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Note 17 - Restructuring
9 Months Ended
Mar. 31, 2017
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
 
 
Nine
Months Ended
 
 
 
March 31, 2017
 
 
March 31, 2017
 
Fiscal 201
7
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
Restructuring initiatives
  $
222
    $
823
    $
1,045
    $
1,368
    $
1,651
    $
3,019
 
Prior year initiatives
   
-
     
(26
)    
(26
)    
-
     
58
     
58
 
    $
222
    $
797
    $
1,019
    $
1,368
    $
1,709
    $
3,077
 
 
 
 
Three Months Ended
 
 
Nine
Months Ended
 
 
 
March
31, 201
6
 
 
March
31, 201
6
 
Fiscal 201
6
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
Restructuring initiatives
  $
236
    $
89
    $
325
    $
966
    $
256
    $
1,222
 
Prior year initiatives
   
-
     
66
     
66
     
59
     
2,106
     
2,165
 
    $
236
    $
155
    $
391
    $
1,025
    $
2,362
    $
3,387
 
 
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 segment 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
   
1,368
     
1,475
     
2,843
 
Payments
   
(964
)    
(1,417
)    
(2,381
)
Restructuring liabilities at March 31, 2017
  $
404
    $
58
    $
462
 
 
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 Refrigeration.
 
 
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
   
-
     
7
     
7
 
Payments
   
(74
)    
(168
)    
(242
)
Restructuring liabilities at March 31, 2017
  $
-
    $
95
    $
95
 
 
The Company’s total restructuring expenses by segment are as follows (in thousands):
 
 
 
Three Months Ended
 
 
Nine
Months Ended
 
 
 
March 31, 2017
 
 
March 31, 2017
 
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
Food Service Equipment
  $
-
    $
7
    $
7
    $
1,129
    $
85
    $
1,215
 
Engraving
   
-
     
-
     
-
     
6
     
-
     
6
 
Engineering Technologies
   
222
     
730
     
952
     
222
     
1,164
     
1,385
 
Electronics
   
-
     
86
     
86
     
11
     
455
     
467
 
Corporate
   
-
     
(26
)    
(26
)    
-
     
5
     
5
 
    $
222
    $
797
    $
1,019
    $
1,368
    $
1,709
    $
3,077
 
 
 
 
 
 
Three Months Ended
 
 
Nine
Months Ended
 
 
 
March
31, 201
6
 
 
March 31, 2016
 
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
 
Involuntary Employee Severance and Benefit Costs
 
 
Other
 
 
Total
 
Food Service Equipment
  $
77
    $
93
    $
170
    $
99
    $
2,197
    $
2,296
 
Engraving
   
-
     
-
     
-
     
35
     
-
     
35
 
Engineering Technologies
   
-
     
-
     
-
     
160
     
-
     
160
 
Electronics
   
159
     
56
     
215
     
603
     
159
     
762
 
Corporate
   
-
     
6
     
6
     
128
     
6
     
134
 
    $
236
    $
155
    $
391
    $
1,025
    $
2,362
    $
3,387
 
 
Restructuring expense is expected to be approximately
$6.0
million for the fiscal year
2017,
of which
$3.1
million was incurred for the
nine
months ended
March
31,
2017.