Additional Financial Information

9 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

NOTE 14. ADDITIONAL FINANCIAL INFORMATION

Receivables, net

Receivables are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being collected.

Receivables, net consist of:

	As of			As of
	March 31, 2020			June 30, 2019
	(in millions)
Receivables	$	1,295		$	1,590
Allowance for doubtful accounts		(58	)		(46	)
Receivables, net	$	1,237		$	1,544

Other Current Assets

The following table sets forth the components of Other current assets:

	As of		As of
	March 31, 2020		June 30, 2019
	(in millions)
Assets held for sale	$	334	$	—
Other		419		515
Total Other current assets	$	753	$	515

Other Non-Current Assets

The following table sets forth the components of Other non-current assets:

	As of		As of
	March 31, 2020		June 30, 2019
	(in millions)
Royalty advances to authors	$	342	$	343
Retirement benefit assets		137		117
Inventory(a)		134		155
Other		350		315
Total Other non-current assets	$	963	$	930

(a) Primarily consists of the non-current portion of programming rights.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of		As of
	March 31, 2020		June 30, 2019
	(in millions)
Royalties and commissions payable	$	190	$	211
Current operating lease liabilities(a)		156		—
Allowance for sales returns		168		192
Current tax payable		18		22
Liabilities held for sale		190		—
Other		257		299
Total Other current liabilities	$	979	$	724

(a) As a result of the adoption of ASU 2016-02 during the first quarter of fiscal 2020, the Company has included the current portion of its operating lease liabilities within Other current liabilities as of March 31, 2020.

Other, net

The following table sets forth the components of Other, net:

	For the three months ended						For the nine months ended
	March 31,						March 31,
	2020			2019			2020			2019
	(in millions)
Dividends received from equity security investments	$	1		$	1		$	2		$	24
Remeasurement of equity securities		(17	)		6			(22	)		(23	)
Gain on sale of businesses(a)		20			—			20			—
Gain on sale of Australian property		—			2			—			14
Other, net		9			(6	)		19			15
Total Other, net	$	13		$	3		$	19		$	30

(a) During the three and nine months ended March 31, 2020, REA Group contributed its businesses located in Singapore and Indonesia into a joint venture with 99.co in return for an equity method investment in the combined entity. As a result of the deconsolidation of these entities, REA Group recognized a $20 million gain in Other, net.

Supplemental Cash Flow Information

The following table sets forth the Company’s cash paid for taxes and interest:

	For the nine months ended
	March 31,
	2020		2019
	(in millions)
Cash paid for interest	$	43	$	67
Cash paid for taxes		93		107