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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes for the Company's Domestic and Foreign Operations | Income (loss) before income taxes for the Company's domestic and foreign operations was as follows:
|  | Years Ended June 30,
($ in millions) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 224.1 |  |  | $ | 51.2 |  |  | $ | (74.0) |
Foreign |  | (12.5) |  |  | 21.3 |  |  | 10.9 |
Income (loss) before income taxes |  | $ | 211.6 |  |  | $ | 72.5 |  |  | $ | (63.1) |
Schedule of Provision (Benefit) for Income Taxes from Continuing Operations | The expense (benefit) for income taxes from continuing operations consisted of the following:
|  | Years Ended June 30,
($ in millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 30.4 |  |  | $ | 8.6 |  |  | $ | (14.7) |
State |  | 4.2 |  |  | 2.6 |  |  | 0.1 |
Foreign |  | 3.8 |  |  | 5.3 |  |  | 3.7 |
Total current |  | 38.4 |  |  | 16.5 |  |  | (10.9) |
Deferred: |  |  |  |  |  |
Federal |  | (10.1) |  |  | (0.9) |  |  | (1.0) |
State |  | (2.7) |  |  | (0.5) |  |  | (2.7) |
Foreign |  | (0.5) |  |  | 1.0 |  |  | 0.6 |
Total deferred |  | (13.3) |  |  | (0.4) |  |  | (3.1) |
Total income tax expense (benefit) |  | $ | 25.1 |  |  | $ | 16.1 |  |  | $ | (14.0) |
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 (loss)) |  | 2024 |  | 2023 |  | 2022
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.7 |  |  | 2.8 |  |  | 3.1 |
Foreign tax rate differential |  | (0.3) |  |  | 0.9 |  |  | (1.0) |
Research and development tax credit |  | (1.6) |  |  | (3.5) |  |  | 4.4 |
Foreign derived intangible income deduction |  | (1.8) |  |  | — |  |  | — |
Adjustments of prior years' income taxes |  | — |  |  | 8.7 |  |  | (7.4) |
Non-deductible goodwill impairment |  | 1.4 |  |  | — |  |  | — |
Tax benefit related to closure of Additive operations |  | (8.7) |  |  | — |  |  | — |
Non-taxable income |  | (0.5) |  |  | (0.8) |  |  | (1.0) |
Non-deductible expenses |  | 6.4 |  |  | (0.1) |  |  | (0.7) |
Non-deductible compensation |  | 1.6 |  |  | 1.4 |  |  | (1.1) |
Share-based compensation |  | (3.2) |  |  | — |  |  | (0.7) |
Changes in valuation allowances |  | (4.7) |  |  | (7.4) |  |  | 6.0 |
Law changes |  | — |  |  | 0.4 |  |  | — |
Interest on prior tax positions |  | (0.4) |  |  | (1.3) |  |  | 0.2 |
Other, net |  | — |  |  | 0.1 |  |  | (0.6) |
Effective income tax rate |  | 11.9 | % |  | 22.2 | % |  | 22.2 | %
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) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Pensions |  | $ | 33.1 |  |  | $ | 39.8 |
Postretirement provisions |  | 14.4 |  |  | 20.0 |
Non-equity compensation |  | 9.6 |  |  | 16.0 |
Net operating loss carryforwards |  | 8.5 |  |  | 22.5 |
Tax credit carryforwards |  | 2.0 |  |  | 1.2 |
Operating lease liabilities |  | 8.9 |  |  | 10.0 |
Other |  | 20.1 |  |  | 22.3 |
Gross deferred tax assets |  | 96.6 |  |  | 131.8 |
Valuation allowances |  | (2.4) |  |  | (13.6) |
Total deferred tax assets |  | 94.2 |  |  | 118.2 |
Deferred tax liabilities: |  |  |  |
Depreciation |  | 219.6 |  |  | 237.6 |
Intangible assets |  | 3.2 |  |  | 5.8 |
Inventories |  | 28.2 |  |  | 27.4 |
Operating lease right-of-use assets |  | 7.0 |  |  | 8.0 |
Other |  | 2.8 |  |  | 3.1 |
Total deferred tax liabilities |  | 260.8 |  |  | 281.9 |
Deferred tax liabilities, net |  | $ | 166.6 |  |  | $ | 163.7 |

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