Carpenter Technology (CRS) 10-Q 31 Oct 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2014	Oct. 22, 2013
Document and Entity Information	'	'
Entity Registrant Name	'CARPENTER TECHNOLOGY CORP	'
Entity Central Index Key	'0000017843	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	53,237,660
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$66	$120
Accounts receivable, net	319.1	339.6
Inventories	728.1	699.2
Deferred income taxes	5.2	'
Other current assets	34.1	35.7
Total current assets	1,152.50	1,194.50
Property, plant and equipment, net	1,408.10	1,407
Goodwill	257.6	257.7
Other intangibles, net	77.8	80.6
Other assets	116.2	117.7
Total assets	3,012.20	3,057.50
Current liabilities:	'	'
Accounts payable	251.5	278.1
Accrued liabilities	138.1	148
Deferred income taxes	'	4.5
Total current liabilities	389.6	430.6
Long-term debt, net of current portion	604.2	604.3
Accrued pension liabilities	205.9	203.4
Accrued postretirement benefits	162	163.2
Deferred income taxes	113.9	110.7
Other liabilities	51.1	41
Total liabilities	1,526.70	1,553.20
Contingencies and commitments (see Note 8)	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock - authorized 100,000,000 shares; issued 55,188,983 shares at September 30, 2014 and 55,161,875 shares at June 30, 2014; outstanding 53,237,703 shares at September 30, 2014 and 53,137,144 shares at June 30, 2014	275.9	275.8
Capital in excess of par value	260.6	263.5
Reinvested earnings	1,315.40	1,311.60
Common stock in treasury (1,951,280 shares and 2,024,731 shares at September 30, 2014 and June 30, 2014, respectively), at cost	-98.1	-101.4
Accumulated other comprehensive loss	-268.3	-245.2
Total equity	1,485.50	1,504.30
Total liabilities and equity	$3,012.20	$3,057.50

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Sep. 30, 2014	Jun. 30, 2014
CONSOLIDATED BALANCE SHEETS	'	'
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	55,188,983	55,161,875
Common stock, outstanding shares	53,237,703	53,137,144
Common stock in treasury, shares	1,951,280	2,024,731

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF INCOME	'	'
NET SALES	$549.80	$498.60
Cost of sales	480.7	395.3
Gross profit	69.1	103.3
Selling, general and administrative expenses	47	47.5
Operating income	22.1	55.8
Interest expense, net	-7	-4.4
Other income, net	4.9	0.1
Income before income taxes	20	51.5
Income tax expense	6.5	16.9
Net income	$13.50	$34.60
EARNINGS PER COMMON SHARE:	'	'
Basic (in dollars per share)	$0.25	$0.65
Diluted (in dollars per share)	$0.25	$0.65
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:	'	'
Basic (in shares)	53.5	53.1
Diluted (in shares)	53.7	53.4
Cash dividends per common share (in dollars per share)	$0.18	$0.18

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME	'	'
Net income	$13.50	$34.60
Other comprehensive income (loss), net of tax	'	'
Pension and post-retirement benefits, net of tax of $(1.8) and $(2.3), respectively	3	3.6
Net (loss) gain on derivative instruments, net of tax of $11.0 and $(2.2), respectively	-18.2	3.6
Unrealized loss on marketable securities, net of tax of $0.0 and $0.0, respectively	'	-0.1
Foreign currency translation	-7.9	3.5
Other comprehensive (loss) income	-23.1	10.6
Comprehensive (loss) income	($9.60)	$45.20

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME	'	'
Pension and post-retirement benefits, tax	($1.80)	($2.30)
Net (loss) gain on derivative instruments, tax	11	-2.2
Unrealized loss on marketable securities, tax	$0	$0

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES	'	'
Net income	$13.50	$34.60
Adjustments to reconcile net income to net cash provided from operating activities:	'	'
Depreciation and amortization	30.3	26.7
Deferred income taxes	2.6	-0.7
Net pension expense	11.5	15
Stock-based compensation expense	2.5	3.1
Changes in working capital and other:	'	'
Accounts receivable	16.2	57.7
Inventories	-30.8	-47.4
Other current assets	-6.3	-9
Accounts payable	1.3	-14.9
Accrued liabilities	-17.2	-18.5
Pension contributions	-2.8	-1.5
Other postretirement plan contributions	-3.6	-3.2
Other, net	-2.2	-2.4
Net cash provided from operating activities	15	39.5
INVESTING ACTIVITIES	'	'
Purchases of property, equipment and software	-59	-90.4
Proceeds from disposals of property and equipment	0.1	'
Net cash used for investing activities	-58.9	-90.4
FINANCING ACTIVITIES	'	'
Dividends paid	-9.6	-9.6
Tax benefits on share-based compensation	0.1	1
Proceeds from stock options exercised	0.7	2.5
Net cash used for financing activities	-8.8	-6.1
Effect of exchange rate changes on cash and cash equivalents	-1.3	0.5
DECREASE IN CASH AND CASH EQUIVALENTS	-54	-56.5
Cash and cash equivalents at beginning of period	120	257.5
Cash and cash equivalents at end of period	66	201
Non-cash investing activities:	'	'
Acquisition of property, equipment and software	$37.90	$81.50

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Common Stock in Treasury	Accumulated Other Comprehensive (Loss) Gain	Total
In Millions, except Share data, unless otherwise specified
Balances at Jun. 30, 2013	$274.60	$254.40	$1,217.30	($107.50)	($335.70)	$1,303.10
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	'	'	34.6	'	'	34.6
Pension and post-retirement benefits gain, net of tax	'	'	'	'	3.6	3.6
Net (loss) gain on derivative instruments, net of tax	'	'	'	'	3.6	3.6
Unrealized loss on marketable securities, net of tax	'	'	'	'	-0.1	-0.1
Foreign currency translation	'	'	'	'	3.5	3.5
Cash Dividends: Common @ $0.18 per share	'	'	-9.6	'	'	-9.6
Share-based compensation plans	'	-4	'	4.2	'	0.2
Stock options exercised	0.4	2.1	'	'	'	2.5
Tax windfall on share-based compensation	'	1.1	'	'	'	1.1
Balances at Sep. 30, 2013	275	253.6	1,242.30	-103.3	-325.1	1,342.50
Balances at Jun. 30, 2014	275.8	263.5	1,311.60	-101.4	-245.2	1,504.30
Balances (in shares) at Jun. 30, 2014	'	'	'	'	'	53,137,144
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	'	'	13.5	'	'	13.5
Pension and post-retirement benefits gain, net of tax	'	'	'	'	3	3
Net (loss) gain on derivative instruments, net of tax	'	'	'	'	-18.2	-18.2
Foreign currency translation	'	'	'	'	-7.9	-7.9
Cash Dividends: Common @ $0.18 per share	'	'	-9.6	'	'	-9.6
Share-based compensation plans	'	-3.6	'	3.3	'	-0.3
Stock options exercised	0.1	0.6	'	'	'	0.7
Tax windfall on share-based compensation	'	0.1	'	'	'	0.1
Other	'	'	-0.1	'	'	-0.1
Balances at Sep. 30, 2014	$275.90	$260.60	$1,315.40	($98.10)	($268.30)	$1,485.50
Balances (in shares) at Sep. 30, 2014	'	'	'	'	'	53,237,703

CONSOLIDATED_STATEMENT_OF_CHAN1

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2013
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	'	'	'
Cash dividends per common share (in dollars per share)	$0.18	$0.18	'
Common stock, par value (in dollars per share)	$5	$5	$5

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	1.Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2014 consolidated balance sheet data was derived from audited financial statements, but does not include all the disclosures required by U.S. generally accepted accounting principles. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter’s annual report on Form 10-K for the year ended June 30, 2014 (the “2014 Form 10-K”). Operating results for the three months ended September 30, 2014 are not necessarily indicative of the operating results for any future period.
	Certain amounts in the consolidated financial statements and notes to the consolidated financial statements for prior year periods have been reclassified to conform to the fiscal year 2014 presentation.
	As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.

Revision_to_Statement_of_Cash_

Revision to Statement of Cash Flows	3 Months Ended
	Sep. 30, 2014
Revision to Statement of Cash Flows	'
Revision to Statement of Cash Flows	'
	2.Revision to Statement of Cash Flows
	During the third quarter of fiscal year 2014, the Company identified an error in the classification of amounts reported in previously reported statements of cash flows. The classification error is related to the reporting of purchases of property, equipment and software that should be adjusted for amounts not yet paid in cash as of the balance sheet date, which were incorrectly reflected as cash used in investing activities and cash provided from operating activities. The Company assessed the materiality of this classification error and determined that the classification error is not material to any previously reported financial statements. The revision of prior reported amounts has no impact on the reported change in cash and cash equivalents or amounts reported in the consolidated balance sheets, statements of income, statements of comprehensive income or statements of changes in equity. The effects of the revisions to the statement of cash flows for the three months ended September 30, 2013 are presented in the following table:
	($ in millions)	As Reported			Revision			As Revised
					Impact
	Net cash provided from (used for) operating activities	$	64		$	(24.5	)	$	39.5
	Net cash (used for) provided from investing activities	(114.9		)	24.5			(90.4		)
	Net cash used for financing activities	(6.1		)	—			(6.1		)
	Effect of exchange rate changes on cash and cash equivalents	0.5			—			0.5
	Decrease in cash and cash equivalents	$	(56.5	)	$	—		$	(56.5	)

Earnings_per_Common_Share

Earnings per Common Share	3 Months Ended
	Sep. 30, 2014
Earnings per Common Share	'
Earnings per Common Share	'
	3.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 (nonvested 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 assume the issuance of common stock for all potentially dilutive share equivalents outstanding.
	The calculations of basic and diluted earnings per common share for the three months ended September 30, 2014 and 2013 were as follows:
		Three Months Ended
		September 30,
	(in millions, except per share data)	2014			2013
	Net income	$	13.5		$	34.6
	Less: earnings and dividends allocated to participating securities	—			(0.1		)
	Earnings available for Carpenter common stockholders used in calculation of basic earnings per share	$	13.5		$	34.5
	Weighted average number of common shares outstanding, basic	53.5			53.1
	Basic earnings per common share	$	0.25		$	0.65
	Net income	$	13.5		$	34.6
	Less: earnings and dividends allocated to participating securities	—			(0.1		)
	Earnings available for Carpenter common stockholders used in calculation of diluted earnings per share	$	13.5		$	34.5
	Weighted average number of common shares outstanding, basic	53.5			53.1
	Effect of shares issuable under share-based compensation plans	0.2			0.3
	Weighted average number of common shares outstanding, diluted	53.7			53.4
	Diluted earnings per common share	$	0.25		$	0.65
	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings per share because their effects were anti-dilutive:
		Three Months Ended
		September 30,
	(in millions)	2014		2013
	Stock options	0.3		0.2

Inventories

Inventories	3 Months Ended
	Sep. 30, 2014
Inventories	'
Inventories	'
	4.Inventories
	Inventories consisted of the following components as of September 30, 2014 and June 30, 2014:
		September 30,		June 30,
	($ in millions)	2014		2014
	Raw materials and supplies	$	138.4	$	122.3
	Work in process	400.5		393.9
	Finished and purchased products	189.2		183.0
	Total inventory	$	728.1	$	699.2
	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Sep. 30, 2014
Accrued Liabilities	'
Accrued Liabilities	'
	5.Accrued Liabilities
	Accrued liabilities consisted of the following as of September 30, 2014 and June 30, 2014:
		September 30,		June 30,
	($ in millions)	2014		2014
	Accrued compensation and benefits	$	47.7	$	49.8
	Accrued pension liabilities	17.6		19.3
	Accrued postretirement benefits	15.5		15.5
	Accrued interest expense	5.6		11.2
	Deferred revenue	5.9		7.5
	Derivative financial instruments	13.0		4.7
	Accrued income taxes	2.4		8.4
	Other	30.4		31.6
	Total accrued liabilities	$	138.1	$	148.0

Pension_and_Other_Postretireme

Pension and Other Postretirement Benefits	3 Months Ended
	Sep. 30, 2014
Pension and Other Postretirement Benefits	'
Pension and Other Postretirement Benefits	'
	6.Pension and Other Postretirement Benefits
	The components of the net periodic benefit cost related to the Company’s pension and other postretirement benefits for the three months ended September 30, 2014 and 2013 were as follows:
								Other Postretirement
	Three months ended September 30,	Pension Plans						Plans
	($ in millions)	2014			2013			2014			2013
	Service cost	$	8		$	8		$	1.1		$	1
	Interest cost	13.5			14.3			3			3.1
	Expected return on plan assets	(17.2		)	(15.7		)	(1.7		)	(1.6		)
	Amortization of net loss	4.2			5.5			0.5			0.3
	Amortization of prior service cost	0.1			0.1			—			—
		$	8.6		$	12.2		$	2.9		$	2.8
	During the three months ended September 30, 2014 and 2013, the Company made $2.8 million and $1.5 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently expects to make approximately $12.7 million of contributions to its qualified defined benefit pension plans during the remainder of fiscal year 2015.

Debt

Debt	3 Months Ended
	Sep. 30, 2014
Debt	'
Debt	'
	7.Debt
	The Company has a $500 million syndicated credit agreement (“Credit Agreement”) that extends to June 2018. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “Base Rate,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% (1.25% as of September 30, 2014), and for Base Rate-determined loans, from 0.00% to 0.90% (0.25% as of September 30, 2014). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% (0.150% as of September 30, 2014), determined based upon the Debt Rating, of the unused portion of the $500 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 0.75% to 1.90% (1.25% as of September 30, 2014), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and reborrow loans and to terminate or reduce the commitments under the facility. As of September 30, 2014, the Company had $8.2 million of issued letters of credit under the Credit Agreement, with the balance of $491.8 million available for future borrowings.
	The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55%. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of September 30, 2014 and June 30, 2014, the Company was in compliance with all of the covenants of the Credit Agreement.
	Long-term debt outstanding as of September 30, 2014 and June 30, 2014 consisted of the following:
		September 30,		June 30,
	($ in millions)	2014		2014
	Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at September 30, 2014 and June 30, 2014)	$	55.0	$	55.0
	Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at September 30, 2014 and June 30, 2014)	249.6		249.7
	Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at September 30, 2014 and June 30, 2014)	299.6		299.6
	Total	604.2		604.3
	Less: amounts due within one year	—		—
	Long-term debt, net of current portion	$	604.2	$	604.3
	For the three months ended September 30, 2014 and 2013, interest costs totaled $7.7 million and $7.9 million, respectively, of which $0.7 million and $3.5 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

Contingencies_and_Commitments

Contingencies and Commitments	3 Months Ended
	Sep. 30, 2014
Contingencies and Commitments	'
Contingencies and Commitments	'
	8.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. 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 PRP’s at these Superfund sites have been determined. The liability for future environmental remediation costs 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 undiscounted future costs related to environmental remediation. During the three months ended September 30, 2014, the Company increased the liability for a company-owned former operating site by $0.1 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at September 30, 2014 and June 30, 2014 were $15.6 million and $15.5 million, respectively.
	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 PRP’s. Based upon information currently available, such future costs are not expected to have a material effect on Carpenter’s financial position, results of operations or cash flows over the long-term. However, such costs could be material to Carpenter’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 that are common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company’s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company’s financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company’s financial position, results of operations or cash flows in a particular future quarter or year.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	9.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, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	6.1
	Total assets	$	11.3
	Liabilities:
	Derivative financial instruments	$	25.1
	June 30, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	20.4
	Total assets	$	25.6
	Liabilities:
	Derivative financial instruments	$	10.9
	The Company’s derivative financial instruments consist of commodity forward contracts, foreign currency forward contracts, interest rate swaps and forward interest rate swaps. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to foreign exchange rates, commodity prices and interest rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company’s use of derivatives and hedging policies are more fully discussed in Note 11.
	The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States.
	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, 2014				June 30, 2014
		Carrying		Fair		Carrying		Fair
	($ in millions)	Value		Value		Value		Value
	Long-term debt, including current portion	$	604.2	$	637.4	$	604.3	$	638.7
	Company-owned life insurance	$	16.2	$	16.2	$	16.2	$	16.2
	The carrying amount for company-owned life insurance reflects cash surrender values based upon the market values of underlying securities, using level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
	The fair values of long-term debt as of September 30, 2014 and June 30, 2014 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.

Other_Income_Net

Other Income, Net	3 Months Ended
	Sep. 30, 2014
Other Income, Net	'
Other Income, Net	'
	10.Other Income, Net
	Other income, net consisted of the following:
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
	Legal settlement	$	4.4		$	—
	Foreign exchange	0.6			(0.4		)
	Equity in earnings of unconsolidated subsidiaries	0.1			0.2
	Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts	(0.3		)	0.4
	Other	0.1			(0.1		)
	Total other income, net	$	4.9		$	0.1

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	3 Months Ended
	Sep. 30, 2014
Derivatives and Hedging Activities	'
Derivatives and Hedging Activities	'
	11.Derivatives and Hedging Activities
	The Company uses commodity forwards, interest rate swaps, forward interest rate swaps and foreign currency forwards to manage risks generally associated with commodity price, interest rate and foreign currency rate fluctuations. The following explains the various types of derivatives and includes a recap about the impact the derivative instruments had on the Company’s financial position, results of operations and cash flows.
	Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (“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, 2014, the Company had forward contracts to purchase 28.2 million pounds of certain raw materials with settlement dates through June 2019.
	Cash Flow Hedging — Forward interest rate swaps: Historically, the Company has entered into forward interest rate swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued. The forward interest rate swaps 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 to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur.  For the three months ended September 30, 2014 and 2013, net gains of $0.1 million and $0.1 million, respectively, were recorded as a reduction to interest expense. These amounts include the impact of previously terminated swaps which are being amortized over the remaining term of the underlying debt.
	Cash Flow Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro and Pound Sterling, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income to the extent effective, and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur.
	The Company also uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currency against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other income and expense. As of September 30, 2014 and June 30, 2014, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material.
	Fair Value Hedging - Interest rate swaps: The Company has used interest rate swaps to achieve a level of floating rate debt relative to fixed rate debt where appropriate. The Company has designated fixed to floating interest rate swaps as fair value hedges. Accordingly, the changes in the fair value of these instruments are immediately recorded in earnings. The mark-to-market values of both the fair value hedging instruments and the underlying debt obligations are recorded as equal and offsetting gains and losses in interest expense in the consolidated statements of income. As of September 30, 2014 and June 30, 2014, the total notional amount of floating interest rate contracts was $100.0 million and $0.0 million, respectively. For the three months ended September 30, 2014 and 2013, net gains of $0.4 million and $0.0 million, respectively, were recorded as a reduction to interest expense.
	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of September 30, 2014 and June 30, 2014:
	September 30, 2014	Interest			Foreign			Commodity			Total
	($ in millions)	Rate Swaps			Currency			Contracts			Derivatives
					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	0.4		$	1.3		$	1.9		$	3.6
	Other assets	—			—			2.5			2.5
	Total asset derivatives	$	0.4		$	1.3		$	4.4		$	6.1
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—		$	0.1		$	12.9		$	13.0
	Other liabilities	0.2			—			11.9			12.1
	Total liability derivatives	$	0.2		$	0.1		$	24.8		$	25.1
	June 30, 2014	Interest			Foreign			Commodity			Total
	($ in millions)	Rate Swaps			Currency			Contracts			Derivatives
					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	—		$	—		$	11.3		$	11.3
	Other assets	—			—			9.1			9.1
	Total asset derivatives	$	—		$	—		$	20.4		$	20.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—		$	0.4		$	4.3		$	4.7
	Other liabilities	—			0.2			6.0			6.2
	Total liability derivatives	$	—		$	0.6		$	10.3		$	10.9
	Cash Flow Hedges
	For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transaction will not occur. The following is a summary of the (losses) gains related to cash flow hedges recognized during the three months ended September 30, 2014 and 2013:
		Amount of (Loss) Gain
		Recognized in AOCI on
		Derivatives
		(Effective Portion)
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
	Derivatives in Cash Flow Hedging Relationship:
	Commodity contracts	$	(28.3	)	$	(1.4	)
	Foreign exchange contracts	1.5			(0.5		)
	Total	$	(26.8	)	$	(1.9	)
				Amount of Gain (Loss)						Amount of Gain
				Reclassified from AOCI						Reclassified from AOCI
				into Income						into Income
				(Effective Portion)						(Ineffective Portion)
	($ in millions)	Location of Gain (Loss)		Three Months Ended						Three Months Ended
	Derivatives in Cash Flow	Reclassified from AOCI into		September 30,						September 30,
	Hedging Relationship:	Income		2014			2013			2014			2013
	Commodity contracts	Cost of sales		$	2		$	(7.7	)	$	0.4		$	—
	Foreign exchange contracts	Net sales		0.3			(0.1		)	—			—
	Forward interest rate swaps	Interest expense		0.1			0.1			—			—
	Total			$	2.4		$	(7.7	)	$	0.4		$	—
	The Company estimates that $6.7 million of net derivative losses included in AOCI as of September 30, 2014 will be reclassified into earnings within the next 12 months. No significant cash flow hedges were discontinued during the quarter ended September 30, 2014.
	The changes in AOCI associated with derivative hedging activities during the three months ended September 30, 2014 and 2013 were as follows:
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
Balance, beginning	$	7.6		$	(41.5	)
Current period changes in fair value, net of tax	(16.7		)	(1.2		)
Reclassification to earnings, net of tax	(1.5		)	4.8
Balance, ending	$	(10.6	)	$	(37.9	)
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. The Company’s contracts with these counterparties allow for netting of derivative instrument positions executed under each contract. As of September 30, 2014 and June 30, 2014, 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.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2014
Income Taxes	'
Income Taxes	'
	12.Income Taxes
	The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur.
	Income tax expense for the three months ended September 30, 2014 was $6.5 million, or 32.5 percent of pre-tax income as compared with $16.9 million, or 32.8 percent of pre-tax income for the three months ended September 30, 2013. The tax rate in both periods is lower than the statutory tax rate of 35 percent, primarily due to the benefits associated with the domestic manufacturing deduction.

Superalloy_Powders_Technical_A

Superalloy Powders Technical Assistance and Powder Supply Agreements	3 Months Ended
	Sep. 30, 2014
Superalloy Powders Technical Assistance and Powder Supply Agreements	'
Superalloy Powders Technical Assistance and Powder Supply Agreements	'
	13.Superalloy Powders Technical Assistance and Powder Supply Agreements
	On September 30, 2013, the Company entered into a multi-level agreement with United Technologies Corporation (“UTC”) through its Pratt & Whitney Division, which includes a technical assistance agreement and a long-term powder supply agreement. The technical assistance agreement provides for the licensing of technology associated with the production of superalloy powders. As a result of the agreements, the Company began construction of a superalloy powder facility which is expected to take approximately 18 months to construct at an estimated cost of $30 million. Once the facility is qualified by UTC, the Company will supply UTC with superalloy powder for up to 20 years. The powder supply agreement provides for minimum guaranteed purchase quantities of specified materials for a period of 12 years.
	According to the terms of the technology licensing agreement, the Company agreed to pay a $13.0 million up-front license fee, which is payable in equal quarterly installments beginning on December 15, 2013. This amount has been capitalized and will be amortized as a reduction to revenue over the term of the minimum guarantee period of 12 years. During fiscal year 2014 the Company paid $9.8 million related to the up-front license fee. As of September 30, 2014, $13.0 million and $3.2 million of the upfront license fee are included in other assets and accrued liabilities, respectively.

Business_Segments

Business Segments	3 Months Ended
	Sep. 30, 2014
Business Segments	'
Business Segments	'
	14.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 and surrounding areas in Pennsylvania, South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system.
	The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, the Latrobe Special Metals Distribution business and Aceros Fortuna based in Mexico. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics.  It is our belief this model will ultimately drive overall revenue and profit growth.
	The Company’s executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring related charges, transaction costs associated with acquisitions and other specifically-identified income or expense items.
	The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest and deferrals expense.”
	On a consolidated basis, there were no significant individual customers that accounted for 10 percent or more of the Company’s net sales for the three months ended September 30, 2014 and 2013, respectively.
		Three Months Ended
	Segment Data	September 30,
	($ in millions)	2014			2013
	Net Sales:
	Specialty Alloys Operations	$	436		$	394.9
	Performance Engineered Products	129.9			118.5
	Intersegment	(16.1		)	(14.8		)
	Consolidated net sales	$	549.8		$	498.6
	Operating Income:
	Specialty Alloys Operations	$	24.6		$	63.7
	Performance Engineered Products	9.7			11.6
	Corporate costs	(10.3		)	(12.9		)
	Pension earnings, interest and deferrals	(2.4		)	(6.0		)
	Intersegment	0.5			(0.6		)
	Consolidated operating income	$	22.1		$	55.8
	Depreciation and Amortization:
	Specialty Alloys Operations	$	23.5		$	19.5
	Performance Engineered Products	6			5.8
	Corporate	1.1			1.4
	Intersegment	(0.3		)	—
	Consolidated depreciation and amortization	$	30.3		$	26.7
	Capital Expenditures:
	Specialty Alloys Operations	$	51.6		$	83
	Performance Engineered Products	6.8			7
	Corporate	1			0.6
	Intersegment	(0.4		)	(0.2		)
	Consolidated capital expenditures	$	59		$	90.4
		September 30,			June 30,
		2014			2014
	Total Assets:
	Specialty Alloys Operations	$	2,466.10		$	2,454.80
	Performance Engineered Products	499			491.7
	Corporate	80.6			144.9
	Intersegment	(33.5		)	(33.9		)
	Consolidated total assets	$	3,012.20		$	3,057.50

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2014
Recent Accounting Pronouncements	'
Recent Accounting Pronouncements	'
	15.Recent Accounting Pronouncements
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in ASU 2014-09 requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 is required for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is evaluating the impact of the adoption of ASU 2014-09 and does not expect the adoption to have a significant impact on the Company’s Consolidated Financial Statements.

Reclassifications_from_Accumul

Reclassifications from Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Sep. 30, 2014
Reclassifications from Accumulated Other Comprehensive Income (AOCI)	'
Reclassifications from Accumulated Other Comprehensive Income (AOCI)	'
	16.Reclassifications from Accumulated Other Comprehensive Income (AOCI)
	The changes in AOCI by component, net of tax, for the three months ended September 30, 2014 and 2013 were as follows:
	($ in millions) (a)		Cash flow			Pension and			Unrealized			Foreign			Total
			hedging items			other			losses on			currency
						postretirement			available-for-			items
						benefit plan			sale securities
						items
	Balance at June 30, 2014		$	7.6		$	(236.7	)	$	(0.4	)	$	(15.7	)	$	(245.2	)
	Other comprehensive loss before reclassifications		(16.7		)	—			—			(7.9		)	(24.6		)
	Amounts reclassified from AOCI (b)		(1.5		)	3			—			—			1.5
	Net current-period other comprehensive (loss) income		(18.2		)	3			—			(7.9		)	(23.1		)
	Balance at September 30, 2014		$	(10.6	)	$	(233.7	)	$	(0.4	)	$	(23.6	)	$	(268.3	)
	($ in millions) (a)		Cash flow			Pension and			Unrealized			Foreign			Total
			hedging items			other			losses on			currency
						postretirement			available-for-			items
						benefit plan			sale securities
						items
	Balance at June 30, 2013		$	(41.5	)	$	(273.6	)	$	(0.4	)	$	(20.2	)	$	(335.7	)
	Other comprehensive (loss) income before reclassifications		(1.2		)	—			(0.1		)	3.5			2.2
	Amounts reclassified from AOCI (b)		4.8			3.6			—			—			8.4
	Net current-period other comprehensive income (loss)		3.6			3.6			(0.1		)	3.5			10.6
	Balance at September 30, 2013		$	(37.9	)	$	(270.0	)	$	(0.5	)	$	(16.7	)	$	(325.1	)
		(a)		All amounts are net of tax. Amounts in parentheses indicate debits.
		(b)		See separate table below for further details.
	The following is a summary of amounts reclassified from AOCI for the three months ended September 30, 2014 and 2013:
					Amount Reclassified from AOCI
	($ in millions) (a)		Location of		Three Months Ended September 30,
	Details about AOCI Components		gain (loss)		2014			2013
	Cash flow hedging items:
	Commodity contracts		Cost of sales		$	2		$	(7.7	)
	Foreign exchange contracts		Net sales		0.3			(0.1		)
	Forward interest rate swaps		Interest expense		0.1			0.1
			Total before tax		2.4			(7.7		)
			Tax (expense) benefit		(0.9		)	2.9
			Net of tax		$	1.5		$	(4.8	)
	Amortization of pension and other postretirement benefit plan items
	Net actuarial loss		(b)		$	(4.7	)	$	(5.8	)
	Prior service cost		(b)		(0.1		)	(0.1		)
			Total before tax		(4.8		)	(5.9		)
			Tax benefit		1.8			2.3
			Net of tax		$	(3.0	)	$	(3.6	)
		(a)		Amounts in parentheses indicate debits to income/loss.
		(b)		These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

Revision_to_Statement_of_Cash_1

Revision to Statement of Cash Flows (Tables)	3 Months Ended
	Sep. 30, 2014
Revision to Statement of Cash Flows	'
Summary of effects of the revisions to the statement of cash flows	'
	($ in millions)	As Reported			Revision			As Revised
					Impact
	Net cash provided from (used for) operating activities	$	64		$	(24.5	)	$	39.5
	Net cash (used for) provided from investing activities	(114.9		)	24.5			(90.4		)
	Net cash used for financing activities	(6.1		)	—			(6.1		)
	Effect of exchange rate changes on cash and cash equivalents	0.5			—			0.5
	Decrease in cash and cash equivalents	$	(56.5	)	$	—		$	(56.5	)

Earnings_per_Common_Share_Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Sep. 30, 2014
Earnings per Common Share	'
Schedule of calculations of basic and diluted earnings per common share	'
		Three Months Ended
		September 30,
	(in millions, except per share data)	2014			2013
	Net income	$	13.5		$	34.6
	Less: earnings and dividends allocated to participating securities	—			(0.1		)
	Earnings available for Carpenter common stockholders used in calculation of basic earnings per share	$	13.5		$	34.5
	Weighted average number of common shares outstanding, basic	53.5			53.1
	Basic earnings per common share	$	0.25		$	0.65
	Net income	$	13.5		$	34.6
	Less: earnings and dividends allocated to participating securities	—			(0.1		)
	Earnings available for Carpenter common stockholders used in calculation of diluted earnings per share	$	13.5		$	34.5
	Weighted average number of common shares outstanding, basic	53.5			53.1
	Effect of shares issuable under share-based compensation plans	0.2			0.3
	Weighted average number of common shares outstanding, diluted	53.7			53.4
	Diluted earnings per common share	$	0.25		$	0.65
Schedule of awards issued under share-based compensation plans excluded from the calculations of diluted earnings per share	'
		Three Months Ended
		September 30,
	(in millions)	2014		2013
	Stock options	0.3		0.2

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Sep. 30, 2014
Inventories	'
Schedule of inventories	'
		September 30,		June 30,
	($ in millions)	2014		2014
	Raw materials and supplies	$	138.4	$	122.3
	Work in process	400.5		393.9
	Finished and purchased products	189.2		183.0
	Total inventory	$	728.1	$	699.2

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2014
Accrued Liabilities	'
Schedule of accrued liabilities	'
		September 30,		June 30,
	($ in millions)	2014		2014
	Accrued compensation and benefits	$	47.7	$	49.8
	Accrued pension liabilities	17.6		19.3
	Accrued postretirement benefits	15.5		15.5
	Accrued interest expense	5.6		11.2
	Deferred revenue	5.9		7.5
	Derivative financial instruments	13.0		4.7
	Accrued income taxes	2.4		8.4
	Other	30.4		31.6
	Total accrued liabilities	$	138.1	$	148.0

Pension_and_Other_Postretireme1

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2014
Pension and Other Postretirement Benefits	'
Schedule of components of the net periodic benefit cost	'
								Other Postretirement
	Three months ended September 30,	Pension Plans						Plans
	($ in millions)	2014			2013			2014			2013
	Service cost	$	8		$	8		$	1.1		$	1
	Interest cost	13.5			14.3			3			3.1
	Expected return on plan assets	(17.2		)	(15.7		)	(1.7		)	(1.6		)
	Amortization of net loss	4.2			5.5			0.5			0.3
	Amortization of prior service cost	0.1			0.1			—			—
		$	8.6		$	12.2		$	2.9		$	2.8

Debt_Tables

Debt (Tables)	3 Months Ended
	Sep. 30, 2014
Debt	'
Schedule of long-term debt outstanding	'
		September 30,		June 30,
	($ in millions)	2014		2014
	Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at September 30, 2014 and June 30, 2014)	$	55.0	$	55.0
	Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at September 30, 2014 and June 30, 2014)	249.6		249.7
	Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at September 30, 2014 and June 30, 2014)	299.6		299.6
	Total	604.2		604.3
	Less: amounts due within one year	—		—
	Long-term debt, net of current portion	$	604.2	$	604.3

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Schedule of fair value of assets and liabilities measured on a recurring basis	'
	September 30, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	6.1
	Total assets	$	11.3
	Liabilities:
	Derivative financial instruments	$	25.1
	June 30, 2014	Fair Value
		Measurements Using
		Input Type
	($ in millions)	Level 2
	Assets:
	Marketable securities
	Municipal auction rate securities	$	5.2
	Derivative financial instruments	20.4
	Total assets	$	25.6
	Liabilities:
	Derivative financial instruments	$	10.9
Schedule of carrying amounts and estimated fair values of financial instruments not recorded at fair value in the financial statements	'
		September 30, 2014				June 30, 2014
		Carrying		Fair		Carrying		Fair
	($ in millions)	Value		Value		Value		Value
	Long-term debt, including current portion	$	604.2	$	637.4	$	604.3	$	638.7
	Company-owned life insurance	$	16.2	$	16.2	$	16.2	$	16.2

Other_Income_Net_Tables

Other Income, Net (Tables)	3 Months Ended
	Sep. 30, 2014
Other Income, Net	'
Schedule of other income, net	'
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
	Legal settlement	$	4.4		$	—
	Foreign exchange	0.6			(0.4		)
	Equity in earnings of unconsolidated subsidiaries	0.1			0.2
	Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts	(0.3		)	0.4
	Other	0.1			(0.1		)
	Total other income, net	$	4.9		$	0.1

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Sep. 30, 2014
Derivatives and Hedging Activities	'
Schedule of fair value and location of outstanding derivative contracts recorded in consolidated balance sheets	'
	September 30, 2014	Interest			Foreign			Commodity			Total
	($ in millions)	Rate Swaps			Currency			Contracts			Derivatives
					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	0.4		$	1.3		$	1.9		$	3.6
	Other assets	—			—			2.5			2.5
	Total asset derivatives	$	0.4		$	1.3		$	4.4		$	6.1
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—		$	0.1		$	12.9		$	13.0
	Other liabilities	0.2			—			11.9			12.1
	Total liability derivatives	$	0.2		$	0.1		$	24.8		$	25.1
	June 30, 2014	Interest			Foreign			Commodity			Total
	($ in millions)	Rate Swaps			Currency			Contracts			Derivatives
					Contracts
	Asset Derivatives:
	Derivatives designated as hedging instruments:
	Other current assets	$	—		$	—		$	11.3		$	11.3
	Other assets	—			—			9.1			9.1
	Total asset derivatives	$	—		$	—		$	20.4		$	20.4
	Liability Derivatives:
	Derivatives designated as hedging instruments:
	Accrued liabilities	$	—		$	0.4		$	4.3		$	4.7
	Other liabilities	—			0.2			6.0			6.2
	Total liability derivatives	$	—		$	0.6		$	10.3		$	10.9
Summary of the (losses) gains related to cash flow hedges	'
		Amount of (Loss) Gain
		Recognized in AOCI on
		Derivatives
		(Effective Portion)
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
	Derivatives in Cash Flow Hedging Relationship:
	Commodity contracts	$	(28.3	)	$	(1.4	)
	Foreign exchange contracts	1.5			(0.5		)
	Total	$	(26.8	)	$	(1.9	)
				Amount of Gain (Loss)						Amount of Gain
				Reclassified from AOCI						Reclassified from AOCI
				into Income						into Income
				(Effective Portion)						(Ineffective Portion)
	($ in millions)	Location of Gain (Loss)		Three Months Ended						Three Months Ended
	Derivatives in Cash Flow	Reclassified from AOCI into		September 30,						September 30,
	Hedging Relationship:	Income		2014			2013			2014			2013
	Commodity contracts	Cost of sales		$	2		$	(7.7	)	$	0.4		$	—
	Foreign exchange contracts	Net sales		0.3			(0.1		)	—			—
	Forward interest rate swaps	Interest expense		0.1			0.1			—			—
	Total			$	2.4		$	(7.7	)	$	0.4		$	—
Schedule of changes in AOCI associated with derivative hedging activities	'
		Three Months Ended
		September 30,
	($ in millions)	2014			2013
	Balance, beginning	$	7.6		$	(41.5	)
	Current period changes in fair value, net of tax	(16.7		)	(1.2		)
	Reclassification to earnings, net of tax	(1.5		)	4.8
	Balance, ending	$	(10.6	)	$	(37.9	)

Business_Segments_Tables

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2014
Business Segments	'
Schedule of results of operation, depreciation and amortization, capital expenditures and total assets by reportable segments	'
		Three Months Ended
	Segment Data	September 30,
	($ in millions)	2014			2013
	Net Sales:
	Specialty Alloys Operations	$	436		$	394.9
	Performance Engineered Products	129.9			118.5
	Intersegment	(16.1		)	(14.8		)
	Consolidated net sales	$	549.8		$	498.6
	Operating Income:
	Specialty Alloys Operations	$	24.6		$	63.7
	Performance Engineered Products	9.7			11.6
	Corporate costs	(10.3		)	(12.9		)
	Pension earnings, interest and deferrals	(2.4		)	(6.0		)
	Intersegment	0.5			(0.6		)
	Consolidated operating income	$	22.1		$	55.8
	Depreciation and Amortization:
	Specialty Alloys Operations	$	23.5		$	19.5
	Performance Engineered Products	6			5.8
	Corporate	1.1			1.4
	Intersegment	(0.3		)	—
	Consolidated depreciation and amortization	$	30.3		$	26.7
	Capital Expenditures:
	Specialty Alloys Operations	$	51.6		$	83
	Performance Engineered Products	6.8			7
	Corporate	1			0.6
	Intersegment	(0.4		)	(0.2		)
	Consolidated capital expenditures	$	59		$	90.4
		September 30,			June 30,
		2014			2014
	Total Assets:
	Specialty Alloys Operations	$	2,466.10		$	2,454.80
	Performance Engineered Products	499			491.7
	Corporate	80.6			144.9
	Intersegment	(33.5		)	(33.9		)
	Consolidated total assets	$	3,012.20		$	3,057.50

Reclassifications_from_Accumul1

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Sep. 30, 2014
Reclassifications from Accumulated Other Comprehensive Income (AOCI)	'
Schedule of changes in AOCI by component, net of tax	'
	($ in millions) (a)		Cash flow			Pension and			Unrealized			Foreign			Total
			hedging items			other			losses on			currency
						postretirement			available-for-			items
						benefit plan			sale securities
						items
	Balance at June 30, 2014		$	7.6		$	(236.7	)	$	(0.4	)	$	(15.7	)	$	(245.2	)
	Other comprehensive loss before reclassifications		(16.7		)	—			—			(7.9		)	(24.6		)
	Amounts reclassified from AOCI (b)		(1.5		)	3			—			—			1.5
	Net current-period other comprehensive (loss) income		(18.2		)	3			—			(7.9		)	(23.1		)
	Balance at September 30, 2014		$	(10.6	)	$	(233.7	)	$	(0.4	)	$	(23.6	)	$	(268.3	)
	($ in millions) (a)		Cash flow			Pension and			Unrealized			Foreign			Total
			hedging items			other			losses on			currency
						postretirement			available-for-			items
						benefit plan			sale securities
						items
	Balance at June 30, 2013		$	(41.5	)	$	(273.6	)	$	(0.4	)	$	(20.2	)	$	(335.7	)
	Other comprehensive (loss) income before reclassifications		(1.2		)	—			(0.1		)	3.5			2.2
	Amounts reclassified from AOCI (b)		4.8			3.6			—			—			8.4
	Net current-period other comprehensive income (loss)		3.6			3.6			(0.1		)	3.5			10.6
	Balance at September 30, 2013		$	(37.9	)	$	(270.0	)	$	(0.5	)	$	(16.7	)	$	(325.1	)
		(a)		All amounts are net of tax. Amounts in parentheses indicate debits.
		(b)		See separate table below for further details.
Schedule of amounts reclassified from AOCI	'
					Amount Reclassified from AOCI
	($ in millions) (a)		Location of		Three Months Ended September 30,
	Details about AOCI Components		gain (loss)		2014			2013
	Cash flow hedging items:
	Commodity contracts		Cost of sales		$	2		$	(7.7	)
	Foreign exchange contracts		Net sales		0.3			(0.1		)
	Forward interest rate swaps		Interest expense		0.1			0.1
			Total before tax		2.4			(7.7		)
			Tax (expense) benefit		(0.9		)	2.9
			Net of tax		$	1.5		$	(4.8	)
	Amortization of pension and other postretirement benefit plan items
	Net actuarial loss		(b)		$	(4.7	)	$	(5.8	)
	Prior service cost		(b)		(0.1		)	(0.1		)
			Total before tax		(4.8		)	(5.9		)
			Tax benefit		1.8			2.3
			Net of tax		$	(3.0	)	$	(3.6	)
		(a)		Amounts in parentheses indicate debits to income/loss.
		(b)		These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details).

Revision_to_Statement_of_Cash_2

Revision to Statement of Cash Flows (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Net cash provided from (used for) operating activities	$15	$39.50
Net cash (used for) provided from investing activities	-58.9	-90.4
Net cash used for financing activities	-8.8	-6.1
Effect of exchange rate changes on cash and cash equivalents	-1.3	0.5
Decrease in cash and cash equivalents	-54	-56.5
Preliminary Purchase Price Allocation	'	'
Net cash provided from (used for) operating activities	'	64
Net cash (used for) provided from investing activities	'	-114.9
Net cash used for financing activities	'	-6.1
Effect of exchange rate changes on cash and cash equivalents	'	0.5
Decrease in cash and cash equivalents	'	-56.5
Revision Impact | Adjustments	'	'
Net cash provided from (used for) operating activities	'	-24.5
Net cash (used for) provided from investing activities	'	$24.50

Earnings_per_Common_Share_Deta

Earnings per Common Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Earnings per Common Share	'	'
Net income	$13.50	$34.60
Less: earnings and dividends allocated to participating securities	'	-0.1
Earnings available for Carpenter common stockholders used in calculation of basic earnings per share (in dollars per share)	13.5	34.5
Weighted average number of common shares outstanding, basic	53.5	53.1
Basic earnings per common share (in dollars per share)	$0.25	$0.65
Earnings available for Carpenter common stockholders used in calculation of diluted earnings per share (in dollars per share)	$13.50	$34.50
Effect of shares issuable under share-based compensation plans	0.2	0.3
Weighted average number of common shares outstanding, diluted	53.7	53.4
Diluted earnings per common share (in dollars per share)	$0.25	$0.65

Earnings_per_Common_Share_Deta1

Earnings per Common Share (Details 2) (Stock options)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
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	'	'
Anti-dilutive securities excluded from computation of earnings per share	0.3	0.2

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified
Inventories	'	'
Raw materials and supplies	$138.40	$122.30
Work in process	400.5	393.9
Finished and purchased products	189.2	183
Total inventory	$728.10	$699.20

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified
Accrued Liabilities	'	'
Accrued compensation and benefits	$47.70	$49.80
Accrued pension liabilities	17.6	19.3
Accrued postretirement benefits	15.5	15.5
Accrued interest expense	5.6	11.2
Deferred revenue	5.9	7.5
Derivative financial instruments	13	4.7
Accrued income taxes	2.4	8.4
Other	30.4	31.6
Total accrued liabilities	$138.10	$148

Pension_and_Other_Postretireme2

Pension and Other Postretirement Benefits (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Change in plan assets:	'	'
Contributions	$2.80	$1.50
Pension Plans	'	'
Change in projected benefit obligation:	'	'
Service cost	8	8
Interest cost	13.5	14.3
Expected return on plan assets	-17.2	-15.7
Amortization of net loss	4.2	5.5
Amortization of prior service cost	0.1	0.1
Net periodic benefit costs	8.6	12.2
Defined benefit pension plan, expected contributions during the remainder of fiscal year 2015	12.7	'
Other Postretirement Plans	'	'
Change in projected benefit obligation:	'	'
Service cost	1.1	1
Interest cost	3	3.1
Expected return on plan assets	-1.7	-1.6
Amortization of net loss	0.5	0.3
Net periodic benefit costs	$2.90	$2.80

Debt_Details

Debt (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Revolving Credit Agreement	'	'	'
Total	$604.20	'	$604.30
Long-term debt, net of current portion	604.2	'	604.3
Interest costs	7.7	7.9	'
Interest costs, capitalized	0.7	3.5	'
4.45% Senior Unsecured Notes due 2023	'	'	'
Revolving Credit Agreement	'	'	'
Face amount	300	'	300
Interest rate (as a percent)	4.45%	'	4.45%
Total	299.6	'	299.6
Credit Agreement	'	'	'
Revolving Credit Agreement	'	'	'
Maximum borrowing capacity	500	'	'
Letters of credit issued	8.2	'	'
Credit Agreement available for future borrowings	491.8	'	'
Credit Agreement | LIBOR	'	'	'
Revolving Credit Agreement	'	'	'
Variable rate basis	'LIBOR	'	'
Interest rate margin (as a percent)	1.25%	'	'
Credit Agreement | LIBOR | Minimum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate margin (as a percent)	0.75%	'	'
Credit Agreement | LIBOR | Maximum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate margin (as a percent)	1.90%	'	'
Credit Agreement | Base Rate	'	'	'
Revolving Credit Agreement	'	'	'
Variable rate basis	'Base Rate	'	'
Interest rate margin (as a percent)	0.25%	'	'
Credit Agreement | Base Rate | Minimum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate margin (as a percent)	0.00%	'	'
Credit Agreement | Base Rate | Maximum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate margin (as a percent)	0.90%	'	'
Letters of credit	'	'	'
Revolving Credit Agreement	'	'	'
Commitment fee rate (as a percent)	0.15%	'	'
Letter of credit fees (as a percent)	1.25%	'	'
Required interest coverage ratio	3.5	'	'
Letters of credit | Minimum	'	'	'
Revolving Credit Agreement	'	'	'
Commitment fee rate (as a percent)	0.08%	'	'
Letter of credit fees (as a percent)	0.75%	'	'
Letters of credit | Maximum	'	'	'
Revolving Credit Agreement	'	'	'
Commitment fee rate (as a percent)	0.38%	'	'
Letter of credit fees (as a percent)	1.90%	'	'
Required debt to capital ratio	0.55	'	'
Senior unsecured notes, 5.20% due July 2021	'	'	'
Revolving Credit Agreement	'	'	'
Face amount	250	'	250
Interest rate (as a percent)	5.20%	'	5.20%
Total	249.6	'	249.7
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member	'	'	'
Revolving Credit Agreement	'	'	'
Face amount	55	'	55
Total	$55	'	$55
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Minimum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate (as a percent)	6.97%	'	6.97%
Medium-term notes, Series B 6.97% to 7.10% due April 2018 To May 2018 Member | Maximum	'	'	'
Revolving Credit Agreement	'	'	'
Interest rate (as a percent)	7.10%	'	7.10%

Contingencies_and_Commitments_

Contingencies and Commitments (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014
Contingencies and Commitments	'	'
Increase made by the company in the liabilities of environmental remediation costs	$0.10	'
Environmental remediation liability	$15.60	$15.50

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Measured on a recurring basis, Level 2, USD $)	Sep. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified
Assets and liabilities measured at fair value on a recurring basis	'	'
Derivative financial instruments, Assets	$6.10	$20.40
Total assets	11.3	25.6
Derivative financial instruments, Liabilities	25.1	10.9
Municipal auction rate securities	'	'
Assets and liabilities measured at fair value on a recurring basis	'	'
Marketable securities	$5.20	$5.20

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified
Carrying Value	'	'
Carrying amounts and estimated fair values of financial instruments not recorded at fair value	'	'
Long-term debt, including current portion	$604.20	$604.30
Carrying Value | Level 2	'	'
Carrying amounts and estimated fair values of financial instruments not recorded at fair value	'	'
Company-owned life insurance	16.2	16.2
Fair Value	'	'
Carrying amounts and estimated fair values of financial instruments not recorded at fair value	'	'
Company-owned life insurance	16.2	16.2
Fair Value | Level 2	'	'
Carrying amounts and estimated fair values of financial instruments not recorded at fair value	'	'
Long-term debt, including current portion	$637.40	$638.70

Other_Income_Net_Details

Other Income, Net (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Other Income, Net	'	'
Legal settlement	$4.40	'
Foreign exchange	0.6	-0.4
Equity in earnings of unconsolidated subsidiaries	0.1	0.2
Unrealized (losses) gains on company-owned life insurance contracts and investments held in rabbi trusts	-0.3	0.4
Other	0.1	-0.1
Total other income, net	$4.90	$0.10

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	$6.10	'	$20.40
Derivatives designated as hedging instruments, Liability	25.1	'	10.9
Interest Rate Swaps	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	0.4	'	'
Derivatives designated as hedging instruments, Liability	0.2	'	'
Foreign Currency Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	1.3	'	'
Derivatives designated as hedging instruments, Liability	0.1	'	0.6
Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	4.4	'	20.4
Derivatives designated as hedging instruments, Liability	24.8	'	10.3
Other current assets	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	3.6	'	11.3
Other current assets | Interest Rate Swaps	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	0.4	'	'
Other current assets | Foreign Currency Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	1.3	'	'
Other current assets | Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	1.9	'	11.3
Other assets	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	2.5	'	9.1
Other assets | Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Asset	2.5	'	9.1
Accrued liability	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	13	'	4.7
Accrued liability | Foreign Currency Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	0.1	'	0.4
Accrued liability | Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	12.9	'	4.3
Other liabilities	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	12.1	'	6.2
Other liabilities | Interest Rate Swaps	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	0.2	'	'
Other liabilities | Foreign Currency Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	'	'	0.2
Other liabilities | Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Derivatives designated as hedging instruments, Liability	11.9	'	6
Fair Value Hedging | Interest Rate Swaps	'	'	'
Fair value of derivatives	'	'	'
Total notional amounts of interest rate contracts	100	'	0
Net gains recorded as a reduction to interest expense	0.4	0	'
Cash flow hedges	'	'	'
Fair value of derivatives	'	'	'
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	-26.8	-1.9	'
Cash flow hedges | Forward Interest Rate Swaps	'	'	'
Fair value of derivatives	'	'	'
Net gains recorded as a reduction to interest expense	0.1	0.1	'
Cash flow hedges | Foreign Currency Contracts	'	'	'
Fair value of derivatives	'	'	'
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	1.5	-0.5	'
Cash flow hedges | Commodity Contracts	'	'	'
Fair value of derivatives	'	'	'
Amounts of raw materials to be purchased from forward contracts	28,200,000	'	'
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion)	($28.30)	($1.40)	'

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activities (Details 2) (USD $)	3 Months Ended		3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges
					Commodity Contracts	Commodity Contracts	Foreign Currency Contracts	Foreign Currency Contracts	Interest Rate Swaps	Interest Rate Swaps
					Cost of Sales	Cost of Sales	Revenue	Revenue	Interest expenses	Interest expenses
(Losses) gains related to cash flow hedges	'	'	'	'	'	'	'	'	'	'
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	'	'	$2.40	($7.70)	$2	($7.70)	$0.30	($0.10)	$0.10	$0.10
Net derivative gains included in AOCI expected to be reclassified into earnings	-6.7	'	'	'	'	'	'	'	'	'
Changes in AOCI associated with derivative hedging activities	'	'	'	'	'	'	'	'	'	'
Balance, beginning	'	'	7.6	-41.5	'	'	'	'	'	'
Current period changes in fair value, net of tax	'	'	-16.7	-1.2	'	'	'	'	'	'
Reclassification to earnings, net of tax	'	'	-1.5	4.8	'	'	'	'	'	'
Balance, ending	'	'	-10.6	-37.9	'	'	'	'	'	'
Cash collateral held by counterparties	0	0	'	'	'	'	'	'	'	'
Amount of Gain Recognized in Income (Ineffective Portion)	'	'	$0.40	'	$0.40	'	'	'	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Provision (benefit) for income taxes from continuing operations	'	'
Total income tax expense	$6.50	$16.90
Income tax expense as a percent of pre-tax income	32.50%	32.80%
Statutory federal income tax rate (as a percent)	35.00%	35.00%

Superalloy_Powders_Technical_A1

Superalloy Powders Technical Assistance and Powder Supply Agreements (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014
Superalloy powders technical assistance and powder supply agreements	'	'
Up-front license fee asset	13	13
Up-front license fee paid	9.8	9.8
Other assets	'	'
Superalloy powders technical assistance and powder supply agreements	'	'
Up-front license fee asset	13	13
Accrued liability	'	'
Superalloy powders technical assistance and powder supply agreements	'	'
Up-front license fee payable	3.2	3.2
Technical assistance agreement and a long-term powder supply agreement | UTC	'	'
Superalloy powders technical assistance and powder supply agreements	'	'
Term for minimum guaranteed purchase quantities of specified materials	'12 years	'12 years
Technical assistance agreement and a long-term powder supply agreement | UTC | Maximum	'	'
Superalloy powders technical assistance and powder supply agreements	'	'
Superalloy powder supply term	'20 years	'20 years
Technical assistance agreement and a long-term powder supply agreement | UTC | Estimated	'	'
Superalloy powders technical assistance and powder supply agreements	'	'
Superalloy powder facility construction period	'18 months	'18 months
Superalloy powder facility construction costs	30	'

Business_Segments_Details

Business Segments (Details)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
	item	item
Business Segments	'	'
Number of reportable segments	2	'
Number of customers accounted for 10% or more of the sales	0	0

Business_Segments_Details_2

Business Segments (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Segment Data	'	'	'
Net sales	$549.80	$498.60	'
Operating income	22.1	55.8	'
Depreciation and Amortization	30.3	26.7	'
Capital Expenditures	59	90.4	'
Assets	3,012.20	'	3,057.50
Operating	'	'	'
Segment Data	'	'	'
Pension earnings, interest and deferrals	-2.4	-6	'
Corporate	'	'	'
Segment Data	'	'	'
Operating income	-10.3	-12.9	'
Depreciation and Amortization	1.1	1.4	'
Capital Expenditures	1	0.6	'
Assets	80.6	'	144.9
Intersegment	'	'	'
Segment Data	'	'	'
Net sales	-16.1	-14.8	'
Operating income	0.5	-0.6	'
Depreciation and Amortization	-0.3	'	'
Capital Expenditures	-0.4	-0.2	'
Assets	-33.5	'	-33.9
Specialty Alloys Operations | Operating	'	'	'
Segment Data	'	'	'
Net sales	436	394.9	'
Operating income	24.6	63.7	'
Depreciation and Amortization	23.5	19.5	'
Capital Expenditures	51.6	83	'
Assets	2,466.10	'	2,454.80
Performance Engineered Products | Operating	'	'	'
Segment Data	'	'	'
Net sales	129.9	118.5	'
Operating income	9.7	11.6	'
Depreciation and Amortization	6	5.8	'
Capital Expenditures	6.8	7	'
Assets	$499	'	$491.70

Reclassifications_from_Accumul2

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Details) (USD $)	3 Months Ended									3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
			Cash flow hedging items	Cash flow hedging items	Pension and other postretirement benefit plan items	Pension and other postretirement benefit plan items	Unrealized losses on available-for-sale securities	Unrealized losses on available-for-sale securities	Unrealized losses on available-for-sale securities	Foreign currency items	Foreign currency items
Changes in the balance of Accumulated Other Comprehensive Income	'	'	'	'	'	'	'	'	'	'	'
Balance at the beginning of the period	($245.20)	($335.70)	$7.60	($41.50)	($236.70)	($273.60)	($0.40)	($0.40)	($0.40)	($15.70)	($20.20)
Other comprehensive (loss) income before reclassifications	-24.6	2.2	-16.7	-1.2	'	'	-0.1	'	'	-7.9	3.5
Amounts reclassified from AOCI	1.5	8.4	-1.5	4.8	3	3.6	'	'	'	'	'
Other comprehensive (loss) income	-23.1	10.6	-18.2	3.6	3	3.6	-0.1	'	'	-7.9	3.5
Balance at the end of the period	($268.30)	($325.10)	($10.60)	($37.90)	($233.70)	($270)	($0.50)	($0.40)	($0.40)	($23.60)	($16.70)

Reclassifications_from_Accumul3

Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Amount reclassified from AOCI	'	'
Cost of sales	($480.70)	($395.30)
Net sales	549.8	498.6
Interest expense, net	-7	-4.4
Income before income taxes	20	51.5
Tax (expense) benefit	-6.5	-16.9
Net income	13.5	34.6
Cash flow hedging items | Amount Reclassified from AOCI	'	'
Amount reclassified from AOCI	'	'
Income before income taxes	2.4	-7.7
Tax (expense) benefit	-0.9	2.9
Net income	1.5	-4.8
Cash flow hedging items | Amount Reclassified from AOCI | Commodity Contracts	'	'
Amount reclassified from AOCI	'	'
Cost of sales	2	-7.7
Cash flow hedging items | Amount Reclassified from AOCI | Foreign Currency Contracts	'	'
Amount reclassified from AOCI	'	'
Net sales	0.3	-0.1
Cash flow hedging items | Amount Reclassified from AOCI | Interest Rate Swaps	'	'
Amount reclassified from AOCI	'	'
Interest expense, net	0.1	0.1
Pension and other postretirement benefit plan items | Amount Reclassified from AOCI	'	'
Amount reclassified from AOCI	'	'
Net actuarial loss	-4.7	-5.8
Prior service cost	-0.1	-0.1
Income before income taxes	-4.8	-5.9
Tax (expense) benefit	1.8	2.3
Net income	($3)	($3.60)