Note 17 - Restructuring

6 Months Ended

Dec. 31, 2021

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.

2022 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 2022 restructuring activities to be completed by 2023. 

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 2022.

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

	Three Months Ended						Six Months Ended
	December 31, 2021						December 31, 2021
Fiscal Year 2022	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	296	$	547	$	843	$	671	$	612	$	1,283

	Three Months Ended						Six Months Ended
	December 31, 2020						December 31, 2020
Fiscal Year 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

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, 2021	$	-		$	-		$	-
Additions and adjustments		671			612			1,283
Payments		(578	)		(319	)		(897	)
Restructuring liabilities at December 31, 2021	$	93		$	293		$	386

Prior Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2021	$	39		$	10		$	49
Additions and adjustments		-			-			-
Payments		(39	)		(10	)		(49	)
Restructuring liabilities at December 31, 2021	$	-		$	-		$	-

Prior Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2020	$	520		$	18		$	538
Additions and adjustments		1,356			640			1,996
Payments		(1,830	)		(658	)		(2,488	)
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, 2021						December 31, 2021
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	72	$	18	$	90	$	72	$	18	$	90
Engraving		169		465		634		453		530		983
Engineering Technologies		50		-		50		141		-		141
Specialty Solutions		-		64		64		-		64		64
Corporate		5		-		5		5		-		5
	$	296	$	547	$	843	$	671	$	612	$	1,283

	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

Restructuring expense is expected to be approximately $1.1 million for the remainder of fiscal year 2022.