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Equity and Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Equity
EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Description of Capital Stock
The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. In accordance with the Company’s amended and restated certificate of incorporation, each share of common stock has one vote, and the common stock votes together as a single class.
Accumulated other comprehensive income/(loss)
Accumulated other comprehensive income/(loss) by component and changes for the fiscal years June 30, 2017, June 30, 2016 and June 30, 2015 consists of:
(Dollars in millions)
Foreign  Currency Translation Adjustments
 
Available for Sale Investment Adjustments
 
Deferred Compensation
 
Pension Liability Adjustments
 
Other Comprehensive Income/(Loss)
Balance at June 30, 2014
$
14.0

 
$
—

 
$
3.2

 
$
(41.4
)
 
$
(24.2
)
Activity, net of tax
(144.0
)
 
—

 
0.6

 
(6.4
)
 
(149.8
)
Balance at June 30, 2015
(130.0
)
 
—

 
3.8

 
(47.8
)
 
(174.0
)
Activity, net of tax
(118.8
)
 
—

 
(3.8
)
 
(9.1
)
 
(131.7
)
Balance at June 30, 2016
(248.8
)
 
—

 
—

 
(56.9
)
 
(305.7
)
Activity, net of tax
(31.9
)
 
10.5

 
—

 
13.0

 
(8.4
)
Balance at June 30, 2017
$
(280.7
)
 
$
10.5

 
$
—

 
$
(43.9
)
 
$
(314.1
)


The Company held an investment in a specialty pharmaceutical company, which was treated as a cost method investment prior to the second quarter of fiscal 2017. In the second quarter of fiscal 2017, the specialty pharmaceutical company became publicly traded after an initial public offering and as a result the Company recognized an initial unrealized gain on the investment of $15.3 million, net of tax. This amount is reflected in accumulated other comprehensive income.
The components of the changes in the cumulative translation adjustment, minimum pension liability and available for sale investment for the fiscal years ended June 30, 2017, June 30, 2016 and June 30, 2015 consists of:
 
Year Ended June 30,
 
2017
 
2016
 
2015
Foreign currency translation adjustments:
 
 
 
 
 
Net investment hedge
$
(21.3
)
 
$
1.8

 
$
30.0

Long term inter-company loans
(14.3
)
 
(65.0
)
 
(9.0
)
Translation adjustments
(3.8
)
 
(54.9
)
 
(152.7
)
Total foreign currency translation adjustments, pretax
(39.4
)
 
(118.1
)
 
(131.7
)
   Tax expense / (benefit) (1)
(7.5
)
 
0.7

 
12.3

Total foreign currency translation adjustments, net of tax
$
(31.9
)
 
$
(118.8
)
 
$
(144.0
)
 
 
 
 
 
 
Net change in minimum pension liability
 
 
 
 
 
Net gain/(loss) arising during the year
$
13.9

 
$
(16.4
)
 
$
(12.3
)
Net (gain)/loss recognized during the year
4.3

 
3.4

 
3.1

Foreign Exchange Translation and Other
0.5

 
(0.2
)
 
0.6

Total minimum pension liability, pretax
18.7

 
(13.2
)
 
(8.6
)
Tax expense / (benefit)
5.7

 
(4.1
)
 
(2.2
)
Net change in minimum pension liability, net of tax
$
13.0

 
$
(9.1
)
 
$
(6.4
)
 
 
 
 
 
 
Net change in available for sale investment:
 
 
 
 
 
Net gain/(loss) arising during the year
$
16.2

 
$
—

 
$
—

Net (gain)/loss recognized during the year
—

 
—

 
—

Foreign Exchange Translation and Other
—

 
—

 
—

Total available for sale investment, pretax
16.2

 
—

 
—

Tax expense / (benefit)
5.7

 
—

 
—

Net change in available for sale investment, net of tax
$
10.5

 
$
—

 
$
—



(1)
Tax related to foreign currency translation adjustments relates to the net investment hedge activity.