v3.22.2.2
Equity and Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Equity, Redeemable Preferred Stock and Accumulated Other Comprehensive Loss EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Description of Capital Stock

The Company is authorized to issue 1.00 billion shares of its Common Stock and 100 million shares of preferred stock, par value $0.01 per share. In accordance with the Company’s amended and restated certificate of incorporation, each share of Common Stock has one vote, and the Common Stock votes together as a single class. In 2019, the Company designated 1,000,000 shares of its preferred stock, par value $0.01, as its Series A Convertible Preferred Stock (the “Series A Preferred Stock”) and issued and sold 650,000 shares of the Series A Preferred Stock to affiliates of Leonard Green & Partners, L.P. In November 2021, the holders of the Series A Preferred Stock converted all then-outstanding shares of Series A Preferred Stock and $2 million of related unpaid accrued dividends into shares of Common Stock.
Accumulated Other Comprehensive Loss
The components of the changes in the cumulative translation adjustment, derivatives and hedges, minimum pension liability, and marketable securities for the three months ended September 30, 2022 and 2021 are presented below.
Three Months Ended  
September 30,
(Dollars in millions)20222021
Foreign currency translation adjustments:
Net investment hedge$81 $22 
Long-term intercompany loans(41)(3)
Translation adjustments(160)(28)
Total foreign currency translation adjustment, pretax(120)(9)
Tax expense15 5 
Total foreign currency translation adjustment, net of tax$(135)$(14)
Net change in derivatives and hedges:
Net gain recognized during the period$18 $1 
Total derivatives and hedges, pretax18 1 
Tax expense4 — 
Net change in derivatives and hedges, net of tax$14 $1 
Net change in minimum pension liability:
Net gain recognized during the period$— $1 
Total pension liability, pretax— 1 
Tax benefit— — 
Net change in minimum pension liability, net of tax$— $1 
For the three months ended September 30, 2022 and 2021, the changes in accumulated other comprehensive loss, net of tax by component are as follows:    
(Dollars in millions)Foreign Exchange Translation AdjustmentsPension and Liability AdjustmentsDerivatives and HedgesMarketable SecuritiesOtherTotal
Balance at June 30, 2022$(378)$(38)$27 $(4)$(1)$(394)
Other comprehensive (loss) income before
    reclassifications		(135)— 14 — — (121)
Amounts reclassified from accumulated other
    comprehensive loss		— — — 1 — 1 
Net current period other comprehensive (loss)
    income
(135)— 14 1 — (120)
Balance at September 30, 2022$(513)$(38)$41 $(3)$(1)$(514)
(Dollars in millions)Foreign Exchange Translation AdjustmentsPension and Liability AdjustmentsDerivatives and HedgesMarketable SecuritiesOtherTotal
Balance at June 30, 2021$(268)$(47)$— $(1)$(1)$(317)
Other comprehensive (loss) income before
    reclassifications		(14)— 1 — — (13)
Amounts reclassified from accumulated other
    comprehensive loss		— 1 — — — 1 
Net current period other comprehensive (loss)
    income
(14)1 1 — — (12)
Balance at September 30, 2021$(282)$(46)$1 $(1)$(1)$(329)