v3.26.1
Derivative Instruments (Tables)
 12 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding commodity contracts The Company had the following outstanding commodity contracts to hedge forecasted purchases:
June 30, 2026June 30, 2025
CommodityVolumeVolume
Aluminum23,746 tons29,354 tons
Aluminum Premium (1)7,334 tons— 
PET resin560,000 lbs.5,840,909 lbs.
(1)Aluminum Premium represents the regional cost to obtain physical delivery of aluminum and includes shipping, insurance, taxes and freight to a designated offloading harbor in a certain region.
Schedule of Balance Sheet Derivatives The following table provides the location of derivative instruments in the consolidated balance sheets:
($ in millions)Balance Sheet LocationJune 30, 2026June 30, 2025
Assets
Derivatives in cash flow hedging relationships:
Commodity contractsOther current assets$5 $1 
Forward exchange contractsOther current assets3 6 
Total current derivative contracts8 7 
Total non-current derivative contracts— — 
Total derivative asset contracts$8 $7 
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contractsOther current liabilities$2 $3 
Forward exchange contractsOther current liabilities4 4 
Derivatives in net investment hedge relationships:
Cross currency swapsOther current liabilities233 294 
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current liabilities1 1 
Cross currency swapsOther current liabilities92 114 
Total current derivative contracts332 416 
Derivatives in fair value hedging relationships:
Interest rate swapsOther non-current liabilities60 63 
Cross currency swapsOther non-current liabilities79 89 
Total non-current derivative contracts139 152 
Total derivative liability contracts$471 $568 
Schedule of Cash Flow Hedges Reclassified from AOCI The following tables provide the effects of derivative instruments on AOCI and in the consolidated statements of income:
Location of Gain / (Loss) Reclassified from AOCI into IncomeGain / (Loss) Reclassified from AOCI into Income (Effective Portion)
Years ended June 30,
($ in millions)202620252024
Derivatives in cash flow hedging relationships:
Commodity contractsCost of sales$6 $1 $(2)
Forward exchange contractsNet sales— 1 1 
Treasury locksInterest expense(3)(3)(3)
Total$3 $(1)$(4)
Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income
Location of Gain / (Loss) Recognized in the Consolidated Income StatementsGain / (Loss) Recognized in Income for Derivatives not Designated as Hedging Instruments
Years ended June 30,
($ in millions)202620252024
Derivatives not designated as hedging instruments:
Forward exchange contractsOther income/(expenses), net$— $(2)$15 
Interest rate swapsOther income/(expenses), net— — (16)
Cross currency swapsOther income/(expenses), net23 (22)— 
Total$23 $(24)$(1)
.
Schedule of Fair Value Hedging Instruments Recognized in Income
Location of Gain Recognized in the Consolidated Income StatementsGain Recognized in Income for Derivatives in Fair Value Hedging Relationships
Years ended June 30,
($ in millions)202620252024
Derivatives in fair value hedging relationships:
Interest rate swapsInterest expense$3 $29 $4 
Cross currency swaps (1)Interest expense15 16 2 
Cross currency swapsOther income/(expenses), net6 (55)(8)
Total$24 $(10)$(2)
(1)Represents the gains for amounts excluded from the effectiveness testing.
Schedule of Changes in AOCI for Effective Derivatives The changes in AOCI for effective derivatives were as follows:
Years ended June 30,
($ in millions)202620252024
Amounts reclassified into earnings:
Commodity contracts$(6)$(1)$2 
Forward exchange contracts— (1)(1)
Treasury locks3 3 3 
Cross currency swaps(6)— — 
Fair value gains / (losses):
Commodity contracts11 2 1 
Forward exchange contracts(2)(2)1 
Cross currency swaps58 (75)(10)
Tax effect(7)17 (1)
Total$51 $(57)$(5)