Carpenter Technology (CRS) 10-Q 28 Apr 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-5828
Entity Registrant Name	CARPENTER TECHNOLOGY CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-0458500
Entity Address, Address Line One	1735 Market Street
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Philadelphia,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	610
Local Phone Number	208-2000
Title of 12(b) Security	Common Stock, $5 Par Value
Trading Symbol	CRS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,278,564
Entity Central Index Key	0000017843
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 393.9	$ 287.4
Accounts receivable, net	336.2	308.7
Inventories	526.5	425.7
Other current assets	143.1	95.6
Total current assets	1,399.7	1,117.4
Property, plant and equipment, net	1,425.9	1,457.5
Goodwill	241.4	241.4
Other intangibles, net	37.5	43.1
Deferred income taxes	5.6	5.3
Other assets	120.1	106.5
Total assets	3,230.2	2,971.2
Current liabilities:
Current portion of long-term debt	300	0
Accounts payable	214	142.4
Accrued liabilities	119.8	163.9
Total current liabilities	633.8	306.3
Long-term debt	690.9	694.5
Accrued pension liabilities	208.6	222.6
Accrued postretirement benefits	98.6	98.6
Deferred income taxes	148.8	156.9
Other liabilities	102.4	100
Total liabilities	1,883.1	1,578.9
Contingencies and commitments (see Note 11)
STOCKHOLDERS' EQUITY
Common stock — authorized 100,000,000 shares; issued 56,024,619 shares at March 31, 2022 and 56,024,619 shares at June 30, 2021; outstanding 48,277,682 shares at March 31, 2022 and 48,040,676 shares at June 30, 2021	280.1	280.1
Capital in excess of par value	318.5	322.6
Reinvested earnings	1,218.2	1,299.3
Common stock in treasury (7,746,937 shares and 7,983,943 shares at March 31, 2022 and June 30, 2021, respectively), at cost	(307.7)	(317.4)
Accumulated other comprehensive loss	(162)	(192.3)
Total stockholders' equity	1,347.1	1,392.3
Total liabilities and stockholders' equity	$ 3,230.2	$ 2,971.2

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Jun. 30, 2021
STOCKHOLDERS' EQUITY
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	56,024,619	56,024,619
Common stock outstanding (in shares)	48,277,682	48,040,676
Common stock in treasury (in shares)	7,746,937	7,983,943

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 489	$ 351.9	$ 1,272.6	$ 1,054
Cost of sales	449.5	336.5	1,194.8	1,029.1
Cost of sales - inventory write-downs from restructuring	0	2.6	0	2.6
Gross profit	39.5	12.8	77.8	22.3
Selling, general and administrative expenses	38.4	47.8	127.3	132.3
Restructuring and asset impairment charges	0	5	0	15
Goodwill impairment	0	0	0	52.8
Operating income (loss)	1.1	(40)	(49.5)	(177.8)
Interest expense, net	11.2	8.9	31.5	23.5
Debt extinguishment losses, net	0	0	0	8.2
Other (income) expense, net	(1.8)	8.3	(12.5)	9.4
Loss before income taxes	(8.3)	(57.2)	(68.5)	(218.9)
Income tax benefit	(0.8)	(16.7)	(16.8)	(46.4)
Net loss	$ (7.5)	$ (40.5)	$ (51.7)	$ (172.5)
LOSS PER COMMON SHARE:
Basic (in dollars per share)	$ (0.16)	$ (0.84)	$ (1.07)	$ (3.58)
Diluted (in dollars per share)	$ (0.16)	$ (0.84)	$ (1.07)	$ (3.58)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	48.6	48.3	48.5	48.3
Diluted (in shares)	48.6	48.3	48.5	48.3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (7.5)	$ (40.5)	$ (51.7)	$ (172.5)
Other comprehensive income (loss), net of tax
Pension and postretirement benefits, net of tax of $(0.4), $(31.5), $(1.2) and $(33.8), respectively	1.1	98.1	3	105.3
Net gain on derivative instruments, net of tax of $(8.6), $(0.5), $(9.5) and $(4.7), respectively	27.2	1.7	30	14.9
Foreign currency translation	0.1	(3.7)	(2.7)	10.8
Other comprehensive income, net of tax	28.4	96.1	30.3	131
Comprehensive income (loss)	$ 20.9	$ 55.6	$ (21.4)	$ (41.5)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax expense	$ (0.4)	$ (31.5)	$ (1.2)	$ (33.8)
Net gain on derivative instruments, tax benefit (expense)	$ (8.6)	$ (0.5)	$ (9.5)	$ (4.7)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net loss	$ (51.7)	$ (172.5)
Adjustments to reconcile net loss to net cash (used for) provided from operating activities:
Depreciation and amortization	98.5	91.6
Goodwill impairment charge	0	52.8
Non-cash inventory write-downs from restructuring	0	2.6
Acquisition-related contingent liability release	(4.7)	0
Non-cash restructuring and asset impairment charges	0	13.6
Debt extinguishment losses, net	0	8.2
Deferred income taxes	(19)	(19.3)
Net pension (income) expense	(5.5)	20.3
Share-based compensation expense	8.6	7.8
Net loss on disposals of property, plant and equipment	0.7	0.1
Changes in working capital and other:
Accounts receivable	(29.9)	13.8
Inventories	(101.4)	181.9
Other current assets	(12.6)	(33.4)
Accounts payable	63.1	18.2
Accrued liabilities	(38.5)	3.8
Pension plan contributions	(0.2)	(10.9)
Other postretirement plan contributions	(1.2)	(1.6)
Other, net	(7.2)	(1.6)
Net cash (used for) provided from operating activities	(101)	175.4
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(58.5)	(78.5)
Proceeds from disposals of property, plant and equipment and assets held for sale	1.8	1.6
Proceeds from divestiture of business	0	20
Net cash used for investing activities	(56.7)	(56.9)
FINANCING ACTIVITIES
Net change in short-term credit agreement borrowings	0	(170)
Proceeds from issuance of long-term debt, net of offering costs	296.6	395.5
Payments on long-term debt	0	(250)
Payments for debt extinguishment costs, net	0	(8.2)
Payments for debt issue costs	(1.1)	(2.5)
Dividends paid	(29.4)	(29.3)
Proceeds from stock options exercised	0	0.2
Withholding tax payments on share-based compensation awards	(3.2)	(2.3)
Net cash provided from (used for) financing activities	262.9	(66.6)
Effect of exchange rate changes on cash and cash equivalents	1.3	(0.8)
INCREASE IN CASH AND CASH EQUIVALENTS	106.5	51.1
Cash and cash equivalents at beginning of period	287.4	193.1
Cash and cash equivalents at end of period	393.9	244.2
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash investing activities: Purchase of property, plant, equipment and software	$ 11.8	$ 4.2

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock, Par Value of $5	Common Stock, Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Income
Balances at the beginning of the period at Jun. 30, 2020	$ 1,445.7	$ 280.1	$ 321.4	$ 1,568	$ (325.8)	$ (398)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(172.5)			(172.5)
Pension and postretirement benefits gain, net of tax	105.3					105.3
Net gain on derivative instruments, net of tax	14.9					14.9
Foreign currency translation	10.8					10.8
Cash Dividends:
Common stock	(29.3)			(29.3)
Share-based compensation plans	6.1		(2.2)		8.3
Stock options exercised	0.2		0.2
Balances at the end of the period at Mar. 31, 2021	1,381.2	280.1	319.4	1,366.2	(317.5)	(267)
Balances at the beginning of the period at Dec. 31, 2020	1,332.9	280.1	317	1,416.5	(317.6)	(363.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(40.5)			(40.5)
Pension and postretirement benefits gain, net of tax	98.1					98.1
Net gain on derivative instruments, net of tax	1.7					1.7
Foreign currency translation	(3.7)					(3.7)
Cash Dividends:
Common stock	(9.8)			(9.8)
Share-based compensation plans	2.3		2.2		0.1
Stock options exercised	0.2		0.2
Balances at the end of the period at Mar. 31, 2021	1,381.2	280.1	319.4	1,366.2	(317.5)	(267)
Balances at the beginning of the period at Jun. 30, 2021	1,392.3	280.1	322.6	1,299.3	(317.4)	(192.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(51.7)			(51.7)
Pension and postretirement benefits gain, net of tax	3					3
Net gain on derivative instruments, net of tax	30					30
Foreign currency translation	(2.7)					(2.7)
Cash Dividends:
Common stock	(29.4)			(29.4)
Share-based compensation plans	5.6		(4.1)		9.7
Balances at the end of the period at Mar. 31, 2022	1,347.1	280.1	318.5	1,218.2	(307.7)	(162)
Balances at the beginning of the period at Dec. 31, 2021	1,333.1	280.1	315.9	1,235.5	(308)	(190.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7.5)			(7.5)
Pension and postretirement benefits gain, net of tax	1.1					1.1
Net gain on derivative instruments, net of tax	27.2					27.2
Foreign currency translation	0.1					0.1
Cash Dividends:
Common stock	(9.8)			(9.8)
Share-based compensation plans	2.9		2.6		0.3
Balances at the end of the period at Mar. 31, 2022	$ 1,347.1	$ 280.1	$ 318.5	$ 1,218.2	$ (307.7)	$ (162)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Cash dividends per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America 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, 2021 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the "2021 Form 10-K"). Operating results for the three and nine months ended March 31, 2022 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", "Carpenter Technology", the "Company", "Registrant", "Issuer", "we" and "our" refer to Carpenter Technology Corporation.

Restructuring and Asset Impairm

Restructuring and Asset Impairment Charges	9 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Asset Impairment Charges	Restructuring and Asset Impairment Charges Restructuring and asset impairment charges for the three and nine months ended March 31, 2022 were $0.0 million and $0.0 million, respectively. There were $5.0 million and $15.0 million of restructuring and asset impairment charges for the three and nine months ended March 31, 2021, respectively. During the quarter ended March 31, 2021, restructuring actions were executed within the Company's Additive business in the Performance Engineered Products (“PEP”) segment. This included $4.9 million of noncash impairment charges primarily related to certain long-lived assets and $0.6 million of charges primarily related to various personnel-related costs for severance payments, medical coverage and related items. These charges were partially offset by proceeds of $0.5 million related to the sale of certain production equipment from an idled powder production facility. Additionally as part of these restructuring actions, $2.6 million of inventory write-downs were recorded in cost of sales in the quarter ended March 31, 2021. In the quarter ended September 30, 2020, the Company initiated a restructuring plan to consolidate certain operations within the Additive business in the Performance Engineered Products "PEP" segment. This included $8.7 million of non-cash impairment charges related primarily to certain long-lived assets and certain definite-lived intangible assets. The Company also recognized $1.3 million of charges for various personnel-related costs for severance payments, medical coverage and other items. The reserve balances and activity for restructuring charges at March 31, 2022 and June 30, 2021 were as follows: ($ in millions) March 31, 2022 June 30, 2021 Reserve balance at beginning of fiscal year $ 1.4 $ 9.5 Restructuring charges excluding non-cash impairments — 1.2 Cash payments (1.3) (9.3) Reserve balance at end of period $ 0.1 $ 1.4

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements - Adopted in current fiscal year In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year, and recognition of deferred tax liabilities for outside basis differences. The new standard also simplifies the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the basis of goodwill. ASU 2019-12 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of ASU 2019-12 in the first quarter of fiscal year 2022. As a result, the Company recorded tax benefits on its year-to-date net loss for the nine months ended March 31, 2022 in excess of its forecasted total tax benefits for the full fiscal year. Adoption of the other provisions in ASU 2019-12 did not materially impact the consolidated financial statements. Recently Issued Accounting Pronouncements - Pending adoption In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in ASU 2021-10 require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: information about the nature of the transactions and the related accounting policy used to account for the transactions; the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; significant terms and conditions of the transactions, including commitments and contingencies. ASU 2021-10 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. ASU 2021-10 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed. Each customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation. Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The standard payment terms are 30 days. The Company has elected to use the practical expedient that permits a Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $14.0 million and $8.6 million at March 31, 2022 and June 30, 2021, respectively, and are included in accrued liabilities on the consolidated balance sheets. The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less. Disaggregation of Revenue The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical location. Comparative information of the Company's overall revenues by end-use markets and geography for the three and nine months ended March 31, 2022 and 2021 were as follows: End-Use Market Data Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Aerospace and Defense $ 206.1 $ 163.0 $ 540.7 $ 509.4 Medical 54.2 35.0 144.0 100.2 Transportation 46.4 36.9 126.2 97.7 Energy 34.7 23.1 80.0 70.3 Industrial and Consumer 114.3 67.2 291.3 206.6 Distribution 33.3 26.7 90.4 69.8 Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0 Geographic Data Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 United States $ 312.7 $ 224.6 $ 813.7 $ 657.5 Europe 71.5 55.5 172.3 184.9 Asia Pacific 56.6 45.6 171.4 132.4 Mexico 24.2 11.0 61.6 34.8 Canada 12.5 9.3 28.4 24.2 Other 11.5 5.9 25.2 20.2 Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0

Divestiture

Divestiture	9 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Divestiture	Divestiture On September 30, 2020, the Company divested the Amega West business for a total sale price of $20.0 million. In connection with the divestiture, the Company received $17.6 million of cash in the quarter ended September 30, 2020 and the remaining $2.4 million of cash in the quarter ended December 31, 2020. The operations of the Amega West business were historically included in our PEP segment and the Energy end-use market. The Company does not have any significant continuing involvement in the operations of Amega West after the divestiture.

Loss per Common Share

Loss per Common Share	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss per Common Share	Loss per Common Share The Company calculates basic and diluted loss per share using the two class method. Under the two class method, losses 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 losses available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted loss per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three and nine months ended March 31, 2022 and 2021, respectively, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive. The calculations of basic and diluted loss per common share for the three and nine months ended March 31, 2022 and 2021 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net loss $ (7.5) $ (40.5) $ (51.7) $ (172.5) Dividends allocated to participating securities — (0.1) (0.1) (0.3) Loss available for common stockholders used in calculation of basic loss per common share $ (7.5) $ (40.6) $ (51.8) $ (172.8) Weighted average number of common shares outstanding, basic 48.6 48.3 48.5 48.3 Basic loss per common share $ (0.16) $ (0.84) $ (1.07) $ (3.58) Net loss $ (7.5) $ (40.5) $ (51.7) $ (172.5) Dividends allocated to participating securities — (0.1) (0.1) (0.3) Loss available for common stockholders used in calculation of diluted loss per common share $ (7.5) $ (40.6) $ (51.8) $ (172.8) Weighted average number of common shares outstanding, basic 48.6 48.3 48.5 48.3 Effect of shares issuable under share-based compensation plans — — — — Weighted average number of common shares outstanding, diluted 48.6 48.3 48.5 48.3 Diluted loss per common share $ (0.16) $ (0.84) $ (1.07) $ (3.58) The following awards issued under share-based compensation plans were excluded from the above calculations of diluted loss per share because their effects were anti-dilutive: Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Stock options 1.9 1.9 2.0 2.1

Inventories

Inventories	9 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Raw materials and supplies $ 145.2 $ 115.0 Work in process 257.3 206.2 Finished and purchased products 124.0 104.5 Total inventories $ 526.5 $ 425.7

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Accrued compensation and benefits $ 53.7 $ 81.4 Accrued postretirement benefits 14.4 14.4 Contract liabilities 14.0 8.6 Current portion of lease liabilities 9.5 9.0 Accrued interest expense 7.4 16.2 Accrued pension liabilities 3.5 3.5 Accrued income taxes 2.5 0.5 Derivative financial instruments 0.1 4.2 Other 14.7 26.1 Total accrued liabilities $ 119.8 $ 163.9

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic pension (income) expense related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2022 and 2021 were as follows: Three months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 2.1 $ 2.4 $ 0.6 $ 0.7 Interest cost 9.1 9.8 1.8 1.9 Expected return on plan assets (14.9) (14.1) (2.0) (1.6) Amortization of net loss (gain) 2.1 3.8 (0.2) 0.9 Amortization of prior service cost (credits) 0.6 0.5 (1.0) (1.0) Settlement charge — 8.9 — — Net pension (income) expense $ (1.0) $ 11.3 $ (0.8) $ 0.9 Nine months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 6.6 $ 7.2 $ 1.6 $ 2.0 Interest cost 27.3 29.6 5.4 5.8 Expected return on plan assets (45.0) (41.9) (5.9) (4.8) Amortization of net loss (gain) 6.3 12.4 (0.6) 2.7 Amortization of prior service cost (credits) 1.8 1.5 (3.0) (3.1) Settlement charge — 8.9 — — Net pension (income) expense $ (3.0) $ 17.7 $ (2.5) $ 2.6 During the nine months ended March 31, 2022 and 2021, the Company made $0.2 million and $10.9 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently does not expect to contribute additional amounts to its qualified defined benefit pension plans during the remainder of fiscal year 2022. In the quarter ended March 31, 2021, the Company evaluated the need for settlement accounting under Accounting Standards Codification ("ASC") 715-30-35-82 based on the higher than normal lump-sum payments made during fiscal year 2021 in the Company's largest defined benefit plan. The Company determined that it was probable the lump-sum payments would exceed the threshold of service cost and interest cost components and settlement accounting was required. The Company recorded a settlement charge of $8.9 million in the quarter ended March 31, 2021 within other (income) expense, net.

Debt

Debt	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	DebtOn March 16, 2022, the Company completed its offering and sale of $300.0 million in aggregate principal amount of 7.625% Senior Notes due 2030 (the "2030 Notes"). The 2030 Notes accrue interest at the rate of 7.625% per annum, with interest payable in cash semi-annually in arrears on March 15 and September 15, commencing September 15, 2022. The 2030 Notes will mature on March 15, 2030. The 2030 Notes are senior unsecured indebtedness of the Company, ranking equally in right of payment with all its existing and future senior unsecured indebtedness and senior to its future subordinated indebtedness. The Company used the net proceeds from the issuance of the 2030 Notes to repay, in April 2022, in full $300.0 million in principal of its 4.45% senior unsecured notes due March 2023, including any interest and premium due thereon. The $300.0 million in principal is presented as current portion of long-term debt on the consolidated balance sheet as of March 31, 2022. On July 10, 2020, the Company completed its offering and sale of $400.0 million in aggregate principal amount of 6.375% Senior Notes due 2028 (the "2028 Notes"). The 2028 Notes accrue interest at the rate of 6.375% per annum, with interest payable in cash semi-annually in arrears on each January 15th and July 15th, commencing January 15, 2021. The 2028 Notes will mature on July 15, 2028. The 2028 Notes are senior unsecured indebtedness of the Company, ranking equally in right of payment with all its existing and future senior unsecured indebtedness and senior to any future subordinated indebtedness. The Company utilized a portion of the net proceeds from the issuance of the 2028 Notes to repay in full $250.0 million in aggregate principal amount of its senior unsecured notes due July 2021. The Company used the remaining net proceeds from the issuance of the 2028 Notes for general corporate purposes. On March 26, 2021, the Company entered into a $300.0 million secured revolving credit facility. The Credit Facility amended and restated the Company's previous revolving credit facility, dated March 31, 2017, which had been set to expire in March 2022. The Credit Facility extends the maturity to March 31, 2024, subject to a springing maturity of November 30, 2022. If, by November 30, 2022, the Company's outstanding $300.0 million 4.45% Senior Notes due in March 2023 are not redeemed, repurchased or refinanced with indebtedness having a maturity date of October 1, 2024 or later, all indebtedness under the Credit Facility will be due. The springing maturity clause has been fulfilled with the issuance of the 2030 Notes and subsequent payment in full of the 4.45% Senior Notes, as discussed above. The Credit Facility contains a revolving credit commitment amount of $300.0 million, subject to the Company's right, from time to time, to request an increase of the commitment to $500.0 million in the aggregate; and provides for the issuance of letters of credit subject to a $40.0 million sub-limit. The Company has the right to terminate or reduce the commitments under the Credit Facility, and, subject to certain lender approvals, to join subsidiaries as subsidiary borrowers. On February 14, 2022, the Company entered into an amendment (the "Amendment") to its secured revolving credit facility (the "Credit Facility"). The Amendment revised the interest coverage ratio covenant under the Credit Facility so the first test date is June 30, 2022, and to require a minimum interest coverage ratio of 2.00 to 1.00 at June 30, 2022 (calculated for the two fiscal quarters then ended), 3.00 to 1.00 at September 30, 2022 (calculated for the three fiscal quarters then ended) and 3.50 to 1.00 at December 31, 2022 and thereafter (calculated for the four fiscal quarters then ended). The Amendment also revised the minimum available liquidity covenant under the Credit Facility so that it applies through June 30, 2022 and revised the restricted period under the Credit Facility, during which the Company is prohibited from incurring any secured debt other than purchase money financing for new equipment and is subject to additional restrictions on its ability to make dividends or distributions or to make certain investments, to expire on September 30, 2022. Interest on the borrowings under the Credit Facility accrues at variable rates, based upon a "Eurocurrency Rate" or a defined "Base Rate". Both are determined based upon the credit rating of the Company's senior unsecured long-term debt (the "Debt Rating"). The applicable margin to be added to Eurocurrency Rate ranges from 1.25% to 2.25% (2.00% as of March 31, 2022), and for Base Rate-determined loans, from 0.25% to 1.25% (1.00% as of March 31, 2022). The Company also pays a quarterly commitment fee ranging from 0.275% to 0.375% (0.35% as of March 31, 2022), determined based upon the Debt Rating, of the unused portion of the $300.0 million commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.25% to 2.25% (2.00% as of March 31, 2022), with respect to letters of credit issued under the Credit Facility. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of March 31, 2022, the Company had $5.8 million of issued letters of credit under the Credit Facility and no short-term borrowings, with the balance of $294.2 million available to the Company. As of March 31, 2022, the borrowing rate for the Credit Facility was 2.45%. The Company is subject to certain financial and restrictive covenants under the Credit Facility, which, among other things, require the maintenance of a minimum interest coverage ratio. The interest coverage ratio is defined in the Credit Facility 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 interest coverage covenant is waived until the quarter ended June 30, 2022, at which time it will be 2.00 to 1.00, then 3.00 to 1.00 at September 30, 2022, and then 3.50 to 1.00 at December 31, 2022, and thereafter. The Credit Facility 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 Facility as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. During the period in which the interest coverage covenant is waived, the Credit Facility requires that the Company maintain a minimum available liquidity of $150.0 million for certain periods, which is defined in the Credit Facility as aggregate amount of loans available to be drawn under the credit facility plus non-restricted cash and cash equivalents, as defined therein. In addition, the Company is also subject to an asset coverage ratio minimum of 1.10 to 1.00. The asset coverage ratio is defined in the Credit Facility as eligible receivables and inventory, as defined therein, to outstanding loans and obligations, as defined therein. As of March 31, 2022, the Company was in compliance with all of the covenants of the Credit Facility. Long-term debt outstanding as of March 31, 2022 and June 30, 2021 consisted of the following: ($ in millions) March 31, June 30, Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2022 and June 30, 2021) $ 299.7 $ 299.5 Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at March 31, 2022 and June 30, 2021) 395.6 395.0 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at March 31, 2022) 295.6 — Total debt 990.9 694.5 Less: amounts due within one year 300.0 — Long-term debt, net of current portion $ 690.9 $ 694.5 For the three months ended March 31, 2022 and 2021, interest costs totaled $11.4 million and $10.1 million, respectively, of which $0.2 million and $1.2 million, respectively, were capitalized as part of the cost of property, plant, equipment and software. For the three months ended March 31, 2022 and 2021, there were no debt extinguishment losses, net.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Environmental The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation. During the nine months ended March 31, 2022, the Company increased the liability for a company-owned former operating site by $0.2 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at March 31, 2022 and June 30, 2021 were $16.2 million and $16.0 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. Estimates of the amount and timing of future costs of environmental remediation requirements are inherently imprecise because of the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the identification of currently unknown remediation sites and the allocation of costs among the PRPs. Based upon information currently available, such future costs are not expected to have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, such costs could be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year. Other

Leases

Leases	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company records right-of-use "ROU" assets and operating lease liabilities on the consolidated balance sheet for several types of operating leases, including land and buildings, equipment (e.g. trucks and forklifts), vehicles and computer equipment. On the lease commencement date, the Company measures and records a ROU asset and lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease (or if that rate cannot be readily determined, the Company's incremental borrowing rate). Operating leases are included in other assets, accrued liabilities (current) and other liabilities (long-term) on the consolidated balance sheets. The Company elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected to not recognize ROU assets and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the ROU asset or lease liability. Income from subleased properties is recognized and presented as a reduction of selling, general and administrative expenses in the Company's consolidated statements of operations. The following table sets forth the components of the Company's lease cost for the three and nine months ended March 31, 2022 and March 31, 2021: Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Operating lease cost $ 2.8 $ 3.0 $ 7.7 $ 9.8 Short-term lease cost 0.9 0.7 2.5 2.3 Variable lease cost 0.2 — 0.5 0.2 Sublease income (0.2) (0.3) (0.7) (0.5) Total lease cost $ 3.7 $ 3.4 $ 10.0 $ 11.8 Operating cash flow payments from operating leases $ 2.7 $ 3.1 $ 8.2 $ 10.2 Non-cash ROU assets obtained in exchange for lease obligations $ 0.2 $ — $ 15.5 $ 1.4 The leases have remaining terms of one March 31, June 30, Weighted-average remaining lease term - operating leases 8.7 years 8.4 years Weighted-average discount rate - operating leases 3.7 % 4.0 % The following table sets forth the Company's ROU assets and lease liabilities at March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Operating lease assets: Other assets $ 44.3 $ 34.3 Operating lease liabilities: Accrued liabilities $ 9.5 $ 9.0 Other liabilities 44.5 35.5 Total operating lease liabilities $ 54.0 $ 44.5 Minimum lease payments for operating leases by fiscal year expiring subsequent to March 31, 2022 are as follows: ($ in millions) March 31, 2022 $ 2.7 2023 10.8 2024 8.6 2025 6.2 2026 5.0 Thereafter 30.8 Total future minimum lease payments 64.1 Less imputed interest (10.1) Total $ 54.0

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs. The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: March 31, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 55.3 Liabilities: Derivative financial instruments $ 0.1 June 30, 2021 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 15.9 Liabilities: Derivative financial instruments $ 5.3 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 commodity prices, foreign exchange rates 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 14. Derivatives and Hedging Activities. The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: March 31, 2022 June 30, 2021 ($ in millions) Carrying Fair Carrying Fair Current and long-term debt $ 990.9 $ 1,015.4 $ 694.5 $ 754.7 Company-owned life insurance $ 26.3 $ 26.3 $ 24.6 $ 24.6

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Mar. 31, 2022
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 summary of the impact the derivative instruments had on the Company's financial position, results of operations and cash flows. Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive (loss) income ("AOCI") and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of March 31, 2022, the Company had forward contracts to purchase 6.9 million pounds of certain raw materials with settlement dates through May 2025. 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 and reclassified to interest expense in the period during which the hedged transaction affected earnings or it became probable that the forecasted transaction would not occur. Upon the issuance of the fixed rate debt, the forward interest rate swap contracts were terminated. The realized gains at the time the interest rate swap contracts were terminated are being amortized over the term of the underlying debt. For the three months ended March 31, 2022 and 2021, net gains related to the previously terminated contracts of $0.1 million and $0.1 million, respectively, were recorded as a reduction to interest expense. For the nine months ended March 31, 2022 and 2021, net gains related to the previously terminated contracts of $0.2 million and $0.3 million, respectively, were recorded as a reduction to interest expense. Cash Flow Hedging — Foreign currency forward contracts: The Company uses, from time-to-time, foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro 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 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 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) expense, net. As of March 31, 2022 and June 30, 2021, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material. Fair Value Hedging — Interest rate swaps: The Company uses interest rate swaps to achieve a level of floating rate debt relative to fixed rate debt where appropriate. The Company has designated fixed to floating interest rate swaps as fair value hedges. Accordingly, the changes in the fair value of these instruments are immediately recorded in earnings. The mark-to-market values of both the fair value hedging instruments and the underlying debt obligations are recorded as equal and offsetting gains and losses in interest expense in the consolidated statements of operations. As of the quarter ended September 30, 2020, all interest rate swaps were terminated in connection with the prepayment of Notes due July 2021. At March 31, 2022 and June 30, 2021, the total notional amount of floating interest rate contracts was $0.0 million and $0.0 million, respectively. For the three months ended March 31, 2022 and 2021, respectively, there were no interest rate swaps and no gains or losses recorded to interest expense. For the nine months ended months March 31, 2022 and 2021, net gains of $0.0 million and $0.4 million, respectively, were recorded as a decrease to interest expense. During the quarter ended September 30, 2020, there were $2.3 million of gains recorded as a decrease to debt extinguishment losses. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2022 and June 30, 2021: March 31, 2022 Interest Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ — $ 46.8 $ 46.8 Other assets — 0.8 7.7 8.5 Total asset derivatives $ — $ 0.8 $ 54.5 $ 55.3 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.1 $ — $ 0.1 Other liabilities — — — — Total liability derivatives $ — $ 0.1 $ — $ 0.1 June 30, 2021 Interest Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ — $ 10.0 $ 10.0 Other assets — — 5.9 5.9 Total asset derivatives $ — $ — $ 15.9 $ 15.9 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 2.6 $ 1.6 $ 4.2 Other liabilities — — 1.1 1.1 Total liability derivatives $ — $ 2.6 $ 2.7 $ 5.3 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 remained the same at $55.3 million and total liability derivatives would have remained the same at $0.1 million as of March 31, 2022. According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of March 31, 2022 and June 30, 2021, the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow and Fair Value Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) related to cash flow hedges recognized during the three and nine months ended March 31, 2022 and 2021: Amount of Gain Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ 33.2 $ 3.4 $ 34.3 $ 26.5 Foreign exchange contracts — 0.1 — — Total $ 33.2 $ 3.5 $ 34.3 $ 26.5 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI Three Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (2.5) $ 1.4 Foreign exchange contracts Net sales — — Forward interest rate swaps Interest expense, net 0.1 0.1 Total $ (2.4) $ 1.5 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI Nine Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (5.4) $ 6.6 Foreign exchange contracts Net sales — — Forward interest rate swaps Interest expense, net 0.2 0.3 Total $ (5.2) $ 6.9 The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2022 and 2021: Three Months Ended Three Months Ended ($ in millions) Net Sales Cost of Sales Interest Expense Net Sales Cost of Sales Interest Expense Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 489.0 $ 449.5 $ 11.2 $ 351.9 $ 336.5 $ 8.9 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ — $ (2.5) $ — $ — $ 1.4 $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — 0.1 — — 0.1 Total (loss) gain $ — $ (2.5) $ 0.1 $ — $ 1.4 $ 0.1 Nine Months Ended Nine Months Ended ($ in millions) Net Sales Cost of Sales Interest Expense Net Sales Cost of Sales Interest Expense* Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 1,272.6 $ 1,194.8 $ 31.5 $ 1,054 $ 1,029.1 $ 23.5 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ — $ (5.4) $ — $ — $ 6.6 $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — 0.2 — — 0.3 (Loss) Gain on Derivatives in Fair Value Hedging Relationship: Interest rate swap agreements Hedged Item — — — — — (2.7) Derivatives designated as hedging instruments — — — — — 2.7 Total (loss) gain $ — $ (5.4) $ 0.2 $ — $ 6.6 $ 0.3 *$2.3 million of gains related to the interest rate swap agreements were recorded as a decrease to debt extinguishment losses. The Company estimates that $34.2 million of net derivative gains included in AOCI as of March 31, 2022 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three and nine months ended March 31, 2022.

Other (Income) Expense, Net

Other (Income) Expense, Net	9 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other (Income) Expense, Net	Other (Income) Expense, Net Other (income) expense, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Unrealized gain (loss) on company-owned life insurance contracts and investments held in rabbi trusts $ 2.2 $ (1.2) $ — $ (5.6) Foreign exchange loss 0.7 0.4 1.3 3.9 Pension earnings, interest and deferrals (income) expense (4.5) 0.2 (13.7) 2.2 Pension settlement charge — 8.9 — 8.9 Other (0.2) — (0.1) — Total other (income) expense, net $ (1.8) $ 8.3 $ (12.5) $ 9.4

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2022
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. The annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pre-tax income, or loss, of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense or benefit can be impacted by changes in tax rates or laws, the finalization of tax audits, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. During the three and nine months ended March 31, 2022, deferred taxes were determined by the year-to-date tax benefit with current taxes accounting for the remaining tax benefit recorded in the period. Income tax benefit was $0.8 million, or 9.6 percent of pre-tax loss for the three months ended March 31, 2022, as compared with income tax benefit of $16.7 million, or 29.2 percent of pre-tax loss for the three months ended March 31, 2021. Income tax benefit for the nine months ended March 31, 2022 was $16.8 million or 24.5 percent of pre-tax loss as compared with $46.4 million or 21.2 percent of pre-tax loss for the nine months ended March 31, 2021. Income tax benefit for the three months ended March 31, 2022, includes the unfavorable impact of losses in certain jurisdictions for which no tax benefit can be recognized. Income tax benefit for the three months ended March 31, 2021, included discrete tax benefits of $2.2 million associated with pension settlement charges, $1.8 million for the impact of restructuring and asset impairment charges and $0.8 million as a result of changes in the Company’s prior year tax positions. Additionally, the anticipated benefit for the carryback of the fiscal year 2021 net operating loss to fiscal years with higher tax rates was included in the tax calculation for the three months ended March 31, 2021. Also included were the unfavorable impacts of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Excluding the discrete tax impacts of the pension settlement charges, restructuring and asset impairment charges and changes in the Company’s prior year tax positions, the tax rate for the three months ended March 31, 2021 would have been 29.3 percent. Income tax benefit for the nine months ended March 31, 2022, includes the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Income tax benefit for the nine months ended March 31, 2021, included the unfavorable impacts of a non-deductible goodwill impairment charge and losses in certain foreign jurisdictions for which no tax benefit can be recognized as well as discrete tax benefits of $2.2 million associated with pension settlement charges, $2.0 million associated with the debt extinguishment losses, net, $4.2 million for the impact of restructuring and asset impairment charges and $0.8 million as a result of changes in the Company's prior year tax positions. Additionally, the anticipated benefit for the carryback of the fiscal year 2021 net operating loss to fiscal years with higher tax rates was included in the tax calculation for the nine months ended March 31, 2021. Also included was a tax charge of $1.2 million attributable to employee share-based compensation. Excluding the discrete tax impacts of the $52.8 million non-deductible goodwill impairment charge, pension settlement charges, debt extinguishment losses, net and restructuring and asset impairment charges and changes in the Company's prior year tax positions, the tax rate for the nine months ended March 31, 2021, would have been 28.2 percent. During the quarter ended March 31, 2022, the Company changed its assertion regarding undistributed earnings from foreign subsidiaries. The Company now asserts that substantially all future undistributed earnings from foreign subsidiaries will not be considered indefinitely reinvested. The potential tax implications from the distribution of these future earnings are expected to be limited to withholding taxes in certain jurisdictions and are not expected to materially impact the consolidated financial statements. The Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") was enacted on March 27, 2020. The CARES Act established new provisions, including but not limited to, expanded deduction of certain qualified capital expenditures, delayed payment of certain employment taxes, expanded use of net operating losses, reduced limitations on deductions of interest expense and extension of funding for defined benefit plans. The net operating loss provision is expected to provide incremental tax benefits of approximately $7.0 million due to the higher tax rates in the expanded carryback period. The other provisions in the CARES Act are not expected to have a significant impact on our financial position, results of operations or cash flows.

Business Segments

Business Segments	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable segments, SAO and 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 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 Additive business and the Latrobe and Mexico distribution businesses. The Amega West business was part of the PEP segment however it was sold during the quarter ended September 30, 2020. 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 results exclude general corporate costs, which are comprised of executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring charges and other specifically-identified income or expense items. On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the three and nine months ended March 31, 2022 and March 31, 2021. On a consolidated basis, no single customer accounted for 10 percent or more of accounts receivable outstanding at March 31, 2022 and June 30, 2021. Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Net Sales: Specialty Alloys Operations $ 418.0 $ 299.6 $ 1,080.7 $ 900.8 Performance Engineered Products 88.4 65.7 248.7 182.3 Intersegment (17.4) (13.4) (56.8) (29.1) Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0 Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Operating Income (Loss): Specialty Alloys Operations $ 5.8 $ (9.9) $ (20.4) $ (40.1) Performance Engineered Products 4.2 (3.3) 7.8 (14.2) Corporate costs (including restructuring and asset impairment charges) (8.6) (26.3) (37.3) (123.4) Intersegment (0.3) (0.5) 0.4 (0.1) Consolidated operating income (loss) $ 1.1 $ (40.0) $ (49.5) $ (177.8) Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Depreciation and Amortization: Specialty Alloys Operations $ 27.9 $ 26.5 $ 82.4 $ 73.1 Performance Engineered Products 3.9 4.1 11.8 14.4 Corporate 1.4 1.4 4.3 4.1 Consolidated depreciation and amortization $ 33.2 $ 32.0 $ 98.5 $ 91.6 Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Capital Expenditures: Specialty Alloys Operations $ 21.8 $ 13.4 $ 50.5 $ 50.8 Performance Engineered Products 2.8 1.2 6.0 4.4 Corporate 0.5 4.0 2.0 23.3 Consolidated capital expenditures $ 25.1 $ 18.6 $ 58.5 $ 78.5 March 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,268.1 $ 2,150.1 Performance Engineered Products 430.2 418.5 Corporate 528.8 402.2 Intersegment 3.1 0.4 Consolidated total assets $ 3,230.2 $ 2,971.2

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Loss	9 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive Loss	Reclassifications from Accumulated Other Comprehensive Loss The changes in AOCI by component, net of tax, for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 Cash flow Pension and Foreign Total Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) Other comprehensive gain before reclassifications 25.3 — 0.1 25.4 Amounts reclassified from AOCI (b) 1.9 1.1 — 3.0 Net other comprehensive income 27.2 1.1 0.1 28.4 Balances at March 31, 2022 $ 36.9 $ (156.1) $ (42.8) $ (162.0) Three Months Ended March 31, 2021 Cash flow Pension and Foreign Total Balances at December 31, 2020 $ 2.1 $ (327.1) $ (38.1) $ (363.1) Other comprehensive gain (loss) before reclassifications 2.8 86.4 (3.7) 85.5 Amounts reclassified from AOCI (b) (1.1) 11.7 — 10.6 Net other comprehensive income (loss) 1.7 98.1 (3.7) 96.1 Balances at March 31, 2021 $ 3.8 $ (229.0) $ (41.8) $ (267.0) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2022 and 2021 were as follows: Nine Months Ended March 31, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2021 $ 6.9 $ (159.1) $ (40.1) $ (192.3) Other comprehensive gain (loss) before reclassifications 26.1 (0.3) (2.7) 23.1 Amounts reclassified from AOCI (b) 3.9 3.3 — 7.2 Net other comprehensive income (loss) 30.0 3.0 (2.7) 30.3 Balances at March 31, 2022 $ 36.9 $ (156.1) $ (42.8) $ (162.0) Nine Months Ended March 31, 2021 Cash flow Pension and Foreign Total Balances at June 30, 2020 $ (11.1) $ (334.3) $ (52.6) $ (398.0) Other comprehensive gain before reclassifications 20.1 86.4 10.8 117.3 Amounts reclassified from AOCI (b) (5.2) 18.9 — 13.7 Net other comprehensive income 14.9 105.3 10.8 131.0 Balances at March 31, 2021 $ 3.8 $ (229.0) $ (41.8) $ (267.0) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2022 and 2021: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Cash flow hedging items: Commodity contracts Cost of sales $ (2.5) $ 1.4 $ (5.4) $ 6.6 Forward interest rate swaps Interest expense, net 0.1 0.1 0.2 0.3 Total before tax (2.4) 1.5 (5.2) 6.9 Tax benefit (expense) 0.5 (0.4) 1.3 (1.7) Net of tax $ (1.9) $ 1.1 $ (3.9) $ 5.2 Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.9) $ (4.7) $ (5.7) $ (15.1) Prior service benefit (b) 0.4 0.5 1.2 1.6 Settlement charge (b) — (8.9) — (8.9) Total before tax (1.5) (13.1) (4.5) (22.4) Tax benefit 0.4 1.4 1.2 3.5 Net of tax $ (1.1) $ (11.7) $ (3.3) $ (18.9) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 9. Pension and Other Postretirement Benefits for additional details).

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America 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, 2021 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the "2021 Form 10-K"). Operating results for the three and nine months ended March 31, 2022 are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements Adopted in Current Period and Pending Adoption	Recently Issued Accounting Pronouncements - Adopted in current fiscal year In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year, and recognition of deferred tax liabilities for outside basis differences. The new standard also simplifies the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the basis of goodwill. ASU 2019-12 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of ASU 2019-12 in the first quarter of fiscal year 2022. As a result, the Company recorded tax benefits on its year-to-date net loss for the nine months ended March 31, 2022 in excess of its forecasted total tax benefits for the full fiscal year. Adoption of the other provisions in ASU 2019-12 did not materially impact the consolidated financial statements. Recently Issued Accounting Pronouncements - Pending adoption In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in ASU 2021-10 require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: information about the nature of the transactions and the related accounting policy used to account for the transactions; the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; significant terms and conditions of the transactions, including commitments and contingencies. ASU 2021-10 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. ASU 2021-10 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.
Revenue	The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed. Each customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation. Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The standard payment terms are 30 days. The Company has elected to use the practical expedient that permits a Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $14.0 million and $8.6 million at March 31, 2022 and June 30, 2021, respectively, and are included in accrued liabilities on the consolidated balance sheets.
Loss per Common Share	The Company calculates basic and diluted loss per share using the two class method. Under the two class method, losses 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 losses available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted loss per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three and nine months ended March 31, 2022 and 2021, respectively, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive.
Inventories	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company also uses the first-in, first-out ("FIFO") and average cost 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.
Leases	The Company elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected to not recognize ROU assets and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the ROU asset or lease liability. Income from subleased properties is recognized and presented as a reduction of selling, general and administrative expenses in the Company's consolidated statements of operations.
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 commodity prices, foreign exchange rates 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 14. Derivatives and Hedging Activities. 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 fair values of long-term debt as of March 31, 2022 and June 30, 2021 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. 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.
Cash Flow Hedging	Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive (loss) income ("AOCI") 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.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 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. Cash Flow Hedging — Foreign currency forward contracts: The Company uses, from time-to-time, foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro 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 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 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) expense, net. As of March 31, 2022 and June 30, 2021, 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.
Business Segments	The Company has two reportable segments, SAO and 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 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 Additive business and the Latrobe and Mexico distribution businesses. The Amega West business was part of the PEP segment however it was sold during the quarter ended September 30, 2020. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics.

Restructuring and Asset Impai_2

Restructuring and Asset Impairment Charges (Tables)	9 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The reserve balances and activity for restructuring charges at March 31, 2022 and June 30, 2021 were as follows: ($ in millions) March 31, 2022 June 30, 2021 Reserve balance at beginning of fiscal year $ 1.4 $ 9.5 Restructuring charges excluding non-cash impairments — 1.2 Cash payments (1.3) (9.3) Reserve balance at end of period $ 0.1 $ 1.4

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of revenues by end-use markets and geography	Comparative information of the Company's overall revenues by end-use markets and geography for the three and nine months ended March 31, 2022 and 2021 were as follows: End-Use Market Data Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Aerospace and Defense $ 206.1 $ 163.0 $ 540.7 $ 509.4 Medical 54.2 35.0 144.0 100.2 Transportation 46.4 36.9 126.2 97.7 Energy 34.7 23.1 80.0 70.3 Industrial and Consumer 114.3 67.2 291.3 206.6 Distribution 33.3 26.7 90.4 69.8 Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0 Geographic Data Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 United States $ 312.7 $ 224.6 $ 813.7 $ 657.5 Europe 71.5 55.5 172.3 184.9 Asia Pacific 56.6 45.6 171.4 132.4 Mexico 24.2 11.0 61.6 34.8 Canada 12.5 9.3 28.4 24.2 Other 11.5 5.9 25.2 20.2 Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0

Loss per Common Share (Tables)

Loss per Common Share (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted loss per common share	The calculations of basic and diluted loss per common share for the three and nine months ended March 31, 2022 and 2021 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net loss $ (7.5) $ (40.5) $ (51.7) $ (172.5) Dividends allocated to participating securities — (0.1) (0.1) (0.3) Loss available for common stockholders used in calculation of basic loss per common share $ (7.5) $ (40.6) $ (51.8) $ (172.8) Weighted average number of common shares outstanding, basic 48.6 48.3 48.5 48.3 Basic loss per common share $ (0.16) $ (0.84) $ (1.07) $ (3.58) Net loss $ (7.5) $ (40.5) $ (51.7) $ (172.5) Dividends allocated to participating securities — (0.1) (0.1) (0.3) Loss available for common stockholders used in calculation of diluted loss per common share $ (7.5) $ (40.6) $ (51.8) $ (172.8) Weighted average number of common shares outstanding, basic 48.6 48.3 48.5 48.3 Effect of shares issuable under share-based compensation plans — — — — Weighted average number of common shares outstanding, diluted 48.6 48.3 48.5 48.3 Diluted loss per common share $ (0.16) $ (0.84) $ (1.07) $ (3.58)
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 loss per share because their effects were anti-dilutive: Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Stock options 1.9 1.9 2.0 2.1

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consisted of the following components as of March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Raw materials and supplies $ 145.2 $ 115.0 Work in process 257.3 206.2 Finished and purchased products 124.0 104.5 Total inventories $ 526.5 $ 425.7

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of accrued liabilities	Accrued liabilities consisted of the following as of March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Accrued compensation and benefits $ 53.7 $ 81.4 Accrued postretirement benefits 14.4 14.4 Contract liabilities 14.0 8.6 Current portion of lease liabilities 9.5 9.0 Accrued interest expense 7.4 16.2 Accrued pension liabilities 3.5 3.5 Accrued income taxes 2.5 0.5 Derivative financial instruments 0.1 4.2 Other 14.7 26.1 Total accrued liabilities $ 119.8 $ 163.9

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of components of the net periodic pension (income) expense	The components of the net periodic pension (income) expense related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2022 and 2021 were as follows: Three months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 2.1 $ 2.4 $ 0.6 $ 0.7 Interest cost 9.1 9.8 1.8 1.9 Expected return on plan assets (14.9) (14.1) (2.0) (1.6) Amortization of net loss (gain) 2.1 3.8 (0.2) 0.9 Amortization of prior service cost (credits) 0.6 0.5 (1.0) (1.0) Settlement charge — 8.9 — — Net pension (income) expense $ (1.0) $ 11.3 $ (0.8) $ 0.9 Nine months ended March 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 6.6 $ 7.2 $ 1.6 $ 2.0 Interest cost 27.3 29.6 5.4 5.8 Expected return on plan assets (45.0) (41.9) (5.9) (4.8) Amortization of net loss (gain) 6.3 12.4 (0.6) 2.7 Amortization of prior service cost (credits) 1.8 1.5 (3.0) (3.1) Settlement charge — 8.9 — — Net pension (income) expense $ (3.0) $ 17.7 $ (2.5) $ 2.6

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Long-term debt outstanding as of March 31, 2022 and June 30, 2021 consisted of the following: ($ in millions) March 31, June 30, Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at March 31, 2022 and June 30, 2021) $ 299.7 $ 299.5 Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at March 31, 2022 and June 30, 2021) 395.6 395.0 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at March 31, 2022) 295.6 — Total debt 990.9 694.5 Less: amounts due within one year 300.0 — Long-term debt, net of current portion $ 690.9 $ 694.5

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of lease cost	The following table sets forth the components of the Company's lease cost for the three and nine months ended March 31, 2022 and March 31, 2021: Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Operating lease cost $ 2.8 $ 3.0 $ 7.7 $ 9.8 Short-term lease cost 0.9 0.7 2.5 2.3 Variable lease cost 0.2 — 0.5 0.2 Sublease income (0.2) (0.3) (0.7) (0.5) Total lease cost $ 3.7 $ 3.4 $ 10.0 $ 11.8 Operating cash flow payments from operating leases $ 2.7 $ 3.1 $ 8.2 $ 10.2 Non-cash ROU assets obtained in exchange for lease obligations $ 0.2 $ — $ 15.5 $ 1.4 March 31, June 30, Weighted-average remaining lease term - operating leases 8.7 years 8.4 years Weighted-average discount rate - operating leases 3.7 % 4.0 %
Summary of right-of-use assets and lease liabilities	The following table sets forth the Company's ROU assets and lease liabilities at March 31, 2022 and June 30, 2021: ($ in millions) March 31, June 30, Operating lease assets: Other assets $ 44.3 $ 34.3 Operating lease liabilities: Accrued liabilities $ 9.5 $ 9.0 Other liabilities 44.5 35.5 Total operating lease liabilities $ 54.0 $ 44.5
Schedule of minimum lease payments for operating leases expiring	Minimum lease payments for operating leases by fiscal year expiring subsequent to March 31, 2022 are as follows: ($ in millions) March 31, 2022 $ 2.7 2023 10.8 2024 8.6 2025 6.2 2026 5.0 Thereafter 30.8 Total future minimum lease payments 64.1 Less imputed interest (10.1) Total $ 54.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on a recurring basis	The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: March 31, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 55.3 Liabilities: Derivative financial instruments $ 0.1 June 30, 2021 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 15.9 Liabilities: Derivative financial instruments $ 5.3
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: March 31, 2022 June 30, 2021 ($ in millions) Carrying Fair Carrying Fair Current and long-term debt $ 990.9 $ 1,015.4 $ 694.5 $ 754.7 Company-owned life insurance $ 26.3 $ 26.3 $ 24.6 $ 24.6

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2022 and June 30, 2021: March 31, 2022 Interest Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ — $ 46.8 $ 46.8 Other assets — 0.8 7.7 8.5 Total asset derivatives $ — $ 0.8 $ 54.5 $ 55.3 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 0.1 $ — $ 0.1 Other liabilities — — — — Total liability derivatives $ — $ 0.1 $ — $ 0.1 June 30, 2021 Interest Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ — $ 10.0 $ 10.0 Other assets — — 5.9 5.9 Total asset derivatives $ — $ — $ 15.9 $ 15.9 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 2.6 $ 1.6 $ 4.2 Other liabilities — — 1.1 1.1 Total liability derivatives $ — $ 2.6 $ 2.7 $ 5.3
Summary of the gains (losses) related to cash flow hedges	The following is a summary of the gains (losses) related to cash flow hedges recognized during the three and nine months ended March 31, 2022 and 2021: Amount of Gain Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ 33.2 $ 3.4 $ 34.3 $ 26.5 Foreign exchange contracts — 0.1 — — Total $ 33.2 $ 3.5 $ 34.3 $ 26.5 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI Three Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (2.5) $ 1.4 Foreign exchange contracts Net sales — — Forward interest rate swaps Interest expense, net 0.1 0.1 Total $ (2.4) $ 1.5 ($ in millions) Location of (Loss) Gain Amount of (Loss) Gain Reclassified from AOCI Nine Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (5.4) $ 6.6 Foreign exchange contracts Net sales — — Forward interest rate swaps Interest expense, net 0.2 0.3 Total $ (5.2) $ 6.9
Summary of effect of derivative instruments on income	The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2022 and 2021: Three Months Ended Three Months Ended ($ in millions) Net Sales Cost of Sales Interest Expense Net Sales Cost of Sales Interest Expense Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 489.0 $ 449.5 $ 11.2 $ 351.9 $ 336.5 $ 8.9 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ — $ (2.5) $ — $ — $ 1.4 $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — 0.1 — — 0.1 Total (loss) gain $ — $ (2.5) $ 0.1 $ — $ 1.4 $ 0.1 Nine Months Ended Nine Months Ended ($ in millions) Net Sales Cost of Sales Interest Expense Net Sales Cost of Sales Interest Expense* Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 1,272.6 $ 1,194.8 $ 31.5 $ 1,054 $ 1,029.1 $ 23.5 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ — $ (5.4) $ — $ — $ 6.6 $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — 0.2 — — 0.3 (Loss) Gain on Derivatives in Fair Value Hedging Relationship: Interest rate swap agreements Hedged Item — — — — — (2.7) Derivatives designated as hedging instruments — — — — — 2.7 Total (loss) gain $ — $ (5.4) $ 0.2 $ — $ 6.6 $ 0.3 *$2.3 million of gains related to the interest rate swap agreements were recorded as a decrease to debt extinguishment losses.

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	9 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of other (income) expense, net	Other (income) expense, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Unrealized gain (loss) on company-owned life insurance contracts and investments held in rabbi trusts $ 2.2 $ (1.2) $ — $ (5.6) Foreign exchange loss 0.7 0.4 1.3 3.9 Pension earnings, interest and deferrals (income) expense (4.5) 0.2 (13.7) 2.2 Pension settlement charge — 8.9 — 8.9 Other (0.2) — (0.1) — Total other (income) expense, net $ (1.8) $ 8.3 $ (12.5) $ 9.4

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Net Sales: Specialty Alloys Operations $ 418.0 $ 299.6 $ 1,080.7 $ 900.8 Performance Engineered Products 88.4 65.7 248.7 182.3 Intersegment (17.4) (13.4) (56.8) (29.1) Consolidated net sales $ 489.0 $ 351.9 $ 1,272.6 $ 1,054.0 Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Operating Income (Loss): Specialty Alloys Operations $ 5.8 $ (9.9) $ (20.4) $ (40.1) Performance Engineered Products 4.2 (3.3) 7.8 (14.2) Corporate costs (including restructuring and asset impairment charges) (8.6) (26.3) (37.3) (123.4) Intersegment (0.3) (0.5) 0.4 (0.1) Consolidated operating income (loss) $ 1.1 $ (40.0) $ (49.5) $ (177.8) Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Depreciation and Amortization: Specialty Alloys Operations $ 27.9 $ 26.5 $ 82.4 $ 73.1 Performance Engineered Products 3.9 4.1 11.8 14.4 Corporate 1.4 1.4 4.3 4.1 Consolidated depreciation and amortization $ 33.2 $ 32.0 $ 98.5 $ 91.6 Three Months Ended Nine Months Ended ($ in millions) 2022 2021 2022 2021 Capital Expenditures: Specialty Alloys Operations $ 21.8 $ 13.4 $ 50.5 $ 50.8 Performance Engineered Products 2.8 1.2 6.0 4.4 Corporate 0.5 4.0 2.0 23.3 Consolidated capital expenditures $ 25.1 $ 18.6 $ 58.5 $ 78.5 March 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,268.1 $ 2,150.1 Performance Engineered Products 430.2 418.5 Corporate 528.8 402.2 Intersegment 3.1 0.4 Consolidated total assets $ 3,230.2 $ 2,971.2

Reclassifications from Accumu_2

Reclassifications from Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in AOCI by component, net of tax	The changes in AOCI by component, net of tax, for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 Cash flow Pension and Foreign Total Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) Other comprehensive gain before reclassifications 25.3 — 0.1 25.4 Amounts reclassified from AOCI (b) 1.9 1.1 — 3.0 Net other comprehensive income 27.2 1.1 0.1 28.4 Balances at March 31, 2022 $ 36.9 $ (156.1) $ (42.8) $ (162.0) Three Months Ended March 31, 2021 Cash flow Pension and Foreign Total Balances at December 31, 2020 $ 2.1 $ (327.1) $ (38.1) $ (363.1) Other comprehensive gain (loss) before reclassifications 2.8 86.4 (3.7) 85.5 Amounts reclassified from AOCI (b) (1.1) 11.7 — 10.6 Net other comprehensive income (loss) 1.7 98.1 (3.7) 96.1 Balances at March 31, 2021 $ 3.8 $ (229.0) $ (41.8) $ (267.0) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2022 and 2021 were as follows: Nine Months Ended March 31, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2021 $ 6.9 $ (159.1) $ (40.1) $ (192.3) Other comprehensive gain (loss) before reclassifications 26.1 (0.3) (2.7) 23.1 Amounts reclassified from AOCI (b) 3.9 3.3 — 7.2 Net other comprehensive income (loss) 30.0 3.0 (2.7) 30.3 Balances at March 31, 2022 $ 36.9 $ (156.1) $ (42.8) $ (162.0) Nine Months Ended March 31, 2021 Cash flow Pension and Foreign Total Balances at June 30, 2020 $ (11.1) $ (334.3) $ (52.6) $ (398.0) Other comprehensive gain before reclassifications 20.1 86.4 10.8 117.3 Amounts reclassified from AOCI (b) (5.2) 18.9 — 13.7 Net other comprehensive income 14.9 105.3 10.8 131.0 Balances at March 31, 2021 $ 3.8 $ (229.0) $ (41.8) $ (267.0) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of amounts reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2022 and 2021: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Cash flow hedging items: Commodity contracts Cost of sales $ (2.5) $ 1.4 $ (5.4) $ 6.6 Forward interest rate swaps Interest expense, net 0.1 0.1 0.2 0.3 Total before tax (2.4) 1.5 (5.2) 6.9 Tax benefit (expense) 0.5 (0.4) 1.3 (1.7) Net of tax $ (1.9) $ 1.1 $ (3.9) $ 5.2 Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.9) $ (4.7) $ (5.7) $ (15.1) Prior service benefit (b) 0.4 0.5 1.2 1.6 Settlement charge (b) — (8.9) — (8.9) Total before tax (1.5) (13.1) (4.5) (22.4) Tax benefit 0.4 1.4 1.2 3.5 Net of tax $ (1.1) $ (11.7) $ (3.3) $ (18.9) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 9. Pension and Other Postretirement Benefits for additional details).

Restructuring and Asset Impai_3

Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 0	$ 5		$ 0	$ 15
Proceeds from disposals of property, plant and equipment and assets held for sale				1.8	1.6
Cost of sales - inventory write-downs from restructuring	$ 0	2.6		$ 0	$ 2.6
Performance Engineered Products
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		4.9	$ 8.7
Severance costs		0.6	$ 1.3
Proceeds from disposals of property, plant and equipment and assets held for sale		$ 0.5

Restructuring and Asset Impai_4

Restructuring and Asset Impairment Charges - Activity and reserve balance restructuring charges (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Reserve balance at beginning of fiscal year	$ 1.4	$ 9.5
Restructuring charges excluding non-cash impairments	0	1.2
Cash payments	(1.3)	(9.3)
Reserve balance at end of period	$ 0.1	$ 1.4

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)segment	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	30 days
Contract liabilities | $	$ 14	$ 8.6
Number of business segments | segment	2

Revenue - Summary of revenues b

Revenue - Summary of revenues by end-use markets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Consolidated net sales	$ 489	$ 351.9	$ 1,272.6	$ 1,054
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Consolidated net sales	206.1	163	540.7	509.4
Medical
Disaggregation of Revenue [Line Items]
Consolidated net sales	54.2	35	144	100.2
Transportation
Disaggregation of Revenue [Line Items]
Consolidated net sales	46.4	36.9	126.2	97.7
Energy
Disaggregation of Revenue [Line Items]
Consolidated net sales	34.7	23.1	80	70.3
Industrial and Consumer
Disaggregation of Revenue [Line Items]
Consolidated net sales	114.3	67.2	291.3	206.6
Distribution
Disaggregation of Revenue [Line Items]
Consolidated net sales	$ 33.3	$ 26.7	$ 90.4	$ 69.8

Revenue - Summary of revenue by

Revenue - Summary of revenue by geography (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Consolidated net sales	$ 489	$ 351.9	$ 1,272.6	$ 1,054
United States
Disaggregation of Revenue [Line Items]
Consolidated net sales	312.7	224.6	813.7	657.5
Europe
Disaggregation of Revenue [Line Items]
Consolidated net sales	71.5	55.5	172.3	184.9
Asia Pacific
Disaggregation of Revenue [Line Items]
Consolidated net sales	56.6	45.6	171.4	132.4
Mexico
Disaggregation of Revenue [Line Items]
Consolidated net sales	24.2	11	61.6	34.8
Canada
Disaggregation of Revenue [Line Items]
Consolidated net sales	12.5	9.3	28.4	24.2
Other
Disaggregation of Revenue [Line Items]
Consolidated net sales	$ 11.5	$ 5.9	$ 25.2	$ 20.2

Divestiture (Details)

Divestiture (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Proceeds from divestiture of businesses		$ 0	$ 20
Discontinued Operations, Disposed of by Sale | Amega West
Business Acquisition [Line Items]
Disposal group, including discontinued operation, consideration	$ 20
Proceeds from divestiture of businesses	$ 17.6
Disposal group, including discontinued operation, consideration, escrow				$ 2.4

Loss per Common Share - Schedul

Loss per Common Share - Schedule of calculations of basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (7.5)	$ (40.5)	$ (51.7)	$ (172.5)
Dividends allocated to participating securities	0	(0.1)	(0.1)	(0.3)
Loss available for common stockholders used in calculation of basic loss per common share	$ (7.5)	$ (40.6)	$ (51.8)	$ (172.8)
Weighted average number of common shares outstanding, basic (in shares)	48.6	48.3	48.5	48.3
Basic loss per common share (in dollars per share)	$ (0.16)	$ (0.84)	$ (1.07)	$ (3.58)
Dividends allocated to participating securities	$ 0	$ (0.1)	$ (0.1)	$ (0.3)
Loss available for common stockholders used in calculation of diluted loss per common share	$ (7.5)	$ (40.6)	$ (51.8)	$ (172.8)
Effect of shares issuable under share-based compensation plans (in shares)	0	0	0	0
Weighted average number of common shares outstanding, diluted (in shares)	48.6	48.3	48.5	48.3
Diluted loss per common share (in dollars per share)	$ (0.16)	$ (0.84)	$ (1.07)	$ (3.58)

Loss per Common Share - Sched_2

Loss per Common Share - Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Stock options (in shares)	1.9	1.9	2	2.1

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Inventory, Net [Abstract]
Raw materials and supplies	$ 145.2	$ 115
Work in process	257.3	206.2
Finished and purchased products	124	104.5
Total inventories	$ 526.5	$ 425.7

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Inventory, Net [Abstract]
Inventory accounted for using a method other than LIFO	$ 131.9	$ 107.5

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 53.7	$ 81.4
Accrued postretirement benefits	14.4	14.4
Contract liabilities	14	8.6
Current portion of lease liabilities	9.5	9
Accrued interest expense	7.4	16.2
Accrued pension liabilities	3.5	3.5
Accrued income taxes	2.5	0.5
Derivative financial instruments	0.1	4.2
Other	14.7	26.1
Total accrued liabilities	$ 119.8	$ 163.9

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Schedule of components of the net periodic pension (income) expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	$ 0	$ 8.9	$ 0	$ 8.9
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.1	2.4	6.6	7.2
Interest cost	9.1	9.8	27.3	29.6
Expected return on plan assets	(14.9)	(14.1)	(45)	(41.9)
Amortization of net loss (gain)	2.1	3.8	6.3	12.4
Amortization of prior service cost (credits)	0.6	0.5	1.8	1.5
Settlement charge	0	8.9	0	8.9
Net pension (income) expense	(1)	11.3	(3)	17.7
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.6	0.7	1.6	2
Interest cost	1.8	1.9	5.4	5.8
Expected return on plan assets	(2)	(1.6)	(5.9)	(4.8)
Amortization of net loss (gain)	(0.2)	0.9	(0.6)	2.7
Amortization of prior service cost (credits)	(1)	(1)	(3)	(3.1)
Settlement charge	0	0	0	0
Net pension (income) expense	$ (0.8)	$ 0.9	$ (2.5)	$ 2.6

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charge	$ 0	$ 8.9	$ 0	$ 8.9
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions			0.2	10.9
Settlement charge	$ 0	$ 8.9	$ 0	$ 8.9

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2022	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2022	Mar. 16, 2022USD ($)	Jun. 30, 2021USD ($)	Mar. 26, 2021USD ($)	Jul. 10, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 990,900,000			$ 990,900,000				$ 694,500,000
Letters of credit issued		5,800,000			5,800,000
Interest costs		11,400,000	$ 10,100,000		32,000,000	$ 30,400,000
Interest costs, capitalized		200,000	1,200,000		500,000	6,900,000
Debt prepayment costs		0	0		$ 0	(8,200,000)
Fair value hedging
Debt Instrument [Line Items]
Derivative, gain on derivative						2,300,000
Fair value hedging | Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, gain on derivative						2,300,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity										$ 300,000,000
Debt instrument, covenant, credit commitment amount										300,000,000
Maximum borrowing capacity										500,000,000
Commitment fee rate					0.35%
Short-term credit agreement borrowings		0			$ 0
Credit Agreement available for future borrowings		$ 294,200,000			$ 294,200,000
Borrowing rate		2.45%			2.45%
Minimum available liquidity		$ 150,000,000			$ 150,000,000
Asset coverage ratio					1.10
Revolving Credit Facility | Line of Credit | Forecast
Debt Instrument [Line Items]
Required interest coverage ratio one							2
Required interest coverage ratio two	3			3.50
Revolving Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin					2.00%
Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Interest rate margin					1.00%
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee rate					0.275%
Revolving Credit Facility | Line of Credit | Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate margin					1.25%
Revolving Credit Facility | Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate margin					0.25%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee rate					0.375%
Required debt to capital ratio (less than)		0.55			0.55
Revolving Credit Facility | Line of Credit | Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate margin					2.25%
Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate margin					1.25%
Letters of credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 40,000,000
Letter of credit fees					2.00%
Letters of credit | Line of Credit | Minimum
Debt Instrument [Line Items]
Letter of credit fees					1.25%
Letters of credit | Line of Credit | Maximum
Debt Instrument [Line Items]
Letter of credit fees					2.25%
Senior unsecured notes, 7.625% due March 2030
Debt Instrument [Line Items]
Face amount		$ 300,000,000			$ 300,000,000			$ 300,000,000	$ 300,000,000
Interest rate		7.625%			7.625%			7.625%	7.625%
Long-term debt		$ 295,600,000			$ 295,600,000				$ 0
Senior unsecured notes, 4.45% due March 2023
Debt Instrument [Line Items]
Face amount		$ 300,000,000			$ 300,000,000				$ 300,000,000
Interest rate		4.45%			4.45%				4.45%	4.45%
Long-term debt		$ 299,700,000			$ 299,700,000				$ 299,500,000	$ 300,000,000
Senior unsecured notes, 6.375% due July 2028
Debt Instrument [Line Items]
Face amount		$ 400,000,000			$ 400,000,000				$ 400,000,000		$ 400,000,000
Interest rate		6.375%			6.375%				6.375%		6.375%
Long-term debt		$ 395,600,000			$ 395,600,000				$ 395,000,000
Senior unsecured notes, 5.20% due July 2021
Debt Instrument [Line Items]
Face amount											$ 250,000,000
Debt prepayment costs		$ 0	$ 0		$ 0	$ 10,500,000

Debt - Schedule of long-term de

Debt - Schedule of long-term debt outstanding (Details) - USD ($)	Mar. 31, 2022	Mar. 16, 2022	Jun. 30, 2021	Mar. 26, 2021	Jul. 10, 2020
Debt Instrument [Line Items]
Total debt	$ 990,900,000		$ 694,500,000
Less: amounts due within one year	300,000,000		0
Long-term debt, net of current portion	$ 690,900,000		$ 694,500,000
Senior unsecured notes, 4.45% due March 2023
Debt Instrument [Line Items]
Interest rate	4.45%		4.45%	4.45%
Face amount	$ 300,000,000		$ 300,000,000
Total debt	$ 299,700,000		$ 299,500,000	$ 300,000,000
Senior unsecured notes, 6.375% due July 2028
Debt Instrument [Line Items]
Interest rate	6.375%		6.375%		6.375%
Face amount	$ 400,000,000		$ 400,000,000		$ 400,000,000
Total debt	$ 395,600,000		$ 395,000,000
Senior unsecured notes, 7.625% due March 2030
Debt Instrument [Line Items]
Interest rate	7.625%	7.625%	7.625%
Face amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
Total debt	$ 295,600,000		$ 0

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Increase of liabilities of environmental remediation costs of a company-owned former operating site	$ 0.2
Environmental remediation liability	$ 16.2	$ 16

Leases - Summary of lease cost

Leases - Summary of lease cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 2.8	$ 3	$ 7.7	$ 9.8
Short-term lease cost	0.9	0.7	2.5	2.3
Variable lease cost	0.2	0	0.5	0.2
Sublease income	(0.2)	(0.3)	(0.7)	(0.5)
Total lease cost	3.7	3.4	10	11.8
Operating cash flow payments from operating leases	2.7	3.1	8.2	10.2
Non-cash ROU assets obtained in exchange for lease obligations	$ 0.2	$ 0	$ 15.5	$ 1.4
Weighted-average remaining lease term - operating leases	8 years 8 months 12 days		8 years 8 months 12 days		8 years 4 months 24 days
Weighted-average discount rate - operating leases	3.70%		3.70%		4.00%

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	15 years

Leases - Summary of right-of-us

Leases - Summary of right-of-use assets and lease liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Operating lease assets:
Other assets	$ 44.3	$ 34.3
Operating lease liabilities:
Accrued liabilities	9.5	9
Other liabilities	44.5	35.5
Total operating lease liabilities	$ 54	$ 44.5

Leases - Schedule of minimum le

Leases - Schedule of minimum lease payments for operating leases expiring (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Leases [Abstract]
2022	$ 2.7
2023	10.8
2024	8.6
2025	6.2
2026	5
Thereafter	30.8
Total future minimum lease payments	64.1
Less imputed interest	(10.1)
Total	$ 54	$ 44.5

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of fair value of assets and liabilities measured on a recurring basis (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Assets:
Derivative financial instruments	$ 55.3	$ 15.9
Liabilities:
Derivative financial instruments	$ 0.1	$ 5.3

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Current and long-term debt	$ 990.9	$ 694.5
Company-owned life insurance	26.3	24.6
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Current and long-term debt	1,015.4	754.7
Company-owned life insurance	$ 26.3	$ 24.6

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2022USD ($)lb	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2022USD ($)lb	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Fair value of derivatives
Total asset derivatives	$ 55,300,000			$ 55,300,000
Total liability derivatives	100,000			100,000
Cash collateral held by counterparties	$ 0			0		$ 0
Net derivative gains included in AOCI expected to be reclassified into earnings				$ 34,200,000
Commodity contracts | Cash flow hedges
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb	6.9			6.9
Interest Rate Swaps | Cash flow hedges | Interest expense, net
Fair value of derivatives
Interest rate swaps net gains (losses)	$ 100,000	$ 100,000		$ 200,000	$ 300,000
Interest Rate Swaps | Fair value hedging
Fair value of derivatives
Total notional amounts of interest rate contracts	0			0		$ 0
Interest Rate Swaps | Fair value hedging | Interest expense, net
Fair value of derivatives
Interest rate swaps net gains (losses)	$ 0	$ 0		$ 0	$ 400,000
Interest Rate Swaps | Fair value hedging | Gain (loss) on extinguishment of debt
Fair value of derivatives
Interest rate swaps net gains (losses)			$ 2,300,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Liability Derivatives:
Total liability derivatives	$ 0.1
Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	55.3	$ 15.9
Liability Derivatives:
Total liability derivatives	0.1	5.3
Interest Rate Swaps | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	0
Liability Derivatives:
Total liability derivatives	0	0
Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.8	0
Liability Derivatives:
Total liability derivatives	0.1	2.6
Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	54.5	15.9
Liability Derivatives:
Total liability derivatives	0	2.7
Other current assets | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	46.8	10
Other current assets | Interest Rate Swaps | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	0
Other current assets | Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	0
Other current assets | Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	46.8	10
Other assets | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	8.5	5.9
Other assets | Interest Rate Swaps | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	0
Other assets | Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.8	0
Other assets | Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	7.7	5.9
Accrued liabilities | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0.1	4.2
Accrued liabilities | Interest Rate Swaps | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0
Accrued liabilities | Foreign exchange contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0.1	2.6
Accrued liabilities | Commodity contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	1.6
Other liabilities | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	1.1
Other liabilities | Interest Rate Swaps | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0
Other liabilities | Foreign exchange contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0
Other liabilities | Commodity contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	$ 0	$ 1.1

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Summary of the gains (losses) related to cash flow hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	$ 33.2	$ 3.5	$ 34.3	$ 26.5
Amount of (Loss) Gain Reclassified from AOCI into Income	(2.4)	1.5	(5.2)	6.9
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	33.2	3.4	34.3	26.5
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	(2.5)	1.4	(5.4)	6.6
Commodity contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	0	0	0	0
Commodity contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	0	0	0	0
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	0	0.1	0	0
Foreign exchange contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	0	0	0	0
Forward interest rate swaps | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	0	0	0	0
Forward interest rate swaps | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	0	0	0	0
Forward interest rate swaps | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	$ 0.1	$ 0.1	$ 0.2	$ 0.3

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Summary of effect of derivative instruments on income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 489	$ 351.9	$ 1,272.6	$ 1,054
Cost of sales	449.5	336.5	1,194.8	1,029.1
Interest expense, net	11.2	8.9	31.5	23.5
Amount of gain reclassified from AOCI to income	(2.4)	1.5	(5.2)	6.9
Fair value hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain on derivative				2.3
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain	0	0	0	0
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain	(2.5)	1.4	(5.4)	6.6
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain	0.1	0.1	0.2	0.3
Commodity contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	(2.5)	1.4	(5.4)	6.6
Commodity contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Interest Rate Swaps | Fair value hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain on derivative				2.3
Interest Rate Swaps | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Hedged Item			0	0
Derivatives designated as hedging instruments			0	0
Interest Rate Swaps | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Hedged Item			0	0
Derivatives designated as hedging instruments			0	0
Interest Rate Swaps | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	$ 0.1	$ 0.1	0.2	0.3
Hedged Item			0	(2.7)
Derivatives designated as hedging instruments			$ 0	$ 2.7

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Unrealized gain (loss) on company-owned life insurance contracts and investments held in rabbi trusts	$ 2.2	$ (1.2)	$ 0	$ (5.6)
Foreign exchange loss	0.7	0.4	1.3	3.9
Pension earnings, interest and deferrals (income) expense	(4.5)	0.2	(13.7)	2.2
Pension settlement charge	0	8.9	0	8.9
Other	(0.2)	0	(0.1)	0
Total other (income) expense, net	$ (1.8)	$ 8.3	$ (12.5)	$ 9.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0.8	$ 16.7	$ 16.8	$ 46.4
Income tax benefit as a percent of pre-tax income (loss)	(9.60%)	(29.20%)	(24.50%)	(21.20%)
Discrete tax benefits associated with pension settlement charges		$ 2.2
Tax benefit related to the impact of restructuring and asset impairment charges		1.8		$ 4.2
Tax benefit related to changes in prior year tax positions		$ 0.8		$ 0.8
Effective income tax rate reconciliation, excluding non-deductible expense, impairment losses, percent		29.30%		28.20%
Tax benefit associated with pension settlement charges				$ 2.2
Tax benefit associated with debt prepayment costs				2
Tax expense (benefit) attributable to employee share-based compensation				1.2
Impact of non-deductible goodwill impairment charge				$ 52.8
Operating loss carryforward, income tax benefit, CARES act			$ 7

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	2

Business Segments - Schedule of

Business Segments - Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Net Sales:
Consolidated net sales	$ 489	$ 351.9	$ 1,272.6	$ 1,054
Operating Income (Loss):
Consolidated operating income (loss)	1.1	(40)	(49.5)	(177.8)
Depreciation and Amortization:
Consolidated depreciation and amortization	33.2	32	98.5	91.6
Capital Expenditures:
Consolidated capital expenditures	25.1	18.6	58.5	78.5
Total Assets:
Consolidated total assets	3,230.2		3,230.2		$ 2,971.2
Operating | Specialty Alloys Operations
Net Sales:
Consolidated net sales	418	299.6	1,080.7	900.8
Operating Income (Loss):
Consolidated operating income (loss)	5.8	(9.9)	(20.4)	(40.1)
Depreciation and Amortization:
Consolidated depreciation and amortization	27.9	26.5	82.4	73.1
Capital Expenditures:
Consolidated capital expenditures	21.8	13.4	50.5	50.8
Total Assets:
Consolidated total assets	2,268.1		2,268.1		2,150.1
Operating | Performance Engineered Products
Net Sales:
Consolidated net sales	88.4	65.7	248.7	182.3
Operating Income (Loss):
Consolidated operating income (loss)	4.2	(3.3)	7.8	(14.2)
Depreciation and Amortization:
Consolidated depreciation and amortization	3.9	4.1	11.8	14.4
Capital Expenditures:
Consolidated capital expenditures	2.8	1.2	6	4.4
Total Assets:
Consolidated total assets	430.2		430.2		418.5
Corporate
Operating Income (Loss):
Consolidated operating income (loss)	(8.6)	(26.3)	(37.3)	(123.4)
Depreciation and Amortization:
Consolidated depreciation and amortization	1.4	1.4	4.3	4.1
Capital Expenditures:
Consolidated capital expenditures	0.5	4	2	23.3
Total Assets:
Consolidated total assets	528.8		528.8		402.2
Intersegment
Net Sales:
Consolidated net sales	(17.4)	(13.4)	(56.8)	(29.1)
Operating Income (Loss):
Consolidated operating income (loss)	(0.3)	$ (0.5)	0.4	$ (0.1)
Total Assets:
Consolidated total assets	$ 3.1		$ 3.1		$ 0.4

Reclassifications from Accumu_3

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of changes in AOCI by component, net of tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	$ 1,333.1	$ 1,332.9	$ 1,392.3	$ 1,445.7
Other comprehensive gain (loss) before reclassifications	25.4	85.5	23.1	117.3
Amounts reclassified from AOCI	3	10.6	7.2	13.7
Other comprehensive income, net of tax	28.4	96.1	30.3	131
Balances at the end of the period	1,347.1	1,381.2	1,347.1	1,381.2
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(190.4)	(363.1)	(192.3)	(398)
Balances at the end of the period	(162)	(267)	(162)	(267)
Cash flow hedging items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	9.7	2.1	6.9	(11.1)
Other comprehensive gain (loss) before reclassifications	25.3	2.8	26.1	20.1
Amounts reclassified from AOCI	1.9	(1.1)	3.9	(5.2)
Other comprehensive income, net of tax	27.2	1.7	30	14.9
Balances at the end of the period	36.9	3.8	36.9	3.8
Pension and other postretirement benefit plan items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(157.2)	(327.1)	(159.1)	(334.3)
Other comprehensive gain (loss) before reclassifications	0	86.4	(0.3)	86.4
Amounts reclassified from AOCI	1.1	11.7	3.3	18.9
Other comprehensive income, net of tax	1.1	98.1	3	105.3
Balances at the end of the period	(156.1)	(229)	(156.1)	(229)
Foreign currency items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(42.9)	(38.1)	(40.1)	(52.6)
Other comprehensive gain (loss) before reclassifications	0.1	(3.7)	(2.7)	10.8
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive income, net of tax	0.1	(3.7)	(2.7)	10.8
Balances at the end of the period	$ (42.8)	$ (41.8)	$ (42.8)	$ (41.8)

Reclassifications from Accumu_4

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of amounts reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 11.2	$ 8.9	$ 31.5	$ 23.5
(Loss) gain	1.8	(8.3)	12.5	(9.4)
Total before tax	(8.3)	(57.2)	(68.5)	(218.9)
Tax (expense)/benefit	0.8	16.7	16.8	46.4
Net loss	(7.5)	(40.5)	(51.7)	(172.5)
Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(2.4)	1.5	(5.2)	6.9
Tax (expense)/benefit	0.5	(0.4)	1.3	(1.7)
Net loss	(1.9)	1.1	(3.9)	5.2
Amount Reclassified from AOCI | Pension and other postretirement benefit plan items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.5)	(13.1)	(4.5)	(22.4)
Tax (expense)/benefit	0.4	1.4	1.2	3.5
Net loss	(1.1)	(11.7)	(3.3)	(18.9)
Amount Reclassified from AOCI | Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) gain	(1.9)	(4.7)	(5.7)	(15.1)
Amount Reclassified from AOCI | Prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) gain	0.4	0.5	1.2	1.6
Amount Reclassified from AOCI | Settlement charge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) gain	0	(8.9)	0	(8.9)
Commodity contracts | Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(2.5)	1.4	(5.4)	6.6
Forward interest rate swaps | Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 0.1	$ 0.1	$ 0.2	$ 0.3