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Note 15 - Restructuring

12 Months Ended

Jun. 30, 2022

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
2022 Restructuring Initiatives		$	2,690			$	1,709			$	4,399
Total expense		$	2,690			$	1,709			$	4,399
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

2022 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 other cost saving initiatives. During fiscal year 2022, we 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, 2021		$	-			$	-			$	-
Additions and adjustments			2,690				1,709				4,399
Payments			(1,645	)			(1,014	)			(2,659	)
Restructuring liabilities at June 30, 2022		$	1,045			$	695			$	1,740

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 years 2021 and 2020, 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 $1.7 million in fiscal year 2023 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 prior year restructuring initiatives is as follows (in thousands):

		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 June 30, 2022		$	-			$	-			$	-

Activity in the reserves in fiscal year 2021 (in thousands):

		Involuntary Employee
		Severance and
		Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538
Additions and adjustments			2,239				1,239				3,478
Payments			(2,720	)			(1,247	)			(3,967	)
Restructuring liabilities at June 30, 2021		$	39			$	10			$	49

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

		Involuntary Employee
		Severance and
		Benefit Costs				Other				Total
Fiscal Year 2022
Electronics			513				243			$	756
Engraving			1,807				1,362				3,169
Engineering Technologies			177				40				217
Specialty Solutions			-				64				64
Corporate and Other			193				-				193
Total expense		$	2,690			$	1,709			$	4,399
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

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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 https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 420
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
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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 https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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