Borrowings (Tables)

6 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Borrowings

The Company’s total borrowings consist of the following:

	Interest rate at December 31, 2018			Due date at December 31, 2018		As of December 31, 2018			As of June 30, 2018
						(in millions)
Foxtel Group
Credit facility 2013(a)		3.84	%		Apr 7, 2019	$	211		$	222
Credit facility 2014 — tranche 1(a)		3.84	%		May 30, 2019		140			148
Credit facility 2014 — tranche 2(a)		3.94	%		Jan 31, 2020		141			148
Credit facility 2015(a)		3.99	%		Jul 31, 2020		282			296
Credit facility 2016(a)(b)		4.54	%		Sept 11, 2021		—			108
Working capital facility 2017(a)(b)		4.14	%		Jul 3, 2020		42			59
US private placement 2009 — tranche 3		6.20	%		Sept 24, 2019		75			75
US private placement 2012 — USD portion — tranche 1(c)		3.68	%		Jul 25, 2019		149			150
US private placement 2012 — USD portion — tranche 2(c)		4.27	%		Jul 25, 2022		197			196
US private placement 2012 — USD portion — tranche 3(c)		4.42	%		Jul 25 2024		147			146
US private placement 2012 — AUD portion		7.04	%		Jul 25, 2022		78			83
REA Group
Credit facility 2016 — tranche 2(d)(e)		2.67	%		Dec 31, 2018		—			89
Credit facility 2016 — tranche 3(d)		3.00	%		Dec 31, 2019		169			178
Credit facility 2018(d)		2.83	%		Apr 27, 2021		49			54
Total borrowings							1,680			1,952
Less: current portion(f)							(744	)		(462	)
Long-term borrowings						$	936		$	1,490

(a) Borrowings under these facilities bear interest at a floating rate of Australian BBSY plus an applicable margin of between 1.10% and 2.70% per annum payable quarterly.

(b) As of December 31, 2018, the Foxtel Group has undrawn commitments of $306 million under these facilities for which it pays a commitment fee in the range of 40% to 45% of the applicable margin.

(c) The carrying value of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 9 —Financial Instruments and Fair Value Measurements.

(d) Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.45% depending on REA Group’s net leverage ratio. As of December 31, 2018, REA Group was paying a margin of between 0.85% and 1.05%.

(e) During the three months ended December 31, 2018, REA Group repaid A$120 million (approximately $87 million) of the A$480 million revolving loan facility. Remaining borrowings under the facility of A$240 million (approximately $169 million) will mature in fiscal 2020.

(f) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.”