Revenues (Tables)

3 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Summary of Cumulative Effect and Impact of Adoption of ASC 606 on Consolidated Statement of Operations and Consolidated Balance Sheets

The Company’s revenues for the three months ended September 30, 2018 and the opening balance sheet as of July 1, 2018 under both ASC 606 and the prior standard, ASC 605 are as follows:

	For the three months ended September 30, 2018
	ASC 605			Effects of Adoption			ASC 606
	(in millions)
Revenue:
Circulation and subscription	$	1,032		$	2		$	1,034
Advertising		664			—			664
Consumer		412			(12	)		400
Real estate		227			—			227
Other		206			(7	)		199
Total revenues	$	2,541		$	(17	)	$	2,524
Operating expenses and Selling, general and administrative	$	(2,190	)	$	24		$	(2,166	)
Net income	$	123		$	5		$	128
	As of July 1, 2018
	ASC 605			Effects of Adoption			ASC 606
	(in millions)
Assets:
Receivables, net	$	1,612		$	200		$	1,812
Other current assets		372			(4	)		368
Deferred income tax assets		279			2			281
Other non-current assets		831			92			923
Liabilities and Equity:
Deferred revenue	$	516		$	(6	)	$	510
Other current liabilities		372			194			566
Deferred income tax liabilities		389			11			400
Other non-current liabilities		430			71			501
Accumulated deficit		(2,163	)		20			(2,143	)

Summary of Disaggregated Revenue by Type and Segment

Disaggregated revenue

The following table presents revenue by type and segment for the three months ended September 30, 2018:

	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	529	$	491	$	—	$	14	$	1,034
Advertising		576		57		—		31		664
Consumer		—		—		400		—		400
Real estate		—		—		—		227		227
Other		143		17		18		21		199
Total Revenues	$	1,248	$	565	$	418	$	293	$	2,524

Summary of Deferred Revenue from Contracts with Customers

The following table presents changes in the deferred revenue balance for the three months ended September 30, 2018:

	For the three months ended September 30, 2018
	(in millions)
Balance as of July 1, 2018	$	510
Deferral of revenue		595
Recognition of deferred revenue(a)		(670	)
Other		1
Balance as of September 30, 2018	$	436

(a) For the three months ended September 30, 2018, the Company recognized approximately $357 million of revenue which was included in the opening deferred revenue balance.