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Restructuring and Asset Impairment Charges | 9 Months Ended
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Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Asset Impairment Charges | Restructuring and Asset Impairment Charges Restructuring and asset impairment charges for the three and nine months ended March 31, 2021 were $5.0 million and $15.0 million, respectively. There we re $0.0 million and $2.3 million, respectively, of restructuring and asset impairment charges for the three and nine months ended March 31, 2020. During the third quarter ended March 31, 2021, additional restructuring actions were executed within the Company's Additive business in the Performance Engineered Products (“PEP”) segment. This included $4.9 million of non-cash impairment charges primarily related to certain long-lived assets and $0.6 million of charges primarily related to various personnel-related costs for severance payments, medical coverage and related items. These charges were partially offset by proceeds of $0.5 million related to the sale of certain production equipment from an idled powder production facility. Additionally as part of these restructuring actions, $2.6 million of inventory write-downs were recorded in cost of sales in the quarter ended March 31, 2021. In the first quarter ended September 30, 2020, the Company initiated a restructuring plan to consolidate certain operations within the Additive business in the 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 $1.3 million of charges primarily related to various personnel-related costs for severance payments, medical coverage and related items. In the fourth quarter of fiscal year 2020, the Company approved actions to reduce overhead costs and position the Company to drive long-term, profitable growth. These actions included implementing a restructuring plan aimed at reducing fixed costs by eliminating 20 percent of global salaried positions across all business segments. The restructuring charge consisted primarily of various personnel-related costs for severance payments, medical coverage and related items. In addition, the Company also recorded non-cash asset impairment charges related to the closure of two domestic powder facilities in the PEP segment, non-cash asset impairment charges related to the decision to exit the Amega West business, and a non-cash write-down of software that will no longer be implemented at a particular business unit. The reserve balances and activity for restructuring charges at March 31, 2021 were as follows:
($ in millions) |  | Reserve Balance
Reserve balance at June 30, 2020 |  | $ | 9.5 |
Restructuring charges excluding non-cash impairments |  | 1.4 |
Cash payments |  | (8.8) |
Reserve balance at March 31, 2021 |  | $ | 2.1 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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