Carpenter Technology (CRS) 10-K 18 Aug 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Aug. 12, 2016	Dec. 31, 2015
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17,843
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		46,612,582
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,415,149,138

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
NET SALES	$ 1,813.4	$ 2,226.7	$ 2,173
Cost of sales	1,535	1,908.4	1,774.1
Cost of sales - excess inventory write-down	22.5	0	0
Gross profit	255.9	318.3	398.9
Selling, general and administrative expenses	173.8	177.7	186.9
Restructuring and asset impairment charges	18	29.1	0
Goodwill impairment	12.5	0	0
Operating income	51.6	111.5	212
Interest expense	(28)	(27.7)	(17)
Other (expense) income, net	(2.1)	5.3	1.4
Income before income taxes	21.5	89.1	196.4
Income tax expense	10.2	30.4	63.6
Net income	$ 11.3	$ 58.7	$ 132.8
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.23	$ 1.11	$ 2.48
Diluted (in dollars per share)	$ 0.23	$ 1.11	$ 2.47
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	48.1	52.6	53.3
Diluted (in shares)	48.2	52.7	53.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 11.3	$ 58.7	$ 132.8
Other comprehensive (loss) income, net of tax
Pension and postretirement benefits (loss) gain, net of tax of $52.8, $12.0 and $(22.1), respectively	(87.5)	(20.1)	36.9
Net gain (loss) on derivative instruments, net of tax of $(4.0), $21.7 and $(29.5), respectively	6.7	(36.1)	49.1
Unrealized gain on marketable securities, net of tax of $0.0, $0.0 and $0.0, respectively	0	0.1	0
Foreign currency translation	(0.9)	(26.9)	4.5
Other comprehensive (loss) income, net of tax	(81.7)	(83)	90.5
Comprehensive (loss) income, net of tax	$ (70.4)	$ (24.3)	$ 223.3

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax expense (benefit)	$ 52.8	$ 12	$ (22.1)
Net gain (loss) on derivative instruments, tax expense (benefit)	(4)	21.7	(29.5)
Unrealized gain (loss) on marketable securities, tax expense	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 11.3	$ 58.7	$ 132.8
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	119.3	122.3	111.9
Goodwill impairment charge	12.5	0	0
Non-cash excess inventory write-down	22.5	0	0
Non-cash restructuring and asset impairment charges	7.6	7.6	0
Deferred income taxes	0.8	60.4	(9.7)
Net pension expense	53.8	44.5	57.9
Payments from qualified pension plan associated with restructuring charges	9.4	8.3	0
Stock-based compensation expense	8.7	10	11.4
Net loss on disposal of property and equipment	0.6	1.2	1.5
Changes in working capital and other:
Accounts receivable	48.2	25.4	5.6
Inventories	1.6	36	(37)
Other current assets	(2.1)	(0.3)	(5)
Accounts payable	(7.6)	(59.9)	16.8
Accrued liabilities	(14)	(12.1)	(21.1)
Pension plan contributions	0	(7.2)	(6.3)
Other postretirement plan contributions	(13)	(13.2)	(13.1)
Other, net	(2.7)	0.9	(6.1)
Net cash provided from operating activities	256.9	282.6	239.6
INVESTING ACTIVITIES
Purchases of property, equipment and software	(95.2)	(170.5)	(349.2)
Proceeds from disposals of property and equipment and assets held for sale	1.4	0.2	0.3
Proceeds received from sale of equity method investment	6.3	0	0
Proceeds from maturities of marketable securities	0.9	0.3	0.3
Other	4	0	0
Net cash used for investing activities	(82.6)	(170)	(348.6)
FINANCING ACTIVITIES
Dividends paid	(34.8)	(37.9)	(38.5)
Purchases of treasury stock	(123.9)	(124.5)	0
Payments on seller financed debt related to purchase of software	(4.9)	0	0
Tax benefits on share-based compensation	0	0.7	2.3
Proceeds from stock options exercised	0.5	2.3	7.1
Net cash used for financing activities	(163.1)	(159.4)	(29.1)
Effect of exchange rate changes on cash and cash equivalents	0.8	(3.2)	0.6
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12	(50)	(137.5)
Cash and cash equivalents at beginning of year	70	120	257.5
Cash and cash equivalents at end of year	$ 82	$ 70	$ 120

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 82	$ 70
Accounts receivable, net of allowance for doubtful accounts of $4.1 million and $3.8 million at June 30, 2016 and 2015, respectively	253.6	304.1
Inventories	628.7	655.8
Deferred income taxes	0	3.3
Other current assets	46.4	37.2
Total current assets	1,010.7	1,070.4
Property, plant and equipment, net	1,351.4	1,397
Goodwill	244.8	257.4
Other intangibles, net	63.2	71.6
Deferred income taxes	8.2	0
Other assets	116	106.2
Total assets	2,794.3	2,902.6
Current liabilities:
Accounts payable	159.6	169.5
Accrued liabilities	139.2	152.6
Total current liabilities	298.8	322.1
Long-term debt, net of current portion	611.3	603.8
Accrued pension liabilities	509.3	334.1
Accrued postretirement benefits	116.6	111.2
Deferred income taxes	102.4	146.5
Other liabilities	51	59
Total liabilities	1,689.4	1,576.7
Contingencies and commitments
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,254,569 shares at June 30, 2016 and 55,234,942 shares at June 30, 2015; outstanding 46,600,125 shares at June 30, 2016 and 50,318,244 shares at June 30, 2015	276.3	276.2
Capital in excess of par value	273.5	266.6
Reinvested earnings	1,308.9	1,332.4
Common stock in treasury (8,654,444 shares and 4,916,698 shares at June 30, 2016 and 2015, respectively), at cost	(343.9)	(221.1)
Accumulated other comprehensive loss	(409.9)	(328.2)
Total equity	1,104.9	1,325.9
Total liabilities and equity	$ 2,794.3	$ 2,902.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4.1	$ 3.8
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	55,254,569	55,234,942
Common stock, outstanding shares (in shares)	46,600,125	50,318,244
Common stock in treasury, shares (in shares)	8,654,444	4,916,698

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Income
Balances, beginning of period at Jun. 30, 2013	$ 1,303.1	$ 274.6	$ 254.4	$ 1,217.3	$ (107.5)	$ (335.7)
Increase (Decrease) in Stockholders' Equity
Net income	132.8			132.8
Pension and postretirement benefits gain, net of tax	36.9					36.9
Net gain on derivative instruments, net of tax	49.1					49.1
Foreign currency translation	4.5					4.5
Unrealized gain on marketable securities, net of tax	0
Cash Dividends:
Common @ $0.72 per share	(38.5)			(38.5)
Share-based compensation plans	7		0.9		6.1
Stock options exercised	7.1	1.2	5.9
Tax windfall (shortfall) on share-based compensation	2.3		2.3
Balances, end of period at Jun. 30, 2014	$ 1,504.3	$ 275.8	263.5	1,311.6	$ (101.4)	(245.2)
Balances, beginning of period (in shares) at Jun. 30, 2013	52,773,060	54,925,335			2,152,275
Common Shares
Stock options exercised (in shares)	236,540	236,540
Share-based compensation plans (in shares)	127,544				127,544
Balances, end of period (in shares) at Jun. 30, 2014	53,137,144	55,161,875			2,024,731
Increase (Decrease) in Stockholders' Equity
Net income	$ 58.7			58.7
Pension and postretirement benefits gain, net of tax	(20.1)					(20.1)
Net gain on derivative instruments, net of tax	(36.1)					(36.1)
Foreign currency translation	(26.9)					(26.9)
Unrealized gain on marketable securities, net of tax	0.1					0.1
Cash Dividends:
Common @ $0.72 per share	(37.9)			(37.9)
Share-based compensation plans	6.9		2.1		$ 4.8
Stock options exercised	2.3	$ 0.4	1.9
Tax windfall (shortfall) on share-based compensation	(0.9)		(0.9)
Purchases of treasury stock	(124.5)				(124.5)
Balances, end of period at Jun. 30, 2015	$ 1,325.9	$ 276.2	266.6	1,332.4	$ (221.1)	(328.2)
Common Shares
Stock options exercised (in shares)	73,067	73,067
Purchase of treasury stock (in shares)	(2,995,272)				(2,995,272)
Share-based compensation plans (in shares)	103,305				103,305
Balances, end of period (in shares) at Jun. 30, 2015	50,318,244	55,234,942			4,916,698
Increase (Decrease) in Stockholders' Equity
Net income	$ 11.3			11.3
Pension and postretirement benefits gain, net of tax	(87.5)					(87.5)
Net gain on derivative instruments, net of tax	6.7					6.7
Foreign currency translation	(0.9)					(0.9)
Unrealized gain on marketable securities, net of tax	0
Cash Dividends:
Common @ $0.72 per share	(34.8)			(34.8)
Share-based compensation plans	8.8		7.7		$ 1.1
Stock options exercised	0.5	$ 0.1	0.4
Tax windfall (shortfall) on share-based compensation	(1.2)		(1.2)
Purchases of treasury stock	(123.9)				(123.9)
Balances, end of period at Jun. 30, 2016	$ 1,104.9	$ 276.3	$ 273.5	$ 1,308.9	$ (343.9)	$ (409.9)
Common Shares
Stock options exercised (in shares)	19,627	19,627
Purchase of treasury stock (in shares)	(3,762,200)				(3,762,200)
Share-based compensation plans (in shares)	24,454				24,454
Balances, end of period (in shares) at Jun. 30, 2016	46,600,125	55,254,569			8,654,444

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (in dollars per share)	$ 0.72	$ 0.72	$ 0.72
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Investments in companies in which the Company exercises significant influence, but which it does not control (generally a 20 to 50 percent ownership interest), are accounted for by the equity method of accounting and the Company’s share of their income or loss is included in other (expense) income, net in the consolidated statements of income. During fiscal year 2016, the Company sold its only equity method investment in exchange for $6.3 million in cash and $12.6 million in a note receivable. Revenue Recognition Revenue, net of related discounts, rebates, returns and allowances of $29.8 million , $27.4 million and $28.3 million for the years ended June 30, 2016 , 2015 and 2014 , respectively, is recognized when persuasive evidence of arrangement exists, title and risk of loss has transferred to the customer, collectability is reasonably assured and pricing is fixed and determinable. These criteria are generally met upon shipment or delivery of the product based on the applicable shipping terms. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Freight and Handling Fees and Costs Freight and handling costs billed separately to customers are included as part of net sales, and freight and handling costs expensed are included as part of cost of sales on the consolidated statements of income. Research and Development Research and development expenditures, which amounted to $16.3 million , $18.7 million and $18.5 million in fiscal years 2016 , 2015 and 2014 , respectively, are expensed as incurred and are generally reported in cost of sales in the consolidated statements of income. The research and development expenditures consist principally of salaries and benefits, building costs, utilities and administrative expenses. Substantially all development costs are related to developing new products or designing significant improvements to existing products or processes. Cash Equivalents Cash equivalents consist of highly liquid instruments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates market. Accounts Receivable Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of outstanding amounts. Trade credit is extended based upon periodic evaluation of each customer’s ability to perform its obligations. The Company determines accounts receivable allowances based on an aging of accounts and a review of specific accounts identified as collection risks. The Company does not require collateral to secure accounts receivable. Inventories Inventories are valued at the lower of cost or market. Cost for inventories is principally determined by the LIFO method. The Company also uses the FIFO and average cost methods. As of June 30, 2016 and 2015, $118.4 million and $154.9 million of inventory, respectively, was accounted for using a method other than the LIFO method. Property, Plant and Equipment and Depreciation Fixed assets are stated at historical cost less accumulated depreciation. Depreciation for financial reporting purposes is computed by the straight-line method over the estimated useful lives of the assets. Depreciation for income tax purposes is computed using accelerated methods. Upon disposal, assets and related depreciation are removed from the accounts and the differences between the net amounts and proceeds from disposal are generally included in cost of goods sold in the consolidated statement of income. Computer Software and Amortization Computer software is included in other assets on the consolidated balance sheet, and is amortized for financial reporting purposes on a straight-line basis over the respective estimated useful lives ranging from 3 to 7 years. Amortization expense charged to operations related to capitalized software amounted to $5.5 million , $6.1 million and $6.4 million for the years ended June 30, 2016 , 2015 and 2014 , respectively. The carrying value of computer software net of accumulated amortization at June 30, 2016 and 2015 was $49.3 million and $37.4 million , respectively. Goodwill Goodwill, representing the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses, is stated at cost. Goodwill is not amortized but instead is annually tested for impairment (in the fourth quarter), or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Such events or circumstances include a decline in general economic conditions, adverse changes in the industry and markets, poor financial performance effecting earnings and cash flows and a trend of negative or declining cash flows over multiple periods. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value, including goodwill. The fair value is estimated using discounted cash flows and the use of market multiples valuation techniques. These valuation techniques require the use of estimates and assumptions related to projected operating results, capital expenditures and working capital levels as well as the cost of capital. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Intangible assets The costs of intangible assets, consisting principally of trademarks, trade names, non-compete arrangements, contracts and customer relationships are amortized on a straight-line basis over the estimated useful lives ranging from 2.5 to 30 years. Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and intangible assets, subject to amortization are reviewed for impairment and written down to fair value whenever events or changes in circumstances indicate that the carrying value may not be recoverable through future undiscounted cash flows. The amount of the impairment loss is the excess of the carrying amount of the impaired assets over the fair value of the assets based upon discounted future cash flows. Environmental Expenditures Environmental expenditures that pertain to current operations or to future revenues are expensed or capitalized consistent with the Company’s capitalization policy for property, plant and equipment. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to current or future revenues are expensed. Liabilities are recognized for remedial activities when the remediation is probable and the cost can be reasonably estimated. Most estimated liabilities are not discounted to present value due to the uncertainty as to the timing and duration of expected costs. For one former operating facility site, due to the routine nature of the expected costs, the liability for future costs is discounted to present value over 20 years assuming a discount rate of approximately 3 percent and 4 percent as of June 30, 2016 and 2015, respectively. The liabilities, net of present value discount, for this former operating site were $10.9 million and $10.8 million , respectively, as of June 30, 2016 and 2015 , respectively. Derivative Financial Instruments All derivative financial instruments are recorded on the balance sheet at their fair value and changes in fair value are recorded each period in current earnings or other comprehensive income. The Company enters into derivative financial instruments to hedge certain anticipated transactions, firm commitments or assets and liabilities denominated in foreign currencies. In addition, the Company utilizes interest rate swaps to convert fixed rate debt to floating rate. At least quarterly, the Company determines hedge effectiveness utilizing regression analysis for measuring the probable high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The ineffective portion of hedges are immediately recorded in the consolidated statement of income. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, future gains or losses on the derivative instrument are recorded in the consolidated statement of income. Foreign Currency Translation Assets and liabilities of most international operations are translated into U.S. dollars at exchange rates in effect at year-end, and their income statements are translated at the average monthly exchange rates prevailing during the year. The resulting translation gains and losses are recorded each period as a component of accumulated other comprehensive (loss) income until the international entity is sold or liquidated. Gains and losses from transactions denominated in foreign currencies are reported in other (expense) income, net in the consolidated statement of income. Income Taxes Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax bases and financial statement carrying values of the Company’s assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. Significant judgments, estimates and assumptions are required in determining tax return reporting positions and in calculating provisions for income tax, which are based on interpretations of tax regulations and accounting pronouncements. Liabilities are established for uncertain tax positions when it is more likely than not that such positions, if challenged, would not be sustained upon review by taxing authorities. These liabilities are re-evaluated as tax regulations and facts and circumstances change, such as the closing of a tax audit or the expiration of the statute of limitations for a specific exposure. Earnings per Share The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (restricted stock units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of shares for the period in each class. Diluted earnings per share assume the issuance of common stock for all potentially dilutive share equivalents outstanding. Concentration of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base. During fiscal year 2016 , one customer, Alcoa Inc. accounted for approximately 13 percent of total net sales. No single customer was greater than 10 percent or more of total net sales for fiscal years 2015 and 2014 , respectively. Approximately 22 percent of accounts receivable outstanding at June 30, 2016 are 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. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Charges and Asset

Restructuring Charges and Asset Impairment Charges	12 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges and Asset Impairment Charges	Restructuring Charges and Asset Impairment Charges Restructuring and asset impairment charges for the year ended June 30, 2016, 2015 and 2014 were $18.0 million , $29.1 million and $0.0 million , respectively. Fiscal Year 2016 During the year ended June 30, 2016, the Company recorded $10.4 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, $0.7 million of other a severance costs paid by the Company in fiscal year 2016 and $0.3 million of other severance related costs to be paid by the Company in fiscal year 2017. At this time, the Company does not expect any additional charges related to these restructuring actions in the future. As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact this weakness had on certain reporting units in the Performance Engineered Product (“PEP”) segment, the Company recognized non-cash impairment pre-tax 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 during the year ended June 30, 2016. Fiscal Year 2015 In fiscal year 2015, the Company implemented a restructuring plan aimed at reducing fixed costs by approximately $30 million annually across the Company. In connection with this restructuring plan, the Company recorded a pre-tax charge of $12.7 million during the year ended June 30, 2015 consisting primarily of various personnel-related costs for severance payments, medical coverage and related items. Of this charge, $2.5 million was paid by the Company in fiscal year 2015, $8.3 million was paid from the Company's qualified pension plan in fiscal year 2015, $0.4 million was recorded as non-cash forfeiture income related to stock-based compensation in fiscal year 2015 and the remaining balance was substantially paid by the Company in fiscal year 2016. The Company recorded a pre-tax charge of $13.4 million during the year ended June 30, 2015 to exit a material development program. This includes an $8.0 million cash payment during the year ended June 30, 2015 to exit a licensing agreement and non-cash asset impairment charges totaling $5.4 million . The Company recorded a pre-tax charge of $3.0 million during the year ended June 30, 2015 to reflect site closure costs consisting of $0.4 million cash payments and $2.6 million non-cash write-downs of inventory, property and equipment and related items. Activity and reserve balances for restructuring charges at June 30, 2016 and 2015 were as follows: June 30, ($ in millions) 2016 2015 Reserve balance beginning of year $ 2.3 $ — Restructuring charges and asset impairment charges 18.0 29.1 Cash payments (3.0 ) (10.9 ) Payments from qualified pension plan associated with restructuring charges (9.4 ) (8.3 ) Non-cash asset impairment charges and other (7.6 ) (7.6 ) Reserve balance end of year $ 0.3 $ 2.3 The remaining reserve is expected to be paid in fiscal year 2017.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The calculations of basic and diluted earnings from continuing operations per common share for the years ended June 30, 2016 , 2015 and 2014 were as follows: Years Ended June 30, (in millions, except per share data) 2016 2015 2014 Net income $ 11.3 $ 58.7 $ 132.8 Less: earnings and dividends allocated to participating securities (0.1 ) (0.1 ) (0.4 ) Earnings available for common shareholders used in calculation of basic earnings per share $ 11.2 $ 58.6 $ 132.4 Weighted average number of common shares outstanding, basic 48.1 52.6 53.3 Basic earnings per common share $ 0.23 $ 1.11 $ 2.48 Net income $ 11.3 $ 58.7 $ 132.8 Less: earnings and dividends allocated to participating securities (0.1 ) (0.1 ) (0.4 ) Earnings available for common shareholders used in calculation of diluted earnings per share $ 11.2 $ 58.6 $ 132.4 Weighted average number of common shares outstanding, basic 48.1 52.6 53.3 Effect of shares issuable under share-based compensation plans 0.1 0.1 0.3 Weighted average number of common shares outstanding, diluted 48.2 52.7 53.6 Diluted earnings per common share $ 0.23 $ 1.11 $ 2.47 The following awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share above because their effects were anti-dilutive: Years Ended June 30, (in millions) 2016 2015 2014 Stock options 1.5 0.8 0.1

Inventories

Inventories	12 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following components at June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Raw materials and supplies $ 137.6 $ 121.7 Work in process 298.9 346.1 Finished and purchased products 192.2 188.0 Total inventory $ 628.7 $ 655.8 If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $98.2 million and $196.6 million higher as of June 30, 2016 and 2015 , respectively. Current cost of LIFO-valued inventories was $608.5 million at June 30, 2016 and $697.5 million at June 30, 2015 . The reductions in LIFO-valued inventories increased cost of sales by $0.0 million during fiscal year 2016 and $1.6 million during fiscal year 2015 and $0.0 million during fiscal year 2014 . During the third quarter of fiscal year 2016, the Company recorded a $22.5 million excess inventory adjustment in certain reporting units in the PEP segment due to the prolonged weakness in oil and gas businesses.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consisted of the following components at June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Land $ 33.0 $ 28.8 Buildings and building equipment 484.1 442.9 Machinery and equipment 2,038.3 2,035.1 Construction in progress 52.3 90.0 Total at cost 2,607.7 2,596.8 Less: accumulated depreciation and amortization 1,256.3 1,199.8 Total property, plant, and equipment $ 1,351.4 $ 1,397.0 The estimated useful lives of depreciable assets are as follows: Asset Category Useful Life Buildings and building equipment 10 – 45 Machinery and equipment 3 – 30 As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact this weakness had on certain reporting units in the PEP segment, the Company recorded an impairment charge of $6.5 million during the third quarter of fiscal year 2016. Depreciation for the years ended June 30, 2016 , 2015 and 2014 was $106.5 million , $107.2 million and $93.3 million , respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	12 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net 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. Two of the Company’s reporting units, Amega West Services (“Amega”) and Specialty Steel Supply (“SSS”), have been significantly impacted by the prolonged weakness in oil and gas drilling and exploration activity driven by depressed oil prices. Given market conditions, depressed customer orders, reporting units results lower than expectation, the Company performed an interim impairment test 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 of fiscal year 2016, the Company determined that the goodwill associated with Amega and SSS was impaired and recorded an impairment charge of $12.5 million which represents the entire balance of the goodwill recorded for these reporting units. No other impairment was identified at the interim impairment testing date. The Company also performed an annual impairment test as of June 30, 2016 and no additional impairment was identified. The changes in the carrying amount of goodwill by reportable segment for fiscal years 2016 and 2015 were as follows: ($ in millions) June 30, 2014 Other June 30, 2015 Impairment Other June 30, 2016 Goodwill $ 292.4 $ (0.3 ) $ 292.1 $ — $ (0.1 ) $ 292.0 Accumulated impairment losses (34.7 ) — (34.7 ) (12.5 ) — (47.2 ) Total goodwill $ 257.7 $ (0.3 ) $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8 Specialty Alloys Operations $ 195.5 $ — $ 195.5 $ — $ — $ 195.5 Performance Engineered Products 62.2 (0.3 ) 61.9 (12.5 ) (0.1 ) 49.3 Total goodwill $ 257.7 $ (0.3 ) $ 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. Other Intangible Assets, Net June 30, 2016 June 30, 2015 ($ in millions) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademarks and trade names 2.5 - 30 $ 32.4 $ (20.7 ) $ 11.7 $ 42.0 $ (29.0 ) $ 13.0 Customer relationships 5 - 15 73.0 (22.2 ) 50.8 78.2 (21.3 ) 56.9 Non-compete agreements 6.5 5.4 (4.7 ) 0.7 5.4 (3.7 ) 1.7 Contracts 2.9 — — — 1.5 (1.5 ) — Total $ 110.8 $ (47.6 ) $ 63.2 $ 127.1 $ (55.5 ) $ 71.6 As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact this weakness had on certain reporting units in the PEP segment, the Company recorded an impairment charge of $1.1 million related to definite lived intangible assets during the third quarter or fiscal year 2016. The Company recorded $7.3 million of amortization expense related to intangible assets during fiscal year 2016 , $9.0 million during fiscal year 2015 and $12.2 million during fiscal year 2014 . The estimated annual amortization expense related to intangible assets for each of the succeeding five fiscal years is $6.4 million in fiscal year 2017 , $6.1 million in fiscal year 2018 , $5.9 million in fiscal year 2019 , $5.9 million in fiscal year 2020 and $5.9 million in fiscal year 2021 .

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Jun. 30, 2016
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Accrued compensation and benefits $ 41.8 $ 44.3 Derivative financial instruments 31.6 32.7 Accrued postretirement benefits 13.8 14.0 Accrued interest expense 11.2 11.2 Accrued pension liabilities 10.1 3.3 Deferred revenue 8.9 8.6 Accrued income taxes 1.5 8.7 Other 20.3 29.8 Total accrued liabilities $ 139.2 $ 152.6

Debt

Debt	12 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company entered into $500.0 million syndicated credit facility (“Credit Agreement”) that extends to June 2018. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “ Base Rate ,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% ( 1.45% as of June 30, 2016 ), and for Base Rate-determined loans, from 0.00% to 0.90% ( 0.45% as of June 30, 2016 ). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% ( 0.225% as of June 30, 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 June 30, 2016 ), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and reborrow loans and to terminate or reduce the commitments under the facility. As of June 30, 2016 , the Company had $7.1 million of issued letters of credit under the Credit Agreement, with the balance of $492.9 million available to the Company. The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00 . The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2016 , the Company was in compliance with all of the covenants of the Credit Agreement. Long-term debt outstanding as of June 30, 2016 and 2015 consisted of the following: June 30, ($ in millions) 2016 2015 Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2016 and 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2016 and 2015) 257.8 250.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2016 and 2015) 298.5 298.3 Total 611.3 603.8 Long-term debt, net of current portion $ 611.3 $ 603.8 Aggregate maturities of long-term debt for the five years subsequent to June 30, 2016 , are $0.0 million in fiscal year 2017 , $55.0 million in 2018 , $0.0 million in 2019 , 2020 and 2021, and $550.0 million thereafter. For the years ended June 30, 2016 , 2015 and 2014 , interest costs totaled $29.9 million , $30.4 million and $32.1 million , respectively, of which $1.9 million , $2.7 million and $15.1 million , respectively, were capitalized as part of the cost of property, plant, equipment and software.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The Company provides several noncontributory defined benefit pension plans to certain employees. The plans provide defined benefits based on years of service and final average salary. Effective January 1, 2012, new employees are not eligible to participate in the Company’s largest defined benefit pension plan. The Company also provides other postretirement benefit plans to certain of its employees. The postretirement benefit plans consist of health care and life insurance plans. Benefit payments are currently paid from corporate assets. Plan assets are maintained in a Voluntary Employee Benefit Association (“VEBA”) Trust. In future periods the Company expects to fund benefit payments using assets in the VEBA Trust. The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans: Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,323.1 $ 1,247.0 $ 236.8 $ 285.2 Service cost 31.2 32.2 3.3 4.4 Interest cost 58.0 54.1 10.4 11.8 Benefits paid (126.1 ) (81.3 ) (13.3 ) (13.8 ) Actuarial loss 108.8 61.2 8.8 2.7 Special termination benefits 9.4 8.3 — — Curtailment gain — — — (1.6 ) Plan amendments — 1.6 — (51.9 ) Projected benefit obligation at end of year 1,404.4 1,323.1 246.0 236.8 Change in plan assets: Fair value of plan assets at beginning of year 985.8 1,024.4 111.6 106.5 Actual return 22.2 32.2 4.3 5.4 Benefits paid (126.1 ) (81.3 ) (13.3 ) (13.8 ) Contributions 3.2 10.5 13.0 13.5 Fair value of plan assets at end of year 885.1 985.8 115.6 111.6 Funded status of the plans $ (519.3 ) $ (337.3 ) $ (130.4 ) $ (125.2 ) Amounts recognized in the consolidated balance sheets: Other assets - noncurrent $ 0.1 $ 0.1 $ — $ — Accrued liabilities - current (10.1 ) (3.3 ) (13.8 ) (14.0 ) Accrued pension liabilities - noncurrent (509.3 ) (334.1 ) — — Accrued postretirement benefits - noncurrent — — (116.6 ) (111.2 ) $ (519.3 ) $ (337.3 ) $ (130.4 ) $ (125.2 ) Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 547.7 $ 422.3 $ 61.1 $ 52.3 Prior service cost (credit) 2.0 2.4 (45.4 ) (51.8 ) Total $ 549.7 $ 424.7 $ 15.7 $ 0.5 Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of: Net actuarial loss $ 152.8 $ 97.8 $ 11.3 $ 3.6 Amortization of accumulated net actuarial loss (27.3 ) (16.7 ) (2.6 ) (2.0 ) Prior service cost (credit) — 1.6 — (51.9 ) Amortization of prior service (cost) benefit (0.4 ) (0.3 ) 6.5 — Total, before tax effect $ 125.1 $ 82.4 $ 15.2 $ (50.3 ) Additional information: Accumulated benefit obligation for all pension plans $ 1,319.7 $ 1,253.5 N/A N/A The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2016 and 2015 : Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Projected benefit obligation $ 1,404.3 $ 1,323.0 $ 246.0 $ 236.8 Fair value of plan assets $ 884.9 $ 985.6 $ 115.6 $ 111.6 The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2016 and 2015 : Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Accumulated benefit obligation $ 1,319.6 $ 1,253.4 $ 246.0 $ 236.8 Fair value of plan assets $ 884.9 $ 985.6 $ 115.6 $ 111.6 The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2014 2016 2015 2014 Service cost $ 31.2 $ 32.2 $ 32.1 $ 3.3 $ 4.4 $ 4.0 Interest cost 58.0 54.1 57.5 10.4 11.8 12.5 Expected return on plan assets (66.1 ) (68.8 ) (62.9 ) (7.0 ) (6.6 ) (6.5 ) Amortization of net loss 27.4 16.7 21.8 2.7 2.0 1.2 Amortization of prior service cost (benefit) 0.4 0.3 0.5 (6.5 ) — (0.1 ) Curtailment gain — — — — (1.6 ) — Net periodic benefit costs $ 50.9 $ 34.5 $ 49.0 $ 2.9 $ 10.0 $ 11.1 The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans, and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest & deferrals” in the segment data presented in Note 18 . During the year ended June 30, 2016, the Company offered an early retirement incentive to certain employees. As a result of the incentive, $9.4 million was paid from the Company's qualified pension plan consisting of various personnel-related costs to cover severance payments. During the year ended June 30, 2015, we implemented a reduction in our workforce by approximately 200 salaried positions. As a result of the reduction in workforce, $8.3 million was paid from the Company's qualified pension plan consisting primarily of various personnel-related costs to cover severance payments and medical coverage. Weighted-average assumptions used to determine benefit obligations at fiscal year end Pension Plans Other Postretirement Plans 2016 2015 2016 2015 Discount rate 3.92 % 4.50 % 3.86 % 4.40 % Rate of compensation increase 3.49 % 3.52 % N/A N/A Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year Pension Plans Other Postretirement Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.50 % 4.48 % 5.00 % 4.50 % 4.26 % 4.95 % Expected long-term rate of return on plan assets 6.92 % 6.92 % 7.00 % 6.25 % 6.25 % 7.00 % Long-term rate of compensation increase 3.49 % 3.52 % 3.57 % N/A N/A N/A The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant: June 30, 2016 2015 Assumed health care cost trend rate 7.50 % 7.50 % Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2022 2021 Assumed health care cost trend rates have an effect on the amounts reported for other postretirement benefits. A one percentage point increase in the assumed health care cost trend rate would increase service and interest cost by $0.2 million and increase the postretirement benefit obligation by $3.7 million . A one percentage point decrease in the assumed health care cost trend rate would decrease service and interest cost by $0.1 million and decrease the postretirement benefit obligation by $2.7 million . Amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in the year ended June 30, 2017 are: ($ in millions) Pension Plans Other Postretirement Plans Total Amortization of prior service cost (benefit) $ 0.4 $ (6.5 ) $ (6.1 ) Amortization of net actuarial loss 37.4 3.2 40.6 Amortization of accumulated other comprehensive loss (gain) $ 37.8 $ (3.3 ) $ 34.5 The Company’s U.S. pension plans’ weighted-average asset allocations at June 30, 2016 and 2015 , by asset category are as follows: 2016 2015 Equity securities 55.4 % 57.5 % Fixed income securities 44.2 42.4 Cash and cash equivalents 0.4 0.1 Total 100.0 % 100.0 % The Company’s policy for developing a pension plan investment strategy includes the periodic development of an asset and liability study by an independent investment consultant. Management considers this study in establishing an asset allocation that is presented to and approved by the Company’s Plan Committee. Based on the current funding level, the allocation policy for pension plan assets is to have approximately 60 percent in return seeking assets and 40 percent in liability matching assets. Return seeking assets include domestic and international equities and diversified loan funds. Liability matching assets include long duration bond funds. As the funding level of the plans improves in increments of 5 percent , assets will be shifted from return seeking to liability matching in increments of 4 percent as a de-risking strategy. The assets related to the Company’s other postretirement benefit plans were invested approximately 67 percent U.S. equities and 33 percent fixed income securities as of June 30, 2016 . Management establishes the expected long-term rate of return assumption by reviewing historical trends and analyzing the current and projected market conditions in relation to the plan’s asset allocation and risk management objectives. In determining the expected long-term rate of return, the Company considered historical returns for individual asset classes and the impact of active portfolio management. The fair values of the Company’s pension plan assets as of June 30, 2016 and 2015 , by asset category and by the levels of inputs used to determine fair value were as follows: June 30, 2016 June 30, 2015 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Short-term investments $ — $ 15.3 $ 15.3 $ — $ 14.9 $ 14.9 Domestic and international equities 139.4 — 139.4 158.9 — 158.9 Commingled funds 54.5 283.7 338.2 58.6 334.9 393.5 Limited partnerships — 38.5 38.5 — 38.4 38.4 Government agency bonds 0.7 141.0 141.7 2.2 141.3 143.5 Corporate bonds — 197.3 197.3 — 225.8 225.8 Mutual funds 1.9 — 1.9 1.5 — 1.5 Mortgage/asset backed securities and other — 12.8 12.8 — 9.3 9.3 $ 196.5 $ 688.6 $ 885.1 $ 221.2 $ 764.6 $ 985.8 The fair values of the Company’s other postretirement benefit plans as of June 30, 2016 and 2015 , by asset category and by the level of inputs used to determine fair value, were as follows: June 30, 2016 June 30, 2015 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Commingled fund $ — $ 64.0 $ 64.0 $ — $ 63.1 $ 63.1 Short-term investments — 23.8 23.8 — 21.6 21.6 Government agency bonds — 16.1 16.1 — 16.0 16.0 Corporate bonds and other — 9.9 9.9 — 8.6 8.6 Mortgage backed securities — 1.8 1.8 — 2.3 2.3 $ — $ 115.6 $ 115.6 $ — $ 111.6 $ 111.6 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in domestic and international equities are generally valued at the closing price reported on the active market on which they are traded. Commingled funds and limited partnerships are valued based on the net asset value (“NAV”) established for the fund at each valuation date. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units/shares outstanding. Corporate and government agency bonds and other fixed income securities are valued using closing bid prices on an active market when possible, otherwise using evaluated bid prices. Cash Flows — Employer Contributions The Company made contributions to the qualified US pension plans of $0 million , $7.2 million and $6.3 million during fiscal years 2016 , 2015 and 2014 , respectively. The Company currently expects to make $0.7 million in required cash pension contributions to the qualified defined benefit pension plans during fiscal year 2017 . During the years ended June 30, 2016 , 2015 and 2014 , the Company made contributions of $3.2 million , $3.3 million and $3.2 million to other non-qualified pension plans, respectively. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets. ($ in millions) Pension Other 2017 $ 73.9 $ 13.7 2018 $ 75.6 $ 14.1 2019 $ 77.9 $ 14.3 2020 $ 80.2 $ 14.5 2021 $ 82.2 $ 14.7 2022-2026 $ 431.7 $ 74.0 Other Benefit Plans Carpenter also maintains defined contribution retirement and savings plans for substantially all domestic employees. Company contributions to the plan were $11.8 million in fiscal year 2016 , $12.0 million in fiscal year 2015 and $10.6 million in fiscal year 2014 .

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Jun. 30, 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. Additionally, the Company has been notified that it may be a PRP with respect to other Superfund sites as to which no proceedings have been instituted against the Company. Neither the exact amount of remediation costs nor the final method of their allocation among all designated PRP’s at these Superfund sites have been determined. Accordingly, at this time, we cannot reasonably estimate expected costs for such matters. The liability for future environmental remediation costs that can be reasonably estimated is evaluated by management on a quarterly basis. The Company accrues amounts for environmental remediation costs that represent management’s best estimate of the probable and reasonably estimable future costs related to environmental remediation. During fiscal years 2016 , 2015 and 2014 the Company increased the liability for a company-owned former operating site by $0.3 million , $0.4 million and $0.7 million , respectively. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at June 30, 2016 and 2015 were $16.2 million and $15.9 million , respectively. Other The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year. The Company has entered into purchase agreements primarily for various key raw materials at market related prices, all made in the normal course of business. The commitments include both fixed and variable price provisions. Raw material prices as of June 30, 2016 were used for commitments with variable pricing. The purchase commitments covered by these agreements aggregate to $140.2 million as of June 30, 2016 , all of which relates to fiscal year 2017.

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Jun. 30, 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 market price of the stock. The share repurchase program may be discontinued at any time. During the year ended June 30, 2016 , the Company purchased 3,762,200 of its common stock on the open market for an aggregate of $123.9 million .

Operating Leases

Operating Leases	12 Months Ended
	Jun. 30, 2016
Leases, Operating [Abstract]
Operating Leases	Operating Leases The Company leases certain facilities and equipment under operating leases. Total rent expense was $11.3 million , $12.0 million and $12.8 million for the fiscal years ended June 30, 2016 , 2015 and 2014 , respectively. Future minimum payments for non-cancellable operating leases in effect at June 30, 2016 are: $10.2 million in fiscal year 2017 , $8.6 million in fiscal year 2018 , $6.1 million in fiscal year 2019 , $4.9 million in fiscal year 2020 , $3.8 million in fiscal year 2021 and $6.7 million thereafter.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 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 and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: June 30, 2016 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities +C5 Municipal auction rate securities $ 4.1 $ 4.1 Derivative financial instruments 11.8 11.8 Total assets $ 15.9 $ 15.9 Liabilities: Derivative financial instruments $ 43.9 $ 43.9 June 30, 2015 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities Municipal auction rate securities $ 5.0 $ 5.0 Derivative financial instruments 4.4 4.4 Total assets $ 9.4 $ 9.4 Liabilities: Derivative financial instruments $ 53.5 $ 53.5 The Company’s derivative financial instruments consist of commodity forward contracts, foreign currency forward contracts, interest rate swaps and forward interest rate swaps. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company’s use of derivatives and hedging policies are more fully discussed in Note 15 . The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows: June 30, 2016 June 30, 2015 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 611.3 $ 597.7 $ 603.8 $ 628.6 Company-owned life insurance $ 14.0 $ 14.0 $ 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 June 30, 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. For purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value of each reporting unit for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow analysis that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations. See Note 6 for further discussion of goodwill impairment testing performed by the Company.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has two share-based compensation plans: the 1993 Plan covering officers and key employees and the Director’s Plan covering non-employee directors. The Company recognizes compensation cost based on the fair value of the awards on the date of grant. The compensation cost is recognized over the requisite service period of the award, which is generally the shorter of the vesting period that the holder is required to provide service, or the period from the grant date to the date on which the employee is eligible to retire. Upon retirement, as defined in the Company’s share-based compensation plans, outstanding awards are subject to certain accelerated vesting terms. Awards granted under the share-based compensation plans are paid from shares held in treasury and newly issued shares. The total compensation cost that has been charged against income related to these share-based compensation plans was $8.7 million , $10.0 million and $11.4 million for the years ended June 30, 2016 , 2015 and 2014 , respectively. 1993 Plan The 1993 plan provides that the Board of Directors or a designated committee may grant stock options, restricted stock and restricted stock units, and determine the terms and conditions of each grant. The 1993 plan provides the Chief Executive Officer with limited authority to grant awards. As of June 30, 2016 , 1,180,272 shares were available for awards which may be granted under this plan. Director’s Plan The Director’s plan provides for the granting of stock options and stock units to non-employee Directors. As of June 30, 2016 , 604,211 shares were reserved for awards which may be granted under this plan. Stock Options (all plans) Stock options granted under the plans above are granted with an exercise price equal to at least the fair market value of the Company’s common stock on the date of grant. The options are typically exercisable after one to three years of service and expire no longer than ten years from the grant date. The fair value of stock options awarded in fiscal years 2016 , 2015 and 2014 were estimated on the date of each grant using a Black-Scholes option pricing model with the following weighted-average assumptions: Years Ended June 30, 2016 2015 2014 Expected volatility 33 % 36 % 49 % Dividend yield 2.0 % 1.6 % 1.3 % Risk-free interest rate 1.5 % 1.4 % 1.4 % Expected term (in years) 5.0 5.0 5.0 The assumptions are based on multiple factors, including historical exercise patterns of employees in relatively homogeneous groups with respect to exercise and post-vesting employment termination behaviors, expected future exercising patterns for these same homogeneous groups and the implied volatility of our stock price based on historical performance for the same expected term of the options granted. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of each grant. Number of Weighted Weighted Aggregate Outstanding at June 30, 2013 1,088,728 $ 37.51 Granted 243,292 $ 54.65 Exercised (236,540 ) $ 30.19 Cancelled (31,585 ) $ 49.83 Outstanding at June 30, 2014 1,063,895 $ 42.69 Granted 702,411 $ 48.28 Exercised (73,067 ) $ 31.53 Cancelled (185,361 ) $ 52.67 Outstanding at June 30, 2015 1,507,878 $ 44.61 Granted 277,769 $ 36.31 Exercised (19,627 ) $ 25.12 Cancelled (64,518 ) $ 47.98 Outstanding at June 30, 2016 1,701,502 $ 43.35 6.6 years $ 2.6 Exercisable at June 30, 2016 1,295,510 $ 43.40 6.0 years $ 2.6 Outstanding and Exercisable Options Exercise Price Number Outstanding at June 30, 2016 Weighted Weighted Number Exercisable at June 30, 2016 Weighted $14.17 - $20.00 61,537 3.1 $ 17.29 61,537 $ 17.29 $20.01 - $30.00 162,321 2.9 $ 22.72 162,321 $ 22.72 $30.01 - $40.00 341,722 7.9 $ 35.83 84,772 $ 34.51 $40.01 - $50.00 394,385 7.0 $ 43.11 394,385 $ 43.11 $50.01 - $63.54 741,537 6.8 $ 53.62 592,495 $ 53.25 1,701,502 $ 43.35 1,295,510 $ 43.40 The weighted average grant date fair value of options awarded during fiscal years 2016 , 2015 and 2014 was $9.27 , $11.78 and $21.31 , respectively. Share-based compensation charged against income related to stock options for the years ended June 30, 2016 , 2015 and 2014 was $3.1 million , $6.8 million and $3.5 million , respectively. As of June 30, 2016 , $1.5 million of compensation cost related to nonvested stock options will be recognized over a weighted average remaining life of 1.2 years. Of the options outstanding at June 30, 2016 , 1,418,935 relate to the 1993 plan and 282,567 relate to the Directors’ Plan. Restricted Stock Unit Awards (1993 Plan) Restricted stock unit awards are granted to employees with performance and/or service conditions. Earned restricted stock unit awards receive non-forfeitable cash dividends during the restriction period. The fair value of the restricted stock unit awards is determined based on the close price of the Company’s stock on the grant date. Performance-based restricted stock unit awards are earned dependent upon how certain performance goals are achieved during a specified performance period according to the terms determined at the date of the grant. These shares typically vest zero to two years from the date of the attainment of the specified performance goals. Compensation cost is determined and charged to expense beginning in the performance period through the vesting period. Time-based restricted stock unit awards typically vest three years from the date of grant. Compensation cost related to time-based stock unit awards is recognized over the vesting period of the award. Amounts charged to compensation expense for restricted stock unit awards was $2.4 million , $1.3 million and $2.8 million for the years end June 30, 2016 , 2015 and 2014 , respectively. As of June 30, 2016 , $2.9 million of compensation cost related to restricted stock unit awards remains to be recognized over a weighted average remaining life of 1.9 years. Number of Awards Weighted Average Grant Date Fair Value Restricted Balance at June 30, 2013 215,415 $ 43.75 Time-based granted 14,086 $ 52.58 Performance-based granted 20,794 $ 48.85 Vested (120,117 ) $ 43.96 Forfeited (16,615 ) $ 48.02 Restricted Balance at June 30, 2014 113,563 $ 44.99 Time-based granted 97,168 $ 42.65 Performance-based granted 895 $ 54.37 Vested (76,214 ) $ 42.04 Forfeited (8,003 ) $ 48.94 Restricted Balance at June 30, 2015 127,409 $ 45.09 Time-based granted 130,742 $ 35.96 Performance-based granted 49,529 $ 31.11 Vested (36,057 ) $ 48.85 Forfeited (83,154 ) $ 42.14 Restricted Balance at June 30, 2016 188,469 $ 35.69 Total Stockholder Return Awards The Company granted Total Stockholder Return (“TSR”) awards in fiscal years 2016 , 2015 and 2014 . The TSR awards are granted at a target number of shares. The TSR awards are earned based on the Company’s total stockholder return compared to the total stockholder returns of the Russell Materials and Processing Growth Index at the end of a three -year period. The actual number of shares awarded may range from a minimum of 0 percent of the target shares to a maximum of 200 percent of the target shares. Participants do not have any rights to dividends (or equivalents) during the performance period. The fair value of the TSR awards was estimated using Monte Carlo valuation models. Compensation cost related to TSR awards recognized in fiscal years 2016 , 2015 and 2014 was $2.0 million , $0.8 million and $3.9 million , respectively. Director Stock Units According to the provisions of the Director’s plan, on the date of each annual stockholders’ meeting or on such other regularly scheduled date as the Board of Directors may determine from time to time in light of the Company’s prevailing practices for the grant of equity awards to employees, each Director shall be granted, in place of cash compensation, a number of stock units determined by dividing 50 percent of the Director’s annual retainer by the fair market value of the Company’s common stock on that date. These stock units vest as to one-quarter of the units for every three months of service following the grant date and are fully vested on the first anniversary of the grant date. At the Director’s election, the remaining 50 percent of the annual retainer and 100 percent of committee chair fees may be paid in stock units in lieu of cash. These units are immediately vested. In addition to the grant of retainer stock units described above, each Director may be granted annually an additional award of stock units as the Board may determine by resolution. These stock units vest as to one-quarter of the units for every three months of service following the grant date and are fully vested on the first anniversary of the grant date. Additional units are credited to each Director on a quarterly basis to reflect dividend equivalents on the Company’s common stock. In the case of separation from service due to death or disability, all stock units shall immediately vest. Following a Director’s separation from service, or such other elected distribution date or event, the number of stock units credited to the Director’s account will be converted to an equivalent number of the Company’s common stock. Number of Units Weighted Average Grant Date Fair Value Outstanding at June 30, 2013 246,519 $ 30.06 Granted 19,770 $ 59.47 Dividend equivalents 3,026 $ — Outstanding at June 30, 2014 269,315 $ 32.25 Granted 24,668 $ 42.80 Distributed (11,296 ) $ 31.79 Dividend equivalents 4,749 $ — Outstanding at June 30, 2015 287,436 $ 35.48 Granted 40,323 $ 32.54 Dividend equivalents 7,184 $ — Outstanding at June 30, 2016 334,943 $ 38.64 Compensation cost is determined using the grant date fair value and charged to expense over the vesting period of one year and amounted to $1.2 million , $1.1 million and $1.2 million for the years ended June 30, 2016 , 2015 and 2014 , respectively. As of June 30, 2016 , $0.4 million of compensation cost related to director stock units remains to be recognized over a weighted average remaining life of 0.3 years.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Jun. 30, 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 (loss) income (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of June 30, 2016 , the Company had forward contracts to purchase 19.3 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 affects earnings or it becomes probable that the forecasted transaction will not occur. For the years ended June 30, 2016 , 2015 and 2014 net gains of $0.3 million , $0.3 million , $0.3 million , respectively, were recorded as a reduction to interest expense. These amounts represent the impact of previously terminated swaps which are being amortized over the remaining term of the underlying debt. Cash Flow Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective, and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currency against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other income and expense. As of June 30, 2016 , 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. The Company has designated fixed to floating interest rate swaps as fair value hedges. Accordingly, the changes in the fair value of these instruments are immediately recorded in earnings. The mark-to-market values of both the fair value hedging instruments and the underlying debt obligations are recorded as equal and offsetting gains and losses in interest expense in the consolidated statements of income. As of June 30, 2016 and 2015 , the total notional amount of floating interest rate contracts was $150.0 million and $150.0 million , respectively. For the years ended June 30, 2016 , 2015 and 2014 , net gains of $2.6 million , $2.9 million and $0.0 million , respectively, were recorded as a reduction to interest expense. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of June 30, 2016 and 2015 : June 30, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.2 $ 0.3 $ 0.6 $ 2.1 Other assets 9.7 — — 9.7 Total asset derivatives $ 10.9 $ 0.3 $ 0.6 $ 11.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.3 $ 31.3 $ 31.6 Other liabilities — — 12.3 12.3 Total liability derivatives $ — $ 0.3 $ 43.6 $ 43.9 June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.5 $ 0.2 $ — $ 1.7 Other assets 2.7 — — 2.7 Total asset derivatives $ 4.2 $ 0.2 $ — $ 4.4 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ — $ 32.7 $ 32.7 Other liabilities — — 20.8 20.8 Total liability derivatives $ — $ — $ 53.5 $ 53.5 Substantially all of the Company's derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $13.6 million and total liability derivatives would have been $45.7 million as of June 30, 2016. According to the provisions of the Company’s derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of June 30, 2016 the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (loss) gains related to cash flow hedges recognized during the years ended June 30, 2016 , 2015 and 2014 : Amount of (Loss) Gain Recognized in AOCI on Derivatives ($ in millions) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (34.0 ) $ (76.3 ) $ 59.3 Foreign exchange contracts 0.7 2.6 (1.6 ) Total $ (33.3 ) $ (73.7 ) $ 57.7 Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI into Income ($ in millions) (Effective Portion) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (44.6 ) $ (18.5 ) $ (20.5 ) Foreign exchange contracts Net sales 0.2 2.3 (0.8 ) Forward interest rate swaps Interest expense 0.4 0.4 0.4 Total $ (44.0 ) $ (15.8 ) $ (20.9 ) Location of Gain (Loss) Amount of Loss Reclassified from AOCI into Income ($ in millions) (Ineffective Portion) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.5 $ (2.2 ) $ (0.3 ) Total $ 1.5 $ (2.2 ) $ (0.3 ) The Company estimates that $25.0 million of net derivative losses included in AOCI as of June 30, 2016 will be reclassified into earnings within the next twelve months. No significant cash flow hedges were discontinued during the year ended June 30, 2016 . The changes in AOCI associated with derivative hedging activities during the years ended June 30, 2016 , 2015 and 2014 were as follows: ($ in millions) 2016 2015 2014 Balance, beginning $ (28.5 ) $ 7.6 $ (41.5 ) Current period changes in fair value, net of tax (20.8 ) (46.0 ) 36.0 Reclassification to earnings, net of tax 27.5 9.9 13.1 Balance, ending $ (21.8 ) $ (28.5 ) $ 7.6

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before income taxes for the Company’s domestic and foreign operations was as follows: Years Ended June 30, ($ in millions) 2016 2015 2014 Domestic $ 17.3 $ 64.3 $ 178.6 Foreign 4.2 24.8 17.8 Income before income taxes $ 21.5 $ 89.1 $ 196.4 The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended June 30, ($ in millions) 2016 2015 2014 Current: Federal $ 4.7 $ (39.3 ) $ 61.3 State 0.4 1.2 6.5 Foreign 4.3 8.1 5.5 Total current 9.4 (30.0 ) 73.3 Deferred: Federal 0.1 60.2 (8.0 ) State 0.5 0.1 (1.4 ) Foreign 0.2 0.1 (0.3 ) Total deferred 0.8 60.4 (9.7 ) Total income tax expense $ 10.2 $ 30.4 $ 63.6 The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company’s effective income tax rates: Years Ended June 30, (% of pre-tax income) 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.2 2.2 2.5 Foreign tax rate differential 5.5 (1.6 ) (0.3 ) Domestic manufacturing deduction (7.0 ) (2.7 ) (3.5 ) Law changes (3.8 ) 1.8 0.1 Increases (decreases) in valuation allowances 2.1 (0.3 ) (0.8 ) Unremitted earnings of foreign subsidiary 12.7 — — Non-deductible goodwill impairment 5.1 — — Research and development tax credit (8.4 ) (0.9 ) (0.3 ) Other, net 4.0 0.6 (0.3 ) Effective income tax rate 47.4 % 34.1 % 32.4 % 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 tax charge of $2.8 million during fiscal year 2016. Deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases. The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheet are summarized in the table below. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. As of June 30, 2016 , the Company had state net operating loss carryforwards of $325.2 million expiring between 2018 and 2036. The valuation allowances increased by $0.2 million during fiscal year 2016 primarily due to a decrease in the amount of future reversals of taxable temporary differences. A significant portion of the state net operating loss carryforwards are subject to an annual limitation that under current law is likely to limit future tax benefits to approximately $5 million . June 30, ($ in millions) 2016 2015 Deferred tax assets: Pensions $ 193.5 $ 125.1 Postretirement provisions 51.0 48.9 Net operating loss carryforwards 20.5 20.3 Derivatives and hedging activities 14.8 18.5 Other 37.4 32.6 Gross deferred tax assets 317.2 245.4 Valuation allowances (17.7 ) (17.5 ) Total deferred tax assets 299.5 227.9 Deferred tax liabilities: Depreciation (333.0 ) (321.2 ) Intangible assets (20.4 ) (26.1 ) Inventories (27.4 ) (17.6 ) Other (12.9 ) (6.2 ) Total deferred tax liabilities (393.7 ) (371.1 ) Deferred tax liabilities $ (94.2 ) $ (143.2 ) As of June 30, 2016 , the Company had $106.5 million of indefinitely reinvested foreign earnings for which we have not provided deferred income taxes. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes and withholding taxes in various foreign tax jurisdictions. It is not practical to calculate these taxes due to the complex and hypothetical nature of the calculations. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows: Years Ended June 30, ($ in millions) 2016 2015 2014 Balance, beginning $ — $ — $ 1.4 Reductions as a result of a lapse of statute of limitations — — (1.1 ) Reductions based on tax positions of prior year — — (0.1 ) Reductions as a result of settlements with taxing authorities — — (0.2 ) Balance, ending $ — $ — $ — The liability for unrecognized tax benefits was $0.0 million at June 30, 2016 , June 30, 2015 and June 30, 2014 . It is reasonably possible that the amount of the unrecognized tax benefits will change within the next twelve months; however, any such changes are not expected to have a significant impact on the Company’s consolidated financial statements. It is the Company’s policy to classify interest and penalties recognized on uncertain tax positions as a component of income tax expense. The Company’s income tax expense included net benefits of $0.0 million , $0.0 million and $0.6 million related to interest and penalties for the years ended June 30, 2016 , 2015 and 2014 , respectively. In addition, no amounts were included in accrued income taxes for interest and penalties in the consolidated balance sheets as of June 30, 2016 and 2015 . All years prior to fiscal year 2013 have been settled with the Internal Revenue Service and with most significant state, local and foreign tax jurisdictions.

Other (Expense) Income, Net

Other (Expense) Income, Net	12 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other (Expense) Income, Net	Other (Expense) Income, Net Other (expense) income, net consists of the following: Years Ended June 30, ($ in millions) 2016 2015 2014 Interest income $ 0.2 $ 0.1 $ 0.2 Equity in earnings of unconsolidated subsidiaries 0.6 0.1 0.6 Unrealized (losses) gains on company owned life insurance contracts and investments held in rabbi trusts (0.5 ) 0.3 2.1 Foreign exchange (2.4 ) 0.4 (1.5 ) Other — 4.4 — Total other (expense) income, net $ (2.1 ) $ 5.3 $ 1.4

Segment Information, Geographic

Segment Information, Geographic and Product Data	12 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information, Geographic and Product Data	Segment Information, Geographic and Product Data The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”). The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe and surrounding areas in Pennsylvania, South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. The Company's executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring and asset impairment charges, and other specifically-identified income or expense items. The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest and deferrals.” On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 13 percent of the net sales for the year ended June 30, 2016. No single customer accounted for 10 percent or more of the Company’s net sales for the years ended June 30, 2015 and 2014 , respectively. Approximately 22 percent of the accounts receivable outstanding at June 30, 2016 are 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 Years Ended June 30, ($ in millions) 2016 2015 2014 Net Sales: Specialty Alloys Operations $ 1,481.0 $ 1,796.6 $ 1,741.6 Performance Engineered Products 358.7 497.7 498.6 Intersegment (26.3 ) (67.6 ) (67.2 ) Consolidated net sales $ 1,813.4 $ 2,226.7 $ 2,173.0 Years Ended June 30, ($ in millions) 2016 2015 2014 Operating Income: Specialty Alloys Operations $ 176.9 $ 155.2 $ 232.7 Performance Engineered Products (5.5 ) 39.1 45.5 Corporate costs (including restructuring and impairment charges) (103.0 ) (72.0 ) (43.8 ) Pension EID (19.3 ) (9.4 ) (21.8 ) Intersegment 2.5 (1.4 ) (0.6 ) Consolidated operating income $ 51.6 $ 111.5 $ 212.0 Years Ended June 30, ($ in millions) 2016 2015 2014 Depreciation and Amortization: Specialty Alloys Operations $ 94.4 $ 95.0 $ 83.4 Performance Engineered Products 21.9 23.3 23.8 Corporate 3.8 4.6 5.5 Intersegment (0.8 ) (0.6 ) (0.8 ) Consolidated depreciation and amortization $ 119.3 $ 122.3 $ 111.9 Years Ended June 30, ($ in millions) 2016 2015 2014 Capital Expenditures: Specialty Alloys Operations $ 67.0 $ 129.0 $ 319.9 Performance Engineered Products 19.8 38.1 24.7 Corporate 8.6 4.3 5.4 Intersegment (0.2 ) (0.9 ) (0.8 ) Consolidated capital expenditures $ 95.2 $ 170.5 $ 349.2 June 30, ($ in millions) 2016 2015 Total Assets: Specialty Alloys Operations $ 2,256.5 $ 2,323.0 Performance Engineered Products 415.8 499.2 Corporate 151.3 121.7 Intersegment (29.3 ) (41.3 ) Consolidated total assets $ 2,794.3 $ 2,902.6 Geographic Data Years Ended June 30, ($ in millions) 2016 2015 2014 Net Sales: (a) United States $ 1,243.5 $ 1,579.9 $ 1,537.9 Europe 321.4 359.6 349.5 Asia Pacific 129.5 141.8 137.1 Canada 44.9 61.2 65.3 Mexico 46.7 59.2 59.2 Other 27.4 25.0 24.0 Consolidated net sales $ 1,813.4 $ 2,226.7 $ 2,173.0 (a) Net sales were attributed to countries based on the location of the customer. June 30, ($ in millions) 2016 2015 Long-lived assets: United States $ 1,323.4 $ 1,367.0 Asia Pacific 16.8 18.1 Canada 5.9 6.5 Europe 4.2 4.5 Mexico 1.1 0.9 Consolidated long-lived assets $ 1,351.4 $ 1,397.0

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Jun. 30, 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. In March, April and May 2016, the FASB issued additional revenue recognition guidance in ASU 2016-08, ASU 2016-10, ASU 2016-11 and ASU 2016-12. All four of these standards provide implementation guidance and clarifications of ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations, ASU 2016-10 provides additional guidance on identifying performance obligations and licensing, ASU 2016-11 rescinds SEC guidance based on the previous revenue recognition standards and ASU 2016-12 relates to narrow-scope improvements and practical expedients. All of these amendments are effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the impact of the adoption of this guidance to the Company’s consolidated financial statements and related disclosures. 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. The Company adopted this new standard as of June 30, 2016. As of June 30, 2016 and 2015, $2.9 million and $3.3 million , respectively, of debt issuance costs were recorded as a reduction of 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 adopted this new standard as of June 30, 2016. 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 early adopted the above guidance on June 30, 2016 and elected to prospectively apply its provisions. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 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 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 2016-09, 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 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	12 Months Ended
	Jun. 30, 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 years ended June 30, 2016 and 2015 were as follows: ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive loss before reclassifications (20.8 ) (102.5 ) — (0.9 ) (124.2 ) Amounts reclassified from AOCI (b) 27.5 15.0 — — 42.5 Net current-period other comprehensive income (loss) 6.7 (87.5 ) — (0.9 ) (81.7 ) Balance at June 30, 2016 $ (21.8 ) $ (344.3 ) $ (0.3 ) $ (43.5 ) $ (409.9 ) ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive loss before reclassifications (46.0 ) (32.0 ) — (26.9 ) (104.9 ) Amounts reclassified from AOCI (b) 9.9 11.9 0.1 — 21.9 Net current-period other comprehensive (loss) income (36.1 ) (20.1 ) 0.1 (26.9 ) (83.0 ) Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2016 and 2015 : Amount Reclassified from AOCI Years Ended June 30, ($ in millions) (a) Location of 2016 2015 Details about AOCI Components Cash flow hedging items Commodity contracts Cost of sales $ (44.6 ) $ (18.5 ) Foreign exchange contracts Net sales 0.2 2.3 Forward interest rate swaps Interest expense 0.4 0.4 Total before tax (44.0 ) (15.8 ) Tax benefit 16.5 5.9 Net of tax $ (27.5 ) $ (9.9 ) Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (30.1 ) $ (18.7 ) Prior service cost (b) 6.1 (0.3 ) Total before tax (24.0 ) (19.0 ) Tax benefit 9.0 7.1 Net of tax $ (15.0 ) $ (11.9 ) (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 9 for additional details). During the year ended June 30, 2015, the Company identified an error related to the accounting for an equity method investment. Since the investee’s financial statements are prepared using a functional currency other than the US dollar, the Company should have been translating the Company’s investment balance into a US dollar equivalent at the end of each period. The impact of correcting this error was a $4.9 million reduction in other assets with an offsetting adjustment to accumulated other comprehensive loss in the Company’s consolidated balance sheet. This adjustment is included in foreign currency translation in the consolidated statement of comprehensive (loss) income for the year ended June 30, 2015. The Company determined that neither the prior period error nor the current period adjustment were material to the periods presented.

Supplemental Data

Supplemental Data	12 Months Ended
	Jun. 30, 2016
Supplemental Data
Supplemental Data	Supplemental Data The following are additional required disclosures and other material items: Years Ended June 30, ($ in millions) 2016 2015 2014 Cost Data: Repairs and maintenance costs $ 101.8 $ 114.7 $ 108.9 Cash Flow Data: Noncash investing and financing activities: Sale of equity method investment $ 12.6 $ — $ — Noncash purchases of property, equipment and software $ 15.1 $ 17.3 $ 65.5 Seller financed debt related to the purchase of software $ — $ 4.9 $ — Cash paid during the year for: Interest payments, net $ 27.5 $ 29.0 $ 15.1 Income tax payment (refunds), net $ 27.9 $ (27.1 ) $ 70.8

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Jun. 30, 2016
Quarterly Financial Data [Abstract]
Quarterly Financial Data (Unaudited)	SUPPLEMENTARY DATA Quarterly Financial Data (Unaudited) Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern. (dollars and shares in millions, except per share amounts) First Second Third Fourth Results of Operations Fiscal Year 2016 Net sales $ 455.6 $ 443.8 $ 456.3 $ 457.7 Gross profit $ 68.6 $ 66.3 $ 47.5 $ 73.5 Operating income (loss) $ 24.8 $ 21.8 $ (24.3 ) $ 29.2 Net income (loss) $ 8.9 $ 11.5 $ (23.9 ) $ 14.9 Fiscal Year 2015 Net sales $ 549.8 $ 548.4 $ 570.6 $ 558.0 Gross profit $ 69.1 $ 85.0 $ 75.8 $ 88.4 Operating income $ 22.1 $ 45.0 $ 4.8 $ 39.5 Net income (loss) $ 13.5 $ 24.1 $ (1.4 ) $ 22.5 During the quarters ended March 31, 2016, September 30, 2015, June 30, 2015 and March 31, 2015, the Company recorded restructuring and asset impairment charges. See Note 2, Restructuring Charges and Asset Impairment Charges to Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”. First Quarter Second Quarter Third Quarter Fourth Quarter Earnings (Loss) per common share Fiscal Year 2016 Basic earnings $ 0.18 $ 0.23 $ (0.51 ) $ 0.32 Diluted earnings $ 0.18 $ 0.23 $ (0.51 ) $ 0.32 Fiscal Year 2015 Basic earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Diluted earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 First Quarter Second Quarter Third Quarter Fourth Quarter Weighted average common shares outstanding Fiscal Year 2016 Basic 49.7 48.8 47.1 46.9 Diluted 49.9 48.9 47.1 47.0 Fiscal Year 2015 Basic 53.5 53.4 52.6 50.9 Diluted 53.7 53.6 52.6 51.0

SCHEDULE II. VALUATION AND QUAL

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Jun. 30, 2016
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS	CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS ($ in millions) Column A Column B Column C Additions Column D Column E Description Balance at Beginning of Period Charged to Costs & Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended June 30, 2016 Allowance for doubtful accounts receivable $ 3.8 $ 1.2 $ — $ (0.9 ) $ 4.1 Deferred tax valuation allowance $ 17.5 $ 0.2 $ — $ — $ 17.7 Year Ended June 30, 2015 Allowance for doubtful accounts receivable $ 3.4 $ 1.2 $ — $ (0.8 ) $ 3.8 Deferred tax valuation allowance $ 17.8 $ (0.3 ) $ — $ — $ 17.5 Year Ended June 30, 2014 Allowance for doubtful accounts receivable $ 4.1 $ 0.1 $ — $ (0.8 ) $ 3.4 Deferred tax valuation allowance $ 19.2 $ (1.4 ) $ — $ — $ 17.8

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Investments in companies in which the Company exercises significant influence, but which it does not control (generally a 20 to 50 percent ownership interest), are accounted for by the equity method of accounting and the Company’s share of their income or loss is included in other (expense) income, net in the consolidated statements of income.
Revenue Recognition	Revenue Recognition Revenue, net of related discounts, rebates, returns and allowances of $29.8 million , $27.4 million and $28.3 million for the years ended June 30, 2016 , 2015 and 2014 , respectively, is recognized when persuasive evidence of arrangement exists, title and risk of loss has transferred to the customer, collectability is reasonably assured and pricing is fixed and determinable. These criteria are generally met upon shipment or delivery of the product based on the applicable shipping terms. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers.
Freight and Handling Fees and Costs	Freight and Handling Fees and Costs Freight and handling costs billed separately to customers are included as part of net sales, and freight and handling costs expensed are included as part of cost of sales on the consolidated statements of income.
Research and Development	Research and Development Research and development expenditures, which amounted to $16.3 million , $18.7 million and $18.5 million in fiscal years 2016 , 2015 and 2014 , respectively, are expensed as incurred and are generally reported in cost of sales in the consolidated statements of income. The research and development expenditures consist principally of salaries and benefits, building costs, utilities and administrative expenses. Substantially all development costs are related to developing new products or designing significant improvements to existing products or processes.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid instruments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates market.
Accounts Receivable	Accounts Receivable Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of outstanding amounts. Trade credit is extended based upon periodic evaluation of each customer’s ability to perform its obligations. The Company determines accounts receivable allowances based on an aging of accounts and a review of specific accounts identified as collection risks. The Company does not require collateral to secure accounts receivable.
Inventories	Inventories Inventories are valued at the lower of cost or market. Cost for inventories is principally determined by the LIFO method. The Company also uses the FIFO and average cost methods.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation Fixed assets are stated at historical cost less accumulated depreciation. Depreciation for financial reporting purposes is computed by the straight-line method over the estimated useful lives of the assets. Depreciation for income tax purposes is computed using accelerated methods. Upon disposal, assets and related depreciation are removed from the accounts and the differences between the net amounts and proceeds from disposal are generally included in cost of goods sold in the consolidated statement of income.
Computer Software and Amortization	Computer Software and Amortization Computer software is included in other assets on the consolidated balance sheet, and is amortized for financial reporting purposes on a straight-line basis over the respective estimated useful lives ranging from 3 to 7 years.
Goodwill	Goodwill Goodwill, representing the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses, is stated at cost. Goodwill is not amortized but instead is annually tested for impairment (in the fourth quarter), or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Such events or circumstances include a decline in general economic conditions, adverse changes in the industry and markets, poor financial performance effecting earnings and cash flows and a trend of negative or declining cash flows over multiple periods. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value, including goodwill. The fair value is estimated using discounted cash flows and the use of market multiples valuation techniques. These valuation techniques require the use of estimates and assumptions related to projected operating results, capital expenditures and working capital levels as well as the cost of capital. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value.
Intangible assets	Intangible assets The costs of intangible assets, consisting principally of trademarks, trade names, non-compete arrangements, contracts and customer relationships are amortized on a straight-line basis over the estimated useful lives ranging from 2.5 to 30 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and intangible assets, subject to amortization are reviewed for impairment and written down to fair value whenever events or changes in circumstances indicate that the carrying value may not be recoverable through future undiscounted cash flows. The amount of the impairment loss is the excess of the carrying amount of the impaired assets over the fair value of the assets based upon discounted future cash flows.
Environmental Expenditures	Environmental Expenditures Environmental expenditures that pertain to current operations or to future revenues are expensed or capitalized consistent with the Company’s capitalization policy for property, plant and equipment. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to current or future revenues are expensed. Liabilities are recognized for remedial activities when the remediation is probable and the cost can be reasonably estimated. Most estimated liabilities are not discounted to present value due to the uncertainty as to the timing and duration of expected costs.
Derivative Financial Instruments	Derivative Financial Instruments All derivative financial instruments are recorded on the balance sheet at their fair value and changes in fair value are recorded each period in current earnings or other comprehensive income. The Company enters into derivative financial instruments to hedge certain anticipated transactions, firm commitments or assets and liabilities denominated in foreign currencies. In addition, the Company utilizes interest rate swaps to convert fixed rate debt to floating rate. At least quarterly, the Company determines hedge effectiveness utilizing regression analysis for measuring the probable high correlation of the expected future cash flows of the hedged item and the derivative hedging instrument. The ineffective portion of hedges are immediately recorded in the consolidated statement of income. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, future gains or losses on the derivative instrument are recorded in the consolidated statement of income.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of most international operations are translated into U.S. dollars at exchange rates in effect at year-end, and their income statements are translated at the average monthly exchange rates prevailing during the year. The resulting translation gains and losses are recorded each period as a component of accumulated other comprehensive (loss) income until the international entity is sold or liquidated. Gains and losses from transactions denominated in foreign currencies are reported in other (expense) income, net in the consolidated statement of income.
Income Taxes	Income Taxes Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax bases and financial statement carrying values of the Company’s assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. Significant judgments, estimates and assumptions are required in determining tax return reporting positions and in calculating provisions for income tax, which are based on interpretations of tax regulations and accounting pronouncements. Liabilities are established for uncertain tax positions when it is more likely than not that such positions, if challenged, would not be sustained upon review by taxing authorities. These liabilities are re-evaluated as tax regulations and facts and circumstances change, such as the closing of a tax audit or the expiration of the statute of limitations for a specific exposure.
Earnings per Share	Earnings per Share The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (restricted stock units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of shares for the period in each class. Diluted earnings per share assume the issuance of common stock for all potentially dilutive share equivalents outstanding.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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. In March, April and May 2016, the FASB issued additional revenue recognition guidance in ASU 2016-08, ASU 2016-10, ASU 2016-11 and ASU 2016-12. All four of these standards provide implementation guidance and clarifications of ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations, ASU 2016-10 provides additional guidance on identifying performance obligations and licensing, ASU 2016-11 rescinds SEC guidance based on the previous revenue recognition standards and ASU 2016-12 relates to narrow-scope improvements and practical expedients. All of these amendments are effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the impact of the adoption of this guidance to the Company’s consolidated financial statements and related disclosures. 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. The Company adopted this new standard as of June 30, 2016. As of June 30, 2016 and 2015, $2.9 million and $3.3 million , respectively, of debt issuance costs were recorded as a reduction of 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 adopted this new standard as of June 30, 2016. 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 early adopted the above guidance on June 30, 2016 and elected to prospectively apply its provisions. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 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 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 2016-09, 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 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 and Ass34

Restructuring Charges and Asset Impairment Charges (Tables)	12 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of activity and reserve balances for restructuring	Activity and reserve balances for restructuring charges at June 30, 2016 and 2015 were as follows: June 30, ($ in millions) 2016 2015 Reserve balance beginning of year $ 2.3 $ — Restructuring charges and asset impairment charges 18.0 29.1 Cash payments (3.0 ) (10.9 ) Payments from qualified pension plan associated with restructuring charges (9.4 ) (8.3 ) Non-cash asset impairment charges and other (7.6 ) (7.6 ) Reserve balance end of year $ 0.3 $ 2.3

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings from continuing operations per common share	The calculations of basic and diluted earnings from continuing operations per common share for the years ended June 30, 2016 , 2015 and 2014 were as follows: Years Ended June 30, (in millions, except per share data) 2016 2015 2014 Net income $ 11.3 $ 58.7 $ 132.8 Less: earnings and dividends allocated to participating securities (0.1 ) (0.1 ) (0.4 ) Earnings available for common shareholders used in calculation of basic earnings per share $ 11.2 $ 58.6 $ 132.4 Weighted average number of common shares outstanding, basic 48.1 52.6 53.3 Basic earnings per common share $ 0.23 $ 1.11 $ 2.48 Net income $ 11.3 $ 58.7 $ 132.8 Less: earnings and dividends allocated to participating securities (0.1 ) (0.1 ) (0.4 ) Earnings available for common shareholders used in calculation of diluted earnings per share $ 11.2 $ 58.6 $ 132.4 Weighted average number of common shares outstanding, basic 48.1 52.6 53.3 Effect of shares issuable under share-based compensation plans 0.1 0.1 0.3 Weighted average number of common shares outstanding, diluted 48.2 52.7 53.6 Diluted earnings per common share $ 0.23 $ 1.11 $ 2.47
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	The following awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share above because their effects were anti-dilutive: Years Ended June 30, (in millions) 2016 2015 2014 Stock options 1.5 0.8 0.1

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following components at June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Raw materials and supplies $ 137.6 $ 121.7 Work in process 298.9 346.1 Finished and purchased products 192.2 188.0 Total inventory $ 628.7 $ 655.8

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Summary of property, plant and equipment	Property, plant and equipment consisted of the following components at June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Land $ 33.0 $ 28.8 Buildings and building equipment 484.1 442.9 Machinery and equipment 2,038.3 2,035.1 Construction in progress 52.3 90.0 Total at cost 2,607.7 2,596.8 Less: accumulated depreciation and amortization 1,256.3 1,199.8 Total property, plant, and equipment $ 1,351.4 $ 1,397.0
Schedule of estimated useful lives of depreciable assets	The estimated useful lives of depreciable assets are as follows: Asset Category Useful Life Buildings and building equipment 10 – 45 Machinery and equipment 3 – 30

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets, Net (Tables)	12 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segment for fiscal years 2016 and 2015 were as follows: ($ in millions) June 30, 2014 Other June 30, 2015 Impairment Other June 30, 2016 Goodwill $ 292.4 $ (0.3 ) $ 292.1 $ — $ (0.1 ) $ 292.0 Accumulated impairment losses (34.7 ) — (34.7 ) (12.5 ) — (47.2 ) Total goodwill $ 257.7 $ (0.3 ) $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8 Specialty Alloys Operations $ 195.5 $ — $ 195.5 $ — $ — $ 195.5 Performance Engineered Products 62.2 (0.3 ) 61.9 (12.5 ) (0.1 ) 49.3 Total goodwill $ 257.7 $ (0.3 ) $ 257.4 $ (12.5 ) $ (0.1 ) $ 244.8
Schedule of other intangible assets, net	June 30, 2016 June 30, 2015 ($ in millions) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Carrying Trademarks and trade names 2.5 - 30 $ 32.4 $ (20.7 ) $ 11.7 $ 42.0 $ (29.0 ) $ 13.0 Customer relationships 5 - 15 73.0 (22.2 ) 50.8 78.2 (21.3 ) 56.9 Non-compete agreements 6.5 5.4 (4.7 ) 0.7 5.4 (3.7 ) 1.7 Contracts 2.9 — — — 1.5 (1.5 ) — Total $ 110.8 $ (47.6 ) $ 63.2 $ 127.1 $ (55.5 ) $ 71.6

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2016
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of June 30, 2016 and 2015 : June 30, ($ in millions) 2016 2015 Accrued compensation and benefits $ 41.8 $ 44.3 Derivative financial instruments 31.6 32.7 Accrued postretirement benefits 13.8 14.0 Accrued interest expense 11.2 11.2 Accrued pension liabilities 10.1 3.3 Deferred revenue 8.9 8.6 Accrued income taxes 1.5 8.7 Other 20.3 29.8 Total accrued liabilities $ 139.2 $ 152.6

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of June 30, 2016 and 2015 consisted of the following: June 30, ($ in millions) 2016 2015 Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2016 and 2015) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2016 and 2015) 257.8 250.5 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2016 and 2015) 298.5 298.3 Total 611.3 603.8 Long-term debt, net of current portion $ 611.3 $ 603.8

Pension and Other Postretirem41

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of reconciliation of benefit obligations, plan assets and funded status of the plans	The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans: Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 1,323.1 $ 1,247.0 $ 236.8 $ 285.2 Service cost 31.2 32.2 3.3 4.4 Interest cost 58.0 54.1 10.4 11.8 Benefits paid (126.1 ) (81.3 ) (13.3 ) (13.8 ) Actuarial loss 108.8 61.2 8.8 2.7 Special termination benefits 9.4 8.3 — — Curtailment gain — — — (1.6 ) Plan amendments — 1.6 — (51.9 ) Projected benefit obligation at end of year 1,404.4 1,323.1 246.0 236.8 Change in plan assets: Fair value of plan assets at beginning of year 985.8 1,024.4 111.6 106.5 Actual return 22.2 32.2 4.3 5.4 Benefits paid (126.1 ) (81.3 ) (13.3 ) (13.8 ) Contributions 3.2 10.5 13.0 13.5 Fair value of plan assets at end of year 885.1 985.8 115.6 111.6 Funded status of the plans $ (519.3 ) $ (337.3 ) $ (130.4 ) $ (125.2 ) Amounts recognized in the consolidated balance sheets: Other assets - noncurrent $ 0.1 $ 0.1 $ — $ — Accrued liabilities - current (10.1 ) (3.3 ) (13.8 ) (14.0 ) Accrued pension liabilities - noncurrent (509.3 ) (334.1 ) — — Accrued postretirement benefits - noncurrent — — (116.6 ) (111.2 ) $ (519.3 ) $ (337.3 ) $ (130.4 ) $ (125.2 )
Schedule of amounts recognized in the consolidated balance sheets	Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 547.7 $ 422.3 $ 61.1 $ 52.3 Prior service cost (credit) 2.0 2.4 (45.4 ) (51.8 ) Total $ 549.7 $ 424.7 $ 15.7 $ 0.5 Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of: Net actuarial loss $ 152.8 $ 97.8 $ 11.3 $ 3.6 Amortization of accumulated net actuarial loss (27.3 ) (16.7 ) (2.6 ) (2.0 ) Prior service cost (credit) — 1.6 — (51.9 ) Amortization of prior service (cost) benefit (0.4 ) (0.3 ) 6.5 — Total, before tax effect $ 125.1 $ 82.4 $ 15.2 $ (50.3 ) Additional information: Accumulated benefit obligation for all pension plans $ 1,319.7 $ 1,253.5 N/A N/A
Schedule of amounts recognized in the accumulated other comprehensive loss	The following is additional information related to plans with projected benefit obligations in excess of plan assets as of June 30, 2016 and 2015 : Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Projected benefit obligation $ 1,404.3 $ 1,323.0 $ 246.0 $ 236.8 Fair value of plan assets $ 884.9 $ 985.6 $ 115.6 $ 111.6
Schedule of projected benefit obligations in excess of plan assets	The following additional information is for plans with accumulated benefit obligations in excess of plan assets as of June 30, 2016 and 2015 : Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Accumulated benefit obligation $ 1,319.6 $ 1,253.4 $ 246.0 $ 236.8 Fair value of plan assets $ 884.9 $ 985.6 $ 115.6 $ 111.6
Schedule of accumulated benefit obligations in excess of plan assets	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the years ended June 30, 2016 , 2015 and 2014 are as follows: Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2014 2016 2015 2014 Service cost $ 31.2 $ 32.2 $ 32.1 $ 3.3 $ 4.4 $ 4.0 Interest cost 58.0 54.1 57.5 10.4 11.8 12.5 Expected return on plan assets (66.1 ) (68.8 ) (62.9 ) (7.0 ) (6.6 ) (6.5 ) Amortization of net loss 27.4 16.7 21.8 2.7 2.0 1.2 Amortization of prior service cost (benefit) 0.4 0.3 0.5 (6.5 ) — (0.1 ) Curtailment gain — — — — (1.6 ) — Net periodic benefit costs $ 50.9 $ 34.5 $ 49.0 $ 2.9 $ 10.0 $ 11.1
Schedule of components of the net periodic benefit cost	Weighted-average assumptions used to determine benefit obligations at fiscal year end Pension Plans Other Postretirement Plans 2016 2015 2016 2015 Discount rate 3.92 % 4.50 % 3.86 % 4.40 % Rate of compensation increase 3.49 % 3.52 % N/A N/A
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost	Weighted-average assumptions used to determine net periodic benefit cost for the fiscal year Pension Plans Other Postretirement Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.50 % 4.48 % 5.00 % 4.50 % 4.26 % 4.95 % Expected long-term rate of return on plan assets 6.92 % 6.92 % 7.00 % 6.25 % 6.25 % 7.00 % Long-term rate of compensation increase 3.49 % 3.52 % 3.57 % N/A N/A N/A
Schedule of expected health care cost trend rates	The following table shows the expected health care rate increase and the future rate and time at which it is expected to remain constant: June 30, 2016 2015 Assumed health care cost trend rate 7.50 % 7.50 % Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2022 2021
Schedule of amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost	Amounts in other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in the year ended June 30, 2017 are: ($ in millions) Pension Plans Other Postretirement Plans Total Amortization of prior service cost (benefit) $ 0.4 $ (6.5 ) $ (6.1 ) Amortization of net actuarial loss 37.4 3.2 40.6 Amortization of accumulated other comprehensive loss (gain) $ 37.8 $ (3.3 ) $ 34.5
Schedule of weighted-average asset allocations by asset category	The Company’s U.S. pension plans’ weighted-average asset allocations at June 30, 2016 and 2015 , by asset category are as follows: 2016 2015 Equity securities 55.4 % 57.5 % Fixed income securities 44.2 42.4 Cash and cash equivalents 0.4 0.1 Total 100.0 % 100.0 %
Schedule of fair values of pension plan by assets category	The fair values of the Company’s pension plan assets as of June 30, 2016 and 2015 , by asset category and by the levels of inputs used to determine fair value were as follows: June 30, 2016 June 30, 2015 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Short-term investments $ — $ 15.3 $ 15.3 $ — $ 14.9 $ 14.9 Domestic and international equities 139.4 — 139.4 158.9 — 158.9 Commingled funds 54.5 283.7 338.2 58.6 334.9 393.5 Limited partnerships — 38.5 38.5 — 38.4 38.4 Government agency bonds 0.7 141.0 141.7 2.2 141.3 143.5 Corporate bonds — 197.3 197.3 — 225.8 225.8 Mutual funds 1.9 — 1.9 1.5 — 1.5 Mortgage/asset backed securities and other — 12.8 12.8 — 9.3 9.3 $ 196.5 $ 688.6 $ 885.1 $ 221.2 $ 764.6 $ 985.8
Schedule of fair values of other postretirement benefit plans by asset category	The fair values of the Company’s other postretirement benefit plans as of June 30, 2016 and 2015 , by asset category and by the level of inputs used to determine fair value, were as follows: June 30, 2016 June 30, 2015 Fair Value Fair Value ($ in millions) Level 1 Level 2 Total Level 1 Level 2 Total Commingled fund $ — $ 64.0 $ 64.0 $ — $ 63.1 $ 63.1 Short-term investments — 23.8 23.8 — 21.6 21.6 Government agency bonds — 16.1 16.1 — 16.0 16.0 Corporate bonds and other — 9.9 9.9 — 8.6 8.6 Mortgage backed securities — 1.8 1.8 — 2.3 2.3 $ — $ 115.6 $ 115.6 $ — $ 111.6 $ 111.6
Schedule of estimated future benefit payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets. ($ in millions) Pension Other 2017 $ 73.9 $ 13.7 2018 $ 75.6 $ 14.1 2019 $ 77.9 $ 14.3 2020 $ 80.2 $ 14.5 2021 $ 82.2 $ 14.7 2022-2026 $ 431.7 $ 74.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 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: June 30, 2016 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities +C5 Municipal auction rate securities $ 4.1 $ 4.1 Derivative financial instruments 11.8 11.8 Total assets $ 15.9 $ 15.9 Liabilities: Derivative financial instruments $ 43.9 $ 43.9 June 30, 2015 Fair Value Measurements ($ in millions) Level 2 Total Assets: Marketable securities Municipal auction rate securities $ 5.0 $ 5.0 Derivative financial instruments 4.4 4.4 Total assets $ 9.4 $ 9.4 Liabilities: Derivative financial instruments $ 53.5 $ 53.5
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows: June 30, 2016 June 30, 2015 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 611.3 $ 597.7 $ 603.8 $ 628.6 Company-owned life insurance $ 14.0 $ 14.0 $ 13.0 $ 13.0

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of weighted-average assumptions of fair value of stock options	The fair value of stock options awarded in fiscal years 2016 , 2015 and 2014 were estimated on the date of each grant using a Black-Scholes option pricing model with the following weighted-average assumptions: Years Ended June 30, 2016 2015 2014 Expected volatility 33 % 36 % 49 % Dividend yield 2.0 % 1.6 % 1.3 % Risk-free interest rate 1.5 % 1.4 % 1.4 % Expected term (in years) 5.0 5.0 5.0
Summary of stock option activity	Number of Weighted Weighted Aggregate Outstanding at June 30, 2013 1,088,728 $ 37.51 Granted 243,292 $ 54.65 Exercised (236,540 ) $ 30.19 Cancelled (31,585 ) $ 49.83 Outstanding at June 30, 2014 1,063,895 $ 42.69 Granted 702,411 $ 48.28 Exercised (73,067 ) $ 31.53 Cancelled (185,361 ) $ 52.67 Outstanding at June 30, 2015 1,507,878 $ 44.61 Granted 277,769 $ 36.31 Exercised (19,627 ) $ 25.12 Cancelled (64,518 ) $ 47.98 Outstanding at June 30, 2016 1,701,502 $ 43.35 6.6 years $ 2.6 Exercisable at June 30, 2016 1,295,510 $ 43.40 6.0 years $ 2.6
Summary of outstanding and exercisable options by exercise price range	Exercise Price Number Outstanding at June 30, 2016 Weighted Weighted Number Exercisable at June 30, 2016 Weighted $14.17 - $20.00 61,537 3.1 $ 17.29 61,537 $ 17.29 $20.01 - $30.00 162,321 2.9 $ 22.72 162,321 $ 22.72 $30.01 - $40.00 341,722 7.9 $ 35.83 84,772 $ 34.51 $40.01 - $50.00 394,385 7.0 $ 43.11 394,385 $ 43.11 $50.01 - $63.54 741,537 6.8 $ 53.62 592,495 $ 53.25 1,701,502 $ 43.35 1,295,510 $ 43.40
Summary of nonvested stock awards activity	Number of Awards Weighted Average Grant Date Fair Value Restricted Balance at June 30, 2013 215,415 $ 43.75 Time-based granted 14,086 $ 52.58 Performance-based granted 20,794 $ 48.85 Vested (120,117 ) $ 43.96 Forfeited (16,615 ) $ 48.02 Restricted Balance at June 30, 2014 113,563 $ 44.99 Time-based granted 97,168 $ 42.65 Performance-based granted 895 $ 54.37 Vested (76,214 ) $ 42.04 Forfeited (8,003 ) $ 48.94 Restricted Balance at June 30, 2015 127,409 $ 45.09 Time-based granted 130,742 $ 35.96 Performance-based granted 49,529 $ 31.11 Vested (36,057 ) $ 48.85 Forfeited (83,154 ) $ 42.14 Restricted Balance at June 30, 2016 188,469 $ 35.69
Summary Of Director stock units activity	Number of Units Weighted Average Grant Date Fair Value Outstanding at June 30, 2013 246,519 $ 30.06 Granted 19,770 $ 59.47 Dividend equivalents 3,026 $ — Outstanding at June 30, 2014 269,315 $ 32.25 Granted 24,668 $ 42.80 Distributed (11,296 ) $ 31.79 Dividend equivalents 4,749 $ — Outstanding at June 30, 2015 287,436 $ 35.48 Granted 40,323 $ 32.54 Dividend equivalents 7,184 $ — Outstanding at June 30, 2016 334,943 $ 38.64

Derivatives and Hedging Activ44

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Jun. 30, 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 June 30, 2016 and 2015 : June 30, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.2 $ 0.3 $ 0.6 $ 2.1 Other assets 9.7 — — 9.7 Total asset derivatives $ 10.9 $ 0.3 $ 0.6 $ 11.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.3 $ 31.3 $ 31.6 Other liabilities — — 12.3 12.3 Total liability derivatives $ — $ 0.3 $ 43.6 $ 43.9 June 30, 2015 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 1.5 $ 0.2 $ — $ 1.7 Other assets 2.7 — — 2.7 Total asset derivatives $ 4.2 $ 0.2 $ — $ 4.4 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ — $ 32.7 $ 32.7 Other liabilities — — 20.8 20.8 Total liability derivatives $ — $ — $ 53.5 $ 53.5
Summary of the gains (losses) related to cash flow hedges	The following is a summary of the (loss) gains related to cash flow hedges recognized during the years ended June 30, 2016 , 2015 and 2014 : Amount of (Loss) Gain Recognized in AOCI on Derivatives ($ in millions) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (34.0 ) $ (76.3 ) $ 59.3 Foreign exchange contracts 0.7 2.6 (1.6 ) Total $ (33.3 ) $ (73.7 ) $ 57.7 Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI into Income ($ in millions) (Effective Portion) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (44.6 ) $ (18.5 ) $ (20.5 ) Foreign exchange contracts Net sales 0.2 2.3 (0.8 ) Forward interest rate swaps Interest expense 0.4 0.4 0.4 Total $ (44.0 ) $ (15.8 ) $ (20.9 ) Location of Gain (Loss) Amount of Loss Reclassified from AOCI into Income ($ in millions) (Ineffective Portion) 2016 2015 2014 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.5 $ (2.2 ) $ (0.3 ) Total $ 1.5 $ (2.2 ) $ (0.3 )
Schedule of changes in AOCI associated with derivative hedging activities	The changes in AOCI associated with derivative hedging activities during the years ended June 30, 2016 , 2015 and 2014 were as follows: ($ in millions) 2016 2015 2014 Balance, beginning $ (28.5 ) $ 7.6 $ (41.5 ) Current period changes in fair value, net of tax (20.8 ) (46.0 ) 36.0 Reclassification to earnings, net of tax 27.5 9.9 13.1 Balance, ending $ (21.8 ) $ (28.5 ) $ 7.6

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of income before income taxes for the Company's domestic and foreign operations	Income before income taxes for the Company’s domestic and foreign operations was as follows: Years Ended June 30, ($ in millions) 2016 2015 2014 Domestic $ 17.3 $ 64.3 $ 178.6 Foreign 4.2 24.8 17.8 Income before income taxes $ 21.5 $ 89.1 $ 196.4
Schedule of provision (benefit) for income taxes from continuing operations	The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended June 30, ($ in millions) 2016 2015 2014 Current: Federal $ 4.7 $ (39.3 ) $ 61.3 State 0.4 1.2 6.5 Foreign 4.3 8.1 5.5 Total current 9.4 (30.0 ) 73.3 Deferred: Federal 0.1 60.2 (8.0 ) State 0.5 0.1 (1.4 ) Foreign 0.2 0.1 (0.3 ) Total deferred 0.8 60.4 (9.7 ) Total income tax expense $ 10.2 $ 30.4 $ 63.6
Schedule of reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rate	The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company’s effective income tax rates: Years Ended June 30, (% of pre-tax income) 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.2 2.2 2.5 Foreign tax rate differential 5.5 (1.6 ) (0.3 ) Domestic manufacturing deduction (7.0 ) (2.7 ) (3.5 ) Law changes (3.8 ) 1.8 0.1 Increases (decreases) in valuation allowances 2.1 (0.3 ) (0.8 ) Unremitted earnings of foreign subsidiary 12.7 — — Non-deductible goodwill impairment 5.1 — — Research and development tax credit (8.4 ) (0.9 ) (0.3 ) Other, net 4.0 0.6 (0.3 ) Effective income tax rate 47.4 % 34.1 % 32.4 %
Summary of components of deferred tax assets and liabilities	June 30, ($ in millions) 2016 2015 Deferred tax assets: Pensions $ 193.5 $ 125.1 Postretirement provisions 51.0 48.9 Net operating loss carryforwards 20.5 20.3 Derivatives and hedging activities 14.8 18.5 Other 37.4 32.6 Gross deferred tax assets 317.2 245.4 Valuation allowances (17.7 ) (17.5 ) Total deferred tax assets 299.5 227.9 Deferred tax liabilities: Depreciation (333.0 ) (321.2 ) Intangible assets (20.4 ) (26.1 ) Inventories (27.4 ) (17.6 ) Other (12.9 ) (6.2 ) Total deferred tax liabilities (393.7 ) (371.1 ) Deferred tax liabilities $ (94.2 ) $ (143.2 )
Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows: Years Ended June 30, ($ in millions) 2016 2015 2014 Balance, beginning $ — $ — $ 1.4 Reductions as a result of a lapse of statute of limitations — — (1.1 ) Reductions based on tax positions of prior year — — (0.1 ) Reductions as a result of settlements with taxing authorities — — (0.2 ) Balance, ending $ — $ — $ —

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	12 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Schedule of other income, net	Other (expense) income, net consists of the following: Years Ended June 30, ($ in millions) 2016 2015 2014 Interest income $ 0.2 $ 0.1 $ 0.2 Equity in earnings of unconsolidated subsidiaries 0.6 0.1 0.6 Unrealized (losses) gains on company owned life insurance contracts and investments held in rabbi trusts (0.5 ) 0.3 2.1 Foreign exchange (2.4 ) 0.4 (1.5 ) Other — 4.4 — Total other (expense) income, net $ (2.1 ) $ 5.3 $ 1.4

Segment Information, Geograph47

Segment Information, Geographic and Product Data (Tables)	12 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	Segment Data Years Ended June 30, ($ in millions) 2016 2015 2014 Net Sales: Specialty Alloys Operations $ 1,481.0 $ 1,796.6 $ 1,741.6 Performance Engineered Products 358.7 497.7 498.6 Intersegment (26.3 ) (67.6 ) (67.2 ) Consolidated net sales $ 1,813.4 $ 2,226.7 $ 2,173.0 Years Ended June 30, ($ in millions) 2016 2015 2014 Operating Income: Specialty Alloys Operations $ 176.9 $ 155.2 $ 232.7 Performance Engineered Products (5.5 ) 39.1 45.5 Corporate costs (including restructuring and impairment charges) (103.0 ) (72.0 ) (43.8 ) Pension EID (19.3 ) (9.4 ) (21.8 ) Intersegment 2.5 (1.4 ) (0.6 ) Consolidated operating income $ 51.6 $ 111.5 $ 212.0 Years Ended June 30, ($ in millions) 2016 2015 2014 Depreciation and Amortization: Specialty Alloys Operations $ 94.4 $ 95.0 $ 83.4 Performance Engineered Products 21.9 23.3 23.8 Corporate 3.8 4.6 5.5 Intersegment (0.8 ) (0.6 ) (0.8 ) Consolidated depreciation and amortization $ 119.3 $ 122.3 $ 111.9 Years Ended June 30, ($ in millions) 2016 2015 2014 Capital Expenditures: Specialty Alloys Operations $ 67.0 $ 129.0 $ 319.9 Performance Engineered Products 19.8 38.1 24.7 Corporate 8.6 4.3 5.4 Intersegment (0.2 ) (0.9 ) (0.8 ) Consolidated capital expenditures $ 95.2 $ 170.5 $ 349.2 June 30, ($ in millions) 2016 2015 Total Assets: Specialty Alloys Operations $ 2,256.5 $ 2,323.0 Performance Engineered Products 415.8 499.2 Corporate 151.3 121.7 Intersegment (29.3 ) (41.3 ) Consolidated total assets $ 2,794.3 $ 2,902.6
Schedule of net sales by geographic segment	Geographic Data Years Ended June 30, ($ in millions) 2016 2015 2014 Net Sales: (a) United States $ 1,243.5 $ 1,579.9 $ 1,537.9 Europe 321.4 359.6 349.5 Asia Pacific 129.5 141.8 137.1 Canada 44.9 61.2 65.3 Mexico 46.7 59.2 59.2 Other 27.4 25.0 24.0 Consolidated net sales $ 1,813.4 $ 2,226.7 $ 2,173.0 (a) Net sales were attributed to countries based on the location of the customer.
Schedule of long-lived assets by geographic segment	June 30, ($ in millions) 2016 2015 Long-lived assets: United States $ 1,323.4 $ 1,367.0 Asia Pacific 16.8 18.1 Canada 5.9 6.5 Europe 4.2 4.5 Mexico 1.1 0.9 Consolidated long-lived assets $ 1,351.4 $ 1,397.0

Reclassifications from Accumu48

Reclassifications from Accumulated Other Comprehensive (Loss) Income (Tables)	12 Months Ended
	Jun. 30, 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 years ended June 30, 2016 and 2015 were as follows: ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive loss before reclassifications (20.8 ) (102.5 ) — (0.9 ) (124.2 ) Amounts reclassified from AOCI (b) 27.5 15.0 — — 42.5 Net current-period other comprehensive income (loss) 6.7 (87.5 ) — (0.9 ) (81.7 ) Balance at June 30, 2016 $ (21.8 ) $ (344.3 ) $ (0.3 ) $ (43.5 ) $ (409.9 ) ($ in millions) (a) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for-sale securities Foreign currency items Total Balance at June 30, 2014 $ 7.6 $ (236.7 ) $ (0.4 ) $ (15.7 ) $ (245.2 ) Other comprehensive loss before reclassifications (46.0 ) (32.0 ) — (26.9 ) (104.9 ) Amounts reclassified from AOCI (b) 9.9 11.9 0.1 — 21.9 Net current-period other comprehensive (loss) income (36.1 ) (20.1 ) 0.1 (26.9 ) (83.0 ) Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2016 and 2015 : Amount Reclassified from AOCI Years Ended June 30, ($ in millions) (a) Location of 2016 2015 Details about AOCI Components Cash flow hedging items Commodity contracts Cost of sales $ (44.6 ) $ (18.5 ) Foreign exchange contracts Net sales 0.2 2.3 Forward interest rate swaps Interest expense 0.4 0.4 Total before tax (44.0 ) (15.8 ) Tax benefit 16.5 5.9 Net of tax $ (27.5 ) $ (9.9 ) Amortization of pension and other postretirement benefit plan items Net actuarial loss (b) $ (30.1 ) $ (18.7 ) Prior service cost (b) 6.1 (0.3 ) Total before tax (24.0 ) (19.0 ) Tax benefit 9.0 7.1 Net of tax $ (15.0 ) $ (11.9 ) (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 9 for additional details).

Supplemental Data (Tables)

Supplemental Data (Tables)	12 Months Ended
	Jun. 30, 2016
Supplemental Data
Additional supplemental disclosures	The following are additional required disclosures and other material items: Years Ended June 30, ($ in millions) 2016 2015 2014 Cost Data: Repairs and maintenance costs $ 101.8 $ 114.7 $ 108.9 Cash Flow Data: Noncash investing and financing activities: Sale of equity method investment $ 12.6 $ — $ — Noncash purchases of property, equipment and software $ 15.1 $ 17.3 $ 65.5 Seller financed debt related to the purchase of software $ — $ 4.9 $ — Cash paid during the year for: Interest payments, net $ 27.5 $ 29.0 $ 15.1 Income tax payment (refunds), net $ 27.9 $ (27.1 ) $ 70.8

Quarterly Financial Data (Una50

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Jun. 30, 2016
Quarterly Financial Data [Abstract]
Quarterly financial data by results of operations	(dollars and shares in millions, except per share amounts) First Second Third Fourth Results of Operations Fiscal Year 2016 Net sales $ 455.6 $ 443.8 $ 456.3 $ 457.7 Gross profit $ 68.6 $ 66.3 $ 47.5 $ 73.5 Operating income (loss) $ 24.8 $ 21.8 $ (24.3 ) $ 29.2 Net income (loss) $ 8.9 $ 11.5 $ (23.9 ) $ 14.9 Fiscal Year 2015 Net sales $ 549.8 $ 548.4 $ 570.6 $ 558.0 Gross profit $ 69.1 $ 85.0 $ 75.8 $ 88.4 Operating income $ 22.1 $ 45.0 $ 4.8 $ 39.5 Net income (loss) $ 13.5 $ 24.1 $ (1.4 ) $ 22.5 During the quarters ended March 31, 2016, September 30, 2015, June 30, 2015 and March 31, 2015, the Company recorded restructuring and asset impairment charges. See Note 2, Restructuring Charges and Asset Impairment Charges to Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”. First Quarter Second Quarter Third Quarter Fourth Quarter Earnings (Loss) per common share Fiscal Year 2016 Basic earnings $ 0.18 $ 0.23 $ (0.51 ) $ 0.32 Diluted earnings $ 0.18 $ 0.23 $ (0.51 ) $ 0.32 Fiscal Year 2015 Basic earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 Diluted earnings $ 0.25 $ 0.45 $ (0.03 ) $ 0.44 First Quarter Second Quarter Third Quarter Fourth Quarter Weighted average common shares outstanding Fiscal Year 2016 Basic 49.7 48.8 47.1 46.9 Diluted 49.9 48.9 47.1 47.0 Fiscal Year 2015 Basic 53.5 53.4 52.6 50.9 Diluted 53.7 53.6 52.6 51.0

Summary of Significant Accoun51

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)customerfacility	Jun. 30, 2015USD ($)customer	Jun. 30, 2014USD ($)customer
Summary of significant accounting policies
Proceeds received from sale of equity method investment	$ 6.3	$ 0	$ 0
Note receivables recorded from sale of equity method investment	12.6
Discounts, rebates, returns and allowances	29.8	27.4	28.3
Research and development expenditures	16.3	18.7	18.5
Inventory accounted under method other than LIFO	118.4	154.9
Capitalized software amortization expense	5.5	6.1	$ 6.4
Carrying value of computer software	$ 49.3	$ 37.4
Number of former operating facility site that the liability for future costs is discounted to present value | facility	1
Liability for future costs discount amortization period (in years)	20 years
Environmental expenditures, discount rate	3.00%	4.00%
Environmental expenditures, liability	$ 10.9	$ 10.8
Customer | Sales Revenue
Summary of significant accounting policies
Concentration risk, number of customers | customer		0	0
Customer | Sales Revenue | Alcoa
Summary of significant accounting policies
Concentration risk, number of customers | customer	1		0
Concentration risk	13.00%
Customer | Accounts receivable
Summary of significant accounting policies
Concentration risk, number of customers | customer			0
Concentration risk	22.00%
Customer | Accounts receivable | Alcoa
Summary of significant accounting policies
Concentration risk, number of customers | customer		1
Concentration risk		17.00%
Customer | Accounts receivable | Alcoa, Inc. and Precision Castparts Corporation
Summary of significant accounting policies
Concentration risk, number of customers | customer	2
Concentration risk	22.00%
Minimum
Summary of significant accounting policies
Ownership interest	20.00%
Minimum | Computer software
Summary of significant accounting policies
Estimated useful life (in years)	3 years
Minimum | Intangible Assets
Summary of significant accounting policies
Estimated useful life (in years)	2 years 6 months
Maximum
Summary of significant accounting policies
Ownership interest	50.00%
Maximum | Computer software
Summary of significant accounting policies
Estimated useful life (in years)	7 years
Maximum | Intangible Assets
Summary of significant accounting policies
Estimated useful life (in years)	30 years

Restructuring Charges and Ass52

Restructuring Charges and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges		$ 18	$ 29.1	$ 0
Restructuring charges and asset impairment charges		10.4
Non-cash impairment charges		7.6
Impairment of property plant and equipment	$ 6.5	6.5
Impairment of intangible assets		1.1
Effect on future earnings due to restructuring			30
Restructuring reserve		0.3	2.3	$ 0
Cash payments for restructuring		3	10.9
Special Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges and asset impairment charges		9.4
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges and asset impairment charges		0.7	12.7
Other restructuring charges to be paid in future periods		$ 0.3
Restructuring reserve			2.5
Restructuring reserve related to pension plans			8.3
Non-cash forfeiture income			0.4
Material development program exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges and asset impairment charges			13.4
Non-cash impairment charges			5.4
Cash payments for restructuring			8
Site closure costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges and asset impairment charges			3
Impairment of property plant and equipment			2.6
Cash payments for restructuring			$ 0.4

Restructuring Charges and Ass53

Restructuring Charges and Asset Impairment Charges - Schedule of Activity and Reserve Balances for Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Restructuring Reserve [Roll Forward]
Reserve balance beginning of year	$ 2.3	$ 0
Restructuring charges and asset impairment charges	18	29.1	$ 0
Cash payments	(3)	(10.9)
Payments from qualified pension plan associated with restructuring charges	(9.4)	(8.3)
Non-cash asset impairment charges and other	(7.6)	(7.6)
Reserve balance end of year	$ 0.3	$ 2.3	$ 0

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of Calculations of Basic and Diluted Earnings from Continuing Operations per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income									$ 11.3	$ 58.7	$ 132.8
Less: earnings and dividends allocated to participating securities									(0.1)	(0.1)	(0.4)
Earnings available for common shareholders used in calculation of basic earnings per share									$ 11.2	$ 58.6	$ 132.4
Weighted average number of common shares outstanding, basic (in shares)	46.9	47.1	48.8	49.7	50.9	52.6	53.4	53.5	48.1	52.6	53.3
Basic earnings per common share (in dollars per share)	$ 0.32	$ (0.51)	$ 0.23	$ 0.18	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.23	$ 1.11	$ 2.48
Earnings available for common shareholders used in calculation of diluted earnings per share									$ 11.2	$ 58.6	$ 132.4
Effect of shares issuable under share-based compensation plans (in shares)									0.1	0.1	0.3
Weighted average number of common shares outstanding, diluted (in shares)	47	47.1	48.9	49.9	51	52.6	53.6	53.7	48.2	52.7	53.6
Diluted earnings per common share (in dollars per share)	$ 0.32	$ (0.51)	$ 0.23	$ 0.18	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.23	$ 1.11	$ 2.47

Earnings per Common Share - S55

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	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Stock options (in shares)	1.5	0.8	0.1

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 137.6	$ 121.7
Work in process	298.9	346.1
Finished and purchased products	192.2	188
Total inventory	$ 628.7	$ 655.8

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Inventory Disclosure [Abstract]
Inventory LIFO reserve		$ 98.2	$ 196.6
Current cost of LIFO inventory		608.5	697.5
Increase in cost of sales		0	1.6	$ 0
Non-cash excess inventory write-down	$ 22.5	$ 22.5	$ 0	$ 0

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment(Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Total at cost	$ 2,607.7	$ 2,596.8
Less: accumulated depreciation and amortization	1,256.3	1,199.8
Total property, plant, and equipment	1,351.4	1,397
Land
Property, Plant and Equipment [Line Items]
Total at cost	33	28.8
Buildings and building equipment
Property, Plant and Equipment [Line Items]
Total at cost	484.1	442.9
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total at cost	2,038.3	2,035.1
Construction in progress
Property, Plant and Equipment [Line Items]
Total at cost	$ 52.3	$ 90

Property, Plant and Equipment59

Property, Plant and Equipment - Schedule of Estimated Useful Lives of Depreciable Assets (Details)	12 Months Ended
	Jun. 30, 2016
Buildings and building equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (in Years)	10 years
Buildings and building equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (in Years)	45 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (in Years)	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (in Years)	30 years

Property, Plant and Equipment60

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Certain reporting units impairment charges	$ 6.5	$ 6.5
Depreciation		$ 106.5	$ 107.2	$ 93.3

Goodwill and Other Intangible61

Goodwill and Other Intangible Assets, Net - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)reporting_unit	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Goodwill [Line Items]
Goodwill impairment	$ 12.5	$ 12.5	$ 0	$ 0
Impairment of intangible assets		1.1
Amortization expense		7.3	$ 9	$ 12.2
Estimated annual amortization expense for 2017		6.4
Estimated annual amortization expense for 2018		6.1
Estimated annual amortization expense for 2019		5.9
Estimated annual amortization expense for 2020		5.9
Estimated annual amortization expense for 2021		5.9
Performance Engineered Products
Goodwill [Line Items]
Goodwill impairment		$ 12.5
Impairment of intangible assets	$ 1.1
Amega West Services and Specialty Steel Supply
Goodwill [Line Items]
Number of reporting units, impacted by the weakness in oil and gas drilling activity | reporting_unit	2

Goodwill and Other Intangible62

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Changes in the carrying amount of goodwill by reportable segment
Goodwill, Beginning Balance		$ 292.1	$ 292.4
Other		(0.1)	(0.3)
Impairment		0
Goodwill, Ending Balance		292	292.1	$ 292.4
Accumulated impairment losses, Beginning Balance		(34.7)	(34.7)
Accumulated impairment losses, Other		0	0
Accumulated impairment losses, Impairment		(12.5)
Accumulated impairment losses, Ending Balance		(47.2)	(34.7)	(34.7)
Goodwill, Beginning Balance		257.4	257.7
Other		(0.1)	(0.3)
Goodwill impairment	$ (12.5)	(12.5)	0	0
Goodwill, Ending Balance		244.8	257.4	257.7
Specialty Alloys Operations
Changes in the carrying amount of goodwill by reportable segment
Goodwill, Beginning Balance		195.5	195.5
Other		0	0
Goodwill impairment		0
Goodwill, Ending Balance		195.5	195.5	195.5
Performance Engineered Products
Changes in the carrying amount of goodwill by reportable segment
Goodwill, Beginning Balance		61.9	62.2
Other		(0.1)	(0.3)
Goodwill impairment		(12.5)
Goodwill, Ending Balance		$ 49.3	$ 61.9	$ 62.2

Goodwill and Other Intangible63

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other intangible assets
Gross Carrying Amount	$ 110.8	$ 127.1
Accumulated Amortization	(47.6)	(55.5)
Total intangible assets, net carrying amount	63.2	71.6
Trademarks and trade names
Other intangible assets
Gross Carrying Amount	32.4	42
Accumulated Amortization	(20.7)	(29)
Net Carrying Amount	$ 11.7	13
Trademarks and trade names | Minimum
Other intangible assets
Useful Life (in years)	2 years 6 months
Trademarks and trade names | Maximum
Other intangible assets
Useful Life (in years)	30 years
Customer relationships
Other intangible assets
Gross Carrying Amount	$ 73	78.2
Accumulated Amortization	(22.2)	(21.3)
Net Carrying Amount	$ 50.8	56.9
Customer relationships | Minimum
Other intangible assets
Useful Life (in years)	5 years
Customer relationships | Maximum
Other intangible assets
Useful Life (in years)	15 years
Non-compete agreements
Other intangible assets
Useful Life (in years)	6 years 6 months
Gross Carrying Amount	$ 5.4	5.4
Accumulated Amortization	(4.7)	(3.7)
Net Carrying Amount	$ 0.7	1.7
Contracts
Other intangible assets
Useful Life (in years)	2 years 10 months 24 days
Gross Carrying Amount	$ 0	1.5
Accumulated Amortization	0	(1.5)
Net Carrying Amount	$ 0	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 41.8	$ 44.3
Derivative financial instruments	31.6	32.7
Accrued postretirement benefits	13.8	14
Accrued interest expense	11.2	11.2
Accrued pension liabilities	10.1	3.3
Deferred revenue	8.9	8.6
Accrued income taxes	1.5	8.7
Other	20.3	29.8
Total accrued liabilities	$ 139.2	$ 152.6

Debt - Narrative (Details)

Debt - Narrative (Details)	12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Long-term debt outstanding
Aggregate maturities of long-term debt, 2017	$ 0
Aggregate maturities of long-term debt, 2018	55,000,000
Aggregate maturities of long-term debt, 2019	0
Aggregate maturities of long-term debt, 2020	0
Aggregate maturities of long-term debt, 2021	0
Aggregate maturities of long-term debt, thereafter	550,000,000
Interest costs	29,900,000	$ 30,400,000	$ 32,100,000
Interest costs, capitalized	1,900,000	$ 2,700,000	$ 15,100,000
Credit Agreement
Long-term debt outstanding
Maximum borrowing capacity	500,000,000
Letters of credit issued	7,100,000
Credit Agreement available for future borrowings	$ 492,900,000
Maturity term of debt instrument	5 years
Letter of Credit
Long-term debt outstanding
Commitment fee rate	0.225%
Letter of credit fees	1.45%
Required interest coverage ratio	3.50
Letter of Credit | Minimum
Long-term debt outstanding
Commitment fee rate	0.075%
Letter of credit fees	0.75%
Letter of Credit | Maximum
Long-term debt outstanding
Commitment fee rate	0.375%
Letter of credit fees	1.90%
Required debt to capital ratio	0.55
LIBOR | Credit Agreement
Long-term debt outstanding
Variable rate basis	LIBOR
Interest rate margin	1.45%
LIBOR | Credit Agreement | Minimum
Long-term debt outstanding
Interest rate margin	0.75%
LIBOR | Credit Agreement | Maximum
Long-term debt outstanding
Interest rate margin	1.90%
Base Rate | Credit Agreement
Long-term debt outstanding
Variable rate basis	Base Rate
Interest rate margin	0.45%
Base Rate | Credit Agreement | Minimum
Long-term debt outstanding
Interest rate margin	0.00%
Base Rate | Credit Agreement | Maximum
Long-term debt outstanding
Interest rate margin	0.90%

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Outstanding (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Revolving Credit Agreement
Long-term Debt	$ 611,300,000	$ 603,800,000
Long-term debt, net of current portion	611,300,000	603,800,000
Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2016 and 2015)
Revolving Credit Agreement
Face amount	55,000,000	55,000,000
Long-term Debt	$ 55,000,000	$ 55,000,000
Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2016 and 2015) | Minimum
Revolving Credit Agreement
Interest rate	6.97%	6.97%
Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2016 and 2015) | Maximum
Revolving Credit Agreement
Interest rate	7.10%	7.10%
Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2016 and 2015)
Revolving Credit Agreement
Interest rate	5.20%	5.20%
Face amount	$ 250,000,000	$ 250,000,000
Long-term Debt	$ 257,800,000	$ 250,500,000
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2016 and 2015)
Revolving Credit Agreement
Interest rate	4.45%	4.45%
Face amount	$ 300,000,000	$ 300,000,000
Long-term Debt	$ 298,500,000	$ 298,300,000

Pension and Other Postretirem67

Pension and Other Postretirement Benefits - Schedule of Reconciliation of Benefit Obligations, Plan Assets and Funded Status of the Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Amounts recognized in the consolidated balance sheets:
Accrued liabilities - current	$ (10.1)	$ (3.3)
Accrued pension liabilities - noncurrent	(509.3)	(334.1)
Accrued postretirement benefits - noncurrent	(116.6)	(111.2)
Pension Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	1,323.1	1,247
Service cost	31.2	32.2	$ 32.1
Interest cost	58	54.1	57.5
Benefits paid	(126.1)	(81.3)
Actuarial loss	108.8	61.2
Special termination benefits	9.4	8.3
Curtailment gain	0	0
Plan amendments	0	1.6
Projected benefit obligation at end of year	1,404.4	1,323.1	1,247
Change in plan assets:
Fair value of plan assets at beginning of year	985.8	1,024.4
Actual return	22.2	32.2
Benefits paid	(126.1)	(81.3)
Contributions	3.2	10.5
Fair value of plan assets at end of year	885.1	985.8	1,024.4
Funded status of the plans	(519.3)	(337.3)
Amounts recognized in the consolidated balance sheets:
Other assets - noncurrent	0.1	0.1
Accrued liabilities - current	(10.1)	(3.3)
Accrued pension liabilities - noncurrent	(509.3)	(334.1)
Accrued postretirement benefits - noncurrent	0	0
Amounts recognized in the Consolidated Balance Sheets	(519.3)	(337.3)
Other Postretirement Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	236.8	285.2
Service cost	3.3	4.4	4
Interest cost	10.4	11.8	12.5
Benefits paid	(13.3)	(13.8)
Actuarial loss	8.8	2.7
Special termination benefits	0	0
Curtailment gain	0	(1.6)
Plan amendments	0	(51.9)
Projected benefit obligation at end of year	246	236.8	285.2
Change in plan assets:
Fair value of plan assets at beginning of year	111.6	106.5
Actual return	4.3	5.4
Benefits paid	(13.3)	(13.8)
Contributions	13	13.5
Fair value of plan assets at end of year	115.6	111.6	$ 106.5
Funded status of the plans	(130.4)	(125.2)
Amounts recognized in the consolidated balance sheets:
Other assets - noncurrent	0	0
Accrued liabilities - current	(13.8)	(14)
Accrued pension liabilities - noncurrent	0	0
Accrued postretirement benefits - noncurrent	(116.6)	(111.2)
Amounts recognized in the Consolidated Balance Sheets	$ (130.4)	$ (125.2)

Pension and Other Postretirem68

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Pension Plans
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$ 547.7	$ 422.3
Prior service cost (credit)	2	2.4
Total	549.7	424.7
Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of:
Net actuarial loss	152.8	97.8
Amortization of accumulated net actuarial loss	(27.3)	(16.7)
Prior service cost (credit)	0	1.6
Amortization of prior service (cost) benefit	(0.4)	(0.3)
Total, before tax effect	125.1	82.4
Additional information:
Accumulated benefit obligation for all pension plans	1,319.7	1,253.5
Other Postretirement Plans
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	61.1	52.3
Prior service cost (credit)	(45.4)	(51.8)
Total	15.7	0.5
Other changes in plan assets and benefit obligations recognized in other comprehensive loss consist of:
Net actuarial loss	11.3	3.6
Amortization of accumulated net actuarial loss	(2.6)	(2)
Prior service cost (credit)	0	(51.9)
Amortization of prior service (cost) benefit	6.5	0
Total, before tax effect	$ 15.2	$ (50.3)

Pension and Other Postretirem69

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in the Accumulated other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 1,404.3	$ 1,323
Fair value of plan assets	884.9	985.6
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	246	236.8
Fair value of plan assets	$ 115.6	$ 111.6

Pension and Other Postretirem70

Pension and Other Postretirement Benefits - Schedule of Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 1,319.6	$ 1,253.4
Fair value of plan assets	884.9	985.6
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	246	236.8
Fair value of plan assets	$ 115.6	$ 111.6

Pension and Other Postretirem71

Pension and Other Postretirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 31.2	$ 32.2	$ 32.1
Interest cost	58	54.1	57.5
Expected return on plan assets	(66.1)	(68.8)	(62.9)
Amortization of net loss	27.4	16.7	21.8
Amortization of prior service cost (benefit)	0.4	0.3	0.5
Curtailment gain	0	0	0
Net periodic benefit costs	50.9	34.5	49
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	3.3	4.4	4
Interest cost	10.4	11.8	12.5
Expected return on plan assets	(7)	(6.6)	(6.5)
Amortization of net loss	2.7	2	1.2
Amortization of prior service cost (benefit)	(6.5)	0	(0.1)
Curtailment gain	0	(1.6)	0
Net periodic benefit costs	$ 2.9	$ 10	$ 11.1

Pension and Other Postretirem72

Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)employment_position	Jun. 30, 2014USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of salaried positions | employment_position		200
Percentage increase in funding level to shift assets from return seeking to liability hedging	5.00%
Percentage change in assets allocation from assets seeking to liability hedging due to increase in funding level	4.00%
Pension contributions	$ 0	$ 7.2	$ 6.3
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits	0	0
Effect of one percentage point increase in the assumed health care cost trend rate on service and interest cost components	0.2
Effect of one percentage point increase in the assumed health care cost trend rate on postretirement benefit obligation	3.7
Effect of one percentage point decrease in the assumed health care cost trend rate on service and interest cost components	0.1
Effect of one percentage point decrease in the assumed health care cost trend rate on postretirement benefit obligation	2.7
Net periodic benefit cost	2.9	10	11.1
U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Pension contributions	0	7.2	6.3
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits	9.4	8.3
Net periodic benefit cost	50.9	34.5	49
Expected contributions for next fiscal year	0.7
Other non-qualified pension plans
Defined Benefit Plan Disclosure [Line Items]
Pension contributions	$ 3.2	3.3	3.2
Return Seeking Asset | U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Plan's current allocation policy	60.00%
Liability Hedging Assets | U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Plan's current allocation policy	40.00%
Equity securities | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Plan's current allocation policy	67.00%
Fixed income securities | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Plan's current allocation policy	33.00%
Defined contribution retirement and savings plans
Defined Benefit Plan Disclosure [Line Items]
Contributions to defined contribution retirement and savings plans	$ 11.8	12	$ 10.6
Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Restructuring reserve related to pension plans		$ 8.3

Pension and Other Postretirem73

Pension and Other Postretirement Benefits - Schedule of Components of the Net Periodic Benefit Cost (Details)	Jun. 30, 2016	Jun. 30, 2015
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.92%	4.50%
Rate of compensation increase	3.49%	3.52%
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.86%	4.40%

Pension and Other Postretirem74

Pension and Other Postretirement Benefits - Schedule of Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.50%	4.48%	5.00%
Expected long-term rate of return on plan assets	6.92%	6.92%	7.00%
Long-term rate of compensation increase	3.49%	3.52%	3.57%
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.50%	4.26%	4.95%
Expected long-term rate of return on plan assets	6.25%	6.25%	7.00%

Pension and Other Postretirem75

Pension and Other Postretirement Benefits - Schedule of Expected Health Care Cost Trend Rates (Details) - Other Postretirement Plans	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Assumed health care cost trend rate	7.50%	7.50%
Rate to which the cost trend rate is assumed to decline and remain (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2,022	2,021

Pension and Other Postretirem76

Pension and Other Postretirement Benefits - Schedule of Amounts in Other Comprehensive Loss that are Expected to be Recognized as Components of Net Periodic Benefit Cost (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost (benefit)	$ (6.1)
Amortization of net actuarial loss	40.6
Amortization of accumulated other comprehensive loss (gain)	34.5
Pension Plans
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost (benefit)	0.4
Amortization of net actuarial loss	37.4
Amortization of accumulated other comprehensive loss (gain)	37.8
Other Postretirement Plans
Amounts in other comprehensive loss that are expected to recognized as components of net periodic benefit cost in the next fiscal year
Amortization of prior service cost (benefit)	(6.5)
Amortization of net actuarial loss	3.2
Amortization of accumulated other comprehensive loss (gain)	$ (3.3)

Pension and Other Postretirem77

Pension and Other Postretirement Benefits - Schedule of Weighted-average Asset Allocations by Asset Category (Details)	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocation	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocation	55.40%	57.50%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocation	44.20%	42.40%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocation	0.40%	0.10%

Pension and Other Postretirem78

Pension and Other Postretirement Benefits - Schedule of Fair Values of Pension Plan by Assets Category (Details) - Pension Plans - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 885.1	$ 985.8	$ 1,024.4
Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	15.3	14.9
Domestic and international equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	139.4	158.9
Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	338.2	393.5
Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	38.5	38.4
Government agency bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	141.7	143.5
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	197.3	225.8
Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	1.9	1.5
Mortgage/ asset backed securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	12.8	9.3
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	196.5	221.2
Level 1 | Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 1 | Domestic and international equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	139.4	158.9
Level 1 | Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	54.5	58.6
Level 1 | Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 1 | Government agency bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.7	2.2
Level 1 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 1 | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	1.9	1.5
Level 1 | Mortgage/ asset backed securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	688.6	764.6
Level 2 | Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	15.3	14.9
Level 2 | Domestic and international equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 2 | Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	283.7	334.9
Level 2 | Limited partnerships
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	38.5	38.4
Level 2 | Government agency bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	141	141.3
Level 2 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	197.3	225.8
Level 2 | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 2 | Mortgage/ asset backed securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 12.8	$ 9.3

Pension and Other Postretirem79

Pension and Other Postretirement Benefits - Schedule of Fair Values of Other Postretirement Benefit Plans by Asset Category (Details) - Other Postretirement Plans - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 115.6	$ 111.6	$ 106.5
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	115.6	111.6
Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	64	63.1
Commingled funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Commingled funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	64	63.1
Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	23.8	21.6
Short-term investments | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Short-term investments | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	23.8	21.6
Government agency bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	16.1	16
Government agency bonds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Government agency bonds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	16.1	16
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	9.9	8.6
Corporate bonds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Corporate bonds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	9.9	8.6
Mortgage/ asset backed securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	1.8	2.3
Mortgage/ asset backed securities and other | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0	0
Mortgage/ asset backed securities and other | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 1.8	$ 2.3

Pension and Other Postretirem80

Pension and Other Postretirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Jun. 30, 2016USD ($)
Pension Plans
Estimated future benefit payments
2,017	$ 73.9
2,018	75.6
2,019	77.9
2,020	80.2
2,021	82.2
2022-2026	431.7
Other Postretirement Plans
Estimated future benefit payments
2,017	13.7
2,018	14.1
2,019	14.3
2,020	14.5
2,021	14.7
2022-2026	$ 74

Contingencies and Commitments -

Contingencies and Commitments - Environmental (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Increase made by the company in the liabilities of environmental remediation costs	$ 0.3	$ 0.4	$ 0.7
Environmental remediation liability	$ 16.2	$ 15.9

Contingencies and Commitments82

Contingencies and Commitments - Other (Details) $ in Millions	Jun. 30, 2016USD ($)
Raw materials
Purchase agreements
Aggregate purchase commitments	$ 140.2

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Share repurchase program, authorized amount	$ 500,000,000
Stock repurchase program term	2 years
Shares purchased (in shares)		3,762,200	2,995,272
Purchase of treasury stock		$ 123,900,000	$ 124,500,000

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Leases, Operating [Abstract]
Rent expense total	$ 11.3	$ 12	$ 12.8
Future minimum payments for non-cancellable operating leases, 2017	10.2
Future minimum payments for non-cancellable operating leases, 2018	8.6
Future minimum payments for non-cancellable operating leases, 2019	6.1
Future minimum payments for non-cancellable operating leases, 2020	4.9
Future minimum payments for non-cancellable operating leases, 2021	3.8
Future minimum payments for non-cancellable operating leases, thereafter	$ 6.7

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 - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments, Assets	$ 11.8	$ 4.4
Total assets	15.9	9.4
Derivative financial instruments, Liabilities	43.9	53.5
Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments, Assets	11.8	4.4
Total assets	15.9	9.4
Derivative financial instruments, Liabilities	43.9	53.5
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Municipal auction rate securities	4.1	5
Municipal auction rate securities | Level 2
Assets and liabilities measured at fair value on a recurring basis
Municipal auction rate securities	$ 4.1	$ 5

Fair Value Measurements - Sch86

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	Jun. 30, 2016	Jun. 30, 2015
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 611.3	$ 603.8
Company-owned life insurance	14	13
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	597.7	628.6
Company-owned life insurance	$ 14	$ 13

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)plan$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | plan	2
Compensation cost	$ 8.7	$ 10	$ 11.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 3.1	$ 6.8	$ 3.5
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 9.27	$ 11.78	$ 21.31
Options outstanding (in shares) | shares	1,701,502	1,507,878	1,063,895	1,088,728
Unvested stock option cost	$ 1.5
Stock option weighted average remaining life	1 year 2 months 12 days
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	1 year
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	3 years
Expiration term	10 years
Total Stockholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 2	$ 0.8	$ 3.9
Shares vesting period	3 years
Total Stockholder Return Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares awarded percentage	0.00%
Total Stockholder Return Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares awarded percentage	200.00%
1993 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) | shares	1,180,272
1993 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) | shares	1,418,935
1993 Plan | Performance-based restricted stock unit awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	0 years
1993 Plan | Performance-based restricted stock unit awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	2 years
1993 Plan | Time-based restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period	3 years
1993 Plan | Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 2.4	1.3	2.8
Unvested stock option cost	$ 2.9
Stock option weighted average remaining life	1 year 11 months
Director's Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 1.2	$ 1.1	$ 1.2
Shares available for grant (in shares) | shares	604,211
Shares vesting period	1 year
Unvested stock option cost	$ 0.4
Stock option weighted average remaining life	3 months 18 days
Percentage of Director's annual retainer paid in stock instead of cash	50.00%
Percentage of Director's committee chair fees paid in stock instead of cash	100.00%
Director's Plan | Every Three Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting following grant date	25.00%
Director's Plan | 1/4 of the units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period with reference to service term	3 months
Director's Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Director's annual retainer paid in stock instead of cash	50.00%
Director's Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) | shares	282,567

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Weighted-average Assumptions of Fair Value of Stock Options (Details) - Stock options	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	33.00%	36.00%	49.00%
Dividend yield	2.00%	1.60%	1.30%
Risk-free interest rate	1.50%	1.40%	1.40%
Expected term (in years)	5 years	5 years	5 years

Share-Based Compensation - Su89

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Number of Awards
Exercised (in shares)	(19,627)	(73,067)	(236,540)
Stock options
Number of Awards
Balance at the beginning of the period (in shares)	1,507,878	1,063,895	1,088,728
Granted (in shares)	277,769	702,411	243,292
Exercised (in shares)	(19,627)	(73,067)	(236,540)
Cancelled (in shares)	(64,518)	(185,361)	(31,585)
Balance at the end of the period (in shares)	1,701,502	1,507,878	1,063,895
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 44.61	$ 42.69	$ 37.51
Granted (in dollars per share)	36.31	48.28	54.65
Exercised (in dollars per share)	25.12	31.53	30.19
Cancelled (in dollars per share)	47.98	52.67	49.83
Balance at the end of the period (in dollars per share)	$ 43.35	$ 44.61	$ 42.69
Additional disclosures
Weighted Average Remaining Contractual Term	6 years 7 months 6 days
Aggregate Intrinsic Value	$ 2.6
Number of Awards, Exercisable (in shares)	1,295,510
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 43.40
Weighted Average Remaining Contractual Term, Exercisable	6 years
Aggregate Intrinsic Value, Exercisable	$ 2.6

Share-Based Compensation - Su90

Share-Based Compensation - Summary of Outstanding and Exercisable Options by Exercise Price Range (Details) - Stock options	12 Months Ended
	Jun. 30, 2016$ / sharesshares
Exercise price range disclosures
Number of Awards, Outstanding (in shares) | shares	1,701,502
Weighted Average Exercise Price (in dollars per share)	$ 43.35
Number Exercisable (in shares) | shares	1,295,510
Weighted Average Exercise Price (in dollars per share)	$ 43.40
$14.17 - $20.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	14.17
Maximum Exercise Price Range (in dollars per share)	$ 20
Number of Awards, Outstanding (in shares) | shares	61,537
Weighted Average Remaining Contractual Term (in Years)	3 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 17.29
Number Exercisable (in shares) | shares	61,537
Weighted Average Exercise Price (in dollars per share)	$ 17.29
$20.01 - $30.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	20.01
Maximum Exercise Price Range (in dollars per share)	$ 30
Number of Awards, Outstanding (in shares) | shares	162,321
Weighted Average Remaining Contractual Term (in Years)	2 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 22.72
Number Exercisable (in shares) | shares	162,321
Weighted Average Exercise Price (in dollars per share)	$ 22.72
$30.01 - $40.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	30.01
Maximum Exercise Price Range (in dollars per share)	$ 40
Number of Awards, Outstanding (in shares) | shares	341,722
Weighted Average Remaining Contractual Term (in Years)	7 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 35.83
Number Exercisable (in shares) | shares	84,772
Weighted Average Exercise Price (in dollars per share)	$ 34.51
$40.01 - $50.00
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	40.01
Maximum Exercise Price Range (in dollars per share)	$ 50
Number of Awards, Outstanding (in shares) | shares	394,385
Weighted Average Remaining Contractual Term (in Years)	7 years
Weighted Average Exercise Price (in dollars per share)	$ 43.11
Number Exercisable (in shares) | shares	394,385
Weighted Average Exercise Price (in dollars per share)	$ 43.11
$50.01 - $63.54
Exercise price range disclosures
Minimum Exercise Price Range (in dollars per share)	50.01
Maximum Exercise Price Range (in dollars per share)	$ 63.54
Number of Awards, Outstanding (in shares) | shares	741,537
Weighted Average Remaining Contractual Term (in Years)	6 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 53.62
Number Exercisable (in shares) | shares	592,495
Weighted Average Exercise Price (in dollars per share)	$ 53.25

Share-Based Compensation - Su91

Share-Based Compensation - Summary of Nonvested Stock Awards Activity (Details) - Restricted stock unit awards - 1993 Plan - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Number of Awards
Balance at the beginning of the period (in shares)	127,409	113,563	215,415
Time-based granted (in shares)	130,742	97,168	14,086
Performance-based granted (in shares)	49,529	895	20,794
Vested (in shares)	(36,057)	(76,214)	(120,117)
Forfeited (in shares)	(83,154)	(8,003)	(16,615)
Balance at the end of the period (in shares)	188,469	127,409	113,563
Weighted-Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 45.09	$ 44.99	$ 43.75
Time-based granted (in dollars per share)	35.96	42.65	52.58
Performance-based granted (in dollars per share)	31.11	54.37	48.85
Vested (in dollars per share)	48.85	42.04	43.96
Forfeited (in dollars per share)	42.14	48.94	48.02
Balance at the end of the period (in dollars per share)	$ 35.69	$ 45.09	$ 44.99

Share-Based Compensation - Su92

Share-Based Compensation - Summary of Director Stock Units Activity (Details) - Non-employee Board of Director's Plan - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Number of Units
Balance at the beginning of the period (in shares)	287,436	269,315	246,519
Granted (in shares)	40,323	24,668	19,770
Distributed (in shares)		(11,296)
Dividend equivalents (in shares)	7,184	4,749	3,026
Balance at the end of the period (in shares)	334,943	287,436	269,315
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 35.48	$ 32.25	$ 30.06
Granted (in dollars per share)	32.54	42.80	59.47
Distributed (in dollars per share)		31.79
Dividend equivalents (in dollars per share)	0	0	0
Balance at the end of the period (in dollars per share)	$ 38.64	$ 35.48	$ 32.25

Derivatives and Hedging Activ93

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	12 Months Ended
	Jun. 30, 2016USD ($)lb	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contracts on a gross basis	$ 13,600,000
Derivative contracts liability on a gross basis	45,700,000
Cash collateral held by counterparties	0
Derivative losses included in AOCI	25,000,000
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Net gains recorded as a reduction to interest expense	$ (33,300,000)	$ (73,700,000)	$ 57,700,000
Commodity contracts | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amounts of raw materials to be purchased from forward contracts (in lb) | lb	19.3
Net gains recorded as a reduction to interest expense	$ (34,000,000)	(76,300,000)	59,300,000
Forward interest rate swaps | Cash flow hedges | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Net gains recorded as a reduction to interest expense	300,000	300,000	300,000
Forward interest rate swaps | Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total notional amounts of interest rate contracts	150,000,000	150,000,000
Net gains recorded as a reduction to interest expense	$ 2,600,000	$ 2,900,000	$ 0

Derivatives and Hedging Activ94

Derivatives and Hedging Activities - Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$ 11.8	$ 4.4
Derivatives designated as hedging instruments, Liability	43.9	53.5
Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	10.9	4.2
Derivatives designated as hedging instruments, Liability	0	0
Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.3	0.2
Derivatives designated as hedging instruments, Liability	0.3	0
Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.6	0
Derivatives designated as hedging instruments, Liability	43.6	53.5
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.1	1.7
Other current assets | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.2	1.5
Other current assets | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.3	0.2
Other current assets | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.6	0
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	9.7	2.7
Other assets | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	9.7	2.7
Other assets | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Other assets | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	31.6	32.7
Accrued liabilities | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Accrued liabilities | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0.3	0
Accrued liabilities | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	31.3	32.7
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	12.3	20.8
Other liabilities | Forward interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Other liabilities | Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Other liabilities | Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	$ 12.3	$ 20.8

Derivatives and Hedging Activ95

Derivatives and Hedging Activities - Summary of the Gains (Losses) Related to Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ (33.3)	$ (73.7)	$ 57.7
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(44)	(15.8)	(20.9)
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	1.5	(2.2)	(0.3)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(34)	(76.3)	59.3
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(44.6)	(18.5)	(20.5)
Amount of Loss Reclassified from AOCI into Income (Ineffective Portion)	1.5	(2.2)	(0.3)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0.7	2.6	(1.6)
Foreign exchange contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.2	2.3	(0.8)
Forward interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0.3	0.3	0.3
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	$ 0.4	$ 0.4	$ 0.4

Derivatives and Hedging Activ96

Derivatives and Hedging Activities - Schedule of Changes in AOCI Associated with Derivative Hedging Activities (Details) - Cash flow hedges - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Balance, beginning	$ (21.8)	$ (28.5)	$ 7.6	$ (41.5)
Current period changes in fair value, net of tax	(20.8)	(46)	36
Reclassification to earnings, net of tax	27.5	9.9	13.1
Balance, ending	$ (21.8)	$ (28.5)	$ 7.6

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Income Taxes for the Company's Domestic and Foreign Operations(Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Domestic	$ 17.3	$ 64.3	$ 178.6
Foreign	4.2	24.8	17.8
Income before income taxes	$ 21.5	$ 89.1	$ 196.4

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Current:
Federal, current	$ 4.7	$ (39.3)	$ 61.3
State, current	0.4	1.2	6.5
Foreign, current	4.3	8.1	5.5
Total current	9.4	(30)	73.3
Deferred:
Federal, deferred	0.1	60.2	(8)
State, deferred	0.5	0.1	(1.4)
Foreign, deferred	0.2	0.1	(0.3)
Total deferred	0.8	60.4	(9.7)
Total income tax expense	$ 10.2	$ 30.4	$ 63.6

Income Taxes - Schedule of reco

Income Taxes - Schedule of reconciliation of income taxes computed at the U.S. Federal Income Tax Rate to the Company's Effective Income Tax Rate (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rate
Statutory federal income tax rate	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit	2.20%	2.20%	2.50%
Foreign tax rate differential	5.50%	(1.60%)	(0.30%)
Domestic manufacturing deduction	(7.00%)	(2.70%)	(3.50%)
Law changes	(3.80%)	1.80%	0.10%
Increases (decreases) in valuation allowances	2.10%	(0.30%)	(0.80%)
Unremitted earnings of foreign subsidiary	12.70%	0.00%	0.00%
Non-deductible goodwill impairment	5.10%	0.00%	0.00%
Research and development tax credit	(8.40%)	(0.90%)	(0.30%)
Other, net	4.00%	0.60%	(0.30%)
Effective income tax rate	47.40%	34.10%	32.40%

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Deferred tax assets:
Pensions	$ 193.5	$ 125.1
Postretirement provisions	51	48.9
Net operating loss carryforwards	20.5	20.3
Derivatives and hedging activities	14.8	18.5
Other	37.4	32.6
Gross deferred tax assets	317.2	245.4
Valuation allowances	(17.7)	(17.5)
Total deferred tax assets	299.5	227.9
Deferred tax liabilities:
Depreciation	(333)	(321.2)
Intangible assets	(20.4)	(26.1)
Inventories	(27.4)	(17.6)
Other	(12.9)	(6.2)
Total deferred tax liabilities	(393.7)	(371.1)
Deferred tax liabilities	$ (94.2)	$ (143.2)

Income Taxes - Schedule of R101

Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits for Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning	$ 0	$ 0	$ 1.4
Reductions as a result of a lapse of statute of limitations	0	0	(1.1)
Reductions based on tax positions of prior year	0	0	(0.1)
Reductions as a result of settlements with taxing authorities	0	0	(0.2)
Balance, ending	$ 0	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating loss carryforwards disclosures
Tax charge due to change in business strategy related to foreign subsidiaries	$ 2,800,000
Reduction in valuation allowance amount		$ 200,000
Amount of future tax benefits		5,000,000
Undistributed earnings of foreign subsidiaries		106,500,000
Unrecognized tax benefits that, if recognized would affect the entity's effective tax rate		0	$ 0	$ 0
Income tax benefits related to interest and benefit		0	0	$ 600,000
Accrued income taxes for interest and penalties		0	$ 0
State
Operating loss carryforwards disclosures
Net operating loss carryforwards expiring between 2015 and 2033		$ 325,200,000

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Interest income	$ 0.2	$ 0.1	$ 0.2
Equity in earnings of unconsolidated subsidiaries	0.6	0.1	0.6
Unrealized (losses) gains on company owned life insurance contracts and investments held in rabbi trusts	(0.5)	0.3	2.1
Foreign exchange	(2.4)	0.4	(1.5)
Other	0	4.4	0
Total other (expense) income, net	$ (2.1)	$ 5.3	$ 1.4

Segment Information, Geograp104

Segment Information, Geographic and Product Data - Narrative (Details)	12 Months Ended
	Jun. 30, 2016customersegment	Jun. 30, 2015customer	Jun. 30, 2014customer
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Sales Revenue | Customer
Segment Reporting Information [Line Items]
Concentration risk, number of customers		0	0
Sales Revenue | Customer | Alcoa
Segment Reporting Information [Line Items]
Concentration risk	13.00%
Concentration risk, number of customers	1		0
Accounts receivable | Customer
Segment Reporting Information [Line Items]
Concentration risk	22.00%
Concentration risk, number of customers			0
Accounts receivable | Customer | Alcoa
Segment Reporting Information [Line Items]
Concentration risk		17.00%
Concentration risk, number of customers		1
Accounts receivable | Customer | Alcoa, Inc. and Precision Castparts Corporation
Segment Reporting Information [Line Items]
Concentration risk	22.00%
Concentration risk, number of customers	2

Segment Information, Geograp105

Segment Information, Geographic and Product Data - Schedule of Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 457.7	$ 456.3	$ 443.8	$ 455.6	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 1,813.4	$ 2,226.7	$ 2,173
Operating income	29.2	$ (24.3)	$ 21.8	$ 24.8	39.5	$ 4.8	$ 45	$ 22.1	51.6	111.5	212
Depreciation and Amortization									119.3	122.3	111.9
Capital Expenditures									95.2	170.5	349.2
Assets	2,794.3				2,902.6				2,794.3	2,902.6
Operating
Segment Reporting Information [Line Items]
Pension EID									(19.3)	(9.4)	(21.8)
Corporate costs (including restructuring and impairment charges)
Segment Reporting Information [Line Items]
Operating income									(103)	(72)	(43.8)
Depreciation and Amortization									3.8	4.6	5.5
Capital Expenditures									8.6	4.3	5.4
Assets	151.3				121.7				151.3	121.7
Intersegment
Segment Reporting Information [Line Items]
Net sales									(26.3)	(67.6)	(67.2)
Operating income									2.5	(1.4)	(0.6)
Depreciation and Amortization									(0.8)	(0.6)	(0.8)
Capital Expenditures									(0.2)	(0.9)	(0.8)
Assets	(29.3)				(41.3)				(29.3)	(41.3)
Specialty Alloys Operations | Operating
Segment Reporting Information [Line Items]
Net sales									1,481	1,796.6	1,741.6
Operating income									176.9	155.2	232.7
Depreciation and Amortization									94.4	95	83.4
Capital Expenditures									67	129	319.9
Assets	2,256.5				2,323				2,256.5	2,323
Performance Engineered Products | Operating
Segment Reporting Information [Line Items]
Net sales									358.7	497.7	498.6
Operating income									(5.5)	39.1	45.5
Depreciation and Amortization									21.9	23.3	23.8
Capital Expenditures									19.8	38.1	$ 24.7
Assets	$ 415.8				$ 499.2				$ 415.8	$ 499.2

Segment Information, Geograp106

Segment Information, Geographic and Product Data - Schedule of Net Sales by Geographic Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Geographic Data
Net sales	$ 457.7	$ 456.3	$ 443.8	$ 455.6	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 1,813.4	$ 2,226.7	$ 2,173
United States
Geographic Data
Net sales									1,243.5	1,579.9	1,537.9
Europe
Geographic Data
Net sales									321.4	359.6	349.5
Asia Pacific
Geographic Data
Net sales									129.5	141.8	137.1
Canada
Geographic Data
Net sales									44.9	61.2	65.3
Mexico
Geographic Data
Net sales									46.7	59.2	59.2
Other
Geographic Data
Net sales									$ 27.4	$ 25	$ 24

Segment Information, Geograp107

Segment Information, Geographic and Product Data - Schedule of Long-lived Assets by Geographic Segment (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Geographic Data
Long-lived assets	$ 1,351.4	$ 1,397
United States
Geographic Data
Long-lived assets	1,323.4	1,367
Asia Pacific
Geographic Data
Long-lived assets	16.8	18.1
Canada
Geographic Data
Long-lived assets	5.9	6.5
Europe
Geographic Data
Long-lived assets	4.2	4.5
Mexico
Geographic Data
Long-lived assets	$ 1.1	$ 0.9

Recent Accounting Pronouncem108

Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Accounting Standards Update No. 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification impact from other assets to long-term debt	$ 2.9	$ 3.3

Reclassifications from Accum109

Reclassifications from Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in AOCI by Component, Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	$ 1,325.9	$ 1,504.3
Balances, end of period	1,104.9	1,325.9
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	(28.5)	7.6
Other comprehensive loss before reclassifications	(20.8)	(46)
Amounts reclassified from AOCI	27.5	9.9
Other comprehensive (loss) income, net of tax	6.7	(36.1)
Balances, end of period	(21.8)	(28.5)
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	(256.8)	(236.7)
Other comprehensive loss before reclassifications	(102.5)	(32)
Amounts reclassified from AOCI	15	11.9
Other comprehensive (loss) income, net of tax	(87.5)	(20.1)
Balances, end of period	(344.3)	(256.8)
Unrealized losses on available-for-sale securities
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	(0.3)	(0.4)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	0.1
Other comprehensive (loss) income, net of tax	0	0.1
Balances, end of period	(0.3)	(0.3)
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	(42.6)	(15.7)
Other comprehensive loss before reclassifications	(0.9)	(26.9)
Amounts reclassified from AOCI	0	0
Other comprehensive (loss) income, net of tax	(0.9)	(26.9)
Balances, end of period	(43.5)	(42.6)
Accumulated Other Comprehensive (Loss) Income
Changes in the balance of Accumulated Other Comprehensive Income
Balances, beginning of period	(328.2)	(245.2)
Other comprehensive loss before reclassifications	(124.2)	(104.9)
Amounts reclassified from AOCI	42.5	21.9
Other comprehensive (loss) income, net of tax	(81.7)	(83)
Balances, end of period	$ (409.9)	$ (328.2)

Reclassifications from Accum110

Reclassifications from Accumulated Other Comprehensive (Loss) Income - Schedule of amounts reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Amount reclassified from AOCI
Cost of sales									$ (1,535)	$ (1,908.4)	$ (1,774.1)
Net sales	$ 457.7	$ 456.3	$ 443.8	$ 455.6	$ 558	$ 570.6	$ 548.4	$ 549.8	1,813.4	2,226.7	2,173
Interest expense									(28)	(27.7)	(17)
Income before income taxes									21.5	89.1	196.4
Tax benefit									(10.2)	(30.4)	(63.6)
Net income	$ 14.9	$ (23.9)	$ 11.5	$ 8.9	$ 22.5	$ (1.4)	$ 24.1	$ 13.5	11.3	58.7	$ 132.8
Cash flow hedging items
Amount reclassified from AOCI
Net of tax									(27.5)	(9.9)
Cash flow hedging items | Amount Reclassified from AOCI
Amount reclassified from AOCI
Income before income taxes									(44)	(15.8)
Tax benefit									16.5	5.9
Net income									(27.5)	(9.9)
Cash flow hedging items | Amount Reclassified from AOCI | Commodity contracts
Amount reclassified from AOCI
Cost of sales									(44.6)	(18.5)
Cash flow hedging items | Amount Reclassified from AOCI | Foreign exchange contracts
Amount reclassified from AOCI
Net sales									0.2	2.3
Cash flow hedging items | Amount Reclassified from AOCI | Forward interest rate swaps
Amount reclassified from AOCI
Interest expense									0.4	0.4
Net actuarial loss
Amount reclassified from AOCI
Net actuarial loss									(30.1)	(18.7)
Prior service cost
Amount reclassified from AOCI
Net actuarial loss									6.1	(0.3)
Amortization of pension and other postretirement benefit plan items
Amount reclassified from AOCI
Net actuarial loss									(24)	(19)
Tax benefit									9	7.1
Net of tax									$ (15)	$ (11.9)

Reclassifications from Accum111

Reclassifications from Accumulated Other Comprehensive (Loss) Income - Narrative (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reduction in other assets due to error related to equity method investment	$ 4.9

Supplemental Data (Details)

Supplemental Data (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Cost Data:
Repairs and maintenance costs	$ 101.8	$ 114.7	$ 108.9
Noncash investing and financing activities:
Sale of equity method investment	12.6	0	0
Noncash purchases of property, equipment and software	15.1	17.3	65.5
Seller financed debt related to the purchase of software	0	4.9	0
Cash paid during the year for:
Interest payments, net	27.5	29	15.1
Income tax payment (refunds), net	$ 27.9	$ (27.1)	$ 70.8

Quarterly Financial Data (Un113

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Quarterly Financial Data [Abstract]
Net sales	$ 457.7	$ 456.3	$ 443.8	$ 455.6	$ 558	$ 570.6	$ 548.4	$ 549.8	$ 1,813.4	$ 2,226.7	$ 2,173
Gross profit	73.5	47.5	66.3	68.6	88.4	75.8	85	69.1	255.9	318.3	398.9
Operating income (loss)	29.2	(24.3)	21.8	24.8	39.5	4.8	45	22.1	51.6	111.5	212
Net income	$ 14.9	$ (23.9)	$ 11.5	$ 8.9	$ 22.5	$ (1.4)	$ 24.1	$ 13.5	$ 11.3	$ 58.7	$ 132.8
Basic (in dollars per share)	$ 0.32	$ (0.51)	$ 0.23	$ 0.18	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.23	$ 1.11	$ 2.48
Diluted (in dollars per share)	$ 0.32	$ (0.51)	$ 0.23	$ 0.18	$ 0.44	$ (0.03)	$ 0.45	$ 0.25	$ 0.23	$ 1.11	$ 2.47
Basic (in shares)	46.9	47.1	48.8	49.7	50.9	52.6	53.4	53.5	48.1	52.6	53.3
Diluted (in shares)	47	47.1	48.9	49.9	51	52.6	53.6	53.7	48.2	52.7	53.6

SCHEDULE II. VALUATION AND Q114

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Allowance for doubtful accounts receivable
Valuation accounts activity
Balance at Beginning of Period	$ 3.8	$ 3.4	$ 4.1
Charged to Costs & Expenses	1.2	1.2	0.1
Charged to Other Accounts	0	0	0
Deductions	(0.9)	(0.8)	(0.8)
Balance at End of Period	4.1	3.8	3.4
Deferred tax valuation allowance
Valuation accounts activity
Balance at Beginning of Period	17.5	17.8	19.2
Charged to Costs & Expenses	0.2	(0.3)	(1.4)
Charged to Other Accounts	0	0	0
Deductions	0	0	0
Balance at End of Period	$ 17.7	$ 17.5	$ 17.8