Property, Plant and Equipment

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment consisted of the following components at June 30, 2016 and 2015:

	June 30,
($ in millions)	2016		2015
Land	$	33.0	$	28.8
Buildings and building equipment	484.1		442.9
Machinery and equipment	2,038.3		2,035.1
Construction in progress	52.3		90.0
Total at cost	2,607.7		2,596.8
Less: accumulated depreciation and amortization	1,256.3		1,199.8
Total property, plant, and equipment	$	1,351.4	$	1,397.0

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

As a result of the prolonged weakness in oil and gas drilling and exploration activities and the impact this weakness had on certain reporting units in the PEP segment, the Company recorded an impairment charge of $6.5 million during the third quarter of fiscal year 2016.

Depreciation for the years ended June 30, 2016, 2015 and 2014 was $106.5 million, $107.2 million and $93.3 million, respectively.