NOTE 14. ADDITIONAL FINANCIAL INFORMATION

Receivables, net

Receivables are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. In determining the allowance for returns, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company’s products. Based on this information, management reserves a certain portion of revenues that provide the customer with the right of return. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being collected.

Receivables, net consist of:


	As of March 31, 2014			As of June 30, 2013
	(in millions)
Receivables	$	1,576		$	1,510
Allowances for returns and doubtful accounts		(182	)		(175	)

Receivables, net	$	1,394		$	1,335

The Company’s receivables did not contain significant concentrations of credit risk as of March 31, 2014 or June 30, 2013 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold.

Other Current Assets

The following table sets forth the components of Other current assets:


	As of March 31, 2014		As of June 30, 2013
	(in millions)
Inventory^(a)	$	364	$	301
Assets held for sale^(b)		2		89
Deferred tax assets		62		55
Prepayments and other current assets		250		235

Total Other current assets	$	678	$	680

^(a)	Inventory at March 31, 2014 and June 30, 2013 was primarily comprised of books, programming rights, newsprint, printing ink and plate material for the Company’s publishing operations.

^(b)	Assets held for sale at June 30, 2013 was comprised primarily of the net assets of the Dow Jones Local Media Group.

Other Non-Current Assets

The following table sets forth the components of Other non-current assets:


	As of March 31, 2014		As of June 30, 2013
	(in millions)
Royalty advances to authors	$	270	$	248
Notes receivable^(a)		122		108
Deferred tax assets		230		139
Other		162		103

Total Other non-current assets	$	784	$	598

^(a)	Notes receivable relates to the Company’s sale of its former U.K. newspaper division headquarters.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:


	As of March 31, 2014		As of June 30, 2013
	(in millions)
Current tax payable	$	116	$	28
Current deferred income tax		62		61
Royalties and commissions payable		197		154
Other		272		189

Total Other current liabilities	$	647	$	432

Other, net

The following table sets forth the components of Other, net:


	For the three months ended March 31,						For the nine months ended March 31,
	2014			2013			2014			2013
	(in millions)
Foreign tax refund payable to 21st Century Fox^(a)	$	—		$	—		$	(721	)	$	—
Gain on third party pension contribution^(b)		—			—			37			—
Gain on CMH transaction ^(c)		—			—			—			1,258
Gain on sale of investment in SKY Network Television Ltd.^(d)		—			321			—			321
Other, net		(1	)		(7	)		11			(10	)

Total Other, net	$	(1	)	$	314		$	(673	)	$	1,569

^(a)	See Note 12 – Income Taxes

^(b)	See Note 11 – Pension and Other Postretirement Benefits

^(c)	See Note 2 – Acquisitions, Disposals and Other Transactions

^(d)	See Note 4 – Investments