XML 23 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Jun. 30, 2019
Assets    
Investments $ 804 $ 761
Liabilities    
Redeemable noncontrolling interests (207) (189)
Fair value measurements recurring    
Assets    
Investments [1] 804 761
Liabilities    
Contingent consideration [2] (6)  
Redeemable noncontrolling interests [2] (207) (189)
Total 591 572
Fair value measurements recurring | Level 1    
Assets    
Investments [1] 613 545
Liabilities    
Contingent consideration [2] 0  
Redeemable noncontrolling interests [2] 0 0
Total 613 545
Fair value measurements recurring | Level 2    
Assets    
Investments [1] 191 216
Liabilities    
Contingent consideration [2] 0  
Redeemable noncontrolling interests [2] 0 0
Total 191 216
Fair value measurements recurring | Level 3    
Assets    
Investments [1] 0 0
Liabilities    
Contingent consideration [2] (6)  
Redeemable noncontrolling interests [2] (207) (189)
Total $ (213) $ (189)
[1] The investment categorized as Level 1 represents an investment in equity securities of Roku, Inc. (“Roku”) with a readily determinable fair value. The investment categorized as Level 2 represents an investment in equity securities of The Stars Group estimated using the quoted market price of The Stars Group common stock less a discount due to a lack of marketability (“DLOM”). The DLOM was derived based on the remaining term of the lock up period and the volatility of The Stars Group common stock (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “The Stars Group” for further discussion).
[2] The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.