Carpenter Technology (CRS) 10-Q 1 May 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		49,608,268
Entity Central Index Key	0000017843
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 53.5	$ 44.5
Accounts receivable, net	521.2	531.3
Inventories	796.1	639.7
Other current assets	82.2	66.4
Total current assets	1,453	1,281.9
Property, plant, equipment and software, net	1,351.4	1,383.8
Goodwill	227.3	241.4
Other intangibles, net	23.8	28.7
Deferred income taxes	6.7	6.6
Other assets	114	111.5
Total assets	3,176.2	3,053.9
Current liabilities:
Accounts payable	275.2	278.1
Accrued liabilities	178.2	181.3
Total current liabilities	453.4	459.4
Long-term debt	693.9	693
Accrued pension liabilities	212.2	190.1
Accrued postretirement benefits	47.2	45.8
Deferred income taxes	167.6	170.3
Other liabilities	99.3	99.2
Total liabilities	1,673.6	1,657.8
Contingencies and commitments (see Note 10)
Equity, Attributable to Parent [Abstract]
Common stock — authorized 100,000,000 shares; issued 56,643,276 shares at March 31, 2024 and 56,143,131 shares at June 30, 2023; outstanding 49,426,636 shares at March 31, 2024 and 48,635,740 shares at June 30, 2023	283.2	280.7
Capital in excess of par value	333.2	328.4
Reinvested earnings	1,291	1,228
Common stock in treasury (7,216,640 shares and 7,507,391 shares at March 31, 2024 and June 30, 2023, respectively), at cost	(289.5)	(298)
Accumulated other comprehensive loss	(115.3)	(143)
Total stockholders' equity	1,502.6	1,396.1
Total liabilities and stockholders' equity	$ 3,176.2	$ 3,053.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	56,643,276	56,143,131
Common stock outstanding (in shares)	49,426,636	48,635,740
Common stock in treasury (in shares)	7,216,640	7,507,391

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 684.9	$ 690.1	$ 1,961.1	$ 1,792.1
Cost of sales	537.9	596.6	1,567.4	1,573.9
Gross profit	147	93.5	393.7	218.2
Selling, general and administrative expenses	57	54.2	164.8	148
Goodwill impairment	14.1	0	14.1	0
Operating income	75.9	39.3	214.8	70.2
Interest expense, net	12.9	14.5	38.6	40.1
Other expense, net	52.9	0.8	58.5	6.2
Income before income taxes	10.1	24	117.7	23.9
Income tax expense	3.8	5.4	24.8	5.9
Net income	$ 6.3	$ 18.6	$ 92.9	$ 18
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.12	$ 0.38	$ 1.87	$ 0.36
Diluted (in dollars per share)	$ 0.12	$ 0.38	$ 1.85	$ 0.36
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	49.7	48.8	49.5	48.7
Diluted (in shares)	50.3	49.2	50.1	49

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6.3	$ 18.6	$ 92.9	$ 18
Other comprehensive income (loss), net of tax:
Net gain (loss) on derivative instruments, net of tax of $(0.7), $3.5, $0.5 and $3.1, respectively	2.3	(10.9)	(1.4)	(9.7)
Pension and postretirement benefits, net of tax of $(8.4), $(0.4), $(9.0) and $(1.3), respectively	27	1.1	28.6	3.2
Foreign currency translation	(2.2)	2.3	0.5	5.9
Total other comprehensive income (loss), net of tax	27.1	(7.5)	27.7	(0.6)
Comprehensive income, net of tax	$ 33.4	$ 11.1	$ 120.6	$ 17.4

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss on derivative instruments, tax expense (benefit)	$ (0.7)	$ 3.5	$ 0.5	$ 3.1
Pension and post-retirement benefits, tax (expense) benefit	$ 8.4	$ 0.4	$ 9	$ 1.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 92.9	$ 18
Adjustments to reconcile net income to net cash provided from (used for) operating activities:
Depreciation and amortization	100.8	97.5
Goodwill impairment	14.1	0
Deferred income taxes	(11.3)	0
Net pension expense	69.8	14.9
Share-based compensation expense	13.7	10.4
Net loss on disposals of property, plant and equipment	3.5	0.7
Changes in working capital and other:
Accounts receivable	9.3	(130.6)
Inventories	(155.6)	(213.5)
Other current assets	(19.2)	(0.3)
Accounts payable	(1)	42
Accrued liabilities	(5.2)	8.4
Pension plan contributions	(4.9)	0
Other postretirement plan contributions	(1.8)	(2.6)
Other, net	0.3	(5.1)
Net cash provided from (used for) operating activities	105.4	(160.2)
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(68.9)	(51.5)
Proceeds from disposals of property, plant and equipment	0.1	0
Net cash used for investing activities	(68.8)	(51.5)
FINANCING ACTIVITIES
Short-term credit agreement borrowings, net change	0	3.6
Credit agreement borrowings	62.5	183.7
Credit agreement repayments	(62.5)	(78.7)
Dividends paid	(29.9)	(29.5)
Proceeds from stock options exercised	19.8	1.5
Withholding tax payments on share-based compensation awards	(18.2)	(3.5)
Net cash (used for) provided from financing activities	(28.3)	77.1
Effect of exchange rate changes on cash and cash equivalents	0.7	2.7
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	9	(131.9)
Cash and cash equivalents at beginning of year	44.5	154.2
Cash and cash equivalents at end of period	53.5	22.3
SUPPLEMENTAL CASH FLOW INFORMATION:
Noncash investing activities: Purchase of property, plant, equipment and software	$ 11.6	$ 11.2

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock, Par Value of $5	Common Stock, Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Income
Balances at the beginning of the period at Jun. 30, 2022	$ 1,330.5	$ 280.1	$ 320.3	$ 1,211	$ (307.4)	$ (173.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18			18
Net gain (loss) on derivative instruments, net of tax	(9.7)					(9.7)
Pension and postretirement benefits, net of tax	3.2					3.2
Foreign currency translation	5.9					5.9
Cash dividends:
Common stock	(29.5)			(29.5)
Share-based compensation plans	7.3		(1.7)		9
Stock options exercised	1.5	0.2	1.3
Balances at the end of the period at Mar. 31, 2023	1,327.2	280.3	319.9	1,199.5	(298.4)	(174.1)
Balances at the beginning of the period at Dec. 31, 2022	1,321.1	280.1	315.3	1,190.7	(298.4)	(166.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18.6			18.6
Net gain (loss) on derivative instruments, net of tax	(10.9)					(10.9)
Pension and postretirement benefits, net of tax	1.1					1.1
Foreign currency translation	2.3					2.3
Cash dividends:
Common stock	(9.8)			(9.8)
Share-based compensation plans	3.3		3.3
Stock options exercised	1.5	0.2	1.3
Balances at the end of the period at Mar. 31, 2023	1,327.2	280.3	319.9	1,199.5	(298.4)	(174.1)
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	92.9			92.9
Net gain (loss) on derivative instruments, net of tax	(1.4)					(1.4)
Pension and postretirement benefits, net of tax	28.6					28.6
Foreign currency translation	0.5					0.5
Cash dividends:
Common stock	(29.9)			(29.9)
Share-based compensation plans	4		(4.5)		8.5
Stock options exercised	11.8	2.5	9.3
Balances at the end of the period at Mar. 31, 2024	1,502.6	283.2	333.2	1,291	(289.5)	(115.3)
Balances at the beginning of the period at Dec. 31, 2023	1,473.8	283.2	327.9	1,294.8	(289.7)	(142.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6.3			6.3
Net gain (loss) on derivative instruments, net of tax	2.3					2.3
Pension and postretirement benefits, net of tax	27					27
Foreign currency translation	(2.2)					(2.2)
Cash dividends:
Common stock	(10.1)			(10.1)
Share-based compensation plans	5.1		4.9		0.2
Stock options exercised	0.4		0.4
Balances at the end of the period at Mar. 31, 2024	$ 1,502.6	$ 283.2	$ 333.2	$ 1,291	$ (289.5)	$ (115.3)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Cash dividends per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 are not necessarily indicative of the operating results for any future period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance in ASU 2023-07 seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose the following: significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; an amount for other segment items by reportable segment and a description of its composition; and the title and position of the CODM and how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU requires public entities to provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods. ASU 2023-07 clarifies that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the qualitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued. ASU 2023-09 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Mar. 31, 2024
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 the 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 $13.7 million and $14.0 million at March 31, 2024 and June 30, 2023, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three and nine months ended March 31, 2024 and 2023 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of the Company's contract liabilities are recognized within a twelve-month period. The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less. Disaggregation of Revenue The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical locations. Comparative information of the Company's overall revenues by end-use markets and geographic locations for the three and nine months ended March 31, 2024 and 2023 were as follows: End-Use Market Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 367.3 $ 30.5 $ (6.7) $ 391.1 $ 321.6 $ 31.2 $ (8.6) $ 344.2 Medical 77.7 35.0 (13.1) 99.6 63.9 32.8 (10.5) 86.2 Transportation 33.0 1.8 (0.4) 34.4 51.2 1.8 (0.2) 52.8 Energy 37.5 1.2 — 38.7 42.8 3.9 (0.1) 46.6 Industrial and Consumer 93.0 10.4 (5.8) 97.6 123.9 15.8 (9.0) 130.7 Distribution — 23.5 — 23.5 — 29.6 — 29.6 Total net sales $ 608.5 $ 102.4 $ (26.0) $ 684.9 $ 603.4 $ 115.1 $ (28.4) $ 690.1 Geographic Location Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 335.4 $ 56.0 $ (8.1) $ 383.3 $ 368.4 $ 61.5 $ (10.3) $ 419.6 Europe 127.0 22.4 (7.8) 141.6 112.8 23.5 (6.1) 130.2 Asia Pacific 94.3 10.4 (10.0) 94.7 78.3 12.5 (12.0) 78.8 Mexico 20.9 8.5 (0.1) 29.3 15.9 9.2 — 25.1 Canada 18.5 2.8 — 21.3 13.9 4.9 0.1 18.9 Other 12.4 2.3 — 14.7 14.1 3.5 (0.1) 17.5 Total net sales $ 608.5 $ 102.4 $ (26.0) $ 684.9 $ 603.4 $ 115.1 $ (28.4) $ 690.1 End-Use Market Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 1,001.5 $ 81.5 $ (18.3) $ 1,064.7 $ 832.1 $ 75.0 $ (21.2) $ 885.9 Medical 198.6 103.1 (34.5) 267.2 154.2 90.3 (25.4) 219.1 Transportation 108.0 6.0 (0.3) 113.7 127.2 4.6 (0.7) 131.1 Energy 129.0 6.4 — 135.4 101.4 7.9 0.1 109.4 Industrial and Consumer 290.9 29.7 (13.6) 307.0 331.7 45.9 (22.3) 355.3 Distribution — 73.2 (0.1) 73.1 — 91.4 (0.1) 91.3 Total net sales $ 1,728.0 $ 299.9 $ (66.8) $ 1,961.1 $ 1,546.6 $ 315.1 $ (69.6) $ 1,792.1 Geographic Location Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 1,002.4 $ 168.2 $ (19.9) $ 1,150.7 $ 942.7 $ 178.1 $ (27.8) $ 1,093.0 Europe 313.8 57.8 (16.1) 355.5 262.8 58.8 (13.4) 308.2 Asia Pacific 279.3 32.3 (30.9) 280.7 214.9 29.6 (28.3) 216.2 Mexico 61.6 26.5 — 88.1 60.0 30.3 — 90.3 Canada 39.4 9.7 — 49.1 34.6 11.3 — 45.9 Other 31.5 5.4 0.1 37.0 31.6 7.0 (0.1) 38.5 Total net sales $ 1,728.0 $ 299.9 $ (66.8) $ 1,961.1 $ 1,546.6 $ 315.1 $ (69.6) $ 1,792.1

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The Company calculates basic and diluted earnings per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. The calculations of basic and diluted earnings per common share for the three and nine months ended March 31, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2024 2023 2024 2023 Net income $ 6.3 $ 18.6 $ 92.9 $ 18.0 Dividends allocated to participating securities (0.1) (0.1) (0.2) (0.3) Earnings available for common stockholders used in calculation of basic earnings per common share $ 6.2 $ 18.5 $ 92.7 $ 17.7 Weighted average number of common shares outstanding, basic 49.7 48.8 49.5 48.7 Basic earnings per common share $ 0.12 $ 0.38 $ 1.87 $ 0.36 Net income $ 6.3 $ 18.6 $ 92.9 $ 18.0 Dividends allocated to participating securities (0.1) (0.1) (0.2) (0.3) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 6.2 $ 18.5 $ 92.7 $ 17.7 Weighted average number of common shares outstanding, basic 49.7 48.8 49.5 48.7 Effect of shares issuable under share-based compensation plans 0.6 0.4 0.6 0.3 Weighted average number of common shares outstanding, diluted 50.3 49.2 50.1 49.0 Diluted earnings per common share $ 0.12 $ 0.38 $ 1.85 $ 0.36 The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:

Inventories

Inventories	9 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of March 31, 2024 and June 30, 2023: ($ in millions) March 31, June 30, Raw materials and supplies $ 186.7 $ 157.7 Work in process 468.1 370.1 Finished and purchased products 141.3 111.9 Total inventories $ 796.1 $ 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 and average cost methods. As of March 31, 2024 and June 30, 2023, $157.7 million and $133.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.

Goodwill

Goodwill	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill Goodwill is not amortized but instead is tested at least annually for impairment as of June 1, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by the difference between the carrying value of the reporting unit and its fair value, not to exceed the carrying amount of goodwill. The discounted cash flow analysis for each reporting unit tested requires significant estimates and assumptions related to cash flow forecasts, discount rates, terminal values and income tax rates. The cash flow forecasts include significant judgments and assumptions related to revenue growth rates, which include perpetual growth rates, gross margin and weighted average cost of capital. The cash flow forecasts are developed based on assumptions about each reporting unit's markets, product offerings, pricing, capital expenditure and working capital requirements as well as cost performance. As of June 30, 2023, the Company had three reporting units with goodwill recorded. Goodwill associated with the SAO reporting was $195.5 million and represented approximately 81 percent of total goodwill. The remaining goodwill was associated with the PEP segment, which included two reporting units, Dynamet and Latrobe Distribution, with goodwill recorded of $31.8 million and $14.1 million, respectively. As of June 1, 2023, the fair value of the SAO reporting unit exceeded the carrying value by approximately 60 percent. The discounted cash flows analysis for the SAO reporting unit includes assumptions related to our ability to increase volume, improve mix, expand product offerings and continue to implement opportunities to reduce costs over the next several years. For purposes of the discounted cash flow analysis for SAO's fair value, a weighted average cost capital of 11.0 percent and a terminal growth rate assumption of 2.5 percent were used. If the long-term growth rate for this reporting unit had been hypothetically reduced by 0.5 percent at June 1, 2023, the SAO reporting unit would have a fair value that exceeded the carrying value by approximately 57 percent. As of June 1, 2023, the fair value of the Dynamet reporting unit exceeded the carrying value by approximately 106 percent. For purposes of the discounted cash flow analysis for Dynamet's fair value, a weighted average cost capital of 14.0 percent and a terminal growth rate assumption of 2.5 percent were used. If the long-term growth rate for this reporting unit had been hypothetically reduced by 0.5 percent at June 1, 2023, the Dynamet reporting unit would have a fair value that exceeded the carrying value by approximately 104 percent. During the quarter ended March 31, 2024, the Company identified an impairment triggering event in the Latrobe Distribution reporting unit within the PEP segment related to a decline in customer ordering patterns. This combined with market headwinds due to general industrial macroeconomic conditions including rising interest rates has contributed to lower sales and profit margins compared to the established annual operation plan for fiscal year 2024. Despite efforts of the Company to mitigate the market challenges, results have not improved for the Latrobe Distribution reporting unit during the quarter ended March 31, 2024. In light of these market conditions at the time, the pace of growth in the future projections for the Latrobe Distribution reporting unit were lowered. The Company determined the goodwill associated with the Latrobe Distribution reporting unit was impaired and recorded an impairment charge of $14.1 million during the quarter ended March 31, 2024, which represented the entire balance of goodwill for this reporting unit. The fair value was estimated using a weighting of discounted cash flows and the use of market multiples valuation techniques. After the impairment loss recognized during the quarter ended March 31, 2024, the Company has two reporting units with goodwill recorded. As of March 31, 2024, goodwill associated with the SAO reporting unit is $195.5 million and represents approximately 86 percent of total goodwill. The remaining goodwill of $31.8 million as of March 31, 2024 is associated with the Dynamet reporting unit in the PEP segment. The fair value is estimated using a weighting of discounted cash flows and the use of market multiples valuation techniques for the SAO reporting unit and the Dynamet reporting unit. The Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining the fair value of the reporting units. Accumulated goodwill impairment losses of $148.7 million are related solely to the PEP segment. The changes in the carrying amount of goodwill by reportable segment for the nine months ended March 31, 2024 were as follows: ($ in millions) June 30, 2023 Impairment March 31, 2024 Goodwill $ 376.0 $ — $ 376.0 Accumulated impairment losses (134.6) (14.1) (148.7) Total goodwill $ 241.4 $ (14.1) $ 227.3 Specialty Alloys Operations $ 195.5 $ — $ 195.5 Performance Engineered Products 45.9 (14.1) 31.8 Total goodwill $ 241.4 $ (14.1) $ 227.3

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of March 31, 2024 and June 30, 2023: ($ in millions) March 31, June 30, Accrued compensation and benefits $ 100.4 $ 92.4 Accrued postretirement benefits 16.1 16.1 Contract liabilities 13.7 14.0 Current portion of lease liabilities 8.6 9.1 Derivative financial instruments 8.0 6.4 Accrued interest expense 6.4 18.5 Accrued taxes 4.4 4.9 Accrued pension liabilities 3.3 3.3 Accrued income taxes 1.7 2.5 Other 15.6 14.1 Total accrued liabilities $ 178.2 $ 181.3

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 2.1 $ 2.0 $ 0.3 $ 0.5 Interest cost 10.4 11.5 2.6 2.4 Expected return on plan assets (8.3) (11.2) (1.8) (1.7) Amortization of net loss (gain) 1.9 2.4 (0.6) (0.4) Amortization of prior service cost (credits) 0.5 0.5 (1.0) (1.0) Pension settlement charge 51.9 — — — Net pension expense (income) $ 58.5 $ 5.2 $ (0.5) $ (0.2) Nine Months Ended March 31, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 6.2 $ 5.9 $ 1.1 $ 1.5 Interest cost 34.0 34.5 7.6 7.2 Expected return on plan assets (28.5) (33.6) (5.5) (5.1) Amortization of net loss (gain) 6.2 7.2 (1.9) (1.2) Amortization of prior service cost (credits) 1.6 1.5 (2.9) (3.0) Pension settlement charge 51.9 — — — Net pension expense (income) $ 71.4 $ 15.5 $ (1.6) $ (0.6) In the quarter ended March 31, 2024, the Company executed a buy-out annuity transaction for the Company's largest defined benefit plan. The Company determined that the annuity settlement and lump-sum payments exceeded the threshold of service cost and interest cost components and therefore settlement accounting was required. As a result, the Company recorded a noncash settlement charge of $51.9 million in the quarter ended March 31, 2024 within other expense, net. The settlement triggered a remeasurement for the affected benefit plan in the quarter ended March 31, 2024 using a weighted average discount rate of 5.90 percent compared to the rate of 5.85 percent utilized at June 30, 2023. The impact of the remeasurement increased the anticipated full fiscal year net pension expense by $0.5 million of which $0.2 million was recognized within pension earnings, interest and deferrals in the current quarter. The remeasurement also resulted in an increase of accrued pension liabilities and accumulated other comprehensive loss of $17.4 million based on the current discount rate and lower than anticipated investment returns.

Debt

Debt	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company had $1.2 million of issued letters of credit under the Credit Facility and no short-term borrowings. The balance of $348.8 million remains available to the Company. Interest on the borrowings under the Credit Facility accrues at variable rates which are determined based upon the Company's consolidated total leverage ratio. The applicable margin to be added to Alternative Currency Daily Rate, Alternative Currency Term Rate and Term SOFR determined loans ranges from 1.75% to 2.50% (1.75% as of March 31, 2024), and for Base Rate-determined loans, from 0.75% to 1.50% (0.75% as of March 31, 2024). The Company also pays a quarterly commitment fee ranging from 0.250% to 0.375% (0.250% as of March 31, 2024), determined based upon the consolidated total leverage ratio, of the unused portion of the commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.75% to 2.50% (1.75% as of March 31, 2024), with respect to letters of credit issued under the Credit Facility. As of March 31, 2024, the borrowing rate for the Credit Facility was 7.08%. The Company is subject to certain financial and restrictive covenants under the Credit Facility which requires the maintenance of a minimum interest coverage ratio of 3.00 to 1.00 and a consolidated net leverage ratio of no more than 4.00 to 1.00. The restrictions of these covenants (other than the financial ratio covenants) are subject to certain exceptions or threshold triggering amounts or events specified in the Credit Facility, and in some cases the restrictions may be waived by the lenders. As of March 31, 2024, the Company was in compliance with all of the covenants of the Credit Facility. Long-term debt outstanding as of March 31, 2024 and June 30, 2023 consisted of the following: ($ in millions) March 31, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at March 31, 2024 and June 30, 2023) $ 397.0 $ 396.5 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at March 31, 2024 and June 30, 2023) 296.9 296.5 Total debt 693.9 693.0 Less: amounts due within one year — — Long-term debt, net of current portion $ 693.9 $ 693.0

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Environmental The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation. During the nine months ended March 31, 2024, the Company increased the liability for environmental remediation costs by $0.5 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at March 31, 2024 and June 30, 2023 were $17.0 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	9 Months Ended
	Mar. 31, 2024
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: March 31, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 0.1 Liabilities: Derivative financial instruments $ 9.6 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 commodity prices and foreign exchange 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 12. 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 U.S. GAAP. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: March 31, 2024 June 30, 2023 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 693.9 $ 708.9 $ 693.0 $ 698.1 Company-owned life insurance $ 30.2 $ 30.2 $ 26.2 $ 26.2 The fair values of long-term debt as of March 31, 2024 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 March 31, 2024 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	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company had forward contracts to purchase 1.9 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 March 31, 2024 and June 30, 2023 or during the nine months ended March 31, 2024 and 2023. 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 March 31, 2024 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 March 31, 2024 and June 30, 2023: March 31, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 0.1 $ — $ 0.1 Other assets — — — Total asset derivatives $ 0.1 $ — $ 0.1 Liability Derivatives: Accrued liabilities $ 0.2 $ 7.8 $ 8.0 Other liabilities 1.2 0.4 1.6 Total liability derivatives $ 1.4 $ 8.2 $ 9.6 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 and total liability derivatives would have remained unchanged at $0.1 million and $9.6 million, respectively, as of March 31, 2024. According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of March 31, 2024 and June 30, 2023, the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the (losses) gains on cash flow hedges recognized during the three and nine months ended March 31, 2024 and 2023: Amount of Loss Recognized in AOCI on Derivatives Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (1.2) $ (13.5) $ (9.3) $ (3.9) Total $ (1.2) $ (13.5) $ (9.3) $ (3.9) Amount of (Loss) Gain Reclassified from AOCI into Income Location of (Loss) Gain Reclassified from AOCI into Income Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (4.2) $ 1.0 $ (7.4) $ 8.9 Total $ (4.2) $ 1.0 $ (7.4) $ 8.9 The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2024 and 2023: Three Months Ended Three Months Ended ($ 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 $ 537.9 $ 596.6 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (4.2) $ 1.0 Total (loss) gain $ (4.2) $ 1.0 Nine Months Ended Nine Months Ended ($ 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 $ 1,567.4 $ 1,573.9 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (7.4) $ 8.9 Total (loss) gain $ (7.4) $ 8.9 The Company estimates that $3.3 million of net derivative losses included in AOCI as of March 31, 2024 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three and nine months ended March 31, 2024.

Other Expense, Net

Other Expense, Net	9 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Expense, Net	Other Expense, Net Other expense, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts $ (2.5) $ (1.5) $ (5.0) $ (2.1) Interest income (0.1) (0.1) (0.4) (0.2) Foreign exchange (gains) losses (0.1) (0.1) 1.3 1.1 Pension earnings, interest and deferrals 3.7 2.5 10.6 7.5 Pension settlement charge 51.9 — 51.9 — Other — — 0.1 (0.1) Total other expense, net $ 52.9 $ 0.8 $ 58.5 $ 6.2

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2024
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 $3.8 million, or 37.6 percent of pre-tax income for the three months ended March 31, 2024, as compared with income tax expense of $5.4 million, or 22.5 percent of pre-tax income for the three months ended March 31, 2023. Income tax expense for the nine months ended March 31, 2024 was $24.8 million, or 21.1 percent of pre-tax income as compared with income tax expense of $5.9 million, or 24.7 percent of pre-tax income for the nine months ended March 31, 2023. Income tax expense for the three months ended March 31, 2024 includes the unfavorable impacts of the $14.1 million non-deductible goodwill impairment charge and losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included are discrete tax benefits of $12.4 million associated with the pension settlement charge and $1.4 million as a result of changes in the Company's prior year tax positions. Excluding the discrete tax impacts of the pension settlement charge, non-deductible goodwill impairment charge and changes in the Company's prior year tax positions, the tax rate for the three months ended March 31, 2024, would have been 23.1 percent. Income tax expense for the three months ended March 31, 2023, included the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included was a discrete tax benefit of $0.2 million for anticipated interest on Internal Revenue Service ("IRS") income tax refund claims and a discrete tax charge of $0.2 million as a result of changes in the Company's prior year tax positions. Income tax expense for the nine months ended March 31, 2024 includes the unfavorable impacts of the $14.1 million non-deductible goodwill impairment charge and losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included are discrete tax benefits of $12.4 million associated with the pension settlement charge, $1.4 million as a result of changes in the Company's prior year tax positions and $4.7 million attributable to employee share-based compensation. Excluding the discrete tax impact of the pension settlement charge, non-deductible goodwill impairment charge and changes in the Company's prior year tax positions, the tax rate for the nine months ended March 31, 2024, would have been 21.0 percent. Income tax expense for the nine months ended March 31, 2023, included the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included was a discrete tax benefit of $0.8 million for anticipated interest on IRS income tax refund claims as well as a discrete tax charges of $0.6 million for the impact of a state tax legislative change and $0.5 million as a result of changes in the Company's prior year tax positions.

Business Segments

Business Segments	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 or March 31, 2023. On a consolidated basis, no single customer accounted for 10 percent or more of accounts receivable outstanding at March 31, 2024 or June 30, 2023. Net Sales Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 608.5 $ 603.4 $ 1,728.0 $ 1,546.6 Performance Engineered Products 102.4 115.1 299.9 315.1 Intersegment (26.0) (28.4) (66.8) (69.6) Consolidated net sales $ 684.9 $ 690.1 $ 1,961.1 $ 1,792.1 Operating Income Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 103.5 $ 49.0 $ 267.6 $ 99.1 Performance Engineered Products 9.2 10.2 25.4 25.9 Corporate (37.1) (19.6) (79.1) (53.1) Intersegment 0.3 (0.3) 0.9 (1.7) Consolidated operating income $ 75.9 $ 39.3 $ 214.8 $ 70.2 Depreciation and Amortization Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 28.8 $ 27.5 $ 85.0 $ 81.9 Performance Engineered Products 4.1 4.0 12.1 11.7 Corporate 1.2 1.3 3.7 3.9 Consolidated depreciation and amortization $ 34.1 $ 32.8 $ 100.8 $ 97.5 Capital Expenditures Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 17.6 $ 18.0 $ 56.6 $ 45.4 Performance Engineered Products 3.2 2.0 9.4 5.1 Corporate 0.8 0.5 2.9 1.0 Consolidated capital expenditures $ 21.6 $ 20.5 $ 68.9 $ 51.5 Total Assets March 31, June 30, ($ in millions) Specialty Alloys Operations $ 2,558.3 $ 2,461.2 Performance Engineered Products 446.6 451.6 Corporate 191.0 159.0 Intersegment (19.7) (17.9) Consolidated total assets $ 3,176.2 $ 3,053.9

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Loss	9 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive Loss	Reclassifications from Accumulated Other Comprehensive Loss The changes in AOCI by component, net of tax, for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 Cash flow Pension and Foreign Total Balances at December 31, 2023 $ (10.7) $ (93.9) $ (37.8) $ (142.4) Other comprehensive (loss) income before reclassifications (0.9) (13.2) (2.2) (16.3) Amounts reclassified from AOCI (b) 3.2 40.2 — 43.4 Net other comprehensive income (loss) 2.3 27.0 (2.2) 27.1 Balances at March 31, 2024 $ (8.4) $ (66.9) $ (40.0) $ (115.3) Three Months Ended March 31, 2023 Cash flow Pension and Foreign Total Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Other comprehensive (loss) income before reclassifications (10.1) — 2.3 (7.8) Amounts reclassified from AOCI (b) (0.8) 1.1 — 0.3 Net other comprehensive (loss) income (10.9) 1.1 2.3 (7.5) Balances at March 31, 2023 $ (4.2) $ (129.7) $ (40.2) $ (174.1) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2024 and 2023 were as follows: Nine Months Ended March 31, 2024 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive (loss) income before reclassifications (7.1) (13.2) 0.5 (19.8) Amounts reclassified from AOCI (b) 5.7 41.8 — 47.5 Net other comprehensive (loss) income (1.4) 28.6 0.5 27.7 Balances at March 31, 2024 $ (8.4) $ (66.9) $ (40.0) $ (115.3) Nine Months Ended March 31, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive (loss) income before reclassifications (3.0) — 5.9 2.9 Amounts reclassified from AOCI (b) (6.7) 3.2 — (3.5) Net other comprehensive (loss) income (9.7) 3.2 5.9 (0.6) Balances at March 31, 2023 $ (4.2) $ (129.7) $ (40.2) $ (174.1) (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 and nine months ended March 31, 2024 and 2023: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 2024 2023 Cash flow hedging items: Commodity contracts Cost of sales $ (4.2) $ 1.0 $ (7.4) $ 8.9 Total before tax (4.2) 1.0 (7.4) 8.9 Tax benefit (expense) 1.0 (0.2) 1.7 (2.2) Net of tax $ (3.2) $ 0.8 $ (5.7) $ 6.7 Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 2024 2023 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.3) $ (2.0) $ (4.3) $ (6.0) Prior service benefit (b) 0.5 0.5 1.3 1.5 Settlement charge (b) (51.9) — (51.9) — Total before tax (52.7) (1.5) (54.9) (4.5) Tax benefit 12.5 0.4 13.1 1.3 Net of tax $ (40.2) $ (1.1) $ (41.8) $ (3.2) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 8. Pension and Other Postretirement Benefits for additional details).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 6.3	$ 18.6	$ 92.9	$ 18

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance in ASU 2023-07 seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose the following: significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; an amount for other segment items by reportable segment and a description of its composition; and the title and position of the CODM and how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU requires public entities to provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods. ASU 2023-07 clarifies that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the qualitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued. ASU 2023-09 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.
Revenue	The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed. 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 the 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 $13.7 million and $14.0 million at March 31, 2024 and June 30, 2023, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three and nine months ended March 31, 2024 and 2023 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 per share using the two class method. Under the two class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding.
Inventories	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company values other inventory at the lower of cost or net realizable value, determined by the first-in, first-out and average cost methods.
Goodwill and Other Intangible Assets	Goodwill is not amortized but instead is tested at least annually for impairment as of June 1, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by the difference between the carrying value of the reporting unit and its fair value, not to exceed the carrying amount of goodwill. The discounted cash flow analysis for each reporting unit tested requires significant estimates and assumptions related to cash flow forecasts, discount rates, terminal values and income tax rates. The cash flow forecasts include significant judgments and assumptions related to revenue growth rates, which include perpetual growth rates, gross margin and weighted average cost of capital. The cash flow forecasts are developed based on assumptions about each reporting unit's markets, product offerings, pricing, capital expenditure and working capital requirements as well as cost performance.
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 commodity prices and foreign exchange 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 12. 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 U.S. GAAP. The fair values of long-term debt as of March 31, 2024 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 March 31, 2024 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: 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 March 31, 2024 and June 30, 2023 or during the nine months ended March 31, 2024 and 2023. 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 March 31, 2024 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)	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 and 2023 were as follows: End-Use Market Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 367.3 $ 30.5 $ (6.7) $ 391.1 $ 321.6 $ 31.2 $ (8.6) $ 344.2 Medical 77.7 35.0 (13.1) 99.6 63.9 32.8 (10.5) 86.2 Transportation 33.0 1.8 (0.4) 34.4 51.2 1.8 (0.2) 52.8 Energy 37.5 1.2 — 38.7 42.8 3.9 (0.1) 46.6 Industrial and Consumer 93.0 10.4 (5.8) 97.6 123.9 15.8 (9.0) 130.7 Distribution — 23.5 — 23.5 — 29.6 — 29.6 Total net sales $ 608.5 $ 102.4 $ (26.0) $ 684.9 $ 603.4 $ 115.1 $ (28.4) $ 690.1 Geographic Location Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 335.4 $ 56.0 $ (8.1) $ 383.3 $ 368.4 $ 61.5 $ (10.3) $ 419.6 Europe 127.0 22.4 (7.8) 141.6 112.8 23.5 (6.1) 130.2 Asia Pacific 94.3 10.4 (10.0) 94.7 78.3 12.5 (12.0) 78.8 Mexico 20.9 8.5 (0.1) 29.3 15.9 9.2 — 25.1 Canada 18.5 2.8 — 21.3 13.9 4.9 0.1 18.9 Other 12.4 2.3 — 14.7 14.1 3.5 (0.1) 17.5 Total net sales $ 608.5 $ 102.4 $ (26.0) $ 684.9 $ 603.4 $ 115.1 $ (28.4) $ 690.1 End-Use Market Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 1,001.5 $ 81.5 $ (18.3) $ 1,064.7 $ 832.1 $ 75.0 $ (21.2) $ 885.9 Medical 198.6 103.1 (34.5) 267.2 154.2 90.3 (25.4) 219.1 Transportation 108.0 6.0 (0.3) 113.7 127.2 4.6 (0.7) 131.1 Energy 129.0 6.4 — 135.4 101.4 7.9 0.1 109.4 Industrial and Consumer 290.9 29.7 (13.6) 307.0 331.7 45.9 (22.3) 355.3 Distribution — 73.2 (0.1) 73.1 — 91.4 (0.1) 91.3 Total net sales $ 1,728.0 $ 299.9 $ (66.8) $ 1,961.1 $ 1,546.6 $ 315.1 $ (69.6) $ 1,792.1 Geographic Location Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 1,002.4 $ 168.2 $ (19.9) $ 1,150.7 $ 942.7 $ 178.1 $ (27.8) $ 1,093.0 Europe 313.8 57.8 (16.1) 355.5 262.8 58.8 (13.4) 308.2 Asia Pacific 279.3 32.3 (30.9) 280.7 214.9 29.6 (28.3) 216.2 Mexico 61.6 26.5 — 88.1 60.0 30.3 — 90.3 Canada 39.4 9.7 — 49.1 34.6 11.3 — 45.9 Other 31.5 5.4 0.1 37.0 31.6 7.0 (0.1) 38.5 Total net sales $ 1,728.0 $ 299.9 $ (66.8) $ 1,961.1 $ 1,546.6 $ 315.1 $ (69.6) $ 1,792.1

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share	The calculations of basic and diluted earnings per common share for the three and nine months ended March 31, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2024 2023 2024 2023 Net income $ 6.3 $ 18.6 $ 92.9 $ 18.0 Dividends allocated to participating securities (0.1) (0.1) (0.2) (0.3) Earnings available for common stockholders used in calculation of basic earnings per common share $ 6.2 $ 18.5 $ 92.7 $ 17.7 Weighted average number of common shares outstanding, basic 49.7 48.8 49.5 48.7 Basic earnings per common share $ 0.12 $ 0.38 $ 1.87 $ 0.36 Net income $ 6.3 $ 18.6 $ 92.9 $ 18.0 Dividends allocated to participating securities (0.1) (0.1) (0.2) (0.3) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 6.2 $ 18.5 $ 92.7 $ 17.7 Weighted average number of common shares outstanding, basic 49.7 48.8 49.5 48.7 Effect of shares issuable under share-based compensation plans 0.6 0.4 0.6 0.3 Weighted average number of common shares outstanding, diluted 50.3 49.2 50.1 49.0 Diluted earnings per common share $ 0.12 $ 0.38 $ 1.85 $ 0.36
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 per share because their effects were anti-dilutive: Three Months Ended Nine Months Ended (in millions, except per share data) 2024 2023 2024 2023 Stock options — 0.6 — 1.7

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consisted of the following components as of March 31, 2024 and June 30, 2023: ($ in millions) March 31, June 30, Raw materials and supplies $ 186.7 $ 157.7 Work in process 468.1 370.1 Finished and purchased products 141.3 111.9 Total inventories $ 796.1 $ 639.7

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segment for the nine months ended March 31, 2024 were as follows: ($ in millions) June 30, 2023 Impairment March 31, 2024 Goodwill $ 376.0 $ — $ 376.0 Accumulated impairment losses (134.6) (14.1) (148.7) Total goodwill $ 241.4 $ (14.1) $ 227.3 Specialty Alloys Operations $ 195.5 $ — $ 195.5 Performance Engineered Products 45.9 (14.1) 31.8 Total goodwill $ 241.4 $ (14.1) $ 227.3

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of March 31, 2024 and June 30, 2023: ($ in millions) March 31, June 30, Accrued compensation and benefits $ 100.4 $ 92.4 Accrued postretirement benefits 16.1 16.1 Contract liabilities 13.7 14.0 Current portion of lease liabilities 8.6 9.1 Derivative financial instruments 8.0 6.4 Accrued interest expense 6.4 18.5 Accrued taxes 4.4 4.9 Accrued pension liabilities 3.3 3.3 Accrued income taxes 1.7 2.5 Other 15.6 14.1 Total accrued liabilities $ 178.2 $ 181.3

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2024
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 and nine months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 2.1 $ 2.0 $ 0.3 $ 0.5 Interest cost 10.4 11.5 2.6 2.4 Expected return on plan assets (8.3) (11.2) (1.8) (1.7) Amortization of net loss (gain) 1.9 2.4 (0.6) (0.4) Amortization of prior service cost (credits) 0.5 0.5 (1.0) (1.0) Pension settlement charge 51.9 — — — Net pension expense (income) $ 58.5 $ 5.2 $ (0.5) $ (0.2) Nine Months Ended March 31, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 6.2 $ 5.9 $ 1.1 $ 1.5 Interest cost 34.0 34.5 7.6 7.2 Expected return on plan assets (28.5) (33.6) (5.5) (5.1) Amortization of net loss (gain) 6.2 7.2 (1.9) (1.2) Amortization of prior service cost (credits) 1.6 1.5 (2.9) (3.0) Pension settlement charge 51.9 — — — Net pension expense (income) $ 71.4 $ 15.5 $ (1.6) $ (0.6)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of March 31, 2024 and June 30, 2023 consisted of the following: ($ in millions) March 31, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at March 31, 2024 and June 30, 2023) $ 397.0 $ 396.5 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at March 31, 2024 and June 30, 2023) 296.9 296.5 Total debt 693.9 693.0 Less: amounts due within one year — — Long-term debt, net of current portion $ 693.9 $ 693.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: March 31, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 0.1 Liabilities: Derivative financial instruments $ 9.6 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: March 31, 2024 June 30, 2023 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 693.9 $ 708.9 $ 693.0 $ 698.1 Company-owned life insurance $ 30.2 $ 30.2 $ 26.2 $ 26.2

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2024 and June 30, 2023: March 31, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ 0.1 $ — $ 0.1 Other assets — — — Total asset derivatives $ 0.1 $ — $ 0.1 Liability Derivatives: Accrued liabilities $ 0.2 $ 7.8 $ 8.0 Other liabilities 1.2 0.4 1.6 Total liability derivatives $ 1.4 $ 8.2 $ 9.6 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 and nine months ended March 31, 2024 and 2023: Amount of Loss Recognized in AOCI on Derivatives Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (1.2) $ (13.5) $ (9.3) $ (3.9) Total $ (1.2) $ (13.5) $ (9.3) $ (3.9) Amount of (Loss) Gain Reclassified from AOCI into Income Location of (Loss) Gain Reclassified from AOCI into Income Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ (4.2) $ 1.0 $ (7.4) $ 8.9 Total $ (4.2) $ 1.0 $ (7.4) $ 8.9
Summary of Effect of Derivative Instruments on Income	The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and nine months ended March 31, 2024 and 2023: Three Months Ended Three Months Ended ($ 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 $ 537.9 $ 596.6 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (4.2) $ 1.0 Total (loss) gain $ (4.2) $ 1.0 Nine Months Ended Nine Months Ended ($ 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 $ 1,567.4 $ 1,573.9 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (7.4) $ 8.9 Total (loss) gain $ (7.4) $ 8.9

Other Expense, Net (Tables)

Other Expense, Net (Tables)	9 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Expense, Net	Other expense, net consisted of the following: Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts $ (2.5) $ (1.5) $ (5.0) $ (2.1) Interest income (0.1) (0.1) (0.4) (0.2) Foreign exchange (gains) losses (0.1) (0.1) 1.3 1.1 Pension earnings, interest and deferrals 3.7 2.5 10.6 7.5 Pension settlement charge 51.9 — 51.9 — Other — — 0.1 (0.1) Total other expense, net $ 52.9 $ 0.8 $ 58.5 $ 6.2

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments	Net Sales Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 608.5 $ 603.4 $ 1,728.0 $ 1,546.6 Performance Engineered Products 102.4 115.1 299.9 315.1 Intersegment (26.0) (28.4) (66.8) (69.6) Consolidated net sales $ 684.9 $ 690.1 $ 1,961.1 $ 1,792.1 Operating Income Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 103.5 $ 49.0 $ 267.6 $ 99.1 Performance Engineered Products 9.2 10.2 25.4 25.9 Corporate (37.1) (19.6) (79.1) (53.1) Intersegment 0.3 (0.3) 0.9 (1.7) Consolidated operating income $ 75.9 $ 39.3 $ 214.8 $ 70.2 Depreciation and Amortization Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 28.8 $ 27.5 $ 85.0 $ 81.9 Performance Engineered Products 4.1 4.0 12.1 11.7 Corporate 1.2 1.3 3.7 3.9 Consolidated depreciation and amortization $ 34.1 $ 32.8 $ 100.8 $ 97.5 Capital Expenditures Three Months Ended Nine Months Ended ($ in millions) 2024 2023 2024 2023 Specialty Alloys Operations $ 17.6 $ 18.0 $ 56.6 $ 45.4 Performance Engineered Products 3.2 2.0 9.4 5.1 Corporate 0.8 0.5 2.9 1.0 Consolidated capital expenditures $ 21.6 $ 20.5 $ 68.9 $ 51.5 Total Assets March 31, June 30, ($ in millions) Specialty Alloys Operations $ 2,558.3 $ 2,461.2 Performance Engineered Products 446.6 451.6 Corporate 191.0 159.0 Intersegment (19.7) (17.9) Consolidated total assets $ 3,176.2 $ 3,053.9

Reclassifications from Accumu_2

Reclassifications from Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in AOCI by Component, Net of Tax	The changes in AOCI by component, net of tax, for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 Cash flow Pension and Foreign Total Balances at December 31, 2023 $ (10.7) $ (93.9) $ (37.8) $ (142.4) Other comprehensive (loss) income before reclassifications (0.9) (13.2) (2.2) (16.3) Amounts reclassified from AOCI (b) 3.2 40.2 — 43.4 Net other comprehensive income (loss) 2.3 27.0 (2.2) 27.1 Balances at March 31, 2024 $ (8.4) $ (66.9) $ (40.0) $ (115.3) Three Months Ended March 31, 2023 Cash flow Pension and Foreign Total Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Other comprehensive (loss) income before reclassifications (10.1) — 2.3 (7.8) Amounts reclassified from AOCI (b) (0.8) 1.1 — 0.3 Net other comprehensive (loss) income (10.9) 1.1 2.3 (7.5) Balances at March 31, 2023 $ (4.2) $ (129.7) $ (40.2) $ (174.1) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the nine months ended March 31, 2024 and 2023 were as follows: Nine Months Ended March 31, 2024 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive (loss) income before reclassifications (7.1) (13.2) 0.5 (19.8) Amounts reclassified from AOCI (b) 5.7 41.8 — 47.5 Net other comprehensive (loss) income (1.4) 28.6 0.5 27.7 Balances at March 31, 2024 $ (8.4) $ (66.9) $ (40.0) $ (115.3) Nine Months Ended March 31, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive (loss) income before reclassifications (3.0) — 5.9 2.9 Amounts reclassified from AOCI (b) (6.7) 3.2 — (3.5) Net other comprehensive (loss) income (9.7) 3.2 5.9 (0.6) Balances at March 31, 2023 $ (4.2) $ (129.7) $ (40.2) $ (174.1) (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 and nine months ended March 31, 2024 and 2023: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 2024 2023 Cash flow hedging items: Commodity contracts Cost of sales $ (4.2) $ 1.0 $ (7.4) $ 8.9 Total before tax (4.2) 1.0 (7.4) 8.9 Tax benefit (expense) 1.0 (0.2) 1.7 (2.2) Net of tax $ (3.2) $ 0.8 $ (5.7) $ 6.7 Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 2024 2023 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (1.3) $ (2.0) $ (4.3) $ (6.0) Prior service benefit (b) 0.5 0.5 1.3 1.5 Settlement charge (b) (51.9) — (51.9) — Total before tax (52.7) (1.5) (54.9) (4.5) Tax benefit 12.5 0.4 13.1 1.3 Net of tax $ (40.2) $ (1.1) $ (41.8) $ (3.2) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 8. Pension and Other Postretirement Benefits for additional details).

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	9 Months Ended
	Mar. 31, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	30 days
Contract liabilities | $	$ 13.7	$ 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 684.9	$ 690.1	$ 1,961.1	$ 1,792.1
Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(26)	(28.4)	(66.8)	(69.6)
United States
Disaggregation of Revenue [Line Items]
Total net sales	383.3	419.6	1,150.7	1,093
United States | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(8.1)	(10.3)	(19.9)	(27.8)
Europe
Disaggregation of Revenue [Line Items]
Total net sales	141.6	130.2	355.5	308.2
Europe | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(7.8)	(6.1)	(16.1)	(13.4)
Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	94.7	78.8	280.7	216.2
Asia Pacific | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(10)	(12)	(30.9)	(28.3)
Mexico
Disaggregation of Revenue [Line Items]
Total net sales	29.3	25.1	88.1	90.3
Mexico | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(0.1)	0	0	0
Canada
Disaggregation of Revenue [Line Items]
Total net sales	21.3	18.9	49.1	45.9
Canada | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0.1	0	0
Other
Disaggregation of Revenue [Line Items]
Total net sales	14.7	17.5	37	38.5
Other | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	(0.1)	0.1	(0.1)
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	391.1	344.2	1,064.7	885.9
Aerospace and Defense | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(6.7)	(8.6)	(18.3)	(21.2)
Medical
Disaggregation of Revenue [Line Items]
Total net sales	99.6	86.2	267.2	219.1
Medical | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(13.1)	(10.5)	(34.5)	(25.4)
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	34.4	52.8	113.7	131.1
Transportation | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(0.4)	(0.2)	(0.3)	(0.7)
Energy
Disaggregation of Revenue [Line Items]
Total net sales	38.7	46.6	135.4	109.4
Energy | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	(0.1)	0	0.1
Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	97.6	130.7	307	355.3
Industrial and Consumer | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(5.8)	(9)	(13.6)	(22.3)
Distribution
Disaggregation of Revenue [Line Items]
Total net sales	23.5	29.6	73.1	91.3
Distribution | Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0	(0.1)	(0.1)
Specialty Alloys Operations
Disaggregation of Revenue [Line Items]
Total net sales	608.5	603.4	1,728	1,546.6
Specialty Alloys Operations | United States
Disaggregation of Revenue [Line Items]
Total net sales	335.4	368.4	1,002.4	942.7
Specialty Alloys Operations | Europe
Disaggregation of Revenue [Line Items]
Total net sales	127	112.8	313.8	262.8
Specialty Alloys Operations | Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	94.3	78.3	279.3	214.9
Specialty Alloys Operations | Mexico
Disaggregation of Revenue [Line Items]
Total net sales	20.9	15.9	61.6	60
Specialty Alloys Operations | Canada
Disaggregation of Revenue [Line Items]
Total net sales	18.5	13.9	39.4	34.6
Specialty Alloys Operations | Other
Disaggregation of Revenue [Line Items]
Total net sales	12.4	14.1	31.5	31.6
Specialty Alloys Operations | Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	367.3	321.6	1,001.5	832.1
Specialty Alloys Operations | Medical
Disaggregation of Revenue [Line Items]
Total net sales	77.7	63.9	198.6	154.2
Specialty Alloys Operations | Transportation
Disaggregation of Revenue [Line Items]
Total net sales	33	51.2	108	127.2
Specialty Alloys Operations | Energy
Disaggregation of Revenue [Line Items]
Total net sales	37.5	42.8	129	101.4
Specialty Alloys Operations | Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	93	123.9	290.9	331.7
Specialty Alloys Operations | Distribution
Disaggregation of Revenue [Line Items]
Total net sales	0	0	0	0
Performance Engineered Products
Disaggregation of Revenue [Line Items]
Total net sales	102.4	115.1	299.9	315.1
Performance Engineered Products | United States
Disaggregation of Revenue [Line Items]
Total net sales	56	61.5	168.2	178.1
Performance Engineered Products | Europe
Disaggregation of Revenue [Line Items]
Total net sales	22.4	23.5	57.8	58.8
Performance Engineered Products | Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	10.4	12.5	32.3	29.6
Performance Engineered Products | Mexico
Disaggregation of Revenue [Line Items]
Total net sales	8.5	9.2	26.5	30.3
Performance Engineered Products | Canada
Disaggregation of Revenue [Line Items]
Total net sales	2.8	4.9	9.7	11.3
Performance Engineered Products | Other
Disaggregation of Revenue [Line Items]
Total net sales	2.3	3.5	5.4	7
Performance Engineered Products | Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	30.5	31.2	81.5	75
Performance Engineered Products | Medical
Disaggregation of Revenue [Line Items]
Total net sales	35	32.8	103.1	90.3
Performance Engineered Products | Transportation
Disaggregation of Revenue [Line Items]
Total net sales	1.8	1.8	6	4.6
Performance Engineered Products | Energy
Disaggregation of Revenue [Line Items]
Total net sales	1.2	3.9	6.4	7.9
Performance Engineered Products | Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	10.4	15.8	29.7	45.9
Performance Engineered Products | Distribution
Disaggregation of Revenue [Line Items]
Total net sales	$ 23.5	$ 29.6	$ 73.2	$ 91.4

Earnings per Common Share - Sch

Earnings 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 6.3	$ 18.6	$ 92.9	$ 18
Dividends allocated to participating securities	(0.1)	(0.1)	(0.2)	(0.3)
Earnings available for common stockholders used in calculation of basic earnings per common share	$ 6.2	$ 18.5	$ 92.7	$ 17.7
Weighted average number of common shares outstanding, basic (in shares)	49.7	48.8	49.5	48.7
Basic earnings (loss) per common share (in dollars per share)	$ 0.12	$ 0.38	$ 1.87	$ 0.36
Dividends allocated to participating securities	$ (0.1)	$ (0.1)	$ (0.2)	$ (0.3)
Earnings available for common stockholders used in calculation of diluted earnings per common share	$ 6.2	$ 18.5	$ 92.7	$ 17.7
Effect of shares issuable under share-based compensation plans (in shares)	0.6	0.4	0.6	0.3
Weighted average number of common shares outstanding, diluted (in shares)	50.3	49.2	50.1	49
Diluted earnings (loss) per common share (in dollars per share)	$ 0.12	$ 0.38	$ 1.85	$ 0.36

Earnings per Common Share - S_2

Earnings 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
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	0.6	0	1.7

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Inventory, Net [Abstract]
Raw materials and supplies	$ 186.7	$ 157.7
Work in process	468.1	370.1
Finished and purchased products	141.3	111.9
Total inventories	$ 796.1	$ 639.7

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Inventory, Net [Abstract]
Inventory accounted for using a method other than LIFO	$ 157.7	$ 133.2

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) reporting_unit	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) reporting_unit
Goodwill [Line Items]
Number of reporting units | reporting_unit					3
Goodwill	$ 227.3		$ 227.3		$ 241.4
Goodwill impairment	14.1	$ 0	14.1	$ 0
Accumulated goodwill impairment losses	$ 148.7		$ 148.7		$ 134.6
Special Alloy Operations Reporting Unit
Goodwill [Line Items]
Percentage of goodwill	86%		86%		81%
Performance Engineered Products
Goodwill [Line Items]
Number of reporting units | reporting_unit	2				2
Goodwill	$ 31.8		$ 31.8		$ 45.9
Goodwill impairment			14.1
Accumulated goodwill impairment losses	148.7		148.7
Performance Engineered Products | Dynamet
Goodwill [Line Items]
Goodwill	31.8		31.8		31.8
Performance Engineered Products | Latrobe Distribution
Goodwill [Line Items]
Goodwill					14.1
Specialty Alloys Operations
Goodwill [Line Items]
Goodwill	$ 195.5		195.5		$ 195.5
Goodwill impairment			$ 0

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Changes in the carrying amount of goodwill by reportable segment
Goodwill gross, beginning balance			$ 376
Accumulated impairment losses, beginning balance			(134.6)
Total goodwill net, beginning balance			241.4
Impairment	$ (14.1)	$ 0	(14.1)	$ 0
Goodwill gross, ending balance	376		376
Accumulated impairment losses, ending balance	(148.7)		(148.7)
Total goodwill net, ending balance	227.3		227.3
Specialty Alloys Operations
Changes in the carrying amount of goodwill by reportable segment
Total goodwill net, beginning balance			195.5
Impairment			0
Total goodwill net, ending balance	195.5		195.5
Performance Engineered Products
Changes in the carrying amount of goodwill by reportable segment
Total goodwill net, beginning balance			45.9
Impairment			(14.1)
Accumulated impairment losses, ending balance	(148.7)		(148.7)
Total goodwill net, ending balance	$ 31.8		$ 31.8

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 100.4	$ 92.4
Accrued postretirement benefits	16.1	16.1
Contract liabilities	13.7	14
Current portion of lease liabilities	8.6	9.1
Derivative financial instruments	8	6.4
Accrued interest expense	6.4	18.5
Accrued taxes	4.4	4.9
Accrued pension liabilities	3.3	3.3
Accrued income taxes	1.7	2.5
Other	15.6	14.1
Total accrued liabilities	$ 178.2	$ 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension settlement charge	$ 51.9	$ 0	$ 51.9	$ 0
Net pension expense (income)	0.5
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.1	2	6.2	5.9
Interest cost	10.4	11.5	34	34.5
Expected return on plan assets	(8.3)	(11.2)	(28.5)	(33.6)
Amortization of net loss (gain)	1.9	2.4	6.2	7.2
Amortization of prior service cost (credits)	0.5	0.5	1.6	1.5
Pension settlement charge	51.9	0	51.9	0
Net pension expense (income)	58.5	5.2	71.4	15.5
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.3	0.5	1.1	1.5
Interest cost	2.6	2.4	7.6	7.2
Expected return on plan assets	(1.8)	(1.7)	(5.5)	(5.1)
Amortization of net loss (gain)	(0.6)	(0.4)	(1.9)	(1.2)
Amortization of prior service cost (credits)	(1)	(1)	(2.9)	(3)
Pension settlement charge	0	0	0	0
Net pension expense (income)	$ (0.5)	$ (0.2)	$ (1.6)	$ (0.6)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charge	$ 51.9	$ 0	$ 51.9	$ 0
Discount rate	5.90%				5.85%
Increase in net pension expense	$ 0.5
Pension expense recognized in pension earnings, interest and deferrals	0.2
Defined benefit plan, benefit obligation, actuarial gain (loss)	17.4
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charge	51.9	0	51.9	0
Increase in net pension expense	58.5	5.2	71.4	15.5
Contributions			4.9	0
Expected contributions for next fiscal year	6.4		6.4
Other Postretirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charge	0	0	0	0
Increase in net pension expense	$ (0.5)	$ (0.2)	$ (1.6)	$ (0.6)

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 14, 2023 USD ($)
Debt Instrument [Line Items]
Interest costs	$ 13,300,000	$ 15,000,000	$ 39,800,000	$ 41,100,000
Interest costs, capitalized	400,000	$ 500,000	$ 1,200,000	$ 1,000,000
Letter of Credit
Debt Instrument [Line Items]
Commitment fee rate			0.25%
Letter of credit fees			1.75%
Letter of Credit | London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate margin			1.75%
Letter of Credit | Base Rate
Debt Instrument [Line Items]
Interest rate margin			0.75%
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	348,800,000		$ 348,800,000
Short-term credit agreement borrowings	$ 0		$ 0
Borrowing rate	7.08%		7.08%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity					$ 350,000,000
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					$ 300,000,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Credit Agreement available for future borrowings					$ 40,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 1,200,000		$ 1,200,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, net of current portion	$ 693,900,000	$ 693,000,000
Senior Notes
Debt Instrument [Line Items]
Total debt	693,900,000	693,000,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	$ 693,900,000	$ 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	$ 397,000,000	$ 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	$ 296,900,000	$ 296,500,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Increase of liabilities of environmental remediation costs of a company-owned former operating site	$ 0.5
Environmental remediation liability	$ 17	$ 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	Mar. 31, 2024	Jun. 30, 2023
Assets:
Derivative financial instruments	$ 0.1	$ 3.7
Liabilities:
Derivative financial instruments	$ 9.6	$ 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	Mar. 31, 2024	Jun. 30, 2023
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 693.9	$ 693
Company-owned life insurance	30.2	26.2
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	708.9	698.1
Company-owned life insurance	$ 30.2	$ 26.2

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	9 Months Ended
	Mar. 31, 2024 USD ($) lb	Jun. 30, 2023 USD ($)
Fair value of derivatives
Total asset derivatives	$ 100,000
Total liability derivatives	9,600,000
Cash collateral held by counterparties	0	$ 0
Net derivative losses included in AOCI expected to be reclassified into earnings	$ 3,300,000
Commodity contracts | Cash flow hedges
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb	1.9

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Liability Derivatives:
Total liability derivatives	$ 9.6
Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.1	$ 3.7
Liability Derivatives:
Total liability derivatives	9.6	6.8
Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.1	2.1
Liability Derivatives:
Total liability derivatives	1.4	0
Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	1.6
Liability Derivatives:
Total liability derivatives	8.2	6.8
Other current assets | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.1	3.7
Other current assets | Foreign exchange contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0.1	2.1
Other current assets | Commodity contracts | Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	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	8	6.4
Accrued liabilities | Foreign exchange contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0.2	0
Accrued liabilities | Commodity contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	7.8	6.4
Other liabilities | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	1.6	0.4
Other liabilities | Foreign exchange contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	1.2	0
Other liabilities | Commodity contracts | Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	$ 0.4	$ 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	$ (1.2)	$ (13.5)	$ (9.3)	$ (3.9)
Amount of (Loss) Gain Reclassified from AOCI into Income	(4.2)	1	(7.4)	8.9
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	(1.2)	(13.5)	(9.3)	(3.9)
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	$ (4.2)	$ 1	$ (7.4)	$ 8.9

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cost of sales	$ 537.9	$ 596.6	$ 1,567.4	$ 1,573.9
Amount of (loss) gain reclassified from AOCI to income	(4.2)	1	(7.4)	8.9
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain	(4.2)	1	(7.4)	8.9
Commodity contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain reclassified from AOCI to income	$ (4.2)	$ 1	$ (7.4)	$ 8.9

Other Expense, Net - Schedule o

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts	$ (2.5)	$ (1.5)	$ (5)	$ (2.1)
Interest income	(0.1)	(0.1)	(0.4)	(0.2)
Foreign exchange (gains) losses	(0.1)	(0.1)	1.3	1.1
Pension earnings, interest and deferrals	3.7	2.5	10.6	7.5
Pension settlement charge	51.9	0	51.9	0
Other	0	0	0.1	(0.1)
Total other expense, net	$ 52.9	$ 0.8	$ 58.5	$ 6.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 3.8	$ 5.4	$ 24.8	$ 5.9
Income tax benefit as a percent of pre-tax income (loss)	37.60%	22.50%	21.10%	24.70%
Goodwill impairment	$ 14.1	$ 0	$ 14.1	$ 0
Pension settlement charges benefit	12.4		12.4
Prior year income taxes (benefit) charge	$ (1.4)	0.2	$ (1.4)	0.5
Tax rate excluding discrete items	23.10%		21%
Discrete tax benefits attributable to anticipated interest		$ 0.2		0.8
Tax benefit attributable to employee share-based compensation			$ 4.7
Discrete tax charges associated with legislative changes				$ 0.6

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Mar. 31, 2024 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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Net Sales
Total net sales	$ 684.9	$ 690.1	$ 1,961.1	$ 1,792.1
Operating Income
Consolidated operating income	75.9	39.3	214.8	70.2
Depreciation and Amortization
Consolidated depreciation and amortization	34.1	32.8	100.8	97.5
Capital Expenditures
Consolidated capital expenditures	21.6	20.5	68.9	51.5
Total Assets
Consolidated total assets	3,176.2		3,176.2		$ 3,053.9
Operating | Specialty Alloys Operations
Net Sales
Total net sales	608.5	603.4	1,728	1,546.6
Operating Income
Consolidated operating income	103.5	49	267.6	99.1
Depreciation and Amortization
Consolidated depreciation and amortization	28.8	27.5	85	81.9
Capital Expenditures
Consolidated capital expenditures	17.6	18	56.6	45.4
Total Assets
Consolidated total assets	2,558.3		2,558.3		2,461.2
Operating | Performance Engineered Products
Net Sales
Total net sales	102.4	115.1	299.9	315.1
Operating Income
Consolidated operating income	9.2	10.2	25.4	25.9
Depreciation and Amortization
Consolidated depreciation and amortization	4.1	4	12.1	11.7
Capital Expenditures
Consolidated capital expenditures	3.2	2	9.4	5.1
Total Assets
Consolidated total assets	446.6		446.6		451.6
Corporate
Operating Income
Consolidated operating income	(37.1)	(19.6)	(79.1)	(53.1)
Depreciation and Amortization
Consolidated depreciation and amortization	1.2	1.3	3.7	3.9
Capital Expenditures
Consolidated capital expenditures	0.8	0.5	2.9	1
Total Assets
Consolidated total assets	191		191		159
Intersegment
Net Sales
Total net sales	(26)	(28.4)	(66.8)	(69.6)
Operating Income
Consolidated operating income	0.3	$ (0.3)	0.9	$ (1.7)
Total Assets
Consolidated total assets	$ (19.7)		$ (19.7)		$ (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		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	$ 1,473.8	$ 1,321.1	$ 1,396.1	$ 1,330.5
Other comprehensive (loss) income before reclassifications	(16.3)	(7.8)	(19.8)	2.9
Amounts reclassified from AOCI	43.4	0.3	47.5	(3.5)
Total other comprehensive income (loss), net of tax	27.1	(7.5)	27.7	(0.6)
Balances at the end of the period	1,502.6	1,327.2	1,502.6	1,327.2
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(142.4)	(166.6)	(143)	(173.5)
Balances at the end of the period	(115.3)	(174.1)	(115.3)	(174.1)
Cash flow hedging items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(10.7)	6.7	(7)	5.5
Other comprehensive (loss) income before reclassifications	(0.9)	(10.1)	(7.1)	(3)
Amounts reclassified from AOCI	3.2	(0.8)	5.7	(6.7)
Total other comprehensive income (loss), net of tax	2.3	(10.9)	(1.4)	(9.7)
Balances at the end of the period	(8.4)	(4.2)	(8.4)	(4.2)
Pension and other postretirement benefit plan items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(93.9)	(130.8)	(95.5)	(132.9)
Other comprehensive (loss) income before reclassifications	(13.2)	0	(13.2)	0
Amounts reclassified from AOCI	40.2	1.1	41.8	3.2
Total other comprehensive income (loss), net of tax	27	1.1	28.6	3.2
Balances at the end of the period	(66.9)	(129.7)	(66.9)	(129.7)
Foreign currency items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(37.8)	(42.5)	(40.5)	(46.1)
Other comprehensive (loss) income before reclassifications	(2.2)	2.3	0.5	5.9
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income (loss), net of tax	(2.2)	2.3	0.5	5.9
Balances at the end of the period	$ (40)	$ (40.2)	$ (40)	$ (40.2)

Reclassifications from Accumu_4

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	$ 0	$ 0	$ (0.1)	$ 0.1
Total before tax	10.1	24	117.7	23.9
Tax benefit (expense)	(3.8)	(5.4)	(24.8)	(5.9)
Net income	6.3	18.6	92.9	18
Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(4.2)	1	(7.4)	8.9
Tax benefit (expense)	1	(0.2)	1.7	(2.2)
Net income	(3.2)	0.8	(5.7)	6.7
Amount Reclassified from AOCI | Settlement charge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(51.9)	0	(51.9)	0
Amount Reclassified from AOCI | Pension and other postretirement benefit plan items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(52.7)	(1.5)	(54.9)	(4.5)
Tax benefit (expense)	12.5	0.4	13.1	1.3
Net income	(40.2)	(1.1)	(41.8)	(3.2)
Amount Reclassified from AOCI | Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(1.3)	(2)	(4.3)	(6)
Amount Reclassified from AOCI | Prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	0.5	0.5	1.3	1.5
Commodity contracts | Amount Reclassified from AOCI | Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ (4.2)	$ 1	$ (7.4)	$ 8.9