Revenues

9 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2023 and 2022:

	For the three months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	419	$	426	$	—	$	274	$	—	$	1,122
Advertising	35		49		88		—		221		—		393
Consumer	—		—		—		495		—		—		495
Real estate	272		—		—		—		—		—		272
Other	53		9		15		20		68		—		165
Total Revenues	$	363	$	477	$	529	$	515	$	563	$	—	$	2,447

	For the three months ended March 31, 2022
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	434	$	377	$	—	$	285	$	—	$	1,099
Advertising	33		51		102		—		232		—		418
Consumer	—		—		—		497		—		—		497
Real estate	316		—		—		—		—		—		316
Other	64		9		8		18		63		—		162
Total Revenues	$	416	$	494	$	487	$	515	$	580	$	—	$	2,492

	For the nine months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	9	$	1,249	$	1,257	$	—	$	803	$	—	$	3,318
Advertising	103		160		313		—		687		—		1,263
Consumer	—		—		—		1,474		—		—		1,474
Real estate	896		—		—		—		—		—		896
Other	162		32		37		59		205		—		495
Total Revenues	$	1,170	$	1,441	$	1,607	$	1,533	$	1,695	$	—	$	7,446

	For the nine months ended March 31, 2022
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	9	$	1,307	$	1,082	$	—	$	850	$	—	$	3,248
Advertising	99		165		333		—		745		—		1,342
Consumer	—		—		—		1,615		—		—		1,615
Real estate	988		—		—		—		—		—		988
Other	202		30		24		63		199		—		518
Total Revenues	$	1,298	$	1,502	$	1,439	$	1,678	$	1,794	$	—	$	7,711

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 nine months ended March 31, 2023 and 2022:

	For the three months ended March 31,				For the nine months ended March 31,
	2023		2022		2023		2022
	(in millions)
Balance, beginning of period	$	591	$	462	$	604	$	473
Deferral of revenue	909		900		2,699		2,574
Recognition of deferred revenue(a)	(873)		(841)		(2,686)		(2,519)
Other	(4)		7		6		—
Balance, end of period	$	623	$	528	$	623	$	528

(a)For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2022, the Company recognized $271 million and $414 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2023 and 2022.

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 and nine months ended March 31, 2023, the Company recognized approximately $106 million and $292 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 March 31, 2023 was approximately $1,130 million, of which approximately $135 million is expected to be recognized over the remainder of fiscal 2023, approximately $395 million is expected to be recognized in fiscal 2024 and approximately $204 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.”