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Pension and Other Postretirement Benefits | 9 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2024 and 2023 were as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
($ in millions) |  | Pension Plans |  | Other Postretirement Plans
Service cost |  | $ | 2.1 |  |  | $ | 2.0 |  |  | $ | 0.3 |  |  | $ | 0.5 |
Interest cost |  | 10.4 |  |  | 11.5 |  |  | 2.6 |  |  | 2.4 |
Expected return on plan assets |  | (8.3) |  |  | (11.2) |  |  | (1.8) |  |  | (1.7) |
Amortization of net loss (gain) |  | 1.9 |  |  | 2.4 |  |  | (0.6) |  |  | (0.4) |
Amortization of prior service cost (credits) |  | 0.5 |  |  | 0.5 |  |  | (1.0) |  |  | (1.0) |
Pension settlement charge |  | 51.9 |  |  | — |  |  | — |  |  | — |
Net pension expense (income) |  | $ | 58.5 |  |  | $ | 5.2 |  |  | $ | (0.5) |  |  | $ | (0.2) |
|  | Nine Months Ended March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
($ in millions) |  | Pension Plans |  | Other Postretirement Plans
Service cost |  | $ | 6.2 |  |  | $ | 5.9 |  |  | $ | 1.1 |  |  | $ | 1.5 |
Interest cost |  | 34.0 |  |  | 34.5 |  |  | 7.6 |  |  | 7.2 |
Expected return on plan assets |  | (28.5) |  |  | (33.6) |  |  | (5.5) |  |  | (5.1) |
Amortization of net loss (gain) |  | 6.2 |  |  | 7.2 |  |  | (1.9) |  |  | (1.2) |
Amortization of prior service cost (credits) |  | 1.6 |  |  | 1.5 |  |  | (2.9) |  |  | (3.0) |
Pension settlement charge |  | 51.9 |  |  | — |  |  | — |  |  | — |
Net pension expense (income) |  | $ | 71.4 |  |  | $ | 15.5 |  |  | $ | (1.6) |  |  | $ | (0.6) |
In the quarter ended March 31, 2024, the Company executed a buy-out annuity transaction for the Company's largest defined benefit plan. The Company determined that the annuity settlement and lump-sum payments exceeded the threshold of service cost and interest cost components and therefore settlement accounting was required. As a result, the Company recorded a noncash settlement charge of $51.9 million in the quarter ended March 31, 2024 within other expense, net. The settlement triggered a remeasurement for the affected benefit plan in the quarter ended March 31, 2024 using a weighted average discount rate of 5.90 percent compared to the rate of 5.85 percent utilized at June 30, 2023. The impact of the remeasurement increased the anticipated full fiscal year net pension expense by $0.5 million of which $0.2 million was recognized within pension earnings, interest and deferrals in the current quarter. The remeasurement also resulted in an increase of accrued pension liabilities and accumulated other comprehensive loss of $17.4 million based on the current discount rate and lower than anticipated investment returns. During the nine months ended March 31, 2024 and 2023, the Company made $4.9 million and $0.0 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make $6.4 million of required cash pension contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2024

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