Derivatives and Hedging Activities (Tables)

9 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets

The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2017 and June 30, 2016:

March 31, 2017	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	0.4	$	0.3	$	6.5	$	7.2
Other assets	2.0		—		5.9		7.9
Total asset derivatives	$	2.4	$	0.3	$	12.4	$	15.1
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	—	$	11.7	$	11.7
Other liabilities	—		—		3.0		3.0
Total liability derivatives	$	—	$	—	$	14.7	$	14.7

June 30, 2016	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	1.2	$	0.3	$	0.6	$	2.1
Other assets	9.7		—		—		9.7
Total asset derivatives	$	10.9	$	0.3	$	0.6	$	11.8
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	0.3	$	31.3	$	31.6
Other liabilities	—		—		12.3		12.3
Total liability derivatives	$	—	$	0.3	$	43.6	$	43.9

Summary of the (losses) gains related to cash flow hedges

The following is a summary of the (losses) gains related to cash flow hedges recognized during the three and nine months ended March 31, 2017 and 2016:

	Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)
	Three Months Ended March 31,						Nine Months Ended March 31,
($ in millions)	2017			2016			2017			2016
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	(5.7	)	$	(2.5	)	$	(21.1	)	$	(41.3	)
Foreign exchange contracts	(0.2		)	(0.2		)	0.5			0.4
Total	$	(5.9	)	$	(2.7	)	$	(20.6	)	$	(40.9	)

($ in millions)	Location of (Loss) Gain Reclassified from AOCI into Income	Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)						Amount of Gain  Reclassified from AOCI into Income (Ineffective Portion)
		Three Months Ended March 31,						Three Months Ended March 31,
		2017			2016			2017		2016
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	(3.1	)	$	(12.0	)	$	1.4	$	0.5
Foreign exchange contracts	Net sales	0.2			0.1			—		—
Forward interest rate swaps	Interest expense	0.1			0.1			—		—
Total		$	(2.8	)	$	(11.8	)	$	1.4	$	0.5

($ in millions)	Location of (Loss) Gain Reclassified from AOCI into Income	Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)						Amount of Gain Reclassified from AOCI into Income (Ineffective Portion)
		Nine Months Ended March 31,						Nine Months Ended March 31,
		2017			2016			2017		2016
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	(21.0	)	$	(32.6	)	$	2.0	$	1.5
Foreign exchange contracts	Net sales	0.7			0.2			—		—
Forward interest rate swaps	Interest expense	0.3			0.3			—		—
Total		$	(20.0	)	$	(32.1	)	$	2.0	$	1.5