v3.25.2
LEASES
 12 Months Ended
Jun. 30, 2025
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,
202520242023
Income Statement Location(in millions)
Operating lease costsSelling, general and administrative$106 $104 $110 
Operating lease costsOperating expenses10 10 9 
Short term lease costsOperating expenses23 21 16 
Variable lease costsSelling, general and administrative27 24 22 
Total lease costs$166 $159 $157 
Additional information related to the Company’s operating leases under ASC 842, Leases:
As of June 30,
20252024
Weighted-average remaining lease term13.5 years14.1 years
Weighted-average incremental borrowing rate5.32 %5.28 %
For the fiscal years ended June 30,
202520242023
(in millions)
Cash paid - Operating lease liabilities
$138 $134 $132 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities33 13 238 
Future minimum lease payments as of June 30, 2025 are as follows:
As of June 30, 2025
Operating Leases
(in millions)
Fiscal 2026$120 
Fiscal 2027128 
Fiscal 202889 
Fiscal 202976 
Fiscal 203089 
Thereafter921 
Total future minimum lease payments$1,423 
Less: interest(445)
Present value of minimum payments$978 
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,
202520242023
Income Statement Location(in millions)
Operating lease costsSelling, general and administrative$106 $104 $110 
Operating lease costsOperating expenses10 10 9 
Short term lease costsOperating expenses23 21 16 
Variable lease costsSelling, general and administrative27 24 22 
Total lease costs$166 $159 $157 
Additional information related to the Company’s operating leases under ASC 842, Leases:
As of June 30,
20252024
Weighted-average remaining lease term13.5 years14.1 years
Weighted-average incremental borrowing rate5.32 %5.28 %
For the fiscal years ended June 30,
202520242023
(in millions)
Cash paid - Operating lease liabilities
$138 $134 $132 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities33 13 238 
Future minimum lease payments as of June 30, 2025 are as follows:
As of June 30, 2025
Operating Leases
(in millions)
Fiscal 2026$120 
Fiscal 2027128 
Fiscal 202889 
Fiscal 202976 
Fiscal 203089 
Thereafter921 
Total future minimum lease payments$1,423 
Less: interest(445)
Present value of minimum payments$978