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Note 18 - Industry Segment Information
 12 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
18. Industry Segment Information
 
The Company has determined that it has five reportable segments organized around the types of product sold:
 
•
Food Service Equipment – an aggregation of seven operating segments that manufacture and sell commercial food service equipment;
•
Engraving – provides mold texturizing, slush molding and in-mold graining tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries;
•
Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets.
•
Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum, and
•
Hydraulics – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders.
 
Net sales include only transactions with unaffiliated customers and include no significant intersegment or export sales. Operating income by segment and geographic area excludes general corporate and interest expenses. Assets of the Corporate segment consist primarily of cash, office equipment, and other non-current assets.
 
Given the nature of our corporate expenses, management has concluded that it would not be appropriate to allocate the expenses associated with corporate activities to our operating segments. These corporate expenses include the costs for the corporate headquarters, salaries and wages for the personnel in corporate, professional fees related to corporate matters and compliance efforts, stock-based compensation and post-retirement benefits related to our corporate executives, officers and directors, and other compliance related costs. The Company has a process to allocate and recharge certain direct costs to the operating segments when such direct costs are administered and paid at corporate. Such direct expenses that are recharged on an intercompany basis each month include such costs as insurance, workers’ compensation programs, audit fees and pension expense. The accounting policies applied by the reportable segments are the same as those described in the Summary of Accounting Policies footnote to the consolidated financial statements. There are no differences in accounting policies which would be necessary for an understanding of the reported segment information.
 
Industry Segments
(in thousands)
 
Net Sales
 
 
Depreciation and Amortization
 
 
 
2016
 
 
2015
 
 
2014
 
 
2016
 
 
2015
 
 
2014
 
Food Service Equipment
   $ 381,867     $ 408,706     $ 377,848     $ 5,030     $ 5,176     $ 4,485  
Engraving
     124,120       110,781       109,271       3,403       3,497       3,342  
Engineering Technologies
     82,235       97,018       79,642       5,363       4,278       3,063  
Electronics
     118,319       114,196       114,881       3,200       2,759       2,807  
Hydraulics
     45,045       41,441       34,538       651       665       625  
Corporate and Other
     -       -       -       306       309       269  
Total
   $ 751,586     $ 772,142     $ 716,180     $ 17,953     $ 16,684     $ 14,591  
 
 
 
Income (Loss) From Operations
 
 
Capital Expenditures
(2)
 
 
 
2016
 
 
2015
 
 
2014
 
 
2016
 
 
2015
 
 
2014
 
Food Service Equipment
   $ 40,142     $ 37,456     $ 38,203     $ 4,560     $ 4,791     $ 3,740  
Engraving
     29,579       24,250       22,145       4,031       5,856       4,648  
Engineering Technologies
     8,258       13,097       12,676       6,562       8,025       7,686  
Electronics
     21,104       20,884       19,732       2,796       2,298       1,631  
Hydraulics
     7,947       7,013       5,781       988       784       684  
Restructuring charge
     (4,232 )     (3,443 )     (10,077 )     -       -       -  
Other operating income (expense), net
(1)
     (7,458 )     438       3,462       -       -       -  
Corporate
     (24,996 )     (21,051 )     (26,054 )     96       268       1,531  
Total
   $ 70,344     $ 78,644     $ 65,868     $ 19,033     $ 22,022     $ 19,920  
Interest expense
     (2,871 )     (3,161 )     (2,249 )                        
Other, net
     1,052       634       4,184                          
Income from continuing operations before income taxes
   $ 68,525     $ 76,117     $ 67,803                          
 
(1)
Other operating expense in 2016 consists primarily of a $7.3 million charge to adjust the Roll, Plate, and Machinery business in the Engraving segment to its net realizable value.  Amounts in 2015 and 2014 are gains on insurance proceeds related to an event at an Engineering Technologies facility.
(2)
 
Excludes capital expenditures from accounts payable.
  
 
 
 
Restructuring Expense
 
 
 
2016
 
 
2015
 
 
2014
 
Food Service Equipment
   $ 2,979     $ 2,578     $ 9,154  
Engraving
    92       220       688  
Engineering Technologies
    160       75       -  
Electronics
    841       570       235  
Hydraulics
     -       -       -  
Corporate and Other
     160       -       -  
Total expense
   $ 4,232     $ 3,443     $ 10,077  
 
 
 
Goodwill
 
 
Identifiable Assets
 
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Food Service Equipment
   $ 56,804     $ 56,812     $ 206,875     $ 218,334  
Engraving
     19,935       20,248       116,790       114,268  
Engineering Technologies
     44,321       46,000       144,362       141,351  
Electronics
     33,235       28,614       109,653       90,948  
Hydraulics
     3,059       3,058       26,282       22,705  
Corporate & Other
     -       -       86,495       71,457  
Total
   $ 157,354     $ 154,732     $ 690,457     $ 659,063  
 
Net sales
(3)
 
2016
 
 
2015
 
 
2014
 
United States
   $ 548,058     $ 561,923     $ 505,853  
Asia Pasific
     70,269       64,840       53,551  
EMEA
(4)
     107,765       117,816       130,602  
Other Americas
     25,494       27,563       26,174  
Total
   $ 751,586     $ 772,142     $ 716,180  
 
(
3
)
Net sales were identified based on geographic location where our products and services were initiated.
(
4
)
EMEA consists primarily of Europe, Middle East and S. Africa.
 
Long-lived assets
 
2016
 
 
2015
 
 
2014
 
United States
   $ 76,545     $ 76,274     $ 59,225  
Asia Pasific
     7,035       7,047       5,627  
EMEA
(4)
     17,287       18,604       23,266  
Other Americas
     5,819       6,611       8,579  
Total
   $ 106,686     $ 108,536     $ 96,697  
 
(
4
)
EMEA consists primarily of Europe, Middle East and S. Africa.