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Note 17 - Restructuring

9 Months Ended

Mar. 31, 2023

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.

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												Nine Months Ended
		March 31, 2023												March 31, 2023
Fiscal Year 2023		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	1,460			$	68			$	1,528			$	1,671			$	185			$	1,856
Prior year initiatives			87				622				709				412				1,062				1,474
		$	1,547			$	690			$	2,237			$	2,083			$	1,247			$	3,330

		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
Prior year initiatives			-				-				-				-				-				-
		$	966			$	220			$	1,186			$	1,637			$	832			$	2,469

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			1,671				185				1,856
Payments			(339	)			(185	)			(524	)
Restructuring liabilities at March 31, 2023		$	1,332			$	-			$	1,332

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			412				1,062				1,474
Payments			(1,210	)			(1,467	)			(2,677	)
Restructuring liabilities at March 31, 2023		$	247			$	290			$	537

Prior Year Initiatives		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2021		$	39			$	10			$	49
Additions and adjustments			1,637				832				2,469
Payments			(1,099	)			(775	)			(1,874	)
Restructuring liabilities at March 31, 2022		$	577			$	67			$	644

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

		Three Months Ended												Nine Months Ended
		March 31, 2023												March 31, 2023
		Involuntary Employee Severance and Benefit Costs				Other				Total				Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	58			$	545			$	603			$	214			$	885			$	1,099
Engraving			157				145				302				537				362				899
Corporate			1,332				-				1,332				1,332				-				1,332
		$	1,547			$	690			$	2,237			$	2,083			$	1,247			$	3,330

		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

Restructuring expense is expected to be approximately $0.8 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.

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