Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Schedule of Income Before Income Taxes for the Company's Domestic and Foreign Operations

Income (loss) before income taxes for the Company's domestic and foreign operations was as follows:


	Years Ended June 30,
($ in millions)	2025		2024		2023
Domestic	$	454.5	$	224.1	$	51.2
Foreign	12.8		(12.5)		21.3
Income before income taxes	$	467.3	$	211.6	$	72.5

Schedule of Provision (Benefit) for Income Taxes from Continuing Operations

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


	Years Ended June 30,
($ in millions)	2025		2024		2023
Current:
Federal	$	89.8	$	30.4	$	8.6
State	14.5		4.2		2.6
Foreign	4.4		3.8		5.3
Total current	108.7		38.4		16.5
Deferred:
Federal	(16.1)		(10.1)		(0.9)
State	(1.3)		(2.7)		(0.5)
Foreign	—		(0.5)		1.0
Total deferred	(17.4)		(13.3)		(0.4)
Total income tax expense	$	91.3	$	25.1	$	16.1

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)	2025		2024		2023
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	2.4		2.7		2.8
Foreign tax rate differential	0.1		(0.3)		0.9


Research and development tax credit	(0.9)		(1.6)		(3.5)
Foreign derived intangible income deduction	(1.6)		(1.8)		—
Adjustments of prior years' income taxes	(0.1)		—		8.7


Non-deductible goodwill impairment	—		1.4		—
Tax benefit related to closure of Additive operations	—		(8.7)		—
Non-taxable income	(0.1)		(0.5)		(0.8)
Non-deductible expenses	0.4		6.4		(0.1)
Non-deductible compensation	1.2		1.6		1.4
Share-based compensation	(2.7)		(3.2)		—
Changes in valuation allowances	—		(4.7)		(7.4)
Law changes	—		—		0.4

Interest on prior tax positions	(0.2)		(0.4)		(1.3)
Other, net	—		—		0.1
Effective income tax rate	19.5	%	11.9	%	22.2	%

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)	2025		2024
Deferred tax assets:
Pensions	$	26.3	$	33.1
Postretirement provisions	11.3		14.4
Non-equity compensation	9.6		9.6
Net operating loss carryforwards	8.3		8.5
Tax credit carryforwards	1.6		2.0
Operating lease liabilities	8.1		8.9
Other	21.0		20.1
Gross deferred tax assets	86.2		96.6
Valuation allowances	(2.6)		(2.4)
Total deferred tax assets	83.6		94.2
Deferred tax liabilities:
Depreciation	198.4		219.6
Intangible assets	2.4		3.2
Inventories	28.3		28.2
Operating lease right-of-use assets	6.4		7.0
Other	3.1		2.8
Total deferred tax liabilities	238.6		260.8
Deferred tax liabilities, net	$	155.0	$	166.6