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Derivatives and Hedging Activities (Tables)
6 Months Ended
Dec. 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 December 31, 2017 and June 30, 2017:
 
December 31, 2017
 
Interest
Rate Swaps
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
Total
Derivatives
($ in millions)
 
 
 
 
Asset Derivatives:
 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 

 
 

 
 

 
 

Other current assets
 
$
0.5

 
$

 
$
12.7

 
$
13.2

Other assets
 
0.6

 

 
17.9

 
18.5

Total asset derivatives
 
$
1.1

 
$

 
$
30.6

 
$
31.7

Liability Derivatives:
 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 

 
 

 
 

 
 

Accrued liabilities
 
$

 
$
1.3

 
$
1.6

 
$
2.9

Other liabilities
 
0.9

 

 
0.3

 
1.2

Total liability derivatives
 
$
0.9

 
$
1.3

 
$
1.9

 
$
4.1

 
June 30, 2017
 
Interest
Rate Swaps
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
Total
Derivatives
($ in millions)
 
 
 
 
Asset Derivatives:
 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 

 
 

 
 

 
 

Other current assets
 
$
0.6

 
$
0.2

 
$
6.4

 
$
7.2

Other assets
 
1.6

 

 
5.7

 
7.3

Total asset derivatives
 
$
2.2

 
$
0.2

 
$
12.1

 
$
14.5

Liability Derivatives:
 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 

 
 

 
 

 
 

Accrued liabilities
 
$

 
$
1.0

 
$
12.1

 
$
13.1

Other liabilities
 

 

 
6.0

 
6.0

Total liability derivatives
 
$

 
$
1.0

 
$
18.1

 
$
19.1

Summary of the (losses) gains related to cash flow hedges
The following is a summary of the gains (losses) related to cash flow hedges recognized during the three and six months ended December 31, 2017 and 2016:
 
 
 
Amount of Gain (Loss)
Recognized in AOCI on
Derivatives
(Effective Portion)
 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2017
 
2016
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationship:
 
 

 
 

 
 

 
 

  Commodity contracts
 
$
20.7

 
$
(22.5
)
 
$
30.3

 
$
(15.4
)
  Foreign exchange contracts
 
(0.3
)
 
0.6

 
(0.7
)
 
0.6

Total
 
$
20.4

 
$
(21.9
)
 
$
29.6

 
$
(14.8
)
 
($ in millions)
 
Location of (Loss) Gain
Reclassified from AOCI into
Income
 
Amount of (Loss) Gain
Reclassified from AOCI
into Income
(Effective Portion)
 
Amount of (Loss) Gain 
Reclassified from AOCI
into Income
(Ineffective Portion)
 
 
Three Months Ended
December 31,
 
Three Months Ended
December 31,
 
 
2017
 
2016
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationship:
 
 
 
 
 
 
 
 
  Commodity contracts
 
Cost of sales
 
$
(0.2
)
 
$
(7.9
)
 
$

 
$

  Foreign exchange contracts
 
Net sales
 
(0.1
)
 
0.5

 

 

  Forward interest rate swaps
 
Interest expense
 
0.1

 
0.1

 

 

Total
 
 
 
$
(0.2
)
 
$
(7.3
)
 
$

 
$


($ in millions)
 
Location of (Loss) Gain
Reclassified from AOCI into
Income
 
Amount of (Loss) Gain
Reclassified from AOCI
into Income
(Effective Portion)
 
Amount of (Loss) Gain
Reclassified from AOCI
into Income
(Ineffective Portion)
 
 
Six Months Ended
December 31,
 
Six Months Ended
December 31,
 
 
2017
 
2016
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationship:
 
 
 
 
 
 
 
 
  Commodity contracts
 
Cost of sales
 
$
(2.8
)
 
$
(18.0
)
 
$
(0.8
)
 
$
0.5

  Foreign exchange contracts
 
Net sales
 
(0.5
)
 
0.6

 

 

  Forward interest rate swaps
 
Interest expense
 
0.2

 
0.2

 

 

Total
 
 
 
$
(3.1
)
 
$
(17.2
)
 
$
(0.8
)
 
$
0.5