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Fair Value (Tables) | 3 Months Ended
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Sep. 30, 2022
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 redeemable noncontrolling interests carried at fair value on a recurring basis:
| Fair value measurements |
| As of September 30, 2022 |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |
| (in millions) |
Investments in equity securities | $ | 505 |  |  | $ | 505 |  | (a) | $ | — |  |  | $ | — |  |
Redeemable noncontrolling interests | (193) |  |  | — |  |  | — |  |  | (193) |  | (b)
Total | $ | 312 |  |  | $ | 505 |  |  | $ | — |  |  | $ | (193) |  |
| Fair value measurements |
| As of June 30, 2022 |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |
| (in millions) |
Investments in equity securities | $ | 435 |  |  | $ | 435 |  | (a) | $ | — |  |  | $ | — |  |
Redeemable noncontrolling interests | (188) |  |  | — |  |  | — |  |  | (188) |  | (b)
Total | $ | 247 |  |  | $ | 435 |  |  | $ | — |  |  | $ | (188) |  |
(a) | The investments categorized as Level 1 primarily represent 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 2022 Form 10-K under the heading “Flutter” for additional information).
(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.
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 September 30, |
| 2022 |  | 2021 |  |  |
| (in millions)
Beginning of period | $ | (188) |  |  | $ | (261) |  |  |  |
Acquisitions(a) | — |  |  | (45) |  |  |  |
Net loss | 5 |  |  | 1 |  |  |  |
Distributions | — |  |  | 3 |  |  |  |
Accretion and other | (10) |  |  | — |  |  |  |
End of period | $ | (193) |  |  | $ | (302) |  |  |  |
(a) | The increase for the three months ended September 30, 2021 was primarily due to the acquisition of an entertainment production company.
Schedule of Fair Value and Carrying Value of Borrowings |
| As of September 30, 2022 |  | As of June 30, 2022
| (in millions)
Borrowings |  |  |
Fair value | $ | 6,580 |  |  | $ | 7,084 |
Carrying value | $ | 7,207 |  |  | $ | 7,206 |

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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 https://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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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