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Note 17 - Restructuring
6 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
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, 201
6
 
 
December 31, 2016
 
Fiscal 201
7
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
Restructuring initiatives
  $
1,117
    $
492
    $
1,609
    $
1,146
    $
828
    $
1,974
 
Prior year initiatives
   
-
     
55
     
55
     
-
     
84
     
84
 
    $
1,117
    $
547
    $
1,664
    $
1,146
    $
912
    $
2,058
 
 
 
 
Three Months Ended
 
 
Six Months Ended
 
 
 
December 31, 201
5
 
 
December 31, 201
5
 
Fiscal 201
6
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
Restructuring initiatives
  $
696
    $
107
    $
803
    $
730
    $
167
    $
897
 
Prior year initiatives
   
22
     
652
     
674
     
59
     
2,040
     
2,099
 
    $
718
    $
759
    $
1,477
    $
789
    $
2,207
    $
2,996
 
 
 
201
7
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
2017
initiatives to date include a reduction of employees in our Food Service Equipment Group in response to the reduced sales volume from our larger customers and reductions of personnel and plant movement at our China Electronics division.
 
 
 
Involuntary Employee
Severance and Benefit
Costs
 
 
Other
 
 
Total
 
Restructuring liabilities at June 30, 2016
  $
-
    $
-
    $
-
 
Additions and adjustments
   
246
     
1,678
     
1,924
 
Payments
   
(83
)    
(1,294
)    
(1,377
)
Restructuring liabilities at December 31, 2016
  $
163
    $
384
    $
547
 
 
Prior Year Initiatives
 
The prior year initiatives yet to be completed include the movement of manufacturing from a legacy Canadian facility into the newly acquired Northlake facility, closure of a European facility within our Cooking division, and discontinuing of a product line at our Refrigeration group.
 
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, 2016
  $
74
    $
256
    $
330
 
Additions and adjustments
   
49
     
8
     
57
 
Payments
   
(106
)    
(124
)    
(230
)
Restructuring liabilities at December 31, 2016
  $
17
    $
140
    $
157
 
 
The Company’s total restructuring expenses by segment are as follows (in thousands):
 
 
 
Three Months Ended
 
 
Six Months Ended
 
 
 
December 31, 201
6
 
 
December 31, 2016
 
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
Food Service Equipment
  $
1,117
    $
3
    $
1,120
    $
1,129
    $
78
    $
1,207
 
Engraving
   
-
     
-
     
-
     
6
     
-
     
6
 
Engineering Technologies
   
-
     
249
     
249
     
-
     
433
     
433
 
Electronics
   
-
     
272
     
272
     
11
     
370
     
381
 
Corporate
   
-
     
23
     
23
     
-
     
31
     
31
 
    $
1,117
    $
547
    $
1,664
    $
1,146
    $
912
    $
2,058
 
 
 
 
 
 
 
Three Months Ended
 
 
Six Months Ended
 
 
 
December 31, 201
5
 
 
December 31, 2015
 
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee
Severance and
Benefit Costs
 
 
Other
 
 
Total
 
Food Service Equipment
  $
22
    $
744
    $
766
    $
22
    $
2,104
    $
2,126
 
Engraving
   
33
     
-
     
33
     
35
     
-
     
35
 
Engineering Technologies
   
126
     
-
     
126
     
160
     
-
     
160
 
Electronics
   
409
     
15
     
424
     
444
     
103
     
547
 
Corporate
   
128
     
-
     
128
     
128
     
-
     
128
 
    $
718
    $
759
    $
1,477
    $
789
    $
2,207
    $
2,996
 
 
Restructuring expense is expected to be
$6.7
million for the fiscal year
2017,
of which
$2.1
million was incurred for the
six
months ended
December
31,
2016.