Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Twenty-First Century Fox Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Current borrowings	1,054)	457)	427)	244)	799)	137)
Accrued expenses	2,439)	2,432)	2,476)	—)	—)	—)
Accounts payable	443)	406)	270)	—)	—)	—)
Other current liabilities	366)	613)	435)	3,937)	4,183)	4,434)
Accounts payable, accrued expenses and other current liabilities	3,248)	3,451)	3,181)	3,937)	4,183)	4,434)
Participations, residuals and royalties payable	1,748)	1,657)	1,672)	1,632)	1,546)	1,663)
Program rights payable	1,368)	1,093)	1,283)	1,001)	1,638)	1,524)
Deferred revenue	826)	580)	505)	448)	690)	677)
Current liabilities	8,244)	7,238)	7,068)	7,262)	8,856)	8,435)
Non-current borrowings	18,469)	19,456)	19,298)	18,795)	18,259)	16,321)
Other liabilities	3,664)	3,616)	3,678)	3,105)	3,507)	3,264)
Deferred income taxes	1,892)	2,782)	2,888)	2,082)	2,729)	2,280)
Non-current liabilities	24,025)	25,854)	25,864)	23,982)	24,495)	21,865)
Total liabilities	32,269)	33,092)	32,932)	31,244)	33,351)	30,300)
Redeemable noncontrolling interests	764)	694)	552)	621)	541)	519)
Class A common stock, $0.01 par value per share	11)	11)	11)	12)	14)	15)
Class B common stock, $0.01 par value per share	8)	8)	8)	8)	8)	8)
Additional paid-in capital	12,612)	12,406)	12,211)	13,427)	15,041)	15,840)
Retained earnings	8,934)	5,315)	3,575)	5,343)	2,389)	1,454)
Accumulated other comprehensive loss	(2,001)	(2,018)	(2,144)	(1,570)	(34)	(319)
Total Twenty-First Century Fox, Inc. stockholders’ equity	19,564)	15,722)	13,661)	17,220)	17,418)	16,998)
Noncontrolling interests	1,234)	1,216)	1,220)	966)	3,483)	3,127)
Total equity	20,798)	16,938)	14,881)	18,186)	20,901)	20,125)
Total liabilities and equity	53,831)	50,724)	48,365)	50,051)	54,793)	50,944)

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

The financial data over the six-year period reveals several notable trends and patterns regarding liabilities and equity structure.

Current Borrowings: Current borrowings experienced fluctuations, beginning moderately at 137 million US dollars in 2013, peaking at 1054 million in 2018. After a dip in 2015, there was a significant increase, indicating an increased reliance on short-term debt in the latest year.
Accrued Expenses and Accounts Payable: Accrued expenses appeared only from 2016, remaining relatively stable around 2400 million US dollars. Accounts payable increased steadily from 270 million in 2016 to 443 million in 2018, showing a growth in payables over the most recent years.
Other Current Liabilities: This category saw a sharp decline between 2015 and 2016, falling from 3937 million to 435 million, then followed by another decrease to 366 million by 2018, suggesting a significant restructuring or reclassification of current liabilities.
Aggregated Current Liabilities (Accounts Payable, Accrued Expenses, Other Current Liabilities): The sum of these liabilities decreased from 4434 million in 2013 to a low of 3181 million in 2016, before slightly increasing but remaining below initial levels in subsequent years.
Participations, Residuals, and Royalties Payable: This item remained relatively stable, fluctuating slightly around the 1600-1750 million range, indicating steady obligations in these areas.
Program Rights Payable: Program rights payable showed variability, dropping sharply in 2015 to 1001 million but recovering to 1368 million by 2018. The variation may reflect changes in content acquisition or licensing practices.
Deferred Revenue: Deferred revenue experienced a decline from 677 million in 2013 to 448 million in 2015, then increased steadily to reach 826 million in 2018, suggesting growing advance payments or subscriptions.
Total Current Liabilities: Current liabilities dropped from 8435 million in 2013 to a low of 7068 million in 2016, then rose again to 8244 million in 2018, indicating some recovery though still slightly below initial levels.
Non-current Borrowings: Non-current borrowings generally increased through 2017, peaking at 19456 million, then decreased modestly to 18469 million in 2018. This suggests a relatively stable long-term borrowing level with some repayment or changes in debt structure.
Other Liabilities: Other non-current liabilities increased over time from 3264 million in 2013 to 3664 million in 2018, indicating additional long-term obligations.
Deferred Income Taxes: These taxes were volatile, reaching a high of 2888 million in 2016, then falling sharply to 1892 million in 2018, possibly reflecting tax strategy changes or accounting adjustments.
Total Non-current Liabilities: Total non-current liabilities rose from 21865 million in 2013 to a peak of 25864 million in 2016, then gradually declined to 24025 million by 2018.
Total Liabilities: Total liabilities increased from 30300 million in 2013 to 33351 million in 2014, then trended downwards to 32269 million by 2018, indicating a general reduction in overall debt and obligations after 2014.
Redeemable Noncontrolling Interests: These interests showed a gradual increase from 519 million in 2013 to 764 million in 2018, suggesting an expansion in minority stakes redeemable by outside shareholders.
Common Stock and Paid-in Capital: Class A and Class B common stock par values remained nearly constant, while additional paid-in capital steadily decreased from 15840 million in 2013 to a low in 2016, followed by a moderate recovery to 12612 million in 2018. This indicates some reduction and partial replenishment of capital contributions.
Retained Earnings: Retained earnings showed a strong upward trend overall, rising from 1454 million in 2013 to 8934 million in 2018, despite a dip in 2016, reflecting increasing accumulated profits over the period.
Accumulated Other Comprehensive Loss: This measure of unrealized losses worsened sharply from a minor loss of -34 million in 2014 to a larger loss of roughly -2000 million in later years, suggesting increasing adverse movements in items such as foreign currency translation or marketable securities.
Total Stockholders' Equity: Equity based on this line declined from a high of 17418 million in 2014 to a low of 13661 million in 2016, then rebounded strongly to 19564 million in 2018, indicating capital recovery and growth.
Noncontrolling Interests: These interests decreased sharply from 3483 million in 2014 to 966 million in 2015, then increased slightly to stabilize around 1200 million, denoting changes in ownership stakes of minority shareholders.
Total Equity: Total equity followed a similar pattern, peaking in 2014 at 20901 million, dropping to 14881 million in 2016, and then recovering to 20798 million in 2018.
Total Liabilities and Equity: The combined total decreased consistently from a high of 54793 million in 2014 to 48365 million in 2016 before gradually increasing again to 53831 million in 2018, indicating fluctuations in the overall size of balance sheet assets and financing.

In summary, the data shows initial growth in liabilities and equity positions until mid-period, followed by a contraction around 2015-2016, and subsequent recovery towards 2018. Borrowing, both current and non-current, showed shifts in levels, while retained earnings improved significantly over the term. Comprehensive losses increased, affecting equity valuation. Overall, the financial structure exhibits dynamic adjustments reflecting operational and strategic financing decisions within this timeframe.

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

Balance Sheet: Liabilities and Stockholders’ Equity