Derivatives and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2020

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, 2020 and June 30, 2020:

December 31, 2020	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	—	$	—	$	8.6	$	8.6
Other assets	—		—		7.6		7.6
Total asset derivatives	$	—	$	—	$	16.2	$	16.2
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	1.5	$	5.7	$	7.2
Other liabilities	—		—		3.9		3.9
Total liability derivatives	$	—	$	1.5	$	9.6	$	11.1

June 30, 2020	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	1.2	$	0.2	$	2.2	$	3.6
Other assets	2.8		0.6		3.1		6.5
Total asset derivatives	$	4.0	$	0.8	$	5.3	$	10.1
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	—	$	11.1	$	11.1
Other liabilities	—		—		6.8		6.8
Total liability derivatives	$	—	$	—	$	17.9	$	17.9

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 three and six months ended December 31, 2020 and 2019:

	Amount of Gain (Loss) Recognized in AOCI on Derivatives
	Three Months Ended December 31,				Six Months Ended December 31,
($ in millions)	2020		2019		2020		2019
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	9.2	$	(21.9)	$	23.0	$	17.9
Foreign exchange contracts	(0.1)		(0.2)		(0.1)		0.5
Total	$	9.1	$	(22.1)	$	22.9	$	18.4

($ in millions)	Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
		Three Months Ended December 31,
		2020		2019
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	2.4	$	2.8
Foreign exchange contracts	Net sales	—		0.1
Forward interest rate swaps	Interest expense	0.1		0.1
Total		$	2.5	$	3.0

($ in millions)	Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
		Six Months Ended December 31,
		2020		2019
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	5.2	$	7.5
Foreign exchange contracts	Net sales	—		0.6
Forward interest rate swaps	Interest expense	0.2		0.2
Total		$	5.4	$	8.3

Summary of effect of derivative instruments on income

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 three and six months ended December 31, 2020 and 2019:

	Three Months Ended December 31, 2020						Three Months Ended December 31, 2019
($ in millions)	Net Sales		Cost of Sales		Interest Expense		Net Sales		Cost of Sales		Interest Expense
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	348.8	$	342.8	$	7.9	$	573.0	$	460.4	$	5.3
Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of gain reclassified from AOCI to income	$	—	$	2.4	$	—	$	—	$	2.8	$	—
Foreign currency forward contracts
Amount of gain reclassified from AOCI to income	—		—		—		0.1		—		—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		0.1		—		—		0.1
(Loss) gain on Derivatives in Fair Value Hedging Relationship:
Interest rate swap agreements
Hedged Item	—		—		—		—		—		(0.1)
Derivatives designated as hedging instruments	—		—		—		—		—		0.1
Total gain	$	—	$	2.4	$	0.1	$	0.1	$	2.8	$	0.1

	Six Months Ended December 31, 2020						Six Months Ended December 31, 2019
($ in millions)	Net Sales		Cost of Sales		Interest Expense*		Net Sales		Cost of Sales		Interest Expense
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	702.1	$	692.6	$	14.6	$	1,158.4	$	933.1	$	10.7
Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of gain reclassified from AOCI to income	$	—	$	5.2	$	—	$	—	$	7.5	$	—
Foreign currency forward contracts
Amount of gain reclassified from AOCI to income	—		—		—		0.6		—		—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		0.2		—		—		0.2
(Loss) gain on Derivatives in Fair Value Hedging Relationship:
Interest rate swap agreements
Hedged Item	—		—		(2.7)		—		—		(0.1)
Derivatives designated as hedging instruments	—		—		2.7		—		—		0.1
Total gain	$	—	$	5.2	$	0.2	$	0.6	$	7.5	$	0.2

* $2.3 million of gains related to the interest rate swap agreements were recorded as a decrease to debt extinguishment losses.

Summary of amounts recorded in balance sheet related to cumulative basis adjustment for fair value interest rate risk hedges

As of December 31, 2020, and June 30, 2020, 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 hedging adjustment included in the carrying amount of the hedged liabilities
($ in millions)	December 31, 2020		June 30, 2020		December 31, 2020		June 30, 2020
Line item in the consolidated balance sheets in which the hedged item is included
Long Term Debt	$	—	$	152.8	$	—	$	2.8