v3.26.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Summary of Reconciliation of Benefit Obligations, Plan Assets and Funded Status of the Plans
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans:
 
Pension PlansOther Postretirement Plans
($ in millions)2026202520262025
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$678.6 $682.7 $171.1 $172.8 
Service cost6.9 7.9 1.4 1.4 
Interest cost37.6 38.7 9.5 9.9 
Benefits paid(65.0)(59.3)(13.9)(13.6)
Actuarial (gain) loss(17.4)9.1 (3.8)0.6 
Other(0.8)(0.5)— — 
Projected benefit obligation at end of year639.9 678.6 164.3 171.1 
Change in plan assets:
Fair value of plan assets at beginning of year528.4 471.8 143.3 136.3 
Actual return57.4 48.0 25.8 17.0 
Benefits paid(65.0)(59.3)(13.9)(13.6)
Contributions27.0 67.9 4.0 3.6 
Plan settlements(0.7)— — — 
Fair value of plan assets at end of year547.1 528.4 159.2 143.3 
Funded status of the plans, (underfunded)$(92.8)$(150.2)$(5.1)$(27.8)
Amounts recognized in the consolidated balance sheets:
Other assets - noncurrent— — 19.2 — 
Accrued liabilities - current(3.2)(3.3)(2.1)(15.3)
Accrued pension liabilities - noncurrent(89.6)(146.9)— — 
Accrued postretirement benefits - noncurrent— — (22.2)(12.5)
Funded status of the plans, (underfunded)$(92.8)$(150.2)$(5.1)$(27.8)
Summary of Amounts Recognized in the Consolidated Balance Sheets
The following tables provide additional information for the plans:
Pension PlansOther Postretirement Plans
($ in millions)2026202520262025
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss (gain)$151.8 $198.9 $(81.4)$(66.8)
Prior service cost0.6 2.1 — 0.3 
Total$152.4 $201.0 $(81.4)$(66.5)
Other changes in plan assets and benefit obligations recognized in other comprehensive income consist of:
Net actuarial gain$(40.2)$(9.2)$(20.6)$(8.1)
Amortization of net (loss) gain(6.6)(7.3)5.9 5.6 
Amortization of prior service cost(1.5)(2.1)(0.2)(1.2)
Settlement charge(0.3)— — — 
Total, before tax effect$(48.6)$(18.6)$(14.9)$(3.7)
Additional information:
Accumulated benefit obligation for all pension plans$636.3 $674.2 N/AN/A
Summary of Amounts Recognized in the Accumulated Other Comprehensive Loss
The following additional information is for plans with projected benefit obligations in excess of plan assets as of June 30, 2026 and 2025:
 
Pension PlansOther Postretirement Plans
($ in millions)2026202520262025
Projected benefit obligation$639.9 $678.6 $24.3 $171.1 
Fair value of plan assets$547.1 $528.4 $— $143.3 
Summary of Projected Benefit Obligations in Excess of Plan Assets
The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2026 and 2025:
 
Pension PlansOther Postretirement Plans
($ in millions)2026202520262025
Accumulated benefit obligation$636.3 $674.2 $24.3 $171.1 
Fair value of plan assets$547.1 $528.4 $— $143.3 
Summary of Accumulated Benefit Obligations in Excess of Plan Assets
The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the years ended June 30, 2026, 2025 and 2024 are as follows:
 
Pension PlansOther Postretirement Plans
($ in millions)202620252024202620252024
Service cost$6.9 $7.9 $8.2 $1.4 $1.4 $1.5 
Interest cost37.6 38.7 43.7 9.5 9.9 10.2 
Expected return on plan assets(34.6)(29.7)(35.9)(8.9)(8.4)(7.3)
Amortization of net loss (gain)6.6 7.3 8.0 (5.9)(5.6)(2.5)
Amortization of prior service cost (benefit)1.5 2.1 2.1 0.2 1.2 (3.9)
Settlement charge0.3 — 51.9 — — — 
Net pension expense (income) $18.3 $26.3 $78.0 $(3.7)$(1.5)$(2.0)
Summary of Components of the Net Periodic Benefit Cost
Weighted-average assumptions used by the plans are as follows:

Weighted-average assumptions used to determine benefit obligations at fiscal year endPension PlansOther Postretirement Plans
2026202520262025
Discount rate6.08 %5.82 %6.08 %5.76 %
Rate of compensation increase3.30 %3.32 %N/AN/A
Summary of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted-average assumptions used to determine net periodic benefit cost for each fiscal yearPension PlansOther Postretirement Plans
202620252024202620252024
Discount rate5.78 %5.98 %5.89 %5.76 %6.07 %5.87 %
Expected long-term rate of return on plan assets6.75 %6.50 %6.50 %6.50 %6.50 %6.50 %
Long-term rate of compensation increase3.30 %3.32 %3.28 %N/AN/AN/A
Summary of Expected Health Care Cost Trend Rates
The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant:
June 30,
20262025
Assumed health care cost trend rate6.50 %6.50 %
Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20332033
Summary of Amounts in Other Comprehensive Loss that are Expected to be Recognized as Components of Net Periodic Benefit Cost Amounts in accumulated other comprehensive loss (gain) that are expected to be recognized as components of net periodic benefit cost in the fiscal year ended June 30, 2027, are as follows:
 
($ in millions)Pension PlansOther Postretirement PlansTotal
Amortization of prior service cost$0.2 $— $0.2 
Amortization of net actuarial loss (gain)4.7 (8.3)(3.6)
Amortization of accumulated other comprehensive loss (gain)$4.9 $(8.3)$(3.4)
Summary of Weighted-Average Asset Allocations by Asset Category
The Company's U.S. pension plans' weighted-average asset allocations at June 30, 2026 and 2025, by asset category are as follows: 

20262025
Equity securities45.9 %43.8 %
Fixed income securities37.8 %40.1 %
Real assets securities16.3 %16.1 %
Total100.0 %100.0 %
Summary of Fair Values of Pension Plan by Assets Category
The fair values of the Company's pension plan assets as of June 30, 2026 and 2025, by asset category and by the levels of inputs used to determine fair value were as follows:
 
June 30, 2026
Fair Value
Measurements Using
Input Type
($ in millions)Level 1Level 2Net Asset ValueTotal
Short-term investments$5.9 $— $— $5.9 
Commingled trust funds— — 540.8 540.8 
Mortgage/asset backed securities and other— 0.4 — 0.4 
Fair value of plan assets at end of year$5.9 $0.4 $540.8 $547.1 

June 30, 2025
Fair Value
Measurements Using
Input Type
($ in millions)Level 1Level 2Net Asset ValueTotal
Short-term investments$23.2 $— $— $23.2 
Commingled trust funds— — 504.3 504.3 
Mortgage/asset backed securities and other— 0.9 — 0.9 
Fair value of plan assets at end of year$23.2 $0.9 $504.3 $528.4 
Summary of Fair Values of Other Postretirement Benefit Plans by Asset Category
The fair values of the Company's other postretirement benefit plans as of June 30, 2026 and 2025, by asset category and by the level of inputs used to determine fair value, were as follows:
 
June 30, 2026
Fair Value
Measurements Using
Input Type
($ in millions)Level 1Level 2Net Asset ValueTotal
Commingled trust fund$— $— $156.2 $156.2 
Short-term investments3.0 — — 3.0 
Fair value of plan assets at end of year$3.0 $— $156.2 $159.2 

June 30, 2025
Fair Value
Measurements Using
Input Type
($ in millions)Level 1Level 2Net Asset ValueTotal
Commingled trust fund$— $— $142.7 $142.7 
Short-term investments0.6 — — 0.6 
Fair value of plan assets at end of year$0.6 $— $142.7 $143.3 
Summary of Estimated Future Benefit Payments The benefit payments below, which reflect expected future service, as appropriate, are expected to be paid by fiscal year as follows:
 
($ in millions)Pension
Benefits		Other
Benefits
2027$63.0 $15.0 
2028$59.7 $15.0 
2029$58.0 $14.8 
2030$56.4 $14.7 
2031$54.9 $14.5 
2032-2036$253.0 $67.2