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Note 17 - Restructuring

3 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

17)      Restructuring

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

2022 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 2022 restructuring activities to be completed by 2023. 

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 2022.

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

		Three Months Ended
		September 30, 2021
Fiscal Year 2022		Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	375			$	65			$	440
Prior year initiatives			-				-				-
		$	375			$	65			$	440

		Three Months Ended
		September 30, 2020
Fiscal Year 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

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, 2021		$	-			$	-			$	-
Additions and adjustments			375				65				440
Payments			(375	)			(65	)			(440	)
Restructuring liabilities at September 30, 2021		$	-			$	-			$	-

Prior Year Initiatives		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2021		$	39			$	10			$	49
Additions and adjustments			-				-				-
Payments			(39	)			(10	)			(49	)
Restructuring liabilities at September 30, 2021		$	-			$	-			$	-

Prior Year Initiatives		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538
Additions and adjustments			1,054				434				1,488
Payments			(1,483	)			(419	)			(1,902	)
Restructuring liabilities at September 30, 2020		$	91			$	33			$	124

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

		Three Months Ended
		September 30, 2021
		Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	-			$	-			$	-
Engraving			284				65				349
Engineering Technologies			91				-				91
Specialty Solutions			-				-				-
Corporate			-				-				-
		$	375			$	65			$	440

		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

Restructuring expense is expected to be approximately $1.6 million for the remainder of fiscal year 2022.

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- 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://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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