Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

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)	2019		2018		2017
Domestic	$	204.2	$	140.3	$	56.0
Foreign	11.8		19.9		14.2
Income before income taxes	$	216.0	$	160.2	$	70.2

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

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

	Years Ended June 30,
($ in millions)	2019			2018			2017
Current:
Federal	$	23.2		$	22.6		$	(24.5	)
State	4.4			3.5			(1.1		)
Foreign	4.9			6.7			7.2
Total current	32.5			32.8			(18.4		)
Deferred:
Federal	13.1			(66.0		)	38.7
State	3.6			4.8			3.5
Foreign	(0.2		)	0.1			(0.6		)
Total deferred	16.5			(61.1		)	41.6
Total income tax expense (benefit)	$	49.0		$	(28.3	)	$	23.2

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)	2019		2018		2017
Statutory federal income tax rate	21.0	%	28.1	%	35.0	%
State income taxes, net of federal tax benefit	3.0		2.6		2.0
Domestic manufacturing deduction	—		(1.5	)	(3.0	)
Research and development tax credit	(1.1	)	(1.4	)	(3.9	)
Adjustments of prior years' income taxes	(0.9	)	0.2		3.3
Remeasurement of U.S. deferred taxes	0.1		(49.3	)	—
Transition tax on foreign earnings	(0.1	)	3.1		—
Other, net	0.7		0.5		(0.4	)
Effective income tax rate	22.7	%	(17.7	)%	33.0	%

Summary of components of deferred tax assets and liabilities

	June 30,
($ in millions)	2019			2018
Deferred tax assets:
Pensions	$	86.9		$	66.8
Postretirement provisions	35.7			33.7
Net operating loss carryforwards	28.8			26.5
Derivatives and hedging activities	4.1			—
Other	32.1			29.4
Gross deferred tax assets	187.6			156.4
Valuation allowances	(24.6		)	(23.9		)
Total deferred tax assets	163.0			132.5
Deferred tax liabilities:
Depreciation	(249.5		)	(235.2		)
Intangible assets	(11.3		)	(11.9		)
Inventories	(36.1		)	(30.5		)
Derivatives and hedging activities	(0.3		)	(8.7		)
Other	(4.3		)	(3.5		)
Total deferred tax liabilities	(301.5		)	(289.8		)
Deferred tax liabilities, net	$	(138.5	)	$	(157.3	)