Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis

The following tables summarize those assets and liabilities measured at fair value on a recurring basis:

	As of March 31,								As of June 30,
	2018								2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Available-for-sale securities(a)	$	78	$	—	$	—	$	78	$	97	$	—	$	—	$	97
Total assets	$	78	$	—	$	—	$	78	$	97	$	—	$	—	$	97
Liabilities:
Mandatorily redeemable noncontrolling interests(b)	$	—	$	—	$	92	$	92	$	—	$	—	$	79	$	79
Total liabilities	$	—	$	—	$	92	$	92	$	—	$	—	$	79	$	79

(a) See Note 4 – Investments.

(b) Primarily related to REA Group’s mandatorily redeemable noncontrolling interest associated with the acquisition of iProperty. The fair value is determined based on formulas specified in the acquisition agreement and REA Group management’s expectations of the business’ performance. The mandatorily redeemable noncontrolling interest was redeemed in April 2018 and the amount paid was based on the actual performance of the business against the targets stipulated in the acquisition agreement.

Summary of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3

A rollforward of the Company’s mandatorily redeemable noncontrolling interest liabilities classified as Level 3 is as follows:

	For the nine months ended March 31,
	2018			2017
	(in millions)
Balance - beginning of year	$	79		$	82
Additions		12			—
Payments		—			—
Measurement adjustments		—			(8	)
Accretion		2			3
Foreign exchange movements		(1	)		1
Total liabilities	$	92		$	78