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Business Segments
 6 Months Ended
Dec. 31, 2018
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 being 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 CalRAM business, the LPW 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 profit excludes general corporate costs, which includes executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments.
        
On a consolidated basis, one customer, Arconic, Inc., accounted for approximately 10 percent of net sales for each of the three months ended December 31, 2018 and 2017. On a consolidated basis, one customer, Arconic, Inc., accounted for approximately 10 percent of net sales for each of the six months ended December 31, 2018 and 2017. Approximately 13 percent of the accounts receivable outstanding at December 31, 2018 is due from one customer, Arconic Inc. No single customer accounted for 10 percent or more of the accounts receivable outstanding at June 30, 2018.
 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2018
 
2017
 
2018
 
2017
Net Sales:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
461.6

 
$
406.3

 
$
937.1

 
$
803.1

Performance Engineered Products
 
112.9

 
104.8

 
224.6

 
205.5

Intersegment
 
(18.0
)
 
(23.3
)
 
(32.8
)
 
(41.1
)
Consolidated net sales
 
$
556.5

 
$
487.8

 
$
1,128.9

 
$
967.5

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2018
 
2017
 
2018
 
2017
Operating Income:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
69.0

 
$
49.8

 
$
121.7

 
$
100.3

Performance Engineered Products
 
4.4

 
7.5

 
11.7

 
12.8

Corporate
 
(18.4
)
 
(13.9
)
 
(34.2
)
 
(26.9
)
Intersegment
 
0.4

 
(2.0
)
 
1.2

 
(2.6
)
Consolidated operating income
 
$
55.4

 
$
41.4

 
$
100.4

 
$
83.6

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2018
 
2017
 
2018
 
2017
Depreciation and Amortization:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
23.8

 
$
23.4

 
$
47.5

 
$
46.5

Performance Engineered Products
 
5.5

 
5.1

 
10.5

 
10.1

Corporate
 
1.2

 
0.9

 
2.4

 
1.8

Intersegment
 
(0.2
)
 
(0.2
)
 
(0.3
)
 
(0.4
)
Consolidated depreciation and amortization
 
$
30.3

 
$
29.2

 
$
60.1

 
$
58.0

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2018
 
2017
 
2018
 
2017
Capital Expenditures:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
20.8

 
$
11.2

 
$
41.4

 
$
28.4

Performance Engineered Products
 
13.3

 
6.3

 
26.9

 
11.1

Corporate
 
6.5

 
9.6

 
14.2

 
16.7

Intersegment
 
(0.5
)
 
(0.3
)
 
(0.8
)
 
(0.5
)
Consolidated capital expenditures
 
$
40.1

 
$
26.8

 
$
81.7

 
$
55.7

 
 
December 31,
2018
 
June 30,
2018
($ in millions)
 
 
Total Assets:
 
 

 
 

Specialty Alloys Operations
 
$
2,341.9

 
$
2,312.1

Performance Engineered Products
 
657.3

 
513.6

Corporate
 
173.6

 
193.2

Intersegment
 
(11.0
)
 
(11.9
)
Consolidated total assets
 
$
3,161.8

 
$
3,007.0