Note 17 - Restructuring

6 Months Ended

Dec. 31, 2023

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, particularly through headcount reductions, facility closures, and consolidations. Restructuring expenses primarily related to 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						Six Months Ended
	December 31, 2023						December 31, 2023
Fiscal Year 2024	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	359	$	907	$	1,266	$	1,786	$	1,252	$	3,038
Prior year initiatives		56		38		94		182		46		228
	$	415	$	945	$	1,360	$	1,968	$	1,298	$	3,266

	Three Months Ended						Six Months Ended
	December 31, 2022						December 31, 2022
Fiscal Year 2023	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Current year initiatives	$	117	$	74	$	191	$	211	$	117	$	328
Prior year initiatives		217		103		320		468		297		765
	$	334	$	177	$	511	$	679	$	414	$	1,093

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		1,786			1,252			3,038
Payments		(843	)		(1,029	)		(1,872	)
Restructuring liabilities at December 31, 2023	$	943		$	223		$	1,166

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		182			46			228
Payments		(985	)		(63	)		(1,048	)
Restructuring liabilities at December 31, 2023	$	301		$	175		$	476

Prior Year Initiatives	Involuntary Employee Severance and Benefit Costs			Other			Total
Restructuring liabilities at June 30, 2022	$	1,045		$	695		$	1,740
Additions and adjustments		679			414			1,093
Payments		(1,577	)		(699	)		(2,276	)
Restructuring liabilities at December 31, 2022	$	147		$	410		$	557

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

	Three Months Ended						Six Months Ended
	December 31, 2023						December 31, 2023
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	347	$	408	$	755	$	591	$	439	$	1,030
Engraving		43		537		580		836		859		1,695
Engineering Technologies		13		-		13		55		-		55
Corporate		12		-		12		486		-		486
	$	415	$	945	$	1,360	$	1,968	$	1,298	$	3,266

	Three Months Ended						Six Months Ended
	December 31, 2022						December 31, 2022
	Involuntary Employee Severance and Benefit Costs		Other		Total		Involuntary Employee Severance and Benefit Costs		Other		Total
Electronics	$	168	$	83	$	251	$	299	$	197	$	496
Engraving		166		94		260		380		217		597
	$	334	$	177	$	511	$	679	$	414	$	1,093

Restructuring expense is expected to be approximately $3.5 million for the remainder of fiscal year 2024.