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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)  
Schedule of components of AOCI

 

 

 

Year Ended June 30

 

(In millions)

 

2015

 

2014

 

2013

 

Net unrealized investment gains (losses), beginning of year

 

$
1.4

 

$
0.8

 

$
0.5

 

Unrealized investment gains (losses)

 
0.5

 
0.9

 
0.4

 

Benefit (provision) for deferred income taxes

 
(0.2

)
(0.3

)
(0.1

)

Reclassification to earnings during the year (1)

 
(2.4

)

—

 

—

 

Benefit (provision) for deferred income taxes on reclassification (2)

 
0.8

 

—

 

—

 

Translation adjustments

 
(0.2

)

—

 

—

 

 

 

 

 

 

 

 

 

Net unrealized investment gains (losses), end of year

 
(0.1

)
1.4

 
0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net derivative instruments, beginning of year

 
(0.9

)
18.3

 
17.4

 

Gain (loss) on derivative instruments

 
107.8

 
(22.2

)
10.3

 

Benefit (provision) for deferred income taxes

 
(38.3

)
7.9

 
(3.6

)

Reclassification to earnings during the year:

 

 

 

 

 

 

 

Foreign currency forward contracts (3)

 
(37.8

)
(7.2

)
(8.8

)

Settled interest rate-related derivatives (4)

 
(0.4

)
(0.3

)
(0.3

)

Benefit (provision) for deferred income taxes on reclassification (2)

 
13.5

 
2.6

 
3.3

 

 

 

 

 

 

 

 

 

Net derivative instruments, end of year

 
43.9

 
(0.9

)
18.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net pension and post-retirement adjustments, beginning of year

 
(233.0

)
(213.7

)
(293.5

)

Changes in plan assets and benefit obligations:

 

 

 

 

 

 

 

Net actuarial gains (losses) recognized

 
(48.3

)
(42.1

)
92.8

 

Net prior service credit (cost) recognized

 

—

 
6.7

 

—

 

Translation adjustments

 
15.8

 
(10.2

)
3.5

 

Benefit (provision) for deferred income taxes

 
13.2

 
10.4

 
(36.8

)

Amortization, settlements and curtailments included in net periodic benefit cost (5):

 

 

 

 

 

 

 

Net actuarial (gains) losses

 
21.2

 
18.0

 
28.9

 

Net prior service cost (credit)

 
3.3

 
4.4

 
4.3

 

Net transition asset (obligation)

 

—

 

—

 
(0.1

)

Benefit (provision) for deferred income taxes on reclassification

 
(7.2

)
(6.5

)
(12.8

)

 

 

 

 

 

 

 

 

Net pension and post-retirement adjustments, end of year

 
(235.0

)
(233.0

)
(213.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative translation adjustments, beginning of year

 
132.2

 
37.1

 
62.7

 

Translation adjustments

 
(319.5

)
96.7

 
(24.5

)

Benefit (provision) for deferred income taxes

 
(3.0

)
(1.6

)
(1.1

)

 

 

 

 

 

 

 

 

Cumulative translation adjustments, end of year

 
(190.3

)
132.2

 
37.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss)

 

$
(381.5

)

$
(100.3

)

$
(157.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Amounts recorded in Interest income and investment income, net in the accompanying consolidated statements of earnings.

 

(2)

Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings.

 

(3)

For the year ended June 30, 2015, $9.1 million and $28.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings.  For the year ended June 30, 2014, $4.5 million and $2.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings.

 

(4)

Amounts recorded in Interest expense in the accompanying consolidated statements of earnings.

 

(5)

See Note 13 — Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.