Property, Plant, Equipment and Software, net

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, Equipment and Software, net

Property, Plant, Equipment and Software, net

Property, plant, equipment and software, net consisted of the following components at June 30, 2023 and 2022:

	June 30,
($ in millions)	2023		2022
Land	$	40.0	$	38.3
Buildings and building equipment	555.5		546.5
Machinery and equipment	2,391.1		2,348.4
Capitalized software	220.5		219.8
Construction in progress	92.7		66.5
Total at cost	3,299.8		3,219.5
Less: accumulated depreciation and amortization	1,916.0		1,798.7
Total property, plant, equipment and software, net	$	1,383.8	$	1,420.8

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 – 15

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 fiscal year 2021. As a result, the Company recorded impairment charges related to property, plant and equipment of $8.2 million during fiscal year 2021.

Depreciation for the years ended June 30, 2023, 2022 and 2021 was $107.9 million, $107.6 million and $104.7 million, respectively. Amortization related to capitalized software amounted to $16.3 million, $16.9 million and $12.0 million for the years ended June 30, 2023, 2022 and 2021, respectively.