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Segments | 3 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Segments | Segments The Company's business is organized and presented in the two reportable segments outlined below: Flexibles: Consists of operations that manufacture flexible and film packaging in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries. The results of the Russian business sold on December 23, 2022 are included in the comparative period results. Rigid Packaging: Consists of operations that manufacture rigid containers for a broad range of predominantly beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and beer, sauces, dressings, spreads and personal care items, and plastic caps for a wide variety of applications. Other consists of the Company's undistributed corporate expenses including executive and functional compensation costs, equity method and other investments, intercompany eliminations, and other business activities. The accounting policies of the reportable segments are the same as those in the unaudited condensed consolidated financial statements. Intersegment sales and transfers are not significant. The following table presents information about reportable segments:
|  | Three Months Ended September 30, |  |
($ in millions) |  | 2023 |  | 2022 |  |  |  |
Flexibles |  | $ | 2,568 |  |  | $ | 2,779 |  |  |  |  |
Rigid Packaging |  | 875 |  |  | 933 |  |  |  |  |
Other |  | — |  |  | — |  |  |  |  |
Net sales |  | $ | 3,443 |  |  | $ | 3,712 |  |  |  |  |
Adjusted earnings before interest and taxes ("Adjusted EBIT") |  |  |  |  |  |  |  |
Flexibles |  | $ | 322 |  |  | $ | 353 |  |  |  |  |
Rigid Packaging |  | 62 |  |  | 66 |  |  |  |  |
Other |  | (26) |  |  | (27) |  |  |  |  |
Adjusted EBIT |  | 358 |  |  | 392 |  |  |  |  |
Less: Amortization of acquired intangible assets from business combinations (1) |  | (41) |  |  | (40) |  |  |  |  |
Less: Impact of hyperinflation (2) |  | (17) |  |  | (8) |  |  |  |  |
Less: Russia-Ukraine conflict impacts (3) |  | (28) |  |  | (3) |  |  |  |  |
Add/(Less): Other (4) |  | (4) |  |  | 1 |  |  |  |  |
Interest income |  | 10 |  |  | 9 |  |  |  |  |
Interest expense |  | (85) |  |  | (59) |  |  |  |  |
Equity in loss of affiliated companies, net of tax |  | 1 |  |  | — |  |  |  |  |
Income before income taxes and equity in loss of affiliated companies |  | $ | 194 |  |  | $ | 292 |  |  |  |  |
(1)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from past acquisitions. (2)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso. (3)Russia-Ukraine conflict impacts include incremental costs and restructuring and related expenses incurred in connection with the conflict and the related sale of the Russian business. (4)Other includes various expense and income items relating to acquisitions, certain litigation reserve settlements, and fair value movements on economic hedges. The following table disaggregates net sales by geography in which the Company operates based on manufacturing or selling operations:
|  | Three Months Ended September 30,
|  | 2023 |  | 2022
($ in millions) |  | Flexibles |  | Rigid Packaging |  | Total |  | Flexibles |  | Rigid Packaging |  | Total
North America |  | $ | 1,024 |  |  | $ | 676 |  |  | $ | 1,700 |  |  | $ | 1,106 |  |  | $ | 726 |  |  | $ | 1,832 |
Latin America |  | 285 |  |  | 199 |  |  | 484 |  |  | 285 |  |  | 207 |  |  | 492 |
Europe |  | 858 |  |  | — |  |  | 858 |  |  | 955 |  |  | — |  |  | 955 |
Asia Pacific |  | 401 |  |  | — |  |  | 401 |  |  | 433 |  |  | — |  |  | 433 |
Net sales |  | $ | 2,568 |  |  | $ | 875 |  |  | $ | 3,443 |  |  | $ | 2,779 |  |  | $ | 933 |  |  | $ | 3,712 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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