DMC Pension Plan (Tables)

12 Months Ended

Jun. 30, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

The following table summarizes the funded status of the DMC Pension Plan based upon actuarial valuations prepared as of the most recent valuation dates as of June 30, 2012 and 2013, respectively (in millions).



	June 30, 2012			June 30, 2013
Reconciliation of projected benefit obligation:
Projected benefit obligation, beginning balance	$	956.6		$	1,089.4
Interest cost	52.1			46.9
Actuarial (gain) loss	120.6			(81.3		)
Benefits paid	(39.9		)	(42.5		)
Other plan administration adjustment	—			27.2
Projected benefit obligation and accumulated benefit obligation, ending balance	1,089.4			1,039.7
Reconciliation of fair value of plan assets:
Fair value of plan assets, beginning balance	768.6			819.5
Actual gain on plan assets	65.4			42.7
Employer contributions	25.4			32.3
Benefits paid	(39.9		)	(42.5		)
Fair value of plan assets, ending balance	819.5			852.0
Unfunded liability at June 30, 2012 and 2013, respectively	$	269.9		$	187.7

Schedule of Amounts Recognized in Balance Sheet and Assumptions Used

The following table reflects the amounts included in the Company’s accompanying consolidated balance sheets related to the DMC Pension Plan as of the years ended June 30, 2012 and 2013, respectively (in millions):



	2012			2013
Accumulated other comprehensive income (loss), net of tax	$	(49.2	)	$	(11.5	)
Unfunded pension liability	269.9			187.7
	$	220.7		$	176.2
Assumptions used to determine the projected benefit obligation at June 30, 2012 and 2013, respectively:
Discount rate	4.40%			4.93%
Compensation increase rate	Frozen at 2003 level			Frozen at 2003 level

Schedule of Net Benefit Costs and Assumptions Used

A summary of the components of net pension plan expense (credits) for the years ended June 30, 2011, 2012 and 2013, respectively, is as follows (in millions):



	2011			2012			2013
Interest cost on projected benefit obligation	$	25.5		$	52.1		$	46.9
Expected return on plan assets	(27.6		)	(57.2		)	(62.3		)
Total net pension plan expense (credits)	$	(2.1	)	$	(5.1	)	$	(15.4	)

Assumptions used to determine the net periodic pension plan expense (credits) for the years ended June 30, 2011, 2012 and 2013, respectively, were as follows:
Discount rate	5.35		%	5.57		%	4.40		%
Expected long-term rate of return on plan assets	7.50		%	7.50		%	7.50		%

Schedule of Allocation of Plan Assets

The DMC Pension Plan’s weighted-average asset allocations by asset category as of June 30, 2013, were as follows:



	Target		Actual
Asset category:
Cash and cash equivalents	2	%	2	%
United States government obligations	1	%	1	%
Equity securities	55	%	55	%
Debt securities	42	%	42	%

Schedule of Fair Value of Plan Assets

The following tables summarize the plan assets measured at fair value on a recurring basis as of June 30, 2012 and June 30, 2013, aggregated by the level in the fair value hierarchy within which those measurements are determined as disclosed in Note 4 (in millions). Fair value methodologies for Level 1 and Level 2 are consistent with the inputs described in Note 4. Fair value for Level 3 inputs are unobservable data points for the asset, and include situations where there is little, if any, market activity for the asset.



	June 30, 2012		Level 1		Level 2		Level 3
Cash and cash equivalents	$	10.6	$	10.6	$	—	$	—
United States government obligations	58.7		—		58.7		—
Foreign obligations	0.1		—		0.1		—
Asset and mortgage-backed securities	22.0		—		22.0		—
Corporate bonds	34.1		—		34.1		—
Equity securities	524.7		90.6		434.1		—
Alternative investments	169.3		—		—		169.3
	$	819.5	$	101.2	$	549.0	$	169.3



	June 30, 2013		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	16.4	$	16.3	$	0.1	$	—
United States government obligations	7.0		7.0		—		—
Corporate bonds	361.7		361.7		—		—
Equity securities	463.8		463.8		—		—
Alternative investments	3.1		—		—		3.1
	$	852.0	$	848.8	$	0.1	$	3.1

Schedule of Expected Benefit Payments

The expected benefits payments from the DMC Pension Plan, which represent the total benefits expected to be paid from the plan assets held by the plan trust, for the next five fiscal years and the five fiscal years thereafter are as follows (in millions):



			Year ending June 30,
	Total		2014		2015		2016		2017		2018		Five years thereafter
Expected benefit payments	$	603.1	$	48.7	$	51.5	$	54.1	$	56.8	$	60.0	$	332.0