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Borrowings
 9 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowings
NOTE 6. BORROWINGS
The Company’s total borrowings consist of the following:
Interest rate at March 31, 2023Maturity at March 31, 2023As of
March 31, 2023		As of
June 30, 2022
(in millions)
News Corporation
2022 Term loan A(a)
6.748 %Mar 31, 2027$500 $500 
2022 Senior notes5.125 %Feb 15, 2032492 492 
2021 Senior notes3.875 %May 15, 2029989 987 
Foxtel Group(b)
2019 Credit facility(c)
6.02 %May 31, 2024321 68 
2019 Term loan facility6.25 %Nov 22, 2024167 171 
2017 Working capital facility(c)
6.02 %May 31, 2024— — 
Telstra facility11.15 %Dec 22, 2027110 90 
2012 US private placement — USD portion — tranche 2(d)
— %Jul 25, 2022— 198 
2012 US private placement — USD portion — tranche 3(d)
4.42 %Jul 25, 2024149 147 
2012 US private placement — AUD portion— %Jul 25, 2022— 68 
REA Group(b)
2022 Credit facility — tranche 1(e)
4.71 %Sep 16, 2024212 273 
2022 Credit facility — tranche 2(e)
4.86 %Sep 16, 2025— 8 
Finance lease liability47 67 
Total borrowings2,987 3,069 
Less: current portion(f)
(27)(293)
Long-term borrowings
$2,960 $2,776 
(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2023 the Company was paying interest at an effective interest rate of 3.708%. See Note 8—Financial Instruments and Fair Value Measurements.
(b)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain
of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.
(c)As of March 31, 2023, the Foxtel Debt Group had total undrawn commitments of A$161 million available under these facilities.
(d)The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 8—Financial Instruments and Fair Value Measurements.
(e)As of March 31, 2023, REA Group had total undrawn commitments of A$281 million available under this facility.
(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.” $27 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2023 and June 30, 2022, respectively.
Foxtel Group Borrowings
During the nine months ended March 31, 2023, the Foxtel Group repaid its U.S. private placement senior unsecured notes that matured in July 2022 using capacity under the 2019 Credit Facility.
Covenants
The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2022 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at March 31, 2023.