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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
amcorlogo.jpg
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number 001-38932

AMCOR PLC
(Exact name of Registrant as specified in its charter)
Jersey
 
98-1455367
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

83 Tower Road North
Warmley, Bristol BS30 8XP
United Kingdom
(Address of principal executive offices)

Registrant’s telephone number, including area code: +44 117 9753200

    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Ordinary Shares, Par Value $0.01 Per Share AMCRNew York Stock Exchange
1.125% Guaranteed Senior Notes Due 2027AUKF/27New York Stock Exchange

    Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
1



    Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer☒Emerging Growth Company☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Accelerated Filer☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
    As of May 1, 2023, the registrant had 1,471,443,801 ordinary shares, $0.01 par value, outstanding.

2


Amcor plc
Quarterly Report on Form 10-Q
Table of Contents
  
 
 
 
3




Cautionary Statement Regarding Forward-Looking Statements

    Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this Quarterly Report on Form 10-Q refer to Amcor plc and its consolidated subsidiaries.

    This Quarterly Report on Form 10-Q contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to:

• changes in consumer demand patterns and customer requirements in numerous industries;
• the loss of key customers, a reduction in their production requirements, or consolidation among key customers;
• significant competition in the industries and regions in which we operate;
• the inability to expand our current business effectively through either organic growth, including by product innovation, or acquisitions;
• challenging current and future global economic conditions, including inflation and supply chain disruptions;
• impact of operating internationally, including negative impacts from the Russia-Ukraine conflict;
• price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business;
• production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility;
• global health outbreaks, including the Coronavirus pandemic ("COVID-19");
• an inability to attract and retain key personnel;
• costs and liabilities related to current and future environment, health and safety laws and regulations;
• labor disputes;
• risks related to climate change;
• failures or disruptions in information technology systems;
• cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information;
• a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations;
• foreign exchange rate risk;
• rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts;
• a significant write-down of goodwill and/or other intangible assets;
• failure to maintain an effective system of internal control over financial reporting;
• an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face;
• an inability to defend our intellectual property rights or intellectual property infringement claims against us;
• litigation, including product liability claims, or regulatory developments;
• increasing scrutiny and changing expectations with respect to our Environmental, Social, and Governance ("ESG") practices resulting in additional costs or exposure to additional risks;
• changing government regulations in environmental, health, and safety matters; and
• changes in tax laws or changes in our geographic mix of earnings.

    These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission, including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
4


Part I - Financial Information
Item 1. Financial Statements (unaudited)
Amcor plc and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31, Nine Months Ended March 31,
($ in millions, except per share data)2023202220232022
Net sales$3,667 $3,708 $11,021 $10,635 
Cost of sales(2,994)(2,977)(9,018)(8,609)
Gross profit673 731 2,003 2,026 
Selling, general, and administrative expenses(317)(326)(917)(942)
Research and development expenses(27)(24)(76)(72)
Restructuring and other related activities, net(50)(9)162 (27)
Other income/(expenses), net3 (3)11 2 
Operating income282 369 1,183 987 
Interest income15 5 35 15 
Interest expense(86)(36)(224)(115)
Other non-operating income, net2 5 5 12 
Income before income taxes213 343 999 899 
Income tax expense(34)(72)(125)(196)
Net income$179 $271 $874 $703 
Net income attributable to non-controlling interests(2)(2)(6)(7)
Net income attributable to Amcor plc$177 $269 $868 $696 
Basic earnings per share:$0.120 $0.178 $0.585 $0.457 
Diluted earnings per share:$0.119 $0.178 $0.581 $0.456 
Note: Per share amounts may not add due to rounding. See accompanying notes to condensed consolidated financial statements.
5



Amcor plc and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31, Nine Months Ended March 31,
($ in millions)2023202220232022
Net income$179 $271 $874 $703 
Other comprehensive income/(loss):
Net gains/(losses) on cash flow hedges, net of tax (a)2 4 (1)(3)
Foreign currency translation adjustments, net of tax (b)
43 76 26 (40)
Pension, net of tax (c)
(1)— (2)3 
Other comprehensive income/(loss)44 80 23 (40)
Total comprehensive income223 351 897 663 
Comprehensive income attributable to non-controlling interests(2)(4)(6)(8)
Comprehensive income attributable to Amcor plc$221 $347 $891 $655 
(a) Tax benefit/(expense) related to cash flow hedges$(1)$— $— $1 
(b) Tax benefit/(expense) related to foreign currency translation adjustments$(2)$2 $(3)$— 
(c) Tax benefit related to pension adjustments$— $— $— $— 
See accompanying notes to condensed consolidated financial statements.

6


Amcor plc and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

($ in millions, except share and per share data)March 31, 2023June 30, 2022
Assets
Current assets:
Cash and cash equivalents$564 $775 
Trade receivables, net of allowance for credit losses of $22 and $25, respectively
2,034 1,935 
Inventories, net:
Raw materials and supplies1,118 1,114 
Work in process and finished goods1,302 1,325 
Prepaid expenses and other current assets570 512 
Assets held for sale, net— 192 
Total current assets5,588 5,853 
Non-current assets:
Property, plant, and equipment, net3,741 3,646 
Operating lease assets534 560 
Deferred tax assets136 130 
Other intangible assets, net1,548 1,657 
Goodwill5,338 5,285 
Employee benefit assets93 89 
Other non-current assets300 206 
Total non-current assets11,690 11,573 
Total assets$17,278 $17,426 
Liabilities
Current liabilities:
Current portion of long-term debt$13 $14 
Short-term debt196 136 
Trade payables2,528 3,073 
Accrued employee costs359 471 
Other current liabilities1,312 1,344 
Liabilities held for sale— 65 
Total current liabilities4,408 5,103 
Non-current liabilities:
Long-term debt, less current portion6,804 6,340 
Operating lease liabilities466 493 
Deferred tax liabilities644 677 
Employee benefit obligations199 201 
Other non-current liabilities449 471 
Total non-current liabilities8,562 8,182 
Total liabilities12,970 13,285 
Commitments and contingencies (See Note 16)
Shareholders' Equity
Amcor plc shareholders’ equity:
Ordinary shares ($0.01 par value)
Authorized (9,000 million shares)
Issued (1,471 and 1,489 million shares, respectively)
$15 $15 
Additional paid-in capital4,241 4,431 
Retained earnings863 534 
Accumulated other comprehensive loss(857)(880)
Treasury shares (1 and 2 million shares, respectively)
(14)(18)
Total Amcor plc shareholders' equity4,248 4,082 
Non-controlling interests60 59 
Total shareholders' equity4,308 4,141 
Total liabilities and shareholders' equity$17,278 $17,426 
See accompanying notes to condensed consolidated financial statements.
7


Amcor plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended March 31,
($ in millions)20232022
Cash flows from operating activities:  
Net income$874 $703 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment428 479 
Net periodic benefit cost6 5 
Amortization of debt discount and deferred financing costs1 2 
Net gain on disposal of property, plant, and equipment(5)— 
Net gain on disposal of businesses(219)— 
Net foreign exchange (gain)/loss29 (3)
Share-based compensation42 47 
Other, net42 114 
Loss from hyperinflationary accounting for Argentine subsidiaries43 14 
Deferred income taxes, net(43)(44)
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency(869)(728)
Net cash provided by operating activities329 589 
Cash flows from investing activities:
Issuance of loans to affiliated companies and other(1)(5)
Investments in affiliated companies and other(55)(11)
Business acquisitions(88)— 
Purchase of property, plant, and equipment, and other intangible assets(382)(373)
(Payments)/proceeds from divestitures365 (1)
Proceeds from sales of property, plant, and equipment, and other intangible assets12 7 
Net cash used in investing activities(149)(383)
Cash flows from financing activities:
Proceeds from issuance of shares133 92 
Purchase of treasury shares(221)(133)
Proceeds from issuance of long-term debt23 570 
Repayment of long-term debt(334)(678)
Net borrowing of commercial paper717 1,248 
Net borrowing/(repayment) of short-term debt58 (72)
Repayment of lease liabilities(3)(2)
Share buybacks/cancellations(200)(423)
Dividends paid(545)(550)
Net cash provided by/(used in) financing activities(372)52 
Effect of exchange rates on cash and cash equivalents(94)(31)
Net increase/(decrease) in cash and cash equivalents(286)227 
Cash and cash equivalents balance at beginning of year850 850 
Cash and cash equivalents balance at end of period$564 $1,077 
Supplemental cash flow information:
Interest paid, net of amounts capitalized$202 $99 
Income taxes paid$130 $163 
Supplemental non-cash disclosures relating to investing and financing activities:
Purchase of property, plant, and equipment, accrued but unpaid$69 $85 
Business acquisitions, accrued but unpaid$26 $— 
See accompanying notes to condensed consolidated financial statements. Cash and cash equivalents at the beginning of the year include cash and cash equivalents classified as held for sale.
8


Amcor plc and Subsidiaries
Condensed Consolidated Statements of Equity
(Unaudited)
($ in millions, except per share data)Ordinary SharesAdditional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTreasury SharesNon-controlling InterestsTotal
Balance as of December 31, 2021$15 $4,854 $515 $(885)$(37)$57 $4,519 
Net income269 2 271 
Other comprehensive income78 2 80 
Share buyback/cancellations— (128)(128)
Dividends declared ($0.12 per share)
(180)(2)(182)
Options exercised and shares vested(2)2 — 
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax— — 
Purchase of treasury shares— — 
Share-based compensation expense16 16 
Change in non-controlling interests— 1 1 
Balance as of March 31, 2022$15 $4,740 $604 $(807)$(35)$60 $4,577 
Balance as of June 30, 2021$15 $5,092 $452 $(766)$(29)$57 $4,821 
Net income696 7 703 
Other comprehensive income/(loss)(41)1 (40)
Share buyback/cancellations— (423)(423)
Dividends declared ($0.3575 per share)
(544)(6)(550)
Options exercised and shares vested(35)127 92 
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax59 59 
Purchase of treasury shares(133)(133)
Share-based compensation expense47 47 
Change in non-controlling interests— 1 1 
Balance as of March 31, 2022$15 $4,740 $604 $(807)$(35)$60 $4,577 
Balance as of December 31, 2022$15 $4,391 $866 $(901)$(18)$58 $4,411 
Net income177 2 179 
Other comprehensive income44 — 44 
Share buyback/cancellations— (160)(160)
Dividends declared ($0.1225 per share)
(180)— (180)
Options exercised and shares vested(3)4 1 
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax— — 
Purchase of treasury shares— — 
Share-based compensation expense13 13 
Change in non-controlling interests— — 
Balance as of March 31, 2023$15 $4,241 $863 $(857)$(14)$60 $4,308 
Balance as of June 30, 2022$15 $4,431 $534 $(880)$(18)$59 $4,141 
Net income868 6 874 
Other comprehensive income23 — 23 
Share buyback/cancellations— (200)(200)
Dividends declared ($0.365 per share)
(539)(6)(545)
Options exercised and shares vested(92)225 133 
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax60 60 
Purchase of treasury shares(221)(221)
Share-based compensation expense42 42 
Change in non-controlling interests1 1 
Balance as of March 31, 2023$15 $4,241 $863 $(857)$(14)$60 $4,308 
See accompanying notes to condensed consolidated financial statements.

9


Amcor plc and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Note 1 - Nature of Operations and Basis of Presentation

    Amcor plc ("Amcor" or the "Company") is a public limited company incorporated under the Laws of the Bailiwick of Jersey. The Company's history dates back more than 150 years, with origins in both Australia and the United States of America. Today, Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other consumer goods end markets. The Company's innovation excellence and global packaging expertise enable the Company to solve packaging challenges around the world every day, producing packaging that is more functional, appealing, and cost effective for its customers and their consumers and importantly, more sustainable for the environment.

    The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by U.S. GAAP for complete financial statements. Further, the year-end condensed consolidated balance sheet data as of June 30, 2022 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. It is management's opinion, however, that all material and recurring adjustments have been made that are necessary for a fair statement of its interim financial position, results of operations, and cash flows. For further information, this Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

    There have been no material changes to the accounting policies followed by the Company during the current fiscal year. The Company reclassified prior year inventory comparatives in the condensed consolidated balance sheets to conform to the current year's presentation which provides the breakdown of inventory. This change in presentation did not have an impact on the Company’s financial condition or operating results. Certain amounts in the Company's notes to unaudited condensed consolidated financial statements may not add or recalculate due to rounding.

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Note 2 - New Accounting Guidance

Recently Adopted Accounting Standards

    In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, Government Assistance (Topic 832) that adds certain disclosure requirements for entities that receive government assistance. The standard is effective for annual periods beginning after December 15, 2021 with early adoption permitted. The Company adopted ASU 2021-10 on July 1, 2022, and the adoption did not have a material impact on the Company's condensed consolidated financial statements. ASU 2021-10 may have an impact on the Company’s disclosures in the future, if government assistance provided to the Company were to become material.

Accounting Standards Not Yet Adopted

    In September 2022, the FASB issued ASU 2022-04 that adds certain disclosure requirements for entities that use supplier finance programs in connection with the purchase of goods and services. The new standard's requirement to disclose the key terms of supplier finance programs is effective for all interim and annual periods beginning with the Company's fiscal year ending June 30, 2024. The new standard does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations. Early adoption is permitted. The Company will adopt this new disclosure guidance in the first quarter of fiscal year 2024.

    The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs not yet adopted are either not applicable or are not expected to have a material impact on its results of operation, financial position, and disclosures.
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Note 3 - Restructuring and Other Related Activities, Net

    Restructuring and other related activities, net, as reported on the unaudited condensed consolidated statements of income are summarized as follows:

Three Months Ended March 31, Nine Months Ended March 31,
($ in millions)2023202220232022
Gain on disposal of Russian business, net$— $— $215 $— 
Restructuring and related expenses, net(50)(9)(53)(27)
Restructuring and other related activities, net$(50)$(9)$162 $(27)

    A pre-tax net gain on disposal of the Company's three manufacturing facilities in Russia ("Russian business") of $215 million was recognized in the nine months ended March 31, 2023. The carrying value of the Russian business had previously been impaired by $90 million in the quarter ended June 30, 2022. For further information, refer to Note 4, "Held for Sale" and Note 5, "Acquisitions and Disposals."

    Refer to Note 6, "Restructuring" for information on restructuring and related expenses, net.

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Note 4 - Held for Sale

    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, 2023June 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.
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Note 5 - Acquisitions and Disposals

Acquisition of DGPack s.r.o

    On August 1, 2022, the Company completed the acquisition of 100% equity interest in DGPack s.r.o., a Czech Republic company that operates a world-class flexible packaging manufacturing plant. The purchase consideration amounted to $60 million and is subject to customary post-closing adjustments. The consideration includes $6 million that is expected to be paid in the fourth quarter of fiscal year 2023. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired identifiable net assets of $36 million and goodwill of $24 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable net assets acquired and goodwill are based on the Company's best estimate as of March 31, 2023 and are considered preliminary. The fair value estimates were based on income, market, and cost valuation methods. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the acquisition.

    Pro forma information related to the acquisition of DGPack s.r.o. has not been presented, as the effect of the acquisition on the Company's consolidated financial statements was not material.

Acquisition of MDK Packaging Materials Co., Ltd

    On March 17, 2023, the Company completed the acquisition of 100% equity interest in MDK Packaging Materials Co., Ltd that operates a medical device packaging manufacturing site in Shanghai, China. The purchase consideration amounted to $60 million and is subject to customary post-closing adjustments. The consideration includes contingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired identifiable net assets of $20 million and goodwill of $40 million. Goodwill is not deductible for tax purposes. The fair values of the contingent consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of March 31, 2023 and are considered preliminary. The fair value estimates were based on income, market, and cost valuation methods. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the acquisition.

    Pro forma information related to the acquisition of MDK Packaging Materials Co., Ltd. has not been presented, as the effect of the acquisition on the Company's consolidated financial statements was not material.

Disposal of Russian business

    On December 23, 2022, the Company completed the sale of the Russian business after receiving all necessary regulatory approvals and cash proceeds, including receipt of closing cash balances. The sale follows the Company’s previously announced plan to pursue the orderly sale of its Russian business. The total net cash consideration received, excluding disposed cash and items settled net, was $365 million and resulted in a pre-tax net gain of $215 million. The carrying value of the Russian business had previously been impaired by $90 million in the quarter ended June 30, 2022. The impairment charge was based on the Company's best estimate of the fair value of its Russian business, which considered the wide range of indicative bids received and uncertain regulatory environment. The net pre-tax gain on disposal of the Russian business was recorded as restructuring and other related activities, net within the unaudited condensed consolidated statements of income. The Russian business had a net carrying value of $252 million, including allocated goodwill of $46 million and accumulated other comprehensive losses of $73 million, primarily attributed to foreign currency translation adjustments.
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Note 6 - Restructuring

    Restructuring and related expenses, net were $50 million and $9 million during the three months ended March 31, 2023 and 2022, respectively, and $53 million and $27 million in the nine months ended March 31, 2023 and 2022, respectively. The net expenses related to restructuring activities have been presented on the unaudited condensed consolidated statements of income as restructuring and other related activities, net. The Company's restructuring activities in the three and nine months ended March 31, 2023 primarily comprised of restructuring activities related to the 2023 Restructuring Plan (as defined below). The Company's restructuring activities in the three and nine months ended March 31, 2022 included expenses related to the Company's 2019 plan from the integration of the acquired Bemis operations, which was substantially completed at the end of fiscal year 2022.

2023 Restructuring Plan

    On February 7, 2023, the Company announced that it will allocate approximately $110 million to $130 million of the sale proceeds from the Russian business to various cost saving initiatives to partly help offsetting divested earnings from the Russian business (the "2023 Restructuring Plan" or the "Plan"). Under this Plan, the Company has initiated in the third quarter of fiscal year 2023 projects with an expected cost of approximately $95 million, of which $42 million relates to employee-related expenses, $20 million to fixed asset related expenses, $23 million to other restructuring expenses, and $10 million to restructuring related expenses. Of the total Plan cost initiated in the third quarter of fiscal year 2023, approximately $50 million is expected to result in net cash expenditures. The Plan includes both the Flexibles and Rigid Packaging reportable segments and is expected to be substantially completed by the end of fiscal year 2024.

    As of March 31, 2023, as part of this Plan, the Company has incurred $37 million in employee-related expenses, $1 million in fixed asset related expenses, $2 million in other restructuring, and $2 million in restructuring related expenses, with $36 million incurred in the Flexibles reportable segment and $6 million incurred in the Rigid Packaging reportable segment. To date, the Plan has resulted in approximately $7 million in cash outflows. The Company continues to evaluate different options to partly offset divested earnings from the Russian business across its global footprint and expects to disclose the total Plan cost at the end of fiscal year 2023.

    Restructuring related expenses are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. The Company believes the disclosure of restructuring related costs provides more information on the total cost of the 2023 Restructuring 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 other startup costs.

Other Restructuring Plans

    The Company has entered into other individually immaterial restructuring plans ("Other Restructuring Plans"). The Company's other restructuring charges are primarily employee costs.

    An analysis of the Company's restructuring plan liability is as follows:
($ in millions)Employee CostsFixed Asset Related CostsOther CostsTotal Restructuring Costs
Liability balance as of June 30, 2022$97 $3 $18 $118 
Net charges to earnings (1)37 4 8 49 
Cash paid(25)(1)(14)(40)
Non-cash and other— (3)— (3)
Foreign currency translation3 — 1 4 
Liability balance as of March 31, 2023$112 $3 $13 $128 
(1)Excludes $4 million of restructuring related expenses incurred in the nine months ended March 31, 2023.
    
    The table above includes liabilities arising from the 2023 Restructuring Plan and Other Restructuring Plans.

    The Company expects the majority of the liability for employee, fixed assets related, and other costs as of March 31, 2023 to be paid within the next twelve months. The accruals related to restructuring activities have been recorded on the unaudited condensed consolidated balance sheets under other current liabilities and other non-current liabilities.
15


Note 7 - Goodwill and Other Intangible Assets, Net

Goodwill

    Changes in the carrying amount of goodwill attributable to each reportable segment, excluding amounts that were classified as held for sale as of June 30, 2022, were as follows:

($ in millions)Flexibles Segment Rigid Packaging SegmentTotal
Balance as of June 30, 2022$4,307 $978 $5,285 
Acquisitions (1)64 — 64 
Disposals (2)(30)— (30)
Foreign currency translation24 (5)19 
Balance as of March 31, 2023$4,365 $973 $5,338 
(1)Acquisitions are attributed to goodwill recognized in connection with the business combinations detailed in Note 5, "Acquisitions and Disposals."
(2)Disposals are attributed to additional goodwill allocated to the Russian business, following the disposal of the business on December 23, 2022. As of June 30, 2022, $16 million of goodwill attributable to the Russian business was classified as assets held for sale. For further information, refer to Note 4, "Held for Sale" and Note 5, "Acquisitions and Disposals."
    Goodwill is not amortized but is tested for impairment annually in the fourth quarter of the fiscal year, or during interim periods if events or circumstances arise which indicate that goodwill may be impaired.

Other Intangible Assets, Net

    Other intangible assets, net were comprised of the following:

 March 31, 2023
($ in millions)Gross Carrying AmountAccumulated Amortization and Impairment (1)Net Carrying Amount
Customer relationships$1,979 $(628)$1,351 
Computer software249 (180)69 
Other (2)326 (198)128 
Total other intangible assets$2,554 $(1,006)$