Carpenter Technology (CRS) 10-Q 2 May 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2016	Apr. 22, 2016
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17,843
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		46,588,771
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 23.4	$ 70
Accounts receivable, net	271	304.1
Inventories	649.4	655.8
Deferred income taxes	7.5	3.3
Other current assets	64.8	37.2
Total current assets	1,016.1	1,070.4
Property, plant and equipment, net	1,347.7	1,397
Goodwill	244.8	257.4
Other intangibles, net	64.9	71.6
Other assets	113	109.5
Total assets	2,786.5	2,905.9
Current liabilities:
Short-term debt	25	0
Accounts payable	152.9	169.5
Accrued liabilities	137.2	152.6
Total current liabilities	315.1	322.1
Long-term debt	612.9	607.1
Accrued pension liabilities	358.4	334.1
Accrued postretirement benefits	106.7	111.2
Deferred income taxes	147.6	146.5
Other liabilities	58.8	59
Total liabilities	$ 1,599.5	$ 1,580
Contingencies and commitments
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,245,681 shares at March 31, 2016 and 55,234,942 shares at June 30, 2015; outstanding 46,582,834 shares at March 31, 2016 and 50,318,244 shares at June 30, 2015	$ 276.2	$ 276.2
Capital in excess of par value	272.9	266.6
Reinvested earnings	1,302.5	1,332.4
Common stock in treasury (8,662,847 shares and 4,916,698 shares at March 31, 2016 and June 30, 2015, respectively), at cost	(344.2)	(221.1)
Accumulated other comprehensive loss	(320.4)	(328.2)
Total stockholders' equity	1,187	1,325.9
Total liabilities and stockholders' equity	$ 2,786.5	$ 2,905.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	55,245,681	55,234,942
Common stock outstanding (in shares)	46,582,834	50,318,244
Common stock in treasury (in shares)	8,662,847	4,916,698

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 456.3	$ 570.6	$ 1,355.7	$ 1,668.8
Cost of sales	386.3	494.8	1,150.8	1,438.9
Cost of sales - excess inventory write-down	22.5	0	22.5	0
Gross profit	47.5	75.8	182.4	229.9
Selling, general and administrative expenses	41.7	45.7	129.5	132.7
Restructuring and asset impairment charges	17.6	25.3	18	25.3
Goodwill impairment	12.5	0	12.5	0
Operating (loss) income	(24.3)	4.8	22.4	71.9
Interest expense	(7.2)	(7.1)	(20.8)	(20.9)
Other (expense) income, net	(1.5)	0	(3.4)	4.8
(Loss) income before income taxes	(33)	(2.3)	(1.8)	55.8
Income tax (benefit) expense	(9.1)	(0.9)	1.8	19.6
Net (loss) income	$ (23.9)	$ (1.4)	$ (3.6)	$ 36.2
(LOSS) EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ (0.51)	$ (0.03)	$ (0.08)	$ 0.68
Diluted (in dollars per share)	$ (0.51)	$ (0.03)	$ (0.08)	$ 0.68
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	47.1	52.6	48.5	53.2
Diluted (in shares)	47.1	52.6	48.5	53.3
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (23.9)	$ (1.4)	$ (3.6)	$ 36.2
Other comprehensive income (loss), net of tax
Pension and postretirement benefits, net of tax of $(2.2), $(1.8), $(6.8) and $(5.5), respectively	3.8	3	11.2	8.9
Net gain (loss) on derivative instruments, net of tax of $(3.4), $8.0, $3.3 and $23.4, respectively	5.7	(13.2)	(5.5)	(38.7)
Foreign currency translation	7.7	(9.9)	2.1	(27.9)
Other comprehensive income (loss)	17.2	(20.1)	7.8	(57.7)
Comprehensive (loss) income	$ (6.7)	$ (21.5)	$ 4.2	$ (21.5)

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax	$ (2.2)	$ (1.8)	$ (6.8)	$ (5.5)
Net loss on derivative instruments, tax	$ (3.4)	$ 8	$ 3.3	$ 23.4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net (loss) income	$ (3.6)	$ 36.2
Adjustments to reconcile net (loss) income to net cash provided from operating activities:
Depreciation and amortization	90	91.2
Goodwill impairment charge	12.5	0
Non-cash excess inventory write-down	22.5	0
Non-cash restructuring and asset impairment charge	7.6	6.3
Deferred income taxes	(6.6)	68.4
Net pension expense	40.3	34.6
Payments from qualified pension plan associated with restructuring	9.4	7.6
Share-based compensation expense	6.8	6.8
Net loss on disposals of property and equipment	0.2	0.8
Changes in working capital and other:
Accounts receivable	32.6	6.6
Inventories	(18)	(18.4)
Other current assets	(13)	(12)
Accounts payable	(6.6)	(42.3)
Accrued liabilities	(22.3)	(22.7)
Pension plan contributions	0	(5.5)
Other postretirement plan contributions	(9.5)	(10.2)
Cash paid as collateral under derivative agreements	(8)	0
Other, net	2.9	1
Net cash provided from operating activities	137.2	148.4
INVESTING ACTIVITIES
Purchases of property, equipment and software	(66.1)	(152.3)
Proceeds from disposals of property and equipment	0.3	0.2
Proceeds from the sale of equity method investment	6.3	0
Other	4	0
Net cash used for investing activities	(55.5)	(152.1)
FINANCING ACTIVITIES
Net change in short-term debt	25	0
Dividends paid	(26.3)	(28.8)
Purchases of treasury stock	(123.9)	(60.3)
Payments on seller financed debt related to purchase of software	(3.7)	0
Tax benefits on share-based compensation	0	0.6
Proceeds from stock options exercised	0.3	2.3
Net cash used for financing activities	(128.6)	(86.2)
Effect of exchange rate changes on cash and cash equivalents	0.3	(0.7)
DECREASE IN CASH AND CASH EQUIVALENTS	(46.6)	(90.6)
Cash and cash equivalents at beginning of period	70	120
Cash and cash equivalents at end of period	23.4	29.4
Non-cash investing activities:
Acquisition of property, equipment and software	7.3	9.3
Sale of equity method investment	12.6	0
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 (loss) income	36.2			36.2
Pension and postretirement benefits gain, net of tax	8.9					8.9
Net loss on derivative instruments, net of tax	(38.7)					(38.7)
Foreign currency translation	(27.9)					(27.9)
Cash Dividends:
Common @ $0.54 per share	(28.8)			(28.8)
Purchase of treasury stock	(60.3)				(60.3)
Share-based compensation plans	3.2		(0.9)		4.1
Stock options exercised	2.3	0.4	1.9
Tax windfall (shortfall) on share-based compensation	0.6		0.6
Balances, period end at Mar. 31, 2015	1,399.8	276.2	265.1	1,319	(157.6)	(302.9)
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 (loss) income	(3.6)			(3.6)
Pension and postretirement benefits gain, net of tax	11.2					11.2
Net loss on derivative instruments, net of tax	(5.5)					(5.5)
Foreign currency translation	2.1					2.1
Cash Dividends:
Common @ $0.54 per share	(26.3)			(26.3)
Purchase of treasury stock	(123.9)				(123.9)
Share-based compensation plans	7		6.2		0.8
Stock options exercised	0.3		0.3
Tax windfall (shortfall) on share-based compensation	(0.2)		(0.2)
Balances, period end at Mar. 31, 2016	$ 1,187	$ 276.2	$ 272.9	$ 1,302.5	$ (344.2)	$ (320.4)

CONSOLIDATED STATEMENT OF CHAN9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5	$ 5

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2016
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 and nine months ended March 31, 2016 are not necessarily indicative of the operating results for any future period. 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 and Asset Impairm

Restructuring and Asset Impairment Charges	9 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Asset Impairment Charges	Restructuring and Asset Impairment Charges Restructuring and asset impairment charges for the three months ended March 31, 2016 and 2015 were $17.6 million and $25.3 million , respectively. Restructuring and asset impairment charges for the nine months ended March 31, 2016 and 2015 were $18.0 million and $25.3 million , respectively. Restructuring charges Fiscal Year 2016 During the three months ended March 31, 2016, the Company recorded $10.0 million of pre-tax charges, consisting of $9.4 million associated with an early retirement incentive to be funded by the Company's qualified pension plan and $0.6 million of other severance related costs to be paid by the Company. At this time, the Company does not expect any additional charges related to these restructuring actions in the future. During the first quarter of fiscal year 2016, the Company recorded $0.4 million of restructuring costs associated with the 2015 restructuring plan. Fiscal Year 2015 The Company recorded a pre-tax charge of $10.6 million during the three and nine months ended March 31, 2015 consisting primarily of various personnel-related costs for severance payments, medical coverage and related items. Of this charge, $3.4 million was paid by the Company and $7.6 million was paid from the Company's qualified pension plan. The charge also includes $0.4 million of non-cash forfeiture income related to stock-based compensation. The Company recorded a pre-tax charge of $13.4 million during the three and nine months ended March 31, 2015 to exit a material development program. This includes an $8.0 million cash payment during the three and nine months ended March 31, 2015 to exit a licensing agreement and non-cash asset impairment charges totaling $5.4 million . The Company recorded a pre-tax charge of $1.3 million during the three and nine months ended March 31, 2015 to reflect the accelerated depreciation of the property and equipment at a facility that closed in the fourth quarter of fiscal year 2015. Activity and reserve balances for restructuring charges during the nine months ended March 31, 2016 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2015 $ 2.3 Restructuring charges 10.4 Payments from qualified pension plan associated with restructuring charges (9.4 ) Cash payments (2.2 ) Other (0.4 ) Reserve balance at March 31, 2016 $ 0.7 The remaining reserve is expected to be substantially paid in cash during the remainder of fiscal year 2016. Long-lived asset impairment charge As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact of this weakness on certain reporting units, the Company recognized non-cash impairment charges of $7.6 million on certain long-lived assets, including $6.5 million related to property, plant and equipment and $1.1 million associated with certain definite lived intangible assets.

Goodwill

Goodwill	9 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The Company conducts annual goodwill impairment testing at least annually as of June 30, or more often if events, changes or circumstances indicate that the carrying amount may not be recoverable. The Company’s Amega West Services (“Amega”) and Specialty Steel Supply (“SSS”) reporting units have been significantly impacted by the prolonged weakness in oil and gas drilling and exploration activity driven by depressed oil prices. In connection with the Company’s latest annual impairment testing date of June 30, 2015, the discounted cash flows analysis for these reporting units included assumptions regarding the duration of the low oil price environment, the timing of an anticipated increase in activity levels and the related impact on customer buying patterns. The Company anticipated an increase in sales for these reporting units beginning in the third quarter of fiscal year 2016. However, given current market conditions, customer orders remained depressed and the reporting units’ results were lower than expected. As a result of the current quarter’s results and outlook for the balance of the fiscal year, the Company determined that an interim impairment test should be performed during the third quarter of fiscal year 2016. In connection with the interim impairment test for Amega and SSS, the Company also performed an interim goodwill impairment test for the Latrobe Distribution reporting unit, for which results have been below expectations for the last several quarters. As a result of the goodwill impairment testing completed in the third quarter, the Company determined that the goodwill associated with Amega and SSS was impaired and recorded an impairment charge of $12.5 million which represents the entire balance of the goodwill recorded for these reporting units. No impairment was identified at the interim impairment testing date for Latrobe Distribution. The changes in the carrying amount of goodwill by reportable segment for the nine months ended March 31, 2016 were as follows: ($ in millions) June 30, 2015 Impairment Losses Other March 31, 2016 Goodwill $ 292.1 $ — $ (0.1 ) $ 292.0 Accumulated impairment losses (34.7 ) (12.5 ) — (47.2 ) Total goodwill $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8 Specialty Alloys Operations $ 195.5 $ — $ — $ 195.5 Performance Engineered Products 61.9 (12.5 ) (0.1 ) 49.3 Total goodwill $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8 The amounts included in “other” in the above table represent foreign exchange impacts on the amounts recorded in goodwill.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Mar. 31, 2016
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 (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended March 31, 2016 and 2015 and the nine months ended March 31, 2016, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive. The calculations of basic and diluted earnings per common share for the three and nine months ended March 31, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2016 2015 2016 2015 Net (loss) income $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Less: earnings and dividends allocated to participating securities — — — — (Loss) earnings available for common stockholders used in calculation of basic earnings per common share $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Weighted average number of common shares outstanding, basic 47.1 52.6 48.5 53.2 Basic (loss) earnings per common share $ (0.51 ) $ (0.03 ) $ (0.08 ) $ 0.68 Net (loss) income $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Less: earnings and dividends allocated to participating securities — — — — (Loss) earnings available for common stockholders used in calculation of diluted earnings per common share $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Weighted average number of common shares outstanding, basic 47.1 52.6 48.5 53.2 Effect of shares issuable under share-based compensation plans — — — 0.1 Weighted average number of common shares outstanding, diluted 47.1 52.6 48.5 53.3 Diluted (loss) earnings per common share $ (0.51 ) $ (0.03 ) $ (0.08 ) $ 0.68 The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended Nine Months Ended (in millions) 2016 2015 2016 2015 Stock options 1.6 1.1 1.6 0.7

Inventories

Inventories	9 Months Ended
	Mar. 31, 2016
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of March 31, 2016 and June 30, 2015 : ($ in millions) March 31, June 30, Raw materials and supplies $ 142.8 $ 121.7 Work in process 316.3 346.1 Finished and purchased products 190.3 188.0 Total inventory $ 649.4 $ 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. As of March 31, 2016 and June 30, 2015, $120.5 million and $154.9 million of inventory, respectively, was accounted for using a method other than the LIFO method. During the three months ended March 31, 2016 , the Company recorded a $22.5 million excess inventory adjustment due to the prolonged weakness in oil and gas businesses.

Book Overdrafts

Book Overdrafts	9 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Book Overdrafts	Book Overdrafts Checks outstanding in excess of bank balances create net book overdrafts, which are recorded in accounts payable in the consolidated balance sheets and are reflected as an operating activity in the consolidated statements of cash flows. As of March 31, 2016 and June 30, 2015, the Company had net book overdrafts in certain banks of $3.6 million and $0.0 million , respectively. Accrued Liabilities Accrued liabilities consisted of the following as of March 31, 2016 and June 30, 2015 : ($ in millions) March 31, June 30, Derivative financial instruments $ 43.2 $ 32.7 Accrued compensation and benefits 34.8 44.3 Accrued postretirement benefits 14.0 14.0 Accrued interest expense 5.6 11.2 Accrued pension liabilities 3.4 3.3 Accrued income taxes 1.3 8.7 Other 34.9 38.4 Total accrued liabilities $ 137.2 $ 152.6

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Mar. 31, 2016
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Book Overdrafts Checks outstanding in excess of bank balances create net book overdrafts, which are recorded in accounts payable in the consolidated balance sheets and are reflected as an operating activity in the consolidated statements of cash flows. As of March 31, 2016 and June 30, 2015, the Company had net book overdrafts in certain banks of $3.6 million and $0.0 million , respectively. Accrued Liabilities Accrued liabilities consisted of the following as of March 31, 2016 and June 30, 2015 : ($ in millions) March 31, June 30, Derivative financial instruments $ 43.2 $ 32.7 Accrued compensation and benefits 34.8 44.3 Accrued postretirement benefits 14.0 14.0 Accrued interest expense 5.6 11.2 Accrued pension liabilities 3.4 3.3 Accrued income taxes 1.3 8.7 Other 34.9 38.4 Total accrued liabilities $ 137.2 $ 152.6

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and nine months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 7.8 $ 8.0 $ 0.8 $ 1.1 Interest cost 14.4 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 Nine months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 23.4 $ 24.0 $ 2.5 $ 3.3 Interest cost 43.2 40.5 7.7 9.0 Expected return on plan assets (49.3 ) (51.6 ) (5.2 ) (5.0 ) Amortization of net loss 20.5 12.6 2.0 1.5 Amortization of prior service cost (benefit) 0.3 0.3 (4.8 ) — Net periodic benefit costs $ 38.1 $ 25.8 $ 2.2 $ 8.8 During the nine months ended March 31, 2016 and 2015 , the Company made $0 million and $5.5 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	9 Months Ended
	Mar. 31, 2016
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% ( 1.45% as of March 31, 2016 ), and for Base Rate-determined loans, from 0.00% to 0.90% ( 0.45% as of March 31, 2016 ). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% ( 0.225% as of March 31, 2016 ), 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% ( 1.45% as of March 31, 2016 ), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of March 31, 2016 , the Company had $7.6 million of issued letters of credit and $25.0 million of short-term borrowings under the Credit Agreement, with the balance of $467.4 million available to the Company. The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of March 31, 2016 and June 30, 2015 , the Company was in compliance with all of the covenants of the Credit Agreement. Long-term debt outstanding as of March 31, 2016 and June 30, 2015 consisted of the following: ($ in millions) March 31, 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 March 31, 2016 and June 30, 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at March 31, 2016 and June 30, 2015) 258.2 252.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2016 and June 30, 2015) 299.7 299.6 Total 612.9 607.1 Less: amounts due within one year — — Long-term debt, net of current portion $ 612.9 $ 607.1 For the three months ended March 31, 2016 and 2015 , interest costs totaled $7.6 million and $7.7 million , respectively, of which $0.4 million and $0.6 million , respectively, were capitalized as part of the cost of property, plant, equipment and software. For the nine months ended March 31, 2016 and 2015 , interest costs totaled $22.3 million and $22.9 million , respectively, of which $1.5 million and $2.0 million , respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Mar. 31, 2016
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 nine months ended March 31, 2016 , the Company increased the liability for a company-owned former operating site by $0.2 million . The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at March 31, 2016 and June 30, 2015 were $16.1 million and $15.9 million , respectively. 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, the Company 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	9 Months Ended
	Mar. 31, 2016
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 nine months ended March 31, 2016 , the Company purchased 3,762,200 of its common stock on the open market for an aggregate of $123.9 million . As of March 31, 2016 , $251.6 million remains available for future purchases.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2016
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: March 31, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 9.2 Total assets $ 14.2 Liabilities: Derivative financial instruments $ 63.1 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 and 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 13 . 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: March 31, 2016 June 30, 2015 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 612.9 $ 588.8 $ 607.1 $ 628.6 Company-owned life insurance $ 12.2 $ 12.2 $ 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 March 31, 2016 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	9 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses commodity forwards, interest rate swaps, forward interest rate swaps and foreign currency forwards to manage risks generally associated with commodity price, interest rate and foreign currency rate fluctuations. The following explains the various types of derivatives and includes a recap about the impact the derivative instruments had on the Company’s financial position, results of operations and cash flows. Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of March 31, 2016 , the Company had forward contracts to purchase 22.5 million pounds of certain raw materials with settlement dates through December 2020. 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 affected earnings or it became probable that the forecasted transaction would not occur. Upon the issuance of the fixed rate debt, the forward interest rate swap contracts were terminated. The realized gains at the time the interest rate swap contracts were terminated are being amortized over the term of the underlying debt. For the three months ended March 31, 2016 and 2015 , net gains of $0.1 million and $0.1 million , respectively, related to the previously terminated contracts were recorded as a reduction to interest expense. For the nine months ended March 31, 2016 and 2015 , net gains of $0.3 million and $0.3 million , respectively, related to the previously terminated contracts were recorded as a reduction to interest expense. 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 currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other income and expense. As of March 31, 2016 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 operations. As of March 31, 2016 and June 30, 2015 , the total notional amount of floating interest rate contracts was $150.0 million . For the three months ended March 31, 2016 and 2015 , net gains of $0.6 million and $0.8 million , respectively, were recorded as a reduction to interest expense. For the nine months ended March 31, 2016 and 2015 , net gains of $1.9 million and $2.1 million , respectively, were recorded as a reduction to interest expense. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2016 and June 30, 2015 : March 31, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.5 $ 0.2 $ — $ 0.7 Other assets 8.5 — — 8.5 Total asset derivatives $ 9.0 $ 0.2 $ — $ 9.2 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.5 $ 42.7 $ 43.2 Other liabilities — — 19.9 19.9 Total liability derivatives $ — $ 0.5 $ 62.6 $ 63.1 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 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 $10.9 million and total liability derivatives would have been $64.8 million as of March 31, 2016 . 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 March 31, 2016 and June 30, 2015 , the Company had $8.0 million and $0.0 million cash collateral held by counterparties, respectively. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (losses) gains related to cash flow hedges recognized during the three and nine months ended March 31, 2016 and 2015 : Amount of (Loss) Gain Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (2.5 ) $ (28.6 ) $ (41.3 ) $ (71.8 ) Foreign exchange contracts (0.2 ) 1.3 0.4 3.4 Total $ (2.7 ) $ (27.3 ) $ (40.9 ) $ (68.4 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Three Months Ended Three Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (12.0 ) $ (6.9 ) $ 0.5 $ (2.0 ) Foreign exchange contracts Net sales 0.1 0.9 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (11.8 ) $ (5.9 ) $ 0.5 $ (2.0 ) ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Amount of Gain (Loss) Nine Months Ended Nine Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (32.6 ) $ (8.4 ) $ 1.5 $ (2.2 ) Foreign exchange contracts Net sales 0.2 1.9 — — Forward interest rate swaps Interest expense 0.3 0.3 — — Total $ (32.1 ) $ (6.2 ) $ 1.5 $ (2.2 ) The Company estimates that $23.2 million of net derivative losses included in AOCI as of March 31, 2016 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three and nine months ended March 31, 2016 .

Other (Expense) Income, Net

Other (Expense) Income, Net	9 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Other (Expense) Income, Net	Other (Expense) Income, Net Other (expense) income, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Foreign exchange $ — $ (0.1 ) $ (2.3 ) $ 0.3 Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts (1.3 ) — (1.8 ) 0.5 Equity in (losses) earnings of unconsolidated subsidiaries (0.2 ) 0.1 0.6 (0.4 ) Legal settlement — — — 4.4 Other — — 0.1 — Total other (expense) income, net $ (1.5 ) $ — $ (3.4 ) $ 4.8

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2016
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 March 31, 2016 was a benefit of $9.1 million , or 27.6 percent of pre-tax loss as compared with a benefit of $0.9 million , or 39.1 percent of pre-tax loss for the three months ended March 31, 2015 . Income tax expense for the nine months ended March 31, 2016 was $1.8 million , or negative 100.0 percent of pre-tax loss as compared with $19.6 million , or 35.1 percent of pre-tax income for the nine months ended March 31, 2015 . The current period tax expense includes the impact of non-cash goodwill impairment charges, a portion of which is non-deductible for tax purposes, as well as a discrete tax charge of $0.8 million related to the sale of an equity investment in India. Income tax expense for the nine months ended March 31, 2016 includes net tax benefits of $0.8 million primarily for additional research and development credits as a result of the December 2015 enactment of the Protecting Americans from Tax Hikes Act of 2015 as well as a discrete tax charge of $2.8 million recorded as a result of the decision to sell an equity investment in India. Income tax expense in the prior year includes a net tax charge of $1.6 million for the unfavorable impact of bonus depreciation on domestic manufacturing benefits, net of additional research and development credits, as a result of the enactment of the Tax Increase Prevention Act of 2014. As of June 30, 2015, the Company had $118.5 million of indefinitely reinvested foreign earnings for which deferred income taxes have not been provided. Due to a change in business strategy for one of our foreign subsidiaries, the Company changed its intent with regard to the indefinite reinvestment of the foreign earnings for this subsidiary. As a result of this change, the Company recorded a discrete deferred tax charge of $2.0 million in the first quarter of fiscal year 2016. The remaining balance, approximately $112.9 million , of undistributed foreign earnings continues to be indefinitely reinvested at March 31, 2016 .

Business Segments

Business Segments	9 Months Ended
	Mar. 31, 2016
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 excess inventory write-downs, restructuring and asset impairment charges, goodwill impairment 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 11 percent and 12 percent of the net sales for the three months ended March 31, 2016 and 2015, respectively. On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 13 percent of the net sales for the nine months ended March 31, 2016 . There were no significant individual customers that accounted for 10 percent or more of the Company’s net sales for the nine months ended March 31, 2015. Approximately 24 percent of the accounts receivable outstanding at March 31, 2016 is due from two customers, Alcoa Inc. and Precision Castparts Corporation. Approximately 17 percent of the accounts receivable outstanding at June 30, 2015 is due from one customer, Alcoa Inc. Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Net Sales: Specialty Alloys Operations $ 370.5 $ 469.8 $ 1,106.7 $ 1,344.0 Performance Engineered Products 91.4 120.4 268.3 384.1 Intersegment (5.6 ) (19.6 ) (19.3 ) (59.3 ) Consolidated net sales $ 456.3 $ 570.6 $ 1,355.7 $ 1,668.8 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Operating (Loss) Income: Specialty Alloys Operations $ 45.6 $ 37.9 $ 128.3 $ 106.0 Performance Engineered Products (0.9 ) 8.5 (4.2 ) 30.8 Corporate costs (including excess inventory write-down, restructuring and asset impairment charges) (64.5 ) (38.6 ) (89.3 ) (55.9 ) Pension earnings, interest and deferrals (4.8 ) (2.4 ) (14.4 ) (7.1 ) Intersegment 0.3 (0.6 ) 2.0 (1.9 ) Consolidated operating (loss) income $ (24.3 ) $ 4.8 $ 22.4 $ 71.9 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Depreciation and Amortization: Specialty Alloys Operations $ 23.4 $ 23.9 $ 70.9 $ 70.7 Performance Engineered Products 5.5 5.7 17.0 17.7 Corporate 0.9 1.0 2.8 3.3 Intersegment (0.2 ) 0.1 (0.7 ) (0.5 ) Consolidated depreciation and amortization $ 29.6 $ 30.7 $ 90.0 $ 91.2 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Capital Expenditures: Specialty Alloys Operations $ 11.2 $ 15.2 $ 47.9 $ 119.5 Performance Engineered Products 3.6 8.1 14.9 31.0 Corporate 1.9 1.5 3.5 2.8 Intersegment (0.1 ) — (0.2 ) (1.0 ) Consolidated capital expenditures $ 16.6 $ 24.8 $ 66.1 $ 152.3 Segment Data March 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,291.4 $ 2,323.0 Performance Engineered Products 423.0 499.2 Corporate 107.6 125.0 Intersegment (35.5 ) (41.3 ) Consolidated total assets $ 2,786.5 $ 2,905.9

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2016
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 (“ASU”) 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 ASU 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. If adopted as of March 31, 2016, the reclassification impact on the consolidated balance sheets would be $3.0 million from other assets to long-term debt. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements. This guidance indicates that the guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The Company does not expect the adoption of ASU 2015-15 to have any effect on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, requiring all deferred tax assets and liabilities, and any related valuation allowance, to be classified as noncurrent on the balance sheet. The classification change for all deferred taxes as noncurrent simplifies entities’ processes as it eliminates the need to separately identify the net current and net noncurrent deferred tax asset or liability in each jurisdiction and allocate valuation allowances. The guidance in ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. ASU 2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-17 on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU No. 2016-02 improves transparency and comparability among companies by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. ASU No. 2016-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-02 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU No. 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. ASU No. 2016-08 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-08 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which outlines new provisions intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. ASU No. 2016-09 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-09 on the consolidated financial statements.

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive (Loss) Income	Reclassifications from Accumulated Other Comprehensive (Loss) Income The changes in AOCI by component, net of tax, for the three months ended March 31, 2016 and 2015 were as follows: Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 ) Other comprehensive (loss) income before reclassifications (1.7 ) — — 7.7 6.0 Amounts reclassified from AOCI (b) 7.4 3.8 — — 11.2 Net current-period other comprehensive income 5.7 3.8 — 7.7 17.2 Balance at March 31, 2016 $ (34.0 ) $ (245.6 ) $ (0.3 ) $ (40.5 ) $ (320.4 ) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at December 31, 2014 $ (17.9 ) $ (230.8 ) $ (0.4 ) $ (33.7 ) $ (282.8 ) Other comprehensive (loss) before reclassifications (16.9 ) — — (9.9 ) (26.8 ) Amounts reclassified from AOCI (b) 3.7 3.0 — — 6.7 Net current-period other comprehensive (loss) income (13.2 ) 3.0 — (9.9 ) (20.1 ) Balance at March 31, 2015 $ (31.1 ) $ (227.8 ) $ (0.4 ) $ (43.6 ) $ (302.9 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2016 and 2015 were as follows: Nine Months Ended March 31, 2016 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) income before reclassifications (25.5 ) — — 2.1 (23.4 ) Amounts reclassified from AOCI (b) 20.0 11.2 — — 31.2 Net current-period other comprehensive (loss) income (5.5 ) 11.2 — 2.1 7.8 Balance at March 31, 2016 $ (34.0 ) $ (245.6 ) $ (0.3 ) $ (40.5 ) $ (320.4 ) Nine Months Ended March 31, 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, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive (loss) before reclassifications (42.6 ) — — (27.9 ) (70.5 ) Amounts reclassified from AOCI (b) 3.9 8.9 — — 12.8 Net current-period other comprehensive (loss) income (38.7 ) 8.9 — (27.9 ) (57.7 ) Balance at March 31, 2015 $ (31.1 ) $ (227.8 ) $ (0.4 ) $ (43.6 ) $ (302.9 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2016 and 2015 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Nine Months Ended March 31, Details about AOCI Components 2016 2015 2016 2015 Cash flow hedging items: Commodity contracts Cost of sales $ (12.0 ) $ (6.9 ) $ (32.6 ) $ (8.4 ) Foreign exchange contracts Net sales 0.1 0.9 0.2 1.9 Forward interest rate swaps Interest expense 0.1 0.1 0.3 0.3 Total before tax (11.8 ) (5.9 ) (32.1 ) (6.2 ) Tax benefit 4.4 2.2 12.1 2.3 Net of tax $ (7.4 ) $ (3.7 ) $ (20.0 ) $ (3.9 ) ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Three Months Ended March 31, Amount Reclassified from AOCI Nine Months Ended March 31, Details about AOCI Components 2016 2015 2016 2015 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (7.5 ) $ (4.7 ) $ (22.5 ) $ (14.1 ) Prior service cost (credits) (b) 1.5 (0.1 ) 4.5 (0.3 ) Total before tax (6.0 ) (4.8 ) (18.0 ) (14.4 ) Tax benefit 2.2 1.8 6.8 5.5 Net of tax $ (3.8 ) $ (3.0 ) $ (11.2 ) $ (8.9 ) (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 8. Pension and Other Postretirement Benefits for additional details).

Sale of Equity Method Investmen

Sale of Equity Method Investment	9 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Sale of Equity Method Investment	Sale of Equity Method Investment In March 2016, the Company completed the sale of an equity method investment in India. Under the terms of the sale agreement, the sale price is $19.0 million , with $6.3 million paid at closing, and the remaining balance to be paid in annual equal installments on the first and second anniversary of the closing, respectively. In connection with the sale, the Company recorded a $0.3 million loss included in other (expense) income, net.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2016
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 and nine months ended March 31, 2016 are not necessarily indicative of the operating results for any future period. 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 Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 ASU 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. If adopted as of March 31, 2016, the reclassification impact on the consolidated balance sheets would be $3.0 million from other assets to long-term debt. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements. This guidance indicates that the guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The Company does not expect the adoption of ASU 2015-15 to have any effect on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, requiring all deferred tax assets and liabilities, and any related valuation allowance, to be classified as noncurrent on the balance sheet. The classification change for all deferred taxes as noncurrent simplifies entities’ processes as it eliminates the need to separately identify the net current and net noncurrent deferred tax asset or liability in each jurisdiction and allocate valuation allowances. The guidance in ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. ASU 2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-17 on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU No. 2016-02 improves transparency and comparability among companies by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. ASU No. 2016-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-02 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU No. 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. ASU No. 2016-08 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-08 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which outlines new provisions intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. ASU No. 2016-09 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-09 on the consolidated financial statements.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of activity and reserve balances for restructuring	Activity and reserve balances for restructuring charges during the nine months ended March 31, 2016 were as follows: ($ in millions) Reserve Balance Reserve balance at June 30, 2015 $ 2.3 Restructuring charges 10.4 Payments from qualified pension plan associated with restructuring charges (9.4 ) Cash payments (2.2 ) Other (0.4 ) Reserve balance at March 31, 2016 $ 0.7

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill by reportable segment for the nine months ended March 31, 2016 were as follows: ($ in millions) June 30, 2015 Impairment Losses Other March 31, 2016 Goodwill $ 292.1 $ — $ (0.1 ) $ 292.0 Accumulated impairment losses (34.7 ) (12.5 ) — (47.2 ) Total goodwill $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8 Specialty Alloys Operations $ 195.5 $ — $ — $ 195.5 Performance Engineered Products 61.9 (12.5 ) (0.1 ) 49.3 Total goodwill $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Mar. 31, 2016
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 and nine months ended March 31, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2016 2015 2016 2015 Net (loss) income $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Less: earnings and dividends allocated to participating securities — — — — (Loss) earnings available for common stockholders used in calculation of basic earnings per common share $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Weighted average number of common shares outstanding, basic 47.1 52.6 48.5 53.2 Basic (loss) earnings per common share $ (0.51 ) $ (0.03 ) $ (0.08 ) $ 0.68 Net (loss) income $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Less: earnings and dividends allocated to participating securities — — — — (Loss) earnings available for common stockholders used in calculation of diluted earnings per common share $ (23.9 ) $ (1.4 ) $ (3.6 ) $ 36.2 Weighted average number of common shares outstanding, basic 47.1 52.6 48.5 53.2 Effect of shares issuable under share-based compensation plans — — — 0.1 Weighted average number of common shares outstanding, diluted 47.1 52.6 48.5 53.3 Diluted (loss) earnings per common share $ (0.51 ) $ (0.03 ) $ (0.08 ) $ 0.68
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended Nine Months Ended (in millions) 2016 2015 2016 2015 Stock options 1.6 1.1 1.6 0.7

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2016
Inventory, Net [Abstract]
Schedule of inventories	Inventories consisted of the following components as of March 31, 2016 and June 30, 2015 : ($ in millions) March 31, June 30, Raw materials and supplies $ 142.8 $ 121.7 Work in process 316.3 346.1 Finished and purchased products 190.3 188.0 Total inventory $ 649.4 $ 655.8

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2016
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of March 31, 2016 and June 30, 2015 : ($ in millions) March 31, June 30, Derivative financial instruments $ 43.2 $ 32.7 Accrued compensation and benefits 34.8 44.3 Accrued postretirement benefits 14.0 14.0 Accrued interest expense 5.6 11.2 Accrued pension liabilities 3.4 3.3 Accrued income taxes 1.3 8.7 Other 34.9 38.4 Total accrued liabilities $ 137.2 $ 152.6

Pension and Other Postretirem35

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of components of the net periodic benefit cost	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and nine months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 7.8 $ 8.0 $ 0.8 $ 1.1 Interest cost 14.4 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 Nine months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 23.4 $ 24.0 $ 2.5 $ 3.3 Interest cost 43.2 40.5 7.7 9.0 Expected return on plan assets (49.3 ) (51.6 ) (5.2 ) (5.0 ) Amortization of net loss 20.5 12.6 2.0 1.5 Amortization of prior service cost (benefit) 0.3 0.3 (4.8 ) — Net periodic benefit costs $ 38.1 $ 25.8 $ 2.2 $ 8.8

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of March 31, 2016 and June 30, 2015 consisted of the following: ($ in millions) March 31, 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 March 31, 2016 and June 30, 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at March 31, 2016 and June 30, 2015) 258.2 252.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2016 and June 30, 2015) 299.7 299.6 Total 612.9 607.1 Less: amounts due within one year — — Long-term debt, net of current portion $ 612.9 $ 607.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on a recurring basis	The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: March 31, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities Municipal auction rate securities $ 5.0 Derivative financial instruments 9.2 Total assets $ 14.2 Liabilities: Derivative financial instruments $ 63.1 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: March 31, 2016 June 30, 2015 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 612.9 $ 588.8 $ 607.1 $ 628.6 Company-owned life insurance $ 12.2 $ 12.2 $ 13.0 $ 13.0

Derivatives and Hedging Activ38

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2016 and June 30, 2015 : March 31, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.5 $ 0.2 $ — $ 0.7 Other assets 8.5 — — 8.5 Total asset derivatives $ 9.0 $ 0.2 $ — $ 9.2 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.5 $ 42.7 $ 43.2 Other liabilities — — 19.9 19.9 Total liability derivatives $ — $ 0.5 $ 62.6 $ 63.1 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 and nine months ended March 31, 2016 and 2015 : Amount of (Loss) Gain Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (2.5 ) $ (28.6 ) $ (41.3 ) $ (71.8 ) Foreign exchange contracts (0.2 ) 1.3 0.4 3.4 Total $ (2.7 ) $ (27.3 ) $ (40.9 ) $ (68.4 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Three Months Ended Three Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (12.0 ) $ (6.9 ) $ 0.5 $ (2.0 ) Foreign exchange contracts Net sales 0.1 0.9 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (11.8 ) $ (5.9 ) $ 0.5 $ (2.0 ) ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Amount of Gain (Loss) Nine Months Ended Nine Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (32.6 ) $ (8.4 ) $ 1.5 $ (2.2 ) Foreign exchange contracts Net sales 0.2 1.9 — — Forward interest rate swaps Interest expense 0.3 0.3 — — Total $ (32.1 ) $ (6.2 ) $ 1.5 $ (2.2 )

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	9 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Schedule of other income, net	Other (expense) income, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Foreign exchange $ — $ (0.1 ) $ (2.3 ) $ 0.3 Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts (1.3 ) — (1.8 ) 0.5 Equity in (losses) earnings of unconsolidated subsidiaries (0.2 ) 0.1 0.6 (0.4 ) Legal settlement — — — 4.4 Other — — 0.1 — Total other (expense) income, net $ (1.5 ) $ — $ (3.4 ) $ 4.8

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Net Sales: Specialty Alloys Operations $ 370.5 $ 469.8 $ 1,106.7 $ 1,344.0 Performance Engineered Products 91.4 120.4 268.3 384.1 Intersegment (5.6 ) (19.6 ) (19.3 ) (59.3 ) Consolidated net sales $ 456.3 $ 570.6 $ 1,355.7 $ 1,668.8 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Operating (Loss) Income: Specialty Alloys Operations $ 45.6 $ 37.9 $ 128.3 $ 106.0 Performance Engineered Products (0.9 ) 8.5 (4.2 ) 30.8 Corporate costs (including excess inventory write-down, restructuring and asset impairment charges) (64.5 ) (38.6 ) (89.3 ) (55.9 ) Pension earnings, interest and deferrals (4.8 ) (2.4 ) (14.4 ) (7.1 ) Intersegment 0.3 (0.6 ) 2.0 (1.9 ) Consolidated operating (loss) income $ (24.3 ) $ 4.8 $ 22.4 $ 71.9 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Depreciation and Amortization: Specialty Alloys Operations $ 23.4 $ 23.9 $ 70.9 $ 70.7 Performance Engineered Products 5.5 5.7 17.0 17.7 Corporate 0.9 1.0 2.8 3.3 Intersegment (0.2 ) 0.1 (0.7 ) (0.5 ) Consolidated depreciation and amortization $ 29.6 $ 30.7 $ 90.0 $ 91.2 Segment Data Three Months Ended Nine Months Ended ($ in millions) 2016 2015 2016 2015 Capital Expenditures: Specialty Alloys Operations $ 11.2 $ 15.2 $ 47.9 $ 119.5 Performance Engineered Products 3.6 8.1 14.9 31.0 Corporate 1.9 1.5 3.5 2.8 Intersegment (0.1 ) — (0.2 ) (1.0 ) Consolidated capital expenditures $ 16.6 $ 24.8 $ 66.1 $ 152.3 Segment Data March 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,291.4 $ 2,323.0 Performance Engineered Products 423.0 499.2 Corporate 107.6 125.0 Intersegment (35.5 ) (41.3 ) Consolidated total assets $ 2,786.5 $ 2,905.9

Reclassifications from Accumu41

Reclassifications from Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in AOCI by component, net of tax	The changes in AOCI by component, net of tax, for the three months ended March 31, 2016 and 2015 were as follows: Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 ) Other comprehensive (loss) income before reclassifications (1.7 ) — — 7.7 6.0 Amounts reclassified from AOCI (b) 7.4 3.8 — — 11.2 Net current-period other comprehensive income 5.7 3.8 — 7.7 17.2 Balance at March 31, 2016 $ (34.0 ) $ (245.6 ) $ (0.3 ) $ (40.5 ) $ (320.4 ) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at December 31, 2014 $ (17.9 ) $ (230.8 ) $ (0.4 ) $ (33.7 ) $ (282.8 ) Other comprehensive (loss) before reclassifications (16.9 ) — — (9.9 ) (26.8 ) Amounts reclassified from AOCI (b) 3.7 3.0 — — 6.7 Net current-period other comprehensive (loss) income (13.2 ) 3.0 — (9.9 ) (20.1 ) Balance at March 31, 2015 $ (31.1 ) $ (227.8 ) $ (0.4 ) $ (43.6 ) $ (302.9 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2016 and 2015 were as follows: Nine Months Ended March 31, 2016 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) income before reclassifications (25.5 ) — — 2.1 (23.4 ) Amounts reclassified from AOCI (b) 20.0 11.2 — — 31.2 Net current-period other comprehensive (loss) income (5.5 ) 11.2 — 2.1 7.8 Balance at March 31, 2016 $ (34.0 ) $ (245.6 ) $ (0.3 ) $ (40.5 ) $ (320.4 ) Nine Months Ended March 31, 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, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive (loss) before reclassifications (42.6 ) — — (27.9 ) (70.5 ) Amounts reclassified from AOCI (b) 3.9 8.9 — — 12.8 Net current-period other comprehensive (loss) income (38.7 ) 8.9 — (27.9 ) (57.7 ) Balance at March 31, 2015 $ (31.1 ) $ (227.8 ) $ (0.4 ) $ (43.6 ) $ (302.9 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2016 and 2015 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Nine Months Ended March 31, Details about AOCI Components 2016 2015 2016 2015 Cash flow hedging items: Commodity contracts Cost of sales $ (12.0 ) $ (6.9 ) $ (32.6 ) $ (8.4 ) Foreign exchange contracts Net sales 0.1 0.9 0.2 1.9 Forward interest rate swaps Interest expense 0.1 0.1 0.3 0.3 Total before tax (11.8 ) (5.9 ) (32.1 ) (6.2 ) Tax benefit 4.4 2.2 12.1 2.3 Net of tax $ (7.4 ) $ (3.7 ) $ (20.0 ) $ (3.9 ) ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Three Months Ended March 31, Amount Reclassified from AOCI Nine Months Ended March 31, Details about AOCI Components 2016 2015 2016 2015 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (7.5 ) $ (4.7 ) $ (22.5 ) $ (14.1 ) Prior service cost (credits) (b) 1.5 (0.1 ) 4.5 (0.3 ) Total before tax (6.0 ) (4.8 ) (18.0 ) (14.4 ) Tax benefit 2.2 1.8 6.8 5.5 Net of tax $ (3.8 ) $ (3.0 ) $ (11.2 ) $ (8.9 ) (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 8. Pension and Other Postretirement Benefits for additional details).

Restructuring and Asset Impai42

Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 17.6		$ 25.3	$ 18	$ 25.3
Restructuring costs	10	$ 0.4		10.4	25.3
Restructuring reserve	0.7			0.7		$ 2.3
Non-cash impairment charges	7.6
Cash payments for restructuring				$ 2.2
Impairment of property plant and equipment	6.5
Impairment of intangible assets	1.1
Special Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9.4
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.6		10.6		10.6
Restructuring reserve			3.4		3.4
Restructuring reserve related to pension plans			7.6		7.6
Non-cash forfeiture income					0.4
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs			13.4		13.4
Non-cash impairment charges			5.4		5.4
Cash payments for restructuring			8		8
Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 1.3		$ 1.3

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Reserve balance, period start		$ 2.3	$ 2.3
Restructuring costs	$ 10	$ 0.4	10.4	$ 25.3
Payments from qualified pension plan associated with restructuring charges			(9.4)
Cash payments			(2.2)
Other			(0.4)
Reserve balance, period end	$ 0.7		$ 0.7

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 12.5	$ 0	$ 12.5	$ 0

Goodwill Schedule of Goodwill (

Goodwill Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Goodwill [Line Items]
Goodwill, Beginning Balance			$ 292.1
Impairment Losses			0
Other			(0.1)
Goodwill, Ending Balance	$ 292		292
Accumulated impairment losses, Beginning Balance			(34.7)
Accumulated impairment losses, Changes in Impairment Losses			(12.5)
Accumulated impairment losses, Other Changes			0
Accumulated impairment losses, Ending Balance	(47.2)		(47.2)
Goodwill, Beginning Balance			257.4
Goodwill impairment	12.5	$ 0	12.5	$ 0
Goodwill, Other			(0.1)
Goodwill, Ending Balance	244.8		244.8
Specialty Alloys Operations
Goodwill [Line Items]
Goodwill, Beginning Balance			195.5
Goodwill impairment			0
Goodwill, Other			0
Goodwill, Ending Balance	195.5		195.5
Performance Engineered Products
Goodwill [Line Items]
Goodwill, Beginning Balance			61.9
Goodwill impairment			12.5
Goodwill, Other			(0.1)
Goodwill, Ending Balance	$ 49.3		$ 49.3

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		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net (loss) income	$ (23.9)	$ (1.4)	$ (3.6)	$ 36.2
Less: earnings and dividends allocated to participating securities	0	0	0	0
(Loss) earnings available for common stockholders used in calculation of basic earnings per common share	$ (23.9)	$ (1.4)	$ (3.6)	$ 36.2
Weighted average number of common shares outstanding, basic (in shares)	47.1	52.6	48.5	53.2
Basic (loss) earnings per common share (in dollars per share)	$ (0.51)	$ (0.03)	$ (0.08)	$ 0.68
(Loss) earnings available for common stockholders used in calculation of diluted earnings per common share	$ (23.9)	$ (1.4)	$ (3.6)	$ 36.2
Effect of shares issuable under share-based compensation plans (in shares)	0	0	0	0.1
Weighted average number of common shares outstanding, diluted (in shares)	47.1	52.6	48.5	53.3
Diluted (loss) earnings per common share (in dollars per share)	$ (0.51)	$ (0.03)	$ (0.08)	$ 0.68

Earnings per Common Share - S47

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		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
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)	1.6	1.1	1.6	0.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Inventory, Net [Abstract]
Raw materials and supplies	$ 142.8	$ 121.7
Work in process	316.3	346.1
Finished and purchased products	190.3	188
Total inventory	$ 649.4	$ 655.8

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Inventory, Net [Abstract]
Other than LIFO inventory	$ 120.5		$ 120.5		$ 154.9
Non-cash excess inventory write-down	$ 22.5	$ 0	$ 22.5	$ 0

Book Overdrafts (Details)

Book Overdrafts (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Payables and Accruals [Abstract]
Net book overdrafts	$ 3.6	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Accrued Liabilities, Current [Abstract]
Derivative financial instruments	$ 43.2	$ 32.7
Accrued compensation and benefits	34.8	44.3
Accrued postretirement benefits	14	14
Accrued interest expense	5.6	11.2
Accrued pension liabilities	3.4	3.3
Accrued income taxes	1.3	8.7
Other	34.9	38.4
Total accrued liabilities	$ 137.2	$ 152.6

Pension and Other Postretirem52

Pension and Other Postretirement Benefits (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	$ 7,800,000	$ 8,000,000	$ 23,400,000	$ 24,000,000
Interest cost	14,400,000	13,500,000	43,200,000	40,500,000
Expected return on plan assets	(16,400,000)	(17,200,000)	(49,300,000)	(51,600,000)
Amortization of net loss	6,800,000	4,200,000	20,500,000	12,600,000
Amortization of prior service cost (benefit)	100,000	100,000	300,000	300,000
Net periodic benefit costs	12,700,000	8,600,000	38,100,000	25,800,000
Contributions			0	5,500,000
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	2,500,000	3,300,000
Interest cost	2,500,000	3,000,000	7,700,000	9,000,000
Expected return on plan assets	(1,700,000)	(1,700,000)	(5,200,000)	(5,000,000)
Amortization of net loss	700,000	500,000	2,000,000	1,500,000
Amortization of prior service cost (benefit)	(1,600,000)	0	(4,800,000)	0
Net periodic benefit costs	$ 700,000	$ 2,900,000	$ 2,200,000	$ 8,800,000

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Short-term debt	$ 25,000,000		$ 25,000,000		$ 0
Interest costs	7,600,000	$ 7,700,000	22,300,000	$ 22,900,000
Interest costs, capitalized	400,000	$ 600,000	1,500,000	$ 2,000,000
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000		500,000,000
Letters of credit issued	7,600,000		7,600,000
Short-term debt	25,000,000		25,000,000
Credit Agreement available for future borrowings	$ 467,400,000		$ 467,400,000
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate margin (as a percent)			1.45%
Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.75%
Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			1.90%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable rate basis			Base Rate
Interest rate margin (as a percent)			0.45%
Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.00%
Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)			0.90%
Letters of credit
Debt Instrument [Line Items]
Commitment fee rate (as a percent)			0.225%
Letter of credit fees (as a percent)			1.45%
Required interest coverage ratio			3.50
Letters of credit | Minimum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)			0.075%
Letter of credit fees (as a percent)			0.75%
Letters of credit | Maximum
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		0.55

Debt - Schedule of long-term de

Debt - Schedule of long-term debt outstanding (Details) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Total	$ 612,900,000	$ 607,100,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	612,900,000	607,100,000
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018
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 | 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 | 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	$ 258,200,000	$ 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	9 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Change in accrual for environmental loss contingencies	$ 0.2
Environmental remediation liability	$ 16.1	$ 15.9

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2014	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Authorized amount (up to)	$ 500,000,000
Stock repurchase program term	2 years
Shares purchased (in shares)		3,762,200
Purchase of treasury stock		$ 123,900,000	$ 60,300,000
Remaining authorized amount for future purchases		$ 251,600,000

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	Mar. 31, 2016	Jun. 30, 2015
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments	$ 9.2	$ 4.4
Total assets	14.2	9.4
Derivative financial instruments, liabilities	63.1	53.5
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$ 5	$ 5

Fair Value Measurements - Sch58

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	Mar. 31, 2016	Jun. 30, 2015
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 612.9	$ 607.1
Company-owned life insurance	12.2	13
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	588.8	628.6
Company-owned life insurance	$ 12.2	$ 13

Derivatives and Hedging Activ59

Derivatives and Hedging Activities - Narrative (Details) lb in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016USD ($)lb	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)lb	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Fair value of derivatives
Total asset derivatives on a gross basis	$ 10.9		$ 10.9
Total liability derivatives on a gross basis	64.8		64.8
Cash collateral held by counterparties	$ 8		8		$ 0
Net derivative losses included in AOCI expected to be reclassified into earnings			$ (23.2)
Cash flow hedges | Commodity contracts
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb	22.5		22.5
Cash flow hedges | Interest rate swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Fair value hedging | Interest rate swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	0.6	$ 0.8	1.9	$ 2.1
Total notional amounts of interest rate contracts	$ 150		$ 150		$ 150

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	Mar. 31, 2016	Jun. 30, 2015
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$ 9.2	$ 4.4
Derivatives designated as hedging instruments, Liability	63.1	53.5
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.7	1.7
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	8.5	2.7
Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	43.2	32.7
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	19.9	20.8
Interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	9	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	0.5	1.5
Interest rate swaps | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	8.5	2.7
Interest rate swaps | Accrued liabilities
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	0.2	0.2
Derivatives designated as hedging instruments, Liability	0.5	0
Foreign exchange contracts | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.2	0.2
Foreign exchange contracts | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Foreign exchange contracts | Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0.5	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	62.6	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 liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	42.7	32.7
Commodity contracts | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	$ 19.9	$ 20.8

Derivatives and Hedging Activ61

Derivatives and Hedging Activities - Summary of the (losses) gains related to cash flow hedges (Details) - Cash flow hedges - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ (2.7)	$ (27.3)	$ (40.9)	$ (68.4)
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(11.8)	(5.9)	(32.1)	(6.2)
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)	0.5	(2)	1.5	(2.2)
Commodity contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(2.5)	(28.6)	(41.3)	(71.8)
Commodity contracts | Cost of sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(12)	(6.9)	(32.6)	(8.4)
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)	0.5	(2)	1.5	(2.2)
Foreign exchange contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(0.2)	1.3	0.4	3.4
Foreign exchange contracts | Net sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.1	0.9	0.2	1.9
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)	0	0	0	0
Interest rate swaps | Interest expense
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.1	0.1	0.3	0.3
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)	$ 0	$ 0	$ 0	$ 0

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Other Income and Expenses [Abstract]
Foreign exchange	$ 0	$ (0.1)	$ (2.3)	$ 0.3
Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts	(1.3)	0	(1.8)	0.5
Equity in (losses) earnings of unconsolidated subsidiaries	(0.2)	0.1	0.6	(0.4)
Legal settlement	0	0	0	4.4
Other	0	0	0.1	0
Total other (expense) income, net	$ (1.5)	$ 0	$ (3.4)	$ 4.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (9.1)		$ (0.9)	$ 1.8	$ 19.6
Income tax expense as a percent of pre-tax income (loss) (percent)	(27.60%)		(39.10%)	(100.00%)	35.10%
Discrete tax charges associated with sale of equity method investment	$ 0.8			$ 2.8
Net tax benefit associated with research and development				0.8
Net tax charges associated with bonus depreciation			$ 1.6
Indefinitely reinvested foreign earnings	$ 112.9			$ 112.9		$ 118.5
Discrete deferred tax charge		$ 2

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2016customer	Mar. 31, 2015customer	Mar. 31, 2016customersegment	Mar. 31, 2015customer	Jun. 30, 2015
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	1	1
Concentration risk (percent)	11.00%	12.00%	13.00%
Customer Concentration Risk | Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of significant customers			2
Customer Concentration Risk | Accounts Receivable [Member] | Alcoa
Concentration Risk [Line Items]
Number of significant customers				1
Concentration risk (percent)			24.00%		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		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Segment Data
Net sales	$ 456.3	$ 570.6	$ 1,355.7	$ 1,668.8
Operating income	(24.3)	4.8	22.4	71.9
Depreciation and amortization	29.6	30.7	90	91.2
Capital expenditures	16.6	24.8	66.1	152.3
Total assets	2,786.5		2,786.5		$ 2,905.9
Corporate
Segment Data
Operating income	(64.5)	(38.6)	(89.3)	(55.9)
Depreciation and amortization	0.9	1	2.8	3.3
Capital expenditures	1.9	1.5	3.5	2.8
Total assets	107.6		107.6		125
Intersegment
Segment Data
Net sales	(5.6)	(19.6)	(19.3)	(59.3)
Pension earnings, interest and deferrals	(4.8)	(2.4)	(14.4)	(7.1)
Operating income	0.3	(0.6)	2	(1.9)
Depreciation and amortization	(0.2)	0.1	(0.7)	(0.5)
Capital expenditures	(0.1)	0	(0.2)	(1)
Total assets	(35.5)		(35.5)		(41.3)
Specialty Alloys Operations | Operating
Segment Data
Net sales	370.5	469.8	1,106.7	1,344
Operating income	45.6	37.9	128.3	106
Depreciation and amortization	23.4	23.9	70.9	70.7
Capital expenditures	11.2	15.2	47.9	119.5
Total assets	2,291.4		2,291.4		2,323
Performance Engineered Products | Operating
Segment Data
Net sales	91.4	120.4	268.3	384.1
Operating income	(0.9)	8.5	(4.2)	30.8
Depreciation and amortization	5.5	5.7	17	17.7
Capital expenditures	3.6	$ 8.1	14.9	$ 31
Total assets	$ 423		$ 423		$ 499.2

Recent Accounting Pronounceme66

Recent Accounting Pronouncements (Details) $ in Millions	Mar. 31, 2016USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Early adoption, reclassifications from other assets to long-term debt effect	$ 3

Reclassifications from Accumu67

Reclassifications from Accumulated Other Comprehensive (Loss) Income Schedule of changes in AOCI by component, net of tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	$ (337.6)	$ (282.8)	$ (328.2)	$ (245.2)
Other comprehensive (loss) income before reclassifications	6	(26.8)	(23.4)	(70.5)
Amounts reclassified from AOCI	11.2	6.7	31.2	12.8
Other comprehensive income (loss)	17.2	(20.1)	7.8	(57.7)
Balance at the end of the period	(320.4)	(302.9)	(320.4)	(302.9)
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(39.7)	(17.9)	(28.5)	7.6
Other comprehensive (loss) income before reclassifications	(1.7)	(16.9)	(25.5)	(42.6)
Amounts reclassified from AOCI	7.4	3.7	20	3.9
Other comprehensive income (loss)	5.7	(13.2)	(5.5)	(38.7)
Balance at the end of the period	(34)	(31.1)	(34)	(31.1)
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(249.4)	(230.8)	(256.8)	(236.7)
Other comprehensive (loss) income before reclassifications	0	0	0	0
Amounts reclassified from AOCI	3.8	3	11.2	8.9
Other comprehensive income (loss)	3.8	3	11.2	8.9
Balance at the end of the period	(245.6)	(227.8)	(245.6)	(227.8)
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)	(0.3)	(0.4)
Other comprehensive (loss) income before reclassifications	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Balance at the end of the period	(0.3)	(0.4)	(0.3)	(0.4)
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balance at the beginning of the period	(48.2)	(33.7)	(42.6)	(15.7)
Other comprehensive (loss) income before reclassifications	7.7	(9.9)	2.1	(27.9)
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive income (loss)	7.7	(9.9)	2.1	(27.9)
Balance at the end of the period	$ (40.5)	$ (43.6)	$ (40.5)	$ (43.6)

Reclassifications from Accumu68

Reclassifications from Accumulated Other Comprehensive (Loss) Income Schedule of amounts reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Amount reclassified from AOCI
Cost of sales	$ (386.3)	$ (494.8)	$ (1,150.8)	$ (1,438.9)
Net sales	456.3	570.6	1,355.7	1,668.8
Interest expense	(7.2)	(7.1)	(20.8)	(20.9)
(Loss) income before income taxes	(33)	(2.3)	(1.8)	55.8
Income tax (benefit) expense	9.1	0.9	(1.8)	(19.6)
Net (loss) income	(23.9)	(1.4)	(3.6)	36.2
Cash flow hedging items | Amount Reclassified from AOCI
Amount reclassified from AOCI
(Loss) income before income taxes	(11.8)	(5.9)	(32.1)	(6.2)
Income tax (benefit) expense	4.4	2.2	12.1	2.3
Net (loss) income	(7.4)	(3.7)	(20)	(3.9)
Cash flow hedging items | Amount Reclassified from AOCI | Commodity contracts
Amount reclassified from AOCI
Cost of sales	(12)	(6.9)	(32.6)	(8.4)
Cash flow hedging items | Amount Reclassified from AOCI | Foreign exchange contracts
Amount reclassified from AOCI
Net sales	0.1	0.9	0.2	1.9
Cash flow hedging items | Amount Reclassified from AOCI | Interest rate swaps
Amount reclassified from AOCI
Interest expense	0.1	0.1	0.3	0.3
Pension and other postretirement benefit plan items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Net actuarial loss	(7.5)	(4.7)	(22.5)	(14.1)
Prior service cost (credits)	1.5	(0.1)	4.5	(0.3)
(Loss) income before income taxes	(6)	(4.8)	(18)	(14.4)
Income tax (benefit) expense	2.2	1.8	6.8	5.5
Net (loss) income	$ (3.8)	$ (3)	$ (11.2)	$ (8.9)

Sale of Equity Method Investm69

Sale of Equity Method Investment (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Sale price of equity method investment	$ 19	$ 19	$ 19
Proceeds from the sale of equity method investment	$ 6.3		$ 6.3	$ 0
Loss from sale of investment		$ (0.3)