v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes for the Company's Domestic and Foreign Operations
Income (loss) before income taxes for the Company's domestic and foreign operations was as follows:
 
Years Ended June 30,
($ in millions)202620252024
Domestic$645.3 $454.5 $224.1 
Foreign10.9 12.8 (12.5)
Income before income taxes$656.2 $467.3 $211.6 
Summary of Provision (Benefit) for Income Taxes from Continuing Operations
The expense (benefit) for income taxes from continuing operations consisted of the following:
Years Ended June 30,
($ in millions)202620252024
Current:
Federal$81.6 $89.8 $30.4 
State19.2 14.5 4.2 
Foreign4.4 4.4 3.8 
Total current105.2 108.7 38.4 
Deferred:
Federal20.5 (16.1)(10.1)
State— (1.3)(2.7)
Foreign0.7 — (0.5)
Total deferred21.2 (17.4)(13.3)
Total income tax expense$126.4 $91.3 $25.1 
Summary of Reconciliation of Income Taxes Computed at the U.S. Federal Income Tax Rate to the Company's Effective Income Tax Rate
The reconciliation of the U.S. federal statutory income tax rate and the effective tax rate for the fiscal year ended June 30, 2026, after the adoption of ASU 2023-09 was as follows:
Year Ended June 30, 2026
($ in millions)AmountPercent
Income tax provision at the federal statutory rate$137.8 21.0 %
State and local income taxes, net of federal (a)16.0 2.4 
Effects of cross-border tax laws:
Foreign derived intangible income deduction(8.2)(1.2)
Tax credits:
Research and development tax credit(5.6)(0.8)
Non-taxable or non-deductible items:
Share-based compensation(17.5)(2.7)
Non-deductible compensation5.4 0.8 
Other non-taxable or non-deductible items(4.3)(0.6)
Foreign tax effects2.8 0.4 
Income tax expense and effective tax rate$126.4 19.3 %
(a)    State taxes in California, Illinois and Pennsylvania comprise over 50 percent of the tax effect in this category.
The following is a reconciliation of income taxes computed at the U.S. Federal income tax rate to the Company's effective income tax rates for fiscal years ended June 30, 2025 and 2024, prior to the adoption of ASU 2023-09:
Years Ended June 30,
(% of pre-tax income)20252024
Statutory federal income tax rate21.0 %21.0 %
State income taxes, net of federal tax benefit2.4 2.7 
Foreign tax rate differential0.1 (0.3)
Research and development tax credit(0.9)(1.6)
Foreign derived intangible income deduction(1.6)(1.8)
Adjustments of prior years' income taxes(0.1)— 
Non-deductible goodwill impairment— 1.4 
Tax benefit related to closure of Additive operations— (8.7)
Non-taxable income(0.1)(0.5)
Non-deductible expenses0.4 6.4 
Non-deductible compensation1.2 1.6 
Share-based compensation(2.7)(3.2)
Changes in valuation allowances— (4.7)
Interest on prior tax positions(0.2)(0.4)
Effective income tax rate19.5 %11.9 %
Summary of Components of Deferred Tax Assets and Liabilities
The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below:
June 30,
($ in millions)20262025
Deferred tax assets:
Pensions$12.8 $26.3 
Postretirement provisions5.6 11.3 
Non-equity compensation8.8 9.6 
Net operating loss carryforwards8.4 8.3 
Tax credit carryforwards0.8 1.6 
Operating lease liabilities6.7 8.1 
Other20.5 21.0 
Gross deferred tax assets63.6 86.2 
Valuation allowances(4.9)(2.6)
Total deferred tax assets58.7 83.6 
Deferred tax liabilities:
Depreciation215.0 198.4 
Intangible assets0.2 2.4 
Inventories26.8 28.3 
Operating lease right-of-use assets5.1 6.4 
Other3.0 3.1 
Total deferred tax liabilities250.1 238.6 
Deferred tax liabilities, net$191.4 $155.0 
Summary of Income Taxes Paid
Income taxes paid, net of amounts received as refunds, were as follows:
Years Ended June 30,
($ in millions)202620252024
Federal$60.1 $79.3 $49.2 
State:
State, other11.1 8.4 4.4 
California8.1 2.0 4.4 
Foreign5.5 3.9 4.8 
Income taxes paid, net (a)$84.8 $93.6 $62.8 
(a)    There were no other individual jurisdictions with cash taxes paid that equaled or exceeded 5 percent of total income taxes paid, net.