TWENTY-FIRST CENTURY FOX, INC. | 2013 | FY | 3


NOTE 5. RESTRUCTURING PROGRAMS

 

Fiscal 2013

 

In fiscal 2013, the Company recorded restructuring charges from continuing operations of $13 million primarily reflecting a charge for accretion on facility termination obligations.

 

Fiscal 2012

 

In fiscal 2012, the Company recorded restructuring charges from continuing operations of $41 million reflecting $29 million in one-time termination benefits and a $12 million charge for accretion on facility termination obligations.

 

Fiscal 2011

 

In fiscal 2011, the Company recorded restructuring charges from continuing operations of $120 million, of which $115 million related to the Company's digital media properties resulting from an organizational restructuring to align resources more closely with business properties and consisted of facility related costs of $95 million, termination benefits of $18 million and other associated costs of $2 million.

 

Changes in the program liabilities were as follows:

  One time         Total      
  termination  Facility     continuing  Discontinued   
   benefits  related costs  Other costs  operations  operations  Total
 (in millions)
                  
Balance, June 30, 2010$12 $142 $6 $160 $32 $192
Additions 22  96  2  120  25  145
Payments  (28)  (32)  (7)  (67)  (25)  (92)
Other (2)  (9)  (1)  (12)  1  (11)
Balance, June 30, 2011$4 $197 $ -  $201 $33 $234
Additions 29  12   -   41  156  197
Payments  (16)  (32)   -   (48)  (117)  (165)
Other (4)   -    -   (4)  (13)  (17)
Balance, June 30, 2012$13 $177 $ -  $190 $59 $249
Additions  3   10   -   13   -   13
Payments  (12)  (29)   -   (41)   -   (41)
Other  -    -    -    -    -   0
Separation of News Corp  -    -    -    -   (59)  (59)
Balance, June 30, 2013$4 $158 $ -  $162 $ -  $162

The Company expects to record an additional $41 million of restructuring charges, principally related to accretion on facility termination obligations through fiscal 2021. As of June 30, 2013, $33 million of the Company's accrued restructuring liability was included in current liabilities and the balance was included in long-term other liabilities. Amounts included in other liabilities primarily relate to facility termination obligations, which are expected to be paid through fiscal 2021.


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