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Note 16 - Restructuring | 12 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 16. restructuring The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands):
Year Ended June 30, |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
201 6 Restructuring Initiatives |  | $ | 1,046 |  |  | $ | 893 |  |  | $ | 1,939 |
Prior Year Initiatives |  |  | 96 |  |  |  | 2,197 |  |  |  | 2,293 |
Total expense |  | $ | 1,142 |  |  | $ | 3,090 |  |  | $ | 4,232 |
2015 Restructuring Initiatives |  | $ | 847 |  |  | $ | 2,319 |  |  | $ | 3,166 |
Prior Year Initiatives |  |  | 11 |  |  |  | 266 |  |  |  | 277 |
Total expense |  | $ | 858 |  |  | $ | 2,585 |  |  | $ | 3,443 |
2014 Restructuring Initiatives |  | $ | 1,528 |  |  | $ | 8,477 |  |  | $ | 10,005 |
Prior Year Initiatives |  |  | 72 |  |  |  | - |  |  |  | 72 |
Total expense |  | $ | 1,600 |  |  | $ | 8,477 |  |  | $ | 10,077 |
201 6 Restructuring Initiatives The Company continues to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. The Company’s 2016 initiatives to date include the movement of manufacturing from a legacy Canadian facility into our newly acquired Northlake facility and a reduction of personnel in those locations impacted by the slowdown in the oil and gas market. Restructuring expenses during fiscal year 2016 were $4.2 million primarily related to a $1.7 million non-cash charge from the sale of a vacant property and a $0.7 million non-cash charge to discontinue a product line at our Refrigeration Solutions group. Restructuring activities related to 2016 initiatives are substantially complete. The Company anticipates further restructuring charges in 2017 based upon market conditions and cost reduction activities to improve our competitive advantage. Activity in the reserves related to 2016 restructuring initiatives is as follows (in thousands):
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring Liabilities at June 30, 2015 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions |  |  | 991 |  |  |  | 304 |  |  |  | 1,295 |
Payments |  |  | (991 | ) |  |  | (272 | ) |  |  | (1,263 | )
Restructuring Liabilities at June 30, 2016 |  | $ | - |  |  | $ | 32 |  |  | $ | 32 |
Prior Year Initiatives The Company previously announced the closure of our Food Service Equipment U.K. facility and entered into a distribution agreement with a U.K. based partner in order to reduce channel costs and enhance profitability, expand and strengthen our U.K. Food Service Equipment group’s presence for all of our brands. Restructuring activities related to all prior year initiatives are substantially complete. The cumulative expense related to all activities making up this initiative is expected to be $5.7 million. Activity in the reserves related to prior year restructuring initiatives is as follows (in thousands):
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring Liabilities at June 30, 2015 |  | $ | 78 |  |  | $ | 306 |  |  | $ | 384 |
Additions |  |  | 152 |  |  |  | 344 |  |  |  | 496 |
Payments |  |  | (193 | ) |  |  | (389 | ) |  |  | (582 | )
Restructuring Liabilities at June 30, 2016 |  | $ | 37 |  |  | $ | 261 |  |  | $ | 298 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
Year Ended June 30, |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Fiscal Year 2016 |  |  |  |  |  |  |  |  |  |  |  |
Food Service Equipment |  | $ | 138 |  |  | $ | 2,841 |  |  | $ | 2,979 |
Engineering Technologies |  |  | 160 |  |  |  | - |  |  |  | 160 |
Engraving |  |  | 92 |  |  |  | - |  |  |  | 92 |
Electronics |  |  | 624 |  |  |  | 217 |  |  |  | 841 |
Corporate and Other |  |  | 128 |  |  |  | 32 |  |  |  | 160 |
Total expense |  | $ | 1,142 |  |  | $ | 3,090 |  |  | $ | 4,232 |
Fiscal Year 2015 |  |  |  |  |  |  |  |  |  |  |  |
Food Service Equipment |  | $ | 215 |  |  | $ | 2,363 |  |  | $ | 2,578 |
Engineering Technologies |  |  | 75 |  |  |  | - |  |  |  | 75 |
Engraving |  |  | 220 |  |  |  | - |  |  |  | 220 |
Electronics |  |  | 348 |  |  |  | 222 |  |  |  | 570 |
Total expense |  | $ | 858 |  |  | $ | 2,585 |  |  | $ | 3,443 |
Fiscal Year 2014 |  |  |  |  |  |  |  |  |  |  |  |
Food Service Equipment |  | $ | 746 |  |  | $ | 8,408 |  |  | $ | 9,154 |
Engraving |  |  | 667 |  |  |  | 21 |  |  |  | 688 |
Electronics |  |  | 187 |  |  |  | 48 |  |  |  | 235 |
Total expense |  | $ | 1,600 |  |  | $ | 8,477 |  |  | $ | 10,077 |

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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 2 -Subparagraph (SAB Topic 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: 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 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 + Details
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