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Fair Value (Tables) | 6 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them | The following tables present information about financial assets and liabilities carried at fair value on a recurring basis:
| Fair value measurements |
| As of December 31, 2021 |
| Total |  | Level 1 |  |  | Level 2 |  | Level 3 |
| (in millions) |
Assets |  |  |  |  |  |  |  |  |
Investments in equity securities | $ | 689 |  |  | $ | 689 |  | (a) |  | $ | — |  |  | $ | — |  |
Redeemable noncontrolling interests | (172) |  |  | — |  |  |  | — |  |  | (172) |  | (b)
Total | $ | 517 |  |  | $ | 689 |  |  |  | $ | — |  |  | $ | (172) |  |
| Fair value measurements |
| As of June 30, 2021 |
| Total |  | Level 1 |  |  | Level 2 |  | Level 3 |
| (in millions) |
Assets |  |  |  |  |  |  |  |  |
Investments in equity securities | $ | 788 |  |  | $ | 788 |  | (a) |  | $ | — |  |  | $ | — |  |
Redeemable noncontrolling interests | (261) |  |  | — |  |  |  | — |  |  | (261) |  | (b)
Total | $ | 527 |  |  | $ | 788 |  |  |  | $ | — |  |  | $ | (261) |  |
(a) | The investment categorized as Level 1 represents an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2021 Form 10-K under the heading “Flutter” for additional information).
(b) | The Company utilizes the market approach valuation technique 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 liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3 | The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
| For the three months ended December 31, |  | For the six months ended December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in millions)
Beginning of period | $ | (302) |  |  | $ | (310) |  |  | $ | (261) |  |  | $ | (305) |
Acquisitions(a) | (13) |  |  | — |  |  | (58) |  |  | — |
Net loss (income) | 3 |  |  | (4) |  |  | 4 |  |  | (8) |
Redemption of noncontrolling interests(b) | — |  |  | 135 |  |  | — |  |  | 135 |
Distributions | — |  |  | 5 |  |  | 3 |  |  | 11 |
Accretion and other(c) | 140 |  |  | (28) |  |  | 140 |  |  | (35) |
End of period | $ | (172) |  |  | $ | (202) |  |  | $ | (172) |  |  | $ | (202) |
(a) | The increase for the six months ended December 31, 2021 was primarily due to the acquisition of an entertainment production company.
(b) | As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during the three months ended December 31, 2020, approximately $135 million was reclassified out of Redeemable noncontrolling interests. At closing, the Company paid half of the purchase price in cash and delivered a three-year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
(c) | As a result of the expiration of the sports network minority shareholder's final put right during the three months ended December 31, 2021, approximately $110 million was reclassified into equity.
Schedule of Fair Value and Carrying Value of Borrowings |
| As of December 31, 2021 |  | As of June 30, 2021
| (in millions)
Borrowings |  |  |
Fair value | $ | 9,362 |  |  | $ | 9,474 |
Carrying value | $ | 7,954 |  |  | $ | 7,951 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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