Carpenter Technology (CRS) 10-Q 30 Oct 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 21, 2015
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17,843
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		49,121,273
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 30.6	$ 70
Accounts receivable, net	278.9	304.1
Inventories	686.7	655.8
Deferred income taxes	8.1	3.3
Other current assets	42.7	37.2
Total current assets	1,047	1,070.4
Property, plant and equipment, net	1,389.6	1,397
Goodwill	257.2	257.4
Other intangibles, net	69.6	71.6
Other assets	107.7	109.5
Total assets	2,871.1	2,905.9
Current liabilities:
Accounts payable	165.4	169.5
Accrued liabilities	159	152.6
Total current liabilities	324.4	322.1
Long-term debt	611	607.1
Accrued pension liabilities	338.9	334.1
Accrued postretirement benefits	109.5	111.2
Deferred income taxes	149.2	146.5
Other liabilities	60.9	59
Total liabilities	$ 1,593.9	$ 1,580
Contingencies and commitments
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,236,407 shares at September 30, 2015 and 55,234,942 shares at June 30, 2015; outstanding 49,121,470 shares at September 30, 2015 and 50,318,244 shares at June 30, 2015	$ 276.2	$ 276.2
Capital in excess of par value	268.6	266.6
Reinvested earnings	1,332.3	1,332.4
Common stock in treasury (6,114,937 shares and 4,916,698 shares at September 30, 2015 and June 30, 2015, respectively), at cost	(266.6)	(221.1)
Accumulated other comprehensive loss	(333.3)	(328.2)
Total stockholders' equity	1,277.2	1,325.9
Total liabilities and stockholders' equity	$ 2,871.1	$ 2,905.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	55,236,407	55,234,942
Common stock outstanding (in shares)	49,121,470	50,318,244
Common stock in treasury (in shares)	6,114,937	4,916,698

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 455.6	$ 549.8
Cost of sales	387	480.7
Gross profit	68.6	69.1
Selling, general and administrative expenses	43.4	47
Restructuring charges	0.4	0
Operating income	24.8	22.1
Interest expense	(6.6)	(7)
Other (expense) income, net	(2.1)	4.9
Income before income taxes	16.1	20
Income tax expense	7.2	6.5
Net income	$ 8.9	$ 13.5
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.18	$ 0.25
Diluted (in dollars per share)	$ 0.18	$ 0.25
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	49.7	53.5
Diluted (in shares)	49.9	53.7
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 8.9	$ 13.5
Other comprehensive income (loss), net of tax
Pension and postretirement benefits, net of tax of $(2.3) and $(1.8), respectively	3.7	3
Net loss on derivative instruments, net of tax of $3.4 and $11.0, respectively	(5.5)	(18.2)
Foreign currency translation	(3.3)	(7.9)
Other comprehensive loss	(5.1)	(23.1)
Comprehensive income (loss)	$ 3.8	$ (9.6)

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax	$ (2.3)	$ (1.8)
Net loss on derivative instruments, tax	$ 3.4	$ 11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 8.9	$ 13.5
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	29.9	30.3
Deferred income taxes	(1)	2.6
Net pension expense	13.4	11.5
Share-based compensation expense	2.7	2.5
Net loss on disposal of property and equipment	0.1	0
Changes in working capital and other:
Accounts receivable	24.4	16.2
Inventories	(33)	(30.8)
Other current assets	(4.8)	(6.3)
Accounts payable	2.5	1.3
Accrued liabilities	(1.6)	(17.2)
Pension plan contributions	0	(2.8)
Other postretirement plan contributions	(3.4)	(3.6)
Other, net	3.4	(2.2)
Net cash provided from operating activities	41.5	15
INVESTING ACTIVITIES
Purchases of property, equipment and software	(29.9)	(59)
Proceeds from disposals of property and equipment	0	0.1
Other	4	0
Net cash used for investing activities	(25.9)	(58.9)
FINANCING ACTIVITIES
Dividends paid	(9)	(9.6)
Purchase of treasury stock	(45.9)	0
Payments on seller financed debt related to software	(1.2)	0
Tax benefits on share-based compensation	0	0.1
Proceeds from stock options exercised	0.1	0.7
Net cash used for financing activities	(56)	(8.8)
Effect of exchange rate changes on cash and cash equivalents	1	(1.3)
DECREASE IN CASH AND CASH EQUIVALENTS	(39.4)	(54)
Cash and cash equivalents at beginning of period	70	120
Cash and cash equivalents at end of period	30.6	66
Non-cash investing activities:
Acquisition of property, equipment and software	10.7	37.9
Non-cash financing activities:
Seller financed debt related to purchase of software	$ 0	$ 4.9

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT 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
Balances, period start at Jun. 30, 2014	$ 1,504.3	$ 275.8	$ 263.5	$ 1,311.6	$ (101.4)	$ (245.2)
Increase (Decrease) in Stockholders' Equity
Net income	13.5			13.5
Pension and postretirement benefits gain, net of tax	3					3
Net loss on derivative instruments, net of tax	(18.2)					(18.2)
Foreign currency translation	(7.9)					(7.9)
Cash Dividends:
Common @ $0.18 per share	(9.6)			(9.6)
Share-based compensation plans	(0.3)		(3.6)		3.3
Stock options exercised	0.7	0.1	0.6
Tax shortfall on share-based compensation	0.1		0.1
Other	(0.1)			(0.1)
Balances, period end at Sep. 30, 2014	1,485.5	275.9	260.6	1,315.4	(98.1)	(268.3)
Balances, period start at Jun. 30, 2015	1,325.9	276.2	266.6	1,332.4	(221.1)	(328.2)
Increase (Decrease) in Stockholders' Equity
Net income	8.9			8.9
Pension and postretirement benefits gain, net of tax	3.7					3.7
Net loss on derivative instruments, net of tax	(5.5)					(5.5)
Foreign currency translation	(3.3)					(3.3)
Cash Dividends:
Common @ $0.18 per share	(9)			(9)
Purchase of treasury stock	(45.9)				(45.9)
Share-based compensation plans	2.4		2		0.4
Stock options exercised	0.1		0.1
Tax shortfall on share-based compensation	(0.1)		(0.1)
Balances, period end at Sep. 30, 2015	$ 1,277.2	$ 276.2	$ 268.6	$ 1,332.3	$ (266.6)	$ (333.3)

CONSOLIDATED STATEMENT OF CHAN9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18
Common stock, par value (in dollars per share)	$ 5	$ 5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2015 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2015 (the “ 2015 Form 10-K”). Operating results for the three months ended September 30, 2015 are not necessarily indicative of the operating results for any future period. Certain amounts in the consolidated financial statements and notes to the consolidated financial statements for prior year periods have been reclassified to conform to the fiscal year 2015 presentation. As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.

Restructuring Charges

Restructuring Charges	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During fiscal year 2015, the Company initiated a restructuring plan, which was substantially concluded during the three months ended September 30, 2015. The plan focused on position eliminations, site closures and exiting a material development program. Activity and reserve balances for restructuring charges at September 30, 2015 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2015 $ 2.3 Cash payments (0.9 ) Restructuring charges 0.4 Other (0.4 ) Reserve balance at September 30, 2015 $ 1.4 The remaining reserve is expected to be substantially paid in cash during fiscal year 2016.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings per Common Share The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (nonvested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. The calculations of basic and diluted earnings per common share for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended (in millions, except per share data) 2015 2014 Net income $ 8.9 $ 13.5 Less: earnings and dividends allocated to participating securities — — Earnings available for common stockholders used in calculation of basic earnings per share $ 8.9 $ 13.5 Weighted average number of common shares outstanding, basic 49.7 53.5 Basic earnings per common share $ 0.18 $ 0.25 Net income $ 8.9 $ 13.5 Less: earnings and dividends allocated to participating securities — — Earnings available for common stockholders used in calculation of diluted earnings per share $ 8.9 $ 13.5 Weighted average number of common shares outstanding, basic 49.7 53.5 Effect of shares issuable under share-based compensation plans 0.2 0.2 Weighted average number of common shares outstanding, diluted 49.9 53.7 Diluted earnings per common share $ 0.18 $ 0.25 The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended (in millions) 2015 2014 Stock options 1.3 0.3

Inventories

Inventories	3 Months Ended
	Sep. 30, 2015
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of September 30, 2015 and June 30, 2015 : ($ in millions) September 30, June 30, Raw materials and supplies $ 141.5 $ 121.7 Work in process 341.0 346.1 Finished and purchased products 204.2 188.0 Total inventory $ 686.7 $ 655.8 Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Sep. 30, 2015
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of September 30, 2015 and June 30, 2015 : ($ in millions) September 30, June 30, Accrued compensation and benefits $ 44.3 $ 44.3 Derivative financial instruments 42.2 32.7 Accrued postretirement benefits 14.0 14.0 Accrued income taxes 9.3 8.7 Accrued interest expense 5.6 11.2 Accrued pension liabilities 3.3 3.3 Other 40.3 38.4 Total accrued liabilities $ 159.0 $ 152.6

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three months ended September 30, 2015 and 2014 were as follows: Three months ended September 30, Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Service cost $ 7.7 $ 8.0 $ 0.8 $ 1.1 Interest cost 14.5 13.5 2.5 3.0 Expected return on plan assets (16.4 ) (17.2 ) (1.7 ) (1.7 ) Amortization of net loss 6.8 4.2 0.7 0.5 Amortization of prior service cost (benefit) 0.1 0.1 (1.6 ) — Net periodic benefit costs $ 12.7 $ 8.6 $ 0.7 $ 2.9 During the three months ended September 30, 2015 and 2014 , the Company made $0 million and $2.8 million , respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make no contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2016.

Debt

Debt	3 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company's $500.0 million syndicated credit facility (“Credit Agreement”) extends to June 2018. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “ Base Rate ,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% ( 1.25% as of September 30, 2015 ), and for Base Rate-determined loans, from 0.00% to 0.90% ( 0.25% as of September 30, 2015 ). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% ( 0.150% as of September 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 September 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 September 30, 2015 , the Company had $7.1 million of issued letters of credit under the Credit Agreement, with the balance of $492.9 million available to the Company. The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of September 30, 2015 and June 30, 2015 , the Company was in compliance with all of the covenants of the Credit Agreement. Long-term debt outstanding as of September 30, 2015 and June 30, 2015 consisted of the following: ($ in millions) September 30, June 30, 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 September 30, 2015 and June 30, 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at September 30, 2015 and June 30, 2015) 256.3 252.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at September 30, 2015 and June 30, 2015) 299.7 299.6 Total 611.0 607.1 Less: amounts due within one year — — Long-term debt, net of current portion $ 611.0 $ 607.1 For the three months ended September 30, 2015 and 2014 , interest costs totaled $7.2 million and $7.7 million , respectively, of which $0.6 million and $0.7 million , respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Sep. 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. 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 the three months ended September 30, 2015 , there was no change to the liability for a company-owned former operating site. 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 September 30, 2015 and June 30, 2015 were $15.9 million . 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. 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 such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year.

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Sep. 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 the market price of the stock. The share repurchase program may be discontinued at any time. During the three months ended September 30, 2015 , the Company purchased 1,206,600 of its common stock on the open market for an aggregate of $45.9 million . As of September 30, 2015 , $329.6 million remains available for future purchases.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 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 or liabilities in active markets; quoted prices for identical or similar assets or 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 or 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: September 30, 2015 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 7.8 Total assets $ 12.8 Liabilities: Derivative financial instruments $ 64.9 June 30, 2015 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 4.4 Total assets $ 9.4 Liabilities: Derivative financial instruments $ 53.5 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 11. 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: September 30, 2015 June 30, 2015 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 611.0 $ 619.6 $ 607.1 $ 628.6 Company-owned life insurance $ 12.3 $ 12.3 $ 13.0 $ 13.0 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 September 30, 2015 and June 30, 2015 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.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Sep. 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 income (loss) (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of September 30, 2015 , the Company had forward contracts to purchase 25.5 million pounds of certain raw materials with settlement dates through December 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 three months ended September 30, 2015 and 2014 , net gains of $0.1 million and $0.1 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 September 30, 2015 and 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 September 30, 2015 and June 30, 2015 , the total notional amount of floating interest rate contracts was $150.0 million . For the three months ended September 30, 2015 and 2014 , net gains of $0.7 million and $0.4 million , respectively, were recorded as a reduction to interest expense. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2015 and June 30, 2015 : September 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.6 $ 0.6 $ — $ 1.2 Other assets 6.6 — — 6.6 Total asset derivatives $ 7.2 $ 0.6 $ — $ 7.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.2 $ 42.0 $ 42.2 Other liabilities — — 22.7 22.7 Total liability derivatives $ — $ 0.2 $ 64.7 $ 64.9 June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) 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 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 $8.4 million and total liability derivatives would have been $65.5 million as of September 30, 2015 . According to the provisions of the Company’s derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of September 30, 2015 and June 30, 2015 , the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (losses) gains related to cash flow hedges recognized during the three months ended September 30, 2015 and 2014 : Amount of (Loss) Gain Three Months Ended ($ in millions) 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (18.5 ) $ (28.3 ) Foreign exchange contracts 0.2 1.5 Total $ (18.3 ) $ (26.8 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of (Loss) Gain Three Months Ended Three Months Ended 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (9.3 ) $ 2.0 $ — $ 0.4 Foreign exchange contracts Net sales (0.1 ) 0.3 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (9.3 ) $ 2.4 $ — $ 0.4 The Company estimates that $21.8 million of net derivative losses included in AOCI as of September 30, 2015 will be reclassified into earnings within the next 12 months. No significant cash flow hedges were discontinued during the three months ended September 30, 2015 . The changes in AOCI associated with derivative hedging activities during the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended ($ in millions) 2015 2014 Balance, beginning $ (28.5 ) $ 7.6 Current period changes in fair value, net of tax (11.4 ) (16.7 ) Reclassification to earnings, net of tax 5.9 (1.5 ) Balance, ending $ (34.0 ) $ (10.6 )

Other (Expense) Income, Net

Other (Expense) Income, Net	3 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Other (Expense) Income, Net	Other (Expense) Income, Net Other (expense) income, net consisted of the following: Three Months Ended ($ in millions) 2015 2014 Foreign exchange $ (1.2 ) $ 0.6 Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts (1.2 ) (0.3 ) Equity in earnings of unconsolidated subsidiaries 0.3 0.1 Legal settlement — 4.4 Other — 0.1 Total other (expense) income, net $ (2.1 ) $ 4.9

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. Income tax expense for the three months ended September 30, 2015 was $7.2 million , or 44.7 percent of pre-tax income as compared with $6.5 million , or 32.5 percent of pre-tax income for the three months ended September 30, 2014 . Tax expense for the three months ended September 30, 2015 includes a discrete tax charge for the deferred tax liability on unremitted foreign earnings of one of our foreign subsidiaries. As of June 30, 2015, we had $118.5 million of indefinitely reinvested foreign earnings for which we have not provided deferred income taxes. Due to a change in business strategy for one of our foreign subsidiaries, we have changed our intent with regard to the indefinite reinvestment of the foreign earnings for this subsidiary. As a result of this change, we recorded a discrete deferred tax charge of $2.0 million in the quarter. The remaining balance, approximately $112.9 million , of undistributed foreign earnings continues to be indefinitely reinvested.

Business Segments

Business Segments	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”). The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe and surrounding areas in Pennsylvania, South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, and the Latrobe and Mexico distribution businesses. 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, one customer, Alcoa Inc., accounted for approximately 13 percent of the net sales for the three months ended September 30, 2015 , and no single customer accounted for 10 percent or more of the Company's net sales for the three months ended September 30, 2014 . Approximately 16 percent and 17 percent of the accounts receivable outstanding at September 30, 2015 and June 30, 2015, respectively, are due from one customer, Alcoa, Inc. Segment Data Three Months Ended ($ in millions) 2015 2014 Net Sales: Specialty Alloys Operations $ 372.6 $ 436.0 Performance Engineered Products 91.5 129.9 Intersegment (8.5 ) (16.1 ) Consolidated net sales $ 455.6 $ 549.8 Segment Data Three Months Ended ($ in millions) 2015 2014 Operating Income: Specialty Alloys Operations $ 41.1 $ 24.6 Performance Engineered Products (0.4 ) 9.7 Corporate costs (12.0 ) (10.3 ) Pension earnings, interest and deferrals (4.8 ) (2.4 ) Intersegment 0.9 0.5 Consolidated operating income $ 24.8 $ 22.1 Segment Data Three Months Ended ($ in millions) 2015 2014 Depreciation and Amortization: Specialty Alloys Operations $ 23.5 $ 23.5 Performance Engineered Products 5.7 6.0 Corporate 0.9 1.1 Intersegment (0.2 ) (0.3 ) Consolidated depreciation and amortization $ 29.9 $ 30.3 Segment Data Three Months Ended ($ in millions) 2015 2014 Capital Expenditures: Specialty Alloys Operations $ 19.7 $ 51.6 Performance Engineered Products 9.1 6.8 Corporate 1.1 1.0 Intersegment — (0.4 ) Consolidated capital expenditures $ 29.9 $ 59.0 Segment Data ($ in millions) September 30, June 30, Total Assets: Specialty Alloys Operations $ 2,324.9 $ 2,323.0 Performance Engineered Products 494.5 499.2 Corporate 91.7 125.0 Intersegment (40.0 ) (41.3 ) Consolidated total assets $ 2,871.1 $ 2,905.9

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Sep. 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. In August 2015, The FASB issued ASU 2015-14, which defers the effective date of this guidance by one year. As such, the Company is 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 $4.4 million from other assets to long-term debt as of September 30, 2015.

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Sep. 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 three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 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, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive loss before reclassifications (11.4 ) — — (3.3 ) (14.7 ) Amounts reclassified from AOCI (b) 5.9 3.7 — — 9.6 Net current-period other comprehensive (loss) income (5.5 ) 3.7 — (3.3 ) (5.1 ) Balance at September 30, 2015 $ (34.0 ) $ (253.1 ) $ (0.3 ) $ (45.9 ) $ (333.3 ) Three Months Ended September 30, 2014 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 loss before reclassifications (16.7 ) — — (7.9 ) (24.6 ) Amounts reclassified from AOCI (b) (1.5 ) 3.0 — — 1.5 Net current-period other comprehensive (loss) income (18.2 ) 3.0 — (7.9 ) (23.1 ) Balance at September 30, 2014 $ (10.6 ) $ (233.7 ) $ (0.4 ) $ (23.6 ) $ (268.3 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2015 and 2014 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Details about AOCI Components 2015 2014 Cash flow hedging items: Commodity contracts Cost of sales $ (9.3 ) $ 2.0 Foreign exchange contracts Net sales (0.1 ) 0.3 Forward interest rate swaps Interest expense 0.1 0.1 Total before tax (9.3 ) 2.4 Tax (expense) benefit 3.4 (0.9 ) Net of tax $ (5.9 ) $ 1.5 ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Details about AOCI Components 2015 2014 Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (7.5 ) $ (4.7 ) Prior service cost (credits) (b) 1.5 (0.1 ) Total before tax (6.0 ) (4.8 ) Tax benefit 2.3 1.8 Net of tax $ (3.7 ) $ (3.0 ) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2015 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2015 (the “ 2015 Form 10-K”). Operating results for the three months ended September 30, 2015 are not necessarily indicative of the operating results for any future period. Certain amounts in the consolidated financial statements and notes to the consolidated financial statements for prior year periods have been reclassified to conform to the fiscal year 2015 presentation. As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.

Recent Accounting Pronounceme27

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New 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. In August 2015, The FASB issued ASU 2015-14, which defers the effective date of this guidance by one year. As such, the Company is 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 $4.4 million from other assets to long-term debt as of September 30, 2015.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of activity and reserve balances for restructuring	Activity and reserve balances for restructuring charges at September 30, 2015 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2015 $ 2.3 Cash payments (0.9 ) Restructuring charges 0.4 Other (0.4 ) Reserve balance at September 30, 2015 $ 1.4

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings per common share	The calculations of basic and diluted earnings per common share for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended (in millions, except per share data) 2015 2014 Net income $ 8.9 $ 13.5 Less: earnings and dividends allocated to participating securities — — Earnings available for common stockholders used in calculation of basic earnings per share $ 8.9 $ 13.5 Weighted average number of common shares outstanding, basic 49.7 53.5 Basic earnings per common share $ 0.18 $ 0.25 Net income $ 8.9 $ 13.5 Less: earnings and dividends allocated to participating securities — — Earnings available for common stockholders used in calculation of diluted earnings per share $ 8.9 $ 13.5 Weighted average number of common shares outstanding, basic 49.7 53.5 Effect of shares issuable under share-based compensation plans 0.2 0.2 Weighted average number of common shares outstanding, diluted 49.9 53.7 Diluted earnings per common share $ 0.18 $ 0.25
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended (in millions) 2015 2014 Stock options 1.3 0.3

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2015
Inventory, Net [Abstract]
Schedule of inventories	Inventories consisted of the following components as of September 30, 2015 and June 30, 2015 : ($ in millions) September 30, June 30, Raw materials and supplies $ 141.5 $ 121.7 Work in process 341.0 346.1 Finished and purchased products 204.2 188.0 Total inventory $ 686.7 $ 655.8

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2015
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of September 30, 2015 and June 30, 2015 : ($ in millions) September 30, June 30, Accrued compensation and benefits $ 44.3 $ 44.3 Derivative financial instruments 42.2 32.7 Accrued postretirement benefits 14.0 14.0 Accrued income taxes 9.3 8.7 Accrued interest expense 5.6 11.2 Accrued pension liabilities 3.3 3.3 Other 40.3 38.4 Total accrued liabilities $ 159.0 $ 152.6

Pension and Other Postretirem32

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of the net periodic benefit cost	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three months ended September 30, 2015 and 2014 were as follows: Three months ended September 30, Pension Plans Other Postretirement Plans ($ in millions) 2015 2014 2015 2014 Service cost $ 7.7 $ 8.0 $ 0.8 $ 1.1 Interest cost 14.5 13.5 2.5 3.0 Expected return on plan assets (16.4 ) (17.2 ) (1.7 ) (1.7 ) Amortization of net loss 6.8 4.2 0.7 0.5 Amortization of prior service cost (benefit) 0.1 0.1 (1.6 ) — Net periodic benefit costs $ 12.7 $ 8.6 $ 0.7 $ 2.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of September 30, 2015 and June 30, 2015 consisted of the following: ($ in millions) September 30, June 30, 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 September 30, 2015 and June 30, 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at September 30, 2015 and June 30, 2015) 256.3 252.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at September 30, 2015 and June 30, 2015) 299.7 299.6 Total 611.0 607.1 Less: amounts due within one year — — Long-term debt, net of current portion $ 611.0 $ 607.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 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: September 30, 2015 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 7.8 Total assets $ 12.8 Liabilities: Derivative financial instruments $ 64.9 June 30, 2015 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 4.4 Total assets $ 9.4 Liabilities: Derivative financial instruments $ 53.5
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows: September 30, 2015 June 30, 2015 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 611.0 $ 619.6 $ 607.1 $ 628.6 Company-owned life insurance $ 12.3 $ 12.3 $ 13.0 $ 13.0

Derivatives and Hedging Activ35

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Sep. 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 September 30, 2015 and June 30, 2015 : September 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.6 $ 0.6 $ — $ 1.2 Other assets 6.6 — — 6.6 Total asset derivatives $ 7.2 $ 0.6 $ — $ 7.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.2 $ 42.0 $ 42.2 Other liabilities — — 22.7 22.7 Total liability derivatives $ — $ 0.2 $ 64.7 $ 64.9 June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) 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
Summary of the (losses) gains related to cash flow hedges	The following is a summary of the (losses) gains related to cash flow hedges recognized during the three months ended September 30, 2015 and 2014 : Amount of (Loss) Gain Three Months Ended ($ in millions) 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (18.5 ) $ (28.3 ) Foreign exchange contracts 0.2 1.5 Total $ (18.3 ) $ (26.8 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of (Loss) Gain Three Months Ended Three Months Ended 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (9.3 ) $ 2.0 $ — $ 0.4 Foreign exchange contracts Net sales (0.1 ) 0.3 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (9.3 ) $ 2.4 $ — $ 0.4
Schedule of changes in AOCI associated with derivative hedging activities	The changes in AOCI associated with derivative hedging activities during the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended ($ in millions) 2015 2014 Balance, beginning $ (28.5 ) $ 7.6 Current period changes in fair value, net of tax (11.4 ) (16.7 ) Reclassification to earnings, net of tax 5.9 (1.5 ) Balance, ending $ (34.0 ) $ (10.6 )

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	3 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Schedule of other income, net	Other (expense) income, net consisted of the following: Three Months Ended ($ in millions) 2015 2014 Foreign exchange $ (1.2 ) $ 0.6 Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts (1.2 ) (0.3 ) Equity in earnings of unconsolidated subsidiaries 0.3 0.1 Legal settlement — 4.4 Other — 0.1 Total other (expense) income, net $ (2.1 ) $ 4.9

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	Segment Data Three Months Ended ($ in millions) 2015 2014 Net Sales: Specialty Alloys Operations $ 372.6 $ 436.0 Performance Engineered Products 91.5 129.9 Intersegment (8.5 ) (16.1 ) Consolidated net sales $ 455.6 $ 549.8 Segment Data Three Months Ended ($ in millions) 2015 2014 Operating Income: Specialty Alloys Operations $ 41.1 $ 24.6 Performance Engineered Products (0.4 ) 9.7 Corporate costs (12.0 ) (10.3 ) Pension earnings, interest and deferrals (4.8 ) (2.4 ) Intersegment 0.9 0.5 Consolidated operating income $ 24.8 $ 22.1 Segment Data Three Months Ended ($ in millions) 2015 2014 Depreciation and Amortization: Specialty Alloys Operations $ 23.5 $ 23.5 Performance Engineered Products 5.7 6.0 Corporate 0.9 1.1 Intersegment (0.2 ) (0.3 ) Consolidated depreciation and amortization $ 29.9 $ 30.3 Segment Data Three Months Ended ($ in millions) 2015 2014 Capital Expenditures: Specialty Alloys Operations $ 19.7 $ 51.6 Performance Engineered Products 9.1 6.8 Corporate 1.1 1.0 Intersegment — (0.4 ) Consolidated capital expenditures $ 29.9 $ 59.0 Segment Data ($ in millions) September 30, June 30, Total Assets: Specialty Alloys Operations $ 2,324.9 $ 2,323.0 Performance Engineered Products 494.5 499.2 Corporate 91.7 125.0 Intersegment (40.0 ) (41.3 ) Consolidated total assets $ 2,871.1 $ 2,905.9

Reclassifications from Accumu38

Reclassifications from Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Sep. 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 three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 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, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive loss before reclassifications (11.4 ) — — (3.3 ) (14.7 ) Amounts reclassified from AOCI (b) 5.9 3.7 — — 9.6 Net current-period other comprehensive (loss) income (5.5 ) 3.7 — (3.3 ) (5.1 ) Balance at September 30, 2015 $ (34.0 ) $ (253.1 ) $ (0.3 ) $ (45.9 ) $ (333.3 ) Three Months Ended September 30, 2014 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 loss before reclassifications (16.7 ) — — (7.9 ) (24.6 ) Amounts reclassified from AOCI (b) (1.5 ) 3.0 — — 1.5 Net current-period other comprehensive (loss) income (18.2 ) 3.0 — (7.9 ) (23.1 ) Balance at September 30, 2014 $ (10.6 ) $ (233.7 ) $ (0.4 ) $ (23.6 ) $ (268.3 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2015 and 2014 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Details about AOCI Components 2015 2014 Cash flow hedging items: Commodity contracts Cost of sales $ (9.3 ) $ 2.0 Foreign exchange contracts Net sales (0.1 ) 0.3 Forward interest rate swaps Interest expense 0.1 0.1 Total before tax (9.3 ) 2.4 Tax (expense) benefit 3.4 (0.9 ) Net of tax $ (5.9 ) $ 1.5 ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Details about AOCI Components 2015 2014 Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (7.5 ) $ (4.7 ) Prior service cost (credits) (b) 1.5 (0.1 ) Total before tax (6.0 ) (4.8 ) Tax benefit 2.3 1.8 Net of tax $ (3.7 ) $ (3.0 ) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Restructuring Reserve [Roll Forward]
Reserve balance, period start	$ 2.3
Cash payments	(0.9)
Restructuring charges	0.4	$ 0
Other	(0.4)
Reserve balance, period end	$ 1.4

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of calculations of basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 8.9	$ 13.5
Less: earnings and dividends allocated to participating securities	0	0
Earnings available for common stockholders used in calculation of basic earnings per share	$ 8.9	$ 13.5
Weighted average number of common shares outstanding, basic (in shares)	49.7	53.5
Basic earnings per common share (in dollars per share)	$ 0.18	$ 0.25
Earnings available for common stockholders used in calculation of diluted earnings per share	$ 8.9	$ 13.5
Effect of shares issuable under share-based compensation plans (in shares)	0.2	0.2
Weighted average number of common shares outstanding, diluted (in shares)	49.9	53.7
Diluted earnings per common share (in dollars per share)	$ 0.18	$ 0.25

Earnings per Common Share - S41

Earnings per Common Share - Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Stock options (in shares)	1.3	0.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Inventory, Net [Abstract]
Raw materials and supplies	$ 141.5	$ 121.7
Work in process	341	346.1
Finished and purchased products	204.2	188
Total inventory	$ 686.7	$ 655.8

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 44.3	$ 44.3
Derivative financial instruments	42.2	32.7
Accrued postretirement benefits	14	14
Accrued income taxes	9.3	8.7
Accrued interest expense	5.6	11.2
Accrued pension liabilities	3.3	3.3
Other	40.3	38.4
Total accrued liabilities	$ 159	$ 152.6

Pension and Other Postretirem44

Pension and Other Postretirement Benefits (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	$ 7,700,000	$ 8,000,000
Interest cost	14,500,000	13,500,000
Expected return on plan assets	(16,400,000)	(17,200,000)
Amortization of net loss	6,800,000	4,200,000
Amortization of prior service cost	100,000	100,000
Net periodic benefit costs	12,700,000	8,600,000
Contributions	0	2,800,000
Defined benefit pension plan, expected contributions during the remainder of fiscal year 2015	0
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	800,000	1,100,000
Interest cost	2,500,000	3,000,000
Expected return on plan assets	(1,700,000)	(1,700,000)
Amortization of net loss	700,000	500,000
Amortization of prior service cost	(1,600,000)	0
Net periodic benefit costs	$ 700,000	$ 2,900,000

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Debt Instrument [Line Items]
Interest costs	$ 7,200,000	$ 7,700,000
Interest costs, capitalized	600,000	$ 700,000
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000
Letters of credit issued	7,100,000
Credit Agreement available for future borrowings	$ 492,900,000
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate margin (as a percent)	1.25%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable rate basis	Base Rate
Interest rate margin (as a percent)	0.25%
Letters of credit
Debt Instrument [Line Items]
Commitment fee rate (as a percent)	0.15%
Letter of credit fees (as a percent)	1.25%
Required interest coverage ratio	3.50
Minimum | Credit Agreement | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.75%
Minimum | Credit Agreement | Base Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.00%
Minimum | Letters of credit
Debt Instrument [Line Items]
Commitment fee rate (as a percent)	0.075%
Letter of credit fees (as a percent)	0.75%
Maximum | Credit Agreement | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.90%
Maximum | Credit Agreement | Base Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.90%
Maximum | Letters of credit
Debt Instrument [Line Items]
Commitment fee rate (as a percent)	0.375%
Letter of credit fees (as a percent)	1.90%
Required debt to capital ratio (less than 55%)	0.55

Debt - Schedule of long-term de

Debt - Schedule of long-term debt outstanding (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Total	$ 611,000,000	$ 607,100,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	611,000,000	607,100,000
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member
Debt Instrument [Line Items]
Face amount	55,000,000	55,000,000
Total	$ 55,000,000	$ 55,000,000
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.97%	6.97%
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	7.10%	7.10%
Senior unsecured notes, 5.20% due July 2021
Debt Instrument [Line Items]
Face amount	$ 250,000,000	$ 250,000,000
Interest rate (as a percent)	5.20%	5.20%
Total	$ 256,300,000	$ 252,500,000
4.45% Senior Unsecured Notes due 2023
Debt Instrument [Line Items]
Face amount	$ 300,000,000	$ 300,000,000
Interest rate (as a percent)	4.45%	4.45%
Total	$ 299,700,000	$ 299,600,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Environmental remediation liability	$ 15.9	$ 15.9

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2014	Sep. 30, 2015
Equity [Abstract]
Authorized amount	$ 500,000,000
Stock repurchase program term	2 years
Shares purchased (in shares)		1,206,600
Purchase of treasury stock		$ 45,900,000
Remaining authorized amount for future purchases		$ 329,600,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of fair value of assets and liabilities measured on a recurring basis (Details) - Measured on a recurring basis - Level 2 - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments	$ 7.8	$ 4.4
Total assets	12.8	9.4
Derivative financial instruments, liabilities	64.9	53.5
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$ 5	$ 5

Fair Value Measurements - Sch50

Fair Value Measurements - Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 611	$ 607.1
Company-owned life insurance	12.3	13
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	619.6	628.6
Company-owned life insurance	$ 12.3	$ 13

Derivatives and Hedging Activ51

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended
	Sep. 30, 2015USD ($)lb	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)
Fair value of derivatives
Total asset derivatives on a gross basis			$ 8,400,000
Total liability derivatives on a gross basis			65,500,000
Cash collateral held by counterparties	$ 0		0
Net derivative losses included in AOCI expected to be reclassified into earnings	$ 21,800,000
Cash flow hedges | Commodity contracts
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts | lb	25.5
Cash flow hedges | Forward Interest Rate Swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	$ 100,000	$ 100,000
Fair Value Hedging | Interest rate swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	700,000	$ 400,000
Total notional amounts of interest rate contracts	$ 150,000,000		$ 150,000,000

Derivative and Hedging Activiti

Derivative and Hedging Activities - Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$ 7.8	$ 4.4
Derivatives designated as hedging instruments, Liability	64.9	53.5
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.2	1.7
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	6.6	2.7
Accrued liability
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	42.2	32.7
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	22.7	20.8
Interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	7.2	4.2
Derivatives designated as hedging instruments, Liability	0	0
Interest rate swaps | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.6	1.5
Interest rate swaps | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	6.6	2.7
Interest rate swaps | Accrued liability
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Interest rate swaps | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.6	0.2
Derivatives designated as hedging instruments, Liability	0.2	0
Foreign exchange contracts | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.6	0.2
Foreign exchange contracts | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Foreign exchange contracts | Accrued liability
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0.2	0
Foreign exchange contracts | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Derivatives designated as hedging instruments, Liability	64.7	53.5
Commodity contracts | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Commodity contracts | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Commodity contracts | Accrued liability
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	42	32.7
Commodity contracts | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	$ 22.7	$ 20.8

Derivatives and Hedging Activ53

Derivatives and Hedging Activities - Summary of the (losses) gains related to cash flow hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flow hedges
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ (18.3)	$ (26.8)
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(9.3)	2.4
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	0	0.4
Cash flow hedges | Interest rate swaps | Interest expenses
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.1	0.1
Cash flow hedges | Foreign exchange contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0.2	1.5
Cash flow hedges | Foreign exchange contracts | Revenue
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(0.1)	0.3
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	0	0
Cash flow hedges | Commodity contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(18.5)	(28.3)
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)	(9.3)	2
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	0	0.4
Fair Value Hedging [Member] | Interest rate swaps
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Ineffective Portion)	$ 0	$ 0

Derivatives and Hedging Activ54

Derivatives and Hedging Activities - Schedule of changes in AOCI associated with derivative hedging activities (Details) - Cash flow hedges - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
(Losses) gains related to cash flow hedges
Balance, beginning	$ (28.5)	$ 7.6
Current period changes in fair value, net of tax	(11.4)	(16.7)
Reclassification to earnings, net of tax	5.9	(1.5)
Balance, ending	$ (34)	$ (10.6)

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Other Income and Expenses [Abstract]
Foreign exchange	$ (1.2)	$ 0.6
Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts	(1.2)	(0.3)
Equity in earnings of unconsolidated subsidiaries	0.3	0.1
Legal settlement	0	4.4
Other	0	0.1
Total other (expense) income, net	$ (2.1)	$ 4.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Provision (benefit) for income taxes from continuing operations
Income tax expense	$ 7.2	$ 6.5
Income tax expense as a percent of pre-tax income	44.70%	32.50%
Indefinitely reinvested foreign earnings	$ 112.9		$ 118.5
Discrete deferred tax charge	$ 2

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2015customersegment	Sep. 30, 2014customer	Jun. 30, 2015customer
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Customer Concentration Risk | Net Sales
Concentration Risk [Line Items]
Number of significant customers		0
Customer Concentration Risk | Net Sales | Alcoa
Concentration Risk [Line Items]
Number of significant customers	1
Concentration risk	13.00%
Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Number of significant customers			1
Customer Concentration Risk | Accounts Receivable | Alcoa
Concentration Risk [Line Items]
Number of significant customers	1
Concentration risk	16.00%		17.00%

Business Segments - Schedule of

Business Segments - Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Segment Data
Net sales	$ 455.6	$ 549.8
Operating income	24.8	22.1
Depreciation and amortization	29.9	30.3
Capital expenditures	29.9	59
Total assets	2,871.1		$ 2,905.9
Corporate
Segment Data
Operating income	(12)	(10.3)
Depreciation and amortization	0.9	1.1
Capital expenditures	1.1	1
Total assets	91.7		125
Intersegment
Segment Data
Net sales	(8.5)	(16.1)
Pension earnings, interest and deferrals	(4.8)	(2.4)
Operating income	0.9	0.5
Depreciation and amortization	(0.2)	(0.3)
Capital expenditures	0	(0.4)
Total assets	(40)		(41.3)
Specialty Alloys Operations | Operating
Segment Data
Net sales	372.6	436
Operating income	41.1	24.6
Depreciation and amortization	23.5	23.5
Capital expenditures	19.7	51.6
Total assets	2,324.9		2,323
Performance Engineered Products | Operating
Segment Data
Net sales	91.5	129.9
Operating income	(0.4)	9.7
Depreciation and amortization	5.7	6
Capital expenditures	9.1	$ 6.8
Total assets	$ 494.5		$ 499.2

Recent Accounting Pronounceme59

Recent Accounting Pronouncements (Details) $ in Millions	Sep. 30, 2015USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Early adoption, reclassifications from other assets to long-term debt effect	$ 4.4

Reclassifications from Accumu60

Reclassifications from Accumulated Other Comprehensive Income (Loss) - Schedule of changes in AOCI by component, net of tax (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	$ (328.2)	$ (245.2)
Other comprehensive loss before reclassifications	(14.7)	(24.6)
Amounts reclassified from AOCI	9.6	1.5
Other comprehensive loss	(5.1)	(23.1)
Balance at the end of the period	(333.3)	(268.3)
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(28.5)	7.6
Other comprehensive loss before reclassifications	(11.4)	(16.7)
Amounts reclassified from AOCI	5.9	(1.5)
Other comprehensive loss	(5.5)	(18.2)
Balance at the end of the period	(34)	(10.6)
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(256.8)	(236.7)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	3.7	3
Other comprehensive loss	3.7	3
Balance at the end of the period	(253.1)	(233.7)
Unrealized losses on available-for- sale securities
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(0.3)	(0.4)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Other comprehensive loss	0	0
Balance at the end of the period	(0.3)	(0.4)
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(42.6)	(15.7)
Other comprehensive loss before reclassifications	(3.3)	(7.9)
Amounts reclassified from AOCI	0	0
Other comprehensive loss	(3.3)	(7.9)
Balance at the end of the period	$ (45.9)	$ (23.6)

Reclassifications from Accumu61

Reclassifications from Accumulated Other Comprehensive Income (Loss) - Schedule of amounts reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Amount reclassified from AOCI
Cost of sales	$ (387)	$ (480.7)
Net sales	455.6	549.8
Interest expense	(6.6)	(7)
Income before income taxes	16.1	20
Income tax (benefit) expense	(7.2)	(6.5)
Net income	8.9	13.5
Cash flow hedging items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Income before income taxes	(9.3)	2.4
Income tax (benefit) expense	3.4	(0.9)
Net income	(5.9)	1.5
Cash flow hedging items | Amount Reclassified from AOCI | Commodity contracts
Amount reclassified from AOCI
Cost of sales	(9.3)	2
Cash flow hedging items | Amount Reclassified from AOCI | Foreign exchange contracts
Amount reclassified from AOCI
Net sales	(0.1)	0.3
Cash flow hedging items | Amount Reclassified from AOCI | Interest rate swaps
Amount reclassified from AOCI
Interest expense	0.1	0.1
Pension and other postretirement benefit plan items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Net actuarial loss	(7.5)	(4.7)
Prior service cost (credits)	1.5	(0.1)
Income before income taxes	(6)	(4.8)
Income tax (benefit) expense	2.3	1.8
Net income	$ (3.7)	$ (3)