Restructuring and Related Charges

9 Months Ended

Mar. 31, 2025

RESTRUCTURING AND OTHER CHARGES, NET

In the June quarter of fiscal 2024, we announced an initiative to streamline our cost structure. Total restructuring and related charges for this program of $22.0 million, compared to a target of approximately $25 million, were recorded through December 31, 2024, consisting of $16.6 million in Metal Cutting and $5.5 million in Infrastructure. This action is considered substantially complete.

In January 2025, we announced several actions to support the long-term competitiveness of the Company and to mitigate softer market conditions. We expect to incur pre-tax charges of approximately $25 million in connection with the execution of these actions.

We recorded restructuring and related charges of $5.8 million for the three months ended March 31, 2025, which consisted of $4.3 million in Metal Cutting and $1.5 million in Infrastructure. Of this amount, restructuring-related charges of $0.2 million were included in cost of goods sold. We recorded restructuring and related charges of $7.9 million for the nine months ended March 31, 2025, which consisted of $6.2 million in Metal Cutting and $1.7 million in Infrastructure. Of this amount, restructuring-related charges of $0.4 million were included in cost of goods sold.

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.

As of March 31, 2025, $9.0 million and $2.1 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, 2024, $8.4 million and $2.4 million of the restructuring accrual was recorded in other current liabilities and other liabilities, respectively. The amounts are as follows:


(in thousands)	June 30, 2024		Expense		Translation		Cash Expenditures		March 31, 2025
Severance	$	10,799	$	7,535	$	144	$	(7,386)	$	11,092


Total	$	10,799	$	7,535	$	144	$	(7,386)	$	11,092