Revenues

3 Months Ended

Sep. 30, 2022

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, 2022 and 2021:

	For the three months ended September 30, 2022
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	425	$	414	$	—	$	269	$	—	$	1,111
Advertising	35		64		94		—		213		—		406
Consumer	—		—		—		467		—		—		467
Real estate	323		—		—		—		—		—		323
Other	60		13		7		20		71		—		171
Total Revenues	$	421	$	502	$	515	$	487	$	553	$	—	$	2,478

	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

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, 2022 and 2021:

	For the three months ended September 30,
	2022		2021
	(in millions)
Balance, beginning of period	$	604	$	473
Deferral of revenue	897		815
Recognition of deferred revenue(a)	(896)		(814)
Other	(13)		(7)
Balance, end of period	$	592	$	467

(a)For the three months ended September 30, 2022 and 2021, the Company recognized $408 million and $298 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of September 30, 2022 and 2021.

Other revenue disclosures

The Company typically expenses sales commissions to obtain a customer contract as 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, 2022, the Company recognized approximately $98 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, 2022 was approximately $1,169 million, of which approximately $320 million is expected to be recognized over the remainder of fiscal 2023, approximately $322 million is expected to be recognized in fiscal 2024 and approximately $165 million is expected to be recognized in fiscal 2025, 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.”