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Restructuring and Related Charges and Asset Impairment Charges | 12 Months Ended
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Jun. 30, 2022
Restructuring Charges [Abstract] |
RESTRUCTURING AND RELATED CHARGES AND ASSET IMPAIRMENT CHARGES | RESTRUCTURING AND RELATED CHARGES FY20 Restructuring Actions In the June quarter of fiscal 2019, we implemented, and in fiscal 2020 substantially completed, the FY20 Restructuring Actions associated with our simplification/modernization initiative to reduce structural costs, improve operational efficiency and position us for long-term profitable growth. Total restructuring and related charges since inception of $54.8 million were recorded for this program through June 30, 2021, consisting of: $46.6 million in Metal Cutting and $8.3 million in Infrastructure. The FY20 Restructuring Actions are considered complete. FY21 Restructuring Actions In the September quarter of fiscal 2020, we announced the initiation of restructuring actions in Germany associated with our simplification/modernization initiative to reduce structural costs. Subsequently, we agreed with local employee representatives to downsize our Essen, Germany operations instead of the previously proposed closure. During the fourth quarter of fiscal 2020, we also announced the acceleration of our other structural cost reduction plans. Total restructuring and related charges since inception of $86.4 million, compared to a target of approximately $85 million, were recorded for this program through June 30, 2022, consisting of: $78.1 million in Metal Cutting and $8.3 million in Infrastructure. The FY21 Restructuring Actions are considered substantially complete. Annual Restructuring Charges During 2022, we recorded restructuring and related charges of $4.2 million, which consisted of $3.6 million in Metal Cutting and $0.6 million in Infrastructure. Of this amount, a net benefit from the reversal of restructuring charges totaled $1.2 million and restructuring-related charges of $5.5 million were included in cost of goods sold. During 2021, we recorded restructuring and related charges of $40.4 million, which consisted of $35.6 million in Metal Cutting and $4.8 million in Infrastructure. Of this amount, restructuring charges totaled $29.6 million, of which $0.5 million was related to inventory and was recorded in cost of goods sold. Restructuring-related charges of $10.8 million were included in cost of goods sold. During 2020, we recorded restructuring and related charges of $83.3 million which consisted of $73.7 million in Metal Cutting and $8.8 million in Infrastructure. Of this amount, restructuring charges totaled $69.2 million, of which $0.9 million was related to inventory and was recorded in cost of goods sold. Restructuring-related charges of $14.1 million were included in cost of goods sold. As of June 30, 2022, $6.0 million of the restructuring accrual is recorded in other current liabilities and $1.9 million is recorded in other liabilities in our consolidated balance sheet. As of June 30, 2021, $19.9 million of the restructuring accrual is recorded in other current liabilities and $9.9 million is recorded in other liabilities in our consolidated balance sheet. The amounts are as follows:
(in thousands) | June 30, 2021 |  | Expense, net |  | Asset Write-Down |  |  |  | Translation |  | Cash Expenditures |  | June 30, 2022
Severance | $ | 29,723 |  |  | $ | (4,628) |  |  | $ | — |  |  |  |  | $ | (1,772) |  |  | $ | (15,404) |  |  | $ | 7,919 |
Facilities | — |  |  | 3,385 |  |  | (3,385) |  |  |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Total | 29,723 |  |  | (1,243) |  |  | (3,385) |  |  |  |  | (1,772) |  |  | (15,404) |  |  | 7,919 |
(in thousands) | June 30, 2020 |  | Expense |  | Asset Write-Down |  |  |  | Translation |  | Cash Expenditures |  | June 30, 2021
Severance | $ | 47,303 |  |  | $ | 23,917 |  |  | $ | — |  |  |  |  | $ | 2,445 |  |  | $ | (43,942) |  |  | $ | 29,723 |
Facilities | — |  |  | 5,664 |  |  | (5,664) |  |  |  |  | — |  |  | — |  |  | — |
Other | 63 |  |  | — |  |  | — |  |  |  |  | 2 |  |  | (65) |  |  | — |
Total | 47,366 |  |  | 29,581 |  |  | (5,664) |  |  |  |  | 2,447 |  |  | (44,007) |  |  | 29,723 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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