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Property and Equipment
 12 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following:
June 30,
20262025
(in millions)
Leasehold Improvements$227.8 $257.0 
Machinery11.9 10.3 
Equipment32.0 39.6 
Customer-leased equipment31.4 51.3 
Furniture and Fixtures15.7 18.2 
Construction in Progress1.8 0.4 
Software (1)
145.6 160.5 
Total property and equipment466.3 537.3 
Accumulated depreciation and amortization(301.8)(298.3)
Total property and equipment, net$164.5 $239.0 
_________________________
(1) Includes $2.6 million and $1.0 million of software under development as of June 30, 2026 and 2025, respectively.
During fiscal 2024, 2025, and 2026, management identified various qualitative factors that collectively indicated that the Company had impairment triggering events, including (i) realignment of cost structure in connection with the restructuring initiatives, (ii) softening demand and (iii) significant decrease in the market price of certain long-lived asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups. The Company recognized impairment charges for the fiscal year ended June 30, 2026, primarily consisting of $11.9 million related to plans to right-size portions of the Company’s corporate office footprint, and $5.7 million relating to exiting retail showrooms.
The Company recognized impairment charges for the fiscal year ended June 30, 2025, primarily consisting of $17.2 million related to plans to right-size portions of the Company’s corporate office footprint, $11.5 million relating to exiting retail showrooms, and $6.1 million related to other manufacturing assets. The Company recognized impairment charges for the fiscal year ended June 30, 2024, primarily consisting of $14.9 million relating to exiting retail showrooms and $5.0 million related to Connected Fitness assets.

As of June 30, 2026, 72% and 27% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively. As of June 30, 2025, 76% and 22% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively.

The estimated useful lives of property and equipment are as follows:
Leasehold ImprovementsShorter of remaining lease term or useful life
Machinery
Three to ten years
Equipment
Two to seven years
Customer-leased equipment
Three to five years
Furniture and Fixtures
Two to ten years
Software
Two to seven years

Depreciation and amortization expense amounted to $51.6 million, $80.2 million, and $98.2 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively, of which $18.0 million, $33.6 million, and $42.8 million related to amortization of capitalized software costs for the fiscal years ended June 30, 2026, 2025, and 2024, respectively.