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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
amcorlogo.jpg
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number 001-38932

AMCOR PLC
(Exact name of Registrant as specified in its charter)
Jersey
 
98-1455367
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

83 Tower Road North
Warmley, Bristol BS30 8XP
United Kingdom
(Address of principal executive offices)

Registrant’s telephone number, including area code: +44 117 9753200

    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Ordinary Shares, Par Value $0.01 Per Share AMCRNew York Stock Exchange
1.125% Guaranteed Senior Notes Due 2027AUKF/27New York Stock Exchange
5.450% Guaranteed Senior Notes Due 2029AMCR/29New York Stock Exchange
3.950% Guaranteed Senior Notes Due 2032AMCR/32New York Stock Exchange

    Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

1


    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer☒Emerging Growth Company☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Accelerated Filer☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
    As of October 30, 2024, the registrant had 1,445,343,212 ordinary shares, $0.01 par value, outstanding.

2


Amcor plc
Quarterly Report on Form 10-Q
Table of Contents
  
 
 
 
3



Cautionary Statement Regarding Forward-Looking Statements

    Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this Quarterly Report on Form 10-Q refer to Amcor plc and its consolidated subsidiaries.

    This Quarterly Report on Form 10-Q contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to:

•Changes in consumer demand patterns and customer requirements in numerous industries;
•the loss of key customers, a reduction in their production requirements, or consolidation among key customers;
•significant competition in the industries and regions in which we operate;
•an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions;
•challenging global economic conditions;
•impacts of operating internationally;
•price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business;
•production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility;
•pandemics, epidemics, or other disease outbreaks;
•an inability to attract and retain our global executive team and our skilled workforce and manage key transitions;
•labor disputes and an inability to renew collective bargaining agreements at acceptable terms;
•physical impacts of climate change;
•cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information;
•failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data;
•a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations;
•rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts;
•foreign exchange rate risk;
•a significant write-down of goodwill and/or other intangible assets;
•a failure to maintain an effective system of internal control over financial reporting;
•an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face;
•an inability to defend our intellectual property rights or intellectual property infringement claims against us;
•litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments;
•increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks;
•changing ESG government regulations including climate-related rules;
•changing environmental, health, and safety laws; and
•changes in tax laws or changes in our geographic mix of earnings.

    These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
4


Part I - Financial Information
Item 1. Financial Statements (unaudited)
Amcor plc and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended September 30,
($ in millions, except per share data)20242023
Net sales$3,353 $3,443 
Cost of sales(2,694)(2,798)
Gross profit659 645 
Selling, general, and administrative expenses(315)(302)
Research and development expenses(28)(27)
Restructuring and related expenses, net(6)(28)
Other income/(expenses), net2 (18)
Operating income312 270 
Interest income11 10 
Interest expense(86)(85)
Other non-operating expenses, net(1)(1)
Income before income taxes and equity in loss of affiliated companies236 194 
Income tax expense(43)(39)
Equity in loss of affiliated companies, net of tax— (1)
Net income$193 $154 
Net income attributable to non-controlling interests(2)(2)
Net income attributable to Amcor plc$191 $152 
Basic earnings per share:$0.132 $0.105 
Diluted earnings per share:$0.132 $0.105 
See accompanying notes to condensed consolidated financial statements.
5



Amcor plc and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,
($ in millions)20242023
Net income$193 $154 
Other comprehensive income/(loss):
Net gains on cash flow hedges, net of tax (a)1 1 
Foreign currency translation adjustments, net of tax (b)
1 (68)
Excluded components of fair value hedges
11 — 
Pension, net of tax (c)
1 1 
Other comprehensive income/(loss)14 (66)
Total comprehensive income207 88 
Comprehensive income attributable to non-controlling interests(2)(2)
Comprehensive income attributable to Amcor plc$205 $86 
(a) Tax expense related to cash flow hedges$(1)$— 
(b) Tax benefit/(expense) related to foreign currency translation adjustments$1 $(1)
(c) Tax benefit related to pension adjustments$— $— 
See accompanying notes to condensed consolidated financial statements.

6


Amcor plc and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

($ in millions, except share and per share data)September 30, 2024June 30, 2024
Assets
Current assets:
Cash and cash equivalents$432 $588 
Trade receivables, net of allowance for credit losses of $23 and $24, respectively
1,973 1,846 
Inventories, net:
Raw materials and supplies1,021 862 
Work in process and finished goods1,207 1,169 
Prepaid expenses and other current assets605 500 
Total current assets5,238 4,965 
Non-current assets:
Property, plant, and equipment, net3,854 3,763 
Operating lease assets558 567 
Deferred tax assets144 148 
Other intangible assets, net1,368 1,391 
Goodwill5,385 5,345 
Employee benefit assets34 34 
Other non-current assets329 311 
Total non-current assets11,672 11,559 
Total assets$16,910 $16,524 
Liabilities
Current liabilities:
Current portion of long-term debt$13 $12 
Short-term debt115 84 
Trade payables2,380 2,580 
Accrued employee costs333 399 
Other current liabilities1,227 1,186 
Total current liabilities4,068 4,261 
Non-current liabilities:
Long-term debt, less current portion7,176 6,603 
Operating lease liabilities479 488 
Deferred tax liabilities570 584 
Employee benefit obligations210 217 
Other non-current liabilities414 418 
Total non-current liabilities8,849 8,310 
Total liabilities$12,917 $12,571 
Commitments and contingencies (See Note 14)
Shareholders' Equity
Amcor plc shareholders’ equity:
Ordinary shares ($0.01 par value)
Authorized (9,000 million shares)
Issued (1,445 and 1,445 million shares, respectively)
$14 $14 
Additional paid-in capital4,030 4,019 
Retained earnings890 879 
Accumulated other comprehensive loss(1,006)(1,020)
Treasury shares (1 and 1 million shares, respectively)
(9)(11)
Total Amcor plc shareholders' equity3,919 3,881 
Non-controlling interests74 72 
Total shareholders' equity3,993 3,953 
Total liabilities and shareholders' equity$16,910 $16,524 
See accompanying notes to condensed consolidated financial statements.
7


Amcor plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended September 30,
($ in millions)20242023
Cash flows from operating activities:  
Net income$193 $154 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and impairment141 149 
Net periodic benefit cost4 4 
Amortization of debt discount and other deferred financing costs3 3 
Equity in loss of affiliated companies— 1 
Net foreign exchange (gain)/loss(2)7 
Share-based compensation5 (5)
Other, net12 15 
Loss from highly inflationary accounting for Argentine subsidiaries8 33 
Deferred income taxes, net(2)(6)
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency(631)(490)
Net cash used in operating activities(269)(135)
Cash flows from investing activities:
Investments in affiliated companies and other— (3)
Business acquisitions(11)(19)
Purchase of property, plant, and equipment, and other intangible assets(145)(124)
Proceeds from sales of property, plant, and equipment, and other intangible assets1 4 
Net cash used in investing activities(155)(142)
Cash flows from financing activities:
Proceeds from issuance of shares13 — 
Purchase of treasury shares and tax withholdings for share-based incentive plans(47)(46)
Proceeds from issuance of long-term debt3 — 
Repayment of long-term debt(2)(17)
Net borrowing of commercial paper446 388 
Net borrowing of short-term debt7 25 
Repayment of lease liabilities(3)(3)
Share buybacks/cancellations— (30)
Dividends paid(180)(176)
Net cash provided by financing activities237 141 
Effect of exchange rates on cash and cash equivalents31 (29)
Net decrease in cash and cash equivalents(156)(165)
Cash and cash equivalents balance at beginning of year588 689 
Cash and cash equivalents balance at end of period$432 $524 
Supplemental cash flow information:
Interest paid, net of amounts capitalized$43 $57 
Income taxes paid$75 $53 
Supplemental non-cash disclosures relating to investing and financing activities:
Purchase of property, plant, and equipment, accrued but unpaid$69 $58 
Contingent purchase considerations related to acquired businesses, accrued but not paid$17 $35 
See accompanying notes to condensed consolidated financial statements.
8


Amcor plc and Subsidiaries
Condensed Consolidated Statements of Equity
(Unaudited)
($ in millions, except per share data)Ordinary SharesAdditional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTreasury SharesNon-controlling InterestsTotal
Balance as of June 30, 2023$14 $4,021 $865 $(862)$(12)$64 $4,090 
Net income152 2 154 
Other comprehensive loss(66)— (66)
Share buyback/cancellations— (30)(30)
Dividends declared ($0.1225 per share)
(176)— (176)
Shares vested and related tax withholdings(48)45 (3)
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax45 45 
Purchase of treasury shares(45)(45)
Share-based compensation expense(5)(5)
Balance as of September 30, 2023$14 $3,983 $841 $(928)$(12)$66 $3,964 
Balance as of June 30, 2024$14 $4,019 $879 $(1,020)$(11)$72 $3,953 
Net income191 2 193 
Other comprehensive income14 — 14 
Dividends declared ($0.1250 per share)
(180)— (180)
Options exercised and shares vested, and related tax withholdings(37)45 8 
Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax43 43 
Purchase of treasury shares(43)(43)
Share-based compensation expense5 5 
Balance as of September 30, 2024$14 $4,030 $890 $(1,006)$(9)$74 $3,993 
See accompanying notes to condensed consolidated financial statements.

9


Amcor plc and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Note 1 - Nature of Operations and Basis of Presentation

    Amcor plc ("Amcor" or the "Company") is a public limited company incorporated under the Laws of the Bailiwick of Jersey. The Company's history dates back more than 150 years, with origins in both Australia and the United States of America. Today, Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other consumer goods end markets. The Company's innovation excellence and global packaging expertise enable the Company to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons, and closures that are more functional, appealing, and cost effective for its customers and their consumers and importantly, more sustainable for the environment.

    The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by U.S. GAAP for complete financial statements. Further, the year-end condensed consolidated balance sheet data as of June 30, 2024 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. It is management's opinion, however, that all material and recurring adjustments have been made that are necessary for a fair statement of the Company's interim financial position, results of operations, and cash flows. This Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

    There have been no material changes to the accounting policies followed by the Company during the current fiscal year to date. Certain amounts in the Company's notes to unaudited condensed consolidated financial statements may not add or recalculate due to rounding.

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Note 2 - New Accounting Guidance

Recently Adopted Accounting Standards

    In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04 that adds certain disclosure requirements for entities that use supplier finance programs in connection with the purchase of goods and services. The Company adopted the disclosure requirements in ASU 2022-04 on July 1, 2023, except for the amendment on roll forward information which will be adopted, on a prospective basis, in the Company's fiscal year 2025 Annual Report on Form 10-K.

    
Accounting Standards Not Yet Adopted

    In November 2023, the FASB issued ASU 2023-07 that adds new reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit or loss. The ASU becomes effective for the Company beginning with its fiscal year ending June 30, 2025, and interim periods beginning with the first quarter of fiscal year 2026. The Company is currently evaluating the impact that this guidance will have on its disclosures.

    In December 2023, the FASB issued ASU 2023-09 that adds new income tax disclosure requirements, primarily related to existing income tax rate reconciliation and income taxes paid information. The standard's amendments are effective for the Company for annual periods beginning July 1, 2025, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this guidance will have on its disclosures.

    The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs not yet adopted are either not applicable or are expected to have an immaterial impact on the Company's consolidated financial statements.
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Note 3 - Acquisitions

    On September 27, 2023, the Company completed the acquisition of a small manufacturer of flexible packaging for food, home care, and personal care applications in India for a purchase consideration of $14 million plus the assumption of debt of $10 million. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of goodwill of $12 million. Goodwill is not deductible for tax purposes.

    The fair value estimates for the acquisition were based on market, and cost valuation methods. Pro forma information related to the acquisition has not been presented, as the effect of the acquisition on the Company's condensed consolidated financial statements was not material.





12


Note 4 - Restructuring

    Restructuring and related expenses, net, were $6 million and $28 million during the three months ended September 30, 2024 and 2023, respectively. The Company's restructuring activities for the three months ended September 30, 2024 and 2023 were primarily comprised of restructuring activities related to the 2023 Restructuring Plan (as defined below).

    Restructuring related expenses are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. The Company believes the disclosure of restructuring related costs provides more complete information on its restructuring activities.

2023 Restructuring Plan

    On February 7, 2023, the Company announced that it will allocate approximately $110 million to $130 million of the sale proceeds from the Russian business to various cost saving initiatives to partly offset divested earnings from the Russian business (the "2023 Restructuring Plan" or the "Plan"). The Company expects total Plan cash and non-cash net expenses of approximately $220 million, of which $89 million relates to employee related expenses, $33 million to fixed asset related expenses (net of expected gains on asset disposals), $62 million to other restructuring expenses, and $36 million to restructuring related expenses. The projects initiated as of September 30, 2024 are expected to result in approximately $130 million of net cash expenditures. The Plan includes both the Flexibles and Rigid Packaging reportable segments and is expected to be largely completed by the end of calendar year 2024.

    From the initiation of the Plan through September 30, 2024, the Company has incurred $82 million in employee related expenses, $32 million in fixed asset related expenses, $50 million in other restructuring, and $23 million in restructuring related expenses, with $162 million incurred in the Flexibles reportable segment and $25 million incurred in the Rigid Packaging reportable segment. The Plan has resulted in cumulative net cash outflows of $86 million. Additional cash payments of approximately $40 million, net of estimated proceeds from disposals, are expected until completion of the Plan, which predominantly relates to the Flexibles reportable segment.

    The restructuring related costs relate primarily to the closure of facilities and include startup and training costs after relocation of equipment, and other costs incidental to the Plan.

Other Restructuring Plans

    The Company has entered into other individually immaterial restructuring plans ("Other Restructuring Plans"). Expenses incurred on such programs are primarily costs to move equipment and other costs.

Consolidated Restructuring Plans

    The total costs incurred from the beginning of the Company's 2023 Restructuring Plan and Other Restructuring Plans are as follows:
($ in millions)2023 Restructuring Plan (1)Other Restructuring Plans (2)Total Restructuring and Related Expenses
Fiscal year 2023$94 $17 $111 
Fiscal year 202487 10 97 
Fiscal year 2025, first quarter6 — 6 
Net expenses incurred$187 $27 $214 
(1)Includes restructuring related expenses from the 2023 Restructuring Plan of $6 million, $15 million, and $2 million for fiscal year 2023, fiscal year 2024, and first quarter of fiscal year 2025, respectively. In the three months ended September 30, 2024, all of the restructuring and related expenses, net, were incurred in the Flexibles reportable segment.
(2)Includes restructuring related costs of $4 million in both fiscal years 2023 and 2024.
    
    




13


    An analysis of the restructuring charges by type incurred is as follows:

Three Months Ended September 30,
($ in millions)20242023
Employee related expenses$— $16 
Fixed asset related expenses1 6 
Other expenses3 3 
Total restructuring expenses, net$4 $25 

    An analysis of the Company's restructuring plan liability is as follows:
($ in millions)Employee CostsFixed Asset Related CostsOther CostsTotal Restructuring Costs
Liability balance as of June 30, 2024$80 $3 $19 $102 
Net charges to earnings— 1 3 4 
Cash paid(5)(1)(10)(16)
Non-cash and other— (1)— (1)
Foreign currency translation3 — 1 4 
Liability balance as of September 30, 2024$78 $2 $13 $93 

    The table above includes liabilities arising from the 2023 Restructuring Plan and Other Restructuring Plans. The majority of the accruals related to restructuring activities have been recorded on the unaudited condensed consolidated balance sheets under other current liabilities.

14


Note 5 - Supply Chain Financing Arrangements

    The Company facilitates several regional voluntary supply chain financing ("SCF") programs with financial institutions, all of which have similar characteristics. The Company establishes these SCF programs to provide its suppliers with a potential source of liquidity and to enable a more efficient payment process. Under these SCF programs, qualifying suppliers may elect, but are not obligated, to sell their receivables due from Amcor to these financial institutions in advance of the agreed payment due date. The Company is not involved in negotiations between the suppliers and the financial institutions, and its rights and obligations to its suppliers are not impacted by its suppliers’ decisions to sell amounts to the financial institutions. Under these SCF programs, the Company agrees to pay the financial institution the stated invoice amounts from its participating suppliers on the original maturity dates of the invoices. The range of payment terms negotiated with suppliers under these arrangements are consistent with industry norms and short-term in nature, regardless of whether a supplier participates in the program. The Company's SCF programs do not include any guarantees to the financial institutions, or any assets pledged as securities.

    All outstanding amounts related to suppliers participating in the SCF programs are reflected in trade payables in the Company’s unaudited condensed consolidated balance sheets, and associated payments are included in operating activities within the Company’s unaudited condensed consolidated statements of cash flows. As of September 30, 2024 and June 30, 2024, the amounts due to suppliers participating in the Company’s SCF programs amounted to $0.9 billion and $1.1 billion, respectively.
15


Note 6 - Goodwill and Other Intangible Assets, Net

Goodwill

    Changes in the carrying amount of goodwill attributable to each reportable segment were as follows:

($ in millions)Flexibles Segment Rigid Packaging SegmentTotal
Balance as of June 30, 2024$4,373 $972 $5,345 
Foreign currency translation39 1 40 
Balance as of September 30, 2024$4,412 $973 $5,385 

    Goodwill is not amortized but is tested for impairment annually in the fourth quarter of the fiscal year, or during interim periods if events or circumstances arise which indicate that goodwill may be impaired.

Other Intangible Assets, Net

    Other intangible assets, net were comprised of the following:

 September 30, 2024
($ in millions)Gross Carrying AmountAccumulated Amortization and Impairment (1)Net Carrying Amount
Customer relationships$2,005 $(828)$1,177 
Computer software290 (193)97 
Other344 (250)94 
Total other intangible assets$2,639 $(1,271)$1,368 

 June 30, 2024
($ in millions)Gross Carrying AmountAccumulated Amortization and Impairment (1)Net Carrying Amount
Customer relationships$1,999 $(791)$1,208 
Computer software272 (182)90 
Other (2)334 (241)93 
Total other intangible assets$2,605 $(1,214)$1,391 
(1)Accumulated amortization and impairment as of September 30, 2024 and June 30, 2024 included $37 million and $34 million, respectively, of accumulated impairment in the Other category.
(2)As of June 30, 2024, Other included $17 million of acquired intellectual property assets not yet being amortized as the related R&D projects had not yet been completed.

    Amortization expenses for intangible assets were $42 million and $44 million during the three months ended September 30, 2024 and 2023, respectively.
16


Note 7 - Fair Value Measurements

    The fair values of the Company's financial assets and financial liabilities listed below reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price).

    The Company's non-derivative financial instruments primarily include cash and cash equivalents, trade receivables, trade payables, short-term debt, and long-term debt. As of September 30, 2024 and June 30, 2024, the carrying value of these financial instruments, excluding long-term debt, approximated fair value because of the short-term nature of these instruments.

    The carrying value of long-term debt with variable interest rates approximates its fair value. The fair value of the Company's long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles.

    The carrying values and estimated fair values of long-term debt with fixed interest rates were as follows:

 September 30, 2024June 30, 2024
 Carrying ValueFair ValueCarrying ValueFair Value
($ in millions)(Level 2)(Level 2)
Total long-term debt with fixed interest rates (excluding commercial paper (1) and finance leases)
$5,219 $5,183 $5,141 $4,973 
(1)As of September 30, 2024, the Company had entered into interest rate swap contracts for a total notional amount of commercial paper of $500 million, maturing on June 30, 2025. These contracts are considered to be economic hedges and the related $500 million notional amount of commercial paper is also excluded from the total long-term debt with fixed interest rates.

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

    Additionally, the Company measures and records certain assets and liabilities, including derivative instruments and contingent purchase consideration liabilities, at fair value. The following tables summarize the fair values of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

 September 30, 2024
($ in millions)Level 1Level 2Level 3Total
Assets
Commodity contracts$— $2 $— $2 
Forward exchange contracts— 6 — 6 
Total assets measured at fair value$— $8 $— $8 
Liabilities
Contingent purchase consideration$— $— $28 $28 
Commodity contracts— 2 — 2 
Forward exchange contracts— 5 — 5 
Interest rate swaps— 68 — 68 
Cross currency swaps— 36 — 36 
Total liabilities measured at fair value$— $111 $28 $139 

17


 June 30, 2024
($ in millions)Level 1Level 2Level 3Total
Assets
Commodity contracts$— $2 $— $2 
Forward exchange contracts— 2 — 2 
Total assets measured at fair value$— $4 $— $4 
Liabilities
Contingent purchase consideration$— $— $36 $36 
Commodity contracts— 1 — 1 
Forward exchange contracts— 4 — 4 
Interest rate swaps— 92 — 92 
Cross currency swaps— 16 — 16 
Total liabilities measured at fair value$— $113 $36 $149 

    The fair value of the commodity contracts was determined using a discounted cash flow analysis based on the terms of the contracts and observed market forward prices discounted at a currency specific rate. Forward exchange contract fair values were determined based on quoted prices for similar assets and liabilities in active markets using inputs such as currency rates and forward points. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates.

    Contingent purchase consideration liabilities arise from business acquisitions and other investments. As of September 30, 2024, the Company had contingent purchase consideration liabilities of $28 million, consisting of $17 million of contingent purchase consideration predominantly relating to fiscal year 2023 acquisitions and a $11 million liability that is contingent on future royalty income generated by Discma AG, a subsidiary acquired in March 2017. The fair values of the contingent purchase consideration liabilities were determined for each arrangement individually. The fair values were determined using an income approach with significant inputs that are not observable in the market. Key assumptions include the selection of discount rates consistent with the level of risk of achievement and probability-adjusted financial projections. The expected outcomes are recorded at net present value, which require adjustment over the life for changes in risks and probabilities. Changes arising from modifications in forecasts related to contingent consideration are not expected to be material.

    The fair value of contingent purchase consideration liabilities is included in other current liabilities and other non-current liabilities in the unaudited condensed consolidated balance sheets.

Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis

    In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets at fair value on a nonrecurring basis, generally when events or changes in circumstances indicate the carrying value may not be recoverable, or when they are deemed to be other than temporarily impaired. These assets include goodwill and other intangible assets, equity method and other investments, long-lived assets and disposal groups held for sale, and other long-lived assets. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or as a result of charges to remeasure assets classified as held for sale to fair value less costs to sell. The fair values of these assets are determined, when applicable, based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. These nonrecurring fair value measurements are considered to be Level 3 in the fair value hierarchy.

    In the three months ended September 30, 2024, the Company has recorded an impairment charge of $4 million within the Flexibles reportable segment, to adjust the carrying value of the net assets of $11 million that are held for sale to their estimated fair value less cost to sell.

    During the three months ended September 30, 2024 and 2023, there were no impairment charges recorded on indefinite-lived intangibles, including goodwill. For information on long-lived asset impairments, refer to fixed asset related expenses in Note 4, "Restructuring".
18


Note 8 - Derivative Instruments

    The Company periodically uses derivatives and other financial instruments to hedge exposures to interest rates, commodity prices, and currency risks. The Company does not hold or issue derivative instruments for speculative or trading purposes. For hedges that meet hedge accounting criteria, the Company, at inception, formally designates and documents the instruments as a fair value hedge or a cash flow hedge of a specific underlying exposure. On an ongoing basis, the Company assesses and documents that its designated hedges have been and are expected to continue to be highly effective.

Interest Rate Risk

    The Company's policy is to manage exposure to interest rate risk by maintaining a mixture of fixed-rate and variable-rate debt, monitoring global interest rates, and, where appropriate, hedging floating interest rate exposure or debt at fixed interest rates through various interest rate derivative instruments including, but not limited to, interest rate swaps, and interest rate locks. For interest rate swaps that are accounted for as fair value hedges, the gains and losses related to the changes in the fair value of the interest rate swaps are included in interest expense and offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. Changes in the fair value of interest rate swaps that have not been designated as hedging instruments are reported in the accompanying unaudited condensed consolidated statements of income in other income/(expenses), net.

    On August 5, 2024, the Company entered into an interest rate swap contract for a notional amount of $500 million. Under the terms of the contract, the Company pays a fixed rate of interest of 4.30% and receives a variable rate of interest, based on compound overnight Secured Overnight Financing Rate (" SOFR"), effective from August 12, 2024, through June 30, 2025, with monthly settlements commencing on September 1, 2024. The interest rate swap contract will economically hedge the SOFR component of the Company's forecasted commercial paper issuances. As of September 30, 2024, the Company had no other receive-variable/pay-fixed interest rate swaps outstanding. As of June 30, 2024, the Company did not have receive-variable, pay-fixed interest rate swaps outstanding. The Company did not apply hedge accounting on these economic hedging instruments.

    As of September 30, 2024, and June 30, 2024, the total notional amount of the Company’s receive-fixed/pay-variable interest rate swaps was $650 million.

Foreign Currency Risk

    The Company manufactures and sells its products and finances operations in a number of countries throughout the world and, as a result, is exposed to movements in foreign currency exchange rates. The purpose of the Company's foreign currency hedging program is to manage the volatility associated with the changes in exchange rates.

    To manage this exchange rate risk, the Company utilizes forward contracts and cross currency swaps. Forward contracts that qualify for hedge accounting are designated as cash flow hedges of certain forecasted transactions denominated in foreign currencies. The effective portion of the changes in fair value of these instruments is reported in accumulated other comprehensive loss ("AOCI") and reclassified into earnings in the same financial statement line item and in the same period or periods during which the related hedged transactions affect earnings. The ineffective portion is recognized in earnings over the life of the hedging relationship in the same consolidated statements of income line item as the underlying hedged item. Changes in the fair value of forward contracts that have not been designated as hedging instruments are reported in the accompanying unaudited condensed consolidated statements of income.

    As of September 30, 2024, and June 30, 2024, the notional amount of the outstanding forward contracts was $0.6 billion.

    In May 2024, the Company entered into cross currency swap contracts for a total notional amount of $500 million. Under the terms of the contracts, the Company swapped the notional and periodic interest payments to Swiss francs to manage the foreign currency risk, and receives a fixed U.S. dollar rate of interest of 5.450% and pays a fixed weighted-average Swiss franc rate of interest of 2.218%. The Company has designated these cross currency swap contracts as a fair value hedge of $500 million notes and recognizes the components excluded from the hedging relationship in accumulated other comprehensive loss ("AOCI") and reclassifies into earnings through the accrual of the periodic interest settlements on the swaps.

    At September 30, 2024 and June 30, 2024, the Company had cross currency swaps with a notional amount of $500 million outstanding.
    


19


Commodity Risk

    Certain raw materials used in the Company's production processes are subject to price volatility caused by weather, supply conditions, political and economic variables, and other unpredictable factors. The Company's policy is to minimize exposure to price volatility by passing through the commodity price risk to customers, including through the use of fixed price swaps.

    In some cases, the Company purchases, on behalf of customers, fixed price commodity swaps to offset the exposure of price volatility on the underlying sales contracts. These instruments are cash closed out on maturity and the related cost or benefit is passed through to customers. Information about commodity price exposure is derived from supply forecasts submitted by customers and these exposures are hedged by central treasury units. Changes in the fair value of commodity hedges are recognized in AOCI. The cumulative amount of the hedge is recognized in the unaudited condensed consolidated statements of income when the forecasted transaction is realized.

    The Company had the following outstanding commodity contracts to hedge forecasted purchases:
 September 30, 2024June 30, 2024
CommodityVolumeVolume
Aluminum19,797 tons10,673 tons
PET resin17,800,000 lbs.27,916,666 lbs.

    The following table provides the location of derivative instruments in the unaudited condensed consolidated balance sheets:

($ in millions)Balance Sheet LocationSeptember 30, 2024June 30, 2024
Assets
Derivatives in cash flow hedging relationships:
Commodity contractsOther current assets$2 $2 
Forward exchange contractsOther current assets5 2 
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current assets1 — 
Total current derivative contracts8 4 
Total non-current derivative contracts— — 
Total derivative asset contracts$8 $4 
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contractsOther current liabilities$2 $1 
Forward exchange contractsOther current liabilities3 3 
Derivatives not designated as hedging instruments:
Forward exchange contractsOther current liabilities2 1 
Interest rate swapsOther current liabilities1 — 
Total current derivative contracts8 5 
Derivatives in fair value hedging relationships:
Interest rate swapsOther non-current liabilities67 92 
Cross currency swapsOther non-current liabilities36 16 
Total non-current derivative contracts103 108 
Total derivative liability contracts$111 $113 

    Certain derivative financial instruments are subject to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the unaudited condensed consolidated balance sheets.
    


20


    The following tables provide the effects of derivative instruments on AOCI and in the unaudited condensed consolidated statements of income:

Location of Gain / (Loss) Reclassified from AOCI into IncomeGain / (Loss) Reclassified from AOCI into Income (Effective Portion)
Three Months Ended September 30,
($ in millions)20242023
Derivatives in cash flow hedging relationships
Commodity contractsCost of sales$1 $(1)
Forward exchange contractsNet sales— 1 
Treasury locksInterest expense(1)(1)
Total$— $(1)

Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of IncomeGain / (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
Three Months Ended September 30,
($ in millions)20242023
Derivatives not designated as hedging instruments
Forward exchange contractsOther income/(expenses), net$— $2 
Interest rate swapsOther income/(expenses), net(1)(3)
Total$(1)$(1)

Location of Gain / (Loss) Recognized in the Unaudited Condensed Consolidated Statements of IncomeGain / (Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships
Three Months Ended September 30,
($ in millions)20242023
Derivatives in fair value hedging relationships
Interest rate swapsInterest expense25 (11)
Cross currency swaps (1)Interest expense3 — 
Cross currency swapsOther income/(expenses), net(35)— 
Total$(7)$(11)

(1)Represents the gains for amounts excluded from the effectiveness testing.
21


Note 9 - Components of Net Periodic Benefit Cost

    Net periodic benefit cost for defined benefit plans included the following components:

Three Months Ended September 30,
($ in millions)20242023
Service cost$4 $4 
Interest cost13 13 
Expected return on plan assets(13)(14)
Amortization of actuarial loss1 1 
Amortization of prior service credit(1)(1)
Settlement costs — 1 
Net periodic benefit cost$4 $4 

    Service cost is included in operating income. All other components of net periodic benefit cost are recorded within other non-operating expenses, net.

    
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Note 10 - Income Taxes

    The provision for income taxes for the three months ended September 30, 2024 and 2023 is based on the Company’s estimated annual effective tax rate for the respective fiscal years which is applied on income before income taxes and equity in loss of affiliated companies, and is adjusted for specific items that are required to be recognized in the period in which they are incurred.

    The effective tax rate for the three months ended September 30, 2024 decreased by 1.9 percentage points compared to the three months ended September 30, 2023 from 20.1% to 18.2%, primarily due to the difference in magnitude of non-deductible expenses in both periods.

    

    
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Note 11 - Shareholders' Equity

    The changes in ordinary and treasury shares during the three months ended September 30, 2024 and 2023 were as follows:

Ordinary SharesTreasury Shares
(shares and $ in millions)Number of SharesAmountNumber of SharesAmount
Balance as of June 30, 20231,448 $14 1 $(12)
Share buyback / cancellations(3)— — — 
Shares vested— — (4)45 
Purchase of treasury shares— — 4 (45)
Balance as of September 30, 20231,445 $14 1 $(12)
Balance as of June 30, 20241,445 $14 1 $(11)
Options exercised and shares vested— — (4)45 
Purchase of treasury shares— — 4 (43)
Balance as of September 30, 20241,445 $14 1 $(9)

    The changes in the components of accumulated other comprehensive loss, net of tax, during the three months ended September 30, 2024 and 2023 were as follows:

Foreign Currency TranslationNet Investment HedgePensionEffective DerivativesTotal Accumulated Other Comprehensive Loss
($ in millions)
Balance as of June 30, 2023$(823)$(13)$(10)$(16)$(862)
Other comprehensive loss before reclassifications(68)— — — (68)
Amounts reclassified from accumulated other comprehensive loss— — 1 1 2 
Net current period other comprehensive income / (loss)(68)— 1 1 (66)
Balance as of September 30, 2023$(891)$(13)$(9)$(15)$(928)
Balance as of June 30, 2024$(931)$(13)$(55)$(21)$(1,020)
Other comprehensive income before reclassifications1 — 1 12 14 
Amounts reclassified from accumulated other comprehensive loss— — — — — 
Net current period other comprehensive income1 — 1 12 14 
Balance as of September 30, 2024$(930)$(13)$(54)$(9)$(1,006)

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    The following tables provide details of amounts reclassified from AOCI into income:

Three Months Ended September 30,
($ in millions)20242023
Amortization of pension:
Amortization of prior service credit$(1)$(1)
Amortization of actuarial loss1 1 
Effect of pension settlement— 1 
Total before tax effect— 1 
Tax effect— — 
Total net of tax$— $1 
(Gains)/Losses on cash flow hedges:
Commodity contracts$(1)$1 
Forward exchange contracts— (1)
Treasury locks1 1 
Total before tax effect— 1 
Tax effect— — 
Total net of tax$— $1 

Forward contracts to purchase own shares

    The Company's employee share plans require the delivery of shares to employees in the future when rights vest or vested options are exercised. The Company currently acquires shares on the open market to deliver shares to employees to satisfy vesting or exercising commitments which exposes the Company to market price risk.

    To protect the Company from share price volatility, the Company has entered into forward contracts for the purchase of its ordinary shares. As of September 30, 2024, the Company had forward contracts outstanding that were entered into in September 2022 and mature in March 2025 to purchase 2 million shares at a weighted average price of $12.16. As of June 30, 2024, the Company had forward contracts outstanding that were entered into in September 2022 and matured in September 2024 to purchase 6 million shares at a weighted average price of $12.11. During the three months ended September 30, 2024, the Company's forward contracts related to 4 million shares were settled, which were outstanding as of June 30, 2024.

    The forward contracts to purchase the Company's own shares have been included in other current liabilities in the unaudited condensed consolidated balance sheets. Equity is reduced by an amount equal to the fair value of the shares at inception. The carrying value of the forward contracts at each reporting period was determined based on the present value of the cost required to settle the contracts.
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Note 12 - Segments

    The Company's business is organized and presented in the two reportable segments outlined below:

Flexibles: Consists of operations that manufacture flexible and film packaging in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.

Rigid Packaging: Consists of operations that manufacture rigid containers for a broad range of predominantly beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and wine, sauces, dressings, spreads and personal care items, and plastic caps for a wide variety of applications.

    Other consists of the Company's undistributed corporate expenses, including executive and functional compensation costs, equity method and other investments, intercompany eliminations, and other business activities.

    The accounting policies of the reportable segments are the same as those in the unaudited condensed consolidated financial statements. Intersegment sales and transfers are not significant.

    The following table presents information about reportable segments:

Three Months Ended September 30,
($ in millions)20242023
Flexibles$2,552 $2,568 
Rigid Packaging801 875 
Net sales$3,353 $3,443 
Adjusted earnings before interest and taxes ("Adjusted EBIT")
Flexibles$329 $322 
Rigid Packaging62 62 
Other(26)(26)
Adjusted EBIT365 358 
Less: Amortization of acquired intangible assets from business combinations (1)(39)(41)
Less: Impact of hyperinflation (2)(2)(17)
Less: Restructuring and related expenses, net (3)(6)(28)
Less: Other (4)(7)(4)
Interest income11 10 
Interest expense(86)(85)
Equity in loss of affiliated companies, net of tax— 1 
Income before income taxes and equity in loss of affiliated companies$236 $194 

(1)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from past acquisitions.
(2)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso.
(3)Restructuring and related expenses, net primarily includes costs incurred in connection with the 2023 Restructuring Plan.
(4)Other includes, for the three months ended September 30, 2024, various expense and income items primarily relating to an impairment charge of $4 million (refer to Note 7 - Fair Value Measurements), and fair value movements on economic hedges. For the three months ended September 30, 2023, Other includes various expense and income items relating to acquisitions, certain litigation reserve settlements, and fair value movements on economic hedges.


    





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    The following table disaggregates net sales by geography in which the Company operates based on manufacturing or selling operations:

Three Months Ended September 30,
20242023
($ in millions)FlexiblesRigid PackagingTotalFlexiblesRigid PackagingTotal
North America$1,032 $605 $1,637 $1,024 $676 $1,700 
Latin America271 196 467 285 199 484 
Europe838 — 838 858 — 858 
Asia Pacific411 — 411 401 — 401 
Net sales$2,552 $801 $3,353 $2,568 $875 $3,443 

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Note 13 - Earnings Per Share Computations

    The Company applies the two-class method when computing its earnings per share ("EPS"), which requires that net income per share for each class of share be calculated assuming all of the Company's net income is distributed as dividends to each class of share based on their contractual rights.

    Basic EPS is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding after excluding the ordinary shares to be repurchased using forward contracts. Diluted EPS includes the effects of share options, restricted share units, performance rights, performance shares, and share rights, if dilutive.

 Three Months Ended September 30,
(in millions, except per share amounts)20242023
Numerator  
Net income attributable to Amcor plc$191 $152 
Distributed and undistributed earnings attributable to shares to be repurchased(1)(1)
Net income available to ordinary shareholders of Amcor plc—basic and diluted$190 $151