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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Operating activities:        
Net income $ 283 $ 183 $ 427 $ 241
Net loss from discontinued operations, net of tax 23 11 28 7
Net income from continuing operations 306 194 455 248
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:        
Depreciation and amortization 113 110 225 211
Operating lease expense     37 36
Equity losses of affiliates 8 1 11 3
Impairment charges     0 24
Deferred income taxes     80 60
Other, net     (112) 20
Change in operating assets and liabilities, net of acquisitions:        
Receivables and other assets     (247) (79)
Inventories, net     (31) 23
Accounts payable and other liabilities     (140) (295)
Net cash provided by operating activities from continuing operations     278 251
Investing activities:        
Capital expenditures     (157) (154)
Acquisitions, net of cash acquired     (13) (20)
Purchases of investments in equity affiliates and other     (107) (52)
Proceeds from sales of investments in equity affiliates and other     234 30
Other, net     (13) 0
Net cash used in investing activities from continuing operations     (56) (196)
Financing activities:        
Borrowings     61 273
Repayment of borrowings     (196) (268)
Repurchase of shares     (78) (56)
Dividends paid     (92) (85)
Other, net     (37) (39)
Net cash used in financing activities from continuing operations     (342) (175)
Cash flows from discontinued operations:        
Net cash provided by operating activities from discontinued operations     90 53
Net cash used in investing activities from discontinued operations     (43) (82)
Net cash (used in) provided by financing activities from discontinued operations     (11) 31
Net cash provided by discontinued operations     36 2
Net change in cash, cash equivalents, and restricted cash     (84) (118)
Cash, cash equivalents and restricted cash, beginning of year     1,960 1,833
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (30) 9
Cash, cash equivalents and restricted cash, end of period 1,846 1,724 1,846 1,724
Less: Cash and cash equivalents at end of period of discontinued operations (58) (17) (58) (17)
Less: Restricted cash included in Other current assets [1] (37) 0 (37) 0
Cash and cash equivalents $ 1,751 $ 1,707 $ 1,751 $ 1,707
[1] Represents restricted cash in escrow to fund an acquisition at the Book Publishing segment which closed in the third quarter of fiscal 2025.