Property, Plant and Equipment

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

    Property, Plant and Equipment

Property, plant and equipment consisted of the following components at June 30, 2020 and 2019:

	June 30,
($ in millions)	2020		2019
Land	$	35.1	$	35.6
Buildings and building equipment	538.5		512.9
Machinery and equipment	2,226.4		2,183.6
Construction in progress	124.7		150.7
Total at cost	2,924.7		2,882.8
Less: accumulated depreciation	1,573.6		1,516.6
Total property, plant, and equipment	$	1,351.1	$	1,366.2

The estimated useful lives of depreciable assets are as follows:

Asset Category	Useful Life (in Years)
Buildings and building equipment	10 – 45
Machinery and equipment	3 – 30

As a result of targeted cost reduction activities, as further described in Note 2, the Company approved a plan to exit the oil and gas business and closed two powder facilities in the PEP segment. As a result, the Company recorded an impairment charge related to property, plant and equipment of $31.4 million during fiscal year 2020.

Depreciation for the years ended June 30, 2020, 2019 and 2018 was $111.0 million, $108.1 million and $104.7 million, respectively.