Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of March 31, 2024								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	29	$	—	$	29	$	—	$	41	$	—	$	41
Foreign currency derivatives - cash flow hedges	—		1		—		1		—		2		—		2
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		9		—		9
Cross-currency interest rate derivatives(a)	—		—		—		—		—		37		—		37
Equity and other securities	93		—		132		225		105		—		130		235
Total assets	$	93	$	30	$	132	$	255	$	105	$	89	$	130	$	324
Liabilities:
Interest rate derivatives - cash flow hedges	$	—	$	(4)	$	—	$	(4)	$	—	$	—	$	—	$	—
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		(1)		—		(1)
Cross-currency interest rate derivatives - cash flow hedges	—		(1)		—		(1)		—		—		—		—
Cross-currency interest rate derivatives(a)	—		—		—		—		—		(2)		—		(2)
Total liabilities	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	—	$	(3)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Summary of Equity and Other Securities Classified as Level 3

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Balance - beginning of period	$	130	$	103
Additions(a)	4		31
Sales	—		(2)
Returns of capital	(4)		(5)
Measurement adjustments	—		1
Foreign exchange and other	2		2
Balance - end of period	$	132	$	130

(a)    The additions for the nine months ended March 31, 2023 primarily relate to Dow Jones’ investment in an artificial intelligence-focused data analytics company.

Summary of Hedges Classified as Current or Non-current in Balance Sheets Based on Maturity Dates

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Classification	As of March 31, 2024		As of June 30, 2023
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	14	$	21
Foreign currency derivatives - cash flow hedges	Other current assets	1		2
Cross currency interest rate derivatives(a)	Other current assets	—		1
Interest rate derivatives - cash flow hedges	Other non-current assets	15		20
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	—		9
Cross-currency interest rate derivatives(a)	Other non-current assets	—		36
Cross-currency interest rate derivatives - fair value hedges	Other current liabilities	—		(1)
Cross-currency interest rate derivatives(a)	Other current liabilities	—		(2)
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(4)		—
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(1)		—

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Summary of Derivative Instruments Designated as Cash Flow Hedges

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2024 and 2023 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Interest rate derivatives - cash flow hedges	$	10	$	(6)	$	3	$	15
Foreign currency derivatives - cash flow hedges	2		—		2		(1)
Cross-currency interest rate derivatives - cash flow hedges	2		—		(1)		—
Total	$	14	$	(6)	$	4	$	14

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	Income Statement Classification	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
		(in millions)
Interest rate derivatives - cash flow hedges	Interest expense, net	$	(5)	$	(5)	$	(19)	$	(8)
Foreign currency derivatives - cash flow hedges	Operating expenses	—		1		(2)		1
Cross-currency interest rate derivatives - cash flow hedges	Interest expense, net	(3)		—		—		—
Cross-currency interest rate derivatives(a)	Interest expense, net	—		—		(1)		(1)
Total		$	(8)	$	(4)	$	(22)	$	(8)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.