Restructuring and Asset Impairment Charges

3 Months Ended

Sep. 30, 2025

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, 2025, were $0.0 million compared to $3.6 million for the three months ended September 30, 2024.

During the three months ended September 30, 2024, the Company recorded restructuring and asset impairment charges of $3.6 million. This included $2.5 million of noncash pre-tax inventory impairment charges and $1.1 million of costs related to the decommissioning of property, plant and equipment. These costs were a result of actions taken to streamline operations in the Carpenter Additive business, as announced during the quarter ended June 30, 2024.

The reserve balances and activity for restructuring charges at September 30, 2025 and June 30, 2025 were as follows:

($ in millions)	September 30, 2025		June 30, 2025
Reserve balance at beginning of fiscal year	$	—	$	1.1
Restructuring charges excluding noncash impairments	—		1.1
Cash payments	—		(2.2)
Reserve balance at end of period	$	—	$	—