Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Taxes

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

	Years Ended June 30,
($ in millions)	2012		2011		2010
Domestic	$	168.4	$	64.9	$	(7.4	)
Foreign	20.2		22.9		12.1
Income before income taxes	$	188.6	$	87.8	$	4.7

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

	Years Ended June 30,
($ in millions)	2012		2011			2010
Current:
Federal	$	21.5	$	9.2		$	—
State	2.9		5.2			0.7
Foreign	5.8		6.7			2.8
Total current	30.2		21.1			3.5
Deferred:
Federal	32.5		(3.6		)	2.2
State	4.1		(1.3		)	(4.1		)
Foreign	0.2		(0.1		)	1.0
Total deferred	36.8		(5.0		)	(0.9		)
Total income tax expense	$	67.0	$	16.1		$	2.6

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

	Years Ended June 30,
(% of pre-tax income)	2012		2011		2010
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.2		2.9		(13.5	)
Domestic manufacturing deduction	(2.3	)	(3.4	)	(13.7	)
Research and development tax credit	(0.6	)	(3.7	)	(6.0	)
Foreign tax rate differential	(0.6	)	(1.7	)	(10.7	)
Nontaxable income	—		(0.6	)	(27.3	)
Foreign source income	—		(7.3	)	—
Increases (decreases) in valuation allowances	0.1		(0.2	)	7.9
Adjustments of prior years’ income taxes	(0.5	)	(2.6	)	57.8
Changes in uncertain tax positions, net	0.4		(0.4	)	(104.8	)
Healthcare reform	—		—		126.9
Other, net	1.8		0.3		3.7
Effective income tax rate	35.5	%	18.3	%	55.3	%

Summary of components of deferred tax assets and liabilities

	June 30,
($ in millions)	2012			2011
Deferred tax assets:
Pensions	$	132.1		$	75.7
Postretirement provisions	90.8			48.0
Net operating loss carryforwards	20.7			20.5
Environmental	4.5			12.8
Other	44.5			19.5
Gross deferred tax assets	292.6			176.5
Valuation allowances	(18.1		)	(17.5		)
Net deferred tax assets	274.5			159.0
Deferred tax liabilities:
Depreciation	(239.5		)	(177.7		)
Intangible assets	(41.2		)	(9.4		)
Inventories	(12.9		)	(5.3		)
Other	(1.7		)	—
Total deferred tax liabilities	(295.3		)	(192.4		)
Deferred tax liabilities	$	(20.8	)	$	(33.4	)

Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions

	Year Ended June 30,
($ in millions)	2012		2011			2010
Balance, beginning	$	1.9	$	3.6		$	14.3
Additions based on tax positions of prior years	—		0.3			—
Additions based on tax positions of current years	0.4		—			—
Reductions as a result of a lapse of statute of limitations	—		(2.0		)	(8.2		)
Reductions based on tax positions of prior year	—		—			(1.9		)
Settlements	—		—			(0.6		)
Balance, ending	$	2.3	$	1.9		$	3.6