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Employee Retirement Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]    
Benefit obligation and fair value of plan assets for the defined benefit retirement and postretirement plan
The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability:

At June 30,
Retirement Benefits
 
Other Post-Retirement Benefits
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Accumulated Benefit Obligation
$
322.4

 
$
328.1

 
$
2.8

 
$
3.6

 
 
 
 
 
 
 
 
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
336.6

 
323.7

 
3.6

 
3.7

Company service cost
3.2

 
2.8

 
—

 
—

Interest cost
6.6

 
10.4

 
0.1

 
0.1

Employee contributions
—

 
—

 
—

 
—

Plan amendments
—

 
(0.7
)
 
—

 
—

Curtailments
—

 
—

 
—

 
—

Settlements
—

 
—

 
—

 
—

Special termination benefits
—

 
—

 
—

 
—

Divestitures
—

 
—

 
—

 
—

Other
5.5

 
—

 
—

 
—

Benefits paid
(11.0
)
 
(11.6
)
 
(0.8
)
 
(0.2
)
Actual expenses
—

 
—

 
—

 
—

Actuarial (gain)/loss
(6.4
)
 
40.5

 
(0.1
)
 
—

Exchange rate gain/(loss)
(3.9
)
 
(28.5
)
 
—

 
—

Benefit obligation at end of year
330.6

 
336.6

 
2.8

 
3.6

 
 
 
 
 
 
 
 
Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
227.6

 
222.0

 
—

 
—

Actual return on plan assets
18.4

 
33.8

 
—

 
—

Company contributions
10.6

 
9.2

 
0.7

 
0.2

Employee contributions
—

 
—

 
—

 
—

Settlements
—

 
—

 
—

 
—

Special company contributions to fund termination benefits
—

 
—

 
—

 
—

Divestitures
—

 
—

 
—

 
—

Other
4.5

 
—

 
—

 
—

Benefits paid
(11.0
)
 
(11.6
)
 
(0.7
)
 
(0.2
)
Actual expenses
—

 
—

 
—

 
—

Exchange rate gain/(loss)
(5.5
)
 
(25.8
)
 
—

 
—

Fair value of plan assets at end of year
244.6

 
227.6

 
—

 
—

 
 
 
 
 
 
 
 
Funded Status
 
 
 
 
 
 
 
Funded status at end of year
(86.0
)
 
(109.0
)
 
(2.8
)
 
(3.6
)
Employer contributions between measurement date and reporting date
—

 
—

 
—

 
—

Net pension asset (liability)
(86.0
)
 
(109.0
)
 
(2.8
)
 
(3.6
)
  
Reconciliation of the net amount recognized in the Consolidated Balance Sheets
The following table provides a reconciliation of the net amount recognized in the Consolidated Balance Sheets:
 
At June 30,
Retirement Benefits
 
Other Post-Retirement Benefits
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Amounts Recognized in Statement of Financial Position
 
 
 
 
 
 
 
Noncurrent assets
$
2.7

 
$
—

 
$
—

 
$
—

Current liabilities
(0.8
)
 
(0.8
)
 
(0.3
)
 
—

Noncurrent liabilities
(87.9
)
 
(108.2
)
 
(2.5
)
 
(3.6
)
Total asset/(liability)
(86.0
)
 
(109.0
)
 
(2.8
)
 
(3.6
)
 
 
 
 
 
 
 
 
Amounts Recognized in Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
Transition (asset)/obligation
—

 
—

 
—

 
—

Prior service cost
(0.5
)
 
(0.5
)
 
—

 
—

Net (gain)/loss
58.2

 
76.9

 
(1.5
)
 
(1.5
)
Total accumulated other comprehensive income at the end of the year
57.7

 
76.4

 
(1.5
)
 
(1.5
)
 
 
 
 
 
 
 
 
Additional Information for Plan with ABO in Excess of Plan Assets
 
 
 
 
 
 
 
Projected benefit obligation
153.1

 
321.0

 
2.8

 
3.6

Accumulated benefit obligation
147.5

 
315.7

 
2.8

 
3.6

Fair value of plan assets
64.5

 
213.3

 
—

 
—

 
 
 
 
 
 
 
 
Additional Information for Plan with PBO in Excess of Plan Assets
 
 
 
 
 
 
 
Projected benefit obligation
153.1

 
336.6

 
2.8

 
3.6

Accumulated benefit obligation
147.5

 
328.1

 
2.8

 
3.6

Fair value of plan assets
64.5

 
227.6

 
—

 
—

 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
Service Cost
3.2

 
2.8

 
—

 
—

Interest Cost
6.6

 
10.4

 
0.1

 
0.1

Expected return on plan assets
(11.0
)
 
(9.8
)
 
—

 
—

Amortization of unrecognized:

 
 
 
 
 
 
Transition (asset)/obligation
—

 
—

 
—

 
—

Prior service cost
—

 
—

 
—

 
—

Net (gain)/loss
4.4

 
2.9

 
(0.2
)
 
(0.1
)
Net periodic benefit cost
3.2

 
6.3

 
(0.1
)
 
—


 
At June 30,
Retirement Benefits
 
Other Post-Retirement Benefits
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
 
 
Net (gain)/loss arising during the year
$
(13.8
)
 
$
16.4

 
(0.1
)
 
—

Prior service cost (credit) during the year
—

 
(0.7
)
 
—

 
—

Transition asset/(obligation) recognized during the year
—

 
—

 
—

 
—

Prior service cost recognized during the year
—

 
—

 
—

 
—

Net gain/(loss) recognized during the year
(4.4
)
 
(2.8
)
 
0.1

 
0.1

Exchange rate gain/(loss) recognized during the year
(0.5
)
 
0.2

 
—

 
—

Total recognized in other comprehensive income
$
(18.7
)
 
$
13.1

 
$
—

 
$
0.1

Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
$
(15.5
)
 
$
19.3

 
$
(0.1
)
 
$
0.1

Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
 
 
 
 
 
 
 
Amortization of:
 
 
 
 
 
 
 
Transition (asset)/obligation
$
—

 
$
—

 
$
—

 
$
—

Prior service cost/(credit)
—

 
—

 
—

 
—

Net (gain)/loss
2.3

 
4.5

 
(0.1
)
 
(0.1
)
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date
 
 
 
 
 
 
 
Discount rate (%)
2.49
%
 
2.33
%
 
3.28
%
 
2.89
%
Rate of compensation increases (%)
2.09
%
 
2.10
%
 
n/a

 
n/a

Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year
 
 
 
 
 
 
 
Discount rate (%)
2.33
%
 
3.38
%
 
2.89
%
 
3.69
%
Rate of compensation increases (%)
2.09
%
 
2.10
%
 
n/a

 
n/a

Expected long-term rate of return (%)
5.46
%
 
4.93
%
 
n/a

 
n/a

Expected Future Contributions
 
 
 
 
 
 
 
Financial Year
 
 
 
 
 
 
 
2018
$
10.3

 

 
$
0.3

 


At June 30,
Retirement Benefits
 
Other Post-Retirement Benefits
(Dollars in millions)
2017
 
2016
 
2017
 
2016
Expected Future Benefit Payments
 
 
 
 
 
 
 
Financial Year
 
 
 
 
 
 
 
2017
10.8

 
9.0

 
0.3

 
0.8

2018
10.6

 
9.4

 
0.3

 
0.3

2019
12.3

 
10.8

 
0.3

 
0.3

2020
11.6

 
11.1

 
0.2

 
0.2

2021
12.1

 
12.0

 
0.2

 
0.2

2022-2026
73.7

 
67.4

 
0.9

 
1.0

 
 
 
 
 
 
 
 
Actual Asset Allocation (%)
 
 
 
 
 
 
 
Equities
22.9
%
 
23.6
%
 
—
%
 
—
%
Government Bonds
27.0
%
 
29.9
%
 
—
%
 
—
%
Corporate Bonds
12.5
%
 
12.3
%
 
—
%
 
—
%
Property
2.5
%
 
2.5
%
 
—
%
 
—
%
Insurance Contracts
9.2
%
 
9.0
%
 
—
%
 
—
%
Other
25.9
%
 
22.7
%
 
—
%
 
—
%
Total
100.0
%
 
100.0
%
 
—
%
 
—
%
 
 
 
 
 
 
 
 
Actual Asset Allocation (Amount)
 
 
 
 
 
 
 
Equities
56.0

 
53.7

 
—

 
—

Government Bonds
66.0

 
68.1

 
—

 
—

Corporate Bonds
30.5

 
28.0

 
—

 
—

Property
6.2

 
5.8

 
—

 
—

Insurance Contracts
22.5

 
20.4

 
—

 
—

Other
63.4

 
51.6

 
—

 
—

Total
244.6

 
227.6

 
—

 
—

 
 
 
 
 
 
 
 
Target Asset Allocation (%)
 
 
 
 
 
 
 
Equities
23.8
%
 
24.1
%
 
—
%
 
—
%
Government Bonds
29.6
%
 
29.8
%
 
—
%
 
—
%
Corporate Bonds
12.1
%
 
12.3
%
 
—
%
 
—
%
Property
2.7
%
 
2.7
%
 
—
%
 
—
%
Insurance Contracts
10
%
 
8.9
%
 
—
%
 
—
%
Other
21.8
%
 
22.2
%
 
—
%
 
—
%
Total
100.0
%
 
100.0
%
 
—
%
 
—
%
  
Summary of plan assets that are measured in fair value
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall:
 
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Investments Measured at Net Asset Value (a)
 
Total Assets
 
 
Equity Securities
$
—

 
$
56.0

 
$
—

 
$
—

 
$
56.0

 
Debt Securities
—

 
96.5

 
—

 
—

 
96.5

 
Real Estate
—

 
4.5

 
—

 
1.7

 
6.2

 
Other
—

 
65.8

 
20.1

 
—

 
85.9

 
Total
$
—

 
$
222.8

 
$
20.1

 
$
1.7

 
$
244.6
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall:  
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Investments Measured at Net Asset Value (a)
 
Total Assets
 
 
Equity Securities
$
—

 
$
53.7

 
$
—

 
$
—

 
53.7

 
Debt Securities
—

 
96.1

 
—

 
—

 
96.1

 
Real Estate
—

 
4.1

 
—

 
1.7

 
5.8

 
Other
—

 
52.4

 
19.6

 
—

 
72.0

 
Total
$
—

 
$
206.3

 
$
19.6

 
$
1.7

 
$
227.6
Reconciliation of beginning and ending balances of level 3 assets
Asset Category Allocations - June 30, 2017
Total (Level 3)
Fair Value Measurement
 
Fair Value Measurement
 
Fair Value Measurement
(Dollars in millions)
Using Significant
 
Using Significant
 
Using Significant
 
Unobservable Inputs
 
Unobservable Inputs
 
Unobservable Inputs
 
Total (Level 3)
 
Insurance Contracts
 
Other
Beginning Balance at June 30, 2016
$
19.6

 
$
3.2

 
$
16.4

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at the reporting date
1.3

 
0.1

 
1.2

Relating to assets sold during the period
—

 
—

 
—

Purchases, sales, settlements, contributions and benefits paid
(0.8
)
 
(0.3
)
 
(0.5
)
Transfers in and/or out of Level 3
—

 
—

 
—

Ending Balance at June 30, 2017
$
20.1

 
$
3.0

 
$
17.1

  
Assumed healthcare cost trend rates
 
Other Post-Retirement Benefits
 
2017
 
2016
 
 
 
 
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date
 
 
 
Healthcare cost trend rate – initial (%)
 
 
 
Pre-65
n/a

 
n/a

Post-65
8.02
%
 
10.35
%
Healthcare cost trend rate – ultimate (%)
 
 
 
Pre-65
n/a

 
n/a

Post-65
4.81
%
 
4.84
%
Year in which ultimate rates are reached
 
 
 
Pre-65
n/a

 
n/a

Post-65
2026

 
2022

Effect of 1% Change in Healthcare Cost Trend Rate
 
 
 
Healthcare cost trend rate up 1%
 
 
 
on APBO at balance sheet date
$
122,687

 
$
169,433

on total service and interest cost
2,884

 
5,721

Effect of 1% Change in Healthcare Cost Trend Rate
 
 
 
Healthcare cost trend rate down 1%
 
 
 
on APBO at balance sheet date
$
(109,956
)
 
$
(151,184
)
on total service and interest cost
(2,583
)
 
(5,106
)
 
 
 
 
Expected Future Contributions
 
 
 
Financial Year
 
 
 
2018
$
277,080