Revenues (Tables)

12 Months Ended

Jun. 30, 2019

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 and expenses for the fiscal year ended June 30, 2019 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 fiscal year ended June 30, 2019
	ASC 605			Effects of Adoption			ASC 606
	(in millions)
Revenue:
Circulation and subscription	$	4,092		$	12		$	4,104
Advertising		2,743			(5	)		2,738
Consumer		1,744			(65	)		1,679
Real estate		908			—			908
Other		659			(14	)		645
Total Revenues	$	10,146		$	(72	)	$	10,074
Operating expenses and Selling, general and administrative	$	(8,925	)	$	95		$	(8,830	)
Net income	$	212		$	16		$	228

	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 fiscal year ended June 30, 2019:

	For the fiscal year ended June 30, 2019
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	2,128	$	1,926	$	—	$	49	$	1	$	4,104
Advertising		2,400		215		—		122		1		2,738
Consumer		—		—		1,679		—		—		1,679
Real estate		—		—		—		908		—		908
Other		428		61		75		80		1		645
Total Revenues	$	4,956	$	2,202	$	1,754	$	1,159	$	3	$	10,074

Summary of Deferred Revenue from Contracts with Customers

The following table presents changes in the deferred revenue balance for the fiscal year ended June 30, 2019:

	For the fiscal year ended June 30, 2019
	(in millions)
Balance as of July 1, 2018	$	510
Deferral of revenue		3,008
Recognition of deferred revenue(a)		(3,084	)
Other		(6	)
Balance as of June 30, 2019	$	428

(a) For the fiscal year ended June 30, 2019, the Company recognized approximately $493 million of revenue which was included in the opening deferred revenue balance.