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Business Segments
 6 Months Ended
Dec. 31, 2019
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 of net sales for the three months ended December 31, 2019 and 2018. On a consolidated basis, one customer, Arconic Inc., accounted for approximately 10 percent of net sales for the six months ended December 31, 2019 and 2018. Approximately 14 percent of the accounts receivable outstanding at December 31, 2019 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
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2019
 
2018
 
2019
 
2018
Net Sales:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
483.0

 
$
461.6

 
$
974.1

 
$
937.1

Performance Engineered Products
 
106.0

 
112.9

 
215.4

 
224.6

Intersegment
 
(16.0
)
 
(18.0
)
 
(31.1
)
 
(32.8
)
Consolidated net sales
 
$
573.0

 
$
556.5


$
1,158.4


$
1,128.9

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2019
 
2018
 
2019
 
2018
Operating Income (Loss):
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
76.3

 
$
69.0

 
$
157.3

 
$
121.7

Performance Engineered Products
 
0.4

 
4.4

 
(1.7
)
 
11.7

Corporate (including restructuring charges)
 
(21.9
)
 
(18.4
)
 
(41.0
)
 
(34.2
)
Intersegment
 
0.2

 
0.4

 
0.2

 
1.2

Consolidated operating income
 
$
55.0

 
$
55.4


$
114.8


$
100.4

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2019
 
2018
 
2019
 
2018
Depreciation and Amortization:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
23.2

 
$
23.8

 
$
46.8

 
$
47.5

Performance Engineered Products
 
6.2

 
5.5

 
12.1

 
10.5

Corporate
 
1.3

 
1.2

 
2.6

 
2.4

Intersegment
 
(0.2
)
 
(0.2
)
 
(0.5
)
 
(0.3
)
Consolidated depreciation and amortization
 
$
30.5

 
$
30.3


$
61.0


$
60.1

 
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
($ in millions)
 
2019
 
2018
 
2019
 
2018
Capital Expenditures:
 
 

 
 

 
 
 
 
Specialty Alloys Operations
 
$
24.9

 
$
20.8

 
$
50.1

 
$
41.4

Performance Engineered Products
 
5.4

 
13.3

 
11.6

 
26.9

Corporate
 
16.4

 
6.5

 
32.6

 
14.2

Intersegment
 
—

 
(0.5
)
 
—

 
(0.8
)
Consolidated capital expenditures
 
$
46.7

 
$
40.1


$
94.3


$
81.7

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

 
 

Specialty Alloys Operations
 
$
2,479.2

 
$
2,349.2

Performance Engineered Products
 
695.7

 
664.8

Corporate
 
233.0

 
192.5

Intersegment
 
(4.3
)
 
(18.7
)
Consolidated total assets
 
$
3,403.6

 
$
3,187.8