v3.22.2.2
Business Combinations (Tables)
 12 Months Ended
Jun. 30, 2022
Business Acquisition [Line Items]  
Disposal Groups, Including Discontinued Operations The Company valued the total consideration received from divestiture of the Blow-Fill-Seal Business as follows:
(Dollars in millions)Fair value of consideration received
Cash, gross$300 
Note receivable (1)
47 
Contingent consideration (2)
— 
Other (3)
(16)
Total$331 

(1)    The note receivable, which provides for interest at a rate of 5.0% paid in kind, had an estimated fair value of $47 million and $51 million at June 30, 2021 and June 30, 2022, respectively. The fair value at divestiture date consisted of a $50 million aggregate principal amount less a $3 million discount determined using a discounted cash flow model.

(2)    The Company determined that the estimated fair value of the contingent consideration from the sale of the Blow-Fill-Seal Business at June 30, 2022 is zero, and therefore no contingent consideration was recorded at divestiture. If any contingent consideration is subsequently received, it will be recorded in the period in which it is received. The Company has elected an accounting policy to recognize increases in the carrying amount of the contingent consideration asset using the gain contingency guidance in ASC 450, Contingencies.
(3)    Other includes $8 million of transaction expenses, a working capital adjustment of $6 million, and a $2 million assumption of liabilities resulting in net cash proceed of $284 million.