v3.25.2
Fair Value (Tables)
12 Months Ended
Jun. 30, 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 June 30, 2025
Total Level 1 Level 2Level 3
(in millions)
Investments in equity securities$1,249 $1,249 
(a)
$— $— 
Redeemable noncontrolling interests(288)— — (288)
(b)
Total$961 $1,249 $— $(288)
Fair value measurements
As of June 30, 2024
Total Level 1Level 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 represents 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 years ended June 30,
 202520242023
 (in millions)
Beginning of year$(242)$(213)$(188)
Acquisitions(a)
(27)— — 
Net loss16 
Accretion and redemption value adjustments(20)(30)(41)
End of year$(288)$(242)$(213)
(a)
 The amount in fiscal 2025 was primarily due to the acquisition of a digital media company.
Schedule of Fair Value and Carrying Value of Borrowings
The following table sets forth the fair value and carrying value of the Company’s Borrowings:
 
As of June 30,
 20252024
 (in millions)
Borrowings  
Fair value$6,625 $7,017 
Carrying value$6,602 $7,197