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Business Segments | 9 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company has two reportable segments, SAO and PEP. The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama. The combined assets of the SAO operations are managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company's differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Additive business and the Latrobe and Mexico distribution businesses. Effective July 1, 2020 the Company's Carpenter Powder Products business was merged into the Carpenter Additive business. The Amega West business was also part of the PEP segment however it was sold during the quarter ended September 30, 2020. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. The Company’s executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which are comprised of executive and director compensation and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring charges and other specifically-identified income or expense items. On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the three months ended March 31, 2021 and one customer, Howmet Aerospace Inc., accounted for approximately 10 percent of net sales for the three months ended March 31, 2020. On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the nine months ended March 31, 2021 and one customer, Howmet Aerospace Inc., accounted for approximately 10 percent of net sales for the nine months ended March 31, 2020. On a consolidated basis, no single customer accounted for 10 percent or more of accounts receivable outstanding at March 31, 2021. Approximately 10 percent of the accounts receivable outstanding at June 30, 2020 was due from one customer, Howmet Aerospace Inc.
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 299.6 |  |  | $ | 488.1 |  |  | $ | 900.8 |  |  | $ | 1,462.2 |  |  |  |  |
Performance Engineered Products |  | 65.7 |  |  | 108.6 |  |  | 182.3 |  |  | 324.0 |  |  |  |  |
Intersegment |  | (13.4) |  |  | (11.3) |  |  | (29.1) |  |  | (42.4) |  |  |  |  |
Consolidated net sales |  | $ | 351.9 |  |  | $ | 585.4 |  |  | $ | 1,054.0 |  |  | $ | 1,743.8 |  |  |  |  |
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Operating (Loss) Income: |  |  |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | (9.9) |  |  | $ | 76.4 |  |  | $ | (40.1) |  |  | $ | 233.7 |  |  |  |  |
Performance Engineered Products |  | (3.3) |  |  | (0.3) |  |  | (14.2) |  |  | (2.0) |  |  |  |  |
Corporate costs (including restructuring and asset impairment charges) |  | (26.3) |  |  | (17.8) |  |  | (123.4) |  |  | (58.8) |  |  |  |  |
Intersegment |  | (0.5) |  |  | 0.4 |  |  | (0.1) |  |  | 0.6 |  |  |  |  |
Consolidated operating (loss) income |  | $ | (40.0) |  |  | $ | 58.7 |  |  | $ | (177.8) |  |  | $ | 173.5 |  |  |  |  |
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 26.5 |  |  | $ | 23.1 |  |  | $ | 73.1 |  |  | $ | 69.8 |  |  |  |  |
Performance Engineered Products |  | 4.1 |  |  | 6.5 |  |  | 14.4 |  |  | 18.5 |  |  |  |  |
Corporate |  | 1.4 |  |  | 1.8 |  |  | 4.1 |  |  | 4.4 |  |  |  |  |
Intersegment |  | — |  |  | (0.2) |  |  | — |  |  | (0.5) |  |  |  |  |
Consolidated depreciation and amortization |  | $ | 32.0 |  |  | $ | 31.2 |  |  | $ | 91.6 |  |  | $ | 92.2 |  |  |  |  |
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Capital Expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 13.4 |  |  | $ | 34.1 |  |  | $ | 50.8 |  |  | $ | 84.3 |  |  |  |  |
Performance Engineered Products |  | 1.2 |  |  | 4.3 |  |  | 4.4 |  |  | 15.9 |  |  |  |  |
Corporate |  | 4.0 |  |  | 11.3 |  |  | 23.3 |  |  | 43.9 |  |  |  |  |
Intersegment |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  |  |  |
Consolidated capital expenditures |  | $ | 18.6 |  |  | $ | 49.7 |  |  | $ | 78.5 |  |  | $ | 144.0 |  |  |  |  |
|  | March 31, 2021 |  | June 30, 2020
($ in millions) |  |
Total Assets: |  |  |  |
Specialty Alloys Operations |  | $ | 2,232.1 |  |  | $ | 2,259.0 |
Performance Engineered Products |  | 446.7 |  |  | 548.5 |
Corporate |  | 362.4 |  |  | 428.9 |
Intersegment |  | (30.2) |  |  | (9.2) |
Consolidated total assets |  | $ | 3,011.0 |  |  | $ | 3,227.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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