Investments

3 Months Ended

Sep. 30, 2021

Schedule of Investments [Abstract]

Investments

INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of September 30, 2021	As of September 30, 2021		As of June 30, 2021
		(in millions)
Equity method investments(a)	various	$	211	$	71
Equity securities(b)	various	288		280
Total Investments		$	499	$	351

(a)During the three months ended September 30, 2021, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru Pte. Ltd. (“PropertyGuru”), a leading digital property technology company operating marketplaces in Southeast Asia, in exchange for all shares of REA Group’s entities in Malaysia and Thailand.

(b)Equity securities are primarily comprised of Tremor, certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets.

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 September 30,
	2021		2020
	(in millions)
Total gains recognized on equity securities	$	28	$	9
Less: Net gains recognized on equity securities sold	—		—
Unrealized gains recognized on equity securities held at end of period	$	28	$	9

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was nil and $1 million for the three months ended September 30, 2021 and 2020, respectively.