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Note 15 - Restructuring | 12 Months Ended
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Jun. 30, 2021
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 |
2021 Restructuring Initiatives |  | $ | 1,313 |  |  | $ | 662 |  |  | $ | 1,975 |
Prior Year Initiatives |  |  | 926 |  |  |  | 577 |  |  |  | 1,503 |
Total expense |  | $ | 2,239 |  |  | $ | 1,239 |  |  | $ | 3,478 |
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 |
2021 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. During fiscal year 2021, 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, 2020 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions and adjustments |  |  | 1,313 |  |  |  | 662 |  |  |  | 1,975 |
Payments |  |  | (1,274 | ) |  |  | (662 | ) |  |  | (1,936 | )
Restructuring liabilities at June 30, 2021 |  | $ | 39 |  |  | $ | - |  |  | $ | 39 |
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 2020 and 2019, the Company also incurred restructuring expenses related to headcount reductions, facility rationalization within our Specialty Solutions and Engraving segment, and third party assistance with analysis and implementation of these activities. The Company expects to incur additional restructuring costs of approximately $2.0 million in fiscal year 2022 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 2020 restructuring initiatives is as follows (in thousands):
|  | Involuntary Employee |  |  |  |  |  |  |  |  |
|  | Severance and |  |  |  |  |  |  |  |  |
|  | Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2020 |  | $ | 520 |  |  | $ | 18 |  |  | $ | 538 |
Additions and adjustments |  |  | 926 |  |  |  | 577 |  |  |  | 1,503 |
Payments |  |  | (1,446 | ) |  |  | (585 | ) |  |  | (2,031 | )
Restructuring liabilities at June 30, 2021 |  | $ | - |  |  | $ | 10 |  |  | $ | 10 |
Activity in the reserves related to fiscal year 2020 (in thousands):
|  | Involuntary Employee |  |  |  |  |  |  |  |  |
|  | Severance and |  |  |  |  |  |  |  |  |
|  | Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2019 |  | $ | 147 |  |  | $ | 5 |  |  | $ | 152 |
Additions and adjustments |  |  | 4,004 |  |  |  | 665 |  |  |  | 4,669 |
Payments |  |  | (3,631 | ) |  |  | (652 | ) |  |  | (4,283 | )
Restructuring liabilities at June 30, 2020 |  | $ | 520 |  |  | $ | 18 |  |  | $ | 538 |
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 2021 |  |  |  |  |  |  |  |  |  |  |  |
Electronics |  | $ | 355 |  |  | $ | 22 |  |  | $ | 377 |
Engraving |  |  | 1046 |  |  |  | 631 |  |  |  | 1,677 |
Engineering Technologies |  |  | 37 |  |  |  | - |  |  |  | 37 |
Specialty Solutions |  |  | 673 |  |  |  | 586 |  |  |  | 1,259 |
Corporate and Other |  |  | 128 |  |  |  | - |  |  |  | 128 |
Total expense |  | $ | 2,239 |  |  | $ | 1,239 |  |  | $ | 3,478 |
Fiscal Year 2020 |  |  |  |  |  |  |  |  |  |  |  |
Electronics |  | $ | 355 |  |  | $ | 97 |  |  | $ | 452 |
Engraving |  |  | 1512 |  |  |  | 499 |  |  |  | 2,011 |
Engineering Technologies |  |  | 296 |  |  |  | - |  |  |  | 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 |  |  |  | - |  |  |  | 662 |
Engineering Technologies |  |  | 17 |  |  |  | 99 |  |  |  | 116 |
Specialty Solutions |  |  | 21 |  |  |  | - |  |  |  | 21 |
Corporate and Other |  |  | 136 |  |  |  | - |  |  |  | 136 |
Total expense |  | $ | 1,163 |  |  | $ | 126 |  |  | $ | 1,289 |

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