v3.25.1
Fair Value (Tables)
9 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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 March 31, 2025
Total Level 1Level 2Level 3
(in millions)
Investments in equity securities$970 $970 
(a)
$— $— 
Redeemable noncontrolling interests(228)— — (228)
(b)
Total$742 $970 $— $(228)
Fair value measurements
As of June 30, 2024
Total Level 1 Level 2Level 3
(in millions)
Investments in equity securities$797 $797 
(a)
$— $— 
Redeemable noncontrolling interests(242)— — (242)
(b)
Total$555 $797 $— $(242)
(a)
The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)
The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Schedule of Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended March 31,
For the nine months ended March 31,
2025202420252024
(in millions)
Beginning of period$(200)$(243)$(242)$(213)
Acquisitions(a)
(27)— (27)— 
Net (income) loss(1)— 
Accretion and redemption value adjustments
— (18)41 (52)
End of period$(228)$(260)$(228)$(260)
(a)
See Note 2—Acquisitions, Disposals and Other Transactions.
Schedule of Fair Value and Carrying Value of Borrowings
As of
March 31,
2025
As of
June 30,
2024
(in millions)
Borrowings
Fair value$7,161 $7,017 
Carrying value$7,201 $7,197