XML 40 R23.htm IDEA: XBRL DOCUMENT
v3.20.2

Restructuring Costs | 12 Months Ended
--- | ---
Jun. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Costs In February 2020, the Company announced a business improvement plan for the Electrical Infrastructure segment and its strategic initiative to exit the domestic iron and steel industry. Planned activities under the business improvement plan and the wind down of the domestic iron and steel industry were expanded in the second half of the year due to lower revenue in fiscal 2020 and uncertainties caused by the COVID-19 pandemic. The business improvement plan consisted of discretionary cost reductions, workforce reductions and closures of certain offices in order to increase the utilization of the Company's staff and bring the cost structure of the business in line with the near-term revenue expectation. The restructuring costs are primarily comprised of severance and personnel-related costs related to reductions in workforce and impairments of operating lease right-of-use assets, other intangible assets and other fixed assets related to the closure of certain offices. The Company incurred $14.0 million of restructuring costs in fiscal 2020 and has substantially completed its business improvement plan and the wind down of the domestic iron and steel business as of June 30, 2020. Restructuring costs incurred are classified as follows:
|  | Fiscal Year Ended June 30, 2020
|  | (in thousands)
Electrical Infrastructure |  |
Severance costs and other benefits |  | $ | 1,571 |
Facility costs |  | 234 |
Other intangible asset impairments |  | 1,150 |
Total Electrical Infrastructure |  | $ | 2,955 |
Oil Gas & Chemical |  |
Severance costs and other benefits |  | $ | 1,767 |
Facility costs |  | 1,708 |
Other intangible asset impairments |  | 375 |
Total Oil Gas & Chemical |  | $ | 3,850 |
Storage Solutions |  |
Severance costs and other benefits |  | $ | 576 |
Facility costs |  | 720 |
Other intangible asset impairments |  | — |
Total Storage Solutions |  | $ | 1,296 |
Industrial |  |
Severance costs and other benefits |  | $ | 4,861 |
Facility costs |  | 1,048 |
Other intangible asset impairments |  | — |
Total Industrial |  | $ | 5,909 |
Total restructuring costs |  | $ | 14,010 |
Restructuring Costs by Type: |  |
Total severance costs and other benefits |  | $ | 8,775 |
Total facility costs |  | 3,710 |
Total other intangible asset impairments |  | 1,525 |
Total restructuring costs |  | $ | 14,010 |
The table below is a reconciliation of the beginning and ending restructuring reserve balance (in thousands):
Balance as of June 30, 2019 |  | $ | — |
Restructuring costs incurred |  | 14,010 |
Non-cash restructuring costs |  | (5,215) |
Cash payments |  | (6,392) |
Balance as of June 30, 2020(1) |  | $ | 2,403 |
(1)The restructuring reserve is included within other accrued expenses in the Consolidated Balance Sheets.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration