Revenues

3 Months Ended

Sep. 30, 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 months ended September 30, 2024 and 2023:

	For the three months ended September 30, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		Subscription Video Services		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	459	$	2	$	—	$	425	$	271	$	—	$	1,157
Advertising	85		38		—		65		193		—		381
Consumer	—		—		521		—		—		—		521
Real estate	—		357		—		—		—		—		357
Other	8		60		25		11		57		—		161
Total Revenues	$	552	$	457	$	546	$	501	$	521	$	—	$	2,577

	For the three months ended September 30, 2023
	Dow Jones		Digital Real Estate Services		Book Publishing		Subscription Video Services		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	436	$	3	$	—	$	415	$	275	$	—	$	1,129
Advertising	91		35		—		62		203		—		391
Consumer	—		—		502		—		—		—		502
Real estate	—		311		—		—		—		—		311
Other	10		54		23		9		70		—		166
Total Revenues	$	537	$	403	$	525	$	486	$	548	$	—	$	2,499

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, 2024 and 2023:

	For the three months ended September 30,
	2024		2023
	(in millions)
Balance, beginning of period	$	551	$	622
Deferral of revenue	967		937
Recognition of deferred revenue(a)	(969)		(929)
Other	10		(6)
Balance, end of period	$	559	$	624

(a)For the three months ended September 30, 2024 and 2023, the Company recognized $340 million and $393 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of September 30, 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 months ended September 30, 2024, the Company recognized approximately $112 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, 2024 was approximately $1,324 million, of which approximately $381 million is expected to be recognized over the remainder of fiscal 2025, $354 million is expected to be recognized in fiscal 2026 and $235 million is expected to be recognized in fiscal 2027, 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 ASC 606, Revenue from Contracts with Customers.