DEBT (Tables)

12 Months Ended

Jun. 30, 2015

DEBT

Schedule of current and long-term debt and available financing

	Debt at June 30						Available financing at June 30, 2015
(In millions)	2015			2014			Committed		Uncommitted
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”)	$	294.0		$	—		$	—	$	—
3.70% Senior Notes, due August 15, 2042 (“2042 Senior Notes”)	249.0			249.0			—		—
6.00% Senior Notes, due May 15, 2037 (“2037 Senior Notes”)	296.6			296.6			—		—
5.75% Senior Notes, due October 15, 2033 (“2033 Senior Notes”)	197.9			197.8			—		—
2.35% Senior Notes, due August 15, 2022 (“2022 Senior Notes”)	249.6			249.8			—		—
5.55% Senior Notes, due May 15, 2017 (“2017 Senior Notes”)	313.9			321.1			—		—
Commercial paper	—			—			—		1,000.0
Loan participation notes	—			—			—		150.0
Other long-term borrowings	6.5			10.4			—		—
Other current borrowings	29.8			18.4			—		163.0
Revolving credit facility	—			—			1,000.0		—
	1,637.3			1,343.1			$	1,000.0	$	1,313.0
Less current debt including current maturities	(29.8		)	(18.4		)
	$	1,607.5		$	1,324.7

Schedule of long-term debt

Notes	Issue Date	Price		Yield		Principal	Unamortized Debt Discount		Interest rate swap adjustments		Semi-annual interest payments
($ in millions)
2045 Senior Notes (1)	June 2015	97.999	%	4.497	%	$ 300.0	$ (6.0	)	$—		June 15/ December 15
2042 Senior Notes (2)	August 2012	99.567		3.724		250.0	(1.0	)	—		February 15/ August 15
2037 Senior Notes (3)	May 2007	98.722		6.093		300.0	(3.4	)	—		May 15/ November 15
2033 Senior Notes (4)	September 2003	98.645		5.846		200.0	(2.1	)	—		April 15/ October 15
2022 Senior Notes (2)	August 2012	99.911		2.360		250.0	(0.2	)	(0.2	)	February 15/ August 15
2017 Senior Notes	May 2007	99.845		5.570		300.0	(0.1	)	14.0		May 15/ November 15

(1) In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300.0 million at a weighted-average all-in rate of 2.38%.  The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $17.5 million that will be amortized against interest expense over the life of the 2045 Senior Notes.  As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt.

(2) In September 2012, the Company used the net proceeds of the 2022 Senior Notes and 2042 Senior Notes to redeem the $230.1 million principal amount of its 7.75% Senior Notes due November 1, 2013 at a price of 108% of the principal amount and recorded a pre-tax expense on the extinguishment of debt of $19.1 million representing the call premium of $18.6 million and the pro-rata write-off of $0.5 million of issuance costs and debt discount.  In June 2015, the Company entered into interest rate swap agreements with a notional amount totaling $250.0 million to effectively convert the fixed rate interest on its outstanding 2022 Senior Notes to variable interest rates based on three-month LIBOR plus a margin.

(3) In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210.0 million at a weighted-average all-in rate of 5.45%.  The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $0.9 million that is being amortized to interest expense over the life of the 2037 Senior Notes.  As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt.

(4) In May 2003, in anticipation of the issuance of the 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195.0 million at a weighted-average all-in rate of 4.53%.  The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15.0 million that is being amortized against interest expense over the life of the 2033 Senior Notes.  As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2033 Senior Notes will be 5.395% over the life of the debt.