Held for Sale

9 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

During the fourth quarter of fiscal year 2022, the Company classified the assets and liabilities of its Russian operations as held for sale as a result of the Company's decision to sell its Russian business, and recorded an impairment of $90 million. On December 23, 2022, the Company completed the sale of the Russian business and derecognized the assets and liabilities previously classified as held for sale. The disposal did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore did not qualify for reporting as a discontinued operation. The Russian business was part of the Company's Flexibles reportable segment. For further information, refer to Note 5, "Acquisitions and Disposals."

Major classes of assets and liabilities of the Russian business classified as held for sale were as follows:


($ in millions)	March 31, 2023		June 30, 2022
Cash and cash equivalents	$	—	$	75
Trade receivables, net	—		66
Inventories, net	—		40
Prepaid expenses and other current assets	—		36
Property, plant, and equipment, net	—		49
Goodwill	—		16
Total assets held for sale	—		282
Less accumulated impairment (1)	—		(90)
Total assets held for sale, net	$	—	$	192

Trade payables	—		65
Total current liabilities held for sale	$	—	$	65

(1) Inclusive of accumulated other comprehensive loss related to the Russian business.

This table excludes other non-material assets and liabilities that are held for sale but not part of the Russian business.