v3.26.1
Debt
 12 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt

    The following table summarizes the carrying value of long-term debt as of June 30, 2026, and 2025, respectively:
June 30,
($ in millions)MaturitiesInterest rates20262025
Term debt
First Priority Senior Secured Notes, $1,525 million (3)
Jan 20261.57 %$— $1,525 
U.S. dollar notes, $600 million (3)
Apr 20263.63 %— 600 
First Priority Senior Secured Notes, $750 million (3)
Jul 20264.88 %— 750 
U.S. dollar notes, $300 million (3)
Sep 20263.10 %300 300 
U.S. dollar notes, $400 million (3)
Jan 20271.65 %400 400 
Euro bonds, €375 million (3) (4)
Jan 20271.50 %429 439 
Euro bonds, €500 million (3)
Jun 20271.13 %571 585 
U.S. dollar notes, $725 million
Mar 20284.80 %725 725 
U.S. dollar notes, $500 million
Apr 20285.50 %500 500 
U.S. dollar notes, $500 million (5)
May 20284.50 %500 500 
U.S. dollar notes, $750 million (2)
Mar 20294.25 %750 — 
U.S. dollar notes, $500 million
May 20295.45 %500 500 
Euro notes, €750 million (1)
Nov 20293.20 %857 — 
U.S. dollar notes, $725 million
Mar 20305.10 %725 725 
U.S. dollar notes, $500 million
Jun 20302.63 %500 500 
U.S. dollar notes, $800 million (5)
May 20312.69 %800 800 
U.S. dollar notes, $800 million
Jun 20315.80 %800 800 
Euro notes, €500 million
May 20323.95 %571 585 
Euro notes, €750 million (1)
Feb 20333.75 %857 — 
U.S. dollar notes, $500 million
May 20335.63 %500 500 
U.S. dollar notes, $800 million
Jan 20345.65 %800 800 
U.S. dollar notes, $750 million
Mar 20355.50 %750 750 
U.S. dollar notes, $750 million (2)
Mar 20365.13 %750 — 
Total term debt (7)$12,585 $12,284 
Bank loans$11 $23 
Commercial paper (3)1,294 1,702 
Other loans29 33 
Finance lease obligations44 56 
Fair value hedge accounting adjustments (6)(60)(63)
Unamortized discounts and debt issuance costs(26)(53)
Total debt$13,877 $13,982 
Less: current portion(15)(141)
Total long-term debt$13,862 $13,841 
(1)On November 12, 2025, the Company issued additional guaranteed senior euro notes in an aggregate principal amount of €1.5 billion (collectively, the “November Notes”). The November Notes consist of (i) €750 million principal amount of 3.20% Guaranteed Senior Notes due 2029 and (ii) €750 million principal amount of 3.75% Guaranteed Senior Notes due 2033. The November Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries. The Company used the net proceeds from the Notes to repay certain existing indebtedness of Berry in connection with the closing of the Merger.
(2)On March 5, 2026, the Company issued additional guaranteed senior notes in an aggregate principal amount of $1.5 billion (collectively, the “March Notes”). The March Notes consist of (i) $750 million principal amount of 4.25% Guaranteed Senior Notes
due 2029 and (ii) $750 million principal amount of 5.125% Guaranteed Senior Notes due 2036. The March Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries.
(3)Indicates debt which has been classified as long-term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis.
(4)The €375 million bond that was assumed as a result of the Merger is designated as a Net Investment Hedge.
(5)Bonds linked to designated fair value interest rate hedging relationships. There is a corresponding fair value basis adjustment to the carrying value of these bonds.
(6)Relates to fair value hedge basis adjustments relating to interest rate hedging.
(7)Aggregate bond values presented at par.

    The following table summarizes the contractual maturities of the Company's long-term debt, including current maturities (excluding payments for finance leases) as of June 30, 2026, for the succeeding five fiscal years ending June 30:
($ in millions)
2027$1,704 
20281,726 
20291,250 
2030 (1)3,376 
20311,600 
Thereafter4,263 
(1)    Commercial paper is classified as maturing in 2030, supported by the 5-year syndicated facility, with two 12-month options available to the Company to extend the maturity date.

Bank and other loans

    In connection with the Merger (refer to Note 4, "Acquisitions and Divestitures"), the Company entered into a commitment letter with lending institutions, dated as of November 19, 2024, to provide a 364-day senior unsecured bridge loan facility (the "Bridge Facility") in an aggregate principal amount of up to $3.0 billion to fund the repayment of certain outstanding debt of Berry upon the closing of the Merger, and the payment of fees and expenses related to the Merger. The Company paid a commitment fee of $11 million on the Bridge Facility in the three months ended December 31, 2024. On February 13, 2025, the Company voluntarily reduced the commitments under the Bridge Facility by $800 million to an aggregate principal amount of $2.2 billion. On March 17, 2025, following the issuance of Notes (as defined above), the commitment for the Bridge Facility was terminated and the balance of the unamortized commitment fee of $8 million was expensed.

    The Company has entered into syndicated and bilateral multi-currency credit facilities with financial institutions. On March 3, 2025, the Company terminated its previous three- and five-year syndicated facility agreements, which collectively provided for $3.75 billion of credit facilities. On the same day, the Company entered into a five-year syndicated facility agreement of $3.75 billion which is unsecured and has a contractual maturity in March 2030. The agreement includes customary terms and conditions for a syndicated facility of this nature, and the facility has two 12 month options available to management to extend the maturity date. Subject to certain conditions, the Company can request the total commitment level under the agreement to be increased by up to $1.0 billion. Interest charged on borrowings under the credit facility is based on the applicable market rate plus the applicable margin. The three-year syndicated facility agreement also contains a covenant to maintain a net leverage ratio not to exceed 3.9:1.00, stepping up to a net leverage ratio not to exceed 4.25:1.00 for the twelve consecutive calendar months following the consummation of an acquisition with aggregate consideration in excess of $375 million.
    
    Interest charged on borrowings under the credit facilities is based on the applicable market rate plus the applicable margin. As of June 30, 2026 and 2025, the Company's credit facility amounted to $3.75 billion.

    As of June 30, 2026, and 2025, the Company had $2.46 billion and $2.05 billion of undrawn commitments, respectively. The Company incurs facility fees of 0.11% on the undrawn commitments. Such facility fees incurred were immaterial in the fiscal years ended June 30, 2026, 2025, and 2024, respectively.

    As of June 30, 2026, and 2025, land and buildings with a carrying value of $38 million and $51 million, respectively, have been pledged as security for bank and other loans.
Redemption of term debt

    The Company may redeem its long-term debt, in whole or in part, at any time or from time to time prior to its maturity. The redemption prices typically represent 100% of the principal amount of the relevant debt plus any accrued and unpaid interest. In addition, for notes that are redeemed by the Company before their stated permitted redemption date, a make-whole premium is payable.

    On January 15, 2026, the Company completed the redemption of its 1.57% First Priority Senior Secured Notes with an aggregate principal amount of $1,525 million.

    On April 15, 2026, the Company completed the early redemption of its 4.875% First Priority Senior Secured Notes with an aggregate principal amount of $750 million, originally scheduled to mature in July 2026. The Company incurred approximately $9 million of coupon payment associated with the early redemption in the fourth quarter of fiscal year 2026.

    On April 28, 2026, the Company completed the redemption of its 3.625% First Priority Senior Secured Notes with an aggregate principal amount of $600 million.

Priority, Guarantees, and Financial Covenants

    All the notes are general unsecured senior obligations of the Company and are fully and unconditionally guaranteed on a joint and several basis by certain existing subsidiaries that guarantee its other indebtedness.

    The Company's primary bank debt facilities and notes are unsecured and subject to negative pledge arrangements limiting the amount of secured indebtedness the Company can incur and indebtedness outside the guarantor group to 15.0% of total tangible assets, subject to some exceptions and variations by facility. The Company is required to satisfy certain financial covenants pursuant to its bank debt facilities, which are tested as of the last day of each quarterly and annual financial period. The covenants require the Company to maintain a leverage ratio of not higher than 3.9 times, stepping up to 4.25 times for the twelve consecutive calendar months following the consummation of an acquisition with an aggregate consideration in excess of $375 million. As of June 30, 2026, and 2025, the Company was in compliance with all debt covenants.

Short-Term Debt

    Short-term debt is generally used to fund working capital requirements. The Company has classified commercial paper as long-term as of June 30, 2026, in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis.

    The following table summarizes the carrying value of short-term debt as of June 30, 2026, and 2025, respectively:
June 30,
($ in millions)20262025
Bank loans$63 $79 
Secured borrowings1 1 
Bank overdrafts70 36 
Total short-term debt$135 $116 

    As of June 30, 2026, the Company paid a weighted-average interest rate of 3.98% per annum on short-term debt, payable at maturity. As of June 30, 2025, the Company paid a weighted-average interest rate of 4.39% per annum, payable at maturity.