| 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.
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