Twenty-First Century Fox 2014 Annual Report Download - page 146

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
140
Other, net
The following table sets forth the components of Other, net included in the Consolidated Statements of
Operations:
For the years ended June 30,
2014 2013 2012
(in millions)
Gain on Sky Deutschland transaction(a) ............................................................. $ - $ 2,069 $ -
(Loss) gain on sale of investment in NDS(b) ...................................................... (30 ) 1,446 -
Gain on sale of investment in Phoenix(b) ........................................................... 199 81 -
Gain on Fox Sports Asia transaction(a) ............................................................... - 174 -
Gain on sale of investment in STATS(b) ............................................................ 112 - -
Shareholder litigation settlement(c) .................................................................... 111 - -
Venezuela foreign currency devaluation(d) ......................................................... (104 ) - -
Loss on sale of Baltimore station(a) .................................................................... - (92 ) -
Gain on FSLA transaction(a) .............................................................................. - - 158
Change in fair value of securities(a) .................................................................... (4 ) 86 (61)
Investment impairment(b) ................................................................................... (69 ) (20 ) (34)
Restructuring(e) ................................................................................................... (52 ) (13 ) (41)
BSkyB termination fee(b)(f) ................................................................................. - - (63)
Gain on sale of investment in Hathway Cable(b) ................................................ - - 23
Other .................................................................................................................. 11 16 43
Total other, net ................................................................................................... $ 174 $ 3,747 $ 25
(a) See Note 3 – Acquisitions, Disposals and Other Transactions.
(b) See Note 7 – Investments.
(c) See Note 16 – Commitments and Contingencies.
(d) The Company’s business activities in Venezuela operate in a highly inflationary economy. Recently, there
have been significant changes to the foreign currency exchange rate environment in Venezuela governing the
conversion of Venezuelan Bolivars (“Bolivars”) to U.S. Dollars. Companies generally have used the official
exchange rate controlled by Venezuela’s Commission for the Administration of Foreign Exchange
(“CADIVI”), which is 6.3 Bolivars per U.S. Dollar unless they had transactions or were among the entities the
Venezuelan government had specifically authorized to use the Supplementary Foreign Currency
Administration System (“SICAD”) auction rate. In January 2014, the Venezuelan government significantly
expanded the use of the SICAD rate and, more recently, in March 2014, the Venezuelan government created a
third currency exchange mechanism called SICAD 2 and said it may be used by all entities for all transactions.
Until March 31, 2014, the Company’s Venezuelan Bolivar denominated net monetary assets were translated at
the official exchange rate of 6.3 Bolivars per U.S. Dollar. During the fourth quarter of fiscal 2014, the
Company was able to use the SICAD 2 mechanism to convert a portion of its Venezuelan Bolivar
denominated cash to U.S. Dollars. Accordingly, the Company remeasured all its Venezuelan Bolivar
denominated net monetary assets at the SICAD 2 exchange rate resulting in a devaluation loss of $104 million
for the year ended June 30, 2014.
(e) See Note 5 – Restructuring Programs.
(f) The Company paid a termination fee to BSkyB in fiscal 2012 as a result of the Company revoking its cash
offer for the shares of BSkyB that it did not already own.