Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 50

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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 interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company.The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:For the three months ended December 31, For the six months ended December 31, 2024202320242023(in millions) Beginning of period$(202)$(228)$(242)$(213)Net (income) loss(1)4 1 4 Accretion and redemption value adjustments3 (19)41 (34)End of period$(200)$(243)$(200)$(243)The put right held by the Credible minority interest shareholder was fully exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process.The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027.

8

FOX CORPORATIONNOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Financial InstrumentsThe 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 ofDecember 31,2024As ofJune 30,2024(in millions)BorrowingsFair value$7,081 $7,017 Carrying value$7,200 $7,197 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).Concentrations of Credit RiskCash 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 December 31, 2024 and June 30, 2024, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

NOTE 5. BORROWINGS

Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”)