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Note 18 - Restructuring | 6 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 18) Restructuring The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. 2023 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 2023 restructuring activities to be completed by fiscal year 2024. 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 fiscal year 2023. A summary of charges by initiative is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2022 |  |  | December 31, 2022 |
Fiscal Year 2023 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Current year initiatives |  | $ | 117 |  |  | $ | 74 |  |  | $ | 191 |  |  | $ | 211 |  |  | $ | 117 |  |  | $ | 328 |
Prior year initiatives |  |  | 217 |  |  |  | 103 |  |  |  | 320 |  |  |  | 468 |  |  |  | 297 |  |  |  | 765 |
|  | $ | 334 |  |  | $ | 177 |  |  | $ | 511 |  |  | $ | 679 |  |  | $ | 414 |  |  | $ | 1,093 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2021 |  |  | December 31, 2021 |
Fiscal Year 2022 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Current year initiatives |  | $ | 296 |  |  | $ | 547 |  |  | $ | 843 |  |  | $ | 671 |  |  | $ | 612 |  |  | $ | 1,283 |
Prior year initiatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 296 |  |  | $ | 547 |  |  | $ | 843 |  |  | $ | 671 |  |  | $ | 612 |  |  | $ | 1,283 |
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, 2022 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions and adjustments |  |  | 211 |  |  |  | 117 |  |  |  | 328 |
Payments |  |  | (211 | ) |  |  | (117 | ) |  |  | (328 | )
Restructuring liabilities at December 31, 2022 |  | $ | - |  |  | $ | - |  |  | $ | - |
Prior Year Initiatives |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2022 |  | $ | 1,045 |  |  | $ | 695 |  |  | $ | 1,740 |
Additions and adjustments |  |  | 468 |  |  |  | 297 |  |  |  | 765 |
Payments |  |  | (1,366 | ) |  |  | (582 | ) |  |  | (1,948 | )
Restructuring liabilities at December 31, 2022 |  | $ | 147 |  |  | $ | 410 |  |  | $ | 557 |
Prior Year Initiatives |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2021 |  | $ | 39 |  |  | $ | 10 |  |  | $ | 49 |
Additions and adjustments |  |  | 671 |  |  |  | 612 |  |  |  | 1,283 |
Payments |  |  | (617 | ) |  |  | (329 | ) |  |  | (946 | )
Restructuring liabilities at December 31, 2021 |  | $ | 93 |  |  | $ | 293 |  |  | $ | 386 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2022 |  |  | December 31, 2022 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Electronics |  | $ | 168 |  |  | $ | 83 |  |  | $ | 251 |  |  | $ | 299 |  |  | $ | 197 |  |  | $ | 496 |
Engraving |  |  | 166 |  |  |  | 94 |  |  |  | 260 |  |  |  | 380 |  |  |  | 217 |  |  |  | 597 |
|  | $ | 334 |  |  | $ | 177 |  |  | $ | 511 |  |  | $ | 679 |  |  | $ | 414 |  |  | $ | 1,093 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2021 |  |  | December 31, 2021 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Electronics |  | $ | 72 |  |  | $ | 18 |  |  | $ | 90 |  |  | $ | 72 |  |  | $ | 18 |  |  | $ | 90 |
Engraving |  |  | 169 |  |  |  | 465 |  |  |  | 634 |  |  |  | 453 |  |  |  | 530 |  |  |  | 983 |
Engineering Technologies |  |  | 50 |  |  |  | - |  |  |  | 50 |  |  |  | 141 |  |  |  | - |  |  |  | 141 |
Specialty Solutions |  |  | - |  |  |  | 64 |  |  |  | 64 |  |  |  | - |  |  |  | 64 |  |  |  | 64 |
Corporate |  |  | 5 |  |  |  | - |  |  |  | 5 |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
|  | $ | 296 |  |  | $ | 547 |  |  | $ | 843 |  |  | $ | 671 |  |  | $ | 612 |  |  | $ | 1,283 |
Restructuring expense is expected to be approximately $0.6 million for the remainder of fiscal year 2023.

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