Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Aug. 18, 2023 | Dec. 31, 2021 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Entity File Number | 001-36587 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8737688 | ||
Entity Address, Address Line One | 14 Schoolhouse Road | ||
Entity Address, City or Town | Somerset, | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08873 | ||
City Area Code | (732) | ||
Local Phone Number | 537-6200 | ||
Trading Symbol | CTLT | ||
Entity Registrant Name | CATALENT, INC. | ||
Entity Central Index Key | 0001596783 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (shares) | 180,641,272 | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 7,900,000,000 |
Audit Information
Audit Information | 12 Months Ended |
Jun. 30, 2023 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Iselin, New Jersey |
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | |||
Net revenue | $ 4,263,000,000 | $ 4,802,000,000 | $ 3,998,000,000 |
Cost of sales | 3,223,000,000 | 3,188,000,000 | 2,646,000,000 |
Gross margin | 1,040,000,000 | 1,614,000,000 | 1,352,000,000 |
Selling, general, and administrative expenses | 829,000,000 | 844,000,000 | 687,000,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (1,000,000) | (182,000,000) |
Other Cost and Expense, Operating | 164,000,000 | 41,000,000 | 19,000,000 |
Operating earnings | (163,000,000) | 730,000,000 | 828,000,000 |
Interest expense, net | 186,000,000 | 123,000,000 | 110,000,000 |
Other (Income)/expense, net | 7,000,000 | (28,000,000) | (3,000,000) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (342,000,000) | 579,000,000 | 715,000,000 |
Income tax expense | (86,000,000) | 80,000,000 | 130,000,000 |
Net earnings attributable to Catalent | (256,000,000) | 499,000,000 | 585,000,000 |
Participating Securities, Distributed and Undistributed (Earnings) Loss, Basic | 0 | (16,000,000) | (56,000,000) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (256,000,000) | $ 483,000,000 | $ 529,000,000 |
Earnings Per Share, Basic | $ (1.42) | $ 2.74 | $ 3.15 |
Earnings Per Share, Diluted | $ (1.42) | $ 2.73 | $ 3.11 |
Goodwill, Impairment Loss | $ 210,000,000 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings | $ (256) | $ 499 | $ 585 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 32 | (110) | 67 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 9 | 0 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (3) | (1) | |
Other Comprehensive Income, Debt Securities, Derivative and Hedge, Gain (Loss), after Adjustment and Tax | (18) | 27 | 3 |
Other comprehensive income /(loss), net of tax | 40 | (77) | 69 |
Comprehensive income/(loss) | (216) | 422 | 654 |
ACOI, Accumulated Gain (Loss), Marketable Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 4 | $ (3) | $ (1) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (14) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 280,000,000 | $ 449,000,000 |
Trade receivables, net | 1,002,000,000 | 1,051,000,000 |
Inventories | 777,000,000 | 702,000,000 |
Prepaid Expense and Other Assets, Current | 633,000,000 | 626,000,000 |
Marketable Securities | 89,000,000 | |
Total current assets | 2,692,000,000 | 2,917,000,000 |
Property, plant, and equipment, net | 3,682,000,000 | 3,127,000,000 |
Other assets: | ||
Goodwill | 3,039,000,000 | 3,006,000,000 |
Other intangibles, net | 980,000,000 | 1,060,000,000 |
Non-current deferred tax asset | 55,000,000 | 49,000,000 |
Other Assets, Noncurrent | 329,000,000 | 349,000,000 |
Total assets | 10,777,000,000 | 10,508,000,000 |
Current liabilities: | ||
Debt, Current | 536,000,000 | 31,000,000 |
Accounts payable | 424,000,000 | 421,000,000 |
Other accrued liabilities | 570,000,000 | 646,000,000 |
Total current liabilities | 1,530,000,000 | 1,098,000,000 |
Long-term Debt and Finance Lease Obligations | 4,313,000,000 | 4,171,000,000 |
Pension liability | 100,000,000 | 103,000,000 |
Non-current deferred tax liability | 76,000,000 | 197,000,000 |
Other liabilities | 147,000,000 | 164,000,000 |
Commitment and contingencies (see Note 14) | ||
Total liabilities | 6,166,000,000 | 5,733,000,000 |
Redeemable Preferred Stock Outstandings | $ 0 | $ 0 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Value, Outstanding | $ 2,000,000 | $ 2,000,000 |
Preferred Stock, Value, Outstanding | 0 | 0 |
Additional paid in capital | 4,701,000,000 | 4,649,000,000 |
Accumulated deficit | 262,000,000 | 518,000,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (354,000,000) | (394,000,000) |
Total shareholders’ equity | 4,611,000,000 | 4,775,000,000 |
Total liabilities, redeemable preferred stock, and shareholders’ equity | $ 10,777,000,000 | $ 10,508,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (shares) | 180,000,000 | 179,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued & Outstanding | 0 | 0 |
Temporary Equity, Par or Stated Value Per Share | $ 0.01 | |
Temporary Equity, Shares Authorized | 0 | |
Temporary Equity, Shares Issued | 0 | |
Preferred Stock, Shares Issued | 0 | 0 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 46,000,000 | $ 29,000,000 |
Temporary Equity, Shares Outstanding | 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit | Accumulated Other Comprehensive (Loss)/Income [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Redeemable Preferred Stock Outstandings | $ 607,000,000 | ||||
Common Stock, Shares, Outstanding | 162,788,000 | ||||
Beginning Balance at Jun. 30, 2020 | 2,899,000,000 | $ 2,000,000 | $ 3,818,000,000 | $ (535,000,000) | $ (386,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | 82,000,000 | $ 0 | 82,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,206,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | $ 0 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | 253,000,000 | 253,000,000 | |||
Equity compensation | 51,000,000 | 51,000,000 | |||
Payments Related to Tax Withholding for Share-based Compensation | (46,000,000) | ||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 38,000,000 | 9,000,000 | |||
Dividends, Preferred Stock, Stock | (25,000,000) | ||||
Equity issued in lieu of cash consideration | (46,000,000) | (46,000,000) | |||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 38,000,000 | ||||
Dividends, Preferred Stock | (25,000,000) | 0 | |||
Net Income (Loss) Attributable to Parent | 585,000,000 | 585,000,000 | |||
Other comprehensive income /(loss), net of tax | 69,000,000 | 69,000,000 | |||
Ending Balance at Jun. 30, 2021 | 3,915,000,000 | $ 2,000,000 | 4,205,000,000 | 25,000,000 | (317,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Temporary Equity, Carrying Amount, Period Increase (Decrease) | (248,000,000) | ||||
Redeemable Preferred Stock Outstandings | 359,000,000 | ||||
Common Stock, Shares, Outstanding | 170,549,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 935,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | $ 0 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | 362,000,000 | 362,000,000 | |||
Equity compensation | 54,000,000 | 54,000,000 | |||
Payments Related to Tax Withholding for Share-based Compensation | (10,000,000) | (10,000,000) | |||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 26,000,000 | 26,000,000 | |||
Equity issued in lieu of cash consideration | 9,000,000 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 12,000,000 | 12,000,000 | |||
Dividends, Preferred Stock | (6,000,000) | (6,000,000) | |||
Net Income (Loss) Attributable to Parent | 499,000,000 | 499,000,000 | |||
Other comprehensive income /(loss), net of tax | (77,000,000) | (77,000,000) | |||
Ending Balance at Jun. 30, 2022 | 4,775,000,000 | $ 2,000,000 | 4,649,000,000 | 518,000,000 | (394,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Temporary Equity, Carrying Amount, Period Increase (Decrease) | (359,000,000) | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,818,000 | ||||
Redeemable Preferred Stock Outstandings | 0 | ||||
Common Stock, Shares, Outstanding | 179,302,000 | ||||
Stock Issued During Period, Value, New Issues | $ 1,163,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 971,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | ||||
Equity compensation | 35,000,000 | 35,000,000 | |||
Payments Related to Tax Withholding for Share-based Compensation | 0 | ||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 4,000,000 | ||||
Equity issued in lieu of cash consideration | (13,000,000) | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 13,000,000 | ||||
Net Income (Loss) Attributable to Parent | (256,000,000) | (256,000,000) | |||
Other comprehensive income /(loss), net of tax | 40,000,000 | 40,000,000 | |||
Ending Balance at Jun. 30, 2023 | 4,611,000,000 | $ 2,000,000 | 4,701,000,000 | $ 262,000,000 | $ (354,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,392,000 | ||||
Other Comprehensive Income, Other, Net of Tax | 40,000,000 | ||||
Proceeds from Tax Withholding Obligations | $ 4,000,000 | ||||
Redeemable Preferred Stock Outstandings | $ 0 | ||||
Common Stock, Shares, Outstanding | 180,273,000 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholder's Equity - Shares of Common Stock | Common Stock [Member] shares |
Beginning Balance - Common Stock Outstanding (shares) at Jun. 30, 2020 | 162,788,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,206,000 |
Ending Balance - Common Stock Outstanding (shares) at Jun. 30, 2021 | 170,549,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 935,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,818,000 |
Ending Balance - Common Stock Outstanding (shares) at Jun. 30, 2022 | 179,302,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 971,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,392,000 |
Ending Balance - Common Stock Outstanding (shares) at Jun. 30, 2023 | 180,273,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from Sale and Maturity of Marketable Securities | $ 89,000,000 | |||
Payments to Acquire Debt Securities, Available-for-sale | $ 20,000,000 | $ 72,000,000 | ||
Proceeds from sale of property and equipment | 8,000,000 | 0 | 0 | |
Settlement on from sale of subsidiaries | 0 | |||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 3,000,000 | 287,000,000 | ||
Payment for acquisitions, net of cash acquired | (474,000,000) | (1,199,000,000) | (147,000,000) | |
Payments to Acquire Investments | 2,000,000 | 2,000,000 | 31,000,000 | |
Segment, Expenditure, Addition to Long-Lived Assets | (576,000,000) | (660,000,000) | (686,000,000) | |
Net cash (used in) investing activities | (955,000,000) | (1,884,000,000) | (649,000,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from borrowing, net | 715,000,000 | 1,100,000,000 | 166,000,000 | |
Repayments of Long-term Debt | (230,000,000) | (78,000,000) | (67,000,000) | |
Payments of Debt Issuance Costs | (4,000,000) | (15,000,000) | (19,000,000) | |
Payments of Ordinary Dividends | 0 | 4,000,000 | 22,000,000 | |
Proceeds from Issuance of Common Stock | 0 | 0 | 82,000,000 | |
Proceeds from Stock Options Exercised | 4,000,000 | 26,000,000 | 38,000,000 | |
Payments Related to Tax Withholding for Share-based Compensation | 0 | (10,000,000) | (46,000,000) | |
Proceeds from (Payments for) Other Financing Activities | 36,000,000 | 12,000,000 | 10,000,000 | |
Net cash provided by/(used in) financing activities | 521,000,000 | 1,031,000,000 | 142,000,000 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net earnings | (256,000,000) | 499,000,000 | 585,000,000 | |
Adjustments to reconcile earnings from continued operations to net cash from operations: | ||||
Depreciation and Amortization | 422,000,000 | 378,000,000 | 289,000,000 | |
Goodwill, Impairment Loss | 210,000,000 | 0 | $ 0 | |
Foreign Currency Transaction Gain (Loss), before Tax | (9,000,000) | 30,000,000 | (4,000,000) | |
Amortization and write-off of debt financing costs | 8,000,000 | 7,000,000 | 11,000,000 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (98,000,000) | (31,000,000) | (9,000,000) | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (1,000,000) | (182,000,000) | |
Financing fees paid | 0 | 4,000,000 | 18,000,000 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | (2,000,000) | (17,000,000) | |
Equity compensation | 35,000,000 | 54,000,000 | 51,000,000 | |
Provision/(benefit) for deferred income taxes | (127,000,000) | 9,000,000 | 64,000,000 | |
Provision for bad debts and inventory | 143,000,000 | 17,000,000 | 41,000,000 | |
Change in operating assets and liabilities: | ||||
(Increase)/decrease in trade receivables | 53,000,000 | (73,000,000) | (186,000,000) | |
(Increase)/decrease in inventories | (192,000,000) | (128,000,000) | (260,000,000) | |
Increase/(decrease) in accounts payable | (21,000,000) | 37,000,000 | 50,000,000 | |
Other assets/accrued liabilities, net - current and non-current | (128,000,000) | (423,000,000) | (36,000,000) | |
Net Cash Provided by (Used in) Operating Activities, Total | 254,000,000 | 439,000,000 | 433,000,000 | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 11,000,000 | (33,000,000) | 17,000,000 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 280,000,000 | 449,000,000 | 896,000,000 | 953,000,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (169,000,000) | (447,000,000) | (57,000,000) | |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 449,000,000 | |||
CASH AND EQUIVALENTS AT END OF PERIOD | 280,000,000 | 449,000,000 | ||
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING ACTIVITY: | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 362,000,000 | 253,000,000 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 47,000,000 | |||
SUPPLEMENTARY CASH FLOW INFORMATION: | ||||
Interest paid | 188,000,000 | 116,000,000 | 105,000,000 | |
Income taxes paid, net | 99,000,000 | 53,000,000 | $ 47,000,000 | |
Capital Expenditures Incurred but Not yet Paid | 18,000,000 | $ 6,000,000 | ||
Restructuring Reserve, Settled without Cash | $ 18,000,000 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Business Catalent, Inc. ( “ Catalent ” or the “ Company ” ) directly and wholly owns PTS Intermediate Holdings LLC ( “PTS Intermediate ” ). PTS Intermediate directly and wholly owns Catalent Pharma Solutions, Inc. ( “ Operating Company ” ). The financial results of Catalent are primarily comprised of the financial results of Operating Company and its subsidiaries on a consolidated basis. The Company’s common stock, par value $0.01 (the “ Common Stock ” ) trades on the New York Stock Exchange under the symbol “ CTLT ” . |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer | REVENUE RECOGNITION The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company generally earns its revenue by supplying goods or providing services under contracts with its customers in three primary revenue streams: manufacturing and commercial product supply, development services, and clinical supply services. The Company measures the revenue from customers based on the consideration specified in its contracts, excluding any sales incentive or amount collected on behalf of a third party, that the Company expects to be entitled to receive in exchange for transferring the promised goods to and/or performing services for the customer (the “Transaction Price”). To the extent the Transaction Price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the Transaction Price utilizing either the expected value method or the most likely amount method, depending on which method is expected to better predict the amount of consideration to which the Company will be entitled. The value of variable consideration is included in the Transaction Price if, and to the extent, it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period, as required, and any adjustment required is recorded on a cumulative catch-up basis, which would affect revenue and net income in the period of adjustment. The Company’s customer contracts generally include provisions entitling the Company to a termination penalty when the customer terminates prior to the contract’s nominal end date. The termination penalties in customer contracts vary but are generally considered substantive for accounting purposes and create enforceable rights and obligations throughout the stated durations of the contracts. The Company accounts for a contract termination as a contract modification in the period in which the customer gives notice of termination. The determination of the contract termination penalty is based on the terms stated in the relevant customer agreement. As of the modification date, the Company updates its estimate of the Transaction Price using the expected value method, subject to constraints, and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period, as required, and any adjustment required is recorded on a cumulative catch-up basis, which would affect revenue and net income in the period of adjustment . Where multiple performance obligations exist in a single contract, the Company allocates consideration to each performance obligation using the “relative standalone selling price” as defined under ASC 606. Generally, the Company utilizes observable standalone selling prices in its allocations of consideration. If observable standalone selling prices are not available, the Company estimates the applicable standalone selling price using a cost-plus-margin approach or an adjusted market assessment approach, in each case, representing the amount that the Company believes the market is willing to pay for the applicable service. Payment is typically due 30 to 45 days following the invoice date, based on the payment terms set forth in the applicable customer agreement. The Company generally expenses sales commissions as incurred because either the amortization period is one year or less, or the balance with an amortization period greater than one year is not material. Customer contracts that include commitments by the Company to make facility space or equipment available may be deemed to include lease components, which are evaluated under ASC 842, Leases . For arrangements that contain both lease and non-lease components, consideration in the contract is allocated on a relative standalone selling-price basis. Determining the lease term and contract term of non-lease components, as well as the variable and fixed consideration in these arrangements, including when variability is resolved, often requires management judgment in order to determine the allocation to the lease and non-lease components. Manufacturing & Commercial Product Supply Revenue Manufacturing and commercial product supply revenue consists of revenue earned by manufacturing products supplied to customers under long-term commercial supply arrangements. In these arrangements, the customer typically owns and supplies the active pharmaceutical ingredient (“API”) or other proprietary materials used in the manufacturing process. The contract generally includes the terms of the manufacturing services and related product quality assurance procedures to comply with regulatory requirements. Due to the regulated nature of the Company’s business, these contract terms are highly interdependent and, therefore, are considered to be a single combined performance obligation. The transaction price is generally stated in the agreement as a fixed price per unit, with no contractual provision for a refund or price concession. In most circumstances, control is transferred to the customer over time, creating a corresponding right to recognize the related revenue, because there is no alternative use to the Company for the asset created and the Company has an enforceable right to payment for performance completed as of that date. The selection of the method for measuring progress towards the completion of the Company’s performance obligation requires judgment and is based on the nature of the products to be manufactured. For the majority of the Company’s arrangements, progress is measured based on the units of product that have successfully completed the contractually required product quality assurance process, because the conclusion of that process defines the time when the applicable contract and the related regulatory requirements permit the customer to exercise control over the product’s disposition. The customer is typically responsible for arranging the shipping and handling of product following completion of the quality assurance process. Payment is typically due 30 to 45 days after invoice date, based on the payment terms set forth in the applicable customer agreement. Beginning in the third quarter of fiscal 2023, the Company began recognizing commercial revenue for certain contracts in its Biologics segment that have a notably long manufacturing cycle, and for which the customer exercises control over the product throughout the manufacturing process. For these contracts, revenue is recognized over time and progress is measured using an input method based on effort expended, which provides an appropriate depiction of the Company’s progress toward fulfilling its performance obligation. Development Services and Clinical Supply Revenue Development services contracts generally take the form of short-term, fee-for-service arrangements. Performance obligations vary, but frequently include biologic cell-line development, performing formulation, analytical stability, or other services related to product development, and providing manufacturing services for products that are under development or otherwise not intended for commercial sale. They can also include a combination of the following services: the manufacturing, packaging, storage, distribution, destruction, and inventory management of customer clinical trial material, as well as the sourcing of comparator drug products on behalf of customers to be used in clinical trials to compare performance with the drug under clinical investigation. The transaction prices for these arrangements are fixed and include amounts stated in the contracts for each promised service, and each service is generally considered to be a separate performance obligation. In most instances, the Company recognizes revenue over time because there is no alternative use to the Company for the asset created and the Company has an enforceable right to payment for performance completed as of that date. The Company measures progress toward the completion of its performance obligations satisfied over time based on the nature of the services to be performed. For certain types of arrangements, revenue is recognized over time and measured using an output method based on the completion of tasks and activities that are performed to satisfy a performance obligation. For certain types of arrangements, revenue is recognized over time and measured using an input method based on effort expended. Each of these methods provides an appropriate depiction of the Company’s progress toward fulfilling its performance obligations for its respective arrangement. In certain development services arrangements that require a portion of the contract consideration to be received in advance at the commencement of the contract, such advance payment is initially recorded as a contract liability. In certain clinical supply arrangements, revenue is recognized at the point in time when control transfers, which occurs upon either the delivery of the related output of the service to the customer or the completion of quality testing with respect to the product, and the Company has an enforceable right to payment based on the terms of the arrangement. The Company records revenue for comparator sourcing arrangements on a net basis because it is acting as an agent that does not control the product or service before it is transferred to the customer. Payment for comparator sourcing activity is typically received in advance at the commencement of the contract and is initially recorded as a contract liability. The Company generally expenses sales commissions as incurred because either the amortization period is one year or less, or the balance with an amortization period greater than one year is not material. The following tables reflect net revenue for the fiscal years ended June 30, 2023, 2022, and 2021 by type of activity and reporting segment (in millions): Fiscal Year Ended June 30, 2023 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 450 $ 1,452 $ 1,902 Development services & clinical supply 1,528 835 2,363 Total $ 1,978 $ 2,287 $ 4,265 Inter-segment revenue elimination (2) Combined net revenue $ 4,263 Fiscal Year Ended June 30, 2022 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 608 $ 1,474 $ 2,082 Development services & clinical supply 1,926 797 2,723 Total $ 2,534 $ 2,271 $ 4,805 Inter-segment revenue elimination (3) Combined net revenue $ 4,802 Fiscal Year Ended June 30, 2021 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 532 $ 1,321 $ 1,853 Development services & clinical supply 1,406 742 2,148 Total $ 1,938 $ 2,063 $ 4,001 Inter-segment revenue elimination (3) Combined net revenue $ 3,998 The following table reflects net revenue by the location where the goods were made or the service performed: (Dollars in millions) Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended United States $ 2,768 $ 3,084 $ 2,462 Europe 1,257 1,506 1,343 Other 355 327 288 Elimination of revenue attributable to multiple locations (117) (115) (95) Total $ 4,263 $ 4,802 $ 3,998 Contract Liabilities Contract liabilities relate to cash consideration that the Company receives in advance of satisfying the related performance obligations. The contract liabilities balances (current and non-current) as of June 30, 2023 and June 30, 2022 were as follows: (Dollars in millions) Balance at June 30, 2022 $ 220 Balance at June 30, 2023 $ 180 Revenue recognized in the period from amounts included in contracts liability at the beginning of the period: $ 126 Contract liabilities that will be recognized within 12 months of June 30, 2023 are accounted for in Other accrued liabilities and those that will be recognized longer than 12 months after June 30, 2023 are accounted for within Other liabilities. Contract Assets Contract assets primarily relate to the Company's conditional right to receive consideration for services that have been performed for customers but had not yet been invoiced as of June 30, 2023. Contract assets are transferred to trade receivables, net when the Company’s right to receive the consideration becomes unconditional. Contract assets totaled $417 million and $441 million as of June 30, 2023 and 2022, respectively. Contract assets expected to transfer to trade receivables within 12 months are accounted for within Prepaid expenses and other. Contract assets expected to transfer to trade receivables after 12 months are accounted for within Other long-term assets. As of June 30, 2023, the Company recorded no reserve against any of its contract asset balances. Performance Obligations Remaining performance obligations represent firm orders for future development services as well as manufacturing and commercial product supply, including minimum volume commitments, for which there are incomplete performance obligations for work not yet completed under executed contracts. Remaining performance obligations as of June 30, 2023 were $335 million. The Company expects to recognize approximately 42% of the remaining performance obligations in existence as of June 30, 2023 after June 30, 2024. |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following table summarizes the changes from June 30, 2021 to June 30, 2022 and then to June 30, 2023 in the carrying amount of goodwill in total and by reportable segment: (Dollars in millions) Biologics Pharma and Consumer Health Total Balance at June 30, 2021 $ 1,562 $ 957 $ 2,519 Additions (1) 41 531 572 Foreign currency translation adjustments (37) (48) (85) Balance at June 30, 2022 1,566 1,440 3,006 Additions (2) — 219 219 Reallocation (15) 15 — Foreign currency translation adjustments 12 12 24 Impairment (3) — (210) (210) Balance at June 30, 2023 $ 1,563 $ 1,476 $ 3,039 (1) The additions to goodwill arise from the Bettera Wellness (Pharma and Consumer Health), Princeton (Biologics), RheinCell (Biologics), and Delphi (Biologics) acquisitions. For further details, see Note 3, Business Combinations and Divestitures . (2) The addition to goodwill is a result of the Metrics acquisition. For further details, see Note 3, Business Combinations and Divestitures . (3) Represents gross and accumulated impairment charges. As part of the business reorganization discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies , the goodwill from the previous Biologics, Softgel and Oral Technologies, Oral and Specialty Delivery, and Clinical Supply Services segments was reallocated between the current Biologics and Pharma and Consumer Health segments. |
Definite Lived Long-Lived Asset
Definite Lived Long-Lived Assets | 12 Months Ended |
Jun. 30, 2023 | |
Finite lived intangible assets disclosure [Abstract] | |
Definite Lived Long-Lived Assets | OTHER INTANGIBLES, NET The details of other intangible assets subject to amortization as of June 30, 2023 and June 30, 2022 are as follows (in millions): June 30, 2023 Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangibles: Core technology 11 years $ 482 $ (164) $ 318 Customer relationships 13 years 1,079 (451) 628 Product relationships 8 years 243 (216) 27 Other 5 years 24 (17) 7 Total other intangibles $ 1,828 $ (848) $ 980 June 30, 2022 Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangibles: Core technology 11 years $ 480 $ (121) $ 359 Customer relationships 13 years 1,020 (366) 654 Product relationships 8 years 239 (204) 35 Other 4 years 24 (12) 12 Total other intangibles $ 1,763 $ (703) $ 1,060 Amortization expense was $136 million, $123 million, and $93 million for the fiscal years ended June 30, 2023, 2022, and 2021, respectively. Future amortization expense is estimated to be: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Total Amortization $ 137 $ 134 $ 126 $ 109 $ 101 $ 373 $ 980 |
Restructuring and Other Costs
Restructuring and Other Costs | 12 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Costs | RESTRUCTURING COSTS From time to time, the Company implements plans to restructure certain operations, both domestically and internationally. The restructuring plans focus on various aspects of operations, including, among others, closing and consolidating certain manufacturing operations, rationalizing headcount and aligning operations in a strategic and more cost-efficient structure. In addition, the Company may incur restructuring charges in the future in cases where a material change in the scope of operation with its business occurs. Employee-related restructuring costs consist primarily of severance costs and also include outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods. Facility exit and other such restructuring costs consist of equipment relocation costs and costs associated with planned facility expansions and closures to streamline Company operations. During the three months ended December 31, 2022, the Company adopted plans to reduce costs, consolidate facilities, and optimize its infrastructure across the organization. During the three months ended June 30, 2023, the Company expanded its restructuring efforts by adopting an incremental plan to reduce costs and headcount, primarily in its Biologics segment and corporate functions. In connection with these restructuring plans, the Company reduced its headcount by approximately 1,100 employees and incurred cumulative employee-related charges of $ 38 Restructuring costs for the fiscal years ended June 30, 2023, 2022, and 2021 were recorded in Other operating (income) expense in the consolidated statement of operations. The following tables summarize the restructuring costs by type of cost and reportable segment: Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Restructuring costs: Employee-related reorganization $ 38 $ 9 $ 8 Facility exit and other costs 28 1 2 Total restructuring costs $ 66 $ 10 $ 10 Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Restructuring costs: Biologics $ 41 $ 1 $ — Pharma and Consumer Health 8 5 9 Non-segment (Corporate) 17 4 1 Total restructuring costs $ 66 $ 10 $ 10 The following tables illustrates the change in the employee separation-related liability associated with the plans. |
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general, and administrative expenses |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to fluctuations in the currency exchange rates applicable to its investments in foreign operations. While the Company does not actively hedge against changes in foreign currency, the Company has mitigated the exposure arising from its investments in its European operations by denominating a portion of its Senior Notes in euros. At June 30, 2023, the Company had euro-denominated debt outstanding of $904 million (U.S. dollar equivalent), which qualifies as a hedge of a net investment in foreign operations. For non-derivatives designated and qualifying as net investment hedges, the effective portion of the translation gains or losses are reported in accumulated other comprehensive income (loss) as part of the cumulative translation adjustment. The unhedged portions of the translation gains or losses are reported in the consolidated statements of operations. The following table includes net investment hedge activity during the fiscal years ended June 30, 2023 and 2022, respectively: (Dollars in millions) June 30, 2023 June 30, 2022 Unrealized foreign exchange gain (loss) within other comprehensive income $ (30) $ 121 Unrealized foreign exchange loss within statement of operations $ — $ (11) The net accumulated gain of this net investment hedge within accumulated other comprehensive loss was $97 million as of June 30, 2023. Amounts are reclassified out of accumulated other comprehensive loss into earnings when the entity in which the gains and losses reside is either sold or substantially liquidated. Interest-Rate Swap In April 2020, pursuant to its interest rate and risk management strategy, the Company entered into an interest-rate swap agreement with Bank of America N.A. (the “2020 Rate Swap”) as a hedge against the economic effect of a portion of the variable interest obligation associated with its U.S. dollar-denominated term loans under its senior secured credit facilities. In February 2021, in connection with an amendment to the Credit Agreement, the Company paid $2 million in cash to Bank of America N.A to settle the 2020 Rate Swap. This loss is deferred in stockholders’ equity, net of income taxes, as a component of accumulated other comprehensive loss, and amortized as an adjustment to interest expense, net over the original term of the formerly outstanding term loans. The net amount of deferred losses on cash flow hedges that is expected to be reclassified from accumulated other comprehensive loss into interest expense, net within the next twelve months is not material. In February 2021, the Company entered into a new interest-rate swap agreement with Bank of America N.A. (the “2021 Rate Swap”) that acted as a hedge against the economic effect of a portion of the variable-interest obligation associated with the Company's U.S. dollar-denominated term loans under its senior secured credit facilities. The 2021 Rate Swap effectively fixed the rate of interest payable on that portion of the term loans, thereby reducing the impact of future interest rate changes on future interest expense. As a result of the 2021 Rate Swap, the variable portion of the applicable interest rate on $500 million of the U.S. dollar-denominated term loans was effectively fixed at 0.9985%. To conform with the adoption of Topic 848, Reference Rate Reform and the Eighth Amendment , the Company amended the 2021 Rate Swap in June 2023 (the “2023 Rate Swap”). The 2023 Rate Swap continues to effectively fix the rate of interest payable on the same portion of our U.S. dollar-denominated term loans under our senior secured credit facilities. As a result of the 2023 Rate Swap, the variable portion of the applicable interest rate on $500 million of the U.S. dollar-denominated term loans is now effectively fixed at 0.9431%. The 2023 Rate Swap continues to qualify for a cash-flow hedge. The Company evaluates hedge effectiveness at the inception of the hedge and on an ongoing basis. The cash flows associated with the 2023 Rate Swap amendment is reported in cash provided by operating activities in the consolidated statements of cash flows. The unrealized gain recorded in stockholder's equity from marking the 2021 Rate Swap to market during the fiscal year ended June 30, 2023 was $25 million. A summary of the estimated fair value of the interest-rate swap reported in the consolidated balance sheets is stated in the table below: June 30, 2023 June 30, 2022 (in millions) Balance Sheet Classification Estimated Fair Value Balance Sheet Classification Estimated Fair Value Interest-rate swap Other long-term assets $ 62 Other long-term assets $ 36 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement defines fair value as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which Level 1 and Level 2 are considered observable and Level 3 is considered unobservable: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Value is determined using pricing models, discounted cash flow methodologies, or similar techniques and also includes instruments for which the determination of fair value requires significant judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses of the Company approximate fair value based on the short maturities of these instruments. The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification as of the end of each reporting period. The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis and the fair value measurement for such assets and liabilities at June 30, 2023 and 2022, respectively: (Dollars in millions) Basis of Fair Value Measurement June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Interest-rate swap $ 62 $ — $ 62 $ — Trading securities $ 1 $ 1 $ — $ — June 30, 2022 Assets: Marketable securities $ 89 $ 89 $ — $ — Interest-rate swap 36 — 36 — Trading securities $ 2 $ 2 $ — $ — The fair value of the 2021 Rate Swap was determined, and the fair value of the 2023 Rate Swap will be determined, at the end of each reporting period based on valuation models that use interest rate yield curves and discount rates as inputs. The discount rates are based on U.S. deposit or U.S. Treasury rates. The significant inputs used in the valuation models are readily available in public markets or can be derived from observable market transactions, and the valuation is therefore classified as Level 2 in the fair-value hierarchy. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Long-lived assets, goodwill, and other intangible assets are subject to non-recurring fair value measurement for the evaluation of potential impairment. The carrying value of the Consumer Health reporting unit approximates its fair value as of June 30, 2023 following the impairment charge. Other than the valuation of the Consumer Health reporting unit, there was no non-recurring fair value measurement during the fiscal years ended June 30, 2023 and 2022. |
Employee Retirement Benefit Pla
Employee Retirement Benefit Plans | 12 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefit Plans | EMPLOYEE RETIREMENT BENEFIT PLANS The Company sponsors various retirement plans, including defined benefit pension plans and defined contribution plans. Substantially all of the Company’s domestic non-union employees are eligible to participate in employer-sponsored retirement savings plans, which include plans created under Section 401(k) of the Internal Revenue Code that provide for the Company to match a portion of contributions by participating U.S. employees. The Company’s contributions to the plans are discretionary but are subject to certain minimum requirements as specified in the plans. The Company uses a measurement date of June 30 for all of its retirement and postretirement benefit plans. The Company records obligations related to its withdrawal from one multi-employer pension plan that covered former employees at three former sites. This withdrawal was classified as a mass withdrawal under the Multiemployer Pension Plan Amendments Act of 1980, as amended, and the Pension Protection Act of 2006 and resulted in the recognition of liabilities associated with the Company’s long-term obligations in prior years not presented, which were primarily recorded as an expense within discontinued operations. The estimated discounted value of the projected contributions related to these plans is $38 million as of June 30, 2023 and 2022. The annual cash impact associated with the Company’s long-term obligation arising from this plan is $2 million per year. The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability: Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Accumulated Benefit Obligation $ 242 $ 262 $ 2 $ 2 Change in Benefit Obligation Benefit obligation at beginning of year 268 372 2 2 Company service cost 3 4 — — Interest cost 9 5 — — Employee contributions 1 — — — Settlements (4) (1) — — Benefits paid (10) (9) — — Actuarial gain (1) (28) (71) — — Exchange rate gain (loss) 7 (32) — — Benefit obligation at end of year $ 246 $ 268 $ 2 $ 2 Change in Plan Assets Fair value of plan assets at beginning of year 240 318 — — Actual return on plan assets (38) (50) — — Company contributions 7 10 — — Employee contributions 1 — — — Settlements (4) (1) — — Benefits paid (10) (9) — — Exchange rate gain (loss) 6 (28) — — Fair value of plan assets at end of year $ 202 $ 240 $ — $ — Funded Status Funded status at end of year (44) (28) (2) (2) Net pension liability $ (44) $ (28) $ (2) $ (2) (1) For the fiscal year ended June 30, 2022, the actuarial gain is driven by a large increase in the aggregate discount rate. The following table provides a reconciliation of the net amount recognized in the consolidated balance sheets: Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Amounts Recognized in Statement of Financial Position Noncurrent assets $ 18 $ 37 $ — $ — Current liabilities (1) (1) — — Noncurrent liabilities (61) (64) (2) (2) Total liability (44) (28) (2) (2) Amounts Recognized in Accumulated Other Comprehensive Loss Prior service cost (1) (1) — — Net loss (gain) 66 49 (1) (1) Total accumulated other comprehensive loss (income) at the end of the fiscal year 65 48 (1) (1) Additional Information for Plan with ABO or PBO in Excess of Plan Assets Projected benefit obligation 129 132 2 2 Accumulated benefit obligation 126 128 2 2 Fair value of plan assets 68 67 — — Components of Net Periodic Benefit Cost Service cost 3 4 — — Interest cost 9 5 — — Expected return on plan assets (9) (10) — — Amortization of unrecognized: Net loss 1 2 — — Settlement/curtailment expense 1 — — — Net periodic benefit cost $ 5 $ 1 $ — $ — Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net loss (gain) arising during the year $ 17 $ (14) $ — $ — Exchange rate loss recognized during the year — 1 — — Total recognized in other comprehensive income $ 17 $ (13) $ — $ — Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income Total recognized in net periodic benefit cost and other comprehensive income $ 22 $ (12) $ — $ — Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost Amortization of: Net loss $ 2 $ 1 $ — $ — Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date Discount rate (%) 4.3 % 3.6 % 4.7 % 4.0 % Rate of compensation increases (%) 2.7 % 2.7 % n/a n/a Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year Discount rate (%) 3.6 % 1.6 % 4.0 % 2.0 % Rate of compensation increases (%) 2.7 % 2.0 % n/a n/a Expected long-term rate of return (%) 3.9 % 3.4 % n/a n/a Expected Future Contributions Fiscal year 2024 $ 8 $ 7 $ — $ — Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Expected Future Benefit Payments Financial year 2024 $ 14 $ 14 $ — $ — 2025 15 13 — — 2026 16 14 — — 2027 15 16 — — 2028 15 14 — — 2029-2033 84 80 1 1 Actual Asset Allocation (%) Cash 4.5 % — % — % — % Equities 2.9 % 4.1 % — % — % Government bonds 36.8 % 35.6 % — % — % Corporate bonds 16.2 % 18.3 % — % — % Property 3.3 % 4.9 % — % — % Insurance contracts 14.9 % 12.0 % — % — % Other 21.4 % 25.1 % — % — % Total 100.0 % 100.0 % — % — % Actual Asset Allocation (Amount) Cash $ 9 $ — $ — $ — Equities 6 10 — — Government bonds 74 85 — — Corporate bonds 33 44 — — Property 7 12 — — Insurance contracts 30 29 — — Other 43 60 — — Total $ 202 $ 240 $ — $ — Target Asset Allocation (%) Cash 4.5 % — % — % — % Equities 2.9 % 4.1 % — % — % Government bonds 36.8 % 35.6 % — % — % Corporate bonds 16.2 % 18.3 % — % — % Property 3.3 % 4.9 % — % — % Insurance contracts 14.9 % 12.0 % — % — % Other 21.4 % 25.1 % — % — % Total 100.0 % 100.0 % — % — % The Company's Investment Committee employs a building-block approach in determining the long-term rate of return for plan assets, with proper consideration of diversification and rebalancing. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. Peer data are reviewed to check for reasonability and appropriateness. Plan assets are recognized and measured at fair value in accordance with the accounting standards regarding fair value measurements. The following are valuation techniques used to determine the fair value of each major category of assets: • Short-term investments, equity securities, fixed-income securities, and real estate are valued using quoted market prices or other valuation methods, and thus are classified within Level 1 or Level 2. • Insurance contracts and other types of investments include investments with some observable and unobservable prices that are adjusted by cash contributions and distributions, and thus are classified within Level 2 or Level 3. The following tables provide a summary of plan assets that are measured at fair value as of June 30, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: As of June 30, 2023 (dollars in millions) Level 1 Level 2 Level 3 Investments Measured at Net Asset Value Total Assets Equity securities $ — $ 6 $ — $ — $ 6 Debt securities — 107 — — 107 Real estate — 5 2 — 7 Other (1) — 57 25 — 82 Total $ — $ 175 $ 27 $ — $ 202 (1) Other, as of June 30, 2023, included $20 million of investments in hedge funds related to the Company's U.K. pension plan, which were classified as Level 2. As of June 30, 2022 (dollars in millions) Level 1 Level 2 Level 3 Investments Measured at Net Asset Value Total Assets Equity securities $ — $ 10 $ — $ — $ 10 Debt securities — 129 — — 129 Real estate — 10 2 — 12 Other (1) — 64 25 — 89 Total $ — $ 213 $ 27 $ — $ 240 (1) Other, as of June 30, 2022, included $35 million of investments in hedge funds related to the Company's U.K. pension plan, which were classified as Level 2. Level 3 other assets as of June 30, 2023 and 2022 consist of an insurance contract in the U.K. to fulfill the benefit obligations for a portion of the participant benefits. The value of this commitment is determined using the same assumptions and methods used to value the pension liability of the associated plan. Level 3 other assets for the same periods also include the partial funding of a pension liability relating to current and former employees of the Company’s Eberbach, Germany facility through a Company promissory note with an annual rate of interest of 5%. The value of this commitment fluctuates due to contributions and benefit payments in addition to loan interest. The following table provides a reconciliation of the beginning and ending balances of Level 3 assets as well as the changes during the period attributable to assets held and those purchases, sales, settlements, contributions, and benefits that were paid: Fair Value Measurement Using Significant Unobservable Inputs Total (Level 3) Fair Value Measurement Using Significant Unobservable Inputs Insurance Contracts Fair Value Measurement Using Significant Unobservable Inputs Other Total (Level 3) (Dollars in millions) Beginning Balance at June 30, 2022 $ 27 $ 9 $ 18 Actual return on plan assets: Relating to assets still held at the reporting date 2 — 2 Purchases, sales, settlements, contributions and benefits paid (3) (1) (2) Transfers in or out of Level 3, net 1 — 1 Ending Balance at June 30, 2023 $ 27 $ 8 $ 19 The Company's investment policy reflects the long-term nature of the plans’ funding obligations. The assets are invested to provide the opportunity for both income and growth of principal. This objective is pursued as a long-term goal designed to provide required benefits for participants without undue risk. It is expected that this objective can be achieved through a well-diversified asset portfolio. All equity investments are made within the guidelines of quality, marketability, and diversification mandated by the Employee Retirement Income Security Act of 1974, as amended (for plans subject to the act) and other relevant legal requirements. Investment managers are directed to maintain equity portfolios at a risk level approximately equivalent to that of the specific benchmark established for that portfolio. Assets invested in fixed income securities and pooled fixed-income portfolios are managed actively to pursue opportunities presented by changes in interest rates, credit ratings, or maturity premiums. Other Post-Retirement Benefits Assumed Healthcare Cost Trend Rates at the Balance Sheet Date 2023 2022 Healthcare cost trend rate – initial (%) Pre-65 n/a n/a Post-65 4.8 % 4.6 % Healthcare cost trend rate – ultimate (%) Pre-65 n/a n/a Post-65 4.1 % 4.1 % Year in which ultimate rates are reached Pre-65 n/a n/a Post-65 2040 2040 |
Other Income _ Expense
Other Income / Expense | 12 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | OTHER (INCOME) EXPENSE, NET The components of other expense, net for the fiscal years ended June 30, 2023, 2022, and 2021 are as follows: Fiscal Year Ended (Dollars in millions) 2023 2022 2021 Other (income) expense, net Debt refinancing costs (1) $ — $ 4 $ 18 Foreign currency (gains) losses (2) (8) 33 5 Other (3) 1 (9) (20) Total other (income) expense, net $ (7) $ 28 $ 3 (1) Debt financing costs for the fiscal year ended June 30, 2022 consists of $4 million of financing charges related to a tranche of U.S. dollar-denominated term loans under its senior secured credit facilities. Debt financing costs for the fiscal year ended June 30, 2021 includes (a) a write-off of $4 million of previously capitalized financing charges related to the Company’s repayment of U.S. dollar-denominated term loans and the 2026 Notes in February 2021, (b) $3 million of financing charges related to the issuance of an earlier tranche of the Company's U.S dollar-denominated term loans, and (c) an $11 million premium on early redemption of the 2026 Notes. (2) Foreign currency losses (gains) include both cash and non-cash transactions. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Lessee, Finance Leases | LEASES The Company leases certain manufacturing and office facilities, land, vehicles, and equipment. The terms of these leases vary widely, although most have terms between 3 and 10 years. In accordance with ASC 842 , Leases , the Company recognizes a “right-of-use” asset and related lease liability at the commencement date of each lease based on the present value of the fixed lease payments over the expected lease term inclusive of any rent escalation provisions or incentives received. The lease term for this purpose will include any renewal period where the Company determines that it is reasonably certain that it will exercise the option to renew. While certain leases also permit the Company to terminate the lease in advance of the nominal term upon payment of an associated penalty, the Company generally does not take into account potential early termination dates in its determination of the lease term as it is reasonably certain not to exercise an early-termination option as of the lease commencement date. The Company uses its incremental borrowing rate, which represents the interest rate the Company would expect to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms, in order to calculate the present value of a lease, when the implicit discount rate for its leases is not readily determinable. For operating leases, fixed lease payments are recognized as operating lease expense on straight-line basis over the lease term. For finance leases, the Company recognizes depreciation expense associated with the leased asset acquired and interest expense related to the financing portion. Variable payments are recognized in the period incurred. As permitted by ASC 842, the Company has elected not to separate those components of a lease agreement not related to the leasing of an asset from those components that are related. The Company does not record leases with an initial lease term of 12 months or less on its consolidated balance sheets. The Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Supplemental information concerning the leases recorded in the Company's consolidated balance sheet as of June 30, 2023 is detailed in the following table: (Dollars in millions) Line item in the consolidated balance sheet Balance at Right-of-use assets: Finance leases Property, plant, and equipment, net $ 274 Operating leases Other long-term assets 59 Current lease liabilities: Finance leases Current portion of long-term obligations and other short-term borrowings 18 Operating leases Other accrued liabilities 11 Non-current lease liabilities: Finance leases Long-term obligations, less current portion 323 Operating leases Other liabilities $ 55 The components of the net lease costs for the fiscal year ended June 30, 2023 reflected in the Company's consolidated statement of operations were as follows: (Dollars in millions) Fiscal Year Ended Financing lease costs: Amortization of right-of-use assets $ 21 Interest on lease liabilities 17 Total 38 Operating lease costs 35 Variable lease costs 10 Total lease costs $ 83 The short-term lease cost amounted to $10 million during the fiscal year ended June 30, 2023. The weighted average remaining lease term and weighted average discount rate related to the Company's right-of-use assets and lease liabilities as of June 30, 2023 are as follows: Weighted average remaining lease term (years): Finance leases 17.4 Operating leases 10.7 Weighted average discount rate: Finance leases 6.4 % Operating leases 4.3 % Supplemental information concerning the cash-flow impact arising from the Company's leases for the fiscal year ended June 30, 2023 recorded in the Company's unaudited consolidated statement of cash flows is detailed in the following table (in millions): Fiscal Year Ended Cash paid for amounts included in lease liabilities: Financing cash flows used for finance leases $ 19 Operating cash flows used for finance leases 15 Operating cash flows used for operating leases 16 Non-cash transactions: Right-of-use assets obtained in exchange for new finance lease liabilities 133 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1 As of June 30, 2023, the Company expects that its future minimum lease payments will become due and payable as follows: (Dollars in millions) Financing Leases Operating Leases Total 2024 $ 35 $ 13 $ 48 2025 34 10 44 2026 35 9 44 2027 35 9 44 2028 33 7 40 Thereafter 380 38 418 Total minimum lease payments 552 86 638 Less: interest 211 20 231 Total lease liabilities $ 341 $ 66 $ 407 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business, including, without limitation, inquiries and claims concerning environmental contamination as well as litigation and allegations in connection with acquisitions, product liability, manufacturing or packaging defects, and claims for reimbursement for the cost of lost or damaged active pharmaceutical ingredients, the cost of any of which could be significant. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s consolidated financial statements. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary for its consolidated financial statements not to be misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the Company's consolidated financial statements. Any legal or other expenses associated with the litigation are accrued for as the expenses are incurred. The Company intends to vigorously defend itself against any such litigation and does not currently believe that the outcome of any such litigation will have a material adverse effect on the Company’s consolidated financial statements. In addition, the healthcare industry is highly regulated and government agencies continue to scrutinize certain practices affecting government programs and otherwise. City of Warwick Retirement System Class Action In February 2023, an alleged shareholder filed a complaint styled City of Warwick Retirement System v. Catalent, Inc., et al ., No. 23-cv-01108, in New Jersey federal court against the Company and three of its then-officers (collectively, “the Warwick Defendants”) purportedly on behalf of a putative “class” consisting of persons who purchased or otherwise acquired Company securities between August 30, 2021 and October 31, 2022, inclusive. On September 15, 2023, the Warwick complaint was amended (together with the original complaint, the “ Warwick Complaint”), which amended complaint expanded the class period to between August 30, 2021 and May 7, 2023, inclusive (the “Class Period”). The Complaint purports to assert claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended and the related regulations, alleging that, unbeknownst to investors, the Warwick Defendants purportedly engaged in accounting and channel stuffing schemes to pad Catalent’s revenues and failed to disclose adverse facts that purportedly were known to or recklessly disregarded by the Warwick Defendants. Specifically, the Warwick Complaint alleges that the Warwick Defendants (i) overstated revenue and earnings by prematurely recognizing revenue in violation of U.S. GAAP; (ii) suffered material weaknesses in its internal control over financial reporting related to revenue recognition; (iii) falsely represented demand for its products while knowingly selling more product to its direct customers than could be sold to healthcare providers and end consumers; (iv) cut corners on safety and control procedures at key production facilities; (v) disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad the Company’s financial results through premature revenue recognition in violation of U.S. GAAP or stuffing its direct customers with this excess inventory; and (vi) lacked a reasonable basis for their positive statements about the Company’s financial performance, outlook, and regulatory compliance during the Class Period. The Company believes that the Warwick Defendants have defenses to the allegations and claims set forth in the complaint and filed a motion to dismiss the Warwick Complaint on November 15, 2023. Subpoenas and Requests for Information From time to time, the Company receives subpoenas or requests for information from various governmental agencies or private parties, including from state attorneys general, the U.S. Department of Justice, and private parties. The Company generally responds to such subpoenas and requests in a timely and thorough manner, which responses sometimes require considerable time and effort and can result in considerable costs being incurred. In June 2023, the Company received a demand from a company stockholder pursuant to 8 Del. C. § 220 to inspect books and records of the Company relating to, among other things, the allegations raised in the Warwick Complaint. The Company has responded to the demand and cannot determine at this time if the books and records demand will lead to litigation. |
Segment Information
Segment Information | 12 Months Ended | |
Jun. 30, 2023 | ||
Segment Reporting [Abstract] | ||
Segment Reporting Disclosure [Text Block] | SEGMENT AND GEOGRAPHIC INFORMATION The Company evaluates the performance of its segments based on segment earnings before other (income) expense, impairments, restructuring costs, interest expense, income tax expense, and depreciation and amortization ( “ Segment EBITDA ” ). Segment EBITDA is subject to important limitations. These consolidated financial statements include information concerning Segment EBITDA (a) because Segment EBITDA is an operational measure used by management in the assessment of the operating segments, the allocation of resources to the segments, and the setting of strategic goals and annual goals for the segments, and (b) in order to provide supplemental information that the Company considers relevant for the readers of the consolidated financial statements. The Company’s presentation of Segment EBITDA may not be comparable to similarly titled measures used by other companies. The following table includes Segment EBITDA for each of the Company's current reporting segments during the fiscal years ended June 30, 2023, 2022, and 2021: (Dollars in millions) Fiscal Year Ended June 30, 2023 2022 2021 Segment EBITDA reconciled to net (loss) earnings: Biologics $ 277 $ 777 $ 615 Pharma and Consumer Health 548 589 498 Subtotal $ 825 $ 1,366 $ 1,113 Reconciling items to net (loss) earnings Unallocated costs (1) (559) (286) 1 Depreciation and amortization (422) (378) (289) Interest expense, net (186) (123) (110) Income tax benefit (expense) 86 (80) (130) Net (loss) earnings $ (256) $ 499 $ 585 (1) Unallocated costs include restructuring and special items, stock-based compensation, gain (loss) on sale of subsidiary, impairment charges, certain other corporate directed costs, and other costs that are not allocated to the segments as follows: (Dollars in millions) Fiscal Year Ended June 30, 2023 2022 2021 Impairment charges and gain/loss on sale of assets (a) $ (98) $ (31) $ (9) Stock-based compensation (35) (54) (51) Restructuring and other special items (b) (98) (55) (31) Goodwill impairment charges (c) (210) — — Gain on sale of subsidiary (d) — 1 182 Other income (expense), net (e) 7 (28) (3) Non-allocated corporate costs, net (125) (119) (87) Total unallocated costs $ (559) $ (286) $ 1 (a) For the fiscal year ended June 30, 2023, impairment charges are primarily associated with an idle facility in the Biologics segment and obsolete equipment that could not be sold or repurposed in the Pharma and Consumer Health segment. In the three months ended June 30, 2023, the Company identified an indicator of impairment related to one of its facilities in the Biologics segment given the plans to pause any additional spend on site development due to a lack of demand, leading to a partial impairment charge of $54 million. The Company primarily utilized a market and income approach for real property and a cost approach for personal property to record the partial impairment on its idle facility. Impairment charges are recorded in Other operating expense in the consolidated statements of operations. Also, in the three months ended June 30, 2023, the Company identified an indicator of impairment related to obsolete equipment from a terminated project in the Pharma and Consumer Health segment, leading to a full impairment charge of $18 million. For the fiscal year ended June 30, 2022, impairment charges are primarily due to fixed asset impairment charges associated with dedicated equipment for a product the Company no longer manufactures in its Pharma and Consumer Health segment and obsolete equipment in its Biologics segment. (b) Restructuring and other special items for the fiscal year ended June 30, 2023 includes (i) restructuring charges associated with plans to reduce costs, consolidate facilities, and optimize our infrastructure across the organization and (ii) transaction and integration costs associated with the Metrics acquisition Restructuring and other special items for the fiscal year ended June 30, 2022 include (i) transaction and integration costs primarily associated with the Princeton, Bettera Wellness, Delphi, Hepatic, Acorda, and RheinCell transactions and (ii) unrealized losses on venture capital investments. Restructuring and other special items for the fiscal year ended June 30, 2021 include transaction and integration costs associated with the Anagni, Italy facility acquisition and the MaSTherCell Global, Inc., Skeletal, Delphi, and Acorda transactions, in addition to restructuring costs associated with the closure of the Company's Pharma and Consumer Health facility in Bolton, U.K. (c) The goodwill impairment charges for the fiscal year ended June 30, 2023 was associated with the Company’s Consumer Health reporting unit. For further details, see Note 4, Goodwill . (d) Gain on sale of subsidiary for the fiscal year ended June 30, 2022 was due to the sale of the Company’s facility and Blow-Fill-Seal business in Woodstock, Illinois. (e) Refer to Note 15, Other (income) expense, net for details of financing charges and foreign currency translation adjustments recorded within other (income) expense, net. The following table includes total assets for each segment, as well as reconciling items necessary to total the amounts reported in the consolidated balance sheets. Total Assets (Dollars in millions) June 30, 2023 June 30, 2022 Biologics $ 5,746 $ 5,770 Pharma and Consumer Health 4,867 4,356 Corporate and eliminations 164 382 Total assets $ 10,777 $ 10,508 Capital Expenditures Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Biologics $ 346 $ 453 $ 516 Pharma and Consumer Health 214 183 151 Corporate 34 30 19 Total capital expenditures $ 594 $ 666 $ 686 Long Lived Assets The following table presents long-lived assets—consisting of property, plant, and equipment, net of accumulated depreciation—by geographic area: (Dollars in millions) June 30, 2023 June 30, 2022 United States $ 2,758 $ 2,267 Europe 765 747 Other 159 113 Total $ 3,682 $ 3,127 | [1] |
[1]Refer to Note 15, Other (income) expense, net for details of financing charges and foreign currency translation adjustments recorded within other (income) expense, net. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | SUPPLEMENTAL BALANCE SHEET INFORMATION Supplemental balance sheet information at June 30, 2023 and June 30, 2022 is detailed in the following tables. Inventories Work-in-process and inventories include raw materials, labor, and overhead. Total inventories consist of the following: (Dollars in millions) June 30, June 30, Raw materials and supplies $ 781 $ 651 Work-in-process 186 109 Total inventories, gross 967 760 Inventory cost adjustment (1) (190) (58) Total inventories $ 777 $ 702 (1) Increase in inventory cost adjustment is primarily associated with inventory write-offs resulting from the terminations of certain take-or-pay arrangements. Prepaid expenses and other Prepaid expenses and other current assets consist of the following: (Dollars in millions) June 30, June 30, Prepaid expenses $ 53 $ 61 Short-term contract assets 399 398 Spare parts supplies 24 22 Prepaid income tax 77 27 Non-U.S. value-added tax 38 48 Other current assets 42 70 Total prepaid expenses and other $ 633 $ 626 Property, plant, and equipment, net Property, plant, and equipment, net consist of the following: (Dollars in millions) June 30, June 30, Land, buildings, and improvements $ 1,887 $ 1,687 Machinery and equipment 2,287 1,891 Furniture and fixtures 61 48 Construction in progress 1,043 848 Property, plant, and equipment, at cost 5,278 4,474 Accumulated depreciation (1,596) (1,347) Property, plant, and equipment, net $ 3,682 $ 3,127 Other long-term assets Other long-term assets consist of the following: (Dollars in millions) June 30, June 30, Operating lease right-of-use-assets $ 59 $ 93 Note receivable 53 51 Pension assets 18 37 Corporate-owned life insurance policies 41 35 Venture capital investments 36 33 Interest-rate swap 62 36 Long-term contract assets 18 43 Other 42 21 Total other long-term assets $ 329 $ 349 Other accrued liabilities Other accrued liabilities consist of the following: (Dollars in millions) June 30, June 30, Contract liability $ 167 $ 211 Accrued employee-related expenses 160 198 Accrued expenses 134 140 Operating lease liabilities 11 14 Restructuring accrual 19 1 Accrued interest 35 32 Accrued income tax 44 50 Total other accrued liabilities $ 570 $ 646 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Husty Derivative Claim In August 2023, an alleged shareholder filed a derivative complaint styled Husty et al. v. Carroll, et al. , No. 23-cv-00891, in Delaware federal court against certain current and former members of the Company's board of directors, (the “ Husty Defendants ” ), and nominally against Catalent, Inc. The complaint mimics the allegations set out in the original complaint filed in the City of Warwick Retirement System action described in Note 17, Commitments and Contingencies and claims that the alleged activities described there led to, and will continue to expose the Company to, costs and damages. The Company believes that the Husty Defendants have defenses to the allegations and claims set forth in the complaint and, once all Husty Defendants are properly served with the complaint, intends to vigorously defend the Husty Defendants against such allegations. Brown Derivative Claim In September 2023, an alleged shareholder filed a derivative complaint styled Brown, et al. v. Chiminski, et al. , Case 3:23-cv-15722, in New Jersey federal court against certain current and former officers and members of the Company’s board of directors (the “ Brown Defendants ” ) and nominally against Catalent, Inc. The complaint mimics the allegations set out in the original complaint filed in the City of Warwick Retirement System action described in Note 17, Commitments and Contingencies and claims that the alleged activities described there led to, and will continue to expose the Company to, costs and damages. On November 8, 2023, the Court entered a stipulation between the parties extending the Brown Defendants time to respond to the Complaint until January 8, 2024. The Company believes that the Brown Defendants have defenses to the allegations and claims set forth in the complaint and intends to vigorously defend the Brown Defendants against such allegations. Impairment of Goodwill The Company assessed the current and future economic outlook as of September 30, 2023 for its Consumer Health and Biomodalities reporting units in its Pharma and Consumer Health and Biologics segments, respectively, and identified indicators for impairment of goodwill. The evaluation began with a qualitative assessment of each reporting unit to determine if it was more likely than not that the fair value of the reporting unit was less than its carrying value. The qualitative assessment did not indicate that it was more likely than not that the fair value exceeded the carrying value in its Consumer Health and Biomodalities reporting units, which led to a quantitative assessment for the corresponding reporting units. Interim goodwill tests were not performed on the Company's remaining reporting units as there was no indication of a possible goodwill impairment. For the three months ended September 30, 2023, the Company recorded goodwill impairment charges of $689 million associated with the Company's Consumer Health and Biomodalities reporting units in its Pharma and Consumer Health and Biologics segments, respectively. The impairment charges also generated additional deferred tax assets to the extent of the tax goodwill remaining in the reporting units being impaired. The additional deferred tax assets measured against the deferred tax liabilities at the Company’s domestic sites, along with the Company’s forecast losses triggered in part by the impairment charge itself, resulted in a $53 million valuation allowance to be recorded against the U.S. Federal and state net deferred tax assets for the three months ended September 30, 2023. Amendment No. 9 to Credit Agreement On September 27, 2023, Operating Company entered into Amendment No. 9 to its Amended and Restated Credit Agreement (“Amendment No. 9”) by and among Operating Company, PTS Intermediate, the subsidiaries of Operating Company party thereto, JPMorgan Chase Bank, N.A., as the administrative agent, collateral agent, swing line lender, and letter of credit issuer, and the lenders and other parties thereto, which Amendment No. 9 amends the Credit Agreement to extend the deadlines by which the Operating Company is required to deliver to the administrative agent (i) its audited financial statements as at the end of and for the fiscal year ended June 30, 2023, together with the auditor’s report and opinion on such audited financial statements, to November 27, 2023, and (ii) its unaudited financial statements as at the end of and for the fiscal quarter ending September 30, 2023 to January 13, 2024. Amendment No. 10 to Credit Agreement On November 22, 2023, Operating Company, entered into Amendment No. 10 to its Amended and Restated Credit Agreement (“Amendment No. 10”) by and among Operating Company, PTS Intermediate, the subsidiaries of Operating Company party thereto, JPMorgan Chase Bank, N.A., as the administrative agent, collateral agent, swing line lender, and letter of credit issuer, and the lenders and other parties thereto, which Amendment No. 10 further extends the deadlines by which the Operating Company is required to deliver to the Administrative Agent (i) its audited financial statements as at the end of and for the fiscal year ended June 30, 2023, together with the auditor’s report and opinion on such audited financial statements, to January 26, 2024, and (ii) its unaudited financial statements as at the end of and for the fiscal quarter ending September 30, 2023 to March 13, 2024. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy | Reportable Segments Effective July 1, 2022, in connection with the appointment of a new President and Chief Executive Officer, the Company changed its operating structure and reorganized its executive leadership team accordingly. The current organizational structure includes two operating and reportable segments—(i) Biologics and (ii) Pharma and Consumer Health—which are summarized below. • The Biologics segment provides development and manufacturing for biologic proteins; cell, gene, and other nucleic acid therapies; plasmid DNA (“pDNA”); induced pluripotent stem cells (“iPSCs”), and oncolytic viruses; and vaccines. It also provides formulation, development, and manufacturing for parenteral dose forms, including vials, prefilled syringes, and cartridges; analytical development and testing services for large molecules. • The Pharma and Consumer Health segment comprises the Company’s market-leading capabilities for complex oral solids, softgel formulations, Zydis ® fast-dissolve technologies, and gummy, soft chew, and lozenge dosage forms; formulation, development, and manufacturing platforms for oral, nasal, inhaled, and topical dose forms; and clinical trial development and supply services. Each segment reports through a separate management team and ultimately reports to the Company's President and Chief Executive Officer, who is designated as the Chief Operating Decision Maker for segment reporting purposes. The Company's operating segments are the same as its reportable segments. All prior-period comparative segment information has been recast retrospectively to reflect the current reportable segments in accordance with Accounting Standards Codification (“ASC”) 280, Segment Reporting |
Basis of Presentation | Basis of Presentation These financial statements include all of the Company’s subsidiaries, including those operating outside the United States ( “ U.S. ” ), and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant transactions among the Company’s subsidiaries and reporting segments have been eliminated, other than as noted. |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassification |
Translation and Transaction of Foreign Currencies | Foreign Currency Translation The financial statements of the Company’s operations outside the U.S. are generally determined using the local currency as the functional currency. Adjustments to translate the assets and liabilities of the foreign operations into U.S. dollars are accumulated as a component of other comprehensive income utilizing period-end exchange rates. Since July 2018, the Company has accounted for its Argentine operations as highly inflationary, but this status has not had a material effect on the consolidated financial statements. The currency fluctuation related to certain long-term inter-company loans where settlement is not planned or anticipated in the foreseeable future have been recorded within the cumulative translation adjustment, a component of other comprehensive income. In addition, the currency fluctuation associated with the portion of the Company’s euro-denominated debt designated as a net investment hedge is included as a component of other comprehensive income. Foreign currency transaction gains and losses are calculated using weighted average exchange rates for the period and are included in the consolidated statements of operations in “ other expense, net. ” Such foreign currency transaction gains and losses include inter-company loans that are repayable in the foreseeable future. |
Cash and Cash Equivalents | Cash and Cash Equivalents All liquid investments purchased with original maturities of three months or less are considered cash equivalents. The carrying value of these cash equivalents approximates fair value. |
Receivables and Allowance dor Doubtful Accounts | Allowance for Credit Losses |
Concentrations of Credit Risk and Major Customers | Concentrations of Credit Risk and Major Customers Concentration of credit risk, with respect to accounts receivable, is limited due to the large number of customers and their dispersion across different geographic areas. The customers are primarily concentrated in the biopharmaceutical, pharmaceutical, and consumer products industries. The Company does not normally require collateral or any other security to support credit sales. The Company performs ongoing credit evaluations of its customers’ financial conditions and maintains reserves for credit losses. Such losses historically have been within the Company’s expectations. For the fiscal years ended June 30, 2023 and 2022, the Company had one customer that accounted for 10% of its net revenue, which was primarily recorded in the Biologics segment. No single customer exceeded 10% of revenue during the fiscal year ended June 30, 2021. |
Inventories | Inventories |
Goodwill | Goodwill The Company accounts for purchased goodwill and intangible assets with indefinite lives in accordance with ASC 350, Intangibles - Goodwill and Other . Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. The Company performs an impairment evaluation of goodwill an nually during the fourth quarter of its fiscal year or when circumstances otherwise indicate an evaluation should be performed. The evaluation may begin with a qualitative assessment for each reporting unit to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying value. Factors considered in a qualitative assessment include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit, and other relevant entity and reporting-unit specific considerations. If the qualitative assessment does not generate a positive response, or if no qualitative assessment is performed, a quantitative assessment, based upon discounted cash flows, is performed and requires management to estimate future cash flows, growth rates, and macroeconomic, industry, and market conditions. The Company performs an annual goodwill impairment test for each reporting unit on April 1, the measurement date. The evaluation begins with a qualitative assessment of each reporting unit to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. Due to the Company's underperformance of operating results relative to expectations and decline in the Company's stock price, the Company assessed the current and future economic outlook as of March 31, 2023. The evaluation began with a qualitative assessment of each reporting unit to determine if it was more likely than not that the fair value of the reporting unit was less than its carrying value. The qualitative assessment did not indicate that it was more likely than not that the fair value exceeded the carrying value in each of its six reporting units as of March 31, 2023 which led to a quantitative assessment for each of the Company's reporting units. The evaluation performed as of March 31, 2023 resulted in a goodwill impairment charge in the Company's Consumer Health reporting unit within the Pharma and Consumer Health segment. Subsequent to the quantitative assessment performed as of March 31, 2023, the Company performed a qualitative assessment as of April 1, 2023 which yielded no indicators of impairment. In fiscal 2022, the Company proceeded directly to a quantitative assessment, but, in fiscal 2021, the Company performed its impairment evaluation with a qualitative assessment. The evaluations performed in fiscal 2022 and 2021 resulted in no impairment charge. For more information regarding goodwill activity during fiscal 2022 and 2023 and the related balances at June 30, 2023, see Note 4, Goodwill |
Property and Equipment | Property and equipment are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, including leasehold improvements and finance lease right-of-use assets that are amortized over the shorter of their useful lives or the terms of the respective leases. The Company generally uses the following range of useful lives for its property and equipment categories: buildings and improvements—5 to 50 years; machinery and equipment—3 to 10 years; and furniture and fixtures—3 to 7 years. Depreciation expense was $286 million, $255 million, and $196 million for fiscal 2023, 2022, and 2021, respectively. Depreciation expense includes amortization of assets related to financing leases. The Company charges repairs and maintenance costs to expense as incurred. The amount of capitalized interest for fiscal 2023, 2022, and 2021 was $24 million, $15 million, and $17 million, respectively. |
Intangible Assets, Finite-Lived | Intangible assets with finite lives, including customer relationships, core technology, patents, and trademarks, are amortized over their useful lives. The Company also capitalizes certain computer software and development costs in other intangibles, net, when incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are amortized over the estimated useful lives of the software, which generally range from 3 to 5 years. The Company evaluates the recoverability of its other long-lived assets, including amortizing intangible assets, if circumstances indicate impairment may have occurred pursuant to ASC 360, Property, Plant and Equipment . This analysis is performed by comparing the respective carrying values of the assets to the current and expected future cash flows, on an un-discounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value through a charge to the consolidated statements of operations. Fair value is determined based on assumptions the Company believes marketplace participants would utilize and comparable marketplace information in similar arm’s length transactions. In conjunction with the goodwill impairment test performed as of March 31, 2023, the Company identified indicators of impairment related to its definite-lived intangibles. The results of the analysis did not result in an impairment charge. |
Post-Retirement and Pension Plans | Post-Retirement and Pension Plans The Company sponsors various retirement and pension plans, including defined benefit and defined contribution retirement plans. The measurement of the related benefit obligations and the net periodic benefit costs recorded each year are based upon actuarial computations, which require management’s judgment as to certain assumptions. These assumptions include the discount rates used in computing the present value of the benefit obligations and the net periodic benefit costs, the expected future rate of salary increases (for pay-related plans) and the expected long-term rate of return on plan assets (for funded plans). The Company uses the corridor approach to amortize actuarial gains and losses. The Company has elected to utilize an approach to estimate the service and interest components of net periodic benefit cost for benefit plans that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. The expected long-term rate of return on plan assets is based on the target asset allocation and the average expected rate of growth for the asset classes invested. The average expected rate of growth is derived from a combination of historic returns, current market indicators, and the expected risk premium for each asset class. The Company uses a measurement date of June 30 for all its retirement and postretirement benefit plans. |
Derivative Instruments and Hedging Activities | Derivative Instruments, Hedging Activities, and Fair Value Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest-rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments from time to time to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not net any of its derivative positions under master netting arrangements. |
Fair Value Measurement, Policy | Fair Value The Company is required to measure certain assets and liabilities at fair value, either upon initial measurement or for subsequent accounting or reporting. The Company uses fair value extensively, including in the initial measurement of net assets acquired in a business combination and when accounting for and reporting on certain financial instruments. The Company estimates fair value using an exit price approach, which requires, among other things, that it determine the price that would be received to sell an asset or paid to transfer a liability in an orderly market. The determination of an exit price is considered from the perspective of market participants, considering the highest and best use of assets and, for liabilities, assuming the risk of non-performance will be the same before and after the transfer. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. When estimating fair value, depending on the nature and complexity of the assets or liability, the Company may use one or all of the following approaches: • Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities. • Cost approach, which is based on the cost to acquire or construct comparable assets less an allowance for functional and/or economic obsolescence. • Income approach, which is based on the present value of the future stream of net cash flows. Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
Marketable Securities [Table Text Block] | Marketable Securities The Company classifies its liquid debt investments with original maturities greater than ninety days as marketable securities. The Company invests in highly rated corporate debt securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any single issuer. The Company regularly reviews its investments and utilizes quantitative and qualitative evidence to evaluate potential impairments. For available-for-sale debt securities in an unrealized loss position, the Company assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value. If the criteria are not met, the Company evaluates whether the decline in fair value has resulted from a credit loss or other factors. In making this assessment, management considers, among other factors, the extent to which fair value is less than amortized cost, any change to the rating of the security by a rating agency, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. The Company classifies its marketable securities as available-for-sale, because it may sell certain of its marketable securities prior to the stated maturity for various reasons, including management of liquidity, credit risk, duration, relative return, and asset allocation. The Company determines the fair value of each marketable security in its portfolio at each period end and recognizes gains and losses in the portfolio in other comprehensive income. As of June 30, 2023, all of the Company's outstanding marketable securities had matured. The amortized cost basis of all previously owned marketable securities approximated fair value and all previously outstanding marketable securities matured within one year. |
Self Insurance | Self-Insurance |
Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, which is reported in the accompanying consolidated statements of changes in shareholders’ equity, consists of foreign currency translation, net change in marketable securities, and defined benefit pension plan changes. |
Research and Development Costs | Research and Development Costs |
Earnings Per Share | Earnings Per Share The Company reports net earnings per share in accordance with ASC 260, Earnings per Share . Effective as of the first quarter of fiscal 2023, the Company computed earnings per share (“EPS”) of the Company’s common stock, par value $0.01 (the “Common Stock”) using the treasury stock method. Prior to fiscal 2023, the Company computed earnings (loss) per share of the Common Stock using the two-class method required due to the participating nature of the previously outstanding Series A Preferred Stock (as defined and discussed in Note 13, Equity and Accumulated Other Comprehensive Loss ). Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential shares of Common Stock that were dilutive and outstanding during the period. The denominator includes the weighted average over the measurement period of the sum of the number of shares of Common Stock outstanding and the number of additional such shares that would have been outstanding if the shares of Common Stock that were both potentially issuable and dilutive had been issued. |
Income Taxes | Income Taxes In accordance with ASC 740, Income Taxes, the Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. The Company measures deferred tax assets and liabilities using enacted tax rates in the respective jurisdictions in which it operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that the Company will be able to realize some or all of the deferred tax assets. The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of its tax jurisdictions. The number of years with open tax audits varies by tax jurisdiction. A number of years may lapse before a particular matter is audited and finally resolved. The Company applies ASC 740 to determine the accounting for uncertain tax positions. This standard prescribes a minimum recognition threshold a tax position is required to meet before the Company may recognize the position in its financial statements. The standard also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, and disclosure. The Company previously elected not to reclassify the income tax effects stranded in accumulated other comprehensive income to retained earnings. |
Equity-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Under ASC 718, companies recognize compensation expense using a fair-value-based method for costs related to share-based payments, including stock options and restricted stock units. The expense is measured based on the grant date fair value of the awards, and the expense is recorded over the applicable requisite service period. Forfeitures are recognized as and when they occur. In the absence of an observable market price for a share-based award, the fair value is based upon a valuation methodology that takes into consideration various factors, including the exercise price of the award, the expected term of the award, the current price of the underlying shares, the expected volatility of the underlying share price, the expected dividends on the underlying shares and the risk-free interest rate. |
Recent Financial Accounting Standards | Recent Financial Accounting Standards In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance to ease the potential burden in accounting for the discontinuation of a reference rate such as LIBOR, formerly known as the London Interbank Offered Rate, because of reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE RECOGNITION The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company generally earns its revenue by supplying goods or providing services under contracts with its customers in three primary revenue streams: manufacturing and commercial product supply, development services, and clinical supply services. The Company measures the revenue from customers based on the consideration specified in its contracts, excluding any sales incentive or amount collected on behalf of a third party, that the Company expects to be entitled to receive in exchange for transferring the promised goods to and/or performing services for the customer (the “Transaction Price”). To the extent the Transaction Price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the Transaction Price utilizing either the expected value method or the most likely amount method, depending on which method is expected to better predict the amount of consideration to which the Company will be entitled. The value of variable consideration is included in the Transaction Price if, and to the extent, it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period, as required, and any adjustment required is recorded on a cumulative catch-up basis, which would affect revenue and net income in the period of adjustment. The Company’s customer contracts generally include provisions entitling the Company to a termination penalty when the customer terminates prior to the contract’s nominal end date. The termination penalties in customer contracts vary but are generally considered substantive for accounting purposes and create enforceable rights and obligations throughout the stated durations of the contracts. The Company accounts for a contract termination as a contract modification in the period in which the customer gives notice of termination. The determination of the contract termination penalty is based on the terms stated in the relevant customer agreement. As of the modification date, the Company updates its estimate of the Transaction Price using the expected value method, subject to constraints, and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period, as required, and any adjustment required is recorded on a cumulative catch-up basis, which would affect revenue and net income in the period of adjustment . Where multiple performance obligations exist in a single contract, the Company allocates consideration to each performance obligation using the “relative standalone selling price” as defined under ASC 606. Generally, the Company utilizes observable standalone selling prices in its allocations of consideration. If observable standalone selling prices are not available, the Company estimates the applicable standalone selling price using a cost-plus-margin approach or an adjusted market assessment approach, in each case, representing the amount that the Company believes the market is willing to pay for the applicable service. Payment is typically due 30 to 45 days following the invoice date, based on the payment terms set forth in the applicable customer agreement. The Company generally expenses sales commissions as incurred because either the amortization period is one year or less, or the balance with an amortization period greater than one year is not material. Customer contracts that include commitments by the Company to make facility space or equipment available may be deemed to include lease components, which are evaluated under ASC 842, Leases . For arrangements that contain both lease and non-lease components, consideration in the contract is allocated on a relative standalone selling-price basis. Determining the lease term and contract term of non-lease components, as well as the variable and fixed consideration in these arrangements, including when variability is resolved, often requires management judgment in order to determine the allocation to the lease and non-lease components. Manufacturing & Commercial Product Supply Revenue Manufacturing and commercial product supply revenue consists of revenue earned by manufacturing products supplied to customers under long-term commercial supply arrangements. In these arrangements, the customer typically owns and supplies the active pharmaceutical ingredient (“API”) or other proprietary materials used in the manufacturing process. The contract generally includes the terms of the manufacturing services and related product quality assurance procedures to comply with regulatory requirements. Due to the regulated nature of the Company’s business, these contract terms are highly interdependent and, therefore, are considered to be a single combined performance obligation. The transaction price is generally stated in the agreement as a fixed price per unit, with no contractual provision for a refund or price concession. In most circumstances, control is transferred to the customer over time, creating a corresponding right to recognize the related revenue, because there is no alternative use to the Company for the asset created and the Company has an enforceable right to payment for performance completed as of that date. The selection of the method for measuring progress towards the completion of the Company’s performance obligation requires judgment and is based on the nature of the products to be manufactured. For the majority of the Company’s arrangements, progress is measured based on the units of product that have successfully completed the contractually required product quality assurance process, because the conclusion of that process defines the time when the applicable contract and the related regulatory requirements permit the customer to exercise control over the product’s disposition. The customer is typically responsible for arranging the shipping and handling of product following completion of the quality assurance process. Payment is typically due 30 to 45 days after invoice date, based on the payment terms set forth in the applicable customer agreement. Beginning in the third quarter of fiscal 2023, the Company began recognizing commercial revenue for certain contracts in its Biologics segment that have a notably long manufacturing cycle, and for which the customer exercises control over the product throughout the manufacturing process. For these contracts, revenue is recognized over time and progress is measured using an input method based on effort expended, which provides an appropriate depiction of the Company’s progress toward fulfilling its performance obligation. Development Services and Clinical Supply Revenue Development services contracts generally take the form of short-term, fee-for-service arrangements. Performance obligations vary, but frequently include biologic cell-line development, performing formulation, analytical stability, or other services related to product development, and providing manufacturing services for products that are under development or otherwise not intended for commercial sale. They can also include a combination of the following services: the manufacturing, packaging, storage, distribution, destruction, and inventory management of customer clinical trial material, as well as the sourcing of comparator drug products on behalf of customers to be used in clinical trials to compare performance with the drug under clinical investigation. The transaction prices for these arrangements are fixed and include amounts stated in the contracts for each promised service, and each service is generally considered to be a separate performance obligation. In most instances, the Company recognizes revenue over time because there is no alternative use to the Company for the asset created and the Company has an enforceable right to payment for performance completed as of that date. The Company measures progress toward the completion of its performance obligations satisfied over time based on the nature of the services to be performed. For certain types of arrangements, revenue is recognized over time and measured using an output method based on the completion of tasks and activities that are performed to satisfy a performance obligation. For certain types of arrangements, revenue is recognized over time and measured using an input method based on effort expended. Each of these methods provides an appropriate depiction of the Company’s progress toward fulfilling its performance obligations for its respective arrangement. In certain development services arrangements that require a portion of the contract consideration to be received in advance at the commencement of the contract, such advance payment is initially recorded as a contract liability. In certain clinical supply arrangements, revenue is recognized at the point in time when control transfers, which occurs upon either the delivery of the related output of the service to the customer or the completion of quality testing with respect to the product, and the Company has an enforceable right to payment based on the terms of the arrangement. The Company records revenue for comparator sourcing arrangements on a net basis because it is acting as an agent that does not control the product or service before it is transferred to the customer. Payment for comparator sourcing activity is typically received in advance at the commencement of the contract and is initially recorded as a contract liability. The Company generally expenses sales commissions as incurred because either the amortization period is one year or less, or the balance with an amortization period greater than one year is not material. The following tables reflect net revenue for the fiscal years ended June 30, 2023, 2022, and 2021 by type of activity and reporting segment (in millions): Fiscal Year Ended June 30, 2023 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 450 $ 1,452 $ 1,902 Development services & clinical supply 1,528 835 2,363 Total $ 1,978 $ 2,287 $ 4,265 Inter-segment revenue elimination (2) Combined net revenue $ 4,263 Fiscal Year Ended June 30, 2022 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 608 $ 1,474 $ 2,082 Development services & clinical supply 1,926 797 2,723 Total $ 2,534 $ 2,271 $ 4,805 Inter-segment revenue elimination (3) Combined net revenue $ 4,802 Fiscal Year Ended June 30, 2021 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 532 $ 1,321 $ 1,853 Development services & clinical supply 1,406 742 2,148 Total $ 1,938 $ 2,063 $ 4,001 Inter-segment revenue elimination (3) Combined net revenue $ 3,998 The following table reflects net revenue by the location where the goods were made or the service performed: (Dollars in millions) Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended United States $ 2,768 $ 3,084 $ 2,462 Europe 1,257 1,506 1,343 Other 355 327 288 Elimination of revenue attributable to multiple locations (117) (115) (95) Total $ 4,263 $ 4,802 $ 3,998 Contract Liabilities Contract liabilities relate to cash consideration that the Company receives in advance of satisfying the related performance obligations. The contract liabilities balances (current and non-current) as of June 30, 2023 and June 30, 2022 were as follows: (Dollars in millions) Balance at June 30, 2022 $ 220 Balance at June 30, 2023 $ 180 Revenue recognized in the period from amounts included in contracts liability at the beginning of the period: $ 126 Contract liabilities that will be recognized within 12 months of June 30, 2023 are accounted for in Other accrued liabilities and those that will be recognized longer than 12 months after June 30, 2023 are accounted for within Other liabilities. Contract Assets Contract assets primarily relate to the Company's conditional right to receive consideration for services that have been performed for customers but had not yet been invoiced as of June 30, 2023. Contract assets are transferred to trade receivables, net when the Company’s right to receive the consideration becomes unconditional. Contract assets totaled $417 million and $441 million as of June 30, 2023 and 2022, respectively. Contract assets expected to transfer to trade receivables within 12 months are accounted for within Prepaid expenses and other. Contract assets expected to transfer to trade receivables after 12 months are accounted for within Other long-term assets. As of June 30, 2023, the Company recorded no reserve against any of its contract asset balances. Performance Obligations Remaining performance obligations represent firm orders for future development services as well as manufacturing and commercial product supply, including minimum volume commitments, for which there are incomplete performance obligations for work not yet completed under executed contracts. Remaining performance obligations as of June 30, 2023 were $335 million. The Company expects to recognize approximately 42% of the remaining performance obligations in existence as of June 30, 2023 after June 30, 2024. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Revenue | The following tables reflect net revenue for the fiscal years ended June 30, 2023, 2022, and 2021 by type of activity and reporting segment (in millions): Fiscal Year Ended June 30, 2023 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 450 $ 1,452 $ 1,902 Development services & clinical supply 1,528 835 2,363 Total $ 1,978 $ 2,287 $ 4,265 Inter-segment revenue elimination (2) Combined net revenue $ 4,263 Fiscal Year Ended June 30, 2022 Biologics Pharma and Consumer Health Total Manufacturing & commercial product supply $ 608 $ 1,474 $ 2,082 Development services & clinical supply 1,926 797 2,723 Total $ 2,534 $ 2,271 $ 4,805 Inter-segment revenue elimination (3) Combined net revenue $ 4,802 | ||
Net revenue | $ 4,263 | $ 4,802 | $ 3,998 |
Elimination of revenue attributable to multiple locations | $ (117) | (115) | (95) |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Contractual Liabilities | The contract liabilities balances (current and non-current) as of June 30, 2023 and June 30, 2022 were as follows: (Dollars in millions) Balance at June 30, 2022 $ 220 Balance at June 30, 2023 $ 180 Revenue recognized in the period from amounts included in contracts liability at the beginning of the period: $ 126 | ||
geographical [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Revenue | The following table reflects net revenue by the location where the goods were made or the service performed: (Dollars in millions) Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended United States $ 2,768 $ 3,084 $ 2,462 Europe 1,257 1,506 1,343 Other 355 327 288 Elimination of revenue attributable to multiple locations (117) (115) (95) Total $ 4,263 $ 4,802 $ 3,998 | ||
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 2,768 | 3,084 | 2,462 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 1,257 | 1,506 | 1,343 |
International Other | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 355 | $ 327 | $ 288 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | The following table summarizes the changes from June 30, 2021 to June 30, 2022 and then to June 30, 2023 in the carrying amount of goodwill in total and by reportable segment: (Dollars in millions) Biologics Pharma and Consumer Health Total Balance at June 30, 2021 $ 1,562 $ 957 $ 2,519 Additions (1) 41 531 572 Foreign currency translation adjustments (37) (48) (85) Balance at June 30, 2022 1,566 1,440 3,006 Additions (2) — 219 219 Reallocation (15) 15 — Foreign currency translation adjustments 12 12 24 Impairment (3) — (210) (210) Balance at June 30, 2023 $ 1,563 $ 1,476 $ 3,039 (1) The additions to goodwill arise from the Bettera Wellness (Pharma and Consumer Health), Princeton (Biologics), RheinCell (Biologics), and Delphi (Biologics) acquisitions. For further details, see Note 3, Business Combinations and Divestitures . (2) The addition to goodwill is a result of the Metrics acquisition. For further details, see Note 3, Business Combinations and Divestitures . (3) Represents gross and accumulated impairment charges. |
Definite Lived Long-Lived Ass_2
Definite Lived Long-Lived Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Finite lived intangible assets disclosure [Abstract] | |
Other Intangible Assets Subject to Amortization | The details of other intangible assets subject to amortization as of June 30, 2023 and June 30, 2022 are as follows (in millions): June 30, 2023 Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangibles: Core technology 11 years $ 482 $ (164) $ 318 Customer relationships 13 years 1,079 (451) 628 Product relationships 8 years 243 (216) 27 Other 5 years 24 (17) 7 Total other intangibles $ 1,828 $ (848) $ 980 June 30, 2022 Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangibles: Core technology 11 years $ 480 $ (121) $ 359 Customer relationships 13 years 1,020 (366) 654 Product relationships 8 years 239 (204) 35 Other 4 years 24 (12) 12 Total other intangibles $ 1,763 $ (703) $ 1,060 |
Future Amortization Expense | Future amortization expense is estimated to be: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Total Amortization $ 137 $ 134 $ 126 $ 109 $ 101 $ 373 $ 980 |
Restructuring and Other Costs (
Restructuring and Other Costs (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Costs | The following tables summarize the restructuring costs by type of cost and reportable segment: Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Restructuring costs: Employee-related reorganization $ 38 $ 9 $ 8 Facility exit and other costs 28 1 2 Total restructuring costs $ 66 $ 10 $ 10 Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Restructuring costs: Biologics $ 41 $ 1 $ — Pharma and Consumer Health 8 5 9 Non-segment (Corporate) 17 4 1 Total restructuring costs $ 66 $ 10 $ 10 The following tables illustrates the change in the employee separation-related liability associated with the plans. (Dollars in millions) Employee-related restructuring Balance, June 30, 2022 $ 1 Charges to income 38 Payments (20) Balance, June 30, 2023 $ 19 |
Long-Term Obligations and Other
Long-Term Obligations and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Maturities of long-term obligations | Maturities of long-term obligations, including finance leases of $341 million, and other short-term borrowings for future fiscal years are: (Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Total Maturities of long-term and other obligations $ 536 $ 48 $ 31 $ 32 $ 1,429 $ 2,812 $ 4,888 |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying And Fair Value Of Financial Instruments Table | The carrying amounts and the estimated fair values of financial instruments as of June 30, 2023 and June 30, 2022 are as follows: June 30, 2023 June 30, 2022 (Dollars in millions) Fair Value Measurement Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 5.000% Senior Notes due 2027 Level 2 $ 500 $ 482 $ 500 $ 483 2.375% euro Senior Notes due 2028 Level 2 904 784 874 744 3.125% Senior Notes due 2029 Level 2 550 481 550 476 3.500% senior notes due 2030 Level 2 650 566 650 561 Senior secured credit facilities & other Level 2 2,284 2,141 1,669 1,575 Subtotal $ 4,888 $ 4,454 $ 4,243 $ 3,839 Unamortized discount and debt issuance (39) — (41) — Total debt $ 4,849 $ 4,454 $ 4,202 $ 3,839 |
Earnings Per Share Calculation
Earnings Per Share Calculation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The reconciliations between basic and diluted EPS attributable to Catalent common shareholders for the fiscal years ended June 30, 2023, 2022, and 2021 are as follows: Fiscal year ended June 30, (In millions, except per share data) 2023 2022 2021 Net earnings $ (256) $ 499 $ 585 Less: Net earnings attributable to preferred shareholders — (16) (56) Net earnings attributable to common shareholders $ (256) $ 483 $ 529 Weighted average shares outstanding - basic 181 176 168 Weighted average dilutive securities issuable - stock plans — 2 2 Total weighted average shares outstanding - diluted 181 178 170 (Loss) earnings per share: Basic $ (1.42) $ 2.74 $ 3.15 Diluted $ (1.42) $ 2.73 $ 3.11 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The diluted weighted average number of shares outstanding for the fiscal years ended June 30, 2023, 2022, and 2021 did not include the following weighted average number of shares of Common Stock associated with the formerly outstanding Series A Preferred Stock or the weighted average number of shares of Common Stock associated with outstanding equity grants due to their antidilutive effect: Fiscal year ended June 30, (share counts in millions) 2023 2022 2021 Series A Preferred Stock — 3 10 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Net Investment Hedge in Accumulated Other Comprehensive Income (Loss) and Statement of Financial Performance [Table Text Block] | The following table includes net investment hedge activity during the fiscal years ended June 30, 2023 and 2022, respectively: (Dollars in millions) June 30, 2023 June 30, 2022 Unrealized foreign exchange gain (loss) within other comprehensive income $ (30) $ 121 Unrealized foreign exchange loss within statement of operations $ — $ (11) |
Schedule of Interest Rate Derivatives | A summary of the estimated fair value of the interest-rate swap reported in the consolidated balance sheets is stated in the table below: June 30, 2023 June 30, 2022 (in millions) Balance Sheet Classification Estimated Fair Value Balance Sheet Classification Estimated Fair Value Interest-rate swap Other long-term assets $ 62 Other long-term assets $ 36 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis and the fair value measurement for such assets and liabilities at June 30, 2023 and 2022, respectively: (Dollars in millions) Basis of Fair Value Measurement June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Interest-rate swap $ 62 $ — $ 62 $ — Trading securities $ 1 $ 1 $ — $ — June 30, 2022 Assets: Marketable securities $ 89 $ 89 $ — $ — Interest-rate swap 36 — 36 — Trading securities $ 2 $ 2 $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Earnings/(loss) from continuing operations before income taxes and discontinued operations | Earnings before income taxes are as follows for fiscal 2023, 2022, and 2021: Fiscal Year Ended (Dollars in millions) 2023 2022 2021 U.S. operations $ (410) $ 224 $ 457 Non-U.S. operations 68 355 258 Total $ (342) $ 579 $ 715 |
Provision/ (benefit) for income taxes | The provision for income taxes consists of the following for fiscal 2023, 2022, and 2021: Fiscal Year Ended (Dollars in millions) 2023 2022 2021 Current: Federal $ (1) $ (8) $ 8 State and local (1) 14 20 Non-U.S. 43 66 38 Total current expense $ 41 $ 72 $ 66 Deferred: Federal $ (99) $ 6 $ 62 State and local (4) (5) 7 Non-U.S. (24) 7 (5) Total deferred (benefit) expense $ (127) $ 8 $ 64 Total (benefit) provision $ (86) $ 80 $ 130 |
Reconciliation of the provision/(benefit) based on the federal statutory income tax rate | A reconciliation of the provision starting from the tax computed at the federal statutory income tax rate to the tax computed at the Company’s effective income tax rate is as follows for the fiscal years ended 2023, 2022, and 2021: Fiscal Year Ended (Dollars in millions) 2023 2022 2021 Provision at U.S. federal statutory tax rate $ (72) $ 122 $ 150 State and local income taxes (13) 10 26 Foreign tax rate differential (5) (28) (14) Global intangible low tax income 2 6 3 Other permanent items 13 2 (5) Unrecognized tax positions (1) 1 3 Tax valuation allowance 5 94 (7) Foreign tax credit (30) (43) (24) Withholding tax and other foreign taxes 1 1 1 Change in tax rate 18 1 2 R&D tax credit (3) (2) (5) Swiss tax reform — (83) — Other (1) (1) — Total provision $ (86) $ 80 $ 130 |
Components of the deferred income tax assets and liabilities | Deferred income taxes arise from temporary differences between the financial reporting and tax reporting bases of assets and liabilities, and operating loss and tax credit carryforwards for tax purposes. The components of the Company's deferred income tax assets and liabilities are as follows at June 30, 2023 and 2022: Fiscal Year Ended (Dollars in millions) 2023 2022 Deferred income tax assets: Accrued liabilities $ 57 $ 33 Equity compensation 13 14 Loss and tax credit carryforwards 287 230 Foreign currency 3 19 Pension 19 17 Interest-related 50 14 Deferred revenue — 1 Lease liabilities 38 39 Euro-denominated debt 1 — Other 1 2 Total deferred income tax assets $ 469 $ 369 Valuation allowance (159) (149) Net deferred income tax assets $ 310 $ 220 Fiscal Year Ended (Dollars in millions) 2023 2022 Deferred income tax liabilities: Euro-denominated debt $ — $ (6) Property-related (247) (227) Goodwill and other intangibles (71) (113) Right-of-use assets (13) (21) Other — (1) Total deferred income tax liabilities $ (331) $ (368) Net deferred tax liability $ (21) $ (148) |
Deferred tax assets and liabilities | Deferred tax assets and liabilities in the preceding table are in the following captions in the consolidated balance sheets at June 30, 2023 and 2022: Fiscal Year Ended (Dollars in millions) 2023 2022 Non-current deferred tax asset $ 55 $ 49 Non-current deferred tax liability (76) (197) Net deferred tax liability $ (21) $ (148) |
Reconciliation of Unrecognized tax benefit, excluding accrued interest | A reconciliation of unrecognized tax benefits, excluding accrued interest, as of June 30, 2023, 2022, and 2021 is as follows: (Dollars in millions) Balance at June 30, 2020 $ 4 Additions for tax positions of prior years 3 Lapse of the applicable statute of limitations (2) Balance at June 30, 2021 $ 5 Additions for tax positions related to the current year 1 Additions for tax positions of prior years 1 Settlements (1) Lapse of the applicable statute of limitations (1) Balance at June 30, 2022 $ 5 Additions for tax positions of prior years 2 Reductions for tax positions of prior years (1) Settlements (1) Lapse of the applicable statute of limitations (1) Balance at June 30, 2023 $ 4 |
Employee Retirement Benefit P_2
Employee Retirement Benefit Plans (Tables) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||
Benefit obligation and fair value of plan assets for the defined benefit retirement and postretirement plan | The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability: Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Accumulated Benefit Obligation $ 242 $ 262 $ 2 $ 2 Change in Benefit Obligation Benefit obligation at beginning of year 268 372 2 2 Company service cost 3 4 — — Interest cost 9 5 — — Employee contributions 1 — — — Settlements (4) (1) — — Benefits paid (10) (9) — — Actuarial gain (1) (28) (71) — — Exchange rate gain (loss) 7 (32) — — Benefit obligation at end of year $ 246 $ 268 $ 2 $ 2 Change in Plan Assets Fair value of plan assets at beginning of year 240 318 — — Actual return on plan assets (38) (50) — — Company contributions 7 10 — — Employee contributions 1 — — — Settlements (4) (1) — — Benefits paid (10) (9) — — Exchange rate gain (loss) 6 (28) — — Fair value of plan assets at end of year $ 202 $ 240 $ — $ — Funded Status Funded status at end of year (44) (28) (2) (2) Net pension liability $ (44) $ (28) $ (2) $ (2) | |
Reconciliation of the net amount recognized in the Consolidated Balance Sheets | The following table provides a reconciliation of the net amount recognized in the consolidated balance sheets: Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Amounts Recognized in Statement of Financial Position Noncurrent assets $ 18 $ 37 $ — $ — Current liabilities (1) (1) — — Noncurrent liabilities (61) (64) (2) (2) Total liability (44) (28) (2) (2) Amounts Recognized in Accumulated Other Comprehensive Loss Prior service cost (1) (1) — — Net loss (gain) 66 49 (1) (1) Total accumulated other comprehensive loss (income) at the end of the fiscal year 65 48 (1) (1) Additional Information for Plan with ABO or PBO in Excess of Plan Assets Projected benefit obligation 129 132 2 2 Accumulated benefit obligation 126 128 2 2 Fair value of plan assets 68 67 — — Components of Net Periodic Benefit Cost Service cost 3 4 — — Interest cost 9 5 — — Expected return on plan assets (9) (10) — — Amortization of unrecognized: Net loss 1 2 — — Settlement/curtailment expense 1 — — — Net periodic benefit cost $ 5 $ 1 $ — $ — Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net loss (gain) arising during the year $ 17 $ (14) $ — $ — Exchange rate loss recognized during the year — 1 — — Total recognized in other comprehensive income $ 17 $ (13) $ — $ — Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income Total recognized in net periodic benefit cost and other comprehensive income $ 22 $ (12) $ — $ — Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost Amortization of: Net loss $ 2 $ 1 $ — $ — Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date Discount rate (%) 4.3 % 3.6 % 4.7 % 4.0 % Rate of compensation increases (%) 2.7 % 2.7 % n/a n/a Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year Discount rate (%) 3.6 % 1.6 % 4.0 % 2.0 % Rate of compensation increases (%) 2.7 % 2.0 % n/a n/a Expected long-term rate of return (%) 3.9 % 3.4 % n/a n/a Expected Future Contributions Fiscal year 2024 $ 8 $ 7 $ — $ — Retirement Benefits Other Post-Retirement Benefits June 30, June 30, (Dollars in millions) 2023 2022 2023 2022 Expected Future Benefit Payments Financial year 2024 $ 14 $ 14 $ — $ — 2025 15 13 — — 2026 16 14 — — 2027 15 16 — — 2028 15 14 — — 2029-2033 84 80 1 1 Actual Asset Allocation (%) Cash 4.5 % — % — % — % Equities 2.9 % 4.1 % — % — % Government bonds 36.8 % 35.6 % — % — % Corporate bonds 16.2 % 18.3 % — % — % Property 3.3 % 4.9 % — % — % Insurance contracts 14.9 % 12.0 % — % — % Other 21.4 % 25.1 % — % — % Total 100.0 % 100.0 % — % — % Actual Asset Allocation (Amount) Cash $ 9 $ — $ — $ — Equities 6 10 — — Government bonds 74 85 — — Corporate bonds 33 44 — — Property 7 12 — — Insurance contracts 30 29 — — Other 43 60 — — Total $ 202 $ 240 $ — $ — Target Asset Allocation (%) Cash 4.5 % — % — % — % Equities 2.9 % 4.1 % — % — % Government bonds 36.8 % 35.6 % — % — % Corporate bonds 16.2 % 18.3 % — % — % Property 3.3 % 4.9 % — % — % Insurance contracts 14.9 % 12.0 % — % — % Other 21.4 % 25.1 % — % — % Total 100.0 % 100.0 % — % — % | |
Summary of plan assets that are measured in fair value | The following tables provide a summary of plan assets that are measured at fair value as of June 30, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those measurements fall: As of June 30, 2023 (dollars in millions) Level 1 Level 2 Level 3 Investments Measured at Net Asset Value Total Assets Equity securities $ — $ 6 $ — $ — $ 6 Debt securities — 107 — — 107 Real estate — 5 2 — 7 Other (1) — 57 25 — 82 Total $ — $ 175 $ 27 $ — $ 202 (1) Other, as of June 30, 2023, included $20 million of investments in hedge funds related to the Company's U.K. pension plan, which were classified as Level 2. | As of June 30, 2022 (dollars in millions) Level 1 Level 2 Level 3 Investments Measured at Net Asset Value Total Assets Equity securities $ — $ 10 $ — $ — $ 10 Debt securities — 129 — — 129 Real estate — 10 2 — 12 Other (1) — 64 25 — 89 Total $ — $ 213 $ 27 $ — $ 240 |
Reconciliation of beginning and ending balances of level 3 assets | The following table provides a reconciliation of the beginning and ending balances of Level 3 assets as well as the changes during the period attributable to assets held and those purchases, sales, settlements, contributions, and benefits that were paid: Fair Value Measurement Using Significant Unobservable Inputs Total (Level 3) Fair Value Measurement Using Significant Unobservable Inputs Insurance Contracts Fair Value Measurement Using Significant Unobservable Inputs Other Total (Level 3) (Dollars in millions) Beginning Balance at June 30, 2022 $ 27 $ 9 $ 18 Actual return on plan assets: Relating to assets still held at the reporting date 2 — 2 Purchases, sales, settlements, contributions and benefits paid (3) (1) (2) Transfers in or out of Level 3, net 1 — 1 Ending Balance at June 30, 2023 $ 27 $ 8 $ 19 | |
Assumed healthcare cost trend rates | Other Post-Retirement Benefits Assumed Healthcare Cost Trend Rates at the Balance Sheet Date 2023 2022 Healthcare cost trend rate – initial (%) Pre-65 n/a n/a Post-65 4.8 % 4.6 % Healthcare cost trend rate – ultimate (%) Pre-65 n/a n/a Post-65 4.1 % 4.1 % Year in which ultimate rates are reached Pre-65 n/a n/a Post-65 2040 2040 |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive earnings/(loss) | or the fiscal years ended June 30, 2023, 2022, and 2021, the changes in accumulated other comprehensive loss, net of tax by component are as follows: (Dollars in millions) Foreign Currency Translation Adjustment Pension Liability Adjustments Derivatives and Hedges Marketable Securities Other Total Balance at June 30, 2020 $ (335) $ (47) $ (3) $ — $ (1) $ (386) Other comprehensive loss before reclassifications 67 — 3 (1) — 69 Balance at June 30, 2021 (268) (47) — (1) (1) (317) Other comprehensive income (loss) before reclassifications (110) 8 27 (3) — (78) Amounts reclassified from other comprehensive loss — 1 — — — 1 Balance at June 30, 2022 (378) (38) 27 (4) (1) (394) Other comprehensive income (loss) before reclassifications 32 (16) 18 — — 34 Amounts reclassified from other comprehensive loss — 2 — 4 — 6 Balance at June 30, 2023 $ (346) $ (52) $ 45 $ — $ (1) $ (354) |
Schedule of Comprehensive Income (Loss) | The components of the changes in the cumulative translation adjustment, derivatives and hedges, minimum pension liability, and marketable securities for the fiscal years ended June 30, 2023, 2022, and 2021 are presented below: Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Foreign currency translation adjustments: Net investment hedge $ (30) $ 121 $ (56) Long-term inter-company loans 12 (37) 39 Translation adjustments 43 (169) 72 Total foreign currency translation adjustments, pretax 25 (85) 55 Tax (benefit) expense (7) 25 (12) Total foreign currency translation adjustments, net of tax $ 32 $ (110) $ 67 Net change in derivatives and hedges: Net gain recognized during the year, pretax $ 25 $ 36 $ 4 Tax expense 7 9 1 Net change in derivatives and hedges, net of tax $ 18 $ 27 $ 3 Net change in minimum pension liability: Net (loss) gain recognized during the year, pretax $ (17) $ 13 $ — Tax (benefit) expense (3) 4 — Net change in minimum pension liability, net of tax $ (14) $ 9 $ — Net change in marketable securities: Net gain (loss) recognized during the year, pretax $ 5 $ (3) $ (1) Tax expense 1 — — Net change in marketable securities, net of tax $ 4 $ (3) $ (1) For the fiscal years ended June 30, 2023, 2022, and 2021, the changes in accumulated other comprehensive loss, net of tax by component are as follows: (Dollars in millions) Foreign Currency Translation Adjustment Pension Liability Adjustments Derivatives and Hedges Marketable Securities Other Total Balance at June 30, 2020 $ (335) $ (47) $ (3) $ — $ (1) $ (386) Other comprehensive loss before reclassifications 67 — 3 (1) — 69 Balance at June 30, 2021 (268) (47) — (1) (1) (317) Other comprehensive income (loss) before reclassifications (110) 8 27 (3) — (78) Amounts reclassified from other comprehensive loss — 1 — — — 1 Balance at June 30, 2022 (378) (38) 27 (4) (1) (394) Other comprehensive income (loss) before reclassifications 32 (16) 18 — — 34 Amounts reclassified from other comprehensive loss — 2 — 4 — 6 Balance at June 30, 2023 $ (346) $ (52) $ 45 $ — $ (1) $ (354) |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | The weighted average of assumptions used in estimating the fair value of stock options granted during each year were as follows: Fiscal Year Ended June 30, 2023 2022 2021 Expected volatility 37% 37% 27% Expected life (in years) 4.3 3.7 6.25 Risk-free interest rate 3.2% 0.7% 0.3% Dividend yield None None None |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes stock option activity and shares subject to outstanding options for the fiscal year ended June 30, 2023 : Weighted Average Exercise Price Number of Shares Weighted Average Contractual Term Aggregate Intrinsic Value Outstanding as of June 30, 2022 $ 63.74 1,055,511 6.91 $ 47,013,454 Granted 104.84 151,454 — — Exercised 35.17 114,922 — 3,293,593 Forfeited 94.34 62,729 — — Expired / Canceled 67.37 20,567 — — Outstanding as of June 30, 2023 71.19 1,008,747 6.22 2,225,819 Vested/expected to vest as of June 30, 2023 71.19 1,008,747 6.22 2,225,819 Vested and exercisable as of June 30, 2023 $ 54.62 596,627 5.23 $ 2,225,819 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes activity in unvested time-based restricted stock units and restricted stock for the fiscal year ended June 30, 2023: Time-Based Units and Shares Weighted Average Grant-Date Fair Value Unvested as of June 30, 2022 722,438 $ 91.42 Granted 719,028 72.56 Vested 251,943 66.84 Cancelled/forfeited 162,794 96.53 Unvested as of June 30, 2023 1,026,729 83.07 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Adjusted EPS and RTSR-Based Performance Share Units and Performance Shares The following table summarizes activity in unvested performance share units and performance shares for the fiscal year ended June 30, 2023: Performance-Based Units and Shares Weighted Average Grant-Date Fair Value Target Number Unvested as of June 30, 2022 305,746 $ 83.75 Target Number Granted 250,232 98.49 Target Number Vested 228,129 55.03 Target Number Cancelled/forfeited 53,864 102.28 Target Number Unvested as of June 30, 2023 273,985 $ 99.58 |
Fair Value Measurements, Nonrecurring | Valuation of RTSR Performance Shares and Performance Share Units The fair value of each RTSR performance share unit is determined using the Monte Carlo pricing model because the number of shares to be awarded is subject to a market condition. The Monte Carlo simulation is a generally accepted statistical technique used to simulate a range of possible future outcomes. Because the valuation model considers a range of possible outcomes, compensation cost is recognized regardless of whether the market condition is actually satisfied. The assumptions used in estimating the fair value of the RTSR performance share units granted during each year were as follows: Fiscal Year Ended June 30, 2023 2022 Expected volatility 41 % - 47% 39 % - 41% Expected life (in years) 2.4 - 2.9 2.4 - 2.9 Risk-free interest rates 3.0 % - 4.6% 0.3 % - 1.5% Dividend yield None None |
Nonvested Restricted Stock Shares Activity | The following table summarizes activity in unvested RTSR performance share units and performance shares for the fiscal year ended June 30, 2023. RTSR Units and Shares Weighted Average Grant-Date Fair Value Target Number Unvested as of June 30, 2022 281,315 $ 91.04 Target Number Granted 271,538 65.69 Target Number Vested 149,786 62.89 Target Number Cancelled/forfeited 60,521 93.64 Target Number Unvested as of June 30, 2023 342,546 $ 82.36 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Operating and Financing Leases Presented in Balance Sheet | Supplemental information concerning the leases recorded in the Company's consolidated balance sheet as of June 30, 2023 is detailed in the following table: (Dollars in millions) Line item in the consolidated balance sheet Balance at Right-of-use assets: Finance leases Property, plant, and equipment, net $ 274 Operating leases Other long-term assets 59 Current lease liabilities: Finance leases Current portion of long-term obligations and other short-term borrowings 18 Operating leases Other accrued liabilities 11 Non-current lease liabilities: Finance leases Long-term obligations, less current portion 323 Operating leases Other liabilities $ 55 |
Lease, Cost | The components of the net lease costs for the fiscal year ended June 30, 2023 reflected in the Company's consolidated statement of operations were as follows: (Dollars in millions) Fiscal Year Ended Financing lease costs: Amortization of right-of-use assets $ 21 Interest on lease liabilities 17 Total 38 Operating lease costs 35 Variable lease costs 10 Total lease costs $ 83 The short-term lease cost amounted to $10 million during the fiscal year ended June 30, 2023. The weighted average remaining lease term and weighted average discount rate related to the Company's right-of-use assets and lease liabilities as of June 30, 2023 are as follows: Weighted average remaining lease term (years): Finance leases 17.4 Operating leases 10.7 Weighted average discount rate: Finance leases 6.4 % Operating leases 4.3 % |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental information concerning the cash-flow impact arising from the Company's leases for the fiscal year ended June 30, 2023 recorded in the Company's unaudited consolidated statement of cash flows is detailed in the following table (in millions): Fiscal Year Ended Cash paid for amounts included in lease liabilities: Financing cash flows used for finance leases $ 19 Operating cash flows used for finance leases 15 Operating cash flows used for operating leases 16 Non-cash transactions: Right-of-use assets obtained in exchange for new finance lease liabilities 133 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1 |
Schedule of Maturities of Lease Liabilities | As of June 30, 2023, the Company expects that its future minimum lease payments will become due and payable as follows: (Dollars in millions) Financing Leases Operating Leases Total 2024 $ 35 $ 13 $ 48 2025 34 10 44 2026 35 9 44 2027 35 9 44 2028 33 7 40 Thereafter 380 38 418 Total minimum lease payments 552 86 638 Less: interest 211 20 231 Total lease liabilities $ 341 $ 66 $ 407 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended | |
Jun. 30, 2023 | ||
Segment Reporting [Abstract] | ||
Net Revenue and Segment EBITDA | The following table includes Segment EBITDA for each of the Company's current reporting segments during the fiscal years ended June 30, 2023, 2022, and 2021: (Dollars in millions) Fiscal Year Ended June 30, 2023 2022 2021 Segment EBITDA reconciled to net (loss) earnings: Biologics $ 277 $ 777 $ 615 Pharma and Consumer Health 548 589 498 Subtotal $ 825 $ 1,366 $ 1,113 Reconciling items to net (loss) earnings Unallocated costs (1) (559) (286) 1 Depreciation and amortization (422) (378) (289) Interest expense, net (186) (123) (110) Income tax benefit (expense) 86 (80) (130) Net (loss) earnings $ (256) $ 499 $ 585 (1) Unallocated costs include restructuring and special items, stock-based compensation, gain (loss) on sale of subsidiary, impairment charges, certain other corporate directed costs, and other costs that are not allocated to the segments as follows: (Dollars in millions) Fiscal Year Ended June 30, 2023 2022 2021 Impairment charges and gain/loss on sale of assets (a) $ (98) $ (31) $ (9) Stock-based compensation (35) (54) (51) Restructuring and other special items (b) (98) (55) (31) Goodwill impairment charges (c) (210) — — Gain on sale of subsidiary (d) — 1 182 Other income (expense), net (e) 7 (28) (3) Non-allocated corporate costs, net (125) (119) (87) Total unallocated costs $ (559) $ (286) $ 1 (a) For the fiscal year ended June 30, 2023, impairment charges are primarily associated with an idle facility in the Biologics segment and obsolete equipment that could not be sold or repurposed in the Pharma and Consumer Health segment. In the three months ended June 30, 2023, the Company identified an indicator of impairment related to one of its facilities in the Biologics segment given the plans to pause any additional spend on site development due to a lack of demand, leading to a partial impairment charge of $54 million. The Company primarily utilized a market and income approach for real property and a cost approach for personal property to record the partial impairment on its idle facility. Impairment charges are recorded in Other operating expense in the consolidated statements of operations. Also, in the three months ended June 30, 2023, the Company identified an indicator of impairment related to obsolete equipment from a terminated project in the Pharma and Consumer Health segment, leading to a full impairment charge of $18 million. For the fiscal year ended June 30, 2022, impairment charges are primarily due to fixed asset impairment charges associated with dedicated equipment for a product the Company no longer manufactures in its Pharma and Consumer Health segment and obsolete equipment in its Biologics segment. (b) Restructuring and other special items for the fiscal year ended June 30, 2023 includes (i) restructuring charges associated with plans to reduce costs, consolidate facilities, and optimize our infrastructure across the organization and (ii) transaction and integration costs associated with the Metrics acquisition Restructuring and other special items for the fiscal year ended June 30, 2022 include (i) transaction and integration costs primarily associated with the Princeton, Bettera Wellness, Delphi, Hepatic, Acorda, and RheinCell transactions and (ii) unrealized losses on venture capital investments. Restructuring and other special items for the fiscal year ended June 30, 2021 include transaction and integration costs associated with the Anagni, Italy facility acquisition and the MaSTherCell Global, Inc., Skeletal, Delphi, and Acorda transactions, in addition to restructuring costs associated with the closure of the Company's Pharma and Consumer Health facility in Bolton, U.K. (c) The goodwill impairment charges for the fiscal year ended June 30, 2023 was associated with the Company’s Consumer Health reporting unit. For further details, see Note 4, Goodwill . (d) Gain on sale of subsidiary for the fiscal year ended June 30, 2022 was due to the sale of the Company’s facility and Blow-Fill-Seal business in Woodstock, Illinois. (e) Refer to Note 15, Other (income) expense, net for details of financing charges and foreign currency translation adjustments recorded within other (income) expense, net. | [1],[2],[3] |
Total Assets for Each Segment and Reconciling in Consolidated Financial Statements | The following table includes total assets for each segment, as well as reconciling items necessary to total the amounts reported in the consolidated balance sheets. Total Assets (Dollars in millions) June 30, 2023 June 30, 2022 Biologics $ 5,746 $ 5,770 Pharma and Consumer Health 4,867 4,356 Corporate and eliminations 164 382 Total assets $ 10,777 $ 10,508 | |
Capital Expenditures by Segment | Capital Expenditures Fiscal Year Ended June 30, (Dollars in millions) 2023 2022 2021 Biologics $ 346 $ 453 $ 516 Pharma and Consumer Health 214 183 151 Corporate 34 30 19 Total capital expenditures $ 594 $ 666 $ 686 | |
Presentation of revenue and long-lived assets by geographic area | Long Lived Assets The following table presents long-lived assets—consisting of property, plant, and equipment, net of accumulated depreciation—by geographic area: (Dollars in millions) June 30, 2023 June 30, 2022 United States $ 2,758 $ 2,267 Europe 765 747 Other 159 113 Total $ 3,682 $ 3,127 | |
[1] Restructuring and other special items for the fiscal year ended June 30, 2021 include transaction and integration costs associated with the Anagni, Italy facility acquisition and the MaSTherCell Global, Inc., Skeletal, Delphi, and Acorda transactions, in addition to restructuring costs associated with the closure of the Company's Pharma and Consumer Health facility in Bolton, U.K. Other (income) expense, net for details of financing charges and foreign currency translation adjustments recorded within other (income) expense, net. |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Work-in-Process and Finished Goods Inventories Include Raw Materials, Labor and Overhead | Work-in-process and inventories include raw materials, labor, and overhead. Total inventories consist of the following: (Dollars in millions) June 30, June 30, Raw materials and supplies $ 781 $ 651 Work-in-process 186 109 Total inventories, gross 967 760 Inventory cost adjustment (1) (190) (58) Total inventories $ 777 $ 702 |
Prepaid and Other Assets | Prepaid expenses and other current assets consist of the following: (Dollars in millions) June 30, June 30, Prepaid expenses $ 53 $ 61 Short-term contract assets 399 398 Spare parts supplies 24 22 Prepaid income tax 77 27 Non-U.S. value-added tax 38 48 Other current assets 42 70 Total prepaid expenses and other $ 633 $ 626 |
Property and Equipment | Property, plant, and equipment, net consist of the following: (Dollars in millions) June 30, June 30, Land, buildings, and improvements $ 1,887 $ 1,687 Machinery and equipment 2,287 1,891 Furniture and fixtures 61 48 Construction in progress 1,043 848 Property, plant, and equipment, at cost 5,278 4,474 Accumulated depreciation (1,596) (1,347) Property, plant, and equipment, net $ 3,682 $ 3,127 |
Other Assets Non Current | Other long-term assets consist of the following: (Dollars in millions) June 30, June 30, Operating lease right-of-use-assets $ 59 $ 93 Note receivable 53 51 Pension assets 18 37 Corporate-owned life insurance policies 41 35 Venture capital investments 36 33 Interest-rate swap 62 36 Long-term contract assets 18 43 Other 42 21 Total other long-term assets $ 329 $ 349 |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (Dollars in millions) June 30, June 30, Contract liability $ 167 $ 211 Accrued employee-related expenses 160 198 Accrued expenses 134 140 Operating lease liabilities 11 14 Restructuring accrual 19 1 Accrued interest 35 32 Accrued income tax 44 50 Total other accrued liabilities $ 570 $ 646 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares shares in Millions | Jun. 15, 2020 | Feb. 06, 2020 | Jun. 30, 2023 | Jun. 30, 2022 |
Stock Issued During Period, Shares, New Issues | 8 | 8 | ||
Shares Issued, Price Per Share | $ 70.72 | $ 58.58 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies Property and Equipment and Other Definite Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation expense | $ 286 | $ 255 | $ 196 |
Interest Costs Capitalized | 24 | 15 | 17 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (98) | $ (31) | $ (9) |
Segment Reporting, Disclosure of Major Customers | 10% | 10% | |
Building And Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building And Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies Research and Development Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Research and Development Expense | $ 18 | $ 23 | $ 21 |
Concentration Risk trade receivables and current contract asset, Percentage | 20% | 14% | |
Segment Reporting, Disclosure of Major Customers | 10% | 10% |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies Recent Financial Accounting Standards (Details) $ in Millions | Jun. 30, 2023 USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Lease, Liability | $ 66 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue by type of activity and reporting segment (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ (4,263,000,000) | $ (4,802,000,000) | $ (3,998,000,000) |
Greater Than One Year Member | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Remaining Performance Obligation, Percentage to be recognized over the next six months | 42% | ||
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (4,263,000,000) | $ (4,802,000,000) | (3,998,000,000) |
Operating Segments Excluding Intersegment Elimination | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (4,265,000,000) | (4,805,000,000) | (4,001,000,000) |
Biologics [Member] | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (1,978,000,000) | (2,534,000,000) | (1,938,000,000) |
Biologics [Member] | Manufacturing & Commercial Product Supply [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (450,000,000) | (608,000,000) | (532,000,000) |
Biologics [Member] | Development Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (1,528,000,000) | (1,926,000,000) | (1,406,000,000) |
PharmaConsumerHealth | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (2,287,000,000) | (2,271,000,000) | (2,063,000,000) |
PharmaConsumerHealth | Manufacturing & Commercial Product Supply [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (1,452,000,000) | (1,474,000,000) | (1,321,000,000) |
PharmaConsumerHealth | Development Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (835,000,000) | (797,000,000) | (742,000,000) |
Total Catalent before inter-segment revenue elimination [Member] | Manufacturing & Commercial Product Supply [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (1,902,000,000) | (2,082,000,000) | (1,853,000,000) |
Total Catalent before inter-segment revenue elimination [Member] | Development Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | (2,363,000,000) | (2,723,000,000) | (2,148,000,000) |
Total Catalent Segment | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 2,000,000 | $ 3,000,000 | $ 3,000,000 |
Revenue Recognition Disaggreg_2
Revenue Recognition Disaggregation of Revenue by Geography (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Elimination of revenue attributable to multiple locations | $ (117) | $ (115) | $ (95) |
Net revenue | 4,263 | 4,802 | 3,998 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 1,257 | 1,506 | 1,343 |
International Other | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 355 | 327 | 288 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 2,768 | $ 3,084 | $ 2,462 |
Revenue Recognition Contractual
Revenue Recognition Contractual Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Contract with Customer, Liability | $ 180 | $ 220 |
Contract with Customer, Liability, Revenue Recognized | 126 | |
Revenue, Remaining Performance Obligation, Amount | $ 335 |
Revenue Recognition Contractu_2
Revenue Recognition Contractual Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Text Block [Abstract] | ||
Contract with Customer, Asset | $ 417 | $ 441 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 4,263,000,000 | $ 4,802,000,000 | $ 3,998,000,000 |
Development Services [Member] | Biologics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 1,528,000,000 | 1,926,000,000 | 1,406,000,000 |
Development Services [Member] | PharmaConsumerHealth | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 835,000,000 | 797,000,000 | 742,000,000 |
Manufacturing & Commercial Product Supply [Member] | Biologics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 450,000,000 | 608,000,000 | 532,000,000 |
Manufacturing & Commercial Product Supply [Member] | PharmaConsumerHealth | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 1,452,000,000 | $ 1,474,000,000 | $ 1,321,000,000 |
Business Combinations Purchase
Business Combinations Purchase Agreement (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 01, 2022 | Oct. 01, 2021 | Aug. 01, 2021 | Feb. 23, 2021 | Feb. 11, 2021 | Nov. 16, 2020 | Apr. 30, 2022 | Oct. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (474,000,000) | $ (1,199,000,000) | $ (147,000,000) | ||||||||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |||||||||
Goodwill, Acquired During Period | $ 219,000,000 | $ 572,000,000 | |||||||||
Customer relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years | |||||||||
Core technology [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | 11 years | |||||||||
3.500% Senior US Denominated Notes Member | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Stated interest rate (percent) | 350% | ||||||||||
Skeletal Cell Therapy Support SA | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Consideration Transferred | $ 15,000,000 | ||||||||||
Goodwill, Acquired During Period | $ 9,000,000 | ||||||||||
Hepatic Cell Therapy Support SA | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (15,000,000) | ||||||||||
Acorda Therapeutics, Inc | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Consideration Transferred | $ 83,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 79,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 2,000,000 | ||||||||||
Goodwill, Acquired During Period | $ 2,000,000 | ||||||||||
Delphi Genetics SA | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Consideration Transferred | 50,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,000,000 | ||||||||||
Goodwill, Acquired During Period | 43,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 6,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,000,000 | ||||||||||
Bettera Holdings, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (1,000,000,000) | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 72 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 31 | ||||||||||
Goodwill, Acquired During Period | $ 531 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 17 | ||||||||||
Bettera Holdings, LLC | Core technology [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||
Bettera Holdings, LLC | Core Technology Bettera | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 338 | ||||||||||
RheinCell Therapeutics | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (26,000,000) | ||||||||||
Goodwill, Acquired During Period | 17,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,000,000 | ||||||||||
Princeton Cell Therapy | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (45,000,000) | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,000,000 | ||||||||||
Goodwill, Acquired During Period | 24,000,000 | ||||||||||
Vaccine Manufacturing and Innovation Centre | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | (134,000,000) | ||||||||||
Business Acquisition, Transaction Costs | 9,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 165,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1,000,000 | ||||||||||
Blow-Fill-Seal Business, Woodstock | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | $ 8,000,000 | ||||||||||
Goodwill, Acquired During Period | $ 54,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 2,000,000 | ||||||||||
Business Combination, Acquired Receivables, Description | $51 million | ||||||||||
Metrics | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payment for acquisitions, net of cash acquired | $ (474,000,000) | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 195,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 5,000,000 | ||||||||||
Goodwill, Acquired During Period | 219,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 52,000,000 | ||||||||||
Metrics | Customer relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 52,000,000 | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years |
Business Combinations Net Asset
Business Combinations Net Assets Acquired (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 01, 2022 | Aug. 01, 2021 | Feb. 23, 2021 | Apr. 30, 2022 | Oct. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Oct. 01, 2021 | Mar. 31, 2021 | |
Net Assets Acquired from Business Combinations | |||||||||
Goodwill, Acquired During Period | $ 219,000,000 | $ 572,000,000 | |||||||
Notes Receivable Interest Rate | 500% | ||||||||
Delphi Genetics SA | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 4,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (1,000,000) | ||||||||
Goodwill, Acquired During Period | 43,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 3,000,000 | ||||||||
Bettera Holdings, LLC | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 72 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 31 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (17) | ||||||||
Goodwill, Acquired During Period | $ 531 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 23 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 16 | ||||||||
RheinCell Therapeutics | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,000,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (1,000,000) | ||||||||
Goodwill, Acquired During Period | $ 17,000,000 | ||||||||
Hepatic Cell Therapy Support SA | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,000,000 | ||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed | 3,000,000 | ||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, PPE | $ 13,000,000 | ||||||||
Princeton Cell Therapy | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 22,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 10,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,000,000) | ||||||||
Goodwill, Acquired During Period | 24,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 10,000,000 | ||||||||
Vaccine Manufacturing and Innovation Centre | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 165,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (18,000,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 14,000,000 | ||||||||
Business Acquisition, Transaction Costs | $ 9,000,000 | ||||||||
Metrics | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 195,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 5,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 52,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (12,000,000) | ||||||||
Goodwill, Acquired During Period | 219,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 474,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 15,000,000 | ||||||||
Customer relationships [Member] | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years | |||||||
Customer relationships [Member] | Metrics | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 52,000,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||||
Product relationships [Member] | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | 8 years | |||||||
Core technology [Member] | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | 11 years | |||||||
Core technology [Member] | Bettera Holdings, LLC | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Core Technology Bettera | Bettera Holdings, LLC | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 338 | ||||||||
Other Intangible Assets [Member] | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 4 years | |||||||
Other Intangible Assets [Member] | Bettera Holdings, LLC | |||||||||
Net Assets Acquired from Business Combinations | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 361 |
Business Combinations, Divestit
Business Combinations, Divestitures (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Oct. 01, 2021 | Feb. 23, 2021 | Nov. 16, 2020 | Apr. 30, 2022 | Oct. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Oct. 01, 2022 | |
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 219,000,000 | $ 572,000,000 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 1,000,000 | $ 182,000,000 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 474,000,000 | 1,199,000,000 | 147,000,000 | |||||||
Blow-Fill-Seal Business, Woodstock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 300,000,000 | 300,000,000 | ||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 50,000,000 | |||||||||
Business Combination, Acquired Receivable, Fair Value | 47,000,000 | |||||||||
Disposal Group, Including Discontinued Operation, Assets | 149,000,000 | |||||||||
Goodwill, Acquired During Period | 54,000,000 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1 | $ 182,000,000 | ||||||||
Business Combination, Loan Discount | 3,000,000 | |||||||||
Business Acquisition, Transaction Costs | 8,000,000 | |||||||||
Business Combination, Working Capital Adjustments | 6,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,000,000 | |||||||||
Proceeds From Divestiture Of Businesses, Net Cash Proceeds | 284,000,000 | |||||||||
Business Combination, Consideration Transferred, Other | 16,000,000 | |||||||||
Cash and Noncash Divestiture, Amount of Consideration Received | $ 331,000,000 | $ 331,000,000 | ||||||||
Business Combination, Acquired Receivables, Description | $51 million | |||||||||
Delphi Genetics SA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 43,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 3,000,000 | |||||||||
Skeletal Cell Therapy Support SA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 9,000,000 | |||||||||
Bettera Holdings, LLC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 531 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 17 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 16 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 72 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 31 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,000,000,000 | |||||||||
Vaccine Manufacturing and Innovation Centre | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Transaction Costs | $ 9,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 165,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 18,000,000 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 134,000,000 |
Goodwill - Carrying Amount of G
Goodwill - Carrying Amount of Goodwill (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 3,039,000,000 | $ 3,006,000,000 | $ 2,519,000,000 | |
Goodwill, Acquired During Period | 219,000,000 | 572,000,000 | ||
Goodwill, Transfers | 0 | |||
Foreign currency translation adjustments | 24,000,000 | (85,000,000) | ||
Goodwill, Impairment Loss | (689) | (210,000,000) | 0 | $ 0 |
Ending balance | $ 3,039,000,000 | $ 3,006,000,000 | ||
Goodwill Inputs Percentage, Discount Rate Minimum | 900% | |||
Goodwill Inputs Percentage, Discount Rate Maximum | 1,050% | |||
Goodwill Inputs Percentage, Long Term Revenue Growth Rate | 300% | |||
Time [Member] | ||||
Goodwill [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,008,747 | 1,055,511 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 19 days | 6 years 10 months 28 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 23 days | |||
Reported Value Measurement [Member] | ||||
Goodwill [Roll Forward] | ||||
Debt Instrument, Fair Value Disclosure | $ 4,888,000,000 | $ 4,243,000,000 | ||
3.125% Senior US Denominated Notes | ||||
Goodwill [Roll Forward] | ||||
Stated interest rate (percent) | 3.125% | |||
3.125% Senior US Denominated Notes | Level 2 [Member] | Reported Value Measurement [Member] | ||||
Goodwill [Roll Forward] | ||||
Debt Instrument, Fair Value Disclosure | $ 550,000,000 | 550,000,000 | ||
3.500% Senior US Denominated Notes Member | ||||
Goodwill [Roll Forward] | ||||
Stated interest rate (percent) | 350% | |||
3.500% Senior US Denominated Notes Member | Level 2 [Member] | Reported Value Measurement [Member] | ||||
Goodwill [Roll Forward] | ||||
Debt Instrument, Fair Value Disclosure | $ 650,000,000 | 650,000,000 | ||
Softgel and Oral Technologies [Member] | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 1,476,000,000 | 1,440,000,000 | 957,000,000 | |
Goodwill, Acquired During Period | 219,000,000 | 531,000,000 | ||
Goodwill, Transfers | 15,000,000 | |||
Foreign currency translation adjustments | 12,000,000 | (48,000,000) | ||
Ending balance | 1,476,000,000 | 1,440,000,000 | ||
Biologics [Member] | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | $ 1,563,000,000 | 1,566,000,000 | 1,562,000,000 | |
Goodwill, Acquired During Period | 0 | 41,000,000 | ||
Goodwill, Transfers | (15,000,000) | |||
Foreign currency translation adjustments | 12,000,000 | (37,000,000) | ||
Ending balance | 1,563,000,000 | $ 1,566,000,000 | ||
PharmaConsumerHealth | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | $ (210,000,000) |
Definite Lived Long-Lived Ass_3
Definite Lived Long-Lived Assets - Other Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Intangibles [Line Items] | ||
Gross Carrying Value | $ 1,828 | $ 1,763 |
Accumulated Amortization | (848) | (703) |
Net Carrying Value | $ 980 | $ 1,060 |
Core technology [Member] | ||
Intangibles [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | 11 years |
Gross Carrying Value | $ 482 | $ 480 |
Accumulated Amortization | (164) | (121) |
Net Carrying Value | $ 318 | $ 359 |
Customer relationships [Member] | ||
Intangibles [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years |
Gross Carrying Value | $ 1,079 | $ 1,020 |
Accumulated Amortization | (451) | (366) |
Net Carrying Value | $ 628 | $ 654 |
Product relationships [Member] | ||
Intangibles [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | 8 years |
Gross Carrying Value | $ 243 | $ 239 |
Accumulated Amortization | (216) | (204) |
Net Carrying Value | $ 27 | $ 35 |
Other Intangible Assets [Member] | ||
Intangibles [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 4 years |
Gross Carrying Value | $ 24 | $ 24 |
Accumulated Amortization | (17) | (12) |
Net Carrying Value | $ 7 | $ 12 |
Definite Lived Long-Lived Ass_4
Definite Lived Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finite lived intangible assets disclosure [Abstract] | |||
Amortization expense | $ 136 | $ 123 | $ 93 |
Definite Lived Long-Lived Ass_5
Definite Lived Long-Lived Assets - Future Amortization Expense (Detail) $ in Millions | Jun. 30, 2023 USD ($) |
Finite lived intangible assets disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 137 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 134 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 126 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 109 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 101 |
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 373 |
Finite-Lived Intangible Asset, Expected Amortization. Total | $ 980 |
Restructuring and Other Costs_2
Restructuring and Other Costs (Details) | 12 Months Ended | |||
Jun. 30, 2023 USD ($) employees | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 31, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 25 | |||
Payments for Restructuring | $ 20,000,000 | |||
Facility exit and other costs | 28,000,000 | $ 1,000,000 | $ 2,000,000 | |
Restructuring Reserve | (19,000,000) | (1,000,000) | ||
Restructuring and Related Cost, Incurred Cost | 38,000,000 | 9,000,000 | 8,000,000 | |
Restructuring, Settlement and Impairment Provisions | $ 66,000,000 | 10,000,000 | 10,000,000 | |
Restructuring and Related Cost, Number of Positions Eliminated | employees | 1,100 | |||
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general, and administrative expenses | |||
Biologics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee-related reorganization | $ 41,000,000 | 1,000,000 | 0 | |
PharmaConsumerHealth | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee-related reorganization | 8,000,000 | 5,000,000 | 9,000,000 | |
Corporate and Eliminations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee-related reorganization | $ 17,000,000 | $ 4,000,000 | $ 1,000,000 |
Long-Term Obligations and Oth_2
Long-Term Obligations and Other Short-Term Borrowings - Additional Information (Detail) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 23, 2017 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Oct. 18, 2017 | |
Schedule Of Debt [Line Items] | ||||||
Debt, Current | $ 536,000,000 | $ 536,000,000 | $ 31,000,000 | |||
Long-term Debt and Finance Lease Obligations | 4,313,000,000 | 4,313,000,000 | 4,171,000,000 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 594,000,000 | 594,000,000 | ||||
Letters of Credit Outstanding, Amount | 6,000,000 | 6,000,000 | ||||
Payments to Acquire Businesses, Gross | $ 950,000,000 | |||||
Installment Payment for Acquisition, Next Twelve Months | 50,000,000 | 50,000,000 | ||||
Unamortized Debt Issuance Expense | 39,000,000 | 39,000,000 | 42,000,000 | |||
Amortization of Debt Issuance Costs | 8,000,000 | 7,000,000 | ||||
Other Short-Term Borrowings | 500,000,000 | 500,000,000 | ||||
Sale and Leaseback Transaction, Gain (Loss), Net | 24,000,000 | |||||
Repayments of Lines of Credit | 215,000,000 | |||||
Line of Credit, Current | 715,000,000 | $ 715,000,000 | ||||
Senior Secured Credit Facility [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Pledge Percentage Of Capital Stock | 100% | |||||
Pledge Percentage Of Equity Interest | 100% | |||||
Maximum Percentage Of Voting Stock from non US subsidiary | 65% | |||||
Revolving Credit Facility - Two [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | 500,000,000 | $ 500,000,000 | ||||
Revolving Credit Commitments [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 1,100,000,000 | $ 1,100,000,000 | ||||
Four Point Seven Five Percent Senior Euro Denominated Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Stated interest rate (percent) | 4.75% | 4.75% | 4.75% | |||
U.S. Dollar-denominated 4.875% Senior Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Stated interest rate (percent) | 4.875% | |||||
U.S Dollar-denominated 5.00% Senior Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 500,000,000 | $ 500,000,000 | ||||
Stated interest rate (percent) | 5% | 5% | 5% | |||
2.375% Senior Euro Denominated Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | € | € 825 | |||||
Stated interest rate (percent) | 2.375% | 2.375% | 2.375% | |||
Capital Lease Obligations [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 341,000,000 | $ 341,000,000 | 234,000,000 | |||
Other Obligations [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 25,000,000 | $ 25,000,000 | 2,000,000 | |||
3.125% Senior US Denominated Notes | ||||||
Schedule Of Debt [Line Items] | ||||||
Stated interest rate (percent) | 3.125% | 3.125% | 3.125% | |||
Term Loan Three Facility Dollar Denominated [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 1,418,000,000 | $ 1,418,000,000 | 1,433,000,000 | |||
3.500% Senior US Denominated Notes Member | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 650 | $ 650 | ||||
Stated interest rate (percent) | 350% | 350% | 350% | |||
Accrued Liabilities [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 200,000,000 | |||||
Reported Value Measurement [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | $ 4,849,000,000 | $ 4,849,000,000 | 4,202,000,000 | |||
Debt Instrument, Fair Value Disclosure | 4,888,000,000 | 4,888,000,000 | 4,243,000,000 | |||
Reported Value Measurement [Member] | Debt Issuance Costs | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt and Capital Lease Obligations | 39,000,000 | 39,000,000 | 41,000,000 | |||
Level 2 [Member] | Reported Value Measurement [Member] | U.S Dollar-denominated 5.00% Senior Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 500,000,000 | 500,000,000 | 500,000,000 | |||
Level 2 [Member] | Reported Value Measurement [Member] | 2.375% Senior Euro Denominated Notes [Member] | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 904,000,000 | 904,000,000 | 874,000,000 | |||
Level 2 [Member] | Reported Value Measurement [Member] | 3.125% Senior US Denominated Notes | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 550,000,000 | 550,000,000 | 550,000,000 | |||
Level 2 [Member] | Reported Value Measurement [Member] | 3.500% Senior US Denominated Notes Member | ||||||
Schedule Of Debt [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 |
Long-Term Obligations and Oth_3
Long-Term Obligations and Other Short-Term Borrowings- Maturities (Details) | Jun. 30, 2023 USD ($) |
Long-term and Short-term Debt [Abstract] | |
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | $ 536,000,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Two | 48,000,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Three | 31,000,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Four | 32,000,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Five | 1,429,000,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal After Year Five | 2,812,000,000 |
Total | 4,888,000,000 |
Line of Credit, Current | $ 715,000,000 |
Long-Term Obligations and Oth_4
Long-Term Obligations and Other Short-Term Borrowings Fair Value Measurements of Financial Instruments - Carrying Amounts and Estimated Fair Value of FInancial Instruments (Details) € in Millions | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 USD ($) |
Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 4,888,000,000 | $ 4,243,000,000 | |
Debt and Capital Lease Obligations | 4,849,000,000 | 4,202,000,000 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 4,454,000,000 | 3,839,000,000 | |
Debt and Capital Lease Obligations | 4,454,000,000 | 3,839,000,000 | |
U.S Dollar-denominated 5.00% Senior Notes [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt and Capital Lease Obligations | 500,000,000 | ||
U.S Dollar-denominated 5.00% Senior Notes [Member] | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 500,000,000 | 500,000,000 | |
U.S Dollar-denominated 5.00% Senior Notes [Member] | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 482,000,000 | 483,000,000 | |
2.375% Senior Euro Denominated Notes [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt and Capital Lease Obligations | € | € 825 | ||
2.375% Senior Euro Denominated Notes [Member] | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 904,000,000 | 874,000,000 | |
2.375% Senior Euro Denominated Notes [Member] | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 784,000,000 | 744,000,000 | |
3.125% Senior US Denominated Notes | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 550,000,000 | 550,000,000 | |
3.125% Senior US Denominated Notes | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 481,000,000 | 476,000,000 | |
Senior Secured Credit Facilities & Other [Member] | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 2,284,000,000 | 1,669,000,000 | |
Senior Secured Credit Facilities & Other [Member] | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 2,141,000,000 | 1,575,000,000 | |
Debt Issuance Costs | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt and Capital Lease Obligations | 39,000,000 | 41,000,000 | |
Debt Issuance Costs | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt and Capital Lease Obligations | 0 | 0 | |
3.500% Senior US Denominated Notes Member | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt and Capital Lease Obligations | 650 | ||
3.500% Senior US Denominated Notes Member | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 650,000,000 | 650,000,000 | |
3.500% Senior US Denominated Notes Member | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 566,000,000 | ||
3.500% Senior US Denominated Notes | Level 2 [Member] | Reported Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 650,000,000 | ||
3.500% Senior US Denominated Notes | Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value Measurements Of Financial Instruments [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 561,000,000 |
Long-Term Obligations and Oth_5
Long-Term Obligations and Other Short-Term Borrowings Interest Rate (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | $ 536,000,000 | |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Two | 48,000,000 | |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Three | 31,000,000 | |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Four | 32,000,000 | |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Five | 1,429,000,000 | |
Long Term Debt and Capital Lease Obligations Repayments of Principal After Year Five | $ 2,812,000,000 | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Incremental Term Loan | One Month | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 11.48% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Incremental Term Loan | Three Month | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 26.161% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Incremental Term Loan | Six Month | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 42.826% | |
Term Loan Three Facility Dollar Denominated [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,418,000,000 | $ 1,433,000,000 |
Term Loan Three Facility Dollar Denominated [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Term Loan Three Facility Dollar Denominated [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Revolving Credit Facility - Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 500,000,000 | |
Revolving Credit Commitments [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,100,000,000 | |
Revolving Credit Commitments [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Revolving Credit Commitments [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Revolving Credit Commitments [Member] | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 10% |
Earnings Per Share Calculations
Earnings Per Share Calculations of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Net earnings | $ (256) | $ 499 | $ 585 |
Participating Securities, Distributed and Undistributed (Earnings) Loss, Basic | 0 | (16) | (56) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (256) | $ 483 | $ 529 |
Weighted Average Number of Shares Outstanding, Basic | 181,000,000 | 176,000,000 | 168,000,000 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 0 | 2,000,000 | 2,000,000 |
Weighted Average Number of Shares Outstanding, Diluted | 181,000,000 | 178,000,000 | 170,000,000 |
Earnings Per Share, Basic | $ (1.42) | $ 2.74 | $ 3.15 |
Earnings Per Share, Diluted | $ (1.42) | $ 2.73 | $ 3.11 |
Text Block [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic | 181,000,000 | 176,000,000 | 168,000,000 |
Weighted Average Number of Shares Outstanding, Diluted | 181,000,000 | 178,000,000 | 170,000,000 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share - Additional Details (Details) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Series A Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3 | 10 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Nov. 23, 2020 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | May 17, 2019 | |
Derivative [Line Items] | ||||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | $ (30,000,000) | $ 121,000,000 | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | (11,000,000) | ||||
Net accumulated gain related to investment hedges | 97,000,000 | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 2,000,000 | $ 17,000,000 | |||
Embedded Derivative, Estimate of Embedded Derivative Liability | $ 40,000,000 | |||||
Cash Paid to Settle, Interest Rate Swap Agreement | 2,000,000 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements | $ 4,000,000 | $ 1 | ||||
Federal | (1,000,000) | (8,000,000) | 8,000,000 | |||
State and local | (1,000,000) | 14,000,000 | 20,000,000 | |||
Non-U.S. | 43,000,000 | $ 66,000,000 | $ 38,000,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | $ 25 | |||||
U.S. Denominated Term Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.9431% | 0.9985% | ||||
Total Debt, U.S Denominated Term Loan | $ 500,000,000 |
Fair Value Measures and Discl_3
Fair Value Measures and Disclosures (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable Securities | $ 89,000,000 | |
Cash Surrender Value, Fair Value Disclosure | 89,000,000 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 62,000,000 | 36,000,000 |
Trading Securities at Fair Value | 1,000,000 | 2,000,000 |
Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable Securities | 0 | |
Premiums Receivable, Fair Value Disclosure | 89,000,000 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Trading Securities at Fair Value | 1,000,000 | 2,000,000 |
Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Premiums Receivable, Fair Value Disclosure | 0 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 62,000,000 | 36,000,000 |
Trading Securities at Fair Value | 0 | |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Premiums Receivable, Fair Value Disclosure | 0 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Trading Securities at Fair Value | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2023 | Sep. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | |||||
Undistributed Earnings of Foreign Subsidiaries | $ 421,000,000 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 7 | ||||
Deferred Tax Assets, Valuation Allowance | 159,000,000 | $ 53,000,000 | $ 149,000,000 | ||
Unrecognized Tax Benefits | 4,000,000 | 5,000,000 | $ 5,000,000 | $ 4,000,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | $ 1,000,000 | |||
Domestic Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards | 609,000,000 | ||||
Operating Loss Carryforwards, Subject to Limitations, Section 382 | 286,000,000 | ||||
Operating Loss Carryforwards, Indefinite Life | 564,000,000 | ||||
State and Local Jurisdiction [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards | $ 378,000,000 | ||||
Operating Loss Carryforwards, Carry Forward Period | 20 years | ||||
Deferred Tax Assets, Valuation Allowance | $ 23,000,000 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards | $ 319,000,000 | ||||
Operating Loss Carryforwards, Carry Forward Period | 3 years |
Income Taxes Schedule of Income
Income Taxes Schedule of Income before Tax Domestic and Foreign (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ (410,000,000) | $ 224,000,000 | $ 457,000,000 |
Non-U.S. operations | 68,000,000 | 355,000,000 | 258,000,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (342,000,000) | $ 579,000,000 | $ 715,000,000 |
Income Taxes-Components of Inco
Income Taxes-Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | $ (1,000,000) | $ (8,000,000) | $ 8,000,000 |
State and local | (1,000,000) | 14,000,000 | 20,000,000 |
Non-U.S. | 43,000,000 | 66,000,000 | 38,000,000 |
Total current | 41,000,000 | 72,000,000 | 66,000,000 |
Deferred: | |||
Federal | (99,000,000) | 6,000,000 | 62,000,000 |
State and local | (4,000,000) | (5,000,000) | 7,000,000 |
Non-U.S. | (24,000,000) | 7,000,000 | (5,000,000) |
Total deferred | (127,000,000) | 8,000,000 | 64,000,000 |
Total provision | $ (86,000,000) | $ 80,000,000 | $ 130,000,000 |
Income Taxes-Income Tax Reconci
Income Taxes-Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Provision at U.S. federal statutory tax rate | $ (72,000,000) | $ 122,000,000 | $ 150,000,000 |
State and local income taxes | (13,000,000) | 10,000,000 | 26,000,000 |
Foreign tax rate differential | (5,000,000) | (28,000,000) | (14,000,000) |
Effective Income Tax Rate Reconciliation, Global intangible low tax income | 2,000,000 | 6,000,000 | 3,000,000 |
Permanent items | 13,000,000 | 2,000,000 | (5,000,000) |
Unrecognized tax positions | (1,000,000) | 1,000,000 | 3,000,000 |
Tax valuation allowance | 5,000,000 | 94,000,000 | (7,000,000) |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 30,000,000 | 43,000,000 | 24,000,000 |
Withholding Tax and other foreign taxes | 1,000,000 | 1,000,000 | 1,000,000 |
Change in tax rate | 18,000,000 | 1,000,000 | 2,000,000 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (3,000,000) | (2,000,000) | (5,000,000) |
Effective Tax Reconciliation, Benefit from Swiss Tax Reform | 0 | 83,000,000 | 0 |
Other | (1,000,000) | (1,000,000) | 0 |
Total provision | (86,000,000) | $ 80,000,000 | $ 130,000,000 |
Effective Tax Reconciliation, Net Benefit from Swiss Tax Reform | $ 21 |
Income Taxes-Deferred Tax Asset
Income Taxes-Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred income tax assets: | |||
Accrued liabilities | $ 57,000,000 | $ 33,000,000 | |
Equity compensation | 13,000,000 | 14,000,000 | |
Loss and tax credit carryforwards | 287,000,000 | 230,000,000 | |
Foreign currency | 3,000,000 | 19,000,000 | |
Pension | 19,000,000 | 17,000,000 | |
Property-related | 50,000,000 | 14,000,000 | |
Intangibles | 0 | 1,000,000 | |
Deferred Income Tax, Operating Lease, Liabilities | (38,000,000) | (39,000,000) | |
Euro Denominated Debt | 1,000,000 | 0 | |
Other | 1,000,000 | 2,000,000 | |
Total deferred income tax assets | 469,000,000 | 369,000,000 | |
Valuation allowance | $ (53,000,000) | (159,000,000) | (149,000,000) |
Deferred Tax Assets, Net of Valuation Allowance | 310,000,000 | 220,000,000 | |
Deferred income tax liabilities: | |||
Foreign currency | 0 | (6,000,000) | |
Property-related | (247,000,000) | (227,000,000) | |
Goodwill and other intangibles | (71,000,000) | (113,000,000) | |
Deferred Income Tax, Right-of-Use Asset | (13,000,000) | (21,000,000) | |
Other | 0 | (1,000,000) | |
Total deferred income tax liabilities | (331,000,000) | (368,000,000) | |
Deferred Tax Liabilities, Net | $ 21,000,000 | $ 148,000,000 |
Income Taxes-Balance Sheet (Det
Income Taxes-Balance Sheet (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Non-current deferred tax asset | $ 55,000,000 | $ 49,000,000 |
Non-current deferred tax liability | 76,000,000 | 197,000,000 |
Deferred Tax Liabilities, Net | $ (21,000,000) | (148,000,000) |
Marketable Securities | $ 89,000,000 |
Income Taxes-Unrecognized Tax B
Income Taxes-Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning Balance | $ 5,000,000 | $ 5,000,000 | $ 4,000,000 |
Additions based on tax positions related to the current year | 1,000,000 | ||
Additions for tax positions of prior years | 2,000,000 | 1,000,000 | 3,000,000 |
Reductions for tax positions of prior years | (1,000,000) | ||
Settlements | (1,000,000) | (1,000,000) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (1,000,000) | (1,000,000) | (2,000,000) |
Ending Balance | $ 4,000,000 | $ 5,000,000 | $ 5,000,000 |
Employee Retirement Benefit P_3
Employee Retirement Benefit Plans-Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Multiemployer Plans, Estimated Annual Cash Contribution | $ 2 | |
Eberbach Pension Promissory Note or Loan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Stated interest rate (percent) | 5% | |
Retirement Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Multiemployer Plan, Pension, Significant, Future Employer Contribution, Amount | $ 38 | |
Actual Asset Allocation (percent) | 100% | 100% |
Target Asset Allocation (percent) | 100% | 100% |
Actual Asset Allocation | $ 202 | $ 240 |
Retirement Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual Asset Allocation (percent) | 2.90% | 4.10% |
Target Asset Allocation (percent) | 2.90% | 4.10% |
Actual Asset Allocation | $ 6 | $ 10 |
Retirement Benefits [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual Asset Allocation (percent) | 4.50% | |
Target Asset Allocation (percent) | 4.50% | |
Actual Asset Allocation | $ 9 |
Employee Retirement Benefit P_4
Employee Retirement Benefit Plans-Accumulated Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employer contributions between measurement date and reporting date | ||
Fair value of plan assets at beginning of year | $ 240 | |
Fair value of plan assets at end of year | 202 | $ 240 |
Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization of Gain (Loss) | (1) | (2) |
Accumulated Benefit Obligation | 242 | 262 |
Change in Benefit Obligation | ||
Benefit obligation at beginning of year | 268 | 372 |
Company service cost | 3 | 4 |
Interest cost | 9 | 5 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1 | 0 |
Settlements | (4) | (1) |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 10 | 9 |
Actuarial (gain)/loss | (28) | (71) |
Exchange rate gain/(loss) | 7 | (32) |
Benefit obligation at end of year | 246 | 268 |
Employer contributions between measurement date and reporting date | ||
Fair value of plan assets at beginning of year | 240 | 318 |
Actual return on plan assets | (38) | (50) |
Company contributions | 7 | 10 |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1 | 0 |
Settlements | (4) | (1) |
Defined Benefit Plan, Plan Assets, Benefits Paid | (10) | (9) |
Exchange rate gain/(loss) | 6 | (28) |
Fair value of plan assets at end of year | 202 | 240 |
Funded status at end of year | (44) | (28) |
Net Pension assets (liabilities) | (44) | (28) |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1 | 0 |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 |
Accumulated Benefit Obligation | 2 | 2 |
Change in Benefit Obligation | ||
Benefit obligation at beginning of year | 2 | |
Company service cost | 0 | 0 |
Interest cost | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 |
Settlements | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 0 | 0 |
Actuarial (gain)/loss | 0 | 0 |
Exchange rate gain/(loss) | 0 | 0 |
Benefit obligation at end of year | 2 | 2 |
Employer contributions between measurement date and reporting date | ||
Fair value of plan assets at beginning of year | 0 | |
Actual return on plan assets | 0 | 0 |
Company contributions | 0 | 0 |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 |
Settlements | 0 | 0 |
Defined Benefit Plan, Plan Assets, Benefits Paid | 0 | 0 |
Exchange rate gain/(loss) | 0 | 0 |
Fair value of plan assets at end of year | 0 | 0 |
Funded status at end of year | (2) | (2) |
Net Pension assets (liabilities) | (2) | (2) |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 |
Employee Retirement Benefit P_5
Employee Retirement Benefit Plans-Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension liability | Pension liability |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension liability | Pension liability |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension liability | Pension liability |
Retirement Benefits [Member] | ||
Amounts Recognized in Statement of Financial Position | ||
Noncurrent assets | $ 18 | $ 37 |
Current liabilities | (1) | (1) |
Noncurrent liabilities | (61) | (64) |
Funded status at end of year | (44) | (28) |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Prior service cost | (1) | (1) |
Net (gain)/loss | 66 | 49 |
Total accumulated other comprehensive income at the end of the year | 65 | 48 |
Additional Information for Plan with ABO in Excess of Plan Assets | ||
Projected benefit obligation | 129 | 132 |
Accumulated benefit obligation | 126 | 128 |
Fair value of plan assets | 68 | 67 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 3 | 4 |
Interest cost | 9 | 5 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 9 | 10 |
Defined Benefit Plan, Amortization of Gain (Loss) | (1) | (2) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 1 | |
Net periodic benefit cost | 5 | 1 |
Other Post-Retirement Benefits [Member] | ||
Amounts Recognized in Statement of Financial Position | ||
Noncurrent assets | 0 | 0 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | (2) | (2) |
Funded status at end of year | (2) | (2) |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Prior service cost | 0 | 0 |
Net (gain)/loss | (1) | (1) |
Total accumulated other comprehensive income at the end of the year | (1) | (1) |
Additional Information for Plan with ABO in Excess of Plan Assets | ||
Projected benefit obligation | 2 | 2 |
Accumulated benefit obligation | 2 | 2 |
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 |
Net periodic benefit cost | $ 0 | $ 0 |
Employee Retirement Benefit P_6
Employee Retirement Benefit Plans-AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | $ 17 | $ (13) | $ 0 |
Retirement Benefits [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | 17 | (14) | |
Exchange rate gain/(loss) recognized during the year | 0 | 1 | |
Total minimum pension liability, pretax | 17 | (13) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 22 | (12) | |
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | |||
Net (gain)/loss | $ 2 | $ 1 | |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||
Discount rate (percent) | 4.30% | 3.60% | |
Rate of compensation increases (percent) | 2.70% | 2.70% | |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||
Discount rate (percent) | 3.60% | 1.60% | |
Rate of compensation increases (percent) | 2.70% | 2% | |
Expected long-term rate of return (percent) | 3.90% | 3.40% | |
Expected Future Contributions | |||
Fiscal Year 2020 Expected Future Contributions | $ 8 | $ 7 | |
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | 0 | 0 | |
Exchange rate gain/(loss) recognized during the year | 0 | 0 | |
Total minimum pension liability, pretax | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 0 | 0 | |
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | |||
Net (gain)/loss | $ 0 | $ 0 | |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||
Discount rate (percent) | 4.70% | 4% | |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||
Discount rate (percent) | 4% | 2% | |
Expected Future Contributions | |||
Fiscal Year 2020 Expected Future Contributions | $ 0 | $ 0 |
Employee Retirement Benefit P_7
Employee Retirement Benefit Plans-Fiscal Year Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Retirement Benefits [Member] | ||
Expected Future Benefit Payments | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 14 | $ 14 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 15 | 13 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 16 | 14 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 15 | 16 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 15 | 14 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 84 | $ 80 |
Actual Asset Allocation (percent) | 100% | 100% |
Actual Asset Allocation | $ 202 | $ 240 |
Target Asset Allocation (percent) | 100% | 100% |
Retirement Benefits [Member] | Equity Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 2.90% | 4.10% |
Actual Asset Allocation | $ 6 | $ 10 |
Target Asset Allocation (percent) | 2.90% | 4.10% |
Retirement Benefits [Member] | US Government Agencies Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 36.80% | 35.60% |
Actual Asset Allocation | $ 74 | $ 85 |
Target Asset Allocation (percent) | 36.80% | 35.60% |
Retirement Benefits [Member] | Corporate Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 16.20% | 18.30% |
Actual Asset Allocation | $ 33 | $ 44 |
Target Asset Allocation (percent) | 16.20% | 18.30% |
Retirement Benefits [Member] | Real Estate [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 3.30% | 4.90% |
Actual Asset Allocation | $ 7 | $ 12 |
Target Asset Allocation (percent) | 3.30% | 4.90% |
Retirement Benefits [Member] | Insurance Contracts [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 14.90% | 12% |
Actual Asset Allocation | $ 30 | $ 29 |
Target Asset Allocation (percent) | 14.90% | 12% |
Retirement Benefits [Member] | Other Assets [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 21.40% | 25.10% |
Actual Asset Allocation | $ 43 | $ 60 |
Target Asset Allocation (percent) | 21.40% | 25.10% |
Other Post-Retirement Benefits [Member] | ||
Expected Future Benefit Payments | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 0 | $ 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0 | 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0 | 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0 | 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0 | 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 1 | $ 1 |
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | Equity Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | US Government Agencies Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | Corporate Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | Real Estate [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | Insurance Contracts [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Other Post-Retirement Benefits [Member] | Other Assets [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0% | 0% |
Actual Asset Allocation | $ 0 | $ 0 |
Target Asset Allocation (percent) | 0% | 0% |
Employee Retirement Benefit P_8
Employee Retirement Benefit Plans-Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 202 | $ 240 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 175 | 213 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27 | 27 |
Fair Value Measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | 10 |
Equity Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | 10 |
Equity Securities [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | Fair Value Measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 107 | 129 |
Debt Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 107 | 129 |
Debt Securities [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | Fair Value Measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7 | 12 |
Real Estate [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5 | 10 |
Real Estate [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 2 |
Real Estate [Member] | Fair Value Measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82 | 89 |
Other Assets [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other Assets [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57 | 64 |
Other Assets [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25 | 25 |
Other Assets [Member] | Fair Value Measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 20 | $ 35 |
Employee Retirement Benefit P_9
Employee Retirement Benefit Plans-Level 3 (Details) - Level 3 [Member] $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Employer contributions between measurement date and reporting date | |
Beginning balance | $ 27 |
Relating to assets still held at the reporting date | 2 |
Purchases, sales, settlements, contributions and benefits paid | (3) |
Transfers in and/or out of Level 3 | 1 |
Ending balance | 27 |
Insurance Contracts [Member] | |
Employer contributions between measurement date and reporting date | |
Beginning balance | 9 |
Relating to assets still held at the reporting date | 0 |
Purchases, sales, settlements, contributions and benefits paid | (1) |
Transfers in and/or out of Level 3 | 0 |
Ending balance | 8 |
Other Unobservable Assets [Member] | |
Employer contributions between measurement date and reporting date | |
Beginning balance | 18 |
Relating to assets still held at the reporting date | 2 |
Purchases, sales, settlements, contributions and benefits paid | (2) |
Transfers in and/or out of Level 3 | 1 |
Ending balance | $ 19 |
Employee Retirement Benefit _10
Employee Retirement Benefit Plans-Assumed Healthcare Trend Rates (Details) - Other Post-Retirement Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Effect of 1% Change in Healthcare Cost Trend Rate | ||
Fiscal Year 2020 Expected Future Contributions | $ 0 | $ 0 |
Discount rate (percent) | 4.70% | 4% |
Discount rate (percent) | 4% | 2% |
Post 65 [Member] | ||
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | ||
Healthcare cost trend rate-initial (percent) | 4.80% | 4.60% |
Healthcare cost trend rate-ulitimate (percent) | 4.10% | 4.10% |
Year in which ultimate rates are reached | 2040 | 2040 |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Income (Loss) Equity (Details) $ / shares in Units, number in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Nov. 18, 2021 USD ($) shares | Nov. 23, 2020 USD ($) shares | Jun. 15, 2020 USD ($) $ / shares shares | Feb. 06, 2020 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | May 17, 2019 USD ($) | |
Equity [Abstract] | ||||||||||
Common Stock, Shares Authorized | shares | 1,000,000,000 | 1,000,000,000 | ||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | ||||||||
Preferred Stock, Shares Issued & Outstanding | shares | 0 | 0 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Stock Issued During Period, Shares, New Issues | shares | 8,000,000 | 8,000,000 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 70.72 | $ 58.58 | ||||||||
Stock Issued During Period, Value, New Issues | $ | $ 548,000,000 | $ 494,000,000 | $ 82,000,000 | |||||||
Net Proceeds used to Repay Debt, Stock Issued During Period, New Issues | $ | $ 200,000,000 | $ 100,000,000 | ||||||||
Stcok Issued During Period, Shares, Over-allotment Option | 1 | |||||||||
Stock Issued During Period, Value, Over-allotment Option | $ | $ 82,000,000 | |||||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||||||
Preferred Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Preferred Stock, Shares Issued | shares | 0 | 650,000 | 0 | |||||||
Preferred Stock, Issuance Value | $ | $ 650,000,000 | |||||||||
Preferred Stock, Value, Issued | $ | 1,000 | |||||||||
Preferred Stock, Issuance Value, Net | $ | $ 646,000,000 | |||||||||
Embedded Derivative, Estimate of Embedded Derivative Liability | $ | $ 40,000,000 | |||||||||
Conversion of Stock, Shares Converted | shares | 384,777 | 265,223 | ||||||||
Dividends, Preferred Stock, Stock | $ | $ 2 | $ 2,000,000 | ||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 20.32 | 20.33 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 7,817,554 | 5,392,280 | ||||||||
Preferred Stock, Shares Issued & Outstanding | shares | 0 | 0 | ||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 362,000,000 | 253,000,000 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements | $ | $ 4,000,000 | $ 1 | ||||||||
Additional Paid-in Capital [Member] | ||||||||||
Equity [Abstract] | ||||||||||
Stock Issued During Period, Value, New Issues | $ | 82,000,000 | |||||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 253,000,000 | $ 362 | $ 362,000,000 | $ 253,000,000 | ||||||
Designated shares [Member] | ||||||||||
Equity [Abstract] | ||||||||||
Preferred Stock, Shares Authorized | shares | 1,000,000 | |||||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||||||
Preferred Stock, Shares Authorized | shares | 1,000,000 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Earnings/(Loss) (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (354,000,000) | $ (394,000,000) | $ (317,000,000) | $ (386,000,000) |
Other comprehensive income /(loss), net of tax | 40,000,000 | (77,000,000) | 69,000,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (9,000,000) | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 32,000,000 | (110,000,000) | 67,000,000 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (3,000,000) | (1,000,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 34,000,000 | (78,000,000) | 69,000,000 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,000,000 | 1,000,000 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (346,000,000) | (378,000,000) | (268,000,000) | (335,000,000) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (110,000,000) | 67,000,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (52,000,000) | (38,000,000) | (47,000,000) | (47,000,000) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (14,000,000) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 14,000,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (16,000,000) | 8,000,000 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,000,000 | 1,000,000 | ||
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 45,000,000 | 27,000,000 | 0 | (3,000,000) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 27,000,000 | 3,000,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||
ACOI, Accumulated Gain (Loss), Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | (4,000,000) | (1,000,000) | 0 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 4,000,000 | (3,000,000) | (1,000,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,000,000) | (1,000,000) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4,000,000 | 0 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,000,000) | (1,000,000) | (1,000,000) | $ (1,000,000) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 0 | 0 | $ 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Income (Loss)-Minimum Pension Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | |||
Net investment hedge | $ (30) | $ 121 | $ (56) |
Long term inter-company loans | 12 | (37) | 39 |
Translation adjustments | 43 | (169) | 72 |
Total foreign currency translation adjustments, pretax | 25 | (85) | 55 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (7) | 25 | (12) |
Total foreign currency translation adjustments, net of tax | (110) | 67 | |
Net Derivative and Hedge (gain)/loss arising during the year | 25 | 36 | 4 |
Derivative and Hedge, (Income) Loss | 7 | 9 | 1 |
Other Comprehensive Income, Debt Securities, Derivative and Hedge, Gain (Loss), after Adjustment and Tax | (18) | 27 | 3 |
Net gain/(loss) arising during the year | (17) | 13 | 0 |
Pension liability tax | (3) | 4 | 0 |
Net change in minimum pension liability, net of tax | 9 | 0 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 5 | (3) | (1) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | $ (1) | 0 | 0 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | $ (3) | $ (1) |
Equity (Details)
Equity (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 15, 2020 | Feb. 06, 2020 | May 17, 2019 |
Redeemable Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued | 0 | 0 | 650,000 | ||||
Preferred Stock, Issuance Value | $ 650,000,000 | ||||||
Preferred Stock, Value, Issued | 1,000 | ||||||
Shares Issued, Price Per Share | $ 70.72 | $ 58.58 | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||||
Preferred Stock, Issuance Value, Net | 646,000,000 | ||||||
Embedded Derivative, Estimate of Embedded Derivative Liability | $ 40,000,000 | ||||||
Redeemable Preferred Stock Outstandings | $ 0 | $ 0 | $ 359,000,000 | $ 607,000,000 | |||
Designated shares [Member] | |||||||
Redeemable Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 1,000,000 |
Equity Based Compensation (Addi
Equity Based Compensation (Additional) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 15,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 2.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 37.14 | $ 32.07 | $ 24.36 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000,000 | $ 29,000,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Weighted Average Grant Date Fair Value of Restricted Stock Unit | $ 76,000,000 | 57,000,000 | |
Stock Option Granted Contractual Term | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 35,000,000 | 54,000,000 | $ 51,000,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Weighted Average Grant Date Fair Value of Restricted Stock Unit | $ 75.62 | 109.63 | 94.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 39,000,000 | $ 33,000,000 | $ 39,000,000 |
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 37% | 37% | 27% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.20% | 0.70% | 0.30% |
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 3 months 18 days | 3 years 8 months 12 days | 6 years 3 months |
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Expected Dividend Payments, Per Share | $ 0 | $ 0 | $ 0 |
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 41% | 39% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 4 months 24 days | 2 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3% | 0.30% | |
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 47% | 41% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 10 months 24 days | 2 years 10 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.60% | 1.50% | |
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Expected Dividend Payments, Per Share | $ 0 | $ 0 | |
Stock Compensation Plan - Omnibus [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 151,000 | 183,000 | 231,000 |
Equity Based Compensation (Opti
Equity Based Compensation (Option Activity) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 71.19 | $ 63.74 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 104.84 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 35.17 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 94.34 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 67.37 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 71.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 54.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000,000 | $ 29,000,000 | |
Payments Related to Tax Withholding for Share-based Compensation | 0 | 10,000,000 | $ 46,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 9,000,000 | $ 6,000,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Time [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,008,747 | 1,055,511 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 151,454 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (114,922) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (62,729) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (20,567) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,008,747 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 596,627 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 19 days | 6 years 10 months 28 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 23 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,225,819 | $ 47,013,454 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,293,593 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 2,225,819 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2,225,819 | ||
Performance [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,008,747 |
Equity Based Compensation (RSU
Equity Based Compensation (RSU Activity) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,124,000 | 535,000 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 0 | $ 10,000,000 | $ 46,000,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Weighted Average Grant Date Fair Value of Restricted Stock Unit | $ 76,000,000 | $ 57,000,000 | |
Time Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,026,729 | 722,438 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 719,028 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 251,943 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 162,794 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 83.07 | $ 91.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 72.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 66.84 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 96.53 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 273,985 | 305,746 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 250,232 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 228,129 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 53,864 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 99.58 | $ 83.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 98.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 55.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 102.28 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 342,546 | 281,315 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 271,538 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 149,786 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 60,521 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 82.36 | $ 91.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 65.69 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 62.89 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 93.64 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 52,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Weighted Average Grant Date Fair Value of Restricted Stock Unit | $ 75.62 | $ 109.63 | 94.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 39,000,000 | $ 33,000,000 | $ 39,000,000 |
Other Income _ Expense (Details
Other Income / Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Other Income and Expenses [Abstract] | ||||
Other Nonoperating Expense | [1] | $ 4 | $ 18 | |
Foreign Currency Transaction Gain (Loss), Unrealized | [2] | $ 8 | (33) | (5) |
Other Nonoperating Income (Expense) | [3] | (1) | 9 | 20 |
Other (Income)/expense, net | 7 | (28) | (3) | |
Derivative, Gain (Loss) on Derivative, Net | 0 | $ 2 | $ 17 | |
Write-off of Deferred Debt Issuance Costs | 4 | |||
Early Repayment of Senior Debt | 11 | |||
Gain (Loss) on Extinguishment of Debt | $ 3 | |||
[1]Debt financing costs for the fiscal year ended June 30, 2022 consists of $4 million of financing charges related to a tranche of U.S. dollar-denominated term loans under its senior secured credit facilities. Debt financing costs for the fiscal year ended June 30, 2021 includes (a) a write-off of $4 million of previously capitalized financing charges related to the Company’s repayment of U.S. dollar-denominated term loans and the 2026 Notes in February 2021, (b) $3 million of financing charges related to the issuance of an earlier tranche of the Company's U.S dollar-denominated term loans, and (c) an $11 million premium on early redemption of the 2026 Notes. |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Leases Presented in the Balance Sheet (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 274,000,000 | |
Operating Lease, Right-of-Use Asset | 59,000,000 | $ 93,000,000 |
Finance Lease, Liability, Current | 18,000,000 | |
Operating Lease, Liability, Current | 11,000,000 | |
Finance Lease, Liability, Noncurrent | 323,000,000 | |
Operating Lease, Liability, Noncurrent | $ 55,000,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Other Assets, Noncurrent |
Leases - Cost (Details)
Leases - Cost (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Lease, Cost [Abstract] | |
Finance Lease, Right-of-Use Asset, Amortization | $ 21 |
Finance Lease, Interest Expense | 17 |
Finance Lease Expense | 38 |
Variable Lease, Cost | 10 |
Lease, Cost | 83 |
Short-Term Lease Costs | $ 10 |
Finance Lease, Weighted Average Remaining Lease Term | 17 years 4 months 24 days |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 8 months 12 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.40% |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% |
Operating Lease, Cost | $ 35 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract] | |
Finance Lease, Principal Payments | $ 19 |
Finance Lease, Interest Payment on Liability | 15 |
Operating Lease, Payments | 16 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 133 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating And Finance Lease Liabilities (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
Finance Lease, Liability, Payments, Due Year One | $ 35 |
Finance Lease, Liability, Payments, Due Year Two | 34 |
Finance Lease, Liability, Payments, Due Year Three | 35 |
Finance Lease, Liability, Payments, Due Year Four | 35 |
Finance Lease, Liability, Payments, Due Year Five | 33 |
Finance Lease, Liability, Payments, Due after Year Five | 380 |
Finance Lease, Liability, Payment, Due | 552 |
Finance Lease, Liability, Undiscounted Excess Amount | 211 |
Finance Lease, Liability | 341 |
Lessee, Operating Lease, Liability, Payments, Due Year One | 13 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 9 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 38 |
Lessee, Operating Lease, Liability, Payments, Due | 86 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 20 |
Operating Lease, Liability | 66 |
Total Lease Liability Payments Due Year One | 48 |
Total Lease Liability Payments Due Year Two | 44 |
Total Lease Liability Payments Due Year Three | 44 |
Total Lease Liability Payments Due Year Four | 44 |
Total Lease Liability Payments Due Year Five | 40 |
Total Lease Liability Payments Due After Year Five | 418 |
Total Lease Liability Payments Due | 638 |
Total Lease Liability Undiscounted Excess Amount | 231 |
Total Lease Liability | $ 407 |
Finance Lease, Weighted Average Remaining Lease Term | 17 years 4 months 24 days |
Segment Information - Net Reven
Segment Information - Net Revenue and Segment Ebitda (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net revenue | $ 4,263,000,000 | $ 4,802,000,000 | $ 3,998,000,000 | |
Impairment charges and gain/(loss) on sale of assets | (98,000,000) | (31,000,000) | (9,000,000) | |
Equity compensation | (35,000,000) | (54,000,000) | (51,000,000) | |
Restructuring and other special items | [1] | (98,000,000) | (55,000,000) | (31,000,000) |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 1,000,000 | 182,000,000 | |
Other income (expense), net | [2] | 7,000,000 | (28,000,000) | (3,000,000) |
Non-allocated corporate costs, net | (125,000,000) | (119,000,000) | (87,000,000) | |
Total unallocated costs | (559,000,000) | (286,000,000) | 1,000,000 | |
Softgel and Oral Technologies [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment EBITDA | 548,000,000 | 589,000,000 | 498,000,000 | |
Biologics [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment EBITDA | 277,000,000 | 777,000,000 | 615,000,000 | |
Biologics [Member] | Oxford | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Asset impairments | 54 | |||
Biologics [Member] | Swindon | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Asset impairments | 18 | |||
Total Catalent sub-total of Segment Reporting [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment EBITDA | $ 825,000,000 | $ 1,366,000,000 | $ 1,113,000,000 | |
[1] Restructuring and other special items for the fiscal year ended June 30, 2021 include transaction and integration costs associated with the Anagni, Italy facility acquisition and the MaSTherCell Global, Inc., Skeletal, Delphi, and Acorda transactions, in addition to restructuring costs associated with the closure of the Company's Pharma and Consumer Health facility in Bolton, U.K. Other (income) expense, net for details of financing charges and foreign currency translation adjustments recorded within other (income) expense, net. |
Segment Information - Reconcili
Segment Information - Reconciliation of Earnings/ (loss) from Continuing Operations to Ebitda (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | |||
Earnings/(loss) from continuing operations | $ (256,000,000) | $ 499,000,000 | $ 585,000,000 |
Total unallocated costs | 559,000,000 | 286,000,000 | (1,000,000) |
Depreciation and amortization | 422,000,000 | 378,000,000 | 289,000,000 |
Interest expense, net | 186,000,000 | 123,000,000 | 110,000,000 |
Income tax expense | $ (86,000,000) | $ 80,000,000 | $ 130,000,000 |
Segment Information Total Asset
Segment Information Total Assets (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 10,777,000,000 | $ 10,508,000,000 |
Biologics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,746,000,000 | 5,770,000,000 |
PharmaConsumerHealth | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,867,000,000 | 4,356,000,000 |
Corporate and Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 164,000,000 | $ 382,000,000 |
Segment Information Depreciatio
Segment Information Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $ 422 | $ 378 | $ 289 |
Segment Information Capital Exp
Segment Information Capital Expenditures (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Payments and Accruals to Acquire Property, Plant. and Equipment | $ 594,000,000 | $ 666,000,000 | $ 686,000,000 |
Biologics [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments and Accruals to Acquire Property, Plant. and Equipment | 346,000,000 | 453,000,000 | 516,000,000 |
PharmaConsumerHealth | |||
Segment Reporting Information [Line Items] | |||
Payments and Accruals to Acquire Property, Plant. and Equipment | 214,000,000 | 183,000,000 | 151,000,000 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments and Accruals to Acquire Property, Plant. and Equipment | $ 34,000,000 | $ 30,000,000 | $ 19,000,000 |
Segment Information - Assets an
Segment Information - Assets and Revenues (Detail) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 3,682,000,000 | $ 3,127,000,000 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 2,758,000,000 | 2,267,000,000 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 765,000,000 | 747,000,000 |
International Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 159,000,000 | $ 113,000,000 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Work-in-Process and Finished Goods Inventories Include Raw Materials, Labor and Overhead (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and supplies | $ 781 | $ 651 |
Work-in-process | 186 | 109 |
Total inventory, gross | 967 | 760 |
Inventory cost adjustment | (190) | (58) |
Inventories | $ 777 | $ 702 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Prepaid and Other Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Prepaid Expense, Current | $ 53 | $ 61 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 399 | 398 | |
Spare Parts | 24 | 22 | |
Prepaid Taxes | 77 | 27 | |
Value Added Tax Receivable | 38 | 48 | |
Other current assets | 42 | 70 | |
Prepaid Expense and Other Assets, Current | 633 | 626 | |
Payments and Accruals to Acquire Property, Plant. and Equipment | $ 594 | $ 666 | $ 686 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Property and Equipment (Detail) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Land, buildings, and improvements | $ 1,887,000,000 | $ 1,687,000,000 |
Machinery and equipment | 2,287,000,000 | 1,891,000,000 |
Furniture and fixtures | 61,000,000 | 48,000,000 |
Construction in progress | 1,043,000,000 | 848,000,000 |
Property and equipment, at cost | 5,278,000,000 | 4,474,000,000 |
Accumulated depreciation | (1,596,000,000) | (1,347,000,000) |
Property, plant, and equipment, net | $ 3,682,000,000 | $ 3,127,000,000 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Other Assets Non Current (Detail) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 59,000,000 | $ 93,000,000 |
Loans and Leases Receivable, Gross | 53,000,000 | 51,000,000 |
Cash Surrender Value of Life Insurance | 41,000,000 | 35,000,000 |
Alternative Investment | 36,000,000 | 33,000,000 |
Interest Rate Derivative Assets, at Fair Value | 62,000,000 | 36,000,000 |
Other Assets, Miscellaneous, Noncurrent | 42,000,000 | 21,000,000 |
Other Assets, Noncurrent | 329,000,000 | 349,000,000 |
Deferred Income Tax, Right-of-Use Asset | 59,000,000 | 93,000,000 |
Contract with Customer, Asset | 18,000,000 | 43,000,000 |
Pension assets | $ 18,000,000 | $ 37,000,000 |
Supplemental Balance Sheet In_7
Supplemental Balance Sheet Information - Other Accrued Liabilities (Detail) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Income Tax Liabilities, Net | $ 160,000,000 | $ 198,000,000 |
Interest Payable, Current | 35,000,000 | 32,000,000 |
Deferred revenue and fees | 167,000,000 | 211,000,000 |
Accrued income tax | 44,000,000 | 50,000,000 |
Other accrued liabilities and expenses | 134,000,000 | 140,000,000 |
Other accrued liabilities | 570,000,000 | 646,000,000 |
Accrued Operating Lease, Liabilities | 11,000,000 | 14,000,000 |
Restructuring accrual | 19,000,000 | 1,000,000 |
Other Assets, Noncurrent | 329,000,000 | 349,000,000 |
Non-current deferred tax asset | $ (55,000,000) | $ (49,000,000) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2020 | Oct. 31, 2023 | |
Subsequent Event [Line Items] | |||||
Goodwill, Impairment Loss | $ 689 | $ 210,000,000 | $ 0 | $ 0 | |
Deferred Tax Assets, Valuation Allowance | $ 53,000,000 | 159,000,000 | $ 149,000,000 | ||
Restructuring and Related Cost, Expected Cost | $ 25 | ||||
PharmaConsumerHealth | |||||
Subsequent Event [Line Items] | |||||
Goodwill, Impairment Loss | $ 210,000,000 |