Twenty-First Century Fox 2014 Annual Report Download - page 107

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
101
Summarized financial information
Summarized financial information for a significant equity affiliate, determined in accordance with Regulation
S-X of the Securities and Exchange Act of 1934, as amended, accounted for under the equity method was as
follows:
For the years ended June 30,
2014 2013 2012
(in millions)
Revenues ............................................................................................................ $ 12,402 $ 11,342 $ 10,754
Operating income ............................................................................................... 1,887 2,024 1,968
Income from continuing operations ................................................................... 1,332 1,535 1,435
N
et income ......................................................................................................... 1,332 1,535 1,435
As of June 30,
2014 2013
(in millions)
Current assets ......................................................................................................................... $ 4,401 $ 3,908
N
on-current assets ................................................................................................................. 7,679 6,678
Current liabilities ................................................................................................................... 4,309 3,524
N
on-current liabilities ............................................................................................................ 4,889 4,588
NOTE 8. FAIR VALUE
In accordance with ASC 820, “Fair Value Measurement,” fair value measurements are required to be
disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the
following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted
prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level
2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level
3”).
The tables below present information about financial assets and liabilities carried at fair value on a recurring
basis:
Fair value measurements
As of June 30, 2014
Description Total
Quoted prices in
active markets
for identical
instruments
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
(in millions)
Assets
Available-for-sale securities(a) .................... $ 124 $ 124 $ - $ -
Liabilities
Derivatives(b) .............................................. (10 ) - (10 ) -
Contingent consideration(c) ......................... (134) - - (134)
Redeemable noncontrolling interests(d) ............ (541) - - (541)
Total ................................................................. $ (561) $ 124 $ (10 ) $ (675)