Additional Financial Information

12 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

NOTE 21. ADDITIONAL FINANCIAL INFORMATION

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,
	2021		2020
	(in millions)
Royalty advances to authors	$	406	$	348
Retirement benefit assets	120		94
Inventory(a)	279		133
News America Marketing deferred consideration	128		111
Other	514		353
Total Other non-current assets	$	1,447	$	1,039

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(a)The balance as of June 30, 2021 primarily consists of the non-current portion of programming rights. Upon adoption of ASU 2019-02, the Company reclassified the current portion of its programming rights, totaling $151 million, from Inventory, net to Other non-current assets.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of June 30,
	2021		2020
	(in millions)
Royalties and commissions payable	$	206	$	169
Current operating lease liabilities	143		131
Allowance for sales returns	190		174
Current tax payable	30		50
Other	504		314
Total Other current liabilities	$	1,073	$	838

Other, net

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

	For the fiscal years ended June 30,
	2021		2020		2019
	(in millions)
Remeasurement of equity securities	$	81	$	(21)	$	(23)
Dividends received from equity security investments	9		3		24
Gain on sale of Australian property	—		—		16
Gain on sale of businesses(a)	18		20		—
Gain on remeasurement of previously-held interest in Elara	7		—		—
Other	28		7		16
Total Other, net	$	143	$	9	$	33

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(a)During the fiscal year ended June 30, 2021, Move sold the assets associated with its Top Producer professional software and service product and recognized an $18 million gain on the sale.

During the fiscal year ended June 30, 2020, REA Group contributed its businesses located in Singapore and Indonesia to a venture with 99.co in return for an equity method investment in the combined entity. As a result of the deconsolidation of these entities, REA Group recognized a $20 million gain in Other, net.

Supplemental Cash Flow Information

The following table sets forth the Company’s gross cash paid for taxes and interest:

	For the fiscal years ended June 30,
	2021		2020		2019
	(in millions)
Cash paid for interest	$	55	$	61	$	82
Cash paid for taxes	176		99		144

Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss were as follows:

	For the fiscal years ended June 30,
	2021		2020		2019
	(in millions)
Accumulated other comprehensive loss, net of tax:
Unrealized holding gains (losses) on securities:
Balance, beginning of year	$	—	$	—	$	22
Fiscal year activity(a)	—		—		(22)
Balance, end of year	—		—		—
Cash flow hedge adjustments:
Balance, beginning of year	2		6		4
Fiscal year activity(b)	(2)		(4)		2
Balance, end of year	—		2		6
Benefit Plan Adjustments:
Balance, beginning of year	(394)		(352)		(309)
Fiscal year activity(c)	2		(42)		(43)
Balance, end of year	(392)		(394)		(352)
Foreign currency translation adjustments:
Balance, beginning of year	(939)		(780)		(591)
Fiscal year activity(d)	390		(159)		(189)
Balance, end of year	(549)		(939)		(780)
Total accumulated other comprehensive loss, net of tax:
Balance, beginning of year	(1,331)		(1,126)		(874)
Fiscal year activity, net of income taxes	390		(205)		(252)
Balance, end of year	$	(941)	$	(1,331)	$	(1,126)

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(a)Upon adoption of updated ASC 825-10 guidance, the Company recorded a $22 million decrease to Accumulated deficit to reclassify the cumulative net unrealized gains (losses) for these investments as of July 1, 2018.

(b)Net of income tax (benefit) expense of nil, $(3) million and $1 million for the fiscal years ended June 30, 2021, 2020 and 2019 respectively.

(c)Net of income tax benefit of $1 million, $11 million and $10 million for the fiscal years ended June 30, 2021, 2020 and 2019, respectively.

(d)Excludes $78 million, $(43) million and $(58) million relating to noncontrolling interests for the fiscal years ended June 30, 2021, 2020 and 2019, respectively.