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Acquisitions (Tables) | 9 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Schedule of Fair Value of Consideration Exchanged | The following table summarizes the fair value of consideration exchanged:
Bemis shares outstanding at June 11, 2019 (in millions) |  | 91.7 |
Share exchange ratio |  | 5.1 |
Price per share (based on Amcor’s closing share price on June 11, 2019) |  | $ | 11.18 |
Total equity consideration ($ in millions) |  | $ | 5,229.6 |
Schedule of Allocation of Fair Value of Net Assets Acquired | The allocation of fair value for the assets and liabilities acquired remains preliminary given the number of global locations acquired and may continue to be adjusted up to one year after the acquisition. Accordingly, final determination of the fair values may result in further adjustments to the values presented in the following table.
($ in millions) |  |
Cash and cash equivalents |  | $ | 3.3 |
Trade receivables |  | 433.8 |
Inventories |  | 673.5 |
Prepaid expenses and other current assets |  | 82.0 |
Assets held for sale |  | 464.2 |
Property, plant and equipment |  | 1,220.7 |
Deferred tax assets |  | 35.5 |
Other intangible assets |  | 1,931.4 |
Other non-current assets |  | 47.0 |
Total identifiable assets acquired |  | 4,891.4 |
Current portion of long-term debt |  | 1.7 |
Short-term debt |  | 8.6 |
Trade payables |  | 288.2 |
Accrued employee costs |  | 165.6 |
Other current liabilities |  | 304.4 |
Liabilities held for sale |  | 21.9 |
Long-term debt, less current portion |  | 1,365.3 |
Deferred tax liabilities |  | 618.9 |
Employee benefit obligation |  | 62.6 |
Other non-current liabilities |  | 79.5 |
Total liabilities assumed |  | 2,916.7 |
Net identifiable assets acquired |  | 1,974.7 |
Goodwill |  | 3,254.9 |
Net assets acquired |  | $ | 5,229.6 |
Schedule of Identifiable Intangible Assets Acquired | The following table details the preliminary identifiable intangible assets acquired from Bemis, their fair values and estimated useful lives:
|  | Fair Value |  | Weighted-average Estimated Useful Life
|  | ($ in millions) |  | (Years)
Customer relationships |  | $ | 1,650.0 |  |  | 15
Technology |  | 110.0 |  |  | 7
Other |  | 171.4 |  |  | 7
Total other intangible assets |  | $ | 1,931.4 |  |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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