XML 34 R25.htm IDEA: XBRL DOCUMENT

Note 17 - Restructuring

9 Months Ended

Mar. 31, 2022

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*												*Nine Months Ended*
		*March 31, 2022*												*March 31, 2022*
Fiscal Year 2022		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	966			$	220			$	1,186			$	1,637			$	832			$	2,469

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2021*												*March 31, 2021*
Fiscal Year 2021		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Current year initiatives		$	292			$	178			$	470			$	755			$	540			$	1,295
Prior year initiatives			12				-				12				906				277				1,183
		$	304			$	178			$	482			$	1,661			$	817			$	2,478

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			1,637				832				2,469
Payments			(1,060	)			(765	)			(1,825	)
Restructuring liabilities at March 31, 2022		$	577			$	67			$	644

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 March 31, 2022		$	-			$	-			$	-

Prior Year Initiatives		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Restructuring liabilities at June 30, 2020		$	520			$	18			$	538
Additions and adjustments			1,661				817				2,478
Payments			(2,181	)			(835	)			(3,016	)
Restructuring liabilities at March 31, 2021		$	-			$	-			$	-

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

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2022*												*March 31, 2022*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Electronics		$	441			$	65			$	506			$	513			$	83			$	596
Engraving			379				149				528				832				679				1,511
Engineering Technologies			97				6				103				238				6				244
Specialty Solutions			-				-				-				-				64				64
Corporate			49				-				49				54				-				54
		$	966			$	220			$	1,186			$	1,637			$	832			$	2,469

		*Three Months Ended*												*Nine Months Ended*
		*March 31, 2021*												*March 31, 2021*
		*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*				*Involuntary Employee Severance and Benefit Costs*				*Other*				*Total*
Electronics		$	56			$	16			$	72			$	307			$	21			$	328
Engraving			248				162				410				528				510				1,038
Engineering Technologies			-				-				-				37				-				37
Specialty Solutions			-				-				-				673				286				959
Corporate			-				-				-				116				-				116
		$	304			$	178			$	482			$	1,661			$	817			$	2,478

Restructuring expense is expected to be approximately $1.5 million for the remainder of fiscal year 2022.