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Restructuring and Asset Impairment Charges
 3 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairment Charges Restructuring and Asset Impairment Charges
Restructuring and asset impairment charges for the three months ended September 30, 2024 and 2023 were $3.6 million and $0.0 million, respectively.

During the three months ended September 30, 2024, the Company recorded additional restructuring and asset impairment charges of $3.6 million as a result of the prior year actions taken to streamline operations in the Carpenter Additive business in the Performance Engineered Products ("PEP") segment. The restructuring and asset impairment charges included $2.5 million of noncash pre-tax inventory impairment charges. The Company also recognized $1.1 million of costs related to the decommissioning of property, plant and equipment previously impaired during the quarter ended June 30, 2024. The remaining reserve of $1.9 million is expected to be paid within fiscal year 2025.

The reserve balances and activity for restructuring charges at September 30, 2024 and June 30, 2024 were as follows:

($ in millions)September 30, 2024June 30, 2024
Reserve balance at beginning of fiscal year$1.1 $— 
Restructuring charges excluding noncash impairments1.1 1.1 
Cash payments(0.3)— 
Reserve balance at end of period$1.9 $1.1