Twenty-First Century Fox 2014 Annual Report Download - page 156

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
150
Notes to Supplemental Guarantor Information
(1) Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are
accounted for by their parent companies under the equity method of accounting whereby earnings of subsidiaries are
reflected in the respective parent company’s investment account and earnings.
(2) The guarantees of 21CFA’s senior public indebtedness constitute senior indebtedness of the Company, and rank
pari passu with all present and future senior indebtedness of the Company. Because the factual basis underlying the
obligations created pursuant to the various facilities and other obligations constituting senior indebtedness of the
Company differ, it is not possible to predict how a court in bankruptcy would accord priorities among the
obligations of the Company.