Carpenter Technology (CRS) 10-Q24 Oct 242025 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		49,844,858
Entity Central Index Key	0000017843
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 150.2	$ 199.1
Accounts receivable, net	569.2	562.6
Inventories	749.4	735.4
Other current assets	91.5	94.1
Total current assets	1,560.3	1,591.2
Property, plant, equipment and software, net	1,329.9	1,335.2
Goodwill	227.3	227.3
Other intangibles, net	13.8	15.2
Deferred income taxes	7.6	7.5
Other assets	116.1	115.3
Total assets	3,255	3,291.7
Current liabilities:
Accounts payable	273.3	263.9
Accrued liabilities	132.9	202.4
Total current liabilities	406.2	466.3
Long-term debt	694.5	694.2
Accrued pension liabilities	201.3	207.6
Accrued postretirement benefits	21.8	21.1
Deferred income taxes	171.3	174.1
Other liabilities	99.6	99.6
Total liabilities	1,594.7	1,662.9
Contingencies and commitments (see Note 10)
Equity, Attributable to Parent [Abstract]
Common stock — authorized 100,000,000 shares; issued 57,043,722 shares at September 30, 2024 and 56,978,663 shares at June 30, 2024; outstanding 49,842,234 shares at September 30, 2024 and 49,776,955 shares at June 30, 2024	285.2	284.9
Capital in excess of par value	342.6	352.6
Reinvested earnings	1,449.2	1,374.5
Common stock in treasury (7,201,488 shares and 7,201,708 shares at September 30, 2024 and June 30, 2024, respectively), at cost	(325.6)	(289.3)
Accumulated other comprehensive loss	(91.1)	(93.9)
Total stockholders' equity	1,660.3	1,628.8
Total liabilities and stockholders' equity	$ 3,255	$ 3,291.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	57,043,722	56,978,663
Common stock outstanding (in shares)	49,842,234	49,776,955
Common stock in treasury (in shares)	7,201,488	7,201,708

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 717.6	$ 651.9
Cost of sales	541.3	527.8
Gross profit	176.3	124.1
Selling, general and administrative expenses	59.1	55.1
Restructuring and asset impairment charges	3.6	0
Operating income	113.6	69
Interest expense, net	12.4	12.7
Other expense, net	0.1	4
Income before income taxes	101.1	52.3
Income tax expense	16.3	8.4
Net income	$ 84.8	$ 43.9
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 1.69	$ 0.89
Diluted (in dollars per share)	$ 1.67	$ 0.88
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	50.1	49.2
Diluted (in shares)	50.7	49.9

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 84.8	$ 43.9
Other comprehensive income (loss), net of tax:
Net gain (loss) on derivative instruments, net of tax of $(0.2), $0.4, respectively	0.6	(1.2)
Pension and postretirement benefits, net of tax of $(0.3), $(0.3), respectively	1	0.8
Foreign currency translation	1.2	(2.1)
Total other comprehensive income (loss), net of tax	2.8	(2.5)
Comprehensive income, net of tax	$ 87.6	$ 41.4

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss on derivative instruments, tax expense (benefit)	$ (0.2)	$ 0.4
Pension and post-retirement benefits, tax (expense) benefit	$ 0.3	$ 0.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 84.8	$ 43.9
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	33.8	33.1
Noncash restructuring and asset impairment charges	2.5	0
Deferred income taxes	(3.5)	2.4
Net pension expense	6.2	5.9
Share-based compensation expense	4.7	4.4
Net loss on disposals of property, plant and equipment	0.2	0.3
Changes in working capital and other:
Accounts receivable	(3.4)	18.4
Inventories	(16.8)	(67.8)
Other current assets	2.6	(19.9)
Accounts payable	9.1	40.3
Accrued liabilities	(68.5)	(48.4)
Pension plan contributions	(9.6)	(4.6)
Other postretirement plan contributions	(1)	0
Other, net	(0.9)	(0.6)
Net cash provided from operating activities	40.2	7.4
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(26.9)	(22)
Net cash used for investing activities	(26.9)	(22)
FINANCING ACTIVITIES
Dividends paid	(10.1)	(9.9)
Purchases of treasury stock	(32.1)	0
Proceeds from stock options exercised	3.7	13.8
Withholding tax payments on share-based compensation awards	(22.5)	(16.8)
Net cash used for financing activities	(61)	(12.9)
Effect of exchange rate changes on cash and cash equivalents	(1.2)	1.1
DECREASE IN CASH AND CASH EQUIVALENTS	(48.9)	(26.4)
Cash and cash equivalents at beginning of year	199.1	44.5
Cash and cash equivalents at end of period	150.2	18.1
SUPPLEMENTAL CASH FLOW INFORMATION:
Noncash investing activities: Purchase of property, plant, equipment and software	$ 11	$ 11

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, 2023	$ 1,396.1	$ 280.7	$ 328.4	$ 1,228	$ (298)	$ (143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43.9			43.9
Net gain (loss) on derivative instruments, net of tax	(1.2)					(1.2)
Pension and postretirement benefits, net of tax	0.8					0.8
Foreign currency translation	(2.1)					(2.1)
Cash dividends:
Common stock	(9.9)			(9.9)
Share-based compensation plans	(5)		(12.8)		7.8
Stock options exercised	6.7	1.9	4.8
Balances at the end of the period at Sep. 30, 2023	1,429.3	282.6	320.4	1,262	(290.2)	(145.5)
Balances at the beginning of the period at Jun. 30, 2024	1,628.8	284.9	352.6	1,374.5	(289.3)	(93.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84.8			84.8
Net gain (loss) on derivative instruments, net of tax	0.6					0.6
Pension and postretirement benefits, net of tax	1					1
Foreign currency translation	1.2					1.2
Cash dividends:
Common stock	(10.1)			(10.1)
Purchase of treasury stock	(32.1)				(32.1)
Share-based compensation plans	(15.4)		(11.2)		(4.2)
Stock options exercised	1.5	0.3	1.2
Balances at the end of the period at Sep. 30, 2024	$ 1,660.3	$ 285.2	$ 342.6	$ 1,449.2	$ (325.6)	$ (91.1)

CONSOLIDATED STATEMENTS OF CH_2

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

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Sep. 30, 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 ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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, 2024, consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. GAAP. 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, 2024 (the "2024 Form 10-K"). Operating results for the three months ended September 30, 2024, are not necessarily indicative of the operating results for any future period. As used throughout this report, unless the context requires otherwise, the terms "Carpenter," "Carpenter Technology," the "Company," "Registrant," "Issuer," "we" and "our" refer to Carpenter Technology Corporation.

Restructuring and Asset Impairm

Restructuring and Asset Impairment Charges	3 Months Ended
Restructuring and Asset Impairment Charges	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Asset Impairment Charges	Restructuring and Asset Impairment Charges Restructuring and asset impairment charges for the three months ended September 30, 2024 and 2023 were $3.6 million and $0.0 million, respectively. During the three months ended September 30, 2024, the Company recorded additional restructuring and asset impairment charges of $3.6 million as a result of the prior year actions taken to streamline operations in the Carpenter Additive business in the Performance Engineered Products ("PEP") segment. The restructuring and asset impairment charges included $2.5 million of noncash pre-tax inventory impairment charges. The Company also recognized $1.1 million of costs related to the decommissioning of property, plant and equipment previously impaired during the quarter ended June 30, 2024. The remaining reserve of $1.9 million is expected to be paid within fiscal year 2025. The reserve balances and activity for restructuring charges at September 30, 2024 and June 30, 2024 were as follows: ($ in millions) September 30, 2024 June 30, 2024 Reserve balance at beginning of fiscal year $ 1.1 $ — Restructuring charges excluding noncash impairments 1.1 1.1 Cash payments (0.3) — Reserve balance at end of period $ 1.9 $ 1.1

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements - Pending Adoption 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	3 Months Ended
Revenue	Sep. 30, 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 or the service is performed. 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 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 normal payment terms are 30 days. The Company has elected to use the practical expedient that permits a company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $6.0 million and $12.3 million at September 30, 2024 and June 30, 2024, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three months ended September 30, 2024 and 2023 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of our contract liabilities are recognized within a twelve-month period. The Company elected the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less. Disaggregation of Revenue The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical locations. Comparative information of the Company's overall revenues by end-use markets and geographic locations for the three months ended September 30, 2024 and 2023 were as follows: End-Use Market Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 417.9 $ 24.0 $ (4.5) $ 437.4 $ 332.2 $ 25.3 $ (5.0) $ 352.5 Medical 61.1 41.8 (16.0) 86.9 55.3 35.7 (11.0) 80.0 Energy 51.6 0.9 — 52.5 43.2 1.5 — 44.7 Transportation 26.4 1.9 — 28.3 40.1 1.9 — 42.0 Industrial and Consumer 88.1 10.8 (7.7) 91.2 99.3 9.7 (4.0) 105.0 Distribution — 21.4 (0.1) 21.3 — 27.7 — 27.7 Total net sales $ 645.1 $ 100.8 $ (28.3) $ 717.6 $ 570.1 $ 101.8 $ (20.0) $ 651.9 Geographic Location Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 373.7 $ 58.3 $ (10.9) $ 421.1 $ 340.7 $ 58.3 $ (5.7) $ 393.3 Europe 129.8 16.3 (5.8) 140.3 94.9 16.8 (4.3) 107.4 Asia Pacific 94.4 11.7 (11.7) 94.4 102.7 10.4 (10.1) 103.0 Mexico 29.1 7.8 — 36.9 14.4 9.8 — 24.2 Canada 10.5 3.8 — 14.3 9.3 4.5 (0.1) 13.7 Other 7.6 2.9 0.1 10.6 8.1 2.0 0.2 10.3 Total net sales $ 645.1 $ 100.8 $ (28.3) $ 717.6 $ 570.1 $ 101.8 $ (20.0) $ 651.9

Earnings per Common Share

Earnings per Common Share	3 Months Ended
Earnings per Common Share	Sep. 30, 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. No awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share because their effects were anti-dilutive for the three months ended September 30, 2024 and 2023. The calculations of basic and diluted earnings per common share for the three months ended September 30, 2024 and 2023 were as follows: Three Months Ended (in millions, except per share data) 2024 2023 Net income $ 84.8 $ 43.9 Dividends allocated to participating securities (0.1) (0.1) Earnings available for common stockholders used in calculation of basic earnings per common share $ 84.7 $ 43.8 Weighted average number of common shares outstanding, basic 50.1 49.2 Basic earnings per common share $ 1.69 $ 0.89 Net income $ 84.8 $ 43.9 Dividends allocated to participating securities (0.1) (0.1) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 84.7 $ 43.8 Weighted average number of common shares outstanding, basic 50.1 49.2 Effect of shares issuable under share-based compensation plans 0.6 0.7 Weighted average number of common shares outstanding, diluted 50.7 49.9 Diluted earnings per common share $ 1.67 $ 0.88

Inventories

Inventories	3 Months Ended
Inventories	Sep. 30, 2024
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of September 30, 2024 and June 30, 2024: ($ in millions) September 30, June 30, Raw materials and supplies $ 175.8 $ 164.0 Work in process 447.2 430.5 Finished and purchased products 126.4 140.9 Total inventories $ 749.4 $ 735.4 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 September 30, 2024 and June 30, 2024, $143.0 million and $152.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
Accrued Liabilities	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of September 30, 2024 and June 30, 2024: ($ in millions) September 30, June 30, Accrued compensation and benefits $ 73.3 $ 121.6 Accrued postretirement benefits 14.4 15.4 Current portion of lease liabilities 8.2 8.8 Accrued interest expense 6.4 18.5 Contract liabilities 6.0 12.3 Accrued taxes 4.9 4.2 Derivative financial instruments 3.5 3.6 Accrued pension liabilities 3.3 3.3 Accrued income taxes 1.3 1.0 Other 11.6 13.7 Total accrued liabilities $ 132.9 $ 202.4

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
Pension and Other Postretirement Benefits	Sep. 30, 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 months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 1.9 $ 2.0 $ 0.4 $ 0.4 Interest cost 9.7 11.8 2.5 2.5 Expected return on plan assets (7.5) (10.1) (2.1) (1.8) Amortization of net loss (gain) 1.9 2.2 (1.4) (0.6) Amortization of prior service cost (credits) 0.5 0.5 0.3 (1.0) Net pension expense (income) $ 6.5 $ 6.4 $ (0.3) $ (0.5) During the three months ended September 30, 2024 and 2023, the Company made $9.6 million and $4.6 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make $17.0 million of required cash pension contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2025.

Debt

Debt	3 Months Ended
Debt	Sep. 30, 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 September 30, 2024, the Company had $1.1 million of issued letters of credit under the Credit Facility and no short-term borrowings. The balance of $348.9 million remains available to the Company. Interest on the borrowings under the Credit Facility accrues at variable rates which are determined based upon the Company's consolidated total leverage ratio. The applicable margin to be added to Alternative Currency Daily Rate, Alternative Currency Term Rate and Term SOFR determined loans ranges from 1.75% to 2.50% (1.75% as of September 30, 2024), and for Base Rate-determined loans, from 0.75% to 1.50% (0.75% as of September 30, 2024). The Company also pays a quarterly commitment fee ranging from 0.250% to 0.375% (0.250% as of September 30, 2024), determined based upon the consolidated total leverage ratio, of the unused portion of the commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.75% to 2.50% (1.75% as of September 30, 2024), with respect to letters of credit issued under the Credit Facility. As of September 30, 2024, the borrowing rate for the Credit Facility was 7.09%, however, the Company had no short-term borrowings. The Company is subject to certain financial and restrictive covenants under the Credit Facility which requires the maintenance of a minimum interest coverage ratio of 3.00 to 1.00 and a consolidated net leverage ratio of no more than 4.00 to 1.00. The restrictions of these covenants (other than the financial ratio covenants) are subject to certain exceptions or threshold triggering amounts or events specified in the Credit Facility, and in some cases the restrictions may be waived by the lenders. As of September 30, 2024, the Company was in compliance with all of the covenants of the Credit Facility. Long-term debt outstanding as of September 30, 2024 and June 30, 2024 consisted of the following: ($ in millions) September 30, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at September 30, 2024 and June 30, 2024) $ 397.4 $ 397.2 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at September 30, 2024 and June 30, 2024) 297.1 297.0 Total debt 694.5 694.2 Less: amounts due within one year — — Long-term debt, net of current portion $ 694.5 $ 694.2 For the three months ended September 30, 2024 and 2023, interest costs totaled $12.8 million and $13.2 million, respectively, of which $0.4 million and $0.5 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
Contingencies and Commitments	Sep. 30, 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 three months ended September 30, 2024, the Company increased the liability for environmental remediation costs by $0.1 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at September 30, 2024 and June 30, 2024 were $17.4 million and $17.3 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.

Share Repurchase Program

Share Repurchase Program	3 Months Ended
Share Repurchase Program	Sep. 30, 2024
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program In July 2024, the Company's Board of Directors authorized a share repurchase program. The program authorizes the purchase of up to $400.0 million of the Company's outstanding common stock. The shares may be repurchased in the open market or in privately negotiated transactions. Under the terms of the share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. There is no stated expiration for the share repurchase program. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the share repurchase program may be suspended, modified or terminated at any time without prior notice. During the three months ended September 30, 2024, the Company purchased 230,000 shares of its common stock on the open market for an aggregate of $32.1 million. As of September 30, 2024, $367.9 million remains available for future purchases.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Sep. 30, 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: September 30, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ — Liabilities: Derivative financial instruments $ 5.5 June 30, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ — Liabilities: Derivative financial instruments $ 5.8 The Company's derivative financial instruments have historically consisted of commodity forward contracts, interest rate swaps, forward interest rate swaps 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, interest rates 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 are more fully discussed in Note 13. 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: September 30, 2024 June 30, 2024 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 694.5 $ 717.4 $ 694.2 $ 709.1 Company-owned life insurance $ 33.6 $ 33.6 $ 31.8 $ 31.8 The fair values of long-term debt as of September 30, 2024 and June 30, 2024 were determined by using current interest rates for debt with terms and maturities similar to the Company's existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy. The carrying amount of company-owned life insurance as of September 30, 2024 and June 30, 2024 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. For purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow technique that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
Derivatives and Hedging Activities	Sep. 30, 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, interest rate swaps, forward interest rate swaps and foreign currency forwards to manage risks generally associated with commodity price, interest rate and foreign currency rate fluctuations. The following explains the various types of derivatives utilized during the three months ended September 30, 2024 and 2023, 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 income (loss) ("AOCI") to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of September 30, 2024, the Company had forward contracts to purchase 1.6 million pounds of certain raw materials with settlement dates through December 2025. Foreign Currency Derivatives : The Company 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 (income), net. As of September 30, 2024 and June 30, 2024, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2024 and June 30, 2024: September 30, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ — $ — $ — Other assets — — — Total asset derivatives $ — $ — $ — Liability Derivatives: Accrued liabilities $ 0.1 $ 3.4 $ 3.5 Other liabilities 1.6 0.4 2.0 Total liability derivatives $ 1.7 $ 3.8 $ 5.5 June 30, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ — $ — $ — Other assets — — — Total asset derivatives $ — $ — $ — Liability Derivatives: Accrued liabilities $ — $ 3.6 $ 3.6 Other liabilities 1.4 0.8 2.2 Total liability derivatives $ 1.4 $ 4.4 $ 5.8 Substantially all of the Company's derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $0.1 million and total liability derivatives would have been $5.6 million, as of September 30, 2024. According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of September 30, 2024 and June 30, 2024, the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the losses related to cash flow hedges recognized during the three months ended September 30, 2024 and 2023: Amount of Loss Recognized in AOCI on Derivatives Three Months Ended ($ in millions) 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (1.1) $ (0.3) Total $ (1.1) $ (0.3) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income Three Months Ended ($ in millions) 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of Sales $ (1.8) $ 1.4 Total $ (1.8) $ 1.4 The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded during the three months ended September 30, 2024 and 2023: Three Months Ended Three Months Ended ($ in millions) Cost of Sales Cost of Sales Total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 541.3 $ 527.8 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (1.8) $ 1.4 Total (loss) gain $ (1.8) $ 1.4 The Company estimates that $2.1 million of net derivative losses included in AOCI as of September 30, 2024 will be reclassified into earnings within the next twelve months. No significant cash flow hedges were discontinued during the three months ended September 30, 2024. As of September 30, 2024 and June 30, 2024, there were no amounts recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges of interest rate risk.

Other Expense, Net

Other Expense, Net	3 Months Ended
Other Expense, Net	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other Expense, Net	Other Expense, Net Other expense, net consisted of the following: Three Months Ended ($ in millions) 2024 2023 Interest income $ (2.3) $ (0.2) Unrealized (gains) losses on company-owned life insurance contracts and investments held in rabbi trusts (1.8) 0.4 Foreign exchange losses 0.3 0.3 Pension earnings, interest and deferrals 3.9 3.5 Total other expense, net $ 0.1 $ 4.0

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 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 $16.3 million, or 16.1 percent of pre-tax income for the three months ended September 30, 2024, as compared with income tax expense of $8.4 million, or 16.1 percent of pre-tax income for the three months ended September 30, 2023.

Business Segments

Business Segments	3 Months Ended
Business Segments	Sep. 30, 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. The service cost component of the Company's net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs is included within other expense, net. On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the three months ended September 30, 2024 or September 30, 2023. No single customer accounted for 10 percent or more of the accounts receivable outstanding as of September 30, 2024 or June 30, 2024. Net Sales Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 645.1 $ 570.1 Performance Engineered Products 100.8 101.8 Intersegment (28.3) (20.0) Consolidated net sales $ 717.6 $ 651.9 Operating Income (Loss) Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 134.5 $ 80.8 Performance Engineered Products 7.3 9.1 Corporate costs (including special items) (28.0) (21.3) Intersegment (0.2) 0.4 Consolidated operating income $ 113.6 $ 69.0 Depreciation and Amortization Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 28.6 $ 27.8 Performance Engineered Products 3.9 4.0 Corporate 1.3 1.3 Consolidated depreciation and amortization $ 33.8 $ 33.1 Capital Expenditures Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 20.5 $ 18.6 Performance Engineered Products 6.1 3.2 Corporate 0.3 0.2 Consolidated capital expenditures $ 26.9 $ 22.0 Total Assets September 30, June 30, ($ in millions) Specialty Alloys Operations $ 2,567.6 $ 2,542.2 Performance Engineered Products 430.7 431.5 Corporate 270.1 334.8 Intersegment (13.4) (16.8) Consolidated total assets $ 3,255.0 $ 3,291.7

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Loss	3 Months Ended
Reclassifications from Accumulated Other Comprehensive Loss	Sep. 30, 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 September 30, 2024 and 2023 were as follows: Three Months Ended September 30, 2024 Cash flow Pension and Foreign Total Balances at June 30, 2024 $ (5.9) $ (44.3) $ (43.7) $ (93.9) Other comprehensive (loss) income before reclassifications (0.8) — 1.2 0.4 Amounts reclassified from AOCI (b) 1.4 1.0 — 2.4 Total other comprehensive income, net of tax 0.6 1.0 1.2 2.8 Balances at September 30, 2024 $ (5.3) $ (43.3) $ (42.5) $ (91.1) Three Months Ended September 30, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive loss before reclassifications (0.2) — (2.1) (2.3) Amounts reclassified from AOCI (b) (1.0) 0.8 — (0.2) Total other comprehensive (loss) income, net of tax (1.2) 0.8 (2.1) (2.5) Balances at September 30, 2023 $ (8.2) $ (94.7) $ (42.6) $ (145.5) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2024 and 2023: Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 Cash flow hedging items: Commodity contracts Cost of sales $ (1.8) $ 1.4 Total before tax (1.8) 1.4 Tax benefit (expense) 0.4 (0.4) Net of tax $ (1.4) $ 1.0 Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (0.5) $ (1.6) Prior service (cost) benefit (b) (0.8) 0.5 Total before tax (1.3) (1.1) Tax benefit 0.3 0.3 Net of tax $ (1.0) $ (0.8) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic pension expense (income) (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
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 84.8	$ 43.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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)	3 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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 ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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, 2024, consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by U.S. GAAP. 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, 2024 (the "2024 Form 10-K"). Operating results for the three months ended September 30, 2024, are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements - Pending Adoption 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 or the service is performed. 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 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 normal payment terms are 30 days. The Company has elected to use the practical expedient that permits a company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $6.0 million and $12.3 million at September 30, 2024 and June 30, 2024, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three months ended September 30, 2024 and 2023 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of our contract liabilities are recognized within a twelve-month period. The Company elected 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 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.
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 have historically consisted of commodity forward contracts, interest rate swaps, forward interest rate swaps 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, interest rates 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 are more fully discussed in Note 13. 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 September 30, 2024 and June 30, 2024 were determined by using current interest rates for debt with terms and maturities similar to the Company's existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy. The carrying amount of company-owned life insurance as of September 30, 2024 and June 30, 2024 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: Foreign Currency Derivatives : The Company 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 (income), net. As of September 30, 2024 and June 30, 2024, 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.

Restructuring and Asset Impai_2

Restructuring and Asset Impairment Charges (Tables)	3 Months Ended
Restructuring and Asset Impairment Charges (Tables)	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The reserve balances and activity for restructuring charges at September 30, 2024 and June 30, 2024 were as follows: ($ in millions) September 30, 2024 June 30, 2024 Reserve balance at beginning of fiscal year $ 1.1 $ — Restructuring charges excluding noncash impairments 1.1 1.1 Cash payments (0.3) — Reserve balance at end of period $ 1.9 $ 1.1

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Sep. 30, 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 months ended September 30, 2024 and 2023 were as follows: End-Use Market Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total Aerospace and Defense $ 417.9 $ 24.0 $ (4.5) $ 437.4 $ 332.2 $ 25.3 $ (5.0) $ 352.5 Medical 61.1 41.8 (16.0) 86.9 55.3 35.7 (11.0) 80.0 Energy 51.6 0.9 — 52.5 43.2 1.5 — 44.7 Transportation 26.4 1.9 — 28.3 40.1 1.9 — 42.0 Industrial and Consumer 88.1 10.8 (7.7) 91.2 99.3 9.7 (4.0) 105.0 Distribution — 21.4 (0.1) 21.3 — 27.7 — 27.7 Total net sales $ 645.1 $ 100.8 $ (28.3) $ 717.6 $ 570.1 $ 101.8 $ (20.0) $ 651.9 Geographic Location Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 ($ in millions) SAO PEP Intersegment Total SAO PEP Intersegment Total United States $ 373.7 $ 58.3 $ (10.9) $ 421.1 $ 340.7 $ 58.3 $ (5.7) $ 393.3 Europe 129.8 16.3 (5.8) 140.3 94.9 16.8 (4.3) 107.4 Asia Pacific 94.4 11.7 (11.7) 94.4 102.7 10.4 (10.1) 103.0 Mexico 29.1 7.8 — 36.9 14.4 9.8 — 24.2 Canada 10.5 3.8 — 14.3 9.3 4.5 (0.1) 13.7 Other 7.6 2.9 0.1 10.6 8.1 2.0 0.2 10.3 Total net sales $ 645.1 $ 100.8 $ (28.3) $ 717.6 $ 570.1 $ 101.8 $ (20.0) $ 651.9

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
Earnings per Common Share (Tables)	Sep. 30, 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 months ended September 30, 2024 and 2023 were as follows: Three Months Ended (in millions, except per share data) 2024 2023 Net income $ 84.8 $ 43.9 Dividends allocated to participating securities (0.1) (0.1) Earnings available for common stockholders used in calculation of basic earnings per common share $ 84.7 $ 43.8 Weighted average number of common shares outstanding, basic 50.1 49.2 Basic earnings per common share $ 1.69 $ 0.89 Net income $ 84.8 $ 43.9 Dividends allocated to participating securities (0.1) (0.1) Earnings available for common stockholders used in calculation of diluted earnings per common share $ 84.7 $ 43.8 Weighted average number of common shares outstanding, basic 50.1 49.2 Effect of shares issuable under share-based compensation plans 0.6 0.7 Weighted average number of common shares outstanding, diluted 50.7 49.9 Diluted earnings per common share $ 1.67 $ 0.88

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Sep. 30, 2024
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consisted of the following components as of September 30, 2024 and June 30, 2024: ($ in millions) September 30, June 30, Raw materials and supplies $ 175.8 $ 164.0 Work in process 447.2 430.5 Finished and purchased products 126.4 140.9 Total inventories $ 749.4 $ 735.4

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of September 30, 2024 and June 30, 2024: ($ in millions) September 30, June 30, Accrued compensation and benefits $ 73.3 $ 121.6 Accrued postretirement benefits 14.4 15.4 Current portion of lease liabilities 8.2 8.8 Accrued interest expense 6.4 18.5 Contract liabilities 6.0 12.3 Accrued taxes 4.9 4.2 Derivative financial instruments 3.5 3.6 Accrued pension liabilities 3.3 3.3 Accrued income taxes 1.3 1.0 Other 11.6 13.7 Total accrued liabilities $ 132.9 $ 202.4

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
Pension and Other Postretirement Benefits (Tables)	Sep. 30, 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 months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, 2024 2023 2024 2023 ($ in millions) Pension Plans Other Postretirement Plans Service cost $ 1.9 $ 2.0 $ 0.4 $ 0.4 Interest cost 9.7 11.8 2.5 2.5 Expected return on plan assets (7.5) (10.1) (2.1) (1.8) Amortization of net loss (gain) 1.9 2.2 (1.4) (0.6) Amortization of prior service cost (credits) 0.5 0.5 0.3 (1.0) Net pension expense (income) $ 6.5 $ 6.4 $ (0.3) $ (0.5)

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of September 30, 2024 and June 30, 2024 consisted of the following: ($ in millions) September 30, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at September 30, 2024 and June 30, 2024) $ 397.4 $ 397.2 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at September 30, 2024 and June 30, 2024) 297.1 297.0 Total debt 694.5 694.2 Less: amounts due within one year — — Long-term debt, net of current portion $ 694.5 $ 694.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 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: September 30, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ — Liabilities: Derivative financial instruments $ 5.5 June 30, 2024 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ — Liabilities: Derivative financial instruments $ 5.8
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments not Recorded at Fair Value in the Financial Statements	The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: September 30, 2024 June 30, 2024 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 694.5 $ 717.4 $ 694.2 $ 709.1 Company-owned life insurance $ 33.6 $ 33.6 $ 31.8 $ 31.8

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
Derivatives and Hedging Activities (Tables)	Sep. 30, 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 September 30, 2024 and June 30, 2024: September 30, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ — $ — $ — Other assets — — — Total asset derivatives $ — $ — $ — Liability Derivatives: Accrued liabilities $ 0.1 $ 3.4 $ 3.5 Other liabilities 1.6 0.4 2.0 Total liability derivatives $ 1.7 $ 3.8 $ 5.5 June 30, 2024 Foreign Commodity Total ($ in millions) Asset Derivatives: Other current assets $ — $ — $ — Other assets — — — Total asset derivatives $ — $ — $ — Liability Derivatives: Accrued liabilities $ — $ 3.6 $ 3.6 Other liabilities 1.4 0.8 2.2 Total liability derivatives $ 1.4 $ 4.4 $ 5.8
Summary of the Gains (Losses) Related to Cash Flow Hedges	The following is a summary of the losses related to cash flow hedges recognized during the three months ended September 30, 2024 and 2023: Amount of Loss Recognized in AOCI on Derivatives Three Months Ended ($ in millions) 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ (1.1) $ (0.3) Total $ (1.1) $ (0.3) Location of (Loss) Gain Reclassified from AOCI into Income Amount of (Loss) Gain Reclassified from AOCI into Income Three Months Ended ($ in millions) 2024 2023 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of Sales $ (1.8) $ 1.4 Total $ (1.8) $ 1.4
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 hedges are recorded during the three months ended September 30, 2024 and 2023: Three Months Ended Three Months Ended ($ in millions) Cost of Sales Cost of Sales Total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 541.3 $ 527.8 (Loss) Gain on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of (loss) gain reclassified from AOCI to income $ (1.8) $ 1.4 Total (loss) gain $ (1.8) $ 1.4

Other Expense, Net (Tables)

Other Expense, Net (Tables)	3 Months Ended
Other Expense, Net (Tables)	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Expense, Net	Other expense, net consisted of the following: Three Months Ended ($ in millions) 2024 2023 Interest income $ (2.3) $ (0.2) Unrealized (gains) losses on company-owned life insurance contracts and investments held in rabbi trusts (1.8) 0.4 Foreign exchange losses 0.3 0.3 Pension earnings, interest and deferrals 3.9 3.5 Total other expense, net $ 0.1 $ 4.0

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Sep. 30, 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 ($ in millions) 2024 2023 Specialty Alloys Operations $ 645.1 $ 570.1 Performance Engineered Products 100.8 101.8 Intersegment (28.3) (20.0) Consolidated net sales $ 717.6 $ 651.9 Operating Income (Loss) Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 134.5 $ 80.8 Performance Engineered Products 7.3 9.1 Corporate costs (including special items) (28.0) (21.3) Intersegment (0.2) 0.4 Consolidated operating income $ 113.6 $ 69.0 Depreciation and Amortization Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 28.6 $ 27.8 Performance Engineered Products 3.9 4.0 Corporate 1.3 1.3 Consolidated depreciation and amortization $ 33.8 $ 33.1 Capital Expenditures Three Months Ended ($ in millions) 2024 2023 Specialty Alloys Operations $ 20.5 $ 18.6 Performance Engineered Products 6.1 3.2 Corporate 0.3 0.2 Consolidated capital expenditures $ 26.9 $ 22.0 Total Assets September 30, June 30, ($ in millions) Specialty Alloys Operations $ 2,567.6 $ 2,542.2 Performance Engineered Products 430.7 431.5 Corporate 270.1 334.8 Intersegment (13.4) (16.8) Consolidated total assets $ 3,255.0 $ 3,291.7

Reclassifications from Accumu_2

Reclassifications from Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 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 September 30, 2024 and 2023 were as follows: Three Months Ended September 30, 2024 Cash flow Pension and Foreign Total Balances at June 30, 2024 $ (5.9) $ (44.3) $ (43.7) $ (93.9) Other comprehensive (loss) income before reclassifications (0.8) — 1.2 0.4 Amounts reclassified from AOCI (b) 1.4 1.0 — 2.4 Total other comprehensive income, net of tax 0.6 1.0 1.2 2.8 Balances at September 30, 2024 $ (5.3) $ (43.3) $ (42.5) $ (91.1) Three Months Ended September 30, 2023 Cash flow Pension and Foreign Total Balances at June 30, 2023 $ (7.0) $ (95.5) $ (40.5) $ (143.0) Other comprehensive loss before reclassifications (0.2) — (2.1) (2.3) Amounts reclassified from AOCI (b) (1.0) 0.8 — (0.2) Total other comprehensive (loss) income, net of tax (1.2) 0.8 (2.1) (2.5) Balances at September 30, 2023 $ (8.2) $ (94.7) $ (42.6) $ (145.5) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of Amounts Reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2024 and 2023: Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 Cash flow hedging items: Commodity contracts Cost of sales $ (1.8) $ 1.4 Total before tax (1.8) 1.4 Tax benefit (expense) 0.4 (0.4) Net of tax $ (1.4) $ 1.0 Details about AOCI Components Location of Amount Reclassified from AOCI ($ in millions) (a) 2024 2023 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (0.5) $ (1.6) Prior service (cost) benefit (b) (0.8) 0.5 Total before tax (1.3) (1.1) Tax benefit 0.3 0.3 Net of tax $ (1.0) $ (0.8) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic pension expense (income) (see Note 8. Pension and Other Postretirement Benefits for additional details).

Restructuring and Asset Impai_3

Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 3.6		$ 0
Restructuring charges excluding noncash impairments	1.1	$ 1.1		$ 1.1
Restructuring reserve	1.9	$ 1.1		$ 1.1	$ 0
Business Exit, Oil And Gas \| Performance Engineered Products
Restructuring Cost and Reserve [Line Items]
Tangible asset impairment charges	$ 2.5

Restructuring and Asset Impai_4

Restructuring and Asset Impairment Charges - Activity and Reserve Balance Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2024
Restructuring Reserve [Roll Forward]
Reserve balance at beginning of fiscal year	$ 1.1		$ 0
Restructuring charges excluding noncash impairments	1.1	$ 1.1	1.1
Cash payments	(0.3)		0
Reserve balance at end of period	$ 1.9	$ 1.1	$ 1.1

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) segment	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	30 days
Contract liabilities \| $	$ 6	$ 12.3
Number of business segments \| segment	2

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by End-Use Markets and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 717.6	$ 651.9
Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(28.3)	(20)
United States
Disaggregation of Revenue [Line Items]
Total net sales	421.1	393.3
United States \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(10.9)	(5.7)
Europe
Disaggregation of Revenue [Line Items]
Total net sales	140.3	107.4
Europe \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(5.8)	(4.3)
Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	94.4	103
Asia Pacific \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(11.7)	(10.1)
Mexico
Disaggregation of Revenue [Line Items]
Total net sales	36.9	24.2
Mexico \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Canada
Disaggregation of Revenue [Line Items]
Total net sales	14.3	13.7
Canada \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	(0.1)
Other
Disaggregation of Revenue [Line Items]
Total net sales	10.6	10.3
Other \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0.1	0.2
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	437.4	352.5
Aerospace and Defense \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(4.5)	(5)
Medical
Disaggregation of Revenue [Line Items]
Total net sales	86.9	80
Medical \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(16)	(11)
Energy
Disaggregation of Revenue [Line Items]
Total net sales	52.5	44.7
Energy \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	28.3	42
Transportation \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	91.2	105
Industrial and Consumer \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(7.7)	(4)
Distribution
Disaggregation of Revenue [Line Items]
Total net sales	21.3	27.7
Distribution \| Intersegment
Disaggregation of Revenue [Line Items]
Total net sales	(0.1)	0
Specialty Alloys Operations \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	645.1	570.1
Specialty Alloys Operations \| United States \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	373.7	340.7
Specialty Alloys Operations \| Europe \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	129.8	94.9
Specialty Alloys Operations \| Asia Pacific \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	94.4	102.7
Specialty Alloys Operations \| Mexico \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	29.1	14.4
Specialty Alloys Operations \| Canada \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	10.5	9.3
Specialty Alloys Operations \| Other \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	7.6	8.1
Specialty Alloys Operations \| Aerospace and Defense \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	417.9	332.2
Specialty Alloys Operations \| Medical \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	61.1	55.3
Specialty Alloys Operations \| Energy \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	51.6	43.2
Specialty Alloys Operations \| Transportation \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	26.4	40.1
Specialty Alloys Operations \| Industrial and Consumer \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	88.1	99.3
Specialty Alloys Operations \| Distribution \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	0	0
Performance Engineered Products \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	100.8	101.8
Performance Engineered Products \| United States \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	58.3	58.3
Performance Engineered Products \| Europe \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	16.3	16.8
Performance Engineered Products \| Asia Pacific \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	11.7	10.4
Performance Engineered Products \| Mexico \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	7.8	9.8
Performance Engineered Products \| Canada \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	3.8	4.5
Performance Engineered Products \| Other \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	2.9	2
Performance Engineered Products \| Aerospace and Defense \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	24	25.3
Performance Engineered Products \| Medical \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	41.8	35.7
Performance Engineered Products \| Energy \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	0.9	1.5
Performance Engineered Products \| Transportation \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	1.9	1.9
Performance Engineered Products \| Industrial and Consumer \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	10.8	9.7
Performance Engineered Products \| Distribution \| Operating
Disaggregation of Revenue [Line Items]
Total net sales	$ 21.4	$ 27.7

Earnings per Common Share - Sch

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
	Sep. 30, 2024	Sep. 30, 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

Earnings per Common Share - S_2

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
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 84.8	$ 43.9
Dividends allocated to participating securities	(0.1)	(0.1)
Earnings available for common stockholders used in calculation of basic earnings per common share	$ 84.7	$ 43.8
Weighted average number of common shares outstanding, basic (in shares)	50.1	49.2
Basic earnings per common share (in dollars per share)	$ 1.69	$ 0.89
Dividends allocated to participating securities	$ (0.1)	$ (0.1)
Earnings available for common stockholders used in calculation of diluted earnings per common share	$ 84.7	$ 43.8
Effect of shares issuable under share-based compensation plans (in shares)	0.6	0.7
Weighted average number of common shares outstanding, diluted (in shares)	50.7	49.9
Diluted earnings per common share (in dollars per share)	$ 1.67	$ 0.88

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Inventory, Net [Abstract]
Raw materials and supplies	$ 175.8	$ 164
Work in process	447.2	430.5
Finished and purchased products	126.4	140.9
Total inventories	$ 749.4	$ 735.4

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Inventory, Net [Abstract]
Inventory accounted for using a method other than LIFO	$ 143	$ 152.2

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 73.3	$ 121.6
Accrued postretirement benefits	14.4	15.4
Current portion of lease liabilities	8.2	8.8
Accrued interest expense	6.4	18.5
Contract liabilities	6	12.3
Accrued taxes	4.9	4.2
Derivative financial instruments	3.5	3.6
Accrued pension liabilities	3.3	3.3
Accrued income taxes	1.3	1
Other	11.6	13.7
Total accrued liabilities	$ 132.9	$ 202.4

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Schedule of Components of the Net Periodic Pension (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1.9	$ 2
Interest cost	9.7	11.8
Expected return on plan assets	(7.5)	(10.1)
Amortization of net loss (gain)	1.9	2.2
Amortization of prior service cost (credits)	0.5	0.5
Net pension expense (income)	6.5	6.4
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.4
Interest cost	2.5	2.5
Expected return on plan assets	(2.1)	(1.8)
Amortization of net loss (gain)	(1.4)	(0.6)
Amortization of prior service cost (credits)	0.3	(1)
Net pension expense (income)	$ (0.3)	$ (0.5)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions	$ 9.6	$ 4.6
Expected contributions for next fiscal year	$ 17

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
Debt - Narrative (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 14, 2023 USD ($)
Debt Instrument [Line Items]
Interest costs	$ 12,800,000	$ 13,200,000
Interest costs, capitalized	$ 400,000	$ 500,000
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%
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%
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%
Line of Credit
Debt Instrument [Line Items]
Credit Agreement available for future borrowings	$ 348,900,000
Short-term credit agreement borrowings	$ 0
Borrowing rate	7.09%
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 \| Minimum
Debt Instrument [Line Items]
Credit Agreement available for future borrowings			$ 40,000,000
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Credit Agreement available for future borrowings			$ 300,000,000
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 1,100,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Long-term debt, net of current portion	$ 694,500,000	$ 694,200,000
Senior Notes
Debt Instrument [Line Items]
Total debt	694,500,000	694,200,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	$ 694,500,000	$ 694,200,000
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	$ 397,400,000	$ 397,200,000
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	$ 297,100,000	$ 297,000,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Increase (decrease) of liabilities of environmental remediation costs of a company-owned former operating site	$ 0.1
Environmental remediation liability	$ 17.4	$ 17.3

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jul. 31, 2024
Equity [Abstract]
Share repurchase program authorized amount		$ 400
Repurchase of common stock (in shares)	230,000
Repurchase of common stock	$ 32.1
Remaining amount authorized	$ 367.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Assets:
Derivative financial instruments	$ 0	$ 0
Liabilities:
Derivative financial instruments	$ 5.5	$ 5.8

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments not Recorded at Fair Value in the Financial Statements (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 694.5	$ 694.2
Company-owned life insurance	33.6	31.8
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	717.4	709.1
Company-owned life insurance	$ 33.6	$ 31.8

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) lb	Jun. 30, 2024 USD ($)
Fair value of derivatives
Derivative contracts on a gross basis	$ 100,000
Derivative contracts liability on a gross basis	5,600,000
Cash collateral held by counterparties	0	$ 0
Net derivative losses included in AOCI expected to be reclassified into earnings	$ 2,100,000
Commodity contracts \| Cash flow hedges
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) \| lb	1.6

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) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Asset Derivatives:
Total asset derivatives	$ 0	$ 0
Liability Derivatives:
Total liability derivatives	5.5	5.8
Foreign exchange contracts
Asset Derivatives:
Total asset derivatives	0	0
Liability Derivatives:
Total liability derivatives	1.7	1.4
Commodity contracts
Asset Derivatives:
Total asset derivatives	0	0
Liability Derivatives:
Total liability derivatives	3.8	4.4
Other current assets
Asset Derivatives:
Total asset derivatives	0	0
Other current assets \| Foreign exchange contracts
Asset Derivatives:
Total asset derivatives	0	0
Other current assets \| Commodity contracts
Asset Derivatives:
Total asset derivatives	0	0
Other assets
Asset Derivatives:
Total asset derivatives	0	0
Other assets \| Foreign exchange contracts
Asset Derivatives:
Total asset derivatives	0	0
Other assets \| Commodity contracts
Asset Derivatives:
Total asset derivatives	0	0
Accrued liabilities
Liability Derivatives:
Total liability derivatives	3.5	3.6
Accrued liabilities \| Foreign exchange contracts
Liability Derivatives:
Total liability derivatives	0.1	0
Accrued liabilities \| Commodity contracts
Liability Derivatives:
Total liability derivatives	3.4	3.6
Other liabilities
Liability Derivatives:
Total liability derivatives	2	2.2
Other liabilities \| Foreign exchange contracts
Liability Derivatives:
Total liability derivatives	1.6	1.4
Other liabilities \| Commodity contracts
Liability Derivatives:
Total liability derivatives	$ 0.4	$ 0.8

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Summary of the Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	$ (1.1)	$ (0.3)
Amount of (Loss) Gain Reclassified from AOCI into Income	(1.8)	1.4
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives	(1.1)	(0.3)
Commodity contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from AOCI into Income	$ (1.8)	$ 1.4

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cost of sales	$ 541.3	$ 527.8
Amount of (loss) gain reclassified from AOCI to income	(1.8)	1.4
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain	(1.8)	1.4
Commodity contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain reclassified from AOCI to income	$ (1.8)	$ 1.4

Other Expense, Net - Schedule o

Other Expense, Net - Schedule of Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Interest income	$ (2.3)	$ (0.2)
Unrealized (gains) losses on company-owned life insurance contracts and investments held in rabbi trusts	(1.8)	0.4
Foreign exchange losses	0.3	0.3
Pension earnings, interest and deferrals	3.9	3.5
Total other expense, net	$ 0.1	$ 4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 16.3	$ 8.4
Income tax benefit as a percent of pre-tax income (loss)	16.10%	16.10%
Tax benefit attributable to employee share-based compensation	$ 6.8	$ 4.1
Impact of restructuring charges	$ 0.9

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 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
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Net Sales
Total net sales	$ 717.6	$ 651.9
Operating Income (Loss)
Consolidated operating income	113.6	69
Depreciation and Amortization
Consolidated depreciation and amortization	33.8	33.1
Capital Expenditures
Consolidated capital expenditures	26.9	22
Total Assets
Consolidated total assets	3,255		$ 3,291.7
Operating \| Specialty Alloys Operations
Net Sales
Total net sales	645.1	570.1
Operating Income (Loss)
Consolidated operating income	134.5	80.8
Depreciation and Amortization
Consolidated depreciation and amortization	28.6	27.8
Capital Expenditures
Consolidated capital expenditures	20.5	18.6
Total Assets
Consolidated total assets	2,567.6		2,542.2
Operating \| Performance Engineered Products
Net Sales
Total net sales	100.8	101.8
Operating Income (Loss)
Consolidated operating income	7.3	9.1
Depreciation and Amortization
Consolidated depreciation and amortization	3.9	4
Capital Expenditures
Consolidated capital expenditures	6.1	3.2
Total Assets
Consolidated total assets	430.7		431.5
Corporate
Operating Income (Loss)
Consolidated operating income	(28)	(21.3)
Depreciation and Amortization
Consolidated depreciation and amortization	1.3	1.3
Capital Expenditures
Consolidated capital expenditures	0.3	0.2
Total Assets
Consolidated total assets	270.1		334.8
Intersegment
Net Sales
Total net sales	(28.3)	(20)
Operating Income (Loss)
Consolidated operating income	(0.2)	$ 0.4
Total Assets
Consolidated total assets	$ (13.4)		$ (16.8)

Reclassifications from Accumu_3

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Changes in AOCI by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	$ 1,628.8	$ 1,396.1
Other comprehensive (loss) income before reclassifications	0.4	(2.3)
Amounts reclassified from AOCI	2.4	(0.2)
Total other comprehensive income (loss), net of tax	2.8	(2.5)
Balances at the end of the period	1,660.3	1,429.3
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(93.9)	(143)
Balances at the end of the period	(91.1)	(145.5)
Cash flow hedging items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(5.9)	(7)
Other comprehensive (loss) income before reclassifications	(0.8)	(0.2)
Amounts reclassified from AOCI	1.4	(1)
Total other comprehensive income (loss), net of tax	0.6	(1.2)
Balances at the end of the period	(5.3)	(8.2)
Pension and other postretirement benefit plan items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(44.3)	(95.5)
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from AOCI	1	0.8
Total other comprehensive income (loss), net of tax	1	0.8
Balances at the end of the period	(43.3)	(94.7)
Foreign currency items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(43.7)	(40.5)
Other comprehensive (loss) income before reclassifications	1.2	(2.1)
Amounts reclassified from AOCI	0	0
Total other comprehensive income (loss), net of tax	1.2	(2.1)
Balances at the end of the period	$ (42.5)	$ (42.6)

Reclassifications from Accumu_4

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	$ (0.1)	$ (4)
Total before tax	101.1	52.3
Tax benefit (expense)	(16.3)	(8.4)
Net income	84.8	43.9
Amount Reclassified from AOCI \| Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.8)	1.4
Tax benefit (expense)	0.4	(0.4)
Net income	(1.4)	1
Amount Reclassified from AOCI \| Pension and other postretirement benefit plan items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.3)	(1.1)
Tax benefit (expense)	0.3	0.3
Net income	(1)	(0.8)
Amount Reclassified from AOCI \| Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(0.5)	(1.6)
Amount Reclassified from AOCI \| Prior service (cost) benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(0.8)	0.5
Commodity contracts \| Amount Reclassified from AOCI \| Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ (1.8)	$ 1.4