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Retirement Benefit Obligations (Tables)
 12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Schedule of Amounts Recognized in Balance Sheets The Company recognized these amounts in the Balance Sheets at June 30, 2020 and 2019 as follows:
Pension Benefits
DomesticForeignPostretirement
benefits		Total
20202019202020192020201920202019
(in millions)
Other non-current assets$—  $—  $94  $117  $—  $—  $94  $117  
Other current liabilities—  —  (2) (2) (9) (8) (11) (10) 
Retirement benefit obligations(95) (87) (82) (78) (100) (101) (277) (266) 
Net amount recognized$(95) $(87) $10  $37  $(109) $(109) $(194) $(159) 
Schedule of Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets and Funded Status
The following table sets forth the change in the projected benefit obligation, change in the fair value of the Company’s plan assets and funded status:
Pension Benefits
DomesticForeignPostretirement
Benefits		Total
As of June 30,
20202019202020192020201920202019
(in millions)
Projected benefit obligation, beginning of the year
$350  $334  $1,025  $1,040  $109  $106  $1,484  $1,480  
Service cost—  —  2  2  —  —  2  2  
Interest cost11  13  20  25  3  4  34  42  
Benefits paid(17) (22) (39) (41) (8) (8) (64) (71) 
Settlements(a)
(30) —  (27) (23) —  —  (57) (23) 
Actuarial loss(b)
39  25  102  52  5  8  146  85  
Foreign exchange rate changes—  —  (32) (39) —  (1) (32) (40) 
Amendments, transfers and other
—  —  —  9  —  —  —  9  
Projected benefit obligation, end of the year
353  350  1,051  1,025  109  109  1,513  1,484  
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year
263  260  1,062  1,100  —  —  1,325  1,360  
Actual return on plan assets25  21  85  56  —  —  110  77  
Employer contributions17  4  13  12  —  —  30  16  
Benefits paid(17) (22) (39) (41) —  —  (56) (63) 
Settlements(a)
(30) —  (27) (23) —  —  (57) (23) 
Foreign exchange rate changes—  —  (33) (42) —  —  (33) (42) 
Fair value of plan assets, end of the year
258  263  1,061  1,062  —  —  1,319  1,325  
Funded status$(95) $(87) $10  $37  $(109) $(109) $(194) $(159) 
________________________
(a)Amounts related to payments made to former employees of the Company in full settlement of their deferred pension benefits. The increase in U.S. plan settlements are primarily the result of the disposition of the Company's News America Marketing business in May 2020.
(b)Fiscal 2020 and fiscal 2019 actuarial losses related to domestic and foreign pension plans primarily relate to the decrease in discount rates used in measuring plan obligations as of June 30, 2020 and 2019, respectively.
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss consist of:
Pension Benefits
DomesticForeignPostretirement
Benefits		Total
As of June 30,
20202019202020192020201920202019
(in millions)
Actuarial losses$153  $142  $368  $333  $6  $1  $527  $476  
Prior service cost (benefit)—  —  8  9  (22) (25) (14) (16) 
Net amounts recognized$153  $142  $376  $342  $(16) $(24) $513  $460  
Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Funded and Unfunded Pension Plans Below is information about funded and unfunded pension plans.
Domestic Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202020192020201920202019
(in millions)
Projected benefit obligation$343  $335  $10  $15  $353  $350  
Accumulated benefit obligation343  335  10  15  353  350  
Fair value of plan assets258  263  —  —  258  263  
Foreign Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202020192020201920202019
(in millions)
Projected benefit obligation$978  $955  $73  $70  $1,051  $1,025  
Accumulated benefit obligation971  945  73  70  1,044  1,015  
Fair value of plan assets1,061  1,062  —  —  1,061  1,062  
Schedule of Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets
The accumulated benefit obligation exceeds the fair value of plan assets for all domestic pension plans. Below is information about foreign pension plans in which the accumulated benefit obligation exceeds the fair value of the plan assets.
Foreign Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202020192020201920202019
(in millions)
Projected benefit obligation$259  $253  $73  $70  $332  $323  
Accumulated benefit obligation259  253  73  70  332  323  
Fair value of plan assets249  244  —  —  249  244  
Schedule of Components of Net Periodic Benefits Costs (Income) The amortization of amounts related to unrecognized prior service costs (credits), deferred losses and settlements, curtailments and other were reclassified out of Other comprehensive income as a component of net periodic benefit costs. The components of net periodic benefits costs (income) were as follows:
Pension Benefits
Domestic
Foreign
Postretirement
Benefits
Total
For the fiscal years ended June 30,
202020192018202020192018202020192018202020192018
(in millions)
Service cost benefits earned during the period
$—  $—  $—  $2  $2  $6  $—  $—  $—  $2  $2  $6  
Interest costs on projected benefit obligations
11  13  12  20  25  29  3  4  3  34  42  44  
Expected return on plan assets
(16) (15) (18) (43) (46) (53) —  —  —  (59) (61) (71) 
Amortization of deferred losses
5  4  5  11  10  18  —  —  —  16  14  23  
Amortization of prior service credits
—  —  —  —  —  —  (3) (3) (3) (3) (3) (3) 
Settlements, curtailments and other
12  —  —  5  4  4  —  —  —  17  4  4  
Net periodic benefit (income) costs – Total
$12  $2  $(1) $(5) $(5) $4  $—  

$1  $—  $7  $(2) $3  
Schedule of Assumptions Used
Pension Benefits
Domestic
Foreign
Postretirement Benefits
For the fiscal years ended June 30,
202020192018202020192018202020192018
Additional information:
Weighted-average assumptions used to determine benefit obligations
Discount rate
2.9 %3.6 %4.2 %1.7 %2.3 %2.8 %2.5 %3.3 %4.0 %
Rate of increase in future compensation
N/AN/AN/A3.1 %3.4 %3.1 %N/AN/AN/A
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate for PBO
3.6 %4.2 %3.8 %2.3 %2.8 %2.7 %3.3 %4.0 %3.5 %
Discount rate for Service Cost
3.9 %4.3 %4.0 %2.5 %3.7 %3.8 %3.6 %4.3 %3.9 %
Discount rate for Interest on PBO
3.2 %3.9 %3.3 %2.0 %2.5 %2.4 %2.9 %3.6 %2.9 %
Discount rate for Interest on Service Cost
3.6 %4.3 %3.8 %2.2 %3.3 %3.4 %3.3 %4.1 %3.5 %
Expected return on plan assets
6.0 %6.0 %6.5 %4.2 %4.4 %4.7 %N/AN/AN/A
Rate of increase in future compensation
N/AN/AN/A3.4 %3.1 %2.8 %N/AN/AN/A
Schedule of Health Care Cost Trend Rates
The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:
Postretirement benefits
Fiscal 2020Fiscal 2019
Health care cost trend rate6.4 %6.4 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.6 %4.7 %
Year that the rate reaches the ultimate trend rate20272027
Schedule of Expected Benefit Payments The following table sets forth the estimated benefit payments for the next five fiscal years, and in aggregate for the five fiscal years thereafter. The expected benefits are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service:
Expected Benefit Payments
Pension BenefitsPostretirement
Benefits		Total
DomesticForeign
(in millions)
Fiscal year:
2021$23  $52  $9  $84  
202220  46  9  75  
202320  46  8  74  
202419  46  8  73  
202519  45  8  72  
2026-203097  227  33  357  
Schedule of Allocation of Plan Assets
The table below presents the Company’s plan assets by level within the fair value hierarchy, as described in Note 2—Summary of Significant Accounting Policies, as of June 30, 2020 and 2019:
Fiscal 2020Fiscal 2019
Fair Value Measurements at
Reporting Date Using
Fair Value Measurements at
Reporting Date Using
Total
Level 1
Level 2
Level 3
NAV
Total
Level 1
Level 2
Level 3
NAV
(in millions)
Assets
Pooled funds:(a)
Domestic equity funds
$60  $—  $—  $—  $60  $73  $—  $—  $—  $73  
International equity funds
186  —  —  —  186  201  —  —  —  201  
Domestic fixed income funds
145  —  —  —  145  147  —  —  —  147  
International fixed income funds
720  —  —  —  720  704  —  —  —  704  
Balanced funds
130  —  65  —  65  146  —  89  —  57  
Other
78  59  —  9  10  54  45  —  9  —  
Total
$1,319  $59  $65  $9  $1,186  $1,325  $45  $89  $9  $1,182  
________________________
(a)Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published net asset value (“NAV”). Other pooled funds are valued at the NAV provided by the fund issuer.
Summary of Changes in Fair Value of Investments Reflected as Level 3 Assets
The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 assets as of June 30, 2020 and 2019:
Level 3
Investments
(in millions)
Balance, June 30, 2018$10  
Actual return on plan assets:
Relating to assets still held at end of period—  
Relating to assets sold during the period—  
Purchases, sales, settlements and issuances(1) 
Transfers in and out of Level 3—  
Balance, June 30, 2019$9  
Actual return on plan assets:
Relating to assets still held at end of period1  
Relating to assets sold during the period—  
Purchases, sales, settlements and issuances(1) 
Transfers in and out of Level 3—  
Balance, June 30, 2020$9  
Schedule of Weighted-Average Asset Allocations, by Asset Category
The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows:
Pension Assets
As of June 30,
20202019
Asset Category:
Equity securities20 %22 %
Debt securities68 %68 %
Cash and other12 %10 %
Total100 %100 %