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Restructuring Costs (Notes)

6 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

During the third quarter of fiscal 2020, the Company initiated a business improvement plan to increase profitability and reduce its cost structure related to:

•its strategic initiative to exit the domestic iron and steel industry;

•the implementation of business improvements in the power delivery portion of the Utility and Power Infrastructure segment; and

•the decline in revenue caused by the ongoing effects of the COVID-19 pandemic and related market disruptions.

The business improvement plan consists of discretionary cost reductions, workforce reductions, reduction of capital expenditures and the reduction in size or closure of certain offices in order to increase the utilization of the Company's staff and bring the cost structure of the business in line with revenue volumes. The Company incurred $14.0 million of restructuring costs during fiscal 2020 and $4.7 million during the first half of fiscal 2021. The restructuring costs consist primarily of severance costs, facility closure costs, intangible asset impairments and other liabilities as a result of exiting certain operations. Activities under this plan are essentially complete with remaining costs of $1.0 million to $1.5 million expected in the third quarter.

Restructuring costs under our business improvement plan are classified as follows:

						Three months ended December 31, 2020						Six months ended December 31, 2020						Since Inception of Business Improvement Plan
						(In thousands)
Utility and Power Infrastructure
Severance and other personnel-related costs						$	811					$	818					$	2,158
Facility costs						1						5						240
Other intangible asset impairments						—						—						1,150
Total Utility and Power Infrastructure						$	812					$	823					$	3,548
Process and Industrial Facilities
Severance and other personnel-related costs						$	3,082					$	2,590					$	8,758
Facility costs						134						15						2,770
Other intangible asset impairments						—						—						375
Other costs						148						259						259
Total Process and Industrial Facilities						$	3,364					$	2,864					$	12,162
Storage and Terminal Solutions
Severance and other personnel-related costs						$	640					$	653					$	1,000
Facility costs						1						1						721
Total Storage and Terminal Solutions						$	641					$	654					$	1,721
Corporate
Severance and other personnel-related costs						$	155					$	161					$	1,081
Facility costs						73						223						223
Total Corporate						$	228					$	384					$	1,304
Restructuring Costs by Type:
Severance and other personnel-related costs						$	4,688					$	4,222					$	12,997
Facility costs						209						244						3,954
Other intangible asset impairments						—						—						1,525
Other costs						148						259						259
Total restructuring costs						$	5,045					$	4,725					$	18,735

The restructuring reserve is included in other accrued expenses and other liabilities in the condensed consolidated balance sheets. The table below is a reconciliation of the beginning and ending restructuring reserve balance under the business improvement plan (in thousands):

Balance as of June 30, 2020						$	2,403
Restructuring costs incurred						3,422
Cash payments						(1,214)
Adjustment to liability						(510)
Balance as of December 31, 2020						$	4,101

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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

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