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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Mar. 31, 2021
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, 2021 and June 30, 2020:
March 31, 2021 |  | Interest Rate Swaps |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
($ in millions) |  |  |  |
Asset Derivatives: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 0.1 |  |  | $ | 6.4 |  |  | $ | 6.5 |
Other assets |  | — |  |  | — |  |  | 5.2 |  |  | 5.2 |
Total asset derivatives |  | $ | — |  |  | $ | 0.1 |  |  | $ | 11.6 |  |  | $ | 11.7 |
Liability Derivatives: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | — |  |  | $ | 2.6 |  |  | $ | 0.4 |  |  | $ | 3.0 |
Other liabilities |  | — |  |  | — |  |  | 1.6 |  |  | 1.6 |
Total liability derivatives |  | $ | — |  |  | $ | 2.6 |  |  | $ | 2.0 |  |  | $ | 4.6 |
June 30, 2020 |  | Interest Rate Swaps |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
($ in millions) |  |  |  |
Asset Derivatives: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Other current assets |  | $ | 1.2 |  |  | $ | 0.2 |  |  | $ | 2.2 |  |  | $ | 3.6 |
Other assets |  | 2.8 |  |  | 0.6 |  |  | 3.1 |  |  | 6.5 |
Total asset derivatives |  | $ | 4.0 |  |  | $ | 0.8 |  |  | $ | 5.3 |  |  | $ | 10.1 |
Liability Derivatives: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | — |  |  | $ | — |  |  | $ | 11.1 |  |  | $ | 11.1 |
Other liabilities |  | — |  |  | — |  |  | 6.8 |  |  | 6.8 |
Total liability derivatives |  | $ | — |  |  | $ | — |  |  | $ | 17.9 |  |  | $ | 17.9 |
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 three and nine months ended March 31, 2021 and 2020:
|  | Amount of Gain (Loss) Recognized in AOCI on Derivatives
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 3.4 |  |  | $ | (9.6) |  |  | $ | 26.5 |  |  | $ | (8.3) |  |  |  |  |
Foreign exchange contracts |  | 0.1 |  |  | 0.3 |  |  | — |  |  | (0.7) |  |  |  |  |
Total |  | $ | 3.5 |  |  | $ | (9.3) |  |  | $ | 26.5 |  |  | $ | (9.0) |  |  |  |  |
($ in millions) |  | Location of Gain Reclassified from AOCI into Income |  | Amount of Gain Reclassified from AOCI into Income
|  | Three Months Ended March 31,
|  | 2021 |  | 2020
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  | $ | 1.4 |  |  | $ | 2.2 |
Foreign exchange contracts |  | Net sales |  | — |  |  | 0.1 |
Forward interest rate swaps |  | Interest expense |  | 0.1 |  |  | 0.1 |
Total |  |  |  | $ | 1.5 |  |  | $ | 2.4 |
($ in millions) |  | Location of Gain Reclassified from AOCI into Income |  | Amount of Gain Reclassified from AOCI into Income
|  | Nine Months Ended March 31,
|  | 2021 |  | 2020
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  | $ | 6.6 |  |  | $ | 9.7 |
Foreign exchange contracts |  | Net sales |  | — |  |  | 0.7 |
Forward interest rate swaps |  | Interest expense |  | 0.3 |  |  | 0.3 |
Total |  |  |  | $ | 6.9 |  |  | $ | 10.7 |
Summary of effect of derivative instruments on income | The following is a summary of total amounts presented in the consolidated statements of income in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2021 and 2020:
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
($ in millions) |  | Net Sales |  | Cost of Sales |  | Interest Expense |  | Net Sales |  | Cost of Sales |  | Interest Expense
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded |  | $ | 351.9 |  |  | $ | 336.5 |  |  | $ | 8.9 |  |  | $ | 585.4 |  |  | $ | 475.9 |  |  | $ | 4.9 |
Gain on Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.2 |  |  | $ | — |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
(Loss) gain on Derivatives in Fair Value Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |  |
Hedged Item |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.6) |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Total gain |  | $ | — |  |  | $ | 1.4 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 2.2 |  |  | $ | 0.1 |
|  | Nine Months Ended March 31, 2021 |  | Nine Months Ended March 31, 2020 |  |
($ in millions) |  | Net Sales |  | Cost of Sales |  | Interest Expense* |  | Net Sales |  | Cost of Sales |  | Interest Expense |  |
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded |  | $ | 1,054 |  |  | $ | 1,029.1 |  |  | $ | 23.5 |  |  | $ | 1,743.8 |  |  | $ | 1,409.0 |  |  | $ | 15.6 |  |  |
Gain on Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | $ | — |  |  | $ | 6.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.7 |  |  | $ | — |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain reclassified from AOCI to income |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  |
(Loss) gain on Derivatives in Fair Value Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged Item |  | — |  |  | — |  |  | (2.7) |  |  | — |  |  | — |  |  | (0.7) |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | 2.7 |  |  | — |  |  | — |  |  | 0.7 |  |  |
Total gain |  | $ | — |  |  | $ | 6.6 |  |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 9.7 |  |  | $ | 0.3 |  |  |
* $2.3 million of gains related to the interest rate swap agreements were recorded as a decrease to debt extinguishment losses.
Summary of amounts recorded in balance sheet related to cumulative basis adjustment for fair value interest rate risk hedges | As of March 31, 2021, and June 30, 2020, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges of interest rate risk:
|  | Carrying amount of the hedged liabilities |  | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities
($ in millions) |  | March 31, 2021 |  | June 30, 2020 |  | March 31, 2021 |  | June 30, 2020
Line item in the consolidated balance sheets in which the hedged item is included |  |  |  |  |  |  |  |
Long-term debt |  | $ | — |  |  | $ | 152.8 |  |  | $ | — |  |  | $ | 2.8 |

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