
	As of June 30, 2025
	Payments Due by Period
	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
	(in millions)
Purchase obligations(a)	$	415	$	437	$	88	$	94	$	1,034


Operating leases(b)	117		208		146		860		1,331


Borrowings(c)	25		450		1,000		500		1,975
Interest payments on borrowings(d)	81		144		90		51		366
Total commitments and contractual obligations	$	638	$	1,239	$	1,324	$	1,505	$	4,706

(a)The Company has commitments under purchase obligations related to technology infrastructure services, marketing agreements, content licensing costs and other legally binding commitments.

(b)The Company leases office facilities, warehouse facilities, printing plants and equipment. These leases, which are classified as operating leases, are expected to be paid at certain dates through fiscal 2048. Amounts reflected represent only the Company’s lease obligations for which it has firm commitments.

(d)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at June 30, 2025. Such rates are subject to change in future periods. See Note 9—Borrowings.