Restructuring Costs (Notes)

3 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

In fiscal 2020, we initiated a business improvement plan to increase profitability and reduce our cost structure due to our strategic initiative to exit the domestic iron and steel industry and the decline in revenue caused by the ongoing effects of the COVID-19 pandemic and related market disruptions.

The business improvement plan consists of discretionary cost reductions, workforce reductions, reduction of capital expenditures and the reduction in size or closure of certain offices in order to increase the utilization of our staff and bring the cost structure of the business in line with revenue volumes. We incurred $0.6 million of restructuring costs during the three months ended September 30, 2021 and $21.4 million of restructuring costs since inception of the plan. The restructuring costs consist primarily of severance costs, facility closure costs, and other liabilities as a result of exiting certain operations. We expect to substantially complete this initiative in fiscal 2022.

Restructuring costs under our business improvement plan are classified as follows:

	Three Months Ended				Since Inception of Business Improvement Plan
	September 30, 2021		September 30, 2020
	(In thousands)
Utility and Power Infrastructure
Severance and other personnel-related costs	$	9	$	7	$	2,548
Facility costs	—		4		349
Other intangible asset impairments	—		—		1,150
Total Utility and Power Infrastructure	$	9	$	11	$	4,047
Process and Industrial Facilities
Severance and other personnel-related costs	$	5	$	(492)	$	9,123
Facility costs	—		(119)		3,187
Other intangible asset impairments	—		—		375
Other costs	2		111		428
Total Process and Industrial Facilities	$	7	$	(500)	$	13,113
Storage and Terminal Solutions
Severance and other personnel-related costs	$	(33)	$	13	$	1,544
Facility costs	—		—		879
Total Storage and Terminal Solutions	$	(33)	$	13	$	2,423
Corporate
Severance and other personnel-related costs	$	44	$	6	$	1,128
Facility costs	16		150		98
Other costs	562		—		562
Total Corporate	$	622	$	156	$	1,788
Restructuring Costs by Type:
Severance and other personnel-related costs	$	25	$	(466)	$	14,343
Facility costs	16		35		4,513
Other intangible asset impairments	—		—		1,525
Other costs	564		111		990
Total restructuring costs	$	605	$	(320)	$	21,371

The restructuring reserve is included in other accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. The table below is a reconciliation of the beginning and ending restructuring reserve balance under the business improvement plan (in thousands):

Balance as of June 30, 2021	$	2,435
Cash payments	(272)
Other	29
Balance as of September 30, 2021	$	2,192