Reclassifications from Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Mar. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Reclassifications from Accumulated Other Comprehensive Income (AOCI)

Reclassifications from Accumulated Other Comprehensive Income (Loss)

The changes in AOCI by component, net of tax, for the three months ended March 31, 2015 and 2014 were as follows:

Three Months Ended March 31, 2015 ($ in millions) (a)	Cash flow hedging items			Pension and other postretirement benefit plan items			Unrealized losses on available-for- sale securities			Foreign currency items			Total
Balance at December 31, 2014	$	(17.9	)	$	(230.8	)	$	(0.4	)	$	(33.7	)	$	(282.8	)
Other comprehensive loss before reclassifications	(16.9		)	—			—			(9.9		)	(26.8		)
Amounts reclassified from AOCI (b)	3.7			3.0			—			—			6.7
Net current-period other comprehensive (loss) income	(13.2		)	3.0			—			(9.9		)	(20.1		)
Balance at March 31, 2015	$	(31.1	)	$	(227.8	)	$	(0.4	)	$	(43.6	)	$	(302.9	)

Three Months Ended March 31, 2014 ($ in millions) (a)	Cash flow hedging items			Pension and other postretirement benefit plan items			Unrealized losses on available-for- sale securities			Foreign currency items			Total
Balance at December 31, 2013	$	(35.5	)	$	(266.1	)	$	(0.3	)	$	(15.3	)	$	(317.2	)
Other comprehensive income (loss) before reclassifications	17.0			—			—			(1.0		)	16.0
Amounts reclassified from AOCI (b)	3.5			3.7			—			—			7.2
Net current-period other comprehensive income (loss)	20.5			3.7			—			(1.0		)	23.2
Balance at March 31, 2014	$	(15.0	)	$	(262.4	)	$	(0.3	)	$	(16.3	)	$	(294.0	)

(a) All amounts are net of tax. Amounts in parentheses indicate debits.

(b) See separate table below for further details.

The changes in AOCI by component, net of tax, for the nine months ended March 31, 2015 and 2014 were as follows:

Nine Months Ended March 31, 2015 ($ in millions) (a)	Cash flow hedging items			Pension and other postretirement benefit plan items			Unrealized losses on available-for- sale securities			Foreign currency items			Total
Balance at June 30, 2014	$	7.6		$	(236.7	)	$	(0.4	)	$	(15.7	)	$	(245.2	)
Other comprehensive loss before reclassifications	(42.6		)	—			—			(27.9		)	(70.5		)
Amounts reclassified from AOCI (b)	3.9			8.9			—			—			12.8
Net current-period other comprehensive (loss) income	(38.7		)	8.9			—			(27.9		)	(57.7		)
Balance at March 31, 2015	$	(31.1	)	$	(227.8	)	$	(0.4	)	$	(43.6	)	$	(302.9	)

Nine Months Ended March 31, 2014 ($ in millions) (a)	Cash flow hedging items			Pension and other postretirement benefit plan items			Unrealized losses on available-for- sale securities			Foreign currency items			Total
Balance at June 30, 2013	$	(41.5	)	$	(273.6	)	$	(0.4	)	$	(20.2	)	$	(335.7	)
Other comprehensive income before reclassifications	13.7			—			0.1			3.9			17.7
Amounts reclassified from AOCI (b)	12.8			11.2			—			—			24.0
Net current-period other comprehensive income	26.5			11.2			0.1			3.9			41.7
Balance at March 31, 2014	$	(15.0	)	$	(262.4	)	$	(0.3	)	$	(16.3	)	$	(294.0	)

(a) All amounts are net of tax. Amounts in parentheses indicate debits.

(b) See separate table below for further details.

The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2015 and 2014:

($ in millions) (a)	Location of (loss) gain	Amount Reclassified from AOCI Three Months Ended March 31,						Amount Reclassified from AOCI Nine Months Ended March 31,
Details about AOCI Components		2015			2014			2015			2014
Cash flow hedging items:
Commodity contracts	Cost of sales	$	(6.9	)	$	(5.4	)	$	(8.4	)	$	(19.9	)
Foreign exchange contracts	Net sales	0.9			(0.3		)	1.9			(0.8		)
Forward interest rate swaps	Interest expense	0.1			0.1			0.3			0.3
	Total before tax	(5.9		)	(5.6		)	(6.2		)	(20.4		)
	Tax benefit	2.2			2.1			2.3			7.6
	Net of tax	$	(3.7	)	$	(3.5	)	$	(3.9	)	$	(12.8	)
Amortization of pension and other postretirement benefit plan items:
Net actuarial loss	(b)	$	(4.7	)	$	(5.8	)	$	(14.1	)	$	(17.2	)
Prior service cost	(b)	(0.1		)	(0.1		)	(0.3		)	(0.4		)
	Total before tax	(4.8		)	(5.9		)	(14.4		)	(17.6		)
	Tax benefit	1.8			2.2			5.5			6.4
	Net of tax	$	(3.0	)	$	(3.7	)	$	(8.9	)	$	(11.2	)

(a) Amounts in parentheses indicate debits to income/loss.

(b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

During the three months ended December 31, 2014, the Company identified an error related to the accounting for an equity method investment.  Since the investee’s financial statements are prepared using a functional currency other than the US dollar, the Company should be translating the Company’s investment balance into a US dollar equivalent at the end of each period. The impact of correcting this error was a $4.9 million reduction in other assets with an offsetting adjustment to accumulated other comprehensive loss in the Company’s consolidated balance sheet as of December 31, 2014. This adjustment is included in foreign currency translation in the consolidated statements of comprehensive (loss) income for the nine months ended March 31, 2015. The Company determined that neither the prior period error nor the current period adjustment were material to the periods presented.