v3.26.1
Fair Value Measurements
 12 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
    The fair values of the Company's financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price).

    The Company's non-derivative financial instruments primarily include cash and cash equivalents, trade receivables, trade payables, short-term debt, and long-term debt. At June 30, 2026, and 2025, the carrying value of these financial instruments, excluding long-term debt, approximated fair value because of the short-term nature of these instruments.

    Fair value disclosures are classified based on the fair value hierarchy. See Note 2, "Significant Accounting Policies," for information about the Company's fair value hierarchy.

    The carrying value of long-term debt with variable interest rates approximates its fair value. The fair value of the Company's long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles.

    The carrying values and estimated fair values of long-term debt with fixed interest rates (excluding the fair value of designated receive-fixed, pay-variable rate swaps) were as follows:
June 30, 2026June 30, 2025
Carrying ValueFair ValueCarrying ValueFair Value
($ in millions)(Level 2)(Level 2)
Total long-term debt with fixed interest rates (excluding commercial paper and finance leases)
$12,503 $12,525 $12,174 $12,213 

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

    Additionally, the Company measures and records certain assets and liabilities, including derivative instruments and contingent purchase consideration liabilities, at fair value. The following tables summarize the fair values of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
June 30, 2026
($ in millions)Level 1Level 2Level 3Total
Assets
Contingent sale consideration$— $— $5 $5 
Commodity contracts— 5 — 5 
Forward exchange contracts— 3 — 3 
Total assets measured at fair value$— $8 $5 $13 
Liabilities
Contingent purchase consideration $— $— $6 $6 
Commodity contracts— 2 — 2 
Forward exchange contracts— 5 — 5 
Interest rate swaps— 60 — 60 
Cross currency swaps— 404 — 404 
Total liabilities measured at fair value$— $471 $6 $477 
June 30, 2025
($ in millions)Level 1Level 2Level 3Total
Assets
Commodity contracts$— $1 $— $1 
Forward exchange contracts— 6 — 6 
Total assets measured at fair value$— $7 $— $7 
Liabilities
Contingent purchase consideration $— $— $20 $20 
Commodity contracts— 3 — 3 
Forward exchange contracts— 5 — 5 
Interest rate swaps— 63 — 63 
Cross currency swaps— 497 — 497 
Total liabilities measured at fair value$— $568 $20 $588 

    The fair value of the commodity contracts was determined using a discounted cash flow analysis based on the terms of the contracts and observed market forward prices discounted at a currency specific rate. Forward exchange contract fair values were determined based on quoted prices for similar assets and liabilities in active markets using inputs such as currency rates and forward points. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. The fair value of the cross currency swaps was determined using a discounted cash flow method based on market-observed currency rates, forward points, and swap yield curves, adjusted for current interest rates in the respective currencies.

    Contingent purchase consideration liabilities arise from business acquisitions and other investments. As of June 30, 2026, the Company had contingent purchase consideration liabilities of $6 million. The Company derecognized in fiscal year 2026 a $12 million liability that was contingent on future royalty income generated by Discma AG, a subsidiary acquired in March 2017, to a fair value of nil. The derecognition was linked to the Company's restructuring initiatives and was recorded within restructuring, transaction and integration expenses, net, in the consolidated statements of income (refer to Note 6, "Restructuring"). Contingent sale consideration relates to the sale of ePac (refer to Note 4, "Acquisitions and Divestitures"). The fair values of the contingent purchase consideration liabilities and contingent sale consideration assets were determined for each arrangement individually. The fair values were determined using an income approach with significant inputs that are not observable in the market. Key assumptions include the selection of discount rates consistent with the level of risk of achievement and probability-adjusted financial projections. The expected outcomes are recorded at net present value, which require adjustment over the life for changes in risks and probabilities. Changes arising from modifications in forecasts related to contingent consideration are not expected to be material.

    The fair value of contingent purchase consideration liabilities is included in other current liabilities and other non-current liabilities in the consolidated balance sheets. Contingent sale consideration is included in other non-current assets in the consolidated balance sheets.

    The following table sets forth a summary of changes in the value of the Company's Level 3 financial liabilities:
June 30,
($ in millions)20262025
Fair value at the beginning of the year$20 $36 
Change in fair value of Level 3 liabilities (12)(2)
Payments(2)(16)
Foreign currency translation— 2 
Fair value at the end of the year$6 $20 

Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis

    In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets at fair value on a nonrecurring basis, generally when events or changes in circumstances indicate the carrying value may
not be recoverable, or when they are deemed to be other than temporarily impaired. These assets include goodwill and other intangible assets, equity method and other investments, long-lived assets and disposal groups held for sale, and other long-lived assets. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or as a result of charges to remeasure assets classified as held for sale to fair value less cost of disposal. The fair values of these assets are determined, when applicable, based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. These nonrecurring fair value measurements are considered to be Level 3 in the fair value hierarchy.

    During fiscal year 2026, the Company recorded impairment charges, including the effect of accelerated depreciation, of $53 million, related to long-lived assets, with $25 million incurred in the Global Rigid Packaging Solutions reportable segment, and $9 million incurred in the Global Flexible Packaging Solutions reportable segment, and $19 million in Corporate. For information on long-lived asset impairments, refer to Note 6, "Restructuring". In addition, as a result of a remeasurement of a disposal group held for sale, which is considered a Level 3 fair value measurement, the Company recognized an impairment charge of $6 million in fiscal year 2026 which was recorded within other income/(expenses), net, in the consolidated statements of income in the Global Rigid Packaging Solutions reportable segment.

    During fiscal year 2025, the Company recorded an impairment charge of $4 million within the Global Flexible Packaging Solutions reportable segment, to adjust the carrying value of the net assets of $11 million that were held for sale to their estimated fair value less cost to sell. The Company completed the sale of these non-core assets in the three months ended December 31, 2024.

    During the fiscal years ended June 30, 2026 and June 30, 2025, there were no impairment charges recorded on indefinite-lived intangibles, including goodwill. Refer to Note 4, "Acquisitions and Divestitures" for further information about the acquisition date fair values of the identifiable assets acquired and liabilities assumed in the Merger.