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Derivative Instruments (Tables)

9 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Contracts

At March 31, 2020 and June 30, 2019, the Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases:

March 31, 2020

June 30, 2019

Commodity

Volume

Volume

Aluminum

39,489 tons

29,342 tons

PET resin

9,166,667 lbs.

— lbs.

Schedule of Derivative Liabilities at Fair Value

The following tables provide the location of derivative instruments in the unaudited condensed consolidated balance sheet:

($ in millions)						Balance Sheet Location						March 31, 2020						June 30, 2019
Assets
Derivatives in cash flow hedging relationships:
Forward exchange contracts						Other current assets						$	3.3					$	2.4
Derivatives not designated as hedging instruments:
Forward exchange contracts						Other current assets						8.9						2.7
Cross currency interest rate swaps						Other current assets						1.5						—
Total current derivative contracts												13.7						5.1
Derivatives in fair value hedging relationships:
Interest rate swaps						Other non-current assets						35.0						32.8
Derivatives not designated as hedging instruments:
Forward exchange contracts						Other non-current assets						—						0.4
Total non-current derivative contracts												35.0						33.2
Total derivative asset contracts												$	48.7					$	38.3
Liabilities
Derivatives in cash flow hedging relationships:
Commodity contracts						Other current liabilities						$	9.4					$	4.6
Forward exchange contracts						Other current liabilities						5.5						1.5
Treasury locks						Other current liabilities						19.0						—
Derivatives not designated as hedging instruments:
Forward exchange contracts						Other current liabilities						16.8						7.1
Total current derivative contracts												50.7						13.2
Derivatives in cash flow hedging relationships:
Forward exchange contracts						Other non-current liabilities						0.3						0.3
Derivatives not designated as hedging instruments:
Forward exchange contracts						Other non-current liabilities						—						0.4
Total non-current derivative contracts												0.3						0.7
Total derivative liability contracts												$	51.0					$	13.9

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables provide the effects of derivative instruments on AOCI and in the unaudited condensed consolidated statement of income:

						Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)						Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
															Three Months Ended March 31,																		Nine Months Ended March 31,
($ in millions)															2020						2019						2020						2019
Derivatives in cash flow hedging relationships
Commodity contracts						Cost of sales						$	(0.8)					$	(0.7)					$	(3.9)					$	(0.5)
Forward exchange contracts						Net sales						(0.1)						(0.8)						(0.9)						(1.1)
Forward exchange contracts						Cost of sales						0.3						0.3						0.3						—
Total												$	(0.6)					$	(1.2)					$	(4.5)					$	(1.6)

Schedule of Derivatives Not Designated as Hedging Instruments

						Location of Gain (Loss) Recognized in the Unaudited Condensed Consolidated Statement of Income						Gain (Loss) Recognized in Income for Derivatives Not Designated as Hedging Instruments
															Three Months Ended March 31,																		Nine Months Ended March 31,
($ in millions)															2020						2019						2020						2019
Derivatives not designated as hedging instruments
Forward exchange contracts						Other income, net						$	(3.2)					$	(0.8)					$	(3.5)					$	(0.3)
Cross currency interest rate swaps						Other income, net						1.4						1.1						1.5						1.0
Total												$	(1.8)					$	0.3					(2.0)						0.7

Schedule of Fair Value Hedging Instruments In Condensed Consolidated Statement of Income

						Location of Gain (Loss) Recognized in the Unaudited Condensed Consolidated Statement of Income						Gain (Loss) Recognized in Income for Derivatives in Fair Value Hedging Relationships
															Three Months Ended March 31,																		Nine Months Ended March 31,
($ in millions)															2020						2019						2020						2019
Derivatives in fair value hedging relationships
Interest rate swaps						Interest expense						$	8.0					$	2.4					$	2.2					$	2.6
Total												$	8.0					$	2.4					$	2.2					$	2.6

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