RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING COSTS

RESTRUCTURING COSTS

During the year ended December 31, 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 $15.9 million for the year ended December 31, 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 December 31, 2024
Aerospace & Industrial
Severance	$	—	$	1,750	$	(1,750)	$	—
Facility closure and other costs	—		5,037		(4,350)		687
Total Aerospace & Industrial	$	—	$	6,787	$	(6,100)	$	687
Defense Electronics
Severance	$	—	$	1,117	$	(656)	$	461
Facility closure and other costs	—		—		—		—
Total Defense Electronics	$	—	$	1,117	$	(656)	$	461
Naval & Power
Severance	$	—	$	667	$	(93)	$	574
Facility closure and other costs	—		—		—		—
Total Naval & Power	$	—	$	667	$	(93)	$	574
Consolidated (including Corporate)
Severance	$	—	$	3,558	$	(2,522)	$	1,036
Facility closure and other costs	—		8,051		(6,121)		1,930
Total consolidated	$	—	$	11,609	$	(8,643)	$	2,966

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

	Affected line item in the Consolidated Statement of Earnings
		Year Ended
(In thousands)		December 31, 2024
Inventory write-downs	Cost of product sales	$	1,435
Severance, facility closure, and other costs	Restructuring expenses	11,609
Property, plant, and equipment & operating lease right of use asset impairments	Restructuring expenses	2,839
		$	14,448
Total restructuring charges	Earnings before income taxes	$	15,883

There were no such comparable charges for the year ended December 31, 2023.