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Shareholders' Equity | 3 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity The changes in ordinary and treasury shares during the three months ended September 30, 2023 and 2022 were as follows:
|  | Ordinary Shares |  | Treasury Shares
(shares and $ in millions) |  | Number of Shares |  | Amount |  | Number of Shares |  | Amount
Balance as of June 30, 2022 |  | 1,489 |  |  | $ | 15 |  |  | 2 |  |  | $ | (18) |
Options exercised and shares vested |  | — |  |  | — |  |  | (14) |  |  | 171 |
Purchase of treasury shares |  | — |  |  | — |  |  | 16 |  |  | (202) |
Balance as of September 30, 2022 |  | 1,489 |  |  | $ | 15 |  |  | 4 |  |  | $ | (49) |
Balance as of June 30, 2023 |  | 1,448 |  |  | $ | 14 |  |  | 1 |  |  | $ | (12) |
Share buyback / cancellations |  | (3) |  |  | — |  |  | — |  |  | — |
Shares vested |  | — |  |  | — |  |  | (4) |  |  | 45 |
Purchase of treasury shares |  | — |  |  | — |  |  | 4 |  |  | (45) |
Balance as of September 30, 2023 |  | 1,445 |  |  | $ | 14 |  |  | 1 |  |  | $ | (12) |
The changes in the components of accumulated other comprehensive loss during the three months ended September 30, 2023 and 2022 were as follows:
|  | Foreign Currency Translation |  | Net Investment Hedge |  | Pension |  | Effective Derivatives |  | Total Accumulated Other Comprehensive Loss
($ in millions) |  | (Net of Tax) |  | (Net of Tax) |  | (Net of Tax) |  | (Net of Tax) |
Balance as of June 30, 2022 |  | $ | (892) |  |  | $ | (13) |  |  | $ | 40 |  |  | $ | (15) |  |  | $ | (880) |
Other comprehensive loss before reclassifications |  | (161) |  |  | — |  |  | — |  |  | (6) |  |  | (167) |
Amounts reclassified from accumulated other comprehensive loss |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Net current period other comprehensive loss |  | (161) |  |  | — |  |  | — |  |  | (7) |  |  | (168) |
Balance as of September 30, 2022 |  | $ | (1,053) |  |  | $ | (13) |  |  | $ | 40 |  |  | $ | (22) |  |  | $ | (1,048) |
Balance as of June 30, 2023 |  | $ | (823) |  |  | $ | (13) |  |  | $ | (10) |  |  | $ | (16) |  |  | $ | (862) |
Other comprehensive loss before reclassifications |  | (68) |  |  | — |  |  | — |  |  | — |  |  | (68) |
Amounts reclassified from accumulated other comprehensive loss |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |
Net current period other comprehensive income / (loss) |  | (68) |  |  | — |  |  | 1 |  |  | 1 |  |  | (66) |
Balance as of September 30, 2023 |  | $ | (891) |  |  | $ | (13) |  |  | $ | (9) |  |  | $ | (15) |  |  | $ | (928) |
The following tables provide details of amounts reclassified from accumulated other comprehensive loss:
|  | Three Months Ended September 30, |  |
($ in millions) |  | 2023 |  | 2022 |  |  |  |
Amortization of pension: |  |  |  |  |  |  |  |
Amortization of prior service credit |  | $ | (1) |  |  | $ | (1) |  |  |  |  |
Amortization of actuarial loss |  | 1 |  |  | 1 |  |  |  |  |
Effect of pension settlement |  | 1 |  |  | — |  |  |  |  |
Total before tax effect |  | 1 |  |  | — |  |  |  |  |
Tax effect on amounts reclassified into earnings |  | — |  |  | — |  |  |  |  |
Total net of tax |  | $ | 1 |  |  | $ | — |  |  |  |  |
(Gains) / losses on cash flow hedges: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 1 |  |  | $ | (2) |  |  |  |  |
Forward exchange contracts |  | (1) |  |  | — |  |  |  |  |
Treasury locks |  | 1 |  |  | 1 |  |  |  |  |
Total before tax effect |  | 1 |  |  | (1) |  |  |  |  |
Tax effect on amounts reclassified into earnings |  | — |  |  | — |  |  |  |  |
Total net of tax |  | $ | 1 |  |  | $ | (1) |  |  |  |  |
Forward contracts to purchase own shares The Company's employee share plans require the delivery of shares to employees in the future when rights vest or vested options are exercised. The Company currently acquires shares on the open market to deliver shares to employees to satisfy vesting or exercising commitments which exposes the Company to market price risk. To protect the Company from share price volatility, the Company entered into forward contracts for the purchase of its ordinary shares. As of September 30, 2023, the Company had forward contracts outstanding that were entered into in September 2022 and mature in March 2024 to purchase 6 million shares at a weighted average price of $12.11. A s of June 30, 2023, the Company had forward contracts outstanding that were entered into in May 2022 and September 2022 that mature between September 2023 and November 2 023 to purchase 9 million shares at a weighted average price of $12.39. During the three months ended September 30, 2023, forward contracts related to 3 million shares were settled, which were outstanding as of June 30, 2023. The forward contracts to purchase the Company's own shares are classified as a current liability. Equity is reduced by an amount equal to the fair value of the shares at inception. The carrying value of the forward contracts at each reporting period was determined based on the present value of the cost required to settle the contracts.

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