(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| ||||||||
☒ | Smaller Reporting Company | |||||||||||||
Accelerated Filer | ☐ | Emerging Growth Company | ||||||||||||
Non-Accelerated Filer | ☐ |
Item 6. | Removed and Reserved | |||||||
Name (Age) | Positions Held | Period the Position was Held | ||||||||||||
Ronald Delia (50) | Managing Director and Chief Executive Officer | 2015 to present | ||||||||||||
Executive VP, Finance and Chief Financial Officer | 2011 to 2015 | |||||||||||||
VP and General Manager, Amcor Rigid Packaging Latin America | 2008 to 2011 | |||||||||||||
Michael Casamento (50) | Executive VP, Finance and Chief Financial Officer | 2015 to present | ||||||||||||
VP, Corporate Finance | 2014 to 2015 | |||||||||||||
Eric Roegner (51) | President, Amcor Rigid Packaging | 2018 to present | ||||||||||||
Executive Leadership Roles, Arconic, Inc. (f/k/a Alcoa Inc.) | 2006 to 2018 | |||||||||||||
Fred Stephan (56) | President, Amcor Flexibles North America | 2019 to present | ||||||||||||
President, Bemis North America | 2017 to 2019 | |||||||||||||
Senior VP and General Manager of the Insulation Systems - Johns Manville | 2011 to 2017 | |||||||||||||
Ian Wilson (63) | Executive VP, Strategy and Development | 2000 to present | ||||||||||||
Michael Zacka (54) | President, Amcor Flexibles Europe, Middle East and Africa | 2021 to present | ||||||||||||
President, Amcor Flexibles Asia Pacific and Chief Commercial Officer | 2017 to 2021 | |||||||||||||
Tetra Pak Global Leadership Team | 1996 to 2017 |
Period | Total Number of Shares Purchased (2) | Average Price Paid Per Share (2)(3) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (1) | ||||||||||||||||||||||
April 1 - 30, 2021 | — | $ | — | — | $ | 43 | ||||||||||||||||||||
May 1 - 31, 2021 | 3,473 | 12.34 | 3,473 | — | ||||||||||||||||||||||
June 1 - 30, 2021 | 652 | 12.17 | — | — | ||||||||||||||||||||||
Total | 4,125 | $ | 12.31 | 3,473 |
June 11, 2019 | June 30, 2019 | June 30, 2020 | June 30, 2021 | |||||||||||||||||||||||
Amcor plc | $ | 100.00 | $ | 102.77 | $ | 95.68 | $ | 111.82 | ||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 107.05 | $ | 115.08 | $ | 162.03 | ||||||||||||||||||
S&P/ASX 200 | $ | 100.00 | $ | 102.08 | $ | 93.59 | $ | 131.41 | ||||||||||||||||||
International Packaging Peer Group | $ | 100.00 | $ | 101.55 | $ | 91.28 | $ | 135.67 |
(in millions) | 2021 | 2020 | ||||||||||||||||||||||||
Net sales | $ | 12,861 | 100.0 | % | $ | 12,468 | 100.0 | % | ||||||||||||||||||
Cost of sales | (10,129) | (78.8) | (9,932) | (79.7) | ||||||||||||||||||||||
Gross profit | 2,732 | 21.2 | 2,536 | 20.3 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,292) | (10.0) | (1,385) | (11.1) | ||||||||||||||||||||||
Research and development expenses | (100) | (0.8) | (97) | (0.8) | ||||||||||||||||||||||
Restructuring and related expenses, net | (94) | (0.7) | (115) | (0.9) | ||||||||||||||||||||||
Other income, net | 75 | 0.6 | 55 | 0.4 | ||||||||||||||||||||||
Operating income | 1,321 | 10.3 | 994 | 8.0 | ||||||||||||||||||||||
Interest income | 14 | 0.1 | 22 | 0.2 | ||||||||||||||||||||||
Interest expense | (153) | (1.2) | (207) | (1.7) | ||||||||||||||||||||||
Other non-operating income, net | 11 | 0.1 | 16 | 0.1 | ||||||||||||||||||||||
Income from continuing operations before income taxes and equity in income (loss) of affiliated companies | 1,193 | 9.3 | 825 | 6.6 | ||||||||||||||||||||||
Income tax expense | (261) | (2.0) | (187) | (1.5) | ||||||||||||||||||||||
Equity in income (loss) of affiliated companies, net of tax | 19 | 0.1 | (14) | (0.1) | ||||||||||||||||||||||
Income from continuing operations | 951 | 7.4 | 624 | 5.0 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | (8) | (0.1) | ||||||||||||||||||||||
Net income | $ | 951 | 7.4 | % | $ | 616 | 4.9 | % | ||||||||||||||||||
Net income attributable to non-controlling interests | (12) | (0.1) | (4) | — | ||||||||||||||||||||||
Net income attributable to Amcor plc | $ | 939 | 7.3 | % | $ | 612 | 4.9 | % |
(in millions, except per share data) | 2021 | 2020 | ||||||||||||
Net sales | $ | 12,861 | $ | 12,468 | ||||||||||
Operating income | 1,321 | 994 | ||||||||||||
Operating income as a percentage of net sales | 10.3 | % | 8.0 | % | ||||||||||
Net income attributable to Amcor plc | $ | 939 | $ | 612 | ||||||||||
Diluted Earnings Per Share | $ | 0.602 | $ | 0.382 |
(in millions) | 2021 | 2020 | ||||||||||||
Net sales including intersegment sales | $ | 10,040 | $ | 9,755 | ||||||||||
Adjusted EBIT from continuing operations | 1,427 | 1,296 | ||||||||||||
Adjusted EBIT from continuing operations as a percentage of net sales | 14.2 | % | 13.3 | % |
(in millions) | 2021 | 2020 | ||||||||||||
Net sales | $ | 2,823 | $ | 2,716 | ||||||||||
Adjusted EBIT from continuing operations | 299 | 284 | ||||||||||||
Adjusted EBIT from continuing operations as a percentage of net sales | 10.6 | % | 10.5 | % |
(in millions) | 2021 | 2020 | ||||||||||||
Gross profit | $ | 2,732 | $ | 2,536 | ||||||||||
Gross profit as a percentage of net sales | 21.2 | % | 20.3 | % |
(in millions) | 2021 | 2020 | ||||||||||||
SG&A expenses | $ | (1,292) | $ | (1,385) | ||||||||||
SG&A expenses as a percentage of net sales | (10.0) | % | (11.1) | % |
(in millions) | 2021 | 2020 | ||||||||||||
R&D expenses | $ | (100) | $ | (97) | ||||||||||
R&D expenses as a percentage of net sales | (0.8) | % | (0.8) | % |
(in millions) | 2021 | 2020 | ||||||||||||
Restructuring and related expenses, net | $ | (94) | $ | (115) | ||||||||||
Restructuring and related expenses, net, as a percentage of net sales | (0.7) | % | (0.9) | % |
(in millions) | 2021 | 2020 | ||||||||||||
Other income, net | $ | 75 | $ | 55 | ||||||||||
Other income, net, as a percentage of net sales | 0.6 | % | 0.4 | % |
(in millions) | 2021 | 2020 | ||||||||||||
Interest income | $ | 14 | $ | 22 | ||||||||||
Interest income as a percentage of net sales | 0.1 | % | 0.2 | % |
(in millions) | 2021 | 2020 | ||||||||||||
Interest expense | $ | (153) | $ | (207) | ||||||||||
Interest expense as a percentage of net sales | (1.2) | % | (1.7) | % |
(in millions) | 2021 | 2020 | ||||||||||||
Other non-operating income, net | $ | 11 | $ | 16 | ||||||||||
Other non-operating income, net, as a percentage of net sales | 0.1 | % | 0.1 | % |
(in millions) | 2021 | 2020 | ||||||||||||
Income tax expense | $ | (261) | $ | (187) | ||||||||||
Effective tax rate | 21.9 | % | 22.6 | % |
For the years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net income attributable to Amcor plc, as reported | $ | 939 | $ | 612 | $ | 430 | ||||||||||||||
Add: Net income attributable to non-controlling interests | 12 | 4 | 7 | |||||||||||||||||
Add/(Less): (Income) loss from discontinued operations, net of tax | — | 8 | (1) | |||||||||||||||||
Income from continuing operations | 951 | 624 | 436 | |||||||||||||||||
Add: Income tax expense | 261 | 187 | 172 | |||||||||||||||||
Add: Interest expense | 153 | 207 | 208 | |||||||||||||||||
Less: Interest income | (14) | (22) | (17) | |||||||||||||||||
EBIT from continuing operations | 1,351 | 996 | 799 | |||||||||||||||||
Add: Material restructuring programs (1) | 88 | 106 | 64 | |||||||||||||||||
Add: Impairments in equity method investments (2) | — | 26 | 14 | |||||||||||||||||
Add: Material acquisition costs and other (3) | 7 | 145 | 143 | |||||||||||||||||
Add: Amortization of acquired intangible assets from business combinations (4) | 165 | 191 | 31 | |||||||||||||||||
Less: Economic net investment hedging activities not qualifying for hedge accounting (5) | — | — | (1) | |||||||||||||||||
Add: Impact of hyperinflation (6) | 19 | 28 | 30 | |||||||||||||||||
Less: Net legal settlements (7) | — | — | (5) | |||||||||||||||||
Add: Pension settlements (8) | — | 5 | — | |||||||||||||||||
Less: Net gain on disposals (9) | (9) | — | — | |||||||||||||||||
Adjusted EBIT from continuing operations | 1,621 | 1,497 | 1,075 | |||||||||||||||||
Less: Income tax expense | (261) | (187) | (172) | |||||||||||||||||
Add/(Less): Adjustments to income tax expense (10) | (51) | (89) | 23 | |||||||||||||||||
Less: Interest expense | (153) | (207) | (208) | |||||||||||||||||
Add: Interest income | 14 | 22 | 17 | |||||||||||||||||
Less: Material restructuring programs attributable to non-controlling interest | — | (4) | — | |||||||||||||||||
Less: Net income attributable to non-controlling interests | (12) | (4) | (7) | |||||||||||||||||
Adjusted net income from continuing operations | $ | 1,158 | $ | 1,028 | $ | 728 |
(in millions) | June 30, 2021 | June 30, 2020 | ||||||||||||
Current portion of long-term debt | $ | 5 | $ | 11 | ||||||||||
Short-term debt | 98 | 195 | ||||||||||||
Long-term debt, less current portion | 6,186 | 6,028 | ||||||||||||
Total debt | 6,289 | 6,234 | ||||||||||||
Less cash and cash equivalents | 850 | 743 | ||||||||||||
Net debt | $ | 5,439 | $ | 5,491 |
For the year ended June 30, | 2021 | |||||||
Net sales - external | $ | 953 | ||||||
Net sales - to subsidiaries outside the Obligor Group | 6 | |||||||
Total net sales | $ | 959 | ||||||
Gross profit | 178 | |||||||
Income from continuing operations (1) | 3,057 | |||||||
Income (loss) from discontinued operations, net of tax | — | |||||||
Net income | $ | 3,057 | ||||||
Net (income) loss attributable to non-controlling interests | — | |||||||
Net income attributable to Obligor Group | $ | 3,057 |
As of June 30, | 2021 | |||||||
Assets | ||||||||
Current assets - external | $ | 814 | ||||||
Current assets - due from subsidiaries outside the Obligor Group | 95 | |||||||
Total current assets | 909 | |||||||
Non-current assets - external | 1,428 | |||||||
Non-current assets - due from subsidiaries outside the Obligor Group | 11,838 | |||||||
Total non-current assets | 13,266 | |||||||
Total assets | $ | 14,175 | ||||||
Liabilities | ||||||||
Current liabilities - external | $ | 1,183 | ||||||
Current liabilities - due to subsidiaries outside the Obligor Group | 22 | |||||||
Total current liabilities | 1,205 | |||||||
Non-current liabilities - external | 6,321 | |||||||
Non-current liabilities - due to subsidiaries outside the Obligor Group | 11,563 | |||||||
Total non-current liabilities | 17,884 | |||||||
Total liabilities | $ | 19,089 |
Year Ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | Change 2021 vs. 2020 | |||||||||||||||||
Net cash provided by operating activities | $ | 1,461 | $ | 1,384 | $ | 77 | ||||||||||||||
Net cash (used in) provided by investing activities | (233) | 38 | (271) | |||||||||||||||||
Net cash used in financing activities | (1,179) | (1,236) | 57 |
(in millions) | Less than 1 year | Within 1 to 3 years | Within 3 to 5 years | More than 5 years | ||||||||||||||||||||||
Short-term debt obligations (1) | $ | 98 | $ | — | $ | — | $ | — | ||||||||||||||||||
Long-term debt obligations (1)(2) | 678 | 1,035 | 1,744 | 2,712 | ||||||||||||||||||||||
Interest expense on short- and long-term debt, fixed and floating rate (3) | 114 | 201 | 191 | 237 | ||||||||||||||||||||||
Operating leases (4) | 110 | 180 | 116 | 251 | ||||||||||||||||||||||
Finance leases | 3 | 6 | 4 | 31 | ||||||||||||||||||||||
Purchase obligations (5) | 840 | 563 | 273 | 16 | ||||||||||||||||||||||
Employee benefit plan obligations | 89 | 207 | 189 | 488 | ||||||||||||||||||||||
Total | $ | 1,932 | $ | 2,192 | $ | 2,517 | $ | 3,735 |
Discount Rate | Total Increase (Decrease) to Pension Expense from Current Assumption | Rate of Return on Plan Assets | Total Increase (Decrease) to Pension Expense from Current Assumption | |||||||||||||||||
(in $ millions) | (in $ millions) | |||||||||||||||||||
+25 basis points | 1 | +25 basis points | (4) | |||||||||||||||||
2.13 percent (current assumption) | — | 3.78 percent (current assumption) | — | |||||||||||||||||
-25 basis points | (2) | -25 basis points | 4 |
/s/ PricewaterhouseCoopers AG | |||||
Zürich, Switzerland | |||||
August 24, 2021 |
For the years ended June 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | $ | $ | |||||||||||||||||
Cost of sales | ( | ( | ( | |||||||||||||||||
Gross profit | ||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative expenses | ( | ( | ( | |||||||||||||||||
Research and development expenses | ( | ( | ( | |||||||||||||||||
Restructuring and related expenses, net | ( | ( | ( | |||||||||||||||||
Other income, net | ||||||||||||||||||||
Operating income | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Other non-operating income, net | ||||||||||||||||||||
Income from continuing operations before income taxes and equity in income (loss) of affiliated companies | ||||||||||||||||||||
Income tax expense | ( | ( | ( | |||||||||||||||||
Equity in income (loss) of affiliated companies, net of tax | ( | |||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | |||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Net income attributable to non-controlling interests | ( | ( | ( | |||||||||||||||||
Net income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | $ | $ | |||||||||||||||||
Income (loss) from discontinued operations | ( | |||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | $ | $ | |||||||||||||||||
Income (loss) from discontinued operations | ( | |||||||||||||||||||
Net income | $ | $ | $ |
For the years ended June 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Net gains (losses) on cash flow hedges, net of tax (a) | ( | ( | ||||||||||||||||||
Foreign currency translation adjustments, net of tax (b) | ( | |||||||||||||||||||
Net investment hedge of foreign operations, net of tax (c) | ( | ( | ||||||||||||||||||
Pension, net of tax (d) | ( | ( | ||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||
Comprehensive income attributable to non-controlling interest | ( | ( | ( | |||||||||||||||||
Comprehensive income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
(a) Tax benefit related to cash flow hedges | $ | $ | $ | |||||||||||||||||
(b) Tax benefit (expense) related to foreign currency translation adjustments | $ | $ | ( | $ | ( | |||||||||||||||
(c) Tax benefit related to net investment hedge of foreign operations | $ | $ | $ | |||||||||||||||||
(d) Tax benefit (expense) related to pension adjustments | $ | ( | $ | $ |
As of June 30, | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade receivables, net | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Non-current assets: | ||||||||||||||
Investments in affiliated companies | ||||||||||||||
Property, plant, and equipment, net | ||||||||||||||
Operating lease assets | ||||||||||||||
Deferred tax assets | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Employee benefit assets | ||||||||||||||
Other non-current assets | ||||||||||||||
Total non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of long-term debt | $ | $ | ||||||||||||
Short-term debt | ||||||||||||||
Trade payables | ||||||||||||||
Accrued employee costs | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt, less current portion | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total non-current liabilities | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Commitments and contingencies (See Note 19) | ||||||||||||||
Shareholders' Equity | ||||||||||||||
Amcor plc shareholders’ equity: | ||||||||||||||
Ordinary shares ($ | ||||||||||||||
Authorized ( | ||||||||||||||
Issued ( | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury shares ( | ( | ( | ||||||||||||
Total Amcor plc shareholders' equity | ||||||||||||||
Non-controlling interest | ||||||||||||||
Total shareholders' equity | ||||||||||||||
Total liabilities and shareholders' equity | $ | $ |
For the years ended June 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization and impairment | ||||||||||||||||||||
Net periodic benefit cost | ||||||||||||||||||||
Amortization of debt discount and deferred financing costs | ||||||||||||||||||||
Amortization of deferred gain on sale and leasebacks | ( | |||||||||||||||||||
Net gain on disposal of property, plant, and equipment | ( | ( | ( | |||||||||||||||||
Net gain on disposal of businesses | ( | ( | ||||||||||||||||||
Equity in (income) loss of affiliated companies | ( | ( | ||||||||||||||||||
Net foreign exchange (gain) loss | ( | ( | ||||||||||||||||||
Share-based compensation | ||||||||||||||||||||
Other, net | ( | ( | ||||||||||||||||||
Loss from highly inflationary accounting for Argentine subsidiaries | ||||||||||||||||||||
Deferred income taxes, net | ( | |||||||||||||||||||
Dividends received from affiliated companies | ||||||||||||||||||||
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency: | ||||||||||||||||||||
Trade receivables | ( | ( | ||||||||||||||||||
Inventories | ( | |||||||||||||||||||
Prepaid expenses and other current assets | ( | ( | ( | |||||||||||||||||
Trade payables | ( | |||||||||||||||||||
Other current liabilities | ||||||||||||||||||||
Accrued employee costs | ( | |||||||||||||||||||
Employee benefit obligations | ( | ( | ( | |||||||||||||||||
Other, net | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
(Issuance)/repayment of loans to/from affiliated companies | ( | |||||||||||||||||||
Investments in affiliated companies and other | ( | |||||||||||||||||||
Business acquisitions, net of cash acquired | ||||||||||||||||||||
Purchase of property, plant, and equipment, and other intangible assets | ( | ( | ( | |||||||||||||||||
Proceeds from divestitures | ||||||||||||||||||||
Proceeds from sales of property, plant, and equipment, and other intangible assets | ||||||||||||||||||||
Net cash (used in) provided by investing activities | ( | |||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of shares | ||||||||||||||||||||
Settlement of forward contracts | ( | |||||||||||||||||||
Purchase of treasury shares | ( | ( | ( | |||||||||||||||||
Proceeds from (purchase of) non-controlling interest | ( | |||||||||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||||||||
Repayment of long-term debt | ( | ( | ( | |||||||||||||||||
Net borrowing (repayment) of commercial paper | ( | ( | ||||||||||||||||||
Net borrowing (repayment) of short-term debt | ( | ( | ||||||||||||||||||
Repayment of lease liabilities | ( | ( | ( | |||||||||||||||||
Share buyback/cancellations | ( | ( | ||||||||||||||||||
Dividends paid | ( | ( | ( | |||||||||||||||||
Net cash used in financing activities | ( | ( | ( | |||||||||||||||||
Effect of exchange rates on cash and cash equivalents | ( | |||||||||||||||||||
Cash and cash equivalents classified as held for sale assets | ( | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||||||||
Cash and cash equivalents balance at beginning of year | ||||||||||||||||||||
Cash and cash equivalents balance at end of year | $ | $ | $ |
Ordinary Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares | Non-controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Options exercised and shares vested | ( | |||||||||||||||||||||||||||||||||||||||||||
Net shares issued | ( | |||||||||||||||||||||||||||||||||||||||||||
Forward contracts entered to purchase own equity to meet share-based incentive plans, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Settlement of forward contracts to purchase own equity to meet share-based incentive plans, net of tax | ( | |||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of Bemis Company, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Change in non-controlling interest | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||
Share buyback/cancellations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Options exercised and shares vested | ( | |||||||||||||||||||||||||||||||||||||||||||
Forward contracts entered to purchase own equity to meet share-based incentive plans, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Change in non-controlling interest | — | |||||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment related to the adoption of | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
Share buyback/cancellations | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Options exercised and shares vested | ( | |||||||||||||||||||||||||||||||||||||||||||
Forward contracts entered to purchase own equity to meet share-based incentive plans, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
Change in non-controlling interest | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment related to the adoption of (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
($ in millions) | June 30, 2021 | June 30, 2020 | ||||||||||||
Trade receivables, gross | $ | $ | ||||||||||||
Less: Allowance for doubtful accounts | ( | ( | ||||||||||||
Trade receivables, net | $ | $ |
($ in millions) | ||||||||||||||
Balances as of June 30, 2020 and 2019, respectively | $ | ( | $ | ( | ||||||||||
Impact of adoption of ("CECL") (1) | ( | — | ||||||||||||
Recoveries/(charges) to income | ( | |||||||||||||
Write-offs | ||||||||||||||
Foreign currency and other | ( | |||||||||||||
Balances as of June 30, 2021 and 2020, respectively | $ | ( | $ | ( |
(in millions) | 2021 | 2020 | ||||||||||||
Raw materials and supplies | $ | $ | ||||||||||||
Work in process and finished goods | ||||||||||||||
Less: inventory reserves | ( | ( | ||||||||||||
Inventory, net | $ | $ |
Leasehold land | Over lease term | |||||||
Land improvements | Up to | |||||||
Buildings | Up to | |||||||
Machinery and equipment | Up to | |||||||
Finance leases | Shorter of lease term or |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Selling, general, and administrative ("SG&A") expenses | $ | $ | $ | |||||||||||||||||
Restructuring and related expenses, net | ||||||||||||||||||||
Total impairment losses recognized in the consolidated statements of income | $ | $ | $ |
($ in millions) | June 30, 2020 | Adjustments Due to Adoption | July 1, 2020 | |||||||||||||||||
Trade receivables, net | $ | $ | ( | $ | ||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Retained earnings | ( |
Bemis shares outstanding at June 11, 2019 (in millions) | ||||||||
Share Exchange Ratio | ||||||||
Price per Share (based on Amcor’s closing share price on June 11, 2019) | $ | |||||||
Total Equity Consideration (in millions) | $ |
Fair Value | Weighted-average Estimated Useful Life | |||||||||||||
(in millions) | (Years) | |||||||||||||
Customer relationships | $ | |||||||||||||
Technology | ||||||||||||||
Other | ||||||||||||||
Total other intangible assets | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | $ | $ | |||||||||||||||||
Income (loss) from discontinued operations | ( | |||||||||||||||||||
Tax expense on discontinued operations | ( | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | $ | $ | ( | $ |
(in millions) | 2018 Rigid Packaging Restructuring Plan | 2019 Bemis Integration Plan (1) | Other Restructuring Plans | Total Restructuring and Related Expenses (1) | ||||||||||||||||||||||
Fiscal year 2019 net charges to earnings | ||||||||||||||||||||||||||
Fiscal year 2020 net charges to earnings | ||||||||||||||||||||||||||
Fiscal year 2021 net charges to earnings | ||||||||||||||||||||||||||
Expense incurred to date | $ | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Employee costs | $ | $ | $ | |||||||||||||||||
Fixed asset related costs | ||||||||||||||||||||
Other costs | ||||||||||||||||||||
Gain on sale of business | ( | |||||||||||||||||||
Total restructuring costs, net | $ | $ | $ |
(in millions) | Employee Costs | Fixed Asset Related Costs | Other Costs | Total Restructuring Costs | ||||||||||||||||||||||
Liability balance at June 30, 2018 | $ | $ | $ | $ | ||||||||||||||||||||||
Net charges to earnings | ||||||||||||||||||||||||||
Cash paid | ( | ( | ( | |||||||||||||||||||||||
Additions through business acquisition | ||||||||||||||||||||||||||
Non-cash and other | ( | ( | ( | |||||||||||||||||||||||
Foreign currency translation | ( | ( | ||||||||||||||||||||||||
Liability balance at June 30, 2019 | ||||||||||||||||||||||||||
Net charges to earnings | ||||||||||||||||||||||||||
Cash paid | ( | ( | ( | ( | ||||||||||||||||||||||
Non-cash and other | ( | ( | ||||||||||||||||||||||||
Liability balance at June 30, 2020 | ||||||||||||||||||||||||||
Net charges to earnings | ||||||||||||||||||||||||||
Cash paid | ( | ( | ( | ( | ||||||||||||||||||||||
Non-cash and other | ( | ( | ( | |||||||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||||||||
Liability balance at June 30, 2021 | $ | $ | $ | $ |
(in millions) | June 30, 2021 | June 30, 2020 | ||||||||||||
Land and land improvements | $ | $ | ||||||||||||
Buildings and improvements | ||||||||||||||
Plant and equipment | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Accumulated impairment | ( | ( | ||||||||||||
Total property, plant, and equipment, net | $ | $ |
(in millions) | Flexibles Segment | Rigid Packaging Segment | Total | |||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | |||||||||||||||||
Acquisition and acquisition adjustments | ||||||||||||||||||||
Currency translation | ( | ( | ( | |||||||||||||||||
Balance as of June 30, 2020 | ||||||||||||||||||||
Disposals | ( | ( | ||||||||||||||||||
Currency translation | ||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ |
June 30, 2021 | ||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization and Impairment (1) | Net Carrying Amount | |||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||
Computer software | ( | |||||||||||||||||||
Other (2) | ( | |||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ |
June 30, 2020 | ||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization and Impairment (1) | Net Carrying Amount | |||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||
Computer software | ( | |||||||||||||||||||
Other (2) | ( | |||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ |
(in millions) | Amortization | |||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 |
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
(in millions) | (Level 2) | (Level 2) | ||||||||||||||||||||||||
Total long-term debt with fixed interest rates (excluding commercial paper and finance leases) | $ | $ | $ | $ |
June 30, 2021 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Commodity contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Contingent purchase consideration liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
June 30, 2020 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Contingent purchase consideration liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Fair value at the beginning of the year | $ | $ | $ | |||||||||||||||||
Changes in fair value of Level 3 liabilities | ||||||||||||||||||||
Payments | ( | |||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||
Fair value at the end of the year | $ | $ | $ |
June 30, 2021 | June 30, 2020 | |||||||||||||
Commodity | Volume | Volume | ||||||||||||
Aluminum | ||||||||||||||
PET resin |
June 30, | ||||||||||||||||||||
(in millions) | Balance Sheet Location | 2021 | 2020 | |||||||||||||||||
Assets | ||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||
Commodity contracts | Other current assets | $ | $ | |||||||||||||||||
Forward exchange contracts | Other current assets | |||||||||||||||||||
Derivatives in fair value hedging relationships: | ||||||||||||||||||||
Interest rate swaps | Other current assets | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Forward exchange contracts | Other current assets | |||||||||||||||||||
Total current derivative contracts | ||||||||||||||||||||
Derivatives in fair value hedging relationships: | ||||||||||||||||||||
Interest rate swaps | Other non-current assets | |||||||||||||||||||
Total non-current derivative contracts | ||||||||||||||||||||
Total derivative asset contracts | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||
Commodity contracts | Other current liabilities | $ | $ | |||||||||||||||||
Forward exchange contracts | Other current liabilities | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Forward exchange contracts | Other current liabilities | |||||||||||||||||||
Total current derivative contracts | ||||||||||||||||||||
Total non-current derivative contracts | ||||||||||||||||||||
Total derivative liability contracts | $ | $ |
Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||||||||||
Years ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||||
Commodity contracts | Cost of sales | $ | $ | ( | $ | ( | ||||||||||||||||||||
Forward exchange contracts | Net sales | ( | ||||||||||||||||||||||||
Treasury locks | Interest expense | ( | ||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( |
Location of Gain (Loss) Recognized in the Consolidated Income Statements | Gain (Loss) Recognized in Income for Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||
Years ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Forward exchange contracts | Other income, net | $ | $ | ( | $ | ( | ||||||||||||||||||||
Cross currency interest rate swaps | Other income, net | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | ( |
Location of Gain (Loss) Recognized in the Consolidated Income Statements | Gain (Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships | |||||||||||||||||||||||||
Years ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Derivatives in fair value hedging relationships | ||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | ( | $ | ( | $ | ||||||||||||||||||||
Total | $ | ( | $ | ( | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Amounts reclassified into earnings | ||||||||||||||||||||
Commodity contracts | $ | ( | $ | $ | ||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||
Treasury locks | ||||||||||||||||||||
Change in fair value | ||||||||||||||||||||
Commodity contracts | ( | ( | ||||||||||||||||||
Forward exchange contracts | ( | |||||||||||||||||||
Treasury locks | ( | |||||||||||||||||||
Tax effect | ||||||||||||||||||||
Total | $ | $ | ( | $ | ( |
Country | Number of Funded Plans | Number of Unfunded Plans | Comment | |||||||||||||||||
United Kingdom | Closed to new entrants | |||||||||||||||||||
Switzerland | Open to new entrants | |||||||||||||||||||
France (1) | ||||||||||||||||||||
Germany (1) | ||||||||||||||||||||
Canada | Closed to new entrants | |||||||||||||||||||
United States of America | Closed to new entrants |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Service cost | $ | $ | $ | |||||||||||||||||
Interest cost | ||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | |||||||||||||||||
Amortization of net loss | ||||||||||||||||||||
Amortization of prior service credit | ( | ( | ( | |||||||||||||||||
Curtailment credit | ( | |||||||||||||||||||
Settlement costs | ||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Cost of sales | $ | $ | $ | |||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||
Other non-operating income, net | ( | ( | ( | |||||||||||||||||
Net periodic benefit cost | $ | $ | $ |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Change in benefit obligation: | ||||||||||||||
Benefit obligation at the beginning of the year | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Participant contributions | ||||||||||||||
Actuarial loss (gain) | ( | |||||||||||||
Plan curtailments | ( | |||||||||||||
Settlements | ( | ( | ||||||||||||
Benefits paid | ( | ( | ||||||||||||
Administrative expenses | ( | ( | ||||||||||||
Plan amendments | ( | |||||||||||||
Divestitures | ( | |||||||||||||
Other | ||||||||||||||
Foreign currency translation | ( | |||||||||||||
Benefit obligation at the end of the year | $ | $ | ||||||||||||
Accumulated benefit obligation at the end of the year | $ | $ |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at the beginning of the year | $ | $ | ||||||||||||
Actual return on plan assets | ||||||||||||||
Employer contributions | ||||||||||||||
Participant contributions | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Settlements | ( | ( | ||||||||||||
Administrative expenses | ( | ( | ||||||||||||
Foreign currency translation | ( | |||||||||||||
Fair value of plan assets at the end of the year | $ | $ |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Projected benefit obligation | $ | $ | ||||||||||||
Accumulated benefit obligation | ||||||||||||||
Fair value of plan assets |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Projected benefit obligation | $ | $ | ||||||||||||
Accumulated benefit obligation | ||||||||||||||
Fair value of plan assets |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Employee benefit asset | $ | $ | ||||||||||||
Employee benefit obligation | ( | ( | ||||||||||||
Unfunded status | $ | ( | $ | ( |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Non-current assets - Employee benefit assets | $ | $ | ||||||||||||
Current liabilities - Other current liabilities | ( | ( | ||||||||||||
Non-current liabilities - Employee benefit obligations | ( | ( | ||||||||||||
Unfunded status | $ | ( | $ | ( |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | ||||||||||||||||||||
Net actuarial loss/(gain) occurring during the year | $ | ( | $ | $ | ||||||||||||||||
Net prior service loss/(gain) occurring during the year | ( | |||||||||||||||||||
Amortization of actuarial loss | ( | ( | ( | |||||||||||||||||
Gain recognized due to settlement/curtailment | ( | ( | ( | |||||||||||||||||
Amortization of prior service credit | ||||||||||||||||||||
Foreign currency translation | ( | ( | ||||||||||||||||||
Tax effect | ( | ( | ||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | ( | $ | $ |
June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net prior service credit | $ | ( | $ | ( | $ | ( | ||||||||||||||
Net actuarial loss | ||||||||||||||||||||
Accumulated other comprehensive loss at the end of the year | $ | $ | $ |
June 30, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Rate of compensation increase | % | % | % |
June 30, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Rate of compensation increase | % | % | % | |||||||||||||||||
Expected long-term rate of return on plan assets | % | % | % |
(in millions) | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027-2031 |
June 30, 2021 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
Government debt securities | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2020 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
Government debt securities | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in millions) | ||||||||
Balance as of June 30, 2020 | $ | |||||||
Actual return on plan assets | ||||||||
Purchases, sales, and settlements | ( | |||||||
Transfer out of Level 3 | ( | |||||||
Foreign currency translation | ||||||||
Balance as of June 30, 2021 | $ |
June 30, | |||||||||||||||||||||||
(in millions) | Maturities | Interest rates | 2021 | 2020 | |||||||||||||||||||
Term debt | |||||||||||||||||||||||
Euro private placement notes, € | Sep 2020 | % | $ | $ | |||||||||||||||||||
U.S. dollar notes, $ | Oct 2021 | % | |||||||||||||||||||||
U.S. private placement notes, $ | Dec 2021 | % | |||||||||||||||||||||
Euro bonds, € | Mar 2023 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Sep 2026 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Apr 2026 | % | |||||||||||||||||||||
Euro bonds, € | Jun 2027 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2028 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Jun 2030 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2031 | % | |||||||||||||||||||||
Total term debt | |||||||||||||||||||||||
Bank loans | |||||||||||||||||||||||
Commercial paper (1) | |||||||||||||||||||||||
Other loans | |||||||||||||||||||||||
Finance lease obligations | |||||||||||||||||||||||
Fair value hedge accounting adjustments (4) | |||||||||||||||||||||||
Unamortized discounts and debt issuance costs | ( | ( | |||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Less: current portion | ( | ( | |||||||||||||||||||||
Total long-term debt | $ | $ |
(in millions) | ||||||||
2022 | $ | |||||||
2023 (1) | ||||||||
2024 | ||||||||
2025 (2) | ||||||||
2026 |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Bank loans | $ | $ | ||||||||||||
Bank overdrafts | ||||||||||||||
Total short-term debt | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | Statements of Income Location | 2021 | 2020 | |||||||||||||||||
Operating leases | ||||||||||||||||||||
Lease expense | Cost of sales | $ | $ | |||||||||||||||||
Lease expense | Selling, general, and administrative expenses | |||||||||||||||||||
Finance leases | ||||||||||||||||||||
Amortization of right-of-use assets | Cost of sales | |||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
Short-term and variable lease expense | Cost of sales | |||||||||||||||||||
Total lease expense (1) | $ | $ |
June 30, | ||||||||||||||||||||
(in millions) | Balance Sheet Location | 2021 | 2020 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating lease right-of-use assets, net | Operating lease assets | $ | $ | |||||||||||||||||
Finance lease assets (1) | Property, plant, and equipment, net | |||||||||||||||||||
Total lease assets | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Operating leases: | ||||||||||||||||||||
Current operating lease liabilities | Other current liabilities | $ | $ | |||||||||||||||||
Non-current operating lease liabilities | Operating lease liabilities | |||||||||||||||||||
Finance leases: | ||||||||||||||||||||
Current finance lease liabilities | Current portion of long-term debt | |||||||||||||||||||
Non-current finance lease liabilities | Long-term debt, less current portion | |||||||||||||||||||
Total lease liabilities | $ | $ |
Years ended June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | $ | $ | ||||||||||||
Financing cash flows from finance leases | $ | $ | ||||||||||||
Lease assets obtained in exchange for new lease obligations: | ||||||||||||||
Operating leases | $ | $ | ||||||||||||
Finance leases | $ | $ |
(in millions) | Operating Leases | Finance Leases | ||||||||||||
Fiscal year 2022 | $ | $ | ||||||||||||
Fiscal year 2023 | ||||||||||||||
Fiscal year 2024 | ||||||||||||||
Fiscal year 2025 | ||||||||||||||
Fiscal year 2026 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: imputed interest | ( | ( | ||||||||||||
Present value of lease liabilities | $ | $ |
June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Weighted-average remaining lease term (in years): | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted-average discount rate: | ||||||||||||||
Operating Leases | % | % | ||||||||||||
Finance leases | % | % |
Ordinary Shares | Treasury Shares | |||||||||||||||||||||||||
(shares and dollars in millions) | Number of Shares | Amount | Number of Shares | Amount | ||||||||||||||||||||||
Balance as of June 30, 2018 | $ | $ | ( | |||||||||||||||||||||||
Net shares issued | — | — | — | |||||||||||||||||||||||
Options exercised and shares vested | — | — | ( | |||||||||||||||||||||||
Settlement of forward contracts to purchase own equity to meet share base incentive plans, net of tax | — | — | ( | |||||||||||||||||||||||
Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
Acquisition of Bemis | — | — | ||||||||||||||||||||||||
Balance as of June 30, 2019 | ( | |||||||||||||||||||||||||
Share buy-back/cancellations | ( | — | — | — | ||||||||||||||||||||||
Options exercised and shares vested | — | — | ( | |||||||||||||||||||||||
Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
Balance as of June 30, 2020 | ( | |||||||||||||||||||||||||
Share buy-back/cancellations | ( | ( | — | — | ||||||||||||||||||||||
Options exercised and shares vested | — | — | ( | |||||||||||||||||||||||
Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | ( |
Foreign Currency Translation | Net Investment Hedge | Pension | Effective Derivatives | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||
(in millions) | (Net of Tax) | (Net of Tax) | (Net of Tax) | (Net of Tax) | ||||||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Balance as of June 30, 2019 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Balance as of June 30, 2020 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
For the years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Amortization of pension: | ||||||||||||||||||||
Amortization of prior service credit | $ | ( | $ | ( | $ | ( | ||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||
Effect of pension settlement/curtailment | ||||||||||||||||||||
Total before tax effect | ||||||||||||||||||||
Tax benefit on amounts reclassified into earnings | ( | ( | ||||||||||||||||||
Total net of tax | $ | $ | $ | |||||||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||||||
Commodity contracts | $ | ( | $ | $ | ||||||||||||||||
Forward exchange contracts | ||||||||||||||||||||
Treasury locks | ||||||||||||||||||||
Total before tax effect | ||||||||||||||||||||
Tax benefit on amounts reclassified into earnings | ( | |||||||||||||||||||
Total net of tax | $ | $ | $ | |||||||||||||||||
(Gains) losses on foreign currency translation: | ||||||||||||||||||||
Foreign currency translation adjustment (1) | $ | $ | $ | |||||||||||||||||
Total before tax effect | ||||||||||||||||||||
Tax benefit on amounts reclassified into earnings | ||||||||||||||||||||
Total net of tax | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Domestic | $ | ( | $ | ( | $ | |||||||||||||||
Foreign | ||||||||||||||||||||
Total income before income taxes and equity in income of affiliated companies | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Current tax | ||||||||||||||||||||
Domestic | $ | $ | $ | |||||||||||||||||
Foreign | ||||||||||||||||||||
Total current tax | ||||||||||||||||||||
Deferred tax | ||||||||||||||||||||
Domestic | ( | ( | ||||||||||||||||||
Foreign | ( | |||||||||||||||||||
Total deferred tax | ( | |||||||||||||||||||
Income tax expense | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Income tax expense at statutory rate | $ | $ | $ | |||||||||||||||||
Foreign tax rate differential | ||||||||||||||||||||
Non-deductible expenses | ||||||||||||||||||||
Tax law changes | ( | ( | ( | |||||||||||||||||
Change in valuation allowance | ( | ( | ||||||||||||||||||
Uncertain tax positions, net | ||||||||||||||||||||
Other (1) | ( | ( | ||||||||||||||||||
Income tax expense | $ | $ | $ |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Deferred tax assets | ||||||||||||||
Inventories | $ | $ | ||||||||||||
Accrued employee benefits | ||||||||||||||
Provisions | ||||||||||||||
Net operating loss carryforwards | ||||||||||||||
Tax credit carryforwards | ||||||||||||||
Accruals and other | ||||||||||||||
Total deferred tax assets | ||||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Net deferred tax assets | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Property, plant, and equipment | ( | ( | ||||||||||||
Other intangible assets, including gross impacts from Swiss tax reform | ( | ( | ||||||||||||
Trade receivables | ( | ( | ||||||||||||
Derivatives | ( | |||||||||||||
Undistributed foreign earnings | ( | ( | ||||||||||||
Total deferred tax liabilities | ( | ( | ||||||||||||
Net deferred tax liability | ( | ( | ||||||||||||
Balance sheet location: | ||||||||||||||
Deferred tax assets | ||||||||||||||
Deferred tax liabilities | ( | ( | ||||||||||||
Net deferred tax liability | $ | ( | $ | ( |
June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Balance at the beginning of the year | $ | $ | $ | |||||||||||||||||
Additions based on tax positions related to the current year | ||||||||||||||||||||
Additions for tax positions of prior years | ||||||||||||||||||||
Reductions for tax positions from prior years | ( | ( | ( | |||||||||||||||||
Reductions for settlements | ( | ( | ||||||||||||||||||
Reductions due to lapse of statute of limitations | ( | ( | ( | |||||||||||||||||
Additions related to acquisitions | ||||||||||||||||||||
Balance at the end of the year | $ | $ | $ |
For the years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Share-based compensation expense | $ | $ | $ |
For the years ended June 30, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Share options (1) | N/A | |||||||||||||||||||
Restricted shares/units | N/A | |||||||||||||||||||
Performance rights/shares (2) | N/A | |||||||||||||||||||
Share rights |
Share options | ||||||||||||||||||||||||||
Number | Weighted-average Exercise Price | Weighted-average Contractual Life | Intrinsic Value | |||||||||||||||||||||||
(in millions) | (in years) | (in millions) | ||||||||||||||||||||||||
Share options outstanding at June 30, 2020 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Share options outstanding at June 30, 2021 | $ | |||||||||||||||||||||||||
Vested and exercisable at June 30, 2021 | $ | $ |
Restricted shares/units | Performance rights/shares | Share rights | ||||||||||||||||||||||||||||||||||||
Number | Weighted-average Grant Date Fair Value | Number | Weighted-average Grant Date Fair Value | Number | Weighted-average Grant Date Fair Value | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||||||||||||||
Exercised | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Fair value vested (in millions) | Restricted shares/units | Performance rights/shares | Share rights | |||||||||||||||||||||||||||||||||||
Year Ended June 30, 2021 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Year Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2019 |
Years ended June 30, | ||||||||||||||||||||
(in millions, except per share amounts) | 2021 | 2020 | 2019 | |||||||||||||||||
Numerator | ||||||||||||||||||||
Net income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
Distributed and undistributed earnings attributable to shares to be repurchased | ( | ( | ||||||||||||||||||
Net income available to ordinary shareholders of Amcor plc—basic and diluted | $ | $ | $ | |||||||||||||||||
Net income available to ordinary shareholders of Amcor plc from continuing operations—basic and diluted | $ | $ | $ | |||||||||||||||||
Net income (loss) available to ordinary shareholders of Amcor plc from discontinued operations—basic and diluted | $ | $ | ( | $ | ||||||||||||||||
Denominator | ||||||||||||||||||||
Weighted-average ordinary shares outstanding | ||||||||||||||||||||
Weighted-average ordinary shares to be repurchased by Amcor plc | ( | ( | ( | |||||||||||||||||
Weighted-average ordinary shares outstanding for EPS—basic | ||||||||||||||||||||
Effect of dilutive shares | ||||||||||||||||||||
Weighted-average ordinary shares outstanding for EPS—diluted | ||||||||||||||||||||
Per ordinary share income | ||||||||||||||||||||
Income from continuing operations | $ | $ | $ | |||||||||||||||||
Income from discontinued operations | $ | $ | ( | $ | ||||||||||||||||
Basic earnings per ordinary share | $ | $ | $ | |||||||||||||||||
Income from continuing operations | $ | $ | $ | |||||||||||||||||
Income from discontinued operations | $ | $ | ( | $ | ||||||||||||||||
Diluted earnings per ordinary share | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Sales including intersegment sales | ||||||||||||||||||||
Flexibles | $ | $ | $ | |||||||||||||||||
Rigid Packaging | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total sales including intersegment sales | ||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||
Flexibles | ||||||||||||||||||||
Rigid Packaging | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total intersegment sales | ||||||||||||||||||||
Net sales | $ | $ | $ | |||||||||||||||||
Adjusted EBIT from continuing operations | ||||||||||||||||||||
Flexibles | ||||||||||||||||||||
Rigid Packaging | ||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Adjusted EBIT from continuing operations | ||||||||||||||||||||
Less: Material restructuring programs (1) | ( | ( | ( | |||||||||||||||||
Less: Impairments in equity method investments (2) | ( | ( | ||||||||||||||||||
Less: Material acquisition costs and other (3) | ( | ( | ( | |||||||||||||||||
Less: Amortization of acquired intangible assets from business combinations (4) | ( | ( | ( | |||||||||||||||||
Add: Economic net investment hedging activities not qualifying for hedge accounting (5) | ||||||||||||||||||||
Less: Impact of hyperinflation (6) | ( | ( | ( | |||||||||||||||||
Add: Net legal settlements (7) | ||||||||||||||||||||
Less: Pension settlements (8) | ( | |||||||||||||||||||
Add: Net gain on disposals (9) | ||||||||||||||||||||
EBIT from continuing operations | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Equity in income (loss) of affiliated companies, net of tax | ( | ( | ||||||||||||||||||
Income from continuing operations before income taxes and equity in income (loss) of affiliated companies | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Flexibles | $ | $ | $ | |||||||||||||||||
Rigid Packaging | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total capital expenditures for the acquisition of long-lived assets | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Flexibles | $ | $ | $ | |||||||||||||||||
Rigid Packaging | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ |
Years ended June 30, | ||||||||||||||||||||||||||
(in millions) | Segment | 2021 | 2020 | 2019 | ||||||||||||||||||||||
Films and other flexible products | Flexibles | $ | $ | $ | ||||||||||||||||||||||
Specialty flexible folding cartons | Flexibles | |||||||||||||||||||||||||
Containers, preforms, and closures | Rigid Packaging | |||||||||||||||||||||||||
Net sales | $ | $ | $ |
June 30, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
United States of America | $ | $ | ||||||||||||
Other countries (1) | ||||||||||||||
Long-lived assets | $ | $ |
Year Ended June 30, 2021 | ||||||||||||||||||||
(in millions) | Flexibles | Rigid Packaging | Total | |||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Latin America | ||||||||||||||||||||
Europe (1) | ||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Net sales | $ | $ | $ |
Year Ended June 30, 2020 | ||||||||||||||||||||
(in millions) | Flexibles | Rigid Packaging | Total | |||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Latin America | ||||||||||||||||||||
Europe (1) | ||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Net sales | $ | $ | $ |
Year Ended June 30, 2019 | ||||||||||||||||||||
(in millions) | Flexibles | Rigid Packaging | Total | |||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Latin America | ||||||||||||||||||||
Europe (1) | ||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Net sales | $ | $ | $ |
Amcor Pty Ltd | Amcor Holdings (Australia) Pty Ltd | ||||
Amcor Services Pty Ltd | Techni-Chem Australia Pty Ltd | ||||
Amcor Investments Pty Ltd | Amcor Flexibles Group Pty Ltd | ||||
Amcor Finance Australia Pty Ltd | Amcor Flexibles (Australia) Pty Ltd | ||||
Packsys Pty Ltd | Packsys Holdings (Aus) Pty Ltd | ||||
Amcor Flexibles (Dandenong) Pty Ltd | Amcor Flexibles (Port Melbourne) Pty Ltd | ||||
Amcor European Holdings Pty Ltd | Amcor Packaging (Asia) Pty Ltd | ||||
ARP North America Holdco Ltd | ARP LATAM Holdco Ltd |
For the year ended June 30, | 2021 | 2020 | ||||||||||||
Net sales | $ | $ | ||||||||||||
Cost of sales | ( | ( | ||||||||||||
Gross profit | ||||||||||||||
Operating expenses | ( | ( | ||||||||||||
Other income, net | ||||||||||||||
Operating income | ||||||||||||||
Interest income | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Other non-operating loss, net | ( | ( | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||||
Income tax (expense) / credit | ( | |||||||||||||
Net income | $ | $ |
For the year ended June 30, | 2021 | 2020 | ||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income (loss) (1) : | ||||||||||||||
Foreign currency translation adjustments, net of tax | ||||||||||||||
Net investment hedge of foreign operations, net of tax | ( | |||||||||||||
Other comprehensive income (loss) | ||||||||||||||
Comprehensive (income) loss attributable to non-controlling interest | ||||||||||||||
Total comprehensive income | $ | $ |
For the year ended June 30, | 2021 | 2020 | ||||||||||||
Retained earnings, beginning balance | $ | $ | ||||||||||||
Net income | ||||||||||||||
Accumulated profits before distribution | ||||||||||||||
Dividends recognized during the financial period | ( | ( | ||||||||||||
Accumulated gains at the end of the financial period | $ | $ |
As of June 30, | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade receivables, net | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Non-current assets: | ||||||||||||||
Property, plant, and equipment, net | ||||||||||||||
Deferred tax assets | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other non-current assets | ||||||||||||||
Total non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt | $ | $ | ||||||||||||
Trade payables | ||||||||||||||
Accrued employee costs | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt, less current portion | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Shareholders' Equity | ||||||||||||||
Issued | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total shareholders' equity | ||||||||||||||
Total liabilities and shareholders' equity | $ | $ |
For the years ended June 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Interest paid, net of amounts capitalized | $ | $ | $ | |||||||||||||||||
Income taxes paid |
Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average exercise price of outstanding options, warrants, and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||||||
Plan Category | (a) | (b) | (c) | ||||||||||||||||||||
Equity compensation plans approved by security holders | 68,204,624 | (1) | $ | 10.49 | (2) | 54,044,178 | (3) | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||
Total | 68,204,624 | (1) | $ | 10.49 | (2) | 54,044,178 | (3) |
Pages in Form 10-K | ||||||||
(a) Financial Statements, Financial Statement Schedule, and Exhibits | ||||||||
(1) Financial Statements | ||||||||
(2) Financial Statement Schedule | ||||||||
All other schedules are omitted because they are not applicable, or the required information is shown in the financial statements or notes thereto. | ||||||||
(3) Exhibits |
Exhibit | Description | Form of Filing | |||||||||||||||
2 | .1 | Incorporated by Reference | |||||||||||||||
3 | .1 | Incorporated by Reference | |||||||||||||||
3 | .2 | Incorporated by Reference | |||||||||||||||
4 | .1 | Incorporated by Reference | |||||||||||||||
4 | .2 | Incorporated by Reference | |||||||||||||||
4 | .3 | Incorporated by Reference | |||||||||||||||
4 | .4 | Incorporated by Reference | |||||||||||||||
4 | .5 | Incorporated by Reference | |||||||||||||||
4 | .6 | Incorporated by Reference |
Exhibit | Description | Form of Filing | |||||||||||||||
4 | .7 | Incorporated by Reference | |||||||||||||||
4 | .8 | Incorporated by Reference | |||||||||||||||
4 | .9 | Incorporated by Reference | |||||||||||||||
4 | .10 | Incorporated by Reference | |||||||||||||||
4 | .11 | Incorporated by Reference | |||||||||||||||
4 | .12 | Incorporated by Reference | |||||||||||||||
4 | .13 | Incorporated by Reference | |||||||||||||||
4 | .14 | Incorporated by Reference | |||||||||||||||
4 | .15 | Incorporated by Reference | |||||||||||||||
4 | .16 | Incorporated by Reference | |||||||||||||||
4 | .17 | Incorporated by Reference | |||||||||||||||
4 | .18 | Filed Herewith | |||||||||||||||
4 | .19 | Incorporated by Reference | |||||||||||||||
10 | .1 | Incorporated by Reference | |||||||||||||||
10 | .2 | Incorporated by Reference | |||||||||||||||
10 | .3 | Incorporated by Reference | |||||||||||||||
10 | .4 | Incorporated by Reference | |||||||||||||||
Exhibit | Description | Form of Filing | |||||||||||||||
10 | .20 | Incorporated by Reference | |||||||||||||||
10 | .21 | Incorporated by Reference | |||||||||||||||
10 | .22 | Incorporated by Reference | |||||||||||||||
10 | .23 | Incorporated by Reference | |||||||||||||||
10 | .24 | Filed Herewith | |||||||||||||||
21 | .1 | Filed Herewith | |||||||||||||||
22 | Filed Herewith | ||||||||||||||||
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101 | Inline XBRL Interactive data files – The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed Electronically | |||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed Electronically |
AMCOR PLC | ||||||||||||||
By | /s/ Michael Casamento | By | /s/ Julie Sorrells | |||||||||||
Michael Casamento, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | Julie Sorrells, Vice President & Corporate Controller (Principal Accounting Officer) | |||||||||||||
August 24, 2021 | August 24, 2021 |
/s/ Michael Casamento | /s/ Julie Sorrells | |||||||
Michael Casamento, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | Julie Sorrells, Vice President & Corporate Controller (Principal Accounting Officer) | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Ronald Delia | /s/ Armin Meyer | |||||||
Ronald Delia, Managing Director and Chief Executive Officer | Armin Meyer, Director and Deputy Chairman | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Graeme Liebelt | /s/ Andrea Bertone | |||||||
Graeme Liebelt, Director and Chairman | Andrea Bertone, Director | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Nicholas (Tom) Long | /s/ Karen Guerra | |||||||
Nicholas (Tom) Long, Director | Karen Guerra, Director | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Arun Nayar | /s/ Jeremy Sutcliffe | |||||||
Arun Nayar, Director | Jeremy Sutcliffe, Director | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Philip Weaver | /s/ David Szczupak | |||||||
Philip Weaver, Director | David Szczupak, Director | |||||||
August 24, 2021 | August 24, 2021 | |||||||
/s/ Susan Carter | ||||||||
Susan Carter, Director | ||||||||
August 24, 2021 |
Year ended June 30, | Balance at Beginning of the Year (1) | Additions Charged to Profit and Loss | Write-offs | Foreign Currency Impact and Other (2) | Balance at End of the Year | |||||||||||||||||||||||||||
2021 | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
2019 | $ | $ | $ | $ | $ |
Name | Organized Under The Laws Of | |||||||
Amcor Pty Ltd | Australia | |||||||
Amcor Investments Proprietary Limited | Australia | |||||||
Amcor Packaging (USA) Inc. | United States of America | |||||||
Amcor Finance (USA), Inc. | United States of America | |||||||
Twinpak (USA) LLC | United States of America | |||||||
Amcor European Holdings Pty Ltd | Australia | |||||||
Amcor Holding | United Kingdom | |||||||
Amcor UK Finance PLC | United Kingdom | |||||||
Amcor Rigid Packaging USA, LLC | United States of America | |||||||
Containers Packaging (Europe) | United Kingdom | |||||||
Amcor Flexibles Americas LLC | United States of America | |||||||
ARP North America Holdco Ltd | United Kingdom | |||||||
ARP LATAM Holdco Ltd | United Kingdom | |||||||
Amcor Flexibles North America, Inc. | United States of America | |||||||
Amcor Wisconsin, LLC | United States of America |
Name of Guarantor | Jurisdiction of Incorporation | |||||||
Amcor plc | Jersey | |||||||
Amcor Flexibles North America, Inc. (1) | United States of America | |||||||
Amcor Finance (USA) Inc. (1) | United States of America | |||||||
Amcor Pty Ltd | Australia | |||||||
Amcor UK Finance plc (1) | United Kingdom |
Name of Guarantor | Jurisdiction of Incorporation | |||||||
Amcor plc | Jersey | |||||||
Amcor Flexibles North America, Inc. | United States of America | |||||||
Amcor Finance (USA) Inc. | United States of America | |||||||
Amcor Pty Ltd | Australia |
Date | August 24, 2021 | /s/ Ronald Delia | |||||||||
Ronald Delia, Managing Director and Chief Executive Officer |
Date | August 24, 2021 | /s/ Michael Casamento | |||||||||
Michael Casamento, Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ Ronald Delia | /s/ Michael Casamento | ||||||||||
Ronald Delia, Managing Director and Chief Executive Officer | Michael Casamento, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||||||
Date | August 24, 2021 | Date | August 24, 2021 |
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
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 951 | $ 616 | $ 437 |
Other comprehensive income (loss): | |||
Net gains (losses) on cash flow hedges, net of tax (a) | 26 | (22) | (4) |
Foreign currency translation adjustments, net of tax (b) | 205 | (287) | 61 |
Net investment hedge of foreign operations, net of tax (c) | 0 | (2) | (11) |
Pension, net of tax (d) | 52 | (16) | (59) |
Other comprehensive income (loss) | 283 | (327) | (13) |
Total comprehensive income | 1,234 | 289 | 424 |
Comprehensive (income) loss attributable to non-controlling interest | (12) | (4) | (8) |
Comprehensive income attributable to Amcor plc | $ 1,222 | $ 285 | $ 416 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
(a) Tax benefit related to cash flow hedges | $ 0 | $ 0 | $ 2 |
(b) Tax benefit (expense) related to foreign currency translation adjustments | 7 | (2) | (3) |
(c) Tax benefit related to net investment hedge of foreign operations | 0 | 1 | 5 |
(d) Tax benefit (expense) related to pension adjustments | $ (14) | $ 12 | $ 13 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value | $ 0.01 | $ 0.01 |
Ordinary shares authorized | 9,000,000,000 | 9,000,000,000 |
Ordinary shares issued | 1,538,000,000 | 1,569,000,000 |
Treasury shares | 3,000,000 | 7,000,000 |
Consolidated Statements of Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share | $ 0.4675 | $ 0.465 | $ 0.575 |
Business Description |
12 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Amcor plc ("Amcor" or the "Company") is a holding company originally incorporated under the name Arctic Jersey Limited as a limited company incorporated under the Laws of the Bailiwick of Jersey in July 2018, in order to effect the Company's combination with Bemis Company, Inc. On October 10, 2018, Arctic Jersey Limited was renamed "Amcor plc" and became a public limited company incorporated under the Laws of the Bailiwick of Jersey. On June 11, 2019, the Company completed its acquisition of Bemis Company, Inc ("Bemis"). The combination of Amcor and Bemis has created a global packaging leader. See Note 4, "Acquisitions and Divestitures," for more information on the Bemis acquisition. The Company develops and produces a broad range of packaging products including flexible packaging, rigid packaging containers, specialty cartons, and closures. The Company employs approximately 46,000 individuals and has 225 significant manufacturing and support facilities in more than 40 countries. The Company's business activities are organized around two reportable segments, Flexibles and Rigid Packaging. The Company has a globally diverse operating footprint, selling to customers in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The Company's sales are widely diversified, with the majority of sales made to the food, beverage, pharmaceutical, medical device, home and personal care, and other consumer goods end markets. All markets are considered to be highly competitive as to price, innovation, quality and service.
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Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All intercompany transactions and balances have been eliminated. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain amounts in the Company's notes to consolidated financial statements may not add or recalculate due to rounding. Business Combinations: The Company uses the acquisition method of accounting, which requires separate recognition of assets acquired and liabilities assumed from goodwill, at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the fair value of any non-controlling interests in the acquiree over the net of the acquisition date fair values of the assets acquired and liabilities assumed. During the measurement period, which may be up to one year from the acquisition date, the Company has the ability to record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of income. Discontinued Operations Presentation: The consolidated financial statements and related notes reflect the three plants in Europe acquired as part of the Bemis acquisition as a discontinued operation in fiscal year 2019 as the Company agreed to divest of these plants as a condition of approval from the European Commission. See Note 5, "Discontinued Operations," for more information on discontinued operations. The plants were divested in the first quarter of fiscal year 2020. Estimates and Assumptions Required: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments necessary to fairly present the results of the periods presented. Translation of Foreign Currencies: The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s subsidiaries is generally the local currency of each entity. Transactions in currencies other than the functional currency of the entity are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the entity’s functional currency are remeasured at the exchange rate as of the balance sheet date to the entity’s functional currency. Foreign currency transaction gains and losses related to short-term and long-term debt are recorded in other non-operating income, net, in the consolidated statements of income and the net gains or net losses are not material in any of the periods presented. All other foreign currency transaction gains and losses are recorded in other income, net in the consolidated statements of income. These foreign currency transaction net gains or net losses amounted to a net loss of $4 million, a net gain of $21 million, and a net gain of $9 million during the fiscal years ended June 30, 2021, 2020, and 2019, respectively. Upon consolidation, the results of operations of subsidiaries whose functional currency is other than the reporting currency of the Company are translated using average exchange rates in effect during each year. Assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at the exchange rate as of the balance sheet date, while equity balances are translated at historical rates. Translation gains and losses are reported in accumulated other comprehensive loss as a component of shareholders’ equity. Highly Inflationary Accounting: A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. As of July 1, 2018, the Argentine economy was designated as highly inflationary for accounting purposes. Accordingly, the U.S. dollar replaced the Argentine peso as the functional currency for the Company's subsidiaries in Argentina. The impact of highly inflationary accounting on monetary balances was a loss of $19 million, $28 million, and $30 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively, in the consolidated statements of income. Revenue Recognition: The Company generates revenue by providing its customers with flexible and rigid packaging serving a variety of markets including food, consumer products, and healthcare end markets. The Company enters into a variety of agreements with customers, including quality agreements, pricing agreements, and master supply agreements, which outline the terms under which the Company does business with a specific customer. The Company also sells to some customers solely based on purchase orders. The Company has concluded for the vast majority of its revenues, that its contracts with customers are either a purchase order or the combination of a purchase order with a master supply agreement. All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The Company typically satisfies the obligation to provide packaging to customers at a point in time upon shipment when control is transferred to customers. Revenue is recognized net of allowances for returns and customer claims and any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company does not have any material contract assets or contract liabilities. The Company disaggregates revenue based on geography. Disaggregation of revenue is presented in Note 20, "Segments." Significant Judgments Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company identified potential performance obligations in its customer master supply agreements and determined that none of them are capable of being distinct as the customer can only benefit from the supplied packaging. Therefore, the Company has concluded that it has one performance obligation to supply packaging to customers. The Company may provide variable consideration in several forms, which are determined through its agreements with customers. The Company can offer prompt payment discounts, sales rebates, or other incentive payments to customers. Sales rebates and other incentive payments are typically awarded upon achievement of certain performance metrics, including volume. The Company accounts for variable consideration using the most likely amount method. The Company utilizes forecasted sales data and rebate percentages specific to each customer agreement and updates its judgment of the amounts to which the customer is entitled each period. The Company enters into long-term agreements with certain customers, under which it is obligated to make various up-front payments for which it expects to receive a benefit in excess of the cost over the term of the contract. These up-front payments are deferred and reflected in prepaid expenses and other current assets or other non-current assets on its consolidated balance sheets. Contract incentives are typically recognized as a reduction to revenue over the term of the customer agreement. Practical Expedients The Company sells primarily through its direct sales force. Any external sales commissions are expensed when incurred because the amortization period would be one year or less. External sales commission expense is included in selling, general, and administrative expenses in the consolidated statements of income. The Company accounts for shipping and handling activities as fulfillment costs. Accordingly, shipping and handling costs are classified as a component of cost of sales while amounts billed to customers are classified as a component of net sales. The Company excludes from the measurement of the transaction price all taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue producing transaction and collected from the customer, including sales taxes, value added taxes, excise taxes, and use taxes. Accordingly, the tax amounts are not included in net sales. The Company does not adjust the promised consideration for the time value of money for contracts where the difference between the time of payment and performance is one year or less. Research and Development: Research and development expenses are expensed as incurred. Restructuring Costs: Restructuring costs are recognized when the liability is incurred. The Company calculates severance obligations based on its standard customary practices. Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the restructuring plan. In the absence of a standard customary practice or established local practice, liabilities for severance are recognized when incurred. If fixed assets are to be disposed of as a result of the Company’s restructuring efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use. Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided. See Note 6, "Restructuring Plans," for more information on the Company’s restructuring plans. Cash, Cash Equivalents, and Restricted Cash: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option. Cash equivalents are carried at cost which approximates fair market value. The Company had restricted cash of $23 million at June 30, 2021, which is held in a share trust associated with Company share-based payment obligations. The Company did not have any restricted cash at June 30, 2020. Trade Receivables, Net: Trade accounts receivable, net, are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is estimated based on the current expected credit loss model ("CECL") and it incorporates information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer and changes in customer payment terms or practices. In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts. The Company has an allowance for doubtful accounts of $28 million and $35 million recorded at June 30, 2021 and 2020, respectively, in trade receivables, net, on the consolidated balance sheets. The current year expense to adjust the allowance for doubtful accounts is recorded within selling, general, and administrative expenses in the consolidated statements of income. Trade receivables, net, is summarized as follows:
Allowance for Doubtful Accounts The changes in allowance for doubtful accounts, including expected credit losses, during the years ended June 30, 2021 and 2020 were as follows:
(1)Refer to Note 3, "New Accounting Guidance" for more information regarding adoption of ASC 326. The Company enters into factoring arrangements from time to time, including customer-based supply-chain financing programs, to sell trade receivables to third-party financial institutions. Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of trade receivables, net on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. Agreements that allow the Company to maintain effective control over the transferred receivables and which do not qualify as a true sale are accounted for as secured borrowings and recorded on the consolidated balance sheets within trade receivables, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of income primarily as a reduction of net sales. The Company did not factor any trade receivables in fiscal years 2021 and 2020 which did not qualify as true sales of the receivables. Inventories: Inventories are stated at the lower of cost and net realizable value. The cost of inventories is based upon the first-in, first-out ("FIFO") method or average cost method. Inventories are summarized at June 30, 2021 and 2020 as follows:
Property, Plant, and Equipment, Net: Property, plant, and equipment ("PP&E"), net is carried at cost less accumulated depreciation and impairment and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction period. Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred. PP&E, including assets held under finance leases, is depreciated using the straight-line method over the estimated useful lives of assets or, in the case of leasehold improvements and leased assets, over the period of the lease or useful life of the asset, whichever is shorter, as described below. The Company periodically reviews these estimated useful lives and, when appropriate, changes are made prospectively.
For tax purposes, the Company generally uses accelerated methods of depreciation. The tax effect of the difference between book and tax depreciation has been provided for as deferred income taxes. Impairment of Long-lived Assets: The Company reviews long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, for impairment when facts or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as applicable. Impairment losses recognized in the consolidated statements of income were as follows:
Leases: The Company has operating leases for certain manufacturing sites, office space, warehouses, land, vehicles, and equipment. Right-of-use ("ROU") lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term, which includes renewal periods the Company is reasonably certain to exercise. The Company reevaluates its leases on a regular basis to consider the economic and strategic incentives of exercising lease renewal options. Short-term leases with a term of twelve months or less, including reasonably certain holding periods, are not recorded on the consolidated balance sheets. As the Company's leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate as of the commencement date to determine the present value of lease payments. The Company recognizes expense for operating leases on a straight-line basis over the lease term in the consolidated statements of income. Certain leasing arrangements require variable payments that are dependent on usage or output or may vary for other reasons. Variable lease payments that do not depend on an index or rate are excluded from lease payments in the measurement of the ROU lease asset and lease liability and recognized as an expense in the period in which the obligation for the payments occur. Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but instead tested annually or whenever events and circumstances indicate an impairment may have occurred during the year. Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates. All goodwill is assigned to a reporting unit, which is defined as the operating segment. In conjunction with the acquisition of Bemis, the Company reassessed its segment reporting structure in the first fiscal quarter of 2020 and elected to disaggregate the Flexibles Americas operating segment into Flexibles North America and Flexibles Latin America. With this change, the Company has six reporting units with goodwill that are assessed for potential impairment. In performing the required impairment tests, the Company has the option to first assess qualitative factors to determine if it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment concludes that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. The Company's quantitative assessment utilizes present value (discounted cash flow) methods to determine the fair value of the reporting units with goodwill. Determining fair value using discounted cash flows requires considerable judgment and is sensitive to changes in underlying assumptions and market factors. Key assumptions relate to revenue growth, projected operating income growth, terminal values, and discount rates. If current expectations of future growth rates and margins are not met, or if market factors outside of Amcor’s control, such as factors impacting the applicable discount rate, or economic or political conditions in key markets change significantly, then goodwill allocated to one or more reporting units may be impaired. The Company performs its annual impairment analysis in the fourth fiscal quarter of each year. A qualitative impairment analysis was performed in the fourth fiscal quarter for five of the Company's six reporting units in fiscal year 2021 and all of its reporting units for fiscal year 2019. The Company elected to perform a quantitative goodwill impairment test for one flexible reporting unit in fiscal year 2021 and performed a quantitative impairment test for all of its reporting units in fiscal year 2020. The Company’s annual impairment analysis for all three fiscal years concluded that goodwill was not impaired. Quantitative impairment analyses performed during the last two years concluded that the fair value of the reporting units substantially exceeded their carrying value. Although no reporting units failed the assessments noted above in the annual impairment analysis for 2021, during the time subsequent to the annual evaluation, and at June 30, 2021, the Company considered whether any events and/or changes in circumstances, including the impact of the COVID-19 pandemic, had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired. It is management's opinion that no such events have occurred. Other Intangible Assets, Net: Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from to 20 years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Costs incurred to develop software programs to be used solely to meet the Company's internal needs have been capitalized as computer software within other intangible assets. Fair Value Measurements: The fair values of the Company's financial assets and financial liabilities reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The Company determines fair value based on a three-tiered fair value hierarchy. The hierarchy consists of: •Level 1: fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date; •Level 2: fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data; and •Level 3: fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability. Financial Instruments: The Company recognizes all derivative instruments on the consolidated balance sheets at fair value. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings over the life of the hedging relationship. See Note 11, "Derivative Instruments," for more information regarding specific derivative instruments included on the Company’s consolidated balance sheets, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements, among other derivative instruments. Employee Benefit Plans: The Company sponsors various defined contribution plans to which it makes contributions on behalf of employees. The expense under such plans was $68 million, $64 million, and $40 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively. The Company sponsors a number of defined benefit plans that provide benefits to current and former employees. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates, and other assumptions. The Company believes that the accounting estimates related to its pension plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions, and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the Company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The Company recognizes the funded status of each defined benefit pension plan in the consolidated balance sheets. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Pension plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. Accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants. The service costs related to defined benefits are included in operating income. The other components of net benefit cost other than service cost are recorded within other non-operating income, net in the consolidated statements of income. Equity Method and Other Investments: Investments in ordinary shares of companies, in which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method of accounting. Under this method, the investment is carried at cost and is adjusted to recognize the investor’s share of earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever it is determined that a decline in the fair value below the cost basis is other than temporary. The fair value of the investment then becomes the new cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The Company sold its equity investment in AMVIG Holdings Limited ("AMVIG") in the first quarter of fiscal year 2021, refer to Note 7, "Equity Method and Other Investments." All equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value with unrealized gains and losses related to mark-to-market adjustments included in net income. The Company utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost adjusted for impairments and observable price changes in orderly transactions. To date, investments not accounted for under the equity method are not material. Contingencies: The Company is subject to numerous contingencies arising in the ordinary course of business, such as legal and administrative proceedings, environmental claims and proceedings, workers' compensation, and other claims. Accruals for estimated losses are recorded by the Company at the time information becomes available indicating that losses are probable and that the amounts can be reasonably estimated. When management can reasonably estimate a range of losses it may incur, it records an accrual for the amount within the range that constitutes its best estimate. If no amount within a range appears to be a better estimate than any other, the low end of the range is accrued. The Company records anticipated recoveries under existing insurance contracts when recovery is probable. Share-based Compensation: Amcor has a variety of equity incentive plans. For employee awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company must reassess the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company also has immaterial cash-settled share-based compensation plans which are accounted for as liabilities. Such share-based awards are remeasured to fair value at each reporting period. The Company estimates forfeitures based on employee level, economic conditions, time remaining to vest, and historical forfeiture experience. Income Taxes: The Company uses the asset and liability method to account for income taxes. Deferred income taxes reflect the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each balance sheet date, based upon enacted income tax laws and tax rates. Income tax expense or benefit is provided based on earnings reported in the consolidated financial statements. The provision for income tax expense or benefit differs from the amounts of income taxes currently payable because certain items of income and expense included in the consolidated financial statements are recognized in different time periods by taxing authorities. Deferred tax assets, including operating loss, capital loss, and tax credit carryforwards, are reduced by a valuation allowance when it is more likely than not that any portion of these tax attributes will not be realized. In addition, from time to time, management must assess the need to accrue or disclose uncertain tax positions for proposed adjustments from various tax authorities who regularly audit the Company in the normal course of business. In making these assessments, management must often analyze complex tax laws of multiple jurisdictions. Accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company records the related interest expense and penalties, if any, as tax expense in the tax provision. See Note 16, "Income Taxes," for more information on the Company's income taxes.
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New Accounting Guidance |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Guidance | New Accounting Guidance Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, which is guidance requiring financial assets, or a group of financial assets measured at amortized cost basis to be presented at the net amount expected to be collected when finalized using a loss methodology known as the current expected credit loss methodology ("CECL"). The allowance for credit losses is a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. This updated guidance impacts loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The guidance was effective for the Company on July 1, 2020 and was adopted using the modified retrospective approach. As a result, the Company changed its disclosures related to credit losses; refer to Note 2, "Significant Accounting Policies - Trade Receivables, Net". The cumulative effect of the changes made to the Company's consolidated July 1, 2020 balance sheet related to the adoption of CECL is as follows:
In March 2020, the FASB issued optional expedients and exceptions to ease the potential burden in accounting for reference rate reform related to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria. The Company adopted this guidance in the fourth quarter of fiscal year 2021. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Accounting Standards Not Yet Adopted In December 2019, the FASB issued updated guidance to simplify the accounting for income taxes by removing certain exceptions and improving the consistent application of U.S. GAAP in other tax accounting areas. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2020 with early adoption permitted. The guidance will be effective for the Company on July 1, 2021 and the Company does not expect the adoption will be material to its consolidated financial statements upon adoption. The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined that all other ASUs not yet adopted to be either not applicable or are expected to have minimal impact on the Company's consolidated financial statements at this time.
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Acquisitions and Divestitures |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestitures | Acquisitions and Divestitures Year ended June 30, 2021 Divestitures As part of optimizing its portfolio under the 2019 Bemis Integration Plan, the Company completed the disposal of a non-core European hospital supplies business, which was part of the Flexibles reportable segment. The resulting gain from the sale has been recorded in the line restructuring and related expenses, net, in the consolidated statements of income. Refer to Note 6, "Restructuring Plans." The Company also completed the disposal of two non-core businesses in India and Argentina in the Flexibles segment during the first quarter of fiscal year 2021, recording a loss on sale of $6 million, which was primarily driven by the reclassification of cumulative translation adjustments through the income statements that had previously been recorded in other comprehensive income. The Company sold its equity investment in AMVIG Holdings Limited ("AMVIG") in the first quarter of fiscal year 2021. Refer to Note 7, "Equity Method and Other Investments." Year ended June 30, 2020 Divestitures Closing of the Bemis acquisition was conditional upon the receipt of regulatory approvals, approval by both Amcor and Bemis shareholders, and satisfaction of other customary conditions. In order to satisfy certain regulatory approvals, the Company was required to divest three of Bemis' medical packaging facilities located in the United Kingdom and Ireland ("EC Remedy") and three Amcor medical packaging facilities in the United States ("U.S. Remedy"). The U.S. Remedy was completed during the fourth quarter of fiscal year 2019 and the Company received $214 million resulting in a gain of $159 million. The EC Remedy was completed during the first quarter of fiscal year 2020 and the Company received $397 million and recorded a loss on the sale of $9 million which is the result of the reclassification of accumulated foreign currency translation amounts from accumulated other comprehensive loss to earnings from discontinued operations upon sale of the EC Remedy. In addition, the Company sold an equity method investment acquired through the Bemis acquisition in the third quarter of fiscal year 2020 for proceeds of $28 million. There was no gain or loss on sale as the investment was recorded at fair value upon acquisition. Year ended June 30, 2019 Acquisitions - Bemis Company, Inc. On June 11, 2019, the Company completed the acquisition of 100% of the outstanding shares of Bemis Company, Inc ("Bemis"), a global manufacturer of flexible packaging products based in the United States. Pursuant to the Transaction Agreement, dated as of August 6, 2018, each outstanding share of Bemis common stock that was issued and outstanding upon completion of the transaction was converted into the right to receive 5.1 ordinary shares of the Company traded on the New York Stock Exchange ("NYSE"). The following table summarizes the fair value of consideration exchanged:
The acquisition of Bemis positioned the Company as a global leader in consumer packaging with a comprehensive global footprint in flexible packaging and greater scale in key regions of North America, Latin America, Asia Pacific, and Europe, along with industry-leading research and development capabilities. The acquisition of Bemis was accounted for as a business combination in accordance with ASC 805, "Business Combinations," which required allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed in the transaction. The fair value of the assets acquired and liabilities assumed as of the acquisition date were finalized upon completion of the measurement period in the fourth fiscal quarter of 2020. The following table details the identifiable intangible assets acquired from Bemis, their fair values, and estimated useful lives:
The allocation of the purchase price resulted in $3,368 million of goodwill for the Flexibles Segment, which is not tax deductible. The goodwill on acquisition represents the future economic benefit expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and non-contractual relationships, as well as expected future synergies.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On February 11, 2019, the Company received approval from the European Commission ("EC") for the acquisition of Bemis Company, Inc. ("Bemis"). A condition of the approval was an agreement to divest three Bemis medical packaging facilities located in the United Kingdom and Ireland ("EC Remedy"). Upon completion of the Bemis acquisition on June 11, 2019, the Company determined that the EC Remedy met the criteria to be classified as a discontinued operation, in accordance with ASC 205-20, "Discontinued Operations." The sale of the EC Remedy closed on August 8, 2019. The Company recorded a loss on the sale of $9 million, which is the result of the reclassification of accumulated foreign currency translation amounts from accumulated other comprehensive loss to earnings from discontinued operations upon sale of the EC Remedy. The following table summarizes the results of the Company's discontinued operations:
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Restructuring Plans |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Plans | Restructuring Plans 2019 Bemis Integration Plan In connection with the acquisition of Bemis, the Company initiated restructuring activities in the fourth quarter of 2019 aimed at integrating and optimizing the combined organization. As previously announced, the Company continues to target realizing at least $180 million of pre-tax synergies driven by procurement, supply chain, and general and administrative savings by the end of fiscal year 2022. The Company's total 2019 Bemis Integration Plan pre-tax integration costs are expected to be approximately $230 million to $240 million. The total 2019 Bemis Integration Plan costs include approximately $190 million to $200 million of restructuring and related expenses, net, and $40 million of general integration expenses. The Company estimates that net cash expenditures including disposal proceeds will be approximately $160 million to $170 million, of which $40 million relates to general integration expense. As of June 30, 2021, the Company has incurred $135 million in employee related expenses, $38 million in fixed asset related expenses, $26 million in other restructuring, and $27 million in restructuring related expenses, partially offset by a gain on disposal of a business of $51 million. The year ended June 30, 2021 resulted in net cash inflows of $1 million, including $78 million of business disposal proceeds, offset by $77 million of cash outflows, of which $69 million were payments related to restructuring and related expenditures. The 2019 Bemis Integration Plan relates to the Flexibles segment and Corporate and is expected to be substantially completed by the end of fiscal year 2022. Restructuring related costs are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. General integration costs are not linked to restructuring. The Company believes the disclosure of restructuring related costs provides more information on the total cost of the 2019 Bemis Integration Plan. The restructuring related costs relate primarily to the closure of facilities and include costs to replace graphics, train new employees on relocated equipment, and anticipated losses on sale of closed facilities. 2018 Rigid Packaging Restructuring Plan On August 21, 2018, the Company announced a restructuring plan in Amcor Rigid Packaging ("2018 Rigid Packaging Restructuring Plan") aimed at reducing structural costs and optimizing the footprint. The Plan includes the closures of manufacturing facilities and headcount reductions to achieve manufacturing footprint optimization and productivity improvements as well as overhead cost reductions. The 2018 Rigid Packaging Restructuring Plan was completed by June 30, 2021 with total pre-tax restructuring costs of $121 million, whereof $78 million resulted in cash expenditures, with the main component being the cost to exit manufacturing facilities and employee related costs. Cash payments for the fiscal year 2021 were $21 million. Other Restructuring Plans The Company has entered into other individually immaterial restructuring plans ("Other Restructuring Plans"). The Company's restructuring charges related to these plans were $6 million, $18 million, and $19 million for the years ended June 30, 2021, 2020, and 2019, respectively. Consolidated Amcor Restructuring Plans The total costs incurred from the beginning of the Company's material restructuring plans are as follows:
(1)Total restructuring and related expenses include restructuring related costs from the 2019 Bemis Integration Plan of $13 million, $15 million, and $2 million for the fiscal years 2021, 2020, and 2019, respectively. An analysis of the restructuring charges by type incurred follows:
An analysis of the Company's restructuring plan liability, not including restructuring-related liabilities, is as follows:
The costs related to restructuring activities, including restructuring-related activities, have been presented on the consolidated statements of income as restructuring and related expenses, net. The accruals related to restructuring activities have been recorded on the consolidated balance sheets under other current liabilities.
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Equity Method and Other Investments |
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Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method and Other Investments | Equity Method and Other Investments Investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, with usually not more than 50% voting interest, and are recorded on the consolidated balance sheets in investments in affiliated companies. The Company sold its only significant equity method investment, AMVIG Holdings Limited ("AMVIG") on September 30, 2020, realizing a net gain of $15 million, which was recorded in equity in income (loss) of affiliated companies, net of tax in the consolidated statements of income. Investments in affiliated companies as of June 30, 2020 included an interest in AMVIG of 47.6% and other individually immaterial investments. As of June 30, 2021, investments in affiliated companies are immaterial. During the fiscal years ended June 30, 2021, 2020, and 2019, the Company received dividends of $0 million, $10 million, and $8 million, respectively, from AMVIG. The Company reviews its investment in affiliated companies for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Due to impairment indicators present in fiscal years 2020 and 2019, the Company performed impairment tests by comparing the carrying value of its investment in AMVIG to its fair value, which was determined based on AMVIG's quoted share price. The fair value of the investment dropped below its carrying value during fiscal years 2020 and 2019, and therefore the Company recorded an other-than-temporary impairment of $26 million and $14 million, respectively, to bring the value of its investment to fair value. The impairment charge was included in equity in income (loss) of affiliated companies, net of tax, in the consolidated statements of income.
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant, and Equipment, Net The components of property, plant, and equipment, net, were as follows:
Depreciation expense amounted to $389 million, $403 million, and $306 million for the fiscal year 2021, 2020, and 2019, respectively. Amortization of assets under finance lease obligations is included in depreciation expense.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill attributable to each reportable segment were as follows:
The table above does not include goodwill attributable to the Company's discontinued operations of $282 million at June 30, 2019. There were no discontinued operations at June 30, 2021 and 2020. Other Intangible Assets Other intangible assets comprised:
(1)Accumulated amortization and impairment includes $34 million and $32 million for June 30, 2021 and 2020, respectively, of accumulated impairment in the Other category, as well as other immaterial accumulated impairments. (2)Other includes $17 million and $16 million for June 30, 2021 and 2020, respectively, of acquired intellectual property assets not yet being amortized as the related R&D projects have not yet been completed. Amortization expense for intangible assets during the fiscal years 2021, 2020, and 2019 was $182 million, $204 million, and $44 million, respectively. In conjunction with a business review and the Company's annual review of intangibles, the Company performed a quantitative impairment test for a technology intangible and recognized non-cash impairment charges of $31 million for the fiscal year 2019 in the Company's Other segment to reduce the carrying value of the asset to its fair value. The impairment charge was included in selling, general, and administrative expenses in the consolidated statements of income. During fiscal years 2021 and 2020, there were no impairment charges recorded on intangible assets. Estimated future amortization expense for intangible assets is as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The fair values of the Company's financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The Company's non-derivative financial instruments primarily include cash and cash equivalents, trade receivables, trade payables, short-term debt, and long-term debt. At June 30, 2021 and 2020, the carrying value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term nature of these instruments. Fair value disclosures are classified based on the fair value hierarchy. See Note 2, "Significant Accounting Policies," for information about the Company's fair value hierarchy. The fair value of long-term debt with variable interest rates approximates its carrying value. The fair value of the Company's long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles. The carrying values and estimated fair values of long-term debt with fixed interest rates (excluding finance leases) were as follows:
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis Additionally, the Company measures and records certain assets and liabilities, including derivative instruments and contingent purchase consideration liabilities, at fair value. The following table summarizes the fair value of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
The fair value of the commodity contracts was determined using a discounted cash flow analysis based on the terms of the contracts and observed market forward prices discounted at a currency-specific rate. Forward exchange contract fair values were determined based on quoted prices for similar assets and liabilities in active markets using inputs such as currency rates and forward points. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. Contingent purchase consideration obligations arise from business acquisitions. The Company's contingent purchase consideration liabilities consist of a $10 million liability that is contingent on future royalty income generated by Discma AG, a subsidiary acquired in March 2017, with the $8 million balance relating to consideration for small business acquisitions where payments are contingent on the Company vacating a certain property or performance criteria. The fair value of the contingent purchase consideration liabilities was determined for each arrangement individually. The fair value was determined using the income approach with significant inputs that are not observable in the market. Key assumptions include the discount rates consistent with the level of risk of achievement and probability adjusted financial projections. The expected outcomes are recorded at net present value, which requires adjustment over the life for changes in risks and probabilities. Changes arising from modifications in forecasts related to contingent consideration are expected to be immaterial. The fair value of contingent purchase consideration liabilities is included in other current liabilities and other non-current liabilities in the consolidated balance sheets. The change in fair value of the contingent purchase consideration liabilities, which was included in other income, net is due to the passage of time and changes in the probability of achievement used to develop the estimate. The following table sets forth a summary of changes in the value of the Company's Level 3 financial liabilities:
Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis. The Company measures certain assets, including technology intangible assets, equity method and other investments, and other intangible assets at fair value on a nonrecurring basis when they are deemed to be other than temporarily impaired. The fair values of these assets are determined, when applicable, based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. The Company sold its equity method investment in AMVIG on September 30, 2020. Refer to Note 7, "Equity Method and Other Investments." The Company tests indefinite-lived intangibles for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. The Company recognized non-cash impairment charges of $31 million in the fiscal year 2019 to reduce the carrying value of an indefinite-lived technology intangible asset to its fair value. During fiscal years 2021 and 2020, there were no indefinite-lived intangible impairment charges recorded.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The Company periodically uses derivatives and other financial instruments to hedge exposures to interest rates, commodity and currency risks. The Company does not hold or issue financial instruments for speculative or trading purposes. For hedges that meet the hedge accounting criteria, the Company, at inception, formally designates and documents the instrument as a fair value hedge or a cash flow hedge of a specific underlying exposure. On an ongoing basis, the Company assesses and documents that its hedges have been and are expected to continue to be highly effective. Interest Rate Risk The Company's policy is to manage exposure to interest rate risk by maintaining a mixture of fixed-rate and variable-rate debt, monitoring global interest rates, and, where appropriate, hedging floating interest rate exposure or debt at fixed interest rates through various interest rate derivative instruments including, but not limited to, interest rate swaps, cross-currency interest rate swaps, and interest rate locks. For interest rate swaps that are accounted for as fair value hedges, the gains and losses related to changes in the fair value of the interest rate swaps are included in interest expense and offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. Changes in the fair value of interest rate swaps that have not been designated as hedging instruments are reported in the accompanying consolidated statements of income under other non-operating income, net. As of June 30, 2021 and 2020, the total notional amount of the Company's receive-fixed/pay-variable interest rate swaps was $1,257 million and $837 million, respectively. The notional amount as of June 30, 2021 includes certain $400 million interest rate swap agreements in connection with the issuance of $800 million fixed-rate 10-year notes in May 2021. These interest rate swap agreements effectively convert 50% of the fixed-rate interest obligations into variable-rate interest obligations over the term of the agreements, thereby mitigating changes in fair value of the related debt. At June 30, 2021 and June 30, 2020, the Company had a notional amount of nil and $100 million (equivalent to €89 million) cross-currency interest rate swaps outstanding. The Company did not designate the swaps as a hedging instrument and thus changes in fair value were immediately recognized in earnings. Foreign Currency Risk The Company manufactures and sells its products and finances operations in a number of countries throughout the world and, as a result, is exposed to movements in foreign currency exchange rates. The purpose of the Company's foreign currency hedging program is to manage the volatility associated with the changes in exchange rates. To manage this exchange rate risk, the Company utilizes forward contracts. Contracts that qualify for hedge accounting are designated as cash flow hedges of certain forecasted transactions denominated in foreign currencies. The effective portion of the changes in fair value of these instruments is reported in accumulated other comprehensive loss ("AOCI") and reclassified into earnings in the same financial statement line item and in the same period or periods during which the related hedged transactions affect earnings. The ineffective portion is recognized in earnings over the life of the hedging relationship in the same consolidated statements of income line item as the underlying hedged item. Changes in the fair value of forward contracts that have not been designated as hedging instruments are reported in the accompanying consolidated statements of income. As of June 30, 2021 and 2020, the notional amount of the outstanding forward contracts was $1.1 billion and $1.6 billion, respectively. The Company manages its currency exposure related to the net assets of its foreign operations primarily through borrowings denominated in the relevant currency. Foreign currency gains and losses from the remeasurement of external borrowings designated as net investment hedges of a foreign operation are recognized in AOCI, to the extent that the hedge is effective. The ineffective portion is immediately recognized in other non-operating income, net in the consolidated statements of income. When a hedged net investment is disposed of, a percentage of the cumulative amount recognized in AOCI in relation to the hedged net investment is recognized in the consolidated statements of income as part of the profit or loss on disposal. The Company did not have any net investment hedges in place as of June 30, 2021. At the beginning of fiscal year 2020, the carrying value of commercial paper issued which was designated as a net investment hedge was $67 million. During the three months ended December 31, 2019, the Company settled $67 million of U.S. commercial paper issued by a non-U.S. entity, which was previously designated as a net investment hedge in its U.S. subsidiaries. The net investment hedges recorded through the point of settlement are included in AOCI and will be reclassified into earnings only upon the sale or liquidation of the related subsidiaries. Commodity Risk Certain raw materials used in the Company's production processes are subject to price volatility caused by weather, supply conditions, political and economic variables, and other unpredictable factors. The Company's policy is to minimize exposure to price volatility by passing through the commodity price risk to customers, including the use of fixed price swaps. The Company purchases on behalf of customers fixed price commodity swaps to offset the exposure of price volatility on the underlying sales contracts, these instruments are cash closed out on maturity, and the related cost or benefit is passed through to customers. Information about commodity price exposure is derived from supply forecasts submitted by customers and these exposures are hedged by a central treasury unit. Changes in the fair value of commodity hedges are recognized in AOCI. The cumulative amount of the hedge is recognized in the consolidated statements of income when the forecast transaction is realized. At June 30, 2021 and 2020, the Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases:
The following tables provide the location of derivative instruments in the consolidated balance sheets:
Certain derivative financial instruments are subject to netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the consolidated balance sheets. The following tables provide the effects of derivative instruments on AOCI and in the consolidated statements of income:
The changes in AOCI for effective derivatives were as follows:
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Pension and Other Post-Retirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Post-Retirement Plans | Pension and Other Post-Retirement Plans The Company sponsors both funded and unfunded defined benefit pension plans that include statutory and mandated benefit provision in some countries as well as voluntary plans (generally closed to new joiners). During fiscal year 2021, the Company maintained 21 statutory and mandated defined benefit arrangements and 57 voluntary defined benefit plans. The principal defined benefit plans are structured as follows:
(1)Rio Tinto Limited assumes responsibility for its former employees' retirement entitlements as of February 1, 2010 when Amcor acquired Alcan Packaging from Rio Tinto Limited. Net periodic benefit cost for benefit plans includes the following components:
Amounts recognized in the consolidated income statements comprise the following:
Changes in benefit obligations and plan assets were as follows:
The following table provides information for defined benefit plans with a projected benefit obligation in excess of plan assets:
The following table provides information for defined benefit plans with an accumulated benefit obligation in excess of plan assets:
Amounts recognized in the consolidated balance sheets consist of the following:
The following table provides information as to how the funded / unfunded status is recognized in the consolidated balance sheets:
The components of other comprehensive (income) loss are as follows:
Weighted-average assumptions used to determine benefit obligations at year end were:
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal years ended were:
Where funded, the Company and, in some countries, the employees make cash contributions into the pension fund. In the case of unfunded plans, the Company is responsible for benefit payments as they fall due. Plan funding requirements are generally determined by local regulation and/or best practice and differ between countries. The local statutory funding positions are not necessarily consistent with the funded status disclosed on the consolidated balance sheets. For any funded plans in deficit (as measured under local country guidelines), the Company agrees with the trustees and plan fiduciaries to undertake suitable funding programs to provide additional contributions over time in accordance with local country requirements. Contributions to the Company's defined benefit pension plans, not including unfunded plans, are expected to be $26 million over the next fiscal year. The following benefit payments for the succeeding five fiscal years and thereafter, which reflect expected future service, as appropriate, are expected to be paid:
The ERISA Benefit Plan Committee in the United States, the Pension Plan Committee in Switzerland, and the Trustees of the pension plans in Canada, Ireland, and UK establish investment policies and strategies for the Company's pension plan assets and are required to consult with the Company on changes to their investment policy. In developing the expected long-term rate of return on plan assets at each measurement date, the Company considers the plan assets' historical returns, asset allocations, and the anticipated future economic environment and long-term performance of the asset classes. While appropriate consideration is given to recent and historical investment performance, the assumption represents management's best estimate of the long-term prospective return. The pension plan assets measured at fair value were as follows:
Equity securities: Valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on significant observable inputs such as fund values provided by the independent fund administrators (Level 2). Government debt securities: Valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on observable inputs such as fund values provided by independent fund administrators, pricing of similar agency issues, live trading feeds from several vendors, and benchmark yield (Level 2). Corporate debt securities: Valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on observable inputs such as fund values provided by independent fund administrators, or benchmark yields, reported trades, broker/dealer quotes, issuer spreads. Inputs may be prioritized differently at certain times based on market conditions (Level 2). Real estate: Valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on observable inputs such as fund values provided by independent fund administrators (Level 2). Cash and cash equivalents: Consist of cash on deposit with brokers and short-term money market funds and are shown net of receivables and payables for securities traded at period end but not yet settled (Level 1) and cash indirectly held across investment funds (Level 2). All cash and cash equivalents are stated at cost, which approximates fair value. Other: Level 1: Derivatives valued as closing prices reported in the active market. Level 2: Assets held in diversified growth funds, pooled funds, financing funds, and derivatives, where the value of the assets are determined by the investment managers or an external valuer based on the probable value of the underlying assets. Level 3: Indemnified plan assets and a buy-in policy, insurance contracts, and pooled funds (equity, credit, macro-orientated, multi-strategy, cash, and other). The value of indemnified plan assets and the buy-in policy are determined based on the value of the liabilities that the assets cover. The value of insurance contracts is determined by the insurer based on the value of the insurance policies. The value of the pooled funds is calculated by the investment managers based on the values of the underlying portfolios. The following table sets forth a summary of changes in the value of the Company's Level 3 assets:
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-Term Debt The following table summarizes the carrying value of long-term debt at June 30, 2021 and 2020, respectively:
(1)Indicates debt which has been classified as long-term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis. (2)During the fiscal year 2021, the Company issued U.S. dollar notes with an aggregate principal amount of $800 million with a contractual maturity in May 2031. The notes pay a coupon of 2.69% per annum, payable semi-annually in arrears. The notes are unsecured senior obligations of the Company and are fully and unconditionally guaranteed by the Company and its certain subsidiaries. (3)On July 15, 2021, the Company redeemed all $400 million outstanding amount of the 4.50% senior notes due October 2021. (4)Relates to fair value hedge basis adjustment relating to interest rate hedging. The following table summarizes the contractual maturities of the Company's long-term debt, including current maturities (excluding payments for finance leases) at June 30, 2021 for the succeeding five fiscal years:
(1) Commercial paper denominated in U.S. dollars is classified as maturing in 2023, supported by the 3-year syndicated facility. (2) Commercial paper denominated in Euros is classified as maturing in 2025, supported by the 5-year syndicated facility. Bank and other loans The Company has entered into syndicated and bilateral multi-currency credit facilities with financial institutions. The agreements include customary terms and conditions for a syndicated facility of this nature and the revolving tranches have two 12 month options available to management to extend the maturity date. On March 30, 2021, the Company amended its , and five-year syndicated facility agreements which collectively provide for $3.8 billion of facilities, each dated April 30, 2019. The amendments extend the maturity date of each of the facility agreements by one year. The borrowing commitment amount of each of the facility agreements did not change as a result of the amendments. Among other changes, the amendments added customary LIBOR benchmark replacement language, removed the financial covenant requiring the Company to comply with a minimum net interest expense coverage ratio, increased the maximum permitted leverage ratio, and permitted further increases in the Company's leverage ratio at the Company's election after the consummation of certain qualified transactions by the Company. On May 28, 2021, the Company canceled the $400 million term loan facility following the issuance of a $800 million 10-year senior unsecured note on May 25, 2021. The credit facilities carry interest equal to the applicable LIBOR for the duration of each facility plus an applicable margin and their maturities range from April 2023 to April 2025. As of June 30, 2021 and 2020, these credit facilities amounted to $3.8 billion and $4.2 billion, respectively. As of June 30, 2021 and 2020, the Company has $2.0 billion and $1.8 billion of undrawn commitments, respectively. The Company incurs facility fees of 0.15% on the undrawn commitments. Such fees incurred were immaterial in financial years 2019-2021. At June 30, 2021 and 2020, land and buildings with a carrying value of $19 million and $31 million, respectively, have been pledged as security for bank and other loans. Redemption of term debt The Company may redeem its long-term debt, in whole or in part, at any time or from time to time prior to its maturity. The redemption prices typically represent 100% of the principal amount of the relevant debt plus any accrued and unpaid interest. In addition, for notes that are redeemed by the Company before their stated permitted redemption date, a make-whole premium is payable. On July 15, 2021, the Company redeemed all $400 million outstanding amount of the 4.50% senior notes due in October 2021 at a price equal to the principal plus accrued interest. Priority, Guarantees, and Financial Covenants All the notes are general unsecured senior obligations of the Company and are fully and unconditionally guaranteed on a joint and several basis by certain existing subsidiaries that guarantee its other indebtedness. The Company is required to satisfy certain financial covenants pursuant to its bank loans and notes, which are tested as of the last day of each quarterly and annual financial period, including: a) a leverage ratio, which is calculated as total net debt divided by Adjusted EBITDA and b) an interest coverage ratio, which is calculated as Adjusted EBITDA divided by net interest expense, as defined in the related debt agreements. As of June 30, 2021 and 2020, the Company was in compliance with all debt covenants. Exchange of Notes Related to Bemis Acquisition On June 13, 2019, pursuant to terms and conditions of the offering memorandum and consent solicitation statement, dated as of May 8, 2019, Amcor Finance (USA), Inc. and Bemis Company, Inc. settled the exchange of various Senior and Guaranteed Senior Notes for new Guaranteed Senior Notes issued by the Issuers. Consent was received from Note holders who tendered approximately 91.7% of Notes across five notes (U.S. dollar notes due 2026 and 2028, and the Bemis Notes due 2019, 2021, and 2026). In return for the debt exchange, certain indenture terms and conditions were amended and/or removed relating to Bemis Company, Inc. Subsequently on April 23, 2020, 99.9% of these Notes were tendered by Note holders and exchanged under a Form S-1 Statement filed March 9, 2020. These Notes have been registered under the Securities Act, as described in an Exchange Offer Prospectus of the Company dated March 23, 2020. Short-Term Debt Short-term debt, which primarily consists of bank loans and bank overdrafts, is generally used to fund working capital requirements. The Company has classified commercial paper as long-term at June 30, 2021 in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis. The following table summarizes the carrying value of short-term debt at June 30, 2021 and 2020, respectively.
As of June 30, 2021, the Company paid a weighted-average interest rate of 6.10% per annum, payable at maturity. As of June 30, 2020, the Company paid a weighted-average interest rate of 2.97% per annum, payable at maturity.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expenses are as follows:
(1)Includes short-term leases and variable lease expenses, which were immaterial in fiscal year 2020. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2021, the Company does not have material lease commitments that have not commenced. Supplemental balance sheet information related to leases was as follows:
(1)Finance lease assets are recorded net of accumulated amortization of $8 million and $6 million at June 30, 2021 and 2020, respectively. Supplemental cash flow information related to leases was as follows:
Maturities of lease liabilities are as follows:
The weighted-average remaining lease term and discount rate are as follows:
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity The changes in ordinary and treasury shares during fiscal years 2021, 2020, and 2019, were as follows:
The changes in the components of accumulated other comprehensive loss during the years ended June 30, 2021, 2020, and 2019 were as follows:
The following tables provide details of amounts reclassified from accumulated other comprehensive loss:
(1)During the year ended June 30, 2021, the Company recorded a gain on disposal of AMVIG and other non-core businesses. Upon completion of the sales, $26 million of accumulated foreign currency translation was transferred from accumulated other comprehensive loss to earnings. Refer to Note 7, "Equity Method and Other Investments" for further information on the disposal of AMVIG and Note 4, "Acquisitions and Divestitures" for more information about the Company's other disposals. The year ended June 30, 2020 includes the loss on sale of the EC Remedy of $9 million, which is the result of the reclassification of accumulated foreign currency translation amounts from accumulated other comprehensive loss to earnings. Refer to Note 5, "Discontinued Operations" for more information. Forward contracts to purchase own shares The Company's employee share plans require the delivery of shares to employees in the future when rights vest or vested options are exercised. The Company currently acquires shares on the open market to deliver shares to employees to satisfy vesting or exercising commitments. This exposes the Company to market price risk. To manage the market price risk, the Company has entered into forward contracts for the purchase of its ordinary shares. As of June 30, 2021, the Company has entered into forward contracts that mature in June 2022 to purchase 8 million shares at a weighted average price of $11.65. As of June 30, 2020, the Company had outstanding forward contracts for 2 million shares at an average price of $10.68 that matured in June 2021. The forward contracts to purchase the Company's own shares are classified as a current liability. Equity is reduced by an amount equal to the fair value of the shares at inception. The carrying value of the forward contracts at each reporting period was determined based on the present value of the cost required to settle the contract.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Amcor plc is a tax resident of the United Kingdom of Great Britain and Northern Ireland ("UK"). The components of income before income taxes and equity in income of affiliated companies were as follows:
Income tax expense consisted of the following:
The deferred tax benefit in fiscal year 2020 related to undistributed foreign earnings and included the tax impact of the EC Remedy sale of $83 million. The following is a reconciliation of income tax computed at the UK statutory tax rate of 19.0%, 18.5%, and 19.0% for fiscal years 2021, 2020, and 2019, respectively, to income tax expense.
(1)In fiscal year 2021, Other is comprised of adjustments to prior year, including one related to the crystallization of benefits from business restructuring of $45 million and other individually immaterial items. Amcor operates in over forty different jurisdictions with a wide range of statutory tax rates. The tax expense from operating in non-UK jurisdictions in excess of the UK statutory tax rate is included in the line "Foreign tax rate differential" in the above tax rate reconciliation table. For fiscal year 2021, the Company's effective tax rate was 21.9% as compared to the effective tax rates of 22.6% and 28.4% for fiscal years 2020 and 2019, respectively. For fiscal year 2021, the Company's effective tax rate for the year was higher than its UK statutory tax rate primarily due to pretax income being earned in jurisdictions outside of the UK where the applicable tax rates are higher than the UK statutory tax rate. The fiscal year 2020 foreign tax rate differential reflects a benefit related to Swiss tax law changes, which was mostly offset by current period tax charges related to true-up adjustments. Refer to the section "Swiss Tax Reform" in this footnote for a discussion of the benefit recognized for Swiss tax law changes which the Company recognized in fiscal years 2021 and 2020. Significant components of deferred tax assets and liabilities are as follows:
The Company maintains a valuation allowance on net operating losses and other deferred tax assets in jurisdictions for which it does not believe it is more likely than not to realize those deferred tax assets based upon all available positive and negative evidence, including historical operating performance, carry-back periods, reversal of taxable temporary differences, tax planning strategies, and earnings expectations. The Company's valuation allowance increased by $40 million, increased by $73 million, and increased by $20 million for fiscal year 2021, 2020, and 2019, respectively. As of June 30, 2021 and 2020, the Company had total net operating loss carry forwards, including capital losses, in the amount of $1,085 million and $923 million, and tax credits in the amount of $40 million and $49 million, respectively. The vast majority of the losses and tax credits do not expire. The Company considers the following factors, among others, in evaluating its plans for indefinite reinvestment of its subsidiaries' earnings: (i) the forecasts, budgets, and financial requirements of the Company and its subsidiaries, both for the long-term and for the short-term; and (ii) the tax consequences of any decision to repatriate or reinvest earnings of any subsidiary. The Company has not provided deferred taxes on approximately $1,071 million of earnings in certain foreign subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company may be subject to incremental foreign tax. It is not practicable to estimate the amount of foreign tax that might be payable. A cumulative deferred tax liability of $25 million has been recorded attributable to undistributed earnings that the Company has deemed are no longer indefinitely reinvested. The remaining undistributed earnings of the Company's subsidiaries are not deemed to be indefinitely reinvested and can be repatriated at no tax cost. Accordingly, there is no provision for income or withholding taxes on these earnings. The Company accounts for its uncertain tax positions in accordance with ASC 740, "Income Taxes." At June 30, 2021 and 2020, unrecognized tax benefits totaled $133 million and $101 million, respectively, all of which would favorably impact the effective tax rate if recognized. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal years ended June 30, 2021, 2020, and 2019, the Company's accrual for interest and penalties for these uncertain tax positions was $12 million, $7 million, and $14 million, respectively. The Company does not currently anticipate that the total amount of unrecognized tax benefits will result in material changes to its financial position within the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years presented is as follows:
The Company conducts business in a number of tax jurisdictions and, as such, is required to file income tax returns in multiple jurisdictions globally. The years 2016 through 2020 remain open for examination by the United States Internal Revenue Service ("IRS"), the year 2020 remains open for examination by Her Majesty’s Revenue & Customs ("HMRC"), and the years 2011 through 2020 are currently subject to audit or remain open for examination in various tax jurisdictions. The Company believes that its income tax reserves are adequately maintained taking into consideration both the technical merits of its tax return positions and ongoing developments in its income tax audits. However, the final determination of the Company's tax return positions, if audited, is uncertain and therefore there is a possibility that final resolution of these matters could have a material impact on the Company's results of operations or cash flows. Swiss Tax Reform During the fiscal year ended June 30, 2020, Swiss tax laws were changed in order to remove certain tax regimes and replace these with new measures that are hereafter referred to as "Swiss Tax Reform." In the fourth quarter of fiscal year 2020, the Company obtained confirmation from local authorities as to the methodology to calculate the future benefits and recorded the impact. The Company recorded a benefit of $22 million at June 30, 2020 related to a reduction in deferred tax expense from an allowed step-up of intangible assets for tax purposes and an additional benefit of $2 million during fiscal year 2021.
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Share-based Compensation | Share-based Compensation The Company's equity incentive plans include grants of share options, restricted shares/units, performance shares, performance rights, and share rights. In fiscal years 2021 and 2020, share options and performance rights or performance shares (awarded to U.S. participants in place of performance rights) were granted to officers and employees. The exercise price for share options was set at the time of grant. There were no share options, performance rights, or performance shares granted in fiscal year 2019 as they were deferred due to the transaction with Bemis. The requisite service period for outstanding share options, performance rights, or performance shares ranges from to four years. The awards are also subject to performance and market conditions. At vesting, share options can be exercised and converted to ordinary shares on a one-for-one basis, subject to payment of the exercise price. The maximum contractual term of the share options ranges from to seven years from the grant date. At vesting, performance rights can be exercised and converted to ordinary shares on a one-for-one basis. Performance shares vest automatically and convert to ordinary shares on a one-for-one basis. Restricted shares/units may be granted to directors, officers, and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the restricted shares/units during the vesting period. The fair value of restricted shares/units is determined based on the closing price of the Company's shares on the grant date. Share rights may be granted to directors, officers, and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the share rights during the vesting period. The fair value of share rights is determined based on the closing price of the Company's shares on the grant date, adjusted for dividend yield. As of June 30, 2021, 54 million shares were reserved for future grants. The Company uses treasury shares to settle share-based compensation obligations. Treasury shares are acquired through market purchases throughout the year for the required number of shares. Share-based compensation expense was primarily recorded in selling, general, and administrative expenses in the consolidated statements of income. The total share-based compensation expense was as follows:
As of June 30, 2021, there was $85 million of total unrecognized compensation cost related to all unvested share options and other equity incentive plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. The weighted-average grant-date fair values by type of equity incentive plan were as follows:
(1)The fair value of share options was determined using Black-Scholes option pricing model with the following key assumptions: risk-free interest rate of 0.2%, expected share-price volatility of 25.0%, expected dividend yield of 4.7%, and expected life of options of 6.1 years for fiscal year 2021. The assumptions for fiscal year 2020 were as follows: risk-free interest rate of 1.8%, expected share-price volatility of 18.0%, expected dividend yield of 4.6%, and expected life of options of 5.7 years. (2)The fair value of performance rights/shares was determined using a combination of Black-Scholes option pricing model and Monte Carlo simulation. The key assumptions were: risk-free interest rate of 0.2%, expected share-price volatility of 25.0%, and expected dividend yield of 4.7% for fiscal year 2021. The assumptions for fiscal year 2020 were: risk-free interest rate of 1.8%, expected share-price volatility of 18.0%, and expected dividend yield of 4.6%. Changes in outstanding share options and were as follows:
The Company received $30 million, $1 million, and $19 million on the exercise of stock options during the fiscal years ended June 30, 2021, 2020, and 2019, respectively. During the fiscal years ended June 30, 2021, 2020, and 2019, the intrinsic value associated with the exercise of share options was $6 million, $1 million, and $8 million, respectively. The fair value of share options vested was $2 million, $0 million, and $4 million for years ended June 30, 2021, 2020, and 2019, respectively. Changes in outstanding other equity incentive plans and the fair values vested are presented below:
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Earnings Per Share Computations |
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Earnings Per Share Computations | Earnings Per Share Computations The Company applies the two-class method when computing its earnings per share ("EPS"), which requires that net income per share for each class of share be calculated assuming all of the Company's net income is distributed as dividends to each class of share based on their contractual rights. Basic EPS is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding after excluding the ordinary shares to be repurchased using forward contracts. Diluted EPS includes the effects of share options, restricted shares, performance rights, performance shares, and share rights, if dilutive.
Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect. The excluded stock awards represented an aggregate of 6 million, 37 million, and 6 million shares at June 30, 2021, 2020, and 2019, respectively.
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Contingencies and Legal Proceedings |
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Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Legal Proceedings | Contingencies and Legal Proceedings Contingencies - Brazil The Company's operations in Brazil are involved in various governmental assessments and litigation, principally related to claims for excise and income taxes. The Company vigorously defends its positions and believes it will prevail on most, if not all, of these matters. The Company does not believe that the ultimate resolution of these matters will materially impact the Company's consolidated results of operations, financial position or cash flows. Under customary local regulations, the Company's Brazilian subsidiaries may need to post cash or other collateral if a challenge to any administrative assessment proceeds to the Brazilian court system; however, the level of cash or collateral already pledged or potentially required to be pledged would not significantly impact the Company's liquidity. At June 30, 2021 and 2020, the Company has recorded accruals of $11 million and $12 million, respectively, included in other non-current liabilities in the consolidated balance sheets, and has estimated a reasonably possible loss exposure in excess of the accrual of $17 million and $18 million, respectively. The litigation process is subject to many uncertainties and the outcome of individual matters cannot be accurately predicted. The Company routinely assesses these matters as to probability of ultimately incurring a liability and records the best estimate of the ultimate loss in situations where the likelihood of an ultimate loss is probable. The Company's assessments are based on its knowledge and experience, but the ultimate outcome of any of these matters may differ from the Company's estimates. As of June 30, 2021, the Company provided letters of credit of $35 million, judicial insurance of $1 million and deposited cash of $10 million with the courts to continue to defend the cases referenced above. Contingencies - Environmental Matters The Company, along with others, has been identified as a potentially responsible party ("PRP") at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may face potentially material environmental remediation obligations. While the Company benefits from various forms of insurance policies, actual coverage may not, or only partially, cover the total potential exposures. The Company has recorded $17 million aggregate accruals for its share of estimated future remediation costs at these sites. In addition to the matters described above, the Company has also recorded aggregate accruals of $47 million for potential liabilities for remediation obligations at various worldwide locations that are owned or operated by the Company, or were formerly owned or operated. While the Company believes that its accruals are adequate to cover its future obligations, there can be no assurance that the ultimate payments will not exceed the accrued amounts. Nevertheless, based on the available information, the Company does not believe that its potential environmental obligations will have a material adverse effect upon its liquidity, results of operations or financial condition. Other Matters In the normal course of business, the Company is subject to legal proceedings, lawsuits, and other claims. While the potential financial impact with respect to these ordinary course matters is subject to many factors and uncertainties, management believes that any financial impact to the Company from these matters, individually and in the aggregate, would not have a material adverse effect on the Company's financial position or results of operation.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments The Company's business is organized and presented in the two reportable segments outlined below: Flexibles: Consists of operations that manufacture flexible and film packaging in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries. Rigid Packaging: Consists of operations that manufacture rigid containers for a broad range of predominantly beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and beer, sauces, dressings, spreads and personal care items, and plastic caps for a wide variety of applications. Other consists of the Company's undistributed corporate expenses including executive and functional compensation costs, equity method investments, intercompany eliminations, and other business activities. Operating segments are organized along the Company's product lines and geographical areas. In conjunction with the acquisition of Bemis, the Company reassessed its segment reporting structure in the first fiscal quarter of 2020 and elected to disaggregate the Flexibles Americas operating segment into Flexibles North America and Flexibles Latin America. The five Flexibles operating segments (Flexibles Europe, Middle East and Africa; Flexibles North America; Flexibles Latin America; Flexibles Asia Pacific; and Specialty Cartons) have been aggregated in the Flexibles reportable segment as they exhibit similarity in economic characteristics and future prospects, similarity in the products they offer, their production technologies, the customers they serve, the nature of their service delivery models, and their regulatory environments. In the fourth quarter of fiscal year 2019, in connection with the acquisition of Bemis, the Company changed its measure of segment performance from adjusted operating income to adjusted earnings before interest and tax ("Adjusted EBIT") from continuing operations. The Company's chief operating decision maker, the Global Management Team ("GMT"), evaluates performance and allocates resources based on Adjusted EBIT from continuing operations. The Company defines Adjusted EBIT as operating income adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance and to include equity in income (loss) of affiliated companies. The GMT consists of the Managing Director and Chief Executive Officer and his direct reports and provides strategic direction and management oversight of the day to day activities of the Company. The accounting policies of the reportable segments are the same as those in the consolidated financial statements. During the first quarter of fiscal year 2021, the Company revised the presentation of adjusted earnings before interest and tax ("Adjusted EBIT") from continuing operations in the reportable segments to include an allocation of certain research and development and selling, general, and administrative expenses that management previously reflected in Other. The Company refines its expense allocation methodologies to the reportable segments periodically as more relevant information becomes available and to align with industry or market changes. Corporate expenses are allocated to the reportable segments based primarily on direct attribution. Prior periods have been recast to conform to the new cost allocation methodology. The following table presents information about reportable segments:
(1)Material restructuring programs include restructuring and related expenses for the 2018 Rigid Packaging Restructuring Plan and the 2019 Bemis Integration Plan for fiscal years 2021 and 2020, respectively, and the 2018 Rigid Packaging Restructuring Plan for fiscal year 2019. Refer to Note 6, "Restructuring Plans," for more information about the Company's restructuring plans. (2)Impairments in equity method investments include the impairment charges related to other-than-temporary impairments related to the investment in AMVIG. During the fiscal year 2021, the Company sold its interest in AMVIG. Refer to Note 7, "Equity Method and Other Investments" for more information about the Company's equity method investments. (3)Fiscal year 2021 includes a $19 million benefit related to Brazil indirect taxes resulting from a May 2021 Brazil Supreme Court decision. During fiscal year 2020, material acquisition costs and other includes $58 million amortization of Bemis acquisition related inventory fair value step-up and $88 million of Bemis transaction related costs and integration costs not qualifying as exit costs, including certain advisory, legal, audit and audit related fees. During fiscal year 2019, material acquisition costs and other includes $48 million of costs related to the 2019 Bemis Integration Plan, $16 million of Bemis acquisition related inventory fair value step-up, $43 million of long-lived asset impairments, $134 million of Bemis transaction-related costs, partially offset by $97 million of gain related to the U.S. Remedy sale net of related and other costs. (4)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from acquisitions impacting the periods presented, including $26 million and $5 million of sales backlog amortization for the fiscal year 2020 and 2019, respectively, from the Bemis acquisition. (5)Economic net investment hedging activities not qualifying for hedge accounting includes the exchange rate movements on external loans not deemed to be effective net investment hedging instruments resulting from the Company's conversion to U.S. GAAP from Australian Accounting Standards ("AAS") recognized in other non-operating income, net. (6)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso. (7)Net legal settlements include the impact of significant legal settlements after associated costs. (8)Impact of pension settlements includes the amount of actuarial losses recognized in the consolidated income statements related to the settlement of certain defined benefit plans, not including related tax effects. (9)Net gain on disposals includes the gain realized upon the disposal of AMVIG and the loss upon disposal of other non-core businesses not part of material restructuring programs. Refer to Note 7, "Equity Method and Other Investments" for further information on the disposal of AMVIG and Note 4, "Acquisitions and Divestitures" for more information about the Company's other disposals. The tables below present additional financial information by reportable segments:
Total assets by segment is not disclosed as the GMT does not use total assets by segment to evaluate segment performance or allocate resources and capital. The Company did not have sales to a single customer that exceeded 10% of consolidated net sales for the years ended June 30, 2021 and 2020, respectively. Sales to PepsiCo., and its subsidiaries, accounted for approximately 11% of net sales under multiple separate contractual agreements for the year ended June 30, 2019. The Company sells to this customer in both the Rigid Packaging and the Flexibles segments. The Company had no other customers that accounted for more than 10% of net sales in each of those years. Sales by major product were:
The following table provides long-lived asset information for the major countries in which the Company operates. Long-lived assets include property, plant, and equipment, net of accumulated depreciation and impairments.
(1)Includes the Company's country of domicile, Jersey. The Company had no long-lived assets in Jersey in any period shown. No individual country represented more than 10% of the respective totals. The following tables disaggregate net sales information by geography in which the Company operates based on manufacturing or selling operations:
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
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Deed of Cross Guarantee |
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Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deed of Cross Guarantee | Deed of Cross Guarantee The parent entity, Amcor plc, and its wholly owned subsidiaries listed below are subject to a Deed of Cross Guarantee dated June 24, 2019 (the "Deed") under which each company guarantees the debts of the others:
The entities above were the only parties to the Deed at June 30, 2021 and comprise the closed group for the purposes of the Deed (and also the extended closed group). ARP North America Holdco Ltd and ARP LATAM Holdco Ltd were newly incorporated entities and were added to the deed on September 25, 2019. No other parties have been added, removed or the subject to a notice of disposal since June 24, 2019. By entering into the Deed, the wholly owned subsidiaries have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. The following financial statements are additional disclosure items specifically required by ASIC and represent the consolidated results of the entities subject to the Deed only. Deed of Cross Guarantee Statements of Income (in millions)
Deed of Cross Guarantee Summarized Statements of Comprehensive Income (in millions)
(1)All of the items in other comprehensive income (loss) may be reclassified subsequently to profit or loss. Deed of Cross Guarantee Summarized Statements of Income and Accumulated Losses (in millions)
Deed of Cross Guarantee Balance Sheet (in millions)
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information is as follows:
Non-cash investing activities includes the purchase of property and equipment for which payment has not been made. As of June 30, 2021, 2020, and 2019, purchase of property and equipment, accrued but unpaid, was $76 million, $78 million, and $75 million, respectively. Non-cash financing activities includes ordinary shares issued for acquisitions. For the fiscal year 2019, the Company issued $5.2 billion as total equity consideration related to the Bemis acquisition.
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 15, 2021, the Company redeemed U.S. dollar notes of a principal amount of $400 million. The notes had a contractual maturity of October 15, 2021 and carried an interest of 4.50%. On August 17, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.1175 per share to be paid on September 28, 2021 to shareholders of record as of September 8, 2021. Amcor has received a waiver from the Australian Securities Exchange ("ASX") settlement operating rules, which will allow Amcor to defer processing conversions between its ordinary share and CHESS Depositary Instrument ("CDI") registers from September 7, 2021 to September 8, 2021, inclusive. On August 17, 2021, the Company's Board of Directors approved a $400 million buyback of ordinary shares and/or Chess Depositary Instruments ("CDIs") in the next twelve months. Pursuant to this program, purchases of the Company's ordinary shares and/or CDIs will be made subject to market conditions and at prevailing market prices, through open market purchases. The Company expects to complete the share buyback within twelve months, however, the timing, volume, and nature of repurchase may be amended, suspended, or discontinued at any time.
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Schedule II - Valuation of Qualifying Accounts and Reserves |
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Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II - Valuation and Qualifying Accounts and Reserves (in millions) Reserves for Doubtful Accounts, Sales Returns, Discounts, and Allowances:
(1)Beginning balance for fiscal year 2021 includes $7 million addition due to the adoption of ("CECL"). (2)Foreign Currency Impact and Other includes reserve accruals related to acquisitions.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation Policy | Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All intercompany transactions and balances have been eliminated. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain amounts in the Company's notes to consolidated financial statements may not add or recalculate due to rounding.
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Business Combinations Policy | Business Combinations: The Company uses the acquisition method of accounting, which requires separate recognition of assets acquired and liabilities assumed from goodwill, at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the fair value of any non-controlling interests in the acquiree over the net of the acquisition date fair values of the assets acquired and liabilities assumed. During the measurement period, which may be up to one year from the acquisition date, the Company has the ability to record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations Presentation Policy | Discontinued Operations Presentation: The consolidated financial statements and related notes reflect the three plants in Europe acquired as part of the Bemis acquisition as a discontinued operation in fiscal year 2019 as the Company agreed to divest of these plants as a condition of approval from the European Commission. See Note 5, "Discontinued Operations," for more information on discontinued operations. The plants were divested in the first quarter of fiscal year 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimates and Assumptions Required Policy | Estimates and Assumptions Required: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments necessary to fairly present the results of the periods presented.
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Translation of Foreign Currencies and Highly Inflationary Accounting Policy | Translation of Foreign Currencies: The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s subsidiaries is generally the local currency of each entity. Transactions in currencies other than the functional currency of the entity are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the entity’s functional currency are remeasured at the exchange rate as of the balance sheet date to the entity’s functional currency. Foreign currency transaction gains and losses related to short-term and long-term debt are recorded in other non-operating income, net, in the consolidated statements of income and the net gains or net losses are not material in any of the periods presented. All other foreign currency transaction gains and losses are recorded in other income, net in the consolidated statements of income. These foreign currency transaction net gains or net losses amounted to a net loss of $4 million, a net gain of $21 million, and a net gain of $9 million during the fiscal years ended June 30, 2021, 2020, and 2019, respectively. Upon consolidation, the results of operations of subsidiaries whose functional currency is other than the reporting currency of the Company are translated using average exchange rates in effect during each year. Assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at the exchange rate as of the balance sheet date, while equity balances are translated at historical rates. Translation gains and losses are reported in accumulated other comprehensive loss as a component of shareholders’ equity. Highly Inflationary Accounting: A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. As of July 1, 2018, the Argentine economy was designated as highly inflationary for accounting purposes. Accordingly, the U.S. dollar replaced the Argentine peso as the functional currency for the Company's subsidiaries in Argentina. The impact of highly inflationary accounting on monetary balances was a loss of $19 million, $28 million, and $30 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively, in the consolidated statements of income.
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Revenue Recognition Policy | Revenue Recognition: The Company generates revenue by providing its customers with flexible and rigid packaging serving a variety of markets including food, consumer products, and healthcare end markets. The Company enters into a variety of agreements with customers, including quality agreements, pricing agreements, and master supply agreements, which outline the terms under which the Company does business with a specific customer. The Company also sells to some customers solely based on purchase orders. The Company has concluded for the vast majority of its revenues, that its contracts with customers are either a purchase order or the combination of a purchase order with a master supply agreement. All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The Company typically satisfies the obligation to provide packaging to customers at a point in time upon shipment when control is transferred to customers. Revenue is recognized net of allowances for returns and customer claims and any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company does not have any material contract assets or contract liabilities. The Company disaggregates revenue based on geography. Disaggregation of revenue is presented in Note 20, "Segments." Significant Judgments Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company identified potential performance obligations in its customer master supply agreements and determined that none of them are capable of being distinct as the customer can only benefit from the supplied packaging. Therefore, the Company has concluded that it has one performance obligation to supply packaging to customers. The Company may provide variable consideration in several forms, which are determined through its agreements with customers. The Company can offer prompt payment discounts, sales rebates, or other incentive payments to customers. Sales rebates and other incentive payments are typically awarded upon achievement of certain performance metrics, including volume. The Company accounts for variable consideration using the most likely amount method. The Company utilizes forecasted sales data and rebate percentages specific to each customer agreement and updates its judgment of the amounts to which the customer is entitled each period. The Company enters into long-term agreements with certain customers, under which it is obligated to make various up-front payments for which it expects to receive a benefit in excess of the cost over the term of the contract. These up-front payments are deferred and reflected in prepaid expenses and other current assets or other non-current assets on its consolidated balance sheets. Contract incentives are typically recognized as a reduction to revenue over the term of the customer agreement. Practical Expedients The Company sells primarily through its direct sales force. Any external sales commissions are expensed when incurred because the amortization period would be one year or less. External sales commission expense is included in selling, general, and administrative expenses in the consolidated statements of income. The Company accounts for shipping and handling activities as fulfillment costs. Accordingly, shipping and handling costs are classified as a component of cost of sales while amounts billed to customers are classified as a component of net sales. The Company excludes from the measurement of the transaction price all taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue producing transaction and collected from the customer, including sales taxes, value added taxes, excise taxes, and use taxes. Accordingly, the tax amounts are not included in net sales. The Company does not adjust the promised consideration for the time value of money for contracts where the difference between the time of payment and performance is one year or less.
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Research and Development Policy | Research and Development: Research and development expenses are expensed as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs Policy | Restructuring Costs: Restructuring costs are recognized when the liability is incurred. The Company calculates severance obligations based on its standard customary practices. Accordingly, the Company records provisions for severance when probable and estimable and the Company has committed to the restructuring plan. In the absence of a standard customary practice or established local practice, liabilities for severance are recognized when incurred. If fixed assets are to be disposed of as a result of the Company’s restructuring efforts, the assets are written off when the Company commits to dispose of them and they are no longer in use. Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided. See Note 6, "Restructuring Plans," for more information on the Company’s restructuring plans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents Policy | Cash, Cash Equivalents, and Restricted Cash: The Company considers all highly liquid temporary investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents include certificates of deposit that can be readily liquidated without penalty at the Company’s option. Cash equivalents are carried at cost which approximates fair market value. The Company had restricted cash of $23 million at June 30, 2021, which is held in a share trust associated with Company share-based payment obligations. The Company did not have any restricted cash at June 30, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Receivables, Net Policy | Trade Receivables, Net: Trade accounts receivable, net, are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is estimated based on the current expected credit loss model ("CECL") and it incorporates information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When determining the collectability of specific customer accounts, a number of factors are evaluated, including: customer creditworthiness, past transaction history with the customer and changes in customer payment terms or practices. In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for doubtful accounts.The Company enters into factoring arrangements from time to time, including customer-based supply-chain financing programs, to sell trade receivables to third-party financial institutions. Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of trade receivables, net on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. Agreements that allow the Company to maintain effective control over the transferred receivables and which do not qualify as a true sale are accounted for as secured borrowings and recorded on the consolidated balance sheets within trade receivables, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of income primarily as a reduction of net sales. The Company did not factor any trade receivables in fiscal years 2021 and 2020 which did not qualify as true sales of the receivables. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories Policy | Inventories: Inventories are stated at the lower of cost and net realizable value. The cost of inventories is based upon the first-in, first-out ("FIFO") method or average cost method. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net Policy | Property, Plant, and Equipment, Net: Property, plant, and equipment ("PP&E"), net is carried at cost less accumulated depreciation and impairment and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction period. Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred. PP&E, including assets held under finance leases, is depreciated using the straight-line method over the estimated useful lives of assets or, in the case of leasehold improvements and leased assets, over the period of the lease or useful life of the asset, whichever is shorter, as described below. The Company periodically reviews these estimated useful lives and, when appropriate, changes are made prospectively.
For tax purposes, the Company generally uses accelerated methods of depreciation. The tax effect of the difference between book and tax depreciation has been provided for as deferred income taxes.
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Impairment of Long-Lived Assets Policy | Impairment of Long-lived Assets: The Company reviews long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, for impairment when facts or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as applicable. Impairment losses recognized in the consolidated statements of income were as follows:
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Leases Policy | Leases: The Company has operating leases for certain manufacturing sites, office space, warehouses, land, vehicles, and equipment. Right-of-use ("ROU") lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term, which includes renewal periods the Company is reasonably certain to exercise. The Company reevaluates its leases on a regular basis to consider the economic and strategic incentives of exercising lease renewal options. Short-term leases with a term of twelve months or less, including reasonably certain holding periods, are not recorded on the consolidated balance sheets. As the Company's leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate as of the commencement date to determine the present value of lease payments. The Company recognizes expense for operating leases on a straight-line basis over the lease term in the consolidated statements of income. Certain leasing arrangements require variable payments that are dependent on usage or output or may vary for other reasons. Variable lease payments that do not depend on an index or rate are excluded from lease payments in the measurement of the ROU lease asset and lease liability and recognized as an expense in the period in which the obligation for the payments occur. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Policy | Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but instead tested annually or whenever events and circumstances indicate an impairment may have occurred during the year. Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates. All goodwill is assigned to a reporting unit, which is defined as the operating segment. In conjunction with the acquisition of Bemis, the Company reassessed its segment reporting structure in the first fiscal quarter of 2020 and elected to disaggregate the Flexibles Americas operating segment into Flexibles North America and Flexibles Latin America. With this change, the Company has six reporting units with goodwill that are assessed for potential impairment. In performing the required impairment tests, the Company has the option to first assess qualitative factors to determine if it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment concludes that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. The Company's quantitative assessment utilizes present value (discounted cash flow) methods to determine the fair value of the reporting units with goodwill. Determining fair value using discounted cash flows requires considerable judgment and is sensitive to changes in underlying assumptions and market factors. Key assumptions relate to revenue growth, projected operating income growth, terminal values, and discount rates. If current expectations of future growth rates and margins are not met, or if market factors outside of Amcor’s control, such as factors impacting the applicable discount rate, or economic or political conditions in key markets change significantly, then goodwill allocated to one or more reporting units may be impaired. The Company performs its annual impairment analysis in the fourth fiscal quarter of each year. A qualitative impairment analysis was performed in the fourth fiscal quarter for five of the Company's six reporting units in fiscal year 2021 and all of its reporting units for fiscal year 2019. The Company elected to perform a quantitative goodwill impairment test for one flexible reporting unit in fiscal year 2021 and performed a quantitative impairment test for all of its reporting units in fiscal year 2020. The Company’s annual impairment analysis for all three fiscal years concluded that goodwill was not impaired. Quantitative impairment analyses performed during the last two years concluded that the fair value of the reporting units substantially exceeded their carrying value. Although no reporting units failed the assessments noted above in the annual impairment analysis for 2021, during the time subsequent to the annual evaluation, and at June 30, 2021, the Company considered whether any events and/or changes in circumstances, including the impact of the COVID-19 pandemic, had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired. It is management's opinion that no such events have occurred.
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Other Intangible Assets, Net Policy | Other Intangible Assets, Net: Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, with original periods ranging from to 20 years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Costs incurred to develop software programs to be used solely to meet the Company's internal needs have been capitalized as computer software within other intangible assets.
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Fair Value Measurements Policy | Fair Value Measurements: The fair values of the Company's financial assets and financial liabilities reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The Company determines fair value based on a three-tiered fair value hierarchy. The hierarchy consists of: •Level 1: fair value measurements represent exchange-traded securities which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date; •Level 2: fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data; and •Level 3: fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability.
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Financial Instruments Policy | Financial Instruments: The Company recognizes all derivative instruments on the consolidated balance sheets at fair value. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Derivatives not designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings over the life of the hedging relationship. See Note 11, "Derivative Instruments," for more information regarding specific derivative instruments included on the Company’s consolidated balance sheets, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements, among other derivative instruments.
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Employee Benefit Plans Policy | Employee Benefit Plans: The Company sponsors various defined contribution plans to which it makes contributions on behalf of employees. The expense under such plans was $68 million, $64 million, and $40 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively. The Company sponsors a number of defined benefit plans that provide benefits to current and former employees. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates, and other assumptions. The Company believes that the accounting estimates related to its pension plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions, and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the Company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The Company recognizes the funded status of each defined benefit pension plan in the consolidated balance sheets. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Pension plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. Accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants. The service costs related to defined benefits are included in operating income. The other components of net benefit cost other than service cost are recorded within other non-operating income, net in the consolidated statements of income.
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Equity Method and Other Investments Policy | Equity Method and Other Investments: Investments in ordinary shares of companies, in which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method of accounting. Under this method, the investment is carried at cost and is adjusted to recognize the investor’s share of earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever it is determined that a decline in the fair value below the cost basis is other than temporary. The fair value of the investment then becomes the new cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The Company sold its equity investment in AMVIG Holdings Limited ("AMVIG") in the first quarter of fiscal year 2021, refer to Note 7, "Equity Method and Other Investments." All equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value with unrealized gains and losses related to mark-to-market adjustments included in net income. The Company utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost adjusted for impairments and observable price changes in orderly transactions. To date, investments not accounted for under the equity method are not material.
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Contingencies Policy | Contingencies: The Company is subject to numerous contingencies arising in the ordinary course of business, such as legal and administrative proceedings, environmental claims and proceedings, workers' compensation, and other claims. Accruals for estimated losses are recorded by the Company at the time information becomes available indicating that losses are probable and that the amounts can be reasonably estimated. When management can reasonably estimate a range of losses it may incur, it records an accrual for the amount within the range that constitutes its best estimate. If no amount within a range appears to be a better estimate than any other, the low end of the range is accrued. The Company records anticipated recoveries under existing insurance contracts when recovery is probable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Policy | Share-based Compensation: Amcor has a variety of equity incentive plans. For employee awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company must reassess the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company also has immaterial cash-settled share-based compensation plans which are accounted for as liabilities. Such share-based awards are remeasured to fair value at each reporting period. The Company estimates forfeitures based on employee level, economic conditions, time remaining to vest, and historical forfeiture experience. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes Policy | Income Taxes: The Company uses the asset and liability method to account for income taxes. Deferred income taxes reflect the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each balance sheet date, based upon enacted income tax laws and tax rates. Income tax expense or benefit is provided based on earnings reported in the consolidated financial statements. The provision for income tax expense or benefit differs from the amounts of income taxes currently payable because certain items of income and expense included in the consolidated financial statements are recognized in different time periods by taxing authorities. Deferred tax assets, including operating loss, capital loss, and tax credit carryforwards, are reduced by a valuation allowance when it is more likely than not that any portion of these tax attributes will not be realized. In addition, from time to time, management must assess the need to accrue or disclose uncertain tax positions for proposed adjustments from various tax authorities who regularly audit the Company in the normal course of business. In making these assessments, management must often analyze complex tax laws of multiple jurisdictions. Accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company records the related interest expense and penalties, if any, as tax expense in the tax provision. See Note 16, "Income Taxes," for more information on the Company's income taxes.
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Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted Policy | Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, which is guidance requiring financial assets, or a group of financial assets measured at amortized cost basis to be presented at the net amount expected to be collected when finalized using a loss methodology known as the current expected credit loss methodology ("CECL"). The allowance for credit losses is a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. This updated guidance impacts loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The guidance was effective for the Company on July 1, 2020 and was adopted using the modified retrospective approach. As a result, the Company changed its disclosures related to credit losses; refer to Note 2, "Significant Accounting Policies - Trade Receivables, Net". In March 2020, the FASB issued optional expedients and exceptions to ease the potential burden in accounting for reference rate reform related to contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued, subject to meeting certain criteria. The Company adopted this guidance in the fourth quarter of fiscal year 2021. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Accounting Standards Not Yet Adopted In December 2019, the FASB issued updated guidance to simplify the accounting for income taxes by removing certain exceptions and improving the consistent application of U.S. GAAP in other tax accounting areas. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2020 with early adoption permitted. The guidance will be effective for the Company on July 1, 2021 and the Company does not expect the adoption will be material to its consolidated financial statements upon adoption. The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined that all other ASUs not yet adopted to be either not applicable or are expected to have minimal impact on the Company's consolidated financial statements at this time.
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Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade Receivables, Net and Allowance for Doubtful Accounts | Trade receivables, net, is summarized as follows:
(1)Refer to Note 3, "New Accounting Guidance" for more information regarding adoption of ASC 326.
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Schedule of Inventories | Inventories are summarized at June 30, 2021 and 2020 as follows:
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Schedule of Estimated Useful Lives of property, Plant and Equipment | PP&E, including assets held under finance leases, is depreciated using the straight-line method over the estimated useful lives of assets or, in the case of leasehold improvements and leased assets, over the period of the lease or useful life of the asset, whichever is shorter, as described below. The Company periodically reviews these estimated useful lives and, when appropriate, changes are made prospectively.
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Schedule of Long-lived Asset Impairment | Impairment losses recognized in the consolidated statements of income were as follows:
|
New Accounting Guidance (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact of Adoption of New Leasing Standard | The cumulative effect of the changes made to the Company's consolidated July 1, 2020 balance sheet related to the adoption of CECL is as follows:
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Acquisitions and Divestitures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Consideration Exchanged | The following table summarizes the fair value of consideration exchanged:
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Schedule of Identifiable Intangible Assets Acquired | The following table details the identifiable intangible assets acquired from Bemis, their fair values, and estimated useful lives:
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Discontinued Operations | The following table summarizes the results of the Company's discontinued operations:
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Restructuring Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Plan Costs | The total costs incurred from the beginning of the Company's material restructuring plans are as follows:
(1)Total restructuring and related expenses include restructuring related costs from the 2019 Bemis Integration Plan of $13 million, $15 million, and $2 million for the fiscal years 2021, 2020, and 2019, respectively. An analysis of the restructuring charges by type incurred follows:
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Restructuring Plan Liability | An analysis of the Company's restructuring plan liability, not including restructuring-related liabilities, is as follows:
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Property, Plant and Equipment, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property, Plant and Equipment | The components of property, plant, and equipment, net, were as follows:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill attributable to each reportable segment were as follows:
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Schedule of Components of Intangible Assets | Other intangible assets comprised:
(1)Accumulated amortization and impairment includes $34 million and $32 million for June 30, 2021 and 2020, respectively, of accumulated impairment in the Other category, as well as other immaterial accumulated impairments. (2)Other includes $17 million and $16 million for June 30, 2021 and 2020, respectively, of acquired intellectual property assets not yet being amortized as the related R&D projects have not yet been completed.
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Estimated Future Amortization Expense | Estimated future amortization expense for intangible assets is as follows:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying and Fair Value of Long-Term Debt | The carrying values and estimated fair values of long-term debt with fixed interest rates (excluding finance leases) were as follows:
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Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the fair value of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
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Schedule of Changes in Level 3 Liabilities | The following table sets forth a summary of changes in the value of the Company's Level 3 financial liabilities:
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Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Commodity Contracts | At June 30, 2021 and 2020, the Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases:
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Schedule of Balance Sheet Derivatives | The following tables provide the location of derivative instruments in the consolidated balance sheets:
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Schedule of Cash Flow Hedges Reclassified from AOCI | The following tables provide the effects of derivative instruments on AOCI and in the consolidated statements of income:
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Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income |
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Schedule of Fair Value Hedging Instruments Recognized in Income |
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Schedule of Changes in AOCI for Effective Derivatives | The changes in AOCI for effective derivatives were as follows:
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Pension and Other Post-retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Principal Defined Benefit Plans | The principal defined benefit plans are structured as follows:
(1)Rio Tinto Limited assumes responsibility for its former employees' retirement entitlements as of February 1, 2010 when Amcor acquired Alcan Packaging from Rio Tinto Limited.
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Schedule of Periodic Benefit Costs for Benefit Plans | Net periodic benefit cost for benefit plans includes the following components:
Amounts recognized in the consolidated income statements comprise the following:
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Schedule of Changes in Benefit Obligations | Changes in benefit obligations and plan assets were as follows:
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Schedule of Changes in Fair Value of Plan Assets |
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Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table provides information for defined benefit plans with a projected benefit obligation in excess of plan assets:
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Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | The following table provides information for defined benefit plans with an accumulated benefit obligation in excess of plan assets:
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Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of the following:
The following table provides information as to how the funded / unfunded status is recognized in the consolidated balance sheets:
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Schedule of Amounts Recognized in Other Comprehensive (Income) Loss | The components of other comprehensive (income) loss are as follows:
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Schedule of Weighted-average Assumptions Used | Weighted-average assumptions used to determine benefit obligations at year end were:
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal years ended were:
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Schedule of Expected Benefit Payments | The following benefit payments for the succeeding five fiscal years and thereafter, which reflect expected future service, as appropriate, are expected to be paid:
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Schedule of Pension Plan Assets Measured at Fair Value | The pension plan assets measured at fair value were as follows:
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Schedule of Changes in Fair Value Level 3 Assets | The following table sets forth a summary of changes in the value of the Company's Level 3 assets:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value of Long-term Debt | The following table summarizes the carrying value of long-term debt at June 30, 2021 and 2020, respectively:
(1)Indicates debt which has been classified as long-term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis. (2)During the fiscal year 2021, the Company issued U.S. dollar notes with an aggregate principal amount of $800 million with a contractual maturity in May 2031. The notes pay a coupon of 2.69% per annum, payable semi-annually in arrears. The notes are unsecured senior obligations of the Company and are fully and unconditionally guaranteed by the Company and its certain subsidiaries. (3)On July 15, 2021, the Company redeemed all $400 million outstanding amount of the 4.50% senior notes due October 2021. (4)Relates to fair value hedge basis adjustment relating to interest rate hedging.
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Schedule of Contractual Maturities of Long-term Debt | The following table summarizes the contractual maturities of the Company's long-term debt, including current maturities (excluding payments for finance leases) at June 30, 2021 for the succeeding five fiscal years:
(1) Commercial paper denominated in U.S. dollars is classified as maturing in 2023, supported by the 3-year syndicated facility. (2) Commercial paper denominated in Euros is classified as maturing in 2025, supported by the 5-year syndicated facility.
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Schedule of Short-term Debt | The following table summarizes the carrying value of short-term debt at June 30, 2021 and 2020, respectively.
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Expense, Supplemental Cash Flow Information, Weighted Average Discount Rate and Remaining Lease Term | The components of lease expenses are as follows:
(1)Includes short-term leases and variable lease expenses, which were immaterial in fiscal year 2020. Supplemental cash flow information related to leases was as follows:
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Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
(1)Finance lease assets are recorded net of accumulated amortization of $8 million and $6 million at June 30, 2021 and 2020, respectively.
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Schedule of Maturity of Lease Liabilities | Maturities of lease liabilities are as follows:
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Shareholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Ordinary Treasury Shares | The changes in ordinary and treasury shares during fiscal years 2021, 2020, and 2019, were as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of accumulated other comprehensive loss during the years ended June 30, 2021, 2020, and 2019 were as follows:
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Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following tables provide details of amounts reclassified from accumulated other comprehensive loss:
(1)During the year ended June 30, 2021, the Company recorded a gain on disposal of AMVIG and other non-core businesses. Upon completion of the sales, $26 million of accumulated foreign currency translation was transferred from accumulated other comprehensive loss to earnings. Refer to Note 7, "Equity Method and Other Investments" for further information on the disposal of AMVIG and Note 4, "Acquisitions and Divestitures" for more information about the Company's other disposals. The year ended June 30, 2020 includes the loss on sale of the EC Remedy of $9 million, which is the result of the reclassification of accumulated foreign currency translation amounts from accumulated other comprehensive loss to earnings. Refer to Note 5, "Discontinued Operations" for more information.
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Before Taxes and Equity in Income (Loss) of Affiliated Companies | The components of income before income taxes and equity in income of affiliated companies were as follows:
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Schedule of Income Tax Expense | Income tax expense consisted of the following:
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Schedule of Reconciliation of Income Tax Rate | The following is a reconciliation of income tax computed at the UK statutory tax rate of 19.0%, 18.5%, and 19.0% for fiscal years 2021, 2020, and 2019, respectively, to income tax expense.
(1)In fiscal year 2021, Other is comprised of adjustments to prior year, including one related to the crystallization of benefits from business restructuring of $45 million and other individually immaterial items.
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Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows:
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Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years presented is as follows:
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Share-based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Compensation Expense | Share-based compensation expense was primarily recorded in selling, general, and administrative expenses in the consolidated statements of income. The total share-based compensation expense was as follows:
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Schedule Weighted-average Grant Date Fair Value of Equity Incentive Plan | The weighted-average grant-date fair values by type of equity incentive plan were as follows:
(1)The fair value of share options was determined using Black-Scholes option pricing model with the following key assumptions: risk-free interest rate of 0.2%, expected share-price volatility of 25.0%, expected dividend yield of 4.7%, and expected life of options of 6.1 years for fiscal year 2021. The assumptions for fiscal year 2020 were as follows: risk-free interest rate of 1.8%, expected share-price volatility of 18.0%, expected dividend yield of 4.6%, and expected life of options of 5.7 years. (2)The fair value of performance rights/shares was determined using a combination of Black-Scholes option pricing model and Monte Carlo simulation. The key assumptions were: risk-free interest rate of 0.2%, expected share-price volatility of 25.0%, and expected dividend yield of 4.7% for fiscal year 2021. The assumptions for fiscal year 2020 were: risk-free interest rate of 1.8%, expected share-price volatility of 18.0%, and expected dividend yield of 4.6%.
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Schedule of Changes in Share Options | Changes in outstanding share options and were as follows:
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Schedule of Changes in Restricted Shares/Units, Performance Shares/Units and Share Rights | Changes in outstanding other equity incentive plans and the fair values vested are presented below:
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Earnings Per Share Computations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | Basic EPS is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding after excluding the ordinary shares to be repurchased using forward contracts. Diluted EPS includes the effects of share options, restricted shares, performance rights, performance shares, and share rights, if dilutive.
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Segments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information About Reportable Segments | The following table presents information about reportable segments:
(1)Material restructuring programs include restructuring and related expenses for the 2018 Rigid Packaging Restructuring Plan and the 2019 Bemis Integration Plan for fiscal years 2021 and 2020, respectively, and the 2018 Rigid Packaging Restructuring Plan for fiscal year 2019. Refer to Note 6, "Restructuring Plans," for more information about the Company's restructuring plans. (2)Impairments in equity method investments include the impairment charges related to other-than-temporary impairments related to the investment in AMVIG. During the fiscal year 2021, the Company sold its interest in AMVIG. Refer to Note 7, "Equity Method and Other Investments" for more information about the Company's equity method investments. (3)Fiscal year 2021 includes a $19 million benefit related to Brazil indirect taxes resulting from a May 2021 Brazil Supreme Court decision. During fiscal year 2020, material acquisition costs and other includes $58 million amortization of Bemis acquisition related inventory fair value step-up and $88 million of Bemis transaction related costs and integration costs not qualifying as exit costs, including certain advisory, legal, audit and audit related fees. During fiscal year 2019, material acquisition costs and other includes $48 million of costs related to the 2019 Bemis Integration Plan, $16 million of Bemis acquisition related inventory fair value step-up, $43 million of long-lived asset impairments, $134 million of Bemis transaction-related costs, partially offset by $97 million of gain related to the U.S. Remedy sale net of related and other costs. (4)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from acquisitions impacting the periods presented, including $26 million and $5 million of sales backlog amortization for the fiscal year 2020 and 2019, respectively, from the Bemis acquisition. (5)Economic net investment hedging activities not qualifying for hedge accounting includes the exchange rate movements on external loans not deemed to be effective net investment hedging instruments resulting from the Company's conversion to U.S. GAAP from Australian Accounting Standards ("AAS") recognized in other non-operating income, net. (6)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso. (7)Net legal settlements include the impact of significant legal settlements after associated costs. (8)Impact of pension settlements includes the amount of actuarial losses recognized in the consolidated income statements related to the settlement of certain defined benefit plans, not including related tax effects. (9)Net gain on disposals includes the gain realized upon the disposal of AMVIG and the loss upon disposal of other non-core businesses not part of material restructuring programs. Refer to Note 7, "Equity Method and Other Investments" for further information on the disposal of AMVIG and Note 4, "Acquisitions and Divestitures" for more information about the Company's other disposals.
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Schedule of Additional Financial Information About Segments | The tables below present additional financial information by reportable segments:
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Schedule of Sales by Major Product | Sales by major product were:
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Schedule of Long-lived Assets by Geographic Areas | The following table provides long-lived asset information for the major countries in which the Company operates. Long-lived assets include property, plant, and equipment, net of accumulated depreciation and impairments.
(1)Includes the Company's country of domicile, Jersey. The Company had no long-lived assets in Jersey in any period shown. No individual country represented more than 10% of the respective totals.
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Schedule of Disaggregation of Revenue by Geography | The following tables disaggregate net sales information by geography in which the Company operates based on manufacturing or selling operations:
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the period shown.
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Deed of Cross Guarantee (Tables) |
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Guarantees and Product Warranties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deed of Cross Guarantee Statement of Income |
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Deed of Cross Guarantee Statement of Comprehensive Income |
(1)All of the items in other comprehensive income (loss) may be reclassified subsequently to profit or loss.
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Deed of Cross Guarantee Statement of Income and Accumulated Losses | The changes in the components of accumulated other comprehensive loss during the years ended June 30, 2021, 2020, and 2019 were as follows:
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Deed of Cross Guarantee Balance Sheet |
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows:
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Business Description (Details) employee in Thousands |
12 Months Ended |
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Jun. 30, 2021
employee
site
facility
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Number of Employees | employee | 46 |
Number of Facilities in which Entity Operates | facility | 225 |
Number of Countries in which Entity Operates | site | 40 |
Number of reportable segments | segment | 2 |
Significant Accounting Policies - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
reportingUnits
facility
|
Jun. 30, 2020
USD ($)
facility
reportingUnits
|
Jun. 30, 2019
USD ($)
reportingUnits
|
Jun. 30, 2021
USD ($)
facility
reportingUnits
|
Jun. 30, 2020
USD ($)
facility
|
Jun. 30, 2019
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of Facilities in which Entity Operates | facility | 225 | 225 | ||||
Foreign Currency Transaction Gain (Loss), Realized | $ (4,000,000) | $ 21,000,000 | $ 9,000,000 | |||
Impact of Hyperinflation | 19,000,000 | 28,000,000 | 30,000,000 | |||
Accounts Receivable, Allowance for Credit Loss | $ 28,000,000 | $ 35,000,000 | $ 34,000,000 | $ 28,000,000 | 35,000,000 | 34,000,000 |
Number of reporting units | reportingUnits | 6 | |||||
Number of reporting with qualitative impairment analysis performed | reportingUnits | 5 | 6 | ||||
Number of reporting units with quantitative impairment test analysis | reportingUnits | 1 | 6 | ||||
Goodwill impairment | $ 0 | 0 | 0 | |||
Defined Contribution Plan, Cost | $ 68,000,000 | $ 64,000,000 | $ 40,000,000 | |||
Minimum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||
Maximum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
U.S. Remedy | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of Facilities in which Entity Operates | facility | 3 | 3 |
Significant Accounting Policies (Details) - Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Accounting Policies [Abstract] | ||
Restricted Cash | $ 23 | $ 0 |
Significant Accounting Policies - Trade Receivables, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jul. 01, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Trade receivables, gross | $ 1,892 | $ 1,651 | ||
Less: Allowance for doubtful accounts | (28) | (35) | $ (34) | |
Trade receivables, net | $ 1,864 | $ 1,609 | $ 1,616 |
Significant Accounting Policies - Changes in Allowance for Doubtful Accounts, Including Credit Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 01, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balances as of June 30, 2020 and 2019, respectively | $ (35) | $ (35) | $ (34) |
Recoveries/(charges) to income | 4 | (5) | |
Write-offs | 11 | 1 | |
Foreign currency and other | (1) | 3 | |
Balances as of June 30, 2021 and 2020, respectively | $ (28) | $ (35) | |
Cumulative adjustment related to adoption of ASC 326 | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member |
Impact of Adoption of ASC-326 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balances as of June 30, 2021 and 2020, respectively | $ (7) |
Significant Accounting Policies - Schedule of Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Accounting Policies [Abstract] | ||
Raw materials and supplies | $ 905 | $ 809 |
Work in process and finished goods | 1,193 | 1,127 |
Less: inventory reserves | (107) | (104) |
Inventories, net | $ 1,991 | $ 1,832 |
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details) |
12 Months Ended |
---|---|
Jun. 30, 2021 | |
Minimum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Finance leases | 5 years |
Maximum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Finance leases | 25 years |
Land improvements | Maximum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Estimated useful lives of property, plant and equipment | 30 years |
Buildings | Maximum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Estimated useful lives of property, plant and equipment | 45 years |
Machinery and equipment | Maximum | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Estimated useful lives of property, plant and equipment | 25 years |
Significant Accounting Policies - Schedule of Long-lived Asset Impairment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | $ 10 | $ 22 | $ 75 |
Selling, general, and administrative ("SG&A") expenses | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | 1 | 1 | 48 |
Restructuring and related expenses, net | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | $ 9 | $ 21 | $ 27 |
New Accounting Guidance - Schedule of Impact of Adoption of New Leasing Standard (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jul. 01, 2020 |
Jun. 30, 2020 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Trade receivables, net | $ 1,864 | $ 1,609 | $ 1,616 |
Deferred tax assets | 139 | 137 | 135 |
Retained earnings | $ 452 | 241 | $ 246 |
Impact of Adoption of ASC-326 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Trade receivables, net | (7) | ||
Deferred tax assets | 2 | ||
Retained earnings | $ (5) |
Acquisitions and Divestitures - Narrative (Details) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2021
USD ($)
facility
|
Jun. 30, 2020
USD ($)
facility
|
Jun. 30, 2019
USD ($)
|
Jun. 11, 2019
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Proceeds from divestitures | $ 214,000,000 | $ 425,000,000 | $ 216,000,000 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | ||||
Goodwill | $ 5,156,000,000 | $ 5,419,000,000 | 5,339,000,000 | $ 5,156,000,000 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||
Bemis Acquisition | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Amount Sold | $ 28,000,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Share Exchange Ratio | 5.1 | ||||
Goodwill | $ 3,368,000,000 | ||||
Non-core Businesses India And Argentina | |||||
Business Acquisition [Line Items] | |||||
Number Of Businesses Divested | facility | 2 | ||||
Gain (loss) on sale of disposal group, not discontinued operations | $ (6,000,000) | ||||
U.S. Remedy | |||||
Business Acquisition [Line Items] | |||||
Number Of Businesses Divested | facility | 3 | ||||
Gain (loss) on sale of disposal group, not discontinued operations | 159,000,000 | ||||
Proceeds from divestitures | $ 214,000,000 | ||||
EC Remedy | |||||
Business Acquisition [Line Items] | |||||
Proceeds from divestitures | $ 397,000,000 | ||||
Loss on sale of disposal group, discontinued operations | $ 9,000,000 |
Acquisitions and Divestitures - Schedule of Fair Value Consideration Exchanged (Details) - Bemis Acquisition $ / shares in Units, shares in Millions, $ in Millions |
Jun. 11, 2019
USD ($)
$ / shares
shares
|
---|---|
Business Acquisition [Line Items] | |
Bemis shares outstanding at June 11, 2019 (in millions) | shares | 92 |
Share Exchange Ratio | 5.1 |
Price per Share (based on Amcor’s closing share price on June 11, 2019) | $ / shares | $ 11.18 |
Total Equity Consideration (in millions) | $ | $ 5,230 |
Acquisitions and Divestitures - Schedule of Identifiable Intangible Assets Acquired (Details) - Bemis Acquisition $ in Millions |
Jun. 11, 2019
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 1,931 |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 1,650 |
Weighted-average Estimated Useful Life | 15 years |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 110 |
Weighted-average Estimated Useful Life | 7 years |
Other | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 171 |
Weighted-average Estimated Useful Life | 7 years |
Discontinued Operations - Narrative (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
facility
|
Jun. 30, 2021
facility
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of Facilities in which Entity Operates | 225 | |
EC Remedy | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ | $ (9) | |
U.S. Remedy | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of Facilities in which Entity Operates | 3 |
Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income (loss) from discontinued operations | $ 0 | $ (7) | $ 1 |
Tax expense on discontinued operations | 0 | (1) | 0 |
Income (loss) from discontinued operations, net of tax | 0 | (8) | 1 |
Discontinued Operations | |||
Net sales | $ 0 | $ 16 | $ 10 |
Restructuring Plans - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | 25 Months Ended | 34 Months Ended | 36 Months Ended | ||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | $ 96 | $ 78 | $ 53 | |||
Gain on sale of business | 51 | 0 | 0 | |||
Restructuring Charges | 94 | 115 | 131 | $ 340 | ||
Proceeds from divestitures | 214 | 425 | 216 | |||
2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Anticipated Business Combination Savings | 180 | |||||
Net Cash Proceeds From Restructuring Activities | 1 | |||||
Payments for Restructuring | 77 | |||||
Restructuring Charges | 68 | 60 | 48 | 176 | ||
Proceeds from divestitures | 78 | |||||
2019 Bemis Integration Plan | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | $ 230 | |||||
Restructuring and Related Cost, Expected Cost Remaining | 160 | 160 | $ 160 | 160 | ||
2019 Bemis Integration Plan | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | 240 | |||||
Restructuring and Related Cost, Expected Cost Remaining | 170 | 170 | 170 | 170 | ||
2018 Rigids Packaging Restructuring Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | 121 | |||||
Payments for Restructuring | 21 | |||||
Restructuring Charges | 20 | 37 | 64 | 121 | ||
2018 Rigids Packaging Restructuring Plan | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | 78 | |||||
Other Restructuring Plans | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 6 | 18 | 19 | 43 | ||
Employee Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | 61 | 48 | 48 | |||
Employee Costs | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | 135 | |||||
Fixed Asset Related Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | 5 | 5 | 0 | |||
Fixed Asset Related Costs | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | 38 | |||||
Other Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | 30 | $ 25 | $ 5 | |||
Other Costs | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | 26 | |||||
Restructuring and Related Costs | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payments for Restructuring | 69 | |||||
Restructuring and Related Costs | 2019 Bemis Integration Plan | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 190 | 190 | 190 | 190 | ||
Restructuring and Related Costs | 2019 Bemis Integration Plan | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 200 | 200 | 200 | 200 | ||
Integration Costs | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 40 | 40 | 40 | 40 | ||
Restructuring and Related Cost, Expected Cost Remaining | $ 40 | 40 | $ 40 | $ 40 | ||
Restructuring Related | 2019 Bemis Integration Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs | $ 27 |
Restructuring Plans - Restructuring Plan Costs (Details) - USD ($) $ in Millions |
12 Months Ended | 36 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 94 | $ 115 | $ 131 | $ 340 |
Restructuring and Related Cost, Incurred Cost | 13 | 15 | 2 | |
2018 Rigids Packaging Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 20 | 37 | 64 | 121 |
2019 Bemis Integration Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 68 | 60 | 48 | 176 |
Other Restructuring Plans | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 6 | $ 18 | $ 19 | $ 43 |
Restructuring Plans - Restructuring Charges by Types (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Restructuring and Related Activities [Abstract] | |||
Employee costs | $ 76 | $ 45 | $ 84 |
Fixed asset related costs | 23 | 24 | 34 |
Other costs | 34 | 29 | 13 |
Gain on sale of business | (51) | 0 | 0 |
Total restructuring costs, net | $ 82 | $ 98 | $ 131 |
Restructuring Plans - Restructuring Plan Liability (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | $ 85 | $ 88 | $ 35 |
Restructuring Reserve, Accrual Adjustment | 133 | 98 | 131 |
Restructuring Reserve, Additions Through Business Acquisitions | 5 | ||
Restructuring Reserve, Settled without Cash | (32) | (23) | (29) |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 5 | (1) | |
Payments for Restructuring | (96) | (78) | (53) |
Restructuring Reserve, Ending Balance | 95 | 85 | 88 |
Employee Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 70 | 73 | 35 |
Restructuring Reserve, Accrual Adjustment | 76 | 45 | 84 |
Restructuring Reserve, Additions Through Business Acquisitions | 5 | ||
Restructuring Reserve, Settled without Cash | (9) | 0 | (2) |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 2 | (1) | |
Payments for Restructuring | (61) | (48) | (48) |
Restructuring Reserve, Ending Balance | 78 | 70 | 73 |
Fixed Asset Related Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 3 | 7 | 0 |
Restructuring Reserve, Accrual Adjustment | 23 | 24 | 34 |
Restructuring Reserve, Additions Through Business Acquisitions | 0 | ||
Restructuring Reserve, Settled without Cash | (23) | (23) | (27) |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 2 | 0 | |
Payments for Restructuring | (5) | (5) | 0 |
Restructuring Reserve, Ending Balance | 0 | 3 | 7 |
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 12 | 8 | 0 |
Restructuring Reserve, Accrual Adjustment | 34 | 29 | 13 |
Restructuring Reserve, Additions Through Business Acquisitions | 0 | ||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 1 | 0 | |
Payments for Restructuring | (30) | (25) | (5) |
Restructuring Reserve, Ending Balance | $ 17 | $ 12 | $ 8 |
Equity Method and Other Investments (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 47.60% | 47.60% | |
Dividends received from affiliated companies | $ 4,000,000 | $ 7,000,000 | $ 8,000,000 |
Equity Method Investment, Other than Temporary Impairment | 0 | 26,000,000 | 14,000,000 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | ||
AMVIG | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 15,000,000 | ||
United States of America, Dollars | |||
Schedule of Equity Method Investments [Line Items] | |||
Dividends received from affiliated companies | $ 0 | $ 10,000,000 | $ 8,000,000 |
Property, Plant and Equipment, Net - Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 221 | $ 198 |
Buildings and improvements | 1,355 | 1,253 |
Plant and equipment | 5,937 | 5,435 |
Total property including finance lease, right-of-use assets | 7,513 | 6,886 |
Accumulated depreciation | (3,712) | (3,224) |
Accumulated impairment | (40) | (47) |
Property, plant, and equipment, net | $ 3,761 | $ 3,615 |
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization of assets under finance lease obligations | $ 389 | $ 403 | |
Depreciation | $ 306 |
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill [Line Items] | ||
Beginning Balance | $ 5,339 | $ 5,156 |
Acquisition and acquisition adjustments | 230 | |
Disposals | (5) | |
Currency translation | 85 | (47) |
Ending Balance | 5,419 | 5,339 |
Flexibles | ||
Goodwill [Line Items] | ||
Beginning Balance | 4,369 | 4,181 |
Acquisition and acquisition adjustments | 230 | |
Disposals | (5) | |
Currency translation | 73 | (42) |
Ending Balance | 4,437 | 4,369 |
Rigid Packaging | ||
Goodwill [Line Items] | ||
Beginning Balance | 970 | 975 |
Acquisition and acquisition adjustments | 0 | |
Disposals | 0 | |
Currency translation | 12 | (5) |
Ending Balance | $ 982 | $ 970 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Disposal Group, Including Discontinued Operation, Goodwill | $ 0 | $ 0 | $ 282,000,000 |
Amortization of Intangible Assets | 182,000,000 | 204,000,000 | 44,000,000 |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 31,000,000 |
Goodwill and Other Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,540 | $ 2,496 |
Accumulated Amortization And Impairment | (705) | (502) |
Net Carrying Amount | 1,835 | 1,994 |
Accumulated impairment of intangible assets | 34 | 32 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,986 | 1,957 |
Accumulated Amortization And Impairment | (405) | (264) |
Net Carrying Amount | 1,581 | 1,693 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 233 | 218 |
Accumulated Amortization And Impairment | (156) | (131) |
Net Carrying Amount | 77 | 87 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 321 | 321 |
Accumulated Amortization And Impairment | (144) | (107) |
Net Carrying Amount | 177 | 214 |
Intellectual Property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17 | $ 16 |
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 176 |
2023 | 172 |
2024 | 167 |
2025 | 149 |
2026 | $ 146 |
Fair Value Measurements - Carrying and Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt with fixed interest rates (excluding commercial paper and finance leases) | $ 4,325 | $ 3,599 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt with fixed interest rates (excluding commercial paper and finance leases) | $ 4,558 | $ 3,793 |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 40 | $ 40 |
Derivative Liability | 4 | 24 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Contingent purchase consideration liabilities | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 1 | Commodity contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | |
Level 1 | Forward exchange contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 1 | Interest rate swaps | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 40 | 40 |
Contingent purchase consideration liabilities | 0 | 0 |
Derivative Liability | 4 | 24 |
Level 2 | Commodity contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 14 | |
Derivative Liability | 7 | |
Level 2 | Forward exchange contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 7 | 8 |
Derivative Liability | 4 | 17 |
Level 2 | Interest rate swaps | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 19 | 32 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Contingent purchase consideration liabilities | 18 | 15 |
Derivative Liability | 18 | 15 |
Level 3 | Commodity contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | |
Level 3 | Forward exchange contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 3 | Interest rate swaps | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Total | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 40 | 40 |
Contingent purchase consideration liabilities | 18 | 15 |
Derivative Liability | 22 | 39 |
Total | Commodity contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 14 | |
Derivative Liability | 7 | |
Total | Forward exchange contracts | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 7 | 8 |
Derivative Liability | 4 | 17 |
Total | Interest rate swaps | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 19 | $ 32 |
Fair Value Measurements - Changes in Level 3 Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Fair Value Disclosures [Abstract] | |||
Fair value at the beginning of the year | $ 15 | $ 14 | $ 15 |
Changes in fair value of Level 3 liabilities | 2 | 1 | 0 |
Payments | 0 | 0 | (1) |
Foreign currency translation | 1 | 0 | 0 |
Fair value at the end of the year | $ 18 | $ 15 | $ 14 |
Fair Value Measurements - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of investments | $ 0 | $ 26,000,000 | $ 14,000,000 |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | $ 31,000,000 |
Discma AG | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Current | 10,000,000 | ||
Non-Core Other | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 8,000,000 |
Derivative Instruments - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May 28, 2021 |
Dec. 31, 2019 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 50.00% | ||||
Settlement of commercial paper | $ (235,000,000) | $ 1,742,000,000 | $ (558,000,000) | ||
10 year Senior Unsecured Notes | |||||
Derivative [Line Items] | |||||
Term of credit facility | 10 years | ||||
Term debt | U.S. dollar notes due May 2031 | |||||
Derivative [Line Items] | |||||
Debt issued | $ 800,000,000 | 800,000,000 | |||
Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Commercial Paper | $ 67,000,000 | ||||
Settlement of commercial paper | $ 67,000,000 | ||||
Interest rate swaps | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 1,257,000,000 | 837,000,000 | |||
Interest rate swaps | Note due 2021 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 400,000,000 | ||||
Forward exchange contracts | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 1,100,000,000 | 1,600,000,000 | |||
Cross currency interest rate swaps | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 0 | 100,000,000 | |||
Cross currency interest rate swaps | Euro Member Countries, Euro | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 89,000,000 |
Derivative Instruments - Outstanding Commodity Contracts (Details) |
Jun. 30, 2021
T
lb
|
Jun. 30, 2020
lb
T
|
---|---|---|
Aluminum | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | T | 22,629 | 44,944 |
PET resin | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | lb | 6,312,764 | 26,006,000 |
Derivative Instruments - Schedule of Balance Sheet Derivatives (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 40 | $ 40 |
Derivative Liability | 4 | 24 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 36 | 8 |
Non-current assets - Employee benefit assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4 | 32 |
Current liabilities - Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 4 | 24 |
Non-current liabilities - Employee benefit obligations | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | 0 |
Not Designated as Hedging Instrument | Forward exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4 | 6 |
Not Designated as Hedging Instrument | Forward exchange contracts | Current liabilities - Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 2 | 14 |
Fair Value Hedging | Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 15 | 0 |
Fair Value Hedging | Interest rate swaps | Non-current assets - Employee benefit assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4 | 32 |
Cash Flow Hedging | Forward exchange contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3 | 2 |
Cash Flow Hedging | Forward exchange contracts | Current liabilities - Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 2 | 3 |
Cash Flow Hedging | Commodity contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 14 | 0 |
Cash Flow Hedging | Commodity contracts | Current liabilities - Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 0 | $ 7 |
Derivative Instruments - Schedule of Cash Flow Hedges Reclassified from AOCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Commodity contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1) | $ 6 | $ 2 |
Forward exchange contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | 0 |
Treasury locks | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 0 | 0 |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (7) | (2) |
Cash Flow Hedging | Cost of sales | Commodity contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | (6) | (2) |
Cash Flow Hedging | Net sales | Forward exchange contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (1) | 0 |
Cash Flow Hedging | Interest expense | Treasury locks | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 0 | $ 0 |
Derivative Instruments - Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 7 | $ (6) | $ (1) |
Other income, net | Forward exchange contracts | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 11 | (6) | (1) |
Other income, net | Cross currency interest rate swaps | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (4) | $ 0 | $ 0 |
Derivative Instruments - Schedule of Fair Value Hedging Instruments Recognized in Income (Details) - Fair Value Hedging - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (14) | $ (1) | $ 7 |
Interest expense | Interest rate swaps | |||
Derivative [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (14) | $ (1) | $ 7 |
Derivative Instruments - Schedule of Changes in AOCI for Effective Derivatives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | |||
Tax effect | $ 0 | $ 0 | $ 2 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 26 | (22) | (4) |
Commodity contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | 6 | 2 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 22 | (7) | (8) |
Forward exchange contracts | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 3 | (2) | 0 |
Treasury locks | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 0 | $ (20) | $ 0 |
Pension and Other Post-Retirement Plans - Narrative (Details) $ in Millions |
Jun. 30, 2021
USD ($)
plan
|
---|---|
Retirement Benefits [Abstract] | |
Number of mandatory defined benefit plans | 21 |
Number of voluntary defined benefit plans | 57 |
Expected contributions to defined benefit plans over the next fiscal year | $ | $ 26 |
Pension and Other Post-Retirement Plans - Principal Defined Benefit Plans (Details) |
Jun. 30, 2021
plan
|
---|---|
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 2 |
Number of Unfunded Plans | 0 |
SWITZERLAND | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 1 |
Number of Unfunded Plans | 0 |
FRANCE | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 3 |
Number of Unfunded Plans | 2 |
Number of plans closed to new entrants | 3 |
Number of plans partially indemnified | 2 |
Number Of Plans Open To New Participants | 2 |
GERMANY | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 2 |
Number of Unfunded Plans | 12 |
Number of plans closed to new entrants | 13 |
Number of plans partially indemnified | 6 |
Number Of Plans Open To New Participants | 1 |
CANADA | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 6 |
Number of Unfunded Plans | 1 |
United States of America | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of Funded Plans | 3 |
Number of Unfunded Plans | 2 |
Pension and Other Post-Retirement Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Retirement Benefits [Abstract] | |||
Service cost | $ 27 | $ 23 | $ 15 |
Interest cost | 40 | 49 | 27 |
Expected return on plan assets | (60) | (72) | (33) |
Amortization of net loss | 8 | 6 | 4 |
Amortization of prior service credit | (2) | (2) | (2) |
Curtailment credit | (1) | 0 | 0 |
Settlement costs | 3 | 6 | 2 |
Net periodic benefit cost | $ 15 | $ 10 | $ 13 |
Pension and Other Post-Retirement Plans - Amounts Recognized on Income Statement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 15 | $ 10 | $ 13 |
Cost of sales | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 19 | 16 | 10 |
Selling, general and administrative expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 8 | 7 | 5 |
Other non-operating income, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ (12) | $ (13) | $ (2) |
Pension and Other Post-Retirement Plans - Changes in Benefit Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Change in benefit obligation: | |||
Benefit obligation at the beginning of the year | $ 2,051 | $ 1,985 | |
Service cost | 27 | 23 | $ 15 |
Interest cost | 40 | 49 | 27 |
Participant contributions | 6 | 6 | |
Actuarial loss (gain) | (58) | 127 | |
Plan curtailments | (4) | 0 | |
Settlements | (40) | (42) | |
Benefits paid | (79) | (77) | |
Administrative expenses | (7) | (5) | |
Plan amendments | (15) | 0 | |
Divestitures | (1) | 0 | |
Other | 0 | 3 | |
Foreign currency translation | 102 | (18) | |
Benefit obligation at the end of the year | 2,022 | 2,051 | $ 1,985 |
Accumulated benefit obligation at the end of the year | $ 1,954 | $ 1,979 |
Pension and Other Post-Retirement Plans - Changes in Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Change in plan assets: | ||
Fair value of plan assets at the beginning of the year | $ 1,691 | $ 1,631 |
Actual return on plan assets | 57 | 159 |
Employer contributions | 41 | 34 |
Participant contributions | 6 | 6 |
Benefits paid | (79) | (77) |
Settlements | (40) | (42) |
Administrative expenses | (7) | (5) |
Foreign currency translation | 90 | (15) |
Fair value of plan assets at the end of the year | $ 1,759 | $ 1,691 |
Pension and Other Post-Retirement Plans - Defined Benefit Plan with Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 1,387 | $ 1,695 |
Accumulated benefit obligation | 1,352 | 1,626 |
Fair value of plan assets | $ 1,072 | $ 1,292 |
Pension and Other Post-Retirement Plans - Defined Benefit Plan with Accumulated Benefit Obligations in Excess of Plan assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 1,376 | $ 1,684 |
Accumulated benefit obligation | 1,351 | 1,625 |
Fair value of plan assets | $ 1,070 | $ 1,290 |
Pension and Other Post-Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|
Retirement Benefits [Abstract] | |||
Employee benefit asset | $ 1,759 | $ 1,691 | |
Employee benefit obligation | (2,022) | (2,051) | $ (1,985) |
Unfunded status | $ (263) | $ (360) |
Pension and Other Post-Retirement Plans - Funded/Unfunded Status of Plan (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status | $ (263) | $ (360) |
Non-current assets - Employee benefit assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status | 52 | 44 |
Current liabilities - Other current liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status | (8) | (12) |
Non-current liabilities - Employee benefit obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status | $ (307) | $ (392) |
Pension and Other Post-Retirement Plans - Components of Other Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Retirement Benefits [Abstract] | |||
Net actuarial loss/(gain) occurring during the year | $ (58) | $ 41 | $ 68 |
Net prior service loss/(gain) occurring during the year | (16) | 0 | 11 |
Amortization of actuarial loss | (8) | (6) | (4) |
Gain recognized due to settlement/curtailment | (2) | (6) | (2) |
Amortization of prior service credit | 2 | 2 | 2 |
Foreign currency translation | 16 | (3) | (3) |
Tax effect | 14 | (12) | (13) |
Total recognized in other comprehensive (income) loss | $ (52) | $ 16 | $ 59 |
Pension and Other Post-Retirement Plans - Accumulated Other Comprehensive (Income) Loss at the End of Year (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|
Retirement Benefits [Abstract] | |||
Net prior service credit | $ (20) | $ (6) | $ (7) |
Net actuarial loss | 185 | 237 | 210 |
Accumulated other comprehensive loss at the end of the year | $ 165 | $ 231 | $ 203 |
Pension and Other Post-Retirement Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Details) |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|
Retirement Benefits [Abstract] | |||
Discount rate | 2.10% | 2.00% | 2.50% |
Rate of compensation increase | 1.70% | 1.90% | 2.10% |
Pension and Other Post-Retirement Plans - Weighted-average Assumptions Used to Determine Net Periodic Cost (Details) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Retirement Benefits [Abstract] | |||
Discount rate | 2.00% | 2.50% | 2.30% |
Rate of compensation increase | 1.90% | 2.10% | 1.90% |
Expected long-term rate of return on plan assets | 3.50% | 4.50% | 3.60% |
Pension and Other Post-Retirement Plans - Expected Benefit Payments (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Retirement Benefits [Abstract] | |
2022 | $ 89 |
2023 | 112 |
2024 | 95 |
2025 | 94 |
2026 | 95 |
2027-2031 | $ 488 |
Pension and Other Post-Retirement Plans - Pension Plan Assets Measured at Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 1,759 | $ 1,691 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 325 | 297 |
Government debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 518 | 582 |
Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 254 | 222 |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 113 | 62 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 40 | 49 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 509 | 479 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 371 | 360 |
Level 1 | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 139 | 114 |
Level 1 | Government debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 61 | 66 |
Level 1 | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 74 | 60 |
Level 1 | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 53 | 60 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 32 | 42 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 12 | 18 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 903 | 875 |
Level 2 | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 186 | 183 |
Level 2 | Government debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 457 | 516 |
Level 2 | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 180 | 162 |
Level 2 | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 57 | 0 |
Level 2 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 8 | 7 |
Level 2 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 15 | 7 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 485 | 456 |
Level 3 | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 3 | Government debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 3 | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 3 | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3 | 2 |
Level 3 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 3 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 482 | $ 454 |
Pension and Other Post-Retirement Plans - Changes in Fair Value of Level 3 Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Balance as of June 30, 2020 | $ 1,691 | |
Actual return on plan assets | 57 | $ 159 |
Foreign currency translation | 90 | (15) |
Balance as of June 30, 2021 | 1,759 | 1,691 |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Balance as of June 30, 2020 | 456 | |
Actual return on plan assets | 18 | |
Purchases, sales, and settlements | (34) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | (5) | |
Foreign currency translation | 50 | |
Balance as of June 30, 2021 | $ 485 | $ 456 |
Debt - Schedule of Carrying Value of Long-term Debt (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Jul. 15, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
May 28, 2021 |
|
Debt Instrument [Line Items] | |||||
Finance lease obligations | $ 32,000,000 | $ 33,000,000 | |||
Unamortized discounts and debt issuance costs | (30,000,000) | (27,000,000) | |||
Total debt | 6,191,000,000 | 6,039,000,000 | |||
Less: current portion | (5,000,000) | (11,000,000) | |||
Total long-term debt | 6,186,000,000 | 6,028,000,000 | |||
Notes redeemed | 530,000,000 | 4,225,000,000 | $ 3,108,000,000 | ||
U.S. dollar notes due Jun 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate | 2.69% | ||||
Interest rate swaps | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 19,000,000 | 31,000,000 | |||
Term debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 4,327,000,000 | 3,587,000,000 | |||
Term debt | Euro private placement notes due Sep 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 100,000,000 | ||||
Debt interest rate | 5.00% | ||||
Long-term debt | $ 0 | 112,000,000 | |||
Term debt | U.S. dollar notes due Oct 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 400,000,000 | ||||
Debt interest rate | 4.50% | ||||
Long-term debt | $ 400,000,000 | 400,000,000 | |||
Term debt | U.S. dollar notes due Oct 2021 | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate | 4.50% | ||||
Notes redeemed | $ 400,000,000 | ||||
Term debt | U.S. private placemen notes due Dec 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 275,000,000 | ||||
Debt interest rate | 5.95% | ||||
Long-term debt | $ 275,000,000 | 275,000,000 | |||
Term debt | Euro bonds due Mar 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 300,000,000 | ||||
Debt interest rate | 2.75% | ||||
Long-term debt | $ 357,000,000 | 338,000,000 | |||
Term debt | U.S. dollar notes due Sep 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 300,000,000 | ||||
Debt interest rate | 3.10% | ||||
Long-term debt | $ 300,000,000 | 300,000,000 | |||
Term debt | U.S. dollar notes due Apr 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 600,000,000 | ||||
Debt interest rate | 3.63% | ||||
Long-term debt | $ 600,000,000 | 600,000,000 | |||
Term debt | Euro bonds due Jun 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 500,000,000 | ||||
Debt interest rate | 1.13% | ||||
Long-term debt | $ 595,000,000 | 562,000,000 | |||
Term debt | U.S. dollar notes due May 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 500,000,000 | ||||
Debt interest rate | 4.50% | ||||
Long-term debt | $ 500,000,000 | 500,000,000 | |||
Term debt | U.S. dollar notes due Jun 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 500,000,000 | ||||
Debt interest rate | 2.63% | ||||
Long-term debt | $ 500,000,000 | 500,000,000 | |||
Term debt | U.S. dollar notes due May 2031 | |||||
Debt Instrument [Line Items] | |||||
Debt issued | $ 800,000,000 | $ 800,000,000 | |||
Debt interest rate | 2.69% | ||||
Long-term debt | $ 800,000,000 | 0 | |||
Bank loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 4,000,000 | 417,000,000 | |||
Commercial paper | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,817,000,000 | 1,976,000,000 | |||
Other loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 22,000,000 | $ 22,000,000 |
Debt - Narrative (Details) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 15, 2021
USD ($)
|
May 28, 2021
USD ($)
|
Mar. 30, 2021
USD ($)
|
Apr. 23, 2020 |
Jun. 13, 2019
note
|
Jun. 30, 2021
USD ($)
segment
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Number of options to extend maturity date | segment | 2 | |||||||
Maturity date extension period | 12 months | |||||||
Notes redeemed | $ 530,000,000 | $ 4,225,000,000 | $ 3,108,000,000 | |||||
Consent percentage received from note holders | 91.70% | |||||||
Number of notes exchanged | note | 5 | |||||||
Percent of Note holders exchanged under a Form S-1 Statement | 99.90% | |||||||
Weighted-average interest rate | 6.10% | 2.97% | ||||||
3-year term syndicated facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 3 years | |||||||
5-year term syndicated facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 5 years | |||||||
10 year Senior Unsecured Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 10 years | |||||||
Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date extension period | 1 year | |||||||
Line of credit, maximum borrowing capacity | $ 3,800,000,000 | |||||||
Amounts outstanding under credit facility | $ 3,800,000,000 | $ 4,200,000,000 | ||||||
Undrawn commitments under credit facility | $ 2,000,000,000 | $ 1,800,000,000 | ||||||
Facility fees on undrawn commitments | 0.15% | 0.15% | ||||||
Credit Facility | Collateral Pledged | ||||||||
Debt Instrument [Line Items] | ||||||||
Property pledged as collateral | $ 19,000,000 | $ 31,000,000 | ||||||
Credit Facility | 3-year term syndicated facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 3 years | |||||||
Credit Facility | 4-year term syndicated facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 4 years | |||||||
Credit Facility | 5-year term syndicated facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of credit facility | 5 years | |||||||
Credit Facility | Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility canceled | $ 400,000,000 | |||||||
Term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt redemption price percentage | 100.00% | |||||||
Term debt | U.S. dollar notes due May 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issued | $ 800,000,000 | $ 800,000,000 | ||||||
Debt interest rate | 2.69% | |||||||
Term debt | U.S. dollar notes due Oct 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issued | $ 400,000,000 | |||||||
Debt interest rate | 4.50% | |||||||
Term debt | U.S. dollar notes due Oct 2021 | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes redeemed | $ 400,000,000 | |||||||
Debt interest rate | 4.50% |
Debt - Schedule of Contractual Maturities of Long-term Debt (Details) $ in Millions |
12 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Debt Disclosure [Abstract] | |
2022 | $ 678 |
2023 | 1,035 |
2024 | 0 |
2025 | 1,142 |
2026 | $ 602 |
3-year term syndicated facility | |
Debt Instrument [Line Items] | |
Term of credit facility | 3 years |
5-year term syndicated facility | |
Debt Instrument [Line Items] | |
Term of credit facility | 5 years |
Debt - Schedule of Short Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term Debt | $ 98 | $ 195 |
Bank loans | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 45 | 184 |
Bank overdrafts | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 53 | $ 11 |
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Amortization of right-of-use assets | $ 2 | $ 2 |
Interest on lease liabilities | 1 | 1 |
Short-term Lease, Cost | 20 | 0 |
Total lease cost | 136 | 115 |
Cost of sales | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases | 99 | 90 |
Selling, general and administrative expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases | $ 14 | $ 22 |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease assets | $ 532 | $ 525 |
Finance lease assets | 30 | 31 |
Total lease assets | 562 | 556 |
Current operating lease liabilities | 96 | 84 |
Non-current operating lease liabilities | 462 | 466 |
Current finance lease liabilities | 2 | 2 |
Non-current finance lease liabilities | 30 | 31 |
Total lease liabilities | $ 590 | $ 583 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment, net | Property, plant, and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, less current portion | Long-term debt, less current portion |
Accumulated amortization of finance lease assets | $ 8 | $ 6 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 111 | $ 108 | |
Operating cash flows from finance leases | 1 | 1 | |
Financing cash flows from finance leases | 2 | 2 | $ 2 |
Operating lease assets obtained in exchange for new lease obligations | 55 | 63 | |
Finance lease assets obtained in exchange for new lease obligations | $ 1 | $ 31 |
Leases - ASC 842 Lease Maturity (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Operating Leases | ||
Fiscal year 2022 | $ 110 | |
Fiscal year 2023 | 96 | |
Fiscal year 2024 | 84 | |
Fiscal year 2025 | 62 | |
Fiscal year 2026 | 54 | |
Thereafter | 251 | |
Total lease payments | 657 | |
Less: imputed interest | (99) | |
Present value of lease liabilities | 558 | |
Finance Leases | ||
Fiscal year 2022 | 3 | |
Fiscal year 2023 | 3 | |
Fiscal year 2024 | 3 | |
Fiscal year 2025 | 2 | |
Fiscal year 2026 | 2 | |
Thereafter | 31 | |
Total lease payments | 44 | |
Less: imputed interest | (12) | |
Present value of lease liabilities | $ 32 | $ 33 |
Leases - Weighted Average Discount Rate and Remaining Lease Term (Details) |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term, operating leases | 8 years 6 months | 9 years 7 months 6 days |
Weighted average remaining lease term, finance leases | 17 years 2 months 12 days | 18 years 2 months 12 days |
Weighted average discount rate, operating leases | 3.50% | 3.80% |
Weighted average discount rate, finance leases | 3.80% | 3.90% |
Shareholders' Equity - Changes in Ordinary and Treasury Shares (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Beginning Balance | $ 4,687 | $ 5,675 | $ 695 |
Settlement of forward contracts to purchase own equity to meet share-based incentive plans, net of tax | 0 | ||
Purchase of treasury shares | (8) | (67) | (22) |
Net shares issued | 0 | ||
Acquisition of Bemis | 5,230 | ||
Share buy-back/cancellations | (351) | (537) | |
Ending Balance | $ 4,821 | $ 4,687 | $ 5,675 |
Ordinary Shares | |||
Beginning Balance (in shares) | 1,569 | 1,626 | 1,158 |
Beginning Balance | $ 16 | $ 16 | $ 0 |
Net shares issued | $ 11 | ||
Acquisition of Bremis (in shares) | 468 | ||
Acquisition of Bemis | $ 5 | ||
Share buy-back/cancellations | (31) | (57) | |
Share buy-back/cancellations | $ (1) | ||
Ending Balance (in shares) | 1,538 | 1,569 | 1,626 |
Ending Balance | $ 15 | $ 16 | $ 16 |
Treasury Shares | |||
Beginning Balance (in shares) | 7 | 1 | 1 |
Beginning Balance | $ (67) | $ (16) | $ (11) |
Options exercised and shares vested (in shares) | (5) | (1) | (4) |
Options exercised and shares vested | $ 46 | $ 16 | $ 42 |
Settlement of forward contracts to purchase own equity to meet share base incentive plans, net of tax (in shares) | 2 | ||
Settlement of forward contracts to purchase own equity to meet share-based incentive plans, net of tax | $ (25) | ||
Purchase of treasury shares (in shares) | 1 | 7 | 2 |
Purchase of treasury shares | $ (8) | $ (67) | $ (22) |
Ending Balance (in shares) | 3 | 7 | 1 |
Ending Balance | $ (29) | $ (67) | $ (16) |
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (1,049) | ||
Ending balance | (766) | $ (1,049) | |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (896) | (609) | $ (669) |
Other comprehensive income (loss) before reclassifications | 179 | (298) | 60 |
Amounts reclassified from accumulated other comprehensive loss | 26 | 11 | 0 |
Net current period other comprehensive income (loss) | 205 | (287) | 60 |
Ending balance | (691) | (896) | (609) |
Net Investment Hedge | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (13) | (11) | 0 |
Other comprehensive income (loss) before reclassifications | 0 | (2) | (11) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | (2) | (11) |
Ending balance | (13) | (13) | (11) |
Pension | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (106) | (90) | (31) |
Other comprehensive income (loss) before reclassifications | 44 | (25) | (62) |
Amounts reclassified from accumulated other comprehensive loss | 8 | 9 | 3 |
Net current period other comprehensive income (loss) | 52 | (16) | (59) |
Ending balance | (54) | (106) | (90) |
Effective Derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (34) | (12) | (8) |
Other comprehensive income (loss) before reclassifications | 25 | (28) | (6) |
Amounts reclassified from accumulated other comprehensive loss | 1 | 6 | 2 |
Net current period other comprehensive income (loss) | 26 | (22) | (4) |
Ending balance | (8) | (34) | (12) |
Total Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,049) | (722) | (708) |
Other comprehensive income (loss) before reclassifications | 248 | (353) | (19) |
Amounts reclassified from accumulated other comprehensive loss | 35 | 26 | 5 |
Net current period other comprehensive income (loss) | 283 | (327) | (14) |
Ending balance | $ (766) | $ (1,049) | $ (722) |
Shareholders' Equity - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | $ 10,129,000,000 | $ 9,932,000,000 | $ 7,659,000,000 |
Income from continuing operations before income taxes | 1,193,000,000 | 825,000,000 | 604,000,000 |
Tax benefit on amounts reclassified into earnings | (261,000,000) | (187,000,000) | (172,000,000) |
Net income attributable to Amcor plc | 939,000,000 | 612,000,000 | 430,000,000 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | ||
EC Remedy | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Loss on sale of disposal group, discontinued operations | 9,000,000 | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | (2,000,000) | (2,000,000) | (2,000,000) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | 8,000,000 | 6,000,000 | 4,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | Effect of pension settlement/curtailment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | 2,000,000 | 6,000,000 | 2,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated defined benefit plans adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income from continuing operations before income taxes | 8,000,000 | 10,000,000 | 4,000,000 |
Tax benefit on amounts reclassified into earnings | 0 | (1,000,000) | (1,000,000) |
Net income attributable to Amcor plc | 8,000,000 | 9,000,000 | 3,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income from continuing operations before income taxes | 1,000,000 | 7,000,000 | 2,000,000 |
Tax benefit on amounts reclassified into earnings | 0 | (1,000,000) | 0 |
Net income attributable to Amcor plc | 1,000,000 | 6,000,000 | 2,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Commodity contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | (1,000,000) | 6,000,000 | 2,000,000 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Forward exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | 0 | 1,000,000 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Treasury locks | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | 2,000,000 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on foreign currency translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of sales | 26,000,000 | 11,000,000 | 0 |
Income from continuing operations before income taxes | 26,000,000 | 11,000,000 | 0 |
Tax benefit on amounts reclassified into earnings | 0 | 0 | 0 |
Net income attributable to Amcor plc | 26,000,000 | $ 11,000,000 | $ 0 |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 26,000,000 |
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Equity [Abstract] | ||
Forward contract indexed shares (in shares) | 8 | 2 |
Forward contract share price (in dollars per share) | $ 11.65 | $ 10.68 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0 |
Income Taxes - Components of Income Before Taxes and Equity in Income (Loss) of Affiliated Companies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Tax Credit Carryforward [Line Items] | |||
Total income before income taxes and equity in income of affiliated companies | $ 1,193 | $ 825 | $ 604 |
Domestic | |||
Tax Credit Carryforward [Line Items] | |||
Total income before income taxes and equity in income of affiliated companies | (25) | (36) | 32 |
Foreign | |||
Tax Credit Carryforward [Line Items] | |||
Total income before income taxes and equity in income of affiliated companies | $ 1,218 | $ 861 | $ 572 |
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Tax Credit Carryforward [Line Items] | |||
Total current tax | $ 257 | $ 301 | $ 99 |
Total deferred tax | 4 | (114) | 73 |
Income tax expense | 261 | 187 | 172 |
Domestic | |||
Tax Credit Carryforward [Line Items] | |||
Total current tax | 11 | 1 | 7 |
Total deferred tax | (1) | 1 | (3) |
Foreign | |||
Tax Credit Carryforward [Line Items] | |||
Total current tax | 246 | 300 | 92 |
Total deferred tax | $ 5 | $ (115) | $ 76 |
Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Tax Credit Carryforward [Line Items] | |||
Income tax expense at statutory rate | $ 227 | $ 153 | $ 115 |
Foreign tax rate differential | 18 | 70 | 60 |
Non-deductible expenses | 2 | 13 | 5 |
Tax law changes | (1) | (30) | (2) |
Change in valuation allowance | 40 | (17) | (6) |
Unrecognized Tax Benefits, Period Increase (Decrease) | 32 | 0 | 0 |
Other (1) | (57) | (2) | 0 |
Income tax expense | 261 | $ 187 | $ 172 |
Benefits from business restructuring | $ 45 | ||
United Kingdom Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Statutory tax rate | 19.00% | 18.50% | 19.00% |
Income Taxes - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
tax_jurisdiction
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
|
Operating Loss Carryforwards [Line Items] | |||||
Deferred tax liability related to undistributed foreign earnings | $ 25 | ||||
Number of tax jurisdictions in which the entity operates (over) | tax_jurisdiction | 40 | ||||
Effective tax rate | 21.90% | 22.60% | 28.40% | ||
Increase in valuation allowance | $ 40 | $ 73 | $ 20 | ||
Deferred taxes not provided for earnings in certain foreign subsidiaries indefinitely reinvested | 1,071 | ||||
Unrecognized tax benefits | $ 101 | 133 | 101 | 102 | $ 75 |
Interest and penalties related to uncertain tax positions | 12 | 7 | $ 14 | ||
Net tax benefit impact of Swiss tax reform | 22 | 2 | |||
Tax credit carryforwards | $ 49 | 40 | $ 49 | ||
United Kingdom Tax Authority | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating losses that do not expire | 1,085 | ||||
United States Tax Authority [Member] [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred tax liability related to undistributed foreign earnings | 83 | ||||
Other Taxing Authorities [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating losses that do not expire | $ 923 |
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jul. 01, 2020 |
Jun. 30, 2020 |
---|---|---|---|
Deferred Tax Assets, Net [Abstract] | |||
Inventories | $ 22 | $ 23 | |
Accrued employee benefits | 101 | 126 | |
Provisions | 10 | 5 | |
Net operating loss carryforwards | 293 | 253 | |
Tax credit carryforwards | 40 | 49 | |
Accruals and other | 63 | 66 | |
Total deferred tax assets | 529 | 522 | |
Valuation allowance | (403) | (363) | |
Net deferred tax assets | 126 | 159 | |
Deferred tax liabilities | |||
Property, plant, and equipment | (325) | (307) | |
Other intangible assets, including gross impacts from Swiss tax reform | (326) | (350) | |
Trade receivables | (7) | (7) | |
Derivatives | 0 | (5) | |
Undistributed foreign earnings | (25) | (27) | |
Total deferred tax liabilities | (683) | (696) | |
Net deferred tax liability | (557) | (537) | |
Deferred tax assets | 139 | $ 137 | 135 |
Deferred tax liabilities | $ (696) | $ (672) |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits | $ 101 | $ 102 | $ 75 |
Additions based on tax positions related to the current year | 39 | 19 | 12 |
Additions for tax positions of prior years | 7 | 2 | 8 |
Reductions for tax positions from prior years | (12) | (13) | (4) |
Reductions for settlements | 0 | (7) | (6) |
Reductions due to lapse of statute of limitations | (2) | (2) | (13) |
Additions related to acquisitions | 0 | 0 | 30 |
Balance at the end of the year | 133 | 101 | 102 |
Interest and penalties related to uncertain tax positions | $ 12 | $ 7 | $ 14 |
Share-based Compensation - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share options granted (in shares) | 10,000,000 | ||
Number of shares reserved for future issuance (in shares) | 54,000,000 | ||
Unrecognized compensation costs | $ 85 | ||
Cash received from share options exercised | 30 | $ 1 | $ 19 |
Intrinsic value of share options exercised | $ 6 | 1 | 8 |
Performance rights/shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (in shares) | 4,000,000 | ||
Fair value of share options vested | $ 3 | 2 | 0 |
Performance rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion basis of awards to be exercised into ordinary shares at vesting | 100.00% | ||
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion basis of awards to be exercised into ordinary shares at vesting | 100.00% | ||
Share options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion basis of awards to be exercised into ordinary shares at vesting | 100.00% | ||
Fair value of share options vested | $ 2 | $ 0 | $ 4 |
Weighted average period of costs expected to be recognized | 1 year 9 months 18 days | ||
Officers and employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share options granted (in shares) | 0 | ||
Officers and employees | Performance rights/shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (in shares) | 0 | ||
Officers and employees | Performance rights/shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of awards | 2 years | ||
Officers and employees | Performance rights/shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of awards | 4 years | ||
Officers and employees | Share options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of awards | 5 years | ||
Officers and employees | Share options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period of awards | 7 years |
Share-based Compensation - Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 58 | $ 34 | $ 19 |
Share-based Compensation - Fair Value Assumptions Used for Shares Options Granted (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of share options granted (in dollars per share) | $ 1.08 | $ 0.74 | |
Share options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate (%) | 0.20% | 1.80% | |
Expected share price volatility (%) | 25.00% | 18.00% | |
Expected dividend yield (%) | 4.70% | 4.60% | |
Expected life (in years) | 6 years 1 month 6 days | 5 years 8 months 12 days | |
Restricted shares/units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of other than options granted (in dollars per share) | $ 11.06 | $ 10.15 | |
Performance rights/shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of other than options granted (in dollars per share) | $ 7.22 | $ 6.70 | |
Risk free interest rate (%) | 0.20% | 1.80% | |
Expected share price volatility (%) | 25.00% | 18.00% | |
Expected dividend yield (%) | 4.70% | 4.60% | |
Share rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of other than options granted (in dollars per share) | $ 10.22 | $ 8.80 | $ 9.20 |
Share-based Compensation - Changes in Share Options (Details) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
$ / shares
shares
| |
Number | |
Share options outstanding at June 30, 2020 (in shares) | shares | 56 |
Granted (in shares) | shares | 10 |
Exercised (in shares) | shares | (3) |
Forfeited (in shares) | shares | (8) |
Share options outstanding at June 30, 2021 (in shares) | shares | 55 |
Weighted-average Exercise Price | |
Share options outstanding at June 30, 2020 (in dollars per share) | $ / shares | $ 10.32 |
Granted (in dollars per share) | $ / shares | 11.21 |
Exercised (in dollars per share) | $ / shares | 9.46 |
Forfeited (in dollars per share) | $ / shares | 10.58 |
Share options outstanding at June 30, 2021 (in dollars per share) | $ / shares | $ 10.49 |
Weighted-average Contractual Life (in years) | |
Share options outstanding at June 30, 2021 | 5 years 9 months 18 days |
Vested and exercisable at June 30, 2021 (in shares) | shares | 2 |
Vested and exercisable, Weighted-average exercise price at June 30, 2021 (in dollars per share) | $ / shares | $ 10.59 |
Vested and exercisable, Weighted-average contractual life at June 30, 2021 (in years) | 6 years 1 month 6 days |
Stock options outstanding, Aggregate intrinsic value at June 30, 2021 | $ | $ 53 |
Vested and exercisable, Aggregate intrinsic value at June 30, 2021 | $ | $ 2 |
Share-based Compensation - Changes in Restricted Shares/Units, Performance Rights/Units and Shares Rights (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Restricted shares/units | |||
Number | |||
Outstanding at June 30, 2020 (in shares) | 1 | ||
Granted (in shares) | 1 | ||
Exercised (in shares) | (1) | ||
Forfeited (in shares) | 0 | ||
Outstanding at June 30, 2021 (in shares) | 1 | 1 | |
Weighted-average Grant Date Fair Value | |||
Outstanding at June 30, 2020 (in dollars per share) | $ 10.40 | ||
Granted (in dollars per share) | 11.06 | $ 10.15 | |
Exercised (in dollars per share) | 11.88 | ||
Forfeited (in dollars per share) | 9.71 | ||
Outstanding at June 30, 2021 (in dollars per share) | $ 11.17 | $ 10.40 | |
Fair value vested (in millions) | $ 3 | $ 2 | $ 0 |
Performance rights/shares | |||
Number | |||
Outstanding at June 30, 2020 (in shares) | 7 | ||
Granted (in shares) | 4 | ||
Exercised (in shares) | (1) | ||
Forfeited (in shares) | (1) | ||
Outstanding at June 30, 2021 (in shares) | 9 | 7 | |
Weighted-average Grant Date Fair Value | |||
Outstanding at June 30, 2020 (in dollars per share) | $ 6.50 | ||
Granted (in dollars per share) | 7.22 | $ 6.70 | |
Exercised (in dollars per share) | 6.59 | ||
Forfeited (in dollars per share) | 6.74 | ||
Outstanding at June 30, 2021 (in dollars per share) | $ 6.93 | $ 6.50 | |
Fair value vested (in millions) | $ 3 | $ 2 | $ 0 |
Share rights | |||
Number | |||
Outstanding at June 30, 2020 (in shares) | 2 | ||
Granted (in shares) | 2 | ||
Exercised (in shares) | (1) | ||
Forfeited (in shares) | 0 | ||
Outstanding at June 30, 2021 (in shares) | 3 | 2 | |
Weighted-average Grant Date Fair Value | |||
Outstanding at June 30, 2020 (in dollars per share) | $ 8.40 | ||
Granted (in dollars per share) | 10.22 | $ 8.80 | $ 9.20 |
Exercised (in dollars per share) | 10.12 | ||
Forfeited (in dollars per share) | 9.62 | ||
Outstanding at June 30, 2021 (in dollars per share) | $ 9.83 | $ 8.40 | |
Fair value vested (in millions) | $ 5 | $ 11 | $ 14 |
Earnings Per Share Computations - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income attributable to Amcor plc | $ 939 | $ 612 | $ 430 |
Distributed and undistributed earnings attributable to shares to be repurchased | (2) | 0 | (1) |
Net income available to ordinary shareholders of Amcor plc—basic and diluted | 937 | 612 | 429 |
Net income available to ordinary shareholders of Amcor plc from continuing operations—basic and diluted | 937 | 620 | 428 |
Net income (loss) available to ordinary shareholders of Amcor plc from discontinued operations—basic and diluted | $ 0 | $ (8) | $ 1 |
Weighted-average ordinary shares outstanding for EPS—basic | 1,553 | 1,601 | 1,182 |
Weighted-average ordinary shares to be repurchased by Amcor plc | (2) | (1) | (2) |
Effect of dilutive shares | 5 | 2 | 4 |
Weighted-average ordinary shares outstanding for EPS—diluted | 1,556 | 1,602 | 1,184 |
Income from continuing operations | $ 0.604 | $ 0.387 | $ 0.363 |
Income from discontinued operations | 0 | (0.005) | 0.001 |
Basic earnings per ordinary share | 0.604 | 0.382 | 0.364 |
Income from continuing operations | 0.602 | 0.387 | 0.362 |
Income (loss) from discontinued operations | 0 | (0.005) | 0.001 |
Diluted earnings per ordinary share | $ 0.602 | $ 0.382 | $ 0.363 |
Excluding forward contracts to purchase own shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average ordinary shares outstanding for EPS—basic | 1,551 | 1,600 | 1,180 |
Earnings Per Share Computations - Narrative (Details) - shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6 | 37 | 6 |
Contingencies and Legal Proceedings (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Site Contingency [Line Items] | ||
Loss Contingency Accrual | $ 11 | $ 12 |
Accrual for Environmental Loss Contingencies, Component Amount | 47 | |
Loss Contingency, Estimate of Possible Loss | 17 | $ 18 |
Loss Contingency, Letters of Credit | 35 | |
Loss Contingency, Judicial Insurance | 1 | |
Loss Contingency, Cash Deposited | 10 | |
Potentially Responsible Party [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies, Component Amount | $ 17 |
Segments - Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021
segment
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Number of operating segments | segment | 5 | ||
Bemis Acquisition | |||
Segment Reporting Information [Line Items] | |||
Inventory Fair Value Step-Up, Business Combinations | $ | $ 58 | $ 16 | |
Business Combination Transaction Related Costs Not Qualifying as Exit Costs | $ | $ 88 | $ 134 | |
Net sales | Customer Concentration Risk | PepsiCo. | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 11.00% |
Segments - Information About Reportable Segments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting Information [Line Items] | |||
Adjusted EBIT from continuing operations | $ 1,621 | $ 1,497 | $ 1,075 |
Material Restructuring Programs | (88) | (106) | (64) |
Equity Method Investment, Other than Temporary Impairment | 0 | (26) | (14) |
Material Acquisition Costs | (7) | (145) | (143) |
Amortization of Acquired Intangible Assets in Business Combinations | (165) | (191) | (31) |
Economic Net Investment Hedging Activities Not Qualifying For Hedge Accounting | 0 | 0 | 1 |
Impact of Hyperinflation | (19) | (28) | (30) |
Net Legal Settlements | 0 | 0 | 5 |
Material Impact of Pension Settlements | 0 | (5) | 0 |
Gain (Loss) on Disposition of Other Assets | 9 | 0 | 0 |
EBIT From Continuing Operations | 1,351 | 996 | 799 |
Interest income | 14 | 22 | 17 |
Interest expense | (153) | (207) | (208) |
Equity in (income) loss of affiliated companies | (19) | 14 | (4) |
Income from continuing operations before income taxes | 1,193 | 825 | 604 |
Asset impairment charges | 10 | 22 | 75 |
Amortization of Intangible Assets | 182 | 204 | 44 |
Gain on sale of U.S. Remedy | 44 | 0 | 159 |
Net sales | 12,861 | 12,468 | 9,458 |
other operating income, indirect taxes | 19 | ||
Bemis Acquisition | |||
Segment Reporting Information [Line Items] | |||
Inventory Fair Value Step-Up, Business Combinations | 58 | 16 | |
Business Combination Transaction Related Costs Not Qualifying as Exit Costs | 88 | 134 | |
Business integration costs | 48 | ||
Asset impairment charges | 43 | ||
Gain on sale of U.S. Remedy | 97 | ||
Bemis Acquisition | Sales Backlog | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 26 | 5 | |
Flexibles | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBIT from continuing operations | 1,427 | 1,296 | 805 |
Net sales | 10,038 | 9,752 | 6,565 |
Rigid Packaging | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBIT from continuing operations | 299 | 284 | 306 |
Net sales | 2,823 | 2,716 | 2,893 |
Other | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBIT from continuing operations | (105) | (83) | (36) |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12,863 | 12,471 | 9,459 |
Operating Segments | Flexibles | |||
Segment Reporting Information [Line Items] | |||
Net sales | 10,040 | 9,755 | 6,566 |
Operating Segments | Rigid Packaging | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,823 | 2,716 | 2,893 |
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2 | 3 | 1 |
Intersegment Eliminations | Flexibles | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2 | 3 | 1 |
Intersegment Eliminations | Rigid Packaging | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Intersegment Eliminations | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 0 | $ 0 | $ 0 |
Segments - Additional Financial Information About Segments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total capital expenditures for the acquisition of long-lived assets | $ 468 | $ 400 | $ 332 |
Total depreciation and amortization | 572 | 607 | 350 |
Flexibles | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total capital expenditures for the acquisition of long-lived assets | 336 | 271 | 202 |
Total depreciation and amortization | 447 | 478 | 234 |
Rigid Packaging | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total capital expenditures for the acquisition of long-lived assets | 127 | 125 | 125 |
Total depreciation and amortization | 115 | 111 | 113 |
Other | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total capital expenditures for the acquisition of long-lived assets | 5 | 4 | 5 |
Total depreciation and amortization | $ 10 | $ 18 | $ 3 |
Segments - Sales by Major Product (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenue from External Customer [Line Items] | |||
Net sales | $ 12,861 | $ 12,468 | $ 9,458 |
Flexibles | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10,038 | 9,752 | 6,565 |
Flexibles | Films and other flexible products | |||
Revenue from External Customer [Line Items] | |||
Net sales | 8,934 | 8,637 | 5,347 |
Flexibles | Specialty flexible folding cartons | |||
Revenue from External Customer [Line Items] | |||
Net sales | 1,104 | 1,115 | 1,218 |
Rigid Packaging | |||
Revenue from External Customer [Line Items] | |||
Net sales | 2,823 | 2,716 | 2,893 |
Rigid Packaging | Containers, preforms, and closures | |||
Revenue from External Customer [Line Items] | |||
Net sales | $ 2,823 | $ 2,716 | $ 2,893 |
Segments - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 3,761 | $ 3,615 |
United States of America | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,673 | 1,560 |
Other Countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 2,088 | $ 2,055 |
Segments - Disaggregation of Revenue by Geography (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 12,861 | $ 12,468 | $ 9,458 |
Flexibles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 10,038 | 9,752 | 6,565 |
Rigid Packaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,823 | 2,716 | 2,893 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,038 | 5,856 | 3,282 |
North America | Flexibles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,719 | 3,637 | 951 |
North America | Rigid Packaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,319 | 2,219 | 2,331 |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,418 | 1,454 | 1,104 |
Latin America | Flexibles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 914 | 957 | 542 |
Latin America | Rigid Packaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 504 | 497 | 562 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,828 | 3,665 | 3,713 |
Europe | Flexibles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,828 | 3,665 | 3,713 |
Europe | Rigid Packaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,577 | 1,493 | 1,359 |
Asia Pacific | Flexibles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,577 | 1,493 | 1,359 |
Asia Pacific | Rigid Packaging | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 0 | $ 0 | $ 0 |
Deed of Cross Guarantee - Deed of Cross Guarantee Statement of Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Net sales | $ 12,861 | $ 12,468 | $ 9,458 |
Cost of sales | (10,129) | (9,932) | (7,659) |
Gross profit | 2,732 | 2,536 | 1,799 |
Other income, net | 75 | 55 | 187 |
Operating income | 1,321 | 994 | 792 |
Interest income | 14 | 22 | 17 |
Interest expense | (153) | (207) | (208) |
Other non-operating income, net | 11 | 16 | 3 |
Income from continuing operations before income taxes | 1,193 | 825 | 604 |
Income tax expense | (261) | (187) | (172) |
Net income attributable to Amcor plc | 939 | 612 | $ 430 |
Guarantor Subsidiaries [Member] | |||
Net sales | 335 | 324 | |
Cost of sales | (282) | (274) | |
Gross profit | 53 | 50 | |
Operating expenses | (2,441) | (25) | |
Other income, net | 3,898 | 4,167 | |
Operating income | 1,510 | 4,192 | |
Interest income | 18 | 25 | |
Interest expense | (11) | (30) | |
Other non-operating income, net | (5) | (1) | |
Income from continuing operations before income taxes | 1,512 | 4,186 | |
Income tax expense | 17 | (22) | |
Net income attributable to Amcor plc | $ 1,529 | $ 4,164 |
Deed of Cross Guarantee - Deed of Cross Guarantee Statement of Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Net income attributable to Amcor plc | $ 939 | $ 612 | $ 430 |
Interest income | 14 | 22 | 17 |
Net gains (losses) on cash flow hedges, net of tax (a) | 26 | (22) | (4) |
Foreign currency translation adjustments, net of tax (b) | 205 | (287) | 61 |
Net investment hedge of foreign operations, net of tax (c) | 0 | (2) | (11) |
Other comprehensive income (loss) | 283 | (327) | (13) |
Comprehensive (income) loss attributable to non-controlling interest | (12) | (4) | (8) |
Comprehensive income attributable to Amcor plc | 1,222 | 285 | $ 416 |
Guarantor Subsidiaries [Member] | |||
Net income attributable to Amcor plc | 1,529 | 4,164 | |
Interest income | 18 | 25 | |
Foreign currency translation adjustments, net of tax (b) | 32 | 34 | |
Net investment hedge of foreign operations, net of tax (c) | 0 | (2) | |
Other comprehensive income (loss) | 32 | 32 | |
Comprehensive (income) loss attributable to non-controlling interest | 0 | 0 | |
Comprehensive income attributable to Amcor plc | $ 1,561 | $ 4,196 |
Deed of Cross Guarantee - Deed of Cross Guarantee Statement of Income and Accumulated Losses (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jul. 01, 2020 |
|
Retained earnings | $ 452 | $ 246 | $ 241 | |
Net income attributable to Amcor plc | 939 | 612 | $ 430 | |
Dividends recognized during the financial period | 742 | 761 | 680 | |
Guarantor Subsidiaries [Member] | ||||
Retained earnings | 6,737 | 5,935 | $ 2,519 | |
Net income attributable to Amcor plc | 1,529 | 4,164 | ||
Accumulated profits before distribution | 7,464 | 6,683 | ||
Dividends recognized during the financial period | $ 727 | $ 748 |
Deed of Cross Guarantee - Deed of Cross Guarantee Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Jul. 01, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2018 |
---|---|---|---|---|---|
Cash and cash equivalents | $ 850 | $ 743 | |||
Trade receivables, net | 1,864 | $ 1,609 | 1,616 | ||
Inventories, net | 1,991 | 1,832 | |||
Prepaid expenses and other current assets | 561 | 344 | |||
Total current assets | 5,266 | 4,535 | |||
Property, plant, and equipment, net | 3,761 | 3,615 | |||
Deferred tax assets | 139 | 137 | 135 | ||
Other intangible assets, net | 1,835 | 1,994 | |||
Goodwill | 5,419 | 5,339 | $ 5,156 | ||
Other non-current assets | 184 | 177 | |||
Total non-current assets | 11,922 | 11,907 | |||
Total assets | 17,188 | 16,442 | |||
Short-term debt | 98 | 195 | |||
Trade payables | 2,574 | 2,171 | |||
Accrued employee costs | 523 | 477 | |||
Other current liabilities | 1,145 | 1,120 | |||
Total current liabilities | 4,345 | 3,974 | |||
Long-term debt, less current portion | 6,186 | 6,028 | |||
Other non-current liabilities | 371 | 223 | |||
Total liabilities | 12,367 | 11,755 | |||
Issued | 15 | 16 | |||
Additional paid-in capital | 5,092 | 5,480 | |||
Retained earnings | 452 | $ 241 | 246 | ||
Accumulated other comprehensive loss | (766) | (1,049) | |||
Total shareholders' equity | 4,821 | 4,687 | 5,675 | $ 695 | |
Total liabilities and shareholders' equity | 17,188 | 16,442 | |||
Guarantor Subsidiaries [Member] | |||||
Cash and cash equivalents | 47 | 37 | |||
Trade receivables, net | 690 | 787 | |||
Inventories, net | 66 | 58 | |||
Prepaid expenses and other current assets | 32 | 14 | |||
Total current assets | 835 | 896 | |||
Property, plant, and equipment, net | 74 | ||||
Property, plant, and equipment, net | 77 | ||||
Deferred tax assets | 39 | 23 | |||
Other intangible assets, net | 12 | 10 | |||
Goodwill | 100 | 91 | |||
Other non-current assets | 13,336 | 12,455 | |||
Total non-current assets | 13,561 | 12,656 | |||
Total assets | 14,396 | 13,552 | |||
Short-term debt | 816 | 507 | |||
Trade payables | 137 | 143 | |||
Accrued employee costs | 23 | 18 | |||
Other current liabilities | 109 | 41 | |||
Total current liabilities | 1,085 | 709 | |||
Long-term debt, less current portion | 370 | 356 | |||
Other non-current liabilities | 3 | 3 | |||
Total liabilities | 1,458 | 1,068 | |||
Issued | 15 | 16 | |||
Additional paid-in capital | 5,122 | 5,501 | |||
Retained earnings | 6,737 | 5,935 | $ 2,519 | ||
Accumulated other comprehensive loss | 1,064 | 1,032 | |||
Total shareholders' equity | 12,938 | 12,484 | |||
Total liabilities and shareholders' equity | $ 14,396 | $ 13,552 |
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid, net of amounts capitalized | $ 146 | $ 212 | $ 220 |
Income taxes paid | $ 321 | $ 304 | $ 148 |
Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Capital Expenditures Incurred but Not yet Paid | $ 76 | $ 78 | $ 75 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 5,200 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Aug. 17, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Subsequent Event [Line Items] | ||||
Dividends declared, per share | $ 0.4675 | $ 0.465 | $ 0.575 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared, per share | $ 0.1175 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 400 |
Schedule II - Valuation of Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jul. 01, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss | $ (28) | $ (35) | $ (34) | |
Cumulative adjustment related to adoption of ASC 326 | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | |
Impact of Adoption of ASC-326 | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss | $ (7) | |||
Reserves for Doubtful Accounts, Sales Returns, Discounts and Allowances | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at the Beginning of the Year | 35 | $ 35 | $ 34 | 17 |
Additions Charged to Profit and Loss | (4) | 5 | 3 | |
Write-offs | (11) | (1) | 0 | |
Foreign Currency Impact and Other | 1 | (3) | 14 | |
Balance at End of the Year | 42 | $ 28 | $ 35 | $ 34 |
Reserves for Doubtful Accounts, Sales Returns, Discounts and Allowances | Impact of Adoption of ASC-326 | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss | $ (7) |
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