Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 22, 2017 | Dec. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | ||
Entity Central Index Key | 310,354 | ||
Trading Symbol | sxi | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 12,775,165 | ||
Entity Public Float | $ 1,108,193,137 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 88,566 | $ 121,988 | |
Accounts receivable, net | 127,060 | 103,974 | |
Inventories | 119,401 | 105,402 | |
Prepaid expenses and other current assets | 8,397 | 4,784 | |
Income taxes receivable | 2,469 | 1,325 | |
Deferred tax asset | 14,991 | 16,013 | |
Assets held for sale | 2,363 | ||
Total current assets | 360,884 | 355,849 | |
Property, plant and equipment, net | 133,160 | 106,686 | |
Balance | 102,503 | 40,412 | |
Goodwill | 242,690 | 157,354 | |
Deferred tax asset | 1,135 | 11,361 | |
Other non-current assets | 27,304 | 18,795 | |
Total non-current assets | 506,792 | 334,608 | |
Total assets | 867,676 | 690,457 | [1] |
Current liabilities: | |||
Accounts payable | 96,487 | 77,099 | |
Accrued liabilities | 58,694 | 50,785 | |
Income taxes payable | 4,783 | 4,695 | |
Liabilities held for sale | 1,528 | ||
Total current liabilities | 159,964 | 134,107 | |
Long-term debt | 191,976 | 92,114 | |
Deferred income taxes | 24,986 | 5,941 | |
Pension obligations | 70,745 | 78,013 | |
Other non-current liabilities | 11,341 | 10,323 | |
Total non-current liabilities | 299,048 | 186,391 | |
Commitments and Contingencies (Notes 11 and 12) | |||
Stockholders' equity: | |||
Common stock, par value $1.50 per share - 60,000,000 shares authorized, 27,984,278 issued, 12,662,661 and 12,674,458 shares outstanding in 2017 and 2016 | 41,976 | 41,976 | |
Additional paid-in capital | 56,783 | 52,374 | |
Retained earnings | 716,605 | 678,002 | |
Accumulated other comprehensive loss | (115,938) | (117,975) | |
Treasury shares (15,321,617 shares in 2017 and 15,309,820 shares in 2016) | (290,762) | (284,418) | |
Total stockholders' equity | 408,664 | 369,959 | |
Total liabilities and stockholders' equity | $ 867,676 | $ 690,457 | |
[1] | The identified assets as of June 30, 2016 for certain segments have been revised from amounts previously reported due to certain immaterial allocation differences. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Common stock, par value (in dollars per share) | $ 1.50 | $ 1.50 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 27,984,278 | 27,984,278 |
Common stock, shares outstanding (in shares) | 12,662,661 | 12,674,458 |
Treasury stock, shares (in shares) | 15,321,617 | 15,309,820 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Net sales | [1] | $ 755,258 | $ 751,586 | $ 772,142 |
Cost of sales | (502,504) | (499,333) | (524,656) | |
Gross profit | 252,754 | 252,253 | 247,486 | |
Selling, general and administrative | 174,060 | 170,219 | 165,837 | |
Restructuring costs | 5,825 | 4,232 | 3,443 | |
Acquisition related expenses | 7,843 | |||
Other operating (income) expense, net | [2] | 7,458 | (438) | |
Income from operations | 65,026 | 70,344 | 78,644 | |
Interest expense | (4,043) | (2,871) | (3,161) | |
Other non-operating (income) expense, net | (949) | (1,052) | (634) | |
Total | 3,094 | 1,819 | 2,527 | |
Total | 61,932 | 68,525 | 76,117 | |
Provision for income taxes | (15,355) | (16,295) | (20,874) | |
Income from continuing operations | 46,577 | 52,230 | 55,243 | |
Income (loss) from discontinued operations, net of tax | (32) | (174) | (500) | |
Net income | $ 46,545 | $ 52,056 | $ 54,743 | |
Basic earnings per share: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 3.68 | $ 4.12 | $ 4.37 | |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | (0.04) | ||
Total (in dollars per share) | 3.68 | 4.11 | 4.33 | |
Diluted earnings per share: | ||||
Income (loss) from continuing operations (in dollars per share) | 3.65 | 4.09 | 4.31 | |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | (0.04) | ||
Total (in dollars per share) | $ 3.65 | $ 4.08 | $ 4.27 | |
[1] | Net sales were identified based on geographic location where our products and services were initiated. | |||
[2] | Other operating expense in 2016 consists primarily of a $7.3 million charge to adjust the Roll, Plate, and Machinery business in the Engraving segment to its net realizable value. Amounts in 2015 are gains on insurance proceeds related to an event at an Engineering Technologies facility. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 46,545 | $ 52,056 | $ 54,743 |
Other comprehensive income (loss): | |||
Actuarial gains (losses) and other changes in unrecognized costs | 3,689 | (26,619) | (27,344) |
Amortization of unrecognized costs | 5,729 | 4,779 | 4,690 |
Change in unrealized gains and (losses) | (2,896) | (1,010) | (687) |
Foreign currency translation gains (losses) | (472) | (11,303) | (23,133) |
Other comprehensive income (loss) before tax | 5,663 | (33,474) | (45,440) |
Actuarial gains (losses) and other changes in unrecognized costs | (1,354) | 10,075 | 10,045 |
Amortization of unrecognized costs | (2,012) | (1,685) | (1,671) |
Change in unrealized gains and (losses) | (80) | 384 | 262 |
Income tax (provision) benefit to other comprehensive income (loss) | (3,626) | 8,516 | 8,242 |
Other comprehensive income (loss), net of tax | 2,037 | (24,958) | (37,198) |
Comprehensive income (loss) | 48,582 | 27,098 | 17,545 |
Interest Expense [Member] | |||
Other comprehensive income (loss): | |||
Amortization of unrealized gains and (losses) | (462) | 567 | 1,034 |
Amortization of unrealized gains and (losses) | (152) | (216) | (394) |
Cost of Sales [Member] | |||
Other comprehensive income (loss): | |||
Amortization of unrealized gains and (losses) | 75 | 112 | |
Amortization of unrealized gains and (losses) | $ (28) | $ (42) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Jun. 30, 2014 | 15,345,000 | |||||
Balance at Jun. 30, 2014 | $ 41,976 | $ 43,388 | $ 584,014 | $ (55,819) | $ (272,833) | $ 340,726 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (150,000) | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 102 | $ 2,682 | 2,784 | |||
Stock-based compensation | 3,764 | 3,764 | ||||
Treasury stock acquired (in shares) | 138,000 | |||||
Treasury stock acquired | $ (10,356) | (10,356) | ||||
Net income | 54,743 | 54,743 | ||||
Foreign currency translation gains (losses) | (23,133) | (23,133) | ||||
Pension and OPEB adjustments, net of tax of $8.4 million | (14,280) | (14,280) | ||||
Change in fair value of derivatives, net of tax | 215 | 215 | ||||
Balance (in shares) at Jun. 30, 2015 | 15,333,000 | |||||
Dividends declared | (5,893) | (5,893) | ||||
Balance at Jun. 30, 2015 | 41,976 | 47,254 | 632,864 | (93,017) | $ (280,507) | 348,570 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (94,000) | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 31 | $ 1,725 | 1,756 | |||
Stock-based compensation | 5,089 | 5,089 | ||||
Treasury stock acquired (in shares) | 71,000 | |||||
Treasury stock acquired | $ (5,636) | (5,636) | ||||
Net income | 52,056 | 52,056 | ||||
Foreign currency translation gains (losses) | (11,303) | (11,303) | ||||
Pension and OPEB adjustments, net of tax of $8.4 million | (13,450) | (13,450) | ||||
Change in fair value of derivatives, net of tax | (205) | (205) | ||||
Balance (in shares) at Jun. 30, 2016 | 15,310,000 | |||||
Dividends declared | (6,918) | (6,918) | ||||
Balance at Jun. 30, 2016 | 41,976 | 52,374 | 678,002 | (117,975) | $ (284,418) | 369,959 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (78) | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (614) | $ 1,462 | 848 | |||
Stock-based compensation | 5,023 | 5,023 | ||||
Treasury stock acquired (in shares) | 90,000 | |||||
Treasury stock acquired | $ (7,806) | (7,806) | ||||
Net income | 46,545 | 46,545 | ||||
Foreign currency translation gains (losses) | (472) | (472) | ||||
Pension and OPEB adjustments, net of tax of $8.4 million | 6,052 | 6,052 | ||||
Change in fair value of derivatives, net of tax | (3,543) | (3,543) | ||||
Balance (in shares) at Jun. 30, 2017 | 15,322,000 | |||||
Dividends declared | (7,942) | (7,942) | ||||
Balance at Jun. 30, 2017 | $ 41,976 | $ 56,783 | $ 716,605 | $ (115,938) | $ (290,762) | $ 408,664 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
AOCI Attributable to Parent [Member] | |||
Change in fair value of derivatives, tax | $ 0.3 | $ 0.2 | $ (0.2) |
Pension and OPEB adjustments, tax | $ 3.4 | $ 8.4 | $ 8.4 |
Retained Earnings [Member] | |||
Dividends declared, per share (in dollars per share) | $ 0.62 | $ 0.54 | $ 0.46 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities | |||
Net income | $ 46,545 | $ 52,056 | $ 54,743 |
Income (loss) from discontinued operations | (32) | (174) | (500) |
Income (loss) from continuing operations | 46,577 | 52,230 | 55,243 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 20,315 | 17,953 | 16,684 |
Share-based Compensation Continuing Operations | 5,023 | 5,089 | 3,764 |
Deferred income taxes | (121) | (6,756) | (249) |
Non-cash portion of restructuring charge | 1,414 | 2,323 | (171) |
Loss on assets held for sale | 7,267 | ||
(Gain) loss on disposal of real estate and equipment | (652) | 191 | |
Excess tax benefit from share-based payment activity | (795) | (2,088) | |
Increase/(decrease) in cash from changes in assets and liabilities, net of effects from discontinued operations and business acquisitions: | |||
Accounts receivables, net | (6,013) | 4,144 | (5,564) |
Inventories | (3,796) | 1,729 | (6,073) |
Contributions to defined benefit plans | (1,443) | (1,320) | (1,484) |
Prepaid expenses and other | 61 | 1,092 | 4,619 |
Accounts payable | 4,552 | (3,368) | (3,657) |
Accrued payroll, employee benefits and other liabilities | 3,726 | 6,731 | (4,334) |
Income taxes payable | (5,610) | (5,289) | 9,477 |
Net cash provided by operating activities from continuing operations | 64,033 | 81,221 | 66,167 |
Net cash used for operating activities from discontinued operations | (594) | (897) | (2,128) |
Net cash provided by operating activities | 63,439 | 80,324 | 64,039 |
Cash Flows from Investing Activities | |||
Expenditures for capital assets | (26,448) | (17,851) | (22,561) |
Expenditures for acquisitions, net of cash acquired | (153,815) | (13,700) | (57,149) |
Expenditures for executive life insurance policies | (377) | (417) | (408) |
Proceeds from sale of real estate and equipment | 1,106 | 383 | 66 |
Other investing activity | 483 | 1,536 | |
Net cash provided by (used for) investing activities from continuing operations | (179,051) | (31,585) | (78,516) |
Net cash provided by investing activities from discontinued operations | 2,803 | ||
Net cash provided by (used for) investing activities | (179,051) | (28,782) | (78,516) |
Cash Flows from Financing Activities | |||
Proceeds from borrowings | 263,700 | 65,000 | 274,700 |
Payments of debt | (164,200) | (75,000) | (216,700) |
Stock issued under employee stock option and purchase plans | 848 | 942 | 696 |
Excess tax benefit from share-based payment activity | 795 | 2,088 | |
Purchase of treasury stock | (7,806) | (5,636) | (10,356) |
Cash dividends paid | (7,852) | (6,846) | (5,820) |
Net cash provided by (used for) financing activities | 84,690 | (20,745) | 44,608 |
Effect of exchange rate changes on cash | (2,500) | (4,937) | (8,263) |
Net change in cash and cash equivalents | (33,422) | 25,860 | 21,868 |
Cash and cash equivalents at beginning of year | 121,988 | 96,128 | 74,260 |
Cash and cash equivalents at end of year | 88,566 | 121,988 | 96,128 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest | 3,258 | 2,351 | 2,547 |
Income taxes, net of refunds | $ 20,413 | $ 24,769 | $ 12,891 |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified manufacturing company with operations in the United States, Europe, Asia, Africa, and Latin America. The accompanying consolidated financial statements include the accounts of Standex International Corporation and its subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not may Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three June 30, 2017 2016, Trading Securities The Company purchases investments for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401 $2.4 June 30, 2017 $2.3 June 30, 2016. Accounts Receivable Allowances The Company has provided an allowance for doubtful accounts reserve which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. This estimate is derived from the Company’s knowledge of its end markets, customer base, products, and historical experience. The changes in the allowances for uncollectible accounts during 2017, 2016, 2015 2017 2016 2015 Balance at beginning of year $ 2,119 $ 2,226 $ 2,282 Acquisitions and other 52 3 4 Provision charged to expense 416 8 496 Write-offs, net of recoveries (181 ) (118 ) (556 ) Balance at end of year $ 2,406 $ 2,119 $ 2,226 Inventories Inventories are stated at the lower of ( first first Long-Lived Assets Long-lived assets that are used in operations, excluding goodwill and identifiable intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not Property, Plant and Equipment Property, plant and equipment are reported at cost less accumulated depreciation. Depreciation is recorded on assets over their estimated useful lives, generally using the straight-line method. Lives for property, plant and equipment are as follows (in years): Buildings 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment 8 to 15 Furniture and Fixtures 3 to 10 Computer hardware and software 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Amortization of computer hardware and software of $0.6 $0.6 $0.5 June 30, 2017, 2016, 2015, Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives, are not not Customer relationships 5 to 16 Patents 12 Non-compete agreements 5 to 10 Other 10 Developed technology 15 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 5 6 Fair Value of Financial Instruments The financial instruments, shown below, are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. When observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 17 Level 2 17 The Company has considered the creditworthiness of counterparties in valuing all assets and liabilities. Level 3 We did not June 30, 2017 2016. Cash and cash equivalents, accounts receivable, accounts payable and debt are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2017 2016 201 7 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Financial Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 201 6 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,333 $ 2,333 $ - $ - Foreign exchange contracts 11 - 11 - Financial Liabilities Foreign exchange contracts $ 94 $ - $ 94 $ - Interest rate swaps 1,038 - 1,038 - (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. Our financial liabilities based upon Level 3 second third Contingent acquisition payment liabilities are scheduled to be paid in periods through fiscal year 2020. June 30, 2017, $8.4 not 3 June 30, 2017, Concentration of Credit Risk The Company is subject to credit risk through trade receivables and short-term cash investments. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. No 5% Short-term cash investments are placed with high credit-quality financial institutions. The Company monitors the amount of credit exposure in any one Revenue Recognition The Company’s product sales are recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. Revenues under certain fixed price contracts are generally recorded when deliveries are made. Sales and estimated profits under certain long-term contracts are recognized under the percentage-of-completion methods of accounting, whereby profits are recorded pro rata, based upon current estimates of costs to complete such contracts. Losses on contracts are fully recognized in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known. Any excess of the billings over cost and estimated earnings on long-term contracts is included in deferred revenue. Cost of Goods Sold and Selling, General and Administrative Expenses The Company includes expenses in either cost of goods sold or selling, general and administrative categories based upon the natural classification of the expenses. Cost of goods sold includes expenses associated with the acquisition, inspection, manufacturing and receiving of materials for use in the manufacturing process. These costs include inbound freight charges, purchasing and receiving costs, inspection costs, internal transfer costs as well as depreciation, amortization, wages, benefits and other costs that are incurred directly or indirectly to support the manufacturing process. Selling, general and administrative includes expenses associated with the distribution of our products, sales effort, administration costs and other costs that are not may not The Company purchased $2.4 $3.3 $2.1 20% June 30, 2017, 2016, 2015 not Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $5.1 $4.3 $5.0 June 30 , 2017, 2016, 2015, Research and Development Research and development expenditures are expensed as incurred. Total research and development costs, which are classified under selling, general, and administrative expenses, were $5.5 $4.9 $4.1 June 30 , 2017, 2016, 2015, Warranties The expected cost associated with warranty obligations on our products is recorded when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in continuing operations warranty reserve, which are recorded as accrued liabilities, during 2017, 2016, 2015 201 7 201 6 201 5 Balance at beginning of year $ 9,085 $ 7,436 $ 6,941 Acquisitions and other charges 301 (5 ) 3 Warranty expense 9,203 13,503 11,086 Warranty claims (9,346 ) (11,849 ) (10,594 ) Balance at end of year $ 9,243 $ 9,085 $ 7,436 The decrease in warranty expense during 2017 2016 2015. Stock-Based Compensation Plans Restricted stock awards generally vest over a three Foreign Currency Translation The functional currency of our non-U.S. operations is generally the local currency. Assets and liabilities of non-U.S. operations are translated into U.S. Dollars on a monthly basis using period-end exchange rates. Revenues and expenses of these operations are translated using average exchange rates. The resulting translation adjustment is reported as a component of comprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income. Gains and losses from foreign currency transactions are included in results of operations and were not Derivative Instruments and Hedging Activities The Company recognizes all derivatives on its balance sheet at fair value. Forward foreign currency exchange contracts are periodically used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments from subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. The Company also uses interest rate swaps to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company values the swaps based on contract prices in the derivatives market for similar instruments. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company does not Income Taxes The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $15.4 24.8%, $16.3 23.8% June 30, 2016, $20.9 27.4% June 30, 2015. may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $0.4 $0.6 $5.3 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2016 $0.9 $0.7 $4.9 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2015 $0.5 December 31, ( $4.0 Earnings Per Share (share amounts in thousands) 201 7 201 6 201 5 Basic – Average Shares Outstanding 12,666 12,682 12,655 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 102 150 Diluted – Average Shares Outstanding 12,768 12,784 12,805 Both basic and dilutive income is the same for computing earnings per share. There were no June 30, 2017, 2016 2015. Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contract with Customers, not July 1, 2018. In July 2015, 2015 11, Inventory (Topic 330 December 15, 2016. 2015 11 not In November 2015, 2015 17, Income Taxes (Topic 740 Balance Sheet Classification of Deferred Taxes December 15, 2016, 2015 17. In February 2016, 2016 02, Leases (Topic 842 2016 02 twelve not 2016 02 December 15, 2018. 2016 02, In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 In March 2017, 2017 07, Compensation-Retirement Benefits (Topic 715 December 15, 2017 ( 2019 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09. $0.6 June 30, 2017, |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Each of the Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. The Company evaluated the significance of each acquisition on a standalone basis and in aggregate, considering both qualitative and quantitative factors. OKI Sensor Device Corporation During the third 2017, The Company paid $129.2 100% not no Intangible assets of $53.8 $50.1 10 20 $3.6 fifteen $0.1 2017. fourth 2017, $2.9 $2.3 $0.2 $0.1 2017. $78.9 not The components of the fair value of the Standex Electronics Japan acquisition, including the preliminary allocation of the purchase price at June 30, 2017, Preliminary Allocation Adjustments Adjusted Allocation March 31, 2017 June 30, 2017 Fair value of business combination: Cash payments $ 137,676 $ - $ 137,676 Less: cash acquired (8,521 ) - (8,521 ) Total $ 129,155 $ - $ 129,155 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 12,497 $ - $ 12,497 Inventories 7,387 815 8,202 Property, plant, and equipment 12,703 5,750 18,453 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 2,916 78,901 Liabilities assumed (10,811 ) (8,405 ) (19,216 ) Deferred taxes (22,406 ) 1,324 (21,082 ) Total $ 129,155 $ - $ 129,155 The initial allocation of the purchase price is based upon a preliminary valuation, and accordingly, our estimates and assumptions are subject to change as we obtain additional information during the measurement period. The Company anticipates finalizing the purchase price allocation during the current calendar year. The following table reflects the unaudited pro forma operating results of the Company for the years ended June 30, 2017 2016, not may not not (Unaudited Pro Forma) For years ended In thousands 2017 2016 Net Sales $ 805,235 $ 808,691 Net Income $ 57,810 $ 58,720 Earnings per share: Basic $ 4.56 $ 4.63 Diluted $ 4.53 $ 4.59 Pro forma earnings during the year ended June 30, 2017 $1.8 $0.9 $0.8 $4.2 Pro forma earnings during the year ended June 30, 2016 $2.3 $1.1 $1.0 Horizon Scientific During the second 2017, The Company paid $24.7 100% $0.3 2018 $8.4 Intangible assets of $17.6 $16.1 fifteen $1.2 $0.3 fourth 2017, $1.2 $6.7 not The components of the fair value of the Horizon Scientific acquisition, including the allocation of the purchase price at June 30, 2017, Preliminary Allocation Adjustments Final Fair value of business combination: Cash payments $ 26,457 $ - $ 26,457 Identified cash and net working capital adjustment - 341 341 Less: cash acquired (1,797 ) - (1,797 ) Total $ 24,660 $ 341 $ 25,001 Identifiable assets acquired and liabilities assumed: Current assets $ 4,863 $ - $ 4,863 Inventories 4,470 - 4,470 Property, plant, and equipment 1,616 - 1,616 Identifiable intangible assets 17,550 (1,400 ) 16,150 Goodwill 5,452 1,208 6,660 Liabilities assumed (2,374 ) - (2,374 ) Deferred taxes (6,917 ) 533 (6,384 ) Total $ 24,660 $ 341 $ 25,001 The Company finalized the purchase price allocation during fiscal year 2017. June 30, 2017. Northlake On October 1, 2015, The Company paid $13.7 100% $6.8 $4.1 twelve $2.4 $0.3 five $5.1 June 30, 2016. The components of the fair value of the Northlake acquisition, including the allocation of the purchase price at June 30, 2016, Final Fair value of business combination: Cash payments $ 14,015 Less: cash acquired (315 ) Total $ 13,700 Identifiable assets acquired and liabilities assumed: Current assets $ 2,810 Property, plant, and equipment 1,407 Identifiable intangible assets 6,824 Goodwill 5,121 Other non-current assets 158 Liabilities assumed (2,620 ) Total $ 13,700 Acquisition-Related Costs Acquisition-related costs include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation and (ii) acquisition-related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not Deferred compensation costs relate to payments due to the seller of Horizon Scientific for $2.8 second $5.6 third June 30, 2017, $2.1 Acquisition related costs of $5.7 $2.7 $3.0 third The components of acquisition-related costs, net are as follows (dollars in thousands): June 30 2017 Deferred compensation arrangements $ 2,108 Acquisition-related costs 5,735 Total $ 7,843 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories are comprised of (in thousands): June 30 2017 2016 Raw materials $ 53,313 $ 46,616 Work in process 28,110 26,541 Finished goods 37,978 32,245 Total $ 119,401 $ 105,402 Distribution costs associated with the sale of inventory are recorded as a component of selling, general and administrative expenses and were $20.4 $20.1 $23.3 2017, 2016, 2015, |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, plant and equipment consist of the following (in thousands): June 30 2017 2016 Land, buildings and leasehold improvements $ 78,048 $ 67,187 Machinery, equipment and other 199,419 177,745 Total 277,467 244,932 Less accumulated depreciation 144,307 138,246 Property, plant and equipment - net $ 133,160 $ 106,686 Depreciation expense for the years ended June 30, 2017, 2016, 2015 $14.7 $13.7 $13.4 |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 5. Goodwill and certain indefinite-lived intangible assets are not may May 31st The Company has identified our reporting units for impairment testing as its twelve five 18 As quoted market prices are not While the Company believes that estimates of future cash flows are reasonable, changes in assumptions could significantly affect valuations and result in impairments in the future. The most significant assumption involved in the Company’s determination of fair value is the cash flow projections of each reporting unit. If the estimates of future cash flows for each reporting unit may We completed our annual impairment testing as of May 31, 2017, no 2017 2016. 2016 $273 July 1, 2016 Changes to goodwill during the years ended June 30, 2017 2016 2017 2016 Balance at beginning of year $ 175,293 $ 172,671 Accumulated impairment losses 17,939 17,939 Balance at beginning of year, net 157,354 154,732 Acquisitions 85,561 5,121 Disposals - (273 ) Foreign currency translation (225 ) (2,226 ) Balance at end of year $ 242,690 $ 157,354 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. Intangible assets consist of the following (in thousands): Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total June 30, 2017 Cost $ 64,247 $ 18,715 $ 47,586 $ 4,503 $ 135,051 Accumulated amortization (28,764 ) - (826 ) (2,958 ) (32,548 ) Balance, June 30, 2017 $ 35,483 $ 18,715 $ 46,760 $ 1,545 $ 102,503 June 30, 2016 Cost $ 46,297 $ 17,263 $ - $ 4,471 $ 68,031 Accumulated amortization (24,892 ) - - (2,727 ) (27,619 ) Balance, June 30, 2016 $ 21,405 $ 17,263 $ - $ 1,744 $ 40,412 Amortization expense from continuing operations for the years ended June 30, 2017, 2016, 2015 $5.0 $3.6 $2.8 June 30, 2017, $8.1 2018, $8.1 2019, $7.6 2020, $7.1 2021, $6.7 2022, $46.2 During the fourth 2016, no $0.6 zero |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Long-term debt is comprised of the following at June 30 ( 2017 2016 Bank credit agreements $ 192,500 $ 93,000 Other 6 18 Total funded debt 192,506 93,018 Issuance Cost (530 ) (904 ) Total long-term debt $ 191,976 $ 92,114 Long-term debt is due as follows (in thousands): 2018 $ 6 2019 - 2020 (matures December 2019) 192,500 2021 - 2022 - Thereafter - Funded Debt 192,506 Issuance costs (530 ) Debt, net issuance cost $ 191,976 Bank Credit Agreements During fiscal year 2015, five December 2019 $400 $100 $10 $30 $225 January 2017. Under the terms of the Credit Agreement, we will pay a variable rate of interest and a commitment fee on borrowed amounts as well as a commitment fee on unused amounts under the facility. The amount of the commitment fee will depend upon both the undrawn amount remaining available under the facility and the Company’s funded debt to EBITDA (as defined in the agreement) ratio at the last day of each quarter. As our funded debt to EBITDA ratio increases, the commitment fee will increase. Funds borrowed under the facility may June 30, 2017, $193.4 June 30, 2017. Interest Coverage Ratio twelve 3.0:1. $7.5 June 30, 2017, 22.37:1. Leverage Ratio twelve may not 3.5:1. June 30, 2017, 1.79:1. As of June 30, 2017, $192.5 2.41%. In order to manage our interest rate exposure, we are party to $100.0 1.60%. Other Long-Term Borrowings At June 30, 2017, 2016, $8.9 $7.7 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. Accrued expenses recorded in our Consolidated Balance Sheets at June 30, 2017 2016 Payroll and employee benefits $ 28,522 $ 28,375 Workers' compensation 2,399 1,984 Warranty 9,243 9,085 Fair value of derivatives 3,014 1,132 Other 15,516 10,209 Total $ 58,694 $ 50,785 The increase in other liabilities during 2017 2016 $2.4 |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Interest Rate Swaps In order to manage our interest rate exposure, we are party to $100.0 1.60% June 30, 2017. The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2017 2016 Fair Value at June 30, Effective Date Notional Amount Fixed Interest Rate Maturity 2017 2016 December 19, 2014 20,000 1.18% December 19, 2017 $ 8 $ (201 ) December 19, 2014 5,000 1.20% December 19, 2017 1 (52 ) December 18, 2015 15,000 1.46% December 19, 2018 (1 ) (325 ) December 19, 2015 10,000 2.01% December 19, 2019 (106 ) (460 ) May 24, 2017 25,000 1.88% April 24, 2022 (60 ) - May 24, 2017 25,000 1.67% May 24, 2020 (23 ) - $ (181 ) $ (1,038 ) The Company reported no June 30, 2017, 2016, 2015, may Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments between subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. At June 30, 2017 2016, 2.8 0.1 2018 2023, Currency 2017 2016 USD 73,000 - Euro 21,335 2,477 Pound Sterling 6,962 594 Peso 54,000 - Canadian 20,600 - The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet at June 30, ( Liability Derivatives 2017 2016 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 181 Accrued Liabilities $ 1,038 Foreign exchange contracts Accrued Liabilities 2,833 Accrued Liabilities 94 $ 3,014 $ 1,132 The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands): 2017 2016 2015 Interest rate swaps $ 282 $ (743 ) $ (533 ) Foreign exchange contracts (3,178 ) (267 ) (154 ) $ (2,896 ) $ (1,010 ) $ (687 ) The table below presents the amount reclassified from accumulated other comprehensive income (loss) to net income for the periods ended (in thousands): Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2017 2016 2015 of Operations Interest rate swaps $ 399 $ 567 $ 1,034 Interest expense Foreign exchange contracts 75 112 - Cost of goods sold Foreign exchange contracts (861 ) - - Interest expense $ (387 ) $ 679 $ 1,034 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. The components of income from continuing operations before income taxes are as follows (in thousands): 2017 2016 2015 U.S. Operations $ 16,257 $ 23,996 $ 33,161 Non-U.S. Operations 45,675 44,529 42,956 Total $ 61,932 $ 68,525 $ 76,117 The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. The components of the provision for income taxes on continuing operations (in thousands) were as shown below: 2017 2016 2015 Current: Federal $ 2,229 $ 11,014 $ 9,195 State 230 523 556 Non-U.S. 13,017 11,514 11,372 Total Current 15,476 23,051 21,123 Deferred: Federal $ 2,141 $ (5,214 ) $ 556 State (290 ) (1,060 ) (495 ) Non-U.S. (1,972 ) (482 ) (310 ) Total Deferred (121 ) (6,756 ) (249 ) Total $ 15,355 $ 16,295 $ 20,874 A reconciliation from the U.S. Federal income tax rate on continuing operations to the total tax provision is as follows (in thousands): 2017 2016 2015 Provision at statutory tax rate 35.0 % 35.0 % 35.0 % State taxes (0.1% ) (0.5% ) 0.1 % Impact of foreign operations (8.0% ) (6.7% ) (5.0% ) Federal tax credits (1.3% ) (1.8% ) (1.2% ) Life insurance proceeds 0.0 % 0.0 % 0.0 % Contributions, net 0.0 % (1.3% ) 0.0 % Other (0.8% ) (0.9% ) (1.5% ) Effective income tax provision 24.8 % 23.8 % 27.4 % Changes in the effective tax rates from period to period may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $0.6 (ii) a benefit of $5.3 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2016 $0.9 (ii) a benefit of $0.7 a benefit of $4.9 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2015 $0.5 December 31 , and (ii) a benefit of $4.0 Significant components of the Company’s deferred income taxes are as follows (in thousands): 2017 2016 Deferred tax liabilities: Depreciation and amortization $ (55,041 ) $ (27,437 ) Total deferred tax liability $ (55,041 ) $ (27,437 ) Deferred tax assets: Accrued compensation $ 4,127 $ 3,707 Accrued expenses and reserves 6,886 6,154 Pension 26,309 29,730 Inventory 2,677 2,548 Other 939 1,432 Net operating loss and credit carry forwards 6,773 5,948 Total deferred tax asset $ 47,711 $ 49,519 Less: Valuation allowance (1,530 ) (649 ) Net deferred tax asset (liability) $ (8,860 ) $ 21,433 The Company estimates the degree to which deferred tax assets, including net operating loss and credit carry forwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss carry forwards that it believes will more likely than not June 30, 2017 not not $0.9 As of June 30, 2017, $56.6 $2.5 may 2017 2036. $2.4 $1.9 $0.5 10 In March 2016, 2016 09, $0.6 June 30, 2017, A provision has not $229.3 not The total provision for income taxes included in the consolidated financial statements was as follows (in thousands): 2017 2016 2015 Continuing operations $ 15,355 $ 16,295 $ 20,874 Discontinued operations (27 ) (55 ) (259 ) Total Provision $ 15,328 $ 16,240 $ 20,615 The changes in the amount of gross unrecognized tax benefits during 2016, 2015 2014 2017 2016 2015 Beginning Balance $ 2,978 $ 1,054 $ 1,033 Additions based on tax positions related to the current year 12 2,125 17 Additions for tax positions of prior years 1 - 4 Reductions for tax positions of prior years - (201 ) - Ending Balance $ 2,991 $ 2,978 $ 1,054 If the unrecognized tax benefits in the table above were recognized in a future period, $2.5 Within the next twelve twelve not not twelve Country Years Ending June 30, United States 2014 to 2017 Canada 2013 to 2017 Germany 2012 to 2017 Ireland 2017 to 2017 Portugal 2014 to 2017 United Kingdom 2013 to 2017 The Company’s policy is to include interest expense and penalties related to unrecognized tax benefits within the provision for income taxes on the consolidated statements of operations. At both June 30, 2017 June 30, 2016, $0.1 |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 11. The Company leases certain property and equipment under agreements with initial terms ranging from one twenty June 30, 2017, 2016, 2015 $8.0 $6.6 $6.1 The gross minimum annual rental commitments under non-cancelable operating leases, principally real-estate at June 30, 2017: (in thousands) Lease Sublease Net obligation 2018 $ 8,393 $ 303 $ 8,090 2019 8,303 328 7,975 2020 5,744 333 5,411 2021 5,022 338 4,684 2022 5,566 344 5,222 Thereafter 12,637 2,762 9,875 |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 12. From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation and Purchase Plans | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Stock-Based Compensation Plans Under incentive compensation plans, the Company is authorized to make grants of stock options, restricted stock and performance share units to provide equity incentive compensation to key employees and directors. The stock award program offers employees and directors the opportunity to earn shares of our stock over time, rather than options that give the employees and directors the right to purchase stock at a set price. The Company has stock plans for directors, officers and certain key employees. Total compensation cost recognized in income for equity based compensation awards was $5.0 $5.1 $3.8 June 30, 2017, 2016, 2015, $1.9 $1.8 $1.3 June 30, 2017, 2016 2015, There were 227,986 June 30, 2017. Restricted Stock Awards The Company may no may not not not 2017, 2016, 2015, 51,563, 48,984, 43,598 2018 2020. June 30, 2017, 2016, 2015, $3.6 $2.6 $2.3 A summary of restricted stock awards activity during the year ended June 30, 2017 Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2016 104,525 $ 8,636,901 Granted 51,563 Exercised / vested (36,422 ) $ 841,757 Canceled (3,963 ) Outstanding, June 30, 2017 115,703 $ 10,494,262 Restricted stock awards granted during 2017, 2016 2015 $85.07, $77.38, $76.47, June 30, 2017, 2016, 2015 $0.8 $1.1 $2.8 As of June 30, 2017, $3.4 1.44 Executive Compensation Program The Company operates a compensation program for key employees. The plan contains both an annual component as well as a long-term component. Under the annual component, participants may 50% may not three June 30, 2017 2016, 35,707 30,597 2018 2020. $0.4 $0.2 $0.3 June 30, 2017, 2016 2015, As of June 30, 2017, $0.3 1.32 The fair value of the awards under the annual component of this incentive program is measured using the Black-Scholes option-pricing model. Key assumptions used to apply this pricing model are as follows: 2017 2016 2015 Risk-free interest rates 0.71 % 1.10 % 0.88 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 25.7 % 26.6 % 32.0 % Expected quarterly dividends (per share) $ 0.14 $ 0.12 $ 0.10 Under the long-term component, grants of performance share units (“PSUs”) are made annually to key employees and the share units are earned based on the achievement of certain overall corporate financial performance targets over the performance period. At the end of the performance period, the number of shares of common stock issued will be determined by adjusting upward or downward from the target in a range between 50% 200%. No not Beginning in 2017, three A summary of the awards activity under the executive compensation program during the year ended June 30, 2017 Annual Component Performance Stock Units Weighted Number Average Aggregate Number Aggregate of Exercise Intrinsic of Intrinsic Shares Price Value Shares Value Non-vested, June 30, 2016 30,597 $ 52.62 $ 286,195 54,736 $ 3,926,057 Granted 16,661 61.97 30,326 Vested (11,226 ) $ 45.65 $ 472,362 (26,749 ) $ 1,814,874 Forfeited (325 ) 59.52 (5,422 ) Non-vested, June 30, 2017 35,707 $ 59.11 $ 318,334 52,890 $ 4,254,256 Restricted stock awards granted under the annual component of this program in fiscal 2017, 2016, 2015 $87.05, $82.79, $80.98, 2017, 2016 2015 $83.92, $76.61, $74.82, June 30, 2017 June 30, 2016 $2.3 $1.5 June 30, 2015. The Company recognized compensation expense related to the PSUs of $1.0 $2.3 $1.3 June 30, 2017, 2016 2015 $1.3 June 30, 2017, 1.41 Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan that allows employees to purchase shares of common stock of the Company at a discount from the market each quarter. The ESPP plan, which was effective as of July 1, 2005, 5%. April 1, 2017, 15% may 85% 15% 86,937 June 30, 2017. 3,742, 3,809, 3,382 2017, 2016 2015, $84.17, $75.66, $74.42, |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. Income (LosS) The components of the Company’s accumulated other comprehensive income (loss) at June 30 2017 2016 Foreign currency translation adjustment $ (25,107 ) $ (24,636 ) Unrealized pension losses, net of tax (86,646 ) (92,698 ) Unrealized losses on derivative instruments, net of tax (4,185 ) (641 ) Total $ (115,938 ) $ (117,975 ) |
Note 15 - Discontinued Operatio
Note 15 - Discontinued Operations | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. Discontinued OperationS In pursuing our business strategy, we have divested certain businesses and recorded activities of these businesses as discontinued operations. On March 30, 2012, $16.1 $13.1 $3.0 first 2016, one $2.8 October 2015 $0.2 first 2016 During 2014, July 2016 $0.5 The following table summarizes the Company’s discontinued operations activity, by operation, for the years ended June 30, ( Year Disposed 2017 2016 2015 Income (loss) before taxes: American Foodservice Company (1) 2014 $ (8 ) $ 3 $ (492 ) Air Distribution Products Group 2012 (38 ) (225 ) (137 ) Other loss from discontinued operations (13 ) (7 ) (130 ) Income (loss) before taxes from discontinued operations (59 ) (229 ) (759 ) (Provision) benefit for tax 27 55 259 Net income (loss) from discontinued operations $ (32 ) $ (174 ) $ (500 ) ( 1 American Foodservice Company incurred a pretax operational loss of $3.5 pretax loss on sale of $4.8 million in 2014 . Assets and liabilities related to discontinued operations to be retained by the Company are recorded in the Consolidated Balance Sheets at June 30 2017 2016 Current assets $ - $ - Non-current assets 14 14 Current liabilities 786 1,204 Non-current liabilities - 55 |
Note 16 - Restructuring
Note 16 - Restructuring | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 16. The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands): Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 201 7 Restructuring Initiatives $ 1,863 $ 3,590 $ 5,453 Prior Year Initiatives - 372 372 Total expense $ 1,863 $ 3,962 $ 5,825 2016 Restructuring Initiatives $ 1,046 $ 893 $ 1,939 Prior Year Initiatives 96 2,197 2,293 Total expense $ 1,142 $ 3,090 $ 4,232 2015 Restructuring Initiatives $ 847 $ 2,319 $ 3,166 Prior Year Initiatives 11 266 277 Total expense $ 858 $ 2,585 $ 3,443 201 7 Restructuring Initiatives The Company continues to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. The Company’s 2017 three First, Engineering Technologies incurred $3.6 $1.2 $0.5 The Company anticipates further restructuring charges in 2018 Activity in the reserves related to 2017 Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2016 $ - $ - $ - Additions 1,927 3,512 5,439 Payments (1,421 ) (2,711 ) (4,132 ) Restructuring Liabilities at June 30, 2017 $ 506 $ 801 $ 1,307 201 6 Restructuring Initiatives The Company’s 2016 Restructuring expenses during fiscal year 2016 $4.2 $1.7 $0.7 Activity in the reserves related to prior year restructuring initiatives is as follows (in thousands): Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2016 $ 74 $ 256 $ 330 Additions - 230 230 Payments (74 ) (49 ) (123 ) Restructuring Liabilities at June 30, 2017 $ - $ 437 $ 437 The Company’s total restructuring expenses by segment are as follows (in thousands): Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2017 Food Service Equipment $ 1,101 $ 85 $ 1,186 Engineering Technologies 809 3,070 3,879 Engraving 6 - 6 Electronics 11 488 499 Corporate and Other (64 ) 319 255 Total expense $ 1,863 $ 3,962 $ 5,825 Fiscal Year 2016 Food Service Equipment $ 138 $ 2,841 $ 2,979 Engineering Technologies 160 - 160 Engraving 92 - 92 Electronics 624 217 841 Corporate and Other 128 32 160 Total expense $ 1,142 $ 3,090 $ 4,232 Fiscal Year 2015 Food Service Equipment $ 215 $ 2,363 $ 2,578 Engineering Technologies 75 - 75 Engraving 220 - 220 Electronics 348 222 570 Total expense $ 858 $ 2,585 $ 3,443 |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Retirement Plans The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. salaried employees was frozen as of December 31, 2007, July 31, 2013, Net periodic benefit cost for U.S. and non-U.S. plans included the following components (in thousands): U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2017 2016 2015 2017 2016 2015 Service Cost $ 3 $ 70 $ 211 $ 37 $ 34 $ 44 Interest Cost 10,451 11,489 10,476 1,022 1,428 1,618 Expected return on plan assets (13,761 ) (13,864 ) (13,954 ) (1,152 ) (1,294 ) (1,474 ) Recognized net actuarial loss 4,760 3,979 3,945 1,016 835 750 Amortization of prior service cost (benefit) - 14 54 (48 ) (49 ) (53 ) Curtailment - - 244 - - - Net periodic benefit cost (benefit) $ 1,453 $ 1,688 $ 976 $ 875 $ 954 $ 885 The following table sets forth the funded status and amounts recognized as of June 30, 2017 2016 U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2017 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 269,162 $ 252,215 $ 41,820 $ 43,681 Service cost 3 70 37 34 Interest cost 10,451 11,489 1,022 1,428 Actuarial loss (gain) (3,624 ) 20,964 1,016 3,929 Benefits paid (16,029 ) (15,576 ) (1,352 ) (1,686 ) Foreign currency exchange rate - - (402 ) (5,566 ) Projected benefit obligation at end of year $ 259,963 $ 269,162 $ 42,141 $ 41,820 Change in plan assets Fair value of plan assets at beginning of year $ 197,850 $ 204,710 $ 35,007 $ 37,366 Actual return on plan assets 13,223 8,510 2,677 3,670 Employer contribution 284 206 1,143 1,264 Benefits paid (16,029 ) (15,576 ) (1,352 ) (1,686 ) Foreign currency exchange rate - - (554 ) (5,607 ) Fair value of plan assets at end of year $ 195,328 $ 197,850 $ 36,921 $ 35,007 Funded Status $ (64,635 ) $ (71,312 ) $ (5,220 ) $ (6,813 ) Amounts recognized in the consolidated balance sheets consists of: Prepaid Benefit Cost $ - $ - $ 1,324 $ 422 Current liabilities (220 ) (248 ) (330 ) (286 ) Non-current liabilities (64,415 ) (71,064 ) (6,330 ) (6,949 ) Net amount recognized $ (64,635 ) $ (71,312 ) $ (5,336 ) $ (6,813 ) Unrecognized net actuarial loss $ 129,207 $ 137,053 $ 8,484 $ 10,122 Unrecognized prior service cost - - (33 ) (81 ) Accumulated other comprehensive income, pre-tax $ 129,207 $ 137,053 $ 8,451 $ 10,041 The accumulated benefit obligation for all defined benefit pension plans was $301.6 $310.4 June 30, 2017 2016, The estimated actuarial net loss and prior service benefit for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $5.5 $0.1 Plan Assets and Assumptions The fair values of the Company’s pension plan assets at June 30, 2017 2016 three 1 Fair Value of Financial Instruments June 30, 201 7 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 11,160 $ 452 $ 10,708 $ - Common and preferred stocks 94,951 16,976 77,975 - U.S. Government securities 11,989 - 11,989 - Corporate bonds and other fixed income securities 97,691 6,728 90,963 - Other 16,458 - 16,458 - $ 232,249 $ 24,156 $ 208,093 $ - June 30, 2016 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 6,924 $ 511 $ 6,413 $ - Common and preferred stocks 91,536 17,227 74,309 - U.S. Government securities 15,032 - 15,032 - Corporate bonds and other fixed income securities 107,520 6,328 101,192 - Other 11,845 - 11,845 - $ 232,857 $ 24,066 $ 208,791 $ - Asset allocation at June 30, 2017 2016 2017 U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2017 2016 2017 2016 Equity securities 33 % 31 % 21 % 26 % Debt securities 29 % 34 % 44 % 57 % Global balanced securities 26 % 25 % 28 % 13 % Other 12 % 10 % 7 % 4 % Total 100 % 100 % 100 % 100 % 2017 Asset Category – Target U.S. U.K. Equity securities 32 % 18 % Debt and market neutral securities 33 % 45 % Global balanced securities 25 % 32 % Other 10 % 5 % Total 100 % 100 % Our investment policy for the U.S. pension plans targets a range of exposure to the various asset classes. Standex rebalances the portfolio periodically when the allocation is not 500; third Certain managers within the plan use, or have authorization to use, derivative financial instruments for hedging purposes, the creation of market exposures and management of country and asset allocation exposure. Currency speculation derivatives are strictly prohibited. Year Ended June 30 2017 2016 2015 Plan assumptions - obligation Discount rate 1.90 - 4.00% 1.50 - 4.00% 2.30 - 4.70% Rate of compensation increase 3.70% 3.30% 3.80% Plan assumptions - cost Discount rate 1.50 - 4.00% 2.30 - 4.70% 2.90 - 4.50% Expected return on assets 3.75 - 7.10% 3.90 - 7.10% 4.20 - 7.25% Rate of compensation increase 3.30% 3.75% 3.80% Included in the above are the following assumptions relating to the obligations for defined benefit pension plans in the United States at June 30, 2017; 4.0% 7.10%. Expected benefit payments for the next five 2018, $17.4 2019, $17.2 2020, $17.3 2021, $17.1 2022, $17.5 $87.8 $1.4 2018. The Company operates a defined benefit plan in Germany which is unfunded. Multi-Employer Pension Plans We contribute to a number of multiemployer defined benefit plans under the terms of collective bargaining agreements that cover our union-represented employees. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: ● Assets contributed to the multiemployer plan by one may ● If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may ● If we choose to stop participating in some of our multiemployer plans, we may The following table outlines the Company’s participation in multiemployer pension plans for the periods ended June 30, 2017, 2016, 2015, three 2016 2015 two 65% 80% six 80% 80% not 5% Pension Protection Act Zone Status Contributions Expiration Date of Pension Fund EIN/Plan Number 2017 2016 FIP/RP Status 2017 2016 2015 Surcharge Imposed? Collective Bargaining Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 530 $ 485 $ 437 No 4/15/2018 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green N/A 633 575 633 No 05/31/2018 -10/04/2019 $ 1,163 $ 1,060 $ 1,070 Retirement Savings Plans The Company has two one one may may $4.0 $4.0 $3.8 June 30, 2017, 2016, 2015, June 30, 2017, 72,000 6% Postretirement Benefits Other Than Pensions The Company sponsors an unfunded postretirement medical plan covering certain full-time employees who retire and have attained the requisite age and years of service. Retired employees are required to contribute toward the cost of coverage according to various established rules. The accumulated benefit obligation of the post-retirement medical plan was less than $0.2 June 30, 2017 June 30, 2016. no two $0.1 three $0.1 1% not |
Note 18 - Industry Segment Info
Note 18 - Industry Segment Information | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. The Company has determined that it has five • Food Service Equipment – an aggregation of eight • Engraving – provides mold texturizing, slush molding tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets. • Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; and • Hydraulics – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders. Net sales include only transactions with unaffiliated customers and include no Given the nature of our corporate expenses, management has concluded that it would not no Industry Segments (in thousands) Net Sales Depreciation and Amortization 2017 2016 2015 2017 2016 2015 Food Service Equipment $ 380,970 $ 381,867 $ 408,706 $ 5,206 $ 5,030 $ 5,176 Engraving 105,943 124,120 110,781 3,100 3,403 3,497 Engineering Technologies 90,506 82,235 97,018 5,976 5,363 4,278 Electronics 136,689 118,319 114,196 4,960 3,200 2,759 Hydraulics 41,150 45,045 41,441 730 651 665 Corporate and Other - - - 343 306 309 Total $ 755,258 $ 751,586 $ 772,142 $ 20,315 $ 17,953 $ 16,684 Income (Loss) From Operations Capital Expenditures (2) 2017 2016 2015 2017 2016 2015 Food Service Equipment $ 33,436 $ 40,142 $ 37,456 $ 5,088 $ 4,560 $ 4,791 Engraving 25,584 29,579 24,250 7,807 4,031 5,856 Engineering Technologies 9,662 8,258 13,097 6,510 6,562 8,025 Electronics 27,663 21,104 20,884 4,000 2,796 2,298 Hydraulics 6,712 7,947 7,013 1,058 988 784 Restructuring charge (5,825 ) (4,232 ) (3,443 ) - - - Acquisition-related costs (7,843 ) - - - - - Gain on sale of real estate 652 - - - - - Other operating income (expense), net (1) - (7,458 ) 438 - - - Corporate (25,015 ) (24,996 ) (21,051 ) 418 96 268 Total $ 65,026 $ 70,344 $ 78,644 $ 24,881 $ 19,033 $ 22,022 Interest expense (4,043 ) (2,871 ) (3,161 ) Other, net 949 1,052 634 Income from continuing operations before income taxes $ 61,932 $ 68,525 $ 76,117 ( 1 Other operating expense in 2016 $7.3 2015 ( 2 Includes capital expenditures in accounts payable of $0.5 $2.1 $0.9 June 30, 2017, 2016, 2015 Restructuring Expense 2017 2016 2015 Food Service Equipment $ 1,186 $ 2,979 $ 2,578 Engraving 6 92 220 Engineering Technologies 3,880 160 75 Electronics 498 841 570 Hydraulics - - - Corporate and Other 255 160 - Total expense $ 5,825 $ 4,232 $ 3,443 Goodwill Identifiable Assets 2017 2016 2017 2016 (4) Food Service Equipment $ 63,464 $ 56,804 $ 243,414 $ 206,875 Engraving 20,000 19,935 115,664 117,026 Engineering Technologies 44,120 44,321 150,805 147,866 Electronics 112,047 33,235 292,776 114,001 Hydraulics 3,059 3,059 21,405 19,084 Corporate & Other (3) - - 43,612 85,605 Total $ 242,690 $ 157,354 $ 867,676 $ 690,457 ( 3 ) The decrease of Corporate identifiable assets in the periods presented reflects the use of foreign corporate cash in 2017 2 ( 4 The identified assets as of June 30, 2016 Net sales (5) 2017 2016 2015 United States $ 523,266 $ 548,058 $ 561,923 Asia Pacific 86,480 70,269 64,840 EMEA (6) 124,990 107,765 117,816 Other Americas 20,522 25,494 27,563 Total $ 755,258 $ 751,586 $ 772,142 ( 5 ) ( 6 ) Long-lived assets 2017 2016 2015 United States $ 84,365 $ 76,545 $ 76,274 Asia Pacific 30,268 7,035 7,047 EMEA (6) 15,816 17,287 18,604 Other Americas 2,711 5,819 6,611 Total $ 133,160 $ 106,686 $ 108,536 ( 6 ) |
Note 19 - Insurance Proceeds
Note 19 - Insurance Proceeds | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Insurance Recoveries [Text Block] | 19. The Company recorded $0.4 2015 |
Note 20 - Quarterly Results of
Note 20 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 20. The unaudited quarterly results of operations for the years ended June 30, 2017 2016 2017 First Second Third Fourth Net sales $ 179,600 $ 173,854 $ 184,715 $ 217,089 Gross profit 61,776 56,894 61,348 72,736 Net income 14,344 10,442 7,660 14,131 EARNINGS PER SHARE (1) Basic $ 1.13 $ 0.82 $ 0.60 $ 1.12 Diluted $ 1.12 $ 0.82 $ 0.60 $ 1.11 2016 First Second Third Fourth Net sales $ 198,398 $ 181,948 $ 177,465 $ 193,775 Gross profit 68,552 58,235 58,638 66,828 Net income 15,981 12,371 11,516 12,188 EARNINGS PER SHARE (1) Basic $ 1.26 $ 0.97 $ 0.91 $ 0.96 Diluted $ 1.25 $ 0.96 $ 0.91 $ 0.95 ( 1 Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts may not During the fourth 2017, 2016 09 Q1 Q3 2017 $0.6 |
Note 21 - Disposal of a Busines
Note 21 - Disposal of a Business | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. Discontinued OperationS In pursuing our business strategy, we have divested certain businesses and recorded activities of these businesses as discontinued operations. On March 30, 2012, $16.1 $13.1 $3.0 first 2016, one $2.8 October 2015 $0.2 first 2016 During 2014, July 2016 $0.5 The following table summarizes the Company’s discontinued operations activity, by operation, for the years ended June 30, ( Year Disposed 2017 2016 2015 Income (loss) before taxes: American Foodservice Company (1) 2014 $ (8 ) $ 3 $ (492 ) Air Distribution Products Group 2012 (38 ) (225 ) (137 ) Other loss from discontinued operations (13 ) (7 ) (130 ) Income (loss) before taxes from discontinued operations (59 ) (229 ) (759 ) (Provision) benefit for tax 27 55 259 Net income (loss) from discontinued operations $ (32 ) $ (174 ) $ (500 ) ( 1 American Foodservice Company incurred a pretax operational loss of $3.5 pretax loss on sale of $4.8 million in 2014 . Assets and liabilities related to discontinued operations to be retained by the Company are recorded in the Consolidated Balance Sheets at June 30 2017 2016 Current assets $ - $ - Non-current assets 14 14 Current liabilities 786 1,204 Non-current liabilities - 55 |
Sale of U.S. Roll Plate and Machinery [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 21. DISPOSAL OF A BUSINESS During the first 2017, not not During the fourth 2016, $7.3 not |
Note 22 - Subsequent Event
Note 22 - Subsequent Event | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. On August 2, 2017, €9.4M December 31, 2016. July 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified manufacturing company with operations in the United States, Europe, Asia, Africa, and Latin America. The accompanying consolidated financial statements include the accounts of Standex International Corporation and its subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three June 30, 2017 2016, |
Marketable Securities, Trading Securities, Policy [Policy Text Block] | Trading Securities The Company purchases investments for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401 $2.4 June 30, 2017 $2.3 June 30, 2016. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Allowances The Company has provided an allowance for doubtful accounts reserve which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. This estimate is derived from the Company’s knowledge of its end markets, customer base, products, and historical experience. The changes in the allowances for uncollectible accounts during 2017, 2016, 2015 2017 2016 2015 Balance at beginning of year $ 2,119 $ 2,226 $ 2,282 Acquisitions and other 52 3 4 Provision charged to expense 416 8 496 Write-offs, net of recoveries (181 ) (118 ) (556 ) Balance at end of year $ 2,406 $ 2,119 $ 2,226 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of ( first first |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets that are used in operations, excluding goodwill and identifiable intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are reported at cost less accumulated depreciation. Depreciation is recorded on assets over their estimated useful lives, generally using the straight-line method. Lives for property, plant and equipment are as follows (in years): Buildings 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment 8 to 15 Furniture and Fixtures 3 to 10 Computer hardware and software 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Amortization of computer hardware and software of $0.6 $0.6 $0.5 June 30, 2017, 2016, 2015, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives, are not not Customer relationships 5 to 16 Patents 12 Non-compete agreements 5 to 10 Other 10 Developed technology 15 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 5 6 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The financial instruments, shown below, are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. When observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 17 Level 2 17 The Company has considered the creditworthiness of counterparties in valuing all assets and liabilities. Level 3 We did not June 30, 2017 2016. Cash and cash equivalents, accounts receivable, accounts payable and debt are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2017 2016 201 7 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Financial Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 201 6 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,333 $ 2,333 $ - $ - Foreign exchange contracts 11 - 11 - Financial Liabilities Foreign exchange contracts $ 94 $ - $ 94 $ - Interest rate swaps 1,038 - 1,038 - (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. Our financial liabilities based upon Level 3 second third Contingent acquisition payment liabilities are scheduled to be paid in periods through fiscal year 2020. June 30, 2017, $8.4 not 3 June 30, 2017, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company is subject to credit risk through trade receivables and short-term cash investments. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. No 5% Short-term cash investments are placed with high credit-quality financial institutions. The Company monitors the amount of credit exposure in any one |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company’s product sales are recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. Revenues under certain fixed price contracts are generally recorded when deliveries are made. Sales and estimated profits under certain long-term contracts are recognized under the percentage-of-completion methods of accounting, whereby profits are recorded pro rata, based upon current estimates of costs to complete such contracts. Losses on contracts are fully recognized in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known. Any excess of the billings over cost and estimated earnings on long-term contracts is included in deferred revenue. |
Cost of Sales and Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Goods Sold and Selling, General and Administrative Expenses The Company includes expenses in either cost of goods sold or selling, general and administrative categories based upon the natural classification of the expenses. Cost of goods sold includes expenses associated with the acquisition, inspection, manufacturing and receiving of materials for use in the manufacturing process. These costs include inbound freight charges, purchasing and receiving costs, inspection costs, internal transfer costs as well as depreciation, amortization, wages, benefits and other costs that are incurred directly or indirectly to support the manufacturing process. Selling, general and administrative includes expenses associated with the distribution of our products, sales effort, administration costs and other costs that are not may not The Company purchased $2.4 $3.3 $2.1 20% June 30, 2017, 2016, 2015 not Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $5.1 $4.3 $5.0 June 30 , 2017, 2016, 2015, |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenditures are expensed as incurred. Total research and development costs, which are classified under selling, general, and administrative expenses, were $5.5 $4.9 $4.1 June 30 , 2017, 2016, 2015, |
Standard Product Warranty, Policy [Policy Text Block] | Warranties The expected cost associated with warranty obligations on our products is recorded when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in continuing operations warranty reserve, which are recorded as accrued liabilities, during 2017, 2016, 2015 201 7 201 6 201 5 Balance at beginning of year $ 9,085 $ 7,436 $ 6,941 Acquisitions and other charges 301 (5 ) 3 Warranty expense 9,203 13,503 11,086 Warranty claims (9,346 ) (11,849 ) (10,594 ) Balance at end of year $ 9,243 $ 9,085 $ 7,436 The decrease in warranty expense during 2017 2016 2015. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Plans Restricted stock awards generally vest over a three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our non-U.S. operations is generally the local currency. Assets and liabilities of non-U.S. operations are translated into U.S. Dollars on a monthly basis using period-end exchange rates. Revenues and expenses of these operations are translated using average exchange rates. The resulting translation adjustment is reported as a component of comprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income. Gains and losses from foreign currency transactions are included in results of operations and were not |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities The Company recognizes all derivatives on its balance sheet at fair value. Forward foreign currency exchange contracts are periodically used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments from subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. The Company also uses interest rate swaps to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company values the swaps based on contract prices in the derivatives market for similar instruments. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company does not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $15.4 24.8%, $16.3 23.8% June 30, 2016, $20.9 27.4% June 30, 2015. may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $0.4 $0.6 $5.3 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2016 $0.9 $0.7 $4.9 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2015 $0.5 December 31, ( $4.0 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (share amounts in thousands) 201 7 201 6 201 5 Basic – Average Shares Outstanding 12,666 12,682 12,655 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 102 150 Diluted – Average Shares Outstanding 12,768 12,784 12,805 Both basic and dilutive income is the same for computing earnings per share. There were no June 30, 2017, 2016 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contract with Customers, not July 1, 2018. In July 2015, 2015 11, Inventory (Topic 330 December 15, 2016. 2015 11 not In November 2015, 2015 17, Income Taxes (Topic 740 Balance Sheet Classification of Deferred Taxes December 15, 2016, 2015 17. In February 2016, 2016 02, Leases (Topic 842 2016 02 twelve not 2016 02 December 15, 2018. 2016 02, In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 In March 2017, 2017 07, Compensation-Retirement Benefits (Topic 715 December 15, 2017 ( 2019 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09. $0.6 June 30, 2017, |
Note 1 - Summary of Accountin32
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2017 2016 2015 Balance at beginning of year $ 2,119 $ 2,226 $ 2,282 Acquisitions and other 52 3 4 Provision charged to expense 416 8 496 Write-offs, net of recoveries (181 ) (118 ) (556 ) Balance at end of year $ 2,406 $ 2,119 $ 2,226 |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Buildings 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment 8 to 15 Furniture and Fixtures 3 to 10 Computer hardware and software 3 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer relationships 5 to 16 Patents 12 Non-compete agreements 5 to 10 Other 10 Developed technology 15 Trade names Indefinite life |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 201 7 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Financial Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 201 6 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,333 $ 2,333 $ - $ - Foreign exchange contracts 11 - 11 - Financial Liabilities Foreign exchange contracts $ 94 $ - $ 94 $ - Interest rate swaps 1,038 - 1,038 - |
Schedule of Product Warranty Liability [Table Text Block] | 201 7 201 6 201 5 Balance at beginning of year $ 9,085 $ 7,436 $ 6,941 Acquisitions and other charges 301 (5 ) 3 Warranty expense 9,203 13,503 11,086 Warranty claims (9,346 ) (11,849 ) (10,594 ) Balance at end of year $ 9,243 $ 9,085 $ 7,436 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (share amounts in thousands) 201 7 201 6 201 5 Basic – Average Shares Outstanding 12,666 12,682 12,655 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 102 150 Diluted – Average Shares Outstanding 12,768 12,784 12,805 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited Pro Forma) For years ended In thousands 2017 2016 Net Sales $ 805,235 $ 808,691 Net Income $ 57,810 $ 58,720 Earnings per share: Basic $ 4.56 $ 4.63 Diluted $ 4.53 $ 4.59 |
Business Combination, Acquisition Related Costs [Table Text Block] | June 30 2017 Deferred compensation arrangements $ 2,108 Acquisition-related costs 5,735 Total $ 7,843 |
Wisconsin-based Northlake Engineering, Inc [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Final Fair value of business combination: Cash payments $ 14,015 Less: cash acquired (315 ) Total $ 13,700 Identifiable assets acquired and liabilities assumed: Current assets $ 2,810 Property, plant, and equipment 1,407 Identifiable intangible assets 6,824 Goodwill 5,121 Other non-current assets 158 Liabilities assumed (2,620 ) Total $ 13,700 |
Horizon Scientific Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Adjustments Final Fair value of business combination: Cash payments $ 26,457 $ - $ 26,457 Identified cash and net working capital adjustment - 341 341 Less: cash acquired (1,797 ) - (1,797 ) Total $ 24,660 $ 341 $ 25,001 Identifiable assets acquired and liabilities assumed: Current assets $ 4,863 $ - $ 4,863 Inventories 4,470 - 4,470 Property, plant, and equipment 1,616 - 1,616 Identifiable intangible assets 17,550 (1,400 ) 16,150 Goodwill 5,452 1,208 6,660 Liabilities assumed (2,374 ) - (2,374 ) Deferred taxes (6,917 ) 533 (6,384 ) Total $ 24,660 $ 341 $ 25,001 |
Standex Electronics Japan Corporation [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Adjustments Adjusted Allocation March 31, 2017 June 30, 2017 Fair value of business combination: Cash payments $ 137,676 $ - $ 137,676 Less: cash acquired (8,521 ) - (8,521 ) Total $ 129,155 $ - $ 129,155 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 12,497 $ - $ 12,497 Inventories 7,387 815 8,202 Property, plant, and equipment 12,703 5,750 18,453 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 2,916 78,901 Liabilities assumed (10,811 ) (8,405 ) (19,216 ) Deferred taxes (22,406 ) 1,324 (21,082 ) Total $ 129,155 $ - $ 129,155 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30 2017 2016 Raw materials $ 53,313 $ 46,616 Work in process 28,110 26,541 Finished goods 37,978 32,245 Total $ 119,401 $ 105,402 |
Note 4 - Property, Plant and 35
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30 2017 2016 Land, buildings and leasehold improvements $ 78,048 $ 67,187 Machinery, equipment and other 199,419 177,745 Total 277,467 244,932 Less accumulated depreciation 144,307 138,246 Property, plant and equipment - net $ 133,160 $ 106,686 |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2017 2016 Balance at beginning of year $ 175,293 $ 172,671 Accumulated impairment losses 17,939 17,939 Balance at beginning of year, net 157,354 154,732 Acquisitions 85,561 5,121 Disposals - (273 ) Foreign currency translation (225 ) (2,226 ) Balance at end of year $ 242,690 $ 157,354 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total June 30, 2017 Cost $ 64,247 $ 18,715 $ 47,586 $ 4,503 $ 135,051 Accumulated amortization (28,764 ) - (826 ) (2,958 ) (32,548 ) Balance, June 30, 2017 $ 35,483 $ 18,715 $ 46,760 $ 1,545 $ 102,503 June 30, 2016 Cost $ 46,297 $ 17,263 $ - $ 4,471 $ 68,031 Accumulated amortization (24,892 ) - - (2,727 ) (27,619 ) Balance, June 30, 2016 $ 21,405 $ 17,263 $ - $ 1,744 $ 40,412 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2017 2016 Bank credit agreements $ 192,500 $ 93,000 Other 6 18 Total funded debt 192,506 93,018 Issuance Cost (530 ) (904 ) Total long-term debt $ 191,976 $ 92,114 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 6 2019 - 2020 (matures December 2019) 192,500 2021 - 2022 - Thereafter - Funded Debt 192,506 Issuance costs (530 ) Debt, net issuance cost $ 191,976 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2017 2016 Payroll and employee benefits $ 28,522 $ 28,375 Workers' compensation 2,399 1,984 Warranty 9,243 9,085 Fair value of derivatives 3,014 1,132 Other 15,516 10,209 Total $ 58,694 $ 50,785 |
Note 9 - Derivative Financial40
Note 9 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Fair Value at June 30, Effective Date Notional Amount Fixed Interest Rate Maturity 2017 2016 December 19, 2014 20,000 1.18% December 19, 2017 $ 8 $ (201 ) December 19, 2014 5,000 1.20% December 19, 2017 1 (52 ) December 18, 2015 15,000 1.46% December 19, 2018 (1 ) (325 ) December 19, 2015 10,000 2.01% December 19, 2019 (106 ) (460 ) May 24, 2017 25,000 1.88% April 24, 2022 (60 ) - May 24, 2017 25,000 1.67% May 24, 2020 (23 ) - $ (181 ) $ (1,038 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency 2017 2016 USD 73,000 - Euro 21,335 2,477 Pound Sterling 6,962 594 Peso 54,000 - Canadian 20,600 - |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Liability Derivatives 2017 2016 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 181 Accrued Liabilities $ 1,038 Foreign exchange contracts Accrued Liabilities 2,833 Accrued Liabilities 94 $ 3,014 $ 1,132 |
Derivative Instruments, Gain (Loss) [Table Text Block] | 2017 2016 2015 Interest rate swaps $ 282 $ (743 ) $ (533 ) Foreign exchange contracts (3,178 ) (267 ) (154 ) $ (2,896 ) $ (1,010 ) $ (687 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2017 2016 2015 of Operations Interest rate swaps $ 399 $ 567 $ 1,034 Interest expense Foreign exchange contracts 75 112 - Cost of goods sold Foreign exchange contracts (861 ) - - Interest expense $ (387 ) $ 679 $ 1,034 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2017 2016 2015 U.S. Operations $ 16,257 $ 23,996 $ 33,161 Non-U.S. Operations 45,675 44,529 42,956 Total $ 61,932 $ 68,525 $ 76,117 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current: Federal $ 2,229 $ 11,014 $ 9,195 State 230 523 556 Non-U.S. 13,017 11,514 11,372 Total Current 15,476 23,051 21,123 Deferred: Federal $ 2,141 $ (5,214 ) $ 556 State (290 ) (1,060 ) (495 ) Non-U.S. (1,972 ) (482 ) (310 ) Total Deferred (121 ) (6,756 ) (249 ) Total $ 15,355 $ 16,295 $ 20,874 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 Provision at statutory tax rate 35.0 % 35.0 % 35.0 % State taxes (0.1% ) (0.5% ) 0.1 % Impact of foreign operations (8.0% ) (6.7% ) (5.0% ) Federal tax credits (1.3% ) (1.8% ) (1.2% ) Life insurance proceeds 0.0 % 0.0 % 0.0 % Contributions, net 0.0 % (1.3% ) 0.0 % Other (0.8% ) (0.9% ) (1.5% ) Effective income tax provision 24.8 % 23.8 % 27.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax liabilities: Depreciation and amortization $ (55,041 ) $ (27,437 ) Total deferred tax liability $ (55,041 ) $ (27,437 ) Deferred tax assets: Accrued compensation $ 4,127 $ 3,707 Accrued expenses and reserves 6,886 6,154 Pension 26,309 29,730 Inventory 2,677 2,548 Other 939 1,432 Net operating loss and credit carry forwards 6,773 5,948 Total deferred tax asset $ 47,711 $ 49,519 Less: Valuation allowance (1,530 ) (649 ) Net deferred tax asset (liability) $ (8,860 ) $ 21,433 |
Schedule of Provision for Income Taxes [Table Text Block] | 2017 2016 2015 Continuing operations $ 15,355 $ 16,295 $ 20,874 Discontinued operations (27 ) (55 ) (259 ) Total Provision $ 15,328 $ 16,240 $ 20,615 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2017 2016 2015 Beginning Balance $ 2,978 $ 1,054 $ 1,033 Additions based on tax positions related to the current year 12 2,125 17 Additions for tax positions of prior years 1 - 4 Reductions for tax positions of prior years - (201 ) - Ending Balance $ 2,991 $ 2,978 $ 1,054 |
Summary of Income Tax Examinations [Table Text Block] | Country Years Ending June 30, United States 2014 to 2017 Canada 2013 to 2017 Germany 2012 to 2017 Ireland 2017 to 2017 Portugal 2014 to 2017 United Kingdom 2013 to 2017 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Lease Sublease Net obligation 2018 $ 8,393 $ 303 $ 8,090 2019 8,303 328 7,975 2020 5,744 333 5,411 2021 5,022 338 4,684 2022 5,566 344 5,222 Thereafter 12,637 2,762 9,875 |
Note 13 - Stock-based Compens43
Note 13 - Stock-based Compensation and Purchase Plans (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2016 104,525 $ 8,636,901 Granted 51,563 Exercised / vested (36,422 ) $ 841,757 Canceled (3,963 ) Outstanding, June 30, 2017 115,703 $ 10,494,262 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Risk-free interest rates 0.71 % 1.10 % 0.88 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 25.7 % 26.6 % 32.0 % Expected quarterly dividends (per share) $ 0.14 $ 0.12 $ 0.10 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Annual Component Performance Stock Units Weighted Number Average Aggregate Number Aggregate of Exercise Intrinsic of Intrinsic Shares Price Value Shares Value Non-vested, June 30, 2016 30,597 $ 52.62 $ 286,195 54,736 $ 3,926,057 Granted 16,661 61.97 30,326 Vested (11,226 ) $ 45.65 $ 472,362 (26,749 ) $ 1,814,874 Forfeited (325 ) 59.52 (5,422 ) Non-vested, June 30, 2017 35,707 $ 59.11 $ 318,334 52,890 $ 4,254,256 |
Note 14 - Accumulated Other C44
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2017 2016 Foreign currency translation adjustment $ (25,107 ) $ (24,636 ) Unrealized pension losses, net of tax (86,646 ) (92,698 ) Unrealized losses on derivative instruments, net of tax (4,185 ) (641 ) Total $ (115,938 ) $ (117,975 ) |
Note 15 - Discontinued Operat45
Note 15 - Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Earnings (Losses) from Discontinued Operations [Table Text Block] | Year Disposed 2017 2016 2015 Income (loss) before taxes: American Foodservice Company (1) 2014 $ (8 ) $ 3 $ (492 ) Air Distribution Products Group 2012 (38 ) (225 ) (137 ) Other loss from discontinued operations (13 ) (7 ) (130 ) Income (loss) before taxes from discontinued operations (59 ) (229 ) (759 ) (Provision) benefit for tax 27 55 259 Net income (loss) from discontinued operations $ (32 ) $ (174 ) $ (500 ) |
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet [Table Text Block] | 2017 2016 Current assets $ - $ - Non-current assets 14 14 Current liabilities 786 1,204 Non-current liabilities - 55 |
Note 16 - Restructuring (Tables
Note 16 - Restructuring (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 201 7 Restructuring Initiatives $ 1,863 $ 3,590 $ 5,453 Prior Year Initiatives - 372 372 Total expense $ 1,863 $ 3,962 $ 5,825 2016 Restructuring Initiatives $ 1,046 $ 893 $ 1,939 Prior Year Initiatives 96 2,197 2,293 Total expense $ 1,142 $ 3,090 $ 4,232 2015 Restructuring Initiatives $ 847 $ 2,319 $ 3,166 Prior Year Initiatives 11 266 277 Total expense $ 858 $ 2,585 $ 3,443 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2016 $ - $ - $ - Additions 1,927 3,512 5,439 Payments (1,421 ) (2,711 ) (4,132 ) Restructuring Liabilities at June 30, 2017 $ 506 $ 801 $ 1,307 Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2016 $ 74 $ 256 $ 330 Additions - 230 230 Payments (74 ) (49 ) (123 ) Restructuring Liabilities at June 30, 2017 $ - $ 437 $ 437 |
Restructuring Expenses By Segment [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2017 Food Service Equipment $ 1,101 $ 85 $ 1,186 Engineering Technologies 809 3,070 3,879 Engraving 6 - 6 Electronics 11 488 499 Corporate and Other (64 ) 319 255 Total expense $ 1,863 $ 3,962 $ 5,825 Fiscal Year 2016 Food Service Equipment $ 138 $ 2,841 $ 2,979 Engineering Technologies 160 - 160 Engraving 92 - 92 Electronics 624 217 841 Corporate and Other 128 32 160 Total expense $ 1,142 $ 3,090 $ 4,232 Fiscal Year 2015 Food Service Equipment $ 215 $ 2,363 $ 2,578 Engineering Technologies 75 - 75 Engraving 220 - 220 Electronics 348 222 570 Total expense $ 858 $ 2,585 $ 3,443 |
Note 17 - Employee Benefit Pl47
Note 17 - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value of Plan Assets [Table Text Block] | June 30, 201 7 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 11,160 $ 452 $ 10,708 $ - Common and preferred stocks 94,951 16,976 77,975 - U.S. Government securities 11,989 - 11,989 - Corporate bonds and other fixed income securities 97,691 6,728 90,963 - Other 16,458 - 16,458 - $ 232,249 $ 24,156 $ 208,093 $ - June 30, 2016 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 6,924 $ 511 $ 6,413 $ - Common and preferred stocks 91,536 17,227 74,309 - U.S. Government securities 15,032 - 15,032 - Corporate bonds and other fixed income securities 107,520 6,328 101,192 - Other 11,845 - 11,845 - $ 232,857 $ 24,066 $ 208,791 $ - |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2017 2016 2017 2016 Equity securities 33 % 31 % 21 % 26 % Debt securities 29 % 34 % 44 % 57 % Global balanced securities 26 % 25 % 28 % 13 % Other 12 % 10 % 7 % 4 % Total 100 % 100 % 100 % 100 % |
Schedule of Assumptions Used [Table Text Block] | Year Ended June 30 2017 2016 2015 Plan assumptions - obligation Discount rate 1.90 - 4.00% 1.50 - 4.00% 2.30 - 4.70% Rate of compensation increase 3.70% 3.30% 3.80% Plan assumptions - cost Discount rate 1.50 - 4.00% 2.30 - 4.70% 2.90 - 4.50% Expected return on assets 3.75 - 7.10% 3.90 - 7.10% 4.20 - 7.25% Rate of compensation increase 3.30% 3.75% 3.80% |
Schedule of Multiemployer Plans [Table Text Block] | Pension Protection Act Zone Status Contributions Expiration Date of Pension Fund EIN/Plan Number 2017 2016 FIP/RP Status 2017 2016 2015 Surcharge Imposed? Collective Bargaining Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 530 $ 485 $ 437 No 4/15/2018 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green N/A 633 575 633 No 05/31/2018 -10/04/2019 $ 1,163 $ 1,060 $ 1,070 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2017 2016 2015 2017 2016 2015 Service Cost $ 3 $ 70 $ 211 $ 37 $ 34 $ 44 Interest Cost 10,451 11,489 10,476 1,022 1,428 1,618 Expected return on plan assets (13,761 ) (13,864 ) (13,954 ) (1,152 ) (1,294 ) (1,474 ) Recognized net actuarial loss 4,760 3,979 3,945 1,016 835 750 Amortization of prior service cost (benefit) - 14 54 (48 ) (49 ) (53 ) Curtailment - - 244 - - - Net periodic benefit cost (benefit) $ 1,453 $ 1,688 $ 976 $ 875 $ 954 $ 885 |
Schedule of Net Funded Status [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2017 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 269,162 $ 252,215 $ 41,820 $ 43,681 Service cost 3 70 37 34 Interest cost 10,451 11,489 1,022 1,428 Actuarial loss (gain) (3,624 ) 20,964 1,016 3,929 Benefits paid (16,029 ) (15,576 ) (1,352 ) (1,686 ) Foreign currency exchange rate - - (402 ) (5,566 ) Projected benefit obligation at end of year $ 259,963 $ 269,162 $ 42,141 $ 41,820 Change in plan assets Fair value of plan assets at beginning of year $ 197,850 $ 204,710 $ 35,007 $ 37,366 Actual return on plan assets 13,223 8,510 2,677 3,670 Employer contribution 284 206 1,143 1,264 Benefits paid (16,029 ) (15,576 ) (1,352 ) (1,686 ) Foreign currency exchange rate - - (554 ) (5,607 ) Fair value of plan assets at end of year $ 195,328 $ 197,850 $ 36,921 $ 35,007 Funded Status $ (64,635 ) $ (71,312 ) $ (5,220 ) $ (6,813 ) Amounts recognized in the consolidated balance sheets consists of: Prepaid Benefit Cost $ - $ - $ 1,324 $ 422 Current liabilities (220 ) (248 ) (330 ) (286 ) Non-current liabilities (64,415 ) (71,064 ) (6,330 ) (6,949 ) Net amount recognized $ (64,635 ) $ (71,312 ) $ (5,336 ) $ (6,813 ) Unrecognized net actuarial loss $ 129,207 $ 137,053 $ 8,484 $ 10,122 Unrecognized prior service cost - - (33 ) (81 ) Accumulated other comprehensive income, pre-tax $ 129,207 $ 137,053 $ 8,451 $ 10,041 |
Target [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2017 Asset Category – Target U.S. U.K. Equity securities 32 % 18 % Debt and market neutral securities 33 % 45 % Global balanced securities 25 % 32 % Other 10 % 5 % Total 100 % 100 % |
Note 18 - Industry Segment In48
Note 18 - Industry Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Industry Segments (in thousands) Net Sales Depreciation and Amortization 2017 2016 2015 2017 2016 2015 Food Service Equipment $ 380,970 $ 381,867 $ 408,706 $ 5,206 $ 5,030 $ 5,176 Engraving 105,943 124,120 110,781 3,100 3,403 3,497 Engineering Technologies 90,506 82,235 97,018 5,976 5,363 4,278 Electronics 136,689 118,319 114,196 4,960 3,200 2,759 Hydraulics 41,150 45,045 41,441 730 651 665 Corporate and Other - - - 343 306 309 Total $ 755,258 $ 751,586 $ 772,142 $ 20,315 $ 17,953 $ 16,684 |
Restructuring and Related Costs by Segments [Table Text Block] | Restructuring Expense 2017 2016 2015 Food Service Equipment $ 1,186 $ 2,979 $ 2,578 Engraving 6 92 220 Engineering Technologies 3,880 160 75 Electronics 498 841 570 Hydraulics - - - Corporate and Other 255 160 - Total expense $ 5,825 $ 4,232 $ 3,443 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Goodwill Identifiable Assets 2017 2016 2017 2016 (4) Food Service Equipment $ 63,464 $ 56,804 $ 243,414 $ 206,875 Engraving 20,000 19,935 115,664 117,026 Engineering Technologies 44,120 44,321 150,805 147,866 Electronics 112,047 33,235 292,776 114,001 Hydraulics 3,059 3,059 21,405 19,084 Corporate & Other (3) - - 43,612 85,605 Total $ 242,690 $ 157,354 $ 867,676 $ 690,457 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Net sales (5) 2017 2016 2015 United States $ 523,266 $ 548,058 $ 561,923 Asia Pacific 86,480 70,269 64,840 EMEA (6) 124,990 107,765 117,816 Other Americas 20,522 25,494 27,563 Total $ 755,258 $ 751,586 $ 772,142 Long-lived assets 2017 2016 2015 United States $ 84,365 $ 76,545 $ 76,274 Asia Pacific 30,268 7,035 7,047 EMEA (6) 15,816 17,287 18,604 Other Americas 2,711 5,819 6,611 Total $ 133,160 $ 106,686 $ 108,536 |
Income (Loss) From Operations and Capital Expenditures [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Income (Loss) From Operations Capital Expenditures (2) 2017 2016 2015 2017 2016 2015 Food Service Equipment $ 33,436 $ 40,142 $ 37,456 $ 5,088 $ 4,560 $ 4,791 Engraving 25,584 29,579 24,250 7,807 4,031 5,856 Engineering Technologies 9,662 8,258 13,097 6,510 6,562 8,025 Electronics 27,663 21,104 20,884 4,000 2,796 2,298 Hydraulics 6,712 7,947 7,013 1,058 988 784 Restructuring charge (5,825 ) (4,232 ) (3,443 ) - - - Acquisition-related costs (7,843 ) - - - - - Gain on sale of real estate 652 - - - - - Other operating income (expense), net (1) - (7,458 ) 438 - - - Corporate (25,015 ) (24,996 ) (21,051 ) 418 96 268 Total $ 65,026 $ 70,344 $ 78,644 $ 24,881 $ 19,033 $ 22,022 Interest expense (4,043 ) (2,871 ) (3,161 ) Other, net 949 1,052 634 Income from continuing operations before income taxes $ 61,932 $ 68,525 $ 76,117 |
Note 20 - Quarterly Results o49
Note 20 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2017 First Second Third Fourth Net sales $ 179,600 $ 173,854 $ 184,715 $ 217,089 Gross profit 61,776 56,894 61,348 72,736 Net income 14,344 10,442 7,660 14,131 EARNINGS PER SHARE (1) Basic $ 1.13 $ 0.82 $ 0.60 $ 1.12 Diluted $ 1.12 $ 0.82 $ 0.60 $ 1.11 2016 First Second Third Fourth Net sales $ 198,398 $ 181,948 $ 177,465 $ 193,775 Gross profit 68,552 58,235 58,638 66,828 Net income 15,981 12,371 11,516 12,188 EARNINGS PER SHARE (1) Basic $ 1.26 $ 0.97 $ 0.91 $ 0.96 Diluted $ 1.25 $ 0.96 $ 0.91 $ 0.95 |
Note 1 - Summary of Accountin50
Note 1 - Summary of Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Capitalized Computer Software, Amortization | $ 600 | $ 600 | $ 500 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8,400 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Income Tax Expense (Benefit) | $ 15,355 | $ 16,295 | $ 20,874 |
Effective Income Tax Rate Reconciliation, Percent | 24.80% | 23.80% | 27.40% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 400 | ||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | $ (900) | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 600 | 700 | $ 500 |
Effective Income Tax Rate Reconciliation, Income Tax Rate Differential, Other Jurisdictions, Amount | (5,300) | (4,900) | (4,000) |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | (600) | ||
Selling, General and Administrative Expenses [Member] | |||
Advertising Expense | 5,100 | 4,300 | 5,000 |
Research and Development Expense | 5,500 | 4,900 | 4,100 |
20% Owned Equity Interest, Equity Method [Member] | |||
Payments to Suppliers | $ 2,400 | $ 3,300 | $ 2,100 |
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% |
Sales Revenue, Net [Member] | |||
Concentration Risk, Threshold Percentage | 5.00% | ||
Accounts Receivable [Member] | |||
Concentration Risk, Threshold Percentage | 5.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Number of Major Customers | 0 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 0 | ||
Other Noncurrent Assets [Member] | |||
Trading Securities, Cost | $ 2,400 | $ 2,300 |
Note 1 - Summary of Accountin51
Note 1 - Summary of Accounting Policies - Changes in Allowances for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at beginning of year | $ 2,119 | $ 2,226 | $ 2,282 |
Acquisitions and other | 52 | 3 | 4 |
Provision charged to expense | 416 | 8 | 496 |
Write-offs, net of recoveries | (181) | (118) | (556) |
Balance at end of year | $ 2,406 | $ 2,119 | $ 2,226 |
Note 1 - Summary of Accountin52
Note 1 - Summary of Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Building [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Building [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 50 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 8 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 7 years |
Note 1 - Summary of Accountin53
Note 1 - Summary of Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Customer Relationships [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Customer Relationships [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 16 years |
Patents [Member] | |
Intangible assets, useful life (Year) | 12 years |
Patents [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | |
Noncompete Agreements [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Noncompete Agreements [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 10 years |
Other Intangible Assets [Member] | |
Intangible assets, useful life (Year) | 10 years |
Developed Technology Rights [Member] | |
Intangible assets, useful life (Year) | 15 years |
Note 1 - Summary of Accountin54
Note 1 - Summary of Accounting Policies - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Foreign exchange contracts | $ 3,232 | $ 94 | |
Interest rate swaps | 3,958 | 1,038 | |
Business Combination, Contingent Consideration, Liability | [1] | 2,108 | |
Foreign exchange contracts | 399 | 11 | |
Interest rate swaps | 3,777 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability | [1] | ||
Foreign exchange contracts | |||
Interest rate swaps | |||
Fair Value, Inputs, Level 2 [Member] | |||
Foreign exchange contracts | 3,232 | 94 | |
Interest rate swaps | 3,958 | 1,038 | |
Business Combination, Contingent Consideration, Liability | [1] | ||
Foreign exchange contracts | 399 | 11 | |
Interest rate swaps | 3,777 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability | [1] | 2,108 | |
Foreign exchange contracts | |||
Interest rate swaps | |||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,397 | 2,333 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,397 | 2,333 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities - deferred compensation plan | |||
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities - deferred compensation plan | |||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 1 - Summary of Accountin55
Note 1 - Summary of Accounting Policies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at beginning of year | $ 9,085 | $ 7,436 | $ 6,941 |
Acquisitions and other charges | 301 | (5) | 3 |
Warranty expense | 9,203 | 13,503 | 11,086 |
Warranty claims | (9,346) | (11,849) | (10,594) |
Balance at end of year | $ 9,243 | $ 9,085 | $ 7,436 |
Note 1 - Summary of Accountin56
Note 1 - Summary of Accounting Policies - Weighted Average Number of Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic – Average Shares Outstanding (in shares) | 12,666 | 12,682 | 12,655 |
Effect of Dilutive Securities – Stock Options and Restricted Stock Awards (in shares) | 102 | 102 | 150 |
Diluted – Average Shares Outstanding (in shares) | 12,768 | 12,784 | 12,805 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Oct. 01, 2015 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Combination, Contingent Consideration, Liability | [1] | $ 2,108 | $ 2,108 | $ 2,108 | $ 2,108 | ||||||||
Goodwill | 242,690 | 242,690 | 242,690 | $ 157,354 | 242,690 | $ 157,354 | $ 154,732 | ||||||
Business Combination, Deferred Compensation Arrangements | 2,108 | ||||||||||||
Business Combination, Acquisition Related Costs | $ 5,700 | 5,735 | |||||||||||
Amortization of Intangible Assets | 5,000 | 3,600 | 2,800 | ||||||||||
Depreciation | 14,700 | 13,700 | 13,400 | ||||||||||
Interest Expense | 4,043 | 2,871 | 3,161 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 153,815 | 13,700 | $ 57,149 | ||||||||||
Developed Technology Rights [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||||||||||
Noncompete Agreements [Member] | Minimum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||
Noncompete Agreements [Member] | Maximum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||
Standex Electronics Japan Corporation [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 53,800 | 51,400 | $ 53,800 | 51,400 | 51,400 | $ 51,400 | |||||||
Goodwill, Purchase Accounting Adjustments | 2,916 | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | ||||||||||||
Goodwill | 75,985 | 78,901 | 75,985 | 78,901 | 78,901 | 78,901 | |||||||
Business Combination, Acquisition Related Costs | 4,200 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 129,155 | 129,200 | 129,155 | ||||||||||
Standex Electronics Japan Corporation [Member] | Investor Banker Fees [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 2,700 | ||||||||||||
Standex Electronics Japan Corporation [Member] | Third Party Due Diligence Expenses [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 3,000 | ||||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Intangible Assets [Member] | |||||||||||||
Amortization of Intangible Assets | 1,800 | 2,300 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Fixed Assets [Member] | |||||||||||||
Depreciation | 900 | 1,100 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Credit Facility [Member] | |||||||||||||
Interest Expense | 800 | 1,000 | |||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 50,100 | $ 50,100 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,300) | ||||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | Minimum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | Maximum [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||
Standex Electronics Japan Corporation [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,600 | $ 3,600 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (200) | ||||||||||||
Standex Electronics Japan Corporation [Member] | Order or Production Backlog [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100 | $ 100 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 100 | ||||||||||||
Horizon Scientific Inc. [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Business Combination, Contingent Consideration, Liability | $ 8,400 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,150 | 17,550 | 16,150 | 16,150 | 16,150 | ||||||||
Goodwill, Purchase Accounting Adjustments | 1,200 | 1,208 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (1,400) | ||||||||||||
Goodwill | $ 6,660 | 5,452 | $ 6,660 | 6,660 | 6,660 | ||||||||
Business Combination, Deferred Compensation Due on Second Anniversary | 2,800 | ||||||||||||
Business Combination, Deferred Compensation Due on Third Anniversary | 5,600 | ||||||||||||
Business Combination, Deferred Compensation Arrangements | $ 2,100 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 24,660 | $ 25,001 | |||||||||||
Horizon Scientific Inc. [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1,200 | ||||||||||||
Horizon Scientific Inc. [Member] | Scenario, Forecast [Member] | |||||||||||||
Payments for Previous Acquisition | $ 300 | ||||||||||||
Horizon Scientific Inc. [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 16,100 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||
Horizon Scientific Inc. [Member] | Order or Production Backlog [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300 | ||||||||||||
Wisconsin-based Northlake Engineering, Inc [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 6,800 | 6,824 | 6,824 | ||||||||||
Goodwill | 5,100 | 5,121 | $ 5,121 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 13,700 | $ 13,700 | |||||||||||
Wisconsin-based Northlake Engineering, Inc [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,400 | ||||||||||||
Wisconsin-based Northlake Engineering, Inc [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,100 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 182 days | ||||||||||||
Wisconsin-based Northlake Engineering, Inc [Member] | Noncompete Agreements [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Standex Electronics Japan Corporation (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Total | $ 153,815 | $ 13,700 | $ 57,149 | ||||
Goodwill | $ 242,690 | $ 242,690 | 242,690 | $ 157,354 | $ 154,732 | ||
Standex Electronics Japan Corporation [Member] | |||||||
Cash payments | $ 137,676 | 137,676 | |||||
Less: cash acquired | (8,521) | (8,521) | |||||
Total | 129,155 | $ 129,200 | 129,155 | ||||
Other acquired assets | 12,497 | 12,497 | 12,497 | 12,497 | 12,497 | ||
Inventories | 815 | ||||||
Inventories | 7,387 | 8,202 | 7,387 | 8,202 | 8,202 | ||
Property, plant, and equipment | 5,750 | ||||||
Property, plant, and equipment | 12,703 | 18,453 | 12,703 | 18,453 | 18,453 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | ||||||
Identifiable intangible assets | 53,800 | 51,400 | 53,800 | 51,400 | 51,400 | ||
Goodwill, Purchase Accounting Adjustments | 2,916 | ||||||
Goodwill | 75,985 | 78,901 | 75,985 | 78,901 | 78,901 | ||
Liabilities assumed | (10,811) | (19,216) | (10,811) | (19,216) | (19,216) | ||
Liabilities assumed | (8,405) | ||||||
Deferred taxes | 1,324 | ||||||
Deferred taxes | (22,406) | (21,082) | (22,406) | (21,082) | (21,082) | ||
Total | $ 129,155 | $ 129,155 | $ 129,155 | $ 129,155 | $ 129,155 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Information (Details) - Standex Electronics Japan Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Sales | $ 805,235 | $ 808,691 |
Net Income | $ 57,810 | $ 58,720 |
Earnings per share: | ||
Basic (in dollars per share) | $ 4.56 | $ 4.63 |
Diluted (in dollars per share) | $ 4.53 | $ 4.59 |
Note 2 - Acquisitions - Compo60
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Horizon (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Total | $ 153,815 | $ 13,700 | $ 57,149 | ||||
Goodwill | $ 242,690 | $ 242,690 | $ 242,690 | 242,690 | $ 157,354 | $ 154,732 | |
Horizon Scientific Inc. [Member] | |||||||
Cash payments | $ 26,457 | 26,457 | |||||
Identified cash and net working capital adjustment | 341 | ||||||
Identified cash and net working capital adjustment | 341 | ||||||
Less: cash acquired | (1,797) | (1,797) | |||||
Total | 24,660 | 25,001 | |||||
Total | 341 | ||||||
Current assets | 4,863 | 4,863 | 4,863 | 4,863 | 4,863 | ||
Inventories | 4,470 | 4,470 | 4,470 | 4,470 | 4,470 | ||
Property, plant, and equipment | 1,616 | 1,616 | 1,616 | 1,616 | 1,616 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (1,400) | ||||||
Identifiable intangible assets | 16,150 | 17,550 | 16,150 | 16,150 | 16,150 | ||
Goodwill, Purchase Accounting Adjustments | 1,200 | 1,208 | |||||
Goodwill | 6,660 | 5,452 | 6,660 | 6,660 | 6,660 | ||
Liabilities assumed | (2,374) | (2,374) | (2,374) | (2,374) | (2,374) | ||
Deferred taxes | (6,384) | (6,917) | (6,384) | (6,384) | (6,384) | ||
Deferred taxes | 533 | ||||||
Total | 341 | ||||||
Total | $ 25,001 | $ 24,660 | $ 25,001 | $ 25,001 | $ 25,001 |
Note 2 - Acquisitions - Compo61
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Northlake (Details) - USD ($) $ in Thousands | Oct. 01, 2015 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Total | $ 153,815 | $ 13,700 | $ 57,149 | ||
Goodwill | $ 157,354 | $ 242,690 | 157,354 | $ 154,732 | |
Wisconsin-based Northlake Engineering, Inc [Member] | |||||
Cash payments | 14,015 | ||||
Less: cash acquired | (315) | ||||
Total | $ 13,700 | 13,700 | |||
Current assets | 2,810 | 2,810 | |||
Property, plant, and equipment | 1,407 | 1,407 | |||
Identifiable intangible assets | 6,800 | 6,824 | 6,824 | ||
Goodwill | $ 5,100 | 5,121 | 5,121 | ||
Other non-current assets | 158 | 158 | |||
Liabilities assumed | (2,620) | (2,620) | |||
Total | $ 13,700 | $ 13,700 |
Note 2 - Acquisitions - Compo62
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Deferred compensation arrangements | $ 2,108 | |||
Acquisition-related costs | $ 5,700 | 5,735 | ||
Total | $ 7,843 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Selling Expense | $ 20.4 | $ 20.1 | $ 23.3 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Raw materials | $ 53,313 | $ 46,616 |
Work in process | 28,110 | 26,541 |
Finished goods | 37,978 | 32,245 |
Total | $ 119,401 | $ 105,402 |
Note 4 - Property, Plant and 65
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Depreciation | $ 14.7 | $ 13.7 | $ 13.4 |
Note 4 - Property, Plant and 66
Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Property, plant and equipment, gross | $ 277,467 | $ 244,932 |
Less accumulated depreciation | 144,307 | 138,246 |
Property, plant and equipment - net | 133,160 | 106,686 |
Land, Buildings and Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 78,048 | 67,187 |
Machinery, Equipment and Other [Member] | ||
Property, plant and equipment, gross | $ 199,419 | $ 177,745 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Goodwill, Written off Related to Sale of Business Unit | $ 273 | |
Number of Operating Segments | 12 | |
Number of Reportable Segments | 5 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 5 - Goodwill - Changes to
Note 5 - Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at beginning of year | $ 175,293 | $ 172,671 |
Accumulated impairment losses | 17,939 | 17,939 |
Balance at beginning of year, net | 157,354 | 154,732 |
Acquisitions | 85,561 | 5,121 |
Disposals | (273) | |
Foreign currency translation | (225) | (2,226) |
Balance at end of year | $ 242,690 | $ 157,354 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Amortization of Intangible Assets | $ 5,000 | $ 3,600 | $ 2,800 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8,100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,700 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 46,200 | |||
Trademarks [Member] | Food Service Equipment Group [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 600 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Balance | $ 102,503 | $ 40,412 |
Cost | 135,051 | 68,031 |
Accumulated amortization | (32,548) | (27,619) |
Trademarks [Member] | ||
Balance | 18,715 | 17,263 |
Cost | 18,715 | 17,263 |
Accumulated amortization | ||
Customer Relationships [Member] | ||
Balance | 35,483 | 21,405 |
Cost | 64,247 | 46,297 |
Accumulated amortization | (28,764) | (24,892) |
Acquired Technology [Member] | ||
Balance | 46,760 | |
Cost | 47,586 | |
Accumulated amortization | (826) | |
Other Intangible Assets [Member] | ||
Balance | 1,545 | 1,744 |
Cost | 4,503 | 4,471 |
Accumulated amortization | $ (2,958) | $ (2,727) |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 193.4 | ||
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT | $ 7.5 | ||
Interest Coverage Ratio, Actual | 22.37 | ||
Leverage Ratio, Actual | 1.79 | ||
Long-term Line of Credit | $ 192.5 | ||
Line of Credit Facility, Interest Rate at Period End | 2.41% | ||
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 100 | ||
Derivative, Average Fixed Interest Rate | 1.60% | ||
Minimum [Member] | |||
Interest Coverage Ratio, Requirement | 3 | ||
Maximum [Member] | |||
Leverage Ratio, Requirement | 3.5 | ||
Amended and Restated Credit Agreement [Member] | |||
Line Of Credit, Accordion Feature | $ 100 | ||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | ||
Swing Line Loan [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225 | ||
Standby Letters of Credit [Member] | |||
Long-term Line of Credit | $ 8.9 | $ 7.7 |
Note 7 - Debt - Long-term Debt
Note 7 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Funded debt | $ 192,506 | $ 93,018 |
Issuance costs | (530) | (904) |
Total long-term debt | 191,976 | 92,114 |
Line of Credit [Member] | ||
Funded debt | 192,500 | 93,000 |
Other Funded Debt [Member] | ||
Funded debt | $ 6 | $ 18 |
Note 7 - Debt - Maturities of L
Note 7 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
2,018 | $ 6 | |
2,019 | 0 | |
2020 (matures December 2019) | 192,500 | |
2,021 | 0 | |
2,022 | ||
Thereafter | 0 | |
Funded Debt | 192,506 | $ 93,018 |
Issuance costs | (530) | (904) |
Debt, net issuance cost | $ 191,976 | $ 92,114 |
Note 8 - Accrued Liabilities (D
Note 8 - Accrued Liabilities (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 2.4 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Payroll and employee benefits | $ 28,522 | $ 28,375 |
Workers' compensation | 2,399 | 1,984 |
Warranty | 9,243 | 9,085 |
Fair value of derivatives | 3,014 | 1,132 |
Other | 15,516 | 10,209 |
Total | $ 58,694 | $ 50,785 |
Note 9 - Derivative Financial76
Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | $ 0 |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 100,000 | ||
Derivative, Average Fixed Interest Rate | 1.60% | ||
Foreign Exchange Contract [Member] | |||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ (2,800) | $ (100) |
Note 9 - Derivative Financial77
Note 9 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value | $ (181) | $ (1,038) |
Interest Rate Swap Effective December 19, 2014 Number One [Member] | ||
Notional Amount | $ 20,000 | |
Fixed Rate | 1.18% | |
Maturity | Dec. 19, 2017 | |
Fair Value | $ 8 | (201) |
Interest Rate Swap Effective December 19, 2014 Number Two [Member] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 1.20% | |
Maturity | Dec. 19, 2017 | |
Fair Value | $ 1 | (52) |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value | $ (1) | (325) |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value | $ (106) | (460) |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value | $ (60) | |
Interest Rate Swap Effective May 24, 2017 Number Two [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.67% | |
Maturity | May 24, 2020 | |
Fair Value | $ (23) |
Note 9 - Derivative Financial78
Note 9 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, MXN in Millions, CAD in Millions, $ in Millions | Jun. 30, 2017USD ($) | Jun. 30, 2017CAD | Jun. 30, 2017GBP (£) | Jun. 30, 2017EUR (€) | Jun. 30, 2017MXN | Jun. 30, 2016USD ($) | Jun. 30, 2016CAD | Jun. 30, 2016GBP (£) | Jun. 30, 2016EUR (€) | Jun. 30, 2016MXN |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ | $ 73 | |||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 21,335 | € 2,477 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,962 | £ 594 | ||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | MXN | MXN 54 | |||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | CAD | CAD 20.6 |
Note 9 - Derivative Financial79
Note 9 - Derivative Financial Instruments - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - Other Liabilities [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Liability | $ 3,014 | $ 1,132 |
Interest Rate Swap [Member] | ||
Liability | 181 | 1,038 |
Foreign Exchange Contract [Member] | ||
Liability | $ 2,833 | $ 94 |
Note 9 - Derivative Financial80
Note 9 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Unrealized gain (loss) | $ (2,896) | $ (1,010) | $ (687) |
Interest Rate Swap [Member] | |||
Unrealized gain (loss) | 282 | (743) | (533) |
Foreign Exchange Contract [Member] | |||
Unrealized gain (loss) | $ (3,178) | $ (267) | $ (154) |
Note 9 - Derivative Financial81
Note 9 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated other comprehensive income (loss) component | $ (387) | $ 679 | $ 1,034 |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Accumulated other comprehensive income (loss) component | 399 | 567 | 1,034 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Accumulated other comprehensive income (loss) component | 75 | 112 | |
Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Accumulated other comprehensive income (loss) component | $ (861) |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | $ (900) | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 600 | 700 | $ 500 |
Effective Income Tax Rate Reconciliation, Income Tax Rate Differential, Other Jurisdictions, Amount | (5,300) | (4,900) | (4,000) |
Valuation Allowances and Reserves, Period Increase (Decrease) | 900 | ||
Income Tax Expense (Benefit) | 15,355 | 16,295 | $ 20,874 |
Undistributed Earnings of Foreign Subsidiaries | 229,300 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,500 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100 | $ 100 | |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | (600) | ||
State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward, Amount | 2,500 | ||
Operating Loss Carryforwards | 56,600 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | 2,400 | ||
Foreign Tax Authority [Member] | Indefinite Lived [Member] | |||
Operating Loss Carryforwards | 1,900 | ||
Foreign Tax Authority [Member] | Ten Years [Member] | |||
Operating Loss Carryforwards | $ 500 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
U.S. Operations | $ 16,257 | $ 23,996 | $ 33,161 |
Non-U.S. Operations | 45,675 | 44,529 | 42,956 |
Total | $ 61,932 | $ 68,525 | $ 76,117 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Federal | $ 2,229 | $ 11,014 | $ 9,195 |
State | 230 | 523 | 556 |
Non-U.S. | 13,017 | 11,514 | 11,372 |
Total Current | 15,476 | 23,051 | 21,123 |
Federal | 2,141 | (5,214) | 556 |
State | (290) | (1,060) | (495) |
Non-U.S. | (1,972) | (482) | (310) |
Total Deferred | (121) | (6,756) | (249) |
Total | $ 15,355 | $ 16,295 | $ 20,874 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Provision at statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes | (0.10%) | (0.50%) | 0.10% |
Impact of foreign operations | (8.00%) | (6.70%) | (5.00%) |
Federal tax credits | (1.30%) | (1.80%) | (1.20%) |
Life insurance proceeds | 0.00% | 0.00% | 0.00% |
Contributions, net | 0.00% | (1.30%) | 0.00% |
Other | (0.80%) | (0.90%) | (1.50%) |
Effective Income Tax Rate Reconciliation, Percent | 24.80% | 23.80% | 27.40% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Depreciation and amortization | $ (55,041) | $ (27,437) |
Total deferred tax liability | (55,041) | (27,437) |
Accrued compensation | 4,127 | 3,707 |
Accrued expenses and reserves | 6,886 | 6,154 |
Pension | 26,309 | 29,730 |
Inventory | 2,677 | 2,548 |
Other | 939 | 1,432 |
Net operating loss and credit carry forwards | 6,773 | 5,948 |
Total deferred tax asset | 47,711 | 49,519 |
Less: Valuation allowance | (1,530) | (649) |
Net deferred tax liability | $ (8,860) | |
Net deferred tax asset | $ 21,433 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Continuing operations | $ 15,355 | $ 16,295 | $ 20,874 |
Discontinued operations | (27) | (55) | (259) |
Total Provision | $ 15,328 | $ 16,240 | $ 20,615 |
Note 10 - Income Taxes - Unreco
Note 10 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Beginning Balance | $ 2,978 | $ 1,054 | $ 1,033 |
Additions based on tax positions related to the current year | 12 | 2,125 | 17 |
Additions for tax positions of prior years | 1 | 4 | |
Reductions for tax positions of prior years | (201) | ||
Ending Balance | $ 2,991 | $ 2,978 | $ 1,054 |
Note 10 - Income Taxes - Open I
Note 10 - Income Taxes - Open Income Tax Years (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,014 |
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Canada Revenue Agency [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,013 |
Canada Revenue Agency [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Federal Ministry of Finance, Germany [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,012 |
Federal Ministry of Finance, Germany [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Revenue Commissioners, Ireland [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,017 |
Revenue Commissioners, Ireland [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Portuguese Tax Authority [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,014 |
Portuguese Tax Authority [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Earliest Tax Year [Member] | |
Open Tax Year | 2,013 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Latest Tax Year [Member] | |
Open Tax Year | 2,017 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Leases, Rent Expense, Net | $ 8 | $ 6.6 | $ 6.1 |
Minimum [Member] | |||
Lease Initial Term | 1 year | ||
Maximum [Member] | |||
Lease Initial Term | 20 years |
Note 11 - Commitments - Gross M
Note 11 - Commitments - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Future Minimum Rental Payments [Member] | |
2,018 | $ 8,393 |
2,019 | 8,303 |
2,020 | 5,744 |
2,021 | 5,022 |
2,022 | 5,566 |
Thereafter | 12,637 |
Sublease Income [Member] | |
2,018 | 303 |
2,022 | 344 |
2,019 | 328 |
2,020 | 333 |
2,021 | 338 |
Thereafter | 2,762 |
Net Obligation [Member] | |
2,018 | 8,090 |
2,019 | 7,975 |
2,020 | 5,411 |
2,021 | 4,684 |
2,022 | 5,222 |
Thereafter | $ 9,875 |
Note 13 - Stock-based Compens92
Note 13 - Stock-based Compensation and Purchase Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 141 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2017 | |
Deferred Tax Expense from Stock Options Exercised | $ 1,900,000 | $ 1,800,000 | $ 1,300,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 227,986 | 227,986 | |||
Share-based Compensation Continuing Operations | $ 5,023,000 | $ 5,089,000 | 3,764,000 | ||
Executive Compensation Plan [Member] | |||||
Percent of Participants Annual Incentive Compensation Participants May Elect to Defer Maximum | 50.00% | ||||
Expiration of Restrictions on Units | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 35,707 | 35,707 | 30,597 | ||
Share-based Compensation Continuing Operations | $ 400,000 | $ 200,000 | 300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Vested in Period Aggregate Intrinsic Value | 2,300,000 | $ 1,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | $ 300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 116 days | ||||
Executive Compensation Plan [Member] | Minimum [Member] | |||||
Shares of Common Stock Issued Determined by Adjustment of Target Range Percent | 50.00% | ||||
Executive Compensation Plan [Member] | Maximum [Member] | |||||
Shares of Common Stock Issued Determined by Adjustment of Target Range Percent | 200.00% | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | 5.00% | |||
Percent of Fair Market Value at Which Employees May Purchase Shares of Stock | 85.00% | ||||
Stock Reserved for Employee Stock Purchase Plan | 86,937 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 3,742 | 3,809 | 3,382 | ||
Stock Issued During Period Average Price | $ 84.17 | $ 75.66 | $ 74.42 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,563 | 48,984 | 43,598 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 115,703 | 115,703 | 104,525 | ||
Share-based Compensation Continuing Operations | $ 3,600,000 | $ 2,600,000 | $ 2,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 85.07 | $ 77.38 | $ 76.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Vested in Period Aggregate Intrinsic Value | $ 841,757 | $ 1,100,000 | $ 2,800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,400,000 | $ 3,400,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 160 days | ||||
Restricted Stock [Member] | Executive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 87.05 | $ 82.79 | $ 80.98 | ||
Performance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,326 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 52,890 | 52,890 | 54,736 | ||
Performance Stock Units [Member] | Executive Compensation Plan [Member] | |||||
Share-based Compensation Continuing Operations | $ 1,000,000 | $ 2,300,000 | $ 1,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 83.92 | $ 76.61 | $ 74.82 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,300,000 | $ 1,300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 149 days |
Note 13 - Stock-based Compens93
Note 13 - Stock-based Compensation and Purchase Plans - Summary of Restricted Stock Awards Activity (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Outstanding, beginning balance (in shares) | 104,525 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,563 | 48,984 | 43,598 |
Exercised / vested (in shares) | (36,422) | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Vested in Period Aggregate Intrinsic Value | $ 841,757 | $ 1,100,000 | $ 2,800,000 |
Canceled (in shares) | (3,963) | ||
Outstanding, ending balance (in shares) | 115,703 | 104,525 | |
Outstanding | $ 10,494,262 | $ 8,636,901 |
Note 13 - Stock-Based Compens94
Note 13 - Stock-Based Compensation and Purchase Plans - Assumptions Used to Estimate Fair Values (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Risk-free interest rates | 0.71% | 1.10% | 0.88% |
Expected life of option grants (in years) (Year) | 3 years | 3 years | 3 years |
Expected volatility of underlying stock | 25.70% | 26.60% | 32.00% |
Expected quarterly dividends (per share) (in dollars per share) | $ 0.14 | $ 0.12 | $ 0.10 |
Note 13 - Stock-Based Compens95
Note 13 - Stock-Based Compensation and Purchase Plans - Summary of Awards Activity Under the Executive Compensation Program (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Annual Component [Member] | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 59.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 61.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 16,661 | |
Vested, number of shares (in shares) | (11,226) | |
Vested, weighted average exercise price (in dollars per share) | $ 45.65 | |
Vested, aggregate intrinsic value | $ 472,362 | |
Forfeited, number of shares (in shares) | (325) | |
Outstanding, ending balance (in shares) | 35,707 | 30,597 |
Non-vested, weighted average exercise price (in dollars per share) | $ 52.62 | |
Outstanding | $ 318,334 | $ 286,195 |
Outstanding, beginning balance (in shares) | 30,597 | |
Non-vested, weighted average exercise price (in dollars per share) | $ 59.11 | $ 52.62 |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,326 | |
Vested, number of shares (in shares) | (26,749) | |
Vested, aggregate intrinsic value | $ 1,814,874 | |
Forfeited, number of shares (in shares) | (5,422) | |
Outstanding, ending balance (in shares) | 52,890 | 54,736 |
Outstanding | $ 4,254,256 | $ 3,926,057 |
Outstanding, beginning balance (in shares) | 54,736 |
Note 14 - Accumulated Other C96
Note 14 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Foreign currency translation adjustment | $ (25,107) | $ (24,636) |
Unrealized pension losses, net of tax | (86,646) | (92,698) |
Unrealized losses on derivative instruments, net of tax | (4,185) | (641) |
Total | $ (115,938) | $ (117,975) |
Note 15 - Discontinued Operat97
Note 15 - Discontinued Operations (Details Textual) $ in Thousands | Mar. 30, 2012USD ($) | Jul. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Discontinued Operation Disposal Price | $ 16,100 | |||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 13,100 | |||||||
Notes Receivable, Related Parties, Current | $ 3,000 | |||||||
Number of Facilities Used as Collateral Sold in Period | 1 | |||||||
Proceeds from Advance Payment on Notes Receivable | $ 2,800 | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (200) | |||||||
Payments to Final Multi-employer Plan | $ 500 | |||||||
Operating Income (Loss) | $ 65,026 | $ 70,344 | $ 78,644 | |||||
American Food Service Corporation [Member] | ||||||||
Operating Income (Loss) | $ (3,500) | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ (4,800) |
Note 15 - Discontinued Operat98
Note 15 - Discontinued Operations - Earnings (Losses) from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Income (loss) before taxe | $ (59) | $ (229) | $ (759) | |
(Provision) benefit for tax | 27 | 55 | 259 | |
Net income (loss) from discontinued operations | (32) | (174) | (500) | |
American Food Service Corporation [Member] | ||||
Sales | [1] | (8) | 3 | (492) |
Standex Air Distribution Products, Inc. [Member] | ||||
Sales | (38) | (225) | (137) | |
Other Disposal Units [Member] | ||||
Income (loss) before taxe | $ (13) | $ (7) | $ (130) | |
[1] | American Foodservice Company incurred a pretax operational loss of $3.5 million and pretax loss on sale of $4.8 million in 2014. |
Note 15 - Discontinued Operat99
Note 15 - Discontinued Operations - Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets | ||
Non-current assets | 14 | 14 |
Current liabilities | 786 | 1,204 |
Non-current liabilities | $ 55 |
Note 16 - Restructuring (Detail
Note 16 - Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Charges | $ 5,825 | $ 4,232 | $ 3,443 |
Engineering Technologies Group [Member] | |||
Restructuring Charges | 3,879 | 160 | 75 |
Food Service Equipment Group [Member] | |||
Restructuring Charges | 1,186 | 2,979 | 2,578 |
Electronics Products Group [Member] | |||
Restructuring Charges | 499 | 841 | $ 570 |
Manufacturing Footprint Optimization at the Enginetics, Huber Heights, Ohio Facility [Member] | Engineering Technologies Group [Member] | |||
Restructuring Charges | 3,600 | ||
Expenses to Gain Organization Efficiencies [Member] | Food Service Equipment Group [Member] | |||
Restructuring Charges | 1,200 | ||
Expenses to Move Facility in China Due to Government Directives [Member] | Electronics Products Group [Member] | |||
Restructuring Charges | $ 500 | ||
Sale of Vacant Property [Member] | |||
Restructuring Charges | 1,700 | ||
Discontinued Product Line [Member] | |||
Restructuring Charges | $ 700 |
Note 16 - Restructuring - Summa
Note 16 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Charges | $ 5,825 | $ 4,232 | $ 3,443 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 1,863 | 1,142 | 858 |
Other Restructuring [Member] | |||
Restructuring Charges | 3,962 | 3,090 | 2,585 |
Current Year Restructuring Initiatives [Member] | |||
Restructuring Charges | 5,453 | 1,939 | 3,166 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 1,863 | 1,046 | 847 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring Charges | 3,590 | 893 | 2,319 |
Prior Year Initiatives [Member] | |||
Restructuring Charges | 372 | 2,293 | 277 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 96 | 11 | |
Prior Year Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring Charges | $ 372 | $ 2,197 | $ 266 |
Note 16 - Restructuring - Su102
Note 16 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Current Year Restructuring Initiatives [Member] | |
Additions | $ 5,439 |
Payments | (4,132) |
Restructuring liabilities | 1,307 |
Restructuring liabilities | |
Prior Year Initiatives [Member] | |
Additions | 230 |
Payments | (123) |
Restructuring liabilities | 437 |
Restructuring liabilities | 330 |
Involuntary Employee Severance And Benefit Costs [Member] | Current Year Restructuring Initiatives [Member] | |
Additions | 1,927 |
Payments | (1,421) |
Restructuring liabilities | 506 |
Restructuring liabilities | |
Involuntary Employee Severance And Benefit Costs [Member] | Prior Year Initiatives [Member] | |
Additions | |
Payments | (74) |
Restructuring liabilities | |
Restructuring liabilities | 74 |
Other Restructuring [Member] | Current Year Restructuring Initiatives [Member] | |
Additions | 3,512 |
Payments | (2,711) |
Restructuring liabilities | 801 |
Restructuring liabilities | |
Other Restructuring [Member] | Prior Year Initiatives [Member] | |
Additions | 230 |
Payments | (49) |
Restructuring liabilities | 437 |
Restructuring liabilities | $ 256 |
Note 16 - Restructuring - Su103
Note 16 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Charges | $ 5,825 | $ 4,232 | $ 3,443 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 1,863 | 1,142 | 858 |
Other Restructuring [Member] | |||
Restructuring Charges | 3,962 | 3,090 | 2,585 |
Food Service Equipment Group [Member] | |||
Restructuring Charges | 1,186 | 2,979 | 2,578 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 1,101 | 138 | 215 |
Food Service Equipment Group [Member] | Other Restructuring [Member] | |||
Restructuring Charges | 85 | 2,841 | 2,363 |
Engineering Technologies Group [Member] | |||
Restructuring Charges | 3,879 | 160 | 75 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 809 | 160 | 75 |
Engineering Technologies Group [Member] | Other Restructuring [Member] | |||
Restructuring Charges | 3,070 | ||
Engraving Group [Member] | |||
Restructuring Charges | 6 | 92 | 220 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 6 | 92 | 220 |
Engraving Group [Member] | Other Restructuring [Member] | |||
Restructuring Charges | |||
Electronics Products Group [Member] | |||
Restructuring Charges | 499 | 841 | 570 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | 11 | 624 | 348 |
Electronics Products Group [Member] | Other Restructuring [Member] | |||
Restructuring Charges | 488 | 217 | $ 222 |
Corporate and Other [Member] | |||
Restructuring Charges | 255 | 160 | |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Charges | (64) | 128 | |
Corporate and Other [Member] | Other Restructuring [Member] | |||
Restructuring Charges | $ 319 | $ 32 |
Note 17 - Employee Benefit P104
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | $ 17,300 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 17,100 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 17,500 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 87,800 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1,400 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 301,600 | $ 310,400 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (5,500) | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (100) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 17,400 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $ 17,200 | ||
Retirement Savings Plans [Member] | |||
Defined Contribution Plans Number of Plans | 2 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4,000 | 4,000 | $ 3,800 |
Retirement Savings Plans [Member] | Salaried Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 | ||
Defined Contribution Plan Company Stock Held in Plan | 72,000 | ||
Defined Contribution Plan Company Stock, Percentage of Plan Assets | 6.00% | ||
Retirement Savings Plans [Member] | Hourly Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 | ||
Postretirement Health Coverage [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | 100 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 100 | 100 | 100 |
Defined Benefit Plan, Accumulated Benefit Obligation | 200 | 200 | |
UNITED STATES | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 284 | 206 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,453 | $ 1,688 | $ 976 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.10% |
Note 17 - Employee Benefit P105
Note 17 - Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
UNITED STATES | |||
Service Cost | $ 3 | $ 70 | $ 211 |
Interest Cost | 10,451 | 11,489 | 10,476 |
Expected return on plan assets | (13,761) | (13,864) | (13,954) |
Recognized net actuarial loss | 4,760 | 3,979 | 3,945 |
Amortization of prior service cost (benefit) | 14 | 54 | |
Curtailment | 244 | ||
Net periodic benefit cost (benefit) | 1,453 | 1,688 | 976 |
Foreign Plan [Member] | |||
Service Cost | 37 | 34 | 44 |
Interest Cost | 1,022 | 1,428 | 1,618 |
Expected return on plan assets | (1,152) | (1,294) | (1,474) |
Recognized net actuarial loss | 1,016 | 835 | 750 |
Amortization of prior service cost (benefit) | (48) | (49) | (53) |
Curtailment | |||
Net periodic benefit cost (benefit) | $ 875 | $ 954 | $ 885 |
Note 17 - Employee Benefits - F
Note 17 - Employee Benefits - Funded Status for US and Foreign Pension Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair value of plan assets at beginning of year | $ 232,857 | ||
Fair value of plan assets at end of year | 232,249 | $ 232,857 | |
UNITED STATES | |||
Benefit obligation at beginning of year | 269,162 | 252,215 | |
Service cost | 3 | 70 | $ 211 |
Interest cost | 10,451 | 11,489 | 10,476 |
Actuarial loss (gain) | (3,624) | 20,964 | |
Benefits paid | (16,029) | (15,576) | |
Foreign currency exchange rate | |||
Projected benefit obligation at end of year | 259,963 | 269,162 | 252,215 |
Fair value of plan assets at beginning of year | 197,850 | 204,710 | |
Actual return on plan assets | 13,223 | 8,510 | |
Employer contribution | 284 | 206 | |
Benefits paid | (16,029) | (15,576) | |
Foreign currency exchange rate | |||
Fair value of plan assets at end of year | 195,328 | 197,850 | 204,710 |
Funded Status | (64,635) | (71,312) | |
Prepaid Benefit Cost | |||
Current liabilities | (220) | (248) | |
Non-current liabilities | (64,415) | (71,064) | |
Net amount recognized | (64,635) | (71,312) | |
Unrecognized net actuarial loss | 129,207 | 137,053 | |
Unrecognized prior service cost | |||
Accumulated other comprehensive income, pre-tax | 129,207 | 137,053 | |
Foreign Plan [Member] | |||
Benefit obligation at beginning of year | 41,820 | 43,681 | |
Service cost | 37 | 34 | 44 |
Interest cost | 1,022 | 1,428 | 1,618 |
Actuarial loss (gain) | 1,016 | 3,929 | |
Benefits paid | (1,352) | (1,686) | |
Foreign currency exchange rate | (402) | (5,566) | |
Projected benefit obligation at end of year | 42,141 | 41,820 | 43,681 |
Fair value of plan assets at beginning of year | 35,007 | 37,366 | |
Actual return on plan assets | 2,677 | 3,670 | |
Employer contribution | 1,143 | 1,264 | |
Benefits paid | (1,352) | (1,686) | |
Foreign currency exchange rate | (554) | (5,607) | |
Fair value of plan assets at end of year | 36,921 | 35,007 | $ 37,366 |
Funded Status | (5,220) | (6,813) | |
Prepaid Benefit Cost | 1,324 | 422 | |
Current liabilities | (330) | (286) | |
Non-current liabilities | (6,330) | (6,949) | |
Net amount recognized | (5,336) | (6,813) | |
Unrecognized net actuarial loss | 8,484 | 10,122 | |
Unrecognized prior service cost | (33) | (81) | |
Accumulated other comprehensive income, pre-tax | $ 8,451 | $ 10,041 |
Note 17 - Employee Benefits 107
Note 17 - Employee Benefits - Fair Values of Pension Plans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair value of pension plan assets | $ 232,249 | $ 232,857 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 24,156 | 24,066 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 208,093 | 208,791 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
Cash and Cash Equivalents [Member] | ||
Fair value of pension plan assets | 11,160 | 6,924 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 452 | 511 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 10,708 | 6,413 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
Equity Securities [Member] | ||
Fair value of pension plan assets | 94,951 | 91,536 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 16,976 | 17,227 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 77,975 | 74,309 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
US Government Agencies Debt Securities [Member] | ||
Fair value of pension plan assets | 11,989 | 15,032 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 11,989 | 15,032 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
Corporate Bonds and Other Fixed Income Securities [Member] | ||
Fair value of pension plan assets | 97,691 | 107,520 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 6,728 | 6,328 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 90,963 | 101,192 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
Other Debt Obligations [Member] | ||
Fair value of pension plan assets | 16,458 | 11,845 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | ||
Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 16,458 | 11,845 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets |
Note 17 - Employee Benefits - A
Note 17 - Employee Benefits - Asset Allocation (Details) | Jun. 30, 2017 | Jun. 30, 2016 |
UNITED STATES | ||
Asset allocations | 100.00% | 100.00% |
Foreign Plan [Member] | ||
Asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | UNITED STATES | ||
Asset allocations | 33.00% | 31.00% |
Equity Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 21.00% | 26.00% |
Debt Securities [Member] | UNITED STATES | ||
Asset allocations | 29.00% | 34.00% |
Debt Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 44.00% | 57.00% |
Hedge Funds, Global Opportunity [Member] | UNITED STATES | ||
Asset allocations | 26.00% | 25.00% |
Hedge Funds, Global Opportunity [Member] | Foreign Plan [Member] | ||
Asset allocations | 28.00% | 13.00% |
Other Debt Obligations [Member] | UNITED STATES | ||
Asset allocations | 12.00% | 10.00% |
Other Debt Obligations [Member] | Foreign Plan [Member] | ||
Asset allocations | 7.00% | 4.00% |
Note 17 - Employee Benefits - T
Note 17 - Employee Benefits - Target Asset Allocations (Details) | Jun. 30, 2017 |
UNITED STATES | |
Target asset allocations | 100.00% |
UNITED KINGDOM | |
Target asset allocations | 100.00% |
Equity Securities [Member] | UNITED STATES | |
Target asset allocations | 32.00% |
Equity Securities [Member] | UNITED KINGDOM | |
Target asset allocations | 18.00% |
Debt Securities [Member] | UNITED STATES | |
Target asset allocations | 33.00% |
Debt Securities [Member] | UNITED KINGDOM | |
Target asset allocations | 45.00% |
Hedge Funds, Global Opportunity [Member] | UNITED STATES | |
Target asset allocations | 25.00% |
Hedge Funds, Global Opportunity [Member] | UNITED KINGDOM | |
Target asset allocations | 32.00% |
Other Debt Obligations [Member] | UNITED STATES | |
Target asset allocations | 10.00% |
Other Debt Obligations [Member] | UNITED KINGDOM | |
Target asset allocations | 5.00% |
Note 17 - Employee Benefits - P
Note 17 - Employee Benefits - Plan Asset Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Obligation [Member] | |||
Rate of compensation increase | 3.70% | 3.30% | 3.80% |
Obligation [Member] | Minimum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.90% | 1.50% | 2.30% |
Obligation [Member] | Maximum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | 4.70% |
Cost [Member] | |||
Rate of compensation increase | 3.30% | 3.75% | 3.80% |
Cost [Member] | Minimum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.50% | 2.30% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.75% | 3.90% | 4.20% |
Cost [Member] | Maximum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.70% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.10% | 7.10% | 7.25% |
Note 17 - Employee Benefits - C
Note 17 - Employee Benefits - Company's Participation in Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Multiemployer Plan, Period Contributions | $ 1,163 | $ 1,060 | $ 1,070 |
New England Teamsters and Trucking Industry Pension Fund [Member] | |||
Multiemployer Plan, Period Contributions | 530 | 485 | 437 |
IAM National Pension Fund National Pension Plan [Member] | |||
Multiemployer Plan, Period Contributions | $ 633 | $ 575 | $ 633 |
Note 18 - Industry Segment I112
Note 18 - Industry Segment Information (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Number of Reportable Segments | 5 | |||
Number of Operating Segments | 12 | |||
Capital Expenditures Incurred but Not yet Paid | $ 0.5 | $ 2.1 | $ 0.9 | |
Other Operating Income (Expense) [Member] | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 7.3 | $ 7.3 | ||
Food Service Equipment Group [Member] | ||||
Number of Operating Segments | 8 |
Note 18 - Industry Segment I113
Note 18 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||||
Net sales | $ 217,089 | $ 184,715 | $ 173,854 | $ 179,600 | $ 193,775 | $ 177,465 | $ 181,948 | $ 198,398 | $ 755,258 | [1] | $ 751,586 | [1] | $ 772,142 | [1] |
Depreciation and amortization | 20,315 | 17,953 | 16,684 | |||||||||||
Food Service Equipment Group [Member] | ||||||||||||||
Net sales | 380,970 | 381,867 | 408,706 | |||||||||||
Depreciation and amortization | 5,206 | 5,030 | 5,176 | |||||||||||
Engraving Group [Member] | ||||||||||||||
Net sales | 105,943 | 124,120 | 110,781 | |||||||||||
Depreciation and amortization | 3,100 | 3,403 | 3,497 | |||||||||||
Engineering Technologies Group [Member] | ||||||||||||||
Net sales | 90,506 | 82,235 | 97,018 | |||||||||||
Depreciation and amortization | 5,976 | 5,363 | 4,278 | |||||||||||
Electronics Products Group [Member] | ||||||||||||||
Net sales | 136,689 | 118,319 | 114,196 | |||||||||||
Depreciation and amortization | 4,960 | 3,200 | 2,759 | |||||||||||
Hydraulics Products Group [Member] | ||||||||||||||
Net sales | 41,150 | 45,045 | 41,441 | |||||||||||
Depreciation and amortization | 730 | 651 | 665 | |||||||||||
Corporate and Other [Member] | ||||||||||||||
Net sales | ||||||||||||||
Depreciation and amortization | $ 343 | $ 306 | $ 309 | |||||||||||
[1] | Net sales were identified based on geographic location where our products and services were initiated. |
Note 18 - Industry Segment I114
Note 18 - Industry Segment Information - Industry Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Restructuring charge | $ (5,825) | $ (4,232) | $ (3,443) | |
Acquisition-related costs | (7,843) | |||
Gain on sale of real estate | 652 | |||
Other operating income (expense), net (1) | [1] | (7,458) | 438 | |
Operating Income (Loss) | 65,026 | 70,344 | 78,644 | |
Capital Expenditures | [2] | 24,881 | 19,033 | 22,022 |
Interest expense | (4,043) | (2,871) | (3,161) | |
Other, net | 949 | 1,052 | 634 | |
Income from continuing operations before income taxes | 61,932 | 68,525 | 76,117 | |
Food Service Equipment Group [Member] | ||||
Restructuring charge | (1,186) | (2,979) | (2,578) | |
Operating Income (Loss) | 33,436 | 40,142 | 37,456 | |
Capital Expenditures | [2] | 5,088 | 4,560 | 4,791 |
Engraving Group [Member] | ||||
Restructuring charge | (6) | (92) | (220) | |
Operating Income (Loss) | 25,584 | 29,579 | 24,250 | |
Capital Expenditures | [2] | 7,807 | 4,031 | 5,856 |
Engineering Technologies Group [Member] | ||||
Restructuring charge | (3,879) | (160) | (75) | |
Operating Income (Loss) | 9,662 | 8,258 | 13,097 | |
Capital Expenditures | [2] | 6,510 | 6,562 | 8,025 |
Electronics Products Group [Member] | ||||
Restructuring charge | (499) | (841) | (570) | |
Operating Income (Loss) | 27,663 | 21,104 | 20,884 | |
Capital Expenditures | [2] | 4,000 | 2,796 | 2,298 |
Hydraulics Products Group [Member] | ||||
Operating Income (Loss) | 6,712 | 7,947 | 7,013 | |
Capital Expenditures | [2] | 1,058 | 988 | 784 |
Corporate Segment [Member] | ||||
Operating Income (Loss) | (25,015) | (24,996) | (21,051) | |
Capital Expenditures | [2] | $ 418 | $ 96 | $ 268 |
[1] | Other operating expense in 2016 consists primarily of a $7.3 million charge to adjust the Roll, Plate, and Machinery business in the Engraving segment to its net realizable value. Amounts in 2015 are gains on insurance proceeds related to an event at an Engineering Technologies facility. | |||
[2] | Includes capital expenditures in accounts payable of $0.5 million, $2.1 million, and $0.9 million at June 30, 2017, 2016, and 2015 respectively. |
Note 18 - Industry Segment I115
Note 18 - Industry Segment Information - Restructuring Expense by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Expense | $ 5,825 | $ 4,232 | $ 3,443 |
Food Service Equipment Group [Member] | |||
Restructuring Expense | 1,186 | 2,979 | 2,578 |
Engraving Group [Member] | |||
Restructuring Expense | 6 | 92 | 220 |
Engineering Technologies Group [Member] | |||
Restructuring Expense | 3,880 | 160 | 75 |
Electronics Products Group [Member] | |||
Restructuring Expense | 498 | 841 | 570 |
Hydraulics Products Group [Member] | |||
Restructuring Expense | |||
Corporate and Other [Member] | |||
Restructuring Expense | $ 255 | $ 160 |
Note 18 - Industry Segment I116
Note 18 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Identifiable Assets | $ 867,676 | $ 690,457 | [1] | ||
Goodwill | 242,690 | 157,354 | $ 154,732 | ||
Food Service Equipment Group [Member] | |||||
Identifiable Assets | 243,414 | 206,875 | [1] | ||
Goodwill | 63,464 | 56,804 | |||
Engraving Group [Member] | |||||
Identifiable Assets | 115,664 | 117,026 | [1] | ||
Goodwill | 20,000 | 19,935 | |||
Engineering Technologies Group [Member] | |||||
Identifiable Assets | 150,805 | 147,866 | [1] | ||
Goodwill | 44,120 | 44,321 | |||
Electronics Products Group [Member] | |||||
Identifiable Assets | 292,776 | 114,001 | [1] | ||
Goodwill | 112,047 | 33,235 | |||
Hydraulics Products Group [Member] | |||||
Identifiable Assets | 21,405 | 19,084 | [1] | ||
Goodwill | 3,059 | 3,059 | |||
Corporate and Other [Member] | |||||
Identifiable Assets | [2] | 43,612 | 85,605 | [1] | |
Goodwill | [2] | ||||
[1] | The identified assets as of June 30, 2016 for certain segments have been revised from amounts previously reported due to certain immaterial allocation differences. | ||||
[2] | The decrease of Corporate identifiable assets in the periods presented reflects the use of foreign corporate cash in 2017 to acquire Standex Electronics Japan. See discussion related to the purchase in Note 2 of the consolidated financial statements. |
Note 18 - Industry Segment I117
Note 18 - Industry Segment Information - Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |||||
Net sales | $ 217,089 | $ 184,715 | $ 173,854 | $ 179,600 | $ 193,775 | $ 177,465 | $ 181,948 | $ 198,398 | $ 755,258 | [1] | $ 751,586 | [1] | $ 772,142 | [1] | |
Long-lived assets | 133,160 | 106,686 | 133,160 | 106,686 | 108,536 | ||||||||||
UNITED STATES | |||||||||||||||
Net sales | [1] | 523,266 | 548,058 | 561,923 | |||||||||||
Long-lived assets | 84,365 | 76,545 | 84,365 | 76,545 | 76,274 | ||||||||||
Asia [Member] | |||||||||||||||
Net sales | [1] | 86,480 | 70,269 | 64,840 | |||||||||||
Long-lived assets | 30,268 | 7,035 | 30,268 | 7,035 | 7,047 | ||||||||||
EMEA [Member] | |||||||||||||||
Net sales | [1],[2] | 124,990 | 107,765 | 117,816 | |||||||||||
Long-lived assets | [2] | 15,816 | 17,287 | 15,816 | 17,287 | 18,604 | |||||||||
Other Geographical [Member] | |||||||||||||||
Net sales | [1] | 20,522 | 25,494 | 27,563 | |||||||||||
Long-lived assets | $ 2,711 | $ 5,819 | $ 2,711 | $ 5,819 | $ 6,611 | ||||||||||
[1] | Net sales were identified based on geographic location where our products and services were initiated. | ||||||||||||||
[2] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 19 - Insurance Proceeds (D
Note 19 - Insurance Proceeds (Details Textual) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Other Operating Income (Expense) [Member] | Catastrophe [Member] | Massachusetts [Member] | |
Gain on Business Interruption Insurance Recovery | $ 0.4 |
Note 20 - Quarterly Results 119
Note 20 - Quarterly Results of Operations (Unaudited) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Expense (Benefit) | $ 15,355 | $ 16,295 | $ 20,874 |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ (600) |
Note 20 - Quarterly Results 120
Note 20 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||||||||||||
Gross profit | $ 72,736 | $ 61,348 | $ 56,894 | $ 61,776 | $ 66,828 | $ 58,638 | $ 58,235 | $ 68,552 | $ 252,754 | $ 252,253 | $ 247,486 | |||||||||||
Net income | $ 14,131 | $ 7,660 | $ 10,442 | $ 14,344 | $ 12,188 | $ 11,516 | $ 12,371 | $ 15,981 | $ 46,545 | $ 52,056 | $ 54,743 | |||||||||||
Basic (in dollars per share) | $ 1.12 | [1] | $ 0.60 | [1] | $ 0.82 | [1] | $ 1.13 | [1] | $ 0.96 | [1] | $ 0.91 | [1] | $ 0.97 | [1] | $ 1.26 | [1] | $ 3.68 | $ 4.11 | $ 4.33 | |||
Diluted (in dollars per share) | $ 1.11 | [1] | $ 0.60 | [1] | $ 0.82 | [1] | $ 1.12 | [1] | $ 0.95 | [1] | $ 0.91 | [1] | $ 0.96 | [1] | $ 1.25 | [1] | $ 3.65 | $ 4.08 | $ 4.27 | |||
Net sales | $ 217,089 | $ 184,715 | $ 173,854 | $ 179,600 | $ 193,775 | $ 177,465 | $ 181,948 | $ 198,398 | $ 755,258 | [2] | $ 751,586 | [2] | $ 772,142 | [2] | ||||||||
[1] | Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts. | |||||||||||||||||||||
[2] | Net sales were identified based on geographic location where our products and services were initiated. |
Note 21 - Disposal of a Busi121
Note 21 - Disposal of a Business (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Other Operating Income (Expense) [Member] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 7.3 | $ 7.3 |
Note 22 - Subsequent Event (Det
Note 22 - Subsequent Event (Details Textual) € in Millions | 12 Months Ended |
Dec. 31, 2016EUR (€) | |
Piazza Rosa Group [Member] | |
Revenues | € 9.4 |