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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes for the Company's domestic and foreign operations | Income before income taxes for the Company’s domestic and foreign operations was as follows:
|  | Years Ended June 30,
($ in millions) |  | 2018 |  | 2017 |  | 2016
Domestic |  | $ | 140.3 |  |  | $ | 56.0 |  |  | $ | 17.3 |
Foreign |  | 19.9 |  |  | 14.2 |  |  | 4.2 |
Income before income taxes |  | $ | 160.2 |  |  | $ | 70.2 |  |  | $ | 21.5 |
Schedule of provision (benefit) for income taxes from continuing operations | The (benefit) provision for income taxes from continuing operations consisted of the following:
|  | Years Ended June 30,
($ in millions) |  | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 22.6 |  |  | $ | (24.5 | ) |  | $ | 4.7 |
State |  | 3.5 |  |  | (1.1 | ) |  | 0.4 |
Foreign |  | 6.7 |  |  | 7.2 |  |  | 4.3 |
Total current |  | 32.8 |  |  | (18.4 | ) |  | 9.4 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | (66.0 | ) |  | 38.7 |  |  | 0.1 |
State |  | 4.8 |  |  | 3.5 |  |  | 0.5 |
Foreign |  | 0.1 |  |  | (0.6 | ) |  | 0.2 |
Total deferred |  | (61.1 | ) |  | 41.6 |  |  | 0.8 |
Total income tax (benefit) expense |  | $ | (28.3 | ) |  | $ | 23.2 |  |  | $ | 10.2 |
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) |  | 2018 |  | 2017 |  | 2016
Statutory federal income tax rate |  | 28.1 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal tax benefit |  | 2.6 |  |  | 2.0 |  |  | 2.2 |
Foreign tax rate differential |  | (0.1 | ) |  | (1.5 | ) |  | 5.5 |
Domestic manufacturing deduction |  | (1.5 | ) |  | (3.0 | ) |  | (7.0 | )
Research and development tax credit |  | (1.4 | ) |  | (3.9 | ) |  | (8.4 | )
Law changes |  | 0.1 |  |  | 0.9 |  |  | (3.8 | )
Increases in valuation allowances |  | 0.8 |  |  | 1.1 |  |  | 2.1 |
Adjustments of prior years' income taxes |  | 0.2 |  |  | 3.3 |  |  | 1.3 |
Unremitted earnings of foreign subsidiaries |  | (0.2 | ) |  | (1.2 | ) |  | 12.7 |
Non-deductible goodwill impairment |  | — |  |  | — |  |  | 5.1 |
Re-measurement of U.S. deferred taxes |  | (49.3 | ) |  | — |  |  | — |
Transition tax on foreign earnings |  | 3.1 |  |  | — |  |  | — |
Other, net |  | (0.1 | ) |  | 0.3 |  |  | 2.7 |
Effective income tax rate |  | (17.7 | )% |  | 33.0 | % |  | 47.4 | %
Summary of components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below.
|  | June 30,
($ in millions) |  | 2018 |  | 2017
Deferred tax assets: |  |  |  |  |  |
Pensions |  | $ | 66.8 |  |  | $ | 139.8 |
Postretirement provisions |  | 33.7 |  |  | 54.4 |
Net operating loss carryforwards |  | 26.5 |  |  | 23.1 |
Derivatives and hedging activities |  | — |  |  | 2.4 |
Other |  | 29.4 |  |  | 44.8 |
Gross deferred tax assets |  | 156.4 |  |  | 264.5 |
Valuation allowances |  | (23.9 | ) |  | (18.5 | )
Total deferred tax assets |  | 132.5 |  |  | 246.0 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | (235.2 | ) |  | (347.5 | )
Intangible assets |  | (11.9 | ) |  | (19.4 | )
Inventories |  | (30.5 | ) |  | (50.1 | )
Derivatives and hedging activities |  | (8.7 | ) |  | — |
Other |  | (3.5 | ) |  | (6.2 | )
Total deferred tax liabilities |  | (289.8 | ) |  | (423.2 | )
Deferred tax liabilities, net |  | $ | (157.3 | ) |  | $ | (177.2 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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