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Business realignment and acquisition integration charges
 3 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Business realignment and acquisition integration charges Business realignment and acquisition integration charges
We incurred business realignment and acquisition integration charges in the first three months of fiscal 2024 and 2023. In both the first three months of fiscal 2024 and 2023, business realignment charges included severance costs related to actions taken under the Company's simplification initiative aimed at reducing organizational and process complexity, as well as plant closures. In fiscal 2024 and 2023, a majority of the business realignment charges were incurred in Europe. We believe the realignment actions will positively impact future results of operations, but will not have a material effect on liquidity and sources and uses of capital.
Business realignment charges by business segment are as follows:
Three Months Ended
 September 30,
 20232022
Diversified Industrial$12,639 $2,012 
Aerospace Systems453 1,849 
Reductions to our workforce made in connection with such business realignment charges by business segment are as follows:
Three Months Ended
 September 30,
 20232022
Diversified Industrial325 51 
Aerospace Systems2 12 
The business realignment charges are presented in the Consolidated Statement of Income as follows:
Three Months Ended
 September 30,
 20232022
Cost of sales$6,984 $2,499 
Selling, general and administrative expenses6,108 1,362 
During the first three months of fiscal 2024, approximately $11 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $16 million, a majority of which are expected to be paid by December 31, 2023, are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. Additional charges may be recognized in future periods related to the business realignment actions described above, the timing and amount of which are not known at this time.
We also incurred the following acquisition integration charges:
Three Months Ended
 September 30,
 20232022
Diversified Industrial$1,139 $186 
Aerospace Systems5,267 11,805 
Charges incurred in fiscal 2024 and 2023 relate to the acquisition of Meggitt. In both fiscal 2024 and 2023, these charges were primarily included in selling, general and administrative expenses ("SG&A") within the Consolidated Statement of Income.