Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | Apr. 26, 2018 | |
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) | 12,831,505 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | |
Current Assets: | |||
Cash and cash equivalents | $ 96,325 | $ 88,566 | |
Accounts receivable, net of reserve for doubtful accounts of $2,534 and $2,406 at March 31, 2018 and June 30, 2017 | 132,505 | 127,060 | |
Inventories | 131,589 | 119,401 | |
Prepaid expenses and other current assets | 10,154 | 8,397 | |
Income taxes receivable | 1,301 | 2,469 | |
Deferred tax asset | 14,991 | ||
Total current assets | 371,874 | 360,884 | |
Property, plant, and equipment, net | 147,782 | 133,160 | |
Intangible assets, net | 103,052 | 102,503 | |
Goodwill | 254,703 | 242,690 | |
Deferred tax asset | 10,234 | 1,135 | |
Other non-current assets | 28,631 | 27,304 | |
Total non-current assets | 544,402 | 506,792 | |
Total assets | 916,276 | 867,676 | |
Current Liabilities: | |||
Accounts payable | 82,621 | 96,487 | |
Accrued liabilities | 63,539 | 58,694 | |
Income taxes payable | 2,820 | 4,783 | |
Total current liabilities | 148,980 | 159,964 | |
Long-term debt | 204,726 | 191,976 | |
Accrued pension and other non-current liabilities | 116,163 | 107,072 | |
Total non-current liabilities | 320,889 | 299,048 | |
Stockholders' equity: | |||
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,710,243 and 12,662,661 outstanding at March 31, 2018 and June 30, 2017 | 41,976 | 41,976 | |
Additional paid-in capital | 60,031 | 56,783 | |
Retained earnings | 751,136 | 716,605 | |
Accumulated other comprehensive loss | [1] | (115,267) | (115,938) |
Treasury shares: 15,274,035 shares at March 31, 2018 and 15,321,617 shares at June 30, 2017 | (291,469) | (290,762) | |
Total stockholders' equity | 446,407 | 408,664 | |
Total liabilities and stockholders' equity | $ 916,276 | $ 867,676 | |
[1] | Reflects stranded tax effects from the change in tax rate as a result of the early adoption of ASU 2018-02 in the amount of $17.2 million which has been reclassified to retained earnings. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Reserve for doubtful accounts | $ 2,534 | $ 2,406 |
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) | 12,710,243 | 12,662,661 |
Treasury shares, shares (in shares) | 15,274,035 | 15,321,617 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 216,743 | $ 184,715 | $ 640,873 | $ 538,169 |
Cost of sales | 142,971 | 123,367 | 421,394 | 358,152 |
Gross profit | 73,772 | 61,348 | 219,479 | 180,017 |
Selling, general, and administrative expenses | 51,854 | 43,472 | 152,559 | 125,578 |
Acquisition related costs | 1,254 | 5,422 | 2,962 | 6,925 |
Restructuring costs | 1,337 | 1,019 | 6,307 | 3,077 |
Total operating expenses | 54,445 | 49,913 | 161,828 | 135,580 |
Income from operations | 19,327 | 11,435 | 57,651 | 44,437 |
Interest expense | (2,286) | (953) | (5,800) | (2,499) |
Other non-operating income, net | (293) | 52 | 764 | 819 |
Income from continuing operations before income taxes | 16,748 | 10,534 | 52,615 | 42,757 |
Provision for income taxes | 3,928 | 2,874 | 28,599 | 10,311 |
Net income from continuing operations | 12,820 | 7,660 | 24,016 | 32,446 |
Income (loss) from discontinued operations, net of income taxes | (20) | 1 | (22) | (43) |
Net income | $ 12,800 | $ 7,661 | $ 23,994 | $ 32,403 |
Basic earnings per share: | ||||
Continuing operations (in dollars per share) | $ 1.01 | $ 0.60 | $ 1.89 | $ 2.56 |
Discontinued operations (in dollars per share) | ||||
Total (in dollars per share) | 1.01 | 0.60 | 1.89 | 2.56 |
Diluted earnings per share: | ||||
Continuing operations (in dollars per share) | 1 | 0.60 | 1.88 | 2.54 |
Discontinued operations (in dollars per share) | ||||
Total (in dollars per share) | 1 | 0.60 | 1.88 | 2.54 |
Cash dividends per share (in dollars per share) | $ 0.18 | $ 0.16 | $ 0.52 | $ 0.46 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 12,800 | $ 7,661 | $ 23,994 | $ 32,403 |
Other comprehensive income (loss): | ||||
Actuarial gains (losses) and other changes in unrecognized costs | (285) | (128) | (623) | 503 |
Amortization of unrecognized costs | 1,378 | 1,427 | 4,114 | 4,294 |
Change in unrealized gains (losses) | (316) | (3,445) | (1,893) | (2,891) |
Foreign currency translation gains (losses) | 11,694 | 4,498 | 14,148 | (7,109) |
Other comprehensive income (loss) before tax | 14,834 | 2,432 | 19,173 | (4,819) |
Actuarial gains (losses) and other changes in unrecognized costs | (348) | 29 | 129 | (105) |
Amortization of unrecognized costs | (329) | (503) | (1,134) | (1,511) |
Change in unrealized gains and (losses) | (127) | 1,311 | (231) | 1,100 |
Amortization of unrealized (losses) into interest expense | (7) | (30) | (51) | (146) |
Income tax provision (benefit) to other comprehensive income (loss) | (811) | 807 | (1,287) | (662) |
Other comprehensive gain (loss), net of tax | 14,023 | 3,239 | 17,886 | (5,481) |
Comprehensive income | 26,823 | 10,900 | 41,880 | 26,922 |
Interest Expense [Member] | ||||
Other comprehensive income (loss): | ||||
Amortization of unrealized gains and (losses) | $ 2,363 | $ 80 | $ 3,427 | $ 384 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 23,994 | $ 32,403 |
Income from discontinued operations | (22) | (43) |
Income from continuing operations | 24,016 | 32,446 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 21,464 | 13,824 |
Stock-based compensation | 3,775 | 3,915 |
Non-cash portion of restructuring charge | (1,187) | 227 |
Deferred repatriation tax | 11,465 | |
Disposal of real estate and equipment | (433) | |
Contributions to defined benefit plans | (808) | (962) |
Net changes in operating assets and liabilities | (29,509) | (17,974) |
Net cash provided by operating activities - continuing operations | 28,783 | 31,476 |
Net cash (used in) operating activities - discontinued operations | (62) | (458) |
Net cash provided by operating activities | 28,721 | 31,018 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (21,391) | (17,824) |
Expenditures for acquisitions, net of cash acquired | (10,397) | (153,815) |
Proceeds from life insurance policies | 2,217 | |
Proceeds from sales of real estate and equipment | 1,949 | 129 |
Other investing activity | (397) | 158 |
Net cash (used in) investing activities | (28,019) | (171,352) |
Cash flows from financing activities | ||
Borrowings on revolving credit facility | 134,500 | 250,000 |
Payments of revolving credit facility | (124,788) | (127,000) |
Activity under share-based payment plans | 774 | 715 |
Purchases of treasury stock | (2,007) | (7,406) |
Cash dividends paid | (6,600) | (5,826) |
Net cash provided by financing activities | 1,879 | 110,483 |
Effect of exchange rate changes on cash and cash equivalents | 5,178 | (4,184) |
Net change in cash and cash equivalents | 7,759 | (34,035) |
Cash and cash equivalents at beginning of year | 88,566 | 121,988 |
Cash and cash equivalents at end of period | 96,325 | 87,953 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 4,518 | 2,010 |
Income taxes, net of refunds | $ 17,720 | $ 10,400 |
Note 1 - Management Statement
Note 1 - Management Statement | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 Management Statement In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the results of operations for the three nine March 31, 2018 2017, nine March 31, 2018 2017 March 31, 2018. not not not June 30, 2017. June 30, 2017 not 10 June 30, 2017. On December 22, 2017, not June 30, 2019. During the fourth 2017, 2016 09 three March 31, 2017 nine March 31, 2017 $0.6 three nine March 31, 2017. Recently Issued Accounting Pronouncements In May 2014, No. 2014 09, 606 2014 09 No. 2014 09, 2016, No. 2016 10, 2016 11 2016 12. 606 not The Company has established a global steering committee with a project plan to analyze the impact of this standard. The assessment phase of the project plan is on-going and includes identifying the various revenue streams, initiating contract reviews and reviewing current accounting policies and practices to identify potential differences that would result from the application of the standard. This assessment includes ( 1 2 3 may 4 5 As part of the analysis phase, the committee has been analyzing the impact of the standard on its contract portfolio by reviewing a sample of its contracts to identify potential differences that would result from applying the requirements of the new standard. The committee also has been analyzing the impact of requirements for combining contracts, performance obligations, and variable consideration. Based on procedures performed to date, the committee has identified two one three 606 10 25 27 The global steering committee is apprising both management and the audit committee of project status on a recurring basis. The Company has not 606. July 1, 2018. not In November 2015, 2015 17, Income Taxes (Topic 740 December 15, 2016, 2015 17 March 31, 2018, not June 30, 2017. no 2015 17. In February 2016, 2016 02, Leases (Topic 842 2016 02 twelve not 2016 02 December 15, 2018. not 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 2017 07 July 1, 2018. In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 ( 2020 2017 12 In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income (Topic 220 2018" not 2018 02 December 15, 2018, March 31, 2018. $17.2 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and March 31, 2018, Piazza Rosa Group During the first 2018, The Company paid $10.1 $2.8 not Intangible assets of $4.1 $2.3 eight $1.6 $0.2 $1.6 $4.6 not The components of the fair value of the Piazza Rosa Group acquisition, including the preliminary allocation of the purchase price at March 31, 2018, Preliminary Allocation Adjusted Allocation September 30, 2017 Adjustments March 31, 2018 Fair value of business combination: Cash payments $ 12,889 $ - $ 12,889 Less: cash paid to satisfy acquired debt (2,833 ) - (2,833 ) Total $ 10,056 $ - $ 10,056 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 - 5,005 Identifiable intangible assets 4,087 (1 ) 4,086 Goodwill 6,218 (1,643 ) 4,575 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) (18 ) (1,200 ) Total $ 10,056 $ - $ 10,056 OKI Sensor Device Corporation During the third 2017, The Company paid $129.2 100% Intangible assets of $51.4 $47.8 10 20 $3.4 fifteen $0.2 2017. $3.4 $1.9 $2.3 $0.2 $0.2 $0.1 2017. $79.4 not The components of the fair value of the Standex Electronics Japan acquisition, including the final allocation of purchase price at March 31, 2018, Preliminary Allocation Final Allocation March 31, 2017 Adjustments March 31, 2018 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 $ (2,158 ) $ 10,339 Inventories 7,387 816 8,203 Property, plant, and equipment 12,703 5,503 18,206 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 3,449 79,434 Liabilities assumed (10,811 ) (8,468 ) (19,279 ) Deferred taxes (22,406 ) 3,258 (19,148 ) Total $ 129,155 $ - $ 129,155 The following table reflects the unaudited pro forma operating results of the Company for the three nine March 31, 2018 2017, not may not not (Unaudited Pro Forma) (Unaudited Pro Forma) Three Months ended March 31 , Nine Months Ended March 31 , In thousands 201 8 201 7 201 8 201 7 Net Sales $ 216,743 $ 200,423 $ 640,873 $ 587,496 Net Income $ 12,820 $ 12,944 $ 24,191 $ 41,653 Earnings per share: Basic $ 1.01 $ 1.02 $ 1.91 $ 3.29 Diluted $ 1.00 $ 1.01 $ 1.89 $ 3.26 * Fiscal year 2017 2016 09, Pro forma earnings during the nine March 31, 2018 first $0.2 Pro forma earnings during the three March 31, 2017 $0.6 $0.4 $0.3 $3.1 Pro forma earnings during the nine March 31, 2017 $1.8 $1.1 $0.8 $3.6 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 not Deferred compensation costs relate to payments due to the Horizon Scientific seller of $2.8 second $5.6 third three nine March 31, 2018, $0.7 $2.1 Acquisition related expenses consist of miscellaneous professional service fees and expenses for our recent acquisitions. The components of acquisition-related costs are as follows (dollars in thousands): Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Deferred compensation arrangements $ 702 $ 703 $ 2,108 $ 1,405 Acquisition-related costs 589 4,719 891 5,520 Other (37 ) - (37 ) - Total $ 1,254 $ 5,422 $ 2,962 $ 6,925 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3 ) Fair Value Measurements 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. Where 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 Level 2 Level 3 There were no March 31, 2018 June 30, 2017. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. Items presented at fair value at March 31, 2018 June 30, 2017 March 31, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,399 $ 2,399 $ - $ - Foreign exchange contracts 1,794 - 1,794 - Interest rate swaps 1,107 - 1,107 - Liabilities Foreign exchange contracts $ 7,877 $ - $ 7,877 $ - Interest rate swaps - - - - Contingent acquisition payments (a) 4,216 - - 4,216 June 30, 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 (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. March 31, 2018, $8.4 not 3 March 31, 2018, |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 ) Inventories Inventories are comprised of the following (in thousands): March 31, 2018 June 30, 201 7 Raw materials $ 61,485 $ 53,313 Work in process 33,992 28,110 Finished goods 36,112 37,978 Total $ 131,589 $ 119,401 Distribution costs associated with the sale of inventory, which are recorded as a component of selling, general and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations, were $7.1 $18.6 three nine March 31, 2018, $4.9 $14.5 three nine March 31, 2017, |
Note 5 - Goodwill
Note 5 - Goodwill | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 5 ) Goodwill Changes to goodwill during the period ended March 31, 2018 June 30, 2017 Acquisitions Translation Adjustment March 31, 2018 Food Service Equipment $ 63,464 $ - $ - $ 63,464 Engraving 20,000 4,575 461 25,036 Engineering Technologies 44,120 - 695 44,815 Electronics 112,047 533 5,749 118,329 Hydraulics 3,059 - - 3,059 Total $ 242,690 $ 5,108 $ 6,905 $ 254,703 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6 ) Intangible Assets Intangible assets consist of the following (in thousands): Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total March 31, 2018 Cost $ 67,727 $ 20,451 $ 50,313 $ 4,951 $ 143,442 Accumulated amortization (33,046 ) - (3,926 ) (3,418 ) (40,390 ) Balance, March 31, 2018 $ 34,681 $ 20,451 $ 46,387 $ 1,533 $ 103,052 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 Amortization expense for the three March 31, 2018 2017 $2.2 $1.1 nine March 31, 2018 2017 $6.7 $3.1 March 31, 2018, $2.4 2018, $9.2 2019, $8.7 2020, $8.1 2021, $7.6 2022 $46.5 |
Note 7 - Warranties
Note 7 - Warranties | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 7 ) Warranties The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales 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 warranty reserve, which are recorded as a component of accrued liabilities, as of March 31, 2018 June 30, 2017 March 31, 2018 June 30, 201 7 Balance at beginning of year $ 9,243 $ 9,085 Acquisitions and other (20 ) 301 Warranty expense 6,872 9,203 Warranty claims (6,762 ) (9,346 ) Balance at end of period $ 9,333 $ 9,243 |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 ) Debt Long-term debt is comprised of the following (in thousands): March 31, 2018 June 30, 201 7 Bank credit agreements $ 204,975 $ 192,500 Other - 6 Total funded debt 204,975 192,506 Issuance Cost (249 ) (530 ) Total long-term debt $ 204,726 $ 191,976 The Company’s debt payments are due as follows (in thousands): Fiscal Year March 31, 2018 2018 $ - 2019 - 2020 204,975 2021 - 2022 - Thereafter - Total Debt 204,975 Issuance cost (249 ) Debt net of issuance cost $ 204,726 Bank Credit Agreements During fiscal year 2015, five December 2019 $400 $100 $10 $30 At March 31, 2018, $8.9 $186.1 March 31, 2018, |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9 ) Derivative Financial Instruments Interest Rate Swaps From time to time as dictated by market opportunities, the Company enters into interest rate swap agreements designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. 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’s effective swap agreements convert the base borrowing rate on $75 1.74% March 31, 2018. Effective Date Notional Amount Fixed Interest Rate Maturity March 31 , 201 8 June 30, 2017 December 19, 2014 20,000 1.18% December 19, 2017 $ - $ 8 December 19, 2014 5,000 1.20% December 19, 2017 - 1 December 18, 2015 15,000 1.46% December 19, 2018 66 (1 ) December 19, 2015 10,000 2.01% December 19, 2019 49 (106 ) May 24, 2017 25,000 1.88% April 24, 2022 618 (60 ) May 24, 2017 25,000 1.67% May 24, 2020 374 (23 ) $ 1,107 $ (181 ) The Company reported no three nine March 31, 2018, 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 collections from customers 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 March 31, 2018 June 30, 2017, 6.0 2.8 2018 2023, Currency March 31, 2018 June 30, 201 7 USD 64,558 73,000 Euro 21,300 21,335 Pound Sterling 6,750 6,962 Peso 54,000 54,000 Canadian 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet (in thousands): Asset Derivatives March 31, 2018 June 30, 2 01 7 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 1,107 Other Assets $ - Foreign exchange contracts Other Assets 1,794 Other Assets - $ 2,901 $ - Liability Derivatives March 31, 2018 June 30, 201 7 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ - Accrued Liabilities $ 181 Foreign exchange contracts Accrued Liabilities 7,877 Accrued Liabilities 2,833 $ 7,877 $ 3,014 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): Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Interest rate swaps $ 513 $ (3,445 ) $ 930 $ (2,817 ) Foreign exchange contracts (829 ) - (2,823 ) (74 ) $ (316 ) $ (3,445 ) $ (1,893 ) $ (2,891 ) 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 Three Months Ended Nine Months Ended in the Unaudited Income (Loss) Components March 31 , March 31 , Condensed Statements 201 8 201 7 201 8 201 7 of Operations Cross currency swaps $ 2,363 $ 80 $ 3,427 $ 309 Interest expense Foreign exchange contracts - - - 75 Cost of Sales $ 2,363 $ 80 $ 3,427 $ 384 |
Note 10 - Retirement Benefits
Note 10 - Retirement Benefits | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 0 ) Retirement Benefits 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. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan. Net Periodic Benefit Cost for the Company’s U.S. and Foreign pension benefit plans for the three nine March 31, 2018 2017 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,520 2,613 269 250 Expected return on plan assets (3,354 ) (3,440 ) (244 ) (282 ) Recognized net actuarial loss 1,145 1,190 242 249 Amortization of prior service cost - - (9 ) (12 ) Net periodic benefit cost $ 312 $ 364 $ 267 $ 214 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Service cost $ 3 $ 2 $ 27 $ 28 Interest cost 7,560 7,838 783 764 Expected return on plan assets (10,061 ) (10,321 ) (710 ) (861 ) Recognized net actuarial loss 3,435 3,571 705 760 Amortization of prior service cost - - (26 ) (36 ) Net periodic benefit cost $ 937 $ 1,090 $ 779 $ 655 The Company expects to pay $6.9 2018. $0.3 $0.8 three nine March 31, 2018 $0.3 $1.0 three nine March 31, 2017, $0.9 2018. $0.2 $0.3 third $5.5 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 1 ) Income Taxes On December 22, 2017, 21.0% January 1, 2018. 28.0% June 30, 2018. December 31, 2017, No. 118, March 31, 2018, ● The Company has discretely recorded an additional charge of approximately $178 March 31, 2018 December 31, 2017. $1.4 ● The Company has discretely recorded a tax benefit of approximately $633 March 31, 2018 $13.1 June 30, 2018) eight 2018 Since these provisions during the quarter are still based on estimates, the Company will continue to measure the impact of these areas and record any changes in subsequent quarters when information and guidance become available. Other law changes implemented by the Act such as the repeal of the Section 199 162 not June 30, 2019. The Company's effective tax rate from continuing operations for the third 2018 23.4% 27.3% 2018 $0.5 not The Company's effective tax rate from continuing operations for the nine March 31, 2018 54.4% 24.1% $14.6 not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 ) Earnings Per Share The following table sets forth a reconciliation of the number of shares (in thousands) used in the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Basic - Average shares outstanding 12,709 12,664 12,695 12,667 Dilutive effect of unvested, restricted stock awards 88 94 89 105 Diluted - Average shares outstanding 12,797 12,758 12,784 12,772 During the fourth 2017, 2016 09 three nine March 31, 2017. Earnings available to common stockholders are the same for computing both basic and diluted earnings per share. No three nine March 31, 2018 2017, Performance stock units of 51,270 29,607 nine March 31, 2018 2017, not |
Note 13 - Comprehensive Income
Note 13 - Comprehensive Income (Loss) | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 3 ) Comprehensive Income (L oss) The components of the Company’s accumulated other comprehensive income (loss) are as follows (in thousands): March 31, 2018 June 30, 201 7 Foreign currency translation adjustment $ (10,959 ) $ (25,107 ) Unrealized pension losses, net of tax (101,375 ) (86,646 ) Unrealized losses on derivative instruments, net of tax (2,933 ) (4,185 ) Accumulated other comprehensive loss (1) $ (115,267 ) $ (115,938 ) ( 1 Reflects stranded tax effects from the change in tax rate as a result of the early adoption of ASU 2018 02 $17.2 |
Note 14 - Contingencies
Note 14 - Contingencies | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 4 ) Contingencies 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 15 - Industry Segment Info
Note 15 - Industry Segment Information | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 5 ) Industry Segment Information 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, tool finishing, 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 and income (loss) from continuing operations by segment for the three March 31, 2018 2017 Three Months Ended March 31 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 95,482 $ 92,730 $ 6,785 $ 7,418 Engraving 33,749 25,492 7,030 6,003 Engineering Technologies 23,426 23,678 1,140 2,442 Electronics 51,208 32,308 11,173 6,499 Hydraulics 12,878 10,507 1,728 1,674 Restructuring costs (1,337 ) (1,019 ) Corporate (5,938 ) (6,160 ) Acquisition-related costs (1,254 ) (5,422 ) Sub-total $ 216,743 $ 184,715 $ 19,327 $ 11,435 Interest expense (2,286 ) (953 ) Other non-operating income (293 ) 52 Income from continuing operations before income taxes $ 16,748 $ 10,534 Nine Months Ended March 31 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 295,796 $ 277,582 $ 25,051 $ 24,112 Engraving 100,457 78,084 21,246 19,910 Engineering Technologies 65,621 60,948 3,836 5,815 Electronics 144,030 91,455 31,628 19,064 Hydraulics 34,969 30,100 5,076 4,782 Restructuring costs (6,307 ) (3,077 ) Corporate (19,917 ) (19,244 ) Acquisition-related costs (2,962 ) (6,925 ) Sub-total $ 640,873 $ 538,169 $ 57,651 $ 44,437 Interest expense (5,800 ) (2,499 ) Other non-operating income 764 819 Income from continuing operations before income taxes $ 52,615 $ 42,757 Net sales include only transactions with unaffiliated customers and include no The Company’s identifiable assets at March 31, 2018 June 30, 2017 March 31, 2018 June 30, 201 7 Food Service Equipment $ 249,716 $ 243,414 Engraving 148,844 115,664 Engineering Technologies 141,314 150,805 Electronics 320,271 292,776 Hydraulics 25,062 21,405 Corporate & Other 31,069 43,612 Total $ 916,276 $ 867,676 |
Note 16 - Restructuring
Note 16 - Restructuring | 9 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 1 6 ) Restructuring The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands): Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Fiscal 201 8 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 344 $ 953 $ 1,297 $ 2,254 $ 2,953 $ 5,207 Prior year initiatives 7 33 40 161 939 1,100 $ 351 $ 986 $ 1,337 $ 2,415 $ 3,892 $ 6,307 Three Months Ended Nine Months Ended March 31 , 201 7 March 31 , 201 7 Fiscal 2017 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 222 $ 823 $ 1,045 $ 1,368 $ 1,651 $ 3,019 Prior year initiatives - (26 ) (26 ) - 58 58 $ 222 $ 797 $ 1,019 $ 1,368 $ 1,709 $ 3,077 201 8 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. During the nine March 31, 2018, 2018 three 1 2 3 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ - $ - $ - Additions and adjustments 2,435 2,945 5,380 Payments (2,204 ) (2,913 ) (5,117 ) Restructuring liabilities at March 31, 2018 $ 231 $ 32 $ 263 Prior Year Initiatives The prior year initiatives yet to be completed are primarily the finalization of the manufacturing footprint consolidation within our Enginetics business in the Engineering Technology segment. Activity in the reserve related to the prior year restructuring initiatives is as follows (in thousands): Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 839 $ 906 $ 1,745 Additions and adjustments 163 937 1,100 Payments (710 ) (1,843 ) (2,553 ) Restructuring liabilities at March 31, 2018 $ 292 $ - $ 292 The Company’s total restructuring expenses by segment are as follows (in thousands): Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 80 $ 945 $ 1,025 $ 829 $ 2,505 $ 3,334 Engraving 186 2 188 925 345 1,270 Engineering Technologies 8 18 26 161 900 1,061 Electronics 77 7 84 209 90 299 Corporate - 14 14 291 52 343 $ 351 $ 986 $ 1,337 $ 2,415 $ 3,892 $ 6,307 Three Months Ended Nine Months Ended March 31 , 201 7 March 31 , 201 7 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ - $ 7 $ 7 $ 1,129 $ 85 $ 1,214 Engraving - - - 6 - 6 Engineering Technologies 222 730 952 222 1,164 1,385 Electronics - 86 86 11 455 467 Corporate - (26 ) (26 ) - 5 5 $ 222 $ 797 $ 1,019 $ 1,368 $ 1,709 $ 3,077 During the third 2018, $1.3 two Restructuring expenses for the nine March 31, 2018 $6.3 We expect to incur additional restructuring costs between $1.5 $2.0 2018. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited Pro Forma) (Unaudited Pro Forma) Three Months ended March 31 , Nine Months Ended March 31 , In thousands 201 8 201 7 201 8 201 7 Net Sales $ 216,743 $ 200,423 $ 640,873 $ 587,496 Net Income $ 12,820 $ 12,944 $ 24,191 $ 41,653 Earnings per share: Basic $ 1.01 $ 1.02 $ 1.91 $ 3.29 Diluted $ 1.00 $ 1.01 $ 1.89 $ 3.26 |
Business Combination, Acquisition Related Costs [Table Text Block] | Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Deferred compensation arrangements $ 702 $ 703 $ 2,108 $ 1,405 Acquisition-related costs 589 4,719 891 5,520 Other (37 ) - (37 ) - Total $ 1,254 $ 5,422 $ 2,962 $ 6,925 |
Standex Electronics Japan Corporation [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Final Allocation March 31, 2017 Adjustments March 31, 2018 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 $ (2,158 ) $ 10,339 Inventories 7,387 816 8,203 Property, plant, and equipment 12,703 5,503 18,206 Identifiable intangible assets 53,800 (2,400 ) 51,400 Goodwill 75,985 3,449 79,434 Liabilities assumed (10,811 ) (8,468 ) (19,279 ) Deferred taxes (22,406 ) 3,258 (19,148 ) Total $ 129,155 $ - $ 129,155 |
Piazza Rosa Group [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Adjusted Allocation September 30, 2017 Adjustments March 31, 2018 Fair value of business combination: Cash payments $ 12,889 $ - $ 12,889 Less: cash paid to satisfy acquired debt (2,833 ) - (2,833 ) Total $ 10,056 $ - $ 10,056 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 - 5,005 Identifiable intangible assets 4,087 (1 ) 4,086 Goodwill 6,218 (1,643 ) 4,575 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) (18 ) (1,200 ) Total $ 10,056 $ - $ 10,056 |
Note 3 - Fair Value Measureme24
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,399 $ 2,399 $ - $ - Foreign exchange contracts 1,794 - 1,794 - Interest rate swaps 1,107 - 1,107 - Liabilities Foreign exchange contracts $ 7,877 $ - $ 7,877 $ - Interest rate swaps - - - - Contingent acquisition payments (a) 4,216 - - 4,216 June 30, 201 7 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,397 $ 2,397 $ - $ - Foreign exchange contracts 399 - 399 - Interest rate swaps 3,777 - 3,777 - Liabilities Foreign exchange contracts $ 3,232 $ - $ 3,232 $ - Interest rate swaps 3,958 - 3,958 - Contingent acquisition payments (a) 2,108 - - 2,108 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2018 June 30, 201 7 Raw materials $ 61,485 $ 53,313 Work in process 33,992 28,110 Finished goods 36,112 37,978 Total $ 131,589 $ 119,401 |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2017 Acquisitions Translation Adjustment March 31, 2018 Food Service Equipment $ 63,464 $ - $ - $ 63,464 Engraving 20,000 4,575 461 25,036 Engineering Technologies 44,120 - 695 44,815 Electronics 112,047 533 5,749 118,329 Hydraulics 3,059 - - 3,059 Total $ 242,690 $ 5,108 $ 6,905 $ 254,703 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total March 31, 2018 Cost $ 67,727 $ 20,451 $ 50,313 $ 4,951 $ 143,442 Accumulated amortization (33,046 ) - (3,926 ) (3,418 ) (40,390 ) Balance, March 31, 2018 $ 34,681 $ 20,451 $ 46,387 $ 1,533 $ 103,052 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 |
Note 7 - Warranties (Tables)
Note 7 - Warranties (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | March 31, 2018 June 30, 201 7 Balance at beginning of year $ 9,243 $ 9,085 Acquisitions and other (20 ) 301 Warranty expense 6,872 9,203 Warranty claims (6,762 ) (9,346 ) Balance at end of period $ 9,333 $ 9,243 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2018 June 30, 201 7 Bank credit agreements $ 204,975 $ 192,500 Other - 6 Total funded debt 204,975 192,506 Issuance Cost (249 ) (530 ) Total long-term debt $ 204,726 $ 191,976 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year March 31, 2018 2018 $ - 2019 - 2020 204,975 2021 - 2022 - Thereafter - Total Debt 204,975 Issuance cost (249 ) Debt net of issuance cost $ 204,726 |
Note 9 - Derivative Financial30
Note 9 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Amount Fixed Interest Rate Maturity March 31 , 201 8 June 30, 2017 December 19, 2014 20,000 1.18% December 19, 2017 $ - $ 8 December 19, 2014 5,000 1.20% December 19, 2017 - 1 December 18, 2015 15,000 1.46% December 19, 2018 66 (1 ) December 19, 2015 10,000 2.01% December 19, 2019 49 (106 ) May 24, 2017 25,000 1.88% April 24, 2022 618 (60 ) May 24, 2017 25,000 1.67% May 24, 2020 374 (23 ) $ 1,107 $ (181 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency March 31, 2018 June 30, 201 7 USD 64,558 73,000 Euro 21,300 21,335 Pound Sterling 6,750 6,962 Peso 54,000 54,000 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives March 31, 2018 June 30, 2 01 7 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 1,107 Other Assets $ - Foreign exchange contracts Other Assets 1,794 Other Assets - $ 2,901 $ - Liability Derivatives March 31, 2018 June 30, 201 7 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ - Accrued Liabilities $ 181 Foreign exchange contracts Accrued Liabilities 7,877 Accrued Liabilities 2,833 $ 7,877 $ 3,014 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Interest rate swaps $ 513 $ (3,445 ) $ 930 $ (2,817 ) Foreign exchange contracts (829 ) - (2,823 ) (74 ) $ (316 ) $ (3,445 ) $ (1,893 ) $ (2,891 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive Three Months Ended Nine Months Ended in the Unaudited Income (Loss) Components March 31 , March 31 , Condensed Statements 201 8 201 7 201 8 201 7 of Operations Cross currency swaps $ 2,363 $ 80 $ 3,427 $ 309 Interest expense Foreign exchange contracts - - - 75 Cost of Sales $ 2,363 $ 80 $ 3,427 $ 384 |
Note 10 - Retirement Benefits (
Note 10 - Retirement Benefits (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,520 2,613 269 250 Expected return on plan assets (3,354 ) (3,440 ) (244 ) (282 ) Recognized net actuarial loss 1,145 1,190 242 249 Amortization of prior service cost - - (9 ) (12 ) Net periodic benefit cost $ 312 $ 364 $ 267 $ 214 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Service cost $ 3 $ 2 $ 27 $ 28 Interest cost 7,560 7,838 783 764 Expected return on plan assets (10,061 ) (10,321 ) (710 ) (861 ) Recognized net actuarial loss 3,435 3,571 705 760 Amortization of prior service cost - - (26 ) (36 ) Net periodic benefit cost $ 937 $ 1,090 $ 779 $ 655 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 31 , March 31 , 201 8 201 7 201 8 201 7 Basic - Average shares outstanding 12,709 12,664 12,695 12,667 Dilutive effect of unvested, restricted stock awards 88 94 89 105 Diluted - Average shares outstanding 12,797 12,758 12,784 12,772 |
Note 13 - Comprehensive Incom33
Note 13 - Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, 2018 June 30, 201 7 Foreign currency translation adjustment $ (10,959 ) $ (25,107 ) Unrealized pension losses, net of tax (101,375 ) (86,646 ) Unrealized losses on derivative instruments, net of tax (2,933 ) (4,185 ) Accumulated other comprehensive loss (1) $ (115,267 ) $ (115,938 ) |
Note 15 - Industry Segment In34
Note 15 - Industry Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 95,482 $ 92,730 $ 6,785 $ 7,418 Engraving 33,749 25,492 7,030 6,003 Engineering Technologies 23,426 23,678 1,140 2,442 Electronics 51,208 32,308 11,173 6,499 Hydraulics 12,878 10,507 1,728 1,674 Restructuring costs (1,337 ) (1,019 ) Corporate (5,938 ) (6,160 ) Acquisition-related costs (1,254 ) (5,422 ) Sub-total $ 216,743 $ 184,715 $ 19,327 $ 11,435 Interest expense (2,286 ) (953 ) Other non-operating income (293 ) 52 Income from continuing operations before income taxes $ 16,748 $ 10,534 Nine Months Ended March 31 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 295,796 $ 277,582 $ 25,051 $ 24,112 Engraving 100,457 78,084 21,246 19,910 Engineering Technologies 65,621 60,948 3,836 5,815 Electronics 144,030 91,455 31,628 19,064 Hydraulics 34,969 30,100 5,076 4,782 Restructuring costs (6,307 ) (3,077 ) Corporate (19,917 ) (19,244 ) Acquisition-related costs (2,962 ) (6,925 ) Sub-total $ 640,873 $ 538,169 $ 57,651 $ 44,437 Interest expense (5,800 ) (2,499 ) Other non-operating income 764 819 Income from continuing operations before income taxes $ 52,615 $ 42,757 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2018 June 30, 201 7 Food Service Equipment $ 249,716 $ 243,414 Engraving 148,844 115,664 Engineering Technologies 141,314 150,805 Electronics 320,271 292,776 Hydraulics 25,062 21,405 Corporate & Other 31,069 43,612 Total $ 916,276 $ 867,676 |
Note 16 - Restructuring (Tables
Note 16 - Restructuring (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Fiscal 201 8 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 344 $ 953 $ 1,297 $ 2,254 $ 2,953 $ 5,207 Prior year initiatives 7 33 40 161 939 1,100 $ 351 $ 986 $ 1,337 $ 2,415 $ 3,892 $ 6,307 Three Months Ended Nine Months Ended March 31 , 201 7 March 31 , 201 7 Fiscal 2017 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 222 $ 823 $ 1,045 $ 1,368 $ 1,651 $ 3,019 Prior year initiatives - (26 ) (26 ) - 58 58 $ 222 $ 797 $ 1,019 $ 1,368 $ 1,709 $ 3,077 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ - $ - $ - Additions and adjustments 2,435 2,945 5,380 Payments (2,204 ) (2,913 ) (5,117 ) Restructuring liabilities at March 31, 2018 $ 231 $ 32 $ 263 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 839 $ 906 $ 1,745 Additions and adjustments 163 937 1,100 Payments (710 ) (1,843 ) (2,553 ) Restructuring liabilities at March 31, 2018 $ 292 $ - $ 292 |
Restructuring Expenses By Segment [Table Text Block] | Three Months Ended Nine Months Ended March 31, 2018 March 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 80 $ 945 $ 1,025 $ 829 $ 2,505 $ 3,334 Engraving 186 2 188 925 345 1,270 Engineering Technologies 8 18 26 161 900 1,061 Electronics 77 7 84 209 90 299 Corporate - 14 14 291 52 343 $ 351 $ 986 $ 1,337 $ 2,415 $ 3,892 $ 6,307 Three Months Ended Nine Months Ended March 31 , 201 7 March 31 , 201 7 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ - $ 7 $ 7 $ 1,129 $ 85 $ 1,214 Engraving - - - 6 - 6 Engineering Technologies 222 730 952 222 1,164 1,385 Electronics - 86 86 11 455 467 Corporate - (26 ) (26 ) - 5 5 $ 222 $ 797 $ 1,019 $ 1,368 $ 1,709 $ 3,077 |
Note 1 - Management Statement (
Note 1 - Management Statement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 3,928 | $ 2,874 | $ 28,599 | $ 10,311 |
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 17,200 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit), Total | $ (600) |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 10,397 | $ 153,815 | |||||||||||
Goodwill, Ending Balance | $ 254,703 | $ 254,703 | 254,703 | $ 254,703 | $ 242,690 | ||||||||
Business Combination, Acquisition Related Costs | 1,254 | $ 5,422 | 2,962 | 6,925 | |||||||||
Amortization of Intangible Assets, Total | 2,200 | 1,100 | 6,700 | 3,100 | |||||||||
Interest Expense, Total | 2,286 | 953 | 5,800 | 2,499 | |||||||||
Piazza Rosa Group [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 10,056 | $ 10,100 | 10,056 | ||||||||||
Other Payments to Acquire Businesses | 2,833 | 2,800 | 2,833 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,087 | 4,086 | 4,087 | 4,086 | 4,086 | 4,086 | |||||||
Goodwill, Purchase Accounting Adjustments | $ 1,643 | 1,600 | |||||||||||
Goodwill, Ending Balance | 6,218 | 4,575 | 6,218 | 4,575 | 4,575 | 4,575 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 1 | ||||||||||||
Piazza Rosa Group [Member] | Trademarks (Indefinite-Lived) [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,600 | 1,600 | |||||||||||
Piazza Rosa Group [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,300 | $ 2,300 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||||||||
Piazza Rosa Group [Member] | Other Intangible Assets [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 200 | $ 200 | |||||||||||
Standex Electronics Japan Corporation [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 129,155 | 129,200 | 129,155 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 53,800 | 51,400 | 53,800 | 51,400 | 51,400 | 53,800 | 51,400 | ||||||
Goodwill, Purchase Accounting Adjustments | $ 3,449 | 3,400 | |||||||||||
Goodwill, Ending Balance | $ 75,985 | 79,434 | $ 75,985 | 79,434 | 79,434 | $ 75,985 | 79,434 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | 100.00% | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Pension | 1,900 | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 5,503 | (200) | |||||||||||
Standex Electronics Japan Corporation [Member] | Acquisition-related Costs [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | $ 200 | ||||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Intangible Assets [Member] | |||||||||||||
Amortization of Intangible Assets, Total | $ 600 | $ 1,800 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Fixed Assets [Member] | |||||||||||||
Depreciation, Total | 400 | 1,100 | |||||||||||
Standex Electronics Japan Corporation [Member] | Fair Value Adjustment to Credit Facility [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 3,100 | 3,600 | |||||||||||
Interest Expense, Total | $ 300 | $ 800 | |||||||||||
Standex Electronics Japan Corporation [Member] | Customer Relationships [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,400 | 3,400 | $ 3,400 | 3,400 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (200) | ||||||||||||
Standex Electronics Japan Corporation [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 47,800 | 47,800 | $ 47,800 | 47,800 | |||||||||
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] | Order or Production Backlog [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 200 | $ 200 | $ 200 | 200 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 100 | ||||||||||||
Horizon Scientific Inc. [Member] | |||||||||||||
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 | $ 700 | $ 2,100 |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Piazza Rosa Group (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 |
Total | $ 10,397 | $ 153,815 | |||||
Goodwill | $ 254,703 | 254,703 | $ 242,690 | ||||
Piazza Rosa Group [Member] | |||||||
Cash payments | $ 12,889 | 12,889 | |||||
Less: cash paid to satisfy acquired debt | (2,833) | $ (2,800) | (2,833) | ||||
Total | 10,056 | 10,100 | 10,056 | ||||
Other acquired assets | 2,678 | 2,678 | 4,342 | 4,342 | |||
Other acquired assets | $ 1,664 | ||||||
Inventories | 637 | 637 | 635 | 635 | |||
Inventories | (2) | ||||||
Property, plant, and equipment | 5,005 | 5,005 | 5,005 | 5,005 | |||
Identifiable intangible assets | 4,087 | 4,087 | 4,086 | 4,086 | |||
Identifiable intangible assets | (1) | ||||||
Goodwill | 6,218 | 6,218 | 4,575 | 4,575 | |||
Goodwill | (1,643) | (1,600) | |||||
Liabilities assumed | (7,387) | (7,387) | (7,387) | (7,387) | |||
Deferred taxes | (1,182) | (1,182) | (1,200) | (1,200) | |||
Deferred taxes | (18) | ||||||
Total | $ 10,056 | $ 10,056 | $ 10,056 | $ 10,056 |
Note 2 - Acquisitions - Compo39
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 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2017 |
Total | $ 10,397 | $ 153,815 | |||||
Goodwill | 254,703 | $ 254,703 | $ 242,690 | ||||
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 | 10,339 | 12,497 | 10,339 | ||
Other acquired assets | $ (2,158) | ||||||
Inventories | 7,387 | 7,387 | 8,203 | 7,387 | 8,203 | ||
Inventories | 816 | ||||||
Property, plant, and equipment | 12,703 | 12,703 | 18,206 | 12,703 | 18,206 | ||
Property, plant, and equipment | 5,503 | (200) | |||||
Identifiable intangible assets | 53,800 | 53,800 | 51,400 | 53,800 | 51,400 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,400) | ||||||
Goodwill | 75,985 | 75,985 | 79,434 | 75,985 | 79,434 | ||
Goodwill, Purchase Accounting Adjustments | 3,449 | 3,400 | |||||
Liabilities assumed | (10,811) | (10,811) | (19,279) | (10,811) | (19,279) | ||
Liabilities assumed | (8,468) | ||||||
Deferred taxes | (22,406) | (22,406) | (19,148) | (22,406) | (19,148) | ||
Deferred taxes | 3,258 | ||||||
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 | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Net Sales | $ 216,743 | $ 200,423 | $ 640,873 | $ 587,496 | ||
Net Income | $ 12,820 | $ 12,944 | $ 24,191 | $ 41,653 | ||
Earnings per share: | ||||||
Basic (in dollars per share) | $ 1.01 | $ 1.02 | $ 1.91 | $ 3.29 | ||
Diluted (in dollars per share) | $ 1 | $ 1.01 | $ 1.89 | $ 3.26 | ||
[1] | Fiscal year 2017 unaudited pro-forma results have been recast as a result of the adoption of Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting. |
Note 2 - Acquisitions - Compo41
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Acquisition related costs | $ 1,254 | $ 5,422 | $ 2,962 | $ 6,925 |
Deferred Compensation Arrangements [Member] | ||||
Acquisition related costs | 702 | 703 | 2,108 | 1,405 |
Acquisition-related Costs [Member] | ||||
Acquisition related costs | 589 | 4,719 | 891 | 5,520 |
Other [Member] | ||||
Acquisition related costs | $ (37) | $ (37) |
Note 3 - Fair Value Measureme42
Note 3 - Fair Value Measurements (Details Textual) $ in Millions | Mar. 31, 2018USD ($) |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8.4 |
Note 3 - Fair Value Measureme43
Note 3 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | |
Foreign exchange contracts | $ 1,794 | $ 399 | |
Interest rate swaps | 1,107 | 3,777 | |
Foreign exchange contracts | 7,877 | 3,232 | |
Interest rate swaps | 3,958 | ||
Contingent acquisition payments (a) | [1] | 4,216 | 2,108 |
Fair Value, Inputs, Level 1 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Contingent acquisition payments (a) | [1] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Foreign exchange contracts | 1,794 | 399 | |
Interest rate swaps | 1,107 | 3,777 | |
Foreign exchange contracts | 7,877 | 3,232 | |
Interest rate swaps | 3,958 | ||
Contingent acquisition payments (a) | [1] | ||
Fair Value, Inputs, Level 3 [Member] | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Contingent acquisition payments (a) | [1] | 4,216 | 2,108 |
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,399 | 2,397 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,399 | 2,397 | |
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 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Selling Expense | $ 7.1 | $ 4.9 | $ 18.6 | $ 14.5 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Raw materials | $ 61,485 | $ 53,313 |
Work in process | 33,992 | 28,110 |
Finished goods | 36,112 | 37,978 |
Total | $ 131,589 | $ 119,401 |
Note 5 - Goodwill - Changes to
Note 5 - Goodwill - Changes to Goodwill (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2018USD ($) | |
Beginning balance, goodwill | $ 242,690 |
Acquisition | 5,108 |
Translation Adjustment | 6,905 |
Ending balance, goodwill | 254,703 |
Food Service Equipment Group [Member] | |
Beginning balance, goodwill | 63,464 |
Acquisition | |
Translation Adjustment | |
Ending balance, goodwill | 63,464 |
Engraving Group [Member] | |
Beginning balance, goodwill | 20,000 |
Acquisition | 4,575 |
Translation Adjustment | 461 |
Ending balance, goodwill | 25,036 |
Engineering Technologies Group [Member] | |
Beginning balance, goodwill | 44,120 |
Acquisition | |
Translation Adjustment | 695 |
Ending balance, goodwill | 44,815 |
Electronics Products Group [Member] | |
Beginning balance, goodwill | 112,047 |
Acquisition | 533 |
Translation Adjustment | 5,749 |
Ending balance, goodwill | 118,329 |
Hydraulics Products Group [Member] | |
Beginning balance, goodwill | 3,059 |
Acquisition | |
Translation Adjustment | |
Ending balance, goodwill | $ 3,059 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Amortization of Intangible Assets, Total | $ 2.2 | $ 1.1 | $ 6.7 | $ 3.1 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 2.4 | 2.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9.2 | 9.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8.7 | 8.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8.1 | 8.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7.6 | 7.6 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 46.5 | $ 46.5 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Cost | $ 143,442 | $ 135,051 |
Accumulated amortization | (40,390) | (32,548) |
Intangible assets, net | 103,052 | 102,503 |
Trademarks [Member] | ||
Cost | 20,451 | 18,715 |
Accumulated amortization | ||
Intangible assets, net | 20,451 | 18,715 |
Customer Relationships [Member] | ||
Cost | 67,727 | 64,247 |
Accumulated amortization | (33,046) | (28,764) |
Intangible assets, net | 34,681 | 35,483 |
Acquired Technology [Member] | ||
Cost | 50,313 | 47,586 |
Accumulated amortization | (3,926) | (826) |
Intangible assets, net | 46,387 | 46,760 |
Other Intangible Assets [Member] | ||
Cost | 4,951 | 4,503 |
Accumulated amortization | (3,418) | (2,958) |
Intangible assets, net | $ 1,533 | $ 1,545 |
Note 7 - Warranties - Changes i
Note 7 - Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Balance at beginning of year | $ 9,243 | $ 9,085 |
Acquisitions and other | (20) | 301 |
Warranty expense | 6,872 | 9,203 |
Warranty claims | (6,762) | (9,346) |
Balance at end of period | $ 9,333 | $ 9,243 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2018 | |
Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | $ 186.1 |
Line Of Credit, Accordion Feature | 100 | |
Swing Line Loan [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | $ 8.9 |
Note 8 - Debt - Long-term Debt
Note 8 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Funded debt | $ 204,975 | $ 192,506 |
Issuance Cost | (249) | (530) |
Total long-term debt | 204,726 | 191,976 |
Line of Credit [Member] | ||
Funded debt | 204,975 | 192,500 |
Other Funded Debt [Member] | ||
Funded debt | $ 6 |
Note 8 - Debt - Maturities of L
Note 8 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
2,018 | ||
2,019 | ||
2,020 | 204,975 | |
2,021 | ||
2,022 | ||
Thereafter | ||
Total Debt | 204,975 | $ 192,506 |
Issuance Cost | (249) | (530) |
Debt net of issuance cost | $ 204,726 | $ 191,976 |
Note 9 - Derivative Financial53
Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | |
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | (6,000) | (6,000) | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 75,000 | $ 75,000 | |
Derivative, Average Fixed Interest Rate | 1.74% | 1.74% | |
Foreign Exchange Contract [Member] | |||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ (2,800) |
Note 9 - Derivative Financial54
Note 9 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2017 | |
Fair Value, Asset | $ 1,107 | |
Fair Value, Liability | $ (181) | |
Interest Rate Swap Effective December 19, 2014 Number One [Member] | ||
Notional Amount | $ 20,000 | |
Fixed Rate | 1.18% | |
Maturity | Dec. 19, 2017 | |
Fair Value, Asset | 8 | |
Interest Rate Swap Effective December 19, 2014 Number Two [Member] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 1.20% | |
Maturity | Dec. 19, 2017 | |
Fair Value, Asset | 1 | |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value, Asset | $ 66 | |
Fair Value, Liability | (1) | |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value, Asset | $ 49 | |
Fair Value, Liability | (106) | |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value, Asset | $ 618 | |
Fair Value, Liability | (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, Asset | $ 374 | |
Fair Value, Liability | $ (23) |
Note 9 - Derivative Financial55
Note 9 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Millions, $ in Millions | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018GBP (£) | Mar. 31, 2018EUR (€) | Mar. 31, 2018MXN ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017CAD ($) | Jun. 30, 2017GBP (£) | Jun. 30, 2017EUR (€) | Jun. 30, 2017MXN ($) |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ 64,558 | $ 73,000 | ||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 21,300 | € 21,335 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,750 | £ 6,962 | ||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | $ 54 | $ 54 | ||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | $ 20.6 | $ 20.6 |
Note 9 - Derivative Financial56
Note 9 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Other Assets [Member] | ||
Unrealized gain (loss) | $ 2,901 | |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Unrealized gain (loss) | 1,107 | |
Other Assets [Member] | Foreign Exchange Contract [Member] | ||
Unrealized gain (loss) | 1,794 | |
Other Liabilities [Member] | ||
Liability | 7,877 | 3,014 |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Liability | 181 | |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Liability | $ 7,877 | $ 2,833 |
Note 9 - Derivative Financial57
Note 9 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Unrealized gain (loss) | $ (316) | $ (3,445) | $ (1,893) | $ (2,891) |
Interest Rate Swap [Member] | ||||
Unrealized gain (loss) | 513 | (3,445) | 930 | (2,817) |
Foreign Exchange Contract [Member] | ||||
Unrealized gain (loss) | $ (829) | $ (2,823) | $ (74) |
Note 9 - Derivative Financial58
Note 9 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated other comprehensive income (loss) component | $ 2,363 | $ 80 | $ 3,427 | $ 384 |
Cross Currency Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Accumulated other comprehensive income (loss) component | 2,363 | 80 | 3,427 | 309 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||
Accumulated other comprehensive income (loss) component | $ 75 |
Note 10 - Retirement Benefits59
Note 10 - Retirement Benefits (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
UNITED STATES | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0.2 | $ 0.2 | |||
UNITED STATES | Subsequent Event [Member] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5.5 | ||||
UNITED KINGDOM | Foreign Plan [Member] | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.9 | 0.9 | |||
GERMANY | Foreign Plan [Member] | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.3 | 0.3 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 6.9 | 6.9 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.3 | $ 0.3 | $ 0.8 | $ 1 |
Note 10 - Retirement Benefits -
Note 10 - Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
UNITED STATES | ||||
Service cost | $ 1 | $ 1 | $ 3 | $ 2 |
Interest cost | 2,520 | 2,613 | 7,560 | 7,838 |
Expected return on plan assets | (3,354) | (3,440) | (10,061) | (10,321) |
Recognized net actuarial loss | 1,145 | 1,190 | 3,435 | 3,571 |
Amortization of prior service cost | ||||
Net periodic benefit cost | 312 | 364 | 937 | 1,090 |
Foreign Plan [Member] | ||||
Service cost | 9 | 9 | 27 | 28 |
Interest cost | 269 | 250 | 783 | 764 |
Expected return on plan assets | (244) | (282) | (710) | (861) |
Recognized net actuarial loss | 242 | 249 | 705 | 760 |
Amortization of prior service cost | (9) | (12) | (26) | (36) |
Net periodic benefit cost | $ 267 | $ 214 | $ 779 | $ 655 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | |
Effective Income Tax Rate Before Discretion, at Federal Statutory Income Tax Rate, Percent | 28.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 178 | $ 1,400 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 633 | $ 13,100 | |||
Tax Period, Repatriation of Foreign Earnings | 8 years | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 23.40% | 27.30% | 54.40% | 24.10% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 500 | $ 14,600 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 51,270 | |||
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Performance Shares [Member] | ||||
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 29,607 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Basic - Average shares outstanding (in shares) | 12,709 | 12,664 | 12,695 | 12,667 |
Dilutive effect of unvested, restricted stock awards (in shares) | 88 | 94 | 89 | 105 |
Diluted - Average shares outstanding (in shares) | 12,797 | 12,758 | 12,784 | 12,772 |
Note 13 - Comprehensive Incom64
Note 13 - Comprehensive Income (Loss) (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 17.2 |
Note 13 - Comprehensive Incom65
Note 13 - Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | |
Foreign currency translation adjustment | $ (10,959) | $ (25,107) | |
Unrealized pension losses, net of tax | (101,375) | (86,646) | |
Unrealized losses on derivative instruments, net of tax | (2,933) | (4,185) | |
Accumulated other comprehensive loss | [1] | $ (115,267) | $ (115,938) |
[1] | Reflects stranded tax effects from the change in tax rate as a result of the early adoption of ASU 2018-02 in the amount of $17.2 million which has been reclassified to retained earnings. |
Note 15 - Industry Segment In66
Note 15 - Industry Segment Information (Details Textual) | 9 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 5 |
Food Service Equipment Group [Member] | |
Number of Operating Segments | 8 |
Note 15 - Industry Segment In67
Note 15 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 216,743 | $ 184,715 | $ 640,873 | $ 538,169 |
Income from operations | 19,327 | 11,435 | 57,651 | 44,437 |
Restructuring costs | (1,337) | (1,019) | (6,307) | (3,077) |
Acquisition-related costs | (1,254) | (5,422) | (2,962) | (6,925) |
Interest expense | (2,286) | (953) | (5,800) | (2,499) |
Other non-operating income | (293) | 52 | 764 | 819 |
Income from continuing operations before income taxes | 16,748 | 10,534 | 52,615 | 42,757 |
Acquisition-related costs | (1,254) | (5,422) | (2,962) | (6,925) |
Food Service Equipment Group [Member] | ||||
Net sales | 95,482 | 92,730 | 295,796 | 277,582 |
Income from operations | 6,785 | 7,418 | 25,051 | 24,112 |
Restructuring costs | (1,025) | (7) | (3,334) | (1,214) |
Engraving Group [Member] | ||||
Net sales | 33,749 | 25,492 | 100,457 | 78,084 |
Income from operations | 7,030 | 6,003 | 21,246 | 19,910 |
Restructuring costs | (188) | (1,270) | (6) | |
Engineering Technologies Group [Member] | ||||
Net sales | 23,426 | 23,678 | 65,621 | 60,948 |
Income from operations | 1,140 | 2,442 | 3,836 | 5,815 |
Restructuring costs | (26) | (952) | (1,061) | (1,385) |
Electronics Products Group [Member] | ||||
Net sales | 51,208 | 32,308 | 144,030 | 91,455 |
Income from operations | 11,173 | 6,499 | 31,628 | 19,064 |
Restructuring costs | (84) | (86) | (299) | (467) |
Hydraulics Products Group [Member] | ||||
Net sales | 12,878 | 10,507 | 34,969 | 30,100 |
Income from operations | 1,728 | 1,674 | 5,076 | 4,782 |
Corporate and Other [Member] | ||||
Income from operations | (5,938) | (6,160) | (19,917) | (19,244) |
Restructuring costs | $ (14) | $ 26 | $ (343) | $ (5) |
Note 15 - Industry Segment In68
Note 15 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Assets | $ 916,276 | $ 867,676 |
Food Service Equipment Group [Member] | ||
Assets | 249,716 | 243,414 |
Engraving Group [Member] | ||
Assets | 148,844 | 115,664 |
Engineering Technologies Group [Member] | ||
Assets | 141,314 | 150,805 |
Electronics Products Group [Member] | ||
Assets | 320,271 | 292,776 |
Hydraulics Products Group [Member] | ||
Assets | 25,062 | 21,405 |
Corporate and Other [Member] | ||
Assets | $ 31,069 | $ 43,612 |
Note 16 - Restructuring (Detail
Note 16 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | |
Restructuring Costs, Total | $ 1,337 | $ 1,019 | $ 6,307 | $ 3,077 | $ 6,300 | |
Scenario, Forecast [Member] | Minimum [Member] | ||||||
Restructuring Costs, Total | $ 1,500 | |||||
Scenario, Forecast [Member] | Maximum [Member] | ||||||
Restructuring Costs, Total | $ 2,000 |
Note 16 - Restructuring - Summa
Note 16 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring charges | $ 1,337 | $ 1,019 | $ 6,307 | $ 3,077 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 351 | 222 | 2,415 | 1,368 |
Other Restructuring [Member] | ||||
Restructuring charges | 986 | 797 | 3,892 | 1,709 |
Current Year Restructuring Initiatives [Member] | ||||
Restructuring charges | 1,297 | 1,045 | 5,207 | 3,019 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 344 | 222 | 2,254 | 1,368 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 953 | 823 | 2,953 | 1,651 |
Prior Year Initiatives [Member] | ||||
Restructuring charges | 40 | (26) | 1,100 | 58 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 7 | 161 | ||
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 33 | $ (26) | $ 939 | $ 58 |
Note 16 - Restructuring - Sum71
Note 16 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2018USD ($) | |
Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 5,380 |
Payments | (5,117) |
Restructuring liabilities | 263 |
Prior Year Initiatives [Member] | |
Restructuring liabilities | 1,745 |
Additions and adjustments | 1,100 |
Payments | (2,553) |
Restructuring liabilities | 292 |
Involuntary Employee Severance And Benefit Costs [Member] | Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 2,435 |
Payments | (2,204) |
Restructuring liabilities | 231 |
Involuntary Employee Severance And Benefit Costs [Member] | Prior Year Initiatives [Member] | |
Restructuring liabilities | 839 |
Additions and adjustments | 163 |
Payments | (710) |
Restructuring liabilities | 292 |
Other Restructuring [Member] | Current Year Restructuring Initiatives [Member] | |
Restructuring liabilities | |
Additions and adjustments | 2,945 |
Payments | (2,913) |
Restructuring liabilities | 32 |
Other Restructuring [Member] | Prior Year Initiatives [Member] | |
Restructuring liabilities | 906 |
Additions and adjustments | 937 |
Payments | (1,843) |
Restructuring liabilities |
Note 16 - Restructuring - Sum72
Note 16 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring charges | $ 1,337 | $ 1,019 | $ 6,307 | $ 3,077 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 351 | 222 | 2,415 | 1,368 |
Other Restructuring [Member] | ||||
Restructuring charges | 986 | 797 | 3,892 | 1,709 |
Food Service Equipment Group [Member] | ||||
Restructuring charges | 1,025 | 7 | 3,334 | 1,214 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 80 | 829 | 1,129 | |
Food Service Equipment Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 945 | 7 | 2,505 | 85 |
Engraving Group [Member] | ||||
Restructuring charges | 188 | 1,270 | 6 | |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 186 | 925 | 6 | |
Engraving Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 2 | 345 | ||
Engineering Technologies Group [Member] | ||||
Restructuring charges | 26 | 952 | 1,061 | 1,385 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 8 | 222 | 161 | 222 |
Engineering Technologies Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 18 | 730 | 900 | 1,164 |
Electronics Products Group [Member] | ||||
Restructuring charges | 84 | 86 | 299 | 467 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 77 | 209 | 11 | |
Electronics Products Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 7 | 86 | 90 | 455 |
Corporate and Other [Member] | ||||
Restructuring charges | 14 | (26) | 343 | 5 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 291 | |||
Corporate and Other [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 14 | $ (26) | $ 52 | $ 5 |