Carpenter Technology (CRS) 10-K 25 Aug 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Aug. 14, 2015	Dec. 31, 2014
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17,843
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,563,962,388
Entity Common Stock, Shares Outstanding		49,541,169
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]
NET SALES	$ 2,226.7	$ 2,173	$ 2,271.7
Cost of sales	1,908.4	1,774.1	1,838.2
Gross profit	318.3	398.9	433.5
Selling, general and administrative expenses	177.7	186.9	200.8
Restructuring charges	29.1	0	0
Operating income	111.5	212	232.7
Interest expense	(27.7)	(17)	(21)
Other income, net	5.3	1.4	5.1
Income before income taxes	89.1	196.4	216.8
Income tax expense	30.4	63.6	70.3
Net income	58.7	132.8	146.5
Less: net income attributable to noncontrolling interest	0	0	(0.4)
NET INCOME ATTRIBUTABLE TO CARPENTER	$ 58.7	$ 132.8	$ 146.1
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 1.11	$ 2.48	$ 2.75
Diluted (in dollars per share)	$ 1.11	$ 2.47	$ 2.73
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	52.6	53.3	52.9
Diluted (in shares)	52.7	53.6	53.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 58.7	$ 132.8	$ 146.5
Other comprehensive (loss) income, net of tax
Pension and postretirement benefits (loss) gain, net of tax of $12.0, $(22.1) and $(48.3), respectively	(20.1)	36.9	80.5
Net (loss) gain on derivative instruments, net of tax of $21.7, $(29.5) and $5.3, respectively	(36.1)	49.1	(8.7)
Unrealized gain on marketable securities, net of tax of $0.0, $0.0 and $(0.2), respectively	0.1	0	0.3
Foreign currency translation	(26.9)	4.5	5
Other comprehensive (loss) income, net of tax	(83)	90.5	77.1
Comprehensive (loss) income, net of tax	(24.3)	223.3	223.6
Less: Comprehensive income attributable to the noncontrolling interest	0	0	0.7
Comprehensive (loss) income attributable to Carpenter	$ (24.3)	$ 223.3	$ 222.9

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax	$ 12	$ (22.1)	$ (48.3)
Net gain (loss) on derivative instruments, tax	21.7	(29.5)	5.3
Unrealized gain (loss) on marketable securities, tax	$ 0	$ 0	$ (0.2)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES
Net income	$ 58.7	$ 132.8	$ 146.5
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	122.3	111.9	104.1
Non-cash restructuring and asset impairment charges	7.6	0	0
Deferred income taxes	60.4	(9.7)	9.4
Net pension expense	44.5	57.9	68.8
Payments from qualified pension plan associated with restructuring charges	8.3	0	0
Stock-based compensation expense	10	11.4	13.1
Net loss on disposal of property and equipment	1.2	1.5	2.2
Changes in working capital and other:
Accounts receivable	25.4	5.6	12.6
Inventories	36	(37)	(14.9)
Other current assets	(0.3)	(5)	11.5
Accounts payable	(59.9)	16.8	(10.3)
Accrued liabilities	(12.1)	(21.1)	9.9
Pension plan contributions	(7.2)	(6.3)	(144.9)
Other postretirement plan contributions	(13.2)	(13.1)	(12.8)
Other, net	0.9	(6.1)	(6.7)
Net cash provided from operating activities	282.6	239.6	188.5
INVESTING ACTIVITIES
Purchases of property, equipment and software	(170.5)	(349.2)	(310.2)
Proceeds from disposals of property and equipment	0.2	0.3	1.2
Proceeds received from sale of equity method investment	0	0	7.9
Proceeds from sales and maturities of marketable securities	0.3	0.3	0.1
Net cash used for investing activities	(170)	(348.6)	(301)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net of discounts and offering costs	0	0	297
Payments on long-term debt	0	0	(101)
Dividends paid	(37.9)	(38.5)	(38.3)
Purchases of treasury stock	(124.5)	0	0
Purchase of subsidiary shares from noncontrolling interest	0	0	(8.4)
Tax benefits on share-based compensation	0.7	2.3	3.9
Proceeds from stock options exercised	2.3	7.1	2.3
Net cash (used for) provided from financing activities	(159.4)	(29.1)	155.5
Effect of exchange rate changes on cash and cash equivalents	(3.2)	0.6	3.5
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(50)	(137.5)	46.5
Cash and cash equivalents at beginning of year	120	257.5	211
Cash and cash equivalents at end of year	$ 70	$ 120	$ 257.5

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 70	$ 120
Accounts receivable, net of allowance for doubtful accounts of $3.8 and $3.4 at June 30, 2015 and 2014, respectively	304.1	339.6
Inventories	655.8	699.2
Deferred income taxes	3.3	0
Other current assets	37.2	35.7
Total current assets	1,070.4	1,194.5
Property, plant and equipment, net	1,397	1,407
Goodwill	257.4	257.7
Other intangibles, net	71.6	80.6
Other assets	109.5	117.7
Total assets	2,905.9	3,057.5
Current liabilities:
Accounts payable	169.5	278.1
Accrued liabilities	152.6	148
Deferred income taxes	0	4.5
Total current liabilities	322.1	430.6
Long-term debt	607.1	604.3
Accrued pension liabilities	334.1	203.4
Accrued postretirement benefits	111.2	163.2
Deferred income taxes	146.5	110.7
Other liabilities	59	41
Total liabilities	$ 1,580	$ 1,553.2
Contingencies and commitments (see Note 10)
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,234,942 shares at June 30, 2015 and 55,161,875 shares at June 30, 2014; outstanding 50,318,244 shares at June 30, 2015 and 53,137,144 shares at June 30, 2014	$ 276.2	$ 275.8
Capital in excess of par value	266.6	263.5
Reinvested earnings	1,332.4	1,311.6
Common stock in treasury (4,916,698 shares and 2,024,731 shares at June 30, 2015 and 2014, respectively), at cost	(221.1)	(101.4)
Accumulated other comprehensive loss	(328.2)	(245.2)
Total equity	1,325.9	1,504.3
Total liabilities and equity	$ 2,905.9	$ 3,057.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in dollars)	$ 3.8	$ 3.4
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	55,234,942	55,161,875
Common stock, outstanding shares	50,318,244	53,137,144
Common stock in treasury, shares	4,916,698	2,024,731

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Balances at Jun. 30, 2012	$ 1,113.1	$ 274	$ 252.7	$ 1,109.6	$ (120)	$ (412.5)	$ 9.3
Balances (in shares) at Jun. 30, 2012	52,412,967	54,809,735			2,396,768
Increase (Decrease) in Stockholders' Equity
Net income	$ 146.5			146.1			0.4
Pension and postretirement benefits gain, net of tax	80.5					80.5
Net gain (loss) on derivative instruments, net of tax	(8.7)					(8.7)
Purchase of subsidiary shares from noncontrolling interest	(8.4)		1.6				(10)
Unrealized gain on marketable securities, net of tax	0.3					0.3
Foreign currency translation	5					4.7	0.3
Cash Dividends:
Common @ $0.72 per share	(38.3)			(38.3)
Share-based compensation plans	$ 7		(5.5)		$ 12.5
Share-based compensation plans (in shares)	244,493				244,493
Stock options exercised	$ 2.3	$ 0.6	1.7
Stock options exercised (in shares)	115,600	115,600
Tax windfall (shortfall) on share-based compensation	$ 3.9		3.9
Other	(0.1)			(0.1)
Balances at Jun. 30, 2013	$ 1,303.1	$ 274.6	254.4	1,217.3	$ (107.5)	(335.7)	0
Balances (in shares) at Jun. 30, 2013	52,773,060	54,925,335			2,152,275
Increase (Decrease) in Stockholders' Equity
Net income	$ 132.8			132.8
Pension and postretirement benefits gain, net of tax	36.9					36.9
Net gain (loss) on derivative instruments, net of tax	49.1					49.1
Unrealized gain on marketable securities, net of tax	0
Foreign currency translation	4.5					4.5
Cash Dividends:
Common @ $0.72 per share	(38.5)			(38.5)
Share-based compensation plans	$ 7		0.9		$ 6.1
Share-based compensation plans (in shares)	127,544				127,544
Stock options exercised	$ 7.1	$ 1.2	5.9
Stock options exercised (in shares)	236,540	236,540
Tax windfall (shortfall) on share-based compensation	$ 2.3		2.3
Balances at Jun. 30, 2014	$ 1,504.3	$ 275.8	263.5	1,311.6	$ (101.4)	(245.2)	0
Balances (in shares) at Jun. 30, 2014	53,137,144	55,161,875			2,024,731
Increase (Decrease) in Stockholders' Equity
Net income	$ 58.7			58.7
Pension and postretirement benefits gain, net of tax	(20.1)					(20.1)
Net gain (loss) on derivative instruments, net of tax	(36.1)					(36.1)
Unrealized gain on marketable securities, net of tax	0.1					0.1
Foreign currency translation	(26.9)					(26.9)
Cash Dividends:
Common @ $0.72 per share	(37.9)			(37.9)
Purchases of treasury stock	$ (124.5)				$ (124.5)
Purchase of treasury stock (in shares)	(2,995,272)				(2,995,272)
Share-based compensation plans	$ 6.9		2.1		$ 4.8
Share-based compensation plans (in shares)	103,305				103,305
Stock options exercised	$ 2.3	$ 0.4	1.9
Stock options exercised (in shares)	73,067	73,067
Tax windfall (shortfall) on share-based compensation	$ (0.9)		(0.9)
Balances at Jun. 30, 2015	$ 1,325.9	$ 276.2	$ 266.6	$ 1,332.4	$ (221.1)	$ (328.2)	$ 0
Balances (in shares) at Jun. 30, 2015	50,318,244	55,234,942			4,916,698

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (in dollars per share)	$ 0.72	$ 0.72	$ 0.72
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Investments in companies in which the Company exercises significant influence, but which it does not control (generally a 20 to 50 percent ownership interest), are accounted for by the equity method of accounting and the Company’s share of their income or loss is included in other income, net in the consolidated statements of income. In November 2012, the Company dissolved its strategic partnership with Sandvik Materials Technology (“Sandvik”). Prior to the dissolution of the strategic partnership, the Company owned a 40 percent interest in Sandvik Powdermet AB, which the Company accounted for as an equity method investment. In addition, Sandvik owned a 40 percent interest in Carpenter Powder Products AB which has historically been reported as a noncontrolling interest. Prior to November 2012, the financial results of Carpenter Powder Products AB were consolidated into the Company’s operating results and financial position, with the 40 percent interest of the noncontrolling partner recognized in the consolidated statement of income as net income attributable to noncontrolling interest and as equity attributable to the noncontrolling interest within total equity. Revenue Recognition Revenue, net of related discounts, rebates, returns and allowances of $27.4 million , $28.3 million and $26.4 million for the years ended June 30, 2015 , 2014 and 2013 respectively, is recognized when title and risk of loss has transferred to the customer, which generally occurs upon shipment or delivery of the product based on the applicable shipping terms. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Freight and Handling Fees and Costs Freight and handling costs billed separately to customers are included as part of net sales and freight and handling costs expensed are included as part of cost of sales on the consolidated statements of income. Research and Development Research and development expenditures, which amounted to $18.7 million , $18.5 million and $19.4 million in fiscal years 2015 , 2014 and 2013 , respectively, are expensed as incurred and are generally reported in cost of sales in the consolidated statements of income. The research and development expenditures consist principally of salaries and benefits, building costs, utilities and administrative expenses. Substantially all development costs are related to developing new products or designing significant improvements to existing products. Cash Equivalents Cash equivalents consist of highly liquid instruments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates market. Accounts Receivable Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of outstanding amounts. Trade credit is extended based upon periodic evaluation of each customer’s ability to perform its obligations. The Company determines accounts receivable allowances based on an aging of accounts and a review of specific accounts identified as collection risks. The Company does not require collateral to secure accounts receivable. Inventories Inventories are valued at the lower of cost or market. Cost for inventories is principally determined by the LIFO method. The Company also uses the FIFO and average cost methods. As of June 30, 2015 and 2014, $154.9 million and $161.2 million of inventory, respectively, was accounted for using a method other than the LIFO method. Property, Plant and Equipment and Depreciation Fixed assets are stated at historical cost less accumulated depreciation. Depreciation for financial reporting purposes is computed by the straight-line method over the estimated useful lives of the assets. Depreciation for income tax purposes is computed using accelerated methods. Upon disposal, assets and related depreciation are removed from the accounts and the differences between the net amounts and proceeds from disposal are generally included in cost of goods sold in the consolidated statement of income. Computer Software and Amortization Computer software is included in other assets on the consolidated balance sheet, and is amortized for financial reporting purposes on a straight-line basis over the respective estimated useful lives ranging principally from 3 to 7 years. Amortization expense charged to operations related to capitalized software amounted to $6.1 million , $6.4 million and $6.8 million for the years ended June 30, 2015 , 2014 and 2013 , respectively. Goodwill Goodwill, representing the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses, is stated at cost. Goodwill is not amortized but instead is annually tested for impairment (in the fourth quarter), or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Such events or circumstances include a decline in general economic conditions, adverse changes in the industry and markets, poor financial performance effecting earnings and cash flows and a trend of negative or declining cash flows over multiple periods. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value, including goodwill. The fair value is estimated using discounted cash flows and the use of market multiples valuation techniques. These valuation techniques require the use of estimates and assumptions related to projected operating results, capital expenditures and working capital levels as well as the cost of capital. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Intangible assets The costs of intangible assets, consisting principally of trademarks, trade names, non-compete arrangements, contracts and customer relationships are amortized on a straight-line basis over the estimated useful lives ranging from 2.5 to 30 years. Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and intangible assets subject to amortization are reviewed for impairment and written down to fair value whenever events or changes in circumstances indicate that the carrying value may not be recoverable through future undiscounted cash flows. The amount of the impairment loss is the excess of the carrying amount of the impaired assets over the fair value of the assets based upon discounted future cash flows. Environmental Expenditures Environmental expenditures that pertain to current operations or to future revenues are expensed or capitalized consistent with the Company’s capitalization policy for property, plant and equipment. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to current or future revenues are expensed. Liabilities are recognized for remedial activities when the remediation is probable and the cost can be reasonably estimated. Most estimated liabilities are not discounted to present value due to the uncertainty as to the timing and duration of expected costs. For one former operating facility site, due to the routine nature of the expected costs, the liability for future costs is discounted to present value over 20 years assuming a discount rate of approximately 4 percent . The liabilities, net of present value discount, for this former operating site were $10.8 million and $10.4 million , respectively, as of June 30, 2015 and 2014 . Derivative Financial Instruments All derivative financial instruments are recorded on the balance sheet at their fair value and changes in fair value are recorded each period in current earnings or other comprehensive income. The Company enters into derivative financial instruments to hedge certain anticipated transactions, firm commitments or assets and liabilities denominated in foreign currencies. In addition, the Company utilizes interest rate swaps to convert fixed rate debt to floating rate. At least quarterly, the Company determines hedge effectiveness utilizing regression analysis for measuring the probable high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The ineffective portion of hedges are immediately recorded in the consolidated statement of income. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, future gains or losses on the derivative instrument are recorded in the consolidated statement of income. Foreign Currency Translation Assets and liabilities of most international operations are translated into U.S. dollars at exchange rates in effect at year-end, and their income statements are translated at the average monthly exchange rates prevailing during the year. The resulting translation gains and losses are recorded each period as a component of accumulated other comprehensive (loss) income until the international entity is sold or liquidated. Gains and losses from transactions denominated in foreign currencies are reported in other income, net in the consolidated statement of income. Income Taxes Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax bases and financial statement carrying values of the Company’s assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. Significant judgments, estimates and assumptions are required in determining tax return reporting positions and in calculating provisions for income tax, which are based on interpretations of tax regulations and accounting pronouncements. Liabilities are established for uncertain tax positions when it is more likely than not that such positions, if challenged, would not be sustained upon review by taxing authorities. These liabilities are re-evaluated as tax regulations and facts and circumstances change, such as the closing of a tax audit or the expiration of the statute of limitations for a specific exposure. Earnings per 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 (restricted stock 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 shares for the period in each class. Diluted earnings per share assume the issuance of common stock for all potentially dilutive share equivalents outstanding. Concentration of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base. During fiscal years 2015 , 2014 and 2013 , no customer accounted for 10 percent or more of total net sales. Approximately 17 percent of accounts receivable outstanding at June 30, 2015 are due from one customer. No single customer was greater than 10 percent of accounts receivable as of June 30, 2014 . Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the year ended June 30, 2015, the Company initiated 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 complete by the end of the first quarter of fiscal year 2016. The restructuring charges for fiscal year 2015 amounted to $29.1 million before taxes. The components of the restructuring charges for the years ended June 30, 2015, 2014 and 2013 were as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Personnel-related costs $ 12.7 $ — $ — Site closure costs 3.0 — — Material development program exit costs 13.4 — — $ 29.1 $ — $ — The personnel-related costs of severance payments, medical coverage and related items during the year ended June 30, 2015 include $2.5 million cash payments, $2.3 million accrued expenses to be paid in fiscal year 2016, $8.3 million payments from the Company's qualified pension plan and $0.4 million of non-cash forfeiture income related to stock-based compensation. The material development program exit costs during the year ended June 30, 2015 include an $8.0 million cash payment to exit a licensing agreement and non-cash asset impairment charges totaling $5.4 million . The site closure costs during the year ended June 30, 2015 consist of $0.4 million cash payments and $2.6 million non-cash write-downs of inventory, property and equipment and related items. Activity and reserve balances for restructuring charges at June 30, 2015 and 2014 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2014 $ — Restructuring charges 29.1 Cash payments (10.9 ) Payments from qualified pension plan associated with restructuring charges (8.3 ) Non-cash asset impairment charges and other (7.6 ) Reserve balance at June 30, 2015 $ 2.3

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The calculations of basic and diluted earnings from continuing operations per common share for the years ended June 30, 2015 , 2014 and 2013 were as follows: Years Ended June 30, ($ in millions, except per share data) 2015 2014 2013 Net income attributable to Carpenter $ 58.7 $ 132.8 $ 146.1 Less: earnings and dividends allocated to participating securities (0.1 ) (0.4 ) (0.8 ) Earnings available for Carpenter common shareholders used in calculation of basic earnings per share $ 58.6 $ 132.4 $ 145.3 Weighted average number of common shares outstanding, basic 52.6 53.3 52.9 Basic earnings per common share $ 1.11 $ 2.48 $ 2.75 Net income attributable to Carpenter $ 58.7 $ 132.8 $ 146.1 Less: earnings and dividends allocated to participating securities (0.1 ) (0.4 ) (0.8 ) Earnings available for Carpenter common shareholders used in calculation of diluted earnings per share $ 58.6 $ 132.4 $ 145.3 Weighted average number of common shares outstanding, basic 52.6 53.3 52.9 Effect of shares issuable under share-based compensation plans 0.1 0.3 0.3 Weighted average number of common shares outstanding, diluted 52.7 53.6 53.2 Diluted earnings per common share $ 1.11 $ 2.47 $ 2.73 The following awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share above because their effects were anti-dilutive: Years Ended June 30, (in millions) 2015 2014 2013 Stock options 0.8 0.1 0.4

Inventories

Inventories	12 Months Ended
	Jun. 30, 2015
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components at June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Raw materials and supplies $ 121.7 $ 122.3 Work in process 346.1 393.9 Finished and purchased products 188.0 183.0 Total inventory $ 655.8 $ 699.2 If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $196.6 million and $195.7 million higher as of June 30, 2015 and 2014 , respectively. Current cost of LIFO-valued inventories was $697.5 million at June 30, 2015 and $733.7 million at June 30, 2014 . The reductions in LIFO-valued inventories increased cost of sales by $1.6 million during fiscal year 2015 and $0.0 million during fiscal year 2014 and decreased cost of sales by $2.1 million during fiscal year 2013 .

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consisted of the following components at June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Land $ 28.8 $ 27.1 Buildings and building equipment 442.9 451.3 Machinery and equipment 2,035.1 1,956.1 Construction in progress 90.0 79.1 Total at cost 2,596.8 2,513.6 Less: accumulated depreciation and amortization 1,199.8 1,106.6 Total property, plant, and equipment $ 1,397.0 $ 1,407.0 The estimated useful lives of depreciable assets are as follows: Asset Category Useful Life Buildings and building equipment 10 – 45 Machinery and equipment 3 – 30 Depreciation for the years ended June 30, 2015 , 2014 and 2013 was $107.2 million , $93.3 million and $85.1 million , respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	12 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net Goodwill The Company has conducted its annual goodwill impairment as of June 30, 2015 and June 30, 2014 , and as a result, the Company has determined there was no goodwill impairment. The changes in the carrying amount of goodwill by reportable segment for fiscal years 2015 and 2014 were as follows: ($ in millions) June 30, 2013 Other June 30, 2014 Other June 30, 2015 Goodwill $ 292.4 $ — $ 292.4 $ (0.3 ) $ 292.1 Accumulated impairment losses (34.7 ) — (34.7 ) — (34.7 ) Total goodwill $ 257.7 $ — $ 257.7 $ (0.3 ) $ 257.4 Specialty Alloys Operations $ 195.5 $ — $ 195.5 $ — $ 195.5 Performance Engineered Products 62.2 — 62.2 (0.3 ) 61.9 Total goodwill $ 257.7 $ — $ 257.7 $ (0.3 ) $ 257.4 The amounts included in “other” in the above table represent foreign exchange impacts on the amounts recorded in goodwill. Other Intangible Assets, Net June 30, 2015 June 30, 2014 ($ in millions) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademarks and trade names 2.5 - 30 $ 42.0 $ (29.0 ) $ 13.0 $ 42.0 $ (27.2 ) $ 14.8 Customer relationships 5 - 15 78.2 (21.3 ) 56.9 78.2 (15.2 ) 63.0 Non-compete agreements 6.5 5.4 (3.7 ) 1.7 5.4 (2.9 ) 2.5 Contracts 2.9 1.5 (1.5 ) — 1.5 (1.2 ) 0.3 Total $ 127.1 $ (55.5 ) $ 71.6 $ 127.1 $ (46.5 ) $ 80.6 The Company recorded $9.0 million of amortization expense related to intangible assets during fiscal year 2015 , $12.2 million during fiscal year 2014 and $12.2 million during fiscal year 2013 . The estimated annual amortization expense related to intangible assets for each of the succeeding five fiscal years is $7.4 million in fiscal year 2016 , $6.8 million in fiscal year 2017 , $6.0 million in fiscal year 2018 , $6.0 million in fiscal year 2019 and $6.0 million in fiscal year 2020 .

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Jun. 30, 2015
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Accrued compensation and benefits $ 44.3 $ 49.8 Derivative financial instruments 32.7 4.7 Accrued postretirement benefits 14.0 15.5 Accrued interest expense 11.2 11.2 Accrued income taxes 8.7 8.4 Deferred revenue 8.6 7.5 Accrued pension liabilities 3.3 19.3 Other 29.8 31.6 Total accrued liabilities $ 152.6 $ 148.0

Debt

Debt	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt On February 26, 2013, the Company completed an offering and sale of $300.0 million in aggregate principal amount of its 4.45% Senior Notes due 2023 (the “Notes”). The Notes accrue interest at the rate of 4.45% per annum, with interest payable in cash semi-annually in arrears on each March 1 and September 1, commencing September 1, 2013. The Notes will mature on March 1, 2023. The Notes are senior unsecured indebtedness of the Company, ranking equally in right of payment with all existing and future senior unsecured indebtedness and senior to future subordinated indebtedness. During the fiscal year ended June 30, 2013, the Company recorded a discount of $0.4 million and capitalized $2.6 million of debt issue costs paid in connection with the Notes. The Company entered into $500.0 million syndicated credit facility (“Credit Agreement”) that extends to June 2018. During the fiscal year ended June 30, 2013, the Company capitalized $0.8 million of debt issue costs paid in connection with the Credit Agreement. 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 June 30, 2015 ), and for Base Rate-determined loans, from 0.00% to 0.90% ( 0.25% as of June 30, 2015 ). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% ( 0.15% as of June 30, 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 June 30, 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 June 30, 2015 , the Company had $7.1 million of issued letters of credit under the Credit Agreement, with the balance of $492.9 million available to the Company. The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00 . The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2015 , the Company was in compliance with all of the covenants of the Credit Agreement. Long-term debt outstanding as of June 30, 2015 and 2014 consisted of the following: June 30, ($ in millions) 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 June 30, 2015 and 2014) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2015 and 2014) 252.5 249.7 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2015 and 2014) 299.6 299.6 Total 607.1 604.3 Less amounts due within one year — — Long-term debt, net of current portion $ 607.1 $ 604.3 Aggregate maturities of long-term debt for the five years subsequent to June 30, 2015 , are $0.0 million in fiscal year 2016 and 2017 , $55.0 million in 2018 , $0.0 million in 2019 and 2020 and $550.0 million thereafter. For the years ended June 30, 2015 , 2014 and 2013 , interest costs totaled $30.4 million , $32.1 million and $27.8 million , respectively, of which $2.7 million , $15.1 million and $6.8 million , respectively, were capitalized as part of the cost of property, plant, equipment and software.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The Company provides several noncontributory defined benefit pension plans to certain employees. The plans provide defined benefits based on years of service and final average salary. Effective January 1, 2012, new employees are not eligible to participate in the Company’s largest defined benefit pension plan. The Company also provides other postretirement benefit plans to certain of its employees. The postretirement benefit plans consist of health care and life insurance plans. Benefit payments are currently paid from corporate assets. Plan assets are maintained in a Voluntary Employee Benefit Association Trust (“VEBA”). The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans: Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,247.0 $ 1,186.7 $ 285.2 $ 259.8 Service cost 32.2 32.1 4.4 4.0 Interest cost 54.1 57.5 11.8 12.5 Benefits paid (81.3 ) (81.0 ) (13.8 ) (13.5 ) Actuarial loss 61.2 53.2 2.7 22.4 Plan settlements — (0.2 ) — — Special termination benefits 8.3 — — — Curtailment gain — — (1.6 ) — Plan amendments 1.6 (1.3 ) (51.9 ) — Projected benefit obligation at end of year $ 1,323.1 $ 1,247.0 $ 236.8 $ 285.2 Change in plan assets: Fair value of plan assets at beginning of year $ 1,024.4 $ 930.2 $ 106.5 $ 93.2 Actual return 32.2 165.7 5.4 13.7 Benefits paid (81.3 ) (81.0 ) (13.8 ) (13.5 ) Contributions 10.5 9.8 13.5 13.1 Plan settlements — (0.3 ) — — Fair value of plan assets at end of year $ 985.8 $ 1,024.4 $ 111.6 $ 106.5 Funded status of the plans $ (337.3 ) $ (222.6 ) $ (125.2 ) $ (178.7 ) Amounts recognized in the consolidated balance sheets: Other assets - noncurrent $ 0.1 $ 0.1 $ — $ — Accrued liabilities - current (3.3 ) (19.3 ) (14.0 ) (15.5 ) Accrued pension liabilities - noncurrent (334.1 ) (203.4 ) — — Accrued postretirement benefits - noncurrent — — (111.2 ) (163.2 ) $ (337.3 ) $ (222.6 ) $ (125.2 ) $ (178.7 ) Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 422.3 $ 341.2 $ 52.3 $ 50.8 Prior service cost (credit) 2.4 1.0 (51.8 ) — Total $ 424.7 $ 342.2 $ 0.5 $ 50.8 Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of: Net actuarial loss (gain) $ 97.8 $ (49.4 ) $ 3.6 $ 15.1 Amortization of accumulated net actuarial loss (16.7 ) (21.8 ) (2.0 ) (1.2 ) Prior service cost (credit) 1.6 (1.3 ) (51.9 ) — Amortization of prior service (cost) benefit (0.3 ) (0.5 ) — 0.1 Total, before tax effect $ 82.4 $ (73.0 ) $ (50.3 ) $ 14.0 Additional information: Accumulated benefit obligation for all pension plans $ 1,253.5 $ 1,154.0 N/A N/A The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2015 and 2014 : Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Projected benefit obligation $ 1,323.0 $ 1,246.9 $ 236.8 $ 285.2 Fair value of plan assets $ 985.6 $ 1,024.2 $ 111.6 $ 106.5 The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2015 and 2014 : Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Accumulated benefit obligation $ 1,253.4 $ 1,153.9 $ 236.8 $ 285.2 Fair value of plan assets $ 985.6 $ 1,024.2 $ 111.6 $ 106.5 The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the years ended June 30, 2015 , 2014 and 2013 are as follows: Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2013 2015 2014 2013 Service cost $ 32.2 $ 32.1 $ 32.5 $ 4.4 $ 4.0 $ 4.4 Interest cost 54.1 57.5 53.0 11.8 12.5 12.2 Expected return on plan assets (68.8 ) (62.9 ) (54.8 ) (6.6 ) (6.5 ) (6.4 ) Amortization of net loss 16.7 21.8 28.1 2.0 1.2 3.2 Amortization of prior service cost (benefit) 0.3 0.5 0.7 — (0.1 ) (4.1 ) Curtailment gain — — — (1.6 ) — — Net periodic benefit costs $ 34.5 $ 49.0 $ 59.5 $ 10.0 $ 11.1 $ 9.3 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 & deferrals” in the segment data presented in Note 19 . Historically, the Company capitalized in inventory only the service cost portion of periodic benefit costs associated with manufacturing employees. During the quarter 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 actuarial net loss and prior service cost (benefit), which the Company refers to as pension earnings, interest and deferrals (“pension EID”) expense, 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 year ended June 30, 2014. This change did not have a material impact on any previously reported amounts. Weighted-average assumptions used to determine benefit obligations at fiscal year end Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Discount rate 4.50 % 4.47 % 4.40 % 4.27 % Rate of compensation increase 3.52 % 3.57 % N/A N/A Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year Pension Plans Other Postretirement Plans 2015 2014 2013 2015 2014 2013 Discount rate 4.48 % 5.00 % 4.50 % 4.26 % 4.95 % 4.50 % Expected long-term rate of return on plan assets 6.92 % 7.00 % 7.00 % 6.25 % 7.00 % 7.50 % Long-term rate of compensation increase 3.52 % 3.57 % 3.67 % N/A N/A N/A The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant: June 30, 2015 2014 Assumed health care cost trend rate 7.50 % 7.50 % Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2021 2020 Assumed health care cost trend rates have an effect on the amounts reported for other postretirement benefits. A one percentage point increase in the assumed health care cost trend rate would increase service and interest cost by $0.5 million and increase the postretirement benefit obligation by $3.8 million . A one percentage point decrease in the assumed health care cost trend rate would decrease service and interest cost by $0.5 million and decrease the postretirement benefit obligation by $3.4 million . Net pension expense, which we define to include the net periodic benefit costs of both the pension and other postretirement plans, is estimated to be $53.6 million for the year ended June 30, 2016 , comprised of $50.8 million of net periodic benefit costs for pension plans and $2.8 million of net periodic benefit costs for other postretirement benefit plans. The discount rate and expected long-term rate of return on plan assets used to calculate the net periodic benefit costs for pension plans for the year ended June 30, 2016 were 4.50 percent and 6.25 - 7.00 percent , respectively. The discount rate and expected long-term rate of return on plan assets used to calculate the net periodic benefits costs for other postretirement benefit plans for the year ended June 30, 2016 were 4.50 percent and 6.25 percent , respectively. Amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in the year ended June 30, 2016 are: ($ in millions) Pension Plans Other Postretirement Plans Total Amortization of prior service cost $ 0.4 $ (6.5 ) $ (6.1 ) Amortization of net actuarial loss 27.4 2.6 30.0 Amortization of accumulated other comprehensive loss $ 27.8 $ (3.9 ) $ 23.9 The Company’s U.S. pension plans’ weighted-average asset allocations at June 30, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity securities 57.5 % 55.1 % Fixed income securities 42.4 44.2 Cash and cash equivalents 0.1 0.7 Total 100.0 % 100.0 % The Company’s policy for developing a pension plan investment strategy includes the periodic development of an asset and liability study by an independent investment consultant. Management considers this study in establishing an asset allocation that is presented to and approved by the Company’s Plan Committee. Based on the current funding level, the allocation policy for pension plan assets is to have approximately 60 percent in return seeking assets and 40 percent in liability matching assets. Return seeking assets include domestic and international equities and diversified loan funds. Liability matching assets include long duration bond funds. As the funding level of the plans improves in increments of 5 percent , assets will be shifted from return seeking to liability matching in increments of 4 percent as a de-risking strategy. The assets related to the Company’s other postretirement benefit plans were invested approximately 68 percent U.S. equities and 32 percent fixed income securities as of June 30, 2015 . Management establishes the expected long-term rate of return assumption by reviewing historical trends and analyzing the current and projected market conditions in relation to the plan’s asset allocation and risk management objectives. In determining the expected long-term rate of return, the Company considered historical returns for individual asset classes and the impact of active portfolio management. The fair values of the Company’s pension plan assets as of June 30, 2015 and 2014 , by asset category and by the levels of inputs used to determine fair value were as follows: June 30, 2015 June 30, 2014 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Short-term investments $ — $ 14.9 $ 14.9 $ — $ 15.3 $ 15.3 Domestic and international equities 158.9 — 158.9 142.1 — 142.1 Commingled funds 58.6 334.9 393.5 64.7 341.4 406.1 Limited partnerships — 38.4 38.4 — 52.0 52.0 Government agency bonds 2.2 141.3 143.5 4.8 129.8 134.6 Corporate bonds — 225.8 225.8 — 248.1 248.1 Mutual funds 1.5 — 1.5 2.9 — 2.9 Mortgage/asset backed securities and other — 9.3 9.3 — 23.3 23.3 $ 221.2 $ 764.6 $ 985.8 $ 214.5 $ 809.9 $ 1,024.4 The fair values of the Company’s other postretirement benefit plans as of June 30, 2015 and 2014 , by asset category and by the level of inputs used to determine fair value, were as follows: June 30, 2015 June 30, 2014 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Commingled fund $ — $ 63.1 $ 63.1 $ — $ 61.2 $ 61.2 Short-term investments — 21.6 21.6 — 17.2 17.2 Government agency bonds — 16.0 16.0 — 18.6 18.6 Corporate bonds and other — 8.6 8.6 — 6.8 6.8 Mortgage backed securities — 2.3 2.3 — 2.7 2.7 $ — $ 111.6 $ 111.6 $ — $ 106.5 $ 106.5 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in domestic and international equities are generally valued at the closing price reported on the active market on which they are traded. Commingled funds and limited partnerships are valued based on the net asset value (“NAV”) established for the fund at each valuation date. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units/shares outstanding. Corporate and government agency bonds and other fixed income securities are valued using closing bid prices on an active market when possible, otherwise using evaluated bid prices. Cash Flows — Employer Contributions The Company made contributions to the qualified US pension plans of $7.2 million , $6.3 million and $144.9 million during fiscal years 2015 , 2014 and 2013 , respectively. The Company currently expects to make no pension contributions to the qualified defined benefit pension plans during fiscal year 2016 . During the years ended June 30, 2015 , 2014 and 2013 , the Company made contributions of $3.3 million , $3.2 million and $3.3 million to other non-qualified pension plans, respectively. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets. ($ in millions) Pension Other 2016 $ 73.6 $ 14.0 2017 $ 74.5 $ 14.4 2018 $ 76.0 $ 14.6 2019 $ 78.3 $ 14.8 2020 $ 80.5 $ 15.0 2021-2024 $ 425.8 $ 76.7 Other Benefit Plans Carpenter also maintains defined contribution retirement and savings plans for substantially all domestic employees. Company contributions to the plan were $12.0 million in fiscal year 2015 , $10.6 million in fiscal year 2014 and $8.9 million in fiscal year 2013 .

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Jun. 30, 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. Accordingly, at this time, we cannot reasonably estimate expected costs for such matters. The liability for future environmental remediation costs that can be reasonably estimated 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 future costs related to environmental remediation. During fiscal years 2015 , 2014 and 2013 the Company increased the liability for a company-owned former operating site by $0.4 million , $0.7 million and $0.3 million , respectively. 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 June 30, 2015 and 2014 were $15.9 million and $15.5 million , respectively. 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. The Company has entered into purchase agreements primarily for various key raw materials at market related prices, all made in the normal course of business. The commitments include both fixed and variable price provisions. Raw material prices as of June 30, 2015 were used for commitments with variable pricing. The purchase commitments covered by these agreements aggregate to $117.2 million as of June 30, 2015 , all of which relates to fiscal year 2016.

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Jun. 30, 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 year ended June 30, 2015 , the Company purchased 2,995,272 of its common stock on the open market for an aggregate of $124.5 million .

Operating Leases

Operating Leases	12 Months Ended
	Jun. 30, 2015
Leases, Operating [Abstract]
Operating Leases	Operating Leases The Company leases certain facilities and equipment under operating leases. Total rent expense was $12.0 million , $12.8 million and $12.3 million for the fiscal years ended June 30, 2015 , 2014 and 2013 , respectively. Future minimum payments for non-cancellable operating leases in effect at June 30, 2015 are: $9.6 million in fiscal year 2016 , $7.3 million in fiscal year 2017 , $5.4 million in fiscal year 2018 , $4.0 million in fiscal year 2019 , $3.1 million in fiscal year 2020 and $7.7 million thereafter.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 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: June 30, 2015 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities +C5 Municipal auction rate securities $ 5.0 $ 5.0 Derivative financial instruments 4.4 4.4 Total assets $ 9.4 $ 9.4 Liabilities: Derivative financial instruments $ 53.5 $ 53.5 June 30, 2014 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities Municipal auction rate securities $ 5.2 $ 5.2 Derivative financial instruments 20.4 20.4 Total assets $ 25.6 $ 25.6 Liabilities: Derivative financial instruments $ 10.9 $ 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 15 . 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 of America. 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: June 30, 2015 June 30, 2014 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 607.1 $ 628.6 $ 604.3 $ 638.7 Company-owned life insurance $ 13.0 $ 13.0 $ 16.2 $ 16.2 The carrying amount of 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 June 30, 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has two share-based compensation plans: the 1993 Plan covering officers and key employees and the Director’s Plan covering non-employee directors. The Company recognizes compensation cost based on the fair value of the awards on the date of grant. The compensation cost is recognized over the requisite service period of the award, which is generally the shorter of the vesting period that the holder is required to provide service, or the period from the grant date to the date on which the employee is eligible to retire. Upon retirement, as defined in the Company’s share-based compensation plans, outstanding awards are subject to certain accelerated vesting terms. Awards granted under the share-based compensation plans are paid from shares held in treasury and newly issued shares. The total compensation cost that has been charged against income related to these share-based compensation plans was $10.0 million , $11.4 million and $13.1 million for the years ended June 30, 2015 , 2014 and 2013 , respectively. 1993 Plan The 1993 plan provides that the Board of Directors or a designated committee may grant stock options, restricted stock and restricted stock units, and determine the terms and conditions of each grant. The 1993 plan provides the Chief Executive Officer with limited authority to grant awards. As of June 30, 2015 , 1,549,511 shares were available for awards which may be granted under this plan. Director’s Plan The Director’s plan provides for the granting of stock options and stock units to non-employee Directors. As of June 30, 2015 , 693,116 shares were reserved for awards which may be granted under this plan. Stock Options (all plans) Stock options granted under the plans above are granted with an exercise price equal to at least the fair market value of the Company’s common stock on the date of grant. The options are typically exercisable after one to three years of service and expire no longer than ten years from the grant date. The fair value of stock options awarded in fiscal years 2015 , 2014 and 2013 were estimated on the date of each grant using a Black-Scholes option pricing model with the following weighted-average assumptions: Years Ended June 30, 2015 2014 2013 Expected volatility 36 % 49 % 55 % Dividend yield 1.6 % 1.3 % 1.5 % Risk-free interest rate 1.4 % 1.4 % 0.7 % Expected term (in years) 5.0 5.0 5.0 The assumptions are based on multiple factors, including historical exercise patterns of employees in relatively homogeneous groups with respect to exercise and post-vesting employment termination behaviors, expected future exercising patterns for these same homogeneous groups and the implied volatility of our stock price based on historical performance for the same expected term of the options granted. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of each grant. Number of Weighted Weighted Aggregate Outstanding at June 30, 2012 1,022,606 $ 33.54 Granted 198,904 48.60 Exercised (115,600 ) 19.82 Cancelled (17,182 ) 48.42 Outstanding at June 30, 2013 1,088,728 37.51 Granted 243,292 54.65 Exercised (236,540 ) 30.19 Cancelled (31,585 ) 49.83 Outstanding at June 30, 2014 1,063,895 42.69 Granted 702,411 48.28 Exercised (73,067 ) 31.53 Cancelled (185,361 ) 52.67 Outstanding at June 30, 2015 1,507,878 $ 44.61 7.1 years $ 4.5 Exercisable at June 30, 2015 979,538 $ 41.44 6.2 years $ 4.5 Outstanding and Exercisable Options Exercise Price Number Outstanding at June 30, 2015 Weighted Weighted Number Exercisable at June 30, 2015 Weighted $5.00 - $20.00 72,412 4.1 $ 17.29 72,412 $ 17.29 $20.01 - $30.00 162,371 3.9 22.72 162,371 22.72 $30.01 - $40.00 93,736 5.1 34.55 93,736 34.55 $40.01 - $50.00 403,380 7.9 43.18 258,272 43.55 $50.01 - $63.54 775,979 7.8 53.70 392,747 53.89 1,507,878 $ 44.61 979,538 $ 41.44 The weighted average grant date fair value of options awarded during fiscal years 2015 , 2014 and 2013 was $11.78 , $21.31 and $20.37 , respectively. Share-based compensation charged against income related to stock options for the years ended June 30, 2015 , 2014 and 2013 was $6.8 million , $3.5 million and $3.4 million , respectively. As of June 30, 2015 , $2.7 million of compensation cost related to nonvested stock options will be recognized over a weighted average remaining life of 1.2 years. Of the options outstanding at June 30, 2015 , 1,262,872 relate to the 1993 plan and 245,006 relate to the Directors’ Plan. Restricted Stock Unit Awards (1993 Plan) Restricted stock unit awards are granted to employees with performance and/or service conditions. Earned restricted stock unit awards receive non-forfeitable cash dividends during the restriction period. The fair value of the restricted stock unit awards is determined based on the close price of the Company’s stock on the grant date. Performance-based restricted stock unit awards are earned dependent upon how certain performance goals are achieved during a specified performance period according to the terms determined at the date of the grant. These shares typically vest zero to two years from the date of the attainment of the specified performance goals. Compensation cost is determined and charged to expense beginning in the performance period through the vesting period. Time-based restricted stock unit awards typically vest three years from the date of grant. Compensation cost related to time-based stock unit awards is recognized over the vesting period of the award. Amounts charged to compensation expense for restricted stock unit awards was $1.3 million , $2.8 million and $4.8 million for the years end June 30, 2015 , 2014 and 2013 , respectively. As of June 30, 2015 , $1.2 million of compensation cost related to restricted stock unit awards remains to be recognized over a weighted average remaining life of 1.3 years. Number of Awards Weighted Average Grant Date Fair Value Restricted Balance at June 30, 2012 419,331 $ 35.71 Time-based granted 22,838 50.15 Performance-based granted 41,816 47.85 Vested (254,967 ) 31.39 Forfeited (13,603 ) 51.85 Restricted Balance at June 30, 2013 215,415 43.75 Time-based granted 14,086 52.58 Performance-based granted 20,794 48.85 Vested (120,117 ) 43.96 Forfeited (16,615 ) 48.02 Restricted Balance at June 30, 2014 113,563 44.99 Time-based granted 97,168 42.65 Performance-based granted 895 54.37 Vested (76,214 ) 42.04 Forfeited (8,003 ) 48.94 Restricted Balance at June 30, 2015 127,409 $ 45.09 Total Stockholder Return Awards The Company granted Total Stockholder Return (“TSR”) awards in fiscal years 2015 , 2014 and 2013 . The TSR awards are granted at a target number of shares. The fiscal year 2013 TSR awards are earned based on the Company’s total stockholder return compared to the total stockholder returns of a group of peer companies at the end of a three -year period. Beginning with fiscal year 2014, TSR awards are earned based on the Company’s total stockholder return compared to the total stockholder returns of the Russell Materials and Processing Growth Index at the end of a three -year period. The actual number of shares awarded may range from a minimum of 0 percent of the target shares to a maximum of 200 percent of the target shares. Participants do not have any rights to dividends (or equivalents) during the performance period. The fair value of the TSR awards was estimated using Monte Carlo valuation models. Compensation cost related to TSR awards recognized in fiscal years 2015 , 2014 and 2013 was $0.8 million , $3.9 million and $3.7 million , respectively. Director Stock Units According to the provisions of the Director’s plan, on the date of each annual stockholders’ meeting or on such other regularly scheduled date as the Board of Directors may determine from time to time in light of the Company’s prevailing practices for the grant of equity awards to employees, each Director shall be granted, in place of cash compensation, a number of stock units determined by dividing 50 percent of the Director’s annual retainer by the fair market value of the Company’s common stock on that date. These stock units vest as to one-quarter of the units for every three months of service following the grant date and are fully vested on the first anniversary of the grant date. At the Director’s election, the remaining 50 percent of the annual retainer and 100 percent of committee chair fees may be paid in stock units in lieu of cash. These units are immediately vested. In addition to the grant of retainer stock units described above, each Director may be granted annually an additional award of stock units as the Board may determine by resolution. These stock units vest as to one-quarter of the units for every three months of service following the grant date and are fully vested on the first anniversary of the grant date. Additional units are credited to each Director on a quarterly basis to reflect dividend equivalents on the Company’s common stock. In the case of separation from service due to death or disability, all stock units shall immediately vest. Following a Director’s separation from service, or such other elected distribution date or event, the number of stock units credited to the Director’s account will be converted to an equivalent number of the Company’s common stock. Number of Units Weighted Average Grant Date Fair Value Outstanding at June 30, 2012 221,410 $ 27.10 Granted 21,710 53.53 Dividend equivalents 3,399 — Outstanding at June 30, 2013 246,519 30.06 Granted 19,770 59.47 Dividend equivalents 3,026 — Outstanding at June 30, 2014 269,315 32.25 Granted 24,668 42.80 Distributed (11,296 ) 31.79 Dividend equivalents 4,749 — Outstanding at June 30, 2015 287,436 $ 35.48 Compensation cost is determined using the grant date fair value and charged to expense over the vesting period of one year and amounted to $1.1 million , $1.2 million and $1.2 million for the years ended June 30, 2015 , 2014 and 2013 , respectively. As of June 30, 2015 , $0.3 million of compensation cost related to director stock units remains to be recognized over a weighted average remaining life of 0.3 years.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Jun. 30, 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 (loss) income (“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 June 30, 2015 , the Company had forward contracts to purchase 27.7 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 AOCI 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 years ended June 30, 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 AOCI 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 June 30, 2015 , 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 income. As of June 30, 2015 and 2014 , the total notional amount of floating interest rate contracts were $150.0 million and $0.0 million , respectively. For the years ended June 30, 2015 , 2014 and 2013 , net gains of $2.9 million , $0.0 million and $1.4 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 June 30, 2015 and 2014 : June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.5 $ 0.2 $ — $ 1.7 Other assets 2.7 — — 2.7 Total asset derivatives $ 4.2 $ 0.2 $ — $ 4.4 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ — $ 32.7 $ 32.7 Other liabilities — — 20.8 20.8 Total liability derivatives $ — $ — $ 53.5 $ 53.5 June 30, 2014 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives 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 6.0 6.2 Total liability derivatives $ — $ 0.6 $ 10.3 $ 10.9 Substantially all of the Company's derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $7.7 million and total liability derivatives would have been $56.8 million as of June 30, 2015. According to the provisions of the Company’s derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of June 30, 2015 the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (loss) gains related to cash flow hedges recognized during the years ended June 30, 2015 , 2014 and 2013 : Amount of (Loss) Gain Recognized in AOCI on Derivatives ($ in millions) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (76.3 ) $ 59.3 $ (43.2 ) Foreign exchange contracts 2.6 (1.6 ) 1.9 Forward interest rate swaps — — 2.7 Total $ (73.7 ) $ 57.7 $ (38.6 ) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI into Income ($ in millions) (Effective Portion) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (18.5 ) $ (20.5 ) $ (24.9 ) Foreign exchange contracts Net sales 2.3 (0.8 ) 0.1 Forward interest rate swaps Interest expense 0.4 0.4 0.2 Total $ (15.8 ) $ (20.9 ) $ (24.6 ) Location of Loss Amount of Loss Reclassified from AOCI into Income ($ in millions) (Ineffective Portion) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (2.2 ) $ (0.3 ) $ — Foreign exchange contracts Net sales — — — Forward interest rate swaps Interest expense — — — Total $ (2.2 ) $ (0.3 ) $ — The Company estimates that $27.7 million of net derivative losses included in AOCI as of June 30, 2015 will be reclassified into earnings within the next twelve months. No significant cash flow hedges were discontinued during the year ended June 30, 2015 . The changes in AOCI associated with derivative hedging activities during the years ended June 30, 2015 , 2014 and 2013 were as follows: ($ in millions) 2015 2014 2013 Balance, beginning $ 7.6 $ (41.5 ) $ (32.8 ) Current period changes in fair value, net of tax (46.0 ) 36.0 (24.2 ) Reclassification to earnings, net of tax 9.9 13.1 15.5 Balance, ending $ (28.5 ) $ 7.6 $ (41.5 )

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before income taxes for the Company’s domestic and foreign operations was as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Domestic $ 64.3 $ 178.6 $ 198.0 Foreign 24.8 17.8 18.8 Income before income taxes $ 89.1 $ 196.4 $ 216.8 The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended June 30, ($ in millions) 2015 2014 2013 Current: Federal $ (39.3 ) $ 61.3 $ 49.7 State 1.2 6.5 5.9 Foreign 8.1 5.5 5.3 Total current (30.0 ) 73.3 60.9 Deferred: Federal 60.2 (8.0 ) 7.8 State 0.1 (1.4 ) 2.5 Foreign 0.1 (0.3 ) (0.9 ) Total deferred 60.4 (9.7 ) 9.4 Total income tax expense $ 30.4 $ 63.6 $ 70.3 The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company’s effective income tax rates: Years Ended June 30, (% of pre-tax income) 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.2 2.5 2.0 Domestic manufacturing deduction (2.7 ) (3.5 ) (2.7 ) Prior year impact of Tax Increase Prevention Act 1.7 — — Other, net (2.1 ) (1.6 ) (1.9 ) Effective income tax rate 34.1 % 32.4 % 32.4 % Deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases. The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheet are summarized in the table below. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. As of June 30, 2015 , the Company had state net operating loss carryforwards of $321.7 million expiring between 2016 and 2035. Based on current year and forecasted taxable state income, we determined that it was appropriate to reverse a portion of the valuation allowance in fiscal year 2015. A tax benefit was recognized through the reduction of the valuation allowance in the amount of $0.3 million in fiscal year 2015. A significant portion of the state net operating loss carryforwards are subject to an annual limitation that under current law is likely to limit future tax benefits to approximately $5 million . June 30, ($ in millions) 2015 2014 Deferred tax assets: Pensions $ 125.1 $ 82.7 Postretirement provisions 48.9 66.9 Net operating loss carryforwards 20.3 20.6 Derivatives and hedging activities 18.5 — Other 32.6 35.0 Gross deferred tax assets 245.4 205.2 Valuation allowances (17.5 ) (17.8 ) Net deferred tax assets 227.9 187.4 Deferred tax liabilities: Depreciation (321.2 ) (232.3 ) Intangible assets (26.1 ) (37.5 ) Inventories (17.6 ) (28.8 ) Other (6.2 ) (4.0 ) Total deferred tax liabilities (371.1 ) (302.6 ) Deferred tax liabilities $ (143.2 ) $ (115.2 ) As of June 30, 2015 , the Company had $118.5 million of indefinitely reinvested foreign earnings for which we have not provided deferred income taxes. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes and withholding taxes in various foreign tax jurisdictions. It is not practical to calculate these taxes due to the complex and hypothetical nature of the calculations. Due to the authorization of the $500.0 million share repurchase program in October 2014, we changed our intent with regard to the indefinite reinvestment of a portion of the foreign earnings of one of our foreign subsidiaries for fiscal year 2014 and prior years. As a result of this change, we repatriated approximately $38 million during the third quarter of fiscal year 2015 with minimal tax cost. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Balance, beginning $ — $ 1.4 $ 2.3 Additions based on tax positions of prior years — — 0.6 Reductions as a result of a lapse of statute of limitations — (1.1 ) (1.3 ) Reductions based on tax positions of prior year — (0.1 ) (0.2 ) Reductions as a result of settlements with taxing authorities — (0.2 ) — Balance, ending $ — $ — $ 1.4 The liability for unrecognized tax benefits was $0.0 million at June 30, 2015 and June 30, 2014 and $1.4 million at June 30, 2013 . It is reasonably possible that the amount of the unrecognized tax benefits will change within the next twelve months; however, any such changes are not expected to have a significant impact on the Company’s consolidated financial statements. It is the Company’s policy to classify interest and penalties recognized on uncertain tax positions as a component of income tax expense. The Company’s income tax expense included net benefits of $0.0 million , $0.6 million and $0.3 million related to interest and penalties for the years ended June 30, 2015 , 2014 and 2013 , respectively. In addition, no amounts were included in accrued income taxes for interest and penalties in the consolidated balance sheets as of June 30, 2015 and 2014 . All years prior to fiscal year 2012 have been settled with the Internal Revenue Service and with most significant state, local and foreign tax jurisdictions.

Other Income, Net

Other Income, Net	12 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net Other income, net consists of the following: Years Ended June 30, ($ in millions) 2015 2014 2013 Interest income $ 0.1 $ 0.2 $ 0.3 Equity in earnings of unconsolidated subsidiaries 0.1 0.6 1.3 Unrealized gains on company owned life insurance contracts and investments held in rabbi trusts 0.3 2.1 3.4 Foreign Exchange 0.4 (1.5 ) — Other 4.4 — 0.1 Total other income, net $ 5.3 $ 1.4 $ 5.1

Superalloy Powders Technical As

Superalloy Powders Technical Assistance and Powder Supply Agreements	12 Months Ended
	Jun. 30, 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 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 June 30, 2015 and 2014 , the $13.0 million upfront license fee is included in other assets.

Segment Information, Geographic

Segment Information, Geographic and Product Data	12 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information, Geographic and Product Data	Segment Information, Geographic and Product Data 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 and Mexico distribution business. 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, 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, no single customer accounted for 10 percent or more of the Company’s net sales for the years ended June 30, 2015 , 2014 and 2013 . Segment Data Years Ended June 30, ($ in millions) 2015 2014 2013 Net Sales: Specialty Alloys Operations $ 1,796.6 $ 1,741.6 $ 1,823.5 Performance Engineered Products 497.7 498.6 520.1 Intersegment (67.6 ) (67.2 ) (71.9 ) Consolidated net sales $ 2,226.7 $ 2,173.0 $ 2,271.7 Years Ended June 30, ($ in millions) 2015 2014 2013 Operating Income: Specialty Alloys Operations $ 155.2 $ 232.7 $ 268.5 Performance Engineered Products 39.1 45.5 45.2 Corporate costs (including restructuring charges) (72.0 ) (43.8 ) (47.7 ) Pension EID (9.4 ) (21.8 ) (31.9 ) Intersegment (1.4 ) (0.6 ) (1.4 ) Consolidated operating income $ 111.5 $ 212.0 $ 232.7 Years Ended June 30, ($ in millions) 2015 2014 2013 Depreciation and Amortization: Specialty Alloys Operations $ 95.0 $ 83.4 $ 76.7 Performance Engineered Products 23.3 23.8 22.1 Corporate 4.6 5.5 5.9 Intersegment (0.6 ) (0.8 ) (0.6 ) Consolidated depreciation and amortization $ 122.3 $ 111.9 $ 104.1 Years Ended June 30, ($ in millions) 2015 2014 2013 Capital Expenditures: Specialty Alloys Operations $ 129.0 $ 319.9 $ 283.5 Performance Engineered Products 38.1 24.7 24.1 Corporate 4.3 5.4 4.1 Intersegment (0.9 ) (0.8 ) (1.5 ) Consolidated capital expenditures $ 170.5 $ 349.2 $ 310.2 June 30, ($ in millions) 2015 2014 Total Assets: Specialty Alloys Operations $ 2,323.0 $ 2,454.8 Performance Engineered Products 499.2 491.7 Corporate 125.0 144.9 Intersegment (41.3 ) (33.9 ) Consolidated total assets $ 2,905.9 $ 3,057.5 Geographic Data Years Ended June 30, ($ in millions) 2015 2014 2013 Net Sales: (a) United States $ 1,579.9 $ 1,537.9 $ 1,575.3 Europe 359.6 349.5 382.1 Asia Pacific 141.8 137.1 153.6 Canada 61.2 65.3 59.8 Mexico 59.2 59.2 66.6 Other 25.0 24.0 34.3 Consolidated net sales $ 2,226.7 $ 2,173.0 $ 2,271.7 (a) Net sales were attributed to countries based on the location of the customer. June 30, ($ in millions) 2015 2014 Long-lived assets: United States $ 1,367.0 $ 1,379.5 Asia Pacific 18.1 11.6 Canada 6.5 8.4 Europe 4.5 6.1 Mexico 0.9 1.4 Consolidated long-lived assets $ 1,397.0 $ 1,407.0 Product Data Years Ended June 30, ($ in millions) 2015 2014 2013 Special alloys $ 991.2 $ 917.0 $ 989.9 Stainless steel 619.2 643.6 638.8 Alloy and tool steel 218.8 240.4 255.7 Titanium products 164.8 157.7 155.0 Powder metals 61.8 48.6 60.4 Distribution and other 170.9 165.7 171.9 Total net sales $ 2,226.7 $ 2,173.0 $ 2,271.7

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Jun. 30, 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 July 9, 2015 to defer the effective date of this guidance by one year. Under the deferral, the Company will 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 expects the reclassification impact on the Consolidated Balance Sheets to be $4.7 million from other assets to long-term debt as of June 30, 2015. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, which amends existing guidance for measuring inventories. This amendment will require the Company to measure inventories recorded using the FIFO method and average cost method at the lower of cost and net realizable value. This amendment does not change the methodology for measuring inventories recorded using the LIFO method. The guidance in ASU 2015-11 is required for annual reporting periods beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the impact of the adoption of ASU 2015-11 to have a material impact on the Consolidated Financial Statements.

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive Income (Loss)	Reclassifications from Accumulated Other Comprehensive Income (Loss) The changes in AOCI by component, net of tax, for the years ended June 30, 2015 and 2014 were as follows: ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive income before reclassifications (46.0 ) (32.0 ) — (26.9 ) (104.9 ) Amounts reclassified from AOCI (b) 9.9 11.9 0.1 — 21.9 Net current-period other comprehensive income (36.1 ) (20.1 ) 0.1 (26.9 ) (83.0 ) Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2013 $ (41.5 ) $ (273.6 ) $ (0.4 ) $ (20.2 ) $ (335.7 ) Other comprehensive income before reclassifications 36.0 22.2 — 4.5 62.7 Amounts reclassified from AOCI (b) 13.1 14.7 — — 27.8 Net current-period other comprehensive income 49.1 36.9 — 4.5 90.5 Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) (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 years ended June 30, 2015 and 2014 : Amount Reclassified from AOCI Years Ended June 30, ($ in millions) (a) Location of 2015 2014 Details about AOCI Components Cash flow hedging items Commodity contracts Cost of sales $ (18.5 ) $ (20.5 ) Foreign exchange contracts Net sales 2.3 (0.8 ) Forward interest rate swaps Interest expense 0.4 0.4 Total before tax (15.8 ) (20.9 ) Tax benefit 5.9 7.8 Net of tax $ (9.9 ) $ (13.1 ) Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (18.7 ) $ (23.0 ) Prior service cost (b) (0.3 ) (0.4 ) Total before tax (19.0 ) (23.4 ) Tax benefit 7.1 8.7 Net of tax $ (11.9 ) $ (14.7 ) (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 9 for additional details). During the year ended June 30, 2015 , 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. This adjustment is included in foreign currency translation in the consolidated statement of comprehensive (loss) income for the year ended June 30, 2015 . The Company determined that neither the prior period error nor the current period adjustment were material to the periods presented.

Supplemental Data

Supplemental Data	12 Months Ended
	Jun. 30, 2015
Supplemental Data
Supplemental Data	Supplemental Data The following are additional required disclosures and other material items: Years Ended June 30, ($ in millions) 2015 2014 2013 Cost Data: Repairs and maintenance costs $ 114.7 $ 108.9 $ 101.9 Cash Flow Data: Noncash investing and financing activities: Noncash purchases of property, equipment and software $ 17.3 $ 65.5 $ 57.0 Seller financed debt related to the purchase of software $ 4.9 $ — $ — Cash paid during the year for: Interest payments $ 29.0 $ 15.1 $ 16.8 Income tax (refunds) payments, net $ (27.1 ) $ 70.8 $ 51.2

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Jun. 30, 2015
Quarterly Financial Data [Abstract]
Quarterly Financial Data (Unaudited)	SUPPLEMENTARY DATA Quarterly Financial Data (Unaudited) Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern. (dollars and shares in millions, except per share amounts) First Second Third Fourth Results of Operations Fiscal Year 2015 Net sales $ 549.8 $ 548.4 $ 570.6 $ 558.0 Gross profit $ 69.1 $ 85.0 $ 75.8 $ 88.4 Operating income $ 22.1 $ 45.0 $ 4.8 $ 39.5 Net income (loss) $ 13.5 $ 24.1 $ (1.4 ) $ 22.5 Fiscal Year 2014 Net sales $ 498.6 $ 503.5 $ 566.3 $ 604.6 Gross profit $ 103.3 $ 95.4 $ 94.5 $ 105.6 Operating income $ 55.8 $ 47.5 $ 49.5 $ 59.2 Net income $ 34.6 $ 29.5 $ 30.6 $ 38.1 (1) During the quarter ended March 31, 2015, the Company recorded restructuring charges. See Note 2, Restructuring Charges to Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”. First Quarter Second Quarter Third Quarter Fourth Quarter Earnings (Loss) per common share Fiscal Year 2015 Basic earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Diluted earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Fiscal Year 2014 Basic earnings $ 0.65 $ 0.55 $ 0.57 $ 0.71 Diluted earnings $ 0.65 $ 0.55 $ 0.57 $ 0.71 First Quarter Second Quarter Third Quarter Fourth Quarter Weighted average common shares outstanding Fiscal Year 2015 Basic 53.5 53.4 52.6 50.9 Diluted 53.7 53.6 52.6 51.0 Fiscal Year 2014 Basic 53.1 53.2 53.3 53.4 Diluted 53.4 53.6 53.7 53.8

SCHEDULE II. VALUATION AND QUAL

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Jun. 30, 2015
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS	CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS ($ in millions) Column A Column B Column C Additions Column D Column E Description Balance at Beginning of Period Charged to Costs & Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended June 30, 2015 Allowance for doubtful accounts receivable $ 3.4 $ 1.2 $ — $ (0.8 ) $ 3.8 Deferred tax valuation allowance $ 17.8 $ (0.3 ) $ — $ — $ 17.5 Year Ended June 30, 2014 Allowance for doubtful accounts receivable $ 4.1 $ 0.1 $ — $ (0.8 ) $ 3.4 Deferred tax valuation allowance $ 19.2 $ (1.4 ) $ — $ — $ 17.8 Year Ended June 30, 2013 Allowance for doubtful accounts receivable $ 4.9 $ 0.6 $ — $ (1.4 ) $ 4.1 Deferred tax valuation allowance $ 18.1 $ 1.1 $ — $ — $ 19.2

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Investments in companies in which the Company exercises significant influence, but which it does not control (generally a 20 to 50 percent ownership interest), are accounted for by the equity method of accounting and the Company’s share of their income or loss is included in other income, net in the consolidated statements of income. In November 2012, the Company dissolved its strategic partnership with Sandvik Materials Technology (“Sandvik”). Prior to the dissolution of the strategic partnership, the Company owned a 40 percent interest in Sandvik Powdermet AB, which the Company accounted for as an equity method investment. In addition, Sandvik owned a 40 percent interest in Carpenter Powder Products AB which has historically been reported as a noncontrolling interest. Prior to November 2012, the financial results of Carpenter Powder Products AB were consolidated into the Company’s operating results and financial position, with the 40 percent interest of the noncontrolling partner recognized in the consolidated statement of income as net income attributable to noncontrolling interest and as equity attributable to the noncontrolling interest within total equity.
Revenue Recognition	Revenue Recognition Revenue, net of related discounts, rebates, returns and allowances of $27.4 million , $28.3 million and $26.4 million for the years ended June 30, 2015 , 2014 and 2013 respectively, is recognized when title and risk of loss has transferred to the customer, which generally occurs upon shipment or delivery of the product based on the applicable shipping terms. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers.
Freight and Handling Fees and Costs	Freight and Handling Fees and Costs Freight and handling costs billed separately to customers are included as part of net sales and freight and handling costs expensed are included as part of cost of sales on the consolidated statements of income.
Research and Development	Research and Development Research and development expenditures, which amounted to $18.7 million , $18.5 million and $19.4 million in fiscal years 2015 , 2014 and 2013 , respectively, are expensed as incurred and are generally reported in cost of sales in the consolidated statements of income. The research and development expenditures consist principally of salaries and benefits, building costs, utilities and administrative expenses. Substantially all development costs are related to developing new products or designing significant improvements to existing products.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid instruments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates market.
Accounts Receivable	Accounts Receivable Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of outstanding amounts. Trade credit is extended based upon periodic evaluation of each customer’s ability to perform its obligations. The Company determines accounts receivable allowances based on an aging of accounts and a review of specific accounts identified as collection risks. The Company does not require collateral to secure accounts receivable.
Inventories	Inventories Inventories are valued at the lower of cost or market. Cost for inventories is principally determined by the LIFO method. The Company also uses the FIFO and average cost methods. As of June 30, 2015 and 2014, $154.9 million and $161.2 million of inventory, respectively, was accounted for using a method other than the LIFO method.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation Fixed assets are stated at historical cost less accumulated depreciation. Depreciation for financial reporting purposes is computed by the straight-line method over the estimated useful lives of the assets. Depreciation for income tax purposes is computed using accelerated methods. Upon disposal, assets and related depreciation are removed from the accounts and the differences between the net amounts and proceeds from disposal are generally included in cost of goods sold in the consolidated statement of income.
Computer Software and Amortization	Computer Software and Amortization Computer software is included in other assets on the consolidated balance sheet, and is amortized for financial reporting purposes on a straight-line basis over the respective estimated useful lives ranging principally from 3 to 7 years. Amortization expense charged to operations related to capitalized software amounted to $6.1 million , $6.4 million and $6.8 million for the years ended June 30, 2015 , 2014 and 2013 , respectively.
Goodwill	Goodwill Goodwill, representing the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses, is stated at cost. Goodwill is not amortized but instead is annually tested for impairment (in the fourth quarter), or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Such events or circumstances include a decline in general economic conditions, adverse changes in the industry and markets, poor financial performance effecting earnings and cash flows and a trend of negative or declining cash flows over multiple periods. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value, including goodwill. The fair value is estimated using discounted cash flows and the use of market multiples valuation techniques. These valuation techniques require the use of estimates and assumptions related to projected operating results, capital expenditures and working capital levels as well as the cost of capital. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value.
Intangible assets	Intangible assets The costs of intangible assets, consisting principally of trademarks, trade names, non-compete arrangements, contracts and customer relationships are amortized on a straight-line basis over the estimated useful lives ranging from 2.5 to 30 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and intangible assets subject to amortization are reviewed for impairment and written down to fair value whenever events or changes in circumstances indicate that the carrying value may not be recoverable through future undiscounted cash flows. The amount of the impairment loss is the excess of the carrying amount of the impaired assets over the fair value of the assets based upon discounted future cash flows.
Environmental Expenditures	Environmental Expenditures Environmental expenditures that pertain to current operations or to future revenues are expensed or capitalized consistent with the Company’s capitalization policy for property, plant and equipment. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to current or future revenues are expensed. Liabilities are recognized for remedial activities when the remediation is probable and the cost can be reasonably estimated. Most estimated liabilities are not discounted to present value due to the uncertainty as to the timing and duration of expected costs. For one former operating facility site, due to the routine nature of the expected costs, the liability for future costs is discounted to present value over 20 years assuming a discount rate of approximately 4 percent . The liabilities, net of present value discount, for this former operating site were $10.8 million and $10.4 million , respectively, as of June 30, 2015 and 2014 .
Derivative Financial Instruments	Derivative Financial Instruments All derivative financial instruments are recorded on the balance sheet at their fair value and changes in fair value are recorded each period in current earnings or other comprehensive income. The Company enters into derivative financial instruments to hedge certain anticipated transactions, firm commitments or assets and liabilities denominated in foreign currencies. In addition, the Company utilizes interest rate swaps to convert fixed rate debt to floating rate. At least quarterly, the Company determines hedge effectiveness utilizing regression analysis for measuring the probable high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The ineffective portion of hedges are immediately recorded in the consolidated statement of income. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, future gains or losses on the derivative instrument are recorded in the consolidated statement of income.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of most international operations are translated into U.S. dollars at exchange rates in effect at year-end, and their income statements are translated at the average monthly exchange rates prevailing during the year. The resulting translation gains and losses are recorded each period as a component of accumulated other comprehensive (loss) income until the international entity is sold or liquidated. Gains and losses from transactions denominated in foreign currencies are reported in other income, net in the consolidated statement of income.
Income Taxes	Income Taxes Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax bases and financial statement carrying values of the Company’s assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. Significant judgments, estimates and assumptions are required in determining tax return reporting positions and in calculating provisions for income tax, which are based on interpretations of tax regulations and accounting pronouncements. Liabilities are established for uncertain tax positions when it is more likely than not that such positions, if challenged, would not be sustained upon review by taxing authorities. These liabilities are re-evaluated as tax regulations and facts and circumstances change, such as the closing of a tax audit or the expiration of the statute of limitations for a specific exposure.
Earnings per Share	Earnings per 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 (restricted stock 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 shares for the period in each class. Diluted earnings per share assume the issuance of common stock for all potentially dilutive share equivalents outstanding.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base. During fiscal years 2015 , 2014 and 2013 , no customer accounted for 10 percent or more of total net sales. Approximately 17 percent of accounts receivable outstanding at June 30, 2015 are due from one customer. No single customer was greater than 10 percent of accounts receivable as of June 30, 2014 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of components of the restructuring charges	The restructuring charges for fiscal year 2015 amounted to $29.1 million before taxes. The components of the restructuring charges for the years ended June 30, 2015, 2014 and 2013 were as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Personnel-related costs $ 12.7 $ — $ — Site closure costs 3.0 — — Material development program exit costs 13.4 — — $ 29.1 $ — $ —
Schedule of activity and reserve balances for restructuring	Activity and reserve balances for restructuring charges at June 30, 2015 and 2014 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2014 $ — Restructuring charges 29.1 Cash payments (10.9 ) Payments from qualified pension plan associated with restructuring charges (8.3 ) Non-cash asset impairment charges and other (7.6 ) Reserve balance at June 30, 2015 $ 2.3

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings from continuing operations per common share	The calculations of basic and diluted earnings from continuing operations per common share for the years ended June 30, 2015 , 2014 and 2013 were as follows: Years Ended June 30, ($ in millions, except per share data) 2015 2014 2013 Net income attributable to Carpenter $ 58.7 $ 132.8 $ 146.1 Less: earnings and dividends allocated to participating securities (0.1 ) (0.4 ) (0.8 ) Earnings available for Carpenter common shareholders used in calculation of basic earnings per share $ 58.6 $ 132.4 $ 145.3 Weighted average number of common shares outstanding, basic 52.6 53.3 52.9 Basic earnings per common share $ 1.11 $ 2.48 $ 2.75 Net income attributable to Carpenter $ 58.7 $ 132.8 $ 146.1 Less: earnings and dividends allocated to participating securities (0.1 ) (0.4 ) (0.8 ) Earnings available for Carpenter common shareholders used in calculation of diluted earnings per share $ 58.6 $ 132.4 $ 145.3 Weighted average number of common shares outstanding, basic 52.6 53.3 52.9 Effect of shares issuable under share-based compensation plans 0.1 0.3 0.3 Weighted average number of common shares outstanding, diluted 52.7 53.6 53.2 Diluted earnings per common share $ 1.11 $ 2.47 $ 2.73
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 calculations of diluted earnings per share above because their effects were anti-dilutive: Years Ended June 30, (in millions) 2015 2014 2013 Stock options 0.8 0.1 0.4

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2015
Inventory, Net [Abstract]
Schedule of inventories	Inventories consisted of the following components at June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Raw materials and supplies $ 121.7 $ 122.3 Work in process 346.1 393.9 Finished and purchased products 188.0 183.0 Total inventory $ 655.8 $ 699.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Summary of property, plant and equipment	Property, plant and equipment consisted of the following components at June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Land $ 28.8 $ 27.1 Buildings and building equipment 442.9 451.3 Machinery and equipment 2,035.1 1,956.1 Construction in progress 90.0 79.1 Total at cost 2,596.8 2,513.6 Less: accumulated depreciation and amortization 1,199.8 1,106.6 Total property, plant, and equipment $ 1,397.0 $ 1,407.0
Schedule of estimated useful lives of depreciable assets	The estimated useful lives of depreciable assets are as follows: Asset Category Useful Life Buildings and building equipment 10 – 45 Machinery and equipment 3 – 30

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segment for fiscal years 2015 and 2014 were as follows: ($ in millions) June 30, 2013 Other June 30, 2014 Other June 30, 2015 Goodwill $ 292.4 $ — $ 292.4 $ (0.3 ) $ 292.1 Accumulated impairment losses (34.7 ) — (34.7 ) — (34.7 ) Total goodwill $ 257.7 $ — $ 257.7 $ (0.3 ) $ 257.4 Specialty Alloys Operations $ 195.5 $ — $ 195.5 $ — $ 195.5 Performance Engineered Products 62.2 — 62.2 (0.3 ) 61.9 Total goodwill $ 257.7 $ — $ 257.7 $ (0.3 ) $ 257.4
Schedule of other intangible assets, net	June 30, 2015 June 30, 2014 ($ in millions) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademarks and trade names 2.5 - 30 $ 42.0 $ (29.0 ) $ 13.0 $ 42.0 $ (27.2 ) $ 14.8 Customer relationships 5 - 15 78.2 (21.3 ) 56.9 78.2 (15.2 ) 63.0 Non-compete agreements 6.5 5.4 (3.7 ) 1.7 5.4 (2.9 ) 2.5 Contracts 2.9 1.5 (1.5 ) — 1.5 (1.2 ) 0.3 Total $ 127.1 $ (55.5 ) $ 71.6 $ 127.1 $ (46.5 ) $ 80.6

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2015
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of June 30, 2015 and 2014 : June 30, ($ in millions) 2015 2014 Accrued compensation and benefits $ 44.3 $ 49.8 Derivative financial instruments 32.7 4.7 Accrued postretirement benefits 14.0 15.5 Accrued interest expense 11.2 11.2 Accrued income taxes 8.7 8.4 Deferred revenue 8.6 7.5 Accrued pension liabilities 3.3 19.3 Other 29.8 31.6 Total accrued liabilities $ 152.6 $ 148.0

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of June 30, 2015 and 2014 consisted of the following: June 30, ($ in millions) 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 June 30, 2015 and 2014) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2015 and 2014) 252.5 249.7 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2015 and 2014) 299.6 299.6 Total 607.1 604.3 Less amounts due within one year — — Long-term debt, net of current portion $ 607.1 $ 604.3

Pension and Other Postretirem42

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of reconciliation of benefit obligations, plan assets and funded status of the plans	The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans: Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,247.0 $ 1,186.7 $ 285.2 $ 259.8 Service cost 32.2 32.1 4.4 4.0 Interest cost 54.1 57.5 11.8 12.5 Benefits paid (81.3 ) (81.0 ) (13.8 ) (13.5 ) Actuarial loss 61.2 53.2 2.7 22.4 Plan settlements — (0.2 ) — — Special termination benefits 8.3 — — — Curtailment gain — — (1.6 ) — Plan amendments 1.6 (1.3 ) (51.9 ) — Projected benefit obligation at end of year $ 1,323.1 $ 1,247.0 $ 236.8 $ 285.2 Change in plan assets: Fair value of plan assets at beginning of year $ 1,024.4 $ 930.2 $ 106.5 $ 93.2 Actual return 32.2 165.7 5.4 13.7 Benefits paid (81.3 ) (81.0 ) (13.8 ) (13.5 ) Contributions 10.5 9.8 13.5 13.1 Plan settlements — (0.3 ) — — Fair value of plan assets at end of year $ 985.8 $ 1,024.4 $ 111.6 $ 106.5 Funded status of the plans $ (337.3 ) $ (222.6 ) $ (125.2 ) $ (178.7 ) Amounts recognized in the consolidated balance sheets: Other assets - noncurrent $ 0.1 $ 0.1 $ — $ — Accrued liabilities - current (3.3 ) (19.3 ) (14.0 ) (15.5 ) Accrued pension liabilities - noncurrent (334.1 ) (203.4 ) — — Accrued postretirement benefits - noncurrent — — (111.2 ) (163.2 ) $ (337.3 ) $ (222.6 ) $ (125.2 ) $ (178.7 )
Schedule of amounts recognized in the consolidated balance sheets	Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 422.3 $ 341.2 $ 52.3 $ 50.8 Prior service cost (credit) 2.4 1.0 (51.8 ) — Total $ 424.7 $ 342.2 $ 0.5 $ 50.8 Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of: Net actuarial loss (gain) $ 97.8 $ (49.4 ) $ 3.6 $ 15.1 Amortization of accumulated net actuarial loss (16.7 ) (21.8 ) (2.0 ) (1.2 ) Prior service cost (credit) 1.6 (1.3 ) (51.9 ) — Amortization of prior service (cost) benefit (0.3 ) (0.5 ) — 0.1 Total, before tax effect $ 82.4 $ (73.0 ) $ (50.3 ) $ 14.0 Additional information: Accumulated benefit obligation for all pension plans $ 1,253.5 $ 1,154.0 N/A N/A
Schedule of amounts recognized in the accumulated other comprehensive loss	The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2015 and 2014 : Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Projected benefit obligation $ 1,323.0 $ 1,246.9 $ 236.8 $ 285.2 Fair value of plan assets $ 985.6 $ 1,024.2 $ 111.6 $ 106.5
Schedule of projected benefit obligations in excess of plan assets	The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2015 and 2014 : Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Accumulated benefit obligation $ 1,253.4 $ 1,153.9 $ 236.8 $ 285.2 Fair value of plan assets $ 985.6 $ 1,024.2 $ 111.6 $ 106.5
Schedule of accumulated benefit obligations in excess of plan assets	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the years ended June 30, 2015 , 2014 and 2013 are as follows: Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2013 2015 2014 2013 Service cost $ 32.2 $ 32.1 $ 32.5 $ 4.4 $ 4.0 $ 4.4 Interest cost 54.1 57.5 53.0 11.8 12.5 12.2 Expected return on plan assets (68.8 ) (62.9 ) (54.8 ) (6.6 ) (6.5 ) (6.4 ) Amortization of net loss 16.7 21.8 28.1 2.0 1.2 3.2 Amortization of prior service cost (benefit) 0.3 0.5 0.7 — (0.1 ) (4.1 ) Curtailment gain — — — (1.6 ) — — Net periodic benefit costs $ 34.5 $ 49.0 $ 59.5 $ 10.0 $ 11.1 $ 9.3
Schedule of components of the net periodic benefit cost	Weighted-average assumptions used to determine benefit obligations at fiscal year end Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Discount rate 4.50 % 4.47 % 4.40 % 4.27 % Rate of compensation increase 3.52 % 3.57 % N/A N/A
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost	Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year Pension Plans Other Postretirement Plans 2015 2014 2013 2015 2014 2013 Discount rate 4.48 % 5.00 % 4.50 % 4.26 % 4.95 % 4.50 % Expected long-term rate of return on plan assets 6.92 % 7.00 % 7.00 % 6.25 % 7.00 % 7.50 % Long-term rate of compensation increase 3.52 % 3.57 % 3.67 % N/A N/A N/A
Schedule of expected health care cost trend rates	The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant: June 30, 2015 2014 Assumed health care cost trend rate 7.50 % 7.50 % Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2021 2020
Schedule of amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost	Amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in the year ended June 30, 2016 are: ($ in millions) Pension Plans Other Postretirement Plans Total Amortization of prior service cost $ 0.4 $ (6.5 ) $ (6.1 ) Amortization of net actuarial loss 27.4 2.6 30.0 Amortization of accumulated other comprehensive loss $ 27.8 $ (3.9 ) $ 23.9
Schedule of weighted-average asset allocations by asset category	The Company’s U.S. pension plans’ weighted-average asset allocations at June 30, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity securities 57.5 % 55.1 % Fixed income securities 42.4 44.2 Cash and cash equivalents 0.1 0.7 Total 100.0 % 100.0 %
Schedule of fair values of pension plan by assets category	The fair values of the Company’s pension plan assets as of June 30, 2015 and 2014 , by asset category and by the levels of inputs used to determine fair value were as follows: June 30, 2015 June 30, 2014 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Short-term investments $ — $ 14.9 $ 14.9 $ — $ 15.3 $ 15.3 Domestic and international equities 158.9 — 158.9 142.1 — 142.1 Commingled funds 58.6 334.9 393.5 64.7 341.4 406.1 Limited partnerships — 38.4 38.4 — 52.0 52.0 Government agency bonds 2.2 141.3 143.5 4.8 129.8 134.6 Corporate bonds — 225.8 225.8 — 248.1 248.1 Mutual funds 1.5 — 1.5 2.9 — 2.9 Mortgage/asset backed securities and other — 9.3 9.3 — 23.3 23.3 $ 221.2 $ 764.6 $ 985.8 $ 214.5 $ 809.9 $ 1,024.4
Schedule of fair values of other postretirement benefit plans by asset category	The fair values of the Company’s other postretirement benefit plans as of June 30, 2015 and 2014 , by asset category and by the level of inputs used to determine fair value, were as follows: June 30, 2015 June 30, 2014 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Commingled fund $ — $ 63.1 $ 63.1 $ — $ 61.2 $ 61.2 Short-term investments — 21.6 21.6 — 17.2 17.2 Government agency bonds — 16.0 16.0 — 18.6 18.6 Corporate bonds and other — 8.6 8.6 — 6.8 6.8 Mortgage backed securities — 2.3 2.3 — 2.7 2.7 $ — $ 111.6 $ 111.6 $ — $ 106.5 $ 106.5
Schedule of estimated future benefit payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets. ($ in millions) Pension Other 2016 $ 73.6 $ 14.0 2017 $ 74.5 $ 14.4 2018 $ 76.0 $ 14.6 2019 $ 78.3 $ 14.8 2020 $ 80.5 $ 15.0 2021-2024 $ 425.8 $ 76.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 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: June 30, 2015 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities +C5 Municipal auction rate securities $ 5.0 $ 5.0 Derivative financial instruments 4.4 4.4 Total assets $ 9.4 $ 9.4 Liabilities: Derivative financial instruments $ 53.5 $ 53.5 June 30, 2014 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities Municipal auction rate securities $ 5.2 $ 5.2 Derivative financial instruments 20.4 20.4 Total assets $ 25.6 $ 25.6 Liabilities: Derivative financial instruments $ 10.9 $ 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 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: June 30, 2015 June 30, 2014 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 607.1 $ 628.6 $ 604.3 $ 638.7 Company-owned life insurance $ 13.0 $ 13.0 $ 16.2 $ 16.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of weighted-average assumptions of fair value of stock options	The fair value of stock options awarded in fiscal years 2015 , 2014 and 2013 were estimated on the date of each grant using a Black-Scholes option pricing model with the following weighted-average assumptions: Years Ended June 30, 2015 2014 2013 Expected volatility 36 % 49 % 55 % Dividend yield 1.6 % 1.3 % 1.5 % Risk-free interest rate 1.4 % 1.4 % 0.7 % Expected term (in years) 5.0 5.0 5.0
Summary of stock option activity	Number of Weighted Weighted Aggregate Outstanding at June 30, 2012 1,022,606 $ 33.54 Granted 198,904 48.60 Exercised (115,600 ) 19.82 Cancelled (17,182 ) 48.42 Outstanding at June 30, 2013 1,088,728 37.51 Granted 243,292 54.65 Exercised (236,540 ) 30.19 Cancelled (31,585 ) 49.83 Outstanding at June 30, 2014 1,063,895 42.69 Granted 702,411 48.28 Exercised (73,067 ) 31.53 Cancelled (185,361 ) 52.67 Outstanding at June 30, 2015 1,507,878 $ 44.61 7.1 years $ 4.5 Exercisable at June 30, 2015 979,538 $ 41.44 6.2 years $ 4.5
Summary of outstanding and exercisable options by exercise price range	Exercise Price Number Outstanding at June 30, 2015 Weighted Weighted Number Exercisable at June 30, 2015 Weighted $5.00 - $20.00 72,412 4.1 $ 17.29 72,412 $ 17.29 $20.01 - $30.00 162,371 3.9 22.72 162,371 22.72 $30.01 - $40.00 93,736 5.1 34.55 93,736 34.55 $40.01 - $50.00 403,380 7.9 43.18 258,272 43.55 $50.01 - $63.54 775,979 7.8 53.70 392,747 53.89 1,507,878 $ 44.61 979,538 $ 41.44
Summary of nonvested stock awards activity	Number of Awards Weighted Average Grant Date Fair Value Restricted Balance at June 30, 2012 419,331 $ 35.71 Time-based granted 22,838 50.15 Performance-based granted 41,816 47.85 Vested (254,967 ) 31.39 Forfeited (13,603 ) 51.85 Restricted Balance at June 30, 2013 215,415 43.75 Time-based granted 14,086 52.58 Performance-based granted 20,794 48.85 Vested (120,117 ) 43.96 Forfeited (16,615 ) 48.02 Restricted Balance at June 30, 2014 113,563 44.99 Time-based granted 97,168 42.65 Performance-based granted 895 54.37 Vested (76,214 ) 42.04 Forfeited (8,003 ) 48.94 Restricted Balance at June 30, 2015 127,409 $ 45.09
Summary Of Director stock units activity	Number of Units Weighted Average Grant Date Fair Value Outstanding at June 30, 2012 221,410 $ 27.10 Granted 21,710 53.53 Dividend equivalents 3,399 — Outstanding at June 30, 2013 246,519 30.06 Granted 19,770 59.47 Dividend equivalents 3,026 — Outstanding at June 30, 2014 269,315 32.25 Granted 24,668 42.80 Distributed (11,296 ) 31.79 Dividend equivalents 4,749 — Outstanding at June 30, 2015 287,436 $ 35.48

Derivatives and Hedging Activ45

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Jun. 30, 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 June 30, 2015 and 2014 : June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.5 $ 0.2 $ — $ 1.7 Other assets 2.7 — — 2.7 Total asset derivatives $ 4.2 $ 0.2 $ — $ 4.4 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ — $ 32.7 $ 32.7 Other liabilities — — 20.8 20.8 Total liability derivatives $ — $ — $ 53.5 $ 53.5 June 30, 2014 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives 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 6.0 6.2 Total liability derivatives $ — $ 0.6 $ 10.3 $ 10.9
Summary of the gains (losses) related to cash flow hedges	The following is a summary of the (loss) gains related to cash flow hedges recognized during the years ended June 30, 2015 , 2014 and 2013 : Amount of (Loss) Gain Recognized in AOCI on Derivatives ($ in millions) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (76.3 ) $ 59.3 $ (43.2 ) Foreign exchange contracts 2.6 (1.6 ) 1.9 Forward interest rate swaps — — 2.7 Total $ (73.7 ) $ 57.7 $ (38.6 ) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI into Income ($ in millions) (Effective Portion) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (18.5 ) $ (20.5 ) $ (24.9 ) Foreign exchange contracts Net sales 2.3 (0.8 ) 0.1 Forward interest rate swaps Interest expense 0.4 0.4 0.2 Total $ (15.8 ) $ (20.9 ) $ (24.6 ) Location of Loss Amount of Loss Reclassified from AOCI into Income ($ in millions) (Ineffective Portion) 2015 2014 2013 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (2.2 ) $ (0.3 ) $ — Foreign exchange contracts Net sales — — — Forward interest rate swaps Interest expense — — — Total $ (2.2 ) $ (0.3 ) $ —
Schedule of changes in AOCI associated with derivative hedging activities	The changes in AOCI associated with derivative hedging activities during the years ended June 30, 2015 , 2014 and 2013 were as follows: ($ in millions) 2015 2014 2013 Balance, beginning $ 7.6 $ (41.5 ) $ (32.8 ) Current period changes in fair value, net of tax (46.0 ) 36.0 (24.2 ) Reclassification to earnings, net of tax 9.9 13.1 15.5 Balance, ending $ (28.5 ) $ 7.6 $ (41.5 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of income before income taxes for the Company's domestic and foreign operations	Income before income taxes for the Company’s domestic and foreign operations was as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Domestic $ 64.3 $ 178.6 $ 198.0 Foreign 24.8 17.8 18.8 Income before income taxes $ 89.1 $ 196.4 $ 216.8
Schedule of provision (benefit) for income taxes from continuing operations	The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended June 30, ($ in millions) 2015 2014 2013 Current: Federal $ (39.3 ) $ 61.3 $ 49.7 State 1.2 6.5 5.9 Foreign 8.1 5.5 5.3 Total current (30.0 ) 73.3 60.9 Deferred: Federal 60.2 (8.0 ) 7.8 State 0.1 (1.4 ) 2.5 Foreign 0.1 (0.3 ) (0.9 ) Total deferred 60.4 (9.7 ) 9.4 Total income tax expense $ 30.4 $ 63.6 $ 70.3
Schedule of reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rate	The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company’s effective income tax rates: Years Ended June 30, (% of pre-tax income) 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.2 2.5 2.0 Domestic manufacturing deduction (2.7 ) (3.5 ) (2.7 ) Prior year impact of Tax Increase Prevention Act 1.7 — — Other, net (2.1 ) (1.6 ) (1.9 ) Effective income tax rate 34.1 % 32.4 % 32.4 %
Summary of components of deferred tax assets and liabilities	June 30, ($ in millions) 2015 2014 Deferred tax assets: Pensions $ 125.1 $ 82.7 Postretirement provisions 48.9 66.9 Net operating loss carryforwards 20.3 20.6 Derivatives and hedging activities 18.5 — Other 32.6 35.0 Gross deferred tax assets 245.4 205.2 Valuation allowances (17.5 ) (17.8 ) Net deferred tax assets 227.9 187.4 Deferred tax liabilities: Depreciation (321.2 ) (232.3 ) Intangible assets (26.1 ) (37.5 ) Inventories (17.6 ) (28.8 ) Other (6.2 ) (4.0 ) Total deferred tax liabilities (371.1 ) (302.6 ) Deferred tax liabilities $ (143.2 ) $ (115.2 )
Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows: Years Ended June 30, ($ in millions) 2015 2014 2013 Balance, beginning $ — $ 1.4 $ 2.3 Additions based on tax positions of prior years — — 0.6 Reductions as a result of a lapse of statute of limitations — (1.1 ) (1.3 ) Reductions based on tax positions of prior year — (0.1 ) (0.2 ) Reductions as a result of settlements with taxing authorities — (0.2 ) — Balance, ending $ — $ — $ 1.4

Other Income, Net (Tables)

Other Income, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Schedule of other income, net	Other income, net consists of the following: Years Ended June 30, ($ in millions) 2015 2014 2013 Interest income $ 0.1 $ 0.2 $ 0.3 Equity in earnings of unconsolidated subsidiaries 0.1 0.6 1.3 Unrealized gains on company owned life insurance contracts and investments held in rabbi trusts 0.3 2.1 3.4 Foreign Exchange 0.4 (1.5 ) — Other 4.4 — 0.1 Total other income, net $ 5.3 $ 1.4 $ 5.1

Segment Information, Geograph48

Segment Information, Geographic and Product Data (Tables)	12 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	On a consolidated basis, no single customer accounted for 10 percent or more of the Company’s net sales for the years ended June 30, 2015 , 2014 and 2013 . Segment Data Years Ended June 30, ($ in millions) 2015 2014 2013 Net Sales: Specialty Alloys Operations $ 1,796.6 $ 1,741.6 $ 1,823.5 Performance Engineered Products 497.7 498.6 520.1 Intersegment (67.6 ) (67.2 ) (71.9 ) Consolidated net sales $ 2,226.7 $ 2,173.0 $ 2,271.7 Years Ended June 30, ($ in millions) 2015 2014 2013 Operating Income: Specialty Alloys Operations $ 155.2 $ 232.7 $ 268.5 Performance Engineered Products 39.1 45.5 45.2 Corporate costs (including restructuring charges) (72.0 ) (43.8 ) (47.7 ) Pension EID (9.4 ) (21.8 ) (31.9 ) Intersegment (1.4 ) (0.6 ) (1.4 ) Consolidated operating income $ 111.5 $ 212.0 $ 232.7 Years Ended June 30, ($ in millions) 2015 2014 2013 Depreciation and Amortization: Specialty Alloys Operations $ 95.0 $ 83.4 $ 76.7 Performance Engineered Products 23.3 23.8 22.1 Corporate 4.6 5.5 5.9 Intersegment (0.6 ) (0.8 ) (0.6 ) Consolidated depreciation and amortization $ 122.3 $ 111.9 $ 104.1 Years Ended June 30, ($ in millions) 2015 2014 2013 Capital Expenditures: Specialty Alloys Operations $ 129.0 $ 319.9 $ 283.5 Performance Engineered Products 38.1 24.7 24.1 Corporate 4.3 5.4 4.1 Intersegment (0.9 ) (0.8 ) (1.5 ) Consolidated capital expenditures $ 170.5 $ 349.2 $ 310.2 June 30, ($ in millions) 2015 2014 Total Assets: Specialty Alloys Operations $ 2,323.0 $ 2,454.8 Performance Engineered Products 499.2 491.7 Corporate 125.0 144.9 Intersegment (41.3 ) (33.9 ) Consolidated total assets $ 2,905.9 $ 3,057.5
Schedule of net sales by geographic segment	Geographic Data Years Ended June 30, ($ in millions) 2015 2014 2013 Net Sales: (a) United States $ 1,579.9 $ 1,537.9 $ 1,575.3 Europe 359.6 349.5 382.1 Asia Pacific 141.8 137.1 153.6 Canada 61.2 65.3 59.8 Mexico 59.2 59.2 66.6 Other 25.0 24.0 34.3 Consolidated net sales $ 2,226.7 $ 2,173.0 $ 2,271.7 (a) Net sales were attributed to countries based on the location of the customer.
Schedule of long-lived assets by geographic segment	June 30, ($ in millions) 2015 2014 Long-lived assets: United States $ 1,367.0 $ 1,379.5 Asia Pacific 18.1 11.6 Canada 6.5 8.4 Europe 4.5 6.1 Mexico 0.9 1.4 Consolidated long-lived assets $ 1,397.0 $ 1,407.0
Schedule of net sales by product segment	Product Data Years Ended June 30, ($ in millions) 2015 2014 2013 Special alloys $ 991.2 $ 917.0 $ 989.9 Stainless steel 619.2 643.6 638.8 Alloy and tool steel 218.8 240.4 255.7 Titanium products 164.8 157.7 155.0 Powder metals 61.8 48.6 60.4 Distribution and other 170.9 165.7 171.9 Total net sales $ 2,226.7 $ 2,173.0 $ 2,271.7

Reclassifications from Accumu49

Reclassifications from Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Jun. 30, 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 years ended June 30, 2015 and 2014 were as follows: ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive income before reclassifications (46.0 ) (32.0 ) — (26.9 ) (104.9 ) Amounts reclassified from AOCI (b) 9.9 11.9 0.1 — 21.9 Net current-period other comprehensive income (36.1 ) (20.1 ) 0.1 (26.9 ) (83.0 ) Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2013 $ (41.5 ) $ (273.6 ) $ (0.4 ) $ (20.2 ) $ (335.7 ) Other comprehensive income before reclassifications 36.0 22.2 — 4.5 62.7 Amounts reclassified from AOCI (b) 13.1 14.7 — — 27.8 Net current-period other comprehensive income 49.1 36.9 — 4.5 90.5 Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) (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 years ended June 30, 2015 and 2014 : Amount Reclassified from AOCI Years Ended June 30, ($ in millions) (a) Location of 2015 2014 Details about AOCI Components Cash flow hedging items Commodity contracts Cost of sales $ (18.5 ) $ (20.5 ) Foreign exchange contracts Net sales 2.3 (0.8 ) Forward interest rate swaps Interest expense 0.4 0.4 Total before tax (15.8 ) (20.9 ) Tax benefit 5.9 7.8 Net of tax $ (9.9 ) $ (13.1 ) Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (18.7 ) $ (23.0 ) Prior service cost (b) (0.3 ) (0.4 ) Total before tax (19.0 ) (23.4 ) Tax benefit 7.1 8.7 Net of tax $ (11.9 ) $ (14.7 ) (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 9 for additional details).

Supplemental Data (Tables)

Supplemental Data (Tables)	12 Months Ended
	Jun. 30, 2015
Supplemental Data
Additional supplemental disclosures	The following are additional required disclosures and other material items: Years Ended June 30, ($ in millions) 2015 2014 2013 Cost Data: Repairs and maintenance costs $ 114.7 $ 108.9 $ 101.9 Cash Flow Data: Noncash investing and financing activities: Noncash purchases of property, equipment and software $ 17.3 $ 65.5 $ 57.0 Seller financed debt related to the purchase of software $ 4.9 $ — $ — Cash paid during the year for: Interest payments $ 29.0 $ 15.1 $ 16.8 Income tax (refunds) payments, net $ (27.1 ) $ 70.8 $ 51.2

Quarterly Financial Data (Una51

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Jun. 30, 2015
Quarterly Financial Data [Abstract]
Quarterly financial data by results of operations	(dollars and shares in millions, except per share amounts) First Second Third Fourth Results of Operations Fiscal Year 2015 Net sales $ 549.8 $ 548.4 $ 570.6 $ 558.0 Gross profit $ 69.1 $ 85.0 $ 75.8 $ 88.4 Operating income $ 22.1 $ 45.0 $ 4.8 $ 39.5 Net income (loss) $ 13.5 $ 24.1 $ (1.4 ) $ 22.5 Fiscal Year 2014 Net sales $ 498.6 $ 503.5 $ 566.3 $ 604.6 Gross profit $ 103.3 $ 95.4 $ 94.5 $ 105.6 Operating income $ 55.8 $ 47.5 $ 49.5 $ 59.2 Net income $ 34.6 $ 29.5 $ 30.6 $ 38.1 (1) During the quarter ended March 31, 2015, the Company recorded restructuring charges. See Note 2, Restructuring Charges to Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”. First Quarter Second Quarter Third Quarter Fourth Quarter Earnings (Loss) per common share Fiscal Year 2015 Basic earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Diluted earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Fiscal Year 2014 Basic earnings $ 0.65 $ 0.55 $ 0.57 $ 0.71 Diluted earnings $ 0.65 $ 0.55 $ 0.57 $ 0.71 First Quarter Second Quarter Third Quarter Fourth Quarter Weighted average common shares outstanding Fiscal Year 2015 Basic 53.5 53.4 52.6 50.9 Diluted 53.7 53.6 52.6 51.0 Fiscal Year 2014 Basic 53.1 53.2 53.3 53.4 Diluted 53.4 53.6 53.7 53.8

Summary of Significant Accoun52

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)customerfacility	Jun. 30, 2014USD ($)customersegment	Jun. 30, 2013USD ($)customersegment	Nov. 30, 2012
Summary of significant accounting policies
Discounts, rebates, returns and allowances	$ 27.4	$ 28.3	$ 26.4
Inventory accounted under LIFO method	154.9	161.2
Research and development expenditures	18.7	18.5	19.4
Capitalized software amortization expense	$ 6.1	6.4	$ 6.8
Number of former operating facility site that the liability for future costs is discounted to present value | facility	1
Liability for future costs discount amortization period	20 years
Environmental expenditures, discount rate	4.00%
Environmental expenditures, liability	$ 10.8	$ 10.4
Number of customers accounted for 10% or more of the sales	0	0	0
Revenue | Customer
Summary of significant accounting policies
Concentration risk, number of customers | customer	0	0	0
Accounts receivable | Customer
Summary of significant accounting policies
Concentration risk, number of customers | customer	1	0
Concentration risk	17.00%
Minimum
Summary of significant accounting policies
Ownership interest (as a percent)	20.00%
Minimum | Computer software
Summary of significant accounting policies
Estimated useful life	3 years
Minimum | Intangible Assets
Summary of significant accounting policies
Estimated useful life	2 years 6 months
Maximum
Summary of significant accounting policies
Ownership interest (as a percent)	50.00%
Maximum | Computer software
Summary of significant accounting policies
Estimated useful life	7 years
Maximum | Intangible Assets
Summary of significant accounting policies
Estimated useful life	30 years
Carpenter Powder Products AB
Summary of significant accounting policies
Ownership interest (as a percent)				40.00%
Ownership interest of noncontrolling partner (as a percent)				40.00%
Sandvik Powdermet AB
Summary of significant accounting policies
Ownership interest (as a percent)				40.00%

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Restructuring Reserve [Roll Forward]
Reserve balance at June 30, 2014	$ 0
Restructuring charges	29.1	$ 0	$ 0
Cash payments	(10.9)
Payments from qualified pension plan associated with restructuring charges	(8.3)
Non-cash asset impairment charges and other	(7.6)
Reserve balance at June 30, 2015	2.3	0
Personnel-related costs
Restructuring Reserve [Roll Forward]
Restructuring charges	12.7	0	0
Cash payments	(2.5)
Payments from qualified pension plan associated with restructuring charges	(8.3)
Non-cash asset impairment charges and other	(0.4)
Reserve balance at June 30, 2015	2.3
Site closure costs
Restructuring Reserve [Roll Forward]
Restructuring charges	3	0	0
Cash payments	(0.4)
Non-cash asset impairment charges and other	(2.6)
Material development program exit costs
Restructuring Reserve [Roll Forward]
Restructuring charges	13.4	$ 0	$ 0
Cash payments	(8)
Non-cash asset impairment charges and other	$ (5.4)

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Net income attributable to Carpenter									$ 58.7	$ 132.8	$ 146.1
Less: earnings and dividends allocated to participating securities									(0.1)	(0.4)	(0.8)
Earnings available for Carpenter common shareholders used in calculation of basic earnings per share									$ 58.6	$ 132.4	$ 145.3
Weighted average number of common shares outstanding, basic (in shares)	50.9	52.6	53.4	53.5	53.4	53.3	53.2	53.1	52.6	53.3	52.9
Basic earnings per common share (in dollars per share)	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.71	$ 0.57	$ 0.55	$ 0.65	$ 1.11	$ 2.48	$ 2.75
Earnings available for Carpenter common shareholders used in calculation of diluted earnings per share									$ 58.6	$ 132.4	$ 145.3
Effect of shares issuable under share-based compensation plans (in shares)									0.1	0.3	0.3
Weighted average number of common shares outstanding, diluted (in shares)	51	52.6	53.6	53.7	53.8	53.7	53.6	53.4	52.7	53.6	53.2
Diluted earnings per common share (in dollars per share)	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.71	$ 0.57	$ 0.55	$ 0.65	$ 1.11	$ 2.47	$ 2.73

Earnings per Common Share (De55

Earnings per Common Share (Details 2) - shares shares in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
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	0.8	0.1	0.4

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Inventory, Net [Abstract]
Raw materials and supplies	$ 121.7	$ 122.3
Work in process	346.1	393.9
Finished and purchased products	188	183
Total inventory	655.8	699.2
Inventory LIFO reserve	196.6	195.7
Current cost of LIFO inventory	697.5	733.7
Increase (decrease) in cost of sales	$ 1.6	$ 0	$ (2.1)

Property, Plant and Equipment57

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Property, plant and equipment
Total at cost	$ 2,596.8	$ 2,513.6
Less: accumulated depreciation and amortization	1,199.8	1,106.6
Total property, plant, and equipment	1,397	1,407
Depreciation	107.2	93.3	$ 85.1
Land
Property, plant and equipment
Total at cost	28.8	27.1
Buildings and building equipment
Property, plant and equipment
Total at cost	$ 442.9	451.3
Buildings and building equipment | Minimum
Property, plant and equipment
Useful Life	10 years
Buildings and building equipment | Maximum
Property, plant and equipment
Useful Life	45 years
Machinery and equipment
Property, plant and equipment
Total at cost	$ 2,035.1	1,956.1
Machinery and equipment | Minimum
Property, plant and equipment
Useful Life	3 years
Machinery and equipment | Maximum
Property, plant and equipment
Useful Life	30 years
Construction in progress
Property, plant and equipment
Total at cost	$ 90	$ 79.1

Goodwill and Other Intangible58

Goodwill and Other Intangible Assets, Net (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Goodwill disclosures
Impairment of goodwill	$ 0	$ 0
Changes in the carrying amount of goodwill by reportable segment
Goodwill	292,100,000	292,400,000	$ 292,400,000
Accumulated impairment losses	(34,700,000)	(34,700,000)	(34,700,000)
Other, Accumulated impairment losses	0	0
Other	(300,000)	0
Total goodwill	257,400,000	257,700,000	257,700,000
Specialty Alloys Operations
Changes in the carrying amount of goodwill by reportable segment
Other	0	0
Total goodwill	195,500,000	195,500,000	195,500,000
Performance Engineered Products
Changes in the carrying amount of goodwill by reportable segment
Other	(300,000)	0
Total goodwill	$ 61,900,000	$ 62,200,000	$ 62,200,000

Goodwill and Other Intangible59

Goodwill and Other Intangible Assets, Net (Details 2) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Other intangible assets
Gross Carrying Amount	$ 127.1	$ 127.1
Accumulated Amortization	(55.5)	(46.5)
Total intangible assets, net carrying amount	71.6	80.6
Amortization expense	9	12.2	$ 12.2
Estimated annual amortization expense for 2016	7.4
Estimated annual amortization expense for 2017	6.8
Estimated annual amortization expense for 2018	6
Estimated annual amortization expense for 2019	6
Estimated annual amortization expense for 2020	6
Trademarks and trade names
Other intangible assets
Gross Carrying Amount	42	42
Accumulated Amortization	(29)	(27.2)
Net Carrying Amount	$ 13	14.8
Trademarks and trade names | Minimum
Other intangible assets
Useful Life	2 years 6 months
Trademarks and trade names | Maximum
Other intangible assets
Useful Life	30 years
Customer relationships
Other intangible assets
Gross Carrying Amount	$ 78.2	78.2
Accumulated Amortization	(21.3)	(15.2)
Net Carrying Amount	$ 56.9	63
Customer relationships | Minimum
Other intangible assets
Useful Life	5 years
Customer relationships | Maximum
Other intangible assets
Useful Life	15 years
Non-compete agreements
Other intangible assets
Useful Life	6 years 6 months
Gross Carrying Amount	$ 5.4	5.4
Accumulated Amortization	(3.7)	(2.9)
Net Carrying Amount	$ 1.7	2.5
Contracts
Other intangible assets
Useful Life	2 years 10 months 24 days
Gross Carrying Amount	$ 1.5	1.5
Accumulated Amortization	(1.5)	(1.2)
Net Carrying Amount	$ 0	$ 0.3

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 44.3	$ 49.8
Derivative financial instruments	32.7	4.7
Accrued postretirement benefits	14	15.5
Accrued interest expense	11.2	11.2
Accrued income taxes	8.7	8.4
Deferred revenue	8.6	7.5
Accrued pension liabilities	3.3	19.3
Other	29.8	31.6
Total accrued liabilities	$ 152.6	$ 148

Debt (Details)

Debt (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)	Feb. 26, 2013USD ($)
Revolving Credit Agreement
Debt discount			$ 0.4
Debt issuance costs			2.6
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2015 and 2014)
Revolving Credit Agreement
Face amount	$ 300	$ 300		$ 300
Interest rate	4.45%	4.45%		4.45%
Credit Agreement
Revolving Credit Agreement
Debt issuance costs			$ 0.8
Maximum borrowing capacity	$ 500
Letters of credit issued	7.1
Credit Agreement available for future borrowings	$ 492.9
Credit Agreement | LIBOR
Revolving Credit Agreement
Variable rate basis	LIBOR
Interest rate margin (as a percent)	1.25%
Credit Agreement | LIBOR | Minimum
Revolving Credit Agreement
Interest rate margin (as a percent)	0.75%
Credit Agreement | LIBOR | Maximum
Revolving Credit Agreement
Interest rate margin (as a percent)	1.90%
Credit Agreement | Base Rate
Revolving Credit Agreement
Variable rate basis	Base Rate
Interest rate margin (as a percent)	0.25%
Credit Agreement | Base Rate | Minimum
Revolving Credit Agreement
Interest rate margin (as a percent)	0.00%
Credit Agreement | Base Rate | Maximum
Revolving Credit Agreement
Interest rate margin (as a percent)	0.90%
Letters of credit
Revolving Credit Agreement
Commitment fee rate (as a percent)	0.15%
Letter of credit fees (as a percent)	1.25%
Required interest coverage ratio	3.50
Letters of credit | Minimum
Revolving Credit Agreement
Commitment fee rate (as a percent)	0.075%
Letter of credit fees (as a percent)	0.75%
Letters of credit | Maximum
Revolving Credit Agreement
Commitment fee rate (as a percent)	0.375%
Letter of credit fees (as a percent)	1.90%
Required debt to capital ratio	0.55

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Feb. 26, 2013
Long-term debt outstanding
Total	$ 607.1	$ 604.3
Less amounts due within one year	0	0
Long-term debt, net of current portion	607.1	604.3
Aggregate maturities of long-term debt, 2016	0
Aggregate maturities of long-term debt, 2017	0
Aggregate maturities of long-term debt, 2018	55
Aggregate maturities of long-term debt, 2019	0
Aggregate maturities of long-term debt, 2020	0
Aggregate maturities of long-term debt, thereafter	550
Interest costs	30.4	32.1	$ 27.8
Interest costs, capitalized	2.7	15.1	$ 6.8
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 June 30, 2015 and 2014)
Long-term debt outstanding
Face amount	55	55
Total	$ 55	$ 55
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 June 30, 2015 and 2014) | Minimum
Long-term debt outstanding
Interest rate	6.97%	6.97%
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 June 30, 2015 and 2014) | Maximum
Long-term debt outstanding
Interest rate	7.10%	7.10%
Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2015 and 2014)
Long-term debt outstanding
Face amount	$ 250	$ 250
Interest rate	5.20%	5.20%
Total	$ 252.5	$ 249.7
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2015 and 2014)
Long-term debt outstanding
Face amount	$ 300	$ 300		$ 300
Interest rate	4.45%	4.45%		4.45%
Total	$ 299.6	$ 299.6
Credit Agreement
Long-term debt outstanding
Maturity term of debt instrument	5 years

Pension and Other Postretirem63

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Amounts recognized in the consolidated balance sheets:
Accrued liabilities - current	$ (3.3)	$ (19.3)
Accrued pension liabilities - noncurrent	(334.1)	(203.4)
Accrued postretirement benefits	(111.2)	(163.2)
Pension Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	1,247	1,186.7
Service cost	32.2	32.1	$ 32.5
Interest cost	54.1	57.5	53
Benefits paid	(81.3)	(81)
Actuarial loss (gain)	61.2	53.2
Plan settlements	0	(0.2)
Special termination benefits	8.3	0
Curtailment gain	0	0
Plan amendments	1.6	(1.3)
Projected benefit obligation at end of year	1,323.1	1,247	1,186.7
Change in plan assets:
Fair value of plan assets at beginning of year	1,024.4	930.2
Actual return	32.2	165.7
Benefits paid	(81.3)	(81)
Contributions	10.5	9.8
Plan settlements	0	(0.3)
Fair value of plan assets at end of year	985.8	1,024.4	930.2
Funded status of the plans
Funded status of the plans	(337.3)	(222.6)
Amounts recognized in the consolidated balance sheets:
Other assets - noncurrent	0.1	0.1
Accrued liabilities - current	(3.3)	(19.3)
Accrued pension liabilities - noncurrent	(334.1)	(203.4)
Accrued postretirement benefits	0	0
Amounts recognized in the Consolidated Balance Sheets	(337.3)	(222.6)
Other Postretirement Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	285.2	259.8
Service cost	4.4	4	4.4
Interest cost	11.8	12.5	12.2
Benefits paid	(13.8)	(13.5)
Actuarial loss (gain)	2.7	22.4
Plan settlements	0	0
Special termination benefits	0	0
Curtailment gain	(1.6)	0
Plan amendments	(51.9)	0
Projected benefit obligation at end of year	236.8	285.2	259.8
Change in plan assets:
Fair value of plan assets at beginning of year	106.5	93.2
Actual return	5.4	13.7
Benefits paid	(13.8)	(13.5)
Contributions	13.5	13.1
Plan settlements	0	0
Fair value of plan assets at end of year	111.6	106.5	$ 93.2
Funded status of the plans
Funded status of the plans	(125.2)	(178.7)
Amounts recognized in the consolidated balance sheets:
Other assets - noncurrent	0	0
Accrued liabilities - current	(14)	(15.5)
Accrued pension liabilities - noncurrent	0	0
Accrued postretirement benefits	(111.2)	(163.2)
Amounts recognized in the Consolidated Balance Sheets	$ (125.2)	$ (178.7)

Pension and Other Postretirem64

Pension and Other Postretirement Benefits (Details 2) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Pension Plans
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$ 422.3	$ 341.2
Prior service cost (credit)	2.4	1
Total	424.7	342.2
Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of:
Net actuarial loss (gain)	97.8	(49.4)
Amortization of accumulated net actuarial loss	(16.7)	(21.8)
Prior service cost (credit)	1.6	(1.3)
Amortization of prior service (cost) benefit	(0.3)	(0.5)
Total, before tax effect	82.4	(73)
Additional information:
Accumulated benefit obligation for all pension plans	1,253.5	1,154
Other Postretirement Plans
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	52.3	50.8
Prior service cost (credit)	(51.8)	0
Total	0.5	50.8
Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of:
Net actuarial loss (gain)	3.6	15.1
Amortization of accumulated net actuarial loss	(2)	(1.2)
Prior service cost (credit)	(51.9)	0
Amortization of prior service (cost) benefit	0	0.1
Total, before tax effect	$ (50.3)	$ 14

Pension and Other Postretirem65

Pension and Other Postretirement Benefits (Details 3) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Pension Plans
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation	$ 1,323	$ 1,246.9
Fair value of plan assets	985.6	1,024.2
Plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	1,253.4	1,153.9
Fair value of plan assets	985.6	1,024.2
Other Postretirement Plans
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation	236.8	285.2
Fair value of plan assets	111.6	106.5
Plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	236.8	285.2
Fair value of plan assets	$ 111.6	$ 106.5

Pension and Other Postretirem66

Pension and Other Postretirement Benefits (Details 4) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	$ 32.2	$ 32.1	$ 32.5
Interest cost	54.1	57.5	53
Expected return on plan assets	(68.8)	(62.9)	(54.8)
Amortization of net loss	16.7	21.8	28.1
Amortization of prior service cost (benefit)	0.3	0.5	0.7
Curtailment	0	0	0
Net periodic benefit costs	34.5	49	59.5
Increase in capitalized periodic benefit costs	2.2
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	4.4	4	4.4
Interest cost	11.8	12.5	12.2
Expected return on plan assets	(6.6)	(6.5)	(6.4)
Amortization of net loss	2	1.2	3.2
Amortization of prior service cost (benefit)	0	(0.1)	(4.1)
Curtailment	(1.6)	0	0
Net periodic benefit costs	$ 10	$ 11.1	$ 9.3

Pension and Other Postretirem67

Pension and Other Postretirement Benefits (Details 5)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Pension Plans
Weighted-average assumptions used to determine benefit obligations at fiscal year end
Discount rate	4.50%	4.47%
Rate of compensation increase	3.52%	3.57%
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year
Discount rate	4.48%	5.00%	4.50%
Expected long-term rate of return on plan assets	6.92%	7.00%	7.00%
Long-term rate of compensation increase	3.52%	3.57%	3.67%
Other Postretirement Plans
Weighted-average assumptions used to determine benefit obligations at fiscal year end
Discount rate	4.40%	4.27%
Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year
Discount rate	4.26%	4.95%	4.50%
Expected long-term rate of return on plan assets	6.25%	7.00%	7.50%
Expected health care rate increase and the future rate and time at which it is expected to remain constant
Assumed health care cost trend rate	7.50%	7.50%
Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2,021	2,020

Pension and Other Postretirem68

Pension and Other Postretirement Benefits (Details 6) - Other Postretirement Plans $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)
Expected health care cost trend rate
Effect of one percentage point increase in the assumed health care cost trend rate on service and interest cost components	$ 0.5
Effect of one percentage point increase in the assumed health care cost trend rate on postretirement benefit obligation	3.8
Effect of one percentage point decrease in the assumed health care cost trend rate on service and interest cost components	0.5
Effect of one percentage point decrease in the assumed health care cost trend rate on postretirement benefit obligation	$ 3.4

Pension and Other Postretirem69

Pension and Other Postretirement Benefits (Details 7) - 12 months ended Jun. 30, 2015 - USD ($) $ in Millions	Total
Pension and Other Postretirement Benefit Disclosures
Estimated net pension expense	$ 53.6
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost	(6.1)
Amortization of net actuarial loss	30
Amortization of accumulated other comprehensive loss	23.9
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Estimated net pension expense	50.8
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost	0.4
Amortization of net actuarial loss	27.4
Amortization of accumulated other comprehensive loss	$ 27.8
Pension Plans | Minimum
Pension and Other Postretirement Benefit Disclosures
Discount rate used to calculate the net periodic benefit costs for June 30, 2014 (as a percent)	4.50%
Expected long-term rate of return on plan assets used to calculate the net periodic benefit costs (as a percent)	6.25%
Pension Plans | Maximum
Pension and Other Postretirement Benefit Disclosures
Expected long-term rate of return on plan assets used to calculate the net periodic benefit costs (as a percent)	7.00%
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Estimated net pension expense	$ 2.8
Discount rate used to calculate the net periodic benefit costs for June 30, 2014 (as a percent)	6.25%
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost	$ (6.5)
Amortization of net actuarial loss	2.6
Amortization of accumulated other comprehensive loss	$ (3.9)
Other Postretirement Plans | Minimum
Pension and Other Postretirement Benefit Disclosures
Expected long-term rate of return on plan assets used to calculate the net periodic benefit costs (as a percent)	4.50%

Pension and Other Postretirem70

Pension and Other Postretirement Benefits (Details 8)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Pension and Other Postretirement Benefit Disclosures
Weighted-average asset allocation	100.00%	100.00%
Percentage increase in funding level to shift assets from return seeking to liability hedging	5.00%
Percentage change in assets allocation from assets seeking to liability hedging due to increase in funding level	4.00%
Equity securities
Pension and Other Postretirement Benefit Disclosures
Weighted-average asset allocation	57.50%	55.10%
Fixed income securities
Pension and Other Postretirement Benefit Disclosures
Weighted-average asset allocation	42.40%	44.20%
Cash and cash equivalents
Pension and Other Postretirement Benefit Disclosures
Weighted-average asset allocation	0.10%	0.70%
U.S. Pension Plans | Return seeking asset
Pension and Other Postretirement Benefit Disclosures
Plan's current allocation policy	60.00%
U.S. Pension Plans | Liability hedging assets
Pension and Other Postretirement Benefit Disclosures
Plan's current allocation policy	40.00%
Other Postretirement Plans | Equity securities
Pension and Other Postretirement Benefit Disclosures
Plan's current allocation policy	68.00%
Other Postretirement Plans | Fixed income securities
Pension and Other Postretirement Benefit Disclosures
Plan's current allocation policy	32.00%

Pension and Other Postretirem71

Pension and Other Postretirement Benefits (Details 9) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	$ 985.8	$ 1,024.4	$ 930.2
Pension Plans | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	14.9	15.3
Pension Plans | Domestic and international equities
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	158.9	142.1
Pension Plans | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	393.5	406.1
Pension Plans | Limited partnerships
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	38.4	52
Pension Plans | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	143.5	134.6
Pension Plans | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	225.8	248.1
Pension Plans | Mutual funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	1.5	2.9
Pension Plans | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	9.3	23.3
Pension Plans | Level 1
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	221.2	214.5
Pension Plans | Level 1 | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 1 | Domestic and international equities
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	158.9	142.1
Pension Plans | Level 1 | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	58.6	64.7
Pension Plans | Level 1 | Limited partnerships
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 1 | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	2.2	4.8
Pension Plans | Level 1 | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 1 | Mutual funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	1.5	2.9
Pension Plans | Level 1 | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 2
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	764.6	809.9
Pension Plans | Level 2 | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	14.9	15.3
Pension Plans | Level 2 | Domestic and international equities
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 2 | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	334.9	341.4
Pension Plans | Level 2 | Limited partnerships
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	38.4	52
Pension Plans | Level 2 | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	141.3	129.8
Pension Plans | Level 2 | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	225.8	248.1
Pension Plans | Level 2 | Mutual funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Pension Plans | Level 2 | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	9.3	23.3
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	111.6	106.5	$ 93.2
Other Postretirement Plans | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	21.6	17.2
Other Postretirement Plans | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	63.1	61.2
Other Postretirement Plans | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	16	18.6
Other Postretirement Plans | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	8.6	6.8
Other Postretirement Plans | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	2.3	2.7
Other Postretirement Plans | Level 1
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 1 | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 1 | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 1 | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 1 | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 1 | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	0	0
Other Postretirement Plans | Level 2
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	111.6	106.5
Other Postretirement Plans | Level 2 | Short-term investments
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	21.6	17.2
Other Postretirement Plans | Level 2 | Commingled funds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	63.1	61.2
Other Postretirement Plans | Level 2 | Government agency bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	16	18.6
Other Postretirement Plans | Level 2 | Corporate bonds
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	8.6	6.8
Other Postretirement Plans | Level 2 | Mortgage/ asset backed securities and other
Pension and Other Postretirement Benefit Disclosures
Fair value of pension plan assets	$ 2.3	$ 2.7

Pension and Other Postretirem72

Pension and Other Postretirement Benefits (Details 10) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Pension and Other Postretirement Benefit Disclosures
Pension contributions	$ 7,200,000	$ 6,300,000	$ 144,900,000
Defined contribution retirement and savings plans
Other Benefit Plans
Contributions to defined contribution retirement and savings plans	12,000,000	10,600,000	8,900,000
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Expected contributions for next fiscal year	0
Estimated future benefit payments
2,016	73,600,000
2,017	74,500,000
2,018	76,000,000
2,019	78,300,000
2,020	80,500,000
2021-2024	425,800,000
U.S. Pension Plans
Pension and Other Postretirement Benefit Disclosures
Pension contributions	7,200,000	6,300,000	144,900,000
Other non-qualified pension plans
Pension and Other Postretirement Benefit Disclosures
Pension contributions	3,300,000	$ 3,200,000	$ 3,300,000
Other Postretirement Plans
Estimated future benefit payments
2,016	14,000,000
2,017	14,400,000
2,018	14,600,000
2,019	14,800,000
2,020	15,000,000
2021-2024	$ 76,700,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Increase made by the company in the liabilities of environmental remediation costs	$ 0.4	$ 0.7	$ 0.3
Environmental remediation liability	$ 15.9	$ 15.5

Contingencies and Commitments74

Contingencies and Commitments (Details 2) $ in Millions	Jun. 30, 2015USD ($)
Raw materials
Purchase agreements
Aggregate purchase commitments	$ 117.2

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Jun. 30, 2015
Equity [Abstract]
Share repurchase program, authorized amount	$ 500,000,000
Stock repurchase program term	2 years
Shares purchased (in shares)		2,995,272
Purchase of treasury stock		$ 124,500,000

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Leases, Operating [Abstract]
Rent expense total	$ 12	$ 12.8	$ 12.3
Future minimum payments for non-cancellable operating leases, 2016	9.6
Future minimum payments for non-cancellable operating leases, 2017	7.3
Future minimum payments for non-cancellable operating leases, 2018	5.4
Future minimum payments for non-cancellable operating leases, 2019	4
Future minimum payments for non-cancellable operating leases, 2020	3.1
Future minimum payments for non-cancellable operating leases, thereafter	$ 7.7

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Measured on a recurring basis - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments, Assets	$ 4.4	$ 20.4
Total assets	9.4	25.6
Derivative financial instruments, Liabilities	53.5	10.9
Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments, Assets	4.4	20.4
Total assets	9.4	25.6
Derivative financial instruments, Liabilities	53.5	10.9
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	5	5.2
Municipal auction rate securities | Level 2
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$ 5	$ 5.2

Fair Value Measurements (Deta78

Fair Value Measurements (Details 2) - Level 2 - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 607.1	$ 604.3
Company-owned life insurance	13	16.2
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	628.6	638.7
Company-owned life insurance	$ 13	$ 16.2

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)planshares	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)
Share-based compensation disclosures
Number of share-based compensation plans | plan	2
Compensation cost	$ 10	$ 11.4	$ 13.1
Stock options
Share-based compensation disclosures
Compensation cost	$ 6.8	$ 3.5	$ 3.4
Fair value assumptions
Expected volatility (as a percent)	36.00%	49.00%	55.00%
Dividend yield (as a percent)	1.60%	1.30%	1.50%
Risk-free interest rate (as a percent)	1.40%	1.40%	0.70%
Expected term	5 years	5 years	5 years
Stock options | Minimum
Share-based compensation disclosures
Options exercisable service period	1 year
Stock options | Maximum
Share-based compensation disclosures
Options exercisable service period	3 years
Expiration term	10 years
1993 Plan
Share-based compensation disclosures
Shares available for grant | shares	1,549,511
Director's Plan
Share-based compensation disclosures
Compensation cost	$ 1.1	$ 1.2	$ 1.2
Shares available for grant | shares	693,116
Options exercisable service period	1 year

Share-Based Compensation (Det80

Share-Based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Number of Awards
Exercised (in shares)	(73,067)	(236,540)	(115,600)
Stock options
Number of Awards
Balance at the beginning of the period (in shares)	1,063,895	1,088,728	1,022,606
Granted (in shares)	702,411	243,292	198,904
Exercised (in shares)	(73,067)	(236,540)	(115,600)
Cancelled (in shares)	(185,361)	(31,585)	(17,182)
Balance at the end of the period (in shares)	1,507,878	1,063,895	1,088,728
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 42.69	$ 37.51	$ 33.54
Granted (in dollars per share)	48.28	54.65	48.60
Exercised (in dollars per share)	31.53	30.19	19.82
Cancelled (in dollars per share)	52.67	49.83	48.42
Balance at the end of the period (in dollars per share)	$ 44.61	$ 42.69	$ 37.51
Additional disclosures
Weighted Average Remaining Contractual Term	7 years 1 month
Aggregate Intrinsic Value	$ 4.5
Number of Awards, Exercisable (in shares)	979,538
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 41.44
Weighted Average Remaining Contractual Term, Exercisable	6 years 2 months
Aggregate Intrinsic Value, Exercisable	$ 4.5

Share-Based Compensation (Det81

Share-Based Compensation (Details 3) - Jun. 30, 2015 - Stock options - $ / shares	Total
Exercise price range disclosures
Number of Awards, Outstanding (in shares)	1,507,878
Weighted Average Exercise Price (in dollars per share)	$ 44.61
Number Exercisable (in shares)	979,538
Weighted Average Exercise Price (in dollars per share)	$ 41.44
$5.00 - $20.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	5
Maximum Exercise Price Range (in dollars per share)	$ 20
Number of Awards, Outstanding (in shares)	72,412
Weighted Average Remaining Contractual Term	4 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 17.29
Number Exercisable (in shares)	72,412
Weighted Average Exercise Price (in dollars per share)	$ 17.29
$20.01 - $30.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	20.01
Maximum Exercise Price Range (in dollars per share)	$ 30
Number of Awards, Outstanding (in shares)	162,371
Weighted Average Remaining Contractual Term	3 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 22.72
Number Exercisable (in shares)	162,371
Weighted Average Exercise Price (in dollars per share)	$ 22.72
$30.01- - $40.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	30.01
Maximum Exercise Price Range (in dollars per share)	$ 40
Number of Awards, Outstanding (in shares)	93,736
Weighted Average Remaining Contractual Term	5 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 34.55
Number Exercisable (in shares)	93,736
Weighted Average Exercise Price (in dollars per share)	$ 34.55
$40.01 - $50.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	40.01
Maximum Exercise Price Range (in dollars per share)	$ 50
Number of Awards, Outstanding (in shares)	403,380
Weighted Average Remaining Contractual Term	7 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 43.18
Number Exercisable (in shares)	258,272
Weighted Average Exercise Price (in dollars per share)	$ 43.55
$50.01 - $63.54
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	50.01
Maximum Exercise Price Range (in dollars per share)	$ 63.54
Number of Awards, Outstanding (in shares)	775,979
Weighted Average Remaining Contractual Term	7 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 53.70
Number Exercisable (in shares)	392,747
Weighted Average Exercise Price (in dollars per share)	$ 53.89

Share-Based Compensation (Det82

Share-Based Compensation (Details 4) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Share-based compensation disclosures
Compensation cost	$ 10	$ 11.4	$ 13.1
Non-employee Board of Director's Plan
Share-based compensation disclosures
Compensation cost	1.1	$ 1.2	$ 1.2
Unvested stock option cost	$ 0.3
Unvested stock option weighted average remaining life	3 months 18 days
Stock options
Share-based compensation disclosures
Weighted average grant date fair value (in dollars per share)	$ 11.78	$ 21.31	$ 20.37
Compensation cost	$ 6.8	$ 3.5	$ 3.4
Unvested stock option cost	$ 2.7
Unvested stock option weighted average remaining life	1 year 2 months 12 days
Options outstanding (in shares)	1,507,878	1,063,895	1,088,728	1,022,606
Stock options | Non-employee Board of Director's Plan
Share-based compensation disclosures
Options outstanding (in shares)	245,006
Stock options | 1993 Plan
Share-based compensation disclosures
Options outstanding (in shares)	1,262,872

Share-Based Compensation (Det83

Share-Based Compensation (Details 5) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based compensation disclosures
Compensation cost	$ 10	$ 11.4	$ 13.1
Restricted stock unit awards | 1993 Plan
Share-based compensation disclosures
Compensation cost	1.3	$ 2.8	$ 4.8
Restricted stock option cost	$ 1.2
Restricted stock option weighted average remaining life	1 year 3 months 18 days
Performance-based restricted stock unit awards | 1993 Plan | Minimum
Share-based compensation disclosures
Shares vesting period
Performance-based restricted stock unit awards | 1993 Plan | Maximum
Share-based compensation disclosures
Shares vesting period	2 years
Time-based restricted stock unit awards | 1993 Plan
Share-based compensation disclosures
Shares vesting period	3 years

Share-Based Compensation (Det84

Share-Based Compensation (Details 6) - Restricted stock unit awards - 1993 Plan - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Number of Awards
Balance at the beginning of the period (in shares)	113,563	215,415	419,331
Time-based granted (in shares)	97,168	14,086	22,838
Performance-based granted (in shares)	895	20,794	41,816
Vested (in shares)	(76,214)	(120,117)	(254,967)
Forfeited (in shares)	(8,003)	(16,615)	(13,603)
Balance at the end of the period (in shares)	127,409	113,563	215,415
Weighted-Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 44.99	$ 43.75	$ 35.71
Time-based granted (in dollars per share)	42.65	52.58	50.15
Performance-based granted (in dollars per share)	54.37	48.85	47.85
Vested (in dollars per share)	42.04	43.96	31.39
Forfeited (in dollars per share)	48.94	48.02	51.85
Balance at the end of the period (in dollars per share)	$ 45.09	$ 44.99	$ 43.75

Share-Based Compensation (Det85

Share-Based Compensation (Details 7) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based compensation disclosures
Compensation cost	$ 10	$ 11.4	$ 13.1
Total Stockholder Return Awards
Share-based compensation disclosures
TSR measurement period	3 years
Shares vesting period	3 years
Compensation cost	$ 0.8	$ 3.9	$ 3.7
Total Stockholder Return Awards | Minimum
Share-based compensation disclosures
Target shares awarded percentage	0.00%
Total Stockholder Return Awards | Maximum
Share-based compensation disclosures
Target shares awarded percentage	200.00%

Share-Based Compensation (Det86

Share-Based Compensation (Details 8) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Additional disclosures
Compensation cost	$ 10	$ 11.4	$ 13.1
Non-employee Board of Director's Plan
Share-based compensation disclosures
Percentage of Director's annual retainer paid in stock instead of cash	50.00%
Percentage of Director's committee chair fees paid in stock instead of cash	100.00%
Number of Units
Balance at the beginning of the period (in shares)	269,315	246,519	221,410
Granted (in shares)	24,668	19,770	21,710
Distributed (in shares)	(11,296)
Dividend equivalents (in shares)	4,749	3,026	3,399
Balance at the end of the period (in shares)	287,436	269,315	246,519
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 32.25	$ 30.06	$ 27.10
Granted (in dollars per share)	42.80	59.47	53.53
Distributed (in dollars per share)	31.79
Dividend equivalents (in dollars per share)	0	0	0
Balance at the end of the period (in dollars per share)	$ 35.48	$ 32.25	$ 30.06
Additional disclosures
Shares vesting period	1 year
Compensation cost	$ 1.1	$ 1.2	$ 1.2
Unvested stock option cost	$ 0.3
Unvested stock option weighted average remaining life	3 months 18 days
Non-employee Board of Director's Plan | Every 3 months
Share-based compensation disclosures
Percentage of units vests following the grant date	25.00%
Non-employee Board of Director's Plan | 1/4 of the units
Share-based compensation disclosures
Stock vesting period with reference to service term	3 months
Non-employee Board of Director's Plan | Minimum
Share-based compensation disclosures
Percentage of Director's annual retainer paid in stock instead of cash	50.00%

Derivatives and Hedging Activ87

Derivatives and Hedging Activities (Details) lb in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)lb	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$ 4.4	$ 20.4
Derivatives designated as hedging instruments, Liability	53.5	10.9
Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	4.2	0
Derivatives designated as hedging instruments, Liability	0	0
Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.2	0
Derivatives designated as hedging instruments, Liability	0	0.6
Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	20.4
Derivatives designated as hedging instruments, Liability	53.5	10.3
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.7	11.3
Other current assets | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.5	0
Other current assets | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.2	0
Other current assets | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	11.3
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.7	9.1
Other assets | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.7	0
Other assets | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Other assets | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	9.1
Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	32.7	4.7
Accrued liabilities | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Accrued liabilities | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0.4
Accrued liabilities | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	32.7	4.3
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	20.8	6.2
Other liabilities | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Other liabilities | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0.2
Other liabilities | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	20.8	6
Fair Value Hedging | Forward interest rate swaps
Fair value of derivatives
Total notional amounts of interest rate contracts	150	0
Net gains recorded as a reduction to interest expense	2.9	0	$ 1.4
Cash flow hedges
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(73.7)	57.7	(38.6)
Cash flow hedges | Forward interest rate swaps
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0	0	2.7
Cash flow hedges | Forward interest rate swaps | Interest expense
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0.3	0.3
Cash flow hedges | Foreign exchange contracts
Fair value of derivatives
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ 2.6	(1.6)	1.9
Cash flow hedges | Commodity contracts
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts | lb	27.7
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ (76.3)	$ 59.3	$ (43.2)

Derivatives and Hedging Activ88

Derivatives and Hedging Activities (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
(Losses) gains related to cash flow hedges
Net derivative gains included in AOCI expected to be reclassified into earnings	$ 27,700,000
Changes in AOCI associated with derivative hedging activities
Derivative Contracts Asset Value if Presented on Gross Basis	7,700,000
Derivative Contracts Liability Value if Presented on Gross Basis	56,800,000
Cash collateral held by counterparties	0
Cash flow hedges
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(15,800,000)	$ (20,900,000)	$ (24,600,000)
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	(2,200,000)	(300,000)	0
Changes in AOCI associated with derivative hedging activities
Balance, beginning	7,600,000	(41,500,000)	(32,800,000)
Current period changes in fair value, net of tax	(46,000,000)	36,000,000	(24,200,000)
Reclassification to earnings, net of tax	9,900,000	13,100,000	15,500,000
Balance, ending	(28,500,000)	7,600,000	(41,500,000)
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)	(18,500,000)	(20,500,000)	(24,900,000)
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	(2,200,000)	(300,000)	0
Cash flow hedges | Foreign exchange contracts | Net sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	2,300,000	(800,000)	100,000
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	0	0	0
Cash flow hedges | Forward interest rate swaps | Interest expense
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	400,000	400,000	200,000
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income from continuing operations before income taxes for the Company's domestic and foreign operations
Domestic	$ 64.3	$ 178.6	$ 198
Foreign	24.8	17.8	18.8
Income before income taxes	89.1	196.4	216.8
Provision (benefit) for income taxes from continuing operations
Federal, current	(39.3)	61.3	49.7
State, current	1.2	6.5	5.9
Foreign, current	8.1	5.5	5.3
Total current	(30)	73.3	60.9
Federal, deferred	60.2	(8)	7.8
State, deferred	0.1	(1.4)	2.5
Foreign, deferred	0.1	(0.3)	(0.9)
Total deferred	60.4	(9.7)	9.4
Total income tax expense	$ 30.4	$ 63.6	$ 70.3

Income Taxes (Details 2)

Income Taxes (Details 2)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rate
Statutory federal income tax rate (as a percent)	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit (as a percent)	2.20%	2.50%	2.00%
Domestic manufacturing deduction (as a percent)	(2.70%)	(3.50%)	(2.70%)
Effective Income Tax Rate Reconciliation, Prior Year Impact of Tax Increase Prevention Act, Percent	1.70%	0.00%	0.00%
Other, net (as a percent)	(2.10%)	(1.60%)	(1.90%)
Effective income tax rate (as a percent)	34.10%	32.40%	32.40%

Income Taxes (Details 3)

Income Taxes (Details 3) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Operating loss carryforwards disclosures
Reduction valuation allowance amount	$ 0.3
Amount of future tax benefits	5
State
Operating loss carryforwards disclosures
Net operating loss carryforwards expiring between 2015 and 2033	$ 321.7

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($)	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Oct. 31, 2014	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Deferred tax assets, pensions		$ 125,100,000		$ 82,700,000
Deferred tax assets, postretirement provisions		48,900,000		66,900,000
Deferred tax assets, net operating loss carryforwards		20,300,000		20,600,000
Deferred tax assets, Derivatives and hedging activities		18,500,000		0
Deferred tax assets, other		32,600,000		35,000,000
Gross deferred tax assets		245,400,000		205,200,000
Deferred tax assets, valuation allowances		(17,500,000)		(17,800,000)
Net deferred tax assets		227,900,000		187,400,000
Deferred tax liabilities, depreciation		(321,200,000)		(232,300,000)
Deferred tax liabilities, intangible assets		(26,100,000)		(37,500,000)
Deferred tax liabilities, inventories		(17,600,000)		(28,800,000)
Deferred tax liabilities, Other		(6,200,000)		(4,000,000)
Total deferred tax liabilities		(371,100,000)		(302,600,000)
Deferred tax liabilities		(143,200,000)		$ (115,200,000)
Undistributed earnings of foreign subsidiaries		$ 118,500,000
Share repurchase program, authorized amount			$ 500,000,000
Foreign earnings repatriated	$ 38,000,000

Income Taxes (Details 5)

Income Taxes (Details 5) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Balance, beginning	$ 0	$ 1,400,000	$ 2,300,000
Additions based on tax positions of prior years	0	0	600,000
Reductions as a result of a lapse of statute of limitations	0	(1,100,000)	(1,300,000)
Reductions based on tax positions of prior year	0	(100,000)	(200,000)
Reductions as a result of settlements with taxing authorities	0	(200,000)	0
Balance, ending	0	0	1,400,000
Unrecognized tax benefits that, if recognized would affect the entity's effective tax rate	0	1,400,000
Income tax expense (benefits) related to interest and benefit	0	(600,000)	$ (300,000)
Amount of interest and penalties accrued	$ 0	$ 0

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Other Income and Expenses [Abstract]
Interest income	$ 0.1	$ 0.2	$ 0.3
Equity in earnings of unconsolidated subsidiaries	0.1	0.6	1.3
Unrealized gains on company owned life insurance contracts and investments held in rabbi trusts	0.3	2.1	3.4
Foreign Exchange	0.4	(1.5)	0
Other	4.4	0	0.1
Total other income, net	$ 5.3	$ 1.4	$ 5.1

Superalloy Powders Technical 95

Superalloy Powders Technical Assistance and Powder Supply Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Superalloy powders technical assistance and powder supply agreements
Up-front license fee paid	$ 13
Term for minimum guarantee up-front license fee amortization	12 years
Other assets
Superalloy powders technical assistance and powder supply agreements
Up-front license fee payable	$ 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 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

Segment Information, Geograph96

Segment Information, Geographic and Product Data (Details)	12 Months Ended
	Jun. 30, 2015customersegment	Jun. 30, 2014segment	Jun. 30, 2013segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of customers accounted for 10% or more of the sales	0	0	0

Segment Information, Geograph97

Segment Information, Geographic and Product Data (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Segment Data
Net sales	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 604.6	$ 566.3	$ 503.5	$ 498.6	$ 2,226.7	$ 2,173	$ 2,271.7
Operating income	39.5	$ 4.8	$ 45	$ 22.1	59.2	$ 49.5	$ 47.5	$ 55.8	111.5	212	232.7
Depreciation and Amortization									122.3	111.9	104.1
Capital Expenditures									170.5	349.2	310.2
Assets	2,905.9				3,057.5				2,905.9	3,057.5
Operating
Segment Data
Pension EID									(9.4)	(21.8)	(31.9)
Corporate costs (including restructuring charges)
Segment Data
Operating income									(72)	(43.8)	(47.7)
Depreciation and Amortization									4.6	5.5	5.9
Capital Expenditures									4.3	5.4	4.1
Assets	125				144.9				125	144.9
Intersegment
Segment Data
Net sales									(67.6)	(67.2)	(71.9)
Operating income									(1.4)	(0.6)	(1.4)
Depreciation and Amortization									(0.6)	(0.8)	(0.6)
Capital Expenditures									(0.9)	(0.8)	(1.5)
Assets	(41.3)				(33.9)				(41.3)	(33.9)
Specialty Alloys Operations | Operating
Segment Data
Net sales									1,796.6	1,741.6	1,823.5
Operating income									155.2	232.7	268.5
Depreciation and Amortization									95	83.4	76.7
Capital Expenditures									129	319.9	283.5
Assets	2,323				2,454.8				2,323	2,454.8
Performance Engineered Products | Operating
Segment Data
Net sales									497.7	498.6	520.1
Operating income									39.1	45.5	45.2
Depreciation and Amortization									23.3	23.8	22.1
Capital Expenditures									38.1	24.7	$ 24.1
Assets	$ 499.2				$ 491.7				$ 499.2	$ 491.7

Segment Information, Geograph98

Segment Information, Geographic and Product Data (Details 3) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Geographic Data
Net sales	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 604.6	$ 566.3	$ 503.5	$ 498.6	$ 2,226.7	$ 2,173	$ 2,271.7
Long-lived assets	1,397				1,407				1,397	1,407
United States
Geographic Data
Net sales									1,579.9	1,537.9	1,575.3
Long-lived assets	1,367				1,379.5				1,367	1,379.5
Europe
Geographic Data
Net sales									359.6	349.5	382.1
Long-lived assets	4.5				6.1				4.5	6.1
Asia Pacific
Geographic Data
Net sales									141.8	137.1	153.6
Long-lived assets	18.1				11.6				18.1	11.6
Canada
Geographic Data
Net sales									61.2	65.3	59.8
Long-lived assets	6.5				8.4				6.5	8.4
Mexico
Geographic Data
Net sales									59.2	59.2	66.6
Long-lived assets	$ 0.9				$ 1.4				0.9	1.4
Other
Geographic Data
Net sales									$ 25	$ 24	$ 34.3

Segment Information, Geograph99

Segment Information, Geographic and Product Data (Details 4) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Product Data
Net sales	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 604.6	$ 566.3	$ 503.5	$ 498.6	$ 2,226.7	$ 2,173	$ 2,271.7
Special alloys
Product Data
Net sales									991.2	917	989.9
Stainless steel
Product Data
Net sales									619.2	643.6	638.8
Alloy and tool steel
Product Data
Net sales									218.8	240.4	255.7
Titanium products
Product Data
Net sales									164.8	157.7	155
Powder metals
Product Data
Net sales									61.8	48.6	60.4
Distribution and other
Product Data
Net sales									$ 170.9	$ 165.7	$ 171.9

Recent Accounting Pronouncem100

Recent Accounting Pronouncements (Details) $ in Millions	Jun. 30, 2015USD ($)
Accounting Standards Update No. 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification impact from other assets to long-term debt	$ 4.7

Reclassifications from Accum101

Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	$ (245.2)	$ (335.7)
Other comprehensive income before reclassifications	(104.9)	62.7
Amounts reclassified from AOCI	21.9	27.8
Other comprehensive (loss) income, net of tax	(83)	90.5	$ 77.1
Balance at the end of the period	(328.2)	(245.2)	(335.7)
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	7.6	(41.5)
Other comprehensive income before reclassifications	(46)	36
Amounts reclassified from AOCI	9.9	13.1
Other comprehensive (loss) income, net of tax	(36.1)	49.1
Balance at the end of the period	(28.5)	7.6	(41.5)
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(236.7)	(273.6)
Other comprehensive income before reclassifications	(32)	22.2
Amounts reclassified from AOCI	11.9	14.7
Other comprehensive (loss) income, net of tax	(20.1)	36.9
Balance at the end of the period	(256.8)	(236.7)	(273.6)
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)	(0.4)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from AOCI	0.1	0
Other comprehensive (loss) income, net of tax	0.1	0
Balance at the end of the period	(0.3)	(0.4)	(0.4)
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(15.7)	(20.2)
Other comprehensive income before reclassifications	(26.9)	4.5
Amounts reclassified from AOCI	0	0
Other comprehensive (loss) income, net of tax	(26.9)	4.5
Balance at the end of the period	$ (42.6)	$ (15.7)	$ (20.2)

Reclassifications from Accum102

Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Amount reclassified from AOCI
Cost of sales									$ (1,908.4)	$ (1,774.1)	$ (1,838.2)
Net sales	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 604.6	$ 566.3	$ 503.5	$ 498.6	2,226.7	2,173	2,271.7
Interest expense									(27.7)	(17)	(21)
Income before income taxes									89.1	196.4	216.8
Tax benefit									(30.4)	(63.6)	(70.3)
Net income	$ 22.5	$ (1.4)	$ 24.1	$ 13.5	$ 38.1	$ 30.6	$ 29.5	$ 34.6	58.7	132.8	$ 146.5
Reduction in other assets due to error related to equity method investment									4.9
Cash flow hedging items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Income before income taxes									(15.8)	(20.9)
Tax benefit									5.9	7.8
Net income									(9.9)	(13.1)
Cash flow hedging items | Amount Reclassified from AOCI | Commodity contracts
Amount reclassified from AOCI
Cost of sales									(18.5)	(20.5)
Cash flow hedging items | Amount Reclassified from AOCI | Foreign exchange contracts
Amount reclassified from AOCI
Net sales									2.3	(0.8)
Cash flow hedging items | Amount Reclassified from AOCI | Forward interest rate swaps
Amount reclassified from AOCI
Interest expense									0.4	0.4
Amortization of pension and other postretirement benefit plan items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Net actuarial loss									(18.7)	(23)
Prior service cost									(0.3)	(0.4)
Income before income taxes									(19)	(23.4)
Tax benefit									7.1	8.7
Net income									$ (11.9)	$ (14.7)

Supplemental Data (Details)

Supplemental Data (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cost Data:
Repairs and maintenance costs	$ 114.7	$ 108.9	$ 101.9
Noncash investing and financing activities:
Noncash purchases of property, equipment and software	17.3	65.5	57
Loans Assumed	4.9	0	0
Cash paid during the year for:
Interest payments	29	15.1	16.8
Income tax (refunds) payments, net	$ (27.1)	$ 70.8	$ 51.2

Quarterly Financial Data (Un104

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Quarterly Financial Data [Abstract]
Net sales	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 604.6	$ 566.3	$ 503.5	$ 498.6	$ 2,226.7	$ 2,173	$ 2,271.7
Gross profit	88.4	75.8	85	69.1	105.6	94.5	95.4	103.3	318.3	398.9	433.5
Operating income	39.5	4.8	45	22.1	59.2	49.5	47.5	55.8	111.5	212	232.7
Net income	$ 22.5	$ (1.4)	$ 24.1	$ 13.5	$ 38.1	$ 30.6	$ 29.5	$ 34.6	$ 58.7	$ 132.8	$ 146.5
Basic (in dollars per share)	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.71	$ 0.57	$ 0.55	$ 0.65	$ 1.11	$ 2.48	$ 2.75
Diluted (in dollars per share)	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.71	$ 0.57	$ 0.55	$ 0.65	$ 1.11	$ 2.47	$ 2.73
Basic (in shares)	50.9	52.6	53.4	53.5	53.4	53.3	53.2	53.1	52.6	53.3	52.9
Diluted (in shares)	51	52.6	53.6	53.7	53.8	53.7	53.6	53.4	52.7	53.6	53.2

SCHEDULE II. VALUATION AND Q105

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Allowance for doubtful accounts receivable
Valuation accounts activity
Balance at Beginning of Period	$ 3.4	$ 4.1	$ 4.9
Charged to Costs & Expenses	1.2	0.1	0.6
Charged to Other Accounts	0	0	0
Deductions	(0.8)	(0.8)	(1.4)
Balance at End of Period	3.8	3.4	4.1
Deferred tax valuation allowance
Valuation accounts activity
Balance at Beginning of Period	17.8	19.2	18.1
Charged to Costs & Expenses	(0.3)	(1.4)	1.1
Charged to Other Accounts	0	0	0
Deductions	0	0	0
Balance at End of Period	$ 17.5	$ 17.8	$ 19.2