Derivatives and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 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 December 31, 2022 and June 30, 2022:

December 31, 2022	Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Derivatives designated as hedging instruments:
Other current assets	$	4.5	$	15.2	$	19.7
Other assets	—		2.1		2.1
Total asset derivatives	$	4.5	$	17.3	$	21.8
Liability Derivatives:
Derivatives designated as hedging instruments:
Accrued liabilities	$	—	$	2.8	$	2.8
Other liabilities	—		0.3		0.3
Total liability derivatives	$	—	$	3.1	$	3.1

June 30, 2022	Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
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

Summary of the Gains (Losses) Related to Cash Flow Hedges

The following is a summary of the gains (losses) on cash flow hedges recognized during the three and six months ended December 31, 2022 and 2021:

	Amount of Gain Recognized in AOCI on Derivatives
	Three Months Ended December 31,				Six Months Ended December 31,
($ in millions)	2022		2021		2022		2021
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	9.8	$	1.3	$	9.6	$	1.0
Total	$	9.8	$	1.3	$	9.6	$	1.0

($ in millions)	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Three Months Ended December 31,
		2022		2021
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	1.2	$	(1.0)
Forward interest rate swaps	Interest expense, net	—		0.1
Total		$	1.2	$	(0.9)

($ in millions)	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Six Months Ended December 31,
		2022		2021
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	7.9	$	(2.9)
Forward interest rate swaps	Interest expense, net	—		0.2
Total		$	7.9	$	(2.7)

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 and six months ended December 31, 2022 and 2021:

	Three Months Ended December 31, 2022				Three Months Ended December 31, 2021
($ in millions)	Cost of Sales		Interest Expense, Net		Cost of Sales		Interest Expense, Net
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	509.1	$	13.0	$	382.9	$	10.1
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of gain (loss) reclassified from AOCI to income	$	1.2	$	—	$	(1.0)	$	—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		—		0.1
Total gain (loss)	$	1.2	$	—	$	(1.0)	$	0.1

	Six Months Ended December 31, 2022				Six Months Ended December 31, 2021
($ in millions)	Cost of Sales		Interest Expense, Net		Cost of Sales		Interest Expense, Net
Total amounts presented in the consolidated statement of income in which the effects of cash flow and fair value hedges are recorded	$	977.2	25.6		$	745.3	$	20.3
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of gain (loss) reclassified from AOCI to income	$	7.9	$	—	$	(2.9)	$	—
Interest rate swap agreements
Amount of gain reclassified from AOCI to income	—		—		—		0.2
Total gain (loss)	$	7.9	$	—	$	(2.9)	$	0.2