Carpenter Technology (CRS) 10-Q 26 Oct 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		49,306,403
Entity Central Index Key	0000017843
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 18.1	$ 44.5
Accounts receivable, net	510.8	531.3
Inventories	706.7	639.7
Other current assets	86.3	66.4
Total current assets	1,321.9	1,281.9
Noncurrent assets:
Property, plant, equipment and software, net	1,371.2	1,383.8
Goodwill	241.4	241.4
Other intangibles, net	26.8	28.7
Deferred income taxes	6.6	6.6
Other assets	108.9	111.5
Total assets	3,076.8	3,053.9
Current liabilities:
Accounts payable	315.5	278.1
Accrued liabilities	133.1	181.3
Total current liabilities	448.6	459.4
Noncurrent liabilities:
Long-term debt	693.3	693
Accrued pension liabilities	188.4	190.1
Accrued postretirement benefits	46.9	45.8
Deferred income taxes	172.6	170.3
Other liabilities	97.7	99.2
Total liabilities	1,647.5	1,657.8
Contingencies and commitments (see Note 9)
STOCKHOLDERS' EQUITY
Common stock — authorized 100,000,000 shares; issued 56,513,629 shares at September 30, 2023 and 56,143,131 shares at June 30, 2023; outstanding 49,275,925 shares at September 30, 2023 and 48,635,740 shares at June 30, 2023	282.6	280.7
Capital in excess of par value	320.4	328.4
Reinvested earnings	1,262	1,228
Common stock in treasury (7,237,704 shares and 7,507,391 shares at September 30, 2023 and June 30, 2023, respectively), at cost	(290.2)	(298)
Accumulated other comprehensive loss	(145.5)	(143)
Total stockholders' equity	1,429.3	1,396.1
Total liabilities and stockholders' equity	$ 3,076.8	$ 3,053.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2023	Jun. 30, 2023
STOCKHOLDERS' EQUITY
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	56,513,629	56,143,131
Common stock outstanding (in shares)	49,275,925	48,635,740
Common stock in treasury (in shares)	7,237,704	7,507,391

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 651.9	$ 522.9
Cost of sales	527.8	468.1
Gross profit	124.1	54.8
Selling, general and administrative expenses	55.1	46.5
Operating income	69	8.3
Interest expense, net	12.7	12.6
Other expense, net	4	3.5
Income (loss) before income taxes	52.3	(7.8)
Income tax expense (benefit)	8.4	(0.9)
Net income (loss)	$ 43.9	$ (6.9)
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.89	$ (0.14)
Diluted (in dollars per share)	$ 0.88	$ (0.14)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	49.2	48.7
Diluted (in shares)	49.9	48.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 43.9	$ (6.9)
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits, net of tax of $(0.3) and $(0.5), respectively	0.8	1
Net loss on derivative instruments, net of tax of $0.4 and $1.6, respectively	(1.2)	(5.3)
Foreign currency translation	(2.1)	(3.3)
Total other comprehensive loss, net of tax	(2.5)	(7.6)
Comprehensive income (loss), net of tax	$ 41.4	$ (14.5)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax expense	$ (0.3)	$ (0.5)
Net gain on derivative instruments, tax benefit (expense)	$ 0.4	$ 1.6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 43.9	$ (6.9)
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities:
Depreciation and amortization	33.1	32.3
Deferred income taxes	2.4	(2.2)
Net pension expense	5.9	5
Share-based compensation expense	4.4	3.6
Net loss on disposals of property, plant and equipment	0.3	0.3
Changes in working capital and other:
Accounts receivable	18.4	(12.1)
Inventories	(67.8)	(121.2)
Other current assets	(19.9)	(11.5)
Accounts payable	40.3	46.7
Accrued liabilities	(48.4)	(11.9)
Pension plan contributions	(4.6)	0
Other postretirement plan contributions	0	(0.3)
Other, net	(0.6)	0.2
Net cash provided from (used for) operating activities	7.4	(78)
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(22)	(13.5)
Net cash used for investing activities	(22)	(13.5)
FINANCING ACTIVITIES
Dividends paid	(9.9)	(9.8)
Proceeds from stock options exercised	13.8	0
Withholding tax payments on share-based compensation awards	(16.8)	(3.2)
Net cash used for financing activities	(12.9)	(13)
Effect of exchange rate changes on cash and cash equivalents	1.1	2.9
DECREASE IN CASH AND CASH EQUIVALENTS	(26.4)	(101.6)
Cash and cash equivalents at beginning of year	44.5	154.2
Cash and cash equivalents at end of period	18.1	52.6
SUPPLEMENTAL CASH FLOW INFORMATION:
Noncash investing activities: Purchase of property, plant, equipment and software	$ 11	$ 7.3

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, 2022	$ 1,330.5	$ 280.1	$ 320.3	$ 1,211	$ (307.4)	$ (173.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6.9)			(6.9)
Pension and postretirement benefits, net of tax	1					1
Net loss on derivative instruments, net of tax	(5.3)					(5.3)
Foreign currency translation	(3.3)					(3.3)
Cash dividends:
Common stock	(9.8)			(9.8)
Share-based compensation plans	0.6		(6)		6.6
Balances at the end of the period at Sep. 30, 2022	1,306.8	280.1	314.3	1,194.3	(300.8)	(181.1)
Balances at the beginning of the period at Jun. 30, 2023	1,396.1	280.7	328.4	1,228	(298)	(143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43.9			43.9
Pension and postretirement benefits, net of tax	0.8					0.8
Net loss on derivative instruments, net of tax	(1.2)					(1.2)
Foreign currency translation	(2.1)					(2.1)
Cash dividends:
Common stock	(9.9)			(9.9)
Share-based compensation plans	(5)		(12.8)		7.8
Stock options exercised	6.7	1.9	4.8
Balances at the end of the period at Sep. 30, 2023	$ 1,429.3	$ 282.6	$ 320.4	$ 1,262	$ (290.2)	$ (145.5)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5	$ 5
Cash dividends per common share (in dollars per share)	$ 0.20	$ 0.20

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2023
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 ("U.S. GAAP") 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, 2023 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, 2023 (the "2023 Form 10-K"). Operating results for the three months ended September 30, 2023 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements At this time there are no issued pronouncements, adopted or pending adoption, in the current fiscal year that would materially impact the Company.

Revenue

Revenue	3 Months Ended
	Sep. 30, 2023
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. The Company's standard 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. The Company's standard 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 $11.0 million and $14.0 million at September 30, 2023 and June 30, 2023, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three months ended September 30, 2023 and 2022 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of the Company's contract liabilities are recognized within a twelve-month period. The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less. Disaggregation of Revenue The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical locations. Comparative information of the Company's overall revenues by end-use markets and geographic locations for the three months ended September 30, 2023 and 2022 were as follows: End-Use Market Data Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 332.2 $ 25.3 $ (5.0) $ 352.5 $ 246.6 $ 20.7 $ (5.7) $ 261.6 Medical 55.3 35.7 (11.0) 80.0 40.9 24.6 (6.3) 59.2 Transportation 40.1 1.9 — 42.0 35.9 1.1 (0.1) 36.9 Energy 43.2 1.5 — 44.7 26.6 1.4 (0.1) 27.9 Industrial and Consumer 99.3 9.7 (4.0) 105.0 97.3 13.1 (5.4) 105.0 Distribution — 27.7 — 27.7 — 32.3 — 32.3 Total net sales $ 570.1 $ 101.8 $ (20.0) $ 651.9 $ 447.3 $ 93.2 $ (17.6) $ 522.9 Geographic Data Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 340.7 $ 58.3 $ (5.7) $ 393.3 $ 271.3 $ 55.5 $ (7.2) $ 319.6 Europe 94.9 16.8 (4.3) 107.4 78.9 15.8 (3.9) 90.8 Asia Pacific 102.7 10.4 (10.1) 103.0 57.6 7.0 (6.5) 58.1 Mexico 14.4 9.8 — 24.2 22.2 10.8 — 33.0 Canada 9.3 4.5 (0.1) 13.7 8.7 2.9 0.1 11.7 Other 8.1 2.0 0.2 10.3 8.6 1.2 (0.1) 9.7 Total net sales $ 570.1 $ 101.8 $ (20.0) $ 651.9 $ 447.3 $ 93.2 $ (17.6) $ 522.9

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share The Company calculates basic and diluted earnings (loss) per share using the two class method. Under the two class method, earnings (loss) are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings (loss) available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended September 30, 2022, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive. The calculations of basic and diluted earnings (loss) per common share for the three months ended September 30, 2023 and 2022 were as follows: Three Months Ended (in millions, except per share data) 2023 2022 Net income (loss) $ 43.9 $ (6.9) Dividends allocated to participating securities (0.1) (0.1) Earnings (loss) available for common stockholders used in calculation of basic earnings (loss) per common share $ 43.8 $ (7.0) Weighted average number of common shares outstanding, basic 49.2 48.7 Basic earnings (loss) per common share $ 0.89 $ (0.14) Net income (loss) $ 43.9 $ (6.9) Dividends allocated to participating securities (0.1) (0.1) Earnings (loss) available for common stockholders used in calculation of diluted earnings (loss) per common share $ 43.8 $ (7.0) Weighted average number of common shares outstanding, basic 49.2 48.7 Effect of shares issuable under share-based compensation plans 0.7 — Weighted average number of common shares outstanding, diluted 49.9 48.7 Diluted earnings (loss) per common share $ 0.88 $ (0.14) The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings (loss) per share because their effects were anti-dilutive: Three Months Ended (in millions) 2023 2022 Stock options — 1.9

Inventories

Inventories	3 Months Ended
	Sep. 30, 2023
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of September 30, 2023 and June 30, 2023: ($ in millions) September 30, June 30, Raw materials and supplies $ 182.4 $ 157.7 Work in process 398.6 370.1 Finished and purchased products 125.7 111.9 Total inventories $ 706.7 $ 639.7 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 values other inventory at the lower of cost or net realizable value, determined by the first-in, first-out ("FIFO") and average cost methods. As of September 30, 2023 and June 30, 2023, $143.1 million and $133.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of September 30, 2023 and June 30, 2023: ($ in millions) September 30, June 30, Accrued compensation and benefits $ 59.7 $ 92.4 Accrued postretirement benefits 16.1 16.1 Contract liabilities 11.0 14.0 Current portion of lease liabilities 8.8 9.1 Derivative financial instruments 6.7 6.4 Accrued interest expense 6.4 18.5 Accrued taxes 5.6 4.9 Accrued pension liabilities 3.3 3.3 Accrued income taxes 2.3 2.5 Other 13.2 14.1 Total accrued liabilities $ 133.1 $ 181.3

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Pension Plans Other Postretirement Plans ($ in millions) 2023 2022 2023 2022 Service cost $ 2.0 $ 2.0 $ 0.4 $ 0.5 Interest cost 11.8 11.5 2.5 2.4 Expected return on plan assets (10.1) (11.2) (1.8) (1.7) Amortization of net loss (gain) 2.2 2.4 (0.6) (0.4) Amortization of prior service cost (credits) 0.5 0.5 (1.0) (1.0) Net pension expense (income) $ 6.4 $ 5.2 $ (0.5) $ (0.2) During the three months ended September 30, 2023 and 2022, the Company made $4.6 million and $0.0 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make $6.7 million of required cash pension contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2024.

Debt

Debt	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt On April 14, 2023, the Company entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and the other lenders, agents and arrangers party thereto (the "Credit Facility"). The Credit Facility amended and restated the Company's then existing Amended and Restated Credit Agreement dated as of March 26, 2021 which had been set to expire on March 31, 2024. The Second Amendment extends the maturity to April 12, 2028. The Credit Facility is a secured revolving credit facility with a commitment of $350.0 million subject to the right, from time to time, to request an increase of the commitment by the greater of (i) $300.0 million or (ii) an amount equal to the consolidated EBITDA; and provides for the issuance of letters of credit subject to a $40.0 million sub-limit. The Company has the right to voluntarily prepay and re-borrow loans, to terminate or reduce the commitments under the Credit Facility, and, subject to certain lender approvals, to join subsidiaries as subsidiary borrowers. As of September 30, 2023, the Company had $1.7 million of issued letters of credit under the Credit Facility and no short-term borrowings. The balance of $348.3 million remains available to the Company. Interest on the borrowings under the Credit Facility accrues at variable rates which are determined based upon the Company's consolidated total leverage ratio. The applicable margin to be added to Alternative Currency Daily Rate, Alternative Currency Term Rate and Term SOFR determined loans ranges from 1.75% to 2.50% (2.00% as of September 30, 2023), and for Base Rate-determined loans, from 0.75% to 1.50% (1.00% as of September 30, 2023). The Company also pays a quarterly commitment fee ranging from 0.250% to 0.375% (0.300% as of September 30, 2023), determined based upon the consolidated total leverage ratio, of the unused portion of the commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.75% to 2.50% (2.00% as of September 30, 2023), with respect to letters of credit issued under the Credit Facility. As of September 30, 2023, the borrowing rate for the Credit Facility was 7.32%. The Company is subject to certain financial and restrictive covenants under the Credit Facility which requires the maintenance of a minimum interest coverage ratio of 3.00 to 1.00 and a consolidated net leverage ratio of no more than 4.00 to 1.00. The restrictions of these covenants (other than the financial ratio covenants) are subject to certain exceptions or thresholds triggering amounts or events specified in the Credit Facility, and in some cases the restrictions may be waived by the lenders. As of September 30, 2023, the Company was in compliance with all of the covenants of the Credit Facility. Long-term debt outstanding as of September 30, 2023 and June 30, 2023 consisted of the following: ($ in millions) September 30, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at September 30, 2023 and June 30, 2023) $ 396.7 $ 396.5 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at September 30, 2023 and June 30, 2023) 296.6 296.5 Total debt 693.3 693.0 Less: amounts due within one year — — Long-term debt, net of current portion $ 693.3 $ 693.0 For the three months ended September 30, 2023 and 2022, interest costs totaled $13.2 million and $12.9 million, respectively, of which $0.5 million and $0.3 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Environmental The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation. During the three months ended September 30, 2023, the Company increased the liability for environmental remediation costs by $0.4 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 September 30, 2023 and June 30, 2023 were $16.9 million and $16.5 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. 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. 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 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 and regulations, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs. The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: September 30, 2023 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 3.8 Liabilities: Derivative financial instruments $ 7.0 June 30, 2023 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 3.7 Liabilities: Derivative financial instruments $ 6.8 The Company's derivative financial instruments consist of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies is more fully discussed in Note 11. 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: September 30, 2023 June 30, 2023 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 693.3 $ 689.4 $ 693.0 $ 698.1 Company-owned life insurance $ 24.9 $ 24.9 $ 26.2 $ 26.2 The fair values of long-term debt as of September 30, 2023 and June 30, 2023 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 as of September 30, 2023 and June 30, 2023 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.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company from time to time uses commodity forwards and foreign currency forwards to manage risks generally associated with commodity price 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") to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of September 30, 2023, the Company had forward contracts to purchase 3.0 million pounds of certain raw materials with settlement dates through December 2025. Cash Flow Hedging — Foreign currency forward contracts: The Company, from time to time, uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company had no qualifying foreign currency hedge contracts as of September 30, 2023 and June 30, 2023 or during the three months ended September 30, 2023 and 2022. The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense, net. As of September 30, 2023 and June 30, 2023, 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. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2023 and June 30, 2023: September 30, 2023 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 3.6 $ 0.2 $ 3.8 Other assets — — — Total asset derivatives $ 3.6 $ 0.2 $ 3.8 Liability Derivatives: Accrued liabilities $ — $ 6.7 $ 6.7 Other liabilities — 0.3 0.3 Total liability derivatives $ — $ 7.0 $ 7.0 June 30, 2023 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 2.1 $ 1.6 $ 3.7 Other assets — — — Total asset derivatives $ 2.1 $ 1.6 $ 3.7 Liability Derivatives: Accrued liabilities $ — $ 6.4 $ 6.4 Other liabilities — 0.4 0.4 Total liability derivatives $ — $ 6.8 $ 6.8 Substantially all of the Company's derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $4.7 million and total liability derivatives would have been $7.9 million as of September 30, 2023. According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of September 30, 2023 and June 30, 2023, the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (losses) gains on cash flow hedges recognized during the three months ended September 30, 2023 and 2022: Amount of Loss Three Months Ended ($ in millions) 2023 2022 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (0.3) $ (0.2) Total $ (0.3) $ (0.2) ($ in millions) Location of Gain Amount of Gain Reclassified from AOCI Three Months Ended 2023 2022 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.4 $ 6.7 Total $ 1.4 $ 6.7 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 months ended September 30, 2023 and 2022: Three Months Ended 2023 2022 ($ in millions) Cost of Sales Cost of Sales Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 527.8 $ 468.1 Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain reclassified from AOCI to income $ 1.4 $ 6.7 Total gain $ 1.4 $ 6.7 The Company estimates that $3.4 million of net derivative losses included in AOCI as of September 30, 2023 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three months ended September 30, 2023.

Other Expense, Net

Other Expense, Net	3 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other Expense, Net	Other Expense, Net Other expense, net consisted of the following: Three Months Ended ($ in millions) 2023 2022 Interest income $ (0.2) $ (0.1) Foreign exchange losses 0.3 0.1 Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts 0.4 1.0 Pension earnings, interest and deferrals 3.5 2.5 Total other expense, net $ 4.0 $ 3.5

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2023
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. Income tax expense was $8.4 million, or 16.1 percent of pre-tax income for the three months ended September 30, 2023, as compared with income tax benefit of $0.9 million, or 11.5 percent of pre-tax loss for the three months ended September 30, 2022. Income tax expense for the three months ended September 30, 2023, includes a discrete tax benefit of $4.1 million attributable to employee share-based compensation. Also included is the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Income tax benefit for the three months ended September 30, 2022, included a discrete tax charge of $0.6 million for the impact of a state tax legislative change and a discrete tax benefit of $0.3 million attributable to employee share-based compensation. Also included is the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. On October 8, 2021, the Organization for Economic Co-operation and Development ("OECD") released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15 percent global minimum tax rate for large multinational corporations. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Pillar Two Framework expected by calendar year 2024. The Company is continuing to evaluate the Pillar Two Framework and its potential impact on future periods.

Business Segments

Business Segments	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has two reportable segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). The SAO segment is comprised of the Company's major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama. The combined assets of the SAO operations are 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 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 include executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring 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 months ended September 30, 2023 and September 30, 2022. On a consolidated basis, no single customer accounted for 10 percent or more of accounts receivable outstanding at September 30, 2023 and June 30, 2023. Net Sales Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 570.1 $ 447.3 Performance Engineered Products 101.8 93.2 Intersegment (20.0) (17.6) Consolidated net sales $ 651.9 $ 522.9 Operating Income (Loss) Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 80.8 $ 19.9 Performance Engineered Products 9.1 6.3 Corporate (21.3) (17.1) Intersegment 0.4 (0.8) Consolidated operating income $ 69.0 $ 8.3 Depreciation and Amortization Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 27.8 $ 27.1 Performance Engineered Products 4.0 3.8 Corporate 1.3 1.4 Consolidated depreciation and amortization $ 33.1 $ 32.3 Capital Expenditures Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 18.6 $ 11.4 Performance Engineered Products 3.2 2.0 Corporate 0.2 0.1 Consolidated capital expenditures $ 22.0 $ 13.5 Total Assets September 30, June 30, ($ in millions) Specialty Alloys Operations $ 2,503.1 $ 2,461.2 Performance Engineered Products 448.2 451.6 Corporate 139.7 159.0 Intersegment (14.2) (17.9) Consolidated total assets $ 3,076.8 $ 3,053.9

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive loss before reclassifications (0.2) — (2.1) (2.3) Amounts reclassified from AOCI (b) (1.0) 0.8 — (0.2) Net other comprehensive (loss) income (1.2) 0.8 (2.1) (2.5) Balances at September 30, 2023 $ (8.2) $ (94.7) $ (42.6) $ (145.5) Three Months Ended September 30, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive loss before reclassifications (0.2) — (3.3) (3.5) Amounts reclassified from AOCI (b) (5.1) 1.0 — (4.1) Net other comprehensive (loss) income (5.3) 1.0 (3.3) (7.6) Balances at September 30, 2022 $ 0.2 $ (131.9) $ (49.4) $ (181.1) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2023 and 2022: Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2023 2022 Cash flow hedging items: Commodity contracts Cost of sales $ 1.4 $ 6.7 Total before tax 1.4 6.7 Tax expense (0.4) (1.6) Net of tax $ 1.0 $ 5.1 Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2023 2022 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.6) $ (2.0) Prior service benefit (b) 0.5 0.5 Total before tax (1.1) (1.5) Tax benefit 0.3 0.5 Net of tax $ (0.8) $ (1.0) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 7. Pension and Other Postretirement Benefits for additional details).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 43.9	$ (6.9)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2023
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 ("U.S. GAAP") 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, 2023 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, 2023 (the "2023 Form 10-K"). Operating results for the three months ended September 30, 2023 are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements At this time there are no issued pronouncements, adopted or pending adoption, in the current fiscal year that would materially impact the Company.
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. The Company's standard 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. The Company's standard 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 $11.0 million and $14.0 million at September 30, 2023 and June 30, 2023, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three months ended September 30, 2023 and 2022 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of the Company's contract liabilities are recognized within a twelve-month period. 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.
Earning (Loss) per Common Share	The Company calculates basic and diluted earnings (loss) per share using the two class method. Under the two class method, earnings (loss) are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings (loss) available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended September 30, 2022, 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 values other inventory at the lower of cost or net realizable value, determined by 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 and regulations, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.
Fair Value Measurements	The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. 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 and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies is more fully discussed in Note 11. 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 September 30, 2023 and June 30, 2023 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 as of September 30, 2023 and June 30, 2023 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") to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. Cash Flow Hedging — Foreign currency forward contracts: The Company, from time to time, uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company had no qualifying foreign currency hedge contracts as of September 30, 2023 and June 30, 2023 or during the three months ended September 30, 2023 and 2022. The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense, net. As of September 30, 2023 and June 30, 2023, 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, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). The SAO segment is comprised of the Company's major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama. The combined assets of the SAO operations are 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 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 include executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring charges and other specifically-identified income or expense items.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Sep. 30, 2023
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 geographic locations for the three months ended September 30, 2023 and 2022 were as follows: End-Use Market Data Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 332.2 $ 25.3 $ (5.0) $ 352.5 $ 246.6 $ 20.7 $ (5.7) $ 261.6 Medical 55.3 35.7 (11.0) 80.0 40.9 24.6 (6.3) 59.2 Transportation 40.1 1.9 — 42.0 35.9 1.1 (0.1) 36.9 Energy 43.2 1.5 — 44.7 26.6 1.4 (0.1) 27.9 Industrial and Consumer 99.3 9.7 (4.0) 105.0 97.3 13.1 (5.4) 105.0 Distribution — 27.7 — 27.7 — 32.3 — 32.3 Total net sales $ 570.1 $ 101.8 $ (20.0) $ 651.9 $ 447.3 $ 93.2 $ (17.6) $ 522.9 Geographic Data Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 340.7 $ 58.3 $ (5.7) $ 393.3 $ 271.3 $ 55.5 $ (7.2) $ 319.6 Europe 94.9 16.8 (4.3) 107.4 78.9 15.8 (3.9) 90.8 Asia Pacific 102.7 10.4 (10.1) 103.0 57.6 7.0 (6.5) 58.1 Mexico 14.4 9.8 — 24.2 22.2 10.8 — 33.0 Canada 9.3 4.5 (0.1) 13.7 8.7 2.9 0.1 11.7 Other 8.1 2.0 0.2 10.3 8.6 1.2 (0.1) 9.7 Total net sales $ 570.1 $ 101.8 $ (20.0) $ 651.9 $ 447.3 $ 93.2 $ (17.6) $ 522.9

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share	The calculations of basic and diluted earnings (loss) per common share for the three months ended September 30, 2023 and 2022 were as follows: Three Months Ended (in millions, except per share data) 2023 2022 Net income (loss) $ 43.9 $ (6.9) Dividends allocated to participating securities (0.1) (0.1) Earnings (loss) available for common stockholders used in calculation of basic earnings (loss) per common share $ 43.8 $ (7.0) Weighted average number of common shares outstanding, basic 49.2 48.7 Basic earnings (loss) per common share $ 0.89 $ (0.14) Net income (loss) $ 43.9 $ (6.9) Dividends allocated to participating securities (0.1) (0.1) Earnings (loss) available for common stockholders used in calculation of diluted earnings (loss) per common share $ 43.8 $ (7.0) Weighted average number of common shares outstanding, basic 49.2 48.7 Effect of shares issuable under share-based compensation plans 0.7 — Weighted average number of common shares outstanding, diluted 49.9 48.7 Diluted earnings (loss) per common share $ 0.88 $ (0.14)
Schedule of Awards Issued Under Share-Based Compensation Plans Excluded From the Calculations of Diluted Earnings (Loss) per Share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings (loss) per share because their effects were anti-dilutive: Three Months Ended (in millions) 2023 2022 Stock options — 1.9

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2023
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consisted of the following components as of September 30, 2023 and June 30, 2023: ($ in millions) September 30, June 30, Raw materials and supplies $ 182.4 $ 157.7 Work in process 398.6 370.1 Finished and purchased products 125.7 111.9 Total inventories $ 706.7 $ 639.7

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of September 30, 2023 and June 30, 2023: ($ in millions) September 30, June 30, Accrued compensation and benefits $ 59.7 $ 92.4 Accrued postretirement benefits 16.1 16.1 Contract liabilities 11.0 14.0 Current portion of lease liabilities 8.8 9.1 Derivative financial instruments 6.7 6.4 Accrued interest expense 6.4 18.5 Accrued taxes 5.6 4.9 Accrued pension liabilities 3.3 3.3 Accrued income taxes 2.3 2.5 Other 13.2 14.1 Total accrued liabilities $ 133.1 $ 181.3

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Components of the Net Periodic Pension (Income) Expense	The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Pension Plans Other Postretirement Plans ($ in millions) 2023 2022 2023 2022 Service cost $ 2.0 $ 2.0 $ 0.4 $ 0.5 Interest cost 11.8 11.5 2.5 2.4 Expected return on plan assets (10.1) (11.2) (1.8) (1.7) Amortization of net loss (gain) 2.2 2.4 (0.6) (0.4) Amortization of prior service cost (credits) 0.5 0.5 (1.0) (1.0) Net pension expense (income) $ 6.4 $ 5.2 $ (0.5) $ (0.2)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of September 30, 2023 and June 30, 2023 consisted of the following: ($ in millions) September 30, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at September 30, 2023 and June 30, 2023) $ 396.7 $ 396.5 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at September 30, 2023 and June 30, 2023) 296.6 296.5 Total debt 693.3 693.0 Less: amounts due within one year — — Long-term debt, net of current portion $ 693.3 $ 693.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: September 30, 2023 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 3.8 Liabilities: Derivative financial instruments $ 7.0 June 30, 2023 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 3.7 Liabilities: Derivative financial instruments $ 6.8
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments not Recorded at Fair Value in the Financial Statements	The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: September 30, 2023 June 30, 2023 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 693.3 $ 689.4 $ 693.0 $ 698.1 Company-owned life insurance $ 24.9 $ 24.9 $ 26.2 $ 26.2

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2023 and June 30, 2023: September 30, 2023 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 3.6 $ 0.2 $ 3.8 Other assets — — — Total asset derivatives $ 3.6 $ 0.2 $ 3.8 Liability Derivatives: Accrued liabilities $ — $ 6.7 $ 6.7 Other liabilities — 0.3 0.3 Total liability derivatives $ — $ 7.0 $ 7.0 June 30, 2023 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 2.1 $ 1.6 $ 3.7 Other assets — — — Total asset derivatives $ 2.1 $ 1.6 $ 3.7 Liability Derivatives: Accrued liabilities $ — $ 6.4 $ 6.4 Other liabilities — 0.4 0.4 Total liability derivatives $ — $ 6.8 $ 6.8
Summary of the Gains (Losses) Related to Cash Flow Hedges	The following is a summary of the (losses) gains on cash flow hedges recognized during the three months ended September 30, 2023 and 2022: Amount of Loss Three Months Ended ($ in millions) 2023 2022 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (0.3) $ (0.2) Total $ (0.3) $ (0.2) ($ in millions) Location of Gain Amount of Gain Reclassified from AOCI Three Months Ended 2023 2022 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.4 $ 6.7 Total $ 1.4 $ 6.7
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 months ended September 30, 2023 and 2022: Three Months Ended 2023 2022 ($ in millions) Cost of Sales Cost of Sales Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 527.8 $ 468.1 Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain reclassified from AOCI to income $ 1.4 $ 6.7 Total gain $ 1.4 $ 6.7

Other Expense, Net (Tables)

Other Expense, Net (Tables)	3 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Expense, Net	Other expense, net consisted of the following: Three Months Ended ($ in millions) 2023 2022 Interest income $ (0.2) $ (0.1) Foreign exchange losses 0.3 0.1 Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts 0.4 1.0 Pension earnings, interest and deferrals 3.5 2.5 Total other expense, net $ 4.0 $ 3.5

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments	Net Sales Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 570.1 $ 447.3 Performance Engineered Products 101.8 93.2 Intersegment (20.0) (17.6) Consolidated net sales $ 651.9 $ 522.9 Operating Income (Loss) Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 80.8 $ 19.9 Performance Engineered Products 9.1 6.3 Corporate (21.3) (17.1) Intersegment 0.4 (0.8) Consolidated operating income $ 69.0 $ 8.3 Depreciation and Amortization Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 27.8 $ 27.1 Performance Engineered Products 4.0 3.8 Corporate 1.3 1.4 Consolidated depreciation and amortization $ 33.1 $ 32.3 Capital Expenditures Three Months Ended ($ in millions) 2023 2022 Specialty Alloys Operations $ 18.6 $ 11.4 Performance Engineered Products 3.2 2.0 Corporate 0.2 0.1 Consolidated capital expenditures $ 22.0 $ 13.5 Total Assets September 30, June 30, ($ in millions) Specialty Alloys Operations $ 2,503.1 $ 2,461.2 Performance Engineered Products 448.2 451.6 Corporate 139.7 159.0 Intersegment (14.2) (17.9) Consolidated total assets $ 3,076.8 $ 3,053.9

Reclassifications from Accumu_2

Reclassifications from Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in AOCI by Component, Net of Tax	The changes in AOCI by component, net of tax, for the three months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive loss before reclassifications (0.2) — (2.1) (2.3) Amounts reclassified from AOCI (b) (1.0) 0.8 — (0.2) Net other comprehensive (loss) income (1.2) 0.8 (2.1) (2.5) Balances at September 30, 2023 $ (8.2) $ (94.7) $ (42.6) $ (145.5) Three Months Ended September 30, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive loss before reclassifications (0.2) — (3.3) (3.5) Amounts reclassified from AOCI (b) (5.1) 1.0 — (4.1) Net other comprehensive (loss) income (5.3) 1.0 (3.3) (7.6) Balances at September 30, 2022 $ 0.2 $ (131.9) $ (49.4) $ (181.1) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of Amounts Reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2023 and 2022: Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2023 2022 Cash flow hedging items: Commodity contracts Cost of sales $ 1.4 $ 6.7 Total before tax 1.4 6.7 Tax expense (0.4) (1.6) Net of tax $ 1.0 $ 5.1 Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2023 2022 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.6) $ (2.0) Prior service benefit (b) 0.5 0.5 Total before tax (1.1) (1.5) Tax benefit 0.3 0.5 Net of tax $ (0.8) $ (1.0) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 7. Pension and Other Postretirement Benefits for additional details).

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) segment	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	30 days
Contract liabilities | $	$ 11	$ 14
Number of business segments | segment	2

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by End-Use Markets and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 651.9	$ 522.9
Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(20)	(17.6)
United States
Disaggregation of Revenue [Line Items]
Total net sales	393.3	319.6
United States | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(5.7)	(7.2)
Europe
Disaggregation of Revenue [Line Items]
Total net sales	107.4	90.8
Europe | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(4.3)	(3.9)
Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	103	58.1
Asia Pacific | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(10.1)	(6.5)
Mexico
Disaggregation of Revenue [Line Items]
Total net sales	24.2	33
Mexico | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Canada
Disaggregation of Revenue [Line Items]
Total net sales	13.7	11.7
Canada | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(0.1)	0.1
Other
Disaggregation of Revenue [Line Items]
Total net sales	10.3	9.7
Other | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0.2	(0.1)
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	352.5	261.6
Aerospace and Defense | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(5)	(5.7)
Medical
Disaggregation of Revenue [Line Items]
Total net sales	80	59.2
Medical | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(11)	(6.3)
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	42	36.9
Transportation | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	(0.1)
Energy
Disaggregation of Revenue [Line Items]
Total net sales	44.7	27.9
Energy | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	(0.1)
Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	105	105
Industrial and Consumer | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(4)	(5.4)
Distribution
Disaggregation of Revenue [Line Items]
Total net sales	27.7	32.3
Distribution | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Specialty Alloys Operations
Disaggregation of Revenue [Line Items]
Total net sales	570.1	447.3
Specialty Alloys Operations | United States
Disaggregation of Revenue [Line Items]
Total net sales	340.7	271.3
Specialty Alloys Operations | Europe
Disaggregation of Revenue [Line Items]
Total net sales	94.9	78.9
Specialty Alloys Operations | Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	102.7	57.6
Specialty Alloys Operations | Mexico
Disaggregation of Revenue [Line Items]
Total net sales	14.4	22.2
Specialty Alloys Operations | Canada
Disaggregation of Revenue [Line Items]
Total net sales	9.3	8.7
Specialty Alloys Operations | Other
Disaggregation of Revenue [Line Items]
Total net sales	8.1	8.6
Specialty Alloys Operations | Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	332.2	246.6
Specialty Alloys Operations | Medical
Disaggregation of Revenue [Line Items]
Total net sales	55.3	40.9
Specialty Alloys Operations | Transportation
Disaggregation of Revenue [Line Items]
Total net sales	40.1	35.9
Specialty Alloys Operations | Energy
Disaggregation of Revenue [Line Items]
Total net sales	43.2	26.6
Specialty Alloys Operations | Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	99.3	97.3
Specialty Alloys Operations | Distribution
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Performance Engineered Products
Disaggregation of Revenue [Line Items]
Total net sales	101.8	93.2
Performance Engineered Products | United States
Disaggregation of Revenue [Line Items]
Total net sales	58.3	55.5
Performance Engineered Products | Europe
Disaggregation of Revenue [Line Items]
Total net sales	16.8	15.8
Performance Engineered Products | Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	10.4	7
Performance Engineered Products | Mexico
Disaggregation of Revenue [Line Items]
Total net sales	9.8	10.8
Performance Engineered Products | Canada
Disaggregation of Revenue [Line Items]
Total net sales	4.5	2.9
Performance Engineered Products | Other
Disaggregation of Revenue [Line Items]
Total net sales	2	1.2
Performance Engineered Products | Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	25.3	20.7
Performance Engineered Products | Medical
Disaggregation of Revenue [Line Items]
Total net sales	35.7	24.6
Performance Engineered Products | Transportation
Disaggregation of Revenue [Line Items]
Total net sales	1.9	1.1
Performance Engineered Products | Energy
Disaggregation of Revenue [Line Items]
Total net sales	1.5	1.4
Performance Engineered Products | Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	9.7	13.1
Performance Engineered Products | Distribution
Disaggregation of Revenue [Line Items]
Total net sales	$ 27.7	$ 32.3

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 43.9	$ (6.9)
Dividends allocated to participating securities	(0.1)	(0.1)
Earnings (loss) available for common stockholders used in calculation of basic earnings (loss) per common share	$ 43.8	$ (7)
Weighted average number of common shares outstanding, basic (in shares)	49.2	48.7
Basic earnings (loss) per common share (in dollars per share)	$ 0.89	$ (0.14)
Dividends allocated to participating securities	$ (0.1)	$ (0.1)
Earnings (loss) available for common stockholders used in calculation of diluted earnings (loss) per common share	$ 43.8	$ (7)
Effect of shares issuable under share-based compensation plans (in shares)	0.7	0
Weighted average number of common shares outstanding, diluted (in shares)	49.9	48.7
Diluted earnings (loss) per common share (in dollars per share)	$ 0.88	$ (0.14)

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Awards Issued Under Share-Based Compensation Plans Excluded From the Calculations of Diluted Earnings (Loss) per Share (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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)	0	1.9

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Inventory, Net [Abstract]
Raw materials and supplies	$ 182.4	$ 157.7
Work in process	398.6	370.1
Finished and purchased products	125.7	111.9
Total inventories	$ 706.7	$ 639.7

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Inventory, Net [Abstract]
Inventory accounted for using a method other than LIFO	$ 143.1	$ 133.2

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 59.7	$ 92.4
Accrued postretirement benefits	16.1	16.1
Contract liabilities	11	14
Current portion of lease liabilities	8.8	9.1
Derivative financial instruments	6.7	6.4
Accrued interest expense	6.4	18.5
Accrued taxes	5.6	4.9
Accrued pension liabilities	3.3	3.3
Accrued income taxes	2.3	2.5
Other	13.2	14.1
Total accrued liabilities	$ 133.1	$ 181.3

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
	Sep. 30, 2023	Sep. 30, 2022
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2
Interest cost	11.8	11.5
Expected return on plan assets	(10.1)	(11.2)
Amortization of net loss (gain)	2.2	2.4
Amortization of prior service cost (credits)	0.5	0.5
Net pension expense (income)	6.4	5.2
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.5
Interest cost	2.5	2.4
Expected return on plan assets	(1.8)	(1.7)
Amortization of net loss (gain)	(0.6)	(0.4)
Amortization of prior service cost (credits)	(1)	(1)
Net pension expense (income)	$ (0.5)	$ (0.2)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions	$ 4.6	$ 0
Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected contributions for next fiscal year	$ 6.7

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 14, 2023 USD ($)
Debt Instrument [Line Items]
Interest costs	$ 13.2	$ 12.9
Interest costs, capitalized	$ 0.5	$ 0.3
Letter of Credit
Debt Instrument [Line Items]
Commitment fee rate	0.30%
Letter of credit fees	2%
Letter of Credit | London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate margin	2%
Letter of Credit | Base Rate
Debt Instrument [Line Items]
Interest rate margin	1%
Maximum | Letter of Credit
Debt Instrument [Line Items]
Commitment fee rate	0.375%
Letter of credit fees	2.50%
Maximum | Letter of Credit | London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate margin	2.50%
Maximum | Letter of Credit | Base Rate
Debt Instrument [Line Items]
Interest rate margin	1.50%
Minimum | Letter of Credit
Debt Instrument [Line Items]
Commitment fee rate	0.25%
Letter of credit fees	1.75%
Minimum | Letter of Credit | London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate margin	1.75%
Minimum | Letter of Credit | Base Rate
Debt Instrument [Line Items]
Interest rate margin	0.75%
Line of Credit
Debt Instrument [Line Items]
Credit Agreement available for future borrowings	$ 348.3
Short-term credit agreement borrowings	$ 0
Borrowing rate	7.32%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity			$ 350
Required interest coverage ratio one			3
Required consolidated net leverage ratio			4
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Credit Agreement available for future borrowings			$ 300
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Credit Agreement available for future borrowings			$ 40
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 1.7

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, net of current portion	$ 693,300,000	$ 693,000,000
Senior Notes
Debt Instrument [Line Items]
Total debt	693,300,000	693,000,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	$ 693,300,000	$ 693,000,000
Senior unsecured notes, 6.375% due July 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate	6.375%	6.375%
Face amount	$ 400,000,000	$ 400,000,000
Total debt	$ 396,700,000	$ 396,500,000
Senior unsecured notes, 7.625% due March 2030
Debt Instrument [Line Items]
Interest rate	7.625%	7.625%
Face amount	$ 300,000,000	$ 300,000,000
Total debt	$ 296,600,000	$ 296,500,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Increase of liabilities of environmental remediation costs of a company-owned former operating site	$ 0.4
Environmental remediation liability	$ 16.9	$ 16.5

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	Sep. 30, 2023	Jun. 30, 2023
Assets:
Derivative financial instruments	$ 3.8	$ 3.7
Liabilities:
Derivative financial instruments	$ 7	$ 6.8

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	Sep. 30, 2023	Jun. 30, 2023
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 693.3	$ 693
Company-owned life insurance	24.9	26.2
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	689.4	698.1
Company-owned life insurance	$ 24.9	$ 26.2

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) lb	Jun. 30, 2023 USD ($)
Fair value of derivatives
Total asset derivatives	$ 4,700,000
Total liability derivatives	7,900,000
Cash collateral held by counterparties	0	$ 0
Net derivative losses included in AOCI expected to be reclassified into earnings	$ 3,400,000
Commodity contracts | Cash flow hedges
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb	3

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	Sep. 30, 2023	Jun. 30, 2023
Liability Derivatives:
Total liability derivatives	$ 7.9
Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	3.8	$ 3.7
Liability Derivatives:
Total liability derivatives	7	6.8
Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	3.6	2.1
Liability Derivatives:
Total liability derivatives	0	0
Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.2	1.6
Liability Derivatives:
Total liability derivatives	7	6.8
Other current assets | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	3.8	3.7
Other current assets | Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	3.6	2.1
Other current assets | Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.2	1.6
Other assets | 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	0
Other assets | Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	0
Accrued liabilities | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	6.7	6.4
Accrued liabilities | Foreign exchange contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0
Accrued liabilities | Commodity contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	6.7	6.4
Other liabilities | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0.3	0.4
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	$ 0.3	$ 0.4

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
	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	$ (0.3)	$ (0.2)
Amount of Gain Reclassified from AOCI into Income	1.4	6.7
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	(0.3)	(0.2)
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Reclassified from AOCI into Income	$ 1.4	$ 6.7

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cost of sales	$ 527.8	$ 468.1
Amount of gain reclassified from AOCI to income	1.4	6.7
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	1.4	6.7
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	$ 1.4	$ 6.7

Other Expense, Net - Schedule o

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Interest income	$ (0.2)	$ (0.1)
Foreign exchange losses	0.3	0.1
Unrealized losses on company-owned life insurance contracts and investments held in rabbi trusts	0.4	1
Pension earnings, interest and deferrals	3.5	2.5
Total other expense, net	$ 4	$ 3.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 8.4	$ (0.9)
Income tax benefit as a percent of pre-tax income (loss)	16.10%	11.50%
Discrete tax benefits associated with legislative changes	$ 4.1	$ 0.6
Tax benefit attributable to employee share-based compensation		$ 0.3

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
	Sep. 30, 2023 segment
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
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Net Sales
Total net sales	$ 651.9	$ 522.9
Operating Income (Loss)
Consolidated operating income	69	8.3
Depreciation and Amortization
Consolidated depreciation and amortization	33.1	32.3
Capital Expenditures
Consolidated capital expenditures	22	13.5
Total Assets
Consolidated total assets	3,076.8		$ 3,053.9
Operating | Specialty Alloys Operations
Net Sales
Total net sales	570.1	447.3
Operating Income (Loss)
Consolidated operating income	80.8	19.9
Depreciation and Amortization
Consolidated depreciation and amortization	27.8	27.1
Capital Expenditures
Consolidated capital expenditures	18.6	11.4
Total Assets
Consolidated total assets	2,503.1		2,461.2
Operating | Performance Engineered Products
Net Sales
Total net sales	101.8	93.2
Operating Income (Loss)
Consolidated operating income	9.1	6.3
Depreciation and Amortization
Consolidated depreciation and amortization	4	3.8
Capital Expenditures
Consolidated capital expenditures	3.2	2
Total Assets
Consolidated total assets	448.2		451.6
Corporate
Operating Income (Loss)
Consolidated operating income	(21.3)	(17.1)
Depreciation and Amortization
Consolidated depreciation and amortization	1.3	1.4
Capital Expenditures
Consolidated capital expenditures	0.2	0.1
Total Assets
Consolidated total assets	139.7		159
Intersegment
Net Sales
Total net sales	(20)	(17.6)
Operating Income (Loss)
Consolidated operating income	0.4	$ (0.8)
Total Assets
Consolidated total assets	$ (14.2)		$ (17.9)

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
	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	$ 1,396.1	$ 1,330.5
Other comprehensive income (loss) before reclassifications	(2.3)	(3.5)
Amounts reclassified from AOCI	(0.2)	(4.1)
Total other comprehensive loss, net of tax	(2.5)	(7.6)
Balances at the end of the period	1,429.3	1,306.8
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(143)	(173.5)
Balances at the end of the period	(145.5)	(181.1)
Cash flow hedging items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(7)	5.5
Other comprehensive income (loss) before reclassifications	(0.2)	(0.2)
Amounts reclassified from AOCI	(1)	(5.1)
Total other comprehensive loss, net of tax	(1.2)	(5.3)
Balances at the end of the period	(8.2)	0.2
Pension and other postretirement benefit plan items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(95.5)	(132.9)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	0.8	1
Total other comprehensive loss, net of tax	0.8	1
Balances at the end of the period	(94.7)	(131.9)
Foreign currency items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(40.5)	(46.1)
Other comprehensive income (loss) before reclassifications	(2.1)	(3.3)
Amounts reclassified from AOCI	0	0
Total other comprehensive loss, net of tax	(2.1)	(3.3)
Balances at the end of the period	$ (42.6)	$ (49.4)

Reclassifications from Accumu_4

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	$ 52.3	$ (7.8)
Tax (expense)/benefit	(8.4)	0.9
Net income	43.9	(6.9)
Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	1.4	6.7
Tax (expense)/benefit	(0.4)	(1.6)
Net income	1	5.1
Amount Reclassified from AOCI | Pension and other postretirement benefit plan items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.1)	(1.5)
Tax (expense)/benefit	0.3	0.5
Net income	(0.8)	(1)
Amount Reclassified from AOCI | Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(1.6)	(2)
Amount Reclassified from AOCI | Prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	0.5	0.5
Commodity contracts | Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 1.4	$ 6.7