Revenues

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

NOTE 2. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	398	$	445	$	—	$	275	$	—	$	1,121
Advertising	32		47		86		—		193		—		358
Consumer	—		—		—		484		—		—		484
Real estate	301		—		—		—		—		—		301
Other	52		10		13		22		62		—		159
Total Revenues	$	388	$	455	$	544	$	506	$	530	$	—	$	2,423

	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 nine months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	1,217	$	1,322	$	—	$	822	$	—	$	3,369
Advertising	99		160		303		—		625		—		1,187
Consumer	—		—		—		1,513		—		—		1,513
Real estate	939		—		—		—		—		—		939
Other	164		34		40		68		194		—		500
Total Revenues	$	1,210	$	1,411	$	1,665	$	1,581	$	1,641	$	—	$	7,508

	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

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, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	510	$	591	$	622	$	604
Deferral of revenue	905		909		2,648		2,699
Recognition of deferred revenue(a)	(855)		(873)		(2,714)		(2,686)
Other	(11)		(4)		(7)		6
Balance, end of period	$	549	$	623	$	549	$	623

(a)For the three and nine months ended March 31, 2024, the Company recognized $211 million and $564 million, respectively, of revenue which was included in the opening deferred revenue balance. 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.

Contract assets were immaterial for disclosure as of March 31, 2024 and 2023.

Other revenue disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve 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 twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and nine months ended March 31, 2024, the Company recognized approximately $116 million and $326 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, 2024 was approximately $1,174 million, of which approximately $137 million is expected to be recognized over the remainder of fiscal 2024, approximately $405 million is expected to be recognized in fiscal 2025 and approximately $233 million is expected to be recognized in fiscal 2026, 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.