Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of income before income taxes for the Company's domestic and foreign operations

Income before income taxes for the Company’s domestic and foreign operations was as follows:

	Years Ended June 30,
($ in millions)	2018		2017		2016
Domestic	$	140.3	$	56.0	$	17.3
Foreign	19.9		14.2		4.2
Income before income taxes	$	160.2	$	70.2	$	21.5

Schedule of provision (benefit) for income taxes from continuing operations

The (benefit) provision for income taxes from continuing operations consisted of the following:

	Years Ended June 30,
($ in millions)	2018			2017			2016
Current:
Federal	$	22.6		$	(24.5	)	$	4.7
State	3.5			(1.1		)	0.4
Foreign	6.7			7.2			4.3
Total current	32.8			(18.4		)	9.4
Deferred:
Federal	(66.0		)	38.7			0.1
State	4.8			3.5			0.5
Foreign	0.1			(0.6		)	0.2
Total deferred	(61.1		)	41.6			0.8
Total income tax (benefit) expense	$	(28.3	)	$	23.2		$	10.2

Schedule of reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rate

The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company’s effective income tax rates:

	Years Ended June 30,
(% of pre-tax income)	2018		2017		2016
Statutory federal income tax rate	28.1	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.6		2.0		2.2
Foreign tax rate differential	(0.1	)	(1.5	)	5.5
Domestic manufacturing deduction	(1.5	)	(3.0	)	(7.0	)
Research and development tax credit	(1.4	)	(3.9	)	(8.4	)
Law changes	0.1		0.9		(3.8	)
Increases in valuation allowances	0.8		1.1		2.1
Adjustments of prior years' income taxes	0.2		3.3		1.3
Unremitted earnings of foreign subsidiaries	(0.2	)	(1.2	)	12.7
Non-deductible goodwill impairment	—		—		5.1
Re-measurement of U.S. deferred taxes	(49.3	)	—		—
Transition tax on foreign earnings	3.1		—		—
Other, net	(0.1	)	0.3		2.7
Effective income tax rate	(17.7	)%	33.0	%	47.4	%

Summary of components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below.

	June 30,
($ in millions)	2018			2017
Deferred tax assets:
Pensions	$	66.8		$	139.8
Postretirement provisions	33.7			54.4
Net operating loss carryforwards	26.5			23.1
Derivatives and hedging activities	—			2.4
Other	29.4			44.8
Gross deferred tax assets	156.4			264.5
Valuation allowances	(23.9		)	(18.5		)
Total deferred tax assets	132.5			246.0
Deferred tax liabilities:
Depreciation	(235.2		)	(347.5		)
Intangible assets	(11.9		)	(19.4		)
Inventories	(30.5		)	(50.1		)
Derivatives and hedging activities	(8.7		)	—
Other	(3.5		)	(6.2		)
Total deferred tax liabilities	(289.8		)	(423.2		)
Deferred tax liabilities, net	$	(157.3	)	$	(177.2	)