Equity and Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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)	2022		2021
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 expense	15		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, pretax	18		1
Tax expense	4		—
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

Schedule of Accumulated Other Comprehensive Income (Loss)

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 Adjustments		Pension and Liability Adjustments		Derivatives and Hedges		Marketable Securities		Other		Total
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 Adjustments		Pension and Liability Adjustments		Derivatives and Hedges		Marketable Securities		Other		Total
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)