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Revenues
 12 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenues
NOTE 3. REVENUES
On July 1, 2018, the Company adopted ASC 606 on a modified retrospective basis for all contracts which were not completed as of the adoption date. Results for reporting periods beginning after July 1, 2018 are presented under ASC 606 while prior periods have not been restated. Under ASC 606, revenue is recognized when or as the Company satisfies its respective performance obligations under each contract. The Company recorded a $20 million decrease to Accumulated deficit as of July 1, 2018 to reflect the cumulative impact of its adoption of ASC 606.
Disaggregated revenue
The following tables present revenue by type and segment for the fiscal years ended June 30, 2020 and 2019:
For the fiscal year ended June 30, 2020
Digital Real
Estate
Services
Subscription
Video
Services
Dow Jones
Book
Publishing
News Media
Other
Total
Revenues
(in millions)
Revenues:
Circulation and subscription
$36  $1,673  $1,191  $—  $956  $1  $3,857  
Advertising
98  174  359  —  1,562  —  2,193  
Consumer
—  —  —  1,593  —  —  1,593  
Real estate
862  —  —  —  —  —  862  
Other
69  37  40  73  283  1  503  
Total Revenues
$1,065  $1,884  $1,590  $1,666  $2,801  $2  $9,008  
For the fiscal year ended June 30, 2019
Digital Real
Estate
Services
Subscription
Video
Services
Dow Jones
Book
Publishing
News Media
Other
Total
Revenues
(in millions)
Revenues:
Circulation and subscription
$49  $1,926  $1,120  $—  $1,008  $1  $4,104  
Advertising
122  215  393  —  2,007  1  2,738  
Consumer
—  —  —  1,679  —  —  1,679  
Real estate
908  —  —  —  —  —  908  
Other
80  61  36  75  392  1  645  
Total Revenues
$1,159  $2,202  $1,549  $1,754  $3,407  $3  $10,074  
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 fiscal year ended June 30, 2020 and 2019:
For the fiscal year ended June 30,
20202019
(in millions)
Beginning balance$428  $510  
Deferral of revenue
3,091  3,008  
Recognition of deferred revenue (a)
(3,064) (3,084) 
Other (b)
(57) (6) 
Ending balance$398  $428  
________________________
(a)For the fiscal years ended June 30, 2020 and 2019, the Company recognized approximately $384 million and $493 million, respectively, of revenue which was included in the opening deferred revenue balance.
(b)For the fiscal year ended June 30, 2020, the Company disposed of $51 million of deferred revenue in connection with the sale of News America Marketing. See Note 4—Acquisitions, Disposals and Other Transactions.
Contract assets were immaterial for disclosure as of June 30, 2020 and 2019.
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 12 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 12 months or less, or the receipt of consideration is received within 12 months or less of the transfer of the good or service.
During the fiscal year ended June 30, 2020, the Company recognized approximately $319 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 June 30, 2020 was approximately $496 million, of which approximately $216 million is expected to be recognized during fiscal 2021, $110 million is expected to be recognized in fiscal 2022 and $46 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.