Other (Income)/ Expense, Net

6 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure [Text Block]

OTHER EXPENSE (INCOME), NET

The components of other expense (income), net for the three and six months ended December 31, 2021 and 2020 are as follows:

	Three Months Ended   December 31,				Six Months Ended  December 31,
(Dollars in millions)	2021		2020		2021		2020
Debt financing costs (1)	$	—	$	—	$	4	$	—
Foreign currency losses (gains) (2)	15		—		24		(1)
Other (3)	(1)		(8)		(5)		(18)
Total other expense (income), net	$	14	$	(8)	$	23	$	(19)

(1) Debt financing costs for the six months ended December 31, 2021 includes $4 million of financing charges related to the Company’s Incremental Term B-3 Loans.

(2) Foreign currency remeasurement losses (gains) include both cash and non-cash transactions.

(3) Other, for the six months ended December 31, 2021, includes a gain of $2 million related to the fair value of the derivative liability associated with the Series A Preferred Stock. Other, for the three and six months ended December 31, 2020, includes a total unrealized gain of $7 million and $16 million, respectively, related to the fair value of the derivative liability associated with the Series A Preferred Stock.