Impairment and Restructuring Charges

3 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

NOTE 3. IMPAIRMENT AND RESTRUCTURING CHARGES

Restructuring

During the three months ended September 30, 2024 and 2023, the Company recorded restructuring charges of $24 million and $17 million, respectively, primarily related to employee termination benefits.

Fiscal 2024 Impairment

During the three months ended September 30, 2023, the Company recognized non-cash impairment charges of $21 million at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.

Changes in restructuring program liabilities were as follows:

	For the three months ended September 30,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	27	$	35	$	62	$	53	$	41	$	94
Additions	23		1		24		16		1		17
Payments	(24)		(3)		(27)		(39)		(1)		(40)
Other	—		—		—		(1)		—		(1)
Balance, end of period	$	26	$	33	$	59	$	29	$	41	$	70

As of September 30, 2024, restructuring liabilities of approximately $33 million were included in the Balance Sheet in Other current liabilities and $26 million were included in Other non-current liabilities.