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Microsoft Excel LibreOffice Calc

Twenty-First Century Fox Inc. (NASDAQ:FOX)


Analysis of Investments

Advanced level


Accounting Policy on Investments

Investments in and advances to entities or joint ventures in which Twenty-First Century Fox has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Significant influence is generally presumed to exist when Twenty-First Century Fox owns an interest between 20% and 50% and exercises significant influence.

Under the equity method of accounting, Twenty-First Century Fox includes its investments and amounts due to and from its equity method investees in its Consolidated Balance Sheets. Twenty-First Century Fox’s Consolidated Statements of Operations include Twenty-First Century Fox’s share of the investees’ earnings (losses), Twenty-First Century Fox’s Consolidated Statements of Comprehensive Income include Twenty-First Century Fox’s share of other comprehensive income (loss) of equity method investees and Twenty-First Century Fox’s Consolidated Statements of Cash Flows include all cash received from or paid to the investees.

The difference between Twenty-First Century Fox’s investment and its share of the fair value of the underlying net assets of the investee is first allocated to either finite-lived intangibles or indefinite-lived intangibles and the balance is attributed to goodwill. Twenty-First Century Fox follows ASC 350, "Intangibles—Goodwill and Other" ("ASC 350"), which requires that equity method finite-lived intangibles be amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized.

Investments in which Twenty-First Century Fox has no significant influence (generally less than a 20% ownership interest) are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, Twenty-First Century Fox accounts for its investment at cost. Twenty-First Century Fox reports available-for-sale investments at fair value based on quoted market prices. Unrealized gains and losses on available-for-sale investments are included in Accumulated other comprehensive loss, net of applicable taxes and other adjustments until the investment is sold or considered impaired.

Source: 10-K (filing date: 2018-08-13).


Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Twenty-First Century Fox Inc., adjustment to net income attributable to Twenty-First Century Fox, Inc. stockholders

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Net income attributable to Twenty-First Century Fox, Inc. stockholders (as reported)
Add: Unrealized holding gains (losses) on securities
Net income attributable to Twenty-First Century Fox, Inc. stockholders (adjusted)

Based on: 10-K (filing date: 2018-08-13), 10-K (filing date: 2017-08-14), 10-K (filing date: 2016-08-11), 10-K (filing date: 2015-08-13), 10-K (filing date: 2014-08-14), 10-K (filing date: 2013-08-19).


Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Twenty-First Century Fox Inc., adjusted profitability ratios

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2018-08-13), 10-K (filing date: 2017-08-14), 10-K (filing date: 2016-08-11), 10-K (filing date: 2015-08-13), 10-K (filing date: 2014-08-14), 10-K (filing date: 2013-08-19).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Twenty-First Century Fox Inc.’s adjusted net profit margin ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Twenty-First Century Fox Inc.’s adjusted ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Twenty-First Century Fox Inc.’s adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.

Twenty-First Century Fox Inc., Profitability Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders
Revenues
Profitability Ratio
Net profit margin1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders
Revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2018-08-13), 10-K (filing date: 2017-08-14), 10-K (filing date: 2016-08-11), 10-K (filing date: 2015-08-13), 10-K (filing date: 2014-08-14), 10-K (filing date: 2013-08-19).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Twenty-First Century Fox Inc.’s adjusted net profit margin ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders
Total Twenty-First Century Fox, Inc. stockholders’ equity
Profitability Ratio
ROE1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders
Total Twenty-First Century Fox, Inc. stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2018-08-13), 10-K (filing date: 2017-08-14), 10-K (filing date: 2016-08-11), 10-K (filing date: 2015-08-13), 10-K (filing date: 2014-08-14), 10-K (filing date: 2013-08-19).

2018 Calculations

1 ROE = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Twenty-First Century Fox Inc.’s adjusted ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders
Total assets
Profitability Ratio
ROA1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders
Total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2018-08-13), 10-K (filing date: 2017-08-14), 10-K (filing date: 2016-08-11), 10-K (filing date: 2015-08-13), 10-K (filing date: 2014-08-14), 10-K (filing date: 2013-08-19).

2018 Calculations

1 ROA = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Twenty-First Century Fox Inc.’s adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.