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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Mar. 31, 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 March 31, 2024 and June 30, 2023:
March 31, 2024 |  |  |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
($ in millions) |  |  |  |
Asset Derivatives: |  |  |  |  |  |  |  |
Other current assets |  |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Other assets |  |  |  | — |  |  | — |  |  | — |
Total asset derivatives |  |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Liability Derivatives: |  |  |  |  |  |  |  |
Accrued liabilities |  |  |  | $ | 0.2 |  |  | $ | 7.8 |  |  | $ | 8.0 |
Other liabilities |  |  |  | 1.2 |  |  | 0.4 |  |  | 1.6 |
Total liability derivatives |  |  |  | $ | 1.4 |  |  | $ | 8.2 |  |  | $ | 9.6 |
June 30, 2023 |  |  |  | Foreign Currency Contracts |  | Commodity Contracts |  | Total Derivatives
($ in millions) |  |  |  |
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 on cash flow hedges recognized during the three and nine months ended March 31, 2024 and 2023:
|  | Amount of Loss Recognized in AOCI on Derivatives
|  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (1.2) |  |  | $ | (13.5) |  |  | $ | (9.3) |  |  | $ | (3.9) |
Total |  | $ | (1.2) |  |  | $ | (13.5) |  |  | $ | (9.3) |  |  | $ | (3.9) |
|  |  |  | Amount of (Loss) Gain Reclassified from AOCI into Income
|  | Location of (Loss) Gain Reclassified from AOCI into Income |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  | $ | (4.2) |  |  | $ | 1.0 |  |  | $ | (7.4) |  |  | $ | 8.9 |
Total |  |  |  | $ | (4.2) |  |  | $ | 1.0 |  |  | $ | (7.4) |  |  | $ | 8.9 |
Summary of Effect of Derivative Instruments on Income | The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2024 and 2023:
|  |  | Three Months Ended March 31, 2024 |  |  |  |  | Three Months Ended March 31, 2023
($ in millions) |  |  | Cost of Sales |  |  |  |  | Cost of Sales |  |
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded |  |  | $ | 537.9 |  |  |  |  |  | $ | 596.6 |  |  |
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI to income |  |  | $ | (4.2) |  |  |  |  |  | $ | 1.0 |  |  |
Total (loss) gain |  |  | $ | (4.2) |  |  |  |  |  | $ | 1.0 |  |  |
|  |  | Nine Months Ended March 31, 2024 |  |  |  |  | Nine Months Ended March 31, 2023
($ in millions) |  |  | Cost of Sales |  |  |  |  | Cost of Sales |  |
Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded |  |  | $ | 1,567.4 |  |  |  |  |  | $ | 1,573.9 |  |  |
(Loss) Gain on Derivatives in Cash Flow Hedging Relationship: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI to income |  |  | $ | (7.4) |  |  |  |  |  | $ | 8.9 |  |  |
Total (loss) gain |  |  | $ | (7.4) |  |  |  |  |  | $ | 8.9 |  |  |

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