RESTRUCTURING COSTS

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

During the quarter ended June 30, 2024, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving operating efficiency ("2024 Restructuring Program"). These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the three and six months ended June 30, 2024. The Company anticipates that these actions will be substantially completed by June 30, 2025.

The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:


In thousands	Restructuring Liability as of December 31, 2023		Provision		Cash Payments		Restructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance	$	—	$	835	$	(770)	$	65
Facility closure and other costs	—		392		(92)		300
Total Aerospace & Industrial	$	—	$	1,227	$	(862)	$	365

Defense Electronics
Severance	$	—	$	526	$	(368)	$	158
Facility closure and other costs	—		—		—		—
Total Defense Electronics	$	—	$	526	$	(368)	$	158

Naval & Power
Severance	$	—	$	198	$	(198)	$	—
Facility closure and other costs	—		—		—		—
Total Naval & Power	$	—	$	198	$	(198)	$	—

Consolidated (including Corporate)
Severance	$	—	$	1,776	$	(1,345)	$	431
Facility closure and other costs	—		1,142		(124)		1,018
Total consolidated	$	—	$	2,918	$	(1,469)	$	1,449

A reconciliation of total pre-tax restructuring charges is as follows:


	Affected line item in the Condensed Consolidated Statement of Earnings
		Six months ended
(In thousands)		June 30, 2024
Inventory write-downs	Cost of product sales	$	1,394
Severance, facility closure, and other costs	Restructuring expenses	2,918
Total restructuring charges	Earnings before income taxes	$	4,312

There were no such comparable charges for the three or six months ended June 30, 2023.