Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Taxes

Schedule of income before income taxes for the Company's domestic and foreign operations

	Years Ended June 30,
($ in millions)	2014		2013		2012
Domestic	$	178.6	$	198.0	$	168.4
Foreign	17.8		18.8		20.2
Income before income taxes	$	196.4	$	216.8	$	188.6

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

	Years Ended June 30,
($ in millions)	2014			2013			2012
Current:
Federal	$	61.3		$	49.7		$	21.5
State	6.5			5.9			2.9
Foreign	5.5			5.3			5.8
Total current	73.3			60.9			30.2
Deferred:
Federal	(8.0		)	7.8			32.5
State	(1.4		)	2.5			4.1
Foreign	(0.3		)	(0.9		)	0.2
Total deferred	(9.7		)	9.4			36.8
Total income tax expense	$	63.6		$	70.3		$	67.0

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)	2014		2013		2012
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.5		2.0		2.2
Domestic manufacturing deduction	(3.5	)	(2.7	)	(2.3	)
Other, net	(1.6	)	(1.9	)	0.6
Effective income tax rate	32.4	%	32.4	%	35.5	%

Summary of components of deferred tax assets and liabilities

	June 30,
($ in millions)	2014			2013
Deferred tax assets:
Pensions	$	82.7		$	96.5
Postretirement provisions	66.9			64.6
Net operating loss carryforwards	20.6			21.3
Derivatives and hedging activities	—			25.2
Other	35.0			32.6
Gross deferred tax assets	205.2			240.2
Valuation allowances	(17.8		)	(19.2		)
Net deferred tax assets	187.4			221.0
Deferred tax liabilities:
Depreciation	(232.3		)	(227.4		)
Intangible assets	(37.5		)	(43.0		)
Inventories	(28.8		)	(21.1		)
Other	(4.0		)	—
Total deferred tax liabilities	(302.6		)	(291.5		)
Deferred tax liabilities	$	(115.2	)	$	(70.5	)

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

	Years Ended June 30,
($ in millions)	2014			2013			2012
Balance, beginning	$	1.4		$	2.3		$	1.9
Additions based on tax positions of prior years	—			0.6			—
Additions based on tax positions of current years	—			—			0.4
Reductions as a result of a lapse of statute of limitations	(1.1		)	(1.3		)	—
Reductions based on tax positions of prior year	(0.1		)	(0.2		)	—
Reductions as a result of settlements with taxing authorities	(0.2		)	—			—
Balance, ending	$	—		$	1.4		$	2.3