Restructuring Charges and Asset Impairment Charges

12 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring Charges and Asset Impairment Charges

Restructuring Charges and Asset Impairment Charges

There were no restructuring or asset impairment charges during fiscal years 2018 and 2017. Restructuring and asset impairment charges for the year ended June 30, 2016 were $18.0 million.

During the year ended June 30, 2016, the Company recorded $10.4 million of pre-tax charges, consisting of $9.4 million associated with an early retirement incentive funded by the Company’s qualified pension plan, $0.7 million of other severance costs paid by the Company in fiscal year 2016 and $0.3 million of other severance related costs paid by the Company in fiscal year 2017. At this time, the Company does not expect any additional charges related to these restructuring actions in the future.

As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact this weakness had on certain reporting units in the PEP segment, the Company recognized non-cash impairment pre-tax charges of $7.6 million on certain long-lived assets, including $6.5 million related to property, plant and equipment and $1.1 million associated with certain definite lived intangible assets during the year ended June 30, 2016.