Derivatives and Hedging Activities (Tables)

3 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets

The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2021 and June 30, 2021:

September 30, 2021	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	—	$	—	$	12.0	$	12.0
Other assets	—		—		4.1		4.1
Total asset derivatives	$	—	$	—	$	16.1	$	16.1
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	2.1	$	0.4	$	2.5
Other liabilities	—		—		0.4		0.4
Total liability derivatives	$	—	$	2.1	$	0.8	$	2.9

June 30, 2021	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	—	$	—	$	10.0	$	10.0
Other assets	—		—		5.9		5.9
Total asset derivatives	$	—	$	—	$	15.9	$	15.9
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	2.6	$	1.6	$	4.2
Other liabilities	—		—		1.1		1.1
Total liability derivatives	$	—	$	2.6	$	2.7	$	5.3

Summary of the losses related to cash flow hedges

The following is a summary of the (losses) gains related to cash flow hedges recognized during the three months ended September 30, 2021 and 2020:

	Amount of (Loss) Gain Recognized in AOCI on Derivatives
	Three Months Ended September 30,
($ in millions)	2021		2020
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	(0.3)	$	13.8
Foreign exchange contracts	—		—
Total	$	(0.3)	$	13.8

($ in millions)	Location of (Loss) Gain Reclassified from AOCI into Income	Amount of (Loss) Gain Reclassified from AOCI into Income
		Three Months Ended September 30,
		2021		2020
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	(1.8)	$	2.8
Foreign exchange contracts	Net sales	—		—
Forward interest rate swaps	Interest expense	0.1		0.1
Total		$	(1.7)	$	2.9

Summary of effect of derivative instruments on income

The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three months ended September 30, 2021 and 2020:

	Three Months Ended September 30, 2021						Three Months Ended September 30, 2020
($ in millions)	Net Sales		Cost of Sales		Interest Expense		Net Sales		Cost of Sales		Interest Expense *
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	387.6	$	362.4	$	10.2	$	353.3	$	349.8	$	6.7
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of (loss) gain reclassified from AOCI to income	$	—	$	(1.8)	$	—	$	—	$	2.8	$	—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		0.1		—		—		0.1
(Loss) gain on Derivatives in Fair Value Hedging Relationship:
Interest rate swap agreements
Hedged Item	—		—		—		—		—		(2.7)
Derivatives designated as hedging instruments	—		—		—		—		—		2.7
Total (loss) gain	$	—	$	(1.8)	$	0.1	$	—	$	2.8	$	0.1

*$2.3 million of gains related to the interest rate swap agreements were recorded as a decrease to debt extinguishment losses.