Fair Value (Tables)

12 Months Ended

Jun. 30, 2024

The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of June 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	797	$	797	(a)	$	—	$	—
Redeemable noncontrolling interests	(242)		—			—		(242)		(b)
Total	$	555	$	797		$	—	$	(242)


	Fair value measurements
	As of June 30, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	884	$	884	(a)	$	—	$	—
Redeemable noncontrolling interests	(213)		—			—		(213)		(b)
Total	$	671	$	884		$	—	$	(213)


(a)			The investment categorized as Level 1 primarily represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)			The Company utilizes both the market and income approach valuation techniques 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 redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:


(a)			The amount issued in fiscal 2022 was primarily due to the acquisition of an entertainment production company.
(b)			As a result of the expiration of the sports network minority shareholder’s final put right during fiscal 2022, approximately $110 million was reclassified into equity.