Pension and Other Postretirement Benefits

9 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The components of the net periodic pension (income) expense related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2022 and 2021 were as follows:

Three months ended March 31,	Pension Plans				Other Postretirement Plans
($ in millions)	2022		2021		2022		2021
Service cost	$	2.1	$	2.4	$	0.6	$	0.7
Interest cost	9.1		9.8		1.8		1.9
Expected return on plan assets	(14.9)		(14.1)		(2.0)		(1.6)
Amortization of net loss (gain)	2.1		3.8		(0.2)		0.9
Amortization of prior service cost (credits)	0.6		0.5		(1.0)		(1.0)
Settlement charge	—		8.9		—		—
Net pension (income) expense	$	(1.0)	$	11.3	$	(0.8)	$	0.9

Nine months ended March 31,	Pension Plans				Other Postretirement Plans
($ in millions)	2022		2021		2022		2021
Service cost	$	6.6	$	7.2	$	1.6	$	2.0
Interest cost	27.3		29.6		5.4		5.8
Expected return on plan assets	(45.0)		(41.9)		(5.9)		(4.8)
Amortization of net loss (gain)	6.3		12.4		(0.6)		2.7
Amortization of prior service cost (credits)	1.8		1.5		(3.0)		(3.1)
Settlement charge	—		8.9		—		—
Net pension (income) expense	$	(3.0)	$	17.7	$	(2.5)	$	2.6

During the nine months ended March 31, 2022 and 2021, the Company made $0.2 million and $10.9 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently does not expect to contribute additional amounts to its qualified defined benefit pension plans during the remainder of fiscal year 2022.

In the quarter ended March 31, 2021, the Company evaluated the need for settlement accounting under Accounting Standards Codification ("ASC") 715-30-35-82 based on the higher than normal lump-sum payments made during fiscal year 2021 in the Company's largest defined benefit plan. The Company determined that it was probable the lump-sum payments would exceed the threshold of service cost and interest cost components and settlement accounting was required. The Company recorded a settlement charge of $8.9 million in the quarter ended March 31, 2021 within other (income) expense, net.