Additional Financial Information

6 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Additional Financial Information

NOTE 14. ADDITIONAL FINANCIAL INFORMATION

Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:

	For the three months ended December 31,						For the six months ended December 31,
	2019			2018			2019			2018
	(in millions)
Unrealized gains (losses) on investments(a)	$	328		$	(255	)	$	371		$	(72	)
U.K. Newspaper Matters Indemnity(b)		(31	)		(21	)		(44	)		(30	)
Transaction costs(c)		2			(38	)		(43	)		(78	)
Other		3			(25	)		3			(20	)
Total other, net	$	302		$	(339	)	$	287		$	(200	)

^(a) Represents the net unrealized gains (losses) related to changes in fair value of the Company’s investments in equity securities which are recognized in the Statements of Operations in accordance with ASC 321 (See Note 4—Fair Value).

^(b) See Note 11—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.” 

^(c) The transaction costs for the three and six months ended December 31, 2019 and 2018 are primarily related to the Separation and the Distribution and include retention related costs and for the six months ended December 31, 2019 also includes costs associated with the profits participants litigation (See Note 11—Commitments and Contingencies under the heading “Profits Participants Litigation”). The transaction costs for the three months ended December 31, 2019 were offset by an adjustment to the receivables from Disney pursuant to the Separation and Distribution Agreement.

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:

	As of December 31, 2019		As of June 30, 2019
	(in millions)
Investments(a)	$	1,228	$	865
Operating lease ROU assets		533		-
Inventories, net		198		205
Other(b)		463		455
Total other non-current assets	$	2,422	$	1,525

^(a) Includes investments accounted for at fair value on a recurring basis of $1.1 billion and $761 million as of December 31, 2019 and June 30, 2019, respectively (See Note 4—Fair Value).

^(b) Includes $253 million and $249 million of assets in the Grantor Trust (as defined in Note 14—Pension and Other Postretirement Benefits in the 2019 Form 10-K) as of December 31, 2019 and June 30, 2019, respectively.

Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:

	As of December 31, 2019		As of June 30, 2019
	(in millions)
Accrued expenses	$	832	$	835
Program rights payable		535		514
Deferred revenue		158		169
Operating lease liabilities		142		-
Other current liabilities		149		194
Total accounts payable, accrued expenses and other current liabilities	$	1,816	$	1,712

Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:

	As of December 31, 2019		As of June 30, 2019
	(in millions)
Accrued non-current pension/postretirement liabilities	$	547	$	543
Non-current operating lease liabilities		429		-
Other non-current liabilities		336		356
Total other liabilities	$	1,312	$	899

Supplemental Cash Flows Information

	For the six months ended December 31,
	2019			2018
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(191	)	$	(29	)
Cash paid for income taxes	$	(35	)	$	-
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	404		$	-
Cash acquired		15			-
Liabilities assumed		(35	)		-
Noncontrolling interests		(109	)		-
Cash paid		(275	)		-
Fair value of equity instruments consideration	$	-		$	-