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Income Taxes (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319 + Details
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