Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down

  
Note 4 - Restructuring, Impairment, and Related Expenses, Net  
    Restructuring, impairment, and related expenses, net, as reported on the consolidated statements of income are summarized as follows:  


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|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Years ended June 30,  |
| ($ in millions) |  | 2022 |  | 2021 |  | 2020 |
| Restructuring and related expenses, net |  | $ | (96) |  |  | $ | (94) |  |  | $ | (115) |  |
| Impairment expenses |  | (138) |  |  | —  |  |  | —  |  |
| Restructuring, impairment, and related expenses, net |  | $ | (234) |  |  | $ | (94) |  |  | $ | (115) |  |

  
    Restructuring and related expenses, net includes expenses related to the Company's 2019 plan focused on the integration of acquired Bemis operations which was complete at the end of fiscal year 2022, expenses related to the 2018 plan to restructure the Company's rigid packaging operations, and restructuring expenses associated with the Company's decision to sell its Russian business. For further information, refer to Note 7, "Restructuring."   
    Impairment expenses of $138 million were incurred in the fourth quarter of fiscal year 2022 as a result of the Russia-Ukraine Conflict. In the fourth quarter, the Company approved a plan to sell its Russian operations which resulted in a non-cash impairment charge of $90 million. For further information, refer to Note 6, "Held for Sale and Discontinued Operations." In addition, the Company recognized other expenses of $48 million, given the expectation that certain assets not held for sale in the conflict region will not be recoverable. The Company's manufacturing plant in Ukraine ceased operations in February 2022 and has not resumed operations given the ongoing conflict in the region has displaced the Company's employees, destroyed nearby manufacturing facilities, and impaired the region's supporting infrastructure. Other asset impairment expenses in the last three fiscal years were not material and were primarily reported in restructuring and related expenses, net.  
  
63
