Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2024

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, 2024								As of June 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	14	$	—	$	14	$	—	$	29	$	—	$	29
Equity and other securities	65		46		124		235		53		39		122		214
Total assets	$	65	$	60	$	124	$	249	$	53	$	68	$	122	$	243
Liabilities:
Interest rate derivatives - cash flow hedges	$	—	$	(5)	$	—	$	(5)	$	—	$	—	$	—	$	—
Foreign currency derivatives - cash flow hedges	—		(2)		—		(2)		—		—		—		—
Cross-currency interest rate derivatives - cash flow hedges	—		(4)		—		(4)		—		(2)		—		(2)
Total liabilities	$	—	$	(11)	$	—	$	(11)	$	—	$	(2)	$	—	$	(2)

Summary of Equity and Other Securities Classified as Level 3

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

	For the three months ended September 30,
	2024		2023
	(in millions)
Balance - beginning of period	$	122	$	130
Foreign exchange and other	2		(2)
Balance - end of period	$	124	$	128

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 Classification	As of September 30, 2024		As of June 30, 2024
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	7	$	15
Interest rate derivatives - cash flow hedges	Other non-current assets	7		14
Interest rate derivatives - cash flow hedges	Other current liabilities	(1)		—
Foreign currency derivatives - cash flow hedges	Other current liabilities	(2)		—
Cross-currency interest rate derivatives - cash flow hedges	Other current liabilities	(1)		—
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(4)		—
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(3)		(2)

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, 2024 and 2023 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:

Gains (losses) recognized in Accumulated other comprehensive loss for the three months ended September 30, 2024 and 2023, by derivative instrument:

	For the three months ended September 30,
	2024		2023
	(in millions)
Interest rate derivatives - cash flow hedges	$	(16)	$	7
Foreign currency derivatives - cash flow hedges	(2)		2
Cross-currency interest rate derivatives - cash flow hedges	(2)		—
Total	$	(20)	$	9

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three months ended September 30, 2024 and 2023, by derivative instrument:

	Income Statement Classification	For the three months ended September 30,
		2024		2023
		(in millions)
Interest rate derivatives - cash flow hedges	Interest expense, net	$	(4)	$	(10)
Cross-currency interest rate derivatives - cash flow hedges	Interest expense, net	(2)		—
Cross-currency interest rate derivatives(a)	Interest expense, net	—		(1)
Total		$	(6)	$	(11)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.