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Note 17 - Restructuring | 9 Months Ended
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Mar. 31, 2024
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. Restructuring expenses primarily related to facility rationalizations, 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 |  |  | Nine Months Ended |
|  | March 31, 2024 |  |  | March 31, 2024 |
Fiscal Year 2024 |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Current year initiatives |  | $ | 1,885 |  |  | $ | 2,060 |  |  | $ | 3,945 |  |  | $ | 3,671 |  |  | $ | 3,312 |  |  | $ | 6,983 |
Prior year initiatives |  |  | 7 |  |  |  | 85 |  |  |  | 92 |  |  |  | 189 |  |  |  | 131 |  |  |  | 320 |
|  | $ | 1,892 |  |  | $ | 2,145 |  |  | $ | 4,037 |  |  | $ | 3,860 |  |  | $ | 3,443 |  |  | $ | 7,303 |
|  | 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 |
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 |  |  | 3,671 |  |  |  | 3,312 |  |  |  | 6,983 |
Payments |  |  | (1,884 | ) |  |  | (3,136 | ) |  |  | (5,020 | )
Restructuring liabilities at March 31, 2024 |  | $ | 1,787 |  |  | $ | 176 |  |  | $ | 1,963 |
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 |  |  | 189 |  |  |  | 131 |  |  |  | 320 |
Payments |  |  | (1,065 | ) |  |  | (323 | ) |  |  | (1,388 | )
Restructuring liabilities at March 31, 2024 |  | $ | 228 |  |  | $ | - |  |  | $ | 228 |
Prior Year |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Restructuring liabilities at June 30, 2022 |  | $ | 1,045 |  |  | $ | 695 |  |  | $ | 1,740 |
Additions and adjustments |  |  | 2,083 |  |  |  | 1,247 |  |  |  | 3,330 |
Payments |  |  | (1,549 | ) |  |  | (1,652 | ) |  |  | (3,201 | )
Restructuring liabilities at March 31, 2023 |  | $ | 1,579 |  |  | $ | 290 |  |  | $ | 1,869 |
The Company’s total restructuring expenses by segment are as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31, 2024 |  |  | March 31, 2024 |
|  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |  |  | Involuntary Employee Severance and Benefit Costs |  |  | Other |  |  | Total |
Electronics |  | $ | 84 |  |  | $ | 5 |  |  | $ | 89 |  |  | $ | 675 |  |  | $ | 444 |  |  | $ | 1,119 |
Engraving |  |  | 1,048 |  |  |  | 2,140 |  |  |  | 3,188 |  |  |  | 1,884 |  |  |  | 2,999 |  |  |  | 4,883 |
Engineering Technologies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 55 |  |  |  | - |  |  |  | 55 |
Corporate |  |  | 760 |  |  |  | - |  |  |  | 760 |  |  |  | 1,246 |  |  |  | - |  |  |  | 1,246 |
|  | $ | 1,892 |  |  | $ | 2,145 |  |  | $ | 4,037 |  |  | $ | 3,860 |  |  | $ | 3,443 |  |  | $ | 7,303 |
|  | 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 |
Restructuring expense is expected to be approximately $0.4 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. + References Reference 1: 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 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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