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Reclassifications from Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Reclassifications from Accumulated Other Comprehensive Income (Loss)
Reclassifications from Accumulated Other Comprehensive Income (Loss)
 
The changes in AOCI by component, net of tax, for the years ended June 30, 2015 and 2014 were as follows:

($ in millions) (a)
 
Cash flow hedging items
 
Pension and other postretirement benefit plan items
 
Unrealized losses on available-for-sale securities
 
Foreign currency items
 
Total
Balance at June 30, 2014
 
$
7.6

 
$
(236.7
)
 
$
(0.4
)
 
$
(15.7
)
 
$
(245.2
)
Other comprehensive income before reclassifications
 
(46.0
)
 
(32.0
)
 
—

 
(26.9
)
 
(104.9
)
Amounts reclassified from AOCI (b)
 
9.9

 
11.9

 
0.1

 
—

 
21.9

 
 
 
 
 
 
 
 
 
 
 
Net current-period other comprehensive income
 
(36.1
)
 
(20.1
)
 
0.1

 
(26.9
)
 
(83.0
)
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2015
 
$
(28.5
)
 
$
(256.8
)
 
$
(0.3
)
 
$
(42.6
)
 
$
(328.2
)
($ in millions) (a)
 
Cash flow hedging items
 
Pension and other postretirement benefit plan items
 
Unrealized losses on available-for-sale securities
 
Foreign currency items
 
Total
Balance at June 30, 2013
 
$
(41.5
)
 
$
(273.6
)
 
$
(0.4
)
 
$
(20.2
)
 
$
(335.7
)
Other comprehensive income before reclassifications
 
36.0

 
22.2

 
—

 
4.5

 
62.7

Amounts reclassified from AOCI (b)
 
13.1

 
14.7

 
—

 
—

 
27.8


 
 
 
 
 
 
 
 
 
 
Net current-period other comprehensive income
 
49.1

 
36.9

 
—

 
4.5

 
90.5


 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2014
 
$
7.6

 
$
(236.7
)
 
$
(0.4
)
 
$
(15.7
)
 
$
(245.2
)

(a)                       All amounts are net of tax. Amounts in parentheses indicate debits.
(b)                       See separate table below for further details.
 
The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2015 and 2014:
 
 
 
 
 
Amount Reclassified from AOCI
 
 
 
 
Years Ended June 30,
($ in millions) (a)
 
Location of
(loss) gain
 
2015
 
2014
Details about AOCI Components
 
 
 
 

 
 
Cash flow hedging items
 
 
 
 

 
 
Commodity contracts
 
Cost of sales
 
$
(18.5
)
 
$
(20.5
)
Foreign exchange contracts
 
Net sales
 
2.3

 
(0.8
)
Forward interest rate swaps
 
Interest expense
 
0.4

 
0.4

 
 
Total before tax
 
(15.8
)
 
(20.9
)
 
 
Tax benefit
 
5.9

 
7.8

 
 
Net of tax
 
$
(9.9
)
 
$
(13.1
)
Amortization of pension and other postretirement benefit plan items
 
 
 
 

 
 

Net actuarial loss
 
(b)
 
$
(18.7
)
 
$
(23.0
)
Prior service cost
 
(b)
 
(0.3
)
 
(0.4
)
 
 
Total before tax
 
(19.0
)
 
(23.4
)
 
 
Tax benefit
 
7.1

 
8.7

 
 
Net of tax
 
$
(11.9
)
 
$
(14.7
)

(a)                       Amounts in parentheses indicate debits to income/loss.
(b)                       These AOCI components are included in the computation of net periodic benefit cost (see Note 9 for additional details).

During the year ended June 30, 2015, the Company identified an error related to the accounting for an equity method investment.  Since the investee’s financial statements are prepared using a functional currency other than the US dollar, the Company should be translating the Company’s investment balance into a US dollar equivalent at the end of each period. The impact of correcting this error was a $4.9 million reduction in other assets with an offsetting adjustment to accumulated other comprehensive loss in the Company’s consolidated balance sheet. This adjustment is included in foreign currency translation in the consolidated statement of comprehensive (loss) income for the year ended June 30, 2015. The Company determined that neither the prior period error nor the current period adjustment were material to the periods presented.