Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

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)	2020			2019		2018
Domestic	$	20.9		$	204.2	$	140.3
Foreign	(14.8		)	11.8		19.9
Income before income taxes	$	6.1		$	216.0	$	160.2

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)	2020			2019			2018
Current:
Federal	$	1.3		$	23.2		$	22.6
State	1.8			4.4			3.5
Foreign	1.9			4.9			6.7
Total current	5.0			32.5			32.8
Deferred:
Federal	(1.8		)	13.1			(66.0		)
State	0.3			3.6			4.8
Foreign	1.1			(0.2		)	0.1
Total deferred	(0.4		)	16.5			(61.1		)
Total income tax expense (benefit)	$	4.6		$	49.0		$	(28.3	)

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)	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	28.1	%
State income taxes, net of federal tax benefit	2.1		3.0		2.6
Foreign tax rate differential	24.4		0.7		(0.1	)
Domestic manufacturing deduction	—		—		(1.5	)
Research and development tax credit	(63.2	)	(1.1	)	(1.4	)
Adjustments of prior years' income taxes	45.5		(0.2	)	0.2
Remeasurement of U.S. deferred taxes	—		0.1		(49.3	)
Transition tax on foreign earnings	—		(0.1	)	3.1
Non-deductible goodwill impairment	32.5		—		—
Non-taxable income	(1.2	)	(0.1	)	(0.3	)
Non-deductible expenses	24.9		1.0		0.6
Share-based compensation	(2.3	)	(0.5	)	(0.4	)
Changes in valuation allowances	(6.4	)	0.2		0.8
Law changes	(1.3	)	(0.7	)	0.1
Other, net	(0.6	)	(0.6	)	(0.2	)
Effective income tax rate	75.4	%	22.7	%	(17.7	)%

Summary of components of deferred tax assets and liabilities

	June 30,
($ in millions)	2020			2019
Deferred tax assets:
Pensions	$	96.7		$	86.9
Postretirement provisions	39.1			35.7
Net operating loss carryforwards	28.1			28.8
Operating lease liability	14.7			—
Other	34.8			36.2
Gross deferred tax assets	213.4			187.6
Valuation allowances	(24.2		)	(24.6		)
Total deferred tax assets	189.2			163.0
Deferred tax liabilities:
Depreciation	(257.7		)	(249.5		)
Intangible assets	(5.2		)	(11.3		)
Inventories	(33.9		)	(36.1		)
Operating lease right-of-use asset	(12.6		)	—
Other	(5.1		)	(4.6		)
Total deferred tax liabilities	(314.5		)	(301.5		)
Deferred tax liabilities, net	$	(125.3	)	$	(138.5	)