Revenues

6 Months Ended

Dec. 31, 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 and six months ended December 31, 2021 and 2020:

	For the three months ended December 31, 2021
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	433	$	356	$	—	$	280	$	—	$	1,072
Advertising	33		55		141		—		290		—		519
Consumer	—		—		—		594		—		—		594
Real estate	352		—		—		—		—		—		352
Other	68		10		11		23		68		—		180
Total Revenues	$	456	$	498	$	508	$	617	$	638	$	—	$	2,717

	For the three months ended December 31, 2020
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	446	$	319	$	—	$	257	$	—	$	1,030
Advertising	30		55		115		—		248		—		448
Consumer	—		—		—		523		—		—		523
Real estate	281		—		—		—		—		—		281
Other	20		10		12		21		68		1		132
Total Revenues	$	339	$	511	$	446	$	544	$	573	$	1	$	2,414

	For the six months ended December 31, 2021
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	6	$	873	$	705	$	—	$	565	$	—	$	2,149
Advertising	66		114		231		—		513		—		924
Consumer	—		—		—		1,118		—		—		1,118
Real estate	672		—		—		—		—		—		672
Other	138		21		16		45		136		—		356
Total Revenues	$	882	$	1,008	$	952	$	1,163	$	1,214	$	—	$	5,219

	For the six months ended December 31, 2020
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	16	$	883	$	630	$	—	$	503	$	—	$	2,032
Advertising	58		105		185		—		432		—		780
Consumer	—		—		—		964		—		—		964
Real estate	516		—		—		—		—		—		516
Other	39		19		17		38		125		1		239
Total Revenues	$	629	$	1,007	$	832	$	1,002	$	1,060	$	1	$	4,531

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 and six months ended December 31, 2021 and 2020:

	For the three months ended December 31,				For the six months ended December 31,
	2021		2020		2021		2020
	(in millions)
Balance, beginning of period	$	467	$	409	$	473	$	398
Deferral of revenue	859		755		1,674		1,462
Recognition of deferred revenue(a)	(864)		(779)		(1,678)		(1,480)
Other	—		15		(7)		20
Balance, end of period	$	462	$	400	$	462	$	400

(a)For the three and six months ended December 31, 2021, the Company recognized $182 million and $372 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2020, the Company recognized $237 million and $331 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of December 31, 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 and six months ended December 31, 2021, the Company recognized approximately $88 million and $189 million, respectively, 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 December 31, 2021 was approximately $1,005 million, of which approximately $186 million is expected to be recognized over the remainder of fiscal 2022, approximately $308 million is expected to be recognized in fiscal 2023 and approximately $225 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.”