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Leases (Tables) | 9 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Schedule of Components of Lease Expense, Supplemental Cash Flow Information, Weighted Average Discount Rate and Remaining Lease Term | The components of lease expense were as follows:
(in millions) |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
Statement of Income Location |  | 2020 |  |
Operating leases |  |  |  |
Cost of products sold |  | $ | 22.4 |  |  | $ | 67.9 |
Selling, general and administrative expenses |  | 5.6 |  |  | 17.0 |
Finance leases |  |  |  |
Amortization of right-of-use assets |  | 0.6 |  |  |  | 1.2 |
Interest on lease liabilities |  | 0.2 |  |  | 0.5 |
Total lease cost (1) |  | $ | 28.8 |  |  | $ | 86.6 |
(1)Includes short-term leases and variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended March 31,
(in millions) |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | 80.5 |
Operating cash flows from finance leases |  | $ | 0.4 |
Financing cash flows from finance leases |  | $ | 0.7 |
Lease assets obtained in exchange for new lease obligations: |  |
Operating leases |  | $ | 52.3 |
Finance leases |  | $ | 31.3 |
The weighted average remaining lease term and discount rate are as follows:
|  | March 31, 2020
Weighted average remaining lease term (in years): |  |
Operating leases |  | 9.8
Finance leases |  | 18.2
Weighted average discount rate: |  |
Operating Leases |  | 3.9 | %
Finance leases |  | 4.0 | %
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
(in millions) |  | Balance Sheet Location |  | March 31, 2020
Assets |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 525.8 |
Finance lease assets (1) |  | Property, plant and equipment, net |  | 32.0 |
Total lease assets |  |  |  | $ | 557.8 |
Liabilities |  |  |  |
Operating leases: |  |  |  |
Current operating lease liabilities |  | Other current liabilities |  | $ | 83.6 |
Non-current operating lease liabilities |  | Operating lease liabilities |  | 465.6 |
Finance leases: |  |  |  |
Current finance lease liabilities |  | Current portion of long-term debt |  | 1.8 |
Non-current finance lease liabilities |  | Long-term debt, less current portion |  | 32.1 |
Total lease liabilities |  |  |  | $ | 583.1 |
(1)Finance lease assets are recorded net of accumulated amortization of $8.7 million at March 31, 2020.
Schedule of Operating and Finance Lease Liabilities Maturity Under New Guidance Topic 842 | Maturities of lease liabilities were as follows:
(in millions) |  | Operating Leases |  | Finance Leases
Remainder of fiscal 2020 |  | $ | 26.9 |  |  | $ | 0.9 |
Fiscal 2021 |  | 95.5 |  |  | 2.9 |
Fiscal 2022 |  | 84.9 |  |  | 2.8 |
Fiscal 2023 |  | 73.3 |  |  | 2.6 |
Fiscal 2024 |  | 63.1 |  |  | 2.6 |
Thereafter |  | 319.6 |  |  | 34.9 |
Total lease payments |  | 663.3 |  |  | 46.7 |
Less: imputed interest |  | 114.1 |  |  | 12.8 |
Present value of lease liabilities |  | $ | 549.2 |  |  | $ | 33.9 |
Schedule of Company's Future Minimum Lease Commitments Under Previous Accounting Guidance Topic 840 | The Company’s future minimum lease commitments as of June 30, 2019, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:
(in millions) |  | Operating Leases
Fiscal 2020 |  | $ | 97.6 |
Fiscal 2021 |  | 90.4 |
Fiscal 2022 |  | 77.7 |
Fiscal 2023 |  | 67.3 |
Fiscal 2024 |  | 55.9 |
Thereafter |  | 301.8 |
Total minimum obligations |  | $ | 690.7 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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