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Fair Value Measurements
 3 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements Fair Value Measurements
    The fair values of the Company's financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price).

    The Company's non-derivative financial instruments primarily include cash and cash equivalents, trade receivables, trade payables, short-term debt, and long-term debt. As of September 30, 2025, and June 30, 2025, the carrying value of these financial instruments, excluding long-term debt, approximated fair value because of the short-term nature of these instruments.

    The carrying value of long-term debt with variable interest rates approximates its fair value. The fair value of the Company's long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles.

    The carrying values and estimated fair values of term debt with fixed interest rates (excluding the fair value of designated receive-fixed, pay-variable rate swaps) were as follows:

 September 30, 2025June 30, 2025
 Carrying ValueFair ValueCarrying ValueFair Value
($ in millions)(Level 2)(Level 2)
Total term debt with fixed interest rates (excluding commercial paper and finance leases)$12,201 $12,316 $12,174 $12,213 

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

    Additionally, the Company measures and records certain assets and liabilities, including derivative instruments and contingent purchase consideration liabilities, at fair value. The following tables summarize the fair values of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

 September 30, 2025
($ in millions)Level 1Level 2Level 3Total
Assets
Commodity contracts$— $2 $— $2 
Forward exchange contracts— 4 — 4 
Total assets measured at fair value$— $6 $— $6 
Liabilities
Contingent purchase consideration$— $— $18 $18 
Commodity contracts— 1 — 1 
Forward exchange contracts— 2 — 2 
Interest rate swaps— 58 — 58 
Cross currency swaps— 461 — 461 
Total liabilities measured at fair value$— $522 $18 $540 
 June 30, 2025
($ in millions)Level 1Level 2Level 3Total
Assets
Commodity contracts$— $1 $— $1 
Forward exchange contracts— 6 — 6 
Total assets measured at fair value$— $7 $— $7 
Liabilities
Contingent purchase consideration$— $— $20 $20 
Commodity contracts— 3 — 3 
Forward exchange contracts— 5 — 5 
Interest rate swaps— 63 — 63 
Cross currency swaps— 497 — 497 
Total liabilities measured at fair value$— $568 $20 $588 

    The fair value of the commodity contracts was determined using a discounted cash flow analysis based on the terms of the contracts and observed market forward prices discounted at a currency specific rate. Forward exchange contract fair values were determined based on quoted prices for similar assets and liabilities in active markets using inputs such as currency rates and forward points. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. The fair value of the cross currency swaps was determined using a discounted cash flow method based on market-observed currency rates, forward points, and swap yield curves, adjusted for current interest rates in the respective currencies.

    Contingent purchase consideration liabilities arise from business acquisitions and other investments. As of September 30, 2025, the Company had contingent purchase consideration liabilities of $18 million, consisting of $6 million of contingent purchase consideration predominantly relating to historical acquisitions and a $12 million liability that is contingent on future royalty income generated by Discma AG, a subsidiary acquired in March 2017. The fair values of the contingent purchase consideration liabilities were determined for each arrangement individually. The fair values were determined using an income approach with significant inputs that are not observable in the market. Key assumptions include the selection of discount rates consistent with the level of risk of achievement and probability-adjusted financial projections. The expected outcomes are recorded at net present value, which require adjustment over the life for changes in risks and probabilities. Changes arising from modifications in forecasts related to contingent consideration are not expected to be material.

    The fair value of contingent purchase consideration liabilities is included in other current liabilities and other non-current liabilities in the unaudited condensed consolidated balance sheets.

Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis

    In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets at fair value on a nonrecurring basis, generally when events or changes in circumstances indicate the carrying value may not be recoverable, or when they are deemed to be other than temporarily impaired. These assets include goodwill and other intangible assets, equity method and other investments, long-lived assets and disposal groups held for sale, and other long-lived assets. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or as a result of charges to remeasure assets classified as held for sale to fair value less costs to sell. The fair values of these assets are determined, when applicable, based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. These nonrecurring fair value measurements are considered to be Level 3 in the fair value hierarchy.

    During the three months ended September 30, 2025, the Company has recorded impairment charges of $8 million related to long-lived assets, with $7 million incurred in the Global Rigid Packaging Solutions reportable segment and $1 million incurred in the Global Flexible Packaging Solutions reportable segment. For information on long-lived asset impairments, refer to Note 5, "Restructuring".

    During the three months ended September 30, 2024, the Company recorded an impairment charge of $4 million within the Global Flexible Packaging Solutions reportable segment, to adjust the carrying value of the net assets of $11 million that
were held for sale to their estimated fair value less cost to sell. The Company subsequently completed the sale of these non-core assets in the three months ended December 31, 2024.

    During the three months ended September 30, 2025, and for the period ended September 30, 2024, there were no impairment charges recorded on indefinite-lived intangibles, including goodwill.

    Refer to Note 3, "Acquisitions" for further information about the preliminary estimated acquisition date fair values of the identifiable assets acquired and liabilities assumed in the Merger.