Derivatives and Hedging Activities (Tables)

12 Months Ended

Jun. 30, 2022

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 June 30, 2022 and 2021:

June 30, 2022 ($ in millions)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	—	$	—	$	11.5	$	11.5
Other assets	—		2.6		2.5		5.1
Total asset derivatives	$	—	$	2.6	$	14.0	$	16.6
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	0.2	$	0.1	$	0.3
Other liabilities	—		—		0.1		0.1
Total liability derivatives	$	—	$	0.2	$	0.2	$	0.4

June 30, 2021 ($ in millions)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Total Derivatives
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 Gains (Losses) Related to Cash Flow Hedges

The following is a summary of the gains (losses) related to cash flow hedges recognized during the fiscal years ended June 30, 2022, 2021 and 2020:

	Amount of Gain (Loss) Recognized in AOCI on Derivatives  Years Ended June 30,
($ in millions)	2022		2021		2020
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	26.8	$	30.7	$	(16.9)
Foreign exchange contracts	—		—		(0.7)
Total	$	26.8	$	30.7	$	(17.6)

		Amount of Gain Reclassified from AOCI into Income  Years Ended June 30,
($ in millions)	Location of Gain   Reclassified from AOCI  into Income	2022		2021		2020
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	28.3	$	6.6	$	11.5
Foreign exchange contracts	Net sales	—		—		0.8
Forward interest rate swaps	Interest expense	0.4		0.4		0.4
Total		$	28.7	$	7.0	$	12.7

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 fiscal years ended June 30, 2022 and 2021:

	Year Ended June 30, 2022						Year Ended June 30, 2021
($ in millions)	Net Sales		Cost of Sales		Interest Expense		Net Sales		Cost of Sales		Interest Expense*
Total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded	$	1,836.3	$	1,686.5	$	44.9	$	1,475.6	$	1,470.4	$	32.7
Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of gain reclassified from AOCI to income	—		28.3		—		—		6.6		—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		0.4		—		—		0.4
(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 gain	$	—	$	28.3	$	0.4	$	—	$	6.6	$	0.4

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

Schedule of Changes in AOCI Associated with Derivative Hedging Activities

The changes in AOCI associated with derivative hedging activities during the fiscal years ended June 30, 2022, 2021 and 2020 were as follows:

	Years Ended June 30,
($ in millions)	2022		2021		2020
Balance, beginning	$	6.9	$	(11.1)	$	(14.8)
Current period changes in fair value, net of tax	20.4		23.3		13.3
Reclassification to earnings, net of tax	(21.8)		(5.3)		(9.6)
Balance, ending	$	5.5	$	6.9	$	(11.1)