Derivatives and Hedging Activities (Tables)

9 Months Ended

Mar. 31, 2024

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 March 31, 2024 and June 30, 2023:

March 31, 2024	Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Other current assets	$	0.1	$	—	$	0.1
Other assets	—		—		—
Total asset derivatives	$	0.1	$	—	$	0.1
Liability Derivatives:
Accrued liabilities	$	0.2	$	7.8	$	8.0
Other liabilities	1.2		0.4		1.6
Total liability derivatives	$	1.4	$	8.2	$	9.6

June 30, 2023	Foreign Currency Contracts		Commodity Contracts		Total Derivatives
($ in millions)
Asset Derivatives:
Other current assets	$	2.1	$	1.6	$	3.7
Other assets	—		—		—
Total asset derivatives	$	2.1	$	1.6	$	3.7
Liability Derivatives:
Accrued liabilities	$	—	$	6.4	$	6.4
Other liabilities	—		0.4		0.4
Total liability derivatives	$	—	$	6.8	$	6.8

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

The following is a summary of the (losses) gains on cash flow hedges recognized during the three and nine months ended March 31, 2024 and 2023:

	Amount of Loss Recognized in AOCI on Derivatives
	Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)	2024		2023		2024		2023
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	$	(1.2)	$	(13.5)	$	(9.3)	$	(3.9)
Total	$	(1.2)	$	(13.5)	$	(9.3)	$	(3.9)

		Amount of (Loss) Gain Reclassified from AOCI into Income
	Location of (Loss) Gain Reclassified from AOCI into Income	Three Months Ended March 31,				Nine Months Ended March 31,
($ in millions)		2024		2023		2024		2023
Derivatives in Cash Flow Hedging Relationship:
Commodity contracts	Cost of sales	$	(4.2)	$	1.0	$	(7.4)	$	8.9
Total		$	(4.2)	$	1.0	$	(7.4)	$	8.9

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 and nine months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
($ in millions)	Cost of Sales		Cost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	537.9	$	596.6
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of (loss) gain reclassified from AOCI to income	$	(4.2)	$	1.0
Total (loss) gain	$	(4.2)	$	1.0

	Nine Months Ended March 31, 2024		Nine Months Ended March 31, 2023
($ in millions)	Cost of Sales		Cost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded	$	1,567.4	$	1,573.9
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship:
Commodity contracts
Amount of (loss) gain reclassified from AOCI to income	$	(7.4)	$	8.9
Total (loss) gain	$	(7.4)	$	8.9