Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

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

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

	June 30, 2018								June 30, 2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Foreign currency derivatives—cash flow hedges(a)	$	—	$	3	$	—	$	3	$	—	$	—	$	—	$	—
Cross currency interest rate derivatives—fair value hedges(a)		—		29		—		29		—		—		—		—
Cross currency interest rate derivatives—economic hedges(a)		—		10		—		10		—		—		—		—
Cross currency interest rate derivatives—cash flow hedges(a)		—		76		—		76		—		—		—		—
Available—for—sale securities(b)		93		—		—		93		97		—		—		97
Total assets	$	93	$	118	$	—	$	211	$	97	$	—	$	—	$	97
Liabilities:
Interest rate derivatives—cash flow hedges(a)	$	—	$	20	$	—	$	20	$	—	$	—	$	—	$	—
Mandatorily redeemable noncontrolling interests(c)		—		—		12		12		—		—		79		79
Cross currency interest rate derivatives—cash flow hedges(a)		—		12		—		12		—		—		—		—
Total liabilities	$	—	$	32	$	12	$	44	$	—	$	—	$	79	$	79

^(a)   As a result of the Transaction, the Company now consolidates certain derivative instruments that were outstanding as of the Transaction date. As part of purchase accounting, certain derivatives which were previously designated in hedging relationships were dedesignated and redesignated as of such date and recorded at fair value. See Note 3—Acquisitions, Disposals and Other Transactions.

^(b)  See Note 6—Investments.

^(c)  Primarily related to REA Group’s mandatorily redeemable noncontrolling interest associated with the acquisition of iProperty. The fair value is determined based on the formula 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 fiscal years ended June 30,
	2018			2017
	(in millions)
Balance—beginning of year	$	79		$	82
Additions		12			—
Payments		(81	)		—
Measurement adjustments		—			(8	)
Accretion		3			3
Foreign exchange movements		(1	)		2
Balance—end of year	$	12		$	79

Summary of Hedges Classified as Current or Non-Current in Consolidated Balance Sheets Based on Maturity Dates

			Fair value as of June 30,
	Balance Sheet Location		2018			2017
			(in millions)
Foreign currency derivatives—cash flow hedges		Other current assets	$	3		$	—
Cross currency interest rate derivatives—fair value hedges		Other non-current assets		29			—
Cross currency interest rate derivatives—economic hedges		Other non-current assets		10			—
Cross currency interest rate derivatives—cash flow hedges		Other non-current assets		76			—
Interest rate derivatives—cash flow hedges		Other non-current liabilities		(20	)		—
Cross currency interest rate derivatives—cash flow hedges		Other non-current liabilities		(12	)		—

Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges

	Gain (loss) recognized in Accumulated Other Comprehensive Income for the Fiscal year ended June 30,						Gain (loss) reclassified from Accumulated Other Comprehensive Income for the Fiscal year ended June 30,							Income statement location
	2018		2017		2016		2018			2017		2016
	(in millions)
Derivative instruments designated as cash flow hedges:
Foreign currency derivatives—cash flow hedges	$	3	$	—	$	—	$	(1	)	$	—	$	—	Operating expenses
Cross currency interest rate derivatives—cash flow hedges		8		—		—		9			—		—	Interest, net
Interest rate derivatives—cash flow hedges		—		—		—		(1	)		—		—	Interest, net
Total	$	11	$	—	$	—	$	7		$	—	$	—