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Business Segments
 9 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Business Segments
Business Segments
 
The Company has two reportable segments, SAO and 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 Powder Products business, the Amega West business, the Carpenter Additive business, and the Latrobe and Mexico distribution businesses. Effective July 1, 2019, the Company's LPW, CalRAM and Powder business in Alabama and West Virginia were combined into the Carpenter Additive business. 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 profit excludes general corporate costs, which is 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, one customer, Arconic Inc., accounted for approximately 10 percent and 11 percent of net sales for the three months ended March 31, 2020 and 2019, respectively. On a consolidated basis, one customer, Arconic Inc., accounted for approximately 10 percent and 11 percent of net sales for the nine months ended March 31, 2020 and 2019, respectively. Approximately 10 percent of the accounts receivable outstanding at March 31, 2020 was due from one customer, Arconic Inc. Approximately 12 percent of the accounts receivable outstanding at June 30, 2019 was due from one customer, Arconic Inc.
 
 
Three Months Ended
March 31,
 
Nine Months Ended
March 31,
($ in millions)
 
2020
 
2019
 
2020
 
2019
Net Sales:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
488.1

 
$
498.3

 
$
1,462.2

 
$
1,435.4

Performance Engineered Products
 
108.6

 
128.7

 
324.0

 
353.4

Intersegment
 
(11.3
)
 
(17.1
)
 
(42.4
)
 
(50.0
)
Consolidated net sales
 
$
585.4

 
$
609.9


$
1,743.8


$
1,738.8

 
 
Three Months Ended
March 31,
 
Nine Months Ended
March 31,
($ in millions)
 
2020
 
2019
 
2020
 
2019
Operating Income (Loss):
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
76.4

 
$
73.6

 
$
233.7

 
$
195.3

Performance Engineered Products
 
(0.3
)
 
16.6

 
(2.0
)
 
28.3

Corporate costs (including restructuring charges)
 
(17.8
)
 
(17.3
)
 
(58.8
)
 
(51.5
)
Intersegment
 
0.4

 
0.3

 
0.6

 
1.5

Consolidated operating income
 
$
58.7

 
$
73.2


$
173.5


$
173.6

 
 
Three Months Ended
March 31,
 
Nine Months Ended
March 31,
($ in millions)
 
2020
 
2019
 
2020
 
2019
Depreciation and Amortization:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
23.1

 
$
23.8

 
$
69.8

 
$
71.3

Performance Engineered Products
 
6.5

 
6.0

 
18.5

 
16.5

Corporate
 
1.8

 
1.2

 
4.4

 
3.6

Intersegment
 
(0.2
)
 
(0.2
)
 
(0.5
)
 
(0.5
)
Consolidated depreciation and amortization
 
$
31.2

 
$
30.8


$
92.2


$
90.9

 
 
Three Months Ended
March 31,
 
Nine Months Ended
March 31,
($ in millions)
 
2020
 
2019
 
2020
 
2019
Capital Expenditures:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
34.1

 
$
24.6

 
$
84.3

 
$
66.0

Performance Engineered Products
 
4.3

 
15.3

 
15.9

 
42.2

Corporate
 
11.3

 
9.4

 
43.9

 
23.6

Intersegment
 
—

 
(0.3
)
 
(0.1
)
 
(1.1
)
Consolidated capital expenditures
 
$
49.7

 
$
49.0


$
144.0


$
130.7

 
 
March 31,
2020
 
June 30,
2019
($ in millions)
 
 
Total Assets:
 
 

 
 

Specialty Alloys Operations
 
$
2,448.7

 
$
2,349.2

Performance Engineered Products
 
682.3

 
664.8

Corporate
 
311.3

 
192.5

Intersegment
 
(12.9
)
 
(18.7
)
Consolidated total assets
 
$
3,429.4

 
$
3,187.8