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Derivative Instruments (Tables)
3 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Contracts The Company had the following outstanding commodity contracts to hedge forecasted purchases:
 September 30, 2024June 30, 2024
CommodityVolumeVolume
Aluminum19,797 tons10,673 tons
PET resin17,800,000 lbs.27,916,666 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 LocationSeptember 30, 2024June 30, 2024
Assets
Derivatives in cash flow hedging relationships:
Commodity contractsOther current assets$$
Forward exchange contractsOther current assets
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current assets— 
Total current derivative contracts
Total non-current derivative contracts— — 
Total derivative asset contracts$8 $4 
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contractsOther current liabilities$$
Forward exchange contractsOther current liabilities
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current liabilities
Interest rate swapsOther current liabilities— 
Total current derivative contracts
Derivatives in fair value hedging relationships:
Interest rate swapsOther non-current liabilities67 92 
Cross currency swapsOther non-current liabilities36 16 
Total non-current derivative contracts103 108 
Total derivative liability contracts$111 $113 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following tables provide the effects of derivative instruments on AOCI and in the unaudited condensed consolidated statements of income:
Location of Gain / (Loss) Reclassified from AOCI into IncomeGain / (Loss) Reclassified from AOCI into Income (Effective Portion)
Three Months Ended September 30,
($ in millions)20242023
Derivatives in cash flow hedging relationships
Commodity contractsCost of sales$$(1)
Forward exchange contractsNet sales— 
Treasury locksInterest expense(1)(1)
Total$ $(1)
Schedule of Derivatives Not Designated as Hedging Instruments
Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of IncomeGain / (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
Three Months Ended September 30,
($ in millions)20242023
Derivatives not designated as hedging instruments
Forward exchange contractsOther income/(expenses), net$— $
Interest rate swapsOther income/(expenses), net(1)(3)
Total$(1)$(1)
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 September 30,
($ in millions)20242023
Derivatives in fair value hedging relationships
Interest rate swapsInterest expense25 (11)
Cross currency swaps (1)Interest expense— 
Cross currency swapsOther income/(expenses), net(35)— 
Total$(7)$(11)
(1)Represents the gains for amounts excluded from the effectiveness testing.