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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Jun. 30, 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 June 30, 2024 and 2023:
June 30, 2024 ($ in millions) |  |  |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
Asset Derivatives: |  |  |  |  |  |  |  |
Other current assets |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other assets |  |  |  | — |  |  | — |  |  | — |
Total asset derivatives |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liability Derivatives: |  |  |  |  |  |  |  |
Accrued liabilities |  |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | 3.6 |
Other liabilities |  |  |  | 1.4 |  |  | 0.8 |  |  | 2.2 |
Total liability derivatives |  |  |  | $ | 1.4 |  |  | $ | 4.4 |  |  | $ | 5.8 |
June 30, 2023 ($ in millions) |  |  |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
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 related to cash flow hedges recognized during the fiscal years ended June 30, 2024, 2023 and 2022:
|  | Amount of (Loss) Gain Recognized in AOCI on Derivatives Years Ended June 30,
($ in millions) |  | 2024 |  | 2023 |  | 2022
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |
Commodity contracts |  | $ | (9.6) |  |  | $ | (8.8) |  |  | $ | 26.8 |
Total |  | $ | (9.6) |  |  | $ | (8.8) |  |  | $ | 26.8 |
|  |  |  | Amount of (Loss) Gain Reclassified from AOCI into Income Years Ended June 30,
($ in millions) |  | Location of (Loss) Gain Reclassified from AOCI into Income |  | 2024 |  | 2023 |  | 2022
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  | $ | (11.0) |  |  | $ | 7.7 |  |  | $ | 28.3 |
Forward interest rate swaps |  | Interest expense |  | — |  |  | — |  |  | 0.4 |
Total |  |  |  | $ | (11.0) |  |  | $ | 7.7 |  |  | $ | 28.7 |
The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded during the fiscal years ended June 30, 2024 and 2023:
|  |  |  | Year Ended June 30, 2024 |  |  |  | Year Ended June 30, 2023
($ in millions) |  |  |  | Cost of Sales |  |  |  |  |  | Cost of Sales |  |
Total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded |  |  |  | $ | 2,175.4 |  |  |  |  |  |  | $ | 2,213.0 |  |  |
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI to income |  |  |  | (11.0) |  |  |  |  |  |  | 7.7 |  |  |
Total (loss) gain |  |  |  | $ | (11.0) |  |  |  |  |  |  | $ | 7.7 |  |  |
Schedule of Changes in AOCI Associated with Derivative Hedging Activities | The changes in AOCI associated with derivative hedging activities during the fiscal years ended June 30, 2024, 2023 and 2022 were as follows:
|  | Years Ended June 30,
($ in millions) |  | 2024 |  | 2023 |  | 2022
Balance, beginning |  | $ | (7.0) |  |  | $ | 5.5 |  |  | $ | 6.9 |
Current period changes in fair value, net of tax |  | (7.3) |  |  | (6.7) |  |  | 20.4 |
Reclassification to earnings, net of tax |  | 8.4 |  |  | (5.8) |  |  | (21.8) |
Balance, ending |  | $ | (5.9) |  |  | $ | (7.0) |  |  | $ | 5.5 |

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