XML 36 R23.htm IDEA: XBRL DOCUMENT v3.23.2

Note 15 - Restructuring

12 Months Ended

Jun. 30, 2023

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. Restructuring liabilities are included in accrued liabilities on the consolidated balance sheet. A summary of charges by initiative is as follows (in thousands):

		Involuntary Employee
		Severance and
Year Ended June 30,		Benefit Costs				Other				Total
2023 Restructuring Initiatives		$	2,361			$	213			$	2,574
Prior Year Initiatives			456				801				1,257
Total expense		$	2,817			$	1,014			$	3,831
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

2023 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 2023, 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, 2022		$	-			$	-			$	-
Additions and adjustments			2,361				213				2,574
Payments			(1,257	)			(213	)			(1,470	)
Restructuring liabilities at June 30, 2023		$	1,104			$	-			$	1,104

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 2022 and 2021, 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 $5.0 million in fiscal year 2024 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, 2022		$	1,045			$	695			$	1,740
Additions and adjustments			456				801				1,257
Payments			(1,501	)			(1,304	)			(2,805	)
Restructuring liabilities at June 30, 2023		$	-			$	192			$	192

Activity in the reserves in fiscal year 2022 (in thousands):

		Involuntary Employee
		Severance and
		Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2021		$	39			$	10			$	49
Additions and adjustments			2,690				1,709				4,399
Payments			(1,684	)			(1,024	)			(2,708	)
Restructuring liabilities at June 30, 2022		$	1,045			$	695			$	1,740

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

		Involuntary Employee
		Severance and
		Benefit Costs				Other				Total
Fiscal Year 2023
Electronics		$	222			$	826			$	1,048
Engraving			836				188				1,024
Scientific			58				-				58
Corporate and Other			1,701				-				1,701
Total expense		$	2,817			$	1,014			$	3,831
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

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration