NEWS CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 fiscal year ended June 30, 2019:
## Table 0 ##
(a) For the fiscal year ended June 30, 2019, the Company recognized approximately $493 million of revenue which was included in the opening deferred revenue balance.
Contract assets were immaterial for disclosure as of June 30, 2019.
Practical expedients The Company typically expenses sales commissions incurred to obtain a customer contract as those amounts are 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 applies the practical expedient for 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.
Other revenue disclosures During the fiscal year ended June 30, 2019, the Company recognized approximately $316 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 June 30, 2019 was approximately $354 million, of which approximately $182 million is expected to be recognized during fiscal 2020, approximately $129 million is expected to be recognized in fiscal 2021, $35 million is expected to be recognized in fiscal 2022, $5 million is expected to be recognized in fiscal 2023, 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 ASC 606.
NOTE 4.
ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS Fiscal 2019 Opcity In October 2018, the Company acquired Opcity, a market-leading real estate technology platform that matches qualified home buyers and sellers with real estate professionals in real time.
The total transaction value was approximately $210 million, consisting of approximately $182 million in cash, net of $7 million of cash
The following table provides information regarding key properties within News Corp Australia’s portfolio:
## Table 1 ##
(1) For the year ended June 30, 2019, based on internal sources.
(2) As of June 30, 2019, based on internal sources.
(3) Based on Enhanced Media Metrics Australia (“EMMA”) average monthly print readership data for the year ended May 31, 2019 and Nielsen desktop, mobile and tablet audience data for May 2019.
EMMA data incorporates more frequent sampling and combines both online usage derived from Nielsen data and print usage into a single metric that removes any audience overlap.
News Corp Australia’s broad portfolio of digital properties also includes news.
com.
au, the leading general interest site in Australia that provides breaking news, finance, entertainment, lifestyle, technology and sports news and delivers an average monthly unique audience of approximately 9.9 million based on Nielsen monthly total audience ratings for the year ended June 30, 2019.
In addition, News Corp Australia owns other premier properties such as taste.
com.
au, a leading food and recipe site, and kidspot.
com.
au, a leading parenting website, as well as various other digital media assets.
As of June 30, 2019, News Corp Australia’s other assets included a 14.6% interest in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and a 30.2% interest in Hipages Group Pty Ltd. , which operates a leading on-demand home improvement services marketplace.
News UK News UK publishes The Sun, The Sun on Sunday, The Times and The Sunday Times, which are leading newspapers in the U. K that together accounted for approximately one-third of all national newspaper sales as of June 30, 2019.
The Sun is the most read national paid print news brand in the U. K. , and The Times and The Sunday Times are the most read national newspapers in the U. K.  quality market.
Together, across print and digital, these brands now reach two-thirds of adult news readers in the U. K. , or approximately 32 million people, based on PAMCo data for the year ended March 31, 2019.
News UK’s newspapers (except some Saturday and Sunday supplements) are printed at News UK’s world-class printing facilities in England, Scotland and Ireland.
In addition to revenue from advertising, circulation and subscription sales for its print and digital products, News UK generates revenue by providing third party printing services through these facilities and is one of the largest contract printers in the U. K.  News UK also distributes content through its digital platforms, including its websites, thesun.
co. uk, thetimes.
co. uk and thesundaytimes.
co. uk, as well as mobile and tablet apps.
News UK’s online and mobile offerings during the year included the rights to show English Premier League Football match
fluctuations of the U. S.  dollar against local currencies resulted in a revenue decrease of $99 million, or 7%, for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
Advertising revenues decreased $65 million, primarily due to the $56 million negative impact of foreign currency fluctuations and the $52 million impact of weakness in the print advertising market, partially offset by the $26 million increase due to digital advertising growth and a $20 million increase from the acquisition of an integrated content marketing agency.
Circulation and subscription revenues decreased $21 million primarily due to the $32 million negative impact of foreign currency fluctuations and print volume declines, partially offset by the impact of the adoption of the new revenue recognition standard, cover price increases and digital subscriber growth.
News UK Revenues were $1,032 million for the fiscal year ended June 30, 2019, a decrease of $44 million, or 4%, as compared to fiscal 2018 revenues of $1,076 million.
The decrease was due in part to lower Advertising revenues of $28 million, primarily due to weakness in the print advertising market and the $12 million negative impact of foreign currency fluctuations.
Circulation and subscription revenues decreased $27 million, primarily due to single-copy volume declines, mainly at The Sun, and the $22 million negative impact of foreign currency fluctuations, partially offset by the impact of cover price increases across mastheads.
The decrease was partially offset by higher Other revenues of $11 million, mainly due to the $38 million net benefit related to the exit from the partnership for Sun Bets in the first quarter of fiscal 2019, partially offset by lower brand partnership revenues.
The impact of foreign currency fluctuations of the U. S.  dollar against local currencies resulted in a revenue decrease of $40 million, or 4%, for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
News America Marketing Revenues at News America Marketing were $895 million for the fiscal year ended June 30, 2019, a decrease of $61 million, or 6%, as compared to fiscal 2018 revenues of $956 million.
The decrease was primarily related to $67 million of lower home delivered revenues, which include free-standing insert products, mainly due to lower volume.
Subscription Video Services (22% and 11% of the Company’s consolidated revenues in fiscal 2019 and 2018, respectively)
## Table 2 ##
** not meaningful For the fiscal year ended June 30, 2019, revenues at the Subscription Video Services segment increased $1,198 million and Segment EBITDA increased $207 million, as compared to fiscal 2018.
The revenue and Segment EBITDA increases were primarily due to the Transaction, which contributed $1,289 million of revenue and $236 million of Segment EBITDA during the fiscal year ended June 30, 2019.
The impact of foreign currency fluctuations of the U. S.  dollar against local currencies resulted in a revenue decrease of $74 million for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
See the “Results of Operations—Fiscal 2019 (as reported) versus Fiscal 2018 (pro forma)” section below for additional details.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The 7.50% Notes mature on May 1, 2012 and interest is payable semi-annually in arrears on May 1 and November 1 each year beginning May 1, 2004.
The Company may redeem the 7.50% Notes after May 1, 2008.
The initial redemption price on the 7.50% Notes is 103.750% of the principal amount, subject to a ratable decline after May 1 of the following year to 100% of the principal amount in 2010 and thereafter.
The Company may also redeem up to 35% of the 7.50% Notes any time prior to February 1, 2007 (at a price equal to 107.50% of the principal amount of the notes plus accrued and unpaid interest, if any), with the net cash proceeds of certain public equity offerings within sixty days after the closing of any such offering.
The 7.50% Notes rank equally with the 5.0% convertible notes and its 93?8% Notes and are structurally and effectively junior to indebtedness outstanding under the credit facilities, the ATI 12.25% Notes and the ATI 7.25% Notes.
The indenture for the 7.50% Notes contains certain covenants that restrict the Company’s ability to incur more debt; guarantee indebtedness; issue preferred stock; pay dividends; make certain investments; merge, consolidate or sell assets; enter into transactions with affiliates; and enter into sale leaseback transactions.6.25% Notes Redemption—In February 2004, the Company completed the redemption of all of its outstanding $212.7 million principal amount of 6.25% Notes.
The 6.25% Notes were redeemed pursuant to the terms of the indenture at 102.083% of the principal amount plus unpaid and accrued interest.
The total aggregate redemption price was $221.9 million, including $4.8 million in accrued interest.
The Company will record a charge of $7.1 million in the first quarter of 2004 from the loss on redemption and write-off of deferred financing fees.
Other Debt Repurchases—From January 1, 2004 to March 11, 2004, the Company repurchased $36.2 million principal amount of its 5.0% Notes for approximately $36.1 million in cash and made a $21.0 million voluntary prepayment of term loan A under its credit facilities.
Giving effect to the issuance of the 7.50% Notes and the use of the net proceeds to redeem all of the outstanding 6.25% Notes; repurchases of $36.2 million principal amount of the 5.0% Notes; and a voluntary prepayment of $21.0 million of the term A loan under the credit facilities; the Company’s aggregate principal payments of longterm debt, including capital leases, for the next five years and thereafter are as follows (in thousands):
## Table 3 ##
ATC Mexico Holding—In January 2004, Mr.  Gearon exercised his previously disclosed right to require the Company to purchase his 8.7% interest in ATC Mexico.
Giving effect to the January 2004 exercise of options described below, the Company owns an 88% interest in ATC Mexico, which is the subsidiary through which the Company conducts its Mexico operations.
The purchase price for Mr.  Gearon’s interest in ATC Mexico is subject to review by an independent financial advisor, and is payable in cash or shares of the Company’s Class A common stock, at the Company’s option.
The Company intends to pay the purchase price in shares of its Class A common stock, and closing is expected to occur in the second quarter of 2004.
In addition, the Company expects that payment of a portion of the purchase price will be contingent upon ATC Mexico meeting certain performance objectives.
Note Redemptions and Repurchases.
During 2004, we repurchased and redeemed approximately $1.5 billion in debt securities as follows (in millions):
## Table 4 ##
(1) On December 6, 2004, we issued a notice for the partial redemption on January 5, 2005 of our 93?8% senior notes due 2009.
Pursuant to the indenture for the 93?8% senior notes, once a notice to redeem is issued, notes called for redemption become irrevocably due and payable on the redemption date.
(2) The repurchased amount of $309.7 million represents the face amount at maturity in 2008.
On the date of repurchase, such amount had an accreted value of $179.4 million, net of $14.7 million fair value allocated to warrants.  ?6.25% Convertible Notes Redemption.
In February 2004, we used a portion of the net proceeds from our 7.50% senior notes offering to redeem all of our outstanding $212.7 million principal amount of 6.25% convertible notes.
We redeemed these notes pursuant to the terms of the indenture at a purchase price equal to 102.083% of the principal amount, plus accrued and unpaid interest.
We redeemed these notes for $217.2 million, plus $4.8 million in accrued interest.  ?93?8% Senior Notes Redemptions.
In September 2004, November 2004 and January 2005, we completed the redemption of an aggregate of $746.0 million principal amount of our outstanding 93?8% senior notes due 2009, as follows.
On September 20, 2004, we redeemed $337.0 million principal amount of our outstanding 93?8% senior notes using the net proceeds from our 3.00% convertible notes offering, plus additional cash on hand.
We redeemed these notes pursuant to the terms of the indenture at a purchase price equal to 107.07% of the principal amount, for $360.8 million, plus $4.3 million in accrued interest.
On November 4, 2004, we redeemed $276.0 million principal amount of our outstanding 93?8% senior notes using the net proceeds from our October 2004 7.125% senior notes offering, plus additional cash on hand.
We redeemed these notes pursuant to the terms of the indenture at a purchase price equal to 106.23% of the principal amount, for $293.2 million, plus $6.7 million in accrued interest.
On January 5, 2005, we redeemed $133.0 million principal amount of our outstanding 93?8% senior notes using a portion of net proceeds from our December 2004 7.125% senior notes offering, plus additional cash on hand.
We redeemed these notes pursuant to the terms of the indenture at a purchase price equal to 105.11% of the principal amount, for $139.8 million, plus $5.3 million in accrued interest.  ?
Other Debt Repurchases.
During the year ended December 31, 2004, in addition to the redemptions discussed above, we repurchased, in privately negotiated transactions, primarily using cash on hand (i) an aggregate of $309.7 million face amount of our ATI 12.25% senior subordinated discount notes ($179.4 million accreted value, net of $14.7 million fair value allocated to warrants) for approximately $230.9 million in cash; (ii) $112.1 million principal amount of our 93?8% senior notes for $118.9 million in cash; and (iii) $73.7 million principal amount of our 5.0% convertible notes for approximately $73.3 million in cash.
From December 31, 2004 to March 25, 2005, we repurchased an aggregate of $37.0 million face amount of our ATI 12.25% senior subordinated discount notes ($22.6 million accreted value, net of $1.6 million fair value allocated to warrants) for approximately $27.9 million in cash.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) credit facilities which the Company has designated as cash flow hedges.
The eight American Tower swaps have an aggregate notional amount of $450.0 million and fixed rates ranging between 4.63% and 4.88% and the two SpectraSite swaps have an aggregate notional amount of $100.0 million and a fixed rate of 4.95%.
In August 2005, and as a result of the merger with SpectraSite, Inc. , the Company acquired three interest rate swap instruments and one interest rate cap instrument.
The three interest rate swaps, which had a fair value of $6.7 million at the date of acquisition, have an aggregate notional amount of $300.0 million, a fixed rate of 3.88% and expire in December 2009.
The interest rate cap had a notional amount of $175.0 million, a fixed rate of 7.0%, and expired in February 2006.
The interest rate swaps and the interest rate cap were not designated as cash flow hedges.
The Company recorded $(0.2) million and $3.0 million of (expense) income, representing changes in fair market value which were charged to other income (expense) in the consolidated statements of operations for the years ended December 31, 2006 and 2005, respectively.
During the fourth quarter of 2006, the Company entered into four forward starting interest rate swap agreements to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the likely issuance of new fixed rate debt that the Company expects to issue on or before July 31, 2007.
The swaps have been designated as cash flow hedges, have an aggregate notional amount of $900.0 million, fixed rates ranging between 4.73% and 5.10% and will be terminated upon issuance of new fixed rate debt.
The Company is exposed to market risk for decreases in interest rates until termination of the swap and if it fails to issue such new fixed rate debt on or before such date.
As of December 31, 2006, the Company expected to receive the fair value of these swap agreements of approximately $3.8 million.
As of December 31, 2006, the Company would be required to pay approximately $19.1 million in cash upon settlement of the swaps if a 10% decline, or approximately 50 basis points, in interest rates were to occur from the fixed rate of the swaps between the issuance date and the settlement date of the swaps.
In February 2007, the Company entered into two additional forward starting interest rate swap agreements.
(See note 19. )
As of December 31, 2006, the carrying amounts of the Company’s derivative financial instruments, along with the estimated fair values of the related assets reflected in notes receivable and other long-term assets and (liabilities) reflected in other long-term liabilities in the accompanying consolidated balance sheet, are as follows (in thousands):
## Table 5 ##
During the year ended December 31, 2006, the Company recorded a net unrealized gain of approximately $6.5 million (net of a tax provision of approximately $3.5 million) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified $0.7 million (net of an income tax benefit of $0.2 million) into results of operations during the year ended December 31, 2006.
During the year ended December 31, 2005, the Company recorded a net unrealized loss of approximately $0.8 million (net of a
ITEM 6.
SELECTED FINANCIAL DATA You should read the selected financial data in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.
Our continuing operations are reported in two segments: rental and management and network development services.
In accordance with generally accepted accounting principles, the consolidated statements of operations for all periods presented in this “Selected Financial Data” have been adjusted to reflect certain businesses as discontinued operations (see note 1 to our consolidated financial statements included in this Annual Report).
Year-over-year comparisons are significantly affected by our acquisitions, dispositions and, to a lesser extent, construction of towers.
Our August 2005 merger with SpectraSite, Inc.  significantly impacts the comparability of reported results between periods.
## Table 6 ##

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For the fiscal year ended June 30, 2019 (in millions)
Balance as of July 1, 2018	$510
Deferral of revenue	3,008
Recognition of deferred revenue(a)	-3,084
Other	-6
Balance as of June 30, 2019	$428

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Average Daily Paid Print Circulation-1	Total Paid Subscribers for Combined Masthead (Print and Digital)(2)	Total Monthly Audience for Combined Masthead (Print and Digital)(3)
The Australian (Mon – Fri)	83,684	164,968	3.7 million
The Weekend Australian (Sat)	207,837
The Daily Telegraph (Mon – Sat)	167,785	87,560	4.3 million
The Sunday Telegraph	299,352
Herald Sun (Mon – Sat)	245,255	107,816	4.1 million
Sunday Herald Sun	295,514
The Courier Mail (Mon – Sat)	104,879	81,949	2.5 million
The Sunday Mail	228,467
The Advertiser (Mon – Sat)	97,173	81,167	1.8 million
Sunday Mail	153,496

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For the fiscal years ended June 30,
2019	2018	Change	% Change
(in millions, except %)	Better/(Worse)
Revenues:
Circulation and subscription	$1,926	$850	$1,076	**
Advertising	215	127	88	69%
Other	61	27	34	**
Total Revenues	2,202	1,004	1,198	**
Operating expenses	-1,476	-654	-822	**
Selling, general and administrative	-346	-177	-169	-95%
Segment EBITDA	$380	$173	$207	**

', '

2004	$73,684
2005	109,435
2006	145,107
2007	688,077
2008	808,043
Thereafter	1,875,760
Total cash obligations	3,700,106
Accreted value of original issue discount of the ATI 12.25% Notes	-339,601
Accreted value of the related warrants	-44,247
Total	$3,316,258

', '

Debt Security	Date	Principal Amount	Aggregate Price
Redemptions
6.25% Convertible Notes due 2009	February 2004	$212.7	$217.2
93/8%Senior Notes due 2009	September 2004	337.0	360.8
93/8%Senior Notes due 2009	November 2004	276.0	293.2
93/8%Senior Notes due 2009 -1	January 2005	133.0	139.8
Repurchases
ATI 12.25% Senior Subordinated Discount Notes due 2008 -2	309.7	230.9
93/8%Senior Notes due 2009	112.1	118.9
5.0% Convertible Notes due 2010	73.7	73.3
Total	$1,454.2	$1,434.1

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Derivative	Notional Amount	Interest Range	Term	Carrying Amount and Fair Value
Interest rate swaps	$450,000	4.63%-4.88%	Expiring in 2010	$4,143
Interest rate swaps	100,000	4.95%	Expiring in 2010	213
Interest rate swaps	300,000	3.88%	Expiring in 2009	9,471
Forward starting interest rate swap agreements	900,000	4.73%-5.10%	Expiring in 2012	3,753
Interest rate cap	25,000	8.0%	Expiring in 2007
Total	$17,580

', '

Year Ended December 31,
2008	2007	2006	2005	2004
(In thousands, except per share data)
Statements of Operations Data:
Revenues:
Rental and management	$1,547,035	$1,425,975	$1,294,068	$929,762	$684,422
Network development services	46,469	30,619	23,317	15,024	22,238
Total operating revenues	1,593,504	1,456,594	1,317,385	944,786	706,660
Operating expenses:
Costs of operations (exclusive of items shown separately below)
Rental and management	363,024	343,450	332,246	247,781	195,242
Network development services	26,831	16,172	11,291	8,346	16,220
Depreciation, amortization and accretion	405,332	522,928	528,051	411,254	329,449
Selling, general, administrative and development expense	180,374	186,483	159,324	108,059	83,094
Impairments, net loss on sale of long-lived assets, restructuring and merger related expense	11,189	9,198	2,572	34,232	23,876
Total operating expenses	986,750	1,078,231	1,033,484	809,672	647,881
Operating income	606,754	378,363	283,901	135,114	58,779
Interest income, TV Azteca, net	14,253	14,207	14,208	14,232	14,316
Interest income	3,413	10,848	9,002	4,402	4,844
Interest expense	-253,584	-235,824	-215,643	-222,419	-262,237
Loss on retirement of long-term obligations	-4,904	-35,429	-27,223	-67,110	-138,016
Other income (expense)	5,988	20,675	6,619	227	-2,798
Income (loss) before income taxes, minority interest and income (loss) on equity method investments	371,920	152,840	70,864	-135,554	-325,112
Income tax (provision) benefit	-135,509	-59,809	-41,768	-5,714	83,338
Minority interest in net earnings of subsidiaries	-169	-338	-784	-575	-2,366
Income (loss) on equity method investments	22	19	26	-2,078	-2,915
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$236,264	$92,712	$28,338	$-143,921	$-247,055
Basic income (loss) per common share from continuing operations before cumulative effect of change in accounting principle(1)	$0.60	$0.22	$0.06	$-0.47	$-1.10
Diluted income (loss) per common share from continuing operations before cumulative effect of change in accountingprinciple(1)	$0.58	$0.22	$0.06	$-0.47	$-1.10
Weighted average common shares outstanding-1
Basic	395,947	413,167	424,525	302,510	224,336
Diluted	418,357	426,079	436,217	302,510	224,336
Other Operating Data:
Ratio of earnings to fixed charges-2	2.12x	1.50x	1.25x	—	—

']

Question: Which year is Network development services of Costs of operations (exclusive of items shown separately below) the least?
Answer: 2005