Derivative Instruments (Tables)

9 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Contracts

The Company had the following outstanding commodity contracts to hedge forecasted purchases:

	March 31, 2023	June 30, 2022
Commodity	Volume	Volume
Aluminum	13,541 tons	17,040 tons
PET resin	— lbs.	16,886,520 lbs.

Schedule of Derivative Liabilities at Fair Value

The following table provides the location of derivative instruments in the unaudited condensed consolidated balance sheets:

($ in millions)	Balance Sheet Location	March 31, 2023		June 30, 2022
Assets
Derivatives in cash flow hedging relationships:
Commodity contracts	Other current assets	$	—	$	6
Forward exchange contracts	Other current assets	3		3
Forward exchange contracts	Assets held for sale, net	—		3
Derivatives not designated as hedging instruments:
Forward exchange contracts	Other current assets	5		1
Interest rate swaps	Other current assets	7		—
Total current derivative contracts		15		13
Total non-current derivative contracts		—		—
Total derivative asset contracts		$	15	$	13
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contracts	Other current liabilities	$	1	$	3
Forward exchange contracts	Other current liabilities	2		5
Derivatives not designated as hedging instruments:
Forward exchange contracts	Other current liabilities	1		11
Total current derivative contracts		4		19
Derivatives in cash flow hedging relationships:
Forward exchange contracts	Other non-current liabilities	—		1
Derivatives in fair value hedging relationships:
Interest rate swaps	Other non-current liabilities	83		69
Total non-current derivative contracts		83		70
Total derivative liability contracts		$	87	$	89

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

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

	Location of Gain / (Loss) Reclassified from AOCI into Income (Effective Portion)	Gain / (Loss) Reclassified from AOCI into Income (Effective Portion)
		Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)		2023		2022		2023		2022
Derivatives in cash flow hedging relationships
Commodity contracts	Cost of sales	$	4	$	3	$	2	$	15
Forward exchange contracts	Net sales	(1)		1		(2)		1
Treasury locks	Interest expense	(1)		(1)		(2)		(2)
Total		$	2	$	3	$	(2)	$	14

Schedule of Derivatives Not Designated as Hedging Instruments

	Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of Income	Gain / (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
		Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)		2023		2022		2023		2022
Derivatives not designated as hedging instruments
Forward exchange contracts	Other income/(expenses), net	$	(7)	$	(9)	$	(12)	$	(42)
Interest rate swaps	Other income/(expenses), net	6		—		7		—
Total		$	(1)	$	(9)	$	(5)	$	(42)

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

	Location of Gain (Loss) Recognized in the Unaudited Condensed Consolidated Statements of Income	Gain (Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships
		Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)		2023		2022		2023		2022
Derivatives in fair value hedging relationships
Interest rate swaps	Interest expense	$	15	$	(42)	$	(13)	$	(49)
Forward exchange contracts	Other income/(expense), net	—		(12)		—		(12)
Total		$	15	$	(54)	$	(13)	$	(61)