Restructuring and Related Charges

9 Months Ended

Mar. 31, 2024

RESTRUCTURING AND OTHER CHARGES, NET

In the June quarter of fiscal 2023, we announced an initiative to streamline our cost structure while continuing to invest in our high-return commercial and operational excellence initiatives. Total restructuring and related charges for this program of $18.6 million, compared to a target of approximately $25 million, were recorded through March 31, 2024, consisting of $13.7 million in Metal Cutting and $4.9 million in Infrastructure. The majority of the remaining charges are expected to be recognized in fiscal 2024.

We recorded restructuring and related charges of $6.5 million for the three months ended March 31, 2024, which consisted of $4.5 million in Metal Cutting and $2.0 million in Infrastructure.

We recorded restructuring and related charges of $11.2 million for the nine months ended March 31, 2024, which consisted of $7.7 million in Metal Cutting and $3.5 million in Infrastructure. Included in other charges, net during the nine months ended March 31, 2024 is a net benefit of $0.6 million, primarily due to the sale of property.

We recorded no restructuring and related charges for the three and nine months ended March 31, 2023. Included in other charges, net for the three and nine months ended March 31, 2023 is a net benefit of $1.0 million and $2.5 million, respectively, consisting primarily of gains on the sale of properties.

As of March 31, 2024, $10.7 million and $1.6 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively, in our condensed consolidated balance sheet. As of June 30, 2023, $9.4 million and $0.5 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows:


(in thousands)	June 30, 2023		Expense		Translation		Cash Expenditures		March 31, 2024
Severance	$	9,885	$	11,192	$	(60)	$	(8,758)	$	12,259


Total	$	9,885	$	11,192	$	(60)	$	(8,758)	$	12,259