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Note 17 - Restructuring
3 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]
1
7
)
     
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
 
   
September
3
0
, 2017
 
Fiscal 201
8
 
Involuntary
Employee
Severance and
Benefit Costs
   
 
 
 
Other
   
 
 
 
Total
 
Restructuring initiatives
  $
1,682
    $
547
    $
2,229
 
Prior year initiatives
   
42
     
733
     
775
 
    $
1,724
    $
1,280
    $
3,004
 
 
   
Three Months Ended
 
   
September
3
0
, 201
6
 
Fiscal 201
7
 
Involuntary
Employee
Severance and
Benefit Costs
   
 
 
 
Other
   
 
 
 
Total
 
Restructuring initiatives
  $
23
    $
283
    $
306
 
Prior year initiatives
   
6
     
82
     
88
 
    $
29
    $
365
    $
394
 
 
201
8
Restructuring Initiatives
 
The Company continue
s to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During the
first
quarter of fiscal year
2018,
we incurred restructuring expenses from
2018
initiatives related to
three
restructuring programs that are intended to improve profitability, streamline production and enhance capacity to support future growth: (
1
) the realignment of management functions at the Food Service Equipment Group level; (
2
) headcount reduction and plant realignment with regard to the standard products businesses within Food Service Equipment; and (
3
) the exit of an unprofitable Engraving business in Brazil.
 
   
Involuntary
Employee
Severance and
Benefit Costs
   
 
 
Other
   
 
 
Total
 
Restructuring liabilities at June 30
, 2017
  $
-
    $
-
    $
-
 
Additions and adjustments
   
1,682
     
547
     
2,229
 
Payments
   
(1,276
)    
(547
)    
(1,823
)
Restructuring liabilities at
September 30, 2017
  $
406
    $
-
    $
406
 
 
Prior Year Initiatives
 
The
prior year initiatives yet to be completed are primarily the finalization of the manufacturing footprint consolidation within our Enginetics business in the Engineering Technology segment.
 
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, 2017
  $
506
    $
1,238
    $
1,744
 
Additions and adjustments
   
42
     
752
     
794
 
Payments
   
(532
)    
(1,662
)    
(2,194
)
Restructuring liabilities at
September 30, 2017
  $
16
    $
328
    $
344
 
 
The Company
’s total restructuring expenses by segment are as follows (in thousands):
 
   
Three Months Ended
   
Three Months Ended
 
   
September
3
0
, 201
7
   
September
3
0
, 201
6
 
   
Involuntary
Employee
Severance and
Benefit Costs
   
Other
   
Total
   
Involuntary
Employee
Severance and
Benefit Costs
   
Other
   
Total
 
Food Service Equipment
  $
835
    $
427
    $
1,262
    $
12
    $
75
    $
87
 
Engraving
   
715
     
94
     
809
     
6
     
-
     
6
 
Engineering Technologies
   
42
     
724
     
766
     
-
     
185
     
185
 
Electronics P
roducts
   
132
     
26
     
158
     
11
     
98
     
109
 
Hydraulics
   
-
     
-
     
-
     
-
     
-
     
-
 
Corporate
   
-
     
9
     
9
     
-
     
7
     
7
 
    $
1,724
    $
1,280
    $
3,004
    $
29
    $
365
    $
394
 
 
W
e incurred severance and other costs of
$3.0
million and
$0.4
million associated with these activities during the
three
months ended
September 30, 2017
and
2016
respectively. Restructuring expense is expected to be between
$5.0
million and
$6.0
million for the remainder of fiscal year
2018.