Restructuring and Asset Impairment Charges

3 Months Ended

Sep. 30, 2021

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, 2021 and 2020 were $0.0 million and $10.0 million, respectively.

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 September 30, 2021 and June 30, 2021 were as follows:

($ in millions)	September 30, 2021		June 30, 2021
Reserve balance at beginning of period	$	1.4	$	9.5
Restructuring charges excluding non-cash impairments	—		1.2
Cash payments	(1.1)		(9.3)
Reserve balance at end of period	$	0.3	$	1.4