Restructuring and Asset Impairment Charges

6 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Restructuring and Asset Impairment Charges

Restructuring and asset impairment charges for the three and six months ended December 31, 2021 were $0.0 million and $0.0 million, respectively. There were $0.0 million and $10.0 million of restructuring and asset impairment charges for the three and six months ended December 31, 2020, respectively.

In the quarter ended September 30, 2020, the Company initiated a restructuring plan to consolidate certain operations within the Additive business in the Performance Engineered Products "PEP" segment. This included $8.7 million of non-cash impairment charges related primarily to certain long-lived assets and certain definite-lived intangible assets. The Company also recognized $1.3 million of charges for various personnel-related costs for severance payments, medical coverage and other items.

The reserve balances and activity for restructuring charges at December 31, 2021 and June 30, 2021 were as follows:

($ in millions)	December 31, 2021		June 30, 2021
Reserve balance at beginning of fiscal year	$	1.4	$	9.5
Restructuring charges excluding non-cash impairments	—		1.2
Cash payments	(1.3)		(9.3)
Reserve balance at end of period	$	0.1	$	1.4