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Derivative Instruments (Tables)
6 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Contracts The Company had the following outstanding commodity contracts to hedge forecasted purchases:
 December 31, 2023June 30, 2023
CommodityVolumeVolume
Aluminum14,670 tons14,325 tons
PET resin16,600,000 lbs.— lbs.
Schedule of Derivative Liabilities at Fair Value The following table provides the location of derivative instruments in the unaudited condensed consolidated balance sheets:
($ in millions)Balance Sheet LocationDecember 31, 2023June 30, 2023
Assets
Derivatives in cash flow hedging relationships:
Commodity contractsOther current assets$$— 
Forward exchange contractsOther current assets
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current assets
Interest rate swapsOther current assets16 
Total current derivative contracts12 19 
Total non-current derivative contracts— — 
Total derivative asset contracts$12 $19 
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contractsOther current liabilities$$
Forward exchange contractsOther current liabilities
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current liabilities
Total current derivative contracts
Derivatives in cash flow hedging relationships:
Forward exchange contractsOther non-current liabilities— 
Derivatives in fair value hedging relationships:
Interest rate swapsOther non-current liabilities82 96 
Derivatives not designated as hedging instruments:
Forward exchange contractsOther non-current liabilities— 
Total non-current derivative contracts83 97 
Total derivative liability contracts$87 $103 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following tables provide the effects of derivative instruments on AOCI and in the unaudited condensed consolidated statements of income:
Location of Loss Reclassified from AOCI into IncomeLoss Reclassified from AOCI into Income (Effective Portion)
Three Months Ended December 31, Six Months Ended December 31,
($ in millions)2023202220232022
Derivatives in cash flow hedging relationships
Commodity contractsCost of sales$— $(4)$(1)$(2)
Forward exchange contractsNet sales(1)(1)— (1)
Treasury locksInterest expense— — (1)(1)
Total$(1)$(5)$(2)$(4)
Schedule of Derivatives Not Designated as Hedging Instruments
Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of IncomeGain / (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
Three Months Ended December 31, Six Months Ended December 31,
($ in millions)2023202220232022
Derivatives not designated as hedging instruments
Forward exchange contractsOther income/(expenses), net$$10 $$(5)
Interest rate swapsOther income/(expenses), net(6)(9)
Total$ $11 $(1)$(4)
Schedule of Fair Value Hedging Instruments In Condensed Consolidated Statement of Income
Location of Gain/(Loss) Recognized in the Unaudited Condensed Consolidated Statements of IncomeGain/(Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships
Three Months Ended December 31, Six Months Ended December 31,
($ in millions)2023202220232022
Derivatives in fair value hedging relationships
Interest rate swapsInterest expense$25 $$14 $(28)
Total$25 $5 $14 $(28)