XML 51 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Investments
 9 Months Ended
Mar. 31, 2020
Schedule of Investments [Abstract]  
Investments
NOTE
5
. INVESTMENTS
The Company’s investments were comprised of the following:
 
  
Ownership
Percentage
as of March 31,
2020
 
  
As of
March 31,
2020
 
  
As of
June 30,
2019
 
  
 
  
(in millions)
 
Equity method investments
(a)
    
various
    $
146
    $
148
 
Equity securities
(b)
    
various
     
179
     
187
 
                         
Total Investments
   
    $
325
    $
335
 
                         
(a)
Equity method investments are primarily comprised of Foxtel’s investment in Nickelodeon Australia Joint Venture, Elara Technologies Pte. Ltd. (“Elara”), which operates PropTiger.com and Housing.com, and REA Group’s investment in 99.co Joint Venture.
(b)
Equity securities are primarily comprised of certain investments in China, the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and the Company’s investment in Tremor.
The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:
 
For the three months
ended March 31,
   
For the nine months
ended March 31,
 
  
2020
 
  
2019
 
  
2020
 
  
2019
 
  
(in millions)
   
(in millions)
 
Total
(
losses
)
gains
recognized on equity securities
  $
(17
 )   $
6
    $
(22
 )   $
(23
 )
Less: Net gains recognized on equity securities sold
   
—
     
—
     
—
     
—
 
                                 
Unrealized
(
losses
) gains
recognized on equity securities held at end of period
  $
(17
 )   $
6
    $
(22
 )   $
(23
 )
                                 
Equity Losses of Affiliates
The Company’s share of the losses of its equity affiliates was $7 million and $12 million for the three and nine months ended March 31, 2020, respectively, and $4 million and $13 million, respectively
,
for the corresponding periods of fiscal 2019.