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EMPLOYEE BENEFITS (Tables)
6 Months Ended
Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of changes in benefit obligations, fair value of plan assets and the underfunded status for the Company's defined benefit pension and postretirement benefit plans

 

 

Pension Plans

 

 

(in millions)

Change in pension plan assets

 

 

 

Fair value of plan assets at July 1, 2017

 

$

3.7

Return on plan assets

 

 

1.2

Employer contributions

 

 

1.6

Participant contributions

 

 

0.3

Benefits paid from plan assets

 

 

(3.6)

Acquisition transfer

 

 

93.9

Foreign currency exchange rate changes

 

 

0.1

Fair value of pension plan assets at December 31, 2017

 

$

97.2

 

 

 

 

 

 

 

Pension Plans

 

 

As of December 31, 2017

 

 

(in millions)

Projected benefit obligation

 

$

106.6

Fair value of plan assets

 

 

97.2

Unfunded status

 

 

9.4

Current portion of unfunded status

 

$

 —

Non-current portion of unfunded status

 

$

9.4

 

Schedule of accumulated other comprehensive loss ("AOCI") that have not yet been recognized as components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2017

 

Deferrals

 

Net Change in AOCI

 

As of December 31, 2017

 

 

(in millions)

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (loss)/gain

 

$

 —

 

$

1.3

 

$

1.3

 

$

1.3

Prior service benefit/(cost)

 

 

 —

 

 

(8.0)

 

 

(8.0)

 

 

(8.0)

Deferred income tax benefit/(expense)

 

 

 —

 

 

1.7

 

 

1.7

 

 

1.7

Total pension plans

 

 

 —

 

 

(5.0)

 

 

(5.0)

 

 

(5.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-retirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (loss)/gain

 

 

(1.2)

 

 

 —

 

 

 —

 

 

(1.2)

Prior service (cost)/benefit

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Deferred income tax benefit/(expense)

 

 

0.4

 

 

 —

 

 

 —

 

 

0.4

Total post-retirement benefit plans

 

 

(0.8)

 

 

 —

 

 

 —

 

 

(0.8)

Total accumulated other comprehensive loss

 

$

(0.8)

 

$

(5.0)

 

$

(5.0)

 

$

(5.8)

 

Schedule of expected benefit payments for the Company's defined benefit pension and OPEB plans

 

 

 

 

 

 

 

 

 

 

 

 

Post-Retirement

 

 

Pension Plans

 

Benefit Plans

 

 

(in millions)

Year ended June 30,

 

 

 

 

 

 

2018

 

$

2.8

 

$

0.6

2019

 

 

3.0

 

 

0.6

2020

 

 

3.2

 

 

0.6

2021

 

 

3.5

 

 

0.5

2022

 

 

3.7

 

 

0.5

2023-2027

 

 

22.6

 

 

2.5

 

Schedule of assumptions used in determining benefit obligations

 

 

 

 

 

 

 

 

 

Pension Plans

 

OPEB Plans

Actuarial assumptions:

 

 

 

 

 

 

Discount rate

 

 

3.5%

 

 

3.5%

Price inflation

 

 

1.75%

 

 

N/A

Expected long-term rate of return on plan assets

 

 

5.9%

 

 

N/A

Rate of compensation increase

 

 

2% plus merit & promotion

 

 

N/A

 

Schedule of targets for the allocation of invested defined benefit pension plan assets and fair value of plan assets

The following table presents the Company’s target for the allocation of invested defined benefit pension plan assets at December 31, 2017:

 

 

 

 

 

 

 

As of December 31, 2017

Fixed income

 

 

40%

Equities

 

 

55%

Other

 

 

5%

Total

 

 

100%

 

The plans assets are invested in various fund categories utilizing multiple strategies and investment managers. Interests in funds are valued using the net asset value ("NAV") per unit of each fund. The NAV reported by the fund manager is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding.  These funds can be redeemed at NAV, generally at any time.  As the funds do not publish publicly available prices, the NAV practical expedient is the most appropriate fair value classification for the plan asset investments. The value associated with these investments is disclosed in the reconciliation of the total investments measured at fair value shown below.

 

The table below presents the fair value of plan assets valued at NAV by category for the pension and post-retirement plans at December 31, 2017.

 

 

 

 

 

 

 

As of December 31, 2017

 

 

(in millions)

Fixed income

 

$

36.3

Equities

 

 

55.9

Other

 

 

5.0

Total

 

$

97.2

 

Pension Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of changes in benefit obligations, fair value of plan assets and the underfunded status for the Company's defined benefit pension and postretirement benefit plans

 

 

 

 

 

 

Pension Plans

 

 

(in millions)

Change in projected benefit obligation for defined benefit pension plans:

 

 

Projected benefit obligation at July 1, 2017

 

$

6.7

Service cost

 

 

1.5

Interest cost

 

 

0.7

Actuarial loss (gain)

 

 

(1.3)

Participant contributions

 

 

0.3

Benefits paid from plan assets

 

 

(3.6)

Acquisition transfer

 

 

102.1

Foreign currency exchange rate changes

 

 

0.2

Projected benefit obligation at December 31, 2017

$

106.6

 

Schedule of net periodic (benefit) cost of the defined benefit pension and OPEB is included in selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Pension Plans

 

    

Three months ended December 31, 2017

 

Six months ended December 31, 2017

 

 

( in millions)

Service cost

 

$

0.7

 

$

1.5

Interest cost

 

 

0.6

 

 

0.7

Expected return on plan assets

 

 

(1.0)

 

 

(1.1)

Net periodic pension benefit income

 

$

0.3

 

$

1.1

 

Post-Retirement Benefit Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of changes in benefit obligations, fair value of plan assets and the underfunded status for the Company's defined benefit pension and postretirement benefit plans

 

 

 

 

 

 

Post-Retirement Benefit Plans

 

 

(in millions)

Change in projected benefit obligation for OPEB plans

 

 

Projected benefit obligation at July 1, 2017

 

$

9.9

Service cost

 

 

0.1

Interest cost

 

 

0.2

Benefits paid by Company

 

 

(0.3)

Foreign currency exchange rate changes

 

 

0.2

Projected benefit obligation at December 31, 2017

$

10.1

 

Schedule of net periodic (benefit) cost of the defined benefit pension and OPEB is included in selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

OPEB Plans

 

    

Three months ended December 31, 2017

 

Six months ended December 31, 2017

 

    

(in millions)

Service cost

 

$

 —

 

$

0.1

Interest cost

 

 

0.1

 

 

0.2

Net periodic post-retirement benefit income

 

$

0.1

 

$

0.3