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Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Schedule of Reconciliation of Benefit Obligations, Plan Assets and Funded Status of the Plans
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans:
 
Pension PlansOther Postretirement Plans
($ in millions)2022202120222021
Change in projected benefit obligation:    
Projected benefit obligation at beginning of year$1,225.5 $1,343.1 $249.3 $264.2 
Service cost8.6 9.6 2.4 2.7 
Interest cost36.6 39.4 7.4 7.7 
Benefits paid(62.8)(92.5)(11.6)(12.9)
Actuarial gain(221.2)(25.3)(41.3)(12.4)
Plan settlements(27.3)(48.8)— — 
Projected benefit obligation at end of year959.4 1,225.5 206.2 249.3 
Change in plan assets:    
Fair value of plan assets at beginning of year999.4 923.4 136.3 112.8 
Actual return(153.7)193.7 (11.7)33.6 
Benefits paid(62.8)(92.6)(11.5)(12.8)
Contributions3.8 23.7 1.6 2.7 
Plan settlements(27.3)(48.8)— — 
Fair value of plan assets at end of year759.4 999.4 114.7 136.3 
Funded status of the plans$(200.0)$(226.1)$(91.5)$(113.0)
Amounts recognized in the consolidated balance sheets:    
Accrued liabilities - current(3.4)(3.5)(14.1)(14.4)
Accrued pension liabilities - noncurrent(196.6)(222.6)— — 
Accrued postretirement benefits - noncurrent— — (77.4)(98.6)
Funded status of the plans$(200.0)$(226.1)$(91.5)$(113.0)
Schedule of Amounts Recognized in the Consolidated Balance Sheets
 Pension PlansOther Postretirement Plans
($ in millions)2022202120222021
Amounts recognized in accumulated other comprehensive loss:    
Net actuarial loss (gain)$282.0 $298.0 $(10.3)$10.3 
Prior service cost (credit)7.9 10.0 (6.2)(10.1)
Total$289.9 $308.0 $(16.5)$0.2 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of:
Net actuarial gain$(7.5)$(162.6)$(21.3)$(39.4)
Amortization of net (loss) gain(8.4)(15.3)0.8 (3.6)
Amortization of prior service (cost) benefit(2.1)(2.1)3.9 3.9 
Settlement charge— (11.4)— — 
Total, before tax effect$(18.0)$(191.4)$(16.6)$(39.1)
Additional information:    
Accumulated benefit obligation for all pension plans$956.4 $1,217.6 N/AN/A
Schedule of Amounts Recognized in the Accumulated Other Comprehensive Loss
The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2022 and 2021:
 
 Pension PlansOther Postretirement Plans
($ in millions)2022202120222021
Projected benefit obligation$959.4 $1,225.5 $206.1 $249.3 
Fair value of plan assets$759.4 $999.4 $114.7 $136.3 
Schedule of Projected Benefit Obligations in Excess of Plan Assets
The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2022 and 2021:
 
 Pension PlansOther Postretirement Plans
($ in millions)2022202120222021
Accumulated benefit obligation$956.4 $1,217.6 $206.1 $249.3 
Fair value of plan assets$759.4 $999.4 $114.7 $136.3 
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
The components of the net periodic pension (income) expense related to the Company's pension and other postretirement benefits for the years ended June 30, 2022, 2021 and 2020 are as follows:
 
 Pension PlansOther Postretirement Plans
($ in millions)202220212020202220212020
Service cost$8.6 $9.6 $9.9 $2.4 $2.7 $2.6 
Interest cost36.6 39.4 46.9 7.4 7.7 9.0 
Expected return on plan assets(59.9)(56.5)(62.2)(8.2)(6.8)(7.1)
Amortization of net loss (gain)8.4 15.3 15.5 (0.8)3.6 2.5 
Amortization of prior service cost (benefit)2.1 2.1 2.1 (3.9)(3.9)(3.9)
Settlement charge— 11.4 — — — — 
Net pension (income) expense$(4.2)$21.3 $12.2 $(3.1)$3.3 $3.1 
Schedule of Components of the Net Periodic Benefit Cost
Weighted-average assumptions used to determine benefit obligations at fiscal year endPension PlansOther Postretirement Plans
2022202120222021
Discount rate5.00 %3.06 %5.02 %3.04 %
Rate of compensation increase3.29 %3.29 %N/AN/A
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year
Pension PlansOther Postretirement Plans
202220212020202220212020
Discount rate3.06 %3.12 %3.61 %3.04 %2.99 %3.60 %
Expected long-term rate of return on plan assets6.22 %6.21 %6.68 %6.25 %6.25 %6.25 %
Long-term rate of compensation increase3.29 %3.29 %3.31 %N/AN/AN/A
Schedule of Expected Health Care Cost Trend Rates
The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant:
 June 30,
 20222021
Assumed health care cost trend rate6.25 %6.50 %
Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20272027
Schedule of Amounts in Other Comprehensive Loss that are Expected to be Recognized as Components of Net Periodic Benefit Cost Amounts in other accumulated comprehensive loss (gain) that are expected to be recognized as components of net periodic benefit cost in the fiscal year ended June 30, 2023, are:
 
($ in millions)Pension PlansOther Postretirement PlansTotal
Amortization of prior service cost (benefit)$2.1 $(3.9)$(1.8)
Amortization of net actuarial loss (gain)9.5 (1.8)7.7 
Amortization of accumulated other comprehensive loss (gain)$11.6 $(5.7)$5.9 
Schedule of Weighted-Average Asset Allocations by Asset Category
The Company's U.S. pension plans' weighted-average asset allocations at June 30, 2022 and 2021, by asset category are as follows: 

 20222021
Equity securities35.7 %58.2 %
Fixed income securities40.5 41.8 
Real assets securities23.8 — 
Total100.0 %100.0 %
Schedule of Fair Values of Pension Plan by Assets Category
The fair values of the Company's pension plan assets as of June 30, 2022 and 2021, by asset category and by the levels of inputs used to determine fair value were as follows:
 
 June 30, 2022
 Fair Value
Measurements Using
Input Type
 
($ in millions)Level 1Level 2Net Asset ValueTotal
Short-term investments$25.5 $— $— $25.5 
Commingled trust funds— — 732.8 732.8 
Mortgage/asset backed securities and other— 1.1 — 1.1 
 $25.5 $1.1 $732.8 $759.4 
June 30, 2021
 Fair Value
Measurements Using
Input Type
 
($ in millions)Level 1Level 2Net Asset ValueTotal
Short-term investments$— $21.6 $— $21.6 
Domestic and international equities156.3 — — 156.3 
Commingled funds— — 404.9 404.9 
Limited partnerships— — 52.4 52.4 
Government agency bonds— 176.2 — 176.2 
Corporate bonds7.6 175.5 — 183.1 
Mutual funds2.4 — — 2.4 
Mortgage/asset backed securities and other— 2.5 — 2.5 
 $166.3 $375.8 $457.3 $999.4 
Schedule of Fair Values of Other Postretirement Benefit Plans by Asset Category
The fair values of the Company's other postretirement benefit plans as of June 30, 2022 and 2021, by asset category and by the level of inputs used to determine fair value, were as follows:
 
 June 30, 2022
 Fair Value
Measurements Using
Input Type
 
($ in millions)Level 1Level 2Net Asset ValueTotal
Commingled trust fund$— $— $97.7 $97.7 
Short-term investments17.0 — — 17.0 
 $17.0 $— $97.7 $114.7 

 June 30, 2021
 Fair Value
Measurements Using
Input Type
 
($ in millions)Level 1Level 2Net Asset ValueTotal
Commingled fund$— $— $114.7 $114.7 
Short-term investments— 21.6 — 21.6 
 $— $21.6 $114.7 $136.3 
Schedule of Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from both corporate assets and the VEBA trust.
 
($ in millions)Pension
Benefits
Other
Benefits
2023$74.8 $14.1 
2024$71.9 $14.6 
2025$71.6 $14.4 
2026$71.1 $14.3 
2027$70.5 $14.1 
2028-2032$335.9 $66.9