Restructuring and Asset Impairment Charges

9 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Restructuring and Asset Impairment Charges

Restructuring and asset impairment charges for the three and nine months ended March 31, 2022 were $0.0 million and $0.0 million, respectively. There were $5.0 million and $15.0 million of restructuring and asset impairment charges for the three and nine months ended March 31, 2021, respectively.

During the quarter ended March 31, 2021, restructuring actions were executed within the Company's Additive business in the Performance Engineered Products (“PEP”) segment. This included $4.9 million of noncash impairment charges primarily related to certain long-lived assets and $0.6 million of charges primarily related to various personnel-related costs for severance payments, medical coverage and related items. These charges were partially offset by proceeds of $0.5 million related to the sale of certain production equipment from an idled powder production facility. Additionally as part of these restructuring actions, $2.6 million of inventory write-downs were recorded in cost of sales in the quarter ended March 31, 2021.

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 March 31, 2022 and June 30, 2021 were as follows:

($ in millions)	March 31, 2022		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