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Note 18 - Restructuring

6 Months Ended

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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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))
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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
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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