Revenues

6 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues

NOTE 2. REVENUES

The following tables presents the Company’s disaggregated revenues for the three and six months ended December 31, 2019 and 2018:

	For the three months ended December 31, 2019
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	541	$	439	$	—	$	9	$	1	$	990
Advertising		599		53		—		25		—		677
Consumer		—		—		421		—		—		421
Real estate		—		—		—		242		—		242
Other		101		9		21		18		—		149
Total Revenues	$	1,241	$	501	$	442	$	294	$	1	$	2,479

	For the three months ended December 31, 2018
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	526	$	490	$	—	$	13	$	—	$	1,029
Advertising		632		55		—		31		—		718
Consumer		—		—		478		—		—		478
Real estate		—		—		—		248		—		248
Other		99		17		18		19		1		154
Total Revenues	$	1,257	$	562	$	496	$	311	$	1	$	2,627

	For the six months ended December 31, 2019
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,075	$	890	$	—	$	19	$	1	$	1,985
Advertising		1,129		104		—		52		—		1,285
Consumer		—		—		808		—		—		808
Real estate		—		—		—		460		—		460
Other		186		21		39		35		—		281
Total Revenues	$	2,390	$	1,015	$	847	$	566	$	1	$	4,819

	For the six months ended December 31, 2018
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,055	$	981	$	—	$	27	$	—	$	2,063
Advertising		1,208		112		—		62		—		1,382
Consumer		—		—		878		—		—		878
Real estate		—		—		—		475		—		475
Other		242		34		36		40		1		353
Total Revenues	$	2,505	$	1,127	$	914	$	604	$	1	$	5,151

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 and six months ended December 31, 2019 and 2018:

	For the three months ended December 31,						For the six months ended December 31,
	2019			2018			2019			2018
Balance, beginning of period	$	448		$	436		$	428		$	510
Deferral of revenue		754			742			1,575			1,337
Recognition of deferred revenue(a)		(797	)		(747	)		(1,591	)		(1,417	)
Other		6			(1	)		(1	)		—
Balance, end of period	$	411		$	430		$	411		$	430

(a) For the three and six months ended December 31, 2019, the Company recognized approximately $232 million and $329 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2018, the Company recognized $267 million and $421 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of December 31, 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.

For the three and six months ended December 31, 2019, the Company recognized approximately $74 million and $154 million, respectively, 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 December 31, 2019 was approximately $543 million, of which approximately $111 million is expected to be recognized over the remainder of fiscal 2020, approximately $196 million is expected to be recognized in fiscal 2021, approximately $87 million is expected to be recognized in fiscal 2022, and approximately $36 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.