022
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan and cumulative translation adjustments
Unrealized gains	$	100	$	(25)	$	75
Reclassifications realized in net income(a)	32		(8)		24
Cumulative translation adjustment	(7)		—		(7)
Other comprehensive income	$	125	$	(33)	$	92


	For the year ended June 30, 2021
	Before tax		Tax benefit (provision)		Net of tax
	(in millions)
Benefit plan adjustments
Unrealized gains	$	87	$	(21)	$	66
Reclassifications realized in net income(a)	45		(12)		33
Other comprehensive income	$	132	$	(33)	$	99


(a)			Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Accumulated other comprehensive loss

The following table summarizes the components of Accumulated other comprehensive loss, net of tax:


	As of June 30,
	2023		2022		2021
	(in millions)
Benefit plan adjustments and other	$	(145)	$	(219)	$	(318)
Cumulative translation adjustment	(4)		(7)		—
Accumulated other comprehensive loss, net of tax	$	(149)	$	(226)	$	(318)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Fair Value - Liabilities Measured on Recurring Basis (Details) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Redemption of noncontrolling interests		$ 110
Amounts reclassified into equity as a result of the expiration of a put arrangement			$ 135
Notes payable payment period			3 years
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of year	$ (188)	(261)	$ (305)
Acquisitions	0	(58)	0
Net loss (income)	16	12	(25)
Redemption of noncontrolling interests	0	0	135
Distributions	0	3	15
Accretion and other	(41)	116	(81)
End of year	$ (213)	$ (188)	$ (261)

Segment Information (Tables)

12 Months Ended

Jun. 30, 2023

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 fiscal 2023, 2022 and 2021:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Revenues
Cable Network Programming	$	6,043	$	6,097	$	5,683
Television	8,710		7,685		7,048
Other, Corporate and Eliminations	160		192		178
Total revenues	$	14,913	$	13,974	$	12,909
Segment EBITDA
Cable Network Programming	$	2,472	$	2,934	$	2,876
Television	1,009		347		555
Other, Corporate and Eliminations	(290)		(326)		(344)
Amortization of cable distribution investments	(16)		(18)		(22)
Depreciation and amortization	(411)		(363)		(300)
Impairment and restructuring charges	(111)		—		(35)
Interest expense, net	(218)		(371)		(391)
Other, net	(699)		(509)		579
Income before income tax expense	1,736		1,694		2,918
Income tax expense	(483)		(461)		(717)
Net income	1,253		1,233		2,201
Less: Net income attributable to noncontrolling interests	(14)		(28)		(51)
Net income attributable to Fox Corporation stockholders	$	1,239	$	1,205	$	2,150

Summary of Revenues by Segment by Component to Consolidated

Revenues by Segment by Component


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Cable Network Programming
Affiliate fee	$	4,175	$	4,205	$	3,995
Advertising	1,403		1,462		1,337
Other	465		430		351
Total Cable Network Programming revenues	6,043		6,097		5,683
Television
Advertising	5,204		4,440		4,094
Affiliate fee	2,876		2,673		2,440
Other	630		572		514
Total Television revenues	8,710		7,685		7,048
Other, Corporate and Eliminations	160		192		178
Total revenues	$	14,913	$	13,974	$	12,909

Reconciliation of Depreciation and Amortization from Segments to Consolidated and Reconciliation of Capital Expenditures from Segments to Consolidated


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Depreciation and amortization
Cable Network Programming	$	71	$	60	$	55
Television	126		112		104
Other, Corporate and Eliminations	214		191		141
Total depreciation and amortization	$	411	$	363	$	300


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Capital expenditures
Cable Network Programming	$	66	$	67	$	53
Television	96		104		100
Other, Corporate and Eliminations	195		136		331
Total capital expenditures	$	357	$	307	$	484

Reconciliation of Assets from Segments to Consolidated


	As of June 30,
	2023		2022
	(in millions)
Assets
Cable Network Programming	$	2,658	$	2,682
Television	7,803		7,915
Other, Corporate and Eliminations	10,371		11,010
Investments	1,034		578
Total assets	$	21,866	$	22,185

Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated


	As of June 30,
	2023		2022
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,312	$	1,322
Television	4,633		4,671
Other, Corporate and Eliminations	698		718
Total goodwill and intangible assets, net	$	6,643	$	6,711

Stockholders' Equity - Summary of Repurchases of Common Stock (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Stockholders Equity [Line Items]
Total cost of repurchases	$ 2,014	$ 1,000	$ 1,001
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Total cost of repurchases	$ 2,000	$ 1,000	$ 1,001
Total number of shares repurchased	54	27	31

Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VALUATION AND QUALIFYING ACCOUNTS


	Balance as of beginning of year		Additions		Utilization		Other		Balance as of end of year
	(in millions)
Fiscal 2023
Allowance for credit losses	$	(54)	$	—	$	3	$	7	$	(44)
Deferred tax valuation allowance	(34)		(38)		—		—		(72)

Fiscal 2022
Allowance for credit losses	$	(77)	$	(2)	$	19	$	6	$	(54)
Deferred tax valuation allowance	(24)		(23)		13		—		(34)

Fiscal 2021
Allowance for credit losses	$	(93)	$	(4)	$	11	$	9	$	(77)
Deferred tax valuation allowance	(20)		(9)		5		—		(24)

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation, beginning of the year	$	1,203	$	1,468	$	53	$	98
Service cost	30		38		1		1
Interest cost	52		30		2		2
Benefits paid	(22)		(22)		(4)		(4)
Settlements(a)	(32)		(56)		—		—
Actuarial gains(b)	(58)		(256)		(5)		(46)
Other	(1)		1		—		2
Projected benefit obligation, end of the year	1,172		1,203		47		53
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year	801		972		—		—
Actual return on plan assets	53		(152)		—		—
Employer contributions	53		59		4		4
Benefits paid	(22)		(22)		(4)		(4)
Settlements(a)	(32)		(56)		—		—
Fair value of plan assets, end of the year	853		801		—		—
Funded status(c)	$	(319)	$	(402)	$	(47)	$	(53)
Grantor Trust assets(c)	$	276	$	270	$	—	$	—


(a)			Represents the full settlement of former employees’ deferred pension benefit obligations through lump sum payments.
(b)			Actuarial gains for June 30, 2023 and June 30, 2022 were primarily due to a change in the discount rate assumption utilized in measuring plan obligations.
(c)			The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency.

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Balance Sheets consist of:


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Pension assets	$	8	$	6	$	—	$	—
Accrued pension liabilities	(327)		(408)		(47)		(53)
Net amounts recognized	$	(319)	$	(402)	$	(47)	$	(53)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:


	Pension benefits				Postretirement benefits
	As of June 30,
	2023		2022		2023		2022
	(in millions)
Actuarial losses (gains)	$	228	$	322	$	(34)	$	(33)
Prior service cost	1		3		—		—
Net amounts recognized	$	229	$	325	$	(34)	$	(33)

Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Funded and Unfunded Pension Plans

Information about funded and unfunded pension plans is presented below:


	Funded plans				Unfunded plans
	As of June 30,
	2023		2022		2023			2022
	(in millions)
Projected benefit obligation	$	901	$	930	$	271		$	273
Accumulated benefit obligation	777		801		267			268
Fair value of plan assets	853		801		—		(a)	—		(a)


(a)			The fair value of the assets in the Grantor Trust as of June 30, 2023 and 2022 was $276 million and $270 million, respectively.

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

Information about funded and unfunded pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets is presented below:


	Funded plans					Unfunded plans
	As of June 30,
	2023			2022		2023			2022
	(in millions)
Projected benefit obligation	$	—		$	807	$	271		$	273
Accumulated benefit obligation	—		(a)	683		267			268
Fair value of plan assets	—		(a)	675		—		(b)	—		(b)


(a)			As of June 30, 2023, the fair value of plan assets exceeded the accumulated benefit obligation for the funded plans.
(b)			The fair value of the assets in the Grantor Trust as of June 30, 2023 and 2022 was $276 million and $270 million, respectively.

Schedule of Components of Periodic Benefit Costs

The components of net periodic benefit costs were as follows:


	Pension benefits						Postretirement benefits
	For the years ended June 30,
	2023		2022		2021		2023		2022		2021
	(in millions)
Service cost	$	30	$	38	$	38	$	1	$	1	$	2
Interest cost	52		30		30		2		2		2
Expected return on plan assets	(40)		(50)		(50)		—		—		—
Amortization of deferred losses	23		31		44		(4)		1		1
Other	—		3		2		—		—		—
Net periodic benefit costs	$	65	$	52	$	64	$	(1)	$	4	$	5

Schedule of Assumptions Used

The components of net periodic benefit costs other than the service cost component are included in Other, net in the Statements of Operations.


	Pension benefits						Postretirement benefits
	For the years ended June 30,
	2023		2022		2021		2023		2022		2021
Additional information
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.3	%	4.8	%	2.7	%	5.3	%	4.8	%	2.7	%
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate for service cost	4.8	%	2.8	%	2.9	%	4.8	%	2.9	%	3.0	%
Discount rate for interest cost	4.5	%	2.1	%	2.2	%	4.5	%	2.2	%	2.2	%
Expected return on plan assets	5.0	%	5.1	%	6.5	%	N/A		N/A		N/A

N/A – not applicable.

Schedule of Assumed Health Care Cost Trend Rates

The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:


	Postretirement benefits
	Fiscal 2023		Fiscal 2022
Health care cost trend rate	6.1	%	5.8	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.0	%	4.0	%
Year that the rate reaches the ultimate trend rate	2047		2047

Schedule of Expected Estimated Benefit Payments


	Expected benefit payments
	Pension benefits		Postretirement benefits
	(in millions)
Fiscal year
2024	$	68	$	4
2025	66		4
2026	64		4
2027	69		4
2028	74		4
2029-2033	409		18

Schedule of Plan Assets and Grantor Trust Assets by Level within Fair Value Hierarchy

The assets are classified by level within the fair value hierarchy, as described in Note 6—Fair Value, as of June 30, 2023 and 2022:


	As of June 30, 2023
			Fair value measurements at reporting date using		Assets measured
	Total		Level 1		at NAV(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds(b)
Money market funds	$	18	$	18	$	—
Domestic equity funds	189		189		—
Domestic fixed income funds(c)	383		383		—
International equity funds	136		136		—
Balanced funds	78		78		—
Partnership interests	49		—		49
Total fair value of plan assets	$	853	$	804	$	49

GRANTOR TRUST ASSETS
Pooled funds(b)
Money market funds	$	20	$	20	$	—
Domestic fixed income funds(c)	143		143		—
Balanced funds	112		112		—
Other(e)	1		1		—
Total fair value of Grantor Trust assets	$	276	$	276	$	—


	As of June 30, 2022
			Fair value measurements at reporting date using		Assets measured
	Total		Level 1		at NAV(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds(b)
Money market funds	$	20	$	20	$	—
Domestic equity funds	82		82		—
Domestic fixed income funds(c)	381		381		—
International equity funds	133		133		—
Balanced funds	78		78		—
U.S. common stocks(d)	43		43		—
Partnership interests	33		—		33
Exchange traded funds(d)	32		32		—
Other(e)	(1)		(1)		—
Total fair value of plan assets	$	801	$	768	$	33

GRANTOR TRUST ASSETS
Balanced funds(b)	$	234	$	234	$	—
Partnership interests	16		—		16
Other(e)	20		20		—
Total fair value of Grantor Trust assets	$	270	$	254	$	16


(a)			Investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy disclosure. These investments have monthly liquidity.
(b)			Pooled funds that have a readily determinable fair value are valued at the regularly published NAV.
(c)			Domestic fixed income funds consist primarily of investment grade securities.
(d)			Exchange traded funds and common stock investments that are publicly traded are valued at the closing price reported on active markets in which the securities are traded.
(e)			Includes cash and cash equivalents and plan receivables and payables.

Schedule of Weighted Average Asset Allocations by Asset Category

The funded plans weighted-average asset allocation, by asset category, are as follows:


	Pension benefits
	As of June 30,
	2023		2022
Asset Category
Equity investments	39	%	37	%
Fixed income investments, including cash	51		52
Other	10		11
Total	100	%	100	%

Additional Financial Information - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (349)	$ (377)	$ (395)
Interest income	131	6	4
Interest expense, net	$ (218)	$ (371)	$ (391)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Fair Value

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUEFair value measurements are 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 redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of June 30, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	884	$	884	(a)	$	—	$	—
Redeemable noncontrolling interests	(213)		—			—		(213)		(b)
Total	$	671	$	884		$	—	$	(213)


	Fair value measurements
	As of June 30, 2022
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	435	$	435	(a)	$	—	$	—
Redeemable noncontrolling interests	(188)		—			—		(188)		(b)
Total	$	247	$	435		$	—	$	(188)


(a)			The investment categorized as Level 1 primarily represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)			The Company utilizes both the market and income approach valuation techniques 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 redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

In connection with the combination of The Stars Group Inc. and Flutter in May 2020, FOX Sports received the right to acquire an 18.6% equity interest in FanDuel Group (“FanDuel”), a majority-owned subsidiary of Flutter, at a price set forth in the relevant agreement (structured as a 10-year option), which has been the subject of arbitration proceedings. In January 2023, the U.S. District Court for the Southern District of New York confirmed and entered the arbitrator’s ruling affirming FOX Sports’ 10-year call option expiring in December 2030 to acquire 18.6% of FanDuel for $3.7 billion, with a 5% annual escalator. As of June 30, 2023, the option price is approximately $4 billion. FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option. In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX’s consent or approval from the arbitrator.

Redeemable Noncontrolling Interests

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Beginning of year	$	(188)	$	(261)	$	(305)
Acquisitions(a)	—		(58)		—
Net loss (income)	16		12		(25)
Redemption of noncontrolling interests(b)	—		—		135
Distributions	—		3		15
Accretion and other(c)	(41)		116		(81)
End of year	$	(213)	$	(188)	$	(261)


(a)			The amount issued in fiscal 2022 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 fiscal 2021, approximately $135 million was reclassified out of Redeemable noncontrolling interests into equity. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
(c)			As a result of the expiration of the sports network minority shareholder’s final put right during fiscal 2022, approximately $110 million was reclassified into equity.

The fair values of the redeemable noncontrolling interests held in the entertainment production company and in Credible were determined by using discounted cash flow analysis and market-based valuation approach methodologies. Significant unobservable inputs used in the fair value measurements of the Company’s redeemable noncontrolling interests are EBITDA (as defined in Note 17—Segment Information) projections and multiples. Significant increases (decreases) in multiples would result in a significantly higher (lower) fair value measurement.

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 exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method, approximates fair value.


	As of June 30,
	2023		2022
	(in millions)
Borrowings
Fair value	$	6,895	$	7,084
Carrying value	$	7,210	$	7,206

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).

Assets and Liabilities Measured at Fair Value on a Nonrecurring BasisThe Company’s assets measured at fair value on a nonrecurring basis include investments accounted for using the equity method and the measurement alternative method, long-lived assets, indefinite-lived intangible assets and goodwill. The Company reviews the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. In addition, investments accounted for using the measurement alternative method are recorded at fair value as a result of observable price changes in orderly transactions for the identical or a similar investment of the same issuer

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Income before income tax expense was attributable primarily to the U.S. jurisdiction. Significant components of the Company’s provision for income taxes were as follows:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
U.S.
Federal	$	127	$	88	$	181
State, local and other	35		31		2
Total current	162		119		183
Deferred	321		342		534
Provision for income taxes	$	483	$	461	$	717

Effective Income Tax Rate Reconciliation

The following table is a reconciliation of income tax computed at the statutory rate to income tax expense:


	For the years ended June 30,
	2023		2022		2021
U.S. federal income tax rate	21	%	21	%	21	%
State and local taxes	5		4		4
Valuation allowance movement	2		—		—
Return to accrual(a)	—		2		—
Nondeductible compensation	—		1		1
Adjustments for tax matters, net	—		—		(1)
Other	—		(1)		—
Effective tax rate	28	%	27	%	25	%


(a)			Primarily attributable to a remeasurement of the Company’s net deferred tax assets associated with changes in the mix of jurisdictional earnings.

Schedule of Components of Deferred Tax Assets and Liabilities

The following is a summary of the components of the deferred tax accounts:


	As of June 30,
	2023		2022
	(in millions)
Deferred tax assets
Basis difference(a)	$	2,911	$	3,371
Operating lease liabilities	241		123
Pension benefit obligations	14		34
Equity-based compensation	34		30
Net operating loss carryforwards	37		31
Other	188		104
Total deferred tax assets	3,425		3,693
Deferred tax liabilities
Operating lease ROU assets	(229)		(116)
Accrued liabilities	(21)		(2)
Sports rights contracts	(19)		(108)
Total deferred tax liabilities	(269)		(226)
Net deferred tax asset before valuation allowance	3,156		3,467
Less: valuation allowance	(72)		(34)
Total net deferred tax assets(b)	$	3,084	$	3,433


(a)			As a result of the Separation and the Transaction, which was a taxable transaction for which the estimated tax liability of $5.8 billion was included in the Transaction Tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values. This amount includes the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).
(b)			Includes a $6 million and $7 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2023 and 2022, respectively.

Change in the Accrual for Uncertain Tax Positions

The following table sets forth the change in the uncertain tax positions, excluding interest and penalties:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Balance, beginning of year	$	28	$	30	$	73
Additions for prior year tax positions	2		1		—
Additions for current year tax positions	2		2		2
Reduction for prior year tax positions(a)	(6)		(5)		(45)
Balance, end of year	$	26	$	28	$	30


(a)			The reduction for tax positions in fiscal 2023 of $6 million is primarily due to audit settlements and the expiration of statutes of limitations. The reduction for tax positions in fiscal 2022 of $5 million is primarily from the expiration statutes of limitations. The reduction for tax positions in fiscal 2021 includes $31 million from the settlement of audits and $14 million from the expiration of statutes of limitations.

Pension and Other Postretirement Benefits - Schedule of Expected Estimated Benefit Payments (Details) $ in Millions	Jun. 30, 2023 USD ($)
Pension benefits
Fiscal year
2024	$ 68
2025	66
2026	64
2027	69
2028	74
2029-2033	409
Postretirement benefits
Fiscal year
2024	4
2025	4
2026	4
2027	4
2028	4
2029-2033	$ 18

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net


	As of June 30,
	2023		2022
	(in millions)
Land	$	205	$	199
Buildings and leaseholds	1,320		1,284
Machinery and equipment	1,904		1,743
	3,429		3,226
Less: accumulated depreciation and amortization	(1,966)		(1,729)
	1,463		1,497
Construction in progress	245		185
Total property, plant and equipment, net	$	1,708	$	1,682

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions

Total

Total Fox Corporation Stockholders’ Equity

Common Stock

Class A

Common Stock

Class B

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive (Loss)

Noncontrolling interests

^[1]

Beginning Balance at Jun. 30, 2020

$ 10,111

$ 10,094

$ 3

$ 9,831

$ 674

$ (417)

$ 17

Beginning balance (in shares) at Jun. 30, 2020

344

261

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,176

2,150

Other comprehensive income

Dividends

(272)

Shares repurchased

(1,001)

(514)

(487)

Shares repurchased (in shares)

(22)

(9)

Other

136

(83)

(41)

Other (in shares)

Ending Balance at Jun. 30, 2021

11,125

11,123

$ 3

9,453

1,982

(318)

Ending balance (in shares) at Jun. 30, 2021

324

252

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,245

1,205

Other comprehensive income

Dividends

(273)

Shares repurchased

(1,000)

(450)

(550)

Shares repurchased (in shares)

(19)

(8)

Other

186

192

(6)

Other (in shares)

(1)

Ending Balance at Jun. 30, 2022

11,375

11,339

$ 3

9,098

2,461

(226)

Ending balance (in shares) at Jun. 30, 2022

308

243

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,269

1,239

Other comprehensive income

Dividends

(265)

Shares repurchased

(2,014)

(891)

(1,123)

Shares repurchased (in shares)

(46)

(8)

Other

$ (1)

(43)

Other (in shares)

Ending Balance at Jun. 30, 2023

$ 10,445

$ 10,378

$ 3

$ 2

$ 8,253

$ 2,269

$ (149)

$ 67

Ending balance (in shares) at Jun. 30, 2023

263

235

[1]	Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 6—Fair Value under the heading “Redeemable Noncontrolling Interests”).

Equity-Based Compensation

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

EQUITY-BASED COMPENSATIONThe Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”), under which stock options (including performance-based stock options (“PSOs”),

stock appreciation rights, restricted and unrestricted stock, RSUs, performance stock units “PSUs”) and other types of FOX or subsidiary equity awards may be granted.

2019 Shareholder Alignment Plan

The Company’s officers, directors and employees are eligible to participate in the SAP. The maximum number of shares of Class A Common Stock that may be issued under the SAP is 65 million shares. As of June 30, 2023, the remaining number of shares of Class A Common Stock available for issuance under the SAP was approximately 39 million.

Awards granted under the SAP (other than stock options or stock appreciation rights) entitle the holder to receive Dividend Equivalents (as defined in the SAP) for each regular cash dividend on the common stock underlying the award paid by the Company during the award period. Dividend equivalents granted with respect to equity awards will be accrued during the applicable award period and such dividend equivalents will vest and be paid only if and when the underlying award vests.

The fair value of equity-based compensation under the SAP was calculated according to the type of award issued.

Restricted Stock Units

RSUs are awards that represent the potential to receive shares of Class A Common Stock at the end of the applicable vesting period, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board (the “Compensation Committee”) may establish. RSUs awarded under the SAP are fair valued based upon the fair market value of Class A Common Stock on the grant date. Any person who holds RSUs has no ownership interest in the shares of Class A Common Stock to which such RSUs relate until and unless shares of Class A Common Stock are delivered to the holder.

In fiscal 2023, 2022 and 2021, a total of approximately 2.1 million, 1.7 million and 2.2 million RSUs were granted, respectively, which vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

Performance Stock Units

PSUs are fair valued on the date of grant and expensed over the service period using a straight-line method as the awards cliff vest at the end of a three-year performance period. The Company also estimates the number of shares expected to vest which is based on management’s determination of the probable outcome of the performance conditions, which requires considerable judgment. The Company records a cumulative adjustment in periods in which the Company’s estimate of the number of shares expected to vest changes. Additionally, the Company ultimately adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. The number of shares that will be issued upon vesting of PSUs can range from 0% to 200% of the target award, based on the Company’s three-year total shareholder return (“TSR”) as measured against the three-year TSR of the companies that comprise the Standard and Poor’s 500 Index and other performance measures. The fair value of the TSR condition is determined using a Monte Carlo simulation model.

In fiscal 2023, 2022 and 2021, a total of approximately 0.2 million, 0.2 million and 0.3 million PSUs were granted, respectively, which have a three-year performance measurement period. The awards are subject to the achievement of three pre-established objective performance measures determined by the Compensation Committee. The awards issued will be settled in shares of Class A Common Stock upon vesting and are subject to the participants’ continued employment with the Company. Any person who holds PSUs has no ownership interest in the shares of Class A Common Stock to which such PSUs relate until and unless shares of Class A Common Stock are delivered to the holder. All shares of Class A Common Stock underlying awards that are cancelled or forfeited become available for future grants. Certain of these awards have a graded vesting provision and the expense recognition is accelerated.

The following table summarizes the activity related to RSUs and target PSUs granted to the Company’s employees to be settled in stock (RSUs and PSUs in thousands):


	Fiscal 2023			Fiscal 2022			Fiscal 2021
	Number of shares	Weighted average grant- date fair value		Number of shares	Weighted average grant- date fair value		Number of shares	Weighted average grant- date fair value
RSUs and PSUs
Unvested units at beginning of the year	5,052	$	32.53	5,695	$	31.75	8,043	$	29.98
Granted	2,314	34.31		1,909	35.77		2,495	28.07
Vested	(2,092)	31.75		(2,417)	33.32		(4,654)	26.71
Cancelled	(990)	33.30		(135)	31.44		(189)	32.01
Unvested units at the end of the year(a)	4,284	$	33.72	5,052	$	32.53	5,695	$	31.75


(a)			The intrinsic value of unvested RSUs and target PSUs as of June 30, 2023 was approximately $145 million.

Stock Options

Stock options are awards that entitle the holder to purchase a specified number of shares of Class A Common Stock at a specified price for a specified period of time and become exercisable over time, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board may establish. Stock Options granted under the SAP were fair valued using a Black-Scholes option valuation model that uses the following assumptions: (i) expected volatility was generally based on historical volatility of the Company and the Company’s peer group over the expected term of the stock options; (ii) expected term of stock options granted was generally determined by analyzing historical data of the Company’s peer group and represented the period of time that stock options granted were expected to be outstanding; (iii) risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award; and (iv) expected dividend yield.

Performance-Based Stock Options

PSOs are awards that entitle the holder to purchase a specified number of shares of Class A Common Stock at a specified price for a specified period of time, contingent on the performance of the Class A Common Stock over a three-year period, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board may establish. The PSOs granted under the SAP will vest in full only if the Company’s Class A Common Stock exceeds the exercise price of the PSO by a certain threshold over a certain period of time during the performance period (the “market condition”). The PSOs were fair valued using a Monte Carlo simulation model that uses the following assumptions: (i) expected volatility; (ii) expected term; (iii) risk-free interest rate; and (iv) expected dividend yield. Compensation cost related to the PSO will be recognized even if the market condition is not met.

During fiscal 2023, 2022 and 2021, the Company granted approximately 4.3 million, 4.0 million and 5.0 million PSOs, respectively. The PSOs will vest in full at the end of the applicable three-year performance period if the market condition is met, and have a term of seven years thereafter.

The following table summarizes information about the Company’s stock options and PSOs granted under the SAP during fiscal 2023, 2022 and 2021 (options in thousands):


	Fiscal 2023			Fiscal 2022			Fiscal 2021
	Number of options	Weighted average exercise price		Number of options	Weighted average exercise price		Number of options	Weighted average exercise price
Outstanding at the beginning of the year	14,250	$	32.90	11,150	$	32.09	6,809	$	35.11
Granted	4,314	33.40		3,990	34.83		5,003	27.52
Exercised(a)	(234)	28.76		(542)	31.94		(386)	27.21
Cancelled	(1,282)	32.77		(348)	30.38		(276)	30.44
Outstanding at the end of the year(b)	17,048	$	33.12	14,250	$	32.90	11,150	$	32.09
Exercisable at the end of the year(c)	5,282	$	36.35	4,586	$	37.13	3,981	$	38.12
Weighted average grant-date fair value of options granted		$	10.32		$	7.48		$	7.37
Weighted average remaining contractual term of options outstanding at the end of the year		6.51 years			6.75 years			6.82 years
Weighted average remaining contractual term of options exercisable at the end of the year		2.96 years			3.89 years			4.81 years


(a)			During fiscal 2023, 2022 and 2021, the Company received approximately $7 million, $17 million and $12 million, respectively, in cash payments from the exercise of stock options.
(b)			The intrinsic value of options outstanding as of June 30, 2023, 2022 and 2021 was $37.1 million, $26.9 million and $65.6 million, respectively.
(c)			The intrinsic value of options exercisable as of June 30, 2023, 2022 and 2021 was $6.8 million, $3.1 million and $5.5 million, respectively.

The fair value of each PSO and stock option grant is estimated on the date of grant with the following weighted average assumptions used for grants during fiscal 2023, 2022 and 2021:


	For the years ended June 30,
	2023		2022		2021
Expected volatility	35.00	%	35.00	%	35.00	%
Risk-free interest rate	2.83	%	1.20	%	0.66	%
Expected dividend yield	1.40	%	1.31	%	1.67	%
Expected term	5.30 years		5.29 years		5.29 years

The following table summarizes the Company’s equity-based compensation:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Equity-based compensation	$	74	$	102	$	147
Intrinsic value of all settled equity-based awards	$	77	$	97	$	139
Tax benefit on settled equity-based awards	$	14	$	21	$	23

As of June 30, 2023, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $70 million and is expected to be recognized over a weighted average period between one and two years.

Fair Value (Tables)

12 Months Ended

Jun. 30, 2023

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 redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of June 30, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	884	$	884	(a)	$	—	$	—
Redeemable noncontrolling interests	(213)		—			—		(213)		(b)
Total	$	671	$	884		$	—	$	(213)


	Fair value measurements
	As of June 30, 2022
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	435	$	435	(a)	$	—	$	—
Redeemable noncontrolling interests	(188)		—			—		(188)		(b)
Total	$	247	$	435		$	—	$	(188)


(a)			The investment categorized as Level 1 primarily represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)			The Company utilizes both the market and income approach valuation techniques 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 redeemable noncontrolling interests. 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 years ended June 30,
	2023		2022		2021
	(in millions)
Beginning of year	$	(188)	$	(261)	$	(305)
Acquisitions(a)	—		(58)		—
Net loss (income)	16		12		(25)
Redemption of noncontrolling interests(b)	—		—		135
Distributions	—		3		15
Accretion and other(c)	(41)		116		(81)
End of year	$	(213)	$	(188)	$	(261)


(a)			The amount issued in fiscal 2022 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 fiscal 2021, approximately $135 million was reclassified out of Redeemable noncontrolling interests into equity. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
(c)			As a result of the expiration of the sports network minority shareholder’s final put right during fiscal 2022, approximately $110 million was reclassified into equity.

Schedule of Fair Value and Carrying Value of Borrowings


	As of June 30,
	2023		2022
	(in millions)
Borrowings
Fair value	$	6,895	$	7,084
Carrying value	$	7,210	$	7,206

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 411	$ 363	$ 300
Property, Plant and Equipment
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 337	$ 297	$ 237

Pension and Other Postretirement Benefits - Funded and Unfunded Pension Plans (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Grantor Trust assets	$ 276	$ 270
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Net amounts recognized	1,172	1,203	$ 1,468
Accumulated benefit obligation	1,040	1,070
Fair value of plan assets	853	801	$ 972
Grantor Trust assets	276	270
Funded Plans \| Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Net amounts recognized	901	930
Accumulated benefit obligation	777	801
Fair value of plan assets	853	801
Unfunded Plans \| Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Net amounts recognized	271	273
Accumulated benefit obligation	267	268
Fair value of plan assets	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to Fox Corporation stockholders	$ 1,239	$ 1,205	$ 2,150
Weighted average shares - basic	529	566	591
Shares issuable under equity-based compensation plans	2	4	4
Weighted average shares - diluted	531	570	595
Net income attributable to Fox Corporation stockholders per share - basic (in USD per share)	$ 2.34	$ 2.13	$ 3.64
Net income attributable to Fox Corporation stockholders per share - diluted (in USD per share)	$ 2.33	$ 2.11	$ 3.61

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

Leases

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

LEASES

Lessee Arrangements

The following amounts were recorded in the Company’s Balance Sheet relating to its operating leases and other supplemental information:


	As of June 30,
	2023			2022
	(in millions)
ROU assets	$	947		$	477
Lease liabilities
Current lease liabilities	$	72		$	107
Non-current lease liabilities	925			405
Total lease liabilities	$	997		$	512
Other supplemental information
Weighted average remaining lease term	17 years			9 years
Weighted average discount rate	5		%	3		%

In December 2022, the Company renewed the operating lease for its corporate headquarters at 1211 Avenue of the Americas in New York through fiscal 2042. In connection with this extension, the Company recorded additional operating lease assets and liabilities of approximately $540 million as of June 30, 2023.

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Lease costs
Total lease costs(a)	$	145	$	128	$	126
Supplemental cash flows information
Operating cash flows from operating leases	$	119	$	116	$	134
ROU assets obtained in exchange for operating lease liabilities	$	568	$	137	$	49


(a)			Total lease costs of $145 million, $128 million and $126 million for fiscal 2023, 2022 and 2021 are net of sublease income of approximately $15 million, $15 million and $30 million, respectively. Approximately $15 million of the sublease income for fiscal 2021 relates to office facilities that were subleased through November 2020 to News Corporation, a related party (see Note 13—Related Party Transactions).

The following table presents the lease payments relating to the Company’s operating leases:


	As of June 30, 2023
	(in millions)
Fiscal Year
2024	$	123
2025	113
2026	63
2027	61
2028	93
Thereafter	1,101
Total lease payments	1,554
Less: imputed interest	(557)
Present value of operating lease liabilities	$	997

Lessor Arrangements

The Company’s lessor arrangements primarily relate to its owned production and office facilities at the FOX Studio Lot, which is located in Los Angeles, California. The Company is responsible for the management of the FOX Studio Lot, which includes managing and providing facilities, studio operations, and production services. The Company leases production and office space on the FOX Studio Lot to 21CF for an initial term of seven years, subject to two five-year renewal options exercisable by 21CF. As a result, the FOX Studio Lot will predominantly be utilized by Disney productions until 2026. The Company will receive approximately $50 million annually in lease payments over the remaining lease term.

The Company recorded total lease income of approximately $60 million, $60 million, and $50 million for fiscal 2023, 2022 and 2021 respectively, which is included in Revenues in the Statements of Operations. The Company recognizes lease payments for operating leases as revenue on a straight-line basis over the lease term and variable lease payments as revenue in the period incurred.

Segment Information

12 Months Ended

Jun. 30, 2023

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 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 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. The segment also includes various production companies that produce content for the Company and third parties.

•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 fiscal 2023, 2022 and 2021:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Revenues
Cable Network Programming	$	6,043	$	6,097	$	5,683
Television	8,710		7,685		7,048
Other, Corporate and Eliminations	160		192		178
Total revenues	$	14,913	$	13,974	$	12,909
Segment EBITDA
Cable Network Programming	$	2,472	$	2,934	$	2,876
Television	1,009		347		555
Other, Corporate and Eliminations	(290)		(326)		(344)
Amortization of cable distribution investments	(16)		(18)		(22)
Depreciation and amortization	(411)		(363)		(300)
Impairment and restructuring charges	(111)		—		(35)
Interest expense, net	(218)		(371)		(391)
Other, net	(699)		(509)		579
Income before income tax expense	1,736		1,694		2,918
Income tax expense	(483)		(461)		(717)
Net income	1,253		1,233		2,201
Less: Net income attributable to noncontrolling interests	(14)		(28)		(51)
Net income attributable to Fox Corporation stockholders	$	1,239	$	1,205	$	2,150

Revenues by Segment by Component


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Cable Network Programming
Affiliate fee	$	4,175	$	4,205	$	3,995
Advertising	1,403		1,462		1,337
Other	465		430		351
Total Cable Network Programming revenues	6,043		6,097		5,683
Television
Advertising	5,204		4,440		4,094
Affiliate fee	2,876		2,673		2,440
Other	630		572		514
Total Television revenues	8,710		7,685		7,048
Other, Corporate and Eliminations	160		192		178
Total revenues	$	14,913	$	13,974	$	12,909

For fiscal 2023, 2022 and 2021, the Company had no individual customers that accounted for 10% or more of Revenues.


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Depreciation and amortization
Cable Network Programming	$	71	$	60	$	55
Television	126		112		104
Other, Corporate and Eliminations	214		191		141
Total depreciation and amortization	$	411	$	363	$	300


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Capital expenditures
Cable Network Programming	$	66	$	67	$	53
Television	96		104		100
Other, Corporate and Eliminations	195		136		331
Total capital expenditures	$	357	$	307	$	484


	As of June 30,
	2023		2022
	(in millions)
Assets
Cable Network Programming	$	2,658	$	2,682
Television	7,803		7,915
Other, Corporate and Eliminations	10,371		11,010
Investments	1,034		578
Total assets	$	21,866	$	22,185


	As of June 30,
	2023		2022
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,312	$	1,322
Television	4,633		4,671
Other, Corporate and Eliminations	698		718
Total goodwill and intangible assets, net	$	6,643	$	6,711

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income attributable to redeemable noncontrolling interests	$ (16)	$ (12)	$ 25

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Apr. 30, 2023	Mar. 31, 2021	Feb. 28, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Net benefit liability recognized for pension and other postretirement benefit plans				$ 374
Legal settlement costs				894	$ 0	$ 0
Smartmatic
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 2,700
Dominion
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 1,600
Legal settlement costs	$ 800
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity				$ 115	$ 65

Goodwill and Intangible Assets, Net - Schedule of Carrying Value of Goodwill, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 3,554	$ 3,435
Acquisitions and other	5	119
Goodwill, ending balance	3,559	3,554
Operating Segments \| Cable Network Programming
Goodwill [Roll Forward]
Goodwill, beginning balance	1,059	1,059
Acquisitions and other	0	0
Goodwill, ending balance	1,059	1,059
Operating Segments \| Television
Goodwill [Roll Forward]
Goodwill, beginning balance	2,241	2,155
Acquisitions and other	5	86
Goodwill, ending balance	2,246	2,241
Operating Segments \| Other, Corporate and Eliminations
Goodwill [Roll Forward]
Goodwill, beginning balance	254	221
Acquisitions and other	0	33
Goodwill, ending balance	$ 254	$ 254

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income before income tax expense was attributable primarily to the U.S. jurisdiction. Significant components of the Company’s provision for income taxes were as follows:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
U.S.
Federal	$	127	$	88	$	181
State, local and other	35		31		2
Total current	162		119		183
Deferred	321		342		534
Provision for income taxes	$	483	$	461	$	717

The following table is a reconciliation of income tax computed at the statutory rate to income tax expense:


	For the years ended June 30,
	2023		2022		2021
U.S. federal income tax rate	21	%	21	%	21	%
State and local taxes	5		4		4
Valuation allowance movement	2		—		—
Return to accrual(a)	—		2		—
Nondeductible compensation	—		1		1
Adjustments for tax matters, net	—		—		(1)
Other	—		(1)		—
Effective tax rate	28	%	27	%	25	%


(a)			Primarily attributable to a remeasurement of the Company’s net deferred tax assets associated with changes in the mix of jurisdictional earnings.

The following is a summary of the components of the deferred tax accounts:


	As of June 30,
	2023		2022
	(in millions)
Deferred tax assets
Basis difference(a)	$	2,911	$	3,371
Operating lease liabilities	241		123
Pension benefit obligations	14		34
Equity-based compensation	34		30
Net operating loss carryforwards	37		31
Other	188		104
Total deferred tax assets	3,425		3,693
Deferred tax liabilities
Operating lease ROU assets	(229)		(116)
Accrued liabilities	(21)		(2)
Sports rights contracts	(19)		(108)
Total deferred tax liabilities	(269)		(226)
Net deferred tax asset before valuation allowance	3,156		3,467
Less: valuation allowance	(72)		(34)
Total net deferred tax assets(b)	$	3,084	$	3,433


(a)			As a result of the Separation and the Transaction, which was a taxable transaction for which the estimated tax liability of $5.8 billion was included in the Transaction Tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values. This amount includes the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).
(b)			Includes a $6 million and $7 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2023 and 2022, respectively.

As of June 30, 2023, the Company had $37 million of tax attributes from net operating loss carryforwards available to offset future taxable income. A substantial portion of these losses can be carried forward indefinitely.

The net increase in the valuation allowance to $72 million as of June 30, 2023 was primarily due to the additional valuation allowance required on net operating loss carryforwards and tax credits not expected to be utilized.

The following table sets forth the change in the uncertain tax positions, excluding interest and penalties:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Balance, beginning of year	$	28	$	30	$	73
Additions for prior year tax positions	2		1		—
Additions for current year tax positions	2		2		2
Reduction for prior year tax positions(a)	(6)		(5)		(45)
Balance, end of year	$	26	$	28	$	30


(a)			The reduction for tax positions in fiscal 2023 of $6 million is primarily due to audit settlements and the expiration of statutes of limitations. The reduction for tax positions in fiscal 2022 of $5 million is primarily from the expiration statutes of limitations. The reduction for tax positions in fiscal 2021 includes $31 million from the settlement of audits and $14 million from the expiration of statutes of limitations.

The Company recognizes interest and penalty charges related to uncertain tax positions as income tax (expense) benefit. The Company recorded liabilities for accrued interest of $9 million and $11 million as of June 30, 2023 and 2022, respectively, and the amounts of interest income/expense recorded in each of fiscal 2023, 2022 and 2021 were not material.

The Company is subject to tax primarily in various domestic jurisdictions and, as a matter of ordinary 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 anticipate that the resolution of these pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. The net decrease to the balance of uncertain tax positions in fiscal 2023 is primarily attributable to state matters. The Company does not expect significant changes to these positions over the next 12 months. As of June 30, 2023 and 2022, $21 million and $22 million, respectively, would affect the Company’s effective income tax rate if the Company’s position with respect to the uncertainties is sustained.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Summary of Lease Costs and Supplemental Cash Flows Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Lease costs
Total lease costs	$ 145	$ 128	$ 126
Supplemental cash flows information
Operating cash flows from operating leases	119	116	134
ROU assets obtained in exchange for operating lease liabilities	568	137	49
Sublease income	$ 15	$ 15	30
Office Facility \| News Corporation
Supplemental cash flows information
Sublease income			$ 15

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jun. 30, 2023	Aug. 08, 2023	Dec. 30, 2022
Document And Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--06-30
Document Period End Date	Jun. 30, 2023
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Fox Corporation definitive Proxy Statement for its 2023 Annual Meeting of Stockholders, which is intended to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, within 120 days of Fox Corporation’s fiscal year end.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001754301
Class A
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 Public Float			$ 8.9
Entity Common Stock, Shares Outstanding		253,683,969
Class B
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 Public Float			$ 3.8
Entity Common Stock, Shares Outstanding		235,581,025

Stockholders' Equity - Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Benefit plan adjustments and other	$ (145)	$ (219)	$ (318)
Cumulative translation adjustment	(4)	(7)	0
Accumulated other comprehensive loss, net of tax	$ (149)	$ (226)	$ (318)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Income Statement [Abstract]

Revenues

$ 14,913

$ 13,974

$ 12,909

Operating expenses

(9,689)

(9,117)

(8,037)

Selling, general and administrative

(2,049)

(1,920)

(1,807)

Depreciation and amortization

(411)

(363)

(300)

Impairment and restructuring charges

(111)

(35)

Interest expense, net

(218)

(371)

(391)

Other, net

(699)

(509)

579

Income before income tax expense

1,736

1,694

2,918

Income tax expense

(483)

(461)

(717)

Net income

1,253

1,233

2,201

Less: Net income attributable to noncontrolling interests

^[1]

(14)

(28)

(51)

Net income attributable to Fox Corporation stockholders

$ 1,239

$ 1,205

$ 2,150

Net income attributable to Fox Corporation stockholders per share:

Basic (in USD per share)

$ 2.34

$ 2.13

$ 3.64

Diluted (in USD per share)

$ 2.33

$ 2.11

$ 3.61

[1]	Net income attributable to noncontrolling interests includes $(16) million, $(12) million and $25 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

Pension and Other Postretirement Benefits - Defined Benefit - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution plans, employer contribution	$ 68	$ 58	$ 49
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,040	1,070
Fair value of plan asset	853	801	972
Net amounts recognized	$ 1,172	$ 1,203	$ 1,468
Pension benefits \| Return Seeking Assets
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	50.00%
Pension benefits \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	50.00%
Pension benefits \| Overfunded Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 112
Fair value of plan asset	123
Net amounts recognized	$ 115

Restructuring Programs (Tables)

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Changes in Restructuring Program Liabilities

Changes in the restructuring program liabilities were as follows:


	One time termination benefits		Contract termination costs		Total
	(in millions)
Balance, June 30, 2020	$	(38)	$	(30)	$	(68)
Additions	(39)		4		(35)
Payments	61		4		65
Balance, June 30, 2021	$	(16)	$	(22)	$	(38)
Payments	8		3		11
Balance, June 30, 2022	$	(8)	$	(19)	$	(27)
Additions	(111)		—		(111)
Payments	52		2		54
Balance, June 30, 2023	$	(67)	$	(17)	$	(84)

Stockholders' Equity - Narrative (Details)			1 Months Ended					12 Months Ended
Stockholders' Equity - Narrative (Details)	Feb. 08, 2023 $ / shares	Nov. 06, 2019	Aug. 31, 2023 $ / shares shares	Aug. 11, 2023 shares	Feb. 28, 2023 USD ($) shares	Sep. 30, 2020 $ / shares shares	Aug. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) class vote holder $ / shares shares	Jun. 30, 2022 $ / shares shares	Jun. 30, 2021 shares	Mar. 19, 2019 $ / shares
Stockholders Equity [Line Items]
Common stock, number of classes \| class								2
Stock repurchase program, authorized amount \| $					$ 4,000,000,000
Stock repurchase program, additional authorized amount \| $					3,000,000,000
Class B
Stockholders Equity [Line Items]
Number of votes \| vote								1
Number of holders of shares \| holder								3,400
Common stock, shares authorized \| shares								1,000,000,000	1,000,000,000
Common stock, par value (in USD per share) \| $ / shares								$ 0.01	$ 0.01		$ 0.01
Total number of shares repurchased \| shares						400,000	2,000,000
Accelerated share repurchases, percentage of shares expected to be repurchased							80.00%
Accelerated share repurchases, initial price paid per share (in USD per share) \| $ / shares							$ 26.01
Accelerated share repurchases agreement amount \| $							$ 66,000,000
Accelerated share repurchases, final price paid (in USD per share) \| $ / shares						$ 27.67
Class B \| Maximum \| Stockholders Agreement \| Murdoch Family Trust
Stockholders Equity [Line Items]
Outstanding voting power, percentage		44.00%
Percentage of voting power increase in any rolling twelve-month period		1.75%
Class A
Stockholders Equity [Line Items]
Number of holders of shares \| holder								15,100
Common stock, shares authorized \| shares								2,000,000,000	2,000,000,000
Common stock, par value (in USD per share) \| $ / shares								$ 0.01	$ 0.01		$ 0.01
Total number of shares repurchased \| shares						900,000	4,700,000
Accelerated share repurchases, percentage of shares expected to be repurchased							80.00%
Accelerated share repurchases, initial price paid per share (in USD per share) \| $ / shares							$ 26.00
Accelerated share repurchases agreement amount \| $							$ 154,000,000
Accelerated share repurchases, final price paid (in USD per share) \| $ / shares						$ 27.57
Class A \| Subsequent Event
Stockholders Equity [Line Items]
Total number of shares repurchased \| shares				1,500,000
Class A \| Accelerated Share Repurchase
Stockholders Equity [Line Items]
Accelerated share repurchases, amount of payment to third party financial institution \| $					$ 1,000,000,000
Total number of shares repurchased \| shares					22,500,000
Accelerated share repurchases, percentage of shares expected to be repurchased					80.00%
Accelerated share repurchases, initial price paid per share (in USD per share) \| $ / shares	$ 35.54
Class A \| Accelerated Share Repurchase \| Subsequent Event
Stockholders Equity [Line Items]
Total number of shares repurchased \| shares			7,800,000
Accelerated share repurchases, initial price paid per share (in USD per share) \| $ / shares			$ 33.03
Preferred Class A
Stockholders Equity [Line Items]
Preferred stock, shares authorized \| shares								35,000,000
Preferred stock, par value (in USD per share) \| $ / shares								$ 0.01
Series Common Stock
Stockholders Equity [Line Items]
Common stock, shares authorized \| shares								35,000,000
Common stock, par value (in USD per share) \| $ / shares								$ 0.01
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount \| $								$ 7,000,000,000
Stock repurchase remaining authorized repurchase amount \| $								$ 2,400,000,000
Total number of shares repurchased \| shares								54,000,000	27,000,000	31,000,000

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Net amounts recognized	$ 374
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Pension assets	8	$ 6
Accrued pension liabilities	(327)	(408)
Net amounts recognized	(319)	(402)
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Accrued pension liabilities	(47)	(53)
Net amounts recognized	$ (47)	$ (53)

Segment Information - Summary of Revenues by Segment by Component to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 14,913	$ 13,974	$ 12,909
Cable Network Programming
Disaggregation Of Revenue [Line Items]
Revenues	6,043	6,097	5,683
Cable Network Programming \| Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	4,175	4,205	3,995
Cable Network Programming \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	1,403	1,462	1,337
Cable Network Programming \| Other
Disaggregation Of Revenue [Line Items]
Revenues	465	430	351
Television
Disaggregation Of Revenue [Line Items]
Revenues	8,710	7,685	7,048
Television \| Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	2,876	2,673	2,440
Television \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	5,204	4,440	4,094
Television \| Other
Disaggregation Of Revenue [Line Items]
Revenues	630	572	514
Other, Corporate and Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	$ 160	$ 192	$ 178

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Provision, Continuing Operations [Abstract]
Federal	$ 127	$ 88	$ 181
State, local and other	35	31	2
Total current	162	119	183
Deferred	321	342	534
Provision for income taxes	$ 483	$ 461	$ 717

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Segment Reporting Information [Line Items]

Revenues

$ 14,913

$ 13,974

$ 12,909

Amortization of cable distribution investments

(16)

(18)

(22)

Depreciation and amortization

(411)

(363)

(300)

Impairment and restructuring charges

(111)

(35)

Interest expense, net

(218)

(371)

(391)

Other, net

(699)

(509)

579

Income before income tax expense

1,736

1,694

2,918

Income tax expense

(483)

(461)

(717)

Net income

1,253

1,233

2,201

Less: Net income attributable to noncontrolling interests

^[1]

(14)

(28)

(51)

Net income attributable to Fox Corporation stockholders

1,239

1,205

2,150

Cable Network Programming

Segment Reporting Information [Line Items]

Revenues

6,043

6,097

5,683

Segment EBITDA

2,472

2,934

2,876

Depreciation and amortization

(71)

(60)

(55)

Television

Segment Reporting Information [Line Items]

Revenues

8,710

7,685

7,048

Segment EBITDA

1,009

347

555

Depreciation and amortization

(126)

(112)

(104)

Other, Corporate and Eliminations

Segment Reporting Information [Line Items]

Revenues

160

192

178

Segment EBITDA

(290)

(326)

(344)

Depreciation and amortization

$ (214)

$ (191)

$ (141)

[1]	Net income attributable to noncontrolling interests includes $(16) million, $(12) million and $25 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

Additional Financial Information (Tables)

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interest Expense, Net

The following table sets forth the components of Interest expense, net included in the Statements of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Interest expense	$	(349)	$	(377)	$	(395)
Interest income	131		6		4
Total interest expense, net	$	(218)	$	(371)	$	(391)

Components of Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Legal settlement costs(a)	$	(894)	$	—	$	—
Net gains (losses) on investments in equity securities(b)	403		(386)		258
U.K. Newspaper Matters Indemnity(a)	(117)		(81)		(64)
Transaction costs(c)	(55)		(69)		421
Other	(36)		27		(36)
Total other, net	$	(699)	$	(509)	$	579


(a)			See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K. Newspaper Matters Indemnity."


(b)			Net gains (losses) on investments in equity securities includes the gains (losses) related to the changes in fair value of the Company’s investment in Flutter (See Note 6—Fair Value).
(c)			The transaction costs for fiscal 2021 are primarily related to the partial settlement from Disney of $462 million related to the reimbursement of the Company’s prepayment of its share of the Divestiture Tax (See Note 1—Description of Business and Basis of Presentation).

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 June 30,
	2023		2022
	(in millions)
Investments(a)	$	1,034	$	578
Operating lease assets(b)	947		477
Inventories, net	642		521
Grantor Trust	276		270
Other	269		225
Total other non-current assets	$	3,168	$	2,071


(a)			Includes investments accounted for at fair value on a recurring basis of $884 million and $435 million as of June 30, 2023 and 2022, respectively (See Note 6—Fair Value).
(b)			See Note 10—Leases under the heading “Lessee Arrangements.”

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 June 30,
	2023		2022
	(in millions)
Accrued expenses	$	1,028	$	992
Programming payable	785		686
Deferred revenue	160		209
Operating lease liabilities	72		107
Other current liabilities	469		302
Total accounts payable, accrued expenses and other current liabilities	$	2,514	$	2,296

Components of Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:


	As of June 30,
	2023		2022
	(in millions)
Non-current operating lease liabilities(a)	$	925	$	405
Accrued non-current pension/postretirement liabilities	361		447
Other non-current liabilities	198		268
Total other liabilities	$	1,484	$	1,120


(a)			See Note 10—Leases under the heading “Lessee Arrangements.”

Supplemental Information


	For the years ended June 30,
	2023		2022		2021
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(345)	$	(383)	$	(390)
Cash paid for income taxes	$	(245)	$	(209)	$	(225)

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	—	$	348	$	49
Cash acquired	—		9		—
Liabilities assumed	—		(47)		2
Redeemable noncontrolling interests issued	—		(5)		—
Cash paid	—		(252)		(51)
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.

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring reserve, current	$ 74	$ 16
Restructuring reserve, noncurrent	10	11
Cable Network Programming And Television Segments \| Contract termination costs
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 111	$ 0	$ 35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets, Net

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

GOODWILL AND INTANGIBLE ASSETS, NET

The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows:


	Intangible assets not subject to amortization						Amortizable intangible assets, net(a)		Total intangible assets, net
	FCC licenses		Other		Total
	(in millions)
Balance, June 30, 2021	$	2,250	$	642	$	2,892	$	262	$	3,154
Acquisitions(b)	—		—		—		71		71
Amortization and other	—		—		—		(68)		(68)
Balance, June 30, 2022	$	2,250	$	642	$	2,892	$	265	$	3,157
Amortization and other	—		—		—		(73)		(73)
Balance, June 30, 2023	$	2,250	$	642	$	2,892	$	192	$	3,084


(a)			Net of accumulated amortization of $366 million and $292 million as of June 30, 2023 and 2022, respectively.
(b)			See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Amortization expense related to finite-lived intangible assets was $74 million, $66 million and $63 million for fiscal 2023, 2022 and 2021, respectively.

Based on the balance of finite-lived intangible assets as of June 30, 2023, the estimated amortization expense for each of the succeeding five fiscal years is as follows:


	For the years ending June 30,
	2024		2025		2026		2027		2028
	(in millions)
Estimated amortization expense(a)	$	46	$	33	$	32	$	29	$	23


(a)			These amounts may vary as acquisitions and dispositions occur in the future.

The changes in the carrying value of goodwill, by segment, are as follows:


	Cable Network Programming		Television		Other, Corporate and Eliminations		Total Goodwill
	(in millions)
Balance, June 30, 2021	$	1,059	$	2,155	$	221	$	3,435
Acquisitions and other(a)	—		86		33		119
Balance, June 30, 2022	$	1,059	$	2,241	$	254	$	3,554
Acquisitions and other	—		5		—		5
Balance, June 30, 2023	$	1,059	$	2,246	$	254	$	3,559


(a)			See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

The carrying amount of Television segment goodwill was net of accumulated impairments of $371 million as of June 30, 2023 and 2022.

Pension and Other Postretirement Benefits - Plan Assets and Grantor Trust Assets By Level (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	$ 276	$ 270
Money market funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	20
Domestic fixed income funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	143
Grantor Trust Balanced Funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	112	234
Grantor Trust Partnership Interest \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		16
Other \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	1	20
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	853	801	$ 972
Pension benefits \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	18	20
Pension benefits \| Domestic equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	189	82
Pension benefits \| Domestic fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	383	381
Pension benefits \| International equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	136	133
Pension benefits \| Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	78	78
Pension benefits \| U.S. Common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		43
Pension benefits \| Partnership interests
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	49	33
Pension benefits \| Exchange traded funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		32
Pension benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		(1)
Level 1 \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	276	254
Level 1 \| Money market funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	20
Level 1 \| Domestic fixed income funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	143
Level 1 \| Grantor Trust Balanced Funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	112	234
Level 1 \| Grantor Trust Partnership Interest \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		0
Level 1 \| Other \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	1	20
Level 1 \| Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	804	768
Level 1 \| Pension benefits \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	18	20
Level 1 \| Pension benefits \| Domestic equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	189	82
Level 1 \| Pension benefits \| Domestic fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	383	381
Level 1 \| Pension benefits \| International equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	136	133
Level 1 \| Pension benefits \| Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	78	78
Level 1 \| Pension benefits \| U.S. Common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		43
Level 1 \| Pension benefits \| Partnership interests
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Level 1 \| Pension benefits \| Exchange traded funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		32
Level 1 \| Pension benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		(1)
Fair Value Measured at Net Asset Value Per Share \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	16
Fair Value Measured at Net Asset Value Per Share \| Money market funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0
Fair Value Measured at Net Asset Value Per Share \| Domestic fixed income funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0
Fair Value Measured at Net Asset Value Per Share \| Grantor Trust Balanced Funds \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Grantor Trust Partnership Interest \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		16
Fair Value Measured at Net Asset Value Per Share \| Other \| Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	49	33
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Domestic equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Domestic fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| International equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	0	0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| U.S. Common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Partnership interests
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset	$ 49	33
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Exchange traded funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		0
Fair Value Measured at Net Asset Value Per Share \| Pension benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan asset		$ 0