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Retirement Benefit Obligations (Tables)
 12 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Schedule of Amounts Recognized in Balance Sheets The Company recognized these amounts in the Balance Sheets at June 30, 2021 and 2020 as follows:
Pension Benefits
DomesticForeignPostretirement
benefits		Total
20212020202120202021202020212020
(in millions)
Other non-current assets$— $— $120 $94 $— $— $120 $94 
Other current liabilities(1)— (2)(2)(8)(9)(11)(11)
Retirement benefit obligations(53)(95)(80)(82)(78)(100)(211)(277)
Net amount recognized$(54)$(95)$38 $10 $(86)$(109)$(102)$(194)
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,
20212020202120202021202020212020
(in millions)
Projected benefit obligation, beginning of the year
$353 $350 $1,051 $1,025 $109 $109 $1,513 $1,484 
Service cost— — 2 2 — — 2 2 
Interest cost7 11 16 20 2 3 25 34 
Benefits paid(18)(17)(45)(39)(8)(8)(71)(64)
Settlements(a)
(12)(30)(10)(27)— — (22)(57)
Actuarial loss (gain)(b)
9 39 (18)102 (1)5 (10)146 
Foreign exchange rate changes— — 128 (32)1 — 129 (32)
Amendments, transfers and other
— — — — (17)— (17)— 
Projected benefit obligation, end of the year
339 353 1,124 1,051 86 109 1,549 1,513 
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year
258 263 1,061 1,062 — — 1,319 1,325 
Actual return on plan assets36 25 12 85 — — 48 110 
Employer contributions21 17 14 13 — — 35 30 
Benefits paid(18)(17)(45)(39)— — (63)(56)
Settlements(a)
(12)(30)(10)(27)— — (22)(57)
Foreign exchange rate changes— — 130 (33)— — 130 (33)
Fair value of plan assets, end of the year
285 258 1,162 1,061 — — 1,447 1,319 
Funded status$(54)$(95)$38 $10 $(86)$(109)$(102)$(194)
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(a)Amounts related to payments made to former employees of the Company in full settlement of their deferred pension benefits. The U.S. plan settlements in fiscal 2021 and fiscal 2020 are primarily the result of the disposition of the Company's News America Marketing business in May 2020.
(b)Actuarial losses for fiscal 2021 related to domestic pension plans and for fiscal 2020 related to domestic and foreign pension plans primarily relate to the decrease in discount rates used in measuring plan obligations as of June 30, 2021 and 2020, respectively. Actuarial gains for fiscal 2021 related to international pension plans primarily relate to the increase in discount rates used in measuring plan obligations as of June 30, 2021.
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,
20212020202120202021202020212020
(in millions)
Actuarial losses$130 $153 $403 $368 $6 $6 $539 $527 
Prior service cost (benefit)— — 9 8 (36)(22)(27)(14)
Net amounts recognized$130 $153 $412 $376 $(30)$(16)$512 $513 
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,
202120202021202020212020
(in millions)
Projected benefit obligation$330 $343 $9 $10 $339 $353 
Accumulated benefit obligation330 343 9 10 339 353 
Fair value of plan assets285 258 — — 285 258 
Foreign Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202120202021202020212020
(in millions)
Projected benefit obligation$1,043 $978 $81 $73 $1,124 $1,051 
Accumulated benefit obligation1,037 971 81 73 1,118 1,044 
Fair value of plan assets1,162 1,061 — — 1,162 1,061 
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,
202120202021202020212020
(in millions)
Projected benefit obligation$59 $259 $81 $73 $140 $332 
Accumulated benefit obligation59 259 81 73 140 332 
Fair value of plan assets58 249 — — 58 249 
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 (income) costs were as follows:
Pension Benefits
Domestic
Foreign
Postretirement
Benefits
Total
For the fiscal years ended June 30,
202120202019202120202019202120202019202120202019
(in millions)
Service cost benefits earned during the period
$— $— $— $2 $2 $2 $— $— $— $2 $2 $2 
Interest costs on projected benefit obligations
7 11 13 16 20 25 2 3 4 25 34 42 
Expected return on plan assets
(13)(16)(15)(37)(43)(46)— — — (50)(59)(61)
Amortization of deferred losses
5 5 4 15 11 10 — — — 20 16 14 
Amortization of prior service credits
— — — — — — (4)(3)(3)(4)(3)(3)
Settlements, curtailments and other
5 12 — 1 5 4 — — — 6 17 4 
Net periodic benefit (income) costs – Total
$4 $12 $2 $(3)$(5)$(5)$(2)

$— $1 $(1)$7 $(2)
Schedule of Assumptions Used
Pension Benefits
Domestic
Foreign
Postretirement Benefits
For the fiscal years ended June 30,
202120202019202120202019202120202019
Additional information:
Weighted-average assumptions used to determine benefit obligations
Discount rate
2.9 %2.9 %3.6 %1.9 %1.7 %2.3 %2.4 %2.5 %3.3 %
Rate of increase in future compensation
N/AN/AN/A3.6 %3.1 %3.4 %N/AN/AN/A
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate for PBO
2.9 %3.6 %4.2 %1.7 %2.3 %2.8 %2.5 %3.3 %4.0 %
Discount rate for Service Cost
3.4 %3.9 %4.3 %1.8 %2.5 %3.7 %2.9 %3.6 %4.3 %
Discount rate for Interest on PBO
2.2 %3.2 %3.9 %1.5 %2.0 %2.5 %1.8 %2.9 %3.6 %
Discount rate for Interest on Service Cost
2.9 %3.6 %4.3 %1.3 %2.2 %3.3 %2.3 %3.3 %4.1 %
Expected return on plan assets
5.5 %6.0 %6.0 %3.3 %4.2 %4.4 %N/AN/AN/A
Rate of increase in future compensation
N/AN/AN/A3.1 %3.4 %3.1 %N/AN/AN/A
________________________
N/A—not applicable
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 2021Fiscal 2020
Health care cost trend rate6.6 %6.4 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.7 %4.6 %
Year that the rate reaches the ultimate trend rate20302027
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:
2022$25 $55 $8 $88 
202319 53 8 80 
202419 53 7 79 
202519 51 7 77 
202619 49 7 75 
2027-203195 249 27 371 
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, 2021 and 2020:
Fiscal 2021Fiscal 2020
Fair Value Measurements at
Reporting Date Using		Fair Value Measurements at
Reporting Date Using
TotalLevel 1Level 2Level 3NAVTotalLevel 1Level 2Level 3NAV
(in millions)
Assets
Pooled funds:(a)
Domestic equity funds$61 $— $— $— $61 $60 $— $— $— $60 
International equity funds199 — — — 199 186 — — — 186 
Domestic fixed income funds144 — — — 144 145 — — — 145 
International fixed income funds882 — — — 882 720 — — — 720 
Balanced funds67 — 67 — — 130 — 65 — 65 
Other94 53 — 10 31 78 59 — 9 10 
Total$1,447 $53 $67 $10 $1,317 $1,319 $59 $65 $9 $1,186 
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(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, 2021 and 2020:
Level 3
Investments
(in millions)
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 
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— 
Transfers in and out of Level 3— 
Balance, June 30, 2021$10 
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,
20212020
Asset Category:
Equity securities19 %20 %
Debt securities73 %68 %
Cash and other8 %12 %
Total100 %100 %