Additional Financial Information

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

ADDITIONAL FINANCIAL INFORMATION

Interest Expense, net

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

	For the years ended June 30,
	2023		2022		2021
	(in millions)
Interest expense	$	(349)	$	(377)	$	(395)
Interest income	131		6		4
Total interest expense, net	$	(218)	$	(371)	$	(391)

Other, net

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

	For the years ended June 30,
	2023		2022		2021
	(in millions)
Legal settlement costs(a)	$	(894)	$	—	$	—
Net gains (losses) on investments in equity securities(b)	403		(386)		258
U.K. Newspaper Matters Indemnity(a)	(117)		(81)		(64)
Transaction costs(c)	(55)		(69)		421
Other	(36)		27		(36)
Total other, net	$	(699)	$	(509)	$	579

(a) See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K. Newspaper Matters Indemnity."

(b)	Net gains (losses) on investments in equity securities includes the gains (losses) related to the changes in fair value of the Company’s investment in Flutter (See Note 6—Fair Value).
(c)	The transaction costs for fiscal 2021 are primarily related to the partial settlement from Disney of $462 million related to the reimbursement of the Company’s prepayment of its share of the Divestiture Tax (See Note 1—Description of Business and Basis of Presentation).

Other Non-Current Assets

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

	As of June 30,
	2023		2022
	(in millions)
Investments(a)	$	1,034	$	578
Operating lease assets(b)	947		477
Inventories, net	642		521
Grantor Trust	276		270
Other	269		225
Total other non-current assets	$	3,168	$	2,071

(a)	Includes investments accounted for at fair value on a recurring basis of $884 million and $435 million as of June 30, 2023 and 2022, respectively (See Note 6—Fair Value).
(b)	See Note 10—Leases under the heading “Lessee Arrangements.”

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 June 30,
	2023		2022
	(in millions)
Accrued expenses	$	1,028	$	992
Programming payable	785		686
Deferred revenue	160		209
Operating lease liabilities	72		107
Other current liabilities	469		302
Total accounts payable, accrued expenses and other current liabilities	$	2,514	$	2,296

Other Liabilities

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

	As of June 30,
	2023		2022
	(in millions)
Non-current operating lease liabilities(a)	$	925	$	405
Accrued non-current pension/postretirement liabilities	361		447
Other non-current liabilities	198		268
Total other liabilities	$	1,484	$	1,120

(a) See Note 10—Leases under the heading “Lessee Arrangements.”

Future Performance Obligations

As of June 30, 2023, approximately $4.1 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.

Supplemental Information

	For the years ended June 30,
	2023		2022		2021
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(345)	$	(383)	$	(390)
Cash paid for income taxes	$	(245)	$	(209)	$	(225)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	—	$	348	$	49
Cash acquired	—		9		—
Liabilities assumed	—		(47)		2
Redeemable noncontrolling interests issued	—		(5)		—
Cash paid	—		(252)		(51)
Fair value of equity instruments issued as consideration to third parties(a)	—		53		—
Issuance of subsidiary common units	—		(53)		—
Fair value of equity instruments consideration	$	—	$	—	$	—

(a) Includes Redeemable noncontrolling interests.