Revenues

3 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

NOTE 2. REVENUES

The following tables presents the Company’s disaggregated revenues for the three months ended September​​​​​​​ 30, 2019 and 2018:

	For the three months ended September 30, 2019
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	534	$	451	$	—	$	10	$	995
Advertising		530		51		—		27		608
Consumer		—		—		387		—		387
Real estate		—		—		—		218		218
Other		85		12		18		17		132
Total Revenues	$	1,149	$	514	$	405	$	272	$	2,340
	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

Contract liabilities and assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three months ended September 30, 2019 and 2018:

	For the three months ended
	September 30,
	2019			2018
	(in millions)
Balance - beginning of period	$	428		$	510
Deferral of revenue		821			595
Recognition of deferred revenue(a)		(794	)		(670	)
Other		(7	)		1
Balance - end of period	$	448		$	436

(a) For the three months ended September 30, 2019 and 2018, the Company recognized approximately $266 million and $357 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of September 30, 2019 and 2018.

Other revenue disclosures

The Company typically expenses sales commissions incurred to obtain a customer contract as those amounts are incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the receipt of consideration is received within twelve months or less of the transfer of the good or service.

During the three months ended September 30, 2019, the Company recognized approximately $80 million in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of September 30, 2019 was approximately $510 million, of which approximately $164 million is expected to be recognized over the remainder of fiscal 2020, approximately $152 million is expected to be recognized in fiscal 2021, approximately $56 million is expected to be recognized in fiscal 2022, and approximately $24 million is expected to be recognized in fiscal 2023, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606.