XML 26 R26.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Note 18 - Restructuring | 6 Months Ended
--- | ---
Dec. 31, 2019
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 18) Restructuring The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. 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 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. Prior Year Restructuring Initiatives During the fiscal year 2019, the Company initiated restructuring programs related to: (1) employee headcount reductions as the Company realigned management functions (2) the exit of unprofitable Engraving businesses, and (3) initiatives intended to improve profitability, streamline production, and enhance capacity to support future growth in the Electronics and Engraving segments. A summary of charges by initiative is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
Fiscal 2020 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring initiatives |  | $ | 795 |  |  | $ | (134 | ) |  | $ | 661 |  |  | $ | 1,795 |  |  | $ | 345 |  |  | $ | 2,140 |
Prior year initiatives |  |  | - |  |  |  | 59 |  |  | $ | 59 |  |  |  | - |  |  |  | 59 |  |  | $ | 59 |
|  | $ | 795 |  |  | $ | (75 | ) |  | $ | 720 |  |  | $ | 1,795 |  |  | $ | 404 |  |  | $ | 2,199 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2018 |  |  | December 31, 2018 |
Fiscal 2019 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring initiatives |  | $ | 297 |  |  | $ | (280 | ) |  | $ | 17 |  |  | $ | 297 |  |  | $ | 70 |  |  | $ | 367 |
Prior year initiatives |  |  | 40 |  |  |  | 120 |  |  |  | 160 |  |  |  | 125 |  |  |  | 132 |  |  |  | 257 |
|  | $ | 337 |  |  | $ | (160 | ) |  | $ | 177 |  |  | $ | 422 |  |  | $ | 202 |  |  | $ | 624 |
Activity in the reserve related to the initiatives is as follows (in thousands):
Current Year Initiatives |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2019 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions and adjustments |  |  | 1,795 |  |  |  | 345 |  |  |  | 2,140 |
Payments |  |  | (1,795 | ) |  |  | (345 | ) |  |  | (2,140 | )
Restructuring liabilities at December 31, 2019 |  | $ | - |  |  | $ | - |  |  | $ | - |
Prior Year Initiatives |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2018 |  | $ | 147 |  |  | $ | 5 |  |  | $ | 152 |
Additions and adjustments |  |  | - |  |  |  | 59 |  |  |  | 59 |
Payments |  |  | (147 | ) |  |  | (61 | ) |  |  | (208 | )
Restructuring liabilities at December 31, 2018 |  | $ | - |  |  | $ | 3 |  |  | $ | 3 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Engraving |  | $ | 572 |  |  | $ | (134 | ) |  | $ | 438 |  |  | $ | 1,132 |  |  | $ | 345 |  |  | $ | 1,477 |
Electronics |  |  | - |  |  |  | 59 |  |  |  | 59 |  |  |  | - |  |  |  | 59 |  |  |  | 59 |
Engineering Technologies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Food Service Equipment |  |  | 150 |  |  |  | - |  |  |  | 150 |  |  |  | 241 |  |  |  | - |  |  |  | 241 |
Corporate |  |  | 73 |  |  |  | - |  |  |  | 73 |  |  |  | 422 |  |  |  | - |  |  |  | 422 |
|  | $ | 795 |  |  | $ | (75 | ) |  | $ | 720 |  |  | $ | 1,795 |  |  | $ | 404 |  |  | $ | 2,199 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2018 |  |  | December 31, 2018 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Engraving |  | $ | 20 |  |  | $ | - |  |  | $ | 20 |  |  | $ | 67 |  |  | $ | - |  |  | $ | 67 |
Electronics |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 12 |
Engineering Technologies |  |  | - |  |  |  | 99 |  |  |  | 99 |  |  |  | 17 |  |  |  | 99 |  |  |  | 116 |
Food Service Equipment |  |  | 255 |  |  |  | 91 |  |  |  | 346 |  |  |  | 276 |  |  |  | 91 |  |  |  | 367 |
Corporate |  |  | 62 |  |  |  | (350 | ) |  |  | (288 | ) |  |  | 62 |  |  |  | - |  |  |  | 62 |
|  | $ | 337 |  |  | $ | (160 | ) |  | $ | 177 |  |  | $ | 422 |  |  | $ | 202 |  |  | $ | 624 |
Restructuring expense is expected to be approximately $1.0 million for the remainder of fiscal year 2020.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration