CARPENTER TECHNOLOGY CORP, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover Page - shares
 9 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-5828  
Entity Registrant Name CARPENTER TECHNOLOGY CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 23-0458500  
Entity Address, Address Line One 1735 Market Street  
Entity Address, Address Line Two 15th Floor  
Entity Address, City or Town Philadelphia,  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19103  
City Area Code 610  
Local Phone Number 208-2000  
Title of 12(b) Security Common Stock, $5 Par Value  
Trading Symbol CRS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   49,685,612
Entity Central Index Key 0000017843  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Current assets:    
Cash and cash equivalents $ 294.8 $ 315.5
Accounts receivable, net 682.0 575.5
Inventories 839.2 793.8
Other current assets 81.6 79.9
Total current assets 1,897.6 1,764.7
Property, plant, equipment and software, net 1,433.3 1,359.4
Goodwill 227.3 227.3
Other intangibles, net 5.3 9.5
Deferred income taxes 8.0 7.8
Other assets 107.6 118.1
Total assets 3,679.1 3,486.8
Current liabilities:    
Accounts payable 322.6 267.4
Accrued liabilities 185.7 216.3
Total current liabilities 508.3 483.7
Long-term debt 690.4 695.4
Accrued pension liabilities 134.7 146.9
Accrued postretirement benefits 10.9 12.5
Deferred income taxes 176.4 162.8
Other liabilities 90.8 98.5
Total liabilities 1,611.5 1,599.8
Contingencies and commitments (see Note 10)
STOCKHOLDERS' EQUITY    
Common stock — authorized 100,000,000 shares; issued 57,346,813 shares at March 31, 2026 and 57,230,002 shares at June 30, 2025; outstanding 49,685,074 shares at March 31, 2026 and 49,707,379 shares at June 30, 2025 286.7 286.2
Capital in excess of par value 349.9 354.3
Reinvested earnings 2,047.4 1,710.2
Common stock in treasury (7,661,739 shares and 7,522,623 shares at March 31, 2026 and June 30, 2025, respectively), at cost (548.9) (395.8)
Accumulated other comprehensive loss (67.5) (67.9)
Total stockholders' equity 2,067.6 1,887.0
Total liabilities and stockholders' equity $ 3,679.1 $ 3,486.8
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Mar. 31, 2026
Jun. 30, 2025
Statement of Financial Position [Abstract]    
Common stock authorized (in shares) 100,000,000 100,000,000
Common stock issued (in shares) 57,346,813 57,230,002
Common stock outstanding (in shares) 49,685,074 49,707,379
Common stock in treasury (in shares) 7,661,739 7,522,623
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]        
Net sales $ 811,500,000 $ 727,000,000.0 $ 2,273,200,000 $ 2,121,500,000
Cost of sales 559,700,000 526,200,000 1,586,600,000 1,566,900,000
Gross profit 251,800,000 200,800,000 686,600,000 554,600,000
Selling, general and administrative expenses 65,300,000 63,000,000.0 191,500,000 180,600,000
Restructuring and asset impairment charges 0 0 0 3,600,000
Operating income 186,500,000 137,800,000 495,100,000 370,400,000
Interest expense, net 8,700,000 12,000,000.0 30,300,000 36,600,000
Debt extinguishment losses 0 0 15,600,000 0
Other expense (income), net 1,100,000 3,800,000 (2,300,000) 5,600,000
Income before income taxes 176,700,000 122,000,000.0 451,500,000 328,200,000
Income tax expense 37,100,000 26,600,000 84,100,000 63,900,000
Net income $ 139,600,000 $ 95,400,000 $ 367,400,000 $ 264,300,000
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 2.79 $ 1.90 $ 7.34 $ 5.27
Diluted (in dollars per share) $ 2.77 $ 1.88 $ 7.29 $ 5.21
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic (in shares) 50.0 50.2 50.1 50.2
Diluted (in shares) 50.3 50.7 50.4 50.7
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 139.6 $ 95.4 $ 367.4 $ 264.3
Other comprehensive income (loss), net of tax:        
Net (loss) gain on derivative instruments, net of tax of $0.2, $(0.7), $(0.1) and $(1.0) respectively (0.5) 2.3 0.4 3.1
Pension and postretirement benefits, net of tax of $(0.1), $(0.3), $(0.4) and $(1.0) respectively 0.5 1.0 1.3 2.9
Foreign currency translation (1.7) 3.4 (1.3) (1.6)
Total other comprehensive (loss) income, net of tax (1.7) 6.7 0.4 4.4
Comprehensive income, net of tax $ 137.9 $ 102.1 $ 367.8 $ 268.7
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net gain (loss) on derivative instruments, tax expense (benefit) $ 0.2 $ (0.7) $ (0.1) $ (1.0)
Pension and post-retirement benefits, tax (expense) benefit $ (0.1) $ (0.3) $ (0.4) $ (1.0)
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net income $ 367,400,000 $ 264,300,000
Adjustments to reconcile net income to net cash provided from operating activities:    
Depreciation and amortization 108,800,000 103,600,000
Noncash restructuring and asset impairment charges 0 2,500,000
Debt extinguishment losses 15,600,000 0
Deferred income taxes 12,800,000 (12,300,000)
Net pension expense 10,800,000 18,600,000
Share-based compensation expense 18,600,000 16,200,000
Net loss on disposals of property, plant and equipment 600,000 900,000
Changes in working capital and other:    
Accounts receivable (106,900,000) (39,400,000)
Inventories (45,100,000) (93,300,000)
Other current assets 1,500,000 10,200,000
Accounts payable 33,600,000 (10,600,000)
Accrued liabilities (31,000,000.0) (14,000,000.0)
Pension plan contributions (17,100,000) (58,500,000)
Other postretirement plan contributions (3,000,000.0) (2,800,000)
Other, net (1,700,000) (3,100,000)
Net cash provided from operating activities 364,900,000 182,300,000
INVESTING ACTIVITIES    
Purchases of property, plant, equipment and software (157,600,000) (96,300,000)
Proceeds from disposals of property, plant and equipment 0 100,000
Net cash used for investing activities (157,600,000) (96,200,000)
FINANCING ACTIVITIES    
Proceeds from issuance of long-term debt, net of offering costs 692,100,000 0
Payments on long-term debt (700,000,000.0) 0
Payments for debt extinguishment costs (11,400,000) 0
Payments for debt issue costs (4,100,000) 0
Dividends paid (30,200,000) (30,200,000)
Purchases of treasury stock (133,900,000) (77,800,000)
Proceeds from stock options exercised 13,900,000 12,200,000
Withholding tax payments on share-based compensation awards (55,900,000) (36,600,000)
Net cash used for financing activities (229,500,000) (132,400,000)
Effect of exchange rate changes on cash and cash equivalents 1,500,000 (1,300,000)
DECREASE IN CASH AND CASH EQUIVALENTS (20,700,000) (47,600,000)
Cash and cash equivalents at beginning of year 315,500,000 199,100,000
Cash and cash equivalents at end of period 294,800,000 151,500,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Noncash investing activities: Purchase of property, plant, equipment and software $ 36,900,000 $ 16,000,000.0
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Common Stock, Par Value of $5
Common Stock, Capital in Excess of Par Value
Reinvested Earnings
Common Stock in Treasury
Accumulated Other Comprehensive (Loss) Income
Balances at the beginning of the period at Jun. 30, 2024 $ 1,628.8 $ 284.9 $ 352.6 $ 1,374.5 $ (289.3) $ (93.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 264.3     264.3    
Net gain (loss) on derivative instruments, net of tax 3.1         3.1
Pension and postretirement benefits, net of tax 2.9         2.9
Foreign currency translation (1.6)         (1.6)
Cash dividends:            
Common stock (30.2)     (30.2)    
Purchase of treasury stock (77.8)       (77.8)  
Share-based compensation plans (4.2)   (0.2)   (4.0)  
Stock options exercised (3.6) 1.1 (4.7)      
Balances at the end of the period at Mar. 31, 2025 1,781.7 286.0 347.7 1,608.6 (371.1) (89.5)
Balances at the beginning of the period at Jun. 30, 2024 1,628.8 284.9 352.6 1,374.5 (289.3) (93.9)
Cash dividends:            
Purchase of treasury stock (101.9)          
Balances at the end of the period at Jun. 30, 2025 1,887.0 286.2 354.3 1,710.2 (395.8) (67.9)
Balances at the beginning of the period at Dec. 31, 2024 1,716.9 285.6 338.0 1,523.2 (333.7) (96.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 95.4     95.4    
Net gain (loss) on derivative instruments, net of tax 2.3         2.3
Pension and postretirement benefits, net of tax 1.0         1.0
Foreign currency translation 3.4         3.4
Cash dividends:            
Common stock (10.0)     (10.0)    
Purchase of treasury stock (37.5)       (37.5)  
Share-based compensation plans 6.5   6.4   0.1  
Stock options exercised 3.7 0.4 3.3      
Balances at the end of the period at Mar. 31, 2025 1,781.7 286.0 347.7 1,608.6 (371.1) (89.5)
Balances at the beginning of the period at Jun. 30, 2025 1,887.0 286.2 354.3 1,710.2 (395.8) (67.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 367.4     367.4    
Net gain (loss) on derivative instruments, net of tax 0.4         0.4
Pension and postretirement benefits, net of tax 1.3         1.3
Foreign currency translation (1.3)         (1.3)
Cash dividends:            
Common stock (30.2)     (30.2)    
Purchase of treasury stock (133.9)       (133.9)  
Share-based compensation plans (26.7)   (7.5)   (19.2)  
Stock options exercised 3.6 0.5 3.1      
Balances at the end of the period at Mar. 31, 2026 2,067.6 286.7 349.9 2,047.4 (548.9) (67.5)
Balances at the beginning of the period at Dec. 31, 2025 1,985.4 286.6 342.6 1,917.9 (495.9) (65.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 139.6     139.6    
Net gain (loss) on derivative instruments, net of tax (0.5)         (0.5)
Pension and postretirement benefits, net of tax 0.5         0.5
Foreign currency translation (1.7)         (1.7)
Cash dividends:            
Common stock (10.1)     (10.1)    
Purchase of treasury stock (52.7)       (52.7)  
Share-based compensation plans 6.6   6.9   (0.3)  
Stock options exercised 0.5 0.1 0.4      
Balances at the end of the period at Mar. 31, 2026 $ 2,067.6 $ 286.7 $ 349.9 $ 2,047.4 $ (548.9) $ (67.5)
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]                
Common stock, par value (in dollars per share) $ 5 $ 5 $ 5 $ 5 $ 5 $ 5 $ 5 $ 5
Cash dividends per common share (in dollars per share) $ 0.20 $ 0.20 $ 0.60 $ 0.60        
v3.26.1
Basis of Presentation
 9 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2025, consolidated balance sheet data was derived from audited financial statements but does not include all of the disclosures required by U.S. GAAP. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the "2025 Form 10-K"). Operating results for the three and nine months ended March 31, 2026, are not necessarily indicative of the operating results for any future period.

As used throughout this report, unless the context requires otherwise, the terms "Carpenter," "Carpenter Technology," the "Company," "Registrant," "Issuer," "we" and "our" refer to Carpenter Technology Corporation.
v3.26.1
Restructuring and Asset Impairment Charges
 9 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairment Charges Restructuring and Asset Impairment Charges
There were no restructuring and asset impairment charges for the three and nine months ended March 31, 2026, compared to $0.0 million and $3.6 million for the three and nine months ended March 31, 2025, respectively.

During the nine months ended March 31, 2025, the Company recorded restructuring and asset impairment charges of $3.6 million. This included $2.5 million of noncash pre-tax inventory impairment charges and $1.1 million of costs related to the decommissioning of property, plant and equipment. These costs were a result of actions taken to streamline operations in the Carpenter Additive business, as announced during the quarter ended June 30, 2024.

The reserve balances and activity for restructuring charges at March 31, 2026 and June 30, 2025 were as follows:

($ in millions)March 31, 2026June 30, 2025
Reserve balance at beginning of fiscal year$— $1.1 
Restructuring charges excluding noncash impairments— 1.1 
Cash payments— (2.2)
Reserve balance at end of period$— $— 
v3.26.1
Recent Accounting Pronouncements
 9 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Recently Issued Accounting Pronouncements - Pending Adoption

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the qualitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption was permitted for annual financial statements not yet issued. ASU 2023-09 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance in this ASU improves the disclosures about a public business entity's expenses by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements. Additionally, in January 2025 the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update make targeted improvements to increase the operability of the recognition guidance considering different methods of software development. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2025-06 on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) Hedge Accounting Improvements. The update provides targeted improvements intended to enhance the application of hedge accounting, including expanded eligibility of forecasted transactions, additional flexibility in measuring hedge effectiveness and clarifications related to hedging non-financial items. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2025-09 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12 Codification Improvements to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. ASU 2025-12 is an update to correct, clarify and otherwise improve U.S. GAAP and is not expected to materially impact the consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements - Adopted
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance in ASU 2023-07 seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose the following: significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; an amount for other segment items by reportable segment and a description of its composition; and the title and position of the CODM and how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU requires public entities to provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods. ASU 2023-07 clarifies that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. The Company adopted the provisions of ASU 2023-07 in the fourth quarter of fiscal year 2025 and adopted the provisions for interim disclosures in the first quarter of fiscal year 2026. ASU 2023-07 is a requirement for additional disclosure, as such it did not impact the consolidated financial statements other than the disclosure requirements in Note 16.
v3.26.1
Revenue
 9 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation.

The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product or the service is performed. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed.

The customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation.

Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The normal payment terms are 30 days. The Company has elected to use the practical expedient that permits the Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers.
Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $6.0 million and $5.2 million at March 31, 2026 and June 30, 2025, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three and nine months ended March 31, 2026 and 2025 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of our contract liabilities are recognized within a twelve-month period.

The Company elected the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less.

Disaggregation of Revenue

The Company operates in two business segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical locations based on the location of the customer.

Comparative information of the Company's overall revenue by end-use markets for the three and nine months ended March 31, 2026 and 2025 was as follows:
End-Use MarketThree Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
Aerospace and Defense$503.1 $34.3 $(3.2)$534.2 $428.8 $29.5 $(3.6)$454.7 
Medical51.6 28.3 (14.1)65.8 58.0 41.5 (14.5)85.0 
Energy66.1 2.9 — 69.0 44.3 2.0 0.1 46.4 
Transportation23.0 1.6 0.1 24.7 26.2 1.9 — 28.1 
Industrial and Consumer91.3 9.8 (4.1)97.0 85.6 7.7 (2.8)90.5 
Distribution— 20.8 — 20.8 — 22.3 — 22.3 
Total net sales$735.1 $97.7 $(21.3)$811.5 $642.9 $104.9 $(20.8)$727.0 
End-Use MarketNine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
Aerospace and Defense$1,398.9 $86.5 $(8.2)$1,477.2 $1,239.6 $77.9 $(11.9)$1,305.6 
Medical159.2 90.7 (38.9)211.0 176.8 125.2 (43.9)258.1 
Energy168.6 5.9 — 174.5 137.5 4.8 — 142.3 
Transportation64.9 5.4 (0.1)70.2 79.5 5.6 (0.1)85.0 
Industrial and Consumer264.7 30.2 (10.4)284.5 256.1 23.6 (12.8)266.9 
Distribution— 55.8 — 55.8 — 63.7 (0.1)63.6 
Total net sales$2,056.3 $274.5 $(57.6)$2,273.2 $1,889.5 $300.8 $(68.8)$2,121.5 
Comparative information of the Company's overall revenue by geographic locations for the three and nine months ended March 31, 2026 and 2025 was as follows:
Geographic LocationThree Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
United States$421.0 $62.1 $(9.2)$473.9 $375.6 $64.8 $(6.8)$433.6 
Europe184.9 15.3 (3.7)196.5 146.7 19.6 (5.7)160.6 
Asia Pacific75.6 9.4 (8.4)76.6 79.6 8.4 (8.2)79.8 
Mexico27.2 6.3 — 33.5 12.5 7.2 (0.1)19.6 
Canada14.9 2.3 — 17.2 16.2 3.1 — 19.3 
Other11.5 2.3 — 13.8 12.3 1.8 — 14.1 
Total net sales$735.1 $97.7 $(21.3)$811.5 $642.9 $104.9 $(20.8)$727.0 
Geographic LocationNine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
United States$1,192.4 $169.0 $(21.1)$1,340.3 $1,116.2 $181.0 $(23.3)$1,273.9 
Europe472.6 45.0 (9.6)508.0 369.9 52.0 (15.6)406.3 
Asia Pacific236.4 30.0 (26.9)239.5 254.7 30.6 (29.8)255.5 
Mexico75.6 17.1 — 92.7 77.5 21.5 0.1 99.1 
Canada44.7 5.1 0.1 49.9 39.1 9.0 — 48.1 
Other34.6 8.3 (0.1)42.8 32.1 6.7 (0.2)38.6 
Total net sales$2,056.3 $274.5 $(57.6)$2,273.2 $1,889.5 $300.8 $(68.8)$2,121.5 
v3.26.1
Earnings per Common Share
 9 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The Company calculates basic and diluted earnings per share using the two-class method. Under the two-class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding. No awards issued under share-based compensation plans were excluded from the calculations of diluted earnings per share because their effects were anti-dilutive for the three and nine months ended March 31, 2026 and 2025.

The calculations of basic and diluted earnings per common share for the three and nine months ended March 31, 2026 and 2025 were as follows: 
Three Months Ended
March 31,		Nine Months Ended
March 31,
(in millions, except per share data)2026202520262025
Net income $139.6 $95.4 $367.4 $264.3 
Dividends allocated to participating securities(0.1)— (0.1)(0.1)
Earnings available for common stockholders used in calculation of basic earnings per common share$139.5 $95.4 $367.3 $264.2 
Weighted average number of common shares outstanding, basic50.0 50.2 50.1 50.2 
Basic earnings per common share$2.79 $1.90 $7.34 $5.27 
Net income$139.6 $95.4 $367.4 $264.3 
Dividends allocated to participating securities(0.1)— (0.1)(0.1)
Earnings available for common stockholders used in calculation of diluted earnings per common share$139.5 $95.4 $367.3 $264.2 
Weighted average number of common shares outstanding, basic50.0 50.2 50.1 50.2 
Effect of shares issuable under share-based compensation plans0.3 0.5 0.3 0.5 
Weighted average number of common shares outstanding, diluted50.3 50.7 50.4 50.7 
Diluted earnings per common share$2.77 $1.88 $7.29 $5.21 
v3.26.1
Inventories
 9 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Inventories Inventories
Inventories consisted of the following components as of March 31, 2026 and June 30, 2025:
 
($ in millions)March 31,
2026		June 30,
2025
Raw materials and supplies$182.5 $199.7 
Work in process487.9 454.9 
Finished and purchased products168.8 139.2 
Total inventories$839.2 $793.8 
 
Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company values other inventory at the lower of cost or net realizable value, determined by the first-in, first-out and average cost methods. As of March 31, 2026 and June 30, 2025, $163.4 million and $145.2 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.
v3.26.1
Accrued Liabilities
 9 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following as of March 31, 2026 and June 30, 2025:
 
($ in millions)March 31,
2026		June 30,
2025
Accrued compensation and benefits$128.7 $142.6 
Accrued postretirement benefits15.3 15.3 
Current portion of lease liabilities8.9 8.0 
Contract liabilities6.0 5.2 
Accrued taxes5.2 5.7 
Accrued interest expense3.3 18.5 
Accrued pension liabilities3.3 3.3 
Accrued income taxes1.7 3.3 
Derivative financial instruments1.4 2.2 
Other11.9 12.2 
Total accrued liabilities$185.7 $216.3 
v3.26.1
Pension and Other Postretirement Benefits
 9 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
2026202520262025
($ in millions)Pension PlansOther Postretirement Plans
Service cost$1.8 $1.9 $0.4 $0.4 
Interest cost9.3 9.7 2.3 2.5 
Expected return on plan assets(8.6)(7.5)(2.2)(2.1)
Amortization of net loss (gain)1.6 1.9 (1.5)(1.4)
Amortization of prior service cost0.4 0.5 0.1 0.3 
    Net pension expense (income)$4.5 $6.5 $(0.9)$(0.3)
Nine Months Ended March 31,
2026202520262025
($ in millions)Pension PlansOther Postretirement Plans
Service cost$5.3 $6.0 $1.2 $1.0 
Interest cost28.0 29.0 7.1 7.5 
Expected return on plan assets(25.9)(22.5)(6.6)(6.3)
Amortization of net loss (gain)4.8 5.7 (4.4)(4.2)
Amortization of prior service cost1.1 1.5 0.2 0.9 
    Net pension expense (income)$13.3 $19.7 $(2.5)$(1.1)

During the nine months ended March 31, 2026 and 2025, the Company made $17.1 million and $58.5 million, respectively, of cash contributions to its qualified defined benefit pension plans. The Company currently expects to make $6.4 million of required cash pension contributions to its domestic qualified defined benefit pension plans during the remainder of fiscal year 2026.
v3.26.1
Debt
 9 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
On November 20, 2025, the Company completed its offering and sale of $700.0 million in aggregate principal amount of 5.625% Senior Notes due 2034 (the "2034 Notes"). The 2034 Notes accrue interest at the rate of 5.625% per annum, with interest payable in cash semi-annually in arrears on March 1 and September 1, commencing March 1, 2026. The 2034 Notes will mature on March 1, 2034. The 2034 Notes are senior indebtedness of the Company, ranking equally in right of payment with all its existing and future senior indebtedness and senior to any future subordinated indebtedness. The Company used the net proceeds from the issuance of the 2034 Notes to repay, in November 2025, $400.0 million and $300.0 million in aggregate principal amount of its senior unsecured Notes due July 2028 and March 2030, respectively, including any interest and premium due thereon, thereby redeeming such notes in full.

On November 20, 2025, the Company entered into a Third Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and the other lenders, agents and arrangers party thereto (the "Credit Facility"). The Credit Facility amended and restated the Company's then existing Second Amended and Restated Credit Agreement dated as of April 14, 2023, which had been set to expire on April 12, 2028. The Third Amendment extends the maturity to November 20, 2030.
The Credit Facility is an unsecured revolving credit facility with a commitment of $500.0 million subject to the right, from time to time, to request an increase of the commitment not in excess of $650.0 million and provides for the issuance of letters of credit subject to a $40.0 million sub-limit. The Company has the right to voluntarily prepay and re-borrow loans, to terminate or reduce the commitments under the Credit Facility, and, subject to certain lender approvals, to join subsidiaries as subsidiary borrowers. As of March 31, 2026, the Company had $1.0 million of issued letters of credit under the Credit Facility and no short-term borrowings. The balance of $499.0 million remains available to the Company.

Interest on the borrowings under the Credit Facility accrues at variable rates which are determined based upon the Company's consolidated total leverage ratio. The applicable margin to be added to Alternative Currency Daily Rate, Alternative Currency Term Rate and Term SOFR determined loans ranges from 1.375% to 2.150% (1.625% as of March 31, 2026), and for Base Rate-determined loans, from 0.500% to 1.250% (0.750% as of March 31, 2026). The Company also pays a quarterly commitment fee ranging from 0.200% to 0.300% (0.225% as of March 31, 2026), determined based upon the consolidated total leverage ratio, of the unused portion of the commitment under the Credit Facility. In addition, the Company must pay certain letter of credit fees, ranging from 1.375% to 2.150% (1.625% as of March 31, 2026), with respect to letters of credit issued under the Credit Facility. As of March 31, 2026, the borrowing rate for the Credit Facility was 5.390%, however, the Company had no short-term borrowings.

The Company is subject to certain financial and restrictive covenants under the Credit Facility, which requires the maintenance of a minimum interest coverage ratio of 3.00 to 1.00 and a consolidated net leverage ratio of no more than 3.50 to 1.00. The restrictions of these covenants (other than the financial ratio covenants) are subject to certain exceptions or threshold triggering amounts or events specified in the Credit Facility, and in some cases the restrictions may be waived by the lenders. As of March 31, 2026, the Company was in compliance with all of the covenants of the Credit Facility.

Long-term debt outstanding as of March 31, 2026 and June 30, 2025 consisted of the following:
($ in millions)March 31,
2026		June 30,
2025
Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at June 30, 2025)
$— $397.9 
Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at June 30, 2025)
— 297.5 
Senior unsecured notes, 5.625% due March 2034 (face value of $700.0 million at March 31, 2026)
690.4 — 
Total debt690.4 695.4 
Less: amounts due within one year— — 
Long-term debt, net of current portion$690.4 $695.4 

For the three months ended March 31, 2026 and 2025, interest costs totaled $10.6 million and $12.7 million, respectively, of which $1.9 million and $0.7 million, respectively, were capitalized as part of the cost of property, plant, equipment and software. For the nine months ended March 31, 2026 and 2025, interest costs totaled $35.0 million and $38.2 million, respectively, of which $4.7 million and $1.6 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

There were no debt extinguishment losses for the three months ended March 31, 2026 and 2025. For the nine months ended March 31, 2026, debt extinguishment losses were $15.6 million related to the prepayment, in full, of the senior unsecured Notes due July 2028 and March 2030. This consisted of $11.4 million of debt prepayment costs and $4.2 million of accelerated issue costs. There were no debt extinguishment losses for the nine months ended March 31, 2025.
v3.26.1
Contingencies and Commitments
 9 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments Contingencies and Commitments
Environmental
 
The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation.

During the nine months ended March 31, 2026, the Company increased the liability for environmental remediation costs by $0.1 million. The liabilities recorded for environmental remediation costs at Superfund sites, other third party-owned sites and Carpenter-owned current or former operating facilities remaining at March 31, 2026 and June 30, 2025 were $17.5 million and $17.4 million, respectively. Additionally, the Company has been notified that it may be a PRP with respect to other Superfund sites as to which no proceedings have been instituted against the Company. Neither the exact amount of remediation costs nor the final method of their allocation among all designated PRPs at these Superfund sites have been determined. Accordingly, at this time the Company cannot reasonably estimate expected costs for such matters. The liability for future environmental remediation costs that can be reasonably estimated is evaluated by management on a quarterly basis. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation.

Estimates of the amount and timing of future costs of environmental remediation requirements are inherently imprecise because of the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the identification of currently unknown remediation sites and the allocation of costs among the PRPs. Based upon information currently available, such future costs are not expected to have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, such costs could be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.

Other
 
The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws and regulations, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.
v3.26.1
Share Repurchase Program
 9 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Share Repurchase Program Share Repurchase Program
In July 2024, the Company's Board of Directors authorized a share repurchase program. The program authorizes the purchase of up to $400.0 million of the Company's outstanding common stock. The shares may be repurchased in the open market or in privately negotiated transactions. Under the terms of the share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. There is no stated expiration for the share repurchase program. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the share repurchase program may be suspended, modified or terminated at any time without prior notice. During the nine months ended March 31, 2026, the Company purchased 445,000 shares of its common stock on the open market for an aggregate of $133.9 million. The fiscal year 2025 purchases totaled $101.9 million. As of March 31, 2026, $164.2 million remained available for future purchases.
v3.26.1
Fair Value Measurements
 9 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or trade infrequently; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs.

The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

March 31, 2026Fair Value
Measurements Using
Input Type
($ in millions)Level 2
Assets: 
Derivative financial instruments$0.5 
Liabilities: 
Derivative financial instruments$1.5 

June 30, 2025Fair Value
Measurements Using
Input Type
($ in millions)Level 2
Assets: 
Derivative financial instruments$0.6 
Liabilities: 
Derivative financial instruments$2.2 
 
The Company's derivative financial instruments have historically consisted of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to commodity prices and foreign exchange rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies are more fully discussed in Note 13. Derivatives and Hedging Activities.

The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP.
The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows:

 March 31, 2026June 30, 2025
($ in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$690.4 $695.0 $695.4 $712.4 
Company-owned life insurance$33.4 $33.4 $33.1 $33.1 

The fair values of long-term debt as of March 31, 2026 and June 30, 2025 were determined by using current quoted prices for the Company's existing debt arrangements that are traded infrequently and accordingly would be classified as Level 2 inputs in the fair value hierarchy.

The carrying amount of Company-owned life insurance as of March 31, 2026 and June 30, 2025 reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
v3.26.1
Derivatives and Hedging Activities
 9 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
The Company, from time to time, uses commodity forwards and foreign currency forwards to manage risks generally associated with commodity price and foreign currency rate fluctuations. The following explains the various types of derivatives utilized during the three and nine months ended March 31, 2026 and 2025, and includes a summary of the impact the derivative instruments had on the Company's financial position, results of operations and cash flows.
 
Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) ("AOCI") to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur. As of March 31, 2026, the Company had forward contracts to purchase 0.2 million pounds of certain raw materials with settlement dates through April 2027.

Cash Flow Hedging — Foreign currency forward contracts: The Company, from time to time, uses foreign currency forward contracts to hedge a portion of anticipated future purchase commitments for property, plant and equipment denominated in foreign currencies, principally the Euro, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to the cost of property, plant and equipment in the period during which the purchase transaction is completed or expensed if it becomes probable that the forecasted transaction will not occur. As of March 31, 2026 and June 30, 2025, the fair value of the outstanding foreign currency forwards designated as hedging instruments were not material.

Fair Value Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense (income), net. As of March 31, 2026 and June 30, 2025, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material.
The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2026 and June 30, 2025:
 
March 31, 2026Foreign
Currency
Contracts		Commodity
Contracts		Total
Derivatives
($ in millions)
Asset Derivatives:   
Other current assets$0.2 $0.3 $0.5 
Other assets— — — 
Total asset derivatives$0.2 $0.3 $0.5 
Liability Derivatives:   
Accrued liabilities$— $1.4 $1.4 
Other liabilities— 0.1 0.1 
Total liability derivatives$— $1.5 $1.5 
 
June 30, 2025Foreign
Currency
Contracts		Commodity
Contracts		Total
Derivatives
($ in millions)
Asset Derivatives:   
Other current assets$0.4 $— $0.4 
Other assets0.1 0.1 0.2 
Total asset derivatives$0.5 $0.1 $0.6 
Liability Derivatives:   
Accrued liabilities$— $2.2 $2.2 
Other liabilities— — — 
Total liability derivatives$— $2.2 $2.2 

Substantially all of the Company's derivative contracts are subject to master netting arrangements, or similar agreements with each counterparty, which provide for the option to settle contracts on a net basis when they settle on the same day and in the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. The Company presents the outstanding derivative contracts on a net basis by counterparty in the consolidated balance sheets. If the Company had chosen to present the derivative contracts on a gross basis, the total asset derivatives and total liability derivatives would have been $0.7 million and $1.7 million, respectively, as of March 31, 2026.

According to the provisions of the Company's derivative arrangements, in the event that the fair value of outstanding derivative positions with certain counterparties exceeds certain thresholds, the Company may be required to issue cash collateral to the counterparties. As of March 31, 2026 and June 30, 2025, the Company had no cash collateral held by counterparties.

The Company is exposed to credit loss in the event of nonperformance by counterparties on its derivative instruments as well as credit or performance risk with respect to its customer commitments to perform. Although nonperformance is possible, the Company does not anticipate nonperformance by any of the parties. In addition, various master netting arrangements are in place with counterparties to facilitate settlements of gains and losses on these contracts.
Cash Flow

For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains and (losses) related to cash flow hedges recognized during the three and nine months ended March 31, 2026 and 2025:
 Amount of Gain (Loss) Recognized in AOCI on Derivatives
 Three Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Derivatives in Cash Flow Hedging Relationship:  
  Commodity contracts$0.3 $2.4 $(0.9)$0.1 
  Foreign exchange contracts(0.1)— (0.3)— 
Total$0.2 $2.4 $(1.2)$0.1 
 Location of Gain (Loss) Reclassified from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income
 Three Months Ended
March 31,
($ in millions)20262025
Derivatives in Cash Flow Hedging Relationship:  
  Commodity contractsCost of Sales$0.8 $(0.7)
Total$0.8 $(0.7)
($ in millions)Location of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI
into Income
Nine Months Ended
March 31,
20262025
Derivatives in Cash Flow Hedging Relationship:
  Commodity contractsCost of sales$(1.7)$(3.9)
Total $(1.7)$(3.9)
The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded during the three and nine months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
($ in millions)Cost of SalesCost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded$559.7 $526.2 
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship:
   Commodity contracts
Amount of gain (loss) reclassified from AOCI to income$0.8 $(0.7)
Total gain (loss)$0.8 $(0.7)

Nine Months Ended
March 31, 2026		Nine Months Ended
March 31, 2025
($ in millions)Cost of SalesCost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded$1,586.6 $1,566.9 
Loss on Derivatives in Cash Flow Hedging Relationship:
   Commodity contracts
Amount of loss reclassified from AOCI to income$(1.7)$(3.9)
Total loss$(1.7)$(3.9)
The Company estimates that $0.9 million of net derivative losses included in AOCI as of March 31, 2026, will be reclassified into earnings within the next twelve months. No significant cash flow hedges were discontinued during the three and nine months ended March 31, 2026.
v3.26.1
Other Expense (Income), Net
 9 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Expense (Income), Net Other Expense (Income), Net
Other expense (income), net consisted of the following:
Three Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Interest income$(2.0)$(1.6)$(6.1)$(5.5)
Unrealized losses (gains) on company-owned life insurance contracts and investments held in rabbi trusts1.6 1.3 (1.5)(0.6)
Pension earnings, interest and deferrals1.4 3.9 4.3 11.6 
Foreign exchange losses0.2 0.2 1.0 — 
Other(0.1)— — 0.1 
Total other expense (income), net$1.1 $3.8 $(2.3)$5.6 
v3.26.1
Income Taxes
 9 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pre-tax income, or loss, of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company's tax expense or benefit can be impacted by changes in tax rates or laws, the finalization of tax audits, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

Income tax expense was $37.1 million, or 21.0 percent of income before income taxes for the three months ended March 31, 2026, as compared with income tax expense of $26.6 million, or 21.8 percent of income before income taxes for the three months ended March 31, 2025. Income tax expense was $84.1 million, or 18.6 percent of income before income taxes for the nine months ended March 31, 2026, as compared with income tax expense of $63.9 million, or 19.5 percent of income before income taxes for the nine months ended March 31, 2025.

Income tax expense for the three months ended March 31, 2026, includes discrete tax benefits of $1.6 million attributable to employee share-based compensation and $2.5 million as a result of changes in the Company's prior year tax positions. Income tax expense for the three months ended March 31, 2025, included discrete tax benefits of $3.2 million attributable to employee share-based compensation.

Income tax expense for the nine months ended March 31, 2026, includes discrete tax benefits of $17.0 million attributable to employee share-based compensation, $3.6 million associated with the debt prepayment costs and $2.5 million as a result of changes in the Company's prior year tax positions. Income tax expense for the nine months ended March 31, 2025, included discrete tax benefits of $13.0 million attributable to employee share-based compensation.
v3.26.1
Business Segments
 9 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company has two reportable segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("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. 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 chief operating decision maker ("CODM") is the Chief Executive Officer. The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is operating income. The CODM uses operating income when making decisions about allocating capital and personnel to the segments in the annual operating plan and monthly performance review processes. The CODM considers variances of actual results compared to the annual operating plan and subsequent forecasts for each segment. Operating income for each of the Company's reportable segments is comprised of the segment's net sales less directly related product costs and other operating expenses. Segment operating results exclude general corporate costs, which include 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. Total net sales and operating earnings by segment include intersegment sales which are generally recorded at cost-plus a specified fee for a negotiated fixed price. All significant intersegment transactions have been eliminated from each reportable segment's net sales and earnings for all periods presented.
The service cost component of the Company's net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs is included within other expense (income), net, excluded from the business segments.

On a consolidated basis, no single customer accounted for 10 percent or more of net sales for the three and nine months ended March 31, 2026 or March 31, 2025. No single customer accounted for 10 percent or more of the accounts receivable outstanding as of March 31, 2026 or June 30, 2025.

See Note 4 Revenue for comparative information of the Company's overall revenue by segment, end-use market and geographical location. The Company believes further disaggregation of revenue is impracticable. Net sales and operating income by segment for the three and nine months ended March 31, 2026 and 2025 were as follows:

Three Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPTotalSAOPEPTotal
Sales to external customers$728.9 $82.6 $811.5 $638.9 $88.1 $727.0 
Intersegment sales6.2 15.1 21.3 4.0 16.8 20.8 
Total sales735.1 97.7 832.8 642.9 104.9 747.8 
Reconciliation of sales
Elimination of intersegment(21.3)(20.8)
Consolidated net sales$811.5 $727.0 
Less: (a)
Cost of sales494.5 85.7 580.2 459.1 87.7 546.8 
Other segment items (b)32.6 5.3 37.9 32.4 6.3 38.7 
Segment operating income208.0 6.7 214.7 151.4 10.9 162.3 
Reconciliation of operating income
Corporate costs (c)(27.3)(24.4)
Elimination of intersegment(0.9)(0.1)
Consolidated operating income$186.5 $137.8 
Other items:
Interest expense, net8.7 12.0 
Other expense, net1.1 3.8 
Income before income taxes$176.7 $122.0 
Nine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPTotalSAOPEPTotal
Sales to external customers$2,044.3 $228.9 $2,273.2 $1,878.3 $243.2 $2,121.5 
Intersegment sales12.0 45.6 57.6 11.2 57.6 68.8 
Total sales2,056.3 274.5 2,330.8 1,889.5 300.8 2,190.3 
Reconciliation of sales
Elimination of intersegment(57.6)(68.8)
Consolidated net sales$2,273.2 $2,121.5 
Less: (a)
Cost of sales1,408.0 235.6 1,643.6 1,377.9 257.3 1,635.2 
Other segment items (b)95.1 15.9 111.0 90.1 18.2 108.3 
Segment operating income553.2 23.0 576.2 421.5 25.3 446.8 
Reconciliation of operating income
Corporate costs (c)(80.1)(76.0)
Elimination of intersegment(1.0)(0.4)
Consolidated operating income$495.1 $370.4 
Other items:
Interest expense, net30.3 36.6 
Debt extinguishment losses15.6 — 
Other (income) expense, net(2.3)5.6 
Income before income taxes$451.5 $328.2 
(a)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(b)    Other segment items for each reportable segment primarily includes selling, general and administrative expenses.
(c)    Corporate costs include 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.

Additional data by segment for the three and nine months ended March 31, 2026 and 2025 is as follows:
Depreciation and AmortizationThree Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Specialty Alloys Operations$31.1 $29.8 $92.0 $87.2 
Performance Engineered Products4.4 4.2 13.2 12.2 
Corporate1.2 1.4 3.6 4.2 
Consolidated depreciation and amortization$36.7 $35.4 $108.8 $103.6 
Capital ExpendituresThree Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Specialty Alloys Operations$65.5 $36.2 $145.8 $81.9 
Performance Engineered Products2.1 2.8 8.4 12.5 
Corporate1.1 1.2 3.4 1.9 
Consolidated capital expenditures$68.7 $40.2 $157.6 $96.3 
Total AssetsMarch 31,
2026		June 30,
2025
($ in millions)
Specialty Alloys Operations$2,838.4 $2,649.3 
Performance Engineered Products424.0 413.5 
      Total segment assets3,262.4 3,062.8 
Corporate432.0 433.2 
Intersegment(15.3)(9.2)
Consolidated total assets$3,679.1 $3,486.8 

Long-lived Assets (a)March 31,
2026		June 30,
2025
($ in millions)
United States$1,429.1 $1,354.4 
Europe2.5 3.0 
Mexico1.0 1.2 
Asia Pacific0.4 0.4 
Canada0.3 0.4 
Consolidated long-lived assets$1,433.3 $1,359.4 
(a)    Long-lived assets consist primarily of property, plant, equipment and software, net.
v3.26.1
Reclassifications from Accumulated Other Comprehensive Loss
 9 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Reclassifications from Accumulated Other Comprehensive Loss Reclassifications from Accumulated Other Comprehensive Loss
The changes in AOCI by component, net of tax, for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026
($ in millions) (a)		Cash flow
hedging items		Pension and
other
postretirement
benefit plan
items		Foreign
currency
items		Total
Balances at December 31, 2025$(3.3)$(26.6)$(35.9)$(65.8)
Other comprehensive income (loss) before reclassifications0.1 — (1.7)(1.6)
Amounts reclassified from AOCI (b)(0.6)0.5 — (0.1)
Total other comprehensive (loss) income, net of tax(0.5)0.5 (1.7)(1.7)
Balances at March 31, 2026$(3.8)$(26.1)$(37.6)$(67.5)

Three Months Ended March 31, 2025
($ in millions) (a)		Cash flow
hedging items		Pension and
other
postretirement
benefit plan
items		Foreign
currency
items		Total
Balances at December 31, 2024$(5.1)$(42.4)$(48.7)$(96.2)
Other comprehensive income before reclassifications1.8 — 3.4 5.2 
Amounts reclassified from AOCI (b)0.5 1.0 — 1.5 
Total other comprehensive income, net of tax2.3 1.0 3.4 6.7 
Balances at March 31, 2025$(2.8)$(41.4)$(45.3)$(89.5)

(a)    All amounts are net of tax. Amounts in parentheses indicate debits.
(b)    See separate table below for further details.
The changes in AOCI by component, net of tax, for the nine months ended March 31, 2026 and 2025 were as follows:
Nine Months Ended March 31, 2026
($ in millions) (a)		Cash flow
 hedging items		Pension and
 other
 postretirement
 benefit plan
 items		Foreign
currency
items		Total
Balances at June 30, 2025$(4.2)$(27.4)$(36.3)$(67.9)
Other comprehensive loss before reclassifications(0.9)— (1.3)(2.2)
Amounts reclassified from AOCI (b)1.3 1.3 — 2.6 
Total other comprehensive income (loss), net of tax0.4 1.3 (1.3)0.4 
Balances at March 31, 2026$(3.8)$(26.1)$(37.6)$(67.5)
Nine Months Ended March 31, 2025
($ in millions) (a)		Cash flow
 hedging items		Pension and
 other
 postretirement
 benefit plan
 items		Foreign
currency
items		Total
Balances at June 30, 2024$(5.9)$(44.3)$(43.7)$(93.9)
Other comprehensive income (loss) before reclassifications0.1 — (1.6)(1.5)
Amounts reclassified from AOCI (b)3.0 2.9 — 5.9 
Total other comprehensive income (loss), net of tax3.1 2.9 (1.6)4.4 
Balances at March 31, 2025$(2.8)$(41.4)$(45.3)$(89.5)
(a)    All amounts are net of tax. Amounts in parentheses indicate debits.
(b)    See separate table below for further details.
The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2026 and 2025:
Details about AOCI ComponentsLocation of gain
(loss)		Amount Reclassified from AOCI
Three Months Ended March 31,		Amount Reclassified from AOCI
Nine Months Ended March 31,
($ in millions) (a)2026202520262025
Cash flow hedging items:   
Commodity contractsCost of sales$0.8 $(0.7)$(1.7)$(3.9)
Total before tax0.8 (0.7)(1.7)(3.9)
Tax (expense) benefit(0.2)0.2 0.4 0.9 
Net of tax$0.6 $(0.5)$(1.3)$(3.0)
Details about AOCI ComponentsLocation of
loss		Amount Reclassified from AOCI
Three Months Ended March 31,		Amount Reclassified from AOCI
Nine Months Ended March 31,
($ in millions) (a)2026202520262025
Amortization of pension and other postretirement benefit plan items:   
Net actuarial loss(b)$(0.1)$(0.5)$(0.4)$(1.5)
Prior service cost(b)(0.5)(0.8)(1.3)(2.4)
Total before tax(0.6)(1.3)(1.7)(3.9)
Tax benefit0.1 0.3 0.4 1.0 
Net of tax$(0.5)$(1.0)$(1.3)$(2.9)

(a)    Amounts in parentheses indicate debits to income/loss.
(b)    These AOCI components are included in the computation of net periodic pension expense (income) (see Note 8 Pension and Other Postretirement Benefits for additional details).
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation (Policies)
 9 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2025, consolidated balance sheet data was derived from audited financial statements but does not include all of the disclosures required by U.S. GAAP. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology's Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the "2025 Form 10-K"). Operating results for the three and nine months ended March 31, 2026, are not necessarily indicative of the operating results for any future period.
Recently Issued Accounting Pronouncements - Pending Adoption And Adopted
Recently Issued Accounting Pronouncements - Pending Adoption

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the qualitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption was permitted for annual financial statements not yet issued. ASU 2023-09 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance in this ASU improves the disclosures about a public business entity's expenses by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure and is not expected to materially impact the consolidated financial statements. Additionally, in January 2025 the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update make targeted improvements to increase the operability of the recognition guidance considering different methods of software development. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2025-06 on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) Hedge Accounting Improvements. The update provides targeted improvements intended to enhance the application of hedge accounting, including expanded eligibility of forecasted transactions, additional flexibility in measuring hedge effectiveness and clarifications related to hedging non-financial items. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2025-09 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12 Codification Improvements to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. ASU 2025-12 is an update to correct, clarify and otherwise improve U.S. GAAP and is not expected to materially impact the consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements - Adopted
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance in ASU 2023-07 seeks to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose the following: significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; an amount for other segment items by reportable segment and a description of its composition; and the title and position of the CODM and how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU requires public entities to provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods. ASU 2023-07 clarifies that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. The Company adopted the provisions of ASU 2023-07 in the fourth quarter of fiscal year 2025 and adopted the provisions for interim disclosures in the first quarter of fiscal year 2026. ASU 2023-07 is a requirement for additional disclosure, as such it did not impact the consolidated financial statements other than the disclosure requirements in Note 16.
Revenue Revenue
The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB's guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation.

The Company recognizes revenue when performance obligations under the terms of a customer purchase order or contract are satisfied. This occurs when control of the goods and services has transferred to the customer, which is generally determined when title, ownership and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product or the service is performed. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon usage by the customer. Service revenue is recognized as the services are performed.

The customer purchase order or contract for goods transferred has a single performance obligation for which revenue is recognized at a point in time. The standard terms and conditions of a customer purchase order include general rights of return and product warranty provisions related to nonconforming product. Depending on the circumstances, the product is either replaced or a quality adjustment is issued. Such warranties do not represent a separate performance obligation.

Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, which generally depend upon the Company's customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for its product. The normal payment terms are 30 days. The Company has elected to use the practical expedient that permits the Company to not adjust for the effects of a significant financing component if it expects that at the contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Amounts billed to customers for shipping and handling activities to fulfill the Company's promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers.
Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. Contract liabilities were $6.0 million and $5.2 million at March 31, 2026 and June 30, 2025, respectively, and are included in accrued liabilities on the consolidated balance sheets. Revenue recognized for the three and nine months ended March 31, 2026 and 2025 from amounts included in contract liabilities at the beginning of the period was not significant and substantially all of our contract liabilities are recognized within a twelve-month period.

The Company elected the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied in one year or less.
Earning per Common Share Earnings per Common ShareThe Company calculates basic and diluted earnings per share using the two-class method. Under the two-class method, earnings are allocated to common stock and participating securities (non-vested restricted shares and units that receive non-forfeitable dividends) according to their participation rights in dividends and undistributed earnings. The earnings available to each class of stock are divided by the weighted average number of outstanding shares for the period in each class. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding.
Inventories Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out ("LIFO") inventory costing method. The Company values other inventory at the lower of cost or net realizable value, determined by the first-in, first-out and average cost methods.
Environmental
Environmental
 
The Company is subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health. Although compliance with these laws and regulations may affect the costs of the Company's operations, compliance costs to date have not been material. The Company has environmental remediation liabilities at some of its owned operating facilities and has been designated as a potentially responsible party ("PRP") with respect to certain third party Superfund waste-disposal sites and other third party-owned sites. The Company accrues amounts for environmental remediation costs that represent management's best estimate of the probable and reasonably estimable future costs related to environmental remediation.
Contingencies and Commitments
The Company is defending various routine claims and legal actions that are incidental to its business and common to its operations, including those pertaining to product claims, commercial disputes, patent infringement, employment actions, employee benefits, compliance with domestic and foreign laws and regulations, personal injury claims and tax issues. Like many other manufacturing companies in recent years, the Company, from time to time, has been named as a defendant in lawsuits alleging personal injury as a result of exposure to chemicals and substances in the workplace such as asbestos. The Company provides for costs relating to these matters when a loss is probable and the amount of the loss is reasonably estimable. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount and timing (both as to recording future charges to operations and cash expenditures) of the resolution of such matters. While it is not feasible to determine the outcome of these matters, management believes that the total liability from these matters will not have a material effect on the Company's financial position, results of operations or cash flows over the long-term. However, there can be no assurance that an increase in the scope of pending matters or that any future lawsuits, claims, proceedings or investigations will not be material to the Company's financial position, results of operations or cash flows in a particular future quarter or year.
Fair Value Measurements Fair Value Measurements
The fair value hierarchy has three levels based on the inputs used to determine fair value. Level 1 refers to quoted prices in active markets for identical assets or liabilities. Level 2 refers to observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or trade infrequently; or other inputs that are observable or can be corroborated by observable market data. Level 3 refers to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Currently, the Company does not use Level 1 and 3 inputs.
Fair Value of Financial Instruments
The Company's derivative financial instruments have historically consisted of commodity forward contracts and foreign currency forward contracts. These instruments are measured at fair value using the market method valuation technique. The inputs to this technique utilize information related to commodity prices and foreign exchange rates published by third party leading financial news and data providers. This is observable data; however, the valuation of these instruments is not based on actual transactions for the same instruments and, as such, they are classified as Level 2. The Company's use of derivatives and hedging policies are more fully discussed in Note 13. Derivatives and Hedging Activities.

The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP.
The fair values of long-term debt as of March 31, 2026 and June 30, 2025 were determined by using current quoted prices for the Company's existing debt arrangements that are traded infrequently and accordingly would be classified as Level 2 inputs in the fair value hierarchy.

The carrying amount of Company-owned life insurance as of March 31, 2026 and June 30, 2025 reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
Cash Flow Hedging Cash Flow Hedging — Commodity forward contracts: The Company enters into commodity forward contracts to fix the price of a portion of anticipated future purchases of certain critical raw materials and energy to manage the risk of cash flow variability associated with volatile commodity prices. The commodity forward contracts have been designated as cash flow hedges. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income (loss) ("AOCI") to the extent effective, and reclassified to cost of sales in the period during which the hedged transaction affects earnings or it becomes probable that the forecasted transaction will not occur.
Cash Flow Hedging — Foreign currency forward contracts: The Company, from time to time, uses foreign currency forward contracts to hedge a portion of anticipated future purchase commitments for property, plant and equipment denominated in foreign currencies, principally the Euro, in order to offset the effect of changes in exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to the cost of property, plant and equipment in the period during which the purchase transaction is completed or expensed if it becomes probable that the forecasted transaction will not occur. As of March 31, 2026 and June 30, 2025, the fair value of the outstanding foreign currency forwards designated as hedging instruments were not material.

Fair Value Hedging — Foreign currency forward contracts: The Company uses foreign currency forward contracts to protect certain short-term asset positions denominated in foreign currencies against the effect of changes in exchange rates. These positions do not qualify for hedge accounting and accordingly are marked-to-market at each reporting date through charges to other expense (income), net. As of March 31, 2026 and June 30, 2025, the fair value of the outstanding foreign currency forwards not designated as hedging instruments and the charges to income for changes in fair value for these contracts were not material.
For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur.
Business Segments Business Segments
The Company has two reportable segments, Specialty Alloys Operations ("SAO") and Performance Engineered Products ("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. 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 chief operating decision maker ("CODM") is the Chief Executive Officer. The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is operating income. The CODM uses operating income when making decisions about allocating capital and personnel to the segments in the annual operating plan and monthly performance review processes. The CODM considers variances of actual results compared to the annual operating plan and subsequent forecasts for each segment. Operating income for each of the Company's reportable segments is comprised of the segment's net sales less directly related product costs and other operating expenses. Segment operating results exclude general corporate costs, which include 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. Total net sales and operating earnings by segment include intersegment sales which are generally recorded at cost-plus a specified fee for a negotiated fixed price. All significant intersegment transactions have been eliminated from each reportable segment's net sales and earnings for all periods presented.
The service cost component of the Company's net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs is included within other expense (income), net, excluded from the business segments.
v3.26.1
Restructuring and Asset Impairment Charges (Tables)
 9 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Reserve Balance Restructuring Charges
The reserve balances and activity for restructuring charges at March 31, 2026 and June 30, 2025 were as follows:

($ in millions)March 31, 2026June 30, 2025
Reserve balance at beginning of fiscal year$— $1.1 
Restructuring charges excluding noncash impairments— 1.1 
Cash payments— (2.2)
Reserve balance at end of period$— $— 
v3.26.1
Revenue (Tables)
 9 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by End-Use Markets and Geography
Comparative information of the Company's overall revenue by end-use markets for the three and nine months ended March 31, 2026 and 2025 was as follows:
End-Use MarketThree Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
Aerospace and Defense$503.1 $34.3 $(3.2)$534.2 $428.8 $29.5 $(3.6)$454.7 
Medical51.6 28.3 (14.1)65.8 58.0 41.5 (14.5)85.0 
Energy66.1 2.9 — 69.0 44.3 2.0 0.1 46.4 
Transportation23.0 1.6 0.1 24.7 26.2 1.9 — 28.1 
Industrial and Consumer91.3 9.8 (4.1)97.0 85.6 7.7 (2.8)90.5 
Distribution— 20.8 — 20.8 — 22.3 — 22.3 
Total net sales$735.1 $97.7 $(21.3)$811.5 $642.9 $104.9 $(20.8)$727.0 
End-Use MarketNine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
Aerospace and Defense$1,398.9 $86.5 $(8.2)$1,477.2 $1,239.6 $77.9 $(11.9)$1,305.6 
Medical159.2 90.7 (38.9)211.0 176.8 125.2 (43.9)258.1 
Energy168.6 5.9 — 174.5 137.5 4.8 — 142.3 
Transportation64.9 5.4 (0.1)70.2 79.5 5.6 (0.1)85.0 
Industrial and Consumer264.7 30.2 (10.4)284.5 256.1 23.6 (12.8)266.9 
Distribution— 55.8 — 55.8 — 63.7 (0.1)63.6 
Total net sales$2,056.3 $274.5 $(57.6)$2,273.2 $1,889.5 $300.8 $(68.8)$2,121.5 
Comparative information of the Company's overall revenue by geographic locations for the three and nine months ended March 31, 2026 and 2025 was as follows:
Geographic LocationThree Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
United States$421.0 $62.1 $(9.2)$473.9 $375.6 $64.8 $(6.8)$433.6 
Europe184.9 15.3 (3.7)196.5 146.7 19.6 (5.7)160.6 
Asia Pacific75.6 9.4 (8.4)76.6 79.6 8.4 (8.2)79.8 
Mexico27.2 6.3 — 33.5 12.5 7.2 (0.1)19.6 
Canada14.9 2.3 — 17.2 16.2 3.1 — 19.3 
Other11.5 2.3 — 13.8 12.3 1.8 — 14.1 
Total net sales$735.1 $97.7 $(21.3)$811.5 $642.9 $104.9 $(20.8)$727.0 
Geographic LocationNine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPIntersegmentTotalSAOPEPIntersegmentTotal
United States$1,192.4 $169.0 $(21.1)$1,340.3 $1,116.2 $181.0 $(23.3)$1,273.9 
Europe472.6 45.0 (9.6)508.0 369.9 52.0 (15.6)406.3 
Asia Pacific236.4 30.0 (26.9)239.5 254.7 30.6 (29.8)255.5 
Mexico75.6 17.1 — 92.7 77.5 21.5 0.1 99.1 
Canada44.7 5.1 0.1 49.9 39.1 9.0 — 48.1 
Other34.6 8.3 (0.1)42.8 32.1 6.7 (0.2)38.6 
Total net sales$2,056.3 $274.5 $(57.6)$2,273.2 $1,889.5 $300.8 $(68.8)$2,121.5 
v3.26.1
Earnings per Common Share (Tables)
 9 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share
The calculations of basic and diluted earnings per common share for the three and nine months ended March 31, 2026 and 2025 were as follows: 
Three Months Ended
March 31,		Nine Months Ended
March 31,
(in millions, except per share data)2026202520262025
Net income $139.6 $95.4 $367.4 $264.3 
Dividends allocated to participating securities(0.1)— (0.1)(0.1)
Earnings available for common stockholders used in calculation of basic earnings per common share$139.5 $95.4 $367.3 $264.2 
Weighted average number of common shares outstanding, basic50.0 50.2 50.1 50.2 
Basic earnings per common share$2.79 $1.90 $7.34 $5.27 
Net income$139.6 $95.4 $367.4 $264.3 
Dividends allocated to participating securities(0.1)— (0.1)(0.1)
Earnings available for common stockholders used in calculation of diluted earnings per common share$139.5 $95.4 $367.3 $264.2 
Weighted average number of common shares outstanding, basic50.0 50.2 50.1 50.2 
Effect of shares issuable under share-based compensation plans0.3 0.5 0.3 0.5 
Weighted average number of common shares outstanding, diluted50.3 50.7 50.4 50.7 
Diluted earnings per common share$2.77 $1.88 $7.29 $5.21 
v3.26.1
Inventories (Tables)
 9 Months Ended
Mar. 31, 2026
Inventory, Net [Abstract]  
Schedule of Inventories
Inventories consisted of the following components as of March 31, 2026 and June 30, 2025:
 
($ in millions)March 31,
2026		June 30,
2025
Raw materials and supplies$182.5 $199.7 
Work in process487.9 454.9 
Finished and purchased products168.8 139.2 
Total inventories$839.2 $793.8 
v3.26.1
Accrued Liabilities (Tables)
 9 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following as of March 31, 2026 and June 30, 2025:
 
($ in millions)March 31,
2026		June 30,
2025
Accrued compensation and benefits$128.7 $142.6 
Accrued postretirement benefits15.3 15.3 
Current portion of lease liabilities8.9 8.0 
Contract liabilities6.0 5.2 
Accrued taxes5.2 5.7 
Accrued interest expense3.3 18.5 
Accrued pension liabilities3.3 3.3 
Accrued income taxes1.7 3.3 
Derivative financial instruments1.4 2.2 
Other11.9 12.2 
Total accrued liabilities$185.7 $216.3 
v3.26.1
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Components of the Net Periodic Pension (Income) Expense
The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the three and nine months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
2026202520262025
($ in millions)Pension PlansOther Postretirement Plans
Service cost$1.8 $1.9 $0.4 $0.4 
Interest cost9.3 9.7 2.3 2.5 
Expected return on plan assets(8.6)(7.5)(2.2)(2.1)
Amortization of net loss (gain)1.6 1.9 (1.5)(1.4)
Amortization of prior service cost0.4 0.5 0.1 0.3 
    Net pension expense (income)$4.5 $6.5 $(0.9)$(0.3)
Nine Months Ended March 31,
2026202520262025
($ in millions)Pension PlansOther Postretirement Plans
Service cost$5.3 $6.0 $1.2 $1.0 
Interest cost28.0 29.0 7.1 7.5 
Expected return on plan assets(25.9)(22.5)(6.6)(6.3)
Amortization of net loss (gain)4.8 5.7 (4.4)(4.2)
Amortization of prior service cost1.1 1.5 0.2 0.9 
    Net pension expense (income)$13.3 $19.7 $(2.5)$(1.1)
v3.26.1
Debt (Tables)
 9 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Outstanding
Long-term debt outstanding as of March 31, 2026 and June 30, 2025 consisted of the following:
($ in millions)March 31,
2026		June 30,
2025
Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at June 30, 2025)
$— $397.9 
Senior unsecured notes, 7.625% due March 2030 (face value of $300.0 million at June 30, 2025)
— 297.5 
Senior unsecured notes, 5.625% due March 2034 (face value of $700.0 million at March 31, 2026)
690.4 — 
Total debt690.4 695.4 
Less: amounts due within one year— — 
Long-term debt, net of current portion$690.4 $695.4 
v3.26.1
Fair Value Measurements (Tables)
 9 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

March 31, 2026Fair Value
Measurements Using
Input Type
($ in millions)Level 2
Assets: 
Derivative financial instruments$0.5 
Liabilities: 
Derivative financial instruments$1.5 

June 30, 2025Fair Value
Measurements Using
Input Type
($ in millions)Level 2
Assets: 
Derivative financial instruments$0.6 
Liabilities: 
Derivative financial instruments$2.2 
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments not Recorded at Fair Value in the Financial Statements The carrying amounts and estimated fair values of the Company's financial instruments not recorded at fair value in the financial statements were as follows:
 March 31, 2026June 30, 2025
($ in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$690.4 $695.0 $695.4 $712.4 
Company-owned life insurance$33.4 $33.4 $33.1 $33.1 
v3.26.1
Derivatives and Hedging Activities (Tables)
 9 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets
The fair value and location of outstanding derivative contracts recorded in the accompanying consolidated balance sheets were as follows as of March 31, 2026 and June 30, 2025:
 
March 31, 2026Foreign
Currency
Contracts		Commodity
Contracts		Total
Derivatives
($ in millions)
Asset Derivatives:   
Other current assets$0.2 $0.3 $0.5 
Other assets— — — 
Total asset derivatives$0.2 $0.3 $0.5 
Liability Derivatives:   
Accrued liabilities$— $1.4 $1.4 
Other liabilities— 0.1 0.1 
Total liability derivatives$— $1.5 $1.5 
 
June 30, 2025Foreign
Currency
Contracts		Commodity
Contracts		Total
Derivatives
($ in millions)
Asset Derivatives:   
Other current assets$0.4 $— $0.4 
Other assets0.1 0.1 0.2 
Total asset derivatives$0.5 $0.1 $0.6 
Liability Derivatives:   
Accrued liabilities$— $2.2 $2.2 
Other liabilities— — — 
Total liability derivatives$— $2.2 $2.2 
Schedule of the Gains (Losses) Related to Cash Flow Hedges The following is a summary of the gains and (losses) related to cash flow hedges recognized during the three and nine months ended March 31, 2026 and 2025:
 Amount of Gain (Loss) Recognized in AOCI on Derivatives
 Three Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Derivatives in Cash Flow Hedging Relationship:  
  Commodity contracts$0.3 $2.4 $(0.9)$0.1 
  Foreign exchange contracts(0.1)— (0.3)— 
Total$0.2 $2.4 $(1.2)$0.1 
 Location of Gain (Loss) Reclassified from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income
 Three Months Ended
March 31,
($ in millions)20262025
Derivatives in Cash Flow Hedging Relationship:  
  Commodity contractsCost of Sales$0.8 $(0.7)
Total$0.8 $(0.7)
($ in millions)Location of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI
into Income
Nine Months Ended
March 31,
20262025
Derivatives in Cash Flow Hedging Relationship:
  Commodity contractsCost of sales$(1.7)$(3.9)
Total $(1.7)$(3.9)
Schedule of Effect of Derivative Instruments on Income
The following is a summary of total amounts presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded during the three and nine months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
($ in millions)Cost of SalesCost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded$559.7 $526.2 
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship:
   Commodity contracts
Amount of gain (loss) reclassified from AOCI to income$0.8 $(0.7)
Total gain (loss)$0.8 $(0.7)

Nine Months Ended
March 31, 2026		Nine Months Ended
March 31, 2025
($ in millions)Cost of SalesCost of Sales
Total amounts presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded$1,586.6 $1,566.9 
Loss on Derivatives in Cash Flow Hedging Relationship:
   Commodity contracts
Amount of loss reclassified from AOCI to income$(1.7)$(3.9)
Total loss$(1.7)$(3.9)
v3.26.1
Other Expense (Income), Net (Tables)
 9 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Expense, Net
Other expense (income), net consisted of the following:
Three Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Interest income$(2.0)$(1.6)$(6.1)$(5.5)
Unrealized losses (gains) on company-owned life insurance contracts and investments held in rabbi trusts1.6 1.3 (1.5)(0.6)
Pension earnings, interest and deferrals1.4 3.9 4.3 11.6 
Foreign exchange losses0.2 0.2 1.0 — 
Other(0.1)— — 0.1 
Total other expense (income), net$1.1 $3.8 $(2.3)$5.6 
v3.26.1
Business Segments (Tables)
 9 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment and Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments Net sales and operating income by segment for the three and nine months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
($ in millions)SAOPEPTotalSAOPEPTotal
Sales to external customers$728.9 $82.6 $811.5 $638.9 $88.1 $727.0 
Intersegment sales6.2 15.1 21.3 4.0 16.8 20.8 
Total sales735.1 97.7 832.8 642.9 104.9 747.8 
Reconciliation of sales
Elimination of intersegment(21.3)(20.8)
Consolidated net sales$811.5 $727.0 
Less: (a)
Cost of sales494.5 85.7 580.2 459.1 87.7 546.8 
Other segment items (b)32.6 5.3 37.9 32.4 6.3 38.7 
Segment operating income208.0 6.7 214.7 151.4 10.9 162.3 
Reconciliation of operating income
Corporate costs (c)(27.3)(24.4)
Elimination of intersegment(0.9)(0.1)
Consolidated operating income$186.5 $137.8 
Other items:
Interest expense, net8.7 12.0 
Other expense, net1.1 3.8 
Income before income taxes$176.7 $122.0 
Nine Months Ended March 31, 2026Nine Months Ended March 31, 2025
($ in millions)SAOPEPTotalSAOPEPTotal
Sales to external customers$2,044.3 $228.9 $2,273.2 $1,878.3 $243.2 $2,121.5 
Intersegment sales12.0 45.6 57.6 11.2 57.6 68.8 
Total sales2,056.3 274.5 2,330.8 1,889.5 300.8 2,190.3 
Reconciliation of sales
Elimination of intersegment(57.6)(68.8)
Consolidated net sales$2,273.2 $2,121.5 
Less: (a)
Cost of sales1,408.0 235.6 1,643.6 1,377.9 257.3 1,635.2 
Other segment items (b)95.1 15.9 111.0 90.1 18.2 108.3 
Segment operating income553.2 23.0 576.2 421.5 25.3 446.8 
Reconciliation of operating income
Corporate costs (c)(80.1)(76.0)
Elimination of intersegment(1.0)(0.4)
Consolidated operating income$495.1 $370.4 
Other items:
Interest expense, net30.3 36.6 
Debt extinguishment losses15.6 — 
Other (income) expense, net(2.3)5.6 
Income before income taxes$451.5 $328.2 
(a)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(b)    Other segment items for each reportable segment primarily includes selling, general and administrative expenses.
(c)    Corporate costs include 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.

Additional data by segment for the three and nine months ended March 31, 2026 and 2025 is as follows:
Depreciation and AmortizationThree Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Specialty Alloys Operations$31.1 $29.8 $92.0 $87.2 
Performance Engineered Products4.4 4.2 13.2 12.2 
Corporate1.2 1.4 3.6 4.2 
Consolidated depreciation and amortization$36.7 $35.4 $108.8 $103.6 
Capital ExpendituresThree Months Ended
March 31,		Nine Months Ended
March 31,
($ in millions)2026202520262025
Specialty Alloys Operations$65.5 $36.2 $145.8 $81.9 
Performance Engineered Products2.1 2.8 8.4 12.5 
Corporate1.1 1.2 3.4 1.9 
Consolidated capital expenditures$68.7 $40.2 $157.6 $96.3 
Total AssetsMarch 31,
2026		June 30,
2025
($ in millions)
Specialty Alloys Operations$2,838.4 $2,649.3 
Performance Engineered Products424.0 413.5 
      Total segment assets3,262.4 3,062.8 
Corporate432.0 433.2 
Intersegment(15.3)(9.2)
Consolidated total assets$3,679.1 $3,486.8 
Schedule of Long Lived Assets
Long-lived Assets (a)March 31,
2026		June 30,
2025
($ in millions)
United States$1,429.1 $1,354.4 
Europe2.5 3.0 
Mexico1.0 1.2 
Asia Pacific0.4 0.4 
Canada0.3 0.4 
Consolidated long-lived assets$1,433.3 $1,359.4 
(a)    Long-lived assets consist primarily of property, plant, equipment and software, net.
v3.26.1
Reclassifications from Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in AOCI by Component, Net of Tax
The changes in AOCI by component, net of tax, for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026
($ in millions) (a)		Cash flow
hedging items		Pension and
other
postretirement
benefit plan
items		Foreign
currency
items		Total
Balances at December 31, 2025$(3.3)$(26.6)$(35.9)$(65.8)
Other comprehensive income (loss) before reclassifications0.1 — (1.7)(1.6)
Amounts reclassified from AOCI (b)(0.6)0.5 — (0.1)
Total other comprehensive (loss) income, net of tax(0.5)0.5 (1.7)(1.7)
Balances at March 31, 2026$(3.8)$(26.1)$(37.6)$(67.5)

Three Months Ended March 31, 2025
($ in millions) (a)		Cash flow
hedging items		Pension and
other
postretirement
benefit plan
items		Foreign
currency
items		Total
Balances at December 31, 2024$(5.1)$(42.4)$(48.7)$(96.2)
Other comprehensive income before reclassifications1.8 — 3.4 5.2 
Amounts reclassified from AOCI (b)0.5 1.0 — 1.5 
Total other comprehensive income, net of tax2.3 1.0 3.4 6.7 
Balances at March 31, 2025$(2.8)$(41.4)$(45.3)$(89.5)

(a)    All amounts are net of tax. Amounts in parentheses indicate debits.
(b)    See separate table below for further details.
The changes in AOCI by component, net of tax, for the nine months ended March 31, 2026 and 2025 were as follows:
Nine Months Ended March 31, 2026
($ in millions) (a)		Cash flow
 hedging items		Pension and
 other
 postretirement
 benefit plan
 items		Foreign
currency
items		Total
Balances at June 30, 2025$(4.2)$(27.4)$(36.3)$(67.9)
Other comprehensive loss before reclassifications(0.9)— (1.3)(2.2)
Amounts reclassified from AOCI (b)1.3 1.3 — 2.6 
Total other comprehensive income (loss), net of tax0.4 1.3 (1.3)0.4 
Balances at March 31, 2026$(3.8)$(26.1)$(37.6)$(67.5)
Nine Months Ended March 31, 2025
($ in millions) (a)		Cash flow
 hedging items		Pension and
 other
 postretirement
 benefit plan
 items		Foreign
currency
items		Total
Balances at June 30, 2024$(5.9)$(44.3)$(43.7)$(93.9)
Other comprehensive income (loss) before reclassifications0.1 — (1.6)(1.5)
Amounts reclassified from AOCI (b)3.0 2.9 — 5.9 
Total other comprehensive income (loss), net of tax3.1 2.9 (1.6)4.4 
Balances at March 31, 2025$(2.8)$(41.4)$(45.3)$(89.5)
(a)    All amounts are net of tax. Amounts in parentheses indicate debits.
(b)    See separate table below for further details.
Schedule of Amounts Reclassified from AOCI
The following is a summary of amounts reclassified from AOCI for the three and nine months ended March 31, 2026 and 2025:
Details about AOCI ComponentsLocation of gain
(loss)		Amount Reclassified from AOCI
Three Months Ended March 31,		Amount Reclassified from AOCI
Nine Months Ended March 31,
($ in millions) (a)2026202520262025
Cash flow hedging items:   
Commodity contractsCost of sales$0.8 $(0.7)$(1.7)$(3.9)
Total before tax0.8 (0.7)(1.7)(3.9)
Tax (expense) benefit(0.2)0.2 0.4 0.9 
Net of tax$0.6 $(0.5)$(1.3)$(3.0)
Details about AOCI ComponentsLocation of
loss		Amount Reclassified from AOCI
Three Months Ended March 31,		Amount Reclassified from AOCI
Nine Months Ended March 31,
($ in millions) (a)2026202520262025
Amortization of pension and other postretirement benefit plan items:   
Net actuarial loss(b)$(0.1)$(0.5)$(0.4)$(1.5)
Prior service cost(b)(0.5)(0.8)(1.3)(2.4)
Total before tax(0.6)(1.3)(1.7)(3.9)
Tax benefit0.1 0.3 0.4 1.0 
Net of tax$(0.5)$(1.0)$(1.3)$(2.9)

(a)    Amounts in parentheses indicate debits to income/loss.
(b)    These AOCI components are included in the computation of net periodic pension expense (income) (see Note 8 Pension and Other Postretirement Benefits for additional details).
v3.26.1
Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]          
Restructuring and asset impairment charges $ 0.0 $ 0.0 $ 0.0 $ 3.6  
Restructuring charges excluding noncash impairments     $ 0.0 1.1 $ 1.1
Business Exit, Oil And Gas | Performance Engineered Products          
Restructuring Cost and Reserve [Line Items]          
Tangible asset impairment charges       $ 2.5  
v3.26.1
Restructuring and Asset Impairment Charges - Schedule of Reserve Balance Restructuring Charges (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jun. 30, 2025
Restructuring Reserve [Roll Forward]      
Reserve balance at beginning of fiscal year $ 0.0 $ 1.1 $ 1.1
Restructuring charges excluding noncash impairments 0.0 $ 1.1 1.1
Cash payments 0.0   (2.2)
Reserve balance at end of period $ 0.0   $ 0.0
v3.26.1
Revenue - Narrative (Details)
$ in Millions
 9 Months Ended
Mar. 31, 2026
USD ($)
segment
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]    
Payment terms (in days) 30 days  
Contract liabilities | $ $ 6.0 $ 5.2
Number of business segments | segment 2  
v3.26.1
Revenue - Schedule of Revenues by End-Use Markets and Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]        
Total net sales $ 811.5 $ 727.0 $ 2,273.2 $ 2,121.5
Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 832.8 747.8 2,330.8 2,190.3
Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (21.3) (20.8) (57.6) (68.8)
United States        
Disaggregation of Revenue [Line Items]        
Total net sales 473.9 433.6 1,340.3 1,273.9
United States | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (9.2) (6.8) (21.1) (23.3)
Europe        
Disaggregation of Revenue [Line Items]        
Total net sales 196.5 160.6 508.0 406.3
Europe | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (3.7) (5.7) (9.6) (15.6)
Asia Pacific        
Disaggregation of Revenue [Line Items]        
Total net sales 76.6 79.8 239.5 255.5
Asia Pacific | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (8.4) (8.2) (26.9) (29.8)
Mexico        
Disaggregation of Revenue [Line Items]        
Total net sales 33.5 19.6 92.7 99.1
Mexico | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 (0.1) 0.0 0.1
Canada        
Disaggregation of Revenue [Line Items]        
Total net sales 17.2 19.3 49.9 48.1
Canada | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 0.0 0.1 0.0
Other        
Disaggregation of Revenue [Line Items]        
Total net sales 13.8 14.1 42.8 38.6
Other | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 0.0 (0.1) (0.2)
Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Total net sales 534.2 454.7 1,477.2 1,305.6
Aerospace and Defense | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (3.2) (3.6) (8.2) (11.9)
Medical        
Disaggregation of Revenue [Line Items]        
Total net sales 65.8 85.0 211.0 258.1
Medical | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (14.1) (14.5) (38.9) (43.9)
Energy        
Disaggregation of Revenue [Line Items]        
Total net sales 69.0 46.4 174.5 142.3
Energy | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 0.1 0.0 0.0
Transportation        
Disaggregation of Revenue [Line Items]        
Total net sales 24.7 28.1 70.2 85.0
Transportation | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.1 0.0 (0.1) (0.1)
Industrial and Consumer        
Disaggregation of Revenue [Line Items]        
Total net sales 97.0 90.5 284.5 266.9
Industrial and Consumer | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (4.1) (2.8) (10.4) (12.8)
Distribution        
Disaggregation of Revenue [Line Items]        
Total net sales 20.8 22.3 55.8 63.6
Distribution | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 0.0 0.0 (0.1)
Specialty Alloys Operations        
Disaggregation of Revenue [Line Items]        
Total net sales 728.9 638.9 2,044.3 1,878.3
Specialty Alloys Operations | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 735.1 642.9 2,056.3 1,889.5
Specialty Alloys Operations | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (6.2) (4.0) (12.0) (11.2)
Specialty Alloys Operations | United States | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 421.0 375.6 1,192.4 1,116.2
Specialty Alloys Operations | Europe | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 184.9 146.7 472.6 369.9
Specialty Alloys Operations | Asia Pacific | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 75.6 79.6 236.4 254.7
Specialty Alloys Operations | Mexico | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 27.2 12.5 75.6 77.5
Specialty Alloys Operations | Canada | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 14.9 16.2 44.7 39.1
Specialty Alloys Operations | Other | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 11.5 12.3 34.6 32.1
Specialty Alloys Operations | Aerospace and Defense | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 503.1 428.8 1,398.9 1,239.6
Specialty Alloys Operations | Medical | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 51.6 58.0 159.2 176.8
Specialty Alloys Operations | Energy | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 66.1 44.3 168.6 137.5
Specialty Alloys Operations | Transportation | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 23.0 26.2 64.9 79.5
Specialty Alloys Operations | Industrial and Consumer | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 91.3 85.6 264.7 256.1
Specialty Alloys Operations | Distribution | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 0.0 0.0 0.0 0.0
Performance Engineered Products        
Disaggregation of Revenue [Line Items]        
Total net sales 82.6 88.1 228.9 243.2
Performance Engineered Products | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 97.7 104.9 274.5 300.8
Performance Engineered Products | Intersegment        
Disaggregation of Revenue [Line Items]        
Total net sales (15.1) (16.8) (45.6) (57.6)
Performance Engineered Products | United States | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 62.1 64.8 169.0 181.0
Performance Engineered Products | Europe | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 15.3 19.6 45.0 52.0
Performance Engineered Products | Asia Pacific | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 9.4 8.4 30.0 30.6
Performance Engineered Products | Mexico | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 6.3 7.2 17.1 21.5
Performance Engineered Products | Canada | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 2.3 3.1 5.1 9.0
Performance Engineered Products | Other | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 2.3 1.8 8.3 6.7
Performance Engineered Products | Aerospace and Defense | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 34.3 29.5 86.5 77.9
Performance Engineered Products | Medical | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 28.3 41.5 90.7 125.2
Performance Engineered Products | Energy | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 2.9 2.0 5.9 4.8
Performance Engineered Products | Transportation | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 1.6 1.9 5.4 5.6
Performance Engineered Products | Industrial and Consumer | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales 9.8 7.7 30.2 23.6
Performance Engineered Products | Distribution | Operating        
Disaggregation of Revenue [Line Items]        
Total net sales $ 20.8 $ 22.3 $ 55.8 $ 63.7
v3.26.1
Earnings per Common Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Stock options        
Awards issued under share-based compensation plans that were excluded from calculations of diluted earnings per share because their effects were anti-dilutive        
Stock options (in shares) 0 0 0 0
v3.26.1
Earnings per Common Share - Schedule of Calculations of Basic and Diluted Earnings (Loss) per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]        
Net income $ 139.6 $ 95.4 $ 367.4 $ 264.3
Dividends allocated to participating securities (0.1) 0.0 (0.1) (0.1)
Earnings available for common stockholders used in calculation of basic earnings per common share $ 139.5 $ 95.4 $ 367.3 $ 264.2
Weighted average number of common shares outstanding, basic (in shares) 50.0 50.2 50.1 50.2
Basic earnings per common share (in dollars per share) $ 2.79 $ 1.90 $ 7.34 $ 5.27
Dividends allocated to participating securities $ (0.1) $ 0.0 $ (0.1) $ (0.1)
Earnings available for common stockholders used in calculation of diluted earnings per common share $ 139.5 $ 95.4 $ 367.3 $ 264.2
Effect of shares issuable under share-based compensation plans (in shares) 0.3 0.5 0.3 0.5
Weighted average number of common shares outstanding, diluted (in shares) 50.3 50.7 50.4 50.7
Diluted earnings per common share (in dollars per share) $ 2.77 $ 1.88 $ 7.29 $ 5.21
v3.26.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Inventory, Net [Abstract]    
Raw materials and supplies $ 182.5 $ 199.7
Work in process 487.9 454.9
Finished and purchased products 168.8 139.2
Total inventories $ 839.2 $ 793.8
v3.26.1
Inventories - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Inventory, Net [Abstract]    
Inventory accounted for using a method other than LIFO $ 163.4 $ 145.2
v3.26.1
Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Accrued Liabilities, Current [Abstract]    
Accrued compensation and benefits $ 128.7 $ 142.6
Accrued postretirement benefits 15.3 15.3
Current portion of lease liabilities 8.9 8.0
Contract liabilities 6.0 5.2
Accrued taxes 5.2 5.7
Accrued interest expense 3.3 18.5
Accrued pension liabilities 3.3 3.3
Accrued income taxes 1.7 3.3
Derivative financial instruments 1.4 2.2
Other 11.9 12.2
Total accrued liabilities $ 185.7 $ 216.3
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Components of the Net Periodic Pension (Income) Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1.8 $ 1.9 $ 5.3 $ 6.0
Interest cost 9.3 9.7 28.0 29.0
Expected return on plan assets (8.6) (7.5) (25.9) (22.5)
Amortization of net loss (gain) 1.6 1.9 4.8 5.7
Amortization of prior service cost 0.4 0.5 1.1 1.5
Net pension expense (income) 4.5 6.5 13.3 19.7
Other Postretirement Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.4 0.4 1.2 1.0
Interest cost 2.3 2.5 7.1 7.5
Expected return on plan assets (2.2) (2.1) (6.6) (6.3)
Amortization of net loss (gain) (1.5) (1.4) (4.4) (4.2)
Amortization of prior service cost 0.1 0.3 0.2 0.9
Net pension expense (income) $ (0.9) $ (0.3) $ (2.5) $ (1.1)
v3.26.1
Pension and Other Postretirement Benefits - Narrative (Details) - Pension Plans - USD ($)
$ in Millions
 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions $ 17.1 $ 58.5
Expected contributions for next fiscal year $ 6.4  
v3.26.1
Debt - Narrative (Details)
 3 Months Ended 9 Months Ended
Nov. 20, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Apr. 14, 2023
USD ($)
Debt Instrument [Line Items]              
Principal amount       $ 700,000,000.0 $ 0    
Interest costs   $ 10,600,000 $ 12,700,000 35,000,000.0 38,200,000    
Interest costs, capitalized   1,900,000 700,000 4,700,000 1,600,000    
Debt extinguishment losses   0 $ 0 15,600,000 $ 0    
Debt extinguishment losses, prepayment       11,400,000      
Accelerated issue costs       4,200,000      
Line of Credit              
Debt Instrument [Line Items]              
Credit Agreement available for future borrowings   499,000,000.0   499,000,000.0      
Short-term credit agreement borrowings   $ 0   $ 0      
Borrowing rate (in percent)   5.39%   5.39%      
Line of Credit | Revolving Credit Facility              
Debt Instrument [Line Items]              
Current borrowing capacity             $ 500,000,000.0
Required interest coverage ratio one             3.00
Required consolidated net leverage ratio             3.50
Line of Credit | Revolving Credit Facility | Maximum              
Debt Instrument [Line Items]              
Credit Agreement available for future borrowings             $ 650,000,000.0
Line of Credit | Revolving Credit Facility | Minimum              
Debt Instrument [Line Items]              
Credit Agreement available for future borrowings             $ 40,000,000.0
Line of Credit | Letter of Credit              
Debt Instrument [Line Items]              
Letters of credit issued   $ 1,000,000.0   $ 1,000,000.0      
Senior unsecured notes, 6.375% due July 2028 | Senior Notes              
Debt Instrument [Line Items]              
Face amount           $ 400,000,000.0  
Interest rate (in percent)           6.375%  
Principal amount $ 400,000,000.0            
Senior unsecured notes, 7.625% due March 2030 | Senior Notes              
Debt Instrument [Line Items]              
Face amount           $ 300,000,000.0  
Interest rate (in percent)           7.625%  
Principal amount 300,000,000.0            
Senior unsecured notes 5.625% due March 2034 | Senior Notes              
Debt Instrument [Line Items]              
Face amount $ 700,000,000.0 $ 700,000,000.0   $ 700,000,000.0      
Interest rate (in percent) 5.625% 5.625%   5.625%      
Letter of Credit              
Debt Instrument [Line Items]              
Commitment fee rate (in percent)       0.225%      
Letter of credit fees (in percent)       1.625%      
Letter of Credit | London Interbank Offered Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       1.625%      
Letter of Credit | Base Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       0.75%      
Letter of Credit | Maximum              
Debt Instrument [Line Items]              
Commitment fee rate (in percent)       0.30%      
Letter of credit fees (in percent)       2.15%      
Letter of Credit | Maximum | London Interbank Offered Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       2.15%      
Letter of Credit | Maximum | Base Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       1.25%      
Letter of Credit | Minimum              
Debt Instrument [Line Items]              
Commitment fee rate (in percent)       0.20%      
Letter of credit fees (in percent)       1.375%      
Letter of Credit | Minimum | London Interbank Offered Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       1.375%      
Letter of Credit | Minimum | Base Rate              
Debt Instrument [Line Items]              
Interest rate margin (in percent)       0.50%      
v3.26.1
Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)
Mar. 31, 2026
Nov. 20, 2025
Jun. 30, 2025
Debt Instrument [Line Items]      
Long-term debt, net of current portion $ 690,400,000   $ 695,400,000
Senior Notes      
Debt Instrument [Line Items]      
Total debt 690,400,000   695,400,000
Less: amounts due within one year 0   0
Long-term debt, net of current portion 690,400,000   $ 695,400,000
Senior unsecured notes, 6.375% due July 2028 | Senior Notes      
Debt Instrument [Line Items]      
Interest rate (in percent)     6.375%
Face amount     $ 400,000,000.0
Total debt 0   $ 397,900,000
Senior unsecured notes, 7.625% due March 2030 | Senior Notes      
Debt Instrument [Line Items]      
Interest rate (in percent)     7.625%
Face amount     $ 300,000,000.0
Total debt $ 0   297,500,000
Senior unsecured notes 5.625% due March 2034 | Senior Notes      
Debt Instrument [Line Items]      
Interest rate (in percent) 5.625% 5.625%  
Face amount $ 700,000,000.0 $ 700,000,000.0  
Total debt $ 690,400,000   $ 0
v3.26.1
Contingencies and Commitments (Details) - USD ($)
$ in Millions
 9 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]    
Increase of liabilities of environmental remediation costs of a company-owned former operating site $ 0.1  
Environmental remediation liability $ 17.5 $ 17.4
v3.26.1
Share Repurchase Program (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Jun. 30, 2025
Jul. 31, 2024
Equity [Abstract]            
Share repurchase program authorized amount           $ 400.0
Repurchase of common stock (in shares)     445,000      
Repurchase of common stock $ 52.7 $ 37.5 $ 133.9 $ 77.8 $ 101.9  
Remaining amount authorized $ 164.2   $ 164.2      
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Level 2 - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Assets:    
Derivative financial instruments $ 0.5 $ 0.6
Liabilities:    
Derivative financial instruments $ 1.5 $ 2.2
v3.26.1
Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments not Recorded at Fair Value in the Financial Statements (Details) - Level 2 - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Carrying Value    
Carrying amounts and estimated fair values of financial instruments not recorded at fair value    
Long-term debt $ 690.4 $ 695.4
Company-owned life insurance 33.4 33.1
Fair Value    
Carrying amounts and estimated fair values of financial instruments not recorded at fair value    
Long-term debt 695.0 712.4
Company-owned life insurance $ 33.4 $ 33.1
v3.26.1
Derivatives and Hedging Activities - Narrative (Details)
lb in Millions
 9 Months Ended
Mar. 31, 2026
USD ($)
lb
Jun. 30, 2025
USD ($)
Fair value of derivatives    
Derivative contracts on a gross basis $ 700,000  
Derivative contracts liability on a gross basis 1,700,000  
Cash collateral held by counterparties 0 $ 0
Derivative losses included in AOCI $ 900,000  
Commodity contracts | Cash flow hedges    
Fair value of derivatives    
Amounts of raw materials to be purchased from forward contracts (in pounds) | lb 0.2  
v3.26.1
Derivatives and Hedging Activities - Schedule of Fair Value and Location of Outstanding Derivative Contracts Recorded in Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Asset Derivatives:    
Total asset derivatives $ 0.5 $ 0.6
Liability Derivatives:    
Total liability derivatives 1.5 2.2
Foreign exchange contracts    
Asset Derivatives:    
Total asset derivatives 0.2 0.5
Liability Derivatives:    
Total liability derivatives 0.0 0.0
Commodity contracts    
Asset Derivatives:    
Total asset derivatives 0.3 0.1
Liability Derivatives:    
Total liability derivatives 1.5 2.2
Other current assets    
Asset Derivatives:    
Total asset derivatives 0.5 0.4
Other current assets | Foreign exchange contracts    
Asset Derivatives:    
Total asset derivatives 0.2 0.4
Other current assets | Commodity contracts    
Asset Derivatives:    
Total asset derivatives 0.3 0.0
Other assets    
Asset Derivatives:    
Total asset derivatives 0.0 0.2
Other assets | Foreign exchange contracts    
Asset Derivatives:    
Total asset derivatives 0.0 0.1
Other assets | Commodity contracts    
Asset Derivatives:    
Total asset derivatives 0.0 0.1
Accrued liabilities    
Liability Derivatives:    
Total liability derivatives 1.4 2.2
Accrued liabilities | Foreign exchange contracts    
Liability Derivatives:    
Total liability derivatives 0.0 0.0
Accrued liabilities | Commodity contracts    
Liability Derivatives:    
Total liability derivatives 1.4 2.2
Other liabilities    
Liability Derivatives:    
Total liability derivatives 0.1 0.0
Other liabilities | Foreign exchange contracts    
Liability Derivatives:    
Total liability derivatives 0.0 0.0
Other liabilities | Commodity contracts    
Liability Derivatives:    
Total liability derivatives $ 0.1 $ 0.0
v3.26.1
Derivatives and Hedging Activities - Schedule of the Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives $ 0.2 $ 2.4 $ (1.2) $ 0.1
Amount of Gain (Loss) Reclassified from AOCI into Income 0.8 (0.7) (1.7) (3.9)
Commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives 0.3 2.4 (0.9) 0.1
Commodity contracts | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Reclassified from AOCI into Income 0.8 (0.7) (1.7) (3.9)
Foreign currency forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives $ (0.1) $ 0.0 $ (0.3) $ 0.0
v3.26.1
Derivatives and Hedging Activities - Schedule of Effect of Derivative Instruments on Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Cost of sales $ 559.7 $ 526.2 $ 1,586.6 $ 1,566.9
Amount of gain (loss) reclassified from AOCI to income 0.8 (0.7) (1.7) (3.9)
Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gain (loss) 0.8 (0.7) (1.7) (3.9)
Commodity contracts | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) reclassified from AOCI to income $ 0.8 $ (0.7) $ (1.7) $ (3.9)
v3.26.1
Other Expense (Income), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]        
Interest income $ (2.0) $ (1.6) $ (6.1) $ (5.5)
Unrealized losses (gains) on company-owned life insurance contracts and investments held in rabbi trusts 1.6 1.3 (1.5) (0.6)
Pension earnings, interest and deferrals 1.4 3.9 4.3 11.6
Foreign exchange losses 0.2 0.2 1.0 0.0
Other (0.1) 0.0 0.0  
Other       0.1
Total other expense (income), net $ 1.1 $ 3.8 $ (2.3) $ 5.6
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]        
Income tax expense $ 37.1 $ 26.6 $ 84.1 $ 63.9
Income tax benefit of pre-tax income (loss) (in percent) 21.00% 21.80% 18.60% 19.50%
Tax expense (benefit) attributable to employee share-based compensation $ (1.6) $ (3.2) $ (17.0) $ (13.0)
Effective income tax rate reconciliation, prior year income taxes, amount $ 2.5   2.5  
Impact of restructuring charges     $ 3.6  
v3.26.1
Business Segments - Narrative (Details)
 9 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
Business Segments - Schedule of Financial Information by Segment (Details) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]        
Net sales $ 811,500,000 $ 727,000,000.0 $ 2,273,200,000 $ 2,121,500,000
Cost of sales 559,700,000 526,200,000 1,586,600,000 1,566,900,000
Operating income 186,500,000 137,800,000 495,100,000 370,400,000
Interest expense, net 8,700,000 12,000,000.0 30,300,000 36,600,000
Debt extinguishment losses 0 0 15,600,000 0
Other (income) expense, net 1,100,000 3,800,000 (2,300,000) 5,600,000
Income before income taxes 176,700,000 122,000,000.0 451,500,000 328,200,000
Intersegment        
Segment Reporting Information [Line Items]        
Net sales (21,300,000) (20,800,000) (57,600,000) (68,800,000)
Operating income (900,000) (100,000) (1,000,000.0) (400,000)
Operating        
Segment Reporting Information [Line Items]        
Net sales 832,800,000 747,800,000 2,330,800,000 2,190,300,000
Cost of sales 580,200,000 546,800,000 1,643,600,000 1,635,200,000
Other segment items 37,900,000 38,700,000 111,000,000.0 108,300,000
Operating income 214,700,000 162,300,000 576,200,000 446,800,000
Corporate        
Segment Reporting Information [Line Items]        
Operating income (27,300,000) (24,400,000) (80,100,000) (76,000,000.0)
Specialty Alloys Operations        
Segment Reporting Information [Line Items]        
Net sales 728,900,000 638,900,000 2,044,300,000 1,878,300,000
Specialty Alloys Operations | Intersegment        
Segment Reporting Information [Line Items]        
Net sales (6,200,000) (4,000,000.0) (12,000,000.0) (11,200,000)
Specialty Alloys Operations | Operating        
Segment Reporting Information [Line Items]        
Net sales 735,100,000 642,900,000 2,056,300,000 1,889,500,000
Cost of sales 494,500,000 459,100,000 1,408,000,000 1,377,900,000
Other segment items 32,600,000 32,400,000 95,100,000 90,100,000
Operating income 208,000,000.0 151,400,000 553,200,000 421,500,000
Performance Engineered Products        
Segment Reporting Information [Line Items]        
Net sales 82,600,000 88,100,000 228,900,000 243,200,000
Performance Engineered Products | Intersegment        
Segment Reporting Information [Line Items]        
Net sales (15,100,000) (16,800,000) (45,600,000) (57,600,000)
Performance Engineered Products | Operating        
Segment Reporting Information [Line Items]        
Net sales 97,700,000 104,900,000 274,500,000 300,800,000
Cost of sales 85,700,000 87,700,000 235,600,000 257,300,000
Other segment items 5,300,000 6,300,000 15,900,000 18,200,000
Operating income $ 6,700,000 $ 10,900,000 $ 23,000,000.0 $ 25,300,000
v3.26.1
Business Segments - Schedule of Results of Operation, Depreciation and Amortization, Capital Expenditures and Total Assets by Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Jun. 30, 2025
Segment Reporting Information [Line Items]          
Consolidated depreciation and amortization $ 36.7 $ 35.4 $ 108.8 $ 103.6  
Consolidated capital expenditures 68.7 40.2 157.6 96.3  
Consolidated total assets 3,679.1   3,679.1   $ 3,486.8
Operating          
Segment Reporting Information [Line Items]          
Consolidated total assets 3,262.4   3,262.4   3,062.8
Corporate          
Segment Reporting Information [Line Items]          
Consolidated depreciation and amortization 1.2 1.4 3.6 4.2  
Consolidated capital expenditures 1.1 1.2 3.4 1.9  
Consolidated total assets 432.0   432.0   433.2
Intersegment          
Segment Reporting Information [Line Items]          
Consolidated total assets (15.3)   (15.3)   (9.2)
Specialty Alloys Operations | Operating          
Segment Reporting Information [Line Items]          
Consolidated depreciation and amortization 31.1 29.8 92.0 87.2  
Consolidated capital expenditures 65.5 36.2 145.8 81.9  
Consolidated total assets 2,838.4   2,838.4   2,649.3
Performance Engineered Products | Operating          
Segment Reporting Information [Line Items]          
Consolidated depreciation and amortization 4.4 4.2 13.2 12.2  
Consolidated capital expenditures 2.1 $ 2.8 8.4 $ 12.5  
Consolidated total assets $ 424.0   $ 424.0   $ 413.5
v3.26.1
Business Segments - Schedule of Long Lived Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jun. 30, 2025
Segment Reporting Information [Line Items]    
Consolidated long-lived assets $ 1,433.3 $ 1,359.4
United States    
Segment Reporting Information [Line Items]    
Consolidated long-lived assets 1,429.1 1,354.4
Europe    
Segment Reporting Information [Line Items]    
Consolidated long-lived assets 2.5 3.0
Mexico    
Segment Reporting Information [Line Items]    
Consolidated long-lived assets 1.0 1.2
Asia Pacific    
Segment Reporting Information [Line Items]    
Consolidated long-lived assets 0.4 0.4
Canada    
Segment Reporting Information [Line Items]    
Consolidated long-lived assets $ 0.3 $ 0.4
v3.26.1
Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Changes in AOCI by Component, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balances at the beginning of the period $ 1,985.4 $ 1,716.9 $ 1,887.0 $ 1,628.8
Other comprehensive income (loss) before reclassifications (1.6) 5.2 (2.2) (1.5)
Amounts reclassified from AOCI (0.1) 1.5 2.6 5.9
Total other comprehensive (loss) income, net of tax (1.7) 6.7 0.4 4.4
Balances at the end of the period 2,067.6 1,781.7 2,067.6 1,781.7
AOCI Attributable to Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balances at the beginning of the period (65.8) (96.2) (67.9) (93.9)
Balances at the end of the period (67.5) (89.5) (67.5) (89.5)
Cash flow hedging items        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balances at the beginning of the period (3.3) (5.1) (4.2) (5.9)
Other comprehensive income (loss) before reclassifications 0.1 1.8 (0.9) 0.1
Amounts reclassified from AOCI (0.6) 0.5 1.3 3.0
Total other comprehensive (loss) income, net of tax (0.5) 2.3 0.4 3.1
Balances at the end of the period (3.8) (2.8) (3.8) (2.8)
Pension and other postretirement benefit plan items        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balances at the beginning of the period (26.6) (42.4) (27.4) (44.3)
Other comprehensive income (loss) before reclassifications 0.0 0.0 0.0 0.0
Amounts reclassified from AOCI 0.5 1.0 1.3 2.9
Total other comprehensive (loss) income, net of tax 0.5 1.0 1.3 2.9
Balances at the end of the period (26.1) (41.4) (26.1) (41.4)
Foreign currency items        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balances at the beginning of the period (35.9) (48.7) (36.3) (43.7)
Other comprehensive income (loss) before reclassifications (1.7) 3.4 (1.3) (1.6)
Amounts reclassified from AOCI 0.0 0.0 0.0 0.0
Total other comprehensive (loss) income, net of tax (1.7) 3.4 (1.3) (1.6)
Balances at the end of the period $ (37.6) $ (45.3) $ (37.6) $ (45.3)
v3.26.1
Reclassifications from Accumulated Other Comprehensive Loss - Schedule of Amounts Reclassified from AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other $ (1.1) $ (3.8) $ 2.3 $ (5.6)
Total before tax 176.7 122.0 451.5 328.2
Tax (expense) benefit (37.1) (26.6) (84.1) (63.9)
Net income 139.6 95.4 367.4 264.3
Amount Reclassified from AOCI | Cash flow hedging items        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax 0.8 (0.7) (1.7) (3.9)
Tax (expense) benefit (0.2) 0.2 0.4 0.9
Net income 0.6 (0.5) (1.3) (3.0)
Amount Reclassified from AOCI | Pension and other postretirement benefit plan items        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax (0.6) (1.3) (1.7) (3.9)
Tax (expense) benefit 0.1 0.3 0.4 1.0
Net income (0.5) (1.0) (1.3) (2.9)
Amount Reclassified from AOCI | Net actuarial loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other (0.1) (0.5) (0.4) (1.5)
Amount Reclassified from AOCI | Prior service cost        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other (0.5) (0.8) (1.3) (2.4)
Commodity contracts | Amount Reclassified from AOCI | Cash flow hedging items        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of sales $ 0.8 $ (0.7) $ (1.7) $ (3.9)