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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2017
Retirement Benefits [Abstract]  
Schedule of reconciliation of benefit obligations, plan assets and funded status of the plans
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans:
 
 
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2017
 
2016
 
2017
 
2016
Change in projected benefit obligation:
 
 

 
 

 
 

 
 

Projected benefit obligation at beginning of year
 
$
1,404.4

 
$
1,323.1

 
$
246.0

 
$
236.8

Service cost
 
20.5

 
31.2

 
3.6

 
3.3

Interest cost
 
50.3

 
58.0

 
9.2

 
10.4

Benefits paid
 
(92.0
)
 
(126.1
)
 
(12.7
)
 
(13.3
)
Actuarial loss
 
39.3

 
108.8

 
(1.7
)
 
8.8

Special termination benefits
 
0.6

 
9.4

 
—

 
—

Curtailment gain
 
(72.6
)
 
—

 
—

 
—

Plan amendments
 
18.6

 
—

 
10.7

 
—

Projected benefit obligation at end of year
 
1,369.1

 
1,404.4

 
255.1

 
246.0

Change in plan assets:
 
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
 
885.1

 
985.8

 
115.6

 
111.6

Actual return
 
91.1

 
22.2

 
10.9

 
4.3

Benefits paid
 
(92.0
)
 
(126.1
)
 
(12.7
)
 
(13.3
)
Contributions
 
103.4

 
3.2

 
3.2

 
13.0

Fair value of plan assets at end of year
 
987.6

 
885.1

 
117.0

 
115.6

Funded status of the plans
 
$
(381.5
)
 
$
(519.3
)
 
$
(138.1
)
 
$
(130.4
)
 
 
 
 
 
 
 
 
 
Amounts recognized in the consolidated balance sheets:
 
 

 
 

 
 

 
 

Other assets - noncurrent
 
$
0.1

 
$
0.1

 
$
—

 
$
—

Accrued liabilities - current
 
(3.3
)
 
(10.1
)
 
(15.5
)
 
(13.8
)
Accrued pension liabilities - noncurrent
 
(378.3
)
 
(509.3
)
 
—

 
—

Accrued postretirement benefits - noncurrent
 
—

 
—

 
(122.6
)
 
(116.6
)
 
 
$
(381.5
)
 
$
(519.3
)
 
$
(138.1
)
 
$
(130.4
)
Schedule of amounts recognized in the consolidated balance sheets
 
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2017
 
2016
 
2017
 
2016
Amounts recognized in accumulated other comprehensive loss:
 
 

 
 

 
 

 
 

Net actuarial loss
 
$
451.3

 
$
547.7

 
$
52.2

 
$
61.1

Prior service cost (credit)
 
18.3

 
2.0

 
(28.2
)
 
(45.4
)
Total
 
$
469.6

 
$
549.7

 
$
24.0

 
$
15.7

Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of:
 
 
 
 
 
 
 
 
Net actuarial (gain) loss
 
$
(59.1
)
 
$
152.8

 
$
(5.7
)
 
$
11.3

Amortization of net loss
 
(37.8
)
 
(27.3
)
 
(3.2
)
 
(2.6
)
Prior service cost
 
18.6

 
—

 
10.7

 
—

Amortization of prior service (cost) benefit
 
(1.8
)
 
(0.4
)
 
6.5

 
6.5

Total, before tax effect
 
$
(80.1
)
 
$
125.1

 
$
8.3

 
$
15.2

Additional information:
 
 

 
 

 
 

 
 

Accumulated benefit obligation for all pension plans
 
$
1,362.8

 
$
1,319.7

 
N/A

 
N/A
Schedule of amounts recognized in the accumulated other comprehensive loss
The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2017 and 2016:
 
 
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
 
$
1,369.0

 
$
1,404.3

 
$
255.1

 
$
246.0

Fair value of plan assets
 
$
987.4

 
$
884.9

 
$
117.0

 
$
115.6
Schedule of projected benefit obligations in excess of plan assets
The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2017 and 2016:
 
 
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2017
 
2016
 
2017
 
2016
Accumulated benefit obligation
 
$
1,362.7

 
$
1,319.6

 
$
255.1

 
$
246.0

Fair value of plan assets
 
$
987.4

 
$
884.9

 
$
117.0

 
$
115.6
Schedule of accumulated benefit obligations in excess of plan assets
The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the years ended June 30, 2017, 2016 and 2015 are as follows:
 
 
 
Pension Plans
 
Other Postretirement Plans
($ in millions)
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
 
$
20.5

 
$
31.2

 
$
32.2

 
$
3.6

 
$
3.3

 
$
4.4

Interest cost
 
50.3

 
58.0

 
54.1

 
9.2

 
10.4

 
11.8

Expected return on plan assets
 
(65.1
)
 
(66.1
)
 
(68.8
)
 
(6.9
)
 
(7.0
)
 
(6.6
)
Amortization of net loss
 
37.8

 
27.4

 
16.7

 
3.2

 
2.7

 
2.0

Amortization of prior service cost (benefit)
 
1.8

 
0.4

 
0.3

 
(6.5
)
 
(6.5
)
 
—

Curtailment loss (gain)
 
0.5

 
—

 
—

 
—

 
—

 
(1.6
)
Net periodic benefit costs
 
$
45.8

 
$
50.9

 
$
34.5

 
$
2.6

 
$
2.9

 
$
10.0
Schedule of components of the net periodic benefit cost
Weighted-average assumptions used to determine benefit obligations at fiscal year end
 
Pension Plans
Other Postretirement Plans
 
2017
 
2016
 
2017
 
2016
 
Discount rate
 
3.92
%
 
3.92
%
 
3.89
%
 
3.86
%
 
Rate of compensation increase
 
3.50
%
 
3.49
%
 
N/A

 
N/A

 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
 
Other Postretirement Plans
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
 
3.91
%
 
4.50
%
 
4.48
%
 
3.86
%
 
4.50
%
 
4.26
%
Expected long-term rate of return on plan assets
 
6.88
%
 
6.92
%
 
6.92
%
 
6.25
%
 
6.25
%
 
6.25
%
Long-term rate of compensation increase
 
3.50
%
 
3.49
%
 
3.52
%
 
N/A

 
N/A

 
N/A
Schedule of expected health care cost trend rates
The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant:
 
 
June 30,
 
 
2017
 
2016
Assumed health care cost trend rate
 
7.00
%
 
7.50
%
Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)
 
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
 
2022

 
2022
Schedule of amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost
Amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in the year ended June 30, 2018 are:
 
($ in millions)
 
Pension Plans
 
Other Postretirement Plans
 
Total
Amortization of prior service cost (benefit)
 
$
2.1

 
$
(5.2
)
 
$
(3.1
)
Amortization of net actuarial loss
 
13.5

 
2.9

 
16.4

Amortization of accumulated other comprehensive loss (gain)
 
$
15.6

 
$
(2.3
)
 
$
13.3
Schedule of weighted-average asset allocations by asset category
The Company’s U.S. pension plans’ weighted-average asset allocations at June 30, 2017 and 2016, by asset category are as follows: 

 
 
2017
 
2016
Equity securities
 
55.0
%
 
55.4
%
Fixed income securities
 
45.0

 
44.2

Cash and cash equivalents
 
—

 
0.4

Total
 
100.0
%
 
100.0
%
Schedule of fair values of pension plan by assets category
The fair values of the Company’s pension plan assets as of June 30, 2017 and 2016, by asset category and by the levels of inputs used to determine fair value were as follows:
 
 
 
June 30, 2017
 
 
Fair Value
Measurements Using
Input Type
 
 
 
 
($ in millions)
 
Level 1
 
Level 2
 
Net Asset Value
 
Total
Short-term investments
 
$
9.4

 
$
14.6

 
$
—

 
$
24.0

Domestic and international equities
 
148.3

 
—

 
—

 
148.3

Commingled funds
 
—

 
—

 
376.6

 
376.6

Limited partnerships
 
—

 
—

 
42.3

 
42.3

Government agency bonds
 
3.4

 
151.0

 
—

 
154.4

Corporate bonds
 
—

 
236.2

 
—

 
236.2

Mutual funds
 
—

 
—

 
1.8

 
1.8

Mortgage/asset backed securities and other
 
—

 
4.0

 
—

 
4.0

 
 
$
161.1

 
$
405.8

 
$
420.7

 
$
987.6


 
 
June 30, 2016
 
 
Fair Value
Measurements Using
Input Type
 
 
 
 
($ in millions)
 
Level 1
 
Level 2
 
Net Asset Value
 
Total
Short-term investments
 
$
—

 
$
15.3

 
$
—

 
$
15.3

Domestic and international equities
 
139.4

 
—

 
—

 
139.4

Commingled funds
 
—

 
—

 
338.2

 
338.2

Limited partnerships
 
—

 
—

 
38.5

 
38.5

Government agency bonds
 
0.7

 
141.0

 
—

 
141.7

Corporate bonds
 
—

 
197.3

 
—

 
197.3

Mutual funds
 
—

 
—

 
1.9

 
1.9

Mortgage/asset backed securities and other
 
—

 
12.8

 
—

 
12.8

 
 
$
140.1

 
$
366.4

 
$
378.6


$
885.1
Schedule of fair values of other postretirement benefit plans by asset category
The fair values of the Company’s other postretirement benefit plans as of June 30, 2017 and 2016, by asset category and by the level of inputs used to determine fair value, were as follows:
 
 
 
June 30, 2017
 
 
Fair Value
Measurements Using
Input Type
 
 
 
 
($ in millions)
 
Level 1
 
Level 2
 
Net Asset Value
 
Total
Commingled fund
 
$
—

 
$
—

 
$
73.0

 
$
73.0

Short-term investments
 
—

 
22.4

 
—

 
22.4

Government agency bonds
 
—

 
12.2

 
—

 
12.2

Corporate bonds and other
 
—

 
8.2

 
—

 
8.2

Mortgage backed securities
 
—

 
1.2

 
—

 
1.2

 
 
$
—

 
$
44.0

 
$
73.0

 
$
117.0


 
 
June 30, 2016
 
 
Fair Value
Measurements Using
Input Type
 
 
 
 
($ in millions)
 
Level 1
 
Level 2
 
Net Asset Value
 
Total
Commingled fund
 
$
—

 
$
—

 
$
64.0

 
$
64.0

Short-term investments
 
—

 
23.8

 
—

 
23.8

Government agency bonds
 
—

 
16.1

 
—

 
16.1

Corporate bonds and other
 
—

 
9.9

 
—

 
9.9

Mortgage backed securities
 
—

 
1.8

 
—

 
1.8

 
 
$
—

 
$
51.6

 
$
64.0

 
$
115.6

 
 
 
 
 
 
 
 
 
Schedule of estimated future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid.  Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets.
 
($ in millions)
 
Pension
Benefits
 
Other
Benefits
2018
 
$
80.9

 
$
15.5

2019
 
$
81.5

 
$
15.5

2020
 
$
82.1

 
$
15.6

2021
 
$
82.6

 
$
15.5

2022
 
$
82.7

 
$
15.5

2023-2027
 
$
406.4

 
$
75.9