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Basis of Presentation | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B. Foster Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries. Recently Issued Accounting Standards In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires enhanced disclosures regarding significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included in each reported measure of segment operating income or loss, including an amount for “other segment items” by reportable segment and a description of its composition. ASU 2023-07 also requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses reported measures of segment operating income or loss to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company expects ASU 2023-07 to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but expects this ASU to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows. Correction of Immaterial Errors in Previously Issued Condensed Consolidated Financial Statements As previously announced in the Company’s Annual Report on Form 10-K/A filed with the SEC on November 1, 2024, the Company identified an immaterial error related to the classification of $1,068 of costs associated with exit of the bridge grid deck product line (the “Bridge Exit”) that were erroneously excluded from the Company’s “Operating income,” as reported in the Company’s Condensed Consolidated Statement of Operations. The Company has corrected this immaterial error and other immaterial errors for the three and nine months ended September 30, 2023. The impact of these adjustments are shown in the tables below. Note only line items that were impacted by the immaterial error corrections detailed above are included below.
|  | Three Months Ended September 30, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
Cost of goods sold |  | $ | 103,061 |  |  | $ | 807 |  |  | $ | 103,868 |
Total cost of sales |  | 117,121 |  |  | 807 |  |  | 117,928 |
Gross profit |  | 28,224 |  |  | (807) |  |  | 27,417 |
Selling and administrative expenses |  | 24,160 |  |  | 261 |  |  | 24,421 |
Operating income |  | 2,685 |  |  | (1,068) |  |  | 1,617 |
Other expense (income) - net |  | 917 |  |  | (1,068) |  |  | (151) |
|  | Nine Months Ended September 30, 2023
|  | As Previously Reported |  | Adjustments |  | As Revised
Cost of goods sold |  | $ | 282,195 |  |  | $ | 432 |  |  | $ | 282,627 |
Total cost of sales |  | 325,100 |  |  | 432 |  |  | 325,532 |
Gross profit |  | 83,767 |  |  | (432) |  |  | 83,335 |
Selling and administrative expenses |  | 70,111 |  |  | 249 |  |  | 70,360 |
Operating income |  | 9,537 |  |  | (681) |  |  | 8,856 |
Other expense - net |  | 3,463 |  |  | (681) |  |  | 2,782 |
The correction of immaterial errors to the Unaudited Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2023 did not change “Income before income taxes,” “Income tax benefit,” or “Net income.” Where appropriate, the financial disclosures in the footnotes to the Unaudited Condensed Consolidated Financial Statements impacted by the correction of these immaterial errors have been updated.

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