Shareholders' Equity

9 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

    The changes in ordinary and treasury shares during the nine months ended March 31, 2023 and 2022 were as follows:

	Ordinary Shares			Treasury Shares
(shares and $ in millions)	Number of Shares	Amount		Number of Shares	Amount
Balance as of June 30, 2021	1,538	$	15	3	$	(29)
Share buy-back / cancellations	(36)	—		—	—
Options exercised and shares vested	—	—		(11)	127
Purchase of treasury shares	—	—		11	(133)
Balance as of March 31, 2022	1,503	$	15	3	$	(35)
Balance as of June 30, 2022	1,489	$	15	2	$	(18)
Share buyback / cancellations	(18)	—		—	—
Options exercised and shares vested	—	—		(19)	225
Purchase of treasury shares	—	—		18	(221)
Balance as of March 31, 2023	1,471	$	15	1	$	(14)

    The changes in the components of accumulated other comprehensive loss during the nine months ended March 31, 2023 and 2022 were as follows:

	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, 2021	$	(691)	$	(13)	$	(54)	$	(8)	$	(766)
Other comprehensive income / (loss) before reclassifications	(41)		—		(1)		8		(34)
Amounts reclassified from accumulated other comprehensive loss	—		—		4		(11)		(7)
Net current period other comprehensive income / (loss)	(41)		—		3		(3)		(41)
Balance as of March 31, 2022	$	(732)	$	(13)	$	(51)	$	(11)	$	(807)
Balance as of June 30, 2022	$	(892)	$	(13)	$	40	$	(15)	$	(880)
Other comprehensive loss before reclassifications	(48)		—		(1)		(2)		(51)
Amounts reclassified from accumulated other comprehensive loss	74		—		(1)		1		74
Net current period other comprehensive income / (loss)	26		—		(2)		(1)		23
Balance as of March 31, 2023	$	(866)	$	(13)	$	38	$	(16)	$	(857)

    The following tables provide details of amounts reclassified from accumulated other comprehensive loss:

	Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)	2023		2022		2023		2022
Amortization of pension:
Amortization of prior service credit	$	(1)	$	(1)	$	(3)	$	(3)
Amortization of actuarial loss	1		1		2		4
Effect of pension settlement	—		—		—		3
Total before tax effect	—		—		(1)		4
Tax effect on amounts reclassified into earnings	—		—		—		—
Total net of tax	$	—	$	—	$	(1)	$	4
(Gains) / losses on cash flow hedges:
Commodity contracts	$	(4)	$	(3)	$	(2)	$	(15)
Forward exchange contracts	1		(1)		2		(1)
Treasury locks	1		1		2		2
Total before tax effect	(2)		(3)		2		(14)
Tax effect on amounts reclassified into earnings	—		1		(1)		3
Total net of tax	$	(2)	$	(2)	$	1	$	(11)
Losses on foreign currency translation:
Foreign currency translation adjustment	$	—	$	—	$	74	$	—
Total before tax effect	—		—		74		—
Tax effect on amounts reclassified into earnings	—		—		—		—
Total net of tax	$	—	$	—	$	74	$	—

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 March 31, 2023, the Company had forward contracts outstanding that mature between May 2023 and September 2023 to purchase 10 million shares at a weighted average price of $12.38. As of June 30, 2022, the Company had forward contracts outstanding maturing between November 2022 and June 2023 to purchase 14 million shares at a weighted average price of $12.67. During the nine months ended March 31, 2023, forward contracts related to 11 million shares were settled, which were outstanding as of June 30, 2022.

    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 contracts.