Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of September 30, 2023								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	38	$	—	$	38	$	—	$	41	$	—	$	41
Foreign currency derivatives - cash flow hedges	—		3		—		3		—		2		—		2
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		9		—		9
Cross-currency interest rate derivatives	—		—		—		—		—		37		—		37
Equity securities(a)	80		—		128		208		105		—		130		235
Total assets	$	80	$	41	$	128	$	249	$	105	$	89	$	130	$	324
Liabilities:
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		(1)		—		(1)
Cross-currency interest rate derivatives	—		—		—		—		—		(2)		—		(2)
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	(3)	$	—	$	(3)

(a)See Note 4—Investments.

Summary of Equity Securities Classified as Level 3

A rollforward of the Company’s equity securities classified as Level 3 is as follows:

	For the three months ended September 30,
	2023		2022
	(in millions)
Balance - beginning of period	$	130	$	103
Additions	—		1
Measurement adjustments	—		1
Foreign exchange and other	(2)		(1)
Balance - end of period	$	128	$	104

Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Location	As of September 30, 2023		As of June 30, 2023
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	16	$	21
Foreign currency derivatives - cash flow hedges	Other current assets	3		2
Cross currency interest rate derivatives	Other current assets	—		1
Interest rate derivatives - cash flow hedges	Other non-current assets	22		20
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	—		9
Cross-currency interest rate derivatives	Other non-current assets	—		36
Cross-currency interest rate derivatives - fair value hedges	Other current liabilities	—		(1)
Cross-currency interest rate derivatives	Other current liabilities	—		(2)

Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three months ended September 30, 2023 and 2022 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

	Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended September 30,				(Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended September 30,				Income statement location
	2023		2022		2023		2022
	(in millions)
Interest rate derivatives - cash flow hedges	$	7	$	22	$	(10)	$	—	Interest expense, net
Foreign currency derivatives - cash flow hedges	2		1		—		(1)		Operating expenses
Cross-currency interest rate derivatives	—		—		(1)		—		Interest expense, net
Total	$	9	$	23	$	(11)	$	(1)