0000352825-24-000206 | 10-K/A | XBRL Viewer

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

As of December 31, 2023 and 2022, the following table represents the goodwill balance by reportable segment:


	Rail, Technologies, and Services		Infrastructure Solutions		Total
Balance as of December 31, 2021:	$	14,577	$	5,575	$	20,152
Acquisitions	5,549		8,221		13,770
Foreign currency translation impact	(178)		—		(178)

Impairment charges	—		(3,011)		(3,011)
Balance as of December 31, 2022:	19,948		10,785		30,733
Acquisitions	—		1,336		1,336
Foreign currency translation impact	518		—		518


Balance as of December 31, 2023:	$	20,466	$	12,121	$	32,587

In conjunction with our annual goodwill impairment test performed during the fourth quarter of 2023, the Company determined it was necessary to perform a quantitative test for impairment of goodwill due to weakened economic conditions, unfavorable changes in foreign exchange rates, and recent increases in the cost of certain materials, labor, and other inflation-related pressures unfavorably impacted the financial results.

The Company determined the implied fair values of its reporting units by using Level 3 unobservable inputs, which incorporated assumptions that we believe would be a reasonable market participant’s view in a hypothetical purchase, to develop the discounted cash flows of the respective reporting units. Significant Level 3 inputs included estimates of future revenue growth, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) contribution, and market participant assumptions. The results of the test indicated that all reporting units that maintain goodwill adequately exceeded their carrying value and were not subject to impairment. However, headroom in the Rail Technologies and Precast Concrete Products reporting units indicate that should results or future projections diverge from current expectations, the reporting units could be subject to future impairment.

As a result of the procedures performed as outlined above, no impairments were recorded in 2023. In the fourth quarter of 2022, the Company impaired 100% of goodwill held in the Fabricated Bridge reporting unit, resulting in a non-cash pre-tax impairment charge of $3,011.

As of December 31, 2023 and 2022, the components of the Company’s intangible assets were as follows:


	December 31, 2023
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount

Patents	10	$	335	$	(199)	$	136
Customer relationships	16	27,712		(17,236)		10,476
Trademarks and trade names	16	7,989		(4,593)		3,396
Technology	9	32,658		(27,906)		4,752
Favorable lease	6	327		(77)		250
		$	69,021	$	(50,011)	$	19,010

	December 31, 2022
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	1	$	27	$	(16)	$	11
Patents	10	330		(187)		143
Customer relationships	16	27,184		(14,129)		13,055
Trademarks and trade names	16	7,933		(3,989)		3,944
Technology	14	32,201		(25,827)		6,374
Favorable lease	6	327		(23)		304
		$	68,002	$	(44,171)	$	23,831

Intangible assets are amortized over their useful lives ranging from 1 to 25 years, with a total weighted average amortization period of approximately 13 years. Amortization expense for the years ended December 31, 2023 and 2022 were $5,314 and $6,144, respectively. During the year ended December 31, 2023, certain fully amortized intangible assets of $27 related to non-compete

agreements were eliminated from gross intangible assets and accumulated amortization. During the year ended December 31, 2022, the Company’s gross carrying value of customer relationships and technology intangible assets were reduced by $5,448 and $471, respectively, and the net carrying amount of customer relationships and technology intangible assets were reduced by $2,869 and $7, respectively, as a result of the August 1, 2022 disposition of the Track Components business.

Estimated annual amortization expense for the years ending December 31, 2024 and thereafter is as follows:


Year Ending December 31,
2024	$	4,393
2025	2,922
2026	2,331
2027	1,989
2028	1,519
2029 and thereafter	5,856
	$	19,010

During the year ended December 31, 2022, management performed a recoverability test on a reporting unit for which there was an indication that it was more likely than not that the carrying value of the long-lived asset group would not be recoverable. As a result of the analysis and valuation exercises performed, in the fourth quarter of 2022, the Company recorded $4,883 in non-cash, pre-tax impairment charges associated with the Company's Precision Measurement Products and Systems business based in Willis, TX, equal to 100% of their carrying value. Impairment was inclusive of $3,828, $394, and $661 related to customer relationships, trade name, and developed technology, respectively.

On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. (“Skratch”). On August 12, 2022, the Company acquired the operating assets of VanHooseCo Precast LLC (“VanHooseCo”). As of December 31, 2023, the purchase accounting for these transactions is final. Purchase accounting adjustments recognized during the year ended December 31, 2023 were immaterial.

Long-Term Debt and Related Matters - Narrative (Details) $ in Thousands	Aug. 12, 2022	Aug. 11, 2022	Aug. 13, 2021 USD ($)	Dec. 31, 2023 USD ($) covenant	Dec. 31, 2022 USD ($)
Line of Credit Facility
Line of credit facility, amount outstanding				$ 55,060	$ 91,567
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Minimum fixed charge coverage ratio			1.05
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Fourth Amended And Restated Credit Agreement \| Debt Instrument, Redemption, Period One
Line of Credit Facility
Number of financial covenants \| covenant				2
Maximum leverage ratio			3.25
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Fourth Amended And Restated Credit Agreement \| Debt Instrument, Redemption, Period Two
Line of Credit Facility
Maximum leverage ratio			3.50
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Overnight Bank Funding Rate \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	0.50%	0.50%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| LIBOR \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	1.00%	1.00%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| LIBOR \| Minimum \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	1.25%	1.25%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| LIBOR \| Maximum \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	2.50%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Base Rate \| Minimum \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	0.25%	0.25%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Base Rate \| Maximum \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, basis spread on variable rate	1.50%
PNC Bank N.A. Citizens Bank N.A. Wells Fargo Bank National Association Bank of America N.A. And BMO Harris Bank National Association \| Revolving Credit Facility \| Fourth Amended And Restated Credit Agreement
Line of Credit Facility
Debt instrument, term			5 years
Line of credit facility, maximum borrowing capacity			$ 130,000
Line of credit, accordion feature, lower borrowing capacity			25,000
Line of credit facility, maximum increase in commitments			$ 50,000
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company \| Revolving Credit Facility
Line of Credit Facility
Line of credit facility, amount outstanding				$ 2,807	619
Line of credit facility, current borrowing capacity				$ 72,133	$ 37,814

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Domestic	$	14,575	$	(5,074)
Foreign	(13,631)		(3,922)
Income (loss) before income taxes	$	944	$	(8,996)

Significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Current:
Federal	$	(16)	$	—
State	53		127
Foreign	1,460		769
Total current	1,497		896
Deferred:
Federal	—		28,287
State	—		9,001
Foreign	(1,852)		(1,503)
Total deferred	(1,852)		35,785
Total income tax (benefit) expense	$	(355)	$	36,681

The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023				2022
	Amount		Percent		Amount		Percent
Statutory rate	$	198	21.0	%	$	(1,889)	21.0	%
Foreign tax rate differential	(520)		(55.1)		(306)		3.4
State income taxes, net of federal benefit	322		34.1		327		(3.6)

Non-deductible expenses	206		21.8		200		(2.2)
Non-deductible executive compensation	256		27.1		45		(0.5)



Income tax credits	(218)		(23.1)		(261)		2.9
Change in income tax rates	(38)		(4.0)		176		(2.0)
Tax on unremitted foreign earnings	181		19.2		439		(4.9)
Change in valuation allowance	(723)		(76.6)		37,895		(421.2)
Other	(19)		(2.0)		55		(0.6)
Total income tax (benefit) expense / Effective rate	$	(355)	(37.6)	%	$	36,681	(407.7)	%

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Deferred tax assets:
Goodwill and other intangibles	$	1,762	$	8,099
Accrued settlement	2,001		3,915
Deferred compensation	4,127		2,396
Contingent liabilities	600		613
Net operating loss / tax credit carryforwards	36,217		30,812
Pension and post-retirement liability	149		297
Inventories	852		1,790
Warranty reserve	146		202
Accounts receivable	201		181
Interest deduction carryforward	1,882		775
Capitalized research expenditures	1,599		1,292
Other	680		644
Total deferred tax assets	50,216		51,016
Less: valuation allowance	(40,125)		(40,601)
Net deferred tax assets	10,091		10,415
Deferred tax liabilities:
Goodwill and other intangibles	(2,181)		(2,803)
Depreciation	(8,596)		(9,434)
Unrealized income on interest rate swap contracts	(306)		(472)
Unremitted earnings of foreign subsidiaries	(50)		(625)
Other	(190)		(166)
Total deferred tax liabilities	(11,323)		(13,500)
Net deferred tax (liabilities) assets	$	(1,232)	$	(3,085)

A valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company has considered all available evidence, both positive and negative, in assessing the need for a valuation allowance in each jurisdiction.

The Company has reported cumulative financial losses in recent years, which is a significant piece of negative evidence that typically limits a Company’s ability to consider more subjective forms of evidence. Although many of our deferred tax assets have indefinite carryforward periods, we determined it was not appropriate to place significant weight on forecasted income in future periods given the subjective nature of such forecasts and our cumulative losses in recent years. A valuation allowance of $40,125 was recorded at December 31, 2023 to recognize only the amount of deferred tax assets more likely than not to be realized. The amount of deferred tax assets considered realizable, however, could be adjusted if objective negative evidence in the form of cumulative financial losses is no longer present, and additional weight is given to subjective evidence such as our projections for growth.

As of December 31, 2023, the Company had a federal Net Operating Loss (“NOL”) carryforward of $103,108, which is limited to 80% of taxable income annually, but may be carried forward indefinitely. The Company also has federal research tax credit carryforwards in the amount of $1,678 that will expire at various times from 2036 through 2043. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefits from the federal loss carryforwards and research tax credit carryforwards will not be realized. In recognition of this risk, we have provided a full valuation allowance against deferred tax assets related to federal NOL and research tax credit carryforwards at December 31, 2023.

As of December 31, 2023 and 2022, the tax benefit of NOL carryforwards available for state income tax purposes was $10,137 and $9,574, respectively. Many state NOL carryforwards will expire in various years through 2043, while some may be carried forward indefinitely. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefit from state operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a full valuation allowance against deferred tax assets related to state operating loss carryforwards as of December 31, 2023.

As of December 31, 2023, the Company has NOL carryforwards in certain foreign jurisdictions of $18,202, which may be carried forward indefinitely. The foreign jurisdictions have incurred cumulative financial losses over the three-year period ended December 31, 2023 and have projected future taxable losses. Based on information available as of December 31, 2023, the Company believes it is more likely than not that the tax benefit from these loss carryforwards will not be realized. In recognition of this risk, it has provided a valuation allowance of $3,761, collectively, against deferred tax assets in foreign jurisdictions as of December 31, 2023.

The determination to record or not record a valuation allowance involves managements’ judgment, based on the consideration of positive and negative evidence available at the time of the assessment. Management will continue to assess the realization of its deferred tax assets based upon future evidence, and may record adjustments to valuation allowances against deferred tax assets in future periods, as appropriate, that could materially impact net income.

Each quarter, management reviews operations and liquidity needs in each jurisdiction to assess the Company’s intent to reinvest foreign earnings outside of the United States. As of December 31, 2023, management determined that a portion of the Company’s outside basis differences in its foreign subsidiaries would not be indefinitely reinvested outside of the United States. The Company has accrued foreign withholding taxes of $50 related to $1,000 of outside basis differences in its foreign subsidiaries that are not indefinitely reinvested as of December 31, 2023. It is management’s intent and practice to indefinitely reinvest all other undistributed earnings outside of the United States. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation.

The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Unrecognized tax benefits at beginning of period:	$	354	$	365

Decreases based on tax positions for prior periods	(47)		(11)

Balance at end of period	$	307	$	354

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $307 as of December 31, 2023. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. As of December 31, 2023 and 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of $332 and $356, respectively. As of December 31, 2023, the Company did not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of these tax benefits is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations.

The Company files income tax returns in the US and in various state, local, and foreign jurisdictions. The Company is subject to federal income tax examinations for the 2020 period and thereafter. With respect to the state, local, and foreign filings, certain entities of the Company are subject to income tax examinations for the 2019 period and thereafter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingent Liabilities - Environmental Loss Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accrual for Environmental Loss Contingencies
Environmental liability, beginning balance	$ 2,472
Additions to environmental obligations	10
Environmental obligations utilized	(65)
Environmental liability, ending balance	$ 2,417	$ 2,472
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	financial condition	financial condition

Summary of Significant Accounting Policies - Revision Adjustment to the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 30, 2023	Aug. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$ 1,299	$ (45,677)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes			(1,852)	35,785
Depreciation			9,949	8,635
Amortization			5,314	6,144
Equity income in nonconsolidated investment			(51)	(74)
Gain on sales and disposals of property, plant, and equipment			(459)	(177)
Stock-based compensation			4,179	2,380
Loss on asset divestitures	$ 2,065	$ 467	3,074	214
Change in operating assets and liabilities:
Accounts receivable			27,367	(25,061)
Contract assets			1,797	(540)
Inventories			(6,604)	(11,798)
Other current assets			1,372	3,555
Other noncurrent assets			(403)	(2,136)
Accounts payable			(4,558)	10,066
Deferred revenue			(2,850)	4,649
Accrued payroll and employee benefits			6,364	1,225
Accrued settlement			(8,000)	(8,000)
Other current liabilities			2,555	876
Other liabilities			(1,537)	1,342
Net cash provided by (used in) operating activities			36,956	(10,576)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment			539	267
Capital expenditures on property, plant, and equipment			(4,513)	(7,633)
Acquisitions, net of cash acquired			(1,246)	(57,852)
Proceeds from asset divestiture			7,706	8,800
Net cash provided by (used in) investing activities			2,486	(56,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt			(208,668)	(188,437)
Proceeds from debt			171,408	249,269
Debt issuance costs			0	(182)
Treasury stock acquisitions			(2,625)	(410)
Consideration received from noncontrolling interest			589	0
Net cash (used in) provided by financing activities			(39,296)	60,240
Effect of exchange rate changes on cash and cash equivalents			(468)	(736)
Net decrease in cash and cash equivalents			(322)	(7,490)
Cash and cash equivalents at beginning of period			2,882	10,372
Cash and cash equivalents at end of period			2,560	2,882
Supplemental disclosure of cash flow information:
Net interest paid			5,454	2,701
Net income taxes received			(221)	(5,007)
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			1,299
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes			(1,852)
Depreciation			9,949
Amortization			5,314
Equity income in nonconsolidated investment			(51)
Gain on sales and disposals of property, plant, and equipment			(459)
Stock-based compensation			4,179
Loss on asset divestitures			3,074
Change in operating assets and liabilities:
Accounts receivable			27,367
Contract assets			1,797
Inventories			(6,989)
Other current assets			1,122
Other noncurrent assets			(153)
Accounts payable			(3,753)
Deferred revenue			(2,850)
Accrued payroll and employee benefits			6,364
Accrued settlement			(8,000)
Other current liabilities			2,555
Other liabilities			(1,537)
Net cash provided by (used in) operating activities			37,376
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment			539
Capital expenditures on property, plant, and equipment			(4,933)
Acquisitions, net of cash acquired			(1,246)
Proceeds from asset divestiture			7,706
Net cash provided by (used in) investing activities			2,066
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt			(208,668)
Proceeds from debt			171,408
Treasury stock acquisitions			(2,625)
Consideration received from noncontrolling interest			589
Net cash (used in) provided by financing activities			(39,296)
Effect of exchange rate changes on cash and cash equivalents			(468)
Net decrease in cash and cash equivalents			(322)
Cash and cash equivalents at beginning of period			2,882
Cash and cash equivalents at end of period			2,560	2,882
Supplemental disclosure of cash flow information:
Net interest paid			5,454
Net income taxes received			(221)
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			0
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes			0
Depreciation			0
Amortization			0
Equity income in nonconsolidated investment			0
Gain on sales and disposals of property, plant, and equipment			0
Stock-based compensation			0
Loss on asset divestitures			0
Change in operating assets and liabilities:
Accounts receivable			0
Contract assets			0
Inventories			385
Other current assets			250
Other noncurrent assets			(250)
Accounts payable			(805)
Deferred revenue			0
Accrued payroll and employee benefits			0
Accrued settlement			0
Other current liabilities			0
Other liabilities			0
Net cash provided by (used in) operating activities			(420)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment			0
Capital expenditures on property, plant, and equipment			420
Acquisitions, net of cash acquired			0
Proceeds from asset divestiture			0
Net cash provided by (used in) investing activities			420
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt			0
Proceeds from debt			0
Treasury stock acquisitions			0
Consideration received from noncontrolling interest			0
Net cash (used in) provided by financing activities			0
Effect of exchange rate changes on cash and cash equivalents			0
Net decrease in cash and cash equivalents			0
Cash and cash equivalents at beginning of period			0
Cash and cash equivalents at end of period			0	$ 0
Supplemental disclosure of cash flow information:
Net interest paid			0
Net income taxes received			$ 0

Stock-based Compensation - Restricted Stock Deferred Stock, and Performance Share Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted average share price, beginning balance (usd per share)	$ 17.77	$ 19.75
Weighted average shares granted (usd per share)	11.78	14.88
Weighted average shares vested (usd per share)	15.97	17.98
Weighted average shares adjustment for incentive awards (usd per share)	13.75	16.67
Weighted average shares canceled and forfeited (usd per share)	14.46	18.57
Weighted average share price, ending balance (usd per share)	$ 14.10	$ 17.77
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested Shares, Outstanding, Beginning Balance (in shares)	174,173	135,704
Granted (in shares)	181,914	125,582
Vested (in shares)	(88,367)	(86,613)
Adjustment for incentive awards (in shares)	0	0
Canceled and forfeited (in shares)	(2,750)	(500)
Nonvested Shares, Outstanding, Ending Balance (in shares)	264,970	174,173
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested Shares, Outstanding, Beginning Balance (in shares)	46,268	74,950
Granted (in shares)	0	5,730
Vested (in shares)	(33,864)	(34,412)
Adjustment for incentive awards (in shares)	0	0
Canceled and forfeited (in shares)	0	0
Nonvested Shares, Outstanding, Ending Balance (in shares)	12,404	46,268
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested Shares, Outstanding, Beginning Balance (in shares)	108,478	116,571
Granted (in shares)	367,558	110,600
Vested (in shares)	0	(13,095)
Adjustment for incentive awards (in shares)	84,302	(105,598)
Canceled and forfeited (in shares)	0	0
Nonvested Shares, Outstanding, Ending Balance (in shares)	560,338	108,478

Business Segments - Sales by Major Product Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer
Net Sales	$ 543,744	$ 497,497
Rail, Technologies, and Services
Revenue from External Customer
Net Sales	312,160	300,592
Infrastructure Solutions
Revenue from External Customer
Net Sales	231,584	196,905
Rail Products \| Rail, Technologies, and Services
Revenue from External Customer
Net Sales	205,797	202,559
Global Friction Management \| Rail, Technologies, and Services
Revenue from External Customer
Net Sales	63,946	54,811
Technology Services and Solutions \| Rail, Technologies, and Services
Revenue from External Customer
Net Sales	42,417	43,222
Precast Concrete Products \| Infrastructure Solutions
Revenue from External Customer
Net Sales	136,458	104,212
Steel Products \| Infrastructure Solutions
Revenue from External Customer
Net Sales	$ 95,126	$ 92,693

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 14,905	$ 17,291
Other current liabilities	$ 3,040	$ 3,128
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Long-term operating lease liabilities	$ 11,865	$ 14,163
Total operating lease liabilities	14,905	17,291
Finance leases
Property, plant, and equipment	1,317	1,442
Accumulated amortization	(1,104)	(1,130)
Property, plant, and equipment - net	$ 213	$ 312
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment - net (Note 8)	Property, plant, and equipment - net (Note 8)
Current maturities of long-term debt	$ 102	$ 127
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Long-term debt	$ 111	$ 185
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term portion	Long-term portion
Total finance lease liabilities	$ 213	$ 312

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 813	$ 547
Additions Charged to Costs and Expenses	1,020	382
Other adjustments	(1,024)	(116)
Balance at End of Year	809	813
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	40,601	3,290
Additions Charged to Costs and Expenses	(723)	37,895
Other adjustments	247	(584)
Balance at End of Year	$ 40,125	$ 40,601

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 1,299

$ (45,677)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment

2,428

(5,639)

Unrealized (loss) gain on cash flow hedges, net of tax expense of $0

(704)

1,755

Cash flow hedges reclassified to earnings, net of tax expense of $0

159

Pension and post-retirement benefit plans benefit, net of tax benefit of $0 and $357, respectively

152

1,352

Reclassification of pension liability adjustments to earnings, net of tax expense of $0 and benefit of $6, respectively*

^[1]

Total comprehensive income (loss)

3,214

(47,997)

Less comprehensive loss attributable to noncontrolling interest:

Net loss attributable to noncontrolling interest

(165)

(113)

Foreign currency translation adjustment

Amounts attributable to noncontrolling interest

(136)

(98)

Comprehensive income (loss) attributable to L.B. Foster Company

$ 3,350

$ (47,899)

[1]	Reclassifications out of Accumulated other comprehensive loss for pension obligations are reflected in Selling and administrative expense.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The Company had authorized shares of 20,000,000 in common stock with 11,115,779 shares issued as of December 31, 2023 and 2022. The common stock has a par value of $0.01 per share and the Company did not make any dividend payments during the years ended December 31, 2023 and 2022.

As of December 31, 2023 and 2022, the Company withheld 24,886 and 27,636 shares for approximately $315 and $410, respectively, from employees to pay their withholding taxes in connection with the vesting of restricted stock awards. During the first quarter of 2023, the Company's Board of Directors authorized the repurchase of up to $15,000 of the Company's common stock in open market transactions through February 2026. Repurchases are limited to up to $5,000 in any trailing 12-month period, with unused amounts carrying forward to future periods through the end of the authorization. Any repurchases will be subject to the Company’s liquidity, including availability of borrowings and covenant compliance under its revolving credit facility, and other capital needs of the business. In connection with the stock repurchase program, 134,208 shares valued at $2,310 were repurchased during the year ended December 31, 2023 and no shares were repurchased for the year ended December 31, 2022. There were no dividends declared during the years ended December 31, 2023 and 2022.


	Common Stock
	Treasury	Outstanding

	(Number of Shares)



Balance at end of 2021	445,436	10,670,343
Issued for stock-based compensation plans	(106,484)	106,484

Balance at end of 2022	338,952	10,776,827
Issued for stock-based compensation plans	(91,316)	91,316
Repurchased common stock	134,208	(134,208)
Balance at end of 2023	381,844	10,733,935

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Business Segments - Narrative (Details) $ in Thousands	12 Months Ended
Business Segments - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment
Segment Reporting Information
Number of operating segments \| segment		2	3
Net Sales		$ 543,744	$ 497,497
Reserve for uncollectable accounts income (expense)		1,020
Selling and Administrative Expense
Segment Reporting Information
Reserve for uncollectable accounts income (expense)		1,912	382
Discontinued Operations \| Bridge Grid Deck Product
Segment Reporting Information
Net Sales		6,146	15,120
Loss on asset divestitures		1,403
Inventory write-downs		474
Personnel related expenses		667
Other exist costs		262
Discontinued Operations \| Bridge Grid Deck Product \| Forecast
Segment Reporting Information
Personnel related expenses	$ 184
Discontinued Operations \| Bridge Grid Deck Product \| Cost of Goods Sold
Segment Reporting Information
Loss on asset divestitures		1,141
Discontinued Operations \| Bridge Grid Deck Product \| Selling and Administrative Expense
Segment Reporting Information
Loss on asset divestitures		262
Operating Segments
Segment Reporting Information
Net Sales		543,744	497,497
Rail, Technologies, and Services
Segment Reporting Information
Net Sales		312,160	300,592
Rail, Technologies, and Services \| Operating Segments
Segment Reporting Information
Net Sales		312,160	300,592
Reserve for uncollectable accounts income (expense)		1,862
Restructuring costs		676
Infrastructure Solutions
Segment Reporting Information
Net Sales		231,584	196,905
Impairment of goodwill and intangible assets			8,016
Infrastructure Solutions \| Operating Segments
Segment Reporting Information
Net Sales		$ 231,584	$ 196,905

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisition, Pro Forma Information


	Year Ended December 31,
		2022

		Unaudited
Net sales		$	522,997
Net (loss) income attributable to L.B. Foster Company		(44,564)
Diluted (loss) earnings per share
As reported		$	(4.25)
Pro forma		$	(4.16)

Schedule of Business Acquisitions, by Acquisition

The following table summarizes estimated fair values of the assets acquired and liabilities assumed at the date of the VanHooseCo and Skratch acquisitions, including final purchase accounting adjustments as of December 31, 2023:


Allocation of purchase price	VanHooseCo		Skratch
Current assets, net of cash acquired on the acquisition date	$	11,138	$	1,129
Property, plant, and equipment	30,410		174
Goodwill	8,463		5,549
Other intangibles	5,442		1,750
Liabilities assumed	(3,307)		(1,200)
Total	$	52,146	$	7,402

The following table summarizes estimates of the fair values of the VanHooseCo and Skratch identifiable intangible assets acquired:


	VanHooseCo			Skratch
Identifiable intangible assets	Weighted Average Amortization Period In Years	Net Carrying Amount		Weighted Average Amortization Period In Years	Net Carrying Amount
Non-compete agreements	0	$	—	1	$	27
Customer relationships	5	3,578		3	1,349
Trademarks and trade names	10	1,537		10	374
Favorable lease	6	327		0	—
Total		$	5,442		$	1,750

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2022	Aug. 12, 2022	Sep. 30, 2020	Feb. 28, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest expense - net	$ 5,528,000	$ 3,340,000
Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative, notional amount				$ 20,000,000	$ 50,000,000	$ 50,000,000
Investment income	$ 1,206,000	71,000
Interest expense - net		$ 157,000
Swap 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative, notional amount			$ 20,000,000

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Revenue - Remaining Performance Obligation (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue remaining performance obligation	$ 213,780
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation (percentage)	10.50%
Performance obligations expected to be satisfied, expected timing	1 year

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Deferred revenue	$ 12,479	$ 19,452
Reduction in net sales	(543,744)	(497,497)
Changes in actual and expected values of commercial contracts
Disaggregation of Revenue
Reduction in net sales	8,718	4,800
Commercial contracts \| Changes in actual and expected values of commercial contracts
Disaggregation of Revenue
Reduction in net sales	$ 2,987	$ 3,956
Point in time
Disaggregation of Revenue
Customer revenue transferred (percentage)	72.60%	72.70%
Reduction in net sales	$ (395,024)	$ (361,587)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022

Land	$	5,869	$	5,284
Improvements to land and leaseholds	19,404		19,956
Buildings	31,447		34,814
Machinery and equipment, including equipment under finance leases	118,190		123,806
Construction in progress	1,702		5,552
Gross property, plant, and equipment	176,612		189,412
Less: accumulated depreciation and amortization, including accumulated amortization of finance leases	(101,033)		(104,068)
Property, plant, and equipment - net	$	75,579	$	85,344

Depreciation expense, including amortization of assets under finance leases, for the years ended December 31, 2023 and 2022 amounted to $9,949 and $8,635, respectively.

There were no material property, plant, and equipment impairments recorded for the year ended December 31, 2023 and 2022.

Long-Term Debt and Related Matters (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022
Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022	$	55,060	$	91,567


Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022	213		312
Total debt	55,273		91,879
Less: current maturities	(102)		(127)
Long-term portion	$	55,171	$	91,752

Schedule of Maturities of Long-term Debt

The expected maturities of long-term debt for December 31, 2024 and thereafter are as follows:


Year Ending December 31,
2024	$	102
2025	99
2026	55,072
2027	—
2028	—
2029 and thereafter	—
Total	$	55,273

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue - Over Time Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Over time sales, amount	$ 148,720	$ 135,910
Over time sales, percentage	27.40%	27.30%
Over time input method
Disaggregation of Revenue
Over time sales, amount	$ 59,864	$ 67,116
Over time sales, percentage	11.10%	13.50%
Over time output method
Disaggregation of Revenue
Over time sales, amount	$ 88,856	$ 68,794
Over time sales, percentage	16.30%	13.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

render a specific service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer products or render services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. Revenue is recorded net of returns, allowances, and customer discounts. Sales, value added, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold.

The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Over time revenue is primarily comprised of transit infrastructure and technology services and solutions projects within the Rail segment, precast concrete buildings within the Precast Concrete Products division in the Infrastructure segment, and long-term bridge projects and custom precision metering systems within the Steel Products division in the Infrastructure segment. Revenue under these long-term agreements is generally recognized over time, either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract, or an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The Company records contract liabilities in “Deferred revenue” within the Consolidated Balance Sheets.

Deferred revenue of $12,479 and $19,452 as of December 31, 2023 and 2022, respectively, consisted of customer billings or payments received for which the revenue recognition criteria had not yet been met as well as contract liabilities (billings in excess of costs) on over time revenue projects.

For the years ended December 31, 2023 and 2022, revenue recognized over time was as follows:


	Year Ended December 31,				Percentage of Total Net Sales Year Ended December 31,
	2023		2022		2023		2022
Over time input method	$	59,864	$	67,116	11.1	%	13.5	%
Over time output method	88,856		68,794		16.3		13.8
Total over time sales	$	148,720	$	135,910	27.4	%	27.3	%

Accounting for these long-term agreements involves the use of various techniques to estimate total revenues and costs. The Company estimates profit on these long-term agreements as the difference between total estimated revenues and expected costs to complete a contract and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, among other things, labor productivity, cost and availability of materials, and timing of funding by customers. The nature of these long-term agreements may give rise to several types of variable consideration, such as claims and awards. Contract estimates may include additional revenue for submitted contract modifications, including at times unapproved change orders, if there exists an enforceable right to the modification, the amount can be reasonably estimated, and its realization is probable. These estimates are based on historical collection experience, anticipated performance, and the Company’s best judgment at that time. These amounts are generally included in the contract’s transaction price and are allocated over the remaining performance obligations. As a result of management's reviews of contract-related estimates the Company makes adjustments to contract estimates that impact our revenue and profit totals. Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts. In the event that a contract loss becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statements of Operations.

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time, which is inherent in all major product and service categories. Point in time revenue accounted for 72.6% and 72.7% of revenue for the years ended December 31, 2023 and 2022, respectively. The Company recognizes revenue at the point in time in which the customer obtains control of the product or service, which is generally when product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer upon shipment and revenue is not recognized until the customer has received the products at a designated physical location.

For the years ended December 31, 2023 and 2022, net sales by the timing of the transfer of goods and services were as follows:


Year Ended December 31, 2023	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	254,345	$	140,679	$	395,024
Over time	57,815		90,905		148,720
Total net sales	$	312,160	$	231,584	$	543,744

Year Ended December 31, 2022	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	241,759	$	119,828	$	361,587
Over time	58,833		77,077		135,910
Total net sales	$	300,592	$	196,905	$	497,497

During 2023, the Company recorded $8,718 in reductions to net sales stemming from changes in actual and expected values of certain commercial contracts, including $2,987 associated with the Bridge Exit and other settled contracts. Such adjustments were $4,800 in 2022, including the $3,956 impact of the Crossrail Settlement. See Note 2 for additional information for the Company’s net sales by major product and service category.

The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (contract assets), and billings in excess of costs (contract liabilities), included in deferred revenue on the Consolidated Balance Sheets.

The following table sets forth the Company’s contract assets:


	Contract Assets






Contract asset balance as of December 31, 2022	$	33,613
Net additions to contract assets	9,638
Transfers from contract asset balance to accounts receivable	(13,762)
Contract asset balance as of December 31, 2023	$	29,489

The following table sets forth the Company’s contract liabilities:


	Contract Liabilities




Contract liability balance as of December 31, 2022	$	6,781
Revenue recognized from contract liabilities	(5,121)
Increase in billings in excess of costs, excluding revenue recognized	2,204
Other adjustments, including business divestiture	(1,675)
Balance as of December 31, 2023	$	2,189

As of December 31, 2023, the Company had approximately $213,780 of remaining performance obligations, which is also referred to as backlog. Approximately 10.5% of the backlog as of December 31, 2023 was related to projects that are anticipated to extend beyond December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Revision Adjustment to the Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	$ 543,744	$ 497,497
Total cost of sales	431,700	407,886
Gross profit	112,044	89,611
Selling and administrative expenses	97,623	82,657
Amortization expense (Note 5)	5,314	6,144
Operating income (loss)	9,107	(7,206)
Interest expense - net	5,528	3,340
Other expense (income) - net (Note 19)	2,635	(1,550)
Income (loss) before income taxes	944	(8,996)
Income tax (benefit) expense (Note 14)	(355)	36,681
Net income (loss)	1,299	(45,677)
Net loss attributable to noncontrolling interest	(165)	(113)
Net income (loss) attributable to L.B. Foster Company	$ 1,464	$ (45,564)
Basic earnings (loss) per common share (usd per share)	$ 0.14	$ (4.25)
Diluted earnings (loss) per common share (usd per share)	$ 0.13	$ (4.25)
Basic weighted average shares outstanding (in shares)	10,799,000	10,720,000
Diluted weighted average shares outstanding (in shares)	10,995,000	10,720,000
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	$ 543,744
Total cost of sales	430,934
Gross profit	112,810
Selling and administrative expenses	97,358
Amortization expense (Note 5)	5,314
Operating income (loss)	10,138
Interest expense - net	5,528
Other expense (income) - net (Note 19)	3,666
Income (loss) before income taxes	944
Income tax (benefit) expense (Note 14)	(355)
Net income (loss)	1,299
Net loss attributable to noncontrolling interest	(165)
Net income (loss) attributable to L.B. Foster Company	$ 1,464
Basic earnings (loss) per common share (usd per share)	$ 0.14
Diluted earnings (loss) per common share (usd per share)	$ 0.13
Basic weighted average shares outstanding (in shares)	10,799,000
Diluted weighted average shares outstanding (in shares)	10,995,000
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	$ 0
Total cost of sales	766
Gross profit	(766)
Selling and administrative expenses	265
Amortization expense (Note 5)	0
Operating income (loss)	(1,031)
Interest expense - net	0
Other expense (income) - net (Note 19)	(1,031)
Income (loss) before income taxes	0
Income tax (benefit) expense (Note 14)	0
Net income (loss)	0
Net loss attributable to noncontrolling interest	0
Net income (loss) attributable to L.B. Foster Company	$ 0
Basic earnings (loss) per common share (usd per share)	$ 0
Diluted earnings (loss) per common share (usd per share)	$ 0
Basic weighted average shares outstanding (in shares)	0
Diluted weighted average shares outstanding (in shares)	0
Sales of goods
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	$ 475,350	$ 436,821
Total cost of sales	368,197	355,106
Sales of goods \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	475,350
Total cost of sales	367,431
Sales of goods \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	0
Total cost of sales	766
Sales of services
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	68,394	60,676
Total cost of sales	63,503	$ 52,780
Sales of services \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	68,394
Total cost of sales	63,503
Sales of services \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total net sales (Note 4)	0
Total cost of sales	$ 0

Other Expense (Income) - net (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 30, 2023	Aug. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Loss
Insurance proceeds			$ (215)	$ (790)
Costs recovered from environmental cleanup activities			0	(325)
Foreign currency losses			77	434
Other			(301)	(847)
Other expense (income) - net			2,635	(1,550)
Loss on asset divestitures	$ 2,065	$ 467	3,074	214
Chemtec Energy Services LLC
Accumulated Other Comprehensive Loss
Loss on sale/disposal of assets			2,065	0
Concrete Ties
Accumulated Other Comprehensive Loss
Loss on sale/disposal of assets			1,009	0
Piling Products
Accumulated Other Comprehensive Loss
Loss on sale/disposal of assets			0	(489)
Track Components
Accumulated Other Comprehensive Loss
Loss on sale/disposal of assets			$ 0	$ 467

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

L.B. FOSTER COMPANY AND SUBSIDIARIES

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Other adjustments (1)		Balance at End of Year
Allowance for credit losses
For the year ended December 31,
2023	$	813	$	1,020	$	(1,024)	$	809
2022	$	547	$	382	$	(116)	$	813

1.Notes and accounts receivable written off as uncollectible or allowance reversed.


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Other adjustments (1)		Balance at End of Year
Valuation allowance for deferred tax assets
For the year ended December 31,
2023	$	40,601	$	(723)	$	247	$	40,125
2022	$	3,290	$	37,895	$	(584)	$	40,601

1.Consists primarily of adjustments related to unrealized income on interest rate swap contracts.

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

The Company has three retirement plans that cover its hourly and salaried employees in the US: one defined benefit plan, which is frozen, and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Company’s policy and investment guidelines of the applicable plan. The Company’s policy is to contribute at least the required minimum in accordance with the funding standards of ERISA.

The Company maintains one defined contribution plans for its employees in Canada. In the United Kingdom, the Company maintains two defined contribution plans and a defined benefit plan, which is frozen. These plans are discussed in further detail below.

United States Defined Benefit Plan

The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$	6,101	$	7,875

Interest cost	286		194
Actuarial gain	(23)		(1,544)
Benefits paid	(455)		(424)

Benefit obligation at end of year	$	5,909	$	6,101
Change to plan assets:
Fair value of assets at beginning of year	$	3,792	$	4,767
Actual gain (loss) on plan assets	310		(1,007)
Employer contribution	276		456
Benefits paid	(455)		(424)

Fair value of assets at end of year	3,923		3,792
Funded status at end of year	$	(1,986)	$	(2,309)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities	$	(1,986)	$	(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss	$	1,598	$	1,737

The actuarial loss included in accumulated other comprehensive loss that will be recognized in net periodic pension cost during 2024 is $52, before taxes.

Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Components of net periodic benefit cost:

Interest cost	$	286	$	194
Expected return on plan assets	(256)		(264)

Recognized net actuarial loss	62		71
Net periodic pension cost	$	92	$	1

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.


	Year Ended December 31,
	2023		2022
Discount rate	4.9	%	2.6	%
Expected rate of return on plan assets	7.0	%	5.6	%

The expected long-term rate of return is based on numerous factors, including the target asset allocation for plan assets, historical rate of return, long-term inflation assumptions, and current and projected market conditions.

Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Projected benefit obligation	$	5,909	$	6,101
Accumulated benefit obligation	5,909		6,101
Fair value of plan assets	3,923		3,792

Plan assets consist primarily of various fixed income and equity investments. The Company’s primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2023 and 2022 were as follows:


		December 31,
	Target	2023		2022
Asset Category
Cash and cash equivalents	0 - 20%	4	%	6	%
Total fixed income funds	25 - 50%	33		7
Total mutual funds and equities	35 - 70%	63		87
Total		100	%	100	%

In accordance with the fair value disclosure requirements of ASC 820, the following assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.


	December 31,
	2023		2022
Asset Category
Cash and cash equivalents	$	160	$	222
Fixed income funds
Corporate bonds	845		795
Total fixed income funds	845		795
Equity funds and equities
Mutual funds	—		247
Exchange-traded funds	2,918		2,528
Total mutual funds and equities	2,918		2,775
Total	$	3,923	$	3,792

Cash equivalents: The Company uses quoted market prices to determine the fair value of these investments in interest-bearing cash accounts and they are classified as Level 1 of the fair value hierarchy. The carrying amounts approximate fair value because of the short maturity of the instruments.

Fixed income funds: Investments within the fixed income funds category consist of fixed income corporate debt. The Company uses quoted market prices to determine the fair values of these fixed income funds. These instruments consist of exchange-traded government and corporate bonds and are classified as Level 1 of the fair value hierarchy.

Equity funds and equities: The valuation of investments in registered investment companies is based on the underlying investments in securities. Securities traded on security exchanges are valued at the latest quoted sales price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask quotations. These investments are classified as Level 1 of the fair value hierarchy.

The Company currently anticipates contributions of $370 to its US defined benefit plan in 2024. The following benefit payments are expected to be paid during the years indicated:



Year Ending December 31,
2024	$	491
2025	483
2026	478
2027	468
2028	455
Years 2029-2033	2,105

United Kingdom Defined Benefit Plan

The Company’s UK defined benefit plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since April 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. The Company’s funding policy for the plan is to make minimum annual contributions required by applicable regulations.

The funded status of the United Kingdom defined benefit plan as of December 31, 2023 and 2022 was as follows:


	December 31,
	2023		2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$	4,671	$	9,135
Interest cost	229		135
Actuarial gain	154		(2,221)
Benefits paid	(292)		(1,424)
Foreign currency exchange rate changes	249		(954)
Benefit obligation at end of year	$	5,011	$	4,671
Change to plan assets:
Fair value of assets at beginning of year	$	5,745	$	8,409
Actual gain (loss) on plan assets	323		(742)
Employer contribution	318		319
Benefits paid	(292)		(1,363)
Foreign currency exchange rate changes	305		(878)
Fair value of assets at end of year	6,399		5,745
Funded status at end of year	$	1,388	$	1,074
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1,388	$	1,074
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain	$	(567)	$	(1,425)
Prior service cost	71		90
Total	$	(496)	$	(1,335)

Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Components of net periodic benefit gain:
Interest cost	$	229	$	135
Expected return on plan assets	(346)		(264)

Amortization of prior service cost	24		23
Recognized net actuarial loss	18		13
Net periodic pension gain	$	(75)	$	(93)


	Year Ended December 31,
	2023		2022
Discount rate	4.5	%	4.8	%
Expected rate of return on plan assets	6.0	%	5.7	%

Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Projected benefit obligation	$	5,011	$	4,671
Accumulated benefit obligation	5,011		4,671
Fair value of plan assets	6,399		5,745

The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations, and recent changes in long-term interest rates based on publicly available information.

Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2023 were as follows:




Equity securities						Up to 100%
Commercial property						Not to exceed 50%
UK Government securities						Not to exceed 50%
Cash						Up to 100%

Plan assets held within the United Kingdom defined benefit plan consist of cash and equity securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy.

The plan assets by category for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Asset Category
Cash and cash equivalents	$	127	$	540
Equity securities	3,676		2,530
Bonds	1,693		2,296

Other	903		379
Total	$	6,399	$	5,745

United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. The Company anticipates making contributions of $318 to the United Kingdom defined benefit plan during 2024.

The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:


Year Ending December 31,
2024	$	308
2025	318
2026	325
2027	331
2028	337
Years 2029-2033	1,497

Defined Contribution Plans

The Company sponsors five defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans.


	Year Ended December 31,
	2023		2022
United States	$	2,841	$	1,650
Canada	114		131
United Kingdom	1,178		817
	$	4,133	$	2,598

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 183,610	$ 111	$ 43,272	$ 168,733	$ (10,179)	$ (18,845)	$ 518
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(45,677)			(45,564)			(113)
Other comprehensive loss, net of tax:
Pension liability adjustment	1,405					1,405
Foreign currency translation adjustment	(5,624)					(5,639)	15
Unrealized derivative gain (loss) on cash flow hedges	1,755					1,755
Cash flow hedges reclassified to earnings	159					159
Issuance of common shares, net of shares withheld for taxes	(410)		(4,349)		3,939
Stock-based compensation	2,380		2,380
Ending balance at Dec. 31, 2022	137,598	111	41,303	123,169	(6,240)	(21,165)	420
Increase (Decrease) in Stockholders' Equity
Net income (loss)	1,299			1,464			(165)
Other comprehensive loss, net of tax:
Pension liability adjustment	191					191
Foreign currency translation adjustment	2,457					2,428	29
Unrealized derivative gain (loss) on cash flow hedges	(704)					(704)
Cash flow hedges reclassified to earnings	0
Purchase of common shares for treasury	(2,310)				(2,310)
Issuance of common shares, net of shares withheld for taxes	(315)		(2,371)		2,056
Stock-based compensation	4,179		4,179
Investment of noncontrolling interest	440						440
Ending balance at Dec. 31, 2023	$ 142,835	$ 111	$ 43,111	$ 124,633	$ (6,494)	$ (19,250)	$ 724

Leases - Cash Flow Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (4,113)	$ (3,440)
Financing cash flows from finance leases	(214)	(164)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$ 404	$ 5,257

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Numerator for basic and diluted earnings (loss) per common share:


Net income (loss) attributable to L.B. Foster Company	$	1,464	$	(45,564)
Denominator:
Weighted average shares outstanding	10,799		10,720
Denominator for basic earnings per common share	10,799		10,720
Effect of dilutive securities:
Stock compensation plans	196		—
Dilutive potential common shares	196		—
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions	10,995		10,720


Basic earnings (loss) per common share	$	0.14	$	(4.25)


Diluted earnings (loss) per common share	$	0.13	$	(4.25)

Acquisitions and Divestitures - Narrative (Details) $ in Thousands						5 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 30, 2023 USD ($)	Aug. 12, 2022 USD ($) agreement	Aug. 01, 2022 USD ($)	Jun. 21, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets
Business combination, acquisition related costs								$ 2,043
Loss on asset divestitures		$ 2,065		$ 467			$ 3,074	$ 214
Rail Products Business Unit
Finite-Lived Intangible Assets
Proceeds from divestiture of assets	$ 2,362			$ 7,795
Loss on asset divestitures	$ 1,009
Coatings and Measurement
Finite-Lived Intangible Assets
Proceeds from divestiture of assets		$ 5,344
Skratch
Finite-Lived Intangible Assets
Business combination, stock acquire					$ 7,402
Business combination, deferred consideration					$ 1,228
Business combination, term for payment of deferred consideration					5 years
VanHooseCo
Finite-Lived Intangible Assets
Business combination, stock acquire			$ 52,146
Escrow deposit			$ 2,500
Number of employment agreement \| agreement			2
Business combination, contingent consideration, liability			$ 1,000
Business combination, acquiree, net sales						$ 17,788
Business combination, acquiree, operating profit						$ 1,555

Retirement Plans - Information About Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 3,923	$ 3,792	$ 4,767
United States \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	160	222
United States \| Total fixed income funds
Defined Benefit Plan Disclosure
Fair value of plan assets	845	795
United States \| Corporate bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	845	795
United States \| Total mutual funds and equities
Defined Benefit Plan Disclosure
Fair value of plan assets	2,918	2,775
United States \| Mutual funds
Defined Benefit Plan Disclosure
Fair value of plan assets	0	247
United States \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	2,918	2,528
United Kingdom
Defined Benefit Plan Disclosure
Fair value of plan assets	6,399	5,745	$ 8,409
United Kingdom \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	127	540
United Kingdom \| Bonds
Defined Benefit Plan Disclosure
Fair value of plan assets	1,693	2,296
United Kingdom \| Other
Defined Benefit Plan Disclosure
Fair value of plan assets	903	379
United Kingdom \| Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 3,676	$ 2,530

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

For the years ended December 31, 2023 and 2022, revenue recognized over time was as follows:


	Year Ended December 31,				Percentage of Total Net Sales Year Ended December 31,
	2023		2022		2023		2022
Over time input method	$	59,864	$	67,116	11.1	%	13.5	%
Over time output method	88,856		68,794		16.3		13.8
Total over time sales	$	148,720	$	135,910	27.4	%	27.3	%

For the years ended December 31, 2023 and 2022, net sales by the timing of the transfer of goods and services were as follows:


Year Ended December 31, 2023	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	254,345	$	140,679	$	395,024
Over time	57,815		90,905		148,720
Total net sales	$	312,160	$	231,584	$	543,744

Year Ended December 31, 2022	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	241,759	$	119,828	$	361,587
Over time	58,833		77,077		135,910
Total net sales	$	300,592	$	196,905	$	497,497

Schedule of Contract with Customer, Contract Asset, Contract Liability

The following table sets forth the Company’s contract assets:


	Contract Assets






Contract asset balance as of December 31, 2022	$	33,613
Net additions to contract assets	9,638
Transfers from contract asset balance to accounts receivable	(13,762)
Contract asset balance as of December 31, 2023	$	29,489

The following table sets forth the Company’s contract liabilities:


	Contract Liabilities




Contract liability balance as of December 31, 2022	$	6,781
Revenue recognized from contract liabilities	(5,121)
Increase in billings in excess of costs, excluding revenue recognized	2,204
Other adjustments, including business divestiture	(1,675)
Balance as of December 31, 2023	$	2,189

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward


	Common Stock
	Treasury	Outstanding

	(Number of Shares)



Balance at end of 2021	445,436	10,670,343
Issued for stock-based compensation plans	(106,484)	106,484

Balance at end of 2022	338,952	10,776,827
Issued for stock-based compensation plans	(91,316)	91,316
Repurchased common stock	134,208	(134,208)
Balance at end of 2023	381,844	10,733,935

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

The Company is subject to product warranty claims that arise in the ordinary course of its business. For certain manufactured products, the Company maintains a product warranty accrual, which is adjusted on a monthly basis as a percentage of cost of sales. In addition, the product warranty accrual is adjusted periodically based on the identification or resolution of known individual product warranty claims.

The following table sets forth the Company’s product warranty accrual:


	Warranty Liability
Balance as of December 31, 2022	$	870
Additions to warranty liability	871
Warranty liability utilized	(940)
Divestiture of business	(113)

Balance as of December 31, 2023	$	688

On March 13, 2019, the Company and its subsidiary, CXT Incorporated (“CXT”), entered into a Settlement Agreement (the “Settlement Agreement”) with Union Pacific Railroad Company (“UPRR”) to resolve the pending litigation in the matter of Union Pacific Railroad Company v. L.B. Foster Company and CXT Incorporated, Case No. CI 15-564, in the District Court for Douglas County, Nebraska.

Under the Settlement Agreement, the Company and CXT will pay UPRR the aggregate amount of $50,000 without pre-judgment interest, which began with a $2,000 immediate payment, and with the remaining $48,000 paid in installments over a six-year period commencing on the effective date of the Settlement Agreement through December 2024 pursuant to a Promissory Note. Additionally, commencing in January 2019 and through December 2024, UPRR agreed to purchase and has been purchasing from the Company and its subsidiaries and affiliates, a cumulative total amount of $48,000 of products and services, targeting $8,000 of annual purchases per year beginning March 13, 2019 per letters of intent under the Settlement Agreement. During the third quarter of 2021, in connection with the Company’s divestiture of its Piling Products division, the targeted annual purchases per year have been reduced to $6,000 for 2021 through 2024. The Settlement Agreement also includes a mutual release of all claims and liability regarding or relating to all CXT pre-stressed concrete railroad ties with no admission of liability and dismissal of the litigation with prejudice. The expected payments under the UPRR Settlement Agreement for the year ending December 31, 2024 are $8,000.

The Company reclassified $6,600 of the previously accrued warranty reserve related to the UPRR matter into its aggregate accrued settlement liability of $50,000 as of December 31, 2018. Therefore, the Company recognized $43,400 in expense for the year ended December 31, 2018 for the remaining amount per the Settlement Agreement, which was recorded in “Concrete Tie Settlement expense” within its Consolidated Statements of Operations. As of December 31, 2023 and 2022, $8,000 and $8,000 was recorded within “Current portion of accrued settlement,” respectively, and $8,000 was recorded within “Long-term portion of accrued settlement” as of December 31, 2022, within the Consolidated Balance Sheets.

Other Legal Matters

The Company is also subject to other legal proceedings and claims that arise in the ordinary course of its business. Legal actions are subject to inherent uncertainties, and future events could change management’s assessment of the probability or estimated amount of potential losses from pending or threatened legal actions. Based on available information, it is the opinion of management that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses having a material adverse effect on the Company’s financial position or liquidity as of December 31, 2023.

If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Company discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made. Based on the Company’s assessment as of December 31, 2023, no such disclosures were considered necessary.

Environmental Matters

The Company is subject to national, state, foreign, provincial, and/or local laws and regulations relating to the protection of the environment. The Company’s efforts to comply with environmental regulations may have an adverse effect on its future earnings.

On June 5, 2017, a General Notice Letter was received from the United States Environmental Protection Agency (“EPA”) indicating that the Company may be a potentially responsible party (“PRP”) regarding the Portland Harbor Superfund Site cleanup along with numerous other companies. More than 140 other companies received such a notice. The Company and a predecessor owned and operated a facility near the harbor site for a period prior to 1982. The net present value and undiscounted costs of the selected remedy throughout the harbor site are estimated by the EPA to be approximately $1.1 billion and $1.7 billion, respectively, and the remedial work is expected to take as long as 13 years to complete. These costs may increase given that the remedy will not be initiated or completed for several years. The Company is reviewing the basis for its identification by the EPA and the nature of the historic operations of a Company predecessor near the site. Additionally, the Company executed a PRP agreement which provides for a private allocation process among almost 100 PRPs in a working group whose work is ongoing and involves a process that will ultimately conclude a proposed allocation of liability for cleanup of the site and various sub-areas. The Company does not have any individual risk sharing agreements in place with respect to the site, and was only associated with the site from 1976 to when it purchased the stock of a company whose assets it sold in 1982 and which was dissolved in 1994. On March 26, 2020, the EPA issued a Unilateral Administrative Order to two parties requiring them to perform remedial design work for that portion of the Harbor Superfund Site that includes the area closest to the facility; the Company was not a recipient of this Unilateral Administrative Order. The Company cannot predict the ultimate impact of these proceedings because of the large number of PRPs involved throughout the harbor site, the size and extent of the site, the degree of contamination of various wastes, varying environmental impacts throughout the harbor site, the scarcity of data related to the facility once operated by the Company and a predecessor, potential comparative liability between the allocation parties and regarding non-participants, and the speculative nature of the remediation costs. Based upon information currently available, management does not believe that the Company’s alleged PRP status regarding the Portland Harbor Superfund Site or other compliance with the present environmental protection laws will have a material adverse effect on the financial condition, results of operations, cash flows, competitive position, or capital expenditures of the Company. As more information develops and the allocation process is completed, and given the resolution factors like those described above, an unfavorable resolution could have a material adverse effect.

As of December 31, 2023 and December 31, 2022, the Company maintained environmental reserves approximating $2,417 and $2,472, respectively. The following table sets forth the Company’s undiscounted environmental obligation:


	Environmental Liability
Balance as of December 31, 2022	$	2,472
Additions to environmental obligations	10
Environmental obligations utilized	(65)

Balance as of December 31, 2023	$	2,417

Business Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments

Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its CODM manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two operating segments, representing the individual businesses that are run separately under the new structure. The Company's new reportable segments are: the Rail, Technologies, and Services (“Rail”) segment and Infrastructure Solutions (“Infrastructure”)

segment. The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. The Infrastructure segment is comprised of the previous Precast Concrete Products and Steel Products and Measurement (now Steel Products business unit) segments, and the Company has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segment presentation does not affect the Company’s consolidated statements of operations, balance sheets, or statements of cash flows.

Operating segments are evaluated on their segment operating income contribution to the Company’s consolidated results. The Company considers the aggregation of operating segments into reporting segments based on the nature of offerings, nature of production services, the type or class of customer for products and services, methods used to distribute products and services, and economic and regulatory environment conditions.

The Company’s Rail reporting segment consists of the Rail Products, Global Friction Management, and Technology Services and Solutions business units, which was evaluated based on the factors outlined above. The Rail reporting segment engineers, manufactures, and assembles friction management products and railway wayside data collection, application systems, railroad condition monitoring systems and equipment, wheel impact load detection systems, management systems, and provides services for these products. The Rail segment also provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry as well as designs and produces insulated rail joints, power rail, track fasteners, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail segment provides controls, display, and telecommunication contract management solutions for the transit, control room, and customer information and display sectors to enhance safety, operational efficiency, and customer experience.

On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated (“Ties”), located in Spokane, WA. The Ties business was reported in the Rail Products business unit within the Rail segment. On June 21, 2022, the Company acquired the stock of Skratch. Skratch is located in Telford, United Kingdom, and offers a single-point supply solution model for clients, and enabling large scale deployments of its intelligent digital signage solutions. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment. Additionally, on August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada. Results of the Track Components business are included in the Company’s Rail Products business unit within the Rail segment. Refer to Note 3 for further details on acquisitions and divestitures.

The Company’s Infrastructure segment produces precast concrete buildings and a variety of specialty precast concrete products for use in several infrastructure end markets, including transportation, energy, and general infrastructure. The precast concrete buildings are primarily used as restrooms, concession stands, and protective storage buildings in national, state, and municipal parks, while other precast products include sound walls, bridge beams, box culverts, septic tanks, and other custom pre-stressed products. The segment also produces threaded pipe products for industrial water well and irrigation markets as well pipe coatings for oil and gas markets. In addition, the segment sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms and other products for highway construction and repair. Lastly, this segment provides pipe coatings for oil and gas pipelines and utilities.

On March 30, 2023, the Company sold substantially all the operating assets of its Precision Measurement Products and Systems business, Chemtec Energy Services LLC (“Chemtec”). The Chemtec business was reported in the Coatings and Measurement business unit within the Infrastructure segment. On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee. VanHooseCo specializes in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets and has been included in the Infrastructure segment. Refer to Note 3 for further details on acquisitions and divestitures.

On August 30, 2023, the Company announced the Bridge Exit which was reported in the Steel Products business unit within the Infrastructure segment. The Bedford, PA based operations supporting the product line expect to complete any remaining customer obligations in 2024. For the years ended December 31, 2023 and 2022, the product line had $6,146 and $15,120 in sales, respectively. The decision to exit the bridge grid deck product line is a result of a weak bridge grid deck market condition and outlook due to customer adoption of newer technologies replacing the grid deck solution. During 2023, the Company incurred $1,403, the Bridge Exit Costs, of which $1,141 was recorded in “Cost of goods sold” and $262 was recorded in “Selling and administrative expenses.” The Bridge Exit Costs included $474 in inventory write-downs, $667 in personnel related expenses, and $262 in other exit costs; the majority of cash payments were made in early 2024. The Company expects to incur an additional $184 of personnel expenses associated with the exit through 2024.

Segment operating income (loss) includes allocated corporate operating expenses. Allocated corporate operating expenses include costs associated with central services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources. Other corporate functional costs that are associated with the operating segments are also allocated to the segments such as finance, marketing, credit and collections, and treasury functions. Operating expenses related to corporate headquarter functions were allocated to each segment based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The

accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies found in Note 1.

Certain corporate costs are separately managed on a consolidated basis and are not allocated to the operating segments. These corporate costs include public company costs such as listing fees, audit fees, compliance costs, and Board of Directors fees. Additionally, certain corporate executive management costs, including costs of the corporate executive leadership team, and corporate management stock-based compensation expenses are not allocated to the operating segments. Finally, interest expense, income taxes, and certain other items included in other expense (income) - net, which are managed on a consolidated basis, are not allocated to the operating segments.

The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2023:


	2023
	Net Sales		Segment Operating Income		Segment Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets

Rail, Technologies, and Services	$	312,160	$	12,306	$	156,638	$	5,172	$	1,165


Infrastructure Solutions	231,584		8,622		130,247		8,262		2,349
Total	$	543,744	$	20,928	$	286,885	$	13,434	$	3,514

Included in the Rail segment operating income for the year ended December 31, 2023 was a $1,862 expense related to bad debt due to a customer filing for administrative protection and a $676 expense related to restructuring, both of which were within the Company’s UK based Technology Services and Solutions business.

Included in the Infrastructure segment operating income for the year ended December 31, 2023 were the Bridge Exit Costs, as well as the sales and related gross profit impact of the Bridge Exit.

The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2022:


	2022
	Net Sales		Segment Operating Income (Loss)		Segment Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets
Rail, Technologies, and Services	$	300,592	$	11,454	$	172,111	$	5,620	$	1,218


Infrastructure Solutions	196,905		(9,132)		163,114		7,664		3,100
Total	$	497,497	$	2,322	$	335,225	$	13,284	$	4,318

Included in the Infrastructure segment operating loss for the year ended December 31, 2022 were pre-tax impairment charges of $8,016 associated with goodwill and intangible assets within the Steel Products business unit.

During 2023 and 2022, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments were immaterial and eliminated in consolidation.

Reconciliations of reportable segment operating income, assets, depreciation/amortization, and expenditures for long-lived assets to the Company’s consolidated totals are as follows as of and for the years ended December 31:


	2023		2022

Income from operations:
Total segment operating income	$	20,928	$	2,322
Interest expense - net	(5,528)		(3,340)
Other (expense) income - net	(2,635)		1,550

Public company costs	(4,814)		(4,361)
Corporate executive management costs	(3,807)		(3,950)
Corporate management stock-based compensation	(2,816)		(1,163)
Other	(384)		(54)

Income (loss) before income taxes	$	944	$	(8,996)
Assets:
Total segment assets	$	286,885	$	335,225
Unallocated corporate assets	25,516		30,085

Assets	$	312,401	$	365,310
Depreciation/Amortization:
Total segment depreciation/amortization	$	13,434	$	13,284
Corporate depreciation/amortization	1,829		1,495
Depreciation/amortization	$	15,263	$	14,779
Expenditures for Long-Lived Assets:
Total segment expenditures for long-lived assets	$	3,514	$	4,318

Corporate expenditures for long-lived assets	999		3,315
Expenditures for long-lived assets	$	4,513	$	7,633

The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:


	2023		2022
United States	$	463,936	$	378,339
Canada	24,925		38,489
United Kingdom	41,418		46,590
Other	13,465		34,079
Total net sales	$	543,744	$	497,497

The following table summarizes the Company’s long-lived assets by geographic region as of December 31:


	2023		2022

United States	$	72,840	$	82,846
Canada	56		110
United Kingdom	1,833		1,533
Other	850		855
Total property, plant, and equipment - net	$	75,579	$	85,344

The following table summarizes the Company’s sales by major product and service line for the years ended December 31:


	December 31,
		2023		2022
Rail Products		$	205,797	$	202,559
Global Friction Management		63,946		54,811
Technology Services and Solutions		42,417		43,222
Rail, Technologies, and Services		312,160		300,592
Precast Concrete Products		136,458		104,212
Steel Products		95,126		92,693
Infrastructure Solutions		231,584		196,905
Total net sales		$	543,744	$	497,497

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Organization, operations, and basis of consolidation	Organization, operations, and basis of consolidation The Consolidated Financial Statements include the accounts of L.B. Foster Company and its wholly-owned subsidiaries, joint ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. L.B. Foster Company (together with its subsidiaries, the “Company”) is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two (previously three) operating segments, representing the individual businesses that are run separately under the new structure: Rail, Technologies, and Services (“Rail”) and Infrastructure Solutions (“Infrastructure”). The Rail segment is comprised of several manufacturing and distribution businesses that provide a variety of products and services for freight and passenger railroads and industrial companies throughout the world. The Infrastructure segment is composed of nine operating facilities across the US providing engineered precast concrete solutions, as well as fabricated bridge, protective pipe coating, and pipe threading offerings across North America. On November 17, 2023, the Company acquired the operating assets of Cougar Mountain Precast, LLC (“Cougar”), located in Caldwell, Idaho, which is a licensed manufacturer of Redi-Rock and natural concrete products for $1,644, subject to working capital adjustments and hold back payments, to be paid over the next twelve months or utilized to satisfy post-close working capital adjustments or indemnity claims. Cougar has been included in the Infrastructure segment.
Use of estimates	Use of estimates The preparation of financial statements in conformity with US generally accepted accounting principles (“US GAAP”) requires management to make estimates, judgements, and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and changes in these estimates are recorded when known.
Cash and cash equivalents	Cash and cash equivalents The Company considers cash and other instruments with maturities of three months or less when purchased to be cash and cash equivalents. The Company invests available funds in a manner to preserve investment principal and maintain liquidity. Cash and cash equivalents held in non-domestic accounts were $2,193 and $2,012 as of December 31, 2023 and 2022, respectively.
Accounts Receivable	Accounts Receivable Trade receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus trade receivables do not bear interest. Credit is extended based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices.
Inventory	Inventory Inventory is valued at the lower of average cost or net realizable value. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, inventory turnover, and the age of the inventory. Inventory costs include materials, direct labor, manufacturing overhead, and other direct costs.
Property, plant and equipment	Property, plant, and equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 10 to 41 years for buildings and 2 to 50 years for machinery and equipment. Leasehold improvements are amortized over 4 to 19 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within “Cost of goods sold,” “Cost of services sold,” and “Selling and administrative expenses” on the Consolidated Statements of Operations based upon the particular asset’s use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no material property, plant, and equipment impairments recorded for the years ended December 31, 2023 and 2022. Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon the sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in “Other expense (income) - net” in the Consolidated Statements of Operations.
Allowance for credit losses	Allowance for credit losses The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns, bad debt expense experience, expected future trends of collections, current and expected market conditions, and any other relevant subjective adjustments as needed. Management maintains high-quality credit review practices and positive customer relationships that mitigate credit risks. The Company’s reserves are regularly reviewed and revised as necessary. Reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations. The Company has also established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets.
Goodwill and other intangible assets	Goodwill and other intangible assets Goodwill is the cost of an acquisition less the fair value of the identifiable net assets of the acquired business. Goodwill is tested annually for impairment or more often if there are indicators of impairment within a reporting unit. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. There was no change to the reporting units as a result of the 2023 change in reporting segments. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the excess amount up to the goodwill balance is recorded as a component of operations. The Company performs its annual impairment tests in the fourth quarter. The Company’s fourth quarter 2023 annual test included the assessment of a quantitative analysis to determine whether it was more likely than not that the fair value of each reporting unit is less than its carrying value. The quantitative assessment considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s quantitative analysis considered and evaluated each of the three traditional approaches to value: the income approach, the market approach, and the asset approach. The Company uses a combination of a discounted cash flow method and a market approach to determine the fair values of the reporting units. Any impairment charges are based on both historic and future expected business results that no longer support the carrying value of the reporting unit. The Company also monitors the recoverability of the long-lived assets associated with the asset groups of the Company and the long-term financial projections of the businesses to assess for asset impairment. The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their estimated useful lives.
Environmental remediation and compliance	Environmental remediation and compliance Environmental remediation costs are accrued when a liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations.
Revenue recognition	Revenue recognition The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the respective contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when or as its customer obtains control of the product or the service is rendered. Deferred revenue consists of customer billings or payments received for which the revenue recognition criteria have not yet been met as well as contract liabilities (billings in excess of costs) on over time contracts. Advance payments from customers typically relate to contracts for which the Company has significantly fulfilled its obligations, but due to the Company’s continuing involvement with the project, revenue is precluded from being recognized until the performance obligation is met for the customer.
Product warranty	Product warranty The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Company’s historical warranty experience.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company has also elected to record income taxes associated with global intangible low-taxed income (“GILTI”) as period costs if and when incurred. The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by the FASB’s ASC 740, “Income Taxes” and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company has concluded that for purposes of quantifying valuation allowances, it would be appropriate to consider the reversal of taxable temporary differences related to indefinite-lived intangible assets when assessing the realizability of deferred tax assets that upon reversal, would give rise to operating losses that do not expire. The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes.
Foreign currency translation	Foreign currency translation The assets and liabilities of the Company’s foreign subsidiaries are measured using the local currency as the functional currency and are translated into US dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of “Accumulated other comprehensive loss” within the Consolidated Balance Sheets.
Research and development	Research and development The Company expenses research and development costs as costs are incurred.
Reclassifications	Reclassifications Certain accounts in the prior year Consolidated Financial Statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period, including the changes in business segments.
Recently issued accounting guidance	Recently issued accounting guidance In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires enhanced disclosures regarding significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included in each reported measure of segment operating income or loss, including an amount for “other segment items” by reportable segment and a description of its composition. ASU 2023-07 also requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses reported measures of segment operating income or loss to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company expects ASU 2023-07 to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but expects this ASU to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows.

Retirement Plans (Tables) - Pension Plan

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Components of net periodic benefit cost:

Interest cost	$	286	$	194
Expected return on plan assets	(256)		(264)

Recognized net actuarial loss	62		71
Net periodic pension cost	$	92	$	1

Schedule of Costs of Retirement Plans


	Year Ended December 31,
	2023		2022
United States	$	2,841	$	1,650
Canada	114		131
United Kingdom	1,178		817
	$	4,133	$	2,598

United States

Defined Benefit Plan Disclosure

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$	6,101	$	7,875

Interest cost	286		194
Actuarial gain	(23)		(1,544)
Benefits paid	(455)		(424)

Benefit obligation at end of year	$	5,909	$	6,101
Change to plan assets:
Fair value of assets at beginning of year	$	3,792	$	4,767
Actual gain (loss) on plan assets	310		(1,007)
Employer contribution	276		456
Benefits paid	(455)		(424)

Fair value of assets at end of year	3,923		3,792
Funded status at end of year	$	(1,986)	$	(2,309)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities	$	(1,986)	$	(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss	$	1,598	$	1,737

Schedule of Changes in Fair Value of Plan Assets

The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$	6,101	$	7,875

Interest cost	286		194
Actuarial gain	(23)		(1,544)
Benefits paid	(455)		(424)

Benefit obligation at end of year	$	5,909	$	6,101
Change to plan assets:
Fair value of assets at beginning of year	$	3,792	$	4,767
Actual gain (loss) on plan assets	310		(1,007)
Employer contribution	276		456
Benefits paid	(455)		(424)

Fair value of assets at end of year	3,923		3,792
Funded status at end of year	$	(1,986)	$	(2,309)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities	$	(1,986)	$	(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss	$	1,598	$	1,737

Schedule of Weighted Average Assumptions Used


	Year Ended December 31,
	2023		2022
Discount rate	4.9	%	2.6	%
Expected rate of return on plan assets	7.0	%	5.6	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Projected benefit obligation	$	5,909	$	6,101
Accumulated benefit obligation	5,909		6,101
Fair value of plan assets	3,923		3,792

Schedule of Investment Allocation and Target Allocation

The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2023 and 2022 were as follows:


		December 31,
	Target	2023		2022
Asset Category
Cash and cash equivalents	0 - 20%	4	%	6	%
Total fixed income funds	25 - 50%	33		7
Total mutual funds and equities	35 - 70%	63		87
Total		100	%	100	%


	December 31,
	2023		2022
Asset Category
Cash and cash equivalents	$	160	$	222
Fixed income funds
Corporate bonds	845		795
Total fixed income funds	845		795
Equity funds and equities
Mutual funds	—		247
Exchange-traded funds	2,918		2,528
Total mutual funds and equities	2,918		2,775
Total	$	3,923	$	3,792

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid during the years indicated:



Year Ending December 31,
2024	$	491
2025	483
2026	478
2027	468
2028	455
Years 2029-2033	2,105

United Kingdom

Defined Benefit Plan Disclosure

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The funded status of the United Kingdom defined benefit plan as of December 31, 2023 and 2022 was as follows:


	December 31,
	2023		2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$	4,671	$	9,135
Interest cost	229		135
Actuarial gain	154		(2,221)
Benefits paid	(292)		(1,424)
Foreign currency exchange rate changes	249		(954)
Benefit obligation at end of year	$	5,011	$	4,671
Change to plan assets:
Fair value of assets at beginning of year	$	5,745	$	8,409
Actual gain (loss) on plan assets	323		(742)
Employer contribution	318		319
Benefits paid	(292)		(1,363)
Foreign currency exchange rate changes	305		(878)
Fair value of assets at end of year	6,399		5,745
Funded status at end of year	$	1,388	$	1,074
Amounts recognized in the consolidated balance sheets consist of:
Other assets	$	1,388	$	1,074
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain	$	(567)	$	(1,425)
Prior service cost	71		90
Total	$	(496)	$	(1,335)

Schedule of Net Benefit Costs

Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Components of net periodic benefit gain:
Interest cost	$	229	$	135
Expected return on plan assets	(346)		(264)

Amortization of prior service cost	24		23
Recognized net actuarial loss	18		13
Net periodic pension gain	$	(75)	$	(93)

Schedule of Weighted Average Assumptions Used


	Year Ended December 31,
	2023		2022
Discount rate	4.5	%	4.8	%
Expected rate of return on plan assets	6.0	%	5.7	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Projected benefit obligation	$	5,011	$	4,671
Accumulated benefit obligation	5,011		4,671
Fair value of plan assets	6,399		5,745

Schedule of Investment Allocation and Target Allocation

The target asset allocation percentages for 2023 were as follows:




Equity securities						Up to 100%
Commercial property						Not to exceed 50%
UK Government securities						Not to exceed 50%
Cash						Up to 100%

The plan assets by category for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Asset Category
Cash and cash equivalents	$	127	$	540
Equity securities	3,676		2,530
Bonds	1,693		2,296

Other	903		379
Total	$	6,399	$	5,745

Schedule of Expected Benefit Payments

The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:


Year Ending December 31,
2024	$	308
2025	318
2026	325
2027	331
2028	337
Years 2029-2033	1,497

Business Segments - Long-Lived Assets By Geographical Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Long-Lived assets	$ 75,579	$ 85,344
United States
Segment Reporting Information
Long-Lived assets	72,840	82,846
Canada
Segment Reporting Information
Long-Lived assets	56	110
United Kingdom
Segment Reporting Information
Long-Lived assets	1,833	1,533
Other
Segment Reporting Information
Long-Lived assets	$ 850	$ 855

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022
Pension and post-retirement benefit plan adjustments	$	(921)	$	(1,112)
Unrealized income on interest rate swap contracts	1,278		1,982
Foreign currency translation adjustments	(19,607)		(22,035)
Accumulated other comprehensive loss	$	(19,250)	$	(21,165)

Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-US subsidiaries. See Note 14 for further information.

Commitments and Contingent Liabilities - Schedule of Product Warranty Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Warranty Liability
Beginning balance	$ 870
Additions to warranty liability	871
Warranty liability utilized	(940)
Divestiture of business	(113)
Ending balance	$ 688

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,560	$ 2,882
Accounts receivable - net (Note 6)	53,484	82,455
Contract assets (Note 4)	29,489	33,613
Inventories - net (Note 7)	73,111	75,721
Other current assets	8,711	11,061
Total current assets	167,355	205,732
Property, plant, and equipment - net (Note 8)	75,579	85,344
Operating lease right-of-use assets - net (Note 9)	14,905	17,291
Other assets:
Goodwill (Note 5)	32,587	30,733	$ 20,152
Other intangibles - net (Note 5)	19,010	23,831
Other assets	2,965	2,379
TOTAL ASSETS	312,401	365,310
Current liabilities:
Accounts payable	39,500	48,782
Deferred revenue (Note 4)	12,479	19,452
Accrued payroll and employee benefits	16,978	10,558
Current portion of accrued settlement (Note 18)	8,000	8,000
Current maturities of long-term debt (Note 10)	102	127
Other accrued liabilities	17,442	16,192
Total current liabilities	94,501	103,111
Long-term debt (Note 10)	55,171	91,752
Deferred tax liabilities (Note 14)	1,232	3,109
Long-term portion of accrued settlement (Note 18)	0	8,000
Long-term operating lease liabilities (Note 9)	11,865	14,163
Other long-term liabilities	6,797	7,577
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111	111
Paid-in capital	43,111	41,303
Retained earnings	124,633	123,169
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)	(6,240)
Accumulated other comprehensive loss (Note 12)	(19,250)	(21,165)
Total L.B. Foster Company stockholders’ equity	142,111	137,178
Noncontrolling interest	724	420
Total stockholders’ equity	142,835	137,598	$ 183,610
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 312,401	$ 365,310

Summary of Significant Accounting Policies - Narrative (Details)						12 Months Ended
	Nov. 17, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 30, 2023 USD ($)	Aug. 01, 2022 USD ($)	Jun. 21, 2022 USD ($)	Dec. 31, 2023 USD ($) segment facility	Dec. 31, 2022 USD ($) segment	Aug. 12, 2022 USD ($)
Property, Plant and Equipment
Number of operating segments \| segment						2	3
Cash and cash equivalents						$ 2,560,000	$ 2,882,000
Impairments of property, plant, and equipment						0	0
Product warranty reserve						688,000	870,000
Foreign currency transaction gain (loss)						(77,000)	(434,000)
Research and development expenses						2,555,000	2,219,000
Reduction in other expense (income)						(2,635,000)	1,550,000
Decrease in current assets						(167,355,000)	(205,732,000)
Decrease in property, plant and equipment						(75,579,000)	(85,344,000)
Increase in other assets						2,965,000	2,379,000
Decrease in accounts payable						(39,500,000)	(48,782,000)
Decrease in net cash provided by operating activities						(36,956,000)	10,576,000
Increase in net cash provided by investing activities						2,486,000	(56,418,000)
As Previously Reported
Property, Plant and Equipment
Cash and cash equivalents						2,560,000
Reduction in other expense (income)						(3,666,000)
Decrease in current assets						(167,990,000)
Decrease in property, plant and equipment						(75,999,000)
Increase in other assets						2,715,000
Decrease in accounts payable						(40,305,000)
Decrease in net cash provided by operating activities						(37,376,000)
Increase in net cash provided by investing activities						2,066,000
As Previously Reported \| Other Nonoperating Income (Expense)
Property, Plant and Equipment
Loss on asset divestitures						1,403,000
Adjustments
Property, Plant and Equipment
Cash and cash equivalents						0
Reduction in other expense (income)						1,031,000
Decrease in current assets						635,000
Decrease in property, plant and equipment						420,000
Increase in other assets						250,000
Decrease in accounts payable						805,000
Decrease in net cash provided by operating activities						420,000
Increase in net cash provided by investing activities						$ 420,000
Cougar Mountain Precast, LLC
Property, Plant and Equipment
Consideration transferred to acquire operating assets	$ 1,644,000
Buildings \| Minimum
Property, Plant and Equipment
Property, plant and equipment useful life						10 years
Buildings \| Maximum
Property, Plant and Equipment
Property, plant and equipment useful life						41 years
Machinery and equipment \| Minimum
Property, Plant and Equipment
Property, plant and equipment useful life						2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Property, plant and equipment useful life						50 years
Leasehold improvements \| Minimum
Property, Plant and Equipment
Property, plant and equipment useful life						4 years
Leasehold improvements \| Maximum
Property, Plant and Equipment
Property, plant and equipment useful life						19 years
Non Domestic
Property, Plant and Equipment
Cash and cash equivalents						$ 2,193,000	$ 2,012,000
Skratch
Property, Plant and Equipment
Business combination, stock acquire					$ 7,402,000
Business combination, deferred consideration					$ 1,228,000
Business combination, term for payment of deferred consideration					5 years
VanHooseCo
Property, Plant and Equipment
Business combination, stock acquire								$ 52,146,000
Escrow deposit								$ 2,500,000
Rail Products Business Unit
Property, Plant and Equipment
Proceeds from divestiture of assets		$ 2,362,000		$ 7,795,000
Coatings and Measurement
Property, Plant and Equipment
Proceeds from divestiture of assets			$ 5,344,000
Precast Concrete Products
Property, Plant and Equipment
Number of manufacturing facilities \| facility						9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,115,779	11,115,779
Common stock, shares outstanding (in shares)	10,733,935	10,776,827
Treasury stock shares - at cost, common stock (in shares)	381,844	338,952

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following assets and liabilities of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820, “Fair Value Measurement” (“ASC 820”) as of December 31, 2023 and 2022:


	Fair Value Measurements as of December 31, 2023								Fair Value Measurements as of December 31, 2022
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Term deposits	$	—	$	—	$	—	$	—	$	17	$	17	$	—	$	—
Interest rate swaps	1,225		—		1,225		—		1,930		—		1,930		—
Total assets	$	1,225	$	—	$	1,225	$	—	$	1,947	$	17	$	1,930	$	—

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of the Revision Adjustment on the Company's Previously Issued Consolidated Financial Statements

The following presents the effects of the immaterial error corrections on the Company's previously issued Consolidated Financial Statements as of and for the year ended December 31, 2023:

Consolidated Balance Sheet


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
ASSETS
Current assets:
Cash and cash equivalents	$	2,560	$	—	$	2,560
Accounts receivable - net (Note 6)	53,484		—		53,484
Contract assets (Note 4)	29,489		—		29,489
Inventories - net (Note 7)	73,496		(385)		73,111

Other current assets	8,961		(250)		8,711

Total current assets	167,990		(635)		167,355
Property, plant, and equipment - net (Note 8)	75,999		(420)		75,579
Operating lease right-of-use assets - net (Note 9)	14,905		—		14,905
Other assets:
Goodwill (Note 5)	32,587		—		32,587
Other intangibles - net (Note 5)	19,010		—		19,010


Other assets	2,715		250		2,965

TOTAL ASSETS	$	313,206	$	(805)	$	312,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,305	$	(805)	$	39,500
Deferred revenue (Note 4)	12,479		—		12,479
Accrued payroll and employee benefits	16,978		—		16,978

Current portion of accrued settlement (Note 18)	8,000		—		8,000
Current maturities of long-term debt (Note 10)	102		—		102
Other accrued liabilities	17,442		—		17,442

Total current liabilities	95,306		(805)		94,501
Long-term debt (Note 10)	55,171		—		55,171
Deferred tax liabilities (Note 14)	1,232		—		1,232

Long-term operating lease liabilities (Note 9)	11,865		—		11,865
Other long-term liabilities	6,797		—		6,797

Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111		—		111
Paid-in capital	43,111		—		43,111
Retained earnings	124,633		—		124,633
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)		—		(6,494)
Accumulated other comprehensive loss (Note 12)	(19,250)		—		(19,250)
Total L.B. Foster Company stockholders’ equity	142,111		—		142,111
Noncontrolling interest	724		—		724
Total stockholders’ equity	142,835		—		142,835
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	313,206	$	(805)	$	312,401

Consolidated Statement of Operations


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised

Sales of goods	$	475,350	$	—	$	475,350
Sales of services	68,394		—		68,394
Total net sales (Note 4)	543,744		—		543,744
Cost of goods sold	367,431		766		368,197
Cost of services sold	63,503		—		63,503
Total cost of sales	430,934		766		431,700
Gross profit	112,810		(766)		112,044
Selling and administrative expenses	97,358		265		97,623
Amortization expense (Note 5)	5,314		—		5,314

Operating income (loss)	10,138		(1,031)		9,107

Interest expense - net	5,528		—		5,528
Other expense (income) - net (Note 19)	3,666		(1,031)		2,635
Income (loss) before income taxes	944		—		944
Income tax (benefit) expense (Note 14)	(355)		—		(355)
Net income (loss)	1,299		—		1,299
Net loss attributable to noncontrolling interest	(165)		—		(165)
Net income (loss) attributable to L.B. Foster Company	$	1,464	$	—	$	1,464









Basic earnings (loss) per common share (Note 13)	$	0.14	$	—	$	0.14



Diluted earnings (loss) per common share (Note 13)	$	0.13	$	—	$	0.13


Basic weighted average shares outstanding	10,799		—		10,799
Diluted weighted average shares outstanding	10,995		—		10,995

Consolidated Statement of Cash Flows


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,299	$	—	$	1,299
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes	(1,852)		—		(1,852)
Depreciation	9,949		—		9,949
Amortization	5,314		—		5,314

Equity income in nonconsolidated investment	(51)		—		(51)
Gain on sales and disposals of property, plant, and equipment	(459)		—		(459)

Stock-based compensation	4,179		—		4,179
Loss on asset divestitures	3,074		—		3,074
Change in operating assets and liabilities:
Accounts receivable	27,367		—		27,367
Contract assets	1,797		—		1,797
Inventories	(6,989)		385		(6,604)
Other current assets	1,122		250		1,372

Other noncurrent assets	(153)		(250)		(403)

Accounts payable	(3,753)		(805)		(4,558)
Deferred revenue	(2,850)		—		(2,850)
Accrued payroll and employee benefits	6,364		—		6,364
Accrued settlement	(8,000)		—		(8,000)
Other current liabilities	2,555		—		2,555
Other liabilities	(1,537)		—		(1,537)
Net cash provided by (used in) operating activities	37,376		(420)		36,956

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment	539		—		539
Capital expenditures on property, plant, and equipment	(4,933)		420		(4,513)
Acquisitions, net of cash acquired	(1,246)		—		(1,246)
Proceeds from asset divestiture	7,706		—		7,706

Net cash provided by (used in) investing activities	2,066		420		2,486

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt	(208,668)		—		(208,668)
Proceeds from debt	171,408		—		171,408



Treasury stock acquisitions	(2,625)		—		(2,625)

Consideration received from noncontrolling interest	589		—		589
Net cash (used in) provided by financing activities	(39,296)		—		(39,296)

Effect of exchange rate changes on cash and cash equivalents	(468)		—		(468)
Net decrease in cash and cash equivalents	(322)		—		(322)
Cash and cash equivalents at beginning of period	2,882		—		2,882
Cash and cash equivalents at end of period	$	2,560	$	—	$	2,560
Supplemental disclosure of cash flow information:
Net interest paid	$	5,454	$	—	$	5,454
Net income taxes received	$	(221)	$	—	$	(221)

Where appropriate, the financial disclosures in the footnotes to the Consolidated Financial Statements impacted by the correction of immaterial errors have been updated.

Acquisitions and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 12, 2022	Jun. 21, 2022	Dec. 31, 2021
Allocation of purchase price
Goodwill	$ 32,587	$ 30,733			$ 20,152
Identifiable intangible assets
Net Carrying Amount	69,021	68,002
Non-compete agreements
Identifiable intangible assets
Net Carrying Amount		27
Customer relationships
Identifiable intangible assets
Net Carrying Amount	27,712	27,184
Favorable lease
Identifiable intangible assets
Net Carrying Amount	327	$ 327
VanHooseCo
Allocation of purchase price
Current assets, net of cash acquired on the acquisition date			$ 11,138
Property, plant, and equipment			30,410
Goodwill			8,463
Other intangibles			5,442
Liabilities assumed			(3,307)
Total			$ 52,146
Identifiable intangible assets
Net Carrying Amount	$ 5,442
VanHooseCo \| Non-compete agreements
Identifiable intangible assets
Weighted Average Amortization Period In Years	0 years
Net Carrying Amount	$ 0
VanHooseCo \| Customer relationships
Identifiable intangible assets
Weighted Average Amortization Period In Years	5 years
Net Carrying Amount	$ 3,578
VanHooseCo \| Trademarks and trade names
Identifiable intangible assets
Weighted Average Amortization Period In Years	10 years
Net Carrying Amount	$ 1,537
VanHooseCo \| Favorable lease
Identifiable intangible assets
Weighted Average Amortization Period In Years	6 years
Net Carrying Amount	$ 327
Skratch
Allocation of purchase price
Current assets, net of cash acquired on the acquisition date				$ 1,129
Property, plant, and equipment				174
Goodwill				5,549
Other intangibles				1,750
Liabilities assumed				(1,200)
Total				$ 7,402
Identifiable intangible assets
Net Carrying Amount	$ 1,750
Skratch \| Non-compete agreements
Identifiable intangible assets
Weighted Average Amortization Period In Years	1 year
Net Carrying Amount	$ 27
Skratch \| Customer relationships
Identifiable intangible assets
Weighted Average Amortization Period In Years	3 years
Net Carrying Amount	$ 1,349
Skratch \| Trademarks and trade names
Identifiable intangible assets
Weighted Average Amortization Period In Years	10 years
Net Carrying Amount	$ 374
Skratch \| Favorable lease
Identifiable intangible assets
Weighted Average Amortization Period In Years	0 years
Net Carrying Amount	$ 0

Retirement Plans - Schedule of Benefit Obligation, Fair Value of Assets, and Funded Status of the Plans (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States
Changes in benefit obligation:
Benefit obligation at beginning of year	$ 6,101	$ 7,875
Interest cost	286	194
Actuarial gain	(23)	(1,544)
Benefits paid	(455)	(424)
Benefit obligation at end of year	5,909	6,101
Change to plan assets:
Fair value of assets at beginning of year	3,792	4,767
Actual gain (loss) on plan assets	310	(1,007)
Employer contribution	276	456
Benefits paid	(455)	(424)
Fair value of assets at end of year	3,923	3,792
Funded status at end of year	(1,986)	(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain	1,598	1,737
United Kingdom
Changes in benefit obligation:
Benefit obligation at beginning of year	4,671	9,135
Interest cost	229	135
Actuarial gain	154	(2,221)
Benefits paid	(292)	(1,424)
Foreign currency exchange rate changes	249	(954)
Benefit obligation at end of year	5,011	4,671
Change to plan assets:
Fair value of assets at beginning of year	5,745	8,409
Actual gain (loss) on plan assets	323	(742)
Employer contribution	318	319
Benefits paid	(292)	(1,363)
Foreign currency exchange rate changes	305	(878)
Fair value of assets at end of year	6,399	5,745
Funded status at end of year	1,388	1,074
Amounts recognized in the consolidated balance sheets consist of:
Other assets	1,388	1,074
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain	(567)	(1,425)
Prior service cost	71	90
Defined benefit plan, comprehensive (income) loss	$ (496)	$ (1,335)

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable Detail

Accounts receivable as of December 31, 2023 and 2022 are summarized as follows:


	December 31,
	2023		2022
Accounts receivable	$	54,293	$	83,268
Allowance for credit losses	(809)		(813)
Accounts receivable - net	$	53,484	$	82,455

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table sets forth the Company’s allowance for credit losses:


	Allowance for Credit Losses
December 31, 2022	$	813
Current period provision	1,020
Write-off against allowance	(1,024)

December 31, 2023	$	809

Income Taxes - Significant Components Of The Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (16)	$ 0
State	53	127
Foreign	1,460	769
Total current	1,497	896
Deferred:
Federal	0	28,287
State	0	9,001
Foreign	(1,852)	(1,503)
Total deferred	(1,852)	35,785
Total income tax (benefit) expense	$ (355)	$ 36,681

Retirement Plans - Accumulated Benefit Obligations in Excess of Plan Asset (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure
Projected benefit obligation	$ 5,909	$ 6,101	$ 7,875
Accumulated benefit obligation	5,909	6,101
Fair value of plan assets	3,923	3,792	4,767
United Kingdom
Defined Benefit Plan Disclosure
Projected benefit obligation	5,011	4,671	9,135
Accumulated benefit obligation	5,011	4,671
Fair value of plan assets	$ 6,399	$ 5,745	$ 8,409

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 01, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Impairment charges				$ 3,011
Amortization expense			$ 5,314	6,144
Accumulated amortization		$ 44,171	50,011	44,171
Asset impairments		$ 4,883	0	8,016
Fabricated Bridge
Finite-Lived Intangible Assets
Percentage of goodwill impairment		100.00%
Impairment charges		$ 3,011	0
Non-compete agreements
Finite-Lived Intangible Assets
Accumulated amortization		16	27	16
Customer relationships
Finite-Lived Intangible Assets
Accumulated amortization		14,129	17,236	14,129
Decrease in gross carrying value of intangible assets				5,448
Decrease in net carrying value of intangible assets	$ 2,869
Goodwill and intangible asset impairment				3,828
Trademarks and trade names
Finite-Lived Intangible Assets
Goodwill and intangible asset impairment				394
Developed Technology Rights
Finite-Lived Intangible Assets
Goodwill and intangible asset impairment				661
Technology
Finite-Lived Intangible Assets
Accumulated amortization		$ 25,827	$ 27,906	25,827
Decrease in gross carrying value of intangible assets				$ 471
Decrease in net carrying value of intangible assets	$ 7
Minimum
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life			1 year
Maximum
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life			25 years
Weighted Average Amortization Period In Years
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life			13 years
Weighted Average Amortization Period In Years \| Non-compete agreements
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life		1 year		1 year
Weighted Average Amortization Period In Years \| Customer relationships
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life		16 years	16 years	16 years
Weighted Average Amortization Period In Years \| Technology
Finite-Lived Intangible Assets
Finite lived intangible asset, useful life		14 years	9 years	14 years

Retirement Plans - Schedule Of Net Benefit Costs (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States
Components of net periodic benefit cost:
Interest cost	$ 286	$ 194
Expected return on plan assets	(256)	(264)
Recognized net actuarial loss	62	71
Net periodic pension gain	92	1
United Kingdom
Components of net periodic benefit cost:
Interest cost	229	135
Expected return on plan assets	(346)	(264)
Amortization of prior service cost	24	23
Recognized net actuarial loss	18	13
Net periodic pension gain	$ (75)	$ (93)

Retirement Plans - Narrative (Details) - Pension Plan $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure
Defined contribution plan number	5
Net loss to be recognize during the next fiscal period \| $	$ 52
United States
Defined Benefit Plan Disclosure
Number of retirement plans	3
Number of defined benefit plans	1
Defined contribution plan number	2
Defined benefit plans, estimated future employer contributions in current fiscal year \| $	$ 370
Accrued pension obligation \| $	$ 1,986	$ 2,309
Canada
Defined Benefit Plan Disclosure
Defined contribution plan number	1
United Kingdom
Defined Benefit Plan Disclosure
Defined contribution plan number	2
Defined benefit plans, estimated future employer contributions in current fiscal year \| $	$ 318

Accounts Receivable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Reserve for uncollectable accounts income (expense)	$ 1,020
Selling, General and Administrative Expenses
Financing Receivable, Allowance for Credit Loss [Line Items]
Reserve for uncollectable accounts income (expense)	$ 1,912	$ 382

Other Expense (Income) - net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income

The following table summarizes the Company’s other expense (income) - net for the years ended December 31, 2023 and 2022:


	2023		2022
Loss on the sale of Chemtec (a)	$	2,065	$	—

Loss on the sale of Concrete Ties (b)	1,009		—
Gain on Piling Products division asset sale (c)	—		(489)
Insurance proceeds (d)	(215)		(790)
Loss on the sale of Track Components (e)	—		467
Costs recovered from environmental cleanup activities (f)	—		(325)
Foreign currency losses	77		434
Other	(301)		(847)
Other expense (income) - net	$	2,635	$	(1,550)

a.On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, generating a $2,065 pre-tax loss.

b.On June 30, 2023, the Company sold substantially all the operating assets of the Ties business, located in Spokane, WA, generating a $1,009 loss on the sale.

c.On September 27, 2021, the Company announced it completed the sale of its Piling Products division to J.D. Fields & Company, Inc., resulting in a pre-tax gain of $489 in 2022.

d.In 2023 and 2022, the Company received $215 and $790, respectively, in insurance proceeds.

e.On August 1, 2022, the Company divested the assets of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, Canada, resulting in a pre-tax loss of $467 in 2022.

f.In 2022, the Company received $325 to recover costs associated with environmental cleanup activities in a formerly leased property in Magnolia, TX.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-10436
Entity Registrant Name	L.B. FOSTER COMPANY
Entity Incorporation, State	PA
Entity Tax Identification Number	25-1324733
Entity Address, Street Address	415 Holiday Drive
Entity Address, Suite	Suite 100
Entity Address, City	Pittsburgh
Entity Address, State	PA
Entity Address, Postal Zip Code	15220
City Area Code	412
Local Phone Number	928-3400
Title of Each Class	Common Stock, Par Value $0.01
Trading Symbol(s)	FSTR
Name of Each Exchange On Which Registered	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 151,600,835
Entity Common Stock, Shares Outstanding		11,001,640
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for the 2024 Annual Meeting of Shareholders (“2024 Proxy Statement”) are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Amended Form 10-K. The 2024 Proxy Statement was filed on April 12, 2024 with the US Securities and Exchange Commission, within 120 days after the end of the fiscal year to which this Amended Form 10-K relates.
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-K/A (this "Annual Report on Form 10-K/A") amends and restates certain items noted below in the Annual Report on Form 10-K of L.B. Foster (the "Company") for the fiscal year ended December 31, 2023, as originally filed with the Securities and Exchange Commission ("SEC") on March 6, 2024 (the "Original Form 10-K").
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000352825

Retirement Plans - Actuarial Assumptions (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plan Disclosure
Discount rate	4.90%	2.60%
Expected rate of return on plan assets	7.00%	5.60%
United Kingdom
Defined Benefit Plan Disclosure
Discount rate	4.50%	4.80%
Expected rate of return on plan assets	6.00%	5.70%

Income Taxes - Reconciliation Of Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount
Statutory rate	$ 198	$ (1,889)
Foreign tax rate differential	(520)	(306)
State income taxes, net of federal benefit	322	327
Non-deductible expenses	206	200
Non-deductible executive compensation	256	45
Income tax credits	(218)	(261)
Change in income tax rates	(38)	176
Tax on unremitted foreign earnings	181	439
Change in valuation allowance	(723)	37,895
Other	(19)	55
Total income tax (benefit) expense	$ (355)	$ 36,681
Effective Income Tax Rate Reconciliation, Percent
Statutory rate	21.00%	21.00%
Foreign tax rate differential	(55.10%)	3.40%
State income taxes, net of federal benefit	34.10%	(3.60%)
Non-deductible expenses	21.80%	(2.20%)
Non-deductible executive compensation	27.10%	(0.50%)
Income tax credits	(23.10%)	2.90%
Change in income tax rates	(4.00%)	(2.00%)
Tax on unremitted foreign earnings	19.20%	(4.90%)
Change in valuation allowance	(76.60%)	(421.20%)
Other	(2.00%)	(0.60%)
Effective rate	(37.60%)	(407.70%)

Long-Term Debt and Related Matters

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt and Related Matters

Long-term debt as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022
Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022	$	55,060	$	91,567


Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022	213		312
Total debt	55,273		91,879
Less: current maturities	(102)		(127)
Long-term portion	$	55,171	$	91,752

The expected maturities of long-term debt for December 31, 2024 and thereafter are as follows:


Year Ending December 31,
2024	$	102
2025	99
2026	55,072
2027	—
2028	—
2029 and thereafter	—
Total	$	55,273

Borrowings

On August 13, 2021, the Company, its domestic subsidiaries, and certain of its Canadian and United Kingdom subsidiaries (collectively, the “Borrowers”), entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with PNC Bank, N.A., Citizens Bank, N.A., Wells Fargo Bank, National Association, Bank of America, N.A., and BMO Harris Bank, National Association. The Credit Agreement, as amended, modifies the prior revolving credit facility, as amended, on terms more favorable to the Company and extends the maturity date from April 30, 2024 to August 13, 2026. The Credit Agreement provides for a five-year, revolving credit facility that permits aggregate borrowings of the Borrowers up to $130,000 with a sublimit of the equivalent of $25,000 US dollars that is available to the Canadian and United Kingdom borrowers in the aggregate. The Credit Agreement’s incremental loan feature permits the Company to increase the available commitments under the facility by up to an additional $50,000 subject to the Company’s receipt of increased commitments from existing or new lenders and the satisfaction of certain conditions.

The Credit Agreement includes two financial covenants: (a) Maximum Gross Leverage Ratio, defined as the Company’s consolidated Indebtedness (as defined in the Credit Agreement) divided by the Company’s consolidated EBITDA, which must not exceed (i) 3.25 to 1.00 for all testing periods other than during an Acquisition Period, and (ii) 3.50 to 1.00 for all testing periods occurring during an Acquisition Period (as defined in the Credit Agreement), and (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s consolidated EBITDA divided by the Company’s Fixed Charges (as defined in the Credit Agreement), which must be more than 1.05 to 1.00.

On August 12, 2022, the Company entered into a second amendment to its Credit Agreement (the “Second Amendment”) to obtain approval for the VanhooseCo acquisition and temporarily modify certain financial covenants to accommodate the transaction. The Second Amendment permitted the Company to acquire the operating assets of VanHooseCo and modified the Maximum Gross Leverage Ratio covenant through June 30, 2023 to accommodate the transaction. The Second Amendment also added an additional tier to the pricing grid and provided for the conversion from LIBOR-based to SOFR-based borrowings. Borrowings under the Credit Agreement, as amended, will bear interest at rates based upon either the base rate or SOFR rate plus applicable margins. Applicable margins are dictated by the ratio of the Company’s total net indebtedness to the Company’s consolidated EBITDA for four trailing quarters, as defined in the Credit Agreement. The base rate is the highest of (a) the Overnight Bank Funding Rate plus 50 basis points, (b) the Prime Rate, or (c) the Daily Simple SOFR rate plus 100 basis points so long as the Daily Simple SOFR rate is offered, ascertainable, and not unlawful (each as defined in the Credit Agreement). The base rate and LIBOR rate spreads range from 25 to 150 basis points and 125 to 250 basis points, respectively.

The obligation of the Company and its domestic, Canadian, and United Kingdom subsidiaries (the “Guarantors”) under the Credit Agreement is secured by the grant of a security interest by the Borrowers and Guarantors in substantially all of the assets owned by such entities. Additionally, the equity interests in each of the loan parties, other than the Company, and the equity interests held by each loan party in their subsidiaries, will be pledged to the lenders as collateral for the lending obligations. Other restrictions exist at all times including, but not limited to, limitations on the Company’s sale of assets and the incurrence by either the Borrowers or the non-borrower subsidiaries of the Company of other indebtedness, guarantees, and liens.

As of December 31, 2023, the Company was in compliance with the covenants in the Credit Agreement, as amended. As of December 31, 2023 and 2022, the Company had outstanding letters of credit of approximately $2,807 and $619, respectively, and had net available borrowing capacity of $72,133 and $37,814, respectively, subject to covenant restrictions. The maturity date of the facility is August 13, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross Carrying Value	$ 69,021	$ 68,002
Accumulated Amortization	(50,011)	(44,171)
Net Carrying Amount	19,010	23,831
Non-compete agreements
Finite-Lived Intangible Assets
Gross Carrying Value		27
Accumulated Amortization	(27)	(16)
Net Carrying Amount		11
Patents
Finite-Lived Intangible Assets
Gross Carrying Value	335	330
Accumulated Amortization	(199)	(187)
Net Carrying Amount	136	143
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Value	27,712	27,184
Accumulated Amortization	(17,236)	(14,129)
Net Carrying Amount	10,476	13,055
Trademarks and trade names
Finite-Lived Intangible Assets
Gross Carrying Value	7,989	7,933
Accumulated Amortization	(4,593)	(3,989)
Net Carrying Amount	3,396	3,944
Technology
Finite-Lived Intangible Assets
Gross Carrying Value	32,658	32,201
Accumulated Amortization	(27,906)	(25,827)
Net Carrying Amount	4,752	6,374
Favorable lease
Finite-Lived Intangible Assets
Gross Carrying Value	327	327
Accumulated Amortization	(77)	(23)
Net Carrying Amount	$ 250	$ 304
Weighted Average Amortization Period In Years
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	13 years
Weighted Average Amortization Period In Years \| Non-compete agreements
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years		1 year
Weighted Average Amortization Period In Years \| Patents
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	10 years	10 years
Weighted Average Amortization Period In Years \| Customer relationships
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	16 years	16 years
Weighted Average Amortization Period In Years \| Trademarks and trade names
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	16 years	16 years
Weighted Average Amortization Period In Years \| Technology
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	9 years	14 years
Weighted Average Amortization Period In Years \| Favorable lease
Finite-Lived Intangible Assets
Weighted Average Amortization Period In Years	6 years	6 years

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable as of December 31, 2023 and 2022 are summarized as follows:


	December 31,
	2023		2022
Accounts receivable	$	54,293	$	83,268
Allowance for credit losses	(809)		(813)
Accounts receivable - net	$	53,484	$	82,455

Changes in reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations, and were an expense of $1,912 and $382 for the years ended December 31, 2023 and 2022, respectively.

The following table sets forth the Company’s allowance for credit losses:


	Allowance for Credit Losses
December 31, 2022	$	813
Current period provision	1,020
Write-off against allowance	(1,024)

December 31, 2023	$	809

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

(Share amounts in thousands)

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Numerator for basic and diluted earnings (loss) per common share:


Net income (loss) attributable to L.B. Foster Company	$	1,464	$	(45,564)
Denominator:
Weighted average shares outstanding	10,799		10,720
Denominator for basic earnings per common share	10,799		10,720
Effect of dilutive securities:
Stock compensation plans	196		—
Dilutive potential common shares	196		—
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions	10,995		10,720


Basic earnings (loss) per common share	$	0.14	$	(4.25)


Diluted earnings (loss) per common share	$	0.13	$	(4.25)

There were 0 and 75 anti-dilutive shares for the years ended December 31, 2023 and December 31, 2022, respectively.

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2023
Lessee, Lease, Description
Lessee lease renewal term	12 years
Lessee, lease, termination period	1 year
Minimum
Lessee, Lease, Description
Lessee remaining lease term	2 years
Maximum
Lessee, Lease, Description
Lessee remaining lease term	12 years

Business Segments - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Net Sales	$ 543,744	$ 497,497
Segment Operating Income	9,107	(7,206)
Segment Assets	312,401	365,310
Depreciation/Amortization	15,263	14,779
Expenditures for long-lived assets	4,513	7,633
Rail, Technologies, and Services
Segment Reporting Information
Net Sales	312,160	300,592
Infrastructure Solutions
Segment Reporting Information
Net Sales	231,584	196,905
Operating Segments
Segment Reporting Information
Net Sales	543,744	497,497
Segment Operating Income	20,928	2,322
Segment Assets	286,885	335,225
Depreciation/Amortization	13,434	13,284
Expenditures for long-lived assets	3,514	4,318
Operating Segments \| Rail, Technologies, and Services
Segment Reporting Information
Net Sales	312,160	300,592
Segment Operating Income	12,306	11,454
Segment Assets	156,638	172,111
Depreciation/Amortization	5,172	5,620
Expenditures for long-lived assets	1,165	1,218
Operating Segments \| Infrastructure Solutions
Segment Reporting Information
Net Sales	231,584	196,905
Segment Operating Income	8,622	(9,132)
Segment Assets	130,247	163,114
Depreciation/Amortization	8,262	7,664
Expenditures for long-lived assets	$ 2,349	$ 3,100

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

Revenue - Timing of Transfer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Net Sales	$ 543,744	$ 497,497
Point in time
Disaggregation of Revenue
Net Sales	395,024	361,587
Over time
Disaggregation of Revenue
Net Sales	148,720	135,910
Rail, Technologies, and Services
Disaggregation of Revenue
Net Sales	312,160	300,592
Rail, Technologies, and Services \| Point in time
Disaggregation of Revenue
Net Sales	254,345	241,759
Rail, Technologies, and Services \| Over time
Disaggregation of Revenue
Net Sales	57,815	58,833
Infrastructure Solutions
Disaggregation of Revenue
Net Sales	231,584	196,905
Infrastructure Solutions \| Point in time
Disaggregation of Revenue
Net Sales	140,679	119,828
Infrastructure Solutions \| Over time
Disaggregation of Revenue
Net Sales	$ 90,905	$ 77,077

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain on cash flow hedge, tax	$ 0
Cash flow hedges reclassified to earnings, tax	0
Pension and post-retirement benefit plan, tax	0	$ 357
Reclassification of pension liability adjustments to earnings, tax expense (benefit)	$ 0	$ (6)

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 44,518	$ 41,431
Work-in-process	4,675	9,693
Raw materials	23,918	24,597
Inventories - net	$ 73,111	$ 75,721

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table sets forth the Company’s product warranty accrual:


	Warranty Liability
Balance as of December 31, 2022	$	870
Additions to warranty liability	871
Warranty liability utilized	(940)
Divestiture of business	(113)

Balance as of December 31, 2023	$	688

Schedule of Environmental Loss Contingencies

The following table sets forth the Company’s undiscounted environmental obligation:


	Environmental Liability
Balance as of December 31, 2022	$	2,472
Additions to environmental obligations	10
Environmental obligations utilized	(65)

Balance as of December 31, 2023	$	2,417

Business Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income from operations:
Total segment operating income	$ 9,107	$ (7,206)
Interest expense - net	(5,528)	(3,340)
Other (expense) income - net	(2,635)	1,550
Public company costs	(4,814)	(4,361)
Corporate executive management costs	(3,807)	(3,950)
Corporate management stock-based compensation	(2,816)	(1,163)
Other	(384)	(54)
Income (loss) before income taxes	944	(8,996)
Assets:
Segment Assets	312,401	365,310
Depreciation/Amortization:
Depreciation/Amortization	15,263	14,779
Expenditures for Long-Lived Assets:
Expenditures for long-lived assets	4,513	7,633
Operating Segments
Income from operations:
Total segment operating income	20,928	2,322
Income (loss) before income taxes	944	(8,996)
Assets:
Segment Assets	286,885	335,225
Depreciation/Amortization:
Depreciation/Amortization	13,434	13,284
Expenditures for Long-Lived Assets:
Expenditures for long-lived assets	3,514	4,318
Unallocated corporate assets
Assets:
Segment Assets	25,516	30,085
Depreciation/Amortization:
Depreciation/Amortization	1,829	1,495
Expenditures for Long-Lived Assets:
Expenditures for long-lived assets	$ 999	$ 3,315

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Tax

Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Domestic	$	14,575	$	(5,074)
Foreign	(13,631)		(3,922)
Income (loss) before income taxes	$	944	$	(8,996)

Schedule of Significant Components of Income Tax

Significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Current:
Federal	$	(16)	$	—
State	53		127
Foreign	1,460		769
Total current	1,497		896
Deferred:
Federal	—		28,287
State	—		9,001
Foreign	(1,852)		(1,503)
Total deferred	(1,852)		35,785
Total income tax (benefit) expense	$	(355)	$	36,681

Schedule of Reconciliation of Statutory Income to Income Tax Expense

The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023				2022
	Amount		Percent		Amount		Percent
Statutory rate	$	198	21.0	%	$	(1,889)	21.0	%
Foreign tax rate differential	(520)		(55.1)		(306)		3.4
State income taxes, net of federal benefit	322		34.1		327		(3.6)

Non-deductible expenses	206		21.8		200		(2.2)
Non-deductible executive compensation	256		27.1		45		(0.5)



Income tax credits	(218)		(23.1)		(261)		2.9
Change in income tax rates	(38)		(4.0)		176		(2.0)
Tax on unremitted foreign earnings	181		19.2		439		(4.9)
Change in valuation allowance	(723)		(76.6)		37,895		(421.2)
Other	(19)		(2.0)		55		(0.6)
Total income tax (benefit) expense / Effective rate	$	(355)	(37.6)	%	$	36,681	(407.7)	%

Schedule of Significant Components of Deferred Tax Asset and Liability

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Deferred tax assets:
Goodwill and other intangibles	$	1,762	$	8,099
Accrued settlement	2,001		3,915
Deferred compensation	4,127		2,396
Contingent liabilities	600		613
Net operating loss / tax credit carryforwards	36,217		30,812
Pension and post-retirement liability	149		297
Inventories	852		1,790
Warranty reserve	146		202
Accounts receivable	201		181
Interest deduction carryforward	1,882		775
Capitalized research expenditures	1,599		1,292
Other	680		644
Total deferred tax assets	50,216		51,016
Less: valuation allowance	(40,125)		(40,601)
Net deferred tax assets	10,091		10,415
Deferred tax liabilities:
Goodwill and other intangibles	(2,181)		(2,803)
Depreciation	(8,596)		(9,434)
Unrealized income on interest rate swap contracts	(306)		(472)
Unremitted earnings of foreign subsidiaries	(50)		(625)
Other	(190)		(166)
Total deferred tax liabilities	(11,323)		(13,500)
Net deferred tax (liabilities) assets	$	(1,232)	$	(3,085)

Schedule of Reconciliation of Unrealized tax Benefits

The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Unrecognized tax benefits at beginning of period:	$	354	$	365

Decreases based on tax positions for prior periods	(47)		(11)

Balance at end of period	$	307	$	354

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

As of December 31, 2023 and 2022, the following table represents the goodwill balance by reportable segment:


	Rail, Technologies, and Services		Infrastructure Solutions		Total
Balance as of December 31, 2021:	$	14,577	$	5,575	$	20,152
Acquisitions	5,549		8,221		13,770
Foreign currency translation impact	(178)		—		(178)

Impairment charges	—		(3,011)		(3,011)
Balance as of December 31, 2022:	19,948		10,785		30,733
Acquisitions	—		1,336		1,336
Foreign currency translation impact	518		—		518


Balance as of December 31, 2023:	$	20,466	$	12,121	$	32,587

Schedule of Finite-Lived Intangible Assets

As of December 31, 2023 and 2022, the components of the Company’s intangible assets were as follows:


	December 31, 2023
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount

Patents	10	$	335	$	(199)	$	136
Customer relationships	16	27,712		(17,236)		10,476
Trademarks and trade names	16	7,989		(4,593)		3,396
Technology	9	32,658		(27,906)		4,752
Favorable lease	6	327		(77)		250
		$	69,021	$	(50,011)	$	19,010

	December 31, 2022
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	1	$	27	$	(16)	$	11
Patents	10	330		(187)		143
Customer relationships	16	27,184		(14,129)		13,055
Trademarks and trade names	16	7,933		(3,989)		3,944
Technology	14	32,201		(25,827)		6,374
Favorable lease	6	327		(23)		304
		$	68,002	$	(44,171)	$	23,831

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated annual amortization expense for the years ending December 31, 2024 and thereafter is as follows:


Year Ending December 31,
2024	$	4,393
2025	2,922
2026	2,331
2027	1,989
2028	1,519
2029 and thereafter	5,856
	$	19,010

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated

The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2023:


	2023
	Net Sales		Segment Operating Income		Segment Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets

Rail, Technologies, and Services	$	312,160	$	12,306	$	156,638	$	5,172	$	1,165


Infrastructure Solutions	231,584		8,622		130,247		8,262		2,349
Total	$	543,744	$	20,928	$	286,885	$	13,434	$	3,514

Included in the Infrastructure segment operating income for the year ended December 31, 2023 were the Bridge Exit Costs, as well as the sales and related gross profit impact of the Bridge Exit.

The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2022:


	2022
	Net Sales		Segment Operating Income (Loss)		Segment Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets
Rail, Technologies, and Services	$	300,592	$	11,454	$	172,111	$	5,620	$	1,218


Infrastructure Solutions	196,905		(9,132)		163,114		7,664		3,100
Total	$	497,497	$	2,322	$	335,225	$	13,284	$	4,318

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	2023		2022

Income from operations:
Total segment operating income	$	20,928	$	2,322
Interest expense - net	(5,528)		(3,340)
Other (expense) income - net	(2,635)		1,550

Public company costs	(4,814)		(4,361)
Corporate executive management costs	(3,807)		(3,950)
Corporate management stock-based compensation	(2,816)		(1,163)
Other	(384)		(54)

Income (loss) before income taxes	$	944	$	(8,996)
Assets:
Total segment assets	$	286,885	$	335,225
Unallocated corporate assets	25,516		30,085

Assets	$	312,401	$	365,310
Depreciation/Amortization:
Total segment depreciation/amortization	$	13,434	$	13,284
Corporate depreciation/amortization	1,829		1,495
Depreciation/amortization	$	15,263	$	14,779
Expenditures for Long-Lived Assets:
Total segment expenditures for long-lived assets	$	3,514	$	4,318

Corporate expenditures for long-lived assets	999		3,315
Expenditures for long-lived assets	$	4,513	$	7,633

Schedule of Revenue from Customer by Major Geographical Region

The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:


	2023		2022
United States	$	463,936	$	378,339
Canada	24,925		38,489
United Kingdom	41,418		46,590
Other	13,465		34,079
Total net sales	$	543,744	$	497,497

Schedule of Reconciliation of Assets from Segment to Consolidated

The following table summarizes the Company’s long-lived assets by geographic region as of December 31:


	2023		2022

United States	$	72,840	$	82,846
Canada	56		110
United Kingdom	1,833		1,533
Other	850		855
Total property, plant, and equipment - net	$	75,579	$	85,344

Schedule of Revenues by Major Product Line

The following table summarizes the Company’s sales by major product and service line for the years ended December 31:


	December 31,
		2023		2022
Rail Products		$	205,797	$	202,559
Global Friction Management		63,946		54,811
Technology Services and Solutions		42,417		43,222
Rail, Technologies, and Services		312,160		300,592
Precast Concrete Products		136,458		104,212
Steel Products		95,126		92,693
Infrastructure Solutions		231,584		196,905
Total net sales		$	543,744	$	497,497

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	42

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022
Pension and post-retirement benefit plan adjustments	$	(921)	$	(1,112)
Unrealized income on interest rate swap contracts	1,278		1,982
Foreign currency translation adjustments	(19,607)		(22,035)
Accumulated other comprehensive loss	$	(19,250)	$	(21,165)

Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator for basic and diluted earnings (loss) per common share:
Net income (loss) attributable to L.B. Foster Company	$ 1,464	$ (45,564)
Denominator:
Weighted average shares outstanding (in shares)	10,799,000	10,720,000
Denominator for basic earnings per common share (in shares)	10,799,000	10,720,000
Effect of dilutive securities:
Stock compensation plans (in shares)	196,000	0
Dilutive potential common shares (in shares)	196,000	0
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions (in shares)	10,995,000	10,720,000
Basic earnings (loss) per common share (usd per share)	$ 0.14	$ (4.25)
Diluted earnings (loss) per common share (usd per share)	$ 0.13	$ (4.25)
Anti-dilutive share (in shares)	0	75,000

Retirement Plans - Schedule of Costs of Retirement Plans (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure
Expenses associated with contributions made	$ 4,133	$ 2,598
United States
Defined Contribution Plan Disclosure
Expenses associated with contributions made	2,841	1,650
Canada
Defined Contribution Plan Disclosure
Expenses associated with contributions made	114	131
United Kingdom
Defined Contribution Plan Disclosure
Expenses associated with contributions made	$ 1,178	$ 817

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s components of inventory as of December 31, 2023 and 2022 are summarized in the following table:


	December 31,
	2023		2022

Finished goods	$	44,518	$	41,431

Work-in-process	4,675		9,693
Raw materials	23,918		24,597
Inventories - net	$	73,111	$	75,721

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance lease cost:
Amortization of finance leases	$ 186	$ 177
Interest on lease liabilities	58	34
Operating lease cost	3,448	2,891
Sublease income	(200)	(200)
Total lease cost	$ 3,492	$ 2,902

Revenue - Contract with Customer (Details) $ in Thousands	12 Months Ended
Revenue - Contract with Customer (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Contract Assets
Contract asset balance opening balance	$ 33,613
Transfers to receivables from contract assets	9,638
Additions to contract assets	(13,762)
Contract asset balance ending balance	29,489
Contract Liabilities
Contract liabilities opening balance	6,781
Revenue recognized from contract liabilities	(5,121)
Increase in billings in excess of costs, excluding revenue recognized	2,204
Other adjustments, including business divestiture	(1,675)
Contract liabilities ending balance	$ 2,189

Stockholders' Equity - Rollforward of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity
Beginning (in shares)	10,776,827
Repurchased common stock (in shares)	(134,208)
Ending (in shares)	10,733,935	10,776,827
Treasury
Increase (Decrease) in Stockholders' Equity
Beginning (in shares)	338,952	445,436
Issued for stock-based compensation plans (in shares)	(91,316)	(106,484)
Repurchased common stock (in shares)	134,208
Ending (in shares)	381,844	338,952
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning (in shares)	10,776,827	10,670,343
Issued for stock-based compensation plans (in shares)	91,316	106,484
Repurchased common stock (in shares)	(134,208)
Ending (in shares)	10,733,935	10,776,827

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Nonvested Share Activity

The following table summarizes the restricted stock award, deferred stock units, and performance unit award activity for the years ended December 31, 2023 and 2022:


	Restricted Stock	Deferred Stock Units	Performance Stock Units	Weighted Average Aggregate Grant Date Fair Value





Outstanding as of January 1, 2022	135,704	74,950	116,571	$	19.75
Granted	125,582	5,730	110,600	14.88
Vested	(86,613)	(34,412)	(13,095)	17.98
Adjustment for incentive awards	—	—	(105,598)	16.67
Canceled and forfeited	(500)	—	—	18.57
Outstanding as of December 31, 2022	174,173	46,268	108,478	17.77
Granted	181,914	—	367,558	11.78
Vested	(88,367)	(33,864)	—	15.97
Adjustment for incentive awards	—	—	84,302	13.75
Canceled and forfeited	(2,750)	—	—	14.46
Outstanding as of December 31, 2023	264,970	12,404	560,338	$	14.10

Retirement Plans - Future Benefit Payments (Details) - Pension Plan $ in Thousands	Dec. 31, 2023 USD ($)
United States
Defined Benefit Plan, Expected Future Benefit Payment
2024	$ 491
2025	483
2026	478
2027	468
2028	455
Years 2029-2033	2,105
United Kingdom
Defined Benefit Plan, Expected Future Benefit Payment
2024	308
2025	318
2026	325
2027	331
2028	337
Years 2029-2033	$ 1,497

Income Taxes - Reconciliation Of Unrecognized Tax Benefits Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Unrecognized tax benefits at beginning of period:	$ 354	$ 365
Decreases based on tax positions for prior periods	(47)	(11)
Balance at end of period	$ 307	$ 354

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Skratch Enterprises Ltd.

On June 21, 2022, the Company acquired the stock of Skratch for $7,402, which is inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. Located in Telford, United Kingdom, Skratch offers a single-point supply solution model for clients, and enables large scale deployments of its intelligent digital signage solutions. Skratch’s service offerings include design, prototyping and proof of concept, hardware and software, logistics and warehousing, installation, maintenance, content management, and managed monitoring. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment.

VanHooseCo Precast LLC

On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee specializing in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets. The Company acquired VanHooseCo for $52,146, net of cash acquired at closing. An amount equal to $2,500 of the purchase price was deposited in an escrow account in order to cover breaches of representations and warranties, all of which was released from escrow as of December 31, 2023. The acquisition agreement includes two employment agreements whereby principals had the ability to earn up to an additional $1,000 dependent upon the successful completion of the principals’ employment agreements. VanHooseCo has been included in the Company’s Precast Concrete Products business unit within the Infrastructure segment.

Acquisition Summary

Each transaction was accounted for under the acquisition method of accounting under US GAAP which requires an acquiring entity to recognize, with limited exceptions, all of the assets acquired and liabilities assumed in a transaction at fair value as of the acquisition date. Goodwill primarily represents the value paid for each acquisition’s enhancement to the Company’s product and service offerings and capabilities, as well as a premium payment related to the ability to control the acquired assets, as well as the assembled workforce provided. Acquisition costs for the year ended December 31, 2022 were $2,043 and were recognized as part of the Company’s selling and administrative expenses.

VanHooseCo contributed net sales of $17,788 and operating income of $1,555 to the Company’s consolidated results for the period from August 12, 2022 through December 31, 2022.

The table below summarizes the Company’s results as though the VanHooseCo acquisition had been completed on January 1, 2022. Certain of VanHooseCo’s historical amounts were reclassified to conform to the Company’s financial presentation of operations, which included recording inventory and property, plant, and equipment at fair market value, to establish intangible assets, to remove deferred compensation expense, and to include interest expense for the additional borrowings. The following unaudited pro forma information is provided for informational purposes only, and they are not necessarily indicative of future consolidated results of operations.


	Year Ended December 31,
		2022

		Unaudited
Net sales		$	522,997
Net (loss) income attributable to L.B. Foster Company		(44,564)
Diluted (loss) earnings per share
As reported		$	(4.25)
Pro forma		$	(4.16)


Allocation of purchase price	VanHooseCo		Skratch
Current assets, net of cash acquired on the acquisition date	$	11,138	$	1,129
Property, plant, and equipment	30,410		174
Goodwill	8,463		5,549
Other intangibles	5,442		1,750
Liabilities assumed	(3,307)		(1,200)
Total	$	52,146	$	7,402

The following table summarizes estimates of the fair values of the VanHooseCo and Skratch identifiable intangible assets acquired:


	VanHooseCo			Skratch
Identifiable intangible assets	Weighted Average Amortization Period In Years	Net Carrying Amount		Weighted Average Amortization Period In Years	Net Carrying Amount
Non-compete agreements	0	$	—	1	$	27
Customer relationships	5	3,578		3	1,349
Trademarks and trade names	10	1,537		10	374
Favorable lease	6	327		0	—
Total		$	5,442		$	1,750

The Company made an allocation of the purchase price for the VanHooseCo and Skratch acquisitions as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These fair value measurements are classified as Level 3 in the fair value hierarchy. See Note 16 for a description of the fair value hierarchy. There were no material purchase accounting adjustments made in 2023 as the Company finalized purchase accounting within the allowable measurement period.

Divestiture Summary

On August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada. Cash proceeds from the transaction were $7,795, subject to indemnification obligations and working capital adjustments, resulting in a pre-tax loss of $467. The Track Components business was reported in the Rail Products business unit within the Rail segment.

On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, located in Willis, TX. Cash proceeds from the transaction were $5,344, subject to final working capital adjustments, resulting in a pre-tax loss of $2,065. The Chemtec business was reported in the Steel Products business unit within the Infrastructure segment.

On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated, located in Spokane, WA. Cash proceeds from the transaction were $2,362, subject to final working capital adjustments, generating a pre-tax loss of $1,009. The Ties business was reported in the Rail Products business unit within the Rail segment.

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term deposits	$ 0	$ 17
Interest rate swaps	$ 1,225	$ 1,930
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Interest rate swaps	Interest rate swaps
Total assets	$ 1,225	$ 1,947
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term deposits	0	17
Interest rate swaps	0	0
Total assets	0	17
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term deposits	0	0
Interest rate swaps	1,225	1,930
Total assets	1,225	1,930
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term deposits	0	0
Interest rate swaps	0	0
Total assets	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Long-Term Debt and Related Matters - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Revolving credit facility with an interest rate of 7.40% as of December 31, 2023 and 6.93% as of December 31, 2022	$ 55,060	$ 91,567
Lease obligations payable in installments through 2024 with a weighted average interest rate of 4.67% as of December 31, 2023 and 4.80% as of December 31, 2022	213	312
Total debt	55,273	91,879
Less: current maturities	(102)	(127)
Long-term portion	$ 55,171	$ 91,752
Interest rate on credit facility (percent)	7.40%	6.93%
Weighted average interest rate on debt (percent)	4.67%	4.80%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Leases - Estimated Annual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 4,082
2025	3,719
2026	3,175
2027	2,949
2028	2,145
2029 and thereafter	5,345
Operating lease, liability, payments, due	21,415
Interest	(6,510)
Total operating lease liabilities	14,905	$ 17,291
Finance Leases
2024	37
2025	136
2026	76
2027	5
2028	0
2029 and thereafter	0
Finance lease liability, payments, due	254
Interest	(41)
Total finance lease liabilities	$ 213	$ 312

Summary of Significant Accounting Policies - Revision Adjustment to Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,560	$ 2,882
Accounts receivable - net (Note 6)	53,484	82,455
Contract assets (Note 4)	29,489	33,613
Inventories - net (Note 7)	73,111	75,721
Other current assets	8,711	11,061
Total current assets	167,355	205,732
Property, plant, and equipment - net (Note 8)	75,579	85,344
Operating lease right-of-use assets - net (Note 9)	14,905	17,291
Other assets:
Goodwill (Note 5)	32,587	30,733	$ 20,152
Other intangibles - net (Note 5)	19,010	23,831
Other assets	2,965	2,379
TOTAL ASSETS	312,401	365,310
Current liabilities:
Accounts payable	39,500	48,782
Deferred revenue (Note 4)	12,479	19,452
Accrued payroll and employee benefits	16,978	10,558
Current portion of accrued settlement (Note 18)	8,000	8,000
Current maturities of long-term debt (Note 10)	102	127
Other accrued liabilities	17,442	16,192
Total current liabilities	94,501	103,111
Long-term debt (Note 10)	55,171	91,752
Deferred tax liabilities (Note 14)	1,232	3,109
Long-term operating lease liabilities (Note 9)	11,865	14,163
Other long-term liabilities	6,797	7,577
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111	111
Paid-in capital	43,111	41,303
Retained earnings	124,633	123,169
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)	(6,240)
Accumulated other comprehensive loss (Note 12)	(19,250)	(21,165)
Total L.B. Foster Company stockholders’ equity	142,111	137,178
Noncontrolling interest	724	420
Total stockholders’ equity	142,835	137,598	$ 183,610
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 312,401	$ 365,310
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,115,779	11,115,779
Common Stock, Shares, Outstanding	10,733,935	10,776,827
Treasury stock shares - at cost, common stock (in shares)	381,844	338,952
As Previously Reported
Current assets:
Cash and cash equivalents	$ 2,560
Accounts receivable - net (Note 6)	53,484
Contract assets (Note 4)	29,489
Inventories - net (Note 7)	73,496
Other current assets	8,961
Total current assets	167,990
Property, plant, and equipment - net (Note 8)	75,999
Operating lease right-of-use assets - net (Note 9)	14,905
Other assets:
Goodwill (Note 5)	32,587
Other intangibles - net (Note 5)	19,010
Other assets	2,715
TOTAL ASSETS	313,206
Current liabilities:
Accounts payable	40,305
Deferred revenue (Note 4)	12,479
Accrued payroll and employee benefits	16,978
Current portion of accrued settlement (Note 18)	8,000
Current maturities of long-term debt (Note 10)	102
Other accrued liabilities	17,442
Total current liabilities	95,306
Long-term debt (Note 10)	55,171
Deferred tax liabilities (Note 14)	1,232
Long-term operating lease liabilities (Note 9)	11,865
Other long-term liabilities	6,797
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111
Paid-in capital	43,111
Retained earnings	124,633
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)
Accumulated other comprehensive loss (Note 12)	(19,250)
Total L.B. Foster Company stockholders’ equity	142,111
Noncontrolling interest	724
Total stockholders’ equity	142,835
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	313,206
Adjustments
Current assets:
Cash and cash equivalents	0
Accounts receivable - net (Note 6)	0
Contract assets (Note 4)	0
Inventories - net (Note 7)	(385)
Other current assets	(250)
Total current assets	(635)
Property, plant, and equipment - net (Note 8)	(420)
Operating lease right-of-use assets - net (Note 9)	0
Other assets:
Goodwill (Note 5)	0
Other intangibles - net (Note 5)	0
Other assets	250
TOTAL ASSETS	(805)
Current liabilities:
Accounts payable	(805)
Deferred revenue (Note 4)	0
Accrued payroll and employee benefits	0
Current portion of accrued settlement (Note 18)	0
Current maturities of long-term debt (Note 10)	0
Other accrued liabilities	0
Total current liabilities	(805)
Long-term debt (Note 10)	0
Deferred tax liabilities (Note 14)	0
Long-term operating lease liabilities (Note 9)	0
Other long-term liabilities	0
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	0
Paid-in capital	0
Retained earnings	0
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	0
Accumulated other comprehensive loss (Note 12)	0
Total L.B. Foster Company stockholders’ equity	0
Noncontrolling interest	0
Total stockholders’ equity	0
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ (805)

Business Segments - Sales by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets
Net Sales	$ 543,744	$ 497,497
United States
Revenues from External Customers and Long-Lived Assets
Net Sales	463,936	378,339
Canada
Revenues from External Customers and Long-Lived Assets
Net Sales	24,925	38,489
United Kingdom
Revenues from External Customers and Long-Lived Assets
Net Sales	41,418	46,590
Other
Revenues from External Customers and Long-Lived Assets
Net Sales	$ 13,465	$ 34,079

- Definition

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards
Deferred tax asset valuation allowance	$ 40,125	$ 40,601
Operating loss carryforward, valuation allowance	3,761
Unremitted earnings of foreign subsidiary	50	625
Foreign earnings repatriated	1,000
Unrecognized tax benefit that would impact effective tax rate	307
Accrued interest and penalties	332	356
Domestic Tax Authority
Operating Loss Carryforwards
Operating loss carryforwards	103,108
Research tax credit carryforward, amount	1,678
State and local
Operating Loss Carryforwards
Operating loss carryforwards	10,137	$ 9,574
Foreign tax authority \| Secretariat of the Federal Revenue Bureau of Brazil
Operating Loss Carryforwards
Operating loss carryforwards	$ 18,202

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and interest rate swaps. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based on assumptions that use as inputs market-based parameters. The following section describes the valuation methodologies used by the Company to measure different financial instruments at fair value, including an indication of the level in the

fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the key inputs to the valuations and any significant assumptions.

Cash equivalents - Included within “Cash and cash equivalents” are investments in non-domestic term deposits. The carrying amounts approximate fair value because of the short maturity of the instruments.

SOFR-based interest rate swaps - To reduce the impact of interest rate changes on outstanding variable-rate debt, the Company amended and entered into forward-starting SOFR-based interest rate swaps, with notional values totaling $20,000 and $20,000 effective August 12, 2022 and August 31, 2022, respectively. The fair value of the interest rate swaps is based on market-observable forward interest rates and represents the estimated amount that the Company would pay to terminate the agreements. As such, the swap agreements are classified as Level 2 within the fair value hierarchy. As of December 31, 2023 and December 31, 2022, the interest rate swaps were recorded in “Other current assets” when the interest rate swaps’ fair market value are in an asset position and “Other accrued liabilities” when in a liability position within our Consolidated Balance Sheets.


	Fair Value Measurements as of December 31, 2023								Fair Value Measurements as of December 31, 2022
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Term deposits	$	—	$	—	$	—	$	—	$	17	$	17	$	—	$	—
Interest rate swaps	1,225		—		1,225		—		1,930		—		1,930		—
Total assets	$	1,225	$	—	$	1,225	$	—	$	1,947	$	17	$	1,930	$	—

The interest rate swaps that became effective August 2022 are accounted for as cash flow hedges and the objective of the hedges is to offset the expected interest variability on payments associated with the interest rate on our debt. The gains and losses related to the interest rate swaps are reclassified from “Accumulated other comprehensive loss” in our Consolidated Balance Sheets and included in “Interest expense - net” in our Consolidated Statements of Operations as the interest expense from our debt is recognized.

The Company accounted for $50,000 of interest rate swaps that became effective February 2017 as cash flow hedges. In the third quarter of 2020, the Company dedesignated the cash flow hedges and accounted for the $50,000 interest rate swaps on a mark-to-market basis with changes in fair value recorded in current period earnings. In connection with this dedesignation, the Company froze the balances recorded in “Accumulated other comprehensive loss” at June 30, 2020 and reclassified balances to earnings as the underlying physical transactions occurred, unless it was no longer probable that the physical transaction would occur at which time the related gains deferred in “Other Comprehensive Income” would be immediately recorded in earnings. The gains and losses related to the interest rate swaps were reclassified from “Accumulated other comprehensive loss” in the Consolidated Balance Sheets and included in “Interest expense - net” in the Consolidated Statements of Operations as the interest expense from the Company’s debt was recognized. These interest rate swaps expired February 2022.

For the years ended December 31, 2023 and 2022, the Company recognized interest income of $1,206 and $71, respectively, from interest rate swaps.

As a result of the dedesignation of the interest rate swaps, the Company recognized interest income of $157 from the change in fair value of the interest rate swaps in “Interest expense - net” in the Consolidated Statements of Operations for year ended December 31, 2022.

In accordance with the provisions of ASC 820, the Company measures certain nonfinancial assets and liabilities at fair value, which are recognized and disclosed on a nonrecurring basis. The gross carrying value of the Company’s revolving credit facility approximates fair value for the periods presented. Additional information regarding the revolving credit facility can be found in Note 10. Information regarding the fair value disclosures associated with the assets of the Company’s defined benefit plans can be found in Note 17.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022

Land	$	5,869	$	5,284
Improvements to land and leaseholds	19,404		19,956
Buildings	31,447		34,814
Machinery and equipment, including equipment under finance leases	118,190		123,806
Construction in progress	1,702		5,552
Gross property, plant, and equipment	176,612		189,412
Less: accumulated depreciation and amortization, including accumulated amortization of finance leases	(101,033)		(104,068)
Property, plant, and equipment - net	$	75,579	$	85,344

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	$ 142,111	$ 137,178
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	(19,250)	(21,165)
Pension and post-retirement benefit plan adjustments
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	(921)	(1,112)
Unrealized income on interest rate swap contracts
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	1,278	1,982
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	$ (19,607)	$ (22,035)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Balance Sheet Location

The balance sheet components of the leases were as follows as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	$	14,905	$	17,291
Other current liabilities	$	3,040	$	3,128
Long-term operating lease liabilities	11,865		14,163
Total operating lease liabilities	$	14,905	$	17,291
Finance leases
Property, plant, and equipment	$	1,317	$	1,442
Accumulated amortization	(1,104)		(1,130)
Property, plant, and equipment - net	$	213	$	312
Current maturities of long-term debt	$	102	$	127
Long-term debt	111		185
Total finance lease liabilities	$	213	$	312

Schedule of Components of Lease Cost

The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Finance lease cost:
Amortization of finance leases	$	186	$	177
Interest on lease liabilities	58		34
Operating lease cost	3,448		2,891
Sublease income	(200)		(200)
Total lease cost	$	3,492	$	2,902

The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(4,113)	$	(3,440)

Financing cash flows from finance leases	(214)		(164)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	404	$	5,257

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:


	December 31,
	2023		2022
Operating lease weighted-average remaining lease term	6		7
Operating lease weighted-average discount rate	5.2	%	5.2	%
Finance lease weighted-average remaining lease term	2		2
Finance lease weighted-average discount rate	3.6	%	3.7	%

Schedule of Lessee, Operating Lease, Liability, Maturity

As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	4,082	$	37
2025	3,719		136
2026	3,175		76
2027	2,949		5
2028	2,145		—
2029 and thereafter	5,345		—
	21,415		254
Interest	(6,510)		(41)
Total	$	14,905	$	213

Schedule of Finance Lease, Liability, Maturity

As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	4,082	$	37
2025	3,719		136
2026	3,175		76
2027	2,949		5
2028	2,145		—
2029 and thereafter	5,345		—
	21,415		254
Interest	(6,510)		(41)
Total	$	14,905	$	213

Stock-based Compensation - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2022	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation			$ 4,179,000	$ 2,380,000
Expected cost on shares expected to vest			$ 5,457,000
Recognition period for compensation expense not yet recognized			2 years 3 months 18 days
Weighted average shares granted (usd per share)			$ 11.78	$ 14.88
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			0	5,730
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			3 years
Granted (in shares)			181,914	125,582
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			3 years
Granted (in shares)			367,558	110,600
Restricted Stock And Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation			$ 3,711,000	$ 1,683,000
Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			1 year
Director \| Fully Vested and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation			$ 468,000	$ 697,000
Granted (in shares)			39,312	45,840
Weighted average shares granted (usd per share)			$ 13.00	$ 13.09
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation, number of shares authorized (in shares)			2,058,000
Omnibus Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Performance based incentive stock award retention program period		5 years
Share-based payment award, maximum number of shares per employee (in shares)		3,333
Omnibus Plan \| Performance Stock Units \| Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment award vesting rights, percentage		50.00%
Share-based payment award, maximum number of shares per employee (in shares)		1,666
Target share price (usd per share)		$ 25.00
Omnibus Plan \| Performance Stock Units \| Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment award vesting rights, percentage		50.00%
Share-based payment award, maximum number of shares per employee (in shares)		1,666
Target share price (usd per share)		$ 30.00
Equity and Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation, number of shares authorized (in shares)			765,000
Equity and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation, number of shares authorized (in shares)			854,077
Equity and Incentive Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Performance based incentive stock award retention program period	4 years
Equity and Incentive Plan \| Performance Stock Units \| Achievement of EBITDA Margin
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment award vesting rights, percentage	50.00%
Equity and Incentive Plan \| Performance Stock Units \| Company's stock price
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment award vesting rights, percentage	50.00%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation, number of shares authorized (in shares)			89,077
Omnibus Plan and Equity and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation			$ 0	$ 0
Shares granted in period (in shares)			0	0
Omnibus Plan and Equity and Incentive Plan \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment award vesting rights, percentage			25.00%
Omnibus Plan and Equity and Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance based incentive stock award retention program period			10 years
Omnibus Plan and Equity and Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			1 year

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,299	$ (45,677)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes	(1,852)	35,785
Depreciation	9,949	8,635
Amortization	5,314	6,144
Asset impairments	0	8,016
Equity income in nonconsolidated investment	(51)	(74)
Gain on sales and disposals of property, plant, and equipment	(459)	(177)
Stock-based compensation	4,179	2,380
Loss on asset divestitures	3,074	214
Change in operating assets and liabilities:
Accounts receivable	27,367	(25,061)
Contract assets	1,797	(540)
Inventories	(6,604)	(11,798)
Other current assets	1,372	3,555
Other noncurrent assets	(403)	(2,136)
Accounts payable	(4,558)	10,066
Deferred revenue	(2,850)	4,649
Accrued payroll and employee benefits	6,364	1,225
Accrued settlement	(8,000)	(8,000)
Other current liabilities	2,555	876
Other liabilities	(1,537)	1,342
Net cash provided by (used in) operating activities	36,956	(10,576)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment	539	267
Capital expenditures on property, plant, and equipment	(4,513)	(7,633)
Acquisitions, net of cash acquired	(1,246)	(57,852)
Proceeds from asset divestiture	7,706	8,800
Net cash provided by (used in) investing activities	2,486	(56,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt	(208,668)	(188,437)
Proceeds from debt	171,408	249,269
Debt issuance costs	0	(182)
Treasury stock acquisitions	(2,625)	(410)
Consideration received from noncontrolling interest	589	0
Net cash (used in) provided by financing activities	(39,296)	60,240
Effect of exchange rate changes on cash and cash equivalents	(468)	(736)
Net decrease in cash and cash equivalents	(322)	(7,490)
Cash and cash equivalents at beginning of period	2,882	10,372
Cash and cash equivalents at end of period	2,560	2,882
Supplemental disclosure of cash flow information:
Net interest paid	5,454	2,701
Net income taxes received	$ (221)	$ (5,007)

Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,393
2025	2,922
2026	2,331
2027	1,989
2028	1,519
2029 and thereafter	5,856
Net Carrying Amount	$ 19,010	$ 23,831

Acquisitions and Divestitures - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Diluted (loss) earnings per share, As reported (usd per share)	$ 0.13	$ (4.25)
VanHooseCo
Business Acquisition [Line Items]
Net sales	$ 522,997
Net (loss) income attributable to L.B. Foster Company	$ (44,564)
Diluted (loss) earnings per share, As reported (usd per share)	$ (4.25)
Diluted (loss) earnings per share, Pro forma (usd per share)	$ (4.16)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Income Taxes - Significant Components Of Deferred Tax Liabilities And Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Goodwill and other intangibles	$ 1,762	$ 8,099
Accrued settlement	2,001	3,915
Deferred compensation	4,127	2,396
Contingent liabilities	600	613
Net operating loss / tax credit carryforwards	36,217	30,812
Pension and post-retirement liability	149	297
Inventories	852	1,790
Warranty reserve	146	202
Accounts receivable	201	181
Interest deduction carryforward	1,882	775
Capitalized research expenditures	1,599	1,292
Other	680	644
Total deferred tax assets	50,216	51,016
Less: valuation allowance	(40,125)	(40,601)
Net deferred tax assets	10,091	10,415
Deferred tax liabilities:
Goodwill and other intangibles	(2,181)	(2,803)
Depreciation	(8,596)	(9,434)
Unrealized income on interest rate swap contracts	(306)	(472)
Unremitted earnings of foreign subsidiaries	(50)	(625)
Other	(190)	(166)
Total deferred tax liabilities	(11,323)	(13,500)
Net deferred tax (liabilities) assets	$ (1,232)	$ (3,085)

Accounts Receivable - Allowance for Doubtful Accounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 813
Current period provision	1,020
Write-off against allowance	(1,024)
Allowance for credit losses, ending balance	$ 809

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill, beginning balance	$ 30,733	$ 20,152
Acquisitions	1,336	13,770
Foreign currency translation impact	518	(178)
Impairment charges		(3,011)
Goodwill, ending balance	32,587	30,733
Rail, Technologies, and Services
Goodwill
Goodwill, beginning balance	19,948	14,577
Acquisitions	0	5,549
Foreign currency translation impact	518	(178)
Impairment charges		0
Goodwill, ending balance	20,466	19,948
Infrastructure Solutions
Goodwill
Goodwill, beginning balance	10,785	5,575
Acquisitions	1,336	8,221
Foreign currency translation impact	0	0
Impairment charges		(3,011)
Goodwill, ending balance	$ 12,121	$ 10,785

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stockholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Equity [Abstract]
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,115,779	11,115,779
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Shares paid for tax withholding (in shares)	24,886	27,636
Shares paid for tax withholding	$ 315,000	$ 410,000
Authorized repurchase			$ 15,000,000
Authorized repurchase, annual limitation			$ 5,000,000
Repurchased common stock (in shares)	134,208
Stock repurchased during period, value	$ 2,310,000
Dividends declared	$ 0	$ 0

Long-Term Debt and Related Matters - Schedule of Long Term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 102
2025	99
2026	55,072
2027	0
2028	0
2029 and thereafter	0
Total debt	$ 55,273	$ 91,879

Leases - Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease weighted-average remaining lease term	6 years	7 years
Operating lease weighted-average discount rate	5.20%	5.20%
Finance lease weighted-average remaining lease term	2 years	2 years
Finance lease weighted-average discount rate	3.60%	3.70%

Retirement Plans - Plan Asset Investment Allocation Percentage (Details) - Pension Plan	Dec. 31, 2023	Dec. 31, 2022
United States
Asset Category
Percentage of Plan assets	100.00%	100.00%
United States \| Cash and cash equivalents
Asset Category
Percentage of Plan assets	4.00%	6.00%
United States \| Cash and cash equivalents \| Minimum
Asset Category
Target percentage of plan assets	0.00%
United States \| Cash and cash equivalents \| Maximum
Asset Category
Target percentage of plan assets	20.00%
United States \| Total fixed income funds
Asset Category
Percentage of Plan assets	33.00%	7.00%
United States \| Total fixed income funds \| Minimum
Asset Category
Target percentage of plan assets	25.00%
United States \| Total fixed income funds \| Maximum
Asset Category
Target percentage of plan assets	50.00%
United States \| Total mutual funds and equities
Asset Category
Percentage of Plan assets	63.00%	87.00%
United States \| Total mutual funds and equities \| Minimum
Asset Category
Target percentage of plan assets	35.00%
United States \| Total mutual funds and equities \| Maximum
Asset Category
Target percentage of plan assets	70.00%
United Kingdom \| Cash and cash equivalents \| Maximum
Asset Category
Target percentage of plan assets	100.00%
United Kingdom \| Equity securities \| Maximum
Asset Category
Target percentage of plan assets	100.00%
United Kingdom \| Commercial property \| Maximum
Asset Category
Target percentage of plan assets	50.00%
United Kingdom \| UK Government securities \| Maximum
Asset Category
Target percentage of plan assets	50.00%

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands		12 Months Ended
	Mar. 13, 2019 USD ($)	Dec. 31, 2023 USD ($) party	Dec. 31, 2018 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 26, 2020 party	Jun. 05, 2017 company
Product Liability Contingency
Current portion of accrued settlement		$ 8,000		$ 8,000
Long-term portion of accrued settlement (Note 18)		0		$ 8,000
Number of companies receiving general notice letter \| company							140
Present value or proposed remedial work		1,100,000
Undiscovered remedial work		$ 1,700,000
Remedial work anticipated clean up period		13 years
Number of potentially responsible parties included in agreement \| party		100
Number of parties required to perform remedial design work \| party						2
UPRR
Product Liability Contingency
Purchase commitment	$ 48,000
Annual commitment amount	8,000				$ 6,000
UPRR
Product Liability Contingency
Litigation settlement amount	50,000
Litigation settlement amount, current	2,000
Litigation settlement amount, non-current	$ 48,000
Litigation settlement installment payment term	6 years
Estimated litigation liability, payment due year one		$ 8,000
Amounts reclassified to accrued settlement	$ 6,600
Legal fees			$ 43,400

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-based Compensation

The Company applies the provisions of ASC 718, “Compensation - Stock-based Compensation,” to account for the Company’s stock-based compensation. Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service period. Stock forfeitures and cancellations are recognized as they occur.

The Company recorded stock-based compensation expense of $4,179 and $2,380 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, unrecognized compensation expense for awards that the Company expects to vest approximated $5,457. The Company will recognize this unrecognized compensation expense over approximately 2.3 years.

Shares issued as a result of vested stock-based compensation generally will be from previously issued shares that have been reacquired by the Company and held as treasury stock or authorized but previously unissued common stock.

As of December 31, 2023, the Company had stock awards issued pursuant to the Omnibus Plan and the Equity and Incentive Plan. The Omnibus Plan allowed for the issuance of 2,058,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Equity and Incentive Plan allows for the issuance of 854,077 shares of common stock, which includes 765,000 shares that were authorized under the Equity and Incentive Compensation Plan and 89,077 shares remaining available for the Omnibus Incentive Plan, through the granting of stock options or stock awards (including performance units and restricted stock units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The total number of shares of common stock available for issuance, including shares that were forfeited, cancelled, expired, settled for cash, or unearned under the Omnibus Plan, were available for awards under the Equity and Incentive Plan as of its approval date. The Omnibus Plan and Equity and Incentive Plan provide for the granting of “nonqualified options” with a duration of not more than ten years from the date of grant. The Omnibus Plan and Equity and Incentive Plan also provide that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. No stock options have been granted under the Omnibus Plan or Equity and Incentive Plan and, as such, there was no stock-based compensation expense related to stock options recorded in 2023 and 2022.

Non-Employee Director Fully-Vested and Restricted Stock Awards

Since May 2018, non-employee directors have been awarded shares of the Company’s common stock on each date the non-employee directors were elected at the annual shareholders’ meeting to serve as directors, subject to a one-year vesting requirement. During the quarter ended June 30, 2017, the Nomination and Governance Committee and Board of Directors jointly approved the Deferred Compensation Plan for Non-Employee Directors under the Omnibus Plan and, by amendment, under the Equity and Incentive Compensation Plan, which permits non-employee directors of the Company to defer receipt of earned cash and/or stock compensation for service on the Board.

During 2023 and 2022, the non-employee directors were granted a total of 39,312 and 45,840 restricted shares, respectively, which fully-vested as of December 31, 2023 and 2022, respectively. Compensation expense recorded by the Company related to such awards to non-employee directors was approximately $468 and $697 for the years ended December 31, 2023 and 2022, respectively. During 2023, no deferred share units were allotted to the accounts of the non-employee directors pursuant to the Deferred Compensation Plan for Non-Employee Directors.

The weighted average fair value of all the restricted stock grants awarded was $13.00 and $13.09 per share for the years ended December 31, 2023 and 2022, respectively.

Restricted Stock Awards and Performance Unit Awards

Under the Equity and Incentive Plan and Omnibus Plan, the Company grants certain employees restricted stock and performance unit awards. The forfeitable restricted stock awards granted generally time-vest ratably over a three-year period, unless indicated otherwise by the underlying restricted stock award agreement. Performance unit awards are offered annually under separate three-year long-term incentive programs, unless indicated otherwise by the underlying performance unit award agreement. Performance units are subject to forfeiture and will be converted into common stock based upon the Company’s performance relative to performance measures and conversion multiples as defined in the underlying program. If the Company’s estimate of the number of performance stock awards expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change is recognized in the current period for the performance unit awards and would change future expense over the remaining service period.

The following table summarizes the restricted stock award, deferred stock units, and performance unit award activity for the years ended December 31, 2023 and 2022:


	Restricted Stock	Deferred Stock Units	Performance Stock Units	Weighted Average Aggregate Grant Date Fair Value





Outstanding as of January 1, 2022	135,704	74,950	116,571	$	19.75
Granted	125,582	5,730	110,600	14.88
Vested	(86,613)	(34,412)	(13,095)	17.98
Adjustment for incentive awards	—	—	(105,598)	16.67
Canceled and forfeited	(500)	—	—	18.57
Outstanding as of December 31, 2022	174,173	46,268	108,478	17.77
Granted	181,914	—	367,558	11.78
Vested	(88,367)	(33,864)	—	15.97
Adjustment for incentive awards	—	—	84,302	13.75
Canceled and forfeited	(2,750)	—	—	14.46
Outstanding as of December 31, 2023	264,970	12,404	560,338	$	14.10

Commencing in 2022, Performance Stock Units may be earned annually during each year of the three year program and converted into restricted stock units which settle in common stock at the end of each three year period. Performance Stock Units are adjusted to the Company’s expected performance target attainment, while the weighted average aggregate grant date fair value in the above table is based upon achieving 100% of the performance targets as defined in the underlying plan.

In June 2022, under the Equity and Incentive Plan, the Company approved the Strategy Transformation Plan performance-based incentive stock award to incentivize key personnel for the strategic transformation of the Company. Under the four-year program, participants shall be eligible for a performance stock unit award of Company common stock with 50% of the shares earned based on the achievement of EBITDA Margin and 50% of the shares earned based on the Company’s stock price for the projected payout.

In February 2021, under the Omnibus Plan, the Company established a performance-based incentive stock award retention program to incentivize and retain key personnel during the COVID-19 pandemic by driving stock price. Under this five-year program, participants have the opportunity to earn up to 3,333 shares of Company common stock. The first 50% of the shares (1,666 shares) are earned based on achievement of a consecutive thirty (30) day average NASDAQ closing price of $25.00. The second 50% of the shares (1,666 shares) are earned based on achievement of a consecutive thirty (30) day average NASDAQ closing price of $30.00. The value of any shares awarded will be determined using a Monte Carlo methodology for the projected payout. No shares earned are paid prior to March 1, 2024, and the program and opportunity to earn the shares expires on February 28, 2026.

Excluding the restricted stock awards granted to non-employee directors, the Company recorded stock-based compensation expense of $3,711 and $1,683, respectively, for the periods ended December 31, 2023 and 2022 related to restricted stock and performance unit awards.

Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 54,293	$ 83,268
Allowance for credit losses	(809)	(813)
Accounts receivable - net	$ 53,484	$ 82,455

Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Gross property, plant, and equipment	$ 176,612,000	$ 189,412,000
Less: accumulated depreciation and amortization, including accumulated amortization of finance leases	(101,033,000)	(104,068,000)
Property, plant, and equipment - net	75,579,000	85,344,000
Depreciation	9,949,000	8,635,000
Impairments of property, plant, and equipment	0	0
Land
Property, Plant and Equipment
Gross property, plant, and equipment	5,869,000	5,284,000
Improvements to land and leaseholds
Property, Plant and Equipment
Gross property, plant, and equipment	19,404,000	19,956,000
Buildings
Property, Plant and Equipment
Gross property, plant, and equipment	31,447,000	34,814,000
Machinery and equipment, including equipment under finance leases
Property, Plant and Equipment
Gross property, plant, and equipment	118,190,000	123,806,000
Construction in progress
Property, Plant and Equipment
Gross property, plant, and equipment	$ 1,702,000	$ 5,552,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities.

The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of December 31, 2023, its leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year.

The balance sheet components of the leases were as follows as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	$	14,905	$	17,291
Other current liabilities	$	3,040	$	3,128
Long-term operating lease liabilities	11,865		14,163
Total operating lease liabilities	$	14,905	$	17,291
Finance leases
Property, plant, and equipment	$	1,317	$	1,442
Accumulated amortization	(1,104)		(1,130)
Property, plant, and equipment - net	$	213	$	312
Current maturities of long-term debt	$	102	$	127
Long-term debt	111		185
Total finance lease liabilities	$	213	$	312

The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Finance lease cost:
Amortization of finance leases	$	186	$	177
Interest on lease liabilities	58		34
Operating lease cost	3,448		2,891
Sublease income	(200)		(200)
Total lease cost	$	3,492	$	2,902

The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(4,113)	$	(3,440)

Financing cash flows from finance leases	(214)		(164)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	404	$	5,257

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:


	December 31,
	2023		2022
Operating lease weighted-average remaining lease term	6		7
Operating lease weighted-average discount rate	5.2	%	5.2	%
Finance lease weighted-average remaining lease term	2		2
Finance lease weighted-average discount rate	3.6	%	3.7	%

As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	4,082	$	37
2025	3,719		136
2026	3,175		76
2027	2,949		5
2028	2,145		—
2029 and thereafter	5,345		—
	21,415		254
Interest	(6,510)		(41)
Total	$	14,905	$	213

Leases

The balance sheet components of the leases were as follows as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Operating leases
Operating lease right-of-use assets	$	14,905	$	17,291
Other current liabilities	$	3,040	$	3,128
Long-term operating lease liabilities	11,865		14,163
Total operating lease liabilities	$	14,905	$	17,291
Finance leases
Property, plant, and equipment	$	1,317	$	1,442
Accumulated amortization	(1,104)		(1,130)
Property, plant, and equipment - net	$	213	$	312
Current maturities of long-term debt	$	102	$	127
Long-term debt	111		185
Total finance lease liabilities	$	213	$	312

The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Finance lease cost:
Amortization of finance leases	$	186	$	177
Interest on lease liabilities	58		34
Operating lease cost	3,448		2,891
Sublease income	(200)		(200)
Total lease cost	$	3,492	$	2,902

The cash flow components of the leases were as follows for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(4,113)	$	(3,440)

Financing cash flows from finance leases	(214)		(164)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	404	$	5,257

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:


	December 31,
	2023		2022
Operating lease weighted-average remaining lease term	6		7
Operating lease weighted-average discount rate	5.2	%	5.2	%
Finance lease weighted-average remaining lease term	2		2
Finance lease weighted-average discount rate	3.6	%	3.7	%

As of December 31, 2023, estimated annual maturities of lease liabilities for the year ending December 31, 2024 and thereafter were as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	4,082	$	37
2025	3,719		136
2026	3,175		76
2027	2,949		5
2028	2,145		—
2029 and thereafter	5,345		—
	21,415		254
Interest	(6,510)		(41)
Total	$	14,905	$	213

Other Expense (Income) - net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expense (Income) - net

The following table summarizes the Company’s other expense (income) - net for the years ended December 31, 2023 and 2022:


	2023		2022
Loss on the sale of Chemtec (a)	$	2,065	$	—

Loss on the sale of Concrete Ties (b)	1,009		—
Gain on Piling Products division asset sale (c)	—		(489)
Insurance proceeds (d)	(215)		(790)
Loss on the sale of Track Components (e)	—		467
Costs recovered from environmental cleanup activities (f)	—		(325)
Foreign currency losses	77		434
Other	(301)		(847)
Other expense (income) - net	$	2,635	$	(1,550)

b.On June 30, 2023, the Company sold substantially all the operating assets of the Ties business, located in Spokane, WA, generating a $1,009 loss on the sale.

c.On September 27, 2021, the Company announced it completed the sale of its Piling Products division to J.D. Fields & Company, Inc., resulting in a pre-tax gain of $489 in 2022.

d.In 2023 and 2022, the Company received $215 and $790, respectively, in insurance proceeds.

f.In 2022, the Company received $325 to recover costs associated with environmental cleanup activities in a formerly leased property in Magnolia, TX.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Total net sales (Note 4)		$ 543,744	$ 497,497
Total cost of sales		431,700	407,886
Gross profit		112,044	89,611
Selling and administrative expenses		97,623	82,657
Amortization expense (Note 5)		5,314	6,144
Goodwill and long-lived assets impairment charges (Note 5)	$ 4,883	0	8,016
Operating income (loss)		9,107	(7,206)
Interest expense - net		5,528	3,340
Other expense (income) - net (Note 19)		2,635	(1,550)
Income (loss) before income taxes		944	(8,996)
Income tax (benefit) expense (Note 14)		(355)	36,681
Net income (loss)		1,299	(45,677)
Net loss attributable to noncontrolling interest		(165)	(113)
Net income (loss) attributable to L.B. Foster Company		$ 1,464	$ (45,564)
Basic earnings (loss) per common share (usd per share)		$ 0.14	$ (4.25)
Diluted earnings (loss) per common share (usd per share)		$ 0.13	$ (4.25)
Basic weighted average shares outstanding (in shares)		10,799,000	10,720,000
Diluted weighted average shares outstanding (in shares)		10,995,000	10,720,000
Sales of goods
Total net sales (Note 4)		$ 475,350	$ 436,821
Total cost of sales		368,197	355,106
Sales of services
Total net sales (Note 4)		68,394	60,676
Total cost of sales		$ 63,503	$ 52,780

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Purchase of common shares for treasury (in shares)	134,208
Common shares issues net of shares withheld (in shares)	91,316	106,484

- Definition

+ References + Details

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory is valued at average cost or net realizable value, whichever is lower. The Company’s components of inventory as of December 31, 2023 and 2022 are summarized in the following table:


	December 31,
	2023		2022

Finished goods	$	44,518	$	41,431

Work-in-process	4,675		9,693
Raw materials	23,918		24,597
Inventories - net	$	73,111	$	75,721

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization, operations, and basis of consolidation

The Consolidated Financial Statements include the accounts of L.B. Foster Company and its wholly-owned subsidiaries, joint ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists.

L.B. Foster Company (together with its subsidiaries, the “Company”) is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two (previously three) operating segments, representing the individual businesses that are run separately under the new structure: Rail, Technologies, and Services (“Rail”) and Infrastructure Solutions (“Infrastructure”). The Rail segment is comprised of several manufacturing and distribution businesses that provide a variety of products and services for freight and passenger railroads and industrial companies throughout the world. The Infrastructure segment is composed of nine operating facilities across the US providing engineered precast concrete solutions, as well as fabricated bridge, protective pipe coating, and pipe threading offerings across North America.

On November 17, 2023, the Company acquired the operating assets of Cougar Mountain Precast, LLC (“Cougar”), located in Caldwell, Idaho, which is a licensed manufacturer of Redi-Rock and natural concrete products for $1,644, subject to working capital adjustments and hold back payments, to be paid over the next twelve months or utilized to satisfy post-close working capital adjustments or indemnity claims. Cougar has been included in the Infrastructure segment.

On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line and expects to complete any remaining customer obligations in 2024. The grid deck product line is reported in the Bridge Products business unit within the Infrastructure segment.

On June 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated (“Ties”), located in Spokane, WA, for $2,362 in proceeds, subject to final working capital adjustments. The Ties business was reported in the Rail Products business unit within the Rail segment.

On March 30, 2023, the Company sold substantially all the operating assets of its Precision Measurement Products and Systems business, Chemtec Energy Services LLC (“Chemtec”), for $5,344 in proceeds, subject to final working capital adjustments. The Chemtec business was reported in the Coatings and Measurement business unit within the Infrastructure segment.

On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. (“Skratch”) for $7,402, which is inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment.

On August 1, 2022 the Company divested the assets of its Track Components business for $7,795 in cash proceeds, subject to indemnification obligations and working capital adjustments. The Track Components business was reported in the Rail Products business unit within the Rail segment.

On August 12, 2022, the Company acquired the operating assets of VanHooseCo Precast LLC (“VanHooseCo”) for $52,146, net of cash acquired at closing, subject to the finalization of net working capital adjustments. An amount equal to $2,500 of the purchase price was deposited into an escrow account to cover breaches of representations and warranties, all of which was released from escrow as of December 31, 2023. VanHooseCo has been included in the Company’s Infrastructure segment.

Use of estimates

The preparation of financial statements in conformity with US generally accepted accounting principles (“US GAAP”) requires management to make estimates, judgements, and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and changes in these estimates are recorded when known.

Significant accounting policies

Cash and cash equivalents

The Company considers cash and other instruments with maturities of three months or less when purchased to be cash and cash equivalents. The Company invests available funds in a manner to preserve investment principal and maintain liquidity. Cash and cash equivalents held in non-domestic accounts were $2,193 and $2,012 as of December 31, 2023 and 2022, respectively.

Accounts Receivable

Trade receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus trade receivables do not bear interest. Credit is extended based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices.

Inventory

Inventory is valued at the lower of average cost or net realizable value. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, inventory turnover, and the age of the inventory. Inventory costs include materials, direct labor, manufacturing overhead, and other direct costs.

Property, plant, and equipment

Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 10 to 41 years for buildings and 2 to 50 years for machinery and equipment. Leasehold improvements are amortized over 4 to 19 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within “Cost of goods sold,” “Cost of services sold,” and “Selling and administrative expenses” on the Consolidated Statements of Operations based upon the particular asset’s use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no material property, plant, and equipment impairments recorded for the years ended December 31, 2023 and 2022.

Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon the sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in “Other expense (income) - net” in the Consolidated Statements of Operations.

Allowance for credit losses

The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns, bad debt expense experience, expected future trends of collections, current and expected market conditions, and any other relevant subjective adjustments as needed. Management maintains high-quality credit review practices and positive customer relationships that mitigate credit risks. The Company’s reserves are regularly reviewed and revised as necessary. Reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Consolidated Statements of Operations.

The Company has also established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets.

Goodwill and other intangible assets

Goodwill is the cost of an acquisition less the fair value of the identifiable net assets of the acquired business. Goodwill is tested annually for impairment or more often if there are indicators of impairment within a reporting unit. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. There was no change to the reporting units as a result of the 2023 change in reporting segments. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the excess amount up to the goodwill balance is recorded as a component of operations. The Company performs its annual impairment tests in the fourth quarter.

The Company’s fourth quarter 2023 annual test included the assessment of a quantitative analysis to determine whether it was more likely than not that the fair value of each reporting unit is less than its carrying value. The quantitative assessment considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s quantitative analysis considered and evaluated each of the three traditional approaches to value: the income approach, the market approach, and the asset approach. The Company uses a combination of a discounted cash flow method and a market approach to determine the fair values of the reporting units. Any impairment charges are based on both historic and future expected business results that no longer support the carrying value of the reporting unit. The Company also monitors the recoverability of the long-lived assets associated with the asset groups of the Company and the long-term financial projections of the businesses to assess for asset impairment.

The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their estimated useful lives.

Environmental remediation and compliance

Environmental remediation costs are accrued when a liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations.

Revenue recognition

The Company’s revenues are comprised of product and service sales, including products and services provided under long-term agreements with its customers. All revenue is recognized when the Company satisfies its performance obligations under the respective contract, either implicit or explicit, by transferring the promised product or rendering a service to its customer either when or as its customer obtains control of the product or the service is rendered. Deferred revenue consists of customer billings or payments received for which the revenue recognition criteria have not yet been met as well as contract liabilities (billings in excess of costs) on over time contracts. Advance payments from customers typically relate to contracts for which the Company has significantly fulfilled its obligations, but due to the Company’s continuing involvement with the project, revenue is precluded from being recognized until the performance obligation is met for the customer.

Product warranty

The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Company’s historical warranty experience. As of December 31, 2023 and 2022, the product warranty reserve was $688 and $870, respectively.

Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company has also elected to record income taxes associated with global intangible low-taxed income (“GILTI”) as period costs if and when incurred.

The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by the FASB’s ASC 740, “Income Taxes” and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company has concluded that for purposes of quantifying valuation allowances, it would be appropriate to consider the reversal of taxable temporary differences related to indefinite-lived intangible assets when assessing the realizability of deferred tax assets that upon reversal, would give rise to operating losses that do not expire.

The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes.

Foreign currency translation

The assets and liabilities of the Company’s foreign subsidiaries are measured using the local currency as the functional currency and are translated into US dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of “Accumulated other comprehensive loss” within the Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in “Other income or expense.” For the years ended December 31, 2023 and 2022, foreign currency transaction loss of $77 and $434, respectively, were included in “Other expense (income) - net” in the Consolidated Statements of Operations.

Research and development

The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2023 and 2022, research and development expenses were $2,555 and $2,219, respectively, and were principally related to the Company’s friction management and railroad monitoring system products within the Rail segment.

Reclassifications

Certain accounts in the prior year Consolidated Financial Statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period, including the changes in business segments.

Recently issued accounting guidance

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires enhanced disclosures regarding significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included in each reported measure of segment operating income or loss, including an amount for “other segment items” by reportable segment and a description of its composition. ASU 2023-07 also requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses reported measures of segment operating income or loss to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company expects ASU 2023-07 to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but expects this ASU to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows.

Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements

The Company identified an immaterial error related to the classification of $1,403 in exit costs associated with the discontinuation of the Company’s Bridge Products grid deck product line (“Bridge Exit Costs”) that were erroneously included in “Other expense (income) - net” and excluded from the Company’s “Operating income” as presented in the Company’s Consolidated Statement of Operations for the year ended December 31, 2023, due to the inappropriate application of US GAAP. As such, the Company’s Consolidated Statement of Operations for the year ended December 31, 2023 is being revised. Additionally, other immaterial errors that were previously identified and concluded as immaterial, individually and in the aggregate, were corrected in this Amended Form 10-K.

The following presents the effects of the immaterial error corrections on the Company's previously issued Consolidated Financial Statements as of and for the year ended December 31, 2023:

Consolidated Balance Sheet


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
ASSETS
Current assets:
Cash and cash equivalents	$	2,560	$	—	$	2,560
Accounts receivable - net (Note 6)	53,484		—		53,484
Contract assets (Note 4)	29,489		—		29,489
Inventories - net (Note 7)	73,496		(385)		73,111

Other current assets	8,961		(250)		8,711

Total current assets	167,990		(635)		167,355
Property, plant, and equipment - net (Note 8)	75,999		(420)		75,579
Operating lease right-of-use assets - net (Note 9)	14,905		—		14,905
Other assets:
Goodwill (Note 5)	32,587		—		32,587
Other intangibles - net (Note 5)	19,010		—		19,010


Other assets	2,715		250		2,965

TOTAL ASSETS	$	313,206	$	(805)	$	312,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,305	$	(805)	$	39,500
Deferred revenue (Note 4)	12,479		—		12,479
Accrued payroll and employee benefits	16,978		—		16,978

Current portion of accrued settlement (Note 18)	8,000		—		8,000
Current maturities of long-term debt (Note 10)	102		—		102
Other accrued liabilities	17,442		—		17,442

Total current liabilities	95,306		(805)		94,501
Long-term debt (Note 10)	55,171		—		55,171
Deferred tax liabilities (Note 14)	1,232		—		1,232

Long-term operating lease liabilities (Note 9)	11,865		—		11,865
Other long-term liabilities	6,797		—		6,797

Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111		—		111
Paid-in capital	43,111		—		43,111
Retained earnings	124,633		—		124,633
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)		—		(6,494)
Accumulated other comprehensive loss (Note 12)	(19,250)		—		(19,250)
Total L.B. Foster Company stockholders’ equity	142,111		—		142,111
Noncontrolling interest	724		—		724
Total stockholders’ equity	142,835		—		142,835
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	313,206	$	(805)	$	312,401

Consolidated Statement of Operations


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised

Sales of goods	$	475,350	$	—	$	475,350
Sales of services	68,394		—		68,394
Total net sales (Note 4)	543,744		—		543,744
Cost of goods sold	367,431		766		368,197
Cost of services sold	63,503		—		63,503
Total cost of sales	430,934		766		431,700
Gross profit	112,810		(766)		112,044
Selling and administrative expenses	97,358		265		97,623
Amortization expense (Note 5)	5,314		—		5,314

Operating income (loss)	10,138		(1,031)		9,107

Interest expense - net	5,528		—		5,528
Other expense (income) - net (Note 19)	3,666		(1,031)		2,635
Income (loss) before income taxes	944		—		944
Income tax (benefit) expense (Note 14)	(355)		—		(355)
Net income (loss)	1,299		—		1,299
Net loss attributable to noncontrolling interest	(165)		—		(165)
Net income (loss) attributable to L.B. Foster Company	$	1,464	$	—	$	1,464









Basic earnings (loss) per common share (Note 13)	$	0.14	$	—	$	0.14



Diluted earnings (loss) per common share (Note 13)	$	0.13	$	—	$	0.13


Basic weighted average shares outstanding	10,799		—		10,799
Diluted weighted average shares outstanding	10,995		—		10,995

Consolidated Statement of Cash Flows


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,299	$	—	$	1,299
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes	(1,852)		—		(1,852)
Depreciation	9,949		—		9,949
Amortization	5,314		—		5,314

Equity income in nonconsolidated investment	(51)		—		(51)
Gain on sales and disposals of property, plant, and equipment	(459)		—		(459)

Stock-based compensation	4,179		—		4,179
Loss on asset divestitures	3,074		—		3,074
Change in operating assets and liabilities:
Accounts receivable	27,367		—		27,367
Contract assets	1,797		—		1,797
Inventories	(6,989)		385		(6,604)
Other current assets	1,122		250		1,372

Other noncurrent assets	(153)		(250)		(403)

Accounts payable	(3,753)		(805)		(4,558)
Deferred revenue	(2,850)		—		(2,850)
Accrued payroll and employee benefits	6,364		—		6,364
Accrued settlement	(8,000)		—		(8,000)
Other current liabilities	2,555		—		2,555
Other liabilities	(1,537)		—		(1,537)
Net cash provided by (used in) operating activities	37,376		(420)		36,956

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment	539		—		539
Capital expenditures on property, plant, and equipment	(4,933)		420		(4,513)
Acquisitions, net of cash acquired	(1,246)		—		(1,246)
Proceeds from asset divestiture	7,706		—		7,706

Net cash provided by (used in) investing activities	2,066		420		2,486

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt	(208,668)		—		(208,668)
Proceeds from debt	171,408		—		171,408



Treasury stock acquisitions	(2,625)		—		(2,625)

Consideration received from noncontrolling interest	589		—		589
Net cash (used in) provided by financing activities	(39,296)		—		(39,296)

Effect of exchange rate changes on cash and cash equivalents	(468)		—		(468)
Net decrease in cash and cash equivalents	(322)		—		(322)
Cash and cash equivalents at beginning of period	2,882		—		2,882
Cash and cash equivalents at end of period	$	2,560	$	—	$	2,560
Supplemental disclosure of cash flow information:
Net interest paid	$	5,454	$	—	$	5,454
Net income taxes received	$	(221)	$	—	$	(221)

Where appropriate, the financial disclosures in the footnotes to the Consolidated Financial Statements impacted by the correction of immaterial errors have been updated.

Income Taxes - Components of Income Before Income Tax Domestic And Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 14,575	$ (5,074)
Foreign	(13,631)	(3,922)
Income (loss) before income taxes	$ 944	$ (8,996)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details