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Restructuring and Asset Impairment Charges
 6 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairment Charges Restructuring and Asset Impairment Charges
Restructuring and asset impairment charges for the three and six months ended December 31, 2024 were $0.0 million and $3.6 million, respectively, compared to no restructuring and asset impairment charges for the three and six months ended December 31, 2023.

During the six months ended December 31, 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 $0.7 million is expected to be paid within fiscal year 2025.

The reserve balances and activity for restructuring charges at December 31, 2024 and June 30, 2024 were as follows:

($ in millions)December 31, 2024June 30, 2024
Reserve balance at beginning of fiscal year$1.1 $— 
Restructuring charges excluding noncash impairments1.1 1.1 
Cash payments(1.5)— 
Reserve balance at end of period$0.7 $1.1