Revenues

3 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2021 and 2020:

	For the three months ended September 30, 2021
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	440	$	349	$	—	$	285	$	—	$	1,077
Advertising	33		59		90		—		223		—		405
Consumer	—		—		—		524		—		—		524
Real estate	320		—		—		—		—		—		320
Other	70		11		5		22		68		—		176
Total Revenues	$	426	$	510	$	444	$	546	$	576	$	—	$	2,502

	For the three months ended September 30, 2020
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	437	$	311	$	—	$	246	$	—	$	1,002
Advertising	28		50		70		—		184		—		332
Consumer	—		—		—		441		—		—		441
Real estate	235		—		—		—		—		—		235
Other	19		9		5		17		57		—		107
Total Revenues	$	290	$	496	$	386	$	458	$	487	$	—	$	2,117

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 three months ended September 30, 2021 and 2020:

	For the three months ended September 30,
	2021		2020
	(in millions)
Balance, beginning of period	$	473	$	398
Deferral of revenue	815		707
Recognition of deferred revenue(a)	(814)		(701)
Other	(7)		5
Balance, end of period	$	467	$	409

(a)For the three months ended September 30, 2021 and 2020, the Company recognized $298 million and $257 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of September 30, 2021 and 2020.

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.

For the three months ended September 30, 2021, the Company recognized approximately $101 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 September 30, 2021 was approximately $797 million, of which approximately $253 million is expected to be recognized over the remainder of fiscal 2022, approximately $256 million is expected to be recognized in fiscal 2023 and approximately $166 million is expected to be recognized in fiscal 2024, 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 Accounting Standards Codification (“ASC”) 606, “Revenue From Contracts With Customers.”