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Derivative Instruments (Tables) | 3 Months Ended
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Sep. 30, 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:
|  | September 30, 2023 |  | June 30, 2023
Commodity |  | Volume |  | Volume
Aluminum |  | 15,735 tons |  | 14,325 tons
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 Location |  | September 30, 2023 |  | June 30, 2023
Assets |  |  |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 1 |  |  | $ | — |
Forward exchange contracts |  | Other current assets |  | 1 |  |  | 2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Forward exchange contracts |  | Other current assets |  | 1 |  |  | 1 |
Interest rate swaps |  | Other current assets |  | 13 |  |  | 16 |
Total current derivative contracts |  |  |  | 16 |  |  | 19 |
Total non-current derivative contracts |  |  |  | — |  |  | — |
Total derivative asset contracts |  |  |  | $ | 16 |  |  | $ | 19 |
Liabilities |  |  |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Commodity contracts |  | Other current liabilities |  | $ | 1 |  |  | $ | 2 |
Forward exchange contracts |  | Other current liabilities |  | 3 |  |  | 3 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Forward exchange contracts |  | Other current liabilities |  | 2 |  |  | 1 |
Total current derivative contracts |  |  |  | 6 |  |  | 6 |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Forward exchange contracts |  | Other non-current liabilities |  | — |  |  | 1 |
Derivatives in fair value hedging relationships: |  |  |  |  |  |
Interest rate swaps |  | Other non-current liabilities |  | 107 |  |  | 96 |
Total non-current derivative contracts |  |  |  | 107 |  |  | 97 |
Total derivative liability contracts |  |  |  | $ | 113 |  |  | $ | 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 Gain / (Loss) Reclassified from AOCI into Income |  | Gain / (Loss) Reclassified from AOCI into Income (Effective Portion)
|  |  | Three Months Ended September 30, |  |
($ in millions) |  |  | 2023 |  | 2022 |  |  |  |
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  | $ | (1) |  |  | $ | 2 |  |  |  |  |
Forward exchange contracts |  | Net sales |  | 1 |  |  | — |  |  |  |  |
Treasury locks |  | Interest expense |  | (1) |  |  | (1) |  |  |  |  |
Total |  |  |  | $ | (1) |  |  | $ | 1 |  |  |  |  |
Schedule of Derivatives Not Designated as Hedging Instruments |
|  | Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of Income |  | Gain / (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
|  |  | Three Months Ended September 30, |  |
($ in millions) |  |  | 2023 |  | 2022 |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  | Other income/(expenses), net |  | $ | 2 |  |  | $ | (15) |  |  |  |  |
Interest rate swaps |  | Other income/(expenses), net |  | (3) |  |  | — |  |  |  |  |
Total |  |  |  | $ | (1) |  |  | $ | (15) |  |  |  |  |
Schedule of Fair Value Hedging Instruments In Condensed Consolidated Statement of Income |
|  | Location of Loss Recognized in the Unaudited Condensed Consolidated Statements of Income |  | Loss Recognized in Income for Derivatives in Fair Value Hedging Relationships
|  |  | Three Months Ended September 30, |  |
($ in millions) |  |  | 2023 |  | 2022 |  |  |  |
Derivatives in fair value hedging relationships |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest expense |  | $ | (11) |  |  | $ | (33) |  |  |  |  |
Total |  |  |  | $ | (11) |  |  | $ | (33) |  |  |  |  |

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