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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Jun. 30, 2019
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 June 30, 2019 and 2018:
 
June 30, 2019
($ in millions)
 
Interest Rate Swaps
 
Foreign Currency Contracts
 
Commodity Contracts
 
Total Derivatives
Asset Derivatives:
 
 
 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

 
 

Other current assets
 
$
0.3

 
$
0.6

 
$
3.8

 
$
4.7

Other assets
 
1.6

 
0.2

 
6.0

 
7.8

Total asset derivatives
 
$
1.9

 
$
0.8

 
$
9.8

 
$
12.5

Liability Derivatives:
 
 
 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

 
 

Accrued liabilities
 
$
—

 
$
—

 
$
16.7

 
$
16.7

Other liabilities
 
—

 
—

 
11.3

 
11.3

Total liability derivatives
 
$
—

 
$
—

 
$
28.0

 
$
28.0


June 30, 2018
($ in millions)
 
Interest Rate Swaps
 
Foreign Currency Contracts
 
Commodity Contracts
 
Total Derivatives
Asset Derivatives:
 
 
 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

 
 

Other current assets
 
$
0.1

 
$
0.4

 
$
15.3

 
$
15.8

Other assets
 
—

 
—

 
19.4

 
19.4

Total asset derivatives
 
$
0.1

 
$
0.4

 
$
34.7

 
$
35.2

Liability Derivatives:
 
 
 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

 
 

Accrued liabilities
 
$
—

 
$
0.1

 
$
—

 
$
0.1

Other liabilities
 
2.9

 
—

 
0.4

 
3.3

Total liability derivatives
 
$
2.9

 
$
0.1

 
$
0.4

 
$
3.4
Summary of the gains (losses) related to cash flow hedges
The following is a summary of the gains (losses) related to cash flow hedges recognized during the years ended June 30, 2019, 2018 and 2017:
 
 
 
Amount of Gain (Loss) Recognized in AOCI on Derivatives 
Years Ended June 30,
($ in millions)
 
2019
 
2018
 
2017
Derivatives in Cash Flow Hedging Relationship:
 
 

 
 

 
 

Commodity contracts
 
$
45.4

 
$
41.4

 
$
9.4

Foreign exchange contracts
 
(0.9
)
 
(0.4
)
 
(0.1
)
Total
 
$
44.5

 
$
41.0

 
$
9.3

 
 
 
 
 
Amount of Gain (Loss) Reclassified from AOCI into Income 
Years Ended June 30,
($ in millions)
 
Location of Gain (Loss)  
Reclassified from AOCI
 into Income
 
2019
 
2018
 
2017
Derivatives in Cash Flow Hedging Relationship:
 
 
 
 

 
 

 
 

Commodity contracts
 
Cost of sales
 
$
5.1

 
$
3.8

 
$
(22.8
)
Foreign exchange contracts
 
Net sales
 
1.0

 
(1.0
)
 
0.5

Forward interest rate swaps
 
Interest expense
 
0.4

 
0.4

 
0.4

Total
 
 
 
$
6.5

 
$
3.2

 
$
(21.9
)







The following is a summary of total amounts presented in the consolidated statements of income in which the effects of cash flow and fair value hedges are recorded during the years ended June 30, 2019 and 2018:
 
 
Year Ended
June 30, 2019
 
Year Ended
June 30, 2018
($ in millions)
 
Net Sales
 
Cost of Sales
 
Interest Expense
 
Net Sales
 
Cost of Sales
 
Interest Expense
Total amounts presented in the consolidated statements of income in which the effects of cash flow and fair value hedges are recorded
 
$
2,380.2

 
$
1,935.4

 
$
26.0

 
$
2,157.7

 
$
1,775.4

 
$
28.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on Derivatives in Cash Flow Hedging Relationship:
 
 
 
 
 
 
 
 
 
 
 
 
   Commodity contracts
 


 


 


 


 


 

Amount of gain reclassified from AOCI to income
 
—

 
5.1

 
—

 
—

 
3.8

 
—

   Foreign currency forward contracts
 


 


 


 


 


 

Amount of gain (loss) reclassified from AOCI to income
 
1.0

 
—

 
—

 
(1.0
)
 
—

 
—

   Interest rate swap agreements
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain reclassified from AOCI to income
 
—

 
—

 
0.4

 
—

 
—

 
0.4

Gain (Loss) on Derivatives in Fair Value Hedging Relationship:
 
 
 
 
 
 
 
 
 
 
 
 
   Interest rate swap agreements
 

 

 

 

 

 

         Hedged Item
 
—

 
—

 
0.2

 
—

 
—

 
(0.4
)
Derivatives designated as hedging instruments
 
—

 
—

 
(0.2
)
 
—

 
—

 
0.4

Total gain (loss)
 
$
1.0

 
$
5.1

 
$
0.4

 
$
(1.0
)
 
$
3.8

 
$
0.4

 
Summary of amounts recorded in balance sheet related to cumulative basis adjustment for fair value interest rate risk hedges
As of June 30, 2019, and June 30, 2018, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges of interest rate risk:
 
 
Carrying amount of the hedged liabilities
 
Cumulative amount of fair value loss (gain) in the carrying amount of the hedged liabilities
($ in millions)
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
Line item in the consolidated balance sheets in which the hedged item is included:
 
 
 
 
 
 
 
 
Long-Term Debt
 
$
151.6

 
$
147.1

 
$
1.6

 
$
(2.9
)
Schedule of changes in AOCI associated with derivative hedging activities
The changes in AOCI associated with derivative hedging activities during the years ended June 30, 2019, 2018 and 2017 were as follows:
 
($ in millions)
 
2019
 
2018
 
2017
Balance, beginning
 
$
23.8

 
$
(2.3
)
 
$
(21.8
)
Cumulative adjustment upon adoption of ASU 2017-12 reclassified to reinvested earnings
 
(1.0
)
 
—

 
—

Current period changes in fair value, net of tax
 
(32.7
)
 
26.9

 
5.8

Reclassification to earnings, net of tax
 
(4.9
)
 
(0.8
)
 
13.7

Balance, ending
 
$
(14.8
)
 
$
23.8

 
$
(2.3
)