Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2020

Stockholders Equity Note [Abstract]

Schedule of Dividends Declared

The following table summarizes the dividends declared and paid per share on both the Company’s Class A Common Stock and Class B Common Stock:

	For the years ended June 30,
	2020		2019		2018
Cash dividend per share	$	0.46	$	0.23	$	-

Schedule of Activity within Other Comprehensive (Loss) Income

The following tables summarize the activity within Other comprehensive (loss) income:

	For the year ended June 30, 2020
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments
Unrealized losses	$	(175	)	$	44		$	(131	)
Reclassifications realized in net income(a)		29			(7	)		22
Other comprehensive loss	$	(146	)	$	37		$	(109	)

	For the year ended June 30, 2019
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments and other
Unrealized losses	$	(133	)	$	35		$	(98	)
Reclassifications realized in net income(a)		12			(3	)		9
Other comprehensive loss	$	(121	)	$	32		$	(89	)

	For the year ended June 30, 2018
	Before tax		Tax provision			Net of tax
	(in millions)
Gains on securities
Unrealized gains	$	222	$	(92	)	$	130
Other comprehensive income	$	222	$	(92	)	$	130
Benefit plan adjustments
Unrealized gains	$	5	$	(1	)	$	4
Reclassifications realized in net income(a)		8		(2	)		6
Other comprehensive income	$	13	$	(3	)	$	10

^(a) Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax

The following table summarizes the components of Accumulated other comprehensive (loss) income, net of tax:

	As of June 30,
	2020			2019				2018
	(in millions)
Unrealized holding gains on securities	$	-		$	-		(a)	$	130
Benefit plan adjustments and other		(417	)		(308	)	(b)		(49	)
Accumulated other comprehensive (loss) income, net of tax	$	(417	)	$	(308	)		$	81

^(a) On July 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments––Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”) on a modified retrospective basis and recorded a cumulative effect adjustment of $130 million to reclassify unrealized holding gains on investments in equity securities within Accumulated other comprehensive (loss) income to Twenty-First Century Fox, Inc. investment (See Statements of Equity). Subsequent to the adoption of ASU 2016-01, the Company accounts for investments in equity securities not accounted for under the equity method in accordance with ASC 321 (See Note 2—Summary of Significant Accounting Policies under the heading “Investments” for additional information).

^(b) The increase in the accumulated other comprehensive loss for Benefit plan adjustments and other includes a reclassification of $13 million as a result of the adoption of ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) to eliminate the stranded tax effects resulting from the Tax Act (as defined in Note 16—Income Taxes) and $157 million related to the Shared Plans (as defined in Note 15—Pension and Other Postretirement Benefits”) allocable to the Company’s employees that was transferred to the Company in fiscal 2019 (See Statements of Equity).