XML 38 R26.htm IDEA: XBRL DOCUMENT

Note 18 - Restructuring

3 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

18)

Restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges.

2021 Restructuring Initiatives

The Company continues to focus its efforts to reduce cost and improve productivity across its businesses, particularly through headcount reductions, facility closures, and consolidations. Restructuring expenses primarily related to headcount reductions and other cost saving initiatives. The Company expects the 2021 restructuring activities to be completed by 2022.

Prior Year Restructuring Initiatives

Restructuring expenses primarily related to headcount reductions and facility rationalization within our Specialty Solutions segment. The Company also incurred restructuring expenses related to third party assistance with analysis and implementation of these activities. The Company expects the prior year restructuring activities to be completed by 2021.

A summary of charges by initiative is as follows (in thousands):

		*Three Months Ended*
		*September 30, 2020*
Fiscal 2021		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	242			$	161			$	403
Prior year initiatives			812				273			$	1,085
		$	1,054			$	434			$	1,488

		*Three Months Ended*
		*September 30, 2019*
Fiscal 2020		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	1,000			$	479			$	1,479
Prior year initiatives			-				-				-
		$	1,000			$	479			$	1,479

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, 2020		$	-			$	-			$	-
Additions and adjustments			242				161				403
Payments			(242	)			(161	)			(403	)
Restructuring liabilities at September 30, 2020		$	-			$	-			$	-

Prior Year Initiatives		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538
Additions and adjustments			811				273				1,084
Payments			(1,241	)			(258	)			(1,499	)
Restructuring liabilities at September 30, 2020		$	90			$	33			$	123

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

		*Three Months Ended*
		*September 30, 2020*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Electronics		$	169			$	5			$	174
Engraving			91				147				238
Engineering Technologies			35				-				35
Specialty Solutions			673				282				955
Corporate			86				-				86
		$	1,054			$	434			$	1,488

		*Three Months Ended*
		*September 30, 2019*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Engraving			559				479				1,038
Specialty Solutions			91				-				91
Corporate			350				-				350
		$	1,000			$	479			$	1,479

Restructuring expense is expected to be approximately $1.7 million for the remainder of fiscal year 2021.