Employee Retirement Benefit Plans

9 Months Ended

Mar. 31, 2020

Defined Benefit Plan [Abstract]

Employee Retirement Benefit Plans

EMPLOYEE RETIREMENT BENEFIT PLANS

Components of the Company’s net periodic benefit costs are as follows:

	Three Months Ended   March 31,				Nine Months Ended   March 31,
(Dollars in millions)	2020		2019		2020		2019
Components of net periodic benefit cost:
Selling, general, and administrative expenses:
Service cost	$	0.9	$	0.9	$	2.3	$	2.7
Other (income)/expense, net:
Interest cost	0.7		1.9		4.2		5.7
Expected return on plan assets	(2.5)		(2.7)		(7.8)		(7.9)
Amortization (1)	2.6		0.6		4.1		1.8
Net amount recognized	$	1.7	$	0.7	$	2.8	$	2.3

(1)   Amount represents the amortization of unrecognized actuarial gains/(losses).

As previously disclosed, the Company notified the trustees of a multi-employer pension plan of its withdrawal from participation in such plan in fiscal 2012. The actuarial review process administered by the plan trustees ended in fiscal 2015. The liability reported reflects the present value of the Company's expected future long-term obligations. The estimated discounted value of the projected contributions related to such plans was $38.7 million and $38.8 million as of March 31, 2020 and June 30, 2019, respectively, and is included within pension liability on the consolidated balance sheets. The annual cash impact associated with the Company's obligations in such plan is approximately $1.7 million per year.