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Fair Value Measurements | 9 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs. The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
March 31, 2024 |  | Fair Value Measurements Using Input Type
($ in millions) |  | Level 2
Assets: |  |
Derivative financial instruments |  | $ | 0.1 |
Liabilities: |  |
Derivative financial instruments |  | $ | 9.6 |
June 30, 2023 |  | Fair Value Measurements Using Input Type
($ in millions) |  | Level 2
Assets: |  |
Derivative financial instruments |  | $ | 3.7 |
Liabilities: |  |
Derivative financial instruments |  | $ | 6.8 |
The Company's derivative financial instruments consist of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to commodity prices and foreign exchange rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies is more fully discussed in Note 12. Derivatives and Hedging Activities. The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows:
|  | March 31, 2024 |  | June 30, 2023
($ in millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt |  | $ | 693.9 |  |  | $ | 708.9 |  |  | $ | 693.0 |  |  | $ | 698.1 |
Company-owned life insurance |  | $ | 30.2 |  |  | $ | 30.2 |  |  | $ | 26.2 |  |  | $ | 26.2 |
The fair values of long-term debt as of March 31, 2024 and June 30, 2023 were determined by using current interest rates for debt with terms and maturities similar to the Company's existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy. The carrying amount of company-owned life insurance as of March 31, 2024 and June 30, 2023 reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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