
	For the three months ended March 31, 2019
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	538	$	474	$	—	$	12	$	1	$	1,025
Advertising		593		50		—		27		—		670
Consumer		—		—		403		—		—		403
Real estate		—		—		—		218		—		218
Other		93		15		18		15		—		141

Total Revenues	$	1,224	$	539	$	421	$	272	$	1	$	2,457


	For the nine months ended March 31, 2020
	News and Information Services		Subscription Video Services		Book Publishing		Digital Real Estate Services		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,618	$	1,304	$	—	$	28	$	1	$	2,951
Advertising		1,640		144		—		77		—		1,861
Consumer		—		—		1,204		—		—		1,204
Real estate		—		—		—		669		—		669
Other		262		29		55		53		1		400

Total Revenues	$	3,520	$	1,477	$	1,259	$	827	$	2	$	7,085

Contract liabilities and assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided.

The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2020 and 2019:


	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020			2019
Balance, beginning of period	$	411		$	430		$	428		$	510
Deferral of revenue		851			934			2,426			2,271
Recognition of deferred revenue (a)		(807	)		(883	)		(2,398	)		(2,300	)
Other (b)		(68	)		(21	)		(69	)		(21	)

Balance, end of period	$	387		$	460		$	387		$	460

(a)

For the three and nine months ended March 31, 2020, the Company recognized approximately $226 million and $371 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2019, the Company recognized $241 million and $461 million, respectively, of revenue which was included in the opening deferred revenue balance.

(b)	For the three and nine months ended March 31, 2020, the Company reclassified $46 million of deferred revenue to Other current liabilities in connection with the sale of News America Marketing. See Note 3—Acquisitions, Disposals and Other Transactions.

Contract assets were immaterial for disclosure as of March 31, 2020 and 2019.

Other revenue disclosures

The Company typically expenses sales commissions incurred to obtain a customer contract as those amounts are incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the receipt of consideration is received within twelve months or less of the transfer of the good or service.

For the three and nine months ended March 31, 2020, the Company recognized approximately $68 million and $222 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of March 31, 2020 was approximately $514 million, of which approximately $55 million is expected to be recognized over the remainder of fiscal 2020, approximately $206 million is expected to be recognized in fiscal 2021, approximately $102 million is expected to be recognized in fiscal 2022, and approximately $37 million is expected to be recognized in fiscal 2023, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under

ASC 606, “Revenue From Contracts With Customers”.