Derivative Instruments (Tables)

3 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Contracts

At September 30, 2020 and June 30, 2020, the Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases:

	September 30, 2020	June 30, 2020
Commodity	Volume	Volume
Aluminum	39,569 tons	44,944 tons
PET resin	21,256,000 lbs.	26,006,000 lbs.

Schedule of Derivative Liabilities at Fair Value

The following tables provide the location of derivative instruments in the unaudited condensed consolidated balance sheet:

($ in millions)	Balance Sheet Location	September 30, 2020		June 30, 2020
Assets
Derivatives in cash flow hedging relationships:
Commodity contracts	Other current assets	$	2	$	—
Forward exchange contracts	Other current assets	2		2
Derivatives not designated as hedging instruments:
Forward exchange contracts	Other current assets	4		6
Total current derivative contracts		8		8
Derivatives in fair value hedging relationships:
Interest rate swaps	Other non-current assets	31		32
Total non-current derivative contracts		31		32
Total derivative asset contracts		$	39	$	40
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contracts	Other current liabilities	$	3	$	7
Forward exchange contracts	Other current liabilities	5		3
Derivatives not designated as hedging instruments:
Forward exchange contracts	Other current liabilities	8		14
Cross currency interest rate swaps	Other current liabilities	5		—
Total current derivative contracts		20		24
Total non-current derivative contracts		—		—
Total derivative liability contracts		$	20	$	24

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables provide the effects of derivative instruments on AOCI and in the unaudited condensed consolidated statement of income:

	Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
		Three Months Ended September 30,
($ in millions)		2020		2019
Derivatives in cash flow hedging relationships
Commodity contracts	Cost of sales	$	(3)	$	(2)
Treasury locks	Interest expense	(1)		—
Total		$	(4)	$	(2)

Schedule of Derivatives Not Designated as Hedging Instruments

	Location of Gain (Loss) Recognized in the Unaudited Condensed Consolidated Statement of Income	Gain (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
		Three Months Ended September 30,
($ in millions)		2020		2019
Derivatives not designated as hedging instruments
Forward exchange contracts	Other income, net	$	7	$	—
Cross currency interest rate swaps	Other income, net	(4)		(3)
Total		$	3	$	(3)

Schedule of Fair Value Hedging Instruments In Condensed Consolidated Statement of Income

	Location of Gain (Loss) Recognized in the Unaudited Condensed Consolidated Statement of Income	Gain (Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships
		Three Months Ended September 30,
($ in millions)		2020		2019
Derivatives in fair value hedging relationships
Interest rate swaps	Interest expense	$	(1)	$	—
Total		$	(1)	$	—