Trade receivables, net

  
Note 6 - Held for Sale and Discontinued Operations   
    During the fourth quarter of fiscal year 2022, the Company classified the assets and liabilities of its Russian business as held for sale as a result of the Company's decision to sell its Russian business. The Russian business is part of the Company’s Flexibles segment and is expected to be sold within one year. The Company has recorded an impairment of $90 million as of June 30, 2022, within the line item restructuring, impairment, and related expenses, net on the consolidated statements of income. The disposal of the Russian business will not represent a strategic shift that will have a major effect on the Company's operations and financial results, and therefore does not qualify for reporting as a discontinued operation.  
    Major classes of assets and liabilities of the Russian business classified as held for sale as of June 30, 2022 were as follows: 

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| ($ in millions) |  | June 30, 2022 |
| Cash and cash equivalents |  | $ | 75  |  |
| Trade receivables, net |  | 66 |
| Inventories, net |  | 40 |
| Prepaid expenses and other current assets |  | 36 |
| Property, plant, and equipment, net |  | 49 |
| Goodwill |  | 16 |
| Total assets held for sale |  | 282  |  |
| Less impairment (1)  |  | (90) |  |
| Total assets held for sale, net |  | $ | 192  |  |
|  |  |  |
| Trade payables |  | 65 |
| Total current liabilities held for sale |  | $ | 65  |  |

(1) Impairment inclusive of accumulated other comprehensive loss related to the Russian business.  
    This table excludes other assets and liabilities held for sale but not part of the Russian business and that are not material for disclosure.  
    On February 11, 2019, the Company received approval from the European Commission ("EC") for the acquisition of Bemis Company, Inc. ("Bemis"). A condition of the approval was an agreement to divest three Bemis medical packaging facilities located in the United Kingdom and Ireland ("EC Remedy"). Upon completion of the Bemis acquisition on June 11, 2019, the Company determined that the EC Remedy met the criteria to be classified as a discontinued operation, in accordance with ASC 205-20, "Discontinued Operations." The sale of the EC Remedy closed on August 8, 2019. The Company recorded a loss on the sale of $9 million, which is the result of the reclassification of accumulated foreign currency translation amounts from accumulated other comprehensive loss to earnings from discontinued operations upon sale of the EC Remedy.  
    The following table summarizes the results of the Company's discontinued operations:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Years ended June 30,  |
| ($ in millions) |  | 2022 |  | 2021 |  | 2020 |
| Net sales |  | $ | —  |  |  | $ | —  |  |  | $ | 16  |  |
|  |  |  |  |  |  |  |
| Loss from discontinued operations |  | —  |  |  | —  |  |  | (7) |  |
| Tax expense from discontinued operations |  | —  |  |  | —  |  |  | (1) |  |
| Loss from discontinued operations, net of tax |  | $ | —  |  |  | $ | —  |  |  | $ | (8) |  |

  
  
65
