Revenues

3 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

NOTE 2. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2023 and 2022:

	For the three months ended September 30, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	415	$	436	$	—	$	275	$	—	$	1,129
Advertising	35		62		91		—		203		—		391
Consumer	—		—		—		502		—		—		502
Real estate	311		—		—		—		—		—		311
Other	54		9		10		23		70		—		166
Total Revenues	$	403	$	486	$	537	$	525	$	548	$	—	$	2,499

	For the three months ended September 30, 2022
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	425	$	414	$	—	$	269	$	—	$	1,111
Advertising	35		64		94		—		213		—		406
Consumer	—		—		—		467		—		—		467
Real estate	323		—		—		—		—		—		323
Other	60		13		7		20		71		—		171
Total Revenues	$	421	$	502	$	515	$	487	$	553	$	—	$	2,478

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 months ended September 30, 2023 and 2022:

	For the three months ended September 30,
	2023		2022
	(in millions)
Balance, beginning of period	$	622	$	604
Deferral of revenue	937		897
Recognition of deferred revenue(a)	(929)		(896)
Other	(6)		(13)
Balance, end of period	$	624	$	592

(a)For the three months ended September 30, 2023 and 2022, the Company recognized $393 million and $408 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of September 30, 2023 and 2022.

Other revenue disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is 12 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 12 months or less, or the receipt of consideration is received within 12 months or less of the transfer of the good or service.

For the three months ended September 30, 2023, the Company recognized approximately $104 million 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 September 30, 2023 was approximately $1,313 million, of which approximately $391 million is expected to be recognized over the remainder of fiscal 2024, approximately $349 million is expected to be recognized in fiscal 2025 and approximately $194 million is expected to be recognized in fiscal 2026, 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 Accounting Standards Codification (“ASC”) 606, “Revenue From Contracts With Customers.”