Property, Plant and Equipment, net

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net consisted of the following components at June 30, 2021 and 2020:


	June 30,
($ in millions)	2021		2020
Land	$	36.5	$	35.1
Buildings and building equipment	537.6		538.5
Machinery and equipment	2,234.6		2,226.4
Capitalized software	221.2		91.7
Construction in progress	120.0		235.9
Total at cost	3,149.9		3,127.6
Less: accumulated depreciation and amortization	1,692.4		1,629.5
Total property, plant, and equipment, net	$	1,457.5	$	1,498.1

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
Capitalized software						3 – 12

During fiscal year 2021, the Company placed into service a new enterprise resource planning system and began amortization of this system. The Company reclassified both the current and prior year capitalized software costs that were reported in the other assets line item on the consolidated balance sheet in the prior year financial statements to the property, plant and equipment, net line item in the current year financial statements. This reclassification is a result of these assets being of greater significance in relation to other assets and total assets in the current year and the Company believes presentation as property, plant and equipment, net is more meaningful to the user of the financial statements.

As a result of targeted cost reduction activities, as further described in Note 2, the Company executed restructuring activities within the Additive reporting unit in both fiscal years 2021 and 2020. As a result, the Company recorded an impairment charge related to property, plant and equipment of $8.2 million during fiscal year 2021. During fiscal year 2020 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 in fiscal year 2020.

Depreciation for the years ended June 30, 2021, 2020 and 2019 was $104.7 million, $111.0 million and $108.1 million, respectively. Amortization related to capitalized software amounted to $12.0 million, $5.3 million and $6.1 million for the years ended June 30, 2021, 2020 and 2019, respectively.