Carpenter Technology (CRS) 10-Q 7 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	Apr. 29, 2015
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17843
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		50,403,963
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Current assets:
Cash and cash equivalents	$29.40	$120
Accounts receivable, net	318.9	339.6
Inventories	710.7	699.2
Deferred income taxes	16.7	0
Other current assets	43	35.7
Total current assets	1,118.70	1,194.50
Property, plant and equipment, net	1,403.60	1,407
Goodwill	257.3	257.7
Other intangibles, net	73.5	80.6
Other assets	114.3	117.7
Total assets	2,967.40	3,057.50
Current liabilities:
Accounts payable	178.3	278.1
Accrued liabilities	144.3	148
Deferred income taxes	0	4.5
Total current liabilities	322.6	430.6
Long-term debt	609.8	604.3
Accrued pension liabilities	228.9	203.4
Accrued postretirement benefits	160.2	163.2
Deferred income taxes	182.8	110.7
Other liabilities	63.3	41
Total liabilities	1,567.60	1,553.20
Contingencies and commitments (see Note 8)
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,233,807 shares at March 31, 2015 and 55,161,875 shares at June 30, 2014; outstanding 51,886,740 shares at March 31, 2015 and 53,137,144 shares at June 30, 2014	276.2	275.8
Capital in excess of par value	265.1	263.5
Reinvested earnings	1,319	1,311.60
Common stock in treasury (3,347,067 shares and 2,024,731 shares at March 31, 2015 and June 30, 2014, respectively), at cost	-157.6	-101.4
Accumulated other comprehensive loss	-302.9	-245.2
Total equity	1,399.80	1,504.30
Total liabilities and equity	$2,967.40	$3,057.50

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Mar. 31, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	55,233,807	55,161,875
Common stock outstanding (in shares)	51,886,740	53,137,144
Common stock in treasury (in shares)	2,139,455	2,024,731

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
NET SALES	$570.60	$566.30	$1,668.80	$1,568.40
Cost of sales	494.8	471.8	1,438.90	1,275.20
Gross profit	75.8	94.5	229.9	293.2
Selling, general and administrative expenses	45.7	45	132.7	140.4
Restructuring charges	25.3	0	25.3	0
Operating income	4.8	49.5	71.9	152.8
Interest expense, net	-7.1	-2.7	-20.9	-10.8
Other (expense) income, net	0	-0.6	4.8	0.1
(Loss) income before income taxes	-2.3	46.2	55.8	142.1
Income tax (benefit) expense	-0.9	15.6	19.6	47.4
Net (loss) income	($1.40)	$30.60	$36.20	$94.70
(LOSS) EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	($0.03)	$0.57	$0.68	$1.77
Diluted (in dollars per share)	($0.03)	$0.57	$0.68	$1.76
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	52.6	53.3	53.2	53.2
Diluted (in shares)	52.6	53.7	53.3	53.6
Cash dividends per common share (in dollars per share)	$0.18	$0.18	$0.54	$0.54

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	($1.40)	$30.60	$36.20	$94.70
Other comprehensive (loss) income, net of tax
Pension and postretirement benefits, net of tax of $(1.8), $(2.2), $(5.5) and $(6.4), respectively	3	3.7	8.9	11.2
Net (loss) gain on derivative instruments, net of tax of $8.0, $(12.3), $23.4 and $(15.9), respectively	-13.2	20.5	-38.7	26.5
Unrealized gain on marketable securities, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	0	0	0	0.1
Foreign currency translation	-9.9	-1	-27.9	3.9
Other comprehensive (loss) income	-20.1	23.2	-57.7	41.7
Comprehensive (loss) income	($21.50)	$53.80	($21.50)	$136.40

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax	($1.80)	($2.20)	($5.50)	($6.40)
Net (loss) gain on derivative instruments, tax	4.3	-1.4	15.3	-3.6
Unrealized loss on marketable securities, tax	$0	$0	$0	$0

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net (loss) income	$36.20	$94.70
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	91.2	80.9
Non-cash restructuring and asset impairment charges	6.3	0
Deferred income taxes	68.4	2
Net pension expense	34.6	43
Payments from qualified pension plan associated with restructuring charges	7.6	0
Stock-based compensation expense	6.8	9
Net loss on disposal of property and equipment	0.8	0.5
Changes in working capital and other:
Accounts receivable	6.6	30
Inventories	-18.4	-60.6
Other current assets	-12	-6.4
Accounts payable	-42.3	0.5
Accrued liabilities	-22.7	-31.4
Pension plan contributions	-5.5	-4.6
Other postretirement plan contributions	-10.2	-9.8
Other, net	1	-3.8
Net cash provided from operating activities	148.4	144
INVESTING ACTIVITIES
Purchases of property, equipment and software	-152.3	-298.2
Proceeds from disposals of property and equipment	0.2	0.3
Net cash used for investing activities	-152.1	-297.9
FINANCING ACTIVITIES
Dividends paid	-28.8	-28.8
Purchase of treasury stock	-60.3	0
Tax benefits on share-based compensation	0.6	2.2
Proceeds from stock options exercised	2.3	6.8
Net cash used for financing activities	-86.2	-19.8
Effect of exchange rate changes on cash and cash equivalents	-0.7	1.5
DECREASE IN CASH AND CASH EQUIVALENTS	-90.6	-172.2
Cash and cash equivalents at beginning of period	120	257.5
Cash and cash equivalents at end of period	29.4	85.3
Non-cash investing activities:
Acquisition of property, equipment and software	9.3	41.2
Non-cash financing activities:
Seller-financed debt related to the purchase of software	$4.90	$0

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Total	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive Income (Loss)
In Millions, unless otherwise specified
Balances at Jun. 30, 2013	$1,303.10	$274.60	$254.40	$1,217.30	($107.50)	($335.70)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	94.7			94.7
Pension and postretirement benefits gain, net of tax	11.2					11.2
Net gain (loss) on derivative instruments, net of tax	26.5					26.5
Unrealized gain on marketable securities, net of tax	0.1					0.1
Foreign currency translation	3.9					3.9
Cash Dividends:
Common @ $0.54 per share	-28.8			-28.8
Share-based compensation plans	5.6		1.2		4.4
Stock options exercised	6.8	1.2	5.6
Tax windfall on share-based compensation	2.2		2.2
Balances at Mar. 31, 2014	1,425.30	275.8	263.4	1,283.20	-103.1	-294
Balances at Jun. 30, 2014	1,504.30	275.8	263.5	1,311.60	-101.4	-245.2
Increase (Decrease) in Stockholders' Equity
Net (loss) income	36.2			36.2
Pension and postretirement benefits gain, net of tax	8.9					8.9
Net gain (loss) on derivative instruments, net of tax	-38.7					-38.7
Unrealized gain on marketable securities, net of tax	0
Foreign currency translation	-27.9					-27.9
Cash Dividends:
Common @ $0.54 per share	-28.8			-28.8
Purchase of treasury stock	-60.3				-60.3
Share-based compensation plans	3.2		-0.9		4.1
Stock options exercised	2.3	0.4	1.9
Tax windfall on share-based compensation	0.6		0.6
Balances at Mar. 31, 2015	$1,399.80	$276.20	$265.10	$1,319	($157.60)	($302.90)

CONSOLIDATED_STATEMENT_OF_CHAN1

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (in dollars per share)	$0.18	$0.18	$0.54	$0.54
Common stock, par value (in dollars per share)	$5	$5	$5	$5

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2014 consolidated balance sheet data was derived from audited financial statements, but does not include all the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2014 (the “2014 Form 10-K”). Operating results for the three and nine months ended March 31, 2015 are not necessarily indicative of the operating results for any future period.
	Certain amounts in the consolidated financial statements and notes to the consolidated financial statements for prior year periods have been reclassified to conform to the fiscal year 2015 presentation.
	As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.

Earnings_per_Common_Share

Earnings per Common Share	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings Per Common Share
	The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (nonvested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended March 31, 2015, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive.
	The calculations of basic and diluted (loss) earnings per common share for the three and nine months ended March 31, 2015 and 2014 were as follows:
		Three Months Ended							Nine Months Ended
		March 31,							March 31,
	(in millions, except per share data)	2015				2014			2015		2014
	Net (loss) income	$	(1.4	)		$	30.6		$	36.2	$	94.7
	Less: earnings and dividends allocated to participating securities	—				(0.1		)	—		(0.3		)
	(Loss) earnings available for Carpenter common stockholders used in calculation of basic earnings per share	$	(1.4	)		$	30.5		$	36.2	$	94.4
	Weighted average number of common shares outstanding, basic	52.6				53.3			53.2		53.2
	Basic (loss) earnings per common share	$	(0.03	)		$	0.57		$	0.68	$	1.77
	Net (loss) income	$	(1.4	)		$	30.6		$	36.2	$	94.7
	Less: earnings and dividends allocated to participating securities	—				(0.1		)	—		(0.3		)
	(Loss) earnings available for Carpenter common stockholders used in calculation of diluted earnings per share	$	(1.4	)		$	30.5		$	36.2	$	94.4
	Weighted average number of common shares outstanding, basic	52.6				53.3			53.2		53.2
	Effect of shares issuable under share-based compensation plans	—				0.4			0.1		0.4
	Weighted average number of common shares outstanding, diluted	52.6				53.7			53.3		53.6
	Diluted (loss) earnings per common share	$	(0.03	)		$	0.57		$	0.68	$	1.76
	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
	(in millions)	2015			2014			2015		2014
	Stock options	1.1			0.1			0.7		0.1

Restructuring_Charges

Restructuring Charges	9 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges
	In March 2015, the Company approved restructuring actions to reduce overhead costs and position the Company to drive long-term, profitable growth. Activities undertaken in connection with the restructuring plan are expected to be substantially completed by the end of the first quarter of fiscal year 2016. The restructuring charges for the three and nine months ended March 31, 2015 amounted to $25.3 million before taxes. The components of the restructuring charges are indicated below.
	The Company recorded a pre-tax charge of $10.6 million during the three and nine months ended March 31, 2015 consisting primarily of various personnel-related costs for severance payments, medical coverage and related items. Of this charge, $3.4 million will be paid by the Company and $7.6 million will be paid from the Company's qualified pension plan. The charge also includes $0.4 million of non-cash forfeiture income related to stock-based compensation.
	The Company recorded a pre-tax charge of $13.4 million during the three and nine months ended March 31, 2015 to exit a material development program. This includes an $8.0 million cash payment during the three and nine months ended March 31, 2015 to exit a licensing agreement and non-cash asset impairment charges totaling $5.4 million.
	The Company recorded a pre-tax charge of $1.3 million during the three and nine months ended March 31, 2015 to reflect the accelerated depreciation of the property and equipment at a facility that will close in the fourth quarter of fiscal year 2015.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2015
Inventory, Net [Abstract]
Inventories	Inventories
	Inventories consisted of the following components as of March 31, 2015 and June 30, 2014:
	($ in millions)	March 31,		June 30,
		2015		2014
	Raw materials and supplies	$	143	$	122.3
	Work in process	368.2		393.9
	Finished and purchased products	199.5		183
	Total inventory	$	710.7	$	699.2
	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method.

Accrued_Liabilities

Accrued Liabilities	9 Months Ended
	Mar. 31, 2015
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities
	Accrued liabilities consisted of the following as of March 31, 2015 and June 30, 2014:
	($ in millions)	March 31,		June 30,
		2015		2014
	Accrued compensation and benefits	$	46.5	$	49.8
	Derivative financial instruments	35.2		4.7
	Accrued postretirement benefits	15.5		15.5
	Accrued pension liabilities	6.5		19.3
	Accrued interest expense	5.6		11.2
	Accrued income taxes	—		8.4
	Other	35		39.1
	Total accrued liabilities	$	144.3	$	148

Pension_and_Other_Postretireme

Pension and Other Postretirement Benefits	9 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits
	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and nine months ended March 31, 2015 and 2014 were as follows:
	Three months ended March 31,	Pension Plans						Other Postretirement Plans
	($ in millions)	2015			2014			2015			2014
	Service cost	$	8		$	8		$	1.1		$	1
	Interest cost	13.5			14.3			3			3.1
	Expected return on plan assets	(17.2		)	(15.7		)	(1.7		)	(1.6		)
	Amortization of net loss	4.2			5.5			0.5			0.3
	Amortization of prior service cost	0.1			0.1			—			—
		$	8.6		$	12.2		$	2.9		$	2.8
	Nine months ended March 31,	Pension Plans						Other Postretirement Plans
	($ in millions)	2015			2014			2015			2014
	Service cost	$	24		$	24.2		$	3.3		$	3
	Interest cost	40.5			43			9			9.3
	Expected return on plan assets	(51.6		)	(47.1		)	(5.0		)	(4.8		)
	Amortization of net loss	12.6			16.3			1.5			0.9
	Amortization of prior service cost	0.3			0.4			—			—
		$	25.8		$	36.8		$	8.8		$	8.4
	Historically, the Company capitalized in inventory only the service cost portion of periodic benefit costs associated with manufacturing employees. During the three months ended December 31, 2013, the Company began to capitalize the portion of periodic benefit costs related to the interest cost, expected return on assets and amortization of net actuarial loss and prior service cost (benefit), which the Company refers to as pension earnings, interest and deferrals (“pension EID”), related to current manufacturing employees in inventory. The impact of this change resulted in an increase in the amount of capitalized periodic benefit costs of $2.2 million during the nine months ended March 31, 2014. This change did not have a material impact on any previously reported amounts.
	During the nine months ended March 31, 2015 and 2014, the Company made $5.5 million and $4.6 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make approximately $1.7 million of contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2015.

Debt

Debt	9 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	The Company has a $500.0 million syndicated credit agreement (“Credit Agreement”) that extends to June 2018. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “Base Rate,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% (1.25% as of March 31, 2015), and for Base Rate-determined loans, from 0.00% to 0.90% (0.25% as of March 31, 2015). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% (0.150% as of March 31, 2015), determined based upon the Debt Rating, of the unused portion of the $500.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 0.75% to 1.90% (1.25% as of March 31, 2015), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and reborrow loans and to terminate or reduce the commitments under the facility. As of March 31, 2015, the Company had $8.2 million of issued letters of credit under the Credit Agreement, with the balance of $491.8 million available to the Company.
	The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55%. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of March 31, 2015 and June 30, 2014, the Company was in compliance with all of the covenants of the Credit Agreement.
	Long-term debt outstanding as of March 31, 2015 and June 30, 2014 consisted of the following:
	($ in millions)	March 31,		June 30,
		2015		2014
	Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at March 31, 2015 and June 30, 2014)	$	55	$	55
	Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at March 31, 2015 and June 30, 2014)	255.2		249.7
	Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2015 and June 30, 2014)	299.6		299.6
	Total	609.8		604.3
	Less: amounts due within one year	—		—
	Long-term debt, net of current portion	$	609.8	$	604.3
	For the three months ended March 31, 2015 and 2014, interest costs totaled $7.7 million and $8.1 million, respectively, of which $0.6 million and $5.4 million, respectively, were capitalized as part of the cost of property, plant, equipment and software. For the nine months ended March 31, 2015 and 2014, interest costs totaled $22.9 million and $24.1 million, respectively, of which $2.0 million and $13.3 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies_and_Commitments

Contingencies and Commitments	9 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments
	Environmental
	The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company’s operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party (“PRP”) with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. Additionally, the Company has been notified that it may be a PRP with respect to other Superfund sites as to which no proceedings have been instituted against the Company. Neither the exact amount of remediation costs nor the final method of their allocation among all designated PRP’s at these Superfund sites have been determined. The liability for future environmental remediation costs is evaluated by management on a quarterly basis. The Company accrues amounts for environmental remediation costs that represent management’s best estimate of the probable and reasonably estimable undiscounted future costs related to environmental remediation. During the nine months ended March 31, 2015, the Company increased the liability for a company-owned former operating site by $0.2 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at March 31, 2015 and June 30, 2014 were $15.7 million and $15.5 million, respectively.
	Estimates of the amount and timing of future costs of environmental remediation requirements are inherently imprecise because of the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the identification of currently unknown remediation sites and the allocation of costs among the PRP’s. Based upon information currently available, such future costs are not expected to have a material effect on Carpenter’s financial position, results of operations or cash flows over the long-term. However, such costs could be material to Carpenter’s financial position, results of operations or cash flows in a particular future quarter or year.
	Other
	The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year.

Share_Repurchase_Program

Share Repurchase Program	9 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program
	In October 2014, the Company’s Board of Directors authorized a share repurchase program. The program authorizes the purchase of up to $500.0 million of the Company’s outstanding common stock over two years. The shares may be repurchased from time to time at the Company's discretion based on capital needs of the business, general market conditions and market price of the stock. The share repurchase program may be discontinued at any time. During the nine months ended March 31, 2015, the Company purchased 1,411,772 of its common stock on the open market for an aggregate of $60.3 million.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2015
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, 2015	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.3
	Derivative financial instruments	8.4
	Total assets	$	13.7
	Liabilities:
	Derivative financial instruments	$	59.1
	June 30, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	20.4
	Total assets	$	25.6
	Liabilities:
	Derivative financial instruments	$	10.9
	The Company’s derivative financial instruments consist of commodity forward contracts, foreign currency forward contracts, interest rate swaps and forward interest rate swaps. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest 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 are more fully discussed in Note 12.
	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 accounting principles generally accepted in the United States.
	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, 2015				June 30, 2014
	($ in millions)	Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Long-term debt	$	609.8	$	639.8	$	604.3	$	638.7
	Company-owned life insurance	$	16.7	$	16.7	$	16.2	$	16.2
	The carrying amount for company-owned life insurance 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.
	The fair values of long-term debt as of March 31, 2015 and June 30, 2014 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.

Other_Expense_Income_Net

Other (Expense) Income, Net	9 Months Ended
	Mar. 31, 2015
Other Income and Expenses [Abstract]
Other Income, Net	Other (Expense) Income, Net
	Other (expense) income, net consisted of the following:
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
	($ in millions)	2015			2014			2015			2014
	Legal settlement	$	—		$	—		$	4.4		$	—
	Foreign exchange	(0.1		)	(0.8		)	0.3			(2.0		)
	Equity in earnings (losses) of unconsolidated subsidiaries	0.1			—			(0.4		)	0.4
	Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts	—			0.1			0.5			1.6
	Other	—			0.1			—			0.1
	Total other (expense) income, net	$	—		$	(0.6	)	$	4.8		$	0.1

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	9 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities
	The Company uses commodity forwards, interest rate swaps, forward interest rate swaps and foreign currency forwards to manage risks generally associated with commodity price, interest rate and foreign currency rate fluctuations. The following explains the various types of derivatives and includes a recap about the impact the derivative instruments had on the Company’s financial position, results of operations and cash flows.
	Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of March 31, 2015, the Company had forward contracts to purchase 26.6 million pounds of certain raw materials with settlement dates through June 2019.
	Cash Flow Hedging — Forward interest rate swaps: Historically, the Company has entered into forward interest rate swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued. The forward interest rate swaps were designated as cash flow hedges. The qualifying hedge contracts were marked-to-market at each reporting date and any unrealized gains or losses were included in accumulated other comprehensive income (loss) to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur.  For the three months ended March 31, 2015 and 2014, net gains of $0.1 million and $0.1 million, respectively, were recorded as a reduction to interest expense. For the nine months ended March 31, 2015 and 2014, net gains of $0.3 million and $0.3 million, respectively, were recorded as a reduction to interest expense. These amounts represent the impact of previously terminated swaps which are being amortized over the remaining term of the underlying debt.
	Cash Flow Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) to the extent effective, and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur.
	The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currency against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other income and expense. As of March 31, 2015 and June 30, 2014, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material.
	Fair Value Hedging - Interest rate swaps: The Company uses interest rate swaps to achieve a level of floating rate debt relative to fixed rate debt where appropriate. The Company has designated fixed to floating interest rate swaps as fair value hedges. Accordingly, the changes in the fair value of these instruments are immediately recorded in earnings. The mark-to-market values of both the fair value hedging instruments and the underlying debt obligations are recorded as equal and offsetting gains and losses in interest expense in the consolidated statements of operations. As of March 31, 2015 and June 30, 2014, the total notional amount of floating interest rate contracts was $150.0 million and $0.0 million, respectively. For the three months ended March 31, 2015 and 2014, net gains of $0.8 million and $0.0 million, respectively, were recorded as a reduction to interest expense. For the nine months ended March 31, 2015 and 2014, net gains of $2.1 million and $0.0 million, respectively, were recorded as a reduction to interest expense.
	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2015 and June 30, 2014:
	March 31, 2015	Interest				Foreign				Commodity				Total
		Rate Swaps				Currency				Contracts				Derivatives
	($ in millions)					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	0.7			$	2.3			$	—			$	3
	Other assets	5.4				—				—				5.4
	Total asset derivatives	$	6.1			$	2.3			$	—			$	8.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—			$	—			$	35.2			$	35.2
	Other liabilities	—				—				23.9				23.9
	Total liability derivatives	$	—			$	—			$	59.1			$	59.1
	June 30, 2014	Interest				Foreign				Commodity				Total
		Rate Swaps				Currency				Contracts				Derivatives
	($ in millions)					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	—			$	—			$	11.3			$	11.3
	Other assets	—				—				9.1				9.1
	Total asset derivatives	$	—			$	—			$	20.4			$	20.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—			$	0.4			$	4.3			$	4.7
	Other liabilities	—				0.2				6				6.2
	Total liability derivatives	$	—			$	0.6			$	10.3			$	10.9
	Cash Flow Hedges
	For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (losses) gains related to cash flow hedges recognized during the three and nine months ended March 31, 2015 and 2014:
		Amount of (Loss) Gain
		Recognized in AOCI on
		Derivatives
		(Effective Portion)
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
	($ in millions)	2015				2014				2015				2014
	Derivatives in Cash Flow Hedging Relationship:
	Commodity contracts	$	(28.6	)		$	27.5			$	(71.8	)		$	23
	Foreign exchange contracts	1.3				(0.3		)		3.4				(1.0		)
	Total	$	(27.3	)		$	27.2			$	(68.4	)		$	22
	($ in millions)	Location of (Loss) Gain		Amount of (Loss) Gain								Amount of (Loss) Gain
	Derivatives in Cash Flow	Reclassified from AOCI into		Reclassified from AOCI								Reclassified from AOCI
	Hedging Relationship:	Income		into Income								into Income
				(Effective Portion)								(Ineffective Portion)
				Three Months Ended								Three Months Ended
				March 31,								March 31,
				2015				2014				2015				2014
	Commodity contracts	Cost of sales		$	(6.9	)		$	(5.4	)		$	(2.0	)		$	0.2
	Foreign exchange contracts	Net sales		0.9				(0.3		)		—				—
	Forward interest rate swaps	Interest expense		0.1				0.1				—				—
	Total			$	(5.9	)		$	(5.6	)		$	(2.0	)		$	0.2
	($ in millions)	Location of (Loss) Gain		Amount of (Loss) Gain								Amount of (Loss) Gain
	Derivatives in Cash Flow	Reclassified from AOCI into		Reclassified from AOCI								Reclassified from AOCI
	Hedging Relationship:	Income		into Income								into Income
				(Effective Portion)								(Ineffective Portion)
				Nine Months Ended								Nine Months Ended
				March 31,								March 31,
			2015				2014				2015				2014
Commodity contracts	Cost of sales		$	(8.4	)		$	(19.9	)		$	(2.2	)		$	(0.1	)
Foreign exchange contracts	Net sales		1.9				(0.8		)		—				—
Forward interest rate swaps	Interest expense		0.3				0.3				—				—
Total			$	(6.2	)		$	(20.4	)		$	(2.2	)		$	(0.1	)
The Company estimates that $18.1 million of net derivative losses included in AOCI as of March 31, 2015 will be reclassified into earnings within the next 12 months.
The changes in AOCI associated with derivative hedging activities during the three and nine months ended March 31, 2015 and 2014 were as follows:
	Three Months Ended								Nine Months Ended
	March 31,								March 31,
($ in millions)	2015				2014				2015				2014
Balance, beginning	$	(17.9	)		$	(35.5	)		$	7.6			$	(41.5	)
Current period changes in fair value, net of tax	(16.9		)		17				(42.6		)		13.7
Reclassification to earnings, net of tax	3.7				3.5				3.9				12.8
Balance, ending	$	(31.1	)		$	(15.0	)		$	(31.1	)		$	(15.0	)
According to the provisions of the Company’s derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. The Company’s contracts with these counterparties allow for netting of derivative instrument positions executed under each contract. As of March 31, 2015 and June 30, 2014, the Company had no cash collateral held by counterparties.
The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts.

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur.
	Income taxes for the three months ended March 31, 2015 were a benefit of $0.9 million, or 39.1 percent of pre-tax loss as compared with expense of $15.6 million, or 33.8 percent of pre-tax income for the three months ended March 31, 2014. Income tax expense for the nine months ended March 31, 2015 was $19.6 million, or 35.1 percent of pre-tax income as compared with $47.4 million, or 33.4 percent of pre-tax income for the nine months ended March 31, 2014. The increase in the effective tax rate for the three months ended March 31, 2015 was primarily due to the disproportionate effect of a $0.1 million discrete tax item recorded during the three months ended March 31, 2015. Tax expense for the nine months ended March 31, 2015 includes net tax charges of $1.6 million for the unfavorable impact of bonus depreciation on domestic manufacturing benefits recorded in the prior year, net of additional research and development credits as a result of the December 2014 enactment of the Tax Increase and Prevention Act.
	As of June 30, 2014, we had $128.4 million of indefinitely reinvested foreign earnings for which we had not provided deferred income taxes.  Due to the recent announcement of the $500.0 million share repurchase program, we have changed our intent with regard to the indefinite reinvestment of a portion of the foreign earnings of one of our foreign subsidiaries for 2014 and prior years.  As a result of this change, we repatriated approximately $38.0 million during this quarter with a minimal tax cost.  The remaining balance, approximately $90.0 million, of undistributed foreign earnings continues to be indefinitely reinvested.

Superalloy_Powders_Technical_A

Superalloy Powders Technical Assistance and Powder Supply Agreements	9 Months Ended
	Mar. 31, 2015
Superalloy Powders Technical Assistance and Powder Supply Agreements
Superalloy Powders Technical Assistance and Powder Supply Agreements	Superalloy Powders Technical Assistance and Powder Supply Agreements
	On September 30, 2013, the Company entered into a multi-level agreement with United Technologies Corporation (“UTC”) through its Pratt & Whitney Division, which includes a technical assistance agreement and a long-term powder supply agreement. The technical assistance agreement provides for the licensing of technology associated with the production of superalloy powders. As a result of the agreements, the Company began construction of a superalloy powder facility which is expected to take approximately 18 months to construct at an estimated cost of $30 million. Once the facility is qualified by UTC, the Company will supply UTC with superalloy powder for up to 20 years. The powder supply agreement provides for minimum guaranteed purchase quantities of specified materials for a period of 12 years.
	According to the terms of the technology licensing agreement, the Company paid a $13.0 million up-front license fee in equal quarterly installments beginning on December 15, 2013. This amount has been capitalized and will be amortized as a reduction to revenue over the term of the minimum guarantee period of 12 years. As of March 31, 2015 and June 30, 2014, the $13.0 million upfront license fee is included in other assets.

Business_Segments

Business Segments	9 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments
	The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”).
	The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe and surrounding areas in Pennsylvania, South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system.
	The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, the Latrobe Special Metals Distribution business and Aceros Fortuna based in Mexico. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics.
	The Company’s executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring related charges, transaction costs associated with acquisitions and other specifically-identified income or expense items.
	The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest and deferrals”.
	On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 12 percent of the net sales for the three months ended March 31, 2015, and no significant individual customers accounted for 10 percent or more of the Company's net sales for the three months ended March 31, 2014. On a consolidated basis, there were no significant individual customers that accounted for 10 percent or more of the Company’s net sales for the nine months ended March 31, 2015 and 2014.
	Segment Data	Three Months Ended						Nine Months Ended
		March 31,						March 31,
	($ in millions)	2015			2014			2015			2014
	Net Sales:
	Specialty Alloys Operations	$	469.8		$	452		$	1,344.00		$	1,254.50
	Performance Engineered Products	120.4			130.1			384.1			362.3
	Intersegment	(19.6		)	(15.8		)	(59.3		)	(48.4		)
	Consolidated net sales	$	570.6		$	566.3		$	1,668.80		$	1,568.40
	Operating Income:
	Specialty Alloys Operations	$	37.9		$	51.6		$	106		$	169.7
	Performance Engineered Products	8.5			13.1			30.8			33.3
	Corporate costs (including restructuring charges)	(38.6		)	(9.5		)	(55.9		)	(33.7		)
	Pension earnings, interest and deferrals	(2.4		)	(6.0		)	(7.1		)	(15.8		)
	Intersegment	(0.6		)	0.3			(1.9		)	(0.7		)
	Consolidated operating income	$	4.8		$	49.5		$	71.9		$	152.8
	Depreciation and Amortization:
	Specialty Alloys Operations	$	23.9		$	20.3		$	70.7		$	59.4
	Performance Engineered Products	5.7			5.9			17.7			17.7
	Corporate	1			1.4			3.3			4.3
	Intersegment	0.1			(0.1		)	(0.5		)	(0.5		)
	Consolidated depreciation and amortization	$	30.7		$	27.5		$	91.2		$	80.9
	Capital Expenditures:
	Specialty Alloys Operations	$	15.2		$	89.3		$	119.5		$	279.1
	Performance Engineered Products	8.1			4.3			31			16.4
	Corporate	1.5			0.3			2.8			3.4
	Intersegment	—			(0.3		)	(1.0		)	(0.7		)
	Consolidated capital expenditures	$	24.8		$	93.6		$	152.3		$	298.2
		March 31,			June 30,
		2015			2014
	Total Assets:
	Specialty Alloys Operations	$	2,387.60		$	2,454.80
	Performance Engineered Products	515.7			491.7
	Corporate	103.7			144.9
	Intersegment	(39.6		)	(33.9		)
	Consolidated total assets	$	2,967.40		$	3,057.50

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in ASU 2014-09 requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The FASB voted on April 1, 2015 to propose a deferral of the effective date of this guidance by one year. Under the proposal, the Company would be required to adopt this standard for its interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is evaluating the impact of the adoption of ASU 2014-09 on the Consolidated Financial Statements.
	In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. The guidance in ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The guidance in ASU 2015-03 is required for annual reporting periods beginning after December 15, 2015, including interim periods within the reporting period. Early adoption is permitted for financial statements that have not been previously issued. The Company is considering early adoption of the new standard and expects the impact on the Company's Consolidated Balance Sheets to be a reclassification of approximately $5.0 million from other assets to long-term debt as of June 30, 2015.

Reclassifications_from_Accumul

Reclassifications from Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive Income (AOCI)	Reclassifications from Accumulated Other Comprehensive Income (Loss)
	The changes in AOCI by component, net of tax, for the three months ended March 31, 2015 and 2014 were as follows:
			Cash flow				Pension and				Unrealized				Foreign				Total
	Three Months Ended March 31, 2015		hedging items				other				losses on				currency
	($ in millions) (a)						postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at December 31, 2014		$	(17.9	)		$	(230.8	)		$	(0.4	)		$	(33.7	)		$	(282.8	)
	Other comprehensive loss before reclassifications		(16.9		)		—				—				(9.9		)		(26.8		)
	Amounts reclassified from AOCI (b)		3.7				3				—				—				6.7
	Net current-period other comprehensive (loss) income		(13.2		)		3				—				(9.9		)		(20.1		)
	Balance at March 31, 2015		$	(31.1	)		$	(227.8	)		$	(0.4	)		$	(43.6	)		$	(302.9	)
	Three Months Ended March 31, 2014		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at December 31, 2013		$	(35.5	)		$	(266.1	)		$	(0.3	)		$	(15.3	)		$	(317.2	)
	Other comprehensive income (loss) before reclassifications		17				—				—				(1.0		)		16
	Amounts reclassified from AOCI (b)		3.5				3.7				—				—				7.2
	Net current-period other comprehensive income (loss)		20.5				3.7				—				(1.0		)		23.2
	Balance at March 31, 2014		$	(15.0	)		$	(262.4	)		$	(0.3	)		$	(16.3	)		$	(294.0	)
	(a)	All amounts are net of tax. Amounts in parentheses indicate debits.
	(b)	See separate table below for further details.
	The changes in AOCI by component, net of tax, for the nine months ended March 31, 2015 and 2014 were as follows:
	Nine Months Ended March 31, 2015		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at June 30, 2014		$	7.6			$	(236.7	)		$	(0.4	)		$	(15.7	)		$	(245.2	)
	Other comprehensive loss before reclassifications		(42.6		)		—				—				(27.9		)		(70.5		)
	Amounts reclassified from AOCI (b)		3.9				8.9				—				—				12.8
	Net current-period other comprehensive (loss) income		(38.7		)		8.9				—				(27.9		)		(57.7		)
	Balance at March 31, 2015		$	(31.1	)		$	(227.8	)		$	(0.4	)		$	(43.6	)		$	(302.9	)
	Nine Months Ended March 31, 2014		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at June 30, 2013		$	(41.5	)		$	(273.6	)		$	(0.4	)		$	(20.2	)		$	(335.7	)
	Other comprehensive income before reclassifications		13.7				—				0.1				3.9				17.7
	Amounts reclassified from AOCI (b)		12.8				11.2				—				—				24
	Net current-period other comprehensive income		26.5				11.2				0.1				3.9				41.7
	Balance at March 31, 2014		$	(15.0	)		$	(262.4	)		$	(0.3	)		$	(16.3	)		$	(294.0	)
	(a)	All amounts are net of tax. Amounts in parentheses indicate debits.
	(b)	See separate table below for further details.
	The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2015 and 2014:
	($ in millions) (a)		Location of		Amount Reclassified from AOCI								Amount Reclassified from AOCI
			(loss) gain		Three Months Ended March 31,								Nine Months Ended March 31,
	Details about AOCI Components				2015				2014				2015				2014
	Cash flow hedging items:
	Commodity contracts		Cost of sales		$	(6.9	)		$	(5.4	)		$	(8.4	)		$	(19.9	)
	Foreign exchange contracts		Net sales		0.9				(0.3		)		1.9				(0.8		)
	Forward interest rate swaps		Interest expense		0.1				0.1				0.3				0.3
			Total before tax		(5.9		)		(5.6		)		(6.2		)		(20.4		)
			Tax benefit		2.2				2.1				2.3				7.6
			Net of tax		$	(3.7	)		$	(3.5	)		$	(3.9	)		$	(12.8	)
	Amortization of pension and other postretirement benefit plan items:
	Net actuarial loss		(b)		$	(4.7	)		$	(5.8	)		$	(14.1	)		$	(17.2	)
	Prior service cost		(b)		(0.1		)		(0.1		)		(0.3		)		(0.4		)
			Total before tax		(4.8		)		(5.9		)		(14.4		)		(17.6		)
			Tax benefit		1.8				2.2				5.5				6.4
			Net of tax		$	(3.0	)		$	(3.7	)		$	(8.9	)		$	(11.2	)
(a)	Amounts in parentheses indicate debits to income/loss.
(b)	These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).
During the three months ended December 31, 2014, the Company identified an error related to the accounting for an equity method investment.  Since the investee’s financial statements are prepared using a functional currency other than the US dollar, the Company should be translating the Company’s investment balance into a US dollar equivalent at the end of each period. The impact of correcting this error was a $4.9 million reduction in other assets with an offsetting adjustment to accumulated other comprehensive loss in the Company’s consolidated balance sheet as of December 31, 2014. This adjustment is included in foreign currency translation in the consolidated statements of comprehensive (loss) income for the nine months ended March 31, 2015. The Company determined that neither the prior period error nor the current period adjustment were material to the periods presented.

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings per common share	The calculations of basic and diluted (loss) earnings per common share for the three and nine months ended March 31, 2015 and 2014 were as follows:
		Three Months Ended							Nine Months Ended
		March 31,							March 31,
	(in millions, except per share data)	2015				2014			2015		2014
	Net (loss) income	$	(1.4	)		$	30.6		$	36.2	$	94.7
	Less: earnings and dividends allocated to participating securities	—				(0.1		)	—		(0.3		)
	(Loss) earnings available for Carpenter common stockholders used in calculation of basic earnings per share	$	(1.4	)		$	30.5		$	36.2	$	94.4
	Weighted average number of common shares outstanding, basic	52.6				53.3			53.2		53.2
	Basic (loss) earnings per common share	$	(0.03	)		$	0.57		$	0.68	$	1.77
	Net (loss) income	$	(1.4	)		$	30.6		$	36.2	$	94.7
	Less: earnings and dividends allocated to participating securities	—				(0.1		)	—		(0.3		)
	(Loss) earnings available for Carpenter common stockholders used in calculation of diluted earnings per share	$	(1.4	)		$	30.5		$	36.2	$	94.4
	Weighted average number of common shares outstanding, basic	52.6				53.3			53.2		53.2
	Effect of shares issuable under share-based compensation plans	—				0.4			0.1		0.4
	Weighted average number of common shares outstanding, diluted	52.6				53.7			53.3		53.6
	Diluted (loss) earnings per common share	$	(0.03	)		$	0.57		$	0.68	$	1.76
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
	(in millions)	2015			2014			2015		2014
	Stock options	1.1			0.1			0.7		0.1

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Mar. 31, 2015
Inventory, Net [Abstract]
Schedule of inventories	Inventories consisted of the following components as of March 31, 2015 and June 30, 2014:
	($ in millions)	March 31,		June 30,
		2015		2014
	Raw materials and supplies	$	143	$	122.3
	Work in process	368.2		393.9
	Finished and purchased products	199.5		183
	Total inventory	$	710.7	$	699.2

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2015
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of March 31, 2015 and June 30, 2014:
	($ in millions)	March 31,		June 30,
		2015		2014
	Accrued compensation and benefits	$	46.5	$	49.8
	Derivative financial instruments	35.2		4.7
	Accrued postretirement benefits	15.5		15.5
	Accrued pension liabilities	6.5		19.3
	Accrued interest expense	5.6		11.2
	Accrued income taxes	—		8.4
	Other	35		39.1
	Total accrued liabilities	$	144.3	$	148

Pension_and_Other_Postretireme1

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of the net periodic benefit cost	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and nine months ended March 31, 2015 and 2014 were as follows:
	Three months ended March 31,	Pension Plans						Other Postretirement Plans
	($ in millions)	2015			2014			2015			2014
	Service cost	$	8		$	8		$	1.1		$	1
	Interest cost	13.5			14.3			3			3.1
	Expected return on plan assets	(17.2		)	(15.7		)	(1.7		)	(1.6		)
	Amortization of net loss	4.2			5.5			0.5			0.3
	Amortization of prior service cost	0.1			0.1			—			—
		$	8.6		$	12.2		$	2.9		$	2.8
	Nine months ended March 31,	Pension Plans						Other Postretirement Plans
	($ in millions)	2015			2014			2015			2014
	Service cost	$	24		$	24.2		$	3.3		$	3
	Interest cost	40.5			43			9			9.3
	Expected return on plan assets	(51.6		)	(47.1		)	(5.0		)	(4.8		)
	Amortization of net loss	12.6			16.3			1.5			0.9
	Amortization of prior service cost	0.3			0.4			—			—
		$	25.8		$	36.8		$	8.8		$	8.4

Debt_Tables

Debt (Tables)	9 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of March 31, 2015 and June 30, 2014 consisted of the following:
	($ in millions)	March 31,		June 30,
		2015		2014
	Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at March 31, 2015 and June 30, 2014)	$	55	$	55
	Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at March 31, 2015 and June 30, 2014)	255.2		249.7
	Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2015 and June 30, 2014)	299.6		299.6
	Total	609.8		604.3
	Less: amounts due within one year	—		—
	Long-term debt, net of current portion	$	609.8	$	604.3

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on a recurring basis	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, 2015	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.3
	Derivative financial instruments	8.4
	Total assets	$	13.7
	Liabilities:
	Derivative financial instruments	$	59.1
	June 30, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	20.4
	Total assets	$	25.6
	Liabilities:
	Derivative financial instruments	$	10.9
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	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, 2015				June 30, 2014
	($ in millions)	Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Long-term debt	$	609.8	$	639.8	$	604.3	$	638.7
	Company-owned life insurance	$	16.7	$	16.7	$	16.2	$	16.2

Other_Expense_Income_Net_Table

Other (Expense) Income, Net (Tables)	9 Months Ended
	Mar. 31, 2015
Other Income and Expenses [Abstract]
Schedule of other income, net	Other (expense) income, net consisted of the following:
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
	($ in millions)	2015			2014			2015			2014
	Legal settlement	$	—		$	—		$	4.4		$	—
	Foreign exchange	(0.1		)	(0.8		)	0.3			(2.0		)
	Equity in earnings (losses) of unconsolidated subsidiaries	0.1			—			(0.4		)	0.4
	Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts	—			0.1			0.5			1.6
	Other	—			0.1			—			0.1
	Total other (expense) income, net	$	—		$	(0.6	)	$	4.8		$	0.1

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Mar. 31, 2015
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, 2015 and June 30, 2014:
	March 31, 2015	Interest				Foreign				Commodity				Total
		Rate Swaps				Currency				Contracts				Derivatives
	($ in millions)					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	0.7			$	2.3			$	—			$	3
	Other assets	5.4				—				—				5.4
	Total asset derivatives	$	6.1			$	2.3			$	—			$	8.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—			$	—			$	35.2			$	35.2
	Other liabilities	—				—				23.9				23.9
	Total liability derivatives	$	—			$	—			$	59.1			$	59.1
	June 30, 2014	Interest				Foreign				Commodity				Total
		Rate Swaps				Currency				Contracts				Derivatives
	($ in millions)					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	—			$	—			$	11.3			$	11.3
	Other assets	—				—				9.1				9.1
	Total asset derivatives	$	—			$	—			$	20.4			$	20.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—			$	0.4			$	4.3			$	4.7
	Other liabilities	—				0.2				6				6.2
	Total liability derivatives	$	—			$	0.6			$	10.3			$	10.9
Summary of the (losses) gains related to cash flow hedges	The following is a summary of the (losses) gains related to cash flow hedges recognized during the three and nine months ended March 31, 2015 and 2014:
		Amount of (Loss) Gain
		Recognized in AOCI on
		Derivatives
		(Effective Portion)
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
	($ in millions)	2015				2014				2015				2014
	Derivatives in Cash Flow Hedging Relationship:
	Commodity contracts	$	(28.6	)		$	27.5			$	(71.8	)		$	23
	Foreign exchange contracts	1.3				(0.3		)		3.4				(1.0		)
	Total	$	(27.3	)		$	27.2			$	(68.4	)		$	22
	($ in millions)	Location of (Loss) Gain		Amount of (Loss) Gain								Amount of (Loss) Gain
	Derivatives in Cash Flow	Reclassified from AOCI into		Reclassified from AOCI								Reclassified from AOCI
	Hedging Relationship:	Income		into Income								into Income
				(Effective Portion)								(Ineffective Portion)
				Three Months Ended								Three Months Ended
				March 31,								March 31,
				2015				2014				2015				2014
	Commodity contracts	Cost of sales		$	(6.9	)		$	(5.4	)		$	(2.0	)		$	0.2
	Foreign exchange contracts	Net sales		0.9				(0.3		)		—				—
	Forward interest rate swaps	Interest expense		0.1				0.1				—				—
	Total			$	(5.9	)		$	(5.6	)		$	(2.0	)		$	0.2
	($ in millions)	Location of (Loss) Gain		Amount of (Loss) Gain								Amount of (Loss) Gain
	Derivatives in Cash Flow	Reclassified from AOCI into		Reclassified from AOCI								Reclassified from AOCI
	Hedging Relationship:	Income		into Income								into Income
				(Effective Portion)								(Ineffective Portion)
				Nine Months Ended								Nine Months Ended
				March 31,								March 31,
				2015				2014				2015				2014
	Commodity contracts	Cost of sales		$	(8.4	)		$	(19.9	)		$	(2.2	)		$	(0.1	)
	Foreign exchange contracts	Net sales		1.9				(0.8		)		—				—
	Forward interest rate swaps	Interest expense		0.3				0.3				—				—
	Total			$	(6.2	)		$	(20.4	)		$	(2.2	)		$	(0.1	)
Schedule of changes in AOCI associated with derivative hedging activities	The changes in AOCI associated with derivative hedging activities during the three and nine months ended March 31, 2015 and 2014 were as follows:
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
	($ in millions)	2015				2014				2015				2014
	Balance, beginning	$	(17.9	)		$	(35.5	)		$	7.6			$	(41.5	)
	Current period changes in fair value, net of tax	(16.9		)		17				(42.6		)		13.7
	Reclassification to earnings, net of tax	3.7				3.5				3.9				12.8
	Balance, ending	$	(31.1	)		$	(15.0	)		$	(31.1	)		$	(15.0	)

Business_Segments_Tables

Business Segments (Tables)	9 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments
	Segment Data	Three Months Ended						Nine Months Ended
		March 31,						March 31,
	($ in millions)	2015			2014			2015			2014
	Net Sales:
	Specialty Alloys Operations	$	469.8		$	452		$	1,344.00		$	1,254.50
	Performance Engineered Products	120.4			130.1			384.1			362.3
	Intersegment	(19.6		)	(15.8		)	(59.3		)	(48.4		)
	Consolidated net sales	$	570.6		$	566.3		$	1,668.80		$	1,568.40
	Operating Income:
	Specialty Alloys Operations	$	37.9		$	51.6		$	106		$	169.7
	Performance Engineered Products	8.5			13.1			30.8			33.3
	Corporate costs (including restructuring charges)	(38.6		)	(9.5		)	(55.9		)	(33.7		)
	Pension earnings, interest and deferrals	(2.4		)	(6.0		)	(7.1		)	(15.8		)
	Intersegment	(0.6		)	0.3			(1.9		)	(0.7		)
	Consolidated operating income	$	4.8		$	49.5		$	71.9		$	152.8
	Depreciation and Amortization:
	Specialty Alloys Operations	$	23.9		$	20.3		$	70.7		$	59.4
	Performance Engineered Products	5.7			5.9			17.7			17.7
	Corporate	1			1.4			3.3			4.3
	Intersegment	0.1			(0.1		)	(0.5		)	(0.5		)
	Consolidated depreciation and amortization	$	30.7		$	27.5		$	91.2		$	80.9
	Capital Expenditures:
	Specialty Alloys Operations	$	15.2		$	89.3		$	119.5		$	279.1
	Performance Engineered Products	8.1			4.3			31			16.4
	Corporate	1.5			0.3			2.8			3.4
	Intersegment	—			(0.3		)	(1.0		)	(0.7		)
	Consolidated capital expenditures	$	24.8		$	93.6		$	152.3		$	298.2
		March 31,			June 30,
		2015			2014
	Total Assets:
	Specialty Alloys Operations	$	2,387.60		$	2,454.80
	Performance Engineered Products	515.7			491.7
	Corporate	103.7			144.9
	Intersegment	(39.6		)	(33.9		)
	Consolidated total assets	$	2,967.40		$	3,057.50

Reclassifications_from_Accumul1

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables)	9 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in AOCI by component, net of tax	The changes in AOCI by component, net of tax, for the three months ended March 31, 2015 and 2014 were as follows:
			Cash flow				Pension and				Unrealized				Foreign				Total
	Three Months Ended March 31, 2015		hedging items				other				losses on				currency
	($ in millions) (a)						postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at December 31, 2014		$	(17.9	)		$	(230.8	)		$	(0.4	)		$	(33.7	)		$	(282.8	)
	Other comprehensive loss before reclassifications		(16.9		)		—				—				(9.9		)		(26.8		)
	Amounts reclassified from AOCI (b)		3.7				3				—				—				6.7
	Net current-period other comprehensive (loss) income		(13.2		)		3				—				(9.9		)		(20.1		)
	Balance at March 31, 2015		$	(31.1	)		$	(227.8	)		$	(0.4	)		$	(43.6	)		$	(302.9	)
	Three Months Ended March 31, 2014		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at December 31, 2013		$	(35.5	)		$	(266.1	)		$	(0.3	)		$	(15.3	)		$	(317.2	)
	Other comprehensive income (loss) before reclassifications		17				—				—				(1.0		)		16
	Amounts reclassified from AOCI (b)		3.5				3.7				—				—				7.2
	Net current-period other comprehensive income (loss)		20.5				3.7				—				(1.0		)		23.2
	Balance at March 31, 2014		$	(15.0	)		$	(262.4	)		$	(0.3	)		$	(16.3	)		$	(294.0	)
	(a)	All amounts are net of tax. Amounts in parentheses indicate debits.
	(b)	See separate table below for further details.
	The changes in AOCI by component, net of tax, for the nine months ended March 31, 2015 and 2014 were as follows:
	Nine Months Ended March 31, 2015		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at June 30, 2014		$	7.6			$	(236.7	)		$	(0.4	)		$	(15.7	)		$	(245.2	)
	Other comprehensive loss before reclassifications		(42.6		)		—				—				(27.9		)		(70.5		)
	Amounts reclassified from AOCI (b)		3.9				8.9				—				—				12.8
	Net current-period other comprehensive (loss) income		(38.7		)		8.9				—				(27.9		)		(57.7		)
	Balance at March 31, 2015		$	(31.1	)		$	(227.8	)		$	(0.4	)		$	(43.6	)		$	(302.9	)
	Nine Months Ended March 31, 2014		Cash flow				Pension and				Unrealized				Foreign				Total
	($ in millions) (a)		hedging items				other				losses on				currency
							postretirement				available-for-				items
							benefit plan				sale securities
							items
	Balance at June 30, 2013		$	(41.5	)		$	(273.6	)		$	(0.4	)		$	(20.2	)		$	(335.7	)
	Other comprehensive income before reclassifications		13.7				—				0.1				3.9				17.7
	Amounts reclassified from AOCI (b)		12.8				11.2				—				—				24
	Net current-period other comprehensive income		26.5				11.2				0.1				3.9				41.7
	Balance at March 31, 2014		$	(15.0	)		$	(262.4	)		$	(0.3	)		$	(16.3	)		$	(294.0	)
	(a)	All amounts are net of tax. Amounts in parentheses indicate debits.
	(b)	See separate table below for further details.
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2015 and 2014:
	($ in millions) (a)		Location of		Amount Reclassified from AOCI								Amount Reclassified from AOCI
			(loss) gain		Three Months Ended March 31,								Nine Months Ended March 31,
	Details about AOCI Components				2015				2014				2015				2014
	Cash flow hedging items:
	Commodity contracts		Cost of sales		$	(6.9	)		$	(5.4	)		$	(8.4	)		$	(19.9	)
	Foreign exchange contracts		Net sales		0.9				(0.3		)		1.9				(0.8		)
	Forward interest rate swaps		Interest expense		0.1				0.1				0.3				0.3
			Total before tax		(5.9		)		(5.6		)		(6.2		)		(20.4		)
			Tax benefit		2.2				2.1				2.3				7.6
			Net of tax		$	(3.7	)		$	(3.5	)		$	(3.9	)		$	(12.8	)
	Amortization of pension and other postretirement benefit plan items:
	Net actuarial loss		(b)		$	(4.7	)		$	(5.8	)		$	(14.1	)		$	(17.2	)
	Prior service cost		(b)		(0.1		)		(0.1		)		(0.3		)		(0.4		)
			Total before tax		(4.8		)		(5.9		)		(14.4		)		(17.6		)
			Tax benefit		1.8				2.2				5.5				6.4
			Net of tax		$	(3.0	)		$	(3.7	)		$	(8.9	)		$	(11.2	)
	(a)	Amounts in parentheses indicate debits to income/loss.
	(b)	These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

Restructuring_Charges_Details

Restructuring Charges (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$25.30	$0	$25.30	$0
Various personnel-related costs to cover severance payments, medical coverage and related items
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10.6		10.6
Various personnel-related costs to cover severance payments, medical coverage and related items | Non-cash forfeiture income
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.4
Various personnel-related costs to cover severance payments, medical coverage and related items | Non-cash asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.4		5.4
Various personnel-related costs to cover severance payments, medical coverage and related items | Corporate assets
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	3.4		3.4
Various personnel-related costs to cover severance payments, medical coverage and related items | Pension liability
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	7.6		7.6
Ultra-fine grain materials development program
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13.4		13.4
Exit licensing agreement
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8		8
Facility closure
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$1.30		$1.30

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net (loss) income	($1.40)	$30.60	$36.20	$94.70
Less: earnings and dividends allocated to participating securities	0	-0.1	0	-0.3
(Loss) earnings available for Carpenter common stockholders used in calculation of basic earnings per share	-1.4	30.5	36.2	94.4
Weighted average number of common shares outstanding, basic (in shares)	52.6	53.3	53.2	53.2
Basic (loss) earnings per common share (in dollars per share)	($0.03)	$0.57	$0.68	$1.77
(Loss) earnings available for Carpenter common stockholders used in calculation of diluted earnings per share	($1.40)	$30.50	$36.20	$94.40
Effect of shares issuable under share-based compensation plans (in shares)	0	0.4	0.1	0.4
Weighted average number of common shares outstanding, diluted (in shares)	52.6	53.7	53.3	53.6
Diluted (loss) earnings per common share (in dollars per share)	($0.03)	$0.57	$0.68	$1.76

Earnings_Per_Common_Share_Deta1

Earnings Per Common Share (Details 2) (Stock options)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Anti-dilutive securities excluded from computation of earnings per share (in shares)	1.1	0.1	0.7	0.1

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Inventory, Net [Abstract]
Raw materials and supplies	$143	$122.30
Work in process	368.2	393.9
Finished and purchased products	199.5	183
Total inventory	$710.70	$699.20

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$46.50	$49.80
Derivative financial instruments	35.2	4.7
Accrued postretirement benefits	15.5	15.5
Accrued pension liabilities	6.5	19.3
Accrued interest expense	5.6	11.2
Accrued income taxes	0	8.4
Other	35	39.1
Total accrued liabilities	$144.30	$148

Pension_and_Other_Postretireme2

Pension and Other Postretirement Benefits (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2014
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	$8	$8		$24	$24.20
Interest cost	13.5	14.3		40.5	43
Expected return on plan assets	-17.2	-15.7		-51.6	-47.1
Amortization of net loss	4.2	5.5		12.6	16.3
Amortization of prior service cost	0.1	0.1		0.3	0.4
Net periodic benefit costs	8.6	12.2		25.8	36.8
Capitalized periodic benefit costs			2.2		2.2
Contributions				5.5	4.6
Defined benefit pension plan, expected contributions during the remainder of fiscal year 2015				1.7
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	1.1	1		3.3	3
Interest cost	3	3.1		9	9.3
Expected return on plan assets	-1.7	-1.6		-5	-4.8
Amortization of net loss	0.5	0.3		1.5	0.9
Amortization of prior service cost	0	0		0	0
Net periodic benefit costs	$2.90	$2.80		$8.80	$8.40

Debt_Details

Debt (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Debt Instrument [Line Items]
Total	$609.80		$609.80		$604.30
Less: amounts due within one year	0		0		0
Long-term debt, net of current portion	609.8		609.8		604.3
Interest costs	7.7	8.1	22.9	24.1
Interest costs, capitalized	0.6	5.4	2	13.3
4.45% Senior Unsecured Notes due 2023
Debt Instrument [Line Items]
Face amount	300		300		300
Interest rate (as a percent)	4.45%		4.45%		4.45%
Total	299.6		299.6		299.6
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	500		500
Letters of credit issued	8.2		8.2
Credit Agreement available for future borrowings	491.8		491.8
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate margin (as a percent)			1.25%
Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.75%
Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			1.90%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable rate basis			Base Rate
Interest rate margin (as a percent)			0.25%
Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.00%
Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.90%
Letters of credit
Debt Instrument [Line Items]
Commitment fee rate (as a percent)			0.15%
Letter of credit fees (as a percent)			1.25%
Required interest coverage ratio			3.5
Letters of credit | Minimum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)			0.08%
Letter of credit fees (as a percent)			0.75%
Letters of credit | Maximum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)			0.38%
Letter of credit fees (as a percent)			1.90%
Required debt to capital ratio (less than 55%)	0.55		0.55
Senior unsecured notes, 5.20% due July 2021
Debt Instrument [Line Items]
Face amount	250		250		250
Interest rate (as a percent)	5.20%		5.20%		5.20%
Total	255.2		255.2		249.7
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member
Debt Instrument [Line Items]
Face amount	55		55		55
Total	$55		$55		$55
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.97%		6.97%		6.97%
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	7.10%		7.10%		7.10%

Contingencies_and_Commitments_

Contingencies and Commitments (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Increase made by the company in the liabilities of environmental remediation costs	$0.20
Environmental remediation liability	$15.70	$15.50

Share_Repurchase_Program_Detai

Share Repurchase Program (Details) (USD $)	1 Months Ended	9 Months Ended
	Oct. 31, 2014	Mar. 31, 2015
Equity [Abstract]
Authorized amount	$500,000,000
Stock repurchase program term	2 years
Shares purchased (in shares)		1,411,772
Purchase of treasury stock		$60,300,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Measured on a recurring basis, Level 2, USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments, Assets	$8.40	$20.40
Total assets	13.7	25.6
Derivative financial instruments, Liabilities	59.1	10.9
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$5.30	$5.20

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$609.80	$604.30
Carrying Value | Level 2
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Company-owned life insurance	16.7	16.2
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Company-owned life insurance	16.7	16.2
Fair Value | Level 2
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$639.80	$638.70

Other_Expense_Income_Net_Detai

Other (Expense) Income, Net (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Other Income and Expenses [Abstract]
Legal settlement	$0	$0	$4.40	$0
Foreign exchange	-0.1	-0.8	0.3	-2
Equity in earnings (losses) of unconsolidated subsidiaries	0.1	0	-0.4	0.4
Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts	0	0.1	0.5	1.6
Other	0	0.1	0	0.1
Total other (expense) income, net	$0	($0.60)	$4.80	$0.10

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$8.40		$8.40		$20.40
Derivatives designated as hedging instruments, Liability	59.1		59.1		10.9
Interest Rate Swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	6.1		6.1		0
Derivatives designated as hedging instruments, Liability	0		0		0
Foreign Currency Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.3		2.3		0
Derivatives designated as hedging instruments, Liability	0		0		0.6
Commodity Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0		0		20.4
Derivatives designated as hedging instruments, Liability	59.1		59.1		10.3
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	3		3		11.3
Other current assets | Interest Rate Swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.7		0.7		0
Other current assets | Foreign Currency Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.3		2.3		0
Other current assets | Commodity Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0		0		11.3
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	5.4		5.4		9.1
Other assets | Interest Rate Swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	5.4		5.4		0
Other assets | Foreign Currency Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0		0		0
Other assets | Commodity Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0		0		9.1
Accrued liability
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	35.2		35.2		4.7
Accrued liability | Interest Rate Swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0		0		0
Accrued liability | Foreign Currency Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0		0		0.4
Accrued liability | Commodity Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	35.2		35.2		4.3
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	23.9		23.9		6.2
Other liabilities | Interest Rate Swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0		0		0
Other liabilities | Foreign Currency Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0		0		0.2
Other liabilities | Commodity Contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	23.9		23.9		6
Fair Value Hedging | Interest Rate Swaps
Fair value of derivatives
Total notional amounts of interest rate contracts	150		150		0
Net gains recorded as a reduction to interest expense	0.8	0	2.1	0
Cash flow hedges
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	-27.3	27.2	-68.4	22
Cash flow hedges | Forward Interest Rate Swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	0.1	0.1	0.3	0.3
Cash flow hedges | Foreign Currency Contracts
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	1.3	-0.3	3.4	-1
Cash flow hedges | Commodity Contracts
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts	26,600,000		26,600,000
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	($28.60)	$27.50	($71.80)	$23

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activities (Details 2) (USD $)	9 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2014
(Losses) gains related to cash flow hedges
Net derivative losses included in AOCI expected to be reclassified into earnings	$18,100,000
Changes in AOCI associated with derivative hedging activities
Cash collateral held by counterparties	0	0			0
Cash flow hedges
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	-6,200,000	-5,900,000	-5,600,000	-20,400,000
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	-2,200,000	-2,000,000	200,000	-100,000
Changes in AOCI associated with derivative hedging activities
Balance, beginning	7,600,000	-17,900,000	-35,500,000	-41,500,000
Current period changes in fair value, net of tax	-42,600,000	-16,900,000	17,000,000	13,700,000
Reclassification to earnings, net of tax	3,900,000	3,700,000	3,500,000	12,800,000
Balance, ending	-31,100,000	-31,100,000	-15,000,000	-15,000,000
Cash flow hedges | Interest Rate Swaps | Interest expenses
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)		100,000	100,000
Cash flow hedges | Foreign Currency Contracts | Revenue
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	1,900,000	900,000	-300,000	-800,000
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	0	0	0	0
Cash flow hedges | Commodity Contracts | Cost of Sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	-8,400,000	-6,900,000	-5,400,000	-19,900,000
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	-2,200,000	-2,000,000	200,000	-100,000
Fair Value Hedging [Member] | Interest Rate Swaps
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	300,000			300,000
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	$0	$0	$0	$0

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2014	Jun. 30, 2014
Provision (benefit) for income taxes from continuing operations
Income tax (benefit) expense	$900,000	($15,600,000)	($19,600,000)	($47,400,000)
Income tax expense as a percent of pre-tax income	39.10%	33.80%	35.10%	33.40%
Discrete tax item and unfavorable impact of bonus depreciation	100,000		1,600,000
Indefinitely reinvested foreign earnings	90,000,000		90,000,000			128,400,000
Share repurchase program, authorized amount					500,000,000
Foreign earnings repatriated	$38,000,000

Superalloy_Powders_Technical_A1

Superalloy Powders Technical Assistance and Powder Supply Agreements (Details) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2015	Jun. 30, 2014
Superalloy powders technical assistance and powder supply agreements
Up-front license fee asset	$13
Other assets
Superalloy powders technical assistance and powder supply agreements
Up-front license fee asset		13	13
Technical assistance agreement and a long-term powder supply agreement | UTC
Superalloy powders technical assistance and powder supply agreements
Superalloy powder facility construction period	18 months
Superalloy powder facility construction costs	$30
Term for minimum guaranteed purchase quantities of specified materials	12 years
Technical assistance agreement and a long-term powder supply agreement | UTC | Maximum
Superalloy powders technical assistance and powder supply agreements
Superalloy powder supply term	20 years

Business_Segments_Details

Business Segments (Details)	9 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2015
	segment	customer	customer
Segment Reporting [Abstract]
Number of reportable segments	2
Customer Concentration Risk [Member] | Net sales
Concentration Risk [Line Items]
Number of customers accounted for 10% or more of the sales	0	0	0
Customer Concentration Risk [Member] | Net sales | Alcoa [Member]
Concentration Risk [Line Items]
Concentration risk				12.00%

Business_Segments_Details_2

Business Segments (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Segment Data
Net sales	$570.60	$566.30	$1,668.80	$1,568.40
Operating income	4.8	49.5	71.9	152.8
Depreciation and Amortization	30.7	27.5	91.2	80.9
Capital Expenditures	24.8	93.6	152.3	298.2
Total Assets	2,967.40		2,967.40		3,057.50
Operating
Segment Data
Pension earnings, interest and deferrals	-2.4	-6	-7.1	-15.8
Corporate
Segment Data
Operating income	-38.6	-9.5	-55.9	-33.7
Depreciation and Amortization	1	1.4	3.3	4.3
Capital Expenditures	1.5	0.3	2.8	3.4
Total Assets	103.7		103.7		144.9
Intersegment
Segment Data
Net sales	-19.6	-15.8	-59.3	-48.4
Operating income	-0.6	0.3	-1.9	-0.7
Depreciation and Amortization	0.1	-0.1	-0.5	-0.5
Capital Expenditures		-0.3	-1	-0.7
Total Assets	-39.6		-39.6		-33.9
Specialty Alloys Operations | Operating
Segment Data
Net sales	469.8	452	1,344	1,254.50
Operating income	37.9	51.6	106	169.7
Depreciation and Amortization	23.9	20.3	70.7	59.4
Capital Expenditures	15.2	89.3	119.5	279.1
Total Assets	2,387.60		2,387.60		2,454.80
Performance Engineered Products | Operating
Segment Data
Net sales	120.4	130.1	384.1	362.3
Operating income	8.5	13.1	30.8	33.3
Depreciation and Amortization	5.7	5.9	17.7	17.7
Capital Expenditures	8.1	4.3	31	16.4
Total Assets	$515.70		$515.70		$491.70

Recent_Accounting_Pronouncemen1

Recent Accounting Pronouncements f (Details) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Early adoption, reclassifications from other assets to long-term debt effect	$5

Reclassifications_from_Accumul2

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	($282.80)	($317.20)	($245.20)	($335.70)
Other comprehensive income (loss) before reclassifications	-26.8	16	-70.5	17.7
Amounts reclassified from AOCI	6.7	7.2	12.8	24
Other comprehensive (loss) income	-20.1	23.2	-57.7	41.7
Balance at the end of the period	-302.9	-294	-302.9	-294
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	-17.9	-35.5	7.6	-41.5
Other comprehensive income (loss) before reclassifications	-16.9	17	-42.6	13.7
Amounts reclassified from AOCI	3.7	3.5	3.9	12.8
Other comprehensive (loss) income	-13.2	20.5	-38.7	26.5
Balance at the end of the period	-31.1	-15	-31.1	-15
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	-230.8	-266.1	-236.7	-273.6
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	3	3.7	8.9	11.2
Other comprehensive (loss) income	3	3.7	8.9	11.2
Balance at the end of the period	-227.8	-262.4	-227.8	-262.4
Unrealized losses on available-for-sale securities
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	-0.4	-0.3	-0.4	-0.4
Other comprehensive income (loss) before reclassifications	0	0	0	0.1
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive (loss) income	0	0	0	0.1
Balance at the end of the period	-0.4	-0.3	-0.4	-0.3
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	-33.7	-15.3	-15.7	-20.2
Other comprehensive income (loss) before reclassifications	-9.9	-1	-27.9	3.9
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive (loss) income	-9.9	-1	-27.9	3.9
Balance at the end of the period	-43.6	-16.3	-43.6	-16.3
Foreign currency items | Kalyani Carpenter Special Steels Ltd.
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period					4.9
Balance at the end of the period					$4.90

Reclassifications_from_Accumul3

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Amount reclassified from AOCI
Cost of sales	($494.80)	($471.80)	($1,438.90)	($1,275.20)
Net sales	570.6	566.3	1,668.80	1,568.40
Interest expense, net	-7.1	-2.7	-20.9	-10.8
(Loss) income before income taxes	-2.3	46.2	55.8	142.1
Income tax (benefit) expense	0.9	-15.6	-19.6	-47.4
Net (loss) income	-1.4	30.6	36.2	94.7
Cash flow hedging items | Amount Reclassified from AOCI
Amount reclassified from AOCI
(Loss) income before income taxes	-5.9	-5.6	-6.2	-20.4
Income tax (benefit) expense	2.2	2.1	2.3	7.6
Net (loss) income	-3.7	-3.5	-3.9	-12.8
Cash flow hedging items | Amount Reclassified from AOCI | Commodity Contracts
Amount reclassified from AOCI
Cost of sales	-6.9	-5.4	-8.4	-19.9
Cash flow hedging items | Amount Reclassified from AOCI | Foreign Currency Contracts
Amount reclassified from AOCI
Net sales	0.9	-0.3	1.9	-0.8
Cash flow hedging items | Amount Reclassified from AOCI | Interest Rate Swaps
Amount reclassified from AOCI
Interest expense, net	0.1	0.1	0.3	0.3
Pension and other postretirement benefit plan items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Net actuarial loss	-4.7	-5.8	-14.1	-17.2
Prior service cost	-0.1	-0.1	-0.3	-0.4
(Loss) income before income taxes	-4.8	-5.9	-14.4	-17.6
Income tax (benefit) expense	1.8	2.2	5.5	6.4
Net (loss) income	($3)	($3.70)	($8.90)	($11.20)