Note 18 - Restructuring

6 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

18)      Restructuring

The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges.

2021 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 2021 restructuring activities to be completed by 2022. 

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 2021.

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

	Three Months Ended						Six Months Ended
	December 31, 2020						December 31, 2020
Fiscal 2021	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	222	$	201	$	423	$	463	$	362	$	825
Prior year initiatives		82		4		86		894		277		1,171
	$	304	$	205	$	509	$	1,357	$	639	$	1,996

	Three Months Ended							Six Months Ended
	December 31, 2019							December 31, 2019
Fiscal 2020	Involuntary Employee Severance and Benefit Costs		Other			Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	795	$	(134	)	$	661	$	1,795	$	345	$	2,140
Prior year initiatives		-		59			59		-		59		59
	$	795	$	(75	)	$	720	$	1,795	$	404	$	2,199

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, 2020	$	-		$	-		$	-
Additions and adjustments		463			362			825
Payments		(463	)		(362	)		(825	)
Restructuring liabilities at December 31, 2020	$	-		$	-		$	-

Prior Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2020	$	520		$	18		$	538
Additions and adjustments		893			278			1,171
Payments		(1,367	)		(296	)		(1,663	)
Restructuring liabilities at December 31, 2020	$	46		$	-		$	46

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

	Three Months Ended						Six Months Ended
	December 31, 2020						December 31, 2020
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	82	$	-	$	82	$	251	$	5	$	256
Engraving		190		201		391		280		348		628
Engineering Technologies		2		-		2		37		-		37
Specialty Solutions		-		4		4		673		286		959
Corporate		30		-		30		116		-		116
	$	304	$	205	$	509	$	1,357	$	639	$	1,996

	Three Months Ended							Six Months Ended
	December 31, 2019							December 31, 2019
	Involuntary Employee Severance and Benefit Costs		Other			Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	-	$	59		$	59	$	-	$	59	$	59
Engraving		572		(134	)		438		1,132		345		1,477
Engineering Technologies		-		-			-		-		-		-
Specialty Solutions		150		-			150		241		-		241
Corporate		73		-			73		422		-		422
	$	795	$	(75	)	$	720	$	1,795	$	404	$	2,199

Restructuring expense is expected to be approximately $1.5 million for the remainder of fiscal year 2021.