Carpenter Technology (CRS) 10-Q 2 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Jan. 26, 2017
Document and Entity Information
Entity Registrant Name	CARPENTER TECHNOLOGY CORP
Entity Central Index Key	17,843
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,721,025
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 22.5	$ 82
Accounts receivable, net	250	253.6
Inventories	700.7	628.7
Other current assets	53	46.4
Total current assets	1,026.2	1,010.7
Property, plant and equipment, net	1,322.7	1,351.4
Goodwill	244.8	244.8
Other intangibles, net	59.9	63.2
Deferred income taxes	7.3	8.2
Other assets	116.5	116
Total assets	2,777.4	2,794.3
Current liabilities:
Short-term debt	25	0
Accounts payable	167.7	159.6
Accrued liabilities	119.4	139.2
Total current liabilities	312.1	298.8
Long-term debt	604	611.3
Accrued pension liabilities	405.3	509.3
Accrued postretirement benefits	117.8	116.6
Deferred income taxes	164.1	102.4
Other liabilities	43.8	51
Total liabilities	1,647.1	1,689.4
Total liabilities and stockholders' equity	2,777.4	2,794.3
Contingencies and commitments
STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 55,334,124 shares at December 31, 2016 and 55,254,569 shares at June 30, 2016; outstanding 46,717,339 shares at December 31, 2016 and 46,600,125 shares at June 30, 2016	276.7	276.3
Capital in excess of par value	280.2	273.5
Reinvested earnings	1,292.7	1,308.9
Common stock in treasury (8,616,785 shares and 8,654,444 shares at December 31, 2016 and June 30, 2016, respectively), at cost	(342.4)	(343.9)
Accumulated other comprehensive loss	(376.9)	(409.9)
Total stockholders' equity	$ 1,130.3	$ 1,104.9

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares	Dec. 31, 2016	Jun. 30, 2016
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	55,334,124	55,254,569
Common stock outstanding (in shares)	46,717,339	46,600,125
Common stock in treasury (in shares)	8,616,785	8,654,444

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net sales	$ 427.4	$ 443.8	$ 816.3	$ 899.4
Cost of sales	364.9	377.5	707.8	764.5
Gross profit	62.5	66.3	108.5	134.9
Selling, general and administrative expenses	47.1	44.5	91.7	87.8
Restructuring charges	0	0	0	0.4
Operating income	15.4	21.8	16.8	46.7
Interest expense	(7.4)	(7)	(14.8)	(13.6)
Other income (expense), net	0.3	0.3	1	(1.9)
Income before income taxes	8.3	15.1	3	31.2
Income tax expense	1.3	3.6	2.2	10.8
Net income	$ 7	$ 11.5	$ 0.8	$ 20.4
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.15	$ 0.23	$ 0.01	$ 0.41
Diluted (in dollars per share)	$ 0.15	$ 0.23	$ 0.01	$ 0.41
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	47	48.8	47	49.3
Diluted (in shares)	47.1	48.9	47.1	49.4
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 7	$ 11.5	$ 0.8	$ 20.4
Other comprehensive income (loss), net of tax
Pension and postretirement benefits, net of tax of $(3.5), $(2.3), $(14.0) and $(4.6), respectively	5.7	3.7	23.1	7.4
Net gain (loss) on derivative instruments, net of tax of $(2.4), $3.4, $(8.8) and $6.8, respectively	3.8	(5.7)	14.6	(11.2)
Foreign currency translation	(4)	(2.3)	(4.7)	(5.6)
Other comprehensive income (loss)	5.5	(4.3)	33	(9.4)
Comprehensive income	$ 12.5	$ 7.2	$ 33.8	$ 11

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax	$ (3.5)	$ (2.3)	$ (14)	$ (4.6)
Net loss on derivative instruments, tax	$ (2.4)	$ 3.4	$ (8.8)	$ 6.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 0.8	$ 20.4
Adjustments to reconcile net income to net cash (used for) provided from operating activities:
Depreciation and amortization	58.7	60.3
Deferred income taxes	39.1	2.5
Net pension expense	31	26.9
Share-based compensation expense	6.5	4.9
Net loss on disposals of property and equipment	0.3	0.1
Changes in working capital and other:
Accounts receivable	0.8	33.4
Inventories	(74.2)	(34.8)
Other current assets	(5.6)	(8.2)
Accounts payable	17.2	(17.6)
Accrued liabilities	3.6	(11.3)
Pension plan contributions	(100)	0
Other postretirement plan contributions	(1.8)	(6.1)
Other, net	(2.2)	1.1
Net cash (used for) provided from operating activities	(25.8)	71.6
INVESTING ACTIVITIES
Purchases of property, equipment and software	(45.1)	(49.5)
Proceeds from disposals of property and equipment	0	0.3
Other	0	4
Net cash used for investing activities	(45.1)	(45.2)
FINANCING ACTIVITIES
Net change in short-term debt	25	39.5
Dividends paid	(17)	(17.9)
Purchases of treasury stock	0	(96.3)
Payments on seller financed debt related to purchase of software	0	(2.5)
Tax benefits on share-based compensation	0.3	0
Proceeds from stock options exercised	1.8	0.2
Net cash provided from (used for) financing activities	10.1	(77)
Effect of exchange rate changes on cash and cash equivalents	1.3	1.7
DECREASE IN CASH AND CASH EQUIVALENTS	(59.5)	(48.9)
Cash and cash equivalents at beginning of period	82	70
Cash and cash equivalents at end of period	22.5	21.1
Non-cash investing activities:
Acquisition of property, equipment and software	$ 6	$ 5.7

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Income
Balances, period start at Jun. 30, 2015	$ 1,325.9	$ 276.2	$ 266.6	$ 1,332.4	$ (221.1)	$ (328.2)
Increase (Decrease) in Stockholders' Equity
Net income	20.4			20.4
Pension and postretirement benefits gain, net of tax	7.4					7.4
Net loss on derivative instruments, net of tax	(11.2)					(11.2)
Foreign currency translation	(5.6)					(5.6)
Cash Dividends:
Common @ $0.36 per share	(17.9)			(17.9)
Purchase of treasury stock	(96.3)				(96.3)
Share-based compensation plans	5.2		4.7		0.5
Stock options exercised	0.2		0.2
Tax windfall (shortfall) on share-based compensation	(0.1)		(0.1)
Balances, period end at Dec. 31, 2015	1,228	276.2	271.4	1,334.9	(316.9)	(337.6)
Balances, period start at Sep. 30, 2015						(333.3)
Increase (Decrease) in Stockholders' Equity
Net income	11.5
Pension and postretirement benefits gain, net of tax	3.7
Net loss on derivative instruments, net of tax	(5.7)
Foreign currency translation	(2.3)
Balances, period end at Dec. 31, 2015	1,228	276.2	271.4	1,334.9	(316.9)	(337.6)
Balances, period start at Jun. 30, 2016	1,104.9	276.3	273.5	1,308.9	(343.9)	(409.9)
Increase (Decrease) in Stockholders' Equity
Net income	0.8			0.8
Pension and postretirement benefits gain, net of tax	23.1					23.1
Net loss on derivative instruments, net of tax	14.6					14.6
Foreign currency translation	(4.7)					(4.7)
Cash Dividends:
Common @ $0.36 per share	(17)			(17)
Share-based compensation plans	6.5		5		1.5
Stock options exercised	1.8	0.4	1.4
Tax windfall (shortfall) on share-based compensation	0.3		0.3
Balances, period end at Dec. 31, 2016	1,130.3	276.7	280.2	1,292.7	(342.4)	(376.9)
Balances, period start at Sep. 30, 2016						(382.4)
Increase (Decrease) in Stockholders' Equity
Net income	7
Pension and postretirement benefits gain, net of tax	5.7
Net loss on derivative instruments, net of tax	3.8
Foreign currency translation	(4)
Balances, period end at Dec. 31, 2016	$ 1,130.3	$ 276.7	$ 280.2	$ 1,292.7	$ (342.4)	$ (376.9)

CONSOLIDATED STATEMENT OF CHAN9

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5	$ 5
Cash dividends per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2016 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2016 (the “ 2016 Form 10-K”). Operating results for the three and six months ended December 31, 2016 are not necessarily indicative of the operating results for any future period. As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.

Restructuring and Asset Impairm

Restructuring and Asset Impairment Charges	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Asset Impairment Charges	Restructuring and Asset Impairment Charges During fiscal year 2016, the Company approved restructuring actions consisting of an early retirement incentive to be funded by the Company's qualified pension plan and other severance related costs paid by the Company. In addition, as a result of the prolonged weakness in oil and gas drilling and exploration activities, the Company recorded non-cash asset impairment charges. At this time, the Company does not expect any additional charges related to these restructuring actions in the future. Activity and reserve balances for restructuring charges were as follows: ($ in millions) Reserve balance at June 30, 2015 $ 2.3 Restructuring and asset impairment charges 18.0 Payments from qualified pension plan associated with restructuring charges (9.4 ) Cash payments (3.0 ) Non-cash asset impairment charges and other (7.6 ) Reserve balance at June 30, 2016 0.3 Cash payments (0.3 ) Reserve balance at December 31, 2016 $ —

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. The calculations of basic and diluted earnings per common share for the three and six months ended December 31, 2016 and 2015 were as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2016 2015 2016 2015 Net income $ 7.0 $ 11.5 $ 0.8 $ 20.4 Less: earnings and dividends allocated to participating securities (0.1 ) — (0.1 ) (0.1 ) Earnings available for common stockholders used in calculation of basic earnings per common share $ 6.9 $ 11.5 $ 0.7 $ 20.3 Weighted average number of common shares outstanding, basic 47.0 48.8 47.0 49.3 Basic earnings per common share $ 0.15 $ 0.23 $ 0.01 $ 0.41 Net income $ 7.0 $ 11.5 $ 0.8 $ 20.4 Less: earnings and dividends allocated to participating securities (0.1 ) — (0.1 ) (0.1 ) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 6.9 $ 11.5 $ 0.7 $ 20.3 Weighted average number of common shares outstanding, basic 47.0 48.8 47.0 49.3 Effect of shares issuable under share-based compensation plans 0.1 0.1 0.1 0.1 Weighted average number of common shares outstanding, diluted 47.1 48.9 47.1 49.4 Diluted earnings per common share $ 0.15 $ 0.23 $ 0.01 $ 0.41 The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Stock options 2.0 1.5 1.8 1.4

Inventories

Inventories	6 Months Ended
	Dec. 31, 2016
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of December 31, 2016 and June 30, 2016 : ($ in millions) December 31, June 30, Raw materials and supplies $ 152.5 $ 137.6 Work in process 357.3 298.9 Finished and purchased products 190.9 192.2 Total inventory $ 700.7 $ 628.7 Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods. As of December 31, 2016 and June 30, 2016, $124.5 million and $118.4 million of inventory, respectively, was accounted for using a method other than the LIFO method.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Dec. 31, 2016
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of December 31, 2016 and June 30, 2016 : ($ in millions) December 31, June 30, Accrued compensation and benefits $ 43.0 $ 41.8 Derivative financial instruments 15.2 31.6 Accrued postretirement benefits 13.7 13.8 Accrued interest expense 11.3 11.2 Other 36.2 40.8 Total accrued liabilities $ 119.4 $ 139.2

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and six months ended December 31, 2016 and 2015 were as follows: Three months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 7.7 $ 7.8 $ 0.9 $ 0.8 Interest cost 12.4 14.4 2.3 2.5 Expected return on plan assets (16.6 ) (16.4 ) (1.7 ) (1.7 ) Amortization of net loss 9.5 6.8 0.8 0.7 Amortization of prior service cost (benefit) 0.5 0.1 (1.6 ) (1.6 ) Net periodic benefit costs $ 13.5 $ 12.7 $ 0.7 $ 0.7 Six months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 16.0 $ 15.6 $ 1.8 $ 1.7 Interest cost 25.3 28.8 4.6 5.2 Expected return on plan assets (31.9 ) (32.9 ) (3.4 ) (3.5 ) Amortization of net loss 18.9 13.7 1.6 1.4 Amortization of prior service cost (benefit) 0.8 0.2 (3.2 ) (3.3 ) Curtailment charge 0.5 — — — Net periodic benefit costs $ 29.6 $ 25.4 $ 1.4 $ 1.5 In September 2016, the Company announced changes to retirement plans it offers to certain employees. The Company has frozen benefits accrued to eligible participants of its largest qualified defined benefit pension plan and certain non-qualified benefit plans effective December 31, 2016. The Company recognized the plan freeze in the three months ended September 30, 2016 as a curtailment, since it eliminates the accrual of defined benefits for future services for a significant number of participants. The impact of the curtailment includes a one-time accelerated recognition of outstanding unamortized prior service costs of $0.5 million . The curtailment event triggered a re-measurement for the affected benefit plans as of August 31, 2016 using a weighted average discount rate of 3.57 percent . The re-measurement resulted in a reduction of accrued pension liabilities of $18.7 million . In October 2016, the Company made a voluntary pension contribution of $100.0 million to its largest qualified defined benefit pension plan. The Company currently expects to make no contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2017.

Debt

Debt	6 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company's $500.0 million syndicated credit facility (“Credit Agreement”) extends to June 2018. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “ Base Rate ,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% ( 1.45% as of December 31, 2016 ), and for Base Rate-determined loans, from 0.00% to 0.90% ( 0.45% as of December 31, 2016 ). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% ( 0.225% as of December 31, 2016 ), determined based upon the Debt Rating, of the unused portion of the $500.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 0.75% to 1.90% ( 1.45% as of December 31, 2016 ), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of December 31, 2016 , the Company had $5.8 million of issued letters of credit and $25.0 million of short-term borrowings under the Credit Agreement with the balance of $469.2 million available to the Company. The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of December 31, 2016 and June 30, 2016 , the Company was in compliance with all of the covenants of the Credit Agreement. Long-term debt outstanding as of December 31, 2016 and June 30, 2016 consisted of the following: ($ in millions) December 31, June 30, Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at December 31, 2016 and June 30, 2016) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at December 31, 2016 and June 30, 2016) 250.3 257.8 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at December 31, 2016 and June 30, 2016) 298.7 298.5 Total 604.0 611.3 Less: amounts due within one year — — Long-term debt, net of current portion $ 604.0 $ 611.3 For the three months ended December 31, 2016 and 2015 , interest costs totaled $7.7 million and $7.5 million , respectively, of which $0.3 million and $0.5 million , respectively, were capitalized as part of the cost of property, plant, equipment and software. For the six months ended December 31, 2016 and 2015 , interest costs totaled $15.3 million and $14.7 million , respectively, of which $0.5 million and $1.1 million , respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Environmental The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company’s operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party (“PRP”) with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management’s best estimate of the probable and reasonably estimable future costs related to environmental remediation. During the six months ended December 31, 2016 , the Company decreased the liability for a company-owned former operating site by $0.1 million . The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at December 31, 2016 and June 30, 2016 were $16.1 million and $16.2 million , respectively. Additionally, the Company has been notified that it may be a PRP with respect to other Superfund sites as to which no proceedings have been instituted against the Company. Neither the exact amount of remediation costs nor the final method of their allocation among all designated PRPs at these Superfund sites have been determined. Accordingly, at this time, the Company cannot reasonably estimate expected costs for such matters. The liability for future environmental remediation costs that can be reasonably estimated is evaluated by management on a quarterly basis. Other The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year.

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program In October 2014, the Company’s Board of Directors authorized a share repurchase program. The program authorized the purchase of up to $500.0 million of the Company’s outstanding common stock and expired in October 2016. The shares were repurchased from time to time at the Company's discretion based on capital needs of the business, general market conditions and the market price of the stock. During the six months ended December 31, 2016 , the Company did not purchase shares of its common stock on the open market.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs. The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities: Municipal auction rate securities $ 4.2 Derivative financial instruments 5.5 Total assets $ 9.7 Liabilities: Derivative financial instruments $ 18.9 June 30, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities: Municipal auction rate securities $ 4.1 Derivative financial instruments 11.8 Total assets $ 15.9 Liabilities: Derivative financial instruments $ 43.9 The Company’s derivative financial instruments consist of commodity forward contracts, foreign currency forward contracts and interest rate swaps. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company’s use of derivatives and hedging policies are more fully discussed in Note 11 . The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows: December 31, 2016 June 30, 2016 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 604.0 $ 596.6 $ 611.3 $ 597.7 Company-owned life insurance $ 14.6 $ 14.6 $ 14.0 $ 14.0 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 December 31, 2016 and June 30, 2016 were determined by using current interest rates for debt with terms and maturities similar to the Company’s existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses commodity forwards, interest rate swaps, forward interest rate swaps and foreign currency forwards to manage risks generally associated with commodity price, interest rate and foreign currency rate fluctuations. The following explains the various types of derivatives and includes a recap about the impact the derivative instruments had on the Company’s financial position, results of operations and cash flows. Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of December 31, 2016 , the Company had forward contracts to purchase 19.3 million pounds of certain raw materials with settlement dates through December 2023. Cash Flow Hedging — Forward interest rate swaps: Historically, the Company has entered into forward interest rate swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued. The forward interest rate swaps were designated as cash flow hedges. The qualifying hedge contracts were marked-to-market at each reporting date and any unrealized gains or losses were included in AOCI to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affected earnings or it became probable that the forecasted transaction would not occur. Upon the issuance of the fixed rate debt, the forward interest rate swap contracts were terminated. The realized gains at the time the interest rate swap contracts were terminated are being amortized over the term of the underlying debt. For the three months ended December 31, 2016 and 2015 , net gains of $0.1 million and $0.1 million , respectively, related to the previously terminated contracts were recorded as a reduction to interest expense. For the six months ended December 31, 2016 and 2015 , net gains of $0.2 million and $0.2 million , respectively, related to the previously terminated contracts were recorded as a reduction to interest expense. Cash Flow Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective, and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other income and expense. As of December 31, 2016 and 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 where appropriate. The Company has designated fixed to floating interest rate swaps as fair value hedges. Accordingly, the changes in the fair value of these instruments are immediately recorded in earnings. The mark-to-market values of both the fair value hedging instruments and the underlying debt obligations are recorded as equal and offsetting gains and losses in interest expense in the consolidated statements of income. As of December 31, 2016 and June 30, 2016 , the total notional amount of floating interest rate contracts was $150.0 million . For the three months ended December 31, 2016 and 2015 , net gains of $0.5 million and $0.6 million , respectively, were recorded as a reduction to interest expense. For the six months ended December 31, 2016 and 2015 , net gains of $0.9 million and $1.3 million , respectively, were recorded as a reduction to interest expense. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of December 31, 2016 and June 30, 2016 : December 31, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.9 $ 1.0 $ 1.4 $ 3.3 Other assets 2.1 — 0.1 2.2 Total asset derivatives $ 3.0 $ 1.0 $ 1.5 $ 5.5 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.1 $ 15.1 $ 15.2 Other liabilities — — 3.7 3.7 Total liability derivatives $ — $ 0.1 $ 18.8 $ 18.9 June 30, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) 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 Substantially all of the derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $8.3 million and total liability derivatives would have been $21.7 million as of December 31, 2016 . According to the provisions of the Company’s derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of December 31, 2016 and June 30, 2016 , the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) related to cash flow hedges recognized during the three and six months ended December 31, 2016 and 2015 : Amount of (Loss) Gain Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (22.5 ) $ (20.2 ) $ (15.4 ) $ (38.7 ) Foreign exchange contracts 0.6 0.3 0.6 0.5 Total $ (21.9 ) $ (19.9 ) $ (14.8 ) $ (38.2 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of Gain Three Months Ended Three Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (7.9 ) $ (11.1 ) $ — $ 1.0 Foreign exchange contracts Net sales 0.5 0.2 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (7.3 ) $ (10.8 ) $ — $ 1.0 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Amount of Gain Six Months Ended Six Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (18.0 ) $ (20.5 ) $ 0.5 $ 1.0 Foreign exchange contracts Net sales 0.6 0.1 — — Forward interest rate swaps Interest expense 0.2 0.2 — — Total $ (17.2 ) $ (20.2 ) $ 0.5 $ 1.0 The Company estimates that $10.3 million of net derivative losses included in AOCI as of December 31, 2016 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three and six months ended December 31, 2016 .

Other Income (Expense), Net

Other Income (Expense), Net	6 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Other Income (Expense), Net	Other Income (Expense), Net Other income (expense), net consisted of the following: Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Foreign exchange $ (0.2 ) $ (0.8 ) $ (0.2 ) $ (2.0 ) Unrealized gains (losses) on company-owned life insurance contracts and investments held in rabbi trusts 0.3 0.7 0.8 (0.6 ) Equity in earnings of unconsolidated subsidiaries — 0.3 — 0.6 Other 0.2 0.1 0.4 0.1 Total other income (expense), net $ 0.3 $ 0.3 $ 1.0 $ (1.9 )

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. Income tax expense for the three months ended December 31, 2016 was $1.3 million , or 15.7 percent of pre-tax income as compared with $3.6 million , or 23.8 percent of pre-tax income for the three months ended December 31, 2015 . Income tax expense for the six months ended December 31, 2016 was $2.2 million or 73.3 percent of pre-tax income as compared with $10.8 million , or 34.6 percent of pre-tax income for the six months ended December 31, 2015 . Income tax expense in the current quarter includes tax benefits of $0.9 million associated with the repatriation of earnings from one of our foreign subsidiaries. Income tax expense also includes a $0.3 million benefit primarily due to additional research and development credits claimed in the prior year. Income tax expense for the three months ended December 31, 2015 includes a tax benefit of $0.8 million primarily for additional research and development credits as a result of the December 2015 enactment of the Protecting Americans from Tax Hikes Act of 2015. In October 2016, the Company made a voluntary pension contribution of $100.0 million that was announced in connection with the plan freeze. As a result of the pension contribution, income tax expense in the six months ended December 31, 2016 includes a discrete tax charge of $2.1 million due to reduced tax benefits for domestic manufacturing claimed in prior periods. Tax expense for the six months ended December 31, 2015 includes a tax charge of $2.0 million for the deferred tax liability on unremitted foreign earnings of one of our foreign subsidiaries as a result of a decision to sell an equity method investment in India. As of June 30, 2016, the Company had $106.5 million of indefinitely reinvested foreign earnings for which deferred income taxes have not been provided. Due to a change in foreign cash requirements, the Company has changed its intent with regard to the indefinite reinvestment of foreign earnings of one of its foreign subsidiaries. As a result of this change, the Company repatriated $11.5 million of foreign earnings during the three months ended December 31, 2016 and recognized associated tax benefits of $0.9 million . The remaining balance, approximately $95.0 million , of undistributed foreign earnings continues to be indefinitely reinvested.

Business Segments

Business Segments	6 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”). The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. The Company’s executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as excess inventory write-downs, restructuring and asset impairment charges, goodwill impairment and other specifically-identified income or expense items. The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest and deferrals”. On a consolidated basis, one customer, Arconic, Inc., accounted for approximately 17 percent and 15 percent of the net sales for the three and six months ended December 31, 2016, respectively. On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 14 percent of the net sales for the three and six months ended December 31, 2015. Approximately 23 percent of the accounts receivable outstanding at December 31, 2016 is due from one customers, Arconic, Inc. Approximately 22 percent of the accounts receivable outstanding at June 30, 2016, respectively, is due from two customers, Alcoa Inc. and Precision Castparts Corporation. Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Net Sales: Specialty Alloys Operations $ 348.6 $ 363.6 $ 663.7 $ 736.2 Performance Engineered Products 83.2 85.4 161.7 177.0 Intersegment (4.4 ) (5.2 ) (9.1 ) (13.8 ) Consolidated net sales $ 427.4 $ 443.8 $ 816.3 $ 899.4 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Operating Income: Specialty Alloys Operations $ 35.6 $ 41.5 $ 60.6 $ 82.7 Performance Engineered Products 0.8 (2.9 ) (2.0 ) (3.3 ) Corporate costs (16.0 ) (12.7 ) (29.8 ) (24.8 ) Pension earnings, interest and deferrals (5.6 ) (4.8 ) (12.7 ) (9.6 ) Intersegment 0.6 0.7 0.7 1.7 Consolidated operating income $ 15.4 $ 21.8 $ 16.8 $ 46.7 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Depreciation and Amortization: Specialty Alloys Operations $ 23.7 $ 23.9 $ 47.2 $ 47.4 Performance Engineered Products 5.2 5.7 10.3 11.4 Corporate 0.9 0.9 1.7 1.9 Intersegment 0.1 (0.2 ) (0.5 ) (0.4 ) Consolidated depreciation and amortization $ 29.9 $ 30.3 $ 58.7 $ 60.3 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Capital Expenditures: Specialty Alloys Operations $ 8.3 $ 17.0 $ 23.0 $ 36.7 Performance Engineered Products 2.5 2.2 7.0 11.3 Corporate 7.7 0.5 15.2 1.6 Intersegment — (0.1 ) (0.1 ) (0.1 ) Consolidated capital expenditures $ 18.5 $ 19.6 $ 45.1 $ 49.5 Segment Data December 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,267.6 $ 2,256.5 Performance Engineered Products 408.2 415.8 Corporate 119.8 151.3 Intersegment (18.2 ) (29.3 ) Consolidated total assets $ 2,777.4 $ 2,794.3

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in ASU 2014-09 requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this guidance by one year. As such, the Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. In 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 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. ASU 2016-08 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-08 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting, which outlines new provisions intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. ASU 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. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, which outlines new provisions intended to reduce the existing diversity in practice related to accounting for the cash flow and its presentation in the financial statements. ASU 2016-15 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-15 on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory, which outlines updates to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-16 on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash, which outlines that a statement of cash flows explains the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-18 on the consolidated financial statements.

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive (Loss) Income	Reclassifications from Accumulated Other Comprehensive (Loss) Income The changes in AOCI by component, net of tax, for the three months ended December 31, 2016 and 2015 were as follows: Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at September 30, 2016 $ (11.0 ) $ (326.9 ) $ (0.3 ) $ (44.2 ) $ (382.4 ) Other comprehensive loss before reclassifications (0.6 ) — — (4.0 ) (4.6 ) Amounts reclassified from AOCI (b) 4.4 5.7 — — 10.1 Net other comprehensive income (loss) 3.8 5.7 — (4.0 ) 5.5 Balance at December 31, 2016 $ (7.2 ) $ (321.2 ) $ (0.3 ) $ (48.2 ) $ (376.9 ) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at September 30, 2015 $ (34.0 ) $ (253.1 ) $ (0.3 ) $ (45.9 ) $ (333.3 ) Other comprehensive loss before reclassifications (12.4 ) — — (2.3 ) (14.7 ) Amounts reclassified from AOCI (b) 6.7 3.7 — — 10.4 Net other comprehensive (loss) income (5.7 ) 3.7 — (2.3 ) (4.3 ) Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the six months ended December 31, 2016 and 2015 were as follows: Six Months Ended December 31, 2016 Cash flow Pension and Unrealized Foreign currency items Total Balance at June 30, 2016 $ (21.8 ) $ (344.3 ) $ (0.3 ) $ (43.5 ) $ (409.9 ) Other comprehensive income (loss) before reclassifications 3.9 11.4 — (4.7 ) 10.6 Amounts reclassified from AOCI (b) 10.7 11.7 — — 22.4 Net current-period other comprehensive income (loss) 14.6 23.1 — (4.7 ) 33.0 Balance at December 31, 2016 $ (7.2 ) $ (321.2 ) $ (0.3 ) $ (48.2 ) $ (376.9 ) Six Months Ended December 31, 2015 Cash flow Pension and Unrealized Foreign currency items Total Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive (loss) before reclassifications (23.8 ) — — (5.6 ) (29.4 ) Amounts reclassified from AOCI (b) 12.6 7.4 — — 20.0 Net current-period other comprehensive (loss) income (11.2 ) 7.4 — (5.6 ) (9.4 ) Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 ) The following is a summary of amounts reclassified from AOCI for the three and six months ended December 31, 2016 and 2015 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Six Months Ended December 31, Details about AOCI Components 2016 2015 2016 2015 Cash flow hedging items: Commodity contracts Cost of sales $ (7.9 ) $ (11.1 ) $ (18.0 ) $ (20.5 ) Foreign exchange contracts Net sales 0.5 0.2 0.6 0.1 Forward interest rate swaps Interest expense 0.1 0.1 0.2 0.2 Total before tax (7.3 ) (10.8 ) (17.2 ) (20.2 ) Tax benefit 2.9 4.1 6.5 7.6 Net of tax $ (4.4 ) $ (6.7 ) $ (10.7 ) $ (12.6 ) ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Six Months Ended December 31, Details about AOCI Components 2016 2015 2016 2015 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (10.3 ) $ (7.5 ) $ (20.5 ) $ (15.1 ) Prior service cost (b) 1.1 1.5 2.4 3.1 Curtailment charge (b) — — (0.5 ) — Total before tax (9.2 ) (6.0 ) (18.6 ) (12.0 ) Tax benefit 3.5 2.3 6.9 4.6 Net of tax $ (5.7 ) $ (3.7 ) $ (11.7 ) $ (7.4 ) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6. Pension and Other Postretirement Benefits for additional details).

Subsequent Event

Subsequent Event	6 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 30, 2017, the Company entered into a definitive asset purchase agreement for the purchase of substantially all of the assets of Puris LLC, a producer of titanium powder for additive manufacturing and advanced technology applications, for a purchase price of $35.0 million in cash. The transaction is subject to customary closing conditions. Closing is expected to occur during the quarter ending March 31, 2017.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2016 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2016 (the “ 2016 Form 10-K”). Operating results for the three and six months ended December 31, 2016 are not necessarily indicative of the operating results for any future period. As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.
Earnings per Common Share	The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding.
Inventories	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods.
Regulatory Environmental Costs	The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company’s operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party (“PRP”) with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management’s best estimate of the probable and reasonably estimable future costs related to environmental remediation.
Contingencies and Commitments	The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year.
Fair Value Measurements	The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs.
Fair Value of Financial Instruments	The Company’s derivative financial instruments consist of commodity forward contracts, foreign currency forward contracts and interest rate swaps. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company’s use of derivatives and hedging policies are more fully discussed in Note 11 . The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in ASU 2014-09 requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this guidance by one year. As such, the Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. In 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 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. ASU 2016-08 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-08 on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting, which outlines new provisions intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. ASU 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. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, which outlines new provisions intended to reduce the existing diversity in practice related to accounting for the cash flow and its presentation in the financial statements. ASU 2016-15 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-15 on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory, which outlines updates to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-16 on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash, which outlines that a statement of cash flows explains the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company is evaluating the impact of the adoption of ASU 2016-18 on the consolidated financial statements.

Restructuring and Asset Impai28

Restructuring and Asset Impairment Charges (Tables)	6 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of activity and reserve balances for restructuring	Activity and reserve balances for restructuring charges were as follows: ($ in millions) Reserve balance at June 30, 2015 $ 2.3 Restructuring and asset impairment charges 18.0 Payments from qualified pension plan associated with restructuring charges (9.4 ) Cash payments (3.0 ) Non-cash asset impairment charges and other (7.6 ) Reserve balance at June 30, 2016 0.3 Cash payments (0.3 ) Reserve balance at December 31, 2016 $ —

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings per common share	The calculations of basic and diluted earnings per common share for the three and six months ended December 31, 2016 and 2015 were as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2016 2015 2016 2015 Net income $ 7.0 $ 11.5 $ 0.8 $ 20.4 Less: earnings and dividends allocated to participating securities (0.1 ) — (0.1 ) (0.1 ) Earnings available for common stockholders used in calculation of basic earnings per common share $ 6.9 $ 11.5 $ 0.7 $ 20.3 Weighted average number of common shares outstanding, basic 47.0 48.8 47.0 49.3 Basic earnings per common share $ 0.15 $ 0.23 $ 0.01 $ 0.41 Net income $ 7.0 $ 11.5 $ 0.8 $ 20.4 Less: earnings and dividends allocated to participating securities (0.1 ) — (0.1 ) (0.1 ) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 6.9 $ 11.5 $ 0.7 $ 20.3 Weighted average number of common shares outstanding, basic 47.0 48.8 47.0 49.3 Effect of shares issuable under share-based compensation plans 0.1 0.1 0.1 0.1 Weighted average number of common shares outstanding, diluted 47.1 48.9 47.1 49.4 Diluted earnings per common share $ 0.15 $ 0.23 $ 0.01 $ 0.41
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive: Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Stock options 2.0 1.5 1.8 1.4

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2016
Inventory, Net [Abstract]
Schedule of inventories	Inventories consisted of the following components as of December 31, 2016 and June 30, 2016 : ($ in millions) December 31, June 30, Raw materials and supplies $ 152.5 $ 137.6 Work in process 357.3 298.9 Finished and purchased products 190.9 192.2 Total inventory $ 700.7 $ 628.7

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Dec. 31, 2016
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of December 31, 2016 and June 30, 2016 : ($ in millions) December 31, June 30, Accrued compensation and benefits $ 43.0 $ 41.8 Derivative financial instruments 15.2 31.6 Accrued postretirement benefits 13.7 13.8 Accrued interest expense 11.3 11.2 Other 36.2 40.8 Total accrued liabilities $ 119.4 $ 139.2

Pension and Other Postretirem32

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of components of the net periodic benefit cost	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three and six months ended December 31, 2016 and 2015 were as follows: Three months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 7.7 $ 7.8 $ 0.9 $ 0.8 Interest cost 12.4 14.4 2.3 2.5 Expected return on plan assets (16.6 ) (16.4 ) (1.7 ) (1.7 ) Amortization of net loss 9.5 6.8 0.8 0.7 Amortization of prior service cost (benefit) 0.5 0.1 (1.6 ) (1.6 ) Net periodic benefit costs $ 13.5 $ 12.7 $ 0.7 $ 0.7 Six months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2016 2015 2016 2015 Service cost $ 16.0 $ 15.6 $ 1.8 $ 1.7 Interest cost 25.3 28.8 4.6 5.2 Expected return on plan assets (31.9 ) (32.9 ) (3.4 ) (3.5 ) Amortization of net loss 18.9 13.7 1.6 1.4 Amortization of prior service cost (benefit) 0.8 0.2 (3.2 ) (3.3 ) Curtailment charge 0.5 — — — Net periodic benefit costs $ 29.6 $ 25.4 $ 1.4 $ 1.5

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of December 31, 2016 and June 30, 2016 consisted of the following: ($ in millions) December 31, June 30, Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at December 31, 2016 and June 30, 2016) $ 55.0 $ 55.0 Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at December 31, 2016 and June 30, 2016) 250.3 257.8 Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at December 31, 2016 and June 30, 2016) 298.7 298.5 Total 604.0 611.3 Less: amounts due within one year — — Long-term debt, net of current portion $ 604.0 $ 611.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on a recurring basis	The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities: Municipal auction rate securities $ 4.2 Derivative financial instruments 5.5 Total assets $ 9.7 Liabilities: Derivative financial instruments $ 18.9 June 30, 2016 Fair Value Measurements Using Input Type ($ in millions) Level 2 Assets: Marketable securities: Municipal auction rate securities $ 4.1 Derivative financial instruments 11.8 Total assets $ 15.9 Liabilities: Derivative financial instruments $ 43.9
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows: December 31, 2016 June 30, 2016 ($ in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 604.0 $ 596.6 $ 611.3 $ 597.7 Company-owned life insurance $ 14.6 $ 14.6 $ 14.0 $ 14.0

Derivatives and Hedging Activ35

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of December 31, 2016 and June 30, 2016 : December 31, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 0.9 $ 1.0 $ 1.4 $ 3.3 Other assets 2.1 — 0.1 2.2 Total asset derivatives $ 3.0 $ 1.0 $ 1.5 $ 5.5 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.1 $ 15.1 $ 15.2 Other liabilities — — 3.7 3.7 Total liability derivatives $ — $ 0.1 $ 18.8 $ 18.9 June 30, 2016 Interest Rate Swaps Foreign Currency Contracts Commodity Contracts Total Derivatives ($ in millions) 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
Summary of the (losses) gains related to cash flow hedges	The following is a summary of the gains (losses) related to cash flow hedges recognized during the three and six months ended December 31, 2016 and 2015 : Amount of (Loss) Gain Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (22.5 ) $ (20.2 ) $ (15.4 ) $ (38.7 ) Foreign exchange contracts 0.6 0.3 0.6 0.5 Total $ (21.9 ) $ (19.9 ) $ (14.8 ) $ (38.2 ) ($ in millions) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) Amount of Gain Three Months Ended Three Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (7.9 ) $ (11.1 ) $ — $ 1.0 Foreign exchange contracts Net sales 0.5 0.2 — — Forward interest rate swaps Interest expense 0.1 0.1 — — Total $ (7.3 ) $ (10.8 ) $ — $ 1.0 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Amount of Gain Six Months Ended Six Months Ended 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (18.0 ) $ (20.5 ) $ 0.5 $ 1.0 Foreign exchange contracts Net sales 0.6 0.1 — — Forward interest rate swaps Interest expense 0.2 0.2 — — Total $ (17.2 ) $ (20.2 ) $ 0.5 $ 1.0

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	6 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Schedule of other income, net	Other income (expense), net consisted of the following: Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Foreign exchange $ (0.2 ) $ (0.8 ) $ (0.2 ) $ (2.0 ) Unrealized gains (losses) on company-owned life insurance contracts and investments held in rabbi trusts 0.3 0.7 0.8 (0.6 ) Equity in earnings of unconsolidated subsidiaries — 0.3 — 0.6 Other 0.2 0.1 0.4 0.1 Total other income (expense), net $ 0.3 $ 0.3 $ 1.0 $ (1.9 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Net Sales: Specialty Alloys Operations $ 348.6 $ 363.6 $ 663.7 $ 736.2 Performance Engineered Products 83.2 85.4 161.7 177.0 Intersegment (4.4 ) (5.2 ) (9.1 ) (13.8 ) Consolidated net sales $ 427.4 $ 443.8 $ 816.3 $ 899.4 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Operating Income: Specialty Alloys Operations $ 35.6 $ 41.5 $ 60.6 $ 82.7 Performance Engineered Products 0.8 (2.9 ) (2.0 ) (3.3 ) Corporate costs (16.0 ) (12.7 ) (29.8 ) (24.8 ) Pension earnings, interest and deferrals (5.6 ) (4.8 ) (12.7 ) (9.6 ) Intersegment 0.6 0.7 0.7 1.7 Consolidated operating income $ 15.4 $ 21.8 $ 16.8 $ 46.7 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Depreciation and Amortization: Specialty Alloys Operations $ 23.7 $ 23.9 $ 47.2 $ 47.4 Performance Engineered Products 5.2 5.7 10.3 11.4 Corporate 0.9 0.9 1.7 1.9 Intersegment 0.1 (0.2 ) (0.5 ) (0.4 ) Consolidated depreciation and amortization $ 29.9 $ 30.3 $ 58.7 $ 60.3 Segment Data Three Months Ended Six Months Ended ($ in millions) 2016 2015 2016 2015 Capital Expenditures: Specialty Alloys Operations $ 8.3 $ 17.0 $ 23.0 $ 36.7 Performance Engineered Products 2.5 2.2 7.0 11.3 Corporate 7.7 0.5 15.2 1.6 Intersegment — (0.1 ) (0.1 ) (0.1 ) Consolidated capital expenditures $ 18.5 $ 19.6 $ 45.1 $ 49.5 Segment Data December 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,267.6 $ 2,256.5 Performance Engineered Products 408.2 415.8 Corporate 119.8 151.3 Intersegment (18.2 ) (29.3 ) Consolidated total assets $ 2,777.4 $ 2,794.3

Reclassifications from Accumu38

Reclassifications from Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in AOCI by component, net of tax	The changes in AOCI by component, net of tax, for the three months ended December 31, 2016 and 2015 were as follows: Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at September 30, 2016 $ (11.0 ) $ (326.9 ) $ (0.3 ) $ (44.2 ) $ (382.4 ) Other comprehensive loss before reclassifications (0.6 ) — — (4.0 ) (4.6 ) Amounts reclassified from AOCI (b) 4.4 5.7 — — 10.1 Net other comprehensive income (loss) 3.8 5.7 — (4.0 ) 5.5 Balance at December 31, 2016 $ (7.2 ) $ (321.2 ) $ (0.3 ) $ (48.2 ) $ (376.9 ) Cash flow hedging items Pension and other postretirement benefit plan items Unrealized losses on available-for- sale securities Foreign currency items Total Balance at September 30, 2015 $ (34.0 ) $ (253.1 ) $ (0.3 ) $ (45.9 ) $ (333.3 ) Other comprehensive loss before reclassifications (12.4 ) — — (2.3 ) (14.7 ) Amounts reclassified from AOCI (b) 6.7 3.7 — — 10.4 Net other comprehensive (loss) income (5.7 ) 3.7 — (2.3 ) (4.3 ) Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the six months ended December 31, 2016 and 2015 were as follows: Six Months Ended December 31, 2016 Cash flow Pension and Unrealized Foreign currency items Total Balance at June 30, 2016 $ (21.8 ) $ (344.3 ) $ (0.3 ) $ (43.5 ) $ (409.9 ) Other comprehensive income (loss) before reclassifications 3.9 11.4 — (4.7 ) 10.6 Amounts reclassified from AOCI (b) 10.7 11.7 — — 22.4 Net current-period other comprehensive income (loss) 14.6 23.1 — (4.7 ) 33.0 Balance at December 31, 2016 $ (7.2 ) $ (321.2 ) $ (0.3 ) $ (48.2 ) $ (376.9 ) Six Months Ended December 31, 2015 Cash flow Pension and Unrealized Foreign currency items Total Balance at June 30, 2015 $ (28.5 ) $ (256.8 ) $ (0.3 ) $ (42.6 ) $ (328.2 ) Other comprehensive (loss) before reclassifications (23.8 ) — — (5.6 ) (29.4 ) Amounts reclassified from AOCI (b) 12.6 7.4 — — 20.0 Net current-period other comprehensive (loss) income (11.2 ) 7.4 — (5.6 ) (9.4 ) Balance at December 31, 2015 $ (39.7 ) $ (249.4 ) $ (0.3 ) $ (48.2 ) $ (337.6 )
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three and six months ended December 31, 2016 and 2015 : ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Six Months Ended December 31, Details about AOCI Components 2016 2015 2016 2015 Cash flow hedging items: Commodity contracts Cost of sales $ (7.9 ) $ (11.1 ) $ (18.0 ) $ (20.5 ) Foreign exchange contracts Net sales 0.5 0.2 0.6 0.1 Forward interest rate swaps Interest expense 0.1 0.1 0.2 0.2 Total before tax (7.3 ) (10.8 ) (17.2 ) (20.2 ) Tax benefit 2.9 4.1 6.5 7.6 Net of tax $ (4.4 ) $ (6.7 ) $ (10.7 ) $ (12.6 ) ($ in millions) (a) Location of (loss) gain Amount Reclassified from AOCI Amount Reclassified from AOCI Six Months Ended December 31, Details about AOCI Components 2016 2015 2016 2015 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (10.3 ) $ (7.5 ) $ (20.5 ) $ (15.1 ) Prior service cost (b) 1.1 1.5 2.4 3.1 Curtailment charge (b) — — (0.5 ) — Total before tax (9.2 ) (6.0 ) (18.6 ) (12.0 ) Tax benefit 3.5 2.3 6.9 4.6 Net of tax $ (5.7 ) $ (3.7 ) $ (11.7 ) $ (7.4 ) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6. Pension and Other Postretirement Benefits for additional details).

Restructuring and Asset Impai39

Restructuring and Asset Impairment Charges - Schedule of Activity and Reserve Balances for Restructuring (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Restructuring Reserve [Roll Forward]
Reserve, beginning balance	$ 0.3	$ 2.3
Restructuring and asset impairment charges		18
Payments from qualified pension plan associated with restructuring charges		(9.4)
Cash payments	(0.3)	(3)
Non-cash asset impairment charges and other		(7.6)
Reserve, ending balance	$ 0	$ 0.3

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of Calculations of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 7	$ 11.5	$ 0.8	$ 20.4
Less: earnings and dividends allocated to participating securities	(0.1)	0	(0.1)	(0.1)
Earnings available for common stockholders used in calculation of basic earnings per common share	$ 6.9	$ 11.5	$ 0.7	$ 20.3
Weighted average number of common shares outstanding, basic (in shares)	47	48.8	47	49.3
Basic earnings per common share (in dollars per share)	$ 0.15	$ 0.23	$ 0.01	$ 0.41
Earnings available for common stockholders used in calculation of diluted earnings per common share	$ 6.9	$ 11.5	$ 0.7	$ 20.3
Effect of shares issuable under share-based compensation plans (in shares)	0.1	0.1	0.1	0.1
Weighted average number of common shares outstanding, diluted (in shares)	47.1	48.9	47.1	49.4
Diluted earnings per common share (in dollars per share)	$ 0.15	$ 0.23	$ 0.01	$ 0.41

Earnings per Common Share - S41

Earnings per Common Share - Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Awards excluded from computation of earnings per share (in shares)	2	1.5	1.8	1.4

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Inventory, Net [Abstract]
Raw materials and supplies	$ 152.5	$ 137.6
Work in process	357.3	298.9
Finished and purchased products	190.9	192.2
Total inventory	$ 700.7	$ 628.7

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Inventory, Net [Abstract]
Other than LIFO inventory	$ 124.5	$ 118.4

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 43	$ 41.8
Derivative financial instruments	15.2	31.6
Accrued postretirement benefits	13.7	13.8
Accrued interest expense	11.3	11.2
Other	36.2	40.8
Total accrued liabilities	$ 119.4	$ 139.2

Pension and Other Postretirem45

Pension and Other Postretirement Benefits - Schedule of Components of the Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Pension Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	$ 7.7		$ 7.8	$ 16	$ 15.6
Interest cost	12.4		14.4	25.3	28.8
Expected return on plan assets	(16.6)		(16.4)	(31.9)	(32.9)
Amortization of net loss	9.5		6.8	18.9	13.7
Amortization of prior service cost (benefit)	0.5		0.1	0.8	0.2
Curtailment charge		$ 0.5		0.5	0
Net periodic benefit costs	13.5		12.7	29.6	25.4
Other Postretirement Plans
Pension and Other Postretirement Benefit Disclosures
Service cost	0.9		0.8	1.8	1.7
Interest cost	2.3		2.5	4.6	5.2
Expected return on plan assets	(1.7)		(1.7)	(3.4)	(3.5)
Amortization of net loss	0.8		0.7	1.6	1.4
Amortization of prior service cost (benefit)	(1.6)		(1.6)	(3.2)	(3.3)
Curtailment charge				0	0
Net periodic benefit costs	$ 0.7		$ 0.7	$ 1.4	$ 1.5

Pension and Other Postretirem46

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2017	Aug. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction in long-term pension liabilities		$ 18,700,000
General Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discretionary contribution	$ 100,000,000
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment charge		$ 500,000	$ 500,000	$ 0
Discount rate						3.57%
Pension Plans | Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions					$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Short-term borrowings	$ 25,000,000		$ 25,000,000		$ 0
Interest costs	7,700,000	$ 7,500,000	15,300,000	$ 14,700,000
Interest costs, capitalized	300,000	$ 500,000	500,000	$ 1,100,000
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000		500,000,000
Letters of credit issued	5,800,000		5,800,000
Short-term borrowings	25,000,000		25,000,000
Credit Agreement available for future borrowings	$ 469,200,000		$ 469,200,000
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate margin			1.45%
Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin			0.75%
Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin			1.90%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable rate basis			Base Rate
Interest rate margin			0.45%
Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin			0.00%
Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin			0.90%
Letters of credit
Debt Instrument [Line Items]
Commitment fee rate			0.225%
Letter of credit fees			1.45%
Required interest coverage ratio			3.50
Letters of credit | Minimum
Debt Instrument [Line Items]
Commitment fee rate			0.075%
Letter of credit fees			0.75%
Letters of credit | Maximum
Debt Instrument [Line Items]
Commitment fee rate			0.375%
Letter of credit fees			1.90%
Required debt to capital ratio (less than 55%)	0.55		0.55

Debt - Schedule of long-term de

Debt - Schedule of long-term debt outstanding (Details) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Total	$ 604,000,000	$ 611,300,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	604,000,000	611,300,000
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018
Debt Instrument [Line Items]
Face amount	55,000,000	55,000,000
Total	$ 55,000,000	$ 55,000,000
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 | Minimum
Debt Instrument [Line Items]
Interest rate	6.97%	6.97%
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 | Maximum
Debt Instrument [Line Items]
Interest rate	7.10%	7.10%
Senior unsecured notes, 5.20% due July 2021
Debt Instrument [Line Items]
Interest rate	5.20%	5.20%
Face amount	$ 250,000,000	$ 250,000,000
Total	$ 250,300,000	$ 257,800,000
4.45% Senior Unsecured Notes due 2023
Debt Instrument [Line Items]
Interest rate	4.45%	4.45%
Face amount	$ 300,000,000	$ 300,000,000
Total	$ 298,700,000	$ 298,500,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Decrease in accrual for environmental loss contingencies	$ 0.1
Environmental remediation liability	$ 16.1	$ 16.2

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	6 Months Ended
	Dec. 31, 2016	Oct. 31, 2014
Equity [Abstract]
Authorized amount (up to)		$ 500,000,000
Shares purchased (in shares)	0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of fair value of assets and liabilities measured on a recurring basis (Details) - Measured on a recurring basis - Level 2 - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Assets and liabilities measured at fair value on a recurring basis
Derivative financial instruments	$ 5.5	$ 11.8
Total assets	9.7	15.9
Derivative financial instruments, liabilities	18.9	43.9
Municipal auction rate securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities:	$ 4.2	$ 4.1

Fair Value Measurements - Sch52

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	Dec. 31, 2016	Jun. 30, 2016
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 604	$ 611.3
Company-owned life insurance	14.6	14
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	596.6	597.7
Company-owned life insurance	$ 14.6	$ 14

Derivatives and Hedging Activ53

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)lb	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)lb	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)
Fair value of derivatives
Total asset derivatives on a gross basis	$ 8,300,000		$ 8,300,000
Total liability derivatives on a gross basis	21,700,000		21,700,000
Cash collateral held by counterparties	$ 0		0		$ 0
Net derivative losses included in AOCI expected to be reclassified into earnings			$ 10,300,000
Cash flow hedges | Commodity contracts
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb	19.3		19.3
Cash flow hedges | Interest rate swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	$ 100,000	$ 100,000	$ 200,000	$ 200,000
Fair value hedging | Interest rate swaps
Fair value of derivatives
Net gains recorded as a reduction to interest expense	500,000	$ 600,000	900,000	$ 1,300,000
Total notional amounts of interest rate contracts	$ 150,000,000		$ 150,000,000		$ 150,000,000

Derivatives and Hedging Activ54

Derivatives and Hedging Activities - Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	$ 5.5	$ 11.8
Derivatives designated as hedging instruments, Liability	18.9	43.9
Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	3.3	2.1
Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.2	9.7
Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	15.2	31.6
Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	3.7	12.3
Interest rate swaps
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	3	10.9
Derivatives designated as hedging instruments, Liability	0	0
Interest rate swaps | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.9	1.2
Interest rate swaps | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	2.1	9.7
Interest rate swaps | Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Interest rate swaps | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Foreign exchange contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1	0.3
Derivatives designated as hedging instruments, Liability	0.1	0.3
Foreign exchange contracts | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1	0.3
Foreign exchange contracts | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0	0
Foreign exchange contracts | Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0.1	0.3
Foreign exchange contracts | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	0	0
Commodity contracts
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.5	0.6
Derivatives designated as hedging instruments, Liability	18.8	43.6
Commodity contracts | Other current assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	1.4	0.6
Commodity contracts | Other assets
Fair value of derivatives
Derivatives designated as hedging instruments, Asset	0.1	0
Commodity contracts | Accrued liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	15.1	31.3
Commodity contracts | Other liabilities
Fair value of derivatives
Derivatives designated as hedging instruments, Liability	$ 3.7	$ 12.3

Derivatives and Hedging Activ55

Derivatives and Hedging Activities - Summary of the (losses) gains related to cash flow hedges (Details) - Cash flow hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	$ (21.9)	$ (19.9)	$ (14.8)	$ (38.2)
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(7.3)	(10.8)	(17.2)	(20.2)
Amount of Gain Reclassified from AOCI into Income (Ineffective Portion)	0	1	0.5	1
Commodity contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	(22.5)	(20.2)	(15.4)	(38.7)
Commodity contracts | Cost of sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(7.9)	(11.1)	(18)	(20.5)
Amount of Gain Reclassified from AOCI into Income (Ineffective Portion)	0	1	0.5	1
Foreign exchange contracts
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	0.6	0.3	0.6	0.5
Foreign exchange contracts | Net sales
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.5	0.2	0.6	0.1
Amount of Gain Reclassified from AOCI into Income (Ineffective Portion)	0	0	0	0
Forward interest rate swaps | Interest expense
(Losses) gains related to cash flow hedges
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	0.1	0.1	0.2	0.2
Amount of Gain Reclassified from AOCI into Income (Ineffective Portion)	$ 0	$ 0	$ 0	$ 0

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Foreign exchange	$ (0.2)	$ (0.8)	$ (0.2)	$ (2)
Unrealized gains (losses) on company-owned life insurance contracts and investments held in rabbi trusts	0.3	0.7	0.8	(0.6)
Equity in earnings of unconsolidated subsidiaries	0	0.3	0	0.6
Other	0.2	0.1	0.4	0.1
Total other income (expense), net	$ 0.3	$ 0.3	$ 1	$ (1.9)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense (benefit)		$ 1.3	$ 3.6	$ 2.2	$ 10.8
Income tax expense as a percent of pre-tax income (loss)		15.70%	23.80%	73.30%	34.60%
Income tax benefit associated with repatriation of foreign subsidiaries		$ 0.9
Net tax benefit associated with research and development			$ 0.8	$ 0.3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discrete tax tax charge				2.1	$ 2
Indefinitely reinvested foreign earnings		95		$ 95		$ 106.5
Foreign earnings repatriated		$ 11.5
General Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discretionary contribution	$ 100

Business Segments - Narrative (

Business Segments - Narrative (Details) - segment	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Segment Reporting [Abstract]
Number of reportable segments			2
Customer Concentration Risk | Net Sales | Alcoa
Concentration Risk [Line Items]
Concentration risk		14.00%		14.00%
Customer Concentration Risk | Net Sales | Arconic
Concentration Risk [Line Items]
Concentration risk	17.00%		15.00%
Customer Concentration Risk | Accounts Receivable | Arconic
Concentration Risk [Line Items]
Concentration risk			23.00%
Customer Concentration Risk | Accounts Receivable | Alcoa, Inc. and Precision Castparts Corporation
Concentration Risk [Line Items]
Concentration risk					22.00%

Business Segments - Schedule of

Business Segments - Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Net Sales:
Net Sales:	$ 427.4	$ 443.8	$ 816.3	$ 899.4
Operating Income:
Operating Income:	15.4	21.8	16.8	46.7
Depreciation and Amortization:
Depreciation and Amortization:	29.9	30.3	58.7	60.3
Capital Expenditures:
Capital Expenditures:	18.5	19.6	45.1	49.5
Total Assets:
Total Assets:	2,777.4		2,777.4		$ 2,794.3
Corporate
Operating Income:
Operating Income:	(16)	(12.7)	(29.8)	(24.8)
Depreciation and Amortization:
Depreciation and Amortization:	0.9	0.9	1.7	1.9
Capital Expenditures:
Capital Expenditures:	7.7	0.5	15.2	1.6
Total Assets:
Total Assets:	119.8		119.8		151.3
Intersegment
Net Sales:
Net Sales:	(4.4)	(5.2)	(9.1)	(13.8)
Operating Income:
Operating Income:	0.6	0.7	0.7	1.7
Pension earnings, interest and deferrals	(5.6)	(4.8)	(12.7)	(9.6)
Depreciation and Amortization:
Depreciation and Amortization:	0.1	(0.2)	(0.5)	(0.4)
Capital Expenditures:
Capital Expenditures:	0	(0.1)	(0.1)	(0.1)
Total Assets:
Total Assets:	(18.2)		(18.2)		(29.3)
Specialty Alloys Operations | Operating
Net Sales:
Net Sales:	348.6	363.6	663.7	736.2
Operating Income:
Operating Income:	35.6	41.5	60.6	82.7
Depreciation and Amortization:
Depreciation and Amortization:	23.7	23.9	47.2	47.4
Capital Expenditures:
Capital Expenditures:	8.3	17	23	36.7
Total Assets:
Total Assets:	2,267.6		2,267.6		2,256.5
Performance Engineered Products | Operating
Net Sales:
Net Sales:	83.2	85.4	161.7	177
Operating Income:
Operating Income:	0.8	(2.9)	(2)	(3.3)
Depreciation and Amortization:
Depreciation and Amortization:	5.2	5.7	10.3	11.4
Capital Expenditures:
Capital Expenditures:	2.5	$ 2.2	7	$ 11.3
Total Assets:
Total Assets:	$ 408.2		$ 408.2		$ 415.8

Reclassifications from Accumu60

Reclassifications from Accumulated Other Comprehensive (Loss) Income - Schedule of changes in AOCI by component, net of tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start			$ 1,104.9	$ 1,325.9
Balances, period end	$ 1,130.3	$ 1,228	1,130.3	1,228
Cash flow hedging items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start	(11)	(34)	(21.8)	(28.5)
Other comprehensive income (loss) before reclassifications	(0.6)	(12.4)	3.9	(23.8)
Amounts reclassified from AOCI	4.4	6.7	10.7	12.6
Net other comprehensive income (loss)	3.8	(5.7)	14.6	(11.2)
Balances, period end	(7.2)	(39.7)	(7.2)	(39.7)
Pension and other postretirement benefit plan items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start	(326.9)	(253.1)	(344.3)	(256.8)
Other comprehensive income (loss) before reclassifications	0	0	11.4	0
Amounts reclassified from AOCI	5.7	3.7	11.7	7.4
Net other comprehensive income (loss)	5.7	3.7	23.1	7.4
Balances, period end	(321.2)	(249.4)	(321.2)	(249.4)
Unrealized losses on available-for- sale securities
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start	(0.3)	(0.3)	(0.3)	(0.3)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0
Net other comprehensive income (loss)	0	0	0	0
Balances, period end	(0.3)	(0.3)	(0.3)	(0.3)
Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start	(44.2)	(45.9)	(43.5)	(42.6)
Other comprehensive income (loss) before reclassifications	(4)	(2.3)	(4.7)	(5.6)
Amounts reclassified from AOCI	0	0	0	0
Net other comprehensive income (loss)	(4)	(2.3)	(4.7)	(5.6)
Balances, period end	(48.2)	(48.2)	(48.2)	(48.2)
Accumulated Other Comprehensive (Loss) Income
Changes in the balance of Accumulated Other Comprehensive Income
Balances, period start	(382.4)	(333.3)	(409.9)	(328.2)
Other comprehensive income (loss) before reclassifications	(4.6)	(14.7)	10.6	(29.4)
Amounts reclassified from AOCI	10.1	10.4	22.4	20
Net other comprehensive income (loss)	5.5	(4.3)	33	(9.4)
Balances, period end	$ (376.9)	$ (337.6)	$ (376.9)	$ (337.6)

Reclassifications from Accumu61

Reclassifications from Accumulated Other Comprehensive (Loss) Income - Schedule of amounts reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Amount reclassified from AOCI
Cost of sales	$ (364.9)	$ (377.5)	$ (707.8)	$ (764.5)
Net sales	427.4	443.8	816.3	899.4
Interest expense	7.4	7	14.8	13.6
Total before tax	8.3	15.1	3	31.2
Tax benefit	(1.3)	(3.6)	(2.2)	(10.8)
Net income	7	11.5	0.8	20.4
Cash flow hedging items
Amount reclassified from AOCI
Net of tax	(4.4)	(6.7)	(10.7)	(12.6)
Net actuarial loss
Amount reclassified from AOCI
Total before tax	(10.3)	(7.5)	(20.5)	(15.1)
Prior service cost
Amount reclassified from AOCI
Total before tax	1.1	1.5	2.4	3.1
Curtailment charge
Amount reclassified from AOCI
Total before tax	0	0	(0.5)	0
Pension and other postretirement benefit plan items
Amount reclassified from AOCI
Total before tax	(9.2)	(6)	(18.6)	(12)
Tax benefit	3.5	2.3	6.9	4.6
Net of tax	(5.7)	(3.7)	(11.7)	(7.4)
Amount Reclassified from AOCI | Cash flow hedging items
Amount reclassified from AOCI
Total before tax	(7.3)	(10.8)	(17.2)	(20.2)
Tax benefit	2.9	4.1	6.5	7.6
Net income	(4.4)	(6.7)	(10.7)	(12.6)
Amount Reclassified from AOCI | Commodity contracts | Cash flow hedging items
Amount reclassified from AOCI
Cost of sales	7.9	11.1	18	20.5
Amount Reclassified from AOCI | Foreign exchange contracts | Cash flow hedging items
Amount reclassified from AOCI
Net sales	0.5	0.2	0.6	0.1
Amount Reclassified from AOCI | Interest rate swaps | Cash flow hedging items
Amount reclassified from AOCI
Interest expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jan. 30, 2017USD ($)
Puris LLC | Subsequent Event
Subsequent Event [Line Items]
Asset purchase price	$ 35