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INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of (Loss) Income from Continuing Operations Before Income Tax Expense Attributable to Jurisdictions
Income before income tax expense from continuing operations was attributable to the following jurisdictions:
For the fiscal years ended June 30,
202620252024
(in millions)
U.S.$350 $213 $148 
Foreign696 710 437 
Income before income tax expense from continuing operations$1,046 $923 $585 
Schedule of Components of Income Tax Expense (Benefit)
The significant components of the Company’s income tax expense were as follows:
For the fiscal years ended June 30,
202620252024
(in millions)
Current
U.S.
Federal$4 $— $1 
State & Local12 12 10 
Foreign246 180 165 
Total current tax262 192 176 
Deferred
U.S.
Federal26 29 22 
State & Local7 9 3 
Foreign8 45 5 
Total deferred tax41 83 30 
Total income tax expense$303 $275 $206 
Effective Income Tax Rate Reconciliation
The reconciliation between the Company’s actual effective tax rate and the statutory U.S. Federal income tax rate for the fiscal year ended June 30, 2026 was as follows:
For the fiscal year ended June 30,
2026
(in millions, except %)
U.S. federal statutory tax rate$220 21.0 %
State and local income taxes, net of federal income tax effect(a)
18 1.7 
Foreign tax effects(b)
Australia
Statutory rate differential58 5.5 
Other1 0.1 
U.K.
15 1.4 
Other foreign jurisdictions23 2.2 
Tax credits:
U.S. foreign tax credits(18)(1.8)
U.S. research and development tax credits(9)(0.8)
Nontaxable or nondeductible items12 1.2 
Changes in unrecognized tax benefits(19)(1.8)
Other adjustments2 0.2 
Effective tax rate$303 28.9 %
(a)State taxes in New York, Illinois, New York City, Massachusetts, New Jersey and Texas make up the majority (greater than 50 percent) of the tax effects in this category.
(b)The Company’s effective tax rate is impacted by the geographic mix of its income. The Company’s foreign operations are located primarily in Australia and the U.K., which have higher statutory income tax rates than the U.S.
The reconciliation between the Company’s actual effective tax rate and the statutory U.S. Federal income tax rate for the fiscal years ended June 30, 2025 and 2024 was as follows:
For the fiscal years ended June 30,
20252024
U.S. federal income tax rate21 %21 %
State and local taxes, net2 2 
Effect of foreign operations (a)
10 12 
Non-deductible goodwill and asset impairments— 1 
Non-deductible compensation and benefits1 2 
R&D tax credits(1)(3)
Impact of dispositions(3)— 
Effective tax rate30 %35 %
(a)The Company’s effective tax rate is impacted by the geographic mix of its income. The Company’s foreign operations are located primarily in Australia and the U.K., which have a higher statutory income tax rate than the U.S.
Summary of Recognized Deferred Income Taxes in Balance Sheets
The Company recognized deferred income taxes in the Balance Sheets as follows:
As of June 30,
20262025
(in millions)
Deferred income tax assets
$251 $254 
Deferred income tax liabilities
(108)(57)
Net deferred tax assets$143 $197 
Schedule of Components of Deferred Tax Assets and Liabilities
The significant components of the Company’s deferred tax assets and liabilities were as follows:
As of June 30,
20262025
(in millions)
Deferred tax assets
Accrued liabilities$136 $137 
Capital loss carryforwards1,787 1,723 
Net operating loss carryforwards213 222 
Business tax credits124 122 
Operating lease liabilities237 244 
Other239 217 
Total deferred tax assets2,736 2,665 
Deferred tax liabilities
Asset basis difference and amortization(230)(135)
Operating lease right-of-use asset(217)(224)
Other(25)(21)
Total deferred tax liabilities(472)(380)
Net deferred tax asset before valuation allowance2,264 2,285 
Less: valuation allowance (See Note 22—Valuation and Qualifying Accounts)
(2,121)(2,088)
Net deferred tax assets$143 $197 
Schedule of Income Tax Net Operating Loss Carryforwards (NOLs) (Gross, Net Uncertain Tax Benefits)
As of June 30, 2026, the Company had income tax net operating loss (“NOL”) carryforwards (gross, net of uncertain tax benefits) in various jurisdictions as follows:
JurisdictionExpirationAmount
(in millions)
U.S. Federal2034$34 
U.S. StatesVarious467 
AustraliaIndefinite175 
U.K.Indefinite15 
Other ForeignVarious566 
Change in Unrecognized Tax Benefits, Excluding Interest and Penalties
The following table sets forth the change in the Company’s unrecognized tax benefits, excluding interest and penalties:
For the fiscal years ended June 30,
202620252024
(in millions)
Balance, beginning of period$103 $100 $105 
Additions for prior year tax positions— 2 — 
Additions for current year tax positions3 2 2 
Reduction for prior year tax positions(22)(4)(3)
Reduction for current year tax positions(1)(1)— 
Lapse of the statute of limitations(8)(3)(3)
Impact of currency translations(2)7 (1)
Balance, end of period$73 $103 $100 
Summary of Major Tax Jurisdictions and Fiscal Years Open to Examination
The following is a summary of major tax jurisdictions for which tax authorities may assert additional taxes based upon tax years currently under audit and subsequent years that could be audited by the respective taxing authorities.
JurisdictionFiscal Years Open to Examination
U.S. Federal
2023-2025
U.S. States
Various
Australia2021-2025
U.K.2000, 2003, 2005 and 2012-2025
Summary of Significant Components of the Company’s Cash Paid for Taxes, Net of Refunds Received
The following table sets forth the significant components of the Company’s cash paid for taxes, net of refunds received for the fiscal year ended June 30, 2026:
For the fiscal year ended June 30,
2026
(in millions)
U.S. Federal$1 
U.S. States15 
Foreign:
Australia185 
U.K.54 
Other17 
Total Foreign256 
Total net cash paid for taxes(a)
$272 
(a)Includes income tax refunds received of $2 million for the fiscal year ended June 30, 2026.
The following table sets forth the Company’s gross cash paid for interest and taxes:
For the fiscal years ended June 30,
202620252024
(in millions)
Cash paid for interest
$90 $93 $97 
Cash paid for taxes
274 208 156