Segments (Tables)

9 Months Ended

Mar. 31, 2023

Schedule of Information About Reportable Segments

The following table presents information about reportable segments:


	Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)	2023		2022		2023		2022

Flexibles	$	2,787	$	2,837	$	8,378	$	8,184
Rigid Packaging	880		871		2,643		2,451
Other	—		—		—		—








Net sales	$	3,667	$	3,708	$	11,021	$	10,635

Adjusted earnings before interest and taxes ("Adjusted EBIT")
Flexibles	$	337	$	378	$	1,043	$	1,069
Rigid Packaging	69		77		192		194
Other	(24)		(28)		(62)		(67)
Adjusted EBIT	382		427		1,173		1,196
Less: 2019 Bemis Integration Plan	—		(9)		—		(26)

Less: Amortization of acquired intangible assets from business combinations (1)	(40)		(40)		(120)		(122)

Less: Impact of hyperinflation (2)	(6)		(6)		(19)		(10)
Less: Net loss on disposals (3)	—		—		—		(9)
Add/(Less): Property and other gains/(losses), net (4)	—		4		—		(23)
Less: Pension settlement (5)	—		—		—		(3)
Add/(Less): Russia-Ukraine conflict impacts (6)	(48)		—		156		—
Less: Other (7)	(4)		(2)		(2)		(4)


Interest income	15		5		35		15
Interest expense	(86)		(36)		(224)		(115)

Income before income taxes	$	213	$	343	$	999	$	899

(1)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from past acquisitions.

(2)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso.

(3)Net loss on disposals for the nine months ended March 31, 2022 includes an expense of $9 million from the disposal of non-core assets. Refer to Note 8, "Fair Value Measurements" for more information.

(4)Property and other gains/(losses), net includes property and related business losses primarily associated with the destruction of the Company's Durban, South Africa facility during general civil unrest in July 2021, net of insurance recovery.

(5)Pension settlement for the nine months ended March 31, 2022 relates to the purchase of a group annuity contract and transfer of pension plan assets and related benefit obligations. Refer to Note 10, "Components of Net Periodic Benefit Cost" for more information.

(6)Russia-Ukraine conflict impacts in the nine months ended March 31, 2023 include a pre-tax net gain on sale of Russian business of $215 million (refer to Note 3, "Restructuring and Other Related Activities, Net"), and incremental costs and restructuring incurred in connection with the conflict.

(7)Other includes restructuring expenses and fair value gains on economic hedges in the three and nine months ended March 31, 2023. For the three and nine months ended March 31, 2022, Other includes costs associated with the Bemis transaction.

Schedule of Disaggregation of Revenue by Segments

The following tables disaggregate net sales, excluding intersegment sales, by geography in which the Company operates based on manufacturing or selling operations:


	Three Months Ended March 31,
	2023						2022
($ in millions)	Flexibles		Rigid Packaging		Total		Flexibles		Rigid Packaging		Total
North America	$	1,129	$	688	$	1,817	$	1,103	$	677	$	1,780
Latin America	271		192		463		262		194		456
Europe	985		—		985		1,049		—		1,049
Asia Pacific	402		—		402		423		—		423
Net sales	$	2,787	$	880	$	3,667	$	2,837	$	871	$	3,708

	Nine Months Ended March 31,
	2023						2022
($ in millions)	Flexibles		Rigid Packaging		Total		Flexibles		Rigid Packaging		Total
North America	$	3,327	$	2,037	$	5,364	$	3,152	$	1,915	$	5,067
Latin America	825		606		1,431		769		536		1,305
Europe	2,970		—		2,970		2,972		—		2,972
Asia Pacific	1,256		—		1,256		1,291		—		1,291
Net sales	$	8,378	$	2,643	$	11,021	$	8,184	$	2,451	$	10,635