Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

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)	2013		2012		2011
Domestic	$	198.0	$	168.4	$	64.9
Foreign	18.8		20.2		22.9
Income before income taxes	$	216.8	$	188.6	$	87.8

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

	Years Ended June 30,
($ in millions)	2013			2012		2011
Current:
Federal	$	49.7		$	21.5	$	9.2
State	5.9			2.9		5.2
Foreign	5.3			5.8		6.7
Total current	60.9			30.2		21.1
Deferred:
Federal	7.8			32.5		(3.6		)
State	2.5			4.1		(1.3		)
Foreign	(0.9		)	0.2		(0.1		)
Total deferred	9.4			36.8		(5.0		)
Total income tax expense	$	70.3		$	67.0	$	16.1

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)	2013		2012		2011
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.0		2.2		2.9
Domestic manufacturing deduction	(2.7	)	(2.3	)	(3.4	)
Research and development tax credit	(1.3	)	(0.6	)	(3.7	)
Foreign tax rate differential	(0.9	)	(0.6	)	(1.7	)
Nontaxable income	(0.6	)	—		(0.6	)
Foreign source income	—		—		(7.3	)
Increases (decreases) in valuation allowances	0.5		0.1		(0.2	)
Adjustments of prior years’ income taxes	0.3		(0.5	)	(2.6	)
Changes in uncertain tax positions, net	(0.6	)	0.4		(0.4	)
Other, net	0.7		1.8		0.3
Effective income tax rate	32.4	%	35.5	%	18.3	%

Summary of components of deferred tax assets and liabilities

	June 30,
($ in millions)	2013			2012
Deferred tax assets:
Pensions	$	96.5		$	132.1
Postretirement provisions	64.6			90.8
Net operating loss carryforwards	21.3			20.7
Environmental	4.6			4.5
Derivatives and hedging activities	25.2			20.0
Other	28.0			24.5
Gross deferred tax assets	240.2			292.6
Valuation allowances	(19.2		)	(18.1		)
Net deferred tax assets	221.0			274.5
Deferred tax liabilities:
Depreciation	(227.4		)	(239.5		)
Intangible assets	(43.0		)	(41.2		)
Inventories	(21.1		)	(12.9		)
Other	—			(1.7		)
Total deferred tax liabilities	(291.5		)	(295.3		)
Deferred tax liabilities	$	(70.5	)	$	(20.8	)

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

	Years Ended June 30,
($ in millions)	2013			2012		2011
Balance, beginning	$	2.3		$	1.9	$	3.6
Additions based on tax positions of prior years	0.6			—		0.3
Additions based on tax positions of current years	—			0.4		—
Reductions as a result of a lapse of statute of limitations	(1.3		)	—		(2.0		)
Reductions based on tax positions of prior year	(0.2		)	—		—
Balance, ending	$	1.4		$	2.3	$	1.9