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Note 15 - Restructuring

12 Months Ended

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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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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