REALIGNMENT ACTIVITIES

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

REALIGNMENT ACTIVITIES

(4) REALIGNMENT ACTIVITIES

During the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment Program provides for a reduction in force through a voluntary early retirement program and other headcount reduction actions, which are expected to be completed by the end of fiscal 2023. The Board of Directors has authorized the incurrence of cash charges up to $36,000 in connection with the Realignment Program. Severance and other employee benefit costs are expected to total up to approximately $16,000 within the Infrastructure segment, $10,000 within the Agriculture segment, and $10,000 within Corporate expense, including charges recognized during the third quarter of fiscal 2023.

During the third quarter of fiscal 2023, the Company recorded the following pre-tax expenses for the Realignment Program:

	Infrastructure		Agriculture		Corporate		Total
Severance and other employee benefit costs	$	1,069	$	907	$	2,204	$	4,180

Changes in current liabilities recorded for the Realignment Program were as follows:

	Balance as of		Recognized		Costs Paid or		Balance as of
	December 31,		Realignment		Otherwise		September 30,
	2022		Expense		Settled		2023
Severance and other employee benefit costs	$	—	$	4,180	$	(132)	$	4,048