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Note 17 - Restructuring

3 Months Ended

Sep. 30, 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.

2024 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 2024 restructuring activities to be completed by fiscal year 2025. 

Prior Year Restructuring Initiatives 

Restructuring expenses primarily related to headcount reductions and facility rationalization within our Engraving and Electronics segments. 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 2024.

A summary of charges by initiative is as follows (in thousands):

		Three Months Ended
		September 30, 2023
Fiscal Year 2024		Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	1,427			$	345			$	1,772
Prior year initiatives			126				8				134
		$	1,553			$	353			$	1,906

		Three Months Ended
		September 30, 2022
Fiscal Year 2023		Involuntary Employee Severance and Benefit Costs				Other				Total
Current year initiatives		$	94			$	43			$	137
Prior year initiatives			251				194				445
		$	345			$	237			$	582

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, 2023		$	-			$	-			$	-
Additions and adjustments			1,427				345				1,772
Payments			(252	)			(345	)			(597	)
Restructuring liabilities at September 30, 2023		$	1,175			$	-			$	1,175

Prior Year Initiatives		Involuntary Employee Severance and Benefit Costs				Other				Total
Restructuring liabilities at June 30, 2023		$	1,104			$	192			$	1,296
Additions and adjustments			126				8				134
Payments			(892	)			(20	)			(912	)
Restructuring liabilities at September 30, 2023		$	338			$	180			$	518

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			345				237				582
Payments			(1,136	)			(512	)			(1,648	)
Restructuring liabilities at September 30, 2022		$	254			$	420			$	674

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

		Three Months Ended
		September 30, 2023
		Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	244			$	31			$	275
Engraving			793				322				1,115
Engineering Technologies			42				-				42
Corporate			474				-				474
		$	1,553			$	353			$	1,906

		Three Months Ended
		September 30, 2022
		Involuntary Employee Severance and Benefit Costs				Other				Total
Electronics		$	131			$	123			$	254
Engraving			214				114				328
		$	345			$	237			$	582

Restructuring expense is expected to be approximately $4.1 million for the remainder of fiscal year 2024.

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- 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.

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