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Note 17 - Restructuring | 6 Months Ended
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Dec. 31, 2014
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure [Text Block] | 17) Restructuring The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2014 |  |  | December 31, 2014 |
Fiscal 2015 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring initiatives |  | $ | 299 |  |  | $ | 795 |  |  | $ | 1,094 |  |  | $ | 333 |  |  | $ | 798 |  |  | $ | 1,131 |
Prior year initiatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 125 |  |  |  | 700 |  |  |  | 825 |
|  | $ | 299 |  |  | $ | 795 |  |  | $ | 1,094 |  |  | $ | 458 |  |  | $ | 1,498 |  |  | $ | 1,956 |
|  | Three Months Ended |  |  |  |  |  |  | Six Months Ended |  |  |  |  |
|  | December 31, 2013 |  |  |  |  |  |  | December 31, 2013 |  |  |  |  |
Fiscal 2014 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring initiatives |  | $ | 184 |  |  | $ | 460 |  |  | $ | 644 |  |  | $ | 535 |  |  | $ | 3,843 |  |  | $ | 4,378 |
Prior year initiatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 72 |  |  |  | - |  |  |  | 72 |
|  | $ | 184 |  |  | $ | 460 |  |  | $ | 644 |  |  | $ | 607 |  |  | $ | 3,843 |  |  | $ | 4,450 |
2015 Restructuring Initiatives The Company continues to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions and facility closures. During the quarter, the Company announced the closure of our Food Service Equipment U.K. office and entered into a distribution agreement with a U.K. based partner to; reduce channel costs and enhance profitability, expand and strengthen, our U.K. Food Service Equipment group’s presence for all of our brands. We incurred severance and non-cash lease impairment costs of $0.6 million associated with these activities during the quarter. Restructuring expense related to the 2015 initiatives is expected to be $3.8 million, of which $1.1 million was incurred for the period ending December 31, 2014. Activity in the reserves related to fiscal year 2015 restructuring initiatives is as follows (in thousands):
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2014 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions and adjustments |  |  | 342 |  |  |  | 1,442 |  |  |  | 1,784 |
Payments |  |  | (342 | ) |  |  | (1,028 | ) |  |  | (1,370 | )
Restructuring liabilities at December 31, 2014 |  | $ | - |  |  | $ | 414 |  |  | $ | 414 |
Prior Year Initiatives The Company previously announced a consolidation of our Food Service Equipment Group Cheyenne, Wyoming plant into its Mexico facility. During the first quarter of fiscal year 2014 we record a non-cash expense of $3.3 million related to the impairment of long-lived assets in Cheyenne. During fiscal year 2015, restructuring expenses related to this initiative are expected to be $0.8 million, of which $0.8 million was recorded during the six months of fiscal year 2015. The cumulative expense related to this initiative is expected to be $10.8 million. Activity in the reserve related to the prior year restructuring initiatives is as follows (in thousands):
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2014 |  | $ | 555 |  |  | $ | - |  |  | $ | 555 |
Additions and adjustments |  |  | 24 |  |  |  | - |  |  |  | 24 |
Payments |  |  | (512 | ) |  |  | - |  |  |  | (512 | )
Restructuring liabilities at December 31, 2014 |  | $ | 67 |  |  | $ | - |  |  | $ | 67 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2014 |  |  | December 31, 2014 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Food Service Equipment Group |  | $ | 53 |  |  | $ | 736 |  |  | $ | 789 |  |  | $ | 167 |  |  | $ | 1,297 |  |  | $ | 1,464 |
Engraving Group |  |  | 27 |  |  |  | - |  |  |  | 27 |  |  |  | 61 |  |  |  | 3 |  |  |  | 64 |
Electronics Products Group |  |  | 219 |  |  |  | 59 |  |  |  | 278 |  |  |  | 230 |  |  |  | 198 |  |  |  | 428 |
|  | $ | 299 |  |  | $ | 795 |  |  | $ | 1,094 |  |  | $ | 458 |  |  | $ | 1,498 |  |  | $ | 1,956 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | September 30, 2013 |  |  | September 30, 2013 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Food Service Equipment Group |  | $ | 256 |  |  | $ | 468 |  |  | $ | 724 |  |  | $ | 274 |  |  | $ | 3,796 |  |  | $ | 4,070 |
Engraving Group |  |  | (99 | ) |  |  | (8 | ) |  |  | (107 | ) |  |  | 146 |  |  |  | (1 | ) |  |  | 145 |
Electronics Products Group |  |  | 27 |  |  |  | - |  |  |  | 27 |  |  |  | 187 |  |  |  | 48 |  |  |  | 235 |
|  | $ | 184 |  |  | $ | 460 |  |  | $ | 644 |  |  | $ | 607 |  |  | $ | 3,843 |  |  | $ | 4,450 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 + Details
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