Restructuring Costs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

In August 2024, the Company announced an enterprise restructuring program aligned with its long-term strategy to reduce costs and enable investment in its growth platforms. The restructuring action is expected to be completed in 2024, and is expected to provide annual run-rate pre-tax savings of approximately $4,500, $2,000 of which to be realized in 2024.

The following table sets forth restructuring costs by segment for the three and nine months ended September 30, 2024:



Rail, Technologies, and Services	$	651
Infrastructure Solutions	63
Corporate	195
Total	$	909

There were no restructuring costs incurred prior to the three months ended September 30, 2024. The Company's $909 restructuring expense relates to severance and an immaterial amount of legal costs. Of the total restructuring costs incurred for the three and nine months ended September 30, 2024, $69 was reported in “Cost of goods sold” and $840 was reported in “Selling and administrative expense.” The Company expects approximately $471 in additional restructuring costs associated with this program in total.

The following table sets forth a reconciliation of the beginning and ending restructuring liability balance through September 30, 2024:


Balance as of June 30, 2024	$	—
Restructuring costs	909
Cash paid	767
Balance as of September 30, 2024	$	142

The majority of the remaining liability of $142 is expected to be paid in 2024.