Restructuring Charges and Asset Impairment Charges

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges and Asset Impairment Charges

There were no restructuring and asset impairment charges for fiscal years 2023 or 2022.

During fiscal year 2021, restructuring and asset impairment charges were $16.6 million. Restructuring actions were executed within the Company's Additive business in the PEP segment. This included $14.2 million of noncash pre-tax impairment charges related to $8.2 million of property, plant and equipment, $4.3 million associated with certain definite lived intangible assets, $1.3 million related to a lease right-of-use asset and $0.4 million of other noncash charges. The Company also recognized $0.4 million for facility shut-down costs and various personnel-related costs for severance payments, medical coverage and related items.

The Company also recorded $2.0 million of noncash pre-tax impairment charges as a result of the Amega West business exit, primarily related to accounts receivable determined to be uncollectible.

The reserve balances and activity for restructuring charges at June 30, 2023 and 2022 were as follows:


	June 30,
($ in millions)	2023		2022
Reserve balance beginning of year	$	—	$	1.4

Cash payments	—		(1.4)
Reserve balance end of year	$	—	$	—