Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Aug. 13, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | ||
Entity Central Index Key | 0000310354 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 12,454,640 | ||
Entity Public Float | $ 839,087,807 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 93,145 | $ 109,602 |
Accounts receivable, net | 119,589 | 119,783 |
Inventories | 88,645 | 104,300 |
Prepaid expenses and other current assets | 30,872 | 10,255 |
Income taxes receivable | 1,622 | 2,348 |
Current assets-Discontinued Operations | 37,671 | |
Total current assets | 333,873 | 383,959 |
Property, plant and equipment, net | 148,024 | 136,934 |
Intangible assets, net | 118,660 | 84,938 |
Goodwill | 281,503 | 211,751 |
Deferred tax asset | 14,140 | 7,447 |
Other non-current assets | 25,689 | 29,749 |
Long-term assets-Discontinued Operations | 62,159 | |
Total non-current assets | 588,016 | 532,978 |
Total assets | 921,889 | 916,937 |
Current liabilities: | ||
Accounts payable | 72,603 | 78,947 |
Accrued liabilities | 62,648 | 57,679 |
Income taxes payable | 5,744 | 6,050 |
Current liabilities-Discontinued Operations | 620 | 18,665 |
Total current liabilities | 141,615 | 161,341 |
Long-term debt | 197,610 | 193,772 |
Deferred income taxes | 22,824 | 26,816 |
Pension obligations | 75,148 | 57,826 |
Other non-current liabilities | 20,379 | 26,337 |
Non-current liabilities-Discontinued Operations | 50 | |
Total non-current liabilities | 315,961 | 304,801 |
Commitments and Contingencies (Notes 12 and 13) | ||
Stockholders' equity: | ||
Common stock, par value $1.50 per share - 60,000,000 shares authorized, 27,984,278 issued, 12,334,607 and 12,705,562 shares outstanding in 2019 and 2018 | 41,976 | 41,976 |
Additional paid-in capital | 65,515 | 61,328 |
Retained earnings | 818,282 | 761,430 |
Accumulated other comprehensive loss | (137,278) | (121,859) |
Treasury shares (15,649,671 shares in 2019 and 15,278,716 shares in 2018) | (324,182) | (292,080) |
Total stockholders' equity | 464,313 | 450,795 |
Total liabilities and stockholders' equity | $ 921,889 | $ 916,937 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
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) | 12,334,607 | 12,705,562 |
Treasury stock, shares (in shares) | 1,564,967 | 15,278,716 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 791,579 | $ 770,452 | $ 647,885 |
Cost of sales | (523,519) | (500,850) | (432,332) |
Gross profit | 268,060 | 269,602 | 215,553 |
Selling, general and administrative | 184,733 | 178,878 | 145,030 |
Restructuring costs | 1,635 | 6,964 | 5,761 |
Acquisition related expenses | 3,075 | 3,749 | 7,843 |
Other operating (income) expense, net | 500 | ||
Income from operations | 78,117 | 80,011 | 56,919 |
Interest expense | 10,760 | 8,029 | 4,043 |
Other non-operating (income) expense, net | 1,744 | 1,735 | 1,917 |
Total | 12,504 | 9,764 | 5,960 |
Total | 65,613 | 70,247 | 50,959 |
Provision for income taxes | (18,424) | (38,904) | (11,822) |
Income from continuing operations | 47,189 | 31,343 | 39,137 |
Income (loss) from discontinued operations | 20,725 | 5,261 | 7,408 |
Net income | $ 67,914 | $ 36,604 | $ 46,545 |
Basic earnings per share: | |||
Income (loss) from continuing operations (in dollars per share) | $ 3.75 | $ 2.47 | $ 3.09 |
Income (loss) from discontinued operations (in dollars per share) | 1.65 | 0.41 | 0.59 |
Total (in dollars per share) | 5.40 | 2.88 | 3.68 |
Diluted earnings per share: | |||
Income (loss) from continuing operations (in dollars per share) | 3.74 | 2.45 | 3.07 |
Income (loss) from discontinued operations (in dollars per share) | 1.64 | 0.41 | 0.58 |
Total (in dollars per share) | $ 5.38 | $ 2.86 | $ 3.65 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ 67,914 | $ 36,604 | $ 46,545 |
Other comprehensive income (loss): | |||
Actuarial gains (losses) and other changes in unrecognized costs | (20,382) | 6,159 | 3,689 |
Amortization of unrecognized costs | 4,461 | 5,485 | 5,729 |
Unrealized gain (loss) | (1,576) | 2,541 | (2,896) |
Foreign currency translation gains (losses) | (2,645) | 93 | (472) |
Other comprehensive income (loss) before tax | (18,732) | 14,570 | 5,663 |
Defined benefit pension plans: | |||
Actuarial gains (losses) and other changes in unrecognized costs | 4,742 | (1,436) | (1,354) |
Amortization of unrecognized costs | (1,089) | (1,460) | (2,012) |
Derivative instruments: | |||
Change in unrealized gains and (losses) | (419) | (339) | (80) |
Income tax (provision) benefit to other comprehensive income (loss) | 3,313 | (3,278) | (3,626) |
Other comprehensive income (loss), net of tax | (15,419) | 11,292 | 2,037 |
Comprehensive income (loss) | 52,495 | 47,896 | 48,582 |
Interest Expense [Member] | |||
Other comprehensive income (loss): | |||
Amortization of unrealized gains and (losses) | 1,410 | 292 | (462) |
Derivative instruments: | |||
Amortization of unrealized gains and (losses) | 79 | (43) | (152) |
Cost of Sales [Member] | |||
Other comprehensive income (loss): | |||
Amortization of unrealized gains and (losses) | 75 | ||
Derivative instruments: | |||
Amortization of unrealized gains and (losses) | $ (28) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2016 | $ 41,976 | $ 52,374 | $ 678,002 | $ (117,975) | $ (284,418) | $ 369,959 |
Balance (in shares) at Jun. 30, 2016 | 15,310 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (614) | $ 1,462 | 848 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (78) | |||||
Stock-based compensation | 5,023 | 5,023 | ||||
Treasury stock acquired (in shares) | 90 | |||||
Treasury stock acquired | $ (7,806) | (7,806) | ||||
Net Loss | 46,545 | 46,545 | ||||
Foreign currency translation gains (losses) | (472) | (472) | ||||
Pension and OPEB adjustments, net of tax | 6,052 | 6,052 | ||||
Change in fair value of derivatives, net of tax | (3,543) | (3,543) | ||||
Dividends declared | (7,942) | (7,942) | ||||
Balance at Jun. 30, 2017 | 41,976 | 56,783 | 716,605 | (115,938) | $ (290,762) | 408,664 |
Balance (in shares) at Jun. 30, 2017 | 15,322 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (417) | $ 1,334 | 917 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (70) | |||||
Stock-based compensation | 4,962 | 4,962 | ||||
Treasury stock acquired (in shares) | 27 | |||||
Treasury stock acquired | $ (2,652) | (2,652) | ||||
Net Loss | 36,604 | 36,604 | ||||
Foreign currency translation gains (losses) | 94 | 93 | ||||
Pension and OPEB adjustments, net of tax | 8,748 | 8,748 | ||||
Change in fair value of derivatives, net of tax | 2,452 | 2,452 | ||||
Dividends declared | (8,994) | (8,994) | ||||
Adoption of ASU 2018-02 | 17,215 | (17,215) | ||||
Balance at Jun. 30, 2018 | 41,976 | 61,328 | 761,430 | (121,859) | $ (292,080) | 450,795 |
Balance (in shares) at Jun. 30, 2018 | 15,279 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | (163) | $ 1,292 | 1,129 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (67) | |||||
Treasury stock acquired (in shares) | 438 | |||||
Treasury stock acquired | $ (33,394) | (33,394) | ||||
Net Loss | 67,914 | 67,914 | ||||
Foreign currency translation gains (losses) | (2,645) | (2,645) | ||||
Pension and OPEB adjustments, net of tax | (12,268) | (12,268) | ||||
Change in fair value of derivatives, net of tax | (506) | (506) | ||||
Dividends declared | (9,955) | (9,955) | ||||
Stock-based compensation | 4,350 | 4,350 | ||||
Adoption of ASC 606 | (1,107) | (1,107) | ||||
Balance at Jun. 30, 2019 | $ 41,976 | $ 65,515 | $ 818,282 | $ (137,278) | $ (324,182) | $ 464,313 |
Balance (in shares) at Jun. 30, 2019 | 15,650 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
AOCI Attributable to Parent [Member] | |||
Pension and OPEB adjustments, tax | $ 3.7 | $ 2.9 | $ 3.4 |
Change in fair value of derivatives, tax | $ 0.3 | $ 0.4 | $ 0.3 |
Retained Earnings [Member] | |||
Dividends declared, per share (in dollars per share) | $ 0.78 | $ 0.70 | $ 0.62 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | |||
Net income | $ 67,914 | $ 36,604 | $ 46,545 |
Income (loss) from discontinued operations | 20,725 | 5,261 | 7,408 |
Income (loss) from continuing operations | 47,189 | 31,343 | 39,137 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 30,881 | 26,696 | 17,813 |
Stock-based compensation | 4,350 | 4,962 | 5,023 |
Deferred income taxes | (3,509) | 7,391 | (121) |
Non-cash portion of restructuring charge | (329) | (1,264) | 1,414 |
(Gain) loss on disposal of real estate and equipment | (655) | ||
Increase/(decrease) in cash from changes in assets and liabilities, net of effects from discontinued operations and business acquisitions: | |||
Accounts receivables, net | 7,647 | (1,815) | (8,277) |
Inventories | 18,223 | (7,207) | (4,480) |
Contributions to defined benefit plans | (1,359) | (6,966) | (1,443) |
Prepaid expenses and other | (22,203) | 598 | (2,461) |
Accounts payable | (6,803) | (7,175) | 5,556 |
Accrued payroll, employee benefits and other liabilities | 7,004 | 13,128 | 3,923 |
Income taxes payable | (7,923) | 1,396 | (5,561) |
Net cash provided by operating activities from continuing operations | 73,168 | 60,432 | 50,523 |
Net cash used for operating activities from discontinued operations | 178 | 4,493 | 12,916 |
Net cash provided by operating activities | 73,346 | 64,925 | 63,439 |
Cash Flows from Investing Activities | |||
Expenditures for capital assets | (34,367) | (25,275) | (25,457) |
Expenditures for acquisitions, net of cash acquired | (127,924) | (10,397) | (153,814) |
Expenditures for executive life insurance policies | (377) | (310) | (377) |
Proceeds from sale of real estate and equipment | 3,208 | 2,852 | 1,106 |
Other investing activity | 2,130 | 482 | |
Net cash (used for) investing activities from continuing operations | (159,460) | (31,000) | (178,060) |
Net cash provided by investing activities from discontinued operations | 109,789 | (1,265) | (991) |
Net cash provided by (used for) investing activities | (49,671) | (32,265) | (179,051) |
Cash Flows from Financing Activities | |||
Proceeds from borrowings | 241,950 | 163,500 | 263,700 |
Payments of debt | (237,150) | (164,788) | (164,200) |
Contingent consideration payment | (910) | ||
Stock issued under employee stock option and purchase plans | 1,129 | 915 | 849 |
Purchase of treasury stock | (33,394) | (2,652) | (7,807) |
Cash dividends paid | (9,826) | (8,888) | (7,852) |
Net cash provided by (used for) financing activities | (38,201) | (11,913) | 84,690 |
Effect of exchange rate changes on cash | (1,931) | 289 | (2,500) |
Net change in cash and cash equivalents | (16,457) | 21,036 | (33,422) |
Cash and cash equivalents at beginning of year | 109,602 | 88,566 | 121,988 |
Cash and cash equivalents at end of year | 93,145 | 109,602 | 88,566 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest | 9,471 | 6,178 | 3,258 |
Income taxes, net of refunds | $ 23,969 | $ 22,145 | $ 20,413 |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 ompany’s cash was comprised solely of cash on deposit. 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, 2019 and $2.4 June 30, 2018 ains and losses on these investments are recorded as other non-operating income (expense), net in the Consolidated Statements of Operations. 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 2019 , 2018 , and 2017 were as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 2,184 $ 1,571 $ 1,363 Acquisitions and other 66 (169 ) 52 Provision charged to expense (267 ) 783 316 Write-offs, net of recoveries (532 ) (1 ) (160 ) Balance at end of year $ 1,451 $ 2,184 $ 1,571 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: Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and Fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements, including those made to leased facilities, are capitalized. Amortization of computer hardware and software of $1.4 $1.2 $0.5 June 30, 2019 , 2018 , and 2017 , respectively. 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 (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 6 7 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 16 Level 2 16 Level 3 We did not June 30, 2019 or 2018 . 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, 2019 and 2018 were (in thousands): 2019 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,354 $ 2,354 $ - $ - Interest rate swaps 52 - 52 - Financial Liabilities Foreign exchange contracts $ 3,052 $ - $ 3,052 $ - Interest rate swaps 1,432 - 1,432 - Contingent acquisition payments (a) 6,418 - - 6,418 2018 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Financial Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Interest rate swaps - - - - Contingent acquisition payments(a) 7,535 - - 7,535 (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 Contingent consideration payable to the Horizon seller is based on continued employment of the seller on the second third 2020. June 30, 2019 $5.6 Contingent consideration payable to the Piazza Rosa sellers is based on the achievement of certain revenue targets of each of the first three 2021. June 30, 2019 $1.7 We have determined the fair value of the liabilities for the contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not 3 June 30, 2019 the range of outcomes nor the assumptions used to develop the estimates had changed. Concentration of Credit Risk The Company is subject to credit risk through trade receivables. 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% Revenue Recognition In general, the Company recognizes revenue at the point in time control transfers to their customer based on predetermined shipping terms. Revenue recognized under long-term contracts within the Engineering Technologies group for highly customized customer products that have no 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 Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $3.6 $3.4 $3.8 June 30, 2019 , 2018 , and 2017 , respectively. 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 $6.6 $4.5 $4.0 June 30, 2019 , 2018 , and 2017 , respectively. 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 2019 , 2018 , and 2017 were as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 4,966 $ 4,667 $ 4,335 Acquisitions and other charges (85 ) (138 ) 302 Warranty expense 5,016 6,248 5,052 Warranty claims (4,619 ) (5,811 ) (5,022 ) Balance at end of year $ 5,278 $ 4,966 $ 4,667 The decrease in warranty expense during 2019 compared to 2018 is primarily due to better warranty claim experience in the Standex Refrigeration Group. Stock-Based Compensation Plans Restricted stock awards, including performance based awards, generally vest over a three Foreign Currency Translation The functional currency of our non-U.S. operations is 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 monthly 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 any that may The Company does not Income Taxes On December 22, 2017, 21.0% January 1, 2018. June 30, 2018, 28.0%. June 30, 2019, 21.0%. The provision for fiscal year ending June 30, 2019 199 162 Earnings Per Share (share amounts in thousands) 2019 2018 2017 Basic – Average Shares Outstanding 12,574 12,698 12,666 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 59 90 102 Diluted – Average Shares Outstanding 12,633 12,788 12,768 Both basic and diluted income is the same for computing earnings per share. There were no June 30, 2019 , 2018 and 2017 . Recently Issued Accounting Pronouncements In February 2016, 2016 02, 842 2016 02 July 2018, 2018 11, 842 no not not July 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the ‘package of practical expedients’ which allow us to not $ 40 million to $ 45 million, and right-of-use assets of approximately $ 40 million to $ 45 millio n as of July 1, 2019 not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment , which simplifies the accounting for goodwill impairments by eliminating step two 2017 04 2017 04 December 15, 2019. 2017 04 In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 ( 2020 second 2019. In June 2018, No. 2018 07, Improvements to Nonemployee Share-Based Payment Accounting 08 718, December 15, 2018 not In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 13 December 15, 2019 not In August 2018, No. 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 14 December 15, 2020 In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 15 December 15, 2019 not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019, GS Engineering During the fourth 2019, The Company paid $30.5 Intangible assets of $8.9 $5.6 15 $0.9 $2.4 13 June 30, 2019 338 10 $18.0 The components of the fair value of the GS Engineering acquisition, including the preliminary allocation of the purchase price at June 30, 2019, Preliminary Allocation At June 30, 2019 Fair value of business combination: Cash payments $ 30,502 Less, cash acquired (622 ) Total $ 29,880 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 Inventories 228 Customer Backlog 180 Property, plant, and equipment 1,391 Identifiable intangible assets 8,910 Goodwill 17,976 Liabilities assumed (1,002 ) Total $ 29,880 Agile Magnetics On the last business day of the first 2019, The Company paid $39.2 $0.5 $1.0 first 2020. Intangible assets of $18.2 $14.3 13 $3.8 $0.1 5 $15.6 June 30, 2019 The components of the fair value of the Agile acquisition, including the preliminary allocation of the purchase price at June 30, 2019, Preliminary Allocation September 30, 2018 Adjustments Adjusted Preliminary Allocation June 30, 2019 Fair value of business combination: Cash payments $ 39,194 $ - $ 39,194 Less, cash acquired (1 ) - (1 ) Total $ 39,193 $ - $ 39,193 Preliminary Allocation September 30, 2018 Adjustments Adjusted Preliminary Allocation June 30, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 $ (35 ) $ 1,893 Inventories 2,506 268 2,774 Customer Backlog - 220 220 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 4,432 18,150 Goodwill 20,142 (4,528 ) 15,614 Liabilities assumed (419 ) (9 ) (428 ) Total $ 39,193 $ - $ 39,193 Tenibac-Graphion Inc. During August 2019, The Company paid $57.3 Intangible assets of $16.9 $11.3 15 $4.2 $1.4 5 June 30, 2019. $34.4 The components of the fair value of the Tenibac acquisition, including the final allocation of the purchase price at June 30, 2019, Preliminary Allocation September 30, 2018 Adjustments Final Allocation June 30, 2019 Fair value of business combination: Cash payments $ 57,284 $ - $ 57,284 Less cash acquired (558 ) - (558 ) Total $ 56,726 $ - $ 56,726 Preliminary Allocation September 30, 2018 Adjustments Final Allocation June 30, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 $ (1,253 ) $ 3,770 Inventories 324 - 324 Customer backlog 1,000 (800 ) 200 Property, plant, & equipment 2,490 (19 ) 2,471 Identifiable intangible assets 15,960 900 16,860 Goodwill 32,949 1,411 34,360 Liabilities assumed (1,020 ) (239 ) (1,259 ) Total $ 56,726 $ - $ 56,726 Piazza Rosa Group During the first 2018, The Company paid $10.1 $2.8 $2.6 three first $0.9 first 2019 first The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. Goodwill recorded from this transaction is attributable to potential revenue increases from the combined competencies with Standex Engraving’s worldwide presence and Piazza Rosa Group’s texturizing capabilities. The combined companies create a global tool finishing service leader and open additional opportunities in the broader surface engineering market. Intangible assets of $4.1 $2.3 eight $1.6 $0.2 first 2019 $0.6 $7.1 not The components of the fair value of the Piazza Rosa Group acquisition, including the final allocation of the purchase price are as follows (in thousands): Preliminary Allocation September 30, 2017 Adjustments Final Allocation Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Preliminary Allocation September 30, 2017 Adjustments Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 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 Horizon Scientific seller of $2.8 second $5.6 third June 30, 2019 2018, $2.8 Acquisition related costs consist of miscellaneous professional service fees and expenses for our recent acquisitions. The components of acquisition-related costs are as follows (in thousands): June 30, June 30, 2019 2018 Deferred compensation arrangements $ 2,810 $ 2,810 Acquisition-related costs 265 939 Total $ 3,075 $ 3,749 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Effective July 1, 2018, No. 2014 09, 606 not June 30, 2018. not 605. 606 Under the Company’s historical accounting policies, non-developmental long-term contracts were recognized when the goods were transferred to the customer. Upon adoption, contracts for highly customized customer products that have no 606. 606, Upon adoption, we recognized a reduction to retained earnings of $1.0 $0.7 $0.6 $1.5 June 30, 2018 June 30, 2018, 606 2018 (in thousands) Cumulative Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss (1,033 ) Reported ASC 606 As Adjusted Effective Date June 30, 2018 Adjustments July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Note that above amounts as of June 30 The following tables reconcile the balances as presented as of and for the fiscal year ended June 30, 2019 Year Ended June 30, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 791,579 $ (8,624 ) $ 782,955 Cost of sales 523,519 (5,979 ) $ 517,540 Gross profit 268,060 (2,645 ) $ 265,415 Provision for income taxes 18,424 (650 ) $ 17,774 Income from continuing operations 47,189 (1,995 ) $ 45,194 Income (loss) from discontinued operations, net of income taxes 20,725 195 $ 20,920 Net income (loss) $ 67,914 $ (1,800 ) $ 66,114 As of June 30, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 ASSETS Prepaid Expenses $ 30,872 $ (8,624 ) $ 22,248 Inventories 88,645 5,979 94,624 LIABILITIES Income taxes payable 5,744 (650 ) 5,094 Retained earnings 818,282 (1,800 ) 816,482 Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands): Year Ended Revenue by Product Line June 30, 2019 June 30, 2018 Refrigeration $ 210,407 $ 227,367 Merchandising & Display 34,532 34,932 Pumps 33,661 36,637 Total Food Service Equipment 278,600 298,936 Engraving Services 139,769 123,822 Engraving Products 9,924 12,453 Total Engraving 149,693 136,275 Engineering Technologies Components 105,270 90,781 Electronics 204,073 196,291 Hydraulics Cylinders and System 53,943 48,169 Total Revenue by Product Line $ 791,579 $ 770,452 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Year Ended Net sales June 30, 2019 United States $ 520,908 Asia Pacific 108,667 EMEA (1) 144,636 Other Americas 17,368 Total $ 791,579 ( 1 The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Year Ended Timing of Revenue Recognition June 30, 2019 June 30, 2018 Products and services transferred at a point in time $ 759,628 $ 755,067 Products transferred over time 31,951 15,385 Net Sales $ 791,579 $ 770,452 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not Contract liabilities are customer deposits for which revenue has not The following table provides information about contract assets and liability balances as of June 30, 2019 ( Balance at Beginning of Period Additions Deductions Balance at End of Period Year ended June 30, 2019 Contract assets: Prepaid and other current assets 5,904 24,380 21,866 8,418 Contract liabilities: Customer deposits 2,552 6,336 7,530 1,358 During the year ended June 30, 2019, Year ended Revenue recognized in the period from: June 30, 2019 Amounts included in the contract liability balance at the beginning of the period $ 2,552 The timing of revenue recognition, invoicing and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories are comprised of (in thousands): June 30 2019 2018 Raw materials $ 43,117 $ 46,859 Work in process 28,120 30,527 Finished goods 17,408 26,914 Total $ 88,645 $ 104,300 Distribution costs associated with the sale of inventory are recorded as a component of selling, general and administrative expenses and were $ 18.8 $19.4 $14.0 2019, 2018, 2017, |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, plant and equipment consist of the following (in thousands): June 30 2019 2018 Land, buildings and leasehold improvements $ 79,322 $ 77,744 Machinery, equipment and other 226,952 202,181 Total 306,274 279,925 Less accumulated depreciation (158,250 ) (142,991 ) Property, plant and equipment - net $ 148,024 $ 136,934 Depreciation expense for the years ended June 30, 2019, 2018, 2017 $19.0 $17.4 $13.4 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 6. Goodwill and certain indefinite-lived intangible assets are not may May 31st The Company has identified our reporting units for impairment testing as its nine 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 April 2019. April 30, 2019 no We completed our annual impairment testing as of May 31, 2019, no 2019 2018. Changes to goodwill during the years ended June 30, 2019 2018 2019 2018 Balance at beginning of year, net $ 211,751 $ 202,679 Acquisitions 68,392 7,655 Foreign currency translation 1,360 1,417 Balance at end of year $ 281,503 $ 211,751 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. Intangible assets consist of the following (in thousands): Tradenames Customer (Indefinite- Developed Relationships lived) Technology Other Total June 30, 2019 Cost $ 75,018 $ 19,977 $ 55,164 $ 5,492 $ 155,651 Accumulated amortization (24,476 ) - (8,765 ) (3,750 ) (36,991 ) Balance, June 30, 2019 $ 50,542 $ 19,977 $ 46,399 $ 1,742 $ 118,660 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 Amortization expense from continuing operations for the years ended June 30, 2019 , 2018 , and 2017 totaled $10.5 $8.1 $4.0 June 30, 2019, $11.7 2020, $11.1 2021, $10.4 2022, $9.7 2023, $8.7 2024, $47.1 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Long-term debt is comprised of the following at June 30 ( 2019 2018 Bank credit agreements $ 198,800 $ 194,000 Other - - Total funded debt 198,800 194,000 Issuance Cost (1,190 ) (228 ) Total long-term debt $ 197,610 $ 193,772 Long-term debt is due as follows (in thousands): 2020 $ - 2021 - 2022 - 2023 - 2024 (matures December 2023) 198,800 Thereafter - Funded Debt 198,800 Issuance costs (1,190 ) Debt, net issuance cost $ 197,610 Bank Credit Agreements During the second 2019, five December 2023 $500 $250 $10 $35 $400 December 2019. Under the terms of the Credit Agreement, we 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 depends 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 increases. Funds borrowed under the facility may June 30, 2019, $253.4 June 30, 2019. Interest Coverage Ratio twelve 2.75:1. $20 10% $7.5 June 30, 2019, 7.73:1. Leverage Ratio twelve may not 3.5:1. 4.0:1 four June 30, 2019 1.28:1. As of June 30, 2019, $198.8 3.88%. fourth 2019, $106.9 In order to manage our interest rate exposure, we are party to $85.0 2.11%. Other Long-Term Borrowings At June 30, 2019, 2018, $7.6 $7.9 |
Note 9 - Accrued Liabilities
Note 9 - Accrued Liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9. Accrued expenses from continuing operations recorded in our Consolidated Balance Sheets at June 30, 2019 2018 2019 2018 Payroll and employee benefits $ 32,624 $ 31,109 Workers' compensation 2,858 2,715 Warranty 5,278 4,966 Fair value of derivatives 4,484 2,853 Other 17,404 16,036 Total $ 62,648 $ 57,679 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. Interest Rate Swaps In order to manage our interest rate exposure, we are party to $85.0 2.11% June 30, 2019 The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2019 2018 Effective Date Notional Fixed Maturity Fair Value at June 30, Amount Interest Rate 2019 2018 December 18, 2015 15,000 1.46% December 19, 2018 $ - $ 55 December 19, 2015 10,000 2.01% December 19, 2019 3 74 May 24, 2017 25,000 1.88% April 24, 2022 (190 ) 764 May 24, 2017 25,000 1.67% May 24, 2020 49 432 August 6, 2018 25,000 2.83% August 6, 2023 (1,242 ) - $ (1,380 ) $ 1,325 The Company reported no June 30, 2019, 2018, 2017, 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, 2019 2018, $3.1 $2.9 2019 2023, Currency 2019 2018 USD 55,015 64,558 Euro 5,750 21,300 Pound Sterling - 6,826 Peso - 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 at June 30, ( Asset Derivatives 2019 2018 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 52 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 $ 52 $ 2,682 Liability Derivatives 2019 2018 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 1,432 Accrued Liabilities $ - Foreign exchange contracts Accrued Liabilities 3,052 Accrued Liabilities 4,204 $ 4,484 $ 4,204 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): 2019 2018 2017 Interest rate swaps $ 1,703 $ 1,367 $ 282 Foreign exchange contracts (3,279 ) 1,174 (3,178 ) $ (1,576 ) $ 2,541 $ (2,896 ) 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 2019 2018 2017 of Operations Interest rate swaps $ (321 ) $ 171 $ 399 Interest expense Foreign exchange contracts - - 75 Cost of goods sold Foreign exchange contracts 1,730 121 (861 ) Interest expense Net investment hedge (285 ) - - Other Non-Operating Income $ 1,124 $ 292 $ (387 ) |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. On December 22, 2017, 21.0% January 1, 2018. June 30, 2018, 28.0%. June 30, 2019, 21.0%. During the quarter ended December 31, 2018, $0.8 The provision for fiscal year ending June 30, 2019 199 162 U.S. tax law allows a one June 30, 2019, no $2.1 $1.8 The components of income from continuing operations before income taxes are as follows (in thousands): 2019 2018 2017 U.S. Operations $ 5,434 $ 937 $ 5,641 Non-U.S. Operations 60,179 69,310 45,318 Total $ 65,613 $ 70,247 $ 50,959 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: 2019 2018 2017 Current: Federal $ 432 $ 9,505 $ (1,058 ) State 191 333 (18 ) Non-U.S. 21,310 21,675 13,019 Total Current $ 21,933 $ 31,513 $ 11,943 Deferred: Federal $ 206 $ 2,012 $ 2,141 State 207 1,091 (290 ) Non-U.S. (3,922 ) 4,288 (1,972 ) Total Deferred (3,509 ) 7,391 (121 ) Total $ 18,424 $ 38,904 $ 11,822 A reconciliation from the U.S. Federal income tax rate on continuing operations to the total tax provision is as follows: 2019 2018 2017 Provision at statutory tax rate 21.0 % 28.0 % 35.0 % State taxes 0.5 % 1.5 % (0.4 %) Impact of foreign operations 5.0 % (0.6 %) (9.8 %) Federal tax credits (1.5 %) (1.4 %) (1.6 %) Tax Reform (1.3 %) 18.3 % 0.0 % Cash repatriation 3.3 % 10.5 % 0.0 % SubF/GILTI 0.4 % 0.0 % 0.0 % Other 0.7 % (0.9 %) (0.1 %) Effective income tax provision 28.1 % 55.4 % 23.1 % Changes in the effective tax rates from period to period may not one Due to the effective date of the Act’s rate reduction on our fiscal year, the Company recorded a blended statutory rate for the year ended June 30, 2018 21% June 30, 2019. The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2019 $2.1 $0.3 162 $0.8 965 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2018 965 $11.7 $1.3 $7.8 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2017 $0.6 $5.3 Significant components of the Company’s deferred income taxes are as follows (in thousands): 2019 2018 Deferred tax liabilities: Depreciation and amortization $ (35,420 ) $ (39,775 ) Withholding Taxes (5,606 ) (7,833 ) Total deferred tax liability $ (41,026 ) $ (47,608 ) Deferred tax assets: Accrued compensation $ 2,280 $ 2,657 Accrued expenses and reserves 3,967 4,808 Pension 18,228 13,522 Inventory 927 1,613 Other 355 452 Net operating loss and credit carry forwards 17,939 8,668 Total deferred tax asset $ 43,696 $ 31,720 Less: Valuation allowance (11,354 ) (3,482 ) Net deferred tax asset (liability) $ (8,684 ) $ (19,370 ) 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, 2019 not not In addition, the sale of the Cooking Solutions Group in the fiscal year generated a significant capital loss for tax purposes due to a higher tax basis in the stock than book basis. As of June 30, 2019, not not $6.3 As of June 30, 2019, $68.5 $2.7 may 2019 2038. $3.8 $2.8 $1.0 10 Under ASU 2016 09, Improvements to Employee Share-Based Payment Accounting $0.2 June 30, 2019, The total provision (benefit) for income taxes included in the consolidated financial statements was as follows (in thousands): 2019 2018 2017 Continuing operations $ 18,424 $ 38,904 $ 11,822 Discontinued operations (2,189 ) 1,701 3,506 Total Provision $ 16,235 $ 40,605 $ 15,328 The tax benefit for discontinued operations relates mostly to the write-off of deferred tax liabilities from the sale of the Cooking Solutions Group. The changes in the amount of gross unrecognized tax benefits during 2019 2018 2017 2019 2018 2017 Beginning Balance $ 3,003 $ 2,991 $ 2,978 Additions based on tax positions related to the current year 4 12 12 Additions for tax positions of prior years 8,281 - 1 Reductions for tax positions of prior years (37 ) - - Ending Balance $ 11,251 $ 3,003 $ 2,991 The Company increased its uncertain tax position in the third 2018 April If the unrecognized tax benefits in the table above were recognized in a future period, $10.4 Within the next twelve twelve not not twelve Country Years Ending June 30, United States 2016 to 2019 Canada 2015 to 2019 Germany 2016 to 2019 Ireland 2019 Portugal 2018 to 2019 United Kingdom 2016 to 2019 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, 2019 June 30, 2018, $0.1 |
Note 12 - Commitments
Note 12 - Commitments | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 12. The Company leases certain property and equipment under agreements with initial terms ranging from one sixty June 30, 2019 , 2018 , and 2017 was approximately $10.5 $9.2 $7.5 The gross minimum annual rental commitments under non-cancelable operating leases, principally real-estate at June 30, 2019 `: (in thousands) Lease Sublease Net obligation 2020 9,357 335 9,022 2021 7,416 342 7,074 2022 5,949 349 5,600 2023 4,147 356 3,791 2024 3,550 363 3,187 Thereafter 18,292 1,725 16,567 |
Note 13 - Contingencies
Note 13 - Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 13. 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 14 - Stock-based Compensat
Note 14 - Stock-based Compensation and Purchase Plans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. 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 $4.4 $4.9 $5.0 June 30, 2019, 2018, 2017, $1.1 $1.2 $1.9 June 30, 2019, 2018 2017, There were 578,433 June 30, 2019. Restricted Stock Awards The Company may no may not not not 2019, 2018, 2017, 70,085, 51,792, 51,563 2020 2022. June 30, 2019, 2018, 2017, 3.7 $3.7 $3.6 A summary of restricted stock awards activity during the year ended June 30, 2019 Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2018 120,010 $ 12,258,515 Granted 70,085 Exercised / vested (43,959 ) $ (885,810 ) Canceled (18,094 ) Outstanding, June 30, 2019 128,042 $ 9,365,632 Restricted stock awards granted during 2019, 2018 2017 $102.74, $93.73, $85.07, June 30, 2019, 2018, 2017 $0.9 $0.8 $1.1 As of June 30, 2019, $5.8 1.52 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 Dividend equivalents are accumulated and paid out at the end of the restriction period. The restrictions on the units expire after three June 30, 2019 2018, 34,950 31,760 2020 2022. $0.3 $0.3 $0.4 June 30, 2019, 2018 2017, As of June 30, 2019, $0.3 1.2 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: 2019 2018 2017 Risk-free interest rates 2.63 % 1.55 % 0.71 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 25.1 % 25.6 % 25.7 % Expected quarterly dividends (per share) $ 0.18 $ 0.16 $ 0.14 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 A participant’s right to any shares that are earned will cliff vest in three A summary of the awards activity under the executive compensation program during the year ended June 30, 2019 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, 2018 31,760 $ 62.71 $ 442,850 58,028 $ 5,013,531 Granted 13,625 $ 76.65 28,803 Vested (8,677 ) $ 58.35 $ 440,358 (6,639 ) $ 508,614 Forfeited (1,758 ) $ 65.84 (11,140 ) Non-vested, June 30, 2019 34,950 $ 69.07 $ (496,674 ) 69,052 $ 6,529,012 Restricted stock awards granted under the annual component of this program in fiscal 2019, 2018, 2017 $110.22, $96.56, $87.05, 2019, 2018 2017 $106.65, $91.75, $83.92, June 30, 2019 ,2018, 2017 $0.9 $1.6 $2.3 The Company recognized compensation expense related to the PSUs of $0.3 $0.9 $1.0 June 30, 2019, 2018 2017 $1.4 June 30, 2019, 1.02 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% 73,617 June 30, 2019. 7,698, 5,622, 3,742 2019, 2018 2017, $65.63, $86.01, $84.17, |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. The components of the Company’s accumulated other comprehensive income (loss) at June 30, 2019 2018 2019 2018 Foreign currency translation adjustment $ (27,658 ) $ (25,013 ) Unrealized pension losses, net of tax (107,380 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (2,240 ) (1,734 ) Total $ (137,278 ) $ (121,859 ) |
Note 16 - Restructuring
Note 16 - Restructuring | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 16 . restructuring 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 2019 Restructuring Initiatives $ 1,167 $ 84 $ 1,251 Prior Year Initiatives 252 132 384 Total expense $ 1,419 $ 216 $ 1,635 2018 Restructuring Initiatives $ 2,387 $ 3,476 $ 5,863 Prior Year Initiatives 224 877 1,101 Total expense $ 2,611 $ 4,353 $ 6,964 2017 Restructuring Initiatives $ 1,862 $ 3,527 $ 5,389 Prior Year Initiatives - 372 372 Total expense $ 1,862 $ 3,899 $ 5,761 2019 The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During fiscal year 2019, third Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments 1,167 84 1,251 Payments (1,020 ) (79 ) (1,099 ) Restructuring liabilities at June 30, 2019 $ 147 $ 5 $ 152 2018 During the fiscal year ended June 30, 2018, 2018 three 1 2 3 The Company anticipates further restructuring charges in 2020 Activity in the reserves related to 2018 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 147 $ 334 $ 481 Additions and adjustments 252 132 384 Payments (399 ) (466 ) (865 ) Restructuring liabilities at June 30, 2019 $ - $ - $ - Activity in the reserves related to 2017 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 490 $ 1,189 $ 1,679 Additions and adjustments 2,780 3,715 6,495 Payments (3,123 ) (4,570 ) (7,693 ) Restructuring liabilities at June 30, 2018 $ 147 $ 334 $ 481 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 2019 Engraving $ 662 $ - $ 662 Electronics 327 27 354 Engineering Technologies 17 99 116 Food Service Equipment 277 90 367 Corporate and Other 136 - 136 Total expense $ 1,419 $ 216 $ 1,635 Fiscal Year 2018 Engraving $ 1,199 $ 488 $ 1,687 Electronics 215 84 299 Engineering Technologies 224 874 1,098 Food Service Equipment 681 2,855 3,536 Corporate and Other 292 52 344 Total expense $ 2,611 $ 4,353 $ 6,964 Fiscal Year 2017 Engraving $ 6 $ - $ 6 Electronics 11 488 499 Engineering Technologies 809 3,070 3,879 Food Service Equipment 1,100 22 1,122 Corporate and Other (64 ) 319 255 Total expense $ 1,862 $ 3,899 $ 5,761 |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17 . Employee Benefit Plans 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, 2019 2018 2017 2019 2018 2017 Service Cost $ 3 $ 3 $ 3 $ 189 $ 187 $ 37 Interest Cost 10,342 10,079 10,451 1,013 1,050 1,022 Expected return on plan assets (13,541 ) (13,484 ) (13,761 ) (908 ) (947 ) (1,152 ) Recognized net actuarial loss 4,121 4,579 4,760 340 941 1,016 Amortization of prior service cost (benefit) - - - (3 ) (37 ) (48 ) Net periodic benefit cost (benefit) $ 925 $ 1,177 $ 1,453 $ 631 $ 1,194 $ 875 The following table sets forth the funded status and amounts recognized as of June 30, 2019 and 2018 for our U.S. and foreign defined benefit pension plans (in thousands): U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 243,096 $ 259,963 $ 41,194 $ 42,141 Service cost 3 3 189 187 Interest cost 10,342 10,079 1,013 1,050 Actuarial loss (gain) 16,268 (10,761 ) 4,580 (2,701 ) Benefits paid (16,169 ) (16,188 ) (1,545 ) (1,639 ) Foreign currency exchange rate & other changes - - (1,448 ) 2,156 Projected benefit obligation at end of year $ 253,540 $ 243,096 $ 43,983 $ 41,194 Change in plan assets Fair value of plan assets at beginning of year $ 190,960 $ 195,328 $ 38,117 $ 36,921 Actual return on plan assets 11,190 6,070 3,464 1,113 Employer contribution 244 5,750 1,115 1,196 Benefits paid (16,189 ) (16,188 ) (1,545 ) (1,638 ) Foreign currency exchange rate - - (1,486 ) 525 Fair value of plan assets at end of year $ 186,205 $ 190,960 $ 39,665 $ 38,117 Funded Status $ (67,335 ) $ (52,136 ) $ (4,318 ) $ (3,077 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid Benefit Cost $ - $ - $ 3,919 $ 4,759 Current liabilities (211 ) (219 ) (213 ) (1,926 ) Non-current liabilities (67,124 ) (51,917 ) (8,024 ) (5,910 ) Net amount recognized $ (67,335 ) $ (52,136 ) $ (4,318 ) $ (3,077 ) Unrecognized net actuarial loss $ 135,779 $ 121,281 $ 6,405 $ 4,778 Unrecognized prior service cost - - (42 ) (45 ) Accumulated other comprehensive income, pre-tax $ 135,779 $ 121,281 $ 6,363 $ 4,733 The accumulated benefit obligation for all defined benefit pension plans was $297.4 $283.9 June 30, 2019 and 2018 , respectively. The estimated actuarial net loss 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 is $5.8 Plan Assets and Assumptions The fair values of the Company’s pension plan assets at June 30, 2019 and 2018 by asset category, as classified in the three 1 Fair Value of Financial Instruments , are as follows (in thousands): June 30, 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 7,696 $ 439 $ 7,257 $ - Common and preferred stocks 86,415 1,866 84,549 - U.S. Government securities 9,161 - 9,161 - Corporate bonds and other fixed income securities 97,627 7,163 90,464 - Other 24,971 - 24,971 - $ 225,870 $ 9,468 $ 216,402 - June 30, 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,482 $ 325 $ 4,157 - Common and preferred stocks 89,934 16,353 73,581 - U.S. Government securities 14,461 - 14,461 - Corporate bonds and other fixed income securities 102,105 6,711 95,394 - Other 18,095 - 18,095 - $ 229,077 $ 23,389 $ 205,688 - Asset allocation at June 30, 2019 and 2018 and target asset allocations for 2019 are as follows: U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2019 2018 2019 2018 Equity securities 31 % 33 % 20 % 20 % Debt securities 35 % 33 % 41 % 44 % Global balanced securities 24 % 24 % 37 % 35 % Other 10 % 10 % 2 % 1 % Total 100 % 100 % 100 % 100 % 2019 Asset Category – Target U.S. U.K. Equity securities 32 % 17 % Debt and market neutral securities 33 % 42 % Global balanced securities 25 % 40 % Other 10 % 1 % 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 2019 2018 2017 Plan assumptions - obligations Discount rate 0.24 - 3.70% 0.38 - 4.40% 1.90 - 4.00% Rate of compensation increase 3.20% 3.60% 3.70% Plan assumption - cost Discount rate 0.38 - 4.40% 0.43 - 4.00% 1.50 - 4.00% Expected return on assets 2.45 - 7.00% 2.55 - 7.00% 3.75 - 7.10% Rate of compensation increase 3.60% 3.70% 3.30% Included in the above are the following assumptions relating to the obligations for defined benefit pension plans in the United States at June 30, 2019 ; a discount rate of 3.7% 7.0%. Expected benefit payments for all plans during the next five 2020, $17.8 2021, $17.4 2022, $17.9 2023, $17.8 2024, $17.8 five $87.5 $5.4 2020 . The Company operates defined benefit plans in Germany and Japan which are unfunded. Multi-Employer Pension Plans We contribute to two ● 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, 2019 , 2018 , and 2017 , and sets forth the yearly contributions into each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three 2019 2018 to the plans’ two 65% 80% six 80% 80% not 5% Pension Protection Act Expiration Zone Status Contributions Date of Collective EIN/Plan FIP/RP Surcharge Bargaining Pension Fund Number 2019 2018 Status 2019 2018 2017 Imposed? Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 461 482 $ 530 No Apr-21 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green N/A 644 638 633 No Oct. 2019 - May 2021 $ 1,105 1,120 $ 1,163 Retirement Savings Plans The Company has two one one may may $4.0 $3.7 $4.0 June 30, 2019 , 2018 , and 2017 , respectively. At June 30, 2019 , the salaried plan holds approximately 59,000 3.86% |
Note 18 - Industry Segment Info
Note 18 - Industry Segment Information | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18 . Industry Segment Information The Company has determined that it has five • 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; • Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; and • 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. • Hydraulics – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders. • Food Service Equipment – an aggregation of five Net sales include only transactions with unaffiliated customers and include no Given the nature of our corporate expenses, management concluded that it would not no Industry Segments (in thousands) Net Sales Depreciation and Amortization 2019 2018 2017 2019 2018 2017 Engraving $ 149,693 $ 136,275 $ 105,943 $ 8,232 $ 5,483 $ 3,100 Electronics 204,073 196,291 136,689 11,751 10,564 4,960 Engineering Technologies 105,270 90,781 90,506 5,963 6,006 5,976 Hydraulics 53,943 48,169 41,150 708 750 730 Food Service Equipment 278,600 298,936 273,597 3,825 3,493 2,704 Corporate and Other - - - 402 400 343 Total $ 791,579 $ 770,452 $ 647,885 $ 30,881 $ 26,696 $ 17,813 Income (Loss) From Operations Capital Expenditures (1) 2019 2018 2017 2019 2018 2017 Engraving $ 23,996 $ 29,618 $ 26,139 $ 13,868 $ 9,339 $ 7,807 Electronics 41,227 45,501 27,855 12,646 8,487 4,000 Engineering Technologies 11,169 6,506 9,758 3,857 3,581 6,510 Hydraulics 8,891 7,398 6,802 935 1,394 1,058 Food Service Equipment 22,773 28,131 23,633 3,143 2,544 4,097 Restructuring charge (1,635 ) (6,964 ) (5,761 ) - - - Acquisition-related costs (3,075 ) (3,749 ) (7,843 ) - - - Other operating income (expense), net (500 ) - - - - - Corporate (24,729 ) (26,430 ) (23,664 ) 57 258 418 Total $ 78,117 $ 80,011 $ 56,919 $ 34,506 $ 25,603 $ 23,890 Interest expense (10,760 ) (8,029 ) (4,043 ) Other, net (1,744 ) (1,735 ) (1,917 ) Income from continuing operations before income taxes $ 65,613 $ 70,247 $ 50,959 ( 1 Includes capital expenditures in accounts payable of $3.8 $0.4 $0.4 June 30, 2019, 2018, 2017 Goodwill Identifiable Assets 2019 2018 2019 2018 Engraving $ 79,392 $ 26,697 $ 233,569 $ 149,973 Electronics 131,317 113,798 332,326 318,564 Engineering Technologies 43,890 44,247 149,628 150,150 Hydraulics 3,059 3,059 28,132 25,646 Food Service Equipment 23,360 23,453 159,656 149,743 Corporate & Other 485 497 18,578 23,031 Discontinued Operations - 99,830 Total $ 281,503 $ 211,751 $ 921,889 $ 916,937 Net sales (2) 2019 2018 2017 United States $ 520,908 $ 495,211 $ 415,893 Asia Pacific 108,667 108,569 86,480 EMEA (3) 144,636 149,249 124,990 Other Americas 17,368 17,423 20,522 Total $ 791,579 $ 770,452 $ 647,885 ( 2 ) Net sales were identified based on geographic location where our products and services were initiated. ( 3 ) EMEA consists primarily of Europe, Middle East and S. Africa. Long-lived assets 2019 2018 2017 United States $ 81,122 $ 77,250 $ 76,317 Asia Pacific 35,033 30,911 30,268 EMEA (4) 27,160 25,709 15,816 Other Americas 4,709 3,064 2,711 Total $ 148,024 $ 136,934 $ 125,112 ( 4 ) EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19 . Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended June 30, 2019 2018 2019 First Second Third Fourth Net sales $ 193,080 $ 195,522 $ 193,771 $ 209,206 Gross profit 69,252 66,936 61,790 70,082 Net income 15,857 13,398 26,269 12,390 EARNINGS PER SHARE (1) Basic $ 1.25 $ 1.06 $ 2.09 $ 1.00 Diluted $ 1.24 $ 1.05 $ 2.09 $ 0.99 2018 First Second Third Fourth Net sales $ 189,142 $ 185,694 $ 192,147 $ 203,469 Gross profit 65,671 63,317 66,112 74,502 Net income 13,998 (2,806 ) 12,800 12,612 EARNINGS PER SHARE (1) Basic $ 1.10 $ (0.22 ) $ 1.01 $ 0.99 Diluted $ 1.09 $ (0.22 ) $ 1.00 $ 0.99 ( 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 |
Note 20 - Discontinued Operatio
Note 20 - Discontinued Operations | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 20. In pursuing our business strategy, the Company continues to divest certain businesses and record activities of these businesses as discontinued operations. During the first 2019, three second 2019, third 2019, three $105 The transaction closed on March 31, 2019 $20.5 $4.4 $106.9 April 1, 2019. Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued operations in the Condensed Consolidated Financial Statements and excluded from the results from continuing operations. Activity related to the Cooking Solutions Group and other discontinued operations for the year ended June 30, 2019 2018 Year Ended June 30, 2019 2018 Net Sales $ 71,451 $ 97,930 Gain on Sale of Business $ 20,539 $ - Transaction Fees (4,397 ) - Income from Discontinued Operations $ 18,900 $ 6,136 Non-operating Income (Expense) (364 ) 826 Profit Before Taxes $ 18,536 $ 6,962 Benefit (Provision) for Taxes 2,189 (1,701 ) Net income from Discontinued Operations $ 20,725 $ 5,261 Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands): June 30, 2019 June 30, 2018 Accounts receivable $ - $ 14,445 Inventories - 22,923 Prepaid Expenses - 303 Due from Buyer - - Total current assets - 37,671 Property, plant, equipment, net - 7,637 Intangible assets, net - 13,137 Goodwill - 40,011 Other non-current assets - 1,374 Total non-current assets - 62,159 Total Assets - 99,830 Accounts Payable - 10,759 Accrued Liabilities 620 7,897 Income Tax Payable - 9 Total current liabilities 620 18,665 Non-current Liabilities - 50 Total Liabilities 620 18,715 Net Assets $ (620 ) $ 81,115 |
Note 21 - Property Insurance Cl
Note 21 - Property Insurance Claim | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property Insurance Claim [Text Block] | 21. On June 26, 2019, 155,000 not $7 $1 $0.5 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 ompany’s cash was comprised solely of cash on deposit. |
Marketable 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, 2019 and $2.4 June 30, 2018 ains and losses on these investments are recorded as other non-operating income (expense), net in the Consolidated Statements of Operations. |
Receivable [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 2019 , 2018 , and 2017 were as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 2,184 $ 1,571 $ 1,363 Acquisitions and other 66 (169 ) 52 Provision charged to expense (267 ) 783 316 Write-offs, net of recoveries (532 ) (1 ) (160 ) Balance at end of year $ 1,451 $ 2,184 $ 1,571 |
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: Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and Fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements, including those made to leased facilities, are capitalized. Amortization of computer hardware and software of $1.4 $1.2 $0.5 June 30, 2019 , 2018 , and 2017 , respectively. |
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 (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 6 7 |
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 16 Level 2 16 Level 3 We did not June 30, 2019 or 2018 . 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, 2019 and 2018 were (in thousands): 2019 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,354 $ 2,354 $ - $ - Interest rate swaps 52 - 52 - Financial Liabilities Foreign exchange contracts $ 3,052 $ - $ 3,052 $ - Interest rate swaps 1,432 - 1,432 - Contingent acquisition payments (a) 6,418 - - 6,418 2018 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Financial Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Interest rate swaps - - - - Contingent acquisition payments(a) 7,535 - - 7,535 (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 Contingent consideration payable to the Horizon seller is based on continued employment of the seller on the second third 2020. June 30, 2019 $5.6 Contingent consideration payable to the Piazza Rosa sellers is based on the achievement of certain revenue targets of each of the first three 2021. June 30, 2019 $1.7 We have determined the fair value of the liabilities for the contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not 3 June 30, 2019 the range of outcomes nor the assumptions used to develop the estimates had changed. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company is subject to credit risk through trade receivables. 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% |
Revenue [Policy Text Block] | Revenue Recognition In general, the Company recognizes revenue at the point in time control transfers to their customer based on predetermined shipping terms. Revenue recognized under long-term contracts within the Engineering Technologies group for highly customized customer products that have no |
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 Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $3.6 $3.4 $3.8 June 30, 2019 , 2018 , and 2017 , respectively. |
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 $6.6 $4.5 $4.0 June 30, 2019 , 2018 , and 2017 , respectively. |
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 2019 , 2018 , and 2017 were as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 4,966 $ 4,667 $ 4,335 Acquisitions and other charges (85 ) (138 ) 302 Warranty expense 5,016 6,248 5,052 Warranty claims (4,619 ) (5,811 ) (5,022 ) Balance at end of year $ 5,278 $ 4,966 $ 4,667 The decrease in warranty expense during 2019 compared to 2018 is primarily due to better warranty claim experience in the Standex Refrigeration Group. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Plans Restricted stock awards, including performance based 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 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 monthly 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 any that may The Company does not |
Income Tax, Policy [Policy Text Block] | Income Taxes On December 22, 2017, 21.0% January 1, 2018. June 30, 2018, 28.0%. June 30, 2019, 21.0%. The provision for fiscal year ending June 30, 2019 199 162 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (share amounts in thousands) 2019 2018 2017 Basic – Average Shares Outstanding 12,574 12,698 12,666 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 59 90 102 Diluted – Average Shares Outstanding 12,633 12,788 12,768 Both basic and diluted income is the same for computing earnings per share. There were no June 30, 2019 , 2018 and 2017 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In February 2016, 2016 02, 842 2016 02 July 2018, 2018 11, 842 no not not July 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the ‘package of practical expedients’ which allow us to not $ 40 million to $ 45 million, and right-of-use assets of approximately $ 40 million to $ 45 millio n as of July 1, 2019 not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment , which simplifies the accounting for goodwill impairments by eliminating step two 2017 04 2017 04 December 15, 2019. 2017 04 In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 ( 2020 second 2019. In June 2018, No. 2018 07, Improvements to Nonemployee Share-Based Payment Accounting 08 718, December 15, 2018 not In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 13 December 15, 2019 not In August 2018, No. 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 14 December 15, 2020 In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 15 December 15, 2019 not |
Note 1 - Summary of Accountin_2
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2019 2018 2017 Balance at beginning of year $ 2,184 $ 1,571 $ 1,363 Acquisitions and other 66 (169 ) 52 Provision charged to expense (267 ) 783 316 Write-offs, net of recoveries (532 ) (1 ) (160 ) Balance at end of year $ 1,451 $ 2,184 $ 1,571 |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and Fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer relationships (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names Indefinite life |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 2019 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,354 $ 2,354 $ - $ - Interest rate swaps 52 - 52 - Financial Liabilities Foreign exchange contracts $ 3,052 $ - $ 3,052 $ - Interest rate swaps 1,432 - 1,432 - Contingent acquisition payments (a) 6,418 - - 6,418 2018 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Financial Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Interest rate swaps - - - - Contingent acquisition payments(a) 7,535 - - 7,535 |
Schedule of Product Warranty Liability [Table Text Block] | 2019 2018 2017 Balance at beginning of year $ 4,966 $ 4,667 $ 4,335 Acquisitions and other charges (85 ) (138 ) 302 Warranty expense 5,016 6,248 5,052 Warranty claims (4,619 ) (5,811 ) (5,022 ) Balance at end of year $ 5,278 $ 4,966 $ 4,667 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (share amounts in thousands) 2019 2018 2017 Basic – Average Shares Outstanding 12,574 12,698 12,666 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 59 90 102 Diluted – Average Shares Outstanding 12,633 12,788 12,768 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Business Combination, Acquisition Related Costs [Table Text Block] | June 30, June 30, 2019 2018 Deferred compensation arrangements $ 2,810 $ 2,810 Acquisition-related costs 265 939 Total $ 3,075 $ 3,749 |
Piazza Rosa Group [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2017 Adjustments Final Allocation Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Preliminary Allocation September 30, 2017 Adjustments Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 |
Tenibac-Graphion, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2018 Adjustments Final Allocation June 30, 2019 Fair value of business combination: Cash payments $ 57,284 $ - $ 57,284 Less cash acquired (558 ) - (558 ) Total $ 56,726 $ - $ 56,726 Preliminary Allocation September 30, 2018 Adjustments Final Allocation June 30, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 $ (1,253 ) $ 3,770 Inventories 324 - 324 Customer backlog 1,000 (800 ) 200 Property, plant, & equipment 2,490 (19 ) 2,471 Identifiable intangible assets 15,960 900 16,860 Goodwill 32,949 1,411 34,360 Liabilities assumed (1,020 ) (239 ) (1,259 ) Total $ 56,726 $ - $ 56,726 |
Agile Magnetics [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2018 Adjustments Adjusted Preliminary Allocation June 30, 2019 Fair value of business combination: Cash payments $ 39,194 $ - $ 39,194 Less, cash acquired (1 ) - (1 ) Total $ 39,193 $ - $ 39,193 Preliminary Allocation September 30, 2018 Adjustments Adjusted Preliminary Allocation June 30, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 $ (35 ) $ 1,893 Inventories 2,506 268 2,774 Customer Backlog - 220 220 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 4,432 18,150 Goodwill 20,142 (4,528 ) 15,614 Liabilities assumed (419 ) (9 ) (428 ) Total $ 39,193 $ - $ 39,193 |
GS Engineering [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation At June 30, 2019 Fair value of business combination: Cash payments $ 30,502 Less, cash acquired (622 ) Total $ 29,880 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 Inventories 228 Customer Backlog 180 Property, plant, and equipment 1,391 Identifiable intangible assets 8,910 Goodwill 17,976 Liabilities assumed (1,002 ) Total $ 29,880 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (in thousands) Cumulative Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss (1,033 ) Reported ASC 606 As Adjusted Effective Date June 30, 2018 Adjustments July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Year Ended June 30, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 791,579 $ (8,624 ) $ 782,955 Cost of sales 523,519 (5,979 ) $ 517,540 Gross profit 268,060 (2,645 ) $ 265,415 Provision for income taxes 18,424 (650 ) $ 17,774 Income from continuing operations 47,189 (1,995 ) $ 45,194 Income (loss) from discontinued operations, net of income taxes 20,725 195 $ 20,920 Net income (loss) $ 67,914 $ (1,800 ) $ 66,114 As of June 30, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 ASSETS Prepaid Expenses $ 30,872 $ (8,624 ) $ 22,248 Inventories 88,645 5,979 94,624 LIABILITIES Income taxes payable 5,744 (650 ) 5,094 Retained earnings 818,282 (1,800 ) 816,482 |
Disaggregation of Revenue [Table Text Block] | Year Ended Revenue by Product Line June 30, 2019 June 30, 2018 Refrigeration $ 210,407 $ 227,367 Merchandising & Display 34,532 34,932 Pumps 33,661 36,637 Total Food Service Equipment 278,600 298,936 Engraving Services 139,769 123,822 Engraving Products 9,924 12,453 Total Engraving 149,693 136,275 Engineering Technologies Components 105,270 90,781 Electronics 204,073 196,291 Hydraulics Cylinders and System 53,943 48,169 Total Revenue by Product Line $ 791,579 $ 770,452 Year Ended Net sales June 30, 2019 United States $ 520,908 Asia Pacific 108,667 EMEA (1) 144,636 Other Americas 17,368 Total $ 791,579 Year Ended Timing of Revenue Recognition June 30, 2019 June 30, 2018 Products and services transferred at a point in time $ 759,628 $ 755,067 Products transferred over time 31,951 15,385 Net Sales $ 791,579 $ 770,452 |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of Period Additions Deductions Balance at End of Period Year ended June 30, 2019 Contract assets: Prepaid and other current assets 5,904 24,380 21,866 8,418 Contract liabilities: Customer deposits 2,552 6,336 7,530 1,358 Year ended Revenue recognized in the period from: June 30, 2019 Amounts included in the contract liability balance at the beginning of the period $ 2,552 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30 2019 2018 Raw materials $ 43,117 $ 46,859 Work in process 28,120 30,527 Finished goods 17,408 26,914 Total $ 88,645 $ 104,300 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30 2019 2018 Land, buildings and leasehold improvements $ 79,322 $ 77,744 Machinery, equipment and other 226,952 202,181 Total 306,274 279,925 Less accumulated depreciation (158,250 ) (142,991 ) Property, plant and equipment - net $ 148,024 $ 136,934 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2019 2018 Balance at beginning of year, net $ 211,751 $ 202,679 Acquisitions 68,392 7,655 Foreign currency translation 1,360 1,417 Balance at end of year $ 281,503 $ 211,751 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer (Indefinite- Developed Relationships lived) Technology Other Total June 30, 2019 Cost $ 75,018 $ 19,977 $ 55,164 $ 5,492 $ 155,651 Accumulated amortization (24,476 ) - (8,765 ) (3,750 ) (36,991 ) Balance, June 30, 2019 $ 50,542 $ 19,977 $ 46,399 $ 1,742 $ 118,660 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2019 2018 Bank credit agreements $ 198,800 $ 194,000 Other - - Total funded debt 198,800 194,000 Issuance Cost (1,190 ) (228 ) Total long-term debt $ 197,610 $ 193,772 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ - 2021 - 2022 - 2023 - 2024 (matures December 2023) 198,800 Thereafter - Funded Debt 198,800 Issuance costs (1,190 ) Debt, net issuance cost $ 197,610 |
Note 9 - Accrued Liabilities (T
Note 9 - Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2019 2018 Payroll and employee benefits $ 32,624 $ 31,109 Workers' compensation 2,858 2,715 Warranty 5,278 4,966 Fair value of derivatives 4,484 2,853 Other 17,404 16,036 Total $ 62,648 $ 57,679 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Fixed Maturity Fair Value at June 30, Amount Interest Rate 2019 2018 December 18, 2015 15,000 1.46% December 19, 2018 $ - $ 55 December 19, 2015 10,000 2.01% December 19, 2019 3 74 May 24, 2017 25,000 1.88% April 24, 2022 (190 ) 764 May 24, 2017 25,000 1.67% May 24, 2020 49 432 August 6, 2018 25,000 2.83% August 6, 2023 (1,242 ) - $ (1,380 ) $ 1,325 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency 2019 2018 USD 55,015 64,558 Euro 5,750 21,300 Pound Sterling - 6,826 Peso - 54,000 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives 2019 2018 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 52 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 $ 52 $ 2,682 Liability Derivatives 2019 2018 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 1,432 Accrued Liabilities $ - Foreign exchange contracts Accrued Liabilities 3,052 Accrued Liabilities 4,204 $ 4,484 $ 4,204 |
Derivative Instruments, Gain (Loss) [Table Text Block] | 2019 2018 2017 Interest rate swaps $ 1,703 $ 1,367 $ 282 Foreign exchange contracts (3,279 ) 1,174 (3,178 ) $ (1,576 ) $ 2,541 $ (2,896 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2019 2018 2017 of Operations Interest rate swaps $ (321 ) $ 171 $ 399 Interest expense Foreign exchange contracts - - 75 Cost of goods sold Foreign exchange contracts 1,730 121 (861 ) Interest expense Net investment hedge (285 ) - - Other Non-Operating Income $ 1,124 $ 292 $ (387 ) |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2019 2018 2017 U.S. Operations $ 5,434 $ 937 $ 5,641 Non-U.S. Operations 60,179 69,310 45,318 Total $ 65,613 $ 70,247 $ 50,959 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current: Federal $ 432 $ 9,505 $ (1,058 ) State 191 333 (18 ) Non-U.S. 21,310 21,675 13,019 Total Current $ 21,933 $ 31,513 $ 11,943 Deferred: Federal $ 206 $ 2,012 $ 2,141 State 207 1,091 (290 ) Non-U.S. (3,922 ) 4,288 (1,972 ) Total Deferred (3,509 ) 7,391 (121 ) Total $ 18,424 $ 38,904 $ 11,822 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Provision at statutory tax rate 21.0 % 28.0 % 35.0 % State taxes 0.5 % 1.5 % (0.4 %) Impact of foreign operations 5.0 % (0.6 %) (9.8 %) Federal tax credits (1.5 %) (1.4 %) (1.6 %) Tax Reform (1.3 %) 18.3 % 0.0 % Cash repatriation 3.3 % 10.5 % 0.0 % SubF/GILTI 0.4 % 0.0 % 0.0 % Other 0.7 % (0.9 %) (0.1 %) Effective income tax provision 28.1 % 55.4 % 23.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax liabilities: Depreciation and amortization $ (35,420 ) $ (39,775 ) Withholding Taxes (5,606 ) (7,833 ) Total deferred tax liability $ (41,026 ) $ (47,608 ) Deferred tax assets: Accrued compensation $ 2,280 $ 2,657 Accrued expenses and reserves 3,967 4,808 Pension 18,228 13,522 Inventory 927 1,613 Other 355 452 Net operating loss and credit carry forwards 17,939 8,668 Total deferred tax asset $ 43,696 $ 31,720 Less: Valuation allowance (11,354 ) (3,482 ) Net deferred tax asset (liability) $ (8,684 ) $ (19,370 ) |
Schedule of Provision for Income Taxes [Table Text Block] | 2019 2018 2017 Continuing operations $ 18,424 $ 38,904 $ 11,822 Discontinued operations (2,189 ) 1,701 3,506 Total Provision $ 16,235 $ 40,605 $ 15,328 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2019 2018 2017 Beginning Balance $ 3,003 $ 2,991 $ 2,978 Additions based on tax positions related to the current year 4 12 12 Additions for tax positions of prior years 8,281 - 1 Reductions for tax positions of prior years (37 ) - - Ending Balance $ 11,251 $ 3,003 $ 2,991 |
Summary of Income Tax Examinations [Table Text Block] | Country Years Ending June 30, United States 2016 to 2019 Canada 2015 to 2019 Germany 2016 to 2019 Ireland 2019 Portugal 2018 to 2019 United Kingdom 2016 to 2019 |
Note 12 - Commitments (Tables)
Note 12 - Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Lease Sublease Net obligation 2020 9,357 335 9,022 2021 7,416 342 7,074 2022 5,949 349 5,600 2023 4,147 356 3,791 2024 3,550 363 3,187 Thereafter 18,292 1,725 16,567 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation and Purchase Plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2018 120,010 $ 12,258,515 Granted 70,085 Exercised / vested (43,959 ) $ (885,810 ) Canceled (18,094 ) Outstanding, June 30, 2019 128,042 $ 9,365,632 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 2017 Risk-free interest rates 2.63 % 1.55 % 0.71 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 25.1 % 25.6 % 25.7 % Expected quarterly dividends (per share) $ 0.18 $ 0.16 $ 0.14 |
Share-based Payment Arrangement, Option, 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, 2018 31,760 $ 62.71 $ 442,850 58,028 $ 5,013,531 Granted 13,625 $ 76.65 28,803 Vested (8,677 ) $ 58.35 $ 440,358 (6,639 ) $ 508,614 Forfeited (1,758 ) $ 65.84 (11,140 ) Non-vested, June 30, 2019 34,950 $ 69.07 $ (496,674 ) 69,052 $ 6,529,012 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2019 2018 Foreign currency translation adjustment $ (27,658 ) $ (25,013 ) Unrealized pension losses, net of tax (107,380 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (2,240 ) (1,734 ) Total $ (137,278 ) $ (121,859 ) |
Note 16 - Restructuring (Tables
Note 16 - Restructuring (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 2019 Restructuring Initiatives $ 1,167 $ 84 $ 1,251 Prior Year Initiatives 252 132 384 Total expense $ 1,419 $ 216 $ 1,635 2018 Restructuring Initiatives $ 2,387 $ 3,476 $ 5,863 Prior Year Initiatives 224 877 1,101 Total expense $ 2,611 $ 4,353 $ 6,964 2017 Restructuring Initiatives $ 1,862 $ 3,527 $ 5,389 Prior Year Initiatives - 372 372 Total expense $ 1,862 $ 3,899 $ 5,761 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments 1,167 84 1,251 Payments (1,020 ) (79 ) (1,099 ) Restructuring liabilities at June 30, 2019 $ 147 $ 5 $ 152 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 147 $ 334 $ 481 Additions and adjustments 252 132 384 Payments (399 ) (466 ) (865 ) Restructuring liabilities at June 30, 2019 $ - $ - $ - Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 490 $ 1,189 $ 1,679 Additions and adjustments 2,780 3,715 6,495 Payments (3,123 ) (4,570 ) (7,693 ) Restructuring liabilities at June 30, 2018 $ 147 $ 334 $ 481 |
Restructuring Expenses By Segment [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2019 Engraving $ 662 $ - $ 662 Electronics 327 27 354 Engineering Technologies 17 99 116 Food Service Equipment 277 90 367 Corporate and Other 136 - 136 Total expense $ 1,419 $ 216 $ 1,635 Fiscal Year 2018 Engraving $ 1,199 $ 488 $ 1,687 Electronics 215 84 299 Engineering Technologies 224 874 1,098 Food Service Equipment 681 2,855 3,536 Corporate and Other 292 52 344 Total expense $ 2,611 $ 4,353 $ 6,964 Fiscal Year 2017 Engraving $ 6 $ - $ 6 Electronics 11 488 499 Engineering Technologies 809 3,070 3,879 Food Service Equipment 1,100 22 1,122 Corporate and Other (64 ) 319 255 Total expense $ 1,862 $ 3,899 $ 5,761 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value of Plan Assets [Table Text Block] | June 30, 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 7,696 $ 439 $ 7,257 $ - Common and preferred stocks 86,415 1,866 84,549 - U.S. Government securities 9,161 - 9,161 - Corporate bonds and other fixed income securities 97,627 7,163 90,464 - Other 24,971 - 24,971 - $ 225,870 $ 9,468 $ 216,402 - June 30, 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,482 $ 325 $ 4,157 - Common and preferred stocks 89,934 16,353 73,581 - U.S. Government securities 14,461 - 14,461 - Corporate bonds and other fixed income securities 102,105 6,711 95,394 - Other 18,095 - 18,095 - $ 229,077 $ 23,389 $ 205,688 - |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2019 2018 2019 2018 Equity securities 31 % 33 % 20 % 20 % Debt securities 35 % 33 % 41 % 44 % Global balanced securities 24 % 24 % 37 % 35 % Other 10 % 10 % 2 % 1 % Total 100 % 100 % 100 % 100 % |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended June 30 2019 2018 2017 Plan assumptions - obligations Discount rate 0.24 - 3.70% 0.38 - 4.40% 1.90 - 4.00% Rate of compensation increase 3.20% 3.60% 3.70% Plan assumption - cost Discount rate 0.38 - 4.40% 0.43 - 4.00% 1.50 - 4.00% Expected return on assets 2.45 - 7.00% 2.55 - 7.00% 3.75 - 7.10% Rate of compensation increase 3.60% 3.70% 3.30% |
Schedule of Multiemployer Plans [Table Text Block] | Pension Protection Act Expiration Zone Status Contributions Date of Collective EIN/Plan FIP/RP Surcharge Bargaining Pension Fund Number 2019 2018 Status 2019 2018 2017 Imposed? Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 461 482 $ 530 No Apr-21 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green N/A 644 638 633 No Oct. 2019 - May 2021 $ 1,105 1,120 $ 1,163 |
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, 2019 2018 2017 2019 2018 2017 Service Cost $ 3 $ 3 $ 3 $ 189 $ 187 $ 37 Interest Cost 10,342 10,079 10,451 1,013 1,050 1,022 Expected return on plan assets (13,541 ) (13,484 ) (13,761 ) (908 ) (947 ) (1,152 ) Recognized net actuarial loss 4,121 4,579 4,760 340 941 1,016 Amortization of prior service cost (benefit) - - - (3 ) (37 ) (48 ) Net periodic benefit cost (benefit) $ 925 $ 1,177 $ 1,453 $ 631 $ 1,194 $ 875 |
Schedule of Net Funded Status [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 243,096 $ 259,963 $ 41,194 $ 42,141 Service cost 3 3 189 187 Interest cost 10,342 10,079 1,013 1,050 Actuarial loss (gain) 16,268 (10,761 ) 4,580 (2,701 ) Benefits paid (16,169 ) (16,188 ) (1,545 ) (1,639 ) Foreign currency exchange rate & other changes - - (1,448 ) 2,156 Projected benefit obligation at end of year $ 253,540 $ 243,096 $ 43,983 $ 41,194 Change in plan assets Fair value of plan assets at beginning of year $ 190,960 $ 195,328 $ 38,117 $ 36,921 Actual return on plan assets 11,190 6,070 3,464 1,113 Employer contribution 244 5,750 1,115 1,196 Benefits paid (16,189 ) (16,188 ) (1,545 ) (1,638 ) Foreign currency exchange rate - - (1,486 ) 525 Fair value of plan assets at end of year $ 186,205 $ 190,960 $ 39,665 $ 38,117 Funded Status $ (67,335 ) $ (52,136 ) $ (4,318 ) $ (3,077 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid Benefit Cost $ - $ - $ 3,919 $ 4,759 Current liabilities (211 ) (219 ) (213 ) (1,926 ) Non-current liabilities (67,124 ) (51,917 ) (8,024 ) (5,910 ) Net amount recognized $ (67,335 ) $ (52,136 ) $ (4,318 ) $ (3,077 ) Unrecognized net actuarial loss $ 135,779 $ 121,281 $ 6,405 $ 4,778 Unrecognized prior service cost - - (42 ) (45 ) Accumulated other comprehensive income, pre-tax $ 135,779 $ 121,281 $ 6,363 $ 4,733 |
Target [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2019 Asset Category – Target U.S. U.K. Equity securities 32 % 17 % Debt and market neutral securities 33 % 42 % Global balanced securities 25 % 40 % Other 10 % 1 % Total 100 % 100 % |
Note 18 - Industry Segment In_2
Note 18 - Industry Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Industry Segments (in thousands) Net Sales Depreciation and Amortization 2019 2018 2017 2019 2018 2017 Engraving $ 149,693 $ 136,275 $ 105,943 $ 8,232 $ 5,483 $ 3,100 Electronics 204,073 196,291 136,689 11,751 10,564 4,960 Engineering Technologies 105,270 90,781 90,506 5,963 6,006 5,976 Hydraulics 53,943 48,169 41,150 708 750 730 Food Service Equipment 278,600 298,936 273,597 3,825 3,493 2,704 Corporate and Other - - - 402 400 343 Total $ 791,579 $ 770,452 $ 647,885 $ 30,881 $ 26,696 $ 17,813 Income (Loss) From Operations Capital Expenditures (1) 2019 2018 2017 2019 2018 2017 Engraving $ 23,996 $ 29,618 $ 26,139 $ 13,868 $ 9,339 $ 7,807 Electronics 41,227 45,501 27,855 12,646 8,487 4,000 Engineering Technologies 11,169 6,506 9,758 3,857 3,581 6,510 Hydraulics 8,891 7,398 6,802 935 1,394 1,058 Food Service Equipment 22,773 28,131 23,633 3,143 2,544 4,097 Restructuring charge (1,635 ) (6,964 ) (5,761 ) - - - Acquisition-related costs (3,075 ) (3,749 ) (7,843 ) - - - Other operating income (expense), net (500 ) - - - - - Corporate (24,729 ) (26,430 ) (23,664 ) 57 258 418 Total $ 78,117 $ 80,011 $ 56,919 $ 34,506 $ 25,603 $ 23,890 Interest expense (10,760 ) (8,029 ) (4,043 ) Other, net (1,744 ) (1,735 ) (1,917 ) Income from continuing operations before income taxes $ 65,613 $ 70,247 $ 50,959 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Goodwill Identifiable Assets 2019 2018 2019 2018 Engraving $ 79,392 $ 26,697 $ 233,569 $ 149,973 Electronics 131,317 113,798 332,326 318,564 Engineering Technologies 43,890 44,247 149,628 150,150 Hydraulics 3,059 3,059 28,132 25,646 Food Service Equipment 23,360 23,453 159,656 149,743 Corporate & Other 485 497 18,578 23,031 Discontinued Operations - 99,830 Total $ 281,503 $ 211,751 $ 921,889 $ 916,937 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Net sales (2) 2019 2018 2017 United States $ 520,908 $ 495,211 $ 415,893 Asia Pacific 108,667 108,569 86,480 EMEA (3) 144,636 149,249 124,990 Other Americas 17,368 17,423 20,522 Total $ 791,579 $ 770,452 $ 647,885 Long-lived assets 2019 2018 2017 United States $ 81,122 $ 77,250 $ 76,317 Asia Pacific 35,033 30,911 30,268 EMEA (4) 27,160 25,709 15,816 Other Americas 4,709 3,064 2,711 Total $ 148,024 $ 136,934 $ 125,112 |
Note 19 - Quarterly Results o_2
Note 19 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2019 First Second Third Fourth Net sales $ 193,080 $ 195,522 $ 193,771 $ 209,206 Gross profit 69,252 66,936 61,790 70,082 Net income 15,857 13,398 26,269 12,390 EARNINGS PER SHARE (1) Basic $ 1.25 $ 1.06 $ 2.09 $ 1.00 Diluted $ 1.24 $ 1.05 $ 2.09 $ 0.99 2018 First Second Third Fourth Net sales $ 189,142 $ 185,694 $ 192,147 $ 203,469 Gross profit 65,671 63,317 66,112 74,502 Net income 13,998 (2,806 ) 12,800 12,612 EARNINGS PER SHARE (1) Basic $ 1.10 $ (0.22 ) $ 1.01 $ 0.99 Diluted $ 1.09 $ (0.22 ) $ 1.00 $ 0.99 |
Note 20 - Discontinued Operat_2
Note 20 - Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended June 30, 2019 2018 Net Sales $ 71,451 $ 97,930 Gain on Sale of Business $ 20,539 $ - Transaction Fees (4,397 ) - Income from Discontinued Operations $ 18,900 $ 6,136 Non-operating Income (Expense) (364 ) 826 Profit Before Taxes $ 18,536 $ 6,962 Benefit (Provision) for Taxes 2,189 (1,701 ) Net income from Discontinued Operations $ 20,725 $ 5,261 June 30, 2019 June 30, 2018 Accounts receivable $ - $ 14,445 Inventories - 22,923 Prepaid Expenses - 303 Due from Buyer - - Total current assets - 37,671 Property, plant, equipment, net - 7,637 Intangible assets, net - 13,137 Goodwill - 40,011 Other non-current assets - 1,374 Total non-current assets - 62,159 Total Assets - 99,830 Accounts Payable - 10,759 Accrued Liabilities 620 7,897 Income Tax Payable - 9 Total current liabilities 620 18,665 Non-current Liabilities - 50 Total Liabilities 620 18,715 Net Assets $ (620 ) $ 81,115 |
Note 1 - Summary of Accountin_3
Note 1 - Summary of Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jul. 01, 2019 | |
Capitalized Computer Software, Amortization | $ 1.4 | $ 1.2 | $ 0.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Effective Income Tax Rate Before Discretion, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | |
Subsequent Event [Member] | Accounting Standards Update 2014-09 [Member] | Minimum [Member] | ||||
Operating Lease, Liability, Total | $ 40 | |||
Operating Lease, Right-of-Use Asset | 40 | |||
Subsequent Event [Member] | Accounting Standards Update 2014-09 [Member] | Maximum [Member] | ||||
Operating Lease, Liability, Total | 45 | |||
Operating Lease, Right-of-Use Asset | $ 45 | |||
Selling, General and Administrative Expenses [Member] | ||||
Advertising Expense | $ 3.6 | $ 3.4 | $ 3.8 | |
Research and Development Expense, Total | $ 6.6 | 4.5 | $ 4 | |
Revenue Benchmark [Member] | ||||
Concentration Risk, Threshold Percentage | 5.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 0 | |||
Horizon Scientific Inc. [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5.6 | |||
Piazza Rosa Group [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1.7 | |||
Other Noncurrent Assets [Member] | ||||
Trading Securities, Cost | $ 2.4 | $ 2.4 |
Note 1 - Summary of Accountin_4
Note 1 - Summary of Accounting Policies - Changes in Allowances for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of year | $ 2,184 | $ 1,571 | $ 1,363 |
Acquisitions and other | 66 | (169) | 52 |
Provision charged to expense | (267) | 783 | 316 |
Write-offs, net of recoveries | (532) | (1) | (160) |
Balance at end of year | $ 1,451 | $ 2,184 | $ 1,571 |
Note 1 - Summary of Accountin_5
Note 1 - Summary of Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 30, 2019 | |
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 Accountin_6
Note 1 - Summary of Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Customer Relationships [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Customer Relationships [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 15 years |
Patents [Member] | |
Intangible assets, useful life (Year) | 12 years |
Noncompete Agreements [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Other Intangible Assets [Member] | |
Intangible assets, useful life (Year) | 10 years |
Developed Technology Rights [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 10 years |
Developed Technology Rights [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 20 years |
Note 1 - Summary of Accountin_7
Note 1 - Summary of Accounting Policies - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest rate swaps | $ 52 | $ 1,325 | |
Foreign exchange contracts | 3,052 | 1,357 | |
Interest rate swaps | 1,432 | ||
Business Combination, Contingent Consideration, Liability, Total | [1] | 6,418 | 7,535 |
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability, Total | [1] | ||
Foreign exchange contracts | |||
Fair Value, Inputs, Level 2 [Member] | |||
Interest rate swaps | 52 | 1,325 | |
Foreign exchange contracts | 3,052 | 1,357 | |
Interest rate swaps | 1,432 | ||
Business Combination, Contingent Consideration, Liability, Total | [1] | ||
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Interest rate swaps | |||
Business Combination, Contingent Consideration, Liability, Total | [1] | 6,418 | 7,535 |
Foreign exchange contracts | |||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,354 | 2,362 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,354 | 2,362 | |
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 Accountin_8
Note 1 - Summary of Accounting Policies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of year | $ 4,966 | $ 4,667 | $ 4,335 |
Acquisitions and other charges | (85) | (138) | 302 |
Warranty expense | 5,016 | 6,248 | 5,052 |
Warranty claims | (4,619) | (5,811) | (5,022) |
Balance at end of year | $ 5,278 | $ 4,966 | $ 4,667 |
Note 1 - Summary of Accountin_9
Note 1 - Summary of Accounting Policies - Weighted Average Number of Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Basic – Average Shares Outstanding (in shares) | 12,574 | 12,698 | 12,666 |
Effect of Dilutive Securities – Stock Options and Restricted Stock Awards (in shares) | 59 | 90 | 102 |
Diluted – Average Shares Outstanding (in shares) | 12,633 | 12,788 | 12,768 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | |
Goodwill, Ending Balance | $ 281,503 | $ 281,503 | $ 281,503 | $ 211,751 | $ 281,503 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 127,924 | 10,397 | $ 153,814 | |||||||||||
Business Combination, Contingent Consideration, Liability, Total | [1] | 6,418 | 6,418 | $ 6,418 | 7,535 | 6,418 | ||||||||
Other Intangible Assets [Member] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||||
GS Engineering [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | 30,500 | $ 30,502 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 8,910 | 8,910 | 8,910 | 8,910 | ||||||||||
Goodwill, Ending Balance | 17,976 | 17,976 | 17,976 | 17,976 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 29,880 | |||||||||||||
GS Engineering [Member] | Developed Technology Rights [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 5,600 | 5,600 | 5,600 | 5,600 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||
GS Engineering [Member] | Trademarks [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 900 | 900 | 900 | 900 | ||||||||||
GS Engineering [Member] | Customer Relationships [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 2,400 | 2,400 | 2,400 | 2,400 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||
Agile Magnetics [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 39,194 | 39,194 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 13,718 | $ 18,150 | $ 13,718 | 18,150 | 18,150 | $ 13,718 | 18,150 | |||||||
Goodwill, Ending Balance | 20,142 | 15,614 | 20,142 | 15,614 | 15,614 | 20,142 | 15,614 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193 | $ 39,200 | 39,193 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,432 | |||||||||||||
Agile Magnetics [Member] | Forecast [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 500 | |||||||||||||
Agile Magnetics [Member] | Trademarks [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,800 | 3,800 | 3,800 | 3,800 | ||||||||||
Agile Magnetics [Member] | Customer Relationships [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 14,300 | 14,300 | 14,300 | 14,300 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||
Agile Magnetics [Member] | Noncompete Agreements [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 100 | 100 | 100 | 100 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||||||||
Tenibac-Graphion, Inc. [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | 57,284 | 57,284 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 15,960 | 16,860 | $ 15,960 | 16,860 | 16,860 | 15,960 | 16,860 | |||||||
Goodwill, Ending Balance | 32,949 | 34,360 | 32,949 | 34,360 | 34,360 | 32,949 | 34,360 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726 | $ 57,300 | 56,726 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 900 | |||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 34,400 | 34,400 | 34,400 | 34,400 | ||||||||||
Tenibac-Graphion, Inc. [Member] | Trademarks [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,200 | 4,200 | 4,200 | 4,200 | ||||||||||
Tenibac-Graphion, Inc. [Member] | Customer Relationships [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,300 | 11,300 | 11,300 | 11,300 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||
Tenibac-Graphion, Inc. [Member] | Other Intangible Assets [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,400 | 1,400 | 1,400 | 1,400 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||||||||
Piazza Rosa Group [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 10,056 | 10,056 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,087 | 3,472 | $ 4,087 | 3,472 | 3,472 | 3,472 | ||||||||
Goodwill, Ending Balance | $ 7,100 | 6,218 | $ 7,076 | 7,100 | 6,218 | $ 7,076 | 7,076 | 7,100 | 7,076 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 10,056 | $ 900 | 10,100 | 12,673 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) | (615) | ||||||||||||
Other Payments to Acquire Businesses | 2,800 | $ 2,600 | $ 2,617 | |||||||||||
Business Combination, Contingent Consideration, Liability, Total | 1,000 | |||||||||||||
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 | ||||||||||||
Horizon Scientific Inc. [Member] | ||||||||||||||
Business Combination, Deferred Compensation Due on Second Anniversary | 2,800 | 2,800 | ||||||||||||
Business Combination, Deferred Compensation Due on Third Anniversary | $ 5,600 | $ 5,600 | ||||||||||||
Business Combination, Deferred Compensation Arrangements | $ 2,800 | $ 2,800 | ||||||||||||
[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 GS Engineering (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 127,924 | $ 10,397 | $ 153,814 | |
Goodwill, Ending Balance | $ 281,503 | 281,503 | $ 211,751 | |
GS Engineering [Member] | ||||
Cash payments | 30,500 | 30,502 | ||
Less, cash acquired | (622) | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 29,880 | |||
Other acquired assets | 2,197 | 2,197 | ||
Inventories | 228 | 228 | ||
Customer Backlog | 180 | 180 | ||
Property, plant, and equipment | 1,391 | 1,391 | ||
Identifiable intangible assets | 8,910 | 8,910 | ||
Goodwill, Ending Balance | 17,976 | 17,976 | ||
Liabilities assumed | $ (1,002) | $ (1,002) |
Note 2 - Acquisitions - Compo_2
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Agile Magnetics (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 127,924 | $ 10,397 | $ 153,814 | |||
Goodwill, Ending Balance | $ 281,503 | 281,503 | $ 211,751 | |||
Agile Magnetics [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 39,194 | 39,194 | ||||
Less, cash acquired | (1) | (1) | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193 | $ 39,200 | 39,193 | |||
Other acquired assets | 1,928 | 1,928 | 1,893 | 1,893 | ||
Other acquired assets | (35) | |||||
Inventories | 2,506 | 2,506 | 2,774 | 2,774 | ||
Inventories | 268 | |||||
Customer Backlog | 220 | 220 | ||||
Customer Backlog | 220 | |||||
Property, plant, & equipment | 1,318 | 1,318 | 970 | 970 | ||
Property, plant, & equipment | (348) | |||||
Identifiable intangible assets | 13,718 | 13,718 | 18,150 | 18,150 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,432 | |||||
Goodwill, Ending Balance | 20,142 | 20,142 | 15,614 | 15,614 | ||
Goodwill | (4,528) | |||||
Liabilities assumed | $ (419) | $ (419) | (428) | $ (428) | ||
Liabilities assumed | $ (9) |
Note 2 - Acquisitions - Compo_3
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Tennibac-Graphion Inc. (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Aug. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 127,924 | $ 10,397 | $ 153,814 | |||
Goodwill, Ending Balance | $ 281,503 | 281,503 | $ 211,751 | |||
Tenibac-Graphion, Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 57,284 | 57,284 | ||||
Less, cash acquired | (558) | (558) | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726 | $ 57,300 | 56,726 | |||
Other acquired assets | 5,023 | 3,770 | 3,770 | |||
Other acquired assets | (1,253) | |||||
Inventories | 324 | 324 | 324 | |||
Inventories | ||||||
Customer Backlog | 1,000 | 200 | 200 | |||
Customer Backlog | (800) | |||||
Property, plant, & equipment | 2,490 | 2,471 | 2,471 | |||
Property, plant, & equipment | (19) | |||||
Identifiable intangible assets | 15,960 | 16,860 | 16,860 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 900 | |||||
Goodwill, Ending Balance | 32,949 | 34,360 | 34,360 | |||
Goodwill | 1,411 | |||||
Liabilities assumed | $ (1,020) | (1,259) | $ (1,259) | |||
Liabilities assumed | $ (239) |
Note 2 - Acquisitions - Compo_4
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 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 127,924 | $ 10,397 | $ 153,814 | |||||
Goodwill, Ending Balance | 281,503 | $ 211,751 | $ 281,503 | |||||
Piazza Rosa Group [Member] | ||||||||
Total cash consideration | $ 10,056 | 10,056 | ||||||
Fair value of contingent consideration | $ 2,800 | $ 2,600 | 2,617 | |||||
Fair value of contingent consideration | 2,617 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 10,056 | $ 900 | 10,100 | 12,673 | ||||
Total | 2,617 | |||||||
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, & equipment | 5,005 | 5,005 | 5,563 | 5,563 | ||||
Property, plant, & equipment | 558 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,087 | 4,087 | 3,472 | 3,472 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (600) | (615) | ||||||
Goodwill, Ending Balance | 6,218 | $ 7,100 | 6,218 | 7,076 | $ 7,100 | 7,076 | ||
Goodwill | 858 | |||||||
Liabilities assumed | (7,387) | (7,387) | (7,387) | (7,387) | ||||
Liabilities assumed | ||||||||
Deferred taxes | $ (1,182) | $ (1,182) | $ (1,028) | (1,028) | ||||
Deferred taxes | $ 154 |
Note 2 - Acquisitions - Compo_5
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Acquisition related expenses | $ 3,075 | $ 3,749 | $ 7,843 |
Deferred Compensation Arrangements [Member] | |||
Acquisition related expenses | 2,810 | 2,810 | |
Acquisition-related Costs [Member] | |||
Acquisition related expenses | $ 265 | $ 939 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 760,397 | $ 818,282 | $ 761,430 | |
Revenue from Contract with Customer, Including Assessed Tax | 791,579 | 770,452 | $ 647,885 | |
Cost of Goods and Services Sold, Total | 523,519 | 500,850 | 432,332 | |
Accrued Liabilities, Current, Total | 67,077 | 62,648 | 57,679 | |
Engineering Technologies Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 105,270 | 90,781 | 90,506 | |
Food Service Equipment Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 278,600 | $ 298,936 | $ 273,597 | |
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,000) | |||
Revenue from Contract with Customer, Including Assessed Tax | (799) | |||
Cost of Goods and Services Sold, Total | (574) | |||
Accounting Standards Update 2014-09 [Member] | Engineering Technologies Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 700 | |||
Cost of Goods and Services Sold, Total | 600 | |||
Accounting Standards Update 2014-09 [Member] | Food Service Equipment Group [Member] | ||||
Accrued Liabilities, Current, Total | $ (1,500) |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Effects on Financial Statements (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Net sales | $ 791,579 | $ 770,452 | $ 647,885 | |||||||||
Cost of Sales | 523,519 | 500,850 | 432,332 | |||||||||
Income tax expense | 18,424 | 38,904 | 11,822 | |||||||||
Net Loss | $ 12,390 | $ 26,269 | $ 13,398 | $ 15,857 | $ 12,612 | $ 12,800 | $ (2,806) | $ 13,998 | 67,914 | 36,604 | 46,545 | |
Inventories | $ 126,649 | 88,645 | 104,300 | 88,645 | 104,300 | |||||||
Accounts receivable | 134,931 | 119,589 | 119,783 | 119,589 | 119,783 | |||||||
Accrued liabilities | 67,077 | 62,648 | 57,679 | 62,648 | 57,679 | |||||||
Deferred income taxes | 26,476 | 22,824 | 26,816 | 22,824 | 26,816 | |||||||
Retained earnings | 760,397 | 818,282 | 761,430 | 818,282 | 761,430 | |||||||
Gross profit | 70,082 | $ 61,790 | $ 66,936 | $ 69,252 | 74,502 | $ 66,112 | $ 63,317 | $ 65,671 | 268,060 | 269,602 | 215,553 | |
Income from continuing operations | 47,189 | 31,343 | 39,137 | |||||||||
Income (loss) from discontinued operations, net of income taxes | 20,725 | 5,261 | $ 7,408 | |||||||||
Prepaid Expenses | 30,872 | 10,255 | 30,872 | 10,255 | ||||||||
Income taxes payable | 5,744 | 6,050 | 5,744 | 6,050 | ||||||||
Previously Reported [Member] | ||||||||||||
Inventories | 127,223 | 127,223 | ||||||||||
Accounts receivable | 134,228 | 134,228 | ||||||||||
Accrued liabilities | 65,575 | 65,575 | ||||||||||
Deferred income taxes | 26,816 | 26,816 | ||||||||||
Retained earnings | $ 761,430 | $ 761,430 | ||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||
Net sales | 782,955 | |||||||||||
Cost of Sales | 517,540 | |||||||||||
Income tax expense | 17,774 | |||||||||||
Net Loss | 66,114 | |||||||||||
Inventories | 94,624 | 94,624 | ||||||||||
Retained earnings | 816,482 | 816,482 | ||||||||||
Gross profit | 265,415 | |||||||||||
Income from continuing operations | 45,194 | |||||||||||
Income (loss) from discontinued operations, net of income taxes | 20,920 | |||||||||||
Prepaid Expenses | 22,248 | 22,248 | ||||||||||
Income taxes payable | 5,094 | 5,094 | ||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||
Net sales | (799) | |||||||||||
Cost of Sales | (574) | |||||||||||
Income tax expense | 340 | |||||||||||
Net Loss | (1,033) | |||||||||||
Retained earnings | (1,000) | |||||||||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | ||||||||||||
Inventories | (574) | |||||||||||
Accounts receivable | 703 | |||||||||||
Accrued liabilities | 1,502 | |||||||||||
Deferred income taxes | (340) | |||||||||||
Retained earnings | $ (1,033) | |||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||
Net sales | (8,624) | |||||||||||
Cost of Sales | (5,979) | |||||||||||
Income tax expense | (650) | |||||||||||
Net Loss | (1,800) | |||||||||||
Inventories | 5,979 | 5,979 | ||||||||||
Retained earnings | (1,800) | (1,800) | ||||||||||
Gross profit | (2,645) | |||||||||||
Income from continuing operations | (1,995) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | 195 | |||||||||||
Prepaid Expenses | (8,624) | (8,624) | ||||||||||
Income taxes payable | $ (650) | $ (650) |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Revenue Disaggregated (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net sales | $ 791,579 | $ 770,452 | $ 647,885 | |
Transferred at Point in Time [Member] | ||||
Net sales | 759,628 | 755,067 | ||
Transferred over Time [Member] | ||||
Net sales | 31,951 | 15,385 | ||
Food Service Equipment Group [Member] | ||||
Net sales | 278,600 | 298,936 | 273,597 | |
Food Service Equipment Group [Member] | Refrigeration [Member] | ||||
Net sales | 210,407 | 227,367 | ||
Food Service Equipment Group [Member] | Merchandising & Display [Member] | ||||
Net sales | 34,532 | 34,932 | ||
Food Service Equipment Group [Member] | Pumps [Member] | ||||
Net sales | 33,661 | 36,637 | ||
Engraving Group [Member] | ||||
Net sales | 149,693 | 136,275 | 105,943 | |
Engraving Group [Member] | Engraving Services [Member] | ||||
Net sales | 139,769 | 123,822 | ||
Engraving Group [Member] | Engraving Products [Member] | ||||
Net sales | 9,924 | 12,453 | ||
Engineering Technologies Group [Member] | ||||
Net sales | 105,270 | 90,781 | 90,506 | |
Engineering Technologies Group [Member] | Engineering Technologies Components [Member] | ||||
Net sales | 105,270 | 90,781 | ||
Electronics Products Group [Member] | ||||
Net sales | 204,073 | 196,291 | $ 136,689 | |
Hydraulics Group [Member] | Hydraulics Cylinders and System [Member] | ||||
Net sales | 53,943 | $ 48,169 | ||
UNITED STATES | ||||
Net sales | 520,908 | |||
Asia Pacific [Member] | ||||
Net sales | 108,667 | |||
EMEA [Member] | ||||
Net sales | [1] | 144,636 | ||
Other Americas [Member] | ||||
Net sales | $ 17,368 | |||
[1] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 3 - Revenue From Contrac_6
Note 3 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Prepaid and other current assets, balance | $ 5,904 |
Prepaid and other current assets, additions | 24,380 |
Prepaid and other current assets, deductions | 21,866 |
Prepaid and other current assets, balance | 8,418 |
Customer deposits, additions | 2,552 |
Customer deposits, deductions | 6,336 |
Balance | 7,530 |
Amounts included in the contract liability balance at the beginning of the period | $ 2,552 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Selling Expense | $ 18.8 | $ 19.4 | $ 14 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Raw materials | $ 43,117 | $ 46,859 | |
Work in process | 28,120 | 30,527 | |
Finished goods | 17,408 | 26,914 | |
Total | $ 88,645 | $ 126,649 | $ 104,300 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation, Total | $ 19 | $ 17.4 | $ 13.4 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property, plant and equipment, gross | $ 306,274 | $ 279,925 |
Less accumulated depreciation | (158,250) | (142,991) |
Property, plant and equipment - net | 148,024 | 136,934 |
Land, Buildings and Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 79,322 | 77,744 |
Machinery, Equipment and Other [Member] | ||
Property, plant and equipment, gross | $ 226,952 | $ 202,181 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Number of Reportable Segments | 5 | 5 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 6 - Goodwill - Changes to
Note 6 - Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of year, net | $ 211,751 | $ 202,679 |
Acquisitions | 68,392 | 7,655 |
Foreign currency translation | 1,360 | 1,417 |
Balance at end of year | $ 281,503 | $ 211,751 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 10.5 | $ 8.1 | $ 4 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 11.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 10.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 9.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 47.1 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Cost | $ 155,651 | $ 111,693 |
Accumulated amortization | (36,991) | (26,755) |
Intangible assets, net | 118,660 | 84,938 |
Trademarks [Member] | ||
Cost | 19,977 | 11,102 |
Accumulated amortization | ||
Intangible assets, net | 19,977 | 11,102 |
Customer Relationships [Member] | ||
Cost | 75,018 | 48,285 |
Accumulated amortization | (24,476) | (19,134) |
Intangible assets, net | 50,542 | 29,151 |
Acquired Technology [Member] | ||
Cost | 55,164 | 48,281 |
Accumulated amortization | (8,765) | (4,709) |
Intangible assets, net | 46,399 | 43,572 |
Other Intangible Assets [Member] | ||
Cost | 5,492 | 4,025 |
Accumulated amortization | (3,750) | (2,912) |
Intangible assets, net | $ 1,742 | $ 1,113 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Apr. 01, 2019USD ($) | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 253.4 | $ 253.4 | ||
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT | $ 20 | $ 7.5 | ||
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT, Percentage of EBITDA | 10.00% | |||
Interest Coverage Ratio, Actual | 7.73 | 7.73 | ||
Leverage Ratio, Requirement, Maximum Under Certain Circumstances in Connection Material Acquisition | 4 | |||
Leverage Ratio, Actual | 1.28 | 1.28 | ||
Long-term Line of Credit, Total | $ 198.8 | $ 198.8 | ||
Line of Credit Facility, Interest Rate at Period End | 3.88% | 3.88% | ||
Disposal Group, Including Discontinued Operation, Consideration | ||||
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 85 | $ 85 | ||
Derivative, Average Fixed Interest Rate | 2.11% | 2.11% | ||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 106.9 | |||
Minimum [Member] | ||||
Interest Coverage Ratio, Requirement | 2.75 | |||
Maximum [Member] | ||||
Leverage Ratio, Requirement | 3.5 | |||
Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument, Term | 5 years | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 500 | ||
Line Of Credit, Accordion Feature | 250 | 250 | ||
Swing Line Loan [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | 10 | ||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 35 | 35 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400 | 400 | ||
Standby Letters of Credit [Member] | ||||
Long-term Line of Credit, Total | $ 7.6 | $ 7.6 | $ 7.9 |
Note 8 - Debt - Long-term Debt
Note 8 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Funded debt | $ 198,800 | $ 194,000 |
Issuance costs | (1,190) | (228) |
Total long-term debt | 197,610 | 193,772 |
Line of Credit [Member] | ||
Funded debt | 198,800 | 194,000 |
Other Funded Debt [Member] | ||
Funded debt |
Note 8 - Debt - Maturities of L
Note 8 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
2020 | ||
2021 | ||
2022 | ||
2023 | ||
2024 (matures December 2023) | 198,800 | |
Thereafter | ||
Funded Debt | 198,800 | $ 194,000 |
Issuance costs | (1,190) | (228) |
Debt, net issuance cost | $ 197,610 | $ 193,772 |
Note 9 - Accrued Liabilities -
Note 9 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 |
Payroll and employee benefits | $ 32,624 | $ 31,109 | |
Workers' compensation | 2,858 | 2,715 | |
Warranty | 5,278 | 4,966 | |
Fair value of derivatives | 4,484 | 2,853 | |
Other | 17,404 | 16,036 | |
Total | $ 62,648 | $ 67,077 | $ 57,679 |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | $ 0 |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 85,000 | ||
Derivative, Average Fixed Interest Rate | 2.11% | ||
Foreign Exchange Forward [Member] | |||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ 3,100 | $ 2,900 |
Note 10 - Derivative Financia_4
Note 10 - 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, 2019 | Jun. 30, 2018 | |
Fair Value, Asset | $ 1,325 | |
Fair Value, Liability | $ (1,380) | |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value, Asset | 55 | |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value, Asset | $ 3 | 74 |
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 | 764 | |
Fair Value, Liability | $ (190) | |
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 | $ 49 | $ 432 |
Interest Rate Swap Effective August 6, 2018 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 2.83% | |
Maturity | Aug. 6, 2023 | |
Fair Value, Liability | $ (1,242) |
Note 10 - Derivative Financia_5
Note 10 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Millions, $ in Millions | Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Jun. 30, 2019GBP (£) | Jun. 30, 2019EUR (€) | Jun. 30, 2019MXN ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018GBP (£) | Jun. 30, 2018EUR (€) | Jun. 30, 2018MXN ($) |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ 55,015 | $ 64,558 | ||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 5,750 | € 21,300 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,826 | |||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | $ 54 | |||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | $ 20.6 | $ 20.6 |
Note 10 - Derivative Financia_6
Note 10 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Liability | $ 1,380 | |
Other Assets [Member] | Designated as Hedging Instrument [Member] | ||
Net assets | 52 | $ 2,682 |
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Asset | 52 | 1,325 |
Other Assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Asset | 1,357 | |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Net liability | 4,484 | 4,204 |
Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Liability | 1,432 | |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Liability | $ 3,052 | $ 4,204 |
Note 10 - Derivative Financia_7
Note 10 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unrealized gain (loss) | $ (1,576) | $ 2,541 | $ (2,896) |
Interest Rate Swap [Member] | |||
Unrealized gain (loss) | 1,703 | 1,367 | 282 |
Foreign Exchange Contract [Member] | |||
Unrealized gain (loss) | $ (3,279) | $ 1,174 | $ (3,178) |
Note 10 - Derivative Financia_8
Note 10 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated other comprehensive income (loss) component | $ 1,124 | $ 292 | $ (387) |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Accumulated other comprehensive income (loss) component | (321) | 171 | 399 |
Foreign Exchange Contract [Member] | Interest Expense [Member] | |||
Accumulated other comprehensive income (loss) component | 1,730 | 121 | (861) |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Accumulated other comprehensive income (loss) component | 75 | ||
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | |||
Accumulated other comprehensive income (loss) component | $ (285) |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Income Tax Rate Before Discretion, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 800 | $ 300 | $ 1,300 | |
Deferred Tax Liabilities, Previously Undistributed Foreign Earnings | 2,100 | |||
Estimated Income Tax Liability for Undistributed Foreign Earnings | 1,800 | |||
Effective Income Tax Rate Reconciliation, Anticipated Cash Repatriation, Amount | 2,100 | 7,800 | ||
Effective Income Tax Rate Reconciliation, Section 965 Toll Tax, Amount | 800 | 11,700 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 600 | |||
Effective Income Tax Rate Reconciliation, Income Tax Rate Differential, Other Jurisdictions, Amount | (5,300) | |||
Income Tax Expense (Benefit), Total | 18,424 | 38,904 | $ 11,822 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10,400 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100 | $ 100 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit), Total | 200 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | 68,500 | |||
Tax Credit Carryforward, Amount | 2,700 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 3,800 | |||
Foreign Tax Authority [Member] | Indefinite Lived [Member] | ||||
Operating Loss Carryforwards, Total | 2,800 | |||
Foreign Tax Authority [Member] | Ten Years [Member] | ||||
Operating Loss Carryforwards, Total | 1,000 | |||
Deferred Tax Related to Sale Of Cooking Solutions Group [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 6,300 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. Operations | $ 5,434 | $ 937 | $ 5,641 |
Non-U.S. Operations | 60,179 | 69,310 | 45,318 |
Total | $ 65,613 | $ 70,247 | $ 50,959 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Federal | $ 432 | $ 9,505 | $ (1,058) |
State | 191 | 333 | (18) |
Non-U.S. | 21,310 | 21,675 | 13,019 |
Total Current | 21,933 | 31,513 | 11,943 |
Federal | 206 | 2,012 | 2,141 |
State | 207 | 1,091 | (290) |
Non-U.S. | (3,922) | 4,288 | (1,972) |
Total Deferred | (3,509) | 7,391 | (121) |
Total | $ 18,424 | $ 38,904 | $ 11,822 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Provision at statutory tax rate | 21.00% | 28.00% | 35.00% |
State taxes | 0.50% | 1.50% | (0.40%) |
Impact of foreign operations | 5.00% | (0.60%) | (9.80%) |
Federal tax credits | (1.50%) | (1.40%) | (1.60%) |
Tax Reform | (1.30%) | 18.30% | 0.00% |
Cash repatriation | 3.30% | 10.50% | 0.00% |
SubF/GILTI | 0.004 | 0 | 0 |
Other | 0.70% | (0.90%) | (0.10%) |
Effective income tax provision | 28.10% | 55.40% | 23.10% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Depreciation and amortization | $ (35,420) | $ (39,775) |
Withholding Taxes | (5,606) | (7,833) |
Total deferred tax liability | (41,026) | (47,608) |
Accrued compensation | 2,280 | 2,657 |
Accrued expenses and reserves | 3,967 | 4,808 |
Pension | 18,228 | 13,522 |
Inventory | 927 | 1,613 |
Other | 355 | 452 |
Net operating loss and credit carry forwards | 17,939 | 8,668 |
Total deferred tax asset | 43,696 | 31,720 |
Less: Valuation allowance | (11,354) | (3,482) |
Net deferred tax liability | $ (8,684) | $ (19,370) |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Continuing operations | $ 18,424 | $ 38,904 | $ 11,822 |
Discontinued operations | (2,189) | 1,701 | 3,506 |
Total Provision | $ 16,235 | $ 40,605 | $ 15,328 |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Beginning Balance | $ 3,003 | $ 2,991 | $ 2,978 |
Additions based on tax positions related to the current year | 4 | 12 | 12 |
Additions for tax positions of prior years | 8,281 | 1 | |
Reductions for tax positions of prior years | (37) | 0 | |
Ending Balance | $ 11,251 | $ 3,003 | $ 2,991 |
Note 11 - Income Taxes - Open I
Note 11 - Income Taxes - Open Income Tax Years (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Internal Revenue Service (IRS) [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
Canada Revenue Agency [Member] | |
Open Tax Year | 2015 2016 2017 2018 2019 |
Federal Ministry of Finance, Germany [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
Revenue Commissioners, Ireland [Member] | |
Open Tax Year | 2019 |
Portuguese Tax Authority [Member] | |
Open Tax Year | 2018 2019 |
Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
Note 12 - Commitments (Details
Note 12 - Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Leases, Rent Expense, Net, Total | $ 10.5 | $ 9.2 | $ 7.5 |
Minimum [Member] | |||
Lease Initial Term | 1 year | ||
Maximum [Member] | |||
Lease Initial Term | 60 years |
Note 12 - Commitments - Gross M
Note 12 - Commitments - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Future Minimum Rental Payments [Member] | |
2020 | $ 9,357 |
2021 | 7,416 |
2022 | 5,949 |
2023 | 4,147 |
2024 | 3,550 |
Thereafter | 18,292 |
Sublease Income [Member] | |
2020 | 335 |
2021 | 342 |
2022 | 349 |
2023 | 356 |
2024 | 363 |
Thereafter | 1,725 |
Net Obligation [Member] | |
2020 | 9,022 |
2021 | 7,074 |
2022 | 5,600 |
2023 | 3,791 |
2024 | 3,187 |
Thereafter | $ 16,567 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation and Purchase Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2017 | Jul. 01, 2005 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Share-based Compensation Continuing Operations | $ 4,350 | $ 4,962 | $ 5,023 | ||
Deferred Tax Expense from Stock Options Exercised | $ 1,100 | 1,200 | 1,900 | ||
Defined Contribution Plan Company Stock Held in Plan | 578,433 | ||||
Stock Reserved for Employee Stock Purchase Plan | 73,617 | ||||
Executive Compensation Plan [Member] | |||||
Share-based Compensation Continuing Operations | $ 300 | 300 | 400 | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Vested in Period Aggregate Intrinsic Value | 900 | $ 1,600 | $ 2,300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 73 days | ||||
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, Ending Balance | 34,950 | 31,760 | |||
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 Issued During Period, Shares, Employee Stock Purchase Plans | 7,698 | 5,622 | 3,742 | ||
Stock Issued During Period Average Price | $ 65.63 | $ 86.01 | $ 84.17 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Continuing Operations | $ 3,700 | $ 3,700 | $ 3,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,085 | 51,792 | 51,563 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 102.74 | $ 93.73 | $ 85.07 | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Vested in Period Aggregate Intrinsic Value | $ 800 | $ 1,100 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,800 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 189 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 128,042 | 120,010 | |||
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 | $ 110.22 | $ 96.56 | $ 87.05 | ||
Performance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,803 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 69,052 | 58,028 | |||
Performance Stock Units [Member] | Executive Compensation Plan [Member] | |||||
Share-based Compensation Continuing Operations | $ 300 | $ 900 | $ 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 106.65 | $ 91.75 | $ 83.92 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 days |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation and Purchase Plans - Summary of Restricted Stock Awards Activity (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Outstanding, beginning balance (in shares) | 120,010 | ||
Outstanding, Aggregate intrinsic valule | $ 9,365,632 | $ 12,258,515 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,085 | 51,792 | 51,563 |
Exercised / vested (in shares) | (43,959) | ||
Exercised / vested, Aggregate intrinsic valule | $ (885,810) | ||
Canceled (in shares) | (18,094) | ||
Outstanding, ending balance (in shares) | 128,042 | 120,010 |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation and Purchase Plans - Assumptions Used to Estimate Fair Values (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Risk-free interest rates | 2.63% | 1.55% | 0.71% |
Expected life of option grants (in years) (Year) | 3 years | 3 years | 3 years |
Expected volatility of underlying stock | 25.10% | 25.60% | 25.70% |
Expected quarterly dividends (per share) (in dollars per share) | $ 0.18 | $ 0.16 | $ 0.14 |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation and Purchase Plans - Summary of Awards Activity Under the Executive Compensation Program (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Annual Component [Member] | ||
Outstanding, beginning balance (in shares) | 31,760 | |
Non-vested, weighted average exercise price (in dollars per share) | $ 62.71 | |
Non-vested, aggregate intrinsic value | $ (496,674) | $ 442,850 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 13,625 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 76.65 | |
Vested, number of shares (in shares) | (8,677) | |
Vested, weighted average exercise price (in dollars per share) | $ 58.35 | |
Vested, aggregate intrinsic value | $ 440,358 | |
Forfeited, number of shares (in shares) | (1,758) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 65.84 | |
Outstanding, ending balance (in shares) | 34,950 | 31,760 |
Non-vested, weighted average exercise price (in dollars per share) | $ 69.07 | $ 62.71 |
Performance Stock Units [Member] | ||
Outstanding, beginning balance (in shares) | 58,028 | |
Non-vested, aggregate intrinsic value | $ 6,529,012 | $ 5,013,531 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,803 | |
Vested, number of shares (in shares) | (6,639) | |
Vested, aggregate intrinsic value | $ 508,614 | |
Forfeited, number of shares (in shares) | (11,140) | |
Outstanding, ending balance (in shares) | 69,052 | 58,028 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Foreign currency translation adjustment | $ (27,658) | $ (25,013) |
Unrealized pension losses, net of tax | (107,380) | (95,112) |
Unrealized losses on derivative instruments, net of tax | (2,240) | (1,734) |
Total | $ (137,278) | $ (121,859) |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring charges | $ 1,635 | $ 6,964 | $ 5,761 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 1,419 | 2,611 | 1,862 |
Other Restructuring [Member] | |||
Restructuring charges | 216 | 4,353 | 3,899 |
Current Year Restructuring Initiatives [Member] | |||
Restructuring charges | 1,251 | 5,863 | 5,389 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 1,167 | 2,387 | 1,862 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring charges | 84 | 3,476 | 3,527 |
Prior Year Initiatives [Member] | |||
Restructuring charges | 384 | 1,101 | 372 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 252 | 224 | |
Prior Year Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring charges | $ 132 | $ 877 | $ 372 |
Note 16 - Restructuring - Sum_2
Note 16 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Current Year Restructuring Initiatives [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | 1,251 | |
Payments | (1,099) | |
Restructuring liabilities | 152 | |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | 1,167 | |
Payments | (1,020) | |
Restructuring liabilities | 147 | |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | 84 | |
Payments | (79) | |
Restructuring liabilities | 5 | |
Restructuring Initiatives 2018 [Member] | ||
Restructuring liabilities | 481 | |
Additions and adjustments | 384 | |
Payments | (865) | |
Restructuring liabilities | 481 | |
Restructuring Initiatives 2018 [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 147 | |
Additions and adjustments | 252 | |
Payments | (399) | |
Restructuring liabilities | 147 | |
Restructuring Initiatives 2018 [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 334 | |
Additions and adjustments | 132 | |
Payments | (466) | |
Restructuring liabilities | 334 | |
2017 Restructuring Initiatives [Member] | ||
Restructuring liabilities | 481 | 1,679 |
Additions and adjustments | 6,495 | |
Payments | (7,693) | |
Restructuring liabilities | 481 | |
2017 Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 147 | 490 |
Additions and adjustments | 2,780 | |
Payments | (3,123) | |
Restructuring liabilities | 147 | |
2017 Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | $ 334 | 1,189 |
Additions and adjustments | 3,715 | |
Payments | (4,570) | |
Restructuring liabilities | $ 334 |
Note 16 - Restructuring - Sum_3
Note 16 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring charges | $ 1,635 | $ 6,964 | $ 5,761 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 1,419 | 2,611 | 1,862 |
Other Restructuring [Member] | |||
Restructuring charges | 216 | 4,353 | 3,899 |
Engraving Group [Member] | |||
Restructuring charges | 662 | 1,687 | 6 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 662 | 1,199 | 6 |
Engraving Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 488 | ||
Electronics Products Group [Member] | |||
Restructuring charges | 354 | 299 | 499 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 327 | 215 | 11 |
Electronics Products Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 27 | 84 | 488 |
Engineering Technologies Group [Member] | |||
Restructuring charges | 116 | 1,098 | 3,879 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 17 | 224 | 809 |
Engineering Technologies Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 99 | 874 | 3,070 |
Food Service Equipment Group [Member] | |||
Restructuring charges | 367 | 3,536 | 1,122 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 277 | 681 | 1,100 |
Food Service Equipment Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 90 | 2,855 | 22 |
Corporate and Other [Member] | |||
Restructuring charges | 136 | 344 | 255 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 136 | 292 | (64) |
Corporate and Other [Member] | Other Restructuring [Member] | |||
Restructuring charges | $ 52 | $ 319 |
Note 17 - Employee Benefit Pl_3
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 297.4 | $ 283.9 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 5.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 17.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 17.4 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 17.9 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 17.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 17.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 87.5 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 5.4 | ||
Defined Contribution Plan Company Stock Held in Plan | 578,433 | ||
U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | ||
Retirement Savings Plans [Member] | |||
Defined Contribution Plans Number of Plans | 2 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4 | $ 3.7 | $ 4 |
Retirement Savings Plans [Member] | Salaried Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 | ||
Defined Contribution Plan Company Stock Held in Plan | 59,000 | ||
Defined Contribution Plan Company Stock, Percentage of Plan Assets | 3.86% | ||
Retirement Savings Plans [Member] | Hourly Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 |
Note 17 - Employee Benefit Pl_4
Note 17 - Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
UNITED STATES | |||
Service Cost | $ 3 | $ 3 | $ 3 |
Interest Cost | 10,342 | 10,079 | 10,451 |
Expected return on plan assets | (13,541) | (13,484) | (13,761) |
Recognized net actuarial loss | 4,121 | 4,579 | 4,760 |
Amortization of prior service cost (benefit) | |||
Net periodic benefit cost (benefit) | 925 | 1,177 | 1,453 |
Foreign Plan [Member] | |||
Service Cost | 189 | 187 | 37 |
Interest Cost | 1,013 | 1,050 | 1,022 |
Expected return on plan assets | (908) | (947) | (1,152) |
Recognized net actuarial loss | 340 | 941 | 1,016 |
Amortization of prior service cost (benefit) | (3) | (37) | (48) |
Net periodic benefit cost (benefit) | $ 631 | $ 1,194 | $ 875 |
Note 17 - Employee Benefit Pl_5
Note 17 - Employee Benefit Plans - Funded Status for US and Foreign Pension Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair value of plan assets at beginning of year | $ 229,077 | ||
Fair value of plan assets at end of year | 225,870 | $ 229,077 | |
UNITED STATES | |||
Benefit obligation at beginning of year | 243,096 | 259,963 | |
Service cost | 3 | 3 | $ 3 |
Interest cost | 10,342 | 10,079 | 10,451 |
Actuarial loss (gain) | 16,268 | (10,761) | |
Benefits paid | (16,169) | (16,188) | |
Foreign currency exchange rate & other changes | |||
Projected benefit obligation at end of year | 253,540 | 243,096 | 259,963 |
Fair value of plan assets at beginning of year | 190,960 | 195,328 | |
Actual return on plan assets | 11,190 | 6,070 | |
Employer contribution | 244 | 5,750 | |
Benefits paid | (16,189) | (16,188) | |
Foreign currency exchange rate | |||
Fair value of plan assets at end of year | 186,205 | 190,960 | 195,328 |
Funded Status | (67,335) | (52,136) | |
Prepaid Benefit Cost | |||
Current liabilities | (211) | (219) | |
Non-current liabilities | (67,124) | (51,917) | |
Net amount recognized | (67,335) | (52,136) | |
Unrecognized net actuarial loss | 135,779 | 121,281 | |
Unrecognized prior service cost | |||
Accumulated other comprehensive income, pre-tax | 135,779 | 121,281 | |
Foreign Plan [Member] | |||
Benefit obligation at beginning of year | 41,194 | 42,141 | |
Service cost | 189 | 187 | 37 |
Interest cost | 1,013 | 1,050 | 1,022 |
Actuarial loss (gain) | 4,580 | (2,701) | |
Benefits paid | (1,545) | (1,639) | |
Foreign currency exchange rate & other changes | (1,448) | 2,156 | |
Projected benefit obligation at end of year | 43,983 | 41,194 | 42,141 |
Fair value of plan assets at beginning of year | 38,117 | 36,921 | |
Actual return on plan assets | 3,464 | 1,113 | |
Employer contribution | 1,115 | 1,196 | |
Benefits paid | (1,545) | (1,638) | |
Foreign currency exchange rate | (1,486) | 525 | |
Fair value of plan assets at end of year | 39,665 | 38,117 | $ 36,921 |
Funded Status | (4,318) | (3,077) | |
Prepaid Benefit Cost | 3,919 | 4,759 | |
Current liabilities | (213) | (1,926) | |
Non-current liabilities | (8,024) | (5,910) | |
Net amount recognized | (4,318) | (3,077) | |
Unrecognized net actuarial loss | 6,405 | 4,778 | |
Unrecognized prior service cost | (42) | (45) | |
Accumulated other comprehensive income, pre-tax | $ 6,363 | $ 4,733 |
Note 17 - Employee Benefit Pl_6
Note 17 - Employee Benefit Plans - Fair Values of Pension Plans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Fair value of pension plan assets | $ 225,870 | $ 229,077 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 9,468 | 23,389 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 216,402 | 205,688 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | ||
Cash and Cash Equivalents [Member] | ||
Fair value of pension plan assets | 7,696 | 4,482 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 439 | 325 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 7,257 | 4,157 |
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 | 86,415 | 89,934 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 1,866 | 16,353 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 84,549 | 73,581 |
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 | 9,161 | 14,461 |
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 | 9,161 | 14,461 |
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 | 97,627 | 102,105 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 7,163 | 6,711 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 90,464 | 95,394 |
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 | 24,971 | 18,095 |
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 | 24,971 | 18,095 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets |
Note 17 - Employee Benefit Pl_7
Note 17 - Employee Benefit Plans - Asset Allocation (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
UNITED STATES | ||
Asset allocations | 100.00% | 100.00% |
Foreign Plan [Member] | ||
Asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | UNITED STATES | ||
Asset allocations | 31.00% | 33.00% |
Equity Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 20.00% | 20.00% |
Debt Securities [Member] | UNITED STATES | ||
Asset allocations | 35.00% | 33.00% |
Debt Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 41.00% | 44.00% |
Hedge Funds, Global Opportunity [Member] | UNITED STATES | ||
Asset allocations | 24.00% | 24.00% |
Hedge Funds, Global Opportunity [Member] | Foreign Plan [Member] | ||
Asset allocations | 37.00% | 35.00% |
Other Debt Obligations [Member] | UNITED STATES | ||
Asset allocations | 10.00% | 10.00% |
Other Debt Obligations [Member] | Foreign Plan [Member] | ||
Asset allocations | 2.00% | 1.00% |
Note 17 - Employee Benefit Pl_8
Note 17 - Employee Benefit Plans - Target Asset Allocations (Details) | Jun. 30, 2019 |
U.S. Pension Plans [Member] | |
Target asset allocations | 100.00% |
U.K. Pension Plans [Member] | |
Target asset allocations | 100.00% |
Equity Securities [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 32.00% |
Equity Securities [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 17.00% |
Debt Securities [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 33.00% |
Debt Securities [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 42.00% |
Hedge Funds, Global Opportunity [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 25.00% |
Hedge Funds, Global Opportunity [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 40.00% |
Other Debt Obligations [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 10.00% |
Other Debt Obligations [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 1.00% |
Note 17 - Employee Benefit Pl_9
Note 17 - Employee Benefit Plans - Plan Asset Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Rate of compensation increase | 3.20% | 3.60% | 3.70% |
Rate of compensation increase | 3.60% | 3.70% | 3.30% |
Minimum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.24% | 0.38% | 1.90% |
Discount rate | 0.38% | 0.43% | 1.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 2.45% | 2.55% | 3.75% |
Maximum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 4.40% | 4.00% |
Discount rate | 4.40% | 4.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.10% |
Note 17 - Employee Benefit P_10
Note 17 - Employee Benefit Plans - Company's Participation in Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Multiemployer Plan, Period Contributions | $ 1,105 | $ 1,120 | $ 1,163 |
New England Teamsters and Trucking Industry Pension Fund [Member] | |||
Multiemployer Plan, Period Contributions | 461 | 482 | 530 |
IAM National Pension Fund National Pension Plan [Member] | |||
Multiemployer Plan, Period Contributions | $ 644 | $ 638 | $ 633 |
Note 18 - Industry Segment In_3
Note 18 - Industry Segment Information (Details Textual) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | ||
Number of Reportable Segments | 5 | 5 | ||
Number of Operating Segments | 5 | |||
Property, Plant and Equipment, Additions | [1] | $ 34,506 | $ 25,603 | $ 23,890 |
Accounts Payable and Accrued Liabilities [Member] | ||||
Property, Plant and Equipment, Additions | $ 3,800 | $ 400 | $ 400 | |
[1] | Includes capital expenditures in accounts payable of $3.8 million, $0.4 million, and $0.4 million at June 30, 2019, 2018, and 2017 respectively. |
Note 18 - Industry Segment In_4
Note 18 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 791,579 | $ 770,452 | $ 647,885 | |
Depreciation and amortization | 30,881 | 26,696 | 17,813 | |
Income (Loss) from Operations | 78,117 | 80,011 | 56,919 | |
Property, Plant and Equipment, Additions | [1] | 34,506 | 25,603 | 23,890 |
Restructuring charge | (1,635) | (6,964) | (5,761) | |
Acquisition-related costs | (3,075) | (3,749) | (7,843) | |
Other operating income (expense), net | (500) | |||
Interest expense | (10,760) | (8,029) | (4,043) | |
Other, net | (1,744) | (1,735) | (1,917) | |
Income from continuing operations before income taxes | 65,613 | 70,247 | 50,959 | |
Engraving Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 149,693 | 136,275 | 105,943 | |
Depreciation and amortization | 8,232 | 5,483 | 3,100 | |
Income (Loss) from Operations | 23,996 | 29,618 | 26,139 | |
Property, Plant and Equipment, Additions | [1] | 13,868 | 9,339 | 7,807 |
Restructuring charge | (662) | (1,687) | (6) | |
Electronics Products Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 204,073 | 196,291 | 136,689 | |
Depreciation and amortization | 11,751 | 10,564 | 4,960 | |
Income (Loss) from Operations | 41,227 | 45,501 | 27,855 | |
Property, Plant and Equipment, Additions | [1] | 12,646 | 8,487 | 4,000 |
Restructuring charge | (354) | (299) | (499) | |
Engineering Technologies Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 105,270 | 90,781 | 90,506 | |
Depreciation and amortization | 5,963 | 6,006 | 5,976 | |
Income (Loss) from Operations | 11,169 | 6,506 | 9,758 | |
Property, Plant and Equipment, Additions | [1] | 3,857 | 3,581 | 6,510 |
Restructuring charge | (116) | (1,098) | (3,879) | |
Hydraulics Products Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 53,943 | 48,169 | 41,150 | |
Depreciation and amortization | 708 | 750 | 730 | |
Income (Loss) from Operations | 8,891 | 7,398 | 6,802 | |
Property, Plant and Equipment, Additions | [1] | 935 | 1,394 | 1,058 |
Food Service Equipment Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 278,600 | 298,936 | 273,597 | |
Depreciation and amortization | 3,825 | 3,493 | 2,704 | |
Income (Loss) from Operations | 22,773 | 28,131 | 23,633 | |
Property, Plant and Equipment, Additions | [1] | 3,143 | 2,544 | 4,097 |
Restructuring charge | (367) | (3,536) | (1,122) | |
Corporate and Other [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | ||||
Depreciation and amortization | 402 | 400 | 343 | |
Restructuring charge | (136) | (344) | (255) | |
Corporate Segment [Member] | ||||
Income (Loss) from Operations | $ (24,729) | $ (26,430) | $ (23,664) | |
[1] | Includes capital expenditures in accounts payable of $3.8 million, $0.4 million, and $0.4 million at June 30, 2019, 2018, and 2017 respectively. |
Note 18 - Industry Segment In_5
Note 18 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill | $ 281,503 | $ 211,751 |
Identifiable Assets | 921,889 | 916,937 |
Identifiable Assets, Discontinued Operations | 99,830 | |
Engraving Group [Member] | ||
Goodwill | 79,392 | 26,697 |
Identifiable Assets | 233,569 | 149,973 |
Electronics Products Group [Member] | ||
Goodwill | 131,317 | 113,798 |
Identifiable Assets | 332,326 | 318,564 |
Engineering Technologies Group [Member] | ||
Goodwill | 43,890 | 44,247 |
Identifiable Assets | 149,628 | 150,150 |
Hydraulics Products Group [Member] | ||
Goodwill | 3,059 | 3,059 |
Identifiable Assets | 28,132 | 25,646 |
Food Service Equipment Group [Member] | ||
Goodwill | 23,360 | 23,453 |
Identifiable Assets | 159,656 | 149,743 |
Corporate and Other [Member] | ||
Goodwill | 485 | 497 |
Identifiable Assets | $ 18,578 | $ 23,031 |
Note 18 - Industry Segment In_6
Note 18 - Industry Segment Information - Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Net sales | $ 209,206 | $ 193,771 | $ 195,522 | $ 193,080 | $ 203,469 | $ 192,147 | $ 185,694 | $ 189,142 | $ 791,579 | [1] | $ 770,452 | [1] | $ 647,885 | [1] | |
Long-lived assets | 148,024 | 136,934 | 148,024 | 136,934 | 125,112 | ||||||||||
UNITED STATES | |||||||||||||||
Net sales | [1] | 520,908 | 495,211 | 415,893 | |||||||||||
Long-lived assets | 81,122 | 77,250 | 81,122 | 77,250 | 76,317 | ||||||||||
Asia [Member] | |||||||||||||||
Net sales | [1] | 108,667 | 108,569 | 86,480 | |||||||||||
Long-lived assets | 35,033 | 30,911 | 35,033 | 30,911 | 30,268 | ||||||||||
EMEA [Member] | |||||||||||||||
Net sales | [1],[2] | 144,636 | 149,249 | 124,990 | |||||||||||
Long-lived assets | [2] | 27,160 | 25,709 | 27,160 | 25,709 | 15,816 | |||||||||
Other Geographical [Member] | |||||||||||||||
Net sales | [1] | 17,368 | 17,423 | 20,522 | |||||||||||
Long-lived assets | $ 4,709 | $ 3,064 | $ 4,709 | $ 3,064 | $ 2,711 | ||||||||||
[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 - Quarterly Results o_3
Note 19 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||||||||||||
Net sales | $ 209,206 | $ 193,771 | $ 195,522 | $ 193,080 | $ 203,469 | $ 192,147 | $ 185,694 | $ 189,142 | $ 791,579 | [1] | $ 770,452 | [1] | $ 647,885 | [1] | ||||||||
Gross profit | 70,082 | 61,790 | 66,936 | 69,252 | 74,502 | 66,112 | 63,317 | 65,671 | 268,060 | 269,602 | 215,553 | |||||||||||
Net income | $ 12,390 | $ 26,269 | $ 13,398 | $ 15,857 | $ 12,612 | $ 12,800 | $ (2,806) | $ 13,998 | $ 67,914 | $ 36,604 | $ 46,545 | |||||||||||
Basic (in dollars per share) | $ 1 | [2] | $ 2.09 | [2] | $ 1.06 | [2] | $ 1.25 | [2] | $ 0.99 | [2] | $ 1.01 | [2] | $ (0.22) | [2] | $ 1.10 | [2] | $ 5.40 | $ 2.88 | $ 3.68 | |||
Diluted (in dollars per share) | $ 0.99 | [2] | $ 2.09 | [2] | $ 1.05 | [2] | $ 1.24 | [2] | $ 0.99 | [2] | $ 1 | [2] | $ (0.22) | [2] | $ 1.09 | [2] | $ 5.38 | $ 2.86 | $ 3.65 | |||
[1] | Net sales were identified based on geographic location where our products and services were initiated. | |||||||||||||||||||||
[2] | 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. |
Note 20 - Discontinued Operat_3
Note 20 - Discontinued Operations (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Sep. 30, 2018 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Apr. 01, 2019USD ($) | |
Number of Operating Segments | 5 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 20,539 | ||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 4,397 | ||||
Disposal Group, Including Discontinued Operation, Consideration | |||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | |||||
Number of Operating Segments | 3 | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 106,900 | ||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | Middleby Corporation [Member] | |||||
Disposal Group, Including Discontinued Operation, Cash Purchase Price | $ 105,000 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 20,500 | ||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 4,400 | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 106,900 |
Note 20 - Discontinued Operat_4
Note 20 - Discontinued Operations - Earnings (Losses) and Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 71,451 | $ 97,930 | |
Gain on Sale of Business | 20,539 | ||
Transaction Fees | (4,397) | ||
Income from Discontinued Operations | 18,900 | 6,136 | |
Non-operating Income (Expense) | (364) | 826 | |
Profit Before Taxes | 18,536 | 6,962 | |
Benefit (Provision) for Taxes | 2,189 | (1,701) | $ (3,506) |
Net income from Discontinued Operations | 20,725 | 5,261 | |
Accounts receivable | 14,445 | ||
Inventories | 22,923 | ||
Prepaid Expenses | 303 | ||
Due from Buyer | |||
Total current assets | 37,671 | ||
Property, plant, equipment, net | 7,637 | ||
Intangible assets, net | 13,137 | ||
Goodwill | 40,011 | ||
Other non-current assets | 1,374 | ||
Total non-current assets | 62,159 | ||
Total Assets | 99,830 | ||
Accounts Payable | 10,759 | ||
Accrued Liabilities | 620 | 7,897 | |
Income Tax Payable | 9 | ||
Total current liabilities | 620 | 18,665 | |
Non-current Liabilities | 50 | ||
Total Liabilities | 620 | 18,715 | |
Net Assets | $ (620) | $ 81,115 |
Note 21 - Property Insurance _2
Note 21 - Property Insurance Claim (Details Textual) - Damage from Fire, Explosion or Other Hazard [Member] $ in Millions | Jun. 26, 2019USD ($) |
Insurance Deductible | $ 0.5 |
Ancillary Handling Equipment Damaged in Fire [Member] | |
Loss Contingency, Estimate of Possible Loss | 1 |
Finished Goods Damaged in Fire [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 7 |