Additional Financial Information

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

NOTE 21. ADDITIONAL FINANCIAL INFORMATION

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:

	As of June 30,
	2022		2021
	(in millions)
Royalty advances to authors	$	403	$	406
Retirement benefit assets	133		120
Inventory(a)	268		279
News America Marketing deferred consideration	142		128
Other	438		514
Total Other non-current assets	$	1,384	$	1,447

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(a)Primarily consists of the non-current portion of programming rights.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of June 30,
	2022		2021
	(in millions)
Royalties and commissions payable	$	215	$	206
Current operating lease liabilities	139		143
Allowance for sales returns	173		190
Current tax payable	18		30
Other	430		504
Total Other current liabilities	$	975	$	1,073

Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:

	For the fiscal years ended June 30,
	2022		2021		2020
	(in millions)
Remeasurement of equity securities	$	(59)	$	81	$	(21)
Dividends received from equity security investments	20		9		3
Gain on sale of businesses(a)	98		18		20
Gain on remeasurement of previously-held interest(b)	3		7		—
Gain on dilution of PropertyGuru investment(c)	15		—		—
Other	(25)		28		7
Total Other, net	$	52	$	143	$	9

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(a)During the fiscal year ended June 30, 2022, REA Group acquired an 18% interest in PropertyGuru in exchange for all shares of REA Group’s entities in Malaysia and Thailand. The Company recognized a gain of $107 million on the disposition of such entities. During the fiscal year ended June 30, 2021, Move sold the assets associated with its Top Producer professional software and service product and recognized an $18 million gain on the sale. During the fiscal year ended June 30, 2020, REA Group contributed its businesses located in Singapore and Indonesia to a venture with 99.co in return for an equity method investment in the combined entity. As a result of the deconsolidation of these entities, REA Group recognized a $20 million gain in Other, net.

(b)Relates to the acquisition of REA India in the fiscal year ended June 30, 2021.

(c)During the fiscal year ended June 30, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. REA Group recognized a gain of approximately $15 million resulting from its ownership dilution in the transaction. At June 30, 2022, REA Group held an ownership interest of 17.5% in PropertyGuru.

Supplemental Cash Flow Information

The following table sets forth the Company’s gross cash paid for taxes and interest:

	For the fiscal years ended June 30,
	2022		2021		2020
	(in millions)
Cash paid for interest	$	96	$	55	$	61
Cash paid for taxes	180		176		99

Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss were as follows:

	For the fiscal years ended June 30,
	2022		2021		2020
	(in millions)
Accumulated other comprehensive loss, net of tax:
Cash flow hedge adjustments:
Balance, beginning of year	—		2		6
Fiscal year activity(a)	21		(2)		(4)
Balance, end of year	21		—		2
Benefit Plan Adjustments:
Balance, beginning of year	(392)		(394)		(352)
Fiscal year activity(b)	71		2		(42)
Balance, end of year	(321)		(392)		(394)
Foreign currency translation adjustments:
Balance, beginning of year	(549)		(939)		(780)
Fiscal year activity	(421)		390		(159)
Balance, end of year	(970)		(549)		(939)
Total accumulated other comprehensive loss, net of tax:
Balance, beginning of year	(941)		(1,331)		(1,126)
Fiscal year activity, net of income taxes(c)	(329)		390		(205)
Balance, end of year	$	(1,270)	$	(941)	$	(1,331)

________________________

(a)Net of income tax expense (benefit) of $7 million, nil and $(3) million for the fiscal years ended June 30, 2022, 2021 and 2020 respectively.

(b)Net of income tax expense (benefit) of $19 million, $(1) million and $(11) million for the fiscal years ended June 30, 2022, 2021 and 2020, respectively.

(c)Excludes $(97) million, $78 million and $(43) million relating to noncontrolling interests for the fiscal years ended June 30, 2022, 2021 and 2020, respectively.