XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

Note K - Shareholders' Equity | 12 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | K . SHAREHOLDERS' EQUITY The Company completed the sale of 1,533,334 shares of its common stock through a registered offering which closed on September 25, 2018, at a price to the public of $22.50 per share. The net proceeds received by the Company and after underwriting expenses of $2,070 and offering expenses of $220, were $32,210 and were recorded as paid-in capital as of June 30, 2019. The proceeds were used to partially pay down the Term Loan and Revolving Loans (see Note I, Debt). The total number of shares of common stock outstanding at June 30, 2019 and 2018 was 13,240,278 and 11,553,685, respectively. At June 30, 2019 and 2018, treasury stock consisted of 1,392,524 and 1,545,783 shares of common stock, respectively. The Company issued 157,043 and 67,286 shares of treasury stock in fiscal 2019 and 2018, respectively, to fulfill its obligations under the stock option plans and restricted stock and performance share award grants, as well as the contingent consideration related to the acquisition of Veth Propulsion Holding B.V. The Company also recorded forfeitures of 3,784 and 32,734 shares of previously issued restricted stock in fiscal 2019 and 2018, respectively. The difference between the cost of treasury shares and the option price is recorded in common stock. Under an authorization given by the Board of Directors on July 27, 2012, the Company is permitted to make open market purchases of its common stock. The Company did not make any open market purchases during the two most recent fiscal years. As of June 30, 2019 and 2018, 315,000 shares remain authorized for purchase. Cash dividends per share were $0.00 in both fiscal 2019 and 2018. The Company is authorized to issue 200,000 shares of preferred stock, none of which have been issued. The Company has designated 150,000 shares of the preferred stock as Series A Junior Preferred Stock. The components of accumulated other comprehensive loss included in equity as of June 30, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
Translation adjustments |  | $ | 4,439 |  |  | $ | 7,085 |
Net loss on cash flow hedge derivatives, net of income taxes of $156 and $0, respectively |  |  | (509 | ) |  |  | - |
Benefit plan adjustments, net of income taxes of $12,707 and $11,494 respectively |  |  | (41,901 | ) |  |  | (30,877 | )
Accumulated other comprehensive loss |  | $ | (37,971 | ) |  | $ | (23,792 | )
A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended June 30, 2018 and June 30, 2019 is as follows:
|  | Translation |  |  | Benefit Plan |
|  | Adjustment |  |  | Adjustment |
Balance at June 30, 2017 |  | $ | 6,130 |  |  | $ | (38,801 | )
Other comprehensive income before reclassifications |  |  | 955 |  |  |  | 5,824 |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 2,100 |
Net current period other comprehensive income |  |  | 955 |  |  |  | 7,924 |
Balance at June 30, 2018 |  | $ | 7,085 |  |  | $ | (30,877 | )
|  | Translation |  |  | Benefit Plan |  |  | Cash Flow |
|  | Adjustment |  |  | Adjustment |  |  | Hedges |
Balance at June 30, 2018 |  | $ | 7,085 |  |  | $ | (30,877 | ) |  | $ | - |
Other comprehensive loss before reclassifications |  |  | (2,646 | ) |  |  | (6,068 | ) |  |  | (509 | )
Release stranded tax effects |  |  | - |  |  |  | (6,903 | ) |  |  | - |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 1,947 |  |  |  | - |
Net current period other comprehensive income |  |  | (2,646 | ) |  |  | (11,024 | ) |  |  | (509 | )
Balance at June 30, 2019 |  | $ | 4,439 |  |  | $ | (41,901 | ) |  | $ | (509 | )
A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2018 is as follows:
|  | Amount |
|  | Reclassified |
Amortization of benefit plan items |  |  |  |
Actuarial losses |  | $ | (3,053 | )
Transition asset and prior service benefit |  |  | 103 |
Total before tax benefit |  |  | (2,950 | )
Tax benefit |  |  | 850 |
Total reclassification net of tax |  | $ | (2,100 | )
A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2019 is as follows:
|  | Amount |
|  | Reclassified |
Amortization of benefit plan items |  |  |  |
Actuarial losses |  | $ | (2,710 | )
Transition asset and prior service benefit |  |  | 176 |
Total before tax benefit |  |  | (2,534 | )
Tax benefit |  |  | 587 |
Total reclassification net of tax |  | $ | (1,947 | )

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

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration