Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Mar. 31, 2020

Reclassification out of Accumulated Other Comprehensive Income [Abstract]

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

Reclassifications out of Accumulated Other Comprehensive Income (“AOCI”)

Changes in AOCI by component are as follows:

	Three Months Ended
	March 31, 2020
	Currency Translation Adjustment		Net Gains/Losses on Available-for-sale Securities			Cash Flow Hedging Activities		Pension Liability			Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	(283.8)	$	264.6		$	0.5	$	(212.5)		$	(231.2)
Other comprehensive (loss)/income before reclassification adjustments	(68.4)		139.3			(38.2)		—			32.7
Tax effect	—		(32.2)			9.5		—			(22.7)
Reclassification adjustments to net earnings	—		(2.5)		(A)	—		(15.0)		(B)	(17.5)
Tax effect	—		0.6			—		3.7			4.3
Balance at March 31, 2020	$	(352.2)	$	369.8		$	(28.2)	$	(223.8)		$	(234.4)

	Three Months Ended
	March 31, 2019
	Currency Translation Adjustment		Net Gains/Losses on Available-for-sale Securities			Pension Liability			Accumulated Other Comprehensive Loss
Balance at December 31, 2018	$	(274.6)	$	(181.5)		$	(158.9)		$	(615.0)
Other comprehensive (loss)/income before reclassification adjustments	(2.3)		259.0			—			256.7
Tax effect	—		(58.0)			—			(58.0)
Reclassification adjustments to net earnings	—		(0.1)		(A)	6.1		(B)	6.0
Tax effect	—		—			(1.6)			(1.6)
Balance at March 31, 2019	$	(276.9)	$	19.4		$	(154.4)		$	(411.9)

	Nine Months Ended
	March 31, 2020
	Currency Translation Adjustment		Net Gains/Losses on Available-for-sale Securities			Cash Flow Hedging Activities		Pension Liability			Accumulated Other Comprehensive Loss
Balance at June 30, 2019	$	(269.2)	$	224.6		$	—	$	(212.7)		$	(257.3)
Other comprehensive (loss)/income before reclassification adjustments	(83.0)		199.9			(37.4)		—			79.5
Tax effect	—		(45.4)			9.2		—			(36.2)
Reclassification adjustments to net earnings	—		(11.9)		(A)	—		(14.8)		(B)	(26.7)
Tax effect	—		2.6			—		3.7			6.3
Balance at March 31, 2020	$	(352.2)	$	369.8		$	(28.2)	$	(223.8)		$	(234.4)

	Nine Months Ended
	March 31, 2019
	Currency Translation Adjustment		Net Gains/Losses on Available-for-sale Securities			Pension Liability			Accumulated Other Comprehensive Loss
Balance at June 30, 2018	$	(227.0)	$	(274.0)		$	(178.8)		$	(679.8)
Other comprehensive (loss)/income before reclassification adjustments	(49.9)		377.0			—			327.1
Tax effect	—		(84.8)			—			(84.8)
Reclassification adjustments to net earnings	—		1.4		(A)	32.5		(B)	33.9
Tax effect	—		(0.2)			(8.1)			(8.3)
Balance at March 31, 2019	$	(276.9)	$	19.4		$	(154.4)		$	(411.9)

(A) Reclassification adjustments out of AOCI are included within Other income, net, on the Statements of Consolidated Earnings.

(B) Reclassification adjustments out of AOCI are included in net pension expense (see Note 11). The three and nine months ended March 31, 2020, include $17.0 million of prior service credits which were recognized as a component of net pension expense as a result of the US pension plan freeze.