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Note 16 - Restructuring | 9 Months Ended
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Mar. 31, 2018
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 1 6 ) 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, 2018 |  |  | March 31, 2018 |
Fiscal 201 8 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring initiatives |  | $ | 344 |  |  | $ | 953 |  |  | $ | 1,297 |  |  | $ | 2,254 |  |  | $ | 2,953 |  |  | $ | 5,207 |
Prior year initiatives |  |  | 7 |  |  |  | 33 |  |  |  | 40 |  |  |  | 161 |  |  |  | 939 |  |  |  | 1,100 |
|  | $ | 351 |  |  | $ | 986 |  |  | $ | 1,337 |  |  | $ | 2,415 |  |  | $ | 3,892 |  |  | $ | 6,307 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31 , 201 7 |  |  | March 31 , 201 7 |
Fiscal 2017 |  | 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 |
201 8 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. During the nine months ended March 31, 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 |  |  | 2,435 |  |  |  | 2,945 |  |  |  | 5,380 |
Payments |  |  | (2,204 | ) |  |  | (2,913 | ) |  |  | (5,117 | )
Restructuring liabilities at March 31, 2018 |  | $ | 231 |  |  | $ | 32 |  |  | $ | 263 |
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 |  | $ | 839 |  |  | $ | 906 |  |  | $ | 1,745 |
Additions and adjustments |  |  | 163 |  |  |  | 937 |  |  |  | 1,100 |
Payments |  |  | (710 | ) |  |  | (1,843 | ) |  |  | (2,553 | )
Restructuring liabilities at March 31, 2018 |  | $ | 292 |  |  | $ | - |  |  | $ | 292 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31, 2018 |  |  | March 31, 2018 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Food Service Equipment |  | $ | 80 |  |  | $ | 945 |  |  | $ | 1,025 |  |  | $ | 829 |  |  | $ | 2,505 |  |  | $ | 3,334 |
Engraving |  |  | 186 |  |  |  | 2 |  |  |  | 188 |  |  |  | 925 |  |  |  | 345 |  |  |  | 1,270 |
Engineering Technologies |  |  | 8 |  |  |  | 18 |  |  |  | 26 |  |  |  | 161 |  |  |  | 900 |  |  |  | 1,061 |
Electronics |  |  | 77 |  |  |  | 7 |  |  |  | 84 |  |  |  | 209 |  |  |  | 90 |  |  |  | 299 |
Corporate |  |  | - |  |  |  | 14 |  |  |  | 14 |  |  |  | 291 |  |  |  | 52 |  |  |  | 343 |
|  | $ | 351 |  |  | $ | 986 |  |  | $ | 1,337 |  |  | $ | 2,415 |  |  | $ | 3,892 |  |  | $ | 6,307 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31 , 201 7 |  |  | March 31 , 201 7 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Food Service Equipment |  | $ | - |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | 1,129 |  |  | $ | 85 |  |  | $ | 1,214 |
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 |
During the third quarter of fiscal year 2018, we incurred restructuring expenses of $1.3 million primarily related to two restructuring programs that are intended to improve profitability, streamline production and enhance capacity to support future growth including headcount reduction and plant realignment with regard to the standard products businesses within Food Service Equipment and the exit of an unprofitable Engraving business in Brazil. Restructuring expenses for the nine months ended March 31, 2018 were $6.3 million as a result of the forgoing initiatives and footprint optimization of the Engineering Technologies segment. We expect to incur additional restructuring costs between $1.5 million and $2.0 million during the remainder of fiscal year 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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