XML 41 R23.htm IDEA: XBRL DOCUMENT

Note 15 - Restructuring

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

15. restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands):

		*Involuntary Employee*
		*Severance and*
Year Ended June 30,		*Benefit Costs*				*Other*				*Total*
2020 Restructuring Initiatives		$	4,004			$	606			$	4,610
Prior Year Initiatives			-				59				59
Total expense		$	4,004			$	665			$	4,669

2019 Restructuring Initiatives		$	953			$	15			$	968
Prior Year Initiatives			210				111				321
Total expense		$	1,163			$	126			$	1,289

2018 Restructuring Initiatives		$	1,706			$	621			$	2,327
Prior Year Initiatives			224				877				1,101
Total expense		$	1,930			$	1,498			$	3,428

2020 Restructuring Initiatives

The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. Restructuring expenses primarily related to headcount reductions and facility rationalization within our Specialty Solutions and Engraving segment. Thus far, during fiscal year 2020, we have also incurred restructuring expenses related to third party assistance with analysis and implementation of these activities.

		*Involuntary*
		*Employee Severance*
		*and Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2019		$	-			$	-			$	-
Additions and adjustments			4,004				606				4,610
Payments			(3,484	)			(588	)			(4,072	)
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538

Prior Year Restructuring Initiatives

The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During fiscal year 2019 and 2018, the Company also incurred restructuring expenses related to third party assistance with analysis and implementation of these activities.

The Company expects to incur additional restructuring costs of approximately $2.6 million in fiscal year 2021 as the Company continues to focus its efforts to reduce cost and improve productivity across its businesses, particularly through headcount reductions, facility closures, and consolidations.

Activity in the reserves related to 2019 restructuring initiatives is as follows (in thousands):

		*Involuntary Employee*
		*Severance and*
		*Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2019		$	147			$	5			$	152
Additions and adjustments			-				59				59
Payments			(147	)			(64	)			(211	)
Restructuring liabilities at June 30, 2020		$	-			$	-			$	-

Activity in the reserves related to 2018 restructuring initiatives is as follows (in thousands):

		*Involuntary Employee*
		*Severance and*
		*Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2018		$	168			$	334			$	502
Additions and adjustments			211				110				321
Payments			(379	)			(444	)			(823	)
Restructuring liabilities at June 30, 2019		$	-			$	-			$	-

The Company’s total restructuring expenses by segment are as follows (in thousands):

		*Involuntary Employee*
		*Severance and*
Year Ended June 30,		*Benefit Costs*				*Other*				*Total*
Fiscal Year 2020
Electronics		$	355			$	97			$	452
Engraving			1512				499				2,011
Engineering Technologies			296				0				296
Specialty Solutions			1,326				69				1,395
Corporate and Other			515				-				515
Total expense		$	4,004			$	665			$	4,669

Fiscal Year 2019
Electronics		$	327			$	27			$	354
Engraving			662				0				662
Engineering Technologies			17				99				116
Specialty Solutions			21				-				21
Corporate and Other			136				-				136
Total expense		$	1,163			$	126			$	1,289

Fiscal Year 2018
Electronics		$	215			$	84			$	299
Engraving			1199				488				1,687
Engineering Technologies			224				874				1,098
Specialty Solutions			-				-				-
Corporate and Other			292				52				344
Total expense		$	1,930			$	1,498			$	3,428