LEASES

12 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

NOTE 10. LEASES

Summary of Leases

The Company’s operating leases primarily consist of real estate, including office space, warehouse space and printing facilities, and generally include options to extend the lease term or terminate the lease. Such options do not impact the Company’s lease term assessment until the Company is reasonably certain that the option will be exercised.

Certain of the Company’s leases include rent adjustments which may be indexed to various metrics, including the consumer price index or other inflationary indexes. As a general matter, the Company’s real estate lease arrangements typically require adjustments resulting from changes in real estate taxes and other costs to operate the leased asset.

The total lease cost for operating leases included in the Statements of Operations was as follows:

		For the fiscal years ended June 30,
		2026		2025		2024
	Income Statement Location	(in millions)
Operating lease costs	Selling, general and administrative	$	100	$	106	$	104
Operating lease costs	Operating expenses	9		10		10
Short term lease costs	Selling, general and administrative	26		23		21
Variable lease costs	Selling, general and administrative	30		27		24
Total lease costs		$	165	$	166	$	159

Additional information related to the Company’s operating leases under ASC 842, Leases:

	As of June 30,
	2026		2025
Weighted-average remaining lease term	12.8 years		13.5 years
Weighted-average incremental borrowing rate	5.45	%	5.32	%

	For the fiscal years ended June 30,
	2026		2025		2024
	(in millions)
Cash paid — operating lease liabilities	$	129	$	138	$	134
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	38		33		13

Future minimum lease payments as of June 30, 2026 are as follows:

	As of June 30, 2026
	Operating Leases
	(in millions)
Fiscal 2027	$	127
Fiscal 2028	84
Fiscal 2029	80
Fiscal 2030	93
Fiscal 2031	88
Thereafter	871
Total future minimum lease payments	$	1,343
Less: interest	(417)
Present value of minimum payments	$	926

LEASES

NOTE 10. LEASES

Summary of Leases

The Company’s operating leases primarily consist of real estate, including office space, warehouse space and printing facilities, and generally include options to extend the lease term or terminate the lease. Such options do not impact the Company’s lease term assessment until the Company is reasonably certain that the option will be exercised.

Certain of the Company’s leases include rent adjustments which may be indexed to various metrics, including the consumer price index or other inflationary indexes. As a general matter, the Company’s real estate lease arrangements typically require adjustments resulting from changes in real estate taxes and other costs to operate the leased asset.

The total lease cost for operating leases included in the Statements of Operations was as follows:

		For the fiscal years ended June 30,
		2026		2025		2024
	Income Statement Location	(in millions)
Operating lease costs	Selling, general and administrative	$	100	$	106	$	104
Operating lease costs	Operating expenses	9		10		10
Short term lease costs	Selling, general and administrative	26		23		21
Variable lease costs	Selling, general and administrative	30		27		24
Total lease costs		$	165	$	166	$	159

Additional information related to the Company’s operating leases under ASC 842, Leases:

	As of June 30,
	2026		2025
Weighted-average remaining lease term	12.8 years		13.5 years
Weighted-average incremental borrowing rate	5.45	%	5.32	%

	For the fiscal years ended June 30,
	2026		2025		2024
	(in millions)
Cash paid — operating lease liabilities	$	129	$	138	$	134
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	38		33		13

Future minimum lease payments as of June 30, 2026 are as follows:

	As of June 30, 2026
	Operating Leases
	(in millions)
Fiscal 2027	$	127
Fiscal 2028	84
Fiscal 2029	80
Fiscal 2030	93
Fiscal 2031	88
Thereafter	871
Total future minimum lease payments	$	1,343
Less: interest	(417)
Present value of minimum payments	$	926