Carpenter Technology (CRS) 10-Q26 Jan 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 31, 2022	Jan. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-5828
Entity Registrant Name	CARPENTER TECHNOLOGY CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-0458500
Entity Address, Address Line One	1735 Market Street
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Philadelphia,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	610
Local Phone Number	208-2000
Title of 12(b) Security	Common Stock, $5 Par Value
Trading Symbol	CRS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,509,209
Entity Central Index Key	0000017843
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 20	$ 154.2
Accounts receivable, net	441.6	382.3
Inventories	722.7	496.1
Other current assets	99.1	86.8
Total current assets	1,283.4	1,119.4
Property, plant and equipment, net	1,390.5	1,420.8
Goodwill	241.4	241.4
Other intangibles, net	31.7	35.2
Deferred income taxes	5.2	5.7
Other assets	104.3	109.8
Total assets	3,056.5	2,932.3
Current liabilities:
Short-term credit agreement borrowings	81.2	0
Accounts payable	304.7	242.1
Accrued liabilities	124.4	133.5
Total current liabilities	510.3	375.6
Long-term debt	692.4	691.8
Accrued pension liabilities	199.4	196.6
Accrued postretirement benefits	78.3	77.4
Deferred income taxes	162	162.4
Other liabilities	93	98
Total liabilities	1,735.4	1,601.8
Contingencies and commitments (see Note 9)
STOCKHOLDERS' EQUITY
Common stock — authorized 100,000,000 shares; issued 56,026,448 shares at December 31, 2022 and 56,025,510 shares at June 30, 2022; outstanding 48,507,489 shares at December 31, 2022 and 48,286,439 shares at June 30, 2022	280.1	280.1
Capital in excess of par value	315.3	320.3
Reinvested earnings	1,190.7	1,211
Common stock in treasury (7,518,959 shares and 7,739,071 shares at December 31, 2022 and June 30, 2022, respectively), at cost	(298.4)	(307.4)
Accumulated other comprehensive loss	(166.6)	(173.5)
Total stockholders' equity	1,321.1	1,330.5
Total liabilities and stockholders' equity	$ 3,056.5	$ 2,932.3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Jun. 30, 2022
STOCKHOLDERS' EQUITY
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	56,026,448	56,025,510
Common stock outstanding (in shares)	48,507,489	48,286,439
Common stock in treasury (in shares)	7,518,959	7,739,071

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 579.1	$ 396	$ 1,102	$ 783.6
Cost of sales	509.1	382.9	977.2	745.3
Gross profit	70	13.1	124.8	38.3
Selling, general and administrative expenses	47.4	44.6	93.9	88.9
Operating income (loss)	22.6	(31.5)	30.9	(50.6)
Interest expense, net	13	10.1	25.6	20.3
Other expense (income), net	1.9	(6.6)	5.4	(10.7)
Income (loss) before income taxes	7.7	(35)	(0.1)	(60.2)
Income tax expense (benefit)	1.5	(5.6)	0.5	(16.1)
Net income (loss)	$ 6.2	$ (29.4)	$ (0.6)	$ (44.1)
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.13	$ (0.61)	$ (0.02)	$ (0.91)
Diluted (in dollars per share)	$ 0.13	$ (0.61)	$ (0.02)	$ (0.91)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	48.8	48.6	48.7	48.5
Diluted (in shares)	49	48.6	48.7	48.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6.2	$ (29.4)	$ (0.6)	$ (44.1)
Other comprehensive income (loss), net of tax
Pension and postretirement benefits, net of tax of $(0.4), $(0.4), $(0.8) and $(0.8), respectively	1.1	0.8	2.1	1.9
Net gain on derivative instruments, net of tax of $(2.1), $(0.5), $(0.4) and $(0.9), respectively	6.5	1.7	1.2	2.8
Foreign currency translation	6.9	(0.7)	3.6	(2.8)
Other comprehensive income, net of tax	14.5	1.8	6.9	1.9
Comprehensive income (loss), net of tax	$ 20.7	$ (27.6)	$ 6.3	$ (42.2)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Pension and post-retirement benefits, tax expense	$ (0.4)	$ (0.4)	$ (0.8)	$ (0.8)
Net gain on derivative instruments, tax benefit (expense)	$ (2.1)	$ (0.5)	$ (0.4)	$ (0.9)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ (0.6)	$ (44.1)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	64.8	65.3
Deferred income taxes	(0.9)	(17.6)
Net pension expense (income)	9.9	(3.6)
Share-based compensation expense	7.1	5.6
Net loss on disposals of property, plant and equipment	0.6	0.2
Changes in working capital and other:
Accounts receivable	(58.5)	0
Inventories	(226.7)	(109.8)
Other current assets	(4.1)	(7.4)
Accounts payable	62.1	26.9
Accrued liabilities	(12.1)	(42.9)
Pension plan contributions	0	(0.2)
Other postretirement plan contributions	(1.5)	(1.9)
Other, net	(4.6)	(6.8)
Net cash used for operating activities	(164.5)	(136.3)
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(31)	(33.4)
Proceeds from disposals of property, plant and equipment and assets held for sale	0	1.8
Net cash used for investing activities	(31)	(31.6)
FINANCING ACTIVITIES
Short-term credit agreement borrowings, net change	41.2	0
Credit agreement borrowings	60.1	0
Credit agreement repayments	(20.1)	0
Dividends paid	(19.7)	(19.7)
Withholding tax payments on share-based compensation awards	(3.4)	(3.1)
Net cash provided from (used for) financing activities	58.1	(22.8)
Effect of exchange rate changes on cash and cash equivalents	3.2	0.2
DECREASE IN CASH AND CASH EQUIVALENTS	(134.2)	(190.5)
Cash and cash equivalents at beginning of year	154.2	287.4
Cash and cash equivalents at end of period	20	96.9
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash investing activities: Purchase of property, plant, equipment and software	$ 8.1	$ 8.4

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, 2021	$ 1,392.3	$ 280.1	$ 322.6	$ 1,299.3	$ (317.4)	$ (192.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(44.1)			(44.1)
Pension and postretirement benefits, net of tax	1.9					1.9
Net gain on derivative instruments, net of tax	2.8					2.8
Foreign currency translation	(2.8)					(2.8)
Share-based compensation plans	2.7		(6.7)		9.4
Balances at the end of the period at Dec. 31, 2021	1,333.1	280.1	315.9	1,235.5	(308)	(190.4)
Cash Dividends:
Common stock	(19.7)			(19.7)
Balances at the beginning of the period at Sep. 30, 2021	1,367.6	280.1	316.3	1,274.7	(311.3)	(192.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(29.4)			(29.4)
Pension and postretirement benefits, net of tax	0.8					0.8
Net gain on derivative instruments, net of tax	1.7					1.7
Foreign currency translation	(0.7)					(0.7)
Share-based compensation plans	2.9		(0.4)		3.3
Balances at the end of the period at Dec. 31, 2021	1,333.1	280.1	315.9	1,235.5	(308)	(190.4)
Cash Dividends:
Common stock	(9.8)			(9.8)
Balances at the beginning of the period at Jun. 30, 2022	1,330.5	280.1	320.3	1,211	(307.4)	(173.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(0.6)			(0.6)
Pension and postretirement benefits, net of tax	2.1					2.1
Net gain on derivative instruments, net of tax	1.2					1.2
Foreign currency translation	3.6					3.6
Share-based compensation plans	4		(5)		9
Balances at the end of the period at Dec. 31, 2022	1,321.1	280.1	315.3	1,190.7	(298.4)	(166.6)
Cash Dividends:
Common stock	(19.7)			(19.7)
Balances at the beginning of the period at Sep. 30, 2022	1,306.8	280.1	314.3	1,194.3	(300.8)	(181.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6.2			6.2
Pension and postretirement benefits, net of tax	1.1					1.1
Net gain on derivative instruments, net of tax	6.5					6.5
Foreign currency translation	6.9					6.9
Share-based compensation plans	3.4		1		2.4
Balances at the end of the period at Dec. 31, 2022	1,321.1	$ 280.1	$ 315.3	1,190.7	$ (298.4)	$ (166.6)
Cash Dividends:
Common stock	$ (9.8)			$ (9.8)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
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	$ 0.40	$ 0.40

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2022 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the "2022 Form 10-K"). Operating results for the three and six months ended December 31, 2022 are not necessarily indicative of the operating results for any future period. As used throughout this report, unless the context requires otherwise, the terms "Carpenter", "Carpenter Technology", the "Company", "Registrant", "Issuer", "we" and "our" refer to Carpenter Technology Corporation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements

Revenue

Revenue	6 Months Ended
Revenue	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed. Each customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation. Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The standard payment terms are 30 days. The Company has elected to use the practical expedient that permits a Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $13.8 million and $14.4 million at December 31, 2022 and June 30, 2022, respectively, and are included in accrued liabilities on the consolidated balance sheets. The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less. Disaggregation of Revenue The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical location. Comparative information of the Company's overall revenues by end-use markets and geography for the three and six months ended December 31, 2022 and 2021 were as follows: End-Use Market Data Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Aerospace and Defense $ 280.1 $ 167.6 $ 541.8 $ 334.7 Medical 73.7 46.7 132.9 89.8 Transportation 41.4 38.2 78.3 79.8 Energy 34.8 23.1 62.7 45.3 Industrial and Consumer 119.7 90.5 224.6 177.0 Distribution 29.4 29.9 61.7 57.0 Total net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6 Geographic Data Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 United States $ 353.7 $ 254.2 $ 673.3 $ 501.1 Europe 87.2 52.3 178.0 100.8 Asia Pacific 79.2 53.2 137.3 114.8 Mexico 32.2 21.6 65.2 37.5 Canada 15.4 8.1 27.1 15.9 Other 11.4 6.6 21.1 13.5 Total net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	6 Months Ended
Earnings (Loss) per Common Share	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share The Company calculates basic and diluted earnings (loss) per share using the two class method. Under the two class method, earnings (loss) are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings (loss) available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended December 31, 2021, and the six months ended December 31, 2022 and 2021, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive. The calculations of basic and diluted earnings (loss) per common share for the three and six months ended December 31, 2022 and 2021 were as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net income (loss) $ 6.2 $ (29.4) $ (0.6) $ (44.1) Dividends allocated under share-based compensation plans (0.1) — (0.2) (0.1) Earnings (loss) available for common stockholders used in calculation of basic loss per common share $ 6.1 $ (29.4) $ (0.8) $ (44.2) Weighted average number of common shares outstanding, basic 48.8 48.6 48.7 48.5 Basic earnings (loss) per common share $ 0.13 $ (0.61) $ (0.02) $ (0.91) Net income (loss) $ 6.2 $ (29.4) $ (0.6) $ (44.1) Dividends allocated under share-based compensation plans (0.1) — (0.2) (0.1) Earnings (loss) available for common stockholders used in calculation of diluted loss per common share $ 6.1 $ (29.4) $ (0.8) $ (44.2) Weighted average number of common shares outstanding, basic 48.8 48.6 48.7 48.5 Effect of shares issuable under share-based compensation plans 0.2 — — — Weighted average number of common shares outstanding, diluted 49.0 48.6 48.7 48.5 Diluted earnings (loss) per common share $ 0.13 $ (0.61) $ (0.02) $ (0.91) The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings (loss) per share because their effects were anti-dilutive: Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Stock options 1.7 2.0 1.8 2.0

Inventories

Inventories	6 Months Ended
Inventories	Dec. 31, 2022
Inventory, Net [Abstract]
Inventories	Inventories Inventories consisted of the following components as of December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Raw materials and supplies $ 186.3 $ 127.8 Work in process 403.3 261.2 Finished and purchased products 133.1 107.1 Total inventories $ 722.7 $ 496.1 Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company also uses the first-in, first-out ("FIFO") and average cost methods. As of December 31, 2022 and June 30, 2022, $137.1 million and $122.9 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
Accrued Liabilities	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Accrued compensation and benefits $ 42.5 $ 53.2 Accrued interest expense 18.7 18.4 Accrued postretirement benefits 14.1 14.1 Contract liabilities 13.8 14.4 Current portion of lease liabilities 9.6 9.9 Accrued taxes 4.9 6.3 Accrued pension liabilities 3.4 3.4 Derivative financial instruments 2.8 0.3 Accrued income taxes 0.4 0.4 Other 14.2 13.1 Total accrued liabilities $ 124.4 $ 133.5

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
Pension and Other Postretirement Benefits	Dec. 31, 2022
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three and six months ended December 31, 2022 and 2021 were as follows: Three months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 2.0 $ 2.1 $ 0.5 $ 0.6 Interest cost 11.5 9.1 2.4 1.8 Expected return on plan assets (11.2) (14.9) (1.7) (2.0) Amortization of net loss (gain) 2.4 2.1 (0.4) (0.2) Amortization of prior service cost (credits) 0.5 0.6 (1.0) (1.0) Net pension expense (income) $ 5.2 $ (1.0) $ (0.2) $ (0.8) Six months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 4.0 $ 4.2 $ 1.0 $ 1.3 Interest cost 23.0 18.2 4.8 3.5 Expected return on plan assets (22.4) (29.8) (3.4) (4.0) Amortization of net loss (gain) 4.8 4.2 (0.8) (0.4) Amortization of prior service cost (credits) 1.0 1.2 (2.1) (2.0) Net pension expense (income) $ 10.4 $ (2.0) $ (0.5) $ (1.6) During the six months ended December 31, 2022 and 2021, the Company made $0.0 million and $0.2 million, respectively, of contributions to its qualified defined benefit pension plans. The Company currently does not expect to contribute to the qualified defined benefit pension plans during the remainder of fiscal year 2023.

Debt

Debt	6 Months Ended
Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt On March 16, 2022, the Company completed its offering and sale of $300.0 million in aggregate principal amount of 7.625 percent Senior Notes due 2030 (the "2030 Notes"). The 2030 Notes accrue interest at the rate of 7.625 percent per annum, with interest payable in cash semi-annually in arrears on March 15 and September 15, commencing September 15, 2022. The 2030 Notes will mature on March 15, 2030. The 2030 Notes are senior unsecured indebtedness of the Company, ranking equally in right of payment with all its existing and future senior unsecured indebtedness and senior to its future subordinated indebtedness. The Company used the net proceeds from the issuance of the 2030 Notes to repay, in April 2022, in full $300.0 million in principal of its 4.45 percent senior unsecured notes due March 2023, including any interest and premium due thereon. On March 26, 2021, the Company entered into a $300.0 million secured revolving credit facility (the "Credit Facility"). The Credit Facility amended and restated the Company's previous revolving credit facility, dated March 31, 2017, which had been set to expire in March 2022. The Credit Facility extends the maturity to March 31, 2024. This was subject to a springing maturity of November 30, 2022. If, by November 30, 2022, the Company's $300.0 million 4.45 percent Senior Notes due in March 2023 were not redeemed, repurchased or refinanced with indebtedness having a maturity date of October 1, 2024 or later, all indebtedness under the Credit Facility would have been due. The springing maturity clause has been satisfied with the issuance of the 2030 Notes and subsequent payment in full of the 4.45 percent Senior Notes, as discussed above. The Credit Facility contains a revolving credit commitment amount of $300.0 million, subject to the Company's right, from time to time, to request an increase of the commitment to $500.0 million in the aggregate; and provides for the issuance of letters of credit subject to a $40.0 million sub-limit. The Company has the right to terminate or reduce the commitments under the Credit Facility, and, subject to certain lender approvals, to join subsidiaries as subsidiary borrowers. On February 14, 2022, the Company entered into an amendment (the "Amendment") to its Credit Facility. The Amendment revised the interest coverage ratio covenant under the Credit Facility so the first test date was June 30, 2022, and required a minimum interest coverage ratio of 2.00 to 1.00 at June 30, 2022 (calculated for the two fiscal quarters then ended), 3.00 to 1.00 at September 30, 2022 (calculated for the three fiscal quarters then ended) and 3.50 to 1.00 at December 31, 2022 and thereafter (calculated for the four fiscal quarters then ended). The Amendment revised the restricted period under the Credit Facility, during which the Company was prohibited from incurring any secured debt other than purchase money financing for new equipment and was subject to additional restrictions on its ability to make dividends or distributions or to make certain investments. The restricted period expired on September 30, 2022. Interest on the borrowings under the Credit Facility accrues at variable rates, based upon a "Eurocurrency Rate" or a defined "Base Rate". Both are determined based upon the credit rating of the Company's senior unsecured long-term debt (the "Debt Rating"). The applicable margin to be added to the Eurocurrency Rate ranges from 1.25 percent to 2.25 percent (2.00 percent as of December 31, 2022), and for Base Rate-determined loans, from 0.25 percent to 1.25 percent (1.00 percent as of December 31, 2022). The Company also pays a quarterly commitment fee ranging from 0.275 percent to 0.375 percent (0.35 percent as of December 31, 2022), determined based upon the Debt Rating, of the unused portion of the $300.0 million commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.25 percent to 2.25 percent (2.00 percent as of December 31, 2022), with respect to letters of credit issued under the Credit Facility. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of December 31, 2022, the Company had $1.8 million of issued letters of credit under the Credit Facility and $81.2 million of short-term borrowings with the balance of $217.0 million available to the Company. As of December 31, 2022, the borrowing rate for the Credit Facility was 6.38 percent. The Company is subject to certain financial and restrictive covenants under the Credit Facility, which, among other things, require the maintenance of a minimum interest coverage ratio. The interest coverage ratio is defined in the Credit Facility as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense ("EBITDA") to consolidated interest expense for such period. The interest coverage covenant was waived until the quarter ended June 30, 2022 at which time it was required to be 2.00 to 1.00, then 3.00 to 1.00 at September 30, 2022 and then 3.50 to 1.00 at December 31, 2022. The Credit Facility also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Facility as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. In addition, the Company is also subject to an asset coverage ratio minimum of 1.10 to 1.00. The asset coverage ratio is defined in the Credit Facility as eligible receivables and inventory, as defined therein, to outstanding loans and obligations, as defined therein. As of December 31, 2022, the Company was in compliance with all of the covenants of the Credit Facility. Long-term debt outstanding as of December 31, 2022 and June 30, 2022 consisted of the following: ($ in millions) December 31, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at December 31, 2022 and June 30, 2022) $ 396.2 $ 395.9 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at December 31, 2022 and June 30, 2022) 296.2 295.9 Total debt 692.4 691.8 Less: amounts due within one year — — Long-term debt, net of current portion $ 692.4 $ 691.8

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
Contingencies and Commitments	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Environmental The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation. During the six months ended December 31, 2022, the Company increased the liability for environmental remediation costs by $0.5 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at December 31, 2022 and June 30, 2022 were $18.8 million and $18.3 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 we 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, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.

Leases

Leases	6 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The Company records right-of-use ("ROU") assets and operating lease liabilities on the consolidated balance sheet for several types of operating leases, including land and buildings, equipment (e.g. trucks and forklifts), vehicles and computer equipment. On the lease commencement date, the Company measures and records a ROU asset and lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease (or if that rate cannot be readily determined, the Company's incremental borrowing rate). Operating leases are included in other assets, accrued liabilities (current) and other liabilities (long-term) on the consolidated balance sheets. The Company elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected to not recognize ROU assets and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the ROU asset or lease liability. Income from subleased properties is recognized and presented as a reduction of selling, general and administrative expenses in the Company's consolidated statements of operations. The following table sets forth the components of the Company's lease cost for the three and six months ended December 31, 2022 and December 31, 2021: Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Operating lease cost $ 2.8 $ 2.5 $ 5.6 $ 5.0 Short-term lease cost 1.0 0.8 1.9 1.7 Variable lease cost — 0.1 — 0.3 Sublease income (0.2) (0.2) (0.5) (0.5) Total lease cost, net $ 3.6 $ 3.2 $ 7.0 $ 6.5 Operating cash flow payments from operating leases $ 3.1 $ 2.8 $ 6.2 $ 5.6 Non-cash ROU assets obtained in exchange for lease obligations $ 0.9 $ 15.1 $ 1.2 $ 15.5 The leases have remaining terms of one December 31, June 30, Weighted-average remaining lease term - operating leases 8.3 years 8.5 years Weighted-average discount rate - operating leases 3.8 % 3.7 % The following table sets forth the Company's ROU assets and lease liabilities at December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Operating lease assets: Other assets $ 39.4 $ 42.9 Operating lease liabilities: Accrued liabilities $ 9.6 $ 9.9 Other liabilities 39.1 42.7 Total operating lease liabilities $ 48.7 $ 52.6 Minimum lease payments for operating leases by fiscal year expiring subsequent to December 31, 2022 are as follows: ($ in millions) December 31, 2023 (remaining period of fiscal year) $ 6.0 2024 9.2 2025 6.6 2026 5.1 2027 5.1 Thereafter 25.4 Total future minimum lease payments 57.4 Less: imputed interest (8.7) Total $ 48.7

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs. The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 21.8 Liabilities: Derivative financial instruments $ 3.1 June 30, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 16.6 Liabilities: Derivative financial instruments $ 0.4 The Company's derivative financial instruments consist of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to commodity prices and foreign exchange rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies are more fully discussed in Note 12 Derivatives and Hedging Activities. The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America. The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows: December 31, 2022 June 30, 2022 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 692.4 $ 683.8 $ 691.8 $ 641.5 Company-owned life insurance $ 23.6 $ 23.6 $ 22.9 $ 22.9 The fair values of long-term debt as of December 31, 2022 and June 30, 2022 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 December 31, 2022 and June 30, 2022 reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
Derivatives and Hedging Activities	Dec. 31, 2022
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 and includes a summary of the impact the derivative instruments had on the Company's financial position, results of operations and cash flows. Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive (loss) income ("AOCI") and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of December 31, 2022, the Company had forward contracts to purchase 3.9 million pounds of certain raw materials with settlement dates through May 2025. Cash Flow Hedging — Forward interest rate swaps: Historically, the Company has entered into forward interest rate swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued. The forward interest rate swaps were designated as cash flow hedges. The qualifying hedge contracts were marked-to-market at each reporting date and any unrealized gains or losses were included in AOCI and reclassified to interest expense in the period during which the hedged transaction affected earnings or it became probable that the forecasted transaction would not occur. Upon the issuance of the fixed rate debt, the forward interest rate swap contracts were terminated. The realized gains at the time the interest rate swap contracts were terminated were amortized over the term of the underlying debt. For the three months ended December 31, 2022 and 2021, net gains related to the previously terminated contracts of $0.0 million and $0.1 million, respectively, were recorded as a reduction to interest expense Cash Flow Hedging — Foreign currency forward contracts: From time-to-time, the Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company also uses foreign currency forward contracts to protect certain short-term positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense (income), net. As of December 31, 2022 and June 30, 2022, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material. The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of December 31, 2022 and June 30, 2022: December 31, 2022 Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 4.5 $ 15.2 $ 19.7 Other assets — 2.1 2.1 Total asset derivatives $ 4.5 $ 17.3 $ 21.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 2.8 $ 2.8 Other liabilities — 0.3 0.3 Total liability derivatives $ — $ 3.1 $ 3.1 June 30, 2022 Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ 11.5 $ 11.5 Other assets 2.6 2.5 5.1 Total asset derivatives $ 2.6 $ 14.0 $ 16.6 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ 0.2 $ 0.1 $ 0.3 Other liabilities — 0.1 0.1 Total liability derivatives $ 0.2 $ 0.2 $ 0.4 Substantially all of the derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives would have been $22.8 million and total liability derivatives would have been $4.1 million as of December 31, 2022. According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of December 31, 2022 and June 30, 2022, the Company had no cash collateral held by counterparties. The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts. Cash Flow and Fair Value Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) on cash flow hedges recognized during the three and six months ended December 31, 2022 and 2021: Amount of Gain Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ 9.8 $ 1.3 $ 9.6 $ 1.0 Total $ 9.8 $ 1.3 $ 9.6 $ 1.0 ($ in millions) Location of Gain (Loss) Amount of Gain (Loss) Reclassified from AOCI Three Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.2 $ (1.0) Forward interest rate swaps Interest expense, net — 0.1 Total $ 1.2 $ (0.9) ($ in millions) Location of Gain (Loss) Amount of Gain (Loss) Reclassified from AOCI Six Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 7.9 $ (2.9) Forward interest rate swaps Interest expense, net — 0.2 Total $ 7.9 $ (2.7) The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and six months ended December 31, 2022 and 2021: Three Months Ended Three Months Ended ($ in millions) Cost of Sales Interest Expense, Net Cost of Sales Interest Expense, Net Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 509.1 $ 13.0 $ 382.9 $ 10.1 Gain (Loss) on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain (loss) reclassified from AOCI to income $ 1.2 $ — $ (1.0) $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — — 0.1 Total gain (loss) $ 1.2 $ — $ (1.0) $ 0.1 Six Months Ended Six Months Ended ($ in millions) Cost of Sales Interest Expense, Net Cost of Sales Interest Expense, Net Total amounts presented in the consolidated statement of income in which the effects of cash flow and fair value hedges are recorded $ 977.2 25.6 $ 745.3 $ 20.3 Gain (Loss) on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain (loss) reclassified from AOCI to income $ 7.9 $ — $ (2.9) $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — — 0.2 Total gain (loss) $ 7.9 $ — $ (2.9) $ 0.2 The Company estimates that $8.3 million of net derivative gains included in AOCI as of December 31, 2022 will be reclassified into income within the next 12 months. No significant cash flow hedges were discontinued during the three and six months ended December 31, 2022.

Other Expense (Income), Net

Other Expense (Income), Net	6 Months Ended
Other Expense (Income), Net	Dec. 31, 2022
Other Income and Expenses [Abstract]
Other Expense (Income), Net	Other Expense (Income), Net Other expense (income), net consisted of the following: Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts $ (1.6) $ (2.4) $ (0.6) $ (2.2) Foreign exchange loss 1.2 0.3 1.2 0.6 Interest income (0.1) — (0.2) — Pension earnings, interest and deferrals expense (income) 2.5 (4.5) 4.9 (9.1) Other (0.1) — 0.1 — Total other expense (income), net $ 1.9 $ (6.6) $ 5.4 $ (10.7)

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pre-tax income, or loss, of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense or benefit can be impacted by changes in tax rates or laws, the finalization of tax audits, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. During the three and six months ended December 31, 2022 and 2021, deferred taxes were determined by the year-to-date tax benefit with current taxes accounting for the remaining tax expense or benefit recorded in the period. Income tax expense was $1.5 million, or 19.5 percent of pre-tax income for the three months ended December 31, 2022, as compared with income tax benefit of $5.6 million, or 16.0 percent of pre-tax loss for the three months ended December 31, 2021. Income tax expense for the six months ended December 31, 2022, was $0.5 million, or negative 500.0 percent of pre-tax loss as compared with income tax benefit of $16.1 million, or 26.7 percent of pre-tax loss for the six months ended December 31, 2021. The effective tax rate for the six months ended December 31, 2022 of negative 500.0 percent is due primarily to the near breakeven year-to-date pre-tax loss of $0.1 million for the six months ended December 31, 2022 in relation to permanent tax adjustments and discrete items during the current period. Income tax expense for the three months ended December 31, 2022, includes the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included is a discrete tax benefit of $0.6 million for anticipated interest on IRS income tax refund claims. Income tax benefit for the three months ended December 31, 2021 reflected a change in the estimated full year results for the fiscal year. Also included was the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Income tax expense for the six months ended December 31, 2022, includes the unfavorable impact of losses in certain foreign jurisdictions for which no tax benefit can be recognized. Also included is a discrete tax benefit of $0.6 million for anticipated interest on IRS income tax refund claims as well as a discrete tax charge of $0.6 million for the impact of a state tax legislative change. Income tax benefit for the six months ended December 31, 2021 included the unfavorable impacts of losses in certain foreign jurisdictions for which no tax benefit can be recognized.

Business Segments

Business Segments	6 Months Ended
Business Segments	Dec. 31, 2022
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 are comprised of executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring charges and other specifically-identified income or expense items. On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the three and six months ended December 31, 2022 and December 31, 2021. On a consolidated basis, no single customer accounted for 10 percent or more of accounts receivable outstanding at December 31, 2022 and June 30, 2022. Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Net Sales: Specialty Alloys Operations $ 495.8 $ 330.8 $ 943.2 $ 662.8 Performance Engineered Products 106.7 85.7 200.0 160.3 Intersegment (23.4) (20.5) (41.2) (39.5) Consolidated net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6 Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Operating Income (Loss): Specialty Alloys Operations $ 30.3 $ (20.3) $ 50.2 $ (26.2) Performance Engineered Products 9.3 3.0 15.6 3.6 Corporate costs (16.4) (14.5) (33.5) (28.6) Intersegment (0.6) 0.3 (1.4) 0.6 Consolidated operating income (loss) $ 22.6 $ (31.5) $ 30.9 $ (50.6) Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Depreciation and Amortization: Specialty Alloys Operations $ 27.3 $ 27.4 $ 54.4 $ 54.6 Performance Engineered Products 3.8 4.0 7.7 7.9 Corporate 1.4 1.4 2.7 2.8 Consolidated depreciation and amortization $ 32.5 $ 32.8 $ 64.8 $ 65.3 Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Capital Expenditures: Specialty Alloys Operations $ 16.0 $ 16.6 $ 27.4 $ 28.7 Performance Engineered Products 1.2 2.0 3.1 3.2 Corporate 0.3 0.5 0.5 1.5 Consolidated capital expenditures $ 17.5 $ 19.1 $ 31.0 $ 33.4 December 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,482.1 $ 2,262.4 Performance Engineered Products 444.9 418.9 Corporate 136.0 248.9 Intersegment (6.5) 2.1 Consolidated total assets $ 3,056.5 $ 2,932.3

Reclassifications from Accumula

Reclassifications from Accumulated Other Comprehensive Loss	6 Months Ended
Reclassifications from Accumulated Other Comprehensive Loss	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassifications from Accumulated Other Comprehensive Loss	Reclassifications from Accumulated Other Comprehensive Loss The changes in AOCI by component, net of tax, for the three months ended December 31, 2022 and 2021 were as follows: Three Months Ended December 31, 2022 Cash flow Pension and Foreign Total Balances at September 30, 2022 $ 0.2 $ (131.9) $ (49.4) $ (181.1) Other comprehensive income before reclassifications 7.4 — 6.9 14.3 Amounts reclassified from AOCI (b) (0.9) 1.1 — 0.2 Net other comprehensive income 6.5 1.1 6.9 14.5 Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Three Months Ended December 31, 2021 Cash flow Pension and Foreign Total Balances at September 30, 2021 $ 8.0 $ (158.0) $ (42.2) $ (192.2) Other comprehensive income (loss) before reclassifications 1.0 (0.3) (0.7) — Amounts reclassified from AOCI (b) 0.7 1.1 — 1.8 Net other comprehensive income (loss) 1.7 0.8 (0.7) 1.8 Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the six months ended December 31, 2022 and 2021 were as follows: Six Months Ended December 31, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive income before reclassifications 7.2 — 3.6 10.8 Amounts reclassified from AOCI (b) (6.0) 2.1 — (3.9) Net other comprehensive income 1.2 2.1 3.6 6.9 Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Six Months Ended December 31, 2021 Cash flow Pension and Foreign Total Balances at June 30, 2021 $ 6.9 $ (159.1) $ (40.1) $ (192.3) Other comprehensive income (loss) before reclassifications 0.7 (0.3) (2.8) (2.4) Amounts reclassified from AOCI (b) 2.1 2.2 — 4.3 Net other comprehensive income (loss) 2.8 1.9 (2.8) 1.9 Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The following is a summary of amounts reclassified from AOCI for the three and six months ended December 31, 2022 and 2021: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Cash flow hedging items: Commodity contracts Cost of sales $ 1.2 $ (1.0) $ 7.9 $ (2.9) Forward interest rate swaps Interest expense, net — 0.1 — 0.2 Total before tax 1.2 (0.9) 7.9 (2.7) Tax (expense) benefit (0.3) 0.2 (1.9) 0.6 Net of tax $ 0.9 $ (0.7) $ 6.0 $ (2.1) Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (2.0) $ (1.9) $ (4.0) $ (3.8) Prior service benefit (b) 0.5 0.4 1.1 0.8 Total before tax (1.5) (1.5) (2.9) (3.0) Tax benefit 0.4 0.4 0.8 0.8 Net of tax $ (1.1) $ (1.1) $ (2.1) $ (2.2) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 7. Pension and Other Postretirement Benefits for additional details).

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2022 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the "2022 Form 10-K"). Operating results for the three and six months ended December 31, 2022 are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements Adopted in Current Period and Pending Adoption	Recently Issued Accounting Pronouncements At this time there are no issued pronouncements, adopted or pending adoption, in the current fiscal year that would materially impact the Company.
Revenue	The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed. Each customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation. Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The standard payment terms are 30 days. The Company has elected to use the practical expedient that permits a Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $13.8 million and $14.4 million at December 31, 2022 and June 30, 2022, respectively, and are included in accrued liabilities on the consolidated balance sheets.
Loss per Common Share	The Company calculates basic and diluted earnings (loss) per share using the two class method. Under the two class method, earnings (loss) are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings (loss) available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. For the three months ended December 31, 2021, and the six months ended December 31, 2022 and 2021, the Company incurred a net loss and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive.
Inventories	Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company also uses the first-in, first-out ("FIFO") and average cost methods.
Regulatory Environmental Costs	The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation.
Contingencies and Commitments	The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.
Leases	The Company elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected to not recognize ROU assets and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the ROU asset or lease liability. Income from subleased properties is recognized and presented as a reduction of selling, general and administrative expenses in the Company's consolidated statements of operations.
Fair Value Measurements	The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs.
Fair Value of Financial Instruments	The Company's derivative financial instruments consist of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to commodity prices and foreign exchange rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies are more fully discussed in Note 12 Derivatives and Hedging Activities. The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States of America. The fair values of long-term debt as of December 31, 2022 and June 30, 2022 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 December 31, 2022 and June 30, 2022 reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
Cash Flow Hedging	Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive (loss) income ("AOCI") and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur.Cash Flow Hedging — Forward interest rate swaps: Historically, the Company has entered into forward interest rate swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued. The forward interest rate swaps were designated as cash flow hedges. The qualifying hedge contracts were marked-to-market at each reporting date and any unrealized gains or losses were included in AOCI and reclassified to interest expense in the period during which the hedged transaction affected earnings or it became probable that the forecasted transaction would not occur. Upon the issuance of the fixed rate debt, the forward interest rate swap contracts were terminated. The realized gains at the time the interest rate swap contracts were terminated were amortized over the term of the underlying debt. Cash Flow Hedging — Foreign currency forward contracts: From time-to-time, the Company uses foreign currency forward contracts to hedge a portion of anticipated future sales denominated in foreign currencies, principally the Euro in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to net sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. The Company also uses foreign currency forward contracts to protect certain short-term positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense (income), net. As of December 31, 2022 and June 30, 2022, 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 are comprised of executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring charges and other specifically-identified income or expense items.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Revenues by End-Use Markets and Geography	Comparative information of the Company's overall revenues by end-use markets and geography for the three and six months ended December 31, 2022 and 2021 were as follows: End-Use Market Data Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Aerospace and Defense $ 280.1 $ 167.6 $ 541.8 $ 334.7 Medical 73.7 46.7 132.9 89.8 Transportation 41.4 38.2 78.3 79.8 Energy 34.8 23.1 62.7 45.3 Industrial and Consumer 119.7 90.5 224.6 177.0 Distribution 29.4 29.9 61.7 57.0 Total net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6 Geographic Data Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 United States $ 353.7 $ 254.2 $ 673.3 $ 501.1 Europe 87.2 52.3 178.0 100.8 Asia Pacific 79.2 53.2 137.3 114.8 Mexico 32.2 21.6 65.2 37.5 Canada 15.4 8.1 27.1 15.9 Other 11.4 6.6 21.1 13.5 Total net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	6 Months Ended
Earnings (Loss) per Common Share (Tables)	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share	The calculations of basic and diluted earnings (loss) per common share for the three and six months ended December 31, 2022 and 2021 were as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net income (loss) $ 6.2 $ (29.4) $ (0.6) $ (44.1) Dividends allocated under share-based compensation plans (0.1) — (0.2) (0.1) Earnings (loss) available for common stockholders used in calculation of basic loss per common share $ 6.1 $ (29.4) $ (0.8) $ (44.2) Weighted average number of common shares outstanding, basic 48.8 48.6 48.7 48.5 Basic earnings (loss) per common share $ 0.13 $ (0.61) $ (0.02) $ (0.91) Net income (loss) $ 6.2 $ (29.4) $ (0.6) $ (44.1) Dividends allocated under share-based compensation plans (0.1) — (0.2) (0.1) Earnings (loss) available for common stockholders used in calculation of diluted loss per common share $ 6.1 $ (29.4) $ (0.8) $ (44.2) Weighted average number of common shares outstanding, basic 48.8 48.6 48.7 48.5 Effect of shares issuable under share-based compensation plans 0.2 — — — Weighted average number of common shares outstanding, diluted 49.0 48.6 48.7 48.5 Diluted earnings (loss) per common share $ 0.13 $ (0.61) $ (0.02) $ (0.91)
Schedule of Awards Issued Under Share-Based Compensation Plans Excluded From the Calculations of Diluted Earnings (Loss) per Share	The following awards issued under share-based compensation plans were excluded from the above calculations of diluted earnings (loss) per share because their effects were anti-dilutive: Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Stock options 1.7 2.0 1.8 2.0

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Dec. 31, 2022
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consisted of the following components as of December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Raw materials and supplies $ 186.3 $ 127.8 Work in process 403.3 261.2 Finished and purchased products 133.1 107.1 Total inventories $ 722.7 $ 496.1

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
Accrued Liabilities (Tables)	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Accrued compensation and benefits $ 42.5 $ 53.2 Accrued interest expense 18.7 18.4 Accrued postretirement benefits 14.1 14.1 Contract liabilities 13.8 14.4 Current portion of lease liabilities 9.6 9.9 Accrued taxes 4.9 6.3 Accrued pension liabilities 3.4 3.4 Derivative financial instruments 2.8 0.3 Accrued income taxes 0.4 0.4 Other 14.2 13.1 Total accrued liabilities $ 124.4 $ 133.5

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
Pension and Other Postretirement Benefits (Tables)	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Components of the Net Periodic Pension (Income) Expense	The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three and six months ended December 31, 2022 and 2021 were as follows: Three months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 2.0 $ 2.1 $ 0.5 $ 0.6 Interest cost 11.5 9.1 2.4 1.8 Expected return on plan assets (11.2) (14.9) (1.7) (2.0) Amortization of net loss (gain) 2.4 2.1 (0.4) (0.2) Amortization of prior service cost (credits) 0.5 0.6 (1.0) (1.0) Net pension expense (income) $ 5.2 $ (1.0) $ (0.2) $ (0.8) Six months ended December 31, Pension Plans Other Postretirement Plans ($ in millions) 2022 2021 2022 2021 Service cost $ 4.0 $ 4.2 $ 1.0 $ 1.3 Interest cost 23.0 18.2 4.8 3.5 Expected return on plan assets (22.4) (29.8) (3.4) (4.0) Amortization of net loss (gain) 4.8 4.2 (0.8) (0.4) Amortization of prior service cost (credits) 1.0 1.2 (2.1) (2.0) Net pension expense (income) $ 10.4 $ (2.0) $ (0.5) $ (1.6)

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of December 31, 2022 and June 30, 2022 consisted of the following: ($ in millions) December 31, June 30, Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at December 31, 2022 and June 30, 2022) $ 396.2 $ 395.9 Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at December 31, 2022 and June 30, 2022) 296.2 295.9 Total debt 692.4 691.8 Less: amounts due within one year — — Long-term debt, net of current portion $ 692.4 $ 691.8

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Summary of Lease Cost	The following table sets forth the components of the Company's lease cost for the three and six months ended December 31, 2022 and December 31, 2021: Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Operating lease cost $ 2.8 $ 2.5 $ 5.6 $ 5.0 Short-term lease cost 1.0 0.8 1.9 1.7 Variable lease cost — 0.1 — 0.3 Sublease income (0.2) (0.2) (0.5) (0.5) Total lease cost, net $ 3.6 $ 3.2 $ 7.0 $ 6.5 Operating cash flow payments from operating leases $ 3.1 $ 2.8 $ 6.2 $ 5.6 Non-cash ROU assets obtained in exchange for lease obligations $ 0.9 $ 15.1 $ 1.2 $ 15.5 December 31, June 30, Weighted-average remaining lease term - operating leases 8.3 years 8.5 years Weighted-average discount rate - operating leases 3.8 % 3.7 %
Summary of Right-of-Use Assets and Lease Liabilities	The following table sets forth the Company's ROU assets and lease liabilities at December 31, 2022 and June 30, 2022: ($ in millions) December 31, June 30, Operating lease assets: Other assets $ 39.4 $ 42.9 Operating lease liabilities: Accrued liabilities $ 9.6 $ 9.9 Other liabilities 39.1 42.7 Total operating lease liabilities $ 48.7 $ 52.6
Schedule of Minimum Lease Payments for Operating Leases Expiring	Minimum lease payments for operating leases by fiscal year expiring subsequent to December 31, 2022 are as follows: ($ in millions) December 31, 2023 (remaining period of fiscal year) $ 6.0 2024 9.2 2025 6.6 2026 5.1 2027 5.1 Thereafter 25.4 Total future minimum lease payments 57.4 Less: imputed interest (8.7) Total $ 48.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 21.8 Liabilities: Derivative financial instruments $ 3.1 June 30, 2022 Fair Value ($ in millions) Level 2 Assets: Derivative financial instruments $ 16.6 Liabilities: Derivative financial instruments $ 0.4
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: December 31, 2022 June 30, 2022 ($ in millions) Carrying Fair Carrying Fair Long-term debt $ 692.4 $ 683.8 $ 691.8 $ 641.5 Company-owned life insurance $ 23.6 $ 23.6 $ 22.9 $ 22.9

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
Derivatives and Hedging Activities (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets	The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of December 31, 2022 and June 30, 2022: December 31, 2022 Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ 4.5 $ 15.2 $ 19.7 Other assets — 2.1 2.1 Total asset derivatives $ 4.5 $ 17.3 $ 21.8 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ — $ 2.8 $ 2.8 Other liabilities — 0.3 0.3 Total liability derivatives $ — $ 3.1 $ 3.1 June 30, 2022 Foreign Commodity Total ($ in millions) Asset Derivatives: Derivatives designated as hedging instruments: Other current assets $ — $ 11.5 $ 11.5 Other assets 2.6 2.5 5.1 Total asset derivatives $ 2.6 $ 14.0 $ 16.6 Liability Derivatives: Derivatives designated as hedging instruments: Accrued liabilities $ 0.2 $ 0.1 $ 0.3 Other liabilities — 0.1 0.1 Total liability derivatives $ 0.2 $ 0.2 $ 0.4
Summary of the Gains (Losses) Related to Cash Flow Hedges	The following is a summary of the gains (losses) on cash flow hedges recognized during the three and six months ended December 31, 2022 and 2021: Amount of Gain Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts $ 9.8 $ 1.3 $ 9.6 $ 1.0 Total $ 9.8 $ 1.3 $ 9.6 $ 1.0 ($ in millions) Location of Gain (Loss) Amount of Gain (Loss) Reclassified from AOCI Three Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 1.2 $ (1.0) Forward interest rate swaps Interest expense, net — 0.1 Total $ 1.2 $ (0.9) ($ in millions) Location of Gain (Loss) Amount of Gain (Loss) Reclassified from AOCI Six Months Ended 2022 2021 Derivatives in Cash Flow Hedging Relationship: Commodity contracts Cost of sales $ 7.9 $ (2.9) Forward interest rate swaps Interest expense, net — 0.2 Total $ 7.9 $ (2.7)
Summary of Effect of Derivative Instruments on Income	The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow and fair value hedges are recorded during the three and six months ended December 31, 2022 and 2021: Three Months Ended Three Months Ended ($ in millions) Cost of Sales Interest Expense, Net Cost of Sales Interest Expense, Net Total amounts presented in the consolidated statement of operations in which the effects of cash flow and fair value hedges are recorded $ 509.1 $ 13.0 $ 382.9 $ 10.1 Gain (Loss) on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain (loss) reclassified from AOCI to income $ 1.2 $ — $ (1.0) $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — — 0.1 Total gain (loss) $ 1.2 $ — $ (1.0) $ 0.1 Six Months Ended Six Months Ended ($ in millions) Cost of Sales Interest Expense, Net Cost of Sales Interest Expense, Net Total amounts presented in the consolidated statement of income in which the effects of cash flow and fair value hedges are recorded $ 977.2 25.6 $ 745.3 $ 20.3 Gain (Loss) on Derivatives in Cash Flow Hedging Relationship: Commodity contracts Amount of gain (loss) reclassified from AOCI to income $ 7.9 $ — $ (2.9) $ — Interest rate swap agreements Amount of gain reclassified from AOCI to income — — — 0.2 Total gain (loss) $ 7.9 $ — $ (2.9) $ 0.2

Other Expense (Income), Net (Ta

Other Expense (Income), Net (Tables)	6 Months Ended
Other Expense (Income), Net (Tables)	Dec. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other (Income) Expense, Net	Other expense (income), net consisted of the following: Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts $ (1.6) $ (2.4) $ (0.6) $ (2.2) Foreign exchange loss 1.2 0.3 1.2 0.6 Interest income (0.1) — (0.2) — Pension earnings, interest and deferrals expense (income) 2.5 (4.5) 4.9 (9.1) Other (0.1) — 0.1 — Total other expense (income), net $ 1.9 $ (6.6) $ 5.4 $ (10.7)

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
Business Segments (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments	Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Net Sales: Specialty Alloys Operations $ 495.8 $ 330.8 $ 943.2 $ 662.8 Performance Engineered Products 106.7 85.7 200.0 160.3 Intersegment (23.4) (20.5) (41.2) (39.5) Consolidated net sales $ 579.1 $ 396.0 $ 1,102.0 $ 783.6 Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Operating Income (Loss): Specialty Alloys Operations $ 30.3 $ (20.3) $ 50.2 $ (26.2) Performance Engineered Products 9.3 3.0 15.6 3.6 Corporate costs (16.4) (14.5) (33.5) (28.6) Intersegment (0.6) 0.3 (1.4) 0.6 Consolidated operating income (loss) $ 22.6 $ (31.5) $ 30.9 $ (50.6) Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Depreciation and Amortization: Specialty Alloys Operations $ 27.3 $ 27.4 $ 54.4 $ 54.6 Performance Engineered Products 3.8 4.0 7.7 7.9 Corporate 1.4 1.4 2.7 2.8 Consolidated depreciation and amortization $ 32.5 $ 32.8 $ 64.8 $ 65.3 Three Months Ended Six Months Ended ($ in millions) 2022 2021 2022 2021 Capital Expenditures: Specialty Alloys Operations $ 16.0 $ 16.6 $ 27.4 $ 28.7 Performance Engineered Products 1.2 2.0 3.1 3.2 Corporate 0.3 0.5 0.5 1.5 Consolidated capital expenditures $ 17.5 $ 19.1 $ 31.0 $ 33.4 December 31, June 30, ($ in millions) Total Assets: Specialty Alloys Operations $ 2,482.1 $ 2,262.4 Performance Engineered Products 444.9 418.9 Corporate 136.0 248.9 Intersegment (6.5) 2.1 Consolidated total assets $ 3,056.5 $ 2,932.3

Reclassifications from Accumu_2

Reclassifications from Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in AOCI by Component, Net of Tax	The changes in AOCI by component, net of tax, for the three months ended December 31, 2022 and 2021 were as follows: Three Months Ended December 31, 2022 Cash flow Pension and Foreign Total Balances at September 30, 2022 $ 0.2 $ (131.9) $ (49.4) $ (181.1) Other comprehensive income before reclassifications 7.4 — 6.9 14.3 Amounts reclassified from AOCI (b) (0.9) 1.1 — 0.2 Net other comprehensive income 6.5 1.1 6.9 14.5 Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Three Months Ended December 31, 2021 Cash flow Pension and Foreign Total Balances at September 30, 2021 $ 8.0 $ (158.0) $ (42.2) $ (192.2) Other comprehensive income (loss) before reclassifications 1.0 (0.3) (0.7) — Amounts reclassified from AOCI (b) 0.7 1.1 — 1.8 Net other comprehensive income (loss) 1.7 0.8 (0.7) 1.8 Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details. The changes in AOCI by component, net of tax, for the six months ended December 31, 2022 and 2021 were as follows: Six Months Ended December 31, 2022 Cash flow Pension and Foreign Total Balances at June 30, 2022 $ 5.5 $ (132.9) $ (46.1) $ (173.5) Other comprehensive income before reclassifications 7.2 — 3.6 10.8 Amounts reclassified from AOCI (b) (6.0) 2.1 — (3.9) Net other comprehensive income 1.2 2.1 3.6 6.9 Balances at December 31, 2022 $ 6.7 $ (130.8) $ (42.5) $ (166.6) Six Months Ended December 31, 2021 Cash flow Pension and Foreign Total Balances at June 30, 2021 $ 6.9 $ (159.1) $ (40.1) $ (192.3) Other comprehensive income (loss) before reclassifications 0.7 (0.3) (2.8) (2.4) Amounts reclassified from AOCI (b) 2.1 2.2 — 4.3 Net other comprehensive income (loss) 2.8 1.9 (2.8) 1.9 Balances at December 31, 2021 $ 9.7 $ (157.2) $ (42.9) $ (190.4) (a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) See separate table below for further details.
Schedule of Amounts Reclassified from AOCI	The following is a summary of amounts reclassified from AOCI for the three and six months ended December 31, 2022 and 2021: Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Cash flow hedging items: Commodity contracts Cost of sales $ 1.2 $ (1.0) $ 7.9 $ (2.9) Forward interest rate swaps Interest expense, net — 0.1 — 0.2 Total before tax 1.2 (0.9) 7.9 (2.7) Tax (expense) benefit (0.3) 0.2 (1.9) 0.6 Net of tax $ 0.9 $ (0.7) $ 6.0 $ (2.1) Details about AOCI Components Location of Amount Reclassified from AOCI Amount Reclassified from AOCI ($ in millions) (a) 2022 2021 2022 2021 Amortization of pension and other postretirement benefit plan items: Net actuarial loss (b) $ (2.0) $ (1.9) $ (4.0) $ (3.8) Prior service benefit (b) 0.5 0.4 1.1 0.8 Total before tax (1.5) (1.5) (2.9) (3.0) Tax benefit 0.4 0.4 0.8 0.8 Net of tax $ (1.1) $ (1.1) $ (2.1) $ (2.2) (a) Amounts in parentheses indicate debits to income/loss. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 7. Pension and Other Postretirement Benefits for additional details).

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	6 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) segment	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	30 days
Contract liabilities \| $	$ 13.8	$ 14.4
Number of business segments \| segment	2

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by End-Use Markets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 579.1	$ 396	$ 1,102	$ 783.6
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total net sales	280.1	167.6	541.8	334.7
Medical
Disaggregation of Revenue [Line Items]
Total net sales	73.7	46.7	132.9	89.8
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	41.4	38.2	78.3	79.8
Energy
Disaggregation of Revenue [Line Items]
Total net sales	34.8	23.1	62.7	45.3
Industrial and Consumer
Disaggregation of Revenue [Line Items]
Total net sales	119.7	90.5	224.6	177
Distribution
Disaggregation of Revenue [Line Items]
Total net sales	$ 29.4	$ 29.9	$ 61.7	$ 57

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 579.1	$ 396	$ 1,102	$ 783.6
United States
Disaggregation of Revenue [Line Items]
Total net sales	353.7	254.2	673.3	501.1
Europe
Disaggregation of Revenue [Line Items]
Total net sales	87.2	52.3	178	100.8
Asia Pacific
Disaggregation of Revenue [Line Items]
Total net sales	79.2	53.2	137.3	114.8
Mexico
Disaggregation of Revenue [Line Items]
Total net sales	32.2	21.6	65.2	37.5
Canada
Disaggregation of Revenue [Line Items]
Total net sales	15.4	8.1	27.1	15.9
Other
Disaggregation of Revenue [Line Items]
Total net sales	$ 11.4	$ 6.6	$ 21.1	$ 13.5

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share - Schedule of Calculations of Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 6.2	$ (29.4)	$ (0.6)	$ (44.1)
Dividends allocated under share-based compensation plans	(0.1)	0	(0.2)	(0.1)
Earnings (loss) available for common stockholders used in calculation of basic loss per common share	$ 6.1	$ (29.4)	$ (0.8)	$ (44.2)
Weighted average number of common shares outstanding, basic (in shares)	48.8	48.6	48.7	48.5
Basic earnings (loss) per common share (in dollars per share)	$ 0.13	$ (0.61)	$ (0.02)	$ (0.91)
Dividends allocated under share-based compensation plans	$ (0.1)	$ 0	$ (0.2)	$ (0.1)
Earnings (loss) available for common stockholders used in calculation of diluted loss per common share	$ 6.1	$ (29.4)	$ (0.8)	$ (44.2)
Effect of shares issuable under share-based compensation plans (in shares)	0.2	0	0	0
Weighted average number of common shares outstanding, diluted (in shares)	49	48.6	48.7	48.5
Diluted earnings (loss) per common share (in dollars per share)	$ 0.13	$ (0.61)	$ (0.02)	$ (0.91)

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share - Schedule of Awards Issued Under Share-Based Compensation Plans Excluded From the Calculations of Diluted Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock options
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive
Stock options (in shares)	1.7	2	1.8	2

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Inventory, Net [Abstract]
Raw materials and supplies	$ 186.3	$ 127.8
Work in process	403.3	261.2
Finished and purchased products	133.1	107.1
Total inventories	$ 722.7	$ 496.1

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Inventory, Net [Abstract]
Inventory accounted for using a method other than LIFO	$ 137.1	$ 122.9

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 42.5	$ 53.2
Accrued interest expense	18.7	18.4
Accrued postretirement benefits	14.1	14.1
Contract liabilities	13.8	14.4
Current portion of lease liabilities	9.6	9.9
Accrued taxes	4.9	6.3
Accrued pension liabilities	3.4	3.4
Derivative financial instruments	2.8	0.3
Accrued income taxes	0.4	0.4
Other	14.2	13.1
Total accrued liabilities	$ 124.4	$ 133.5

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		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2.1	$ 4	$ 4.2
Interest cost	11.5	9.1	23	18.2
Expected return on plan assets	(11.2)	(14.9)	(22.4)	(29.8)
Amortization of net loss (gain)	2.4	2.1	4.8	4.2
Amortization of prior service cost (credits)	0.5	0.6	1	1.2
Net pension expense (income)	5.2	(1)	10.4	(2)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.5	0.6	1	1.3
Interest cost	2.4	1.8	4.8	3.5
Expected return on plan assets	(1.7)	(2)	(3.4)	(4)
Amortization of net loss (gain)	(0.4)	(0.2)	(0.8)	(0.4)
Amortization of prior service cost (credits)	(1)	(1)	(2.1)	(2)
Net pension expense (income)	$ (0.2)	$ (0.8)	$ (0.5)	$ (1.6)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions	$ 0	$ 0.2

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)	Dec. 31, 2022	Dec. 31, 2022 Rate	Sep. 30, 2022	Sep. 30, 2022 Rate	Jun. 30, 2022 USD ($)	Jun. 30, 2022	Jun. 30, 2022 Rate	Apr. 30, 2022 USD ($)	Mar. 16, 2022 USD ($)	Mar. 26, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 692,400,000		$ 692,400,000						$ 691,800,000
Letters of credit issued	1,800,000		1,800,000
Short-term credit agreement borrowings	81,200,000		81,200,000						0
Interest costs	13,300,000	$ 10,300,000	26,100,000	$ 20,600,000
Interest costs, capitalized	300,000	$ 200,000	$ 500,000	$ 300,000
Line of Credit \| Maximum
Debt Instrument [Line Items]
Required debt to capital ratio (less than)										0.55
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity														$ 300,000,000
Debt instrument, covenant, credit commitment amount														300,000,000
Maximum borrowing capacity														500,000,000
Commitment fee rate			0.35%
Short-term credit agreement borrowings	81,200,000		$ 81,200,000
Credit Agreement available for future borrowings	217,000,000		$ 217,000,000
Borrowing rate					6.38%
Required interest coverage ratio one										2	200%
Required interest coverage ratio two					3.50	350%	3	300%
Asset coverage ratio \| Rate			110%
Revolving Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			2%
Revolving Credit Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Interest rate margin			1%
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee rate			0.275%
Revolving Credit Facility \| Line of Credit \| Minimum \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			1.25%
Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin			0.25%
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee rate			0.375%
Revolving Credit Facility \| Line of Credit \| Maximum \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			2.25%
Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin			1.25%
Letters of credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 40,000,000
Letter of credit fees			2%
Letters of credit \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Letter of credit fees			1.25%
Letters of credit \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Letter of credit fees			2.25%
Senior unsecured notes, 7.625% due March 2030
Debt Instrument [Line Items]
Face amount	300,000,000		$ 300,000,000						300,000,000				$ 300,000,000
Interest rate					7.625%					7.625%			7.625%
Long-term debt	$ 296,200,000		$ 296,200,000						$ 295,900,000
Senior unsecured notes, 4.45% due March 2023
Debt Instrument [Line Items]
Face amount												$ 300,000,000
Interest rate												4.45%		4.45%
Long-term debt														$ 300,000,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Mar. 16, 2022
Debt Instrument [Line Items]
Total debt	$ 692,400,000	$ 691,800,000
Less: amounts due within one year	0	0
Long-term debt, net of current portion	$ 692,400,000	$ 691,800,000
Senior unsecured notes, 6.375% due July 2028
Debt Instrument [Line Items]
Interest rate	6.375%	6.375%
Face amount	$ 400,000,000	$ 400,000,000
Total debt	$ 396,200,000	$ 395,900,000
Senior unsecured notes, 7.625% due March 2030
Debt Instrument [Line Items]
Interest rate	7.625%	7.625%	7.625%
Face amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
Total debt	$ 296,200,000	$ 295,900,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Increase of liabilities of environmental remediation costs of a company-owned former operating site	$ 0.5
Environmental remediation liability	$ 18.8	$ 18.3

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2.8	$ 2.5	$ 5.6	$ 5
Short-term lease cost	1	0.8	1.9	1.7
Variable lease cost	0	0.1	0	0.3
Sublease income	(0.2)	(0.2)	(0.5)	(0.5)
Total lease cost, net	3.6	3.2	7	6.5
Operating cash flow payments from operating leases	3.1	2.8	6.2	5.6
Non-cash ROU assets obtained in exchange for lease obligations	$ 0.9	$ 15.1	$ 1.2	$ 15.5
Weighted-average remaining lease term - operating leases	8 years 3 months 18 days		8 years 3 months 18 days		8 years 6 months
Weighted-average discount rate - operating leases	3.80%		3.80%		3.70%

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	14 years

Leases - Summary of Right-of-Us

Leases - Summary of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Operating lease assets:
Other assets	$ 39.4	$ 42.9
Operating lease liabilities:
Accrued liabilities	9.6	9.9
Other liabilities	39.1	42.7
Total operating lease liabilities	$ 48.7	$ 52.6

Leases - Schedule of Minimum Le

Leases - Schedule of Minimum Lease Payments for Operating Leases Expiring (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Leases [Abstract]
2023 (remaining period of fiscal year)	$ 6
2024	9.2
2025	6.6
2026	5.1
2027	5.1
Thereafter	25.4
Total future minimum lease payments	57.4
Less: imputed interest	(8.7)
Total	$ 48.7	$ 52.6

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	Dec. 31, 2022	Jun. 30, 2022
Assets:
Derivative financial instruments	$ 21.8	$ 16.6
Liabilities:
Derivative financial instruments	$ 3.1	$ 0.4

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	Dec. 31, 2022	Jun. 30, 2022
Carrying Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	$ 692.4	$ 691.8
Company-owned life insurance	23.6	22.9
Fair Value
Carrying amounts and estimated fair values of financial instruments not recorded at fair value
Long-term debt	683.8	641.5
Company-owned life insurance	$ 23.6	$ 22.9

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) lb in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Fair value of derivatives
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense, net	Interest expense, net
Total asset derivatives	$ 22,800,000		$ 22,800,000
Total liability derivatives	4,100,000		4,100,000
Cash collateral held by counterparties	0		0		$ 0
Net derivative gains included in AOCI expected to be reclassified into earnings			8,300,000
Interest Rate Swaps \| Cash flow hedges
Fair value of derivatives
Interest rate swaps net gains (losses)	$ 0	$ 100,000	$ 0	$ 200,000
Commodity contracts \| Cash flow hedges
Fair value of derivatives
Amounts of raw materials to be purchased from forward contracts (in pounds) \| lb	3.9		3.9

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Liability Derivatives:
Total liability derivatives	$ 4.1
Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	21.8	$ 16.6
Liability Derivatives:
Total liability derivatives	3.1	0.4
Foreign exchange contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	4.5	2.6
Liability Derivatives:
Total liability derivatives	0	0.2
Commodity contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	17.3	14
Liability Derivatives:
Total liability derivatives	3.1	0.2
Other current assets \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	19.7	11.5
Other current assets \| Foreign exchange contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	4.5	0
Other current assets \| Commodity contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	15.2	11.5
Other assets \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	2.1	5.1
Other assets \| Foreign exchange contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	0	2.6
Other assets \| Commodity contracts \| Designated as Hedging Instrument
Asset Derivatives:
Total asset derivatives	2.1	2.5
Accrued liabilities \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	2.8	0.3
Accrued liabilities \| Foreign exchange contracts \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0.2
Accrued liabilities \| Commodity contracts \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	2.8	0.1
Other liabilities \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0.3	0.1
Other liabilities \| Foreign exchange contracts \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	0	0
Other liabilities \| Commodity contracts \| Designated as Hedging Instrument
Liability Derivatives:
Total liability derivatives	$ 0.3	$ 0.1

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Summary of the Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	$ 9.8	$ 1.3	$ 9.6	$ 1
Amount of Gain (Loss) Reclassified from AOCI into Income	1.2	(0.9)	7.9	(2.7)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in AOCI on Derivatives	9.8	1.3	9.6	1
Commodity contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income	1.2	(1)	7.9	(2.9)
Commodity contracts \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0	0	0
Interest Rate Swaps \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0	0	0
Interest Rate Swaps \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income	$ 0	$ 0.1	$ 0	$ 0.2

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cost of sales	$ 509.1	$ 382.9	$ 977.2	$ 745.3
Interest expense, net	13	10.1	25.6	20.3
Amount of gain reclassified from AOCI to income	1.2	(0.9)	7.9	(2.7)
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	1.2	(1)	7.9	(2.9)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	0	0.1	0	0.2
Commodity contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	1.2	(1)	7.9	(2.9)
Commodity contracts \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Interest Rate Swaps \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	0	0	0	0
Interest Rate Swaps \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCI to income	$ 0	$ 0.1	$ 0	$ 0.2

Other Expense (Income), Net (De

Other Expense (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Unrealized gains on company-owned life insurance contracts and investments held in rabbi trusts	$ (1.6)	$ (2.4)	$ (0.6)	$ (2.2)
Foreign exchange loss	1.2	0.3	1.2	0.6
Interest income	(0.1)	0	(0.2)	0
Pension earnings, interest and deferrals expense (income)	2.5	(4.5)	4.9	(9.1)
Other	(0.1)	0
Other			0.1	0
Total other expense (income), net	$ 1.9	$ (6.6)	$ 5.4	$ (10.7)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1.5	$ (5.6)	$ 0.5	$ (16.1)
Income tax benefit as a percent of pre-tax income (loss)	(19.50%)	(16.00%)	500%	(26.70%)
Pre-tax loss	$ 7.7	$ (35)	$ (0.1)	$ (60.2)
Discrete tax benefits associated with legislative changes	$ (0.6)

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
Business Segments - Narrative (Details)	Dec. 31, 2022 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		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Net Sales:
Total net sales	$ 579.1	$ 396	$ 1,102	$ 783.6
Operating Income (Loss):
Consolidated operating income (loss)	22.6	(31.5)	30.9	(50.6)
Depreciation and Amortization:
Consolidated depreciation and amortization	32.5	32.8	64.8	65.3
Capital Expenditures:
Consolidated capital expenditures	17.5	19.1	31	33.4
Total Assets:
Consolidated total assets	3,056.5		3,056.5		$ 2,932.3
Operating \| Specialty Alloys Operations
Net Sales:
Total net sales	495.8	330.8	943.2	662.8
Operating Income (Loss):
Consolidated operating income (loss)	30.3	(20.3)	50.2	(26.2)
Depreciation and Amortization:
Consolidated depreciation and amortization	27.3	27.4	54.4	54.6
Capital Expenditures:
Consolidated capital expenditures	16	16.6	27.4	28.7
Total Assets:
Consolidated total assets	2,482.1		2,482.1		2,262.4
Operating \| Performance Engineered Products
Net Sales:
Total net sales	106.7	85.7	200	160.3
Operating Income (Loss):
Consolidated operating income (loss)	9.3	3	15.6	3.6
Depreciation and Amortization:
Consolidated depreciation and amortization	3.8	4	7.7	7.9
Capital Expenditures:
Consolidated capital expenditures	1.2	2	3.1	3.2
Total Assets:
Consolidated total assets	444.9		444.9		418.9
Corporate
Operating Income (Loss):
Consolidated operating income (loss)	(16.4)	(14.5)	(33.5)	(28.6)
Depreciation and Amortization:
Consolidated depreciation and amortization	1.4	1.4	2.7	2.8
Capital Expenditures:
Consolidated capital expenditures	0.3	0.5	0.5	1.5
Total Assets:
Consolidated total assets	136		136		248.9
Intersegment
Net Sales:
Total net sales	(23.4)	(20.5)	(41.2)	(39.5)
Operating Income (Loss):
Consolidated operating income (loss)	(0.6)	$ 0.3	(1.4)	$ 0.6
Total Assets:
Consolidated total assets	$ (6.5)		$ (6.5)		$ 2.1

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		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	$ 1,306.8	$ 1,367.6	$ 1,330.5	$ 1,392.3
Other comprehensive income (loss) before reclassifications	14.3	0	10.8	(2.4)
Amounts reclassified from AOCI	0.2	1.8	(3.9)	4.3
Other comprehensive income, net of tax	14.5	1.8	6.9	1.9
Balances at the end of the period	1,321.1	1,333.1	1,321.1	1,333.1
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(181.1)	(192.2)	(173.5)	(192.3)
Balances at the end of the period	(166.6)	(190.4)	(166.6)	(190.4)
Cash flow hedging items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	0.2	8	5.5	6.9
Other comprehensive income (loss) before reclassifications	7.4	1	7.2	0.7
Amounts reclassified from AOCI	(0.9)	0.7	(6)	2.1
Other comprehensive income, net of tax	6.5	1.7	1.2	2.8
Balances at the end of the period	6.7	9.7	6.7	9.7
Pension and other postretirement benefit plan items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(131.9)	(158)	(132.9)	(159.1)
Other comprehensive income (loss) before reclassifications	0	(0.3)	0	(0.3)
Amounts reclassified from AOCI	1.1	1.1	2.1	2.2
Other comprehensive income, net of tax	1.1	0.8	2.1	1.9
Balances at the end of the period	(130.8)	(157.2)	(130.8)	(157.2)
Foreign currency items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at the beginning of the period	(49.4)	(42.2)	(46.1)	(40.1)
Other comprehensive income (loss) before reclassifications	6.9	(0.7)	3.6	(2.8)
Amounts reclassified from AOCI	0	0	0	0
Other comprehensive income, net of tax	6.9	(0.7)	3.6	(2.8)
Balances at the end of the period	$ (42.5)	$ (42.9)	$ (42.5)	$ (42.9)

Reclassifications from Accumu_4

Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 13	$ 10.1	$ 25.6	$ 20.3
(Loss) gain	(1.9)	6.6	(5.4)	10.7
Total before tax	7.7	(35)	(0.1)	(60.2)
Tax (expense)/benefit	(1.5)	5.6	(0.5)	16.1
Net income	6.2	(29.4)	(0.6)	(44.1)
Amount Reclassified from AOCI \| Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	1.2	(0.9)	7.9	(2.7)
Tax (expense)/benefit	(0.3)	0.2	(1.9)	0.6
Net income	0.9	(0.7)	6	(2.1)
Amount Reclassified from AOCI \| Pension and other postretirement benefit plan items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.5)	(1.5)	(2.9)	(3)
Tax (expense)/benefit	0.4	0.4	0.8	0.8
Net income	(1.1)	(1.1)	(2.1)	(2.2)
Amount Reclassified from AOCI \| Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) gain	(2)	(1.9)	(4)	(3.8)
Amount Reclassified from AOCI \| Prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) gain	0.5	0.4	1.1	0.8
Commodity contracts \| Amount Reclassified from AOCI \| Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	1.2	(1)	7.9	(2.9)
Forward interest rate swaps \| Amount Reclassified from AOCI \| Cash flow hedging items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 0	$ 0.1	$ 0	$ 0.2