Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Feb. 03, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000310354 | |
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-7233 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-0596149 | |
Entity Address, Address Line One | 11 KEEWAYDIN DRIVE | |
Entity Address, City or Town | Salem | |
Entity Address, State or Province | NH | |
Entity Address, Postal Zip Code | 03079 | |
City Area Code | 603 | |
Local Phone Number | 893-9701 | |
Title of 12(b) Security | Common Stock, Par Value $1.50 Per Share | |
Trading Symbol | SXI | |
Security Exchange Name | NYSE | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,452,659 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 98,919 | $ 93,145 |
Accounts receivable, net of reserve for doubtful accounts of $1,895 and $1,451 at December 31, 2019 and June 30, 2019 | 110,087 | 119,589 |
Inventories | 108,513 | 88,645 |
Prepaid expenses and other current assets | 19,861 | 30,872 |
Income taxes receivable | 5,232 | 1,622 |
Total current assets | 342,612 | 333,873 |
Property, plant, and equipment, net | 146,245 | 148,024 |
Intangible assets, net | 111,667 | 118,660 |
Goodwill | 282,207 | 281,503 |
Deferred tax asset | 12,544 | 14,140 |
Operating lease right-of-use asset | 42,959 | 0 |
Other non-current assets | 29,581 | 25,689 |
Total non-current assets | 625,203 | 588,016 |
Total assets | 967,815 | 921,889 |
Current Liabilities: | ||
Accounts payable | 69,737 | 72,603 |
Accrued liabilities | 68,681 | 62,648 |
Income taxes payable | 6,822 | 5,744 |
Current liabilities-Discontinued Operations | 34 | 620 |
Total current liabilities | 145,274 | 141,615 |
Long-term debt | 186,980 | 197,610 |
Operating lease long-term liabilities | 33,728 | 0 |
Accrued pension and other non-current liabilities | 112,229 | 118,351 |
Total non-current liabilities | 332,937 | 315,961 |
Stockholders' equity: | ||
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,382,010 and 12,334,607 outstanding at December 31, 2019 and June 30, 2019 | 41,976 | 41,976 |
Additional paid-in capital | 70,206 | 65,515 |
Retained earnings | 837,698 | 818,282 |
Accumulated other comprehensive loss | (136,404) | (137,278) |
Treasury shares: 15,602,268 shares at December 31, 2019 and 15,649,671 shares at June 30, 2019 | (323,872) | (324,182) |
Total stockholders' equity | 489,604 | 464,313 |
Total liabilities and stockholders' equity | $ 967,815 | $ 921,889 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Reserve for doubtful accounts | $ 1,895 | $ 1,451 |
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) | 12,382,010 | 12,334,607 |
Treasury stock, shares (in shares) | 15,602,268 | 15,649,671 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 190,585 | $ 195,522 | $ 387,023 | $ 388,609 |
Cost of sales | 124,132 | 128,586 | 252,286 | 252,421 |
Gross profit | 66,453 | 66,936 | 134,737 | 136,188 |
Selling, general, and administrative expenses | 47,126 | 45,693 | 95,801 | 91,165 |
Acquisition related costs | 773 | 859 | 1,507 | 1,547 |
Restructuring costs | 720 | 177 | 2,199 | 624 |
Other operating (income) expense, net | 0 | 0 | (1,045) | 0 |
Total operating expenses | 48,619 | 46,729 | 98,462 | 93,336 |
Income from operations | 17,834 | 20,207 | 36,275 | 42,852 |
Interest expense | (1,928) | (3,123) | (4,050) | (5,368) |
Other non-operating expenses, net | (588) | (750) | 328 | (1,015) |
Income from continuing operations before income taxes | 15,318 | 16,334 | 32,553 | 36,469 |
Provision for income taxes | 2,909 | 3,860 | 7,695 | 9,702 |
Net income (loss) from continuing operations | 12,409 | 12,474 | 24,858 | 26,767 |
Income (loss) from discontinued operations, net of income taxes | (171) | 924 | (182) | 2,488 |
Net income (loss) | $ 12,238 | $ 13,398 | $ 24,676 | $ 29,255 |
Basic earnings per share: | ||||
Continuing operations (in dollars per share) | $ 1 | $ 0.99 | $ 2.01 | $ 2.11 |
Discontinued operations (in dollars per share) | (0.01) | 0.07 | (0.01) | 0.20 |
Total (in dollars per share) | 0.99 | 1.06 | 2 | 2.31 |
Diluted earnings per share: | ||||
Continuing operations (in dollars per share) | 1 | 0.98 | 2 | 2.10 |
Discontinued operations (in dollars per share) | (0.01) | 0.07 | (0.01) | 0.20 |
Total (in dollars per share) | 0.99 | 1.05 | 1.99 | 2.30 |
Cash dividends per share (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.42 | $ 0.38 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 12,238 | $ 13,398 | $ 24,676 | $ 29,255 |
Defined benefit pension plans: | ||||
Actuarial gains (losses) and other changes in unrecognized costs | (354) | (40) | (6) | 281 |
Amortization of unrecognized costs | 1,440 | 1,115 | 2,874 | 2,231 |
Derivative instruments: | ||||
Change in unrealized (losses) | (1,390) | (4,737) | (237) | (4,375) |
Foreign currency translation gains (losses) | 4,425 | 359 | (1,170) | (5,662) |
Other comprehensive income (loss) before tax | 5,303 | (372) | 1,442 | (5,253) |
Income tax provision (benefit): Defined benefit pension plans: | ||||
Actuarial gains (losses) and other changes in unrecognized costs | 70 | (17) | 23 | (26) |
Amortization of unrecognized costs | (348) | (272) | (693) | (545) |
Income tax provision (benefit): Derivative instruments: | ||||
Change in unrealized gains and (losses) | 134 | 437 | 109 | 339 |
Income tax provision (benefit) to other comprehensive income (loss) | (158) | 173 | (568) | (192) |
Other comprehensive income (loss), net of tax | 5,145 | (199) | 874 | (5,445) |
Comprehensive income (loss) | 17,383 | 13,199 | 25,550 | 23,810 |
Interest Expense [Member] | ||||
Derivative instruments: | ||||
Amortization of unrealized gains and (losses) into interest expense | 1,182 | 2,931 | (19) | 2,272 |
Income tax provision (benefit): Derivative instruments: | ||||
Amortization of unrealized gains and (losses) into interest expense | $ (14) | $ 25 | $ (7) | $ 40 |
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, 2018 | $ 41,976 | $ 61,328 | $ 761,431 | $ (121,860) | $ (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 | 0 | (333) | 0 | 0 | $ 1,131 | 798 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (59) | |||||
Stock-based compensation | 0 | 2,029 | 0 | 0 | $ 0 | 2,029 |
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (19,135) | (19,135) |
Treasury stock acquired (in shares) | 234 | |||||
Net Income | 0 | 0 | 29,255 | 0 | $ 0 | 29,255 |
Foreign currency translation adjustment | 0 | 0 | 0 | (5,662) | 0 | (5,662) |
Pension and OPEB adjustments, net of tax | 0 | 0 | 0 | 1,941 | 0 | 1,941 |
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (1,196) | 0 | (1,196) |
Dividends declared | 0 | 0 | (4,892) | 0 | 0 | (4,892) |
Adoption of ASC 606 | 0 | 0 | (1,107) | 0 | 0 | (1,107) |
Balance at Dec. 31, 2018 | 41,976 | 63,024 | 784,687 | (126,777) | $ (310,084) | 452,826 |
Balance (in shares) at Dec. 31, 2018 | 15,454 | |||||
Balance at Sep. 30, 2018 | 41,976 | 63,280 | 773,938 | (127,105) | $ (292,059) | 460,030 |
Balance (in shares) at Sep. 30, 2018 | 15,242 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 0 | (128) | 0 | 0 | $ 273 | 145 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (14) | |||||
Stock-based compensation | 0 | (128) | 0 | 0 | $ 0 | (128) |
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (18,298) | (18,298) |
Treasury stock acquired (in shares) | 226 | |||||
Net Income | 0 | 0 | 13,398 | 0 | $ 0 | 13,398 |
Foreign currency translation adjustment | 0 | 0 | 0 | 359 | 0 | 359 |
Pension and OPEB adjustments, net of tax | 0 | 0 | 0 | 787 | 0 | 787 |
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (818) | 0 | (818) |
Dividends declared | 0 | 0 | (2,575) | 0 | 0 | (2,575) |
Adoption of ASC 606 | 0 | 0 | (74) | 0 | 0 | (74) |
Balance at Dec. 31, 2018 | 41,976 | 63,024 | 784,687 | (126,777) | $ (310,084) | 452,826 |
Balance (in shares) at Dec. 31, 2018 | 15,454 | |||||
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 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 0 | (129) | 0 | 0 | $ 1,256 | 1,127 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (61) | |||||
Stock-based compensation | 0 | 4,820 | 0 | 0 | $ 0 | 4,820 |
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (946) | (946) |
Treasury stock acquired (in shares) | 13 | |||||
Net Income | 0 | 0 | 24,676 | 0 | $ 0 | 24,676 |
Foreign currency translation adjustment | 0 | 0 | 0 | (1,170) | 0 | (1,170) |
Pension and OPEB adjustments, net of tax | 0 | 0 | 0 | 2,198 | 0 | 2,198 |
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (154) | 0 | (154) |
Dividends declared | 0 | 0 | (5,260) | 0 | 0 | (5,260) |
Balance at Dec. 31, 2019 | 41,976 | 70,206 | 837,698 | (136,404) | $ (323,872) | 489,604 |
Balance (in shares) at Dec. 31, 2019 | 15,602 | |||||
Balance at Sep. 30, 2019 | 41,976 | 68,196 | 828,226 | (141,549) | $ (323,928) | 472,921 |
Balance (in shares) at Sep. 30, 2019 | 15,611 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other | 0 | (52) | 0 | 0 | $ 231 | 179 |
Stock issued for employee stock option and purchase plans, including related income tax benefit and other (in shares) | (11) | |||||
Stock-based compensation | 0 | 2,062 | 0 | 0 | $ 0 | 2,062 |
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (175) | (175) |
Treasury stock acquired (in shares) | 2 | |||||
Net Income | 0 | 0 | 12,238 | 0 | $ 0 | 12,238 |
Foreign currency translation adjustment | 0 | 0 | 0 | 4,425 | 0 | 4,425 |
Pension and OPEB adjustments, net of tax | 0 | 0 | 0 | 808 | 0 | 808 |
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (88) | 0 | (88) |
Dividends declared | 0 | 0 | (2,766) | 0 | 0 | (2,766) |
Balance at Dec. 31, 2019 | $ 41,976 | $ 70,206 | $ 837,698 | $ (136,404) | $ (323,872) | $ 489,604 |
Balance (in shares) at Dec. 31, 2019 | 15,602 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension and OPEB adjustments, tax | $ 0.3 | $ 0.3 | $ 0.7 | $ 0.6 |
Change in fair value of derivatives, tax | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.3 |
Dividends declared, per share (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.42 | $ 0.38 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 24,676 | $ 29,255 |
Income from discontinued operations | (182) | 2,488 |
Income from continuing operations | 24,858 | 26,767 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 16,869 | 14,817 |
Stock-based compensation | 4,820 | 2,029 |
Non-cash portion of restructuring charge | (149) | (132) |
Life Insurance Benefit | (1,302) | 0 |
Contributions to defined benefit plans | (1,932) | (499) |
Net changes in operating assets and liabilities | (21,342) | (29,132) |
Net cash provided by operating activities - continuing operations | 21,822 | 13,850 |
Net cash provided by operating activities - discontinued operations | (162) | 5,411 |
Net cash provided by operating activities | 21,660 | 19,261 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (10,671) | (16,192) |
Expenditures for acquisitions, net of cash acquired | 0 | (95,918) |
Proceeds from insurance recovery | 10,000 | 0 |
Other investing activity | 1,998 | 3,144 |
Net cash (used in) investing activities | 1,327 | (108,966) |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 2,690 |
Net cash (used in) investing activities | 1,327 | (106,276) |
Cash flows from financing activities | ||
Borrowings on revolving credit facility | 34,700 | 509,500 |
Payments of revolving credit facility | (45,500) | (387,500) |
Contingent consideration payment | (872) | (910) |
Activity under share-based payment plans | 1,127 | 797 |
Purchases of treasury stock | (946) | (19,135) |
Cash dividends paid | (5,186) | (4,825) |
Net cash provided by financing activities | (16,677) | 97,927 |
Effect of exchange rate changes on cash and cash equivalents | (536) | (2,340) |
Net change in cash and cash equivalents | 5,774 | 8,572 |
Cash and cash equivalents at beginning of year | 93,145 | 109,602 |
Cash and cash equivalents at end of period | 98,919 | 118,174 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 3,415 | 4,822 |
Income taxes, net of refunds | $ 9,589 | $ 7,118 |
Note 1 - Management Statement
Note 1 - Management Statement | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the results of operations for the three six December 31, 2019 2018, six December 31, 2019 2018 December 31, 2019. not not not June 30, 2019. June 30, 2019 not 10 June 30, 2019. 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 unaudited condensed consolidated financial statements were issued. Recently Issued Accounting Pronouncements In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 cquisitions The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and December 31, 2019, GS Engineering During the fourth 2019, The Company paid $30.5 million in cash for all of the issued and outstanding equity interests of GS Engineering. The preliminary purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on a preliminary estimate of their fair values on the closing date. The Company has commenced a formal valuation of the acquired assets and liabilities and has updated the preliminary intangible assets based on the preliminary valuation results. Goodwill from the transaction is attributable to the combined organization utilizing the GS technology across its global production footprint to enable customers worldwide to benefit from a combined offering for harmonized designs across a variety of surfaces and materials. Intangible assets of $8.9 million are preliminarily recorded, consisting of $5.6 million for developed technology to be amortized over a period of 15 years, $0.9 million for indefinite lived trademarks, and $2.4 million of customer relationships to be amortized over 13 years. The Company’s assigned fair values are preliminary as of September 30, 2019 338 10 The components of the fair value of the GS Engineering acquisition, including the preliminary allocation of the purchase price at December 31 2019, Preliminary Allocation June 30, 2019 Adjustments Adjusted Preliminary Allocation December 31, 2019 Fair value of business combination: Cash payments $ 30,502 $ - $ 30,502 Less, cash acquired (622 ) - (622 ) Total $ 29,880 $ - $ 29,880 Preliminary Allocation June 30, 2019 Adjustments Adjusted Preliminary Allocation December 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 $ (72 ) $ 2,125 Inventories 228 (75 ) 153 Customer Backlog 180 - 180 Property, plant, & equipment 1,391 - 1,391 Identifiable intangible assets 8,910 - 8,910 Goodwill 17,976 147 18,123 Liabilities assumed (1,002 ) - (1,002 ) Total $ 29,880 $ - $ 29,880 Agile Magnetics On the last business day of the first 2019, The Company paid $39.2 million in cash for all of the issued and outstanding equity interests of Agile. The purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on a their fair values on the closing date. Goodwill recorded from this transaction is attributable to expanded capabilities of the combined organization which will allow for improved responsiveness to customer demands via a larger pool of engineering resources and local manufacturing. Intangible assets of $17.4 million are recorded, consisting of $13.5 million of customer relationships to be amortized over a period of 13 years, $3.8 million for indefinite lived trademarks, and $0.1 million for a non-compete arrangement to be amortized over 5 years. The goodwill of $16.4 million recorded in connection with the transaction is deductible for income tax purposes. The Company’s assigned fair values were final as of September 30, 2019. The components of the fair value of the Agile acquisition, including the final allocation of the purchase price at September 30, 2019, Preliminary Allocation September 30, 2018 Adjustments Final Allocation 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 Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 $ (35 ) $ 1,893 Inventories 2,506 268 2,774 Customer Backlog - 200 200 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 3,632 17,350 Goodwill 20,142 (3,708 ) 16,434 Liabilities assumed (419 ) (9 ) (428 ) Total $ 39,193 $ - $ 39,193 Tenibac-Graphion Inc. During August 2019, The Company paid $57.3 million in cash for all of the issued and outstanding equity interests of Tenibac. 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 the complementary services that the combined business can now offer to customers, through increased responsiveness to customer demands, and providing innovative approaches to solving customer needs by offering a full line of mold and tool services to customers. Intangible assets of $16.9 million are recorded, consisting of $11.3 million of customer relationships to be amortized over a period of 15 years, $4.2 million for indefinite lived trademarks, and $1.4 million of other intangibles assets to be amortized over 5 years. The Company’s assigned fair values were final as of June 30, 2019. The components of the fair value of the Tenibac acquisition, including the final allocation of the purchase price are as follows (in thousands): Preliminary Allocation September 30, 2018 Adjustments Final Allocation 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 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 million in cash for all of the issued and outstanding equity interests of the Piazza Rosa Group and also paid $2.8 million subsequent to closing in order to satisfy assumed debt of the entity at the time of acquisition. The Company has estimated that total cash consideration will be adjusted by $2.6 million based upon achievement of certain revenue metrics over the next three first first 2019, second second 2020 first two 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 the acquisition of Horizon Scientific on October 16, 2016, second third three six December 31, 2019 second 2020, 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): Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Deferred compensation arrangements $ 467 $ 703 $ 1,170 $ 1,370 Other acquisition-related costs 306 156 337 177 Total $ 773 $ 859 $ 1,507 $ 1,547 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 6 Months Ended |
Dec. 31, 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. 606 Most of the Company’s contracts have a single performance obligation which represents the product or service being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation and/or extended warranty. Additionally, most of the Company’s contracts offer assurance type warranties in connection with the sale of a product to customers. Assurance type warranties provide a customer with assurance that the product complies with agreed-upon specifications. Assurance type warranties do not In general, the Company recognizes revenue at the point in time control transfers to its 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 Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands): Three Months Ended Revenue by Product Line December 31, 2019 December 31, 2018 Engraving Services 35,671 35,796 Engraving Products 2,585 2,689 Total Engraving 38,256 38,485 Electronics 45,834 52,700 Engineering Technologies Components 26,495 23,568 Hydraulics Cylinders and Systems 11,316 12,116 Refrigeration $ 52,274 $ 52,217 Merchandising & Display 8,692 9,065 Pumps 7,718 7,371 Total Food Service Equipment 68,684 68,653 Total Revenue by Product Line $ 190,585 $ 195,522 The following table presents revenue disaggregated by product line and segment (in thousands): Six Months Ended Revenue by Product Line December 31, 2019 December 31, 2018 Engraving Services 71,737 69,653 Engraving Products 4,950 4,813 Total Engraving 76,687 74,466 Electronics 92,452 104,150 Engineering Technologies Components 51,139 44,351 Hydraulics Cylinders and Systems 25,064 24,651 Refrigeration $ 107,407 $ 106,664 Merchandising & Display 18,515 18,229 Pumps 15,759 16,098 Total Food Service Equipment 141,681 140,991 Total Revenue by Product Line $ 387,023 $ 388,609 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Three Months Ended Six Months Ended Net sales December 31, 2019 December 31, 2019 United States $ 129,126 $ 263,419 Asia Pacific 24,560 48,906 EMEA (1) 32,462 66,762 Other Americas 4,437 7,936 Total $ 190,585 $ 387,023 ( 1 The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Three Months Ended Timing of Revenue Recognition December 31, 2019 December 31, 2018 Products and services transferred at a point in time $ 181,117 $ 188,093 Products transferred over time 9,468 7,429 Net Sales $ 190,585 $ 195,522 Six Months Ended Timing of Revenue Recognition December 31, 2019 December 31, 2018 Products and services transferred at a point in time $ 371,071 $ 375,998 Products transferred over time 15,952 12,611 Net Sales $ 387,023 $ 388,609 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not not The following table provides information about contract assets and liability balances as of December 31, 2019 ( Balance at Beginning of Period Additions Deductions Balance at End of Period Six months ended December 31, 2019 Contract assets: Prepaid and other current assets 8,418 15,670 15,956 8,132 Contract liabilities: Customer deposits 1,358 6,154 5,884 1,628 During the three six December 31, 2019, December 31, 2019 Revenue recognized in the period from: Three months ended Six months ended Amounts included in the contract liability balance at the beginning of the period $ 24 $ 1,358 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 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 The financial instruments shown below are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 Level 2 Level 3 There were no December 31, 2019 June 30, 2019. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. Items presented at fair value at December 31, 2019 June 30, 2019 December 31, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,298 $ 2,298 $ - $ - Liabilities Foreign exchange contracts $ 3,157 $ - $ 3,157 $ - Interest rate swaps 1,364 - 1,364 - Contingent acquisition payments (a) 742 - - 742 June 30, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,354 $ 2,354 $ - $ - Foreign exchange contracts - - - - Interest rate swaps $ 52 - 52 - Liabilities Foreign exchange contracts $ 3,052 $ - $ 3,052 $ - Interest rate swaps 1,432 - 1,432 - Contingent acquisition payments (a) 6,418 - - 6,418 (a) Our financial liabilities based upon Level 3 second third second third second 2019 2020. December 31, 2019. first three first second first 2019 second 2020. five December 31, 2019, not We will update our assumptions each reporting period based on new developments and record such amounts at fair value based on the revised assumptions until the consideration is paid. As of December 31, 2019, |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5 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, second 2019, third 2019, three The transaction closed on March 31, 2019 not March 31, 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 three six December 31, 2019 2018 Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Net Sales $ - $ 23,980 $ - $ 48,427 Income from Operations $ (264 ) $ 1,777 $ (70 ) $ 3,608 Profit Before Taxes $ (275 ) $ 1,119 $ (250 ) $ 3,016 Benefit (Provision) for Taxes 104 (195 ) 68 (528 ) Net income from Discontinued Operations $ (171 ) $ 924 $ (182 ) $ 2,488 |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 Inventories from continuing operations are comprised of the following (in thousands): December 31, 2019 June 30, 2019 Raw materials $ 49,510 $ 43,117 Work in process 29,273 28,120 Finished goods 29,730 17,408 Total $ 108,513 $ 88,645 Distribution costs associated with the sale of inventory, which are recorded as a component of selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations were $5.0 million and $10.0 million for the three six December 31, 2019, three six December 31, 2018, |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7 ) Goodwill Changes to goodwill during the period ended December 31, 2019 June 30, 2019 Acquisitions Translation Adjustment December 31, 2019 Engraving $ 79,776 $ 147 $ (32 ) $ 79,891 Electronics 131,317 820 (627 ) 131,510 Engineering Technologies 43,890 - 396 44,286 Hydraulics 3,059 - - 3,059 Food Service Equipment 23,461 - - 23,461 Total $ 281,503 $ 967 $ (263 ) $ 282,207 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8 Intangible assets consist of the following (in thousands): Customer Relationships Tradenames (Indefinite-lived) Developed Technology Other Total December 31, 2019 Cost $ 74,272 $ 19,711 $ 54,790 $ 5,492 $ 154,265 Accumulated amortization (27,991 ) - (10,805 ) (3,802 ) (42,598 ) Balance, December 31, 2019 $ 46,281 $ 19,711 $ 43,985 $ 1,690 $ 111,667 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 Amortization expense for the three December 31, 2019 2018 six December 31, 2019 2018 December 31, 2019, 2020, 2021, 2022, 2023, 2024 |
Note 9 - Warranties
Note 9 - Warranties | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 9 The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in warranty reserve from continuing operations, which are recorded as a component of accrued liabilities, as of December 31, 2019 June 30, 2019 December 31, 2019 June 30, 2019 Balance at beginning of year $ 5,278 $ 4,966 Acquisitions and other 10 (85 ) Warranty expense 3,359 5,016 Warranty claims (2,994 ) (4,619 ) Balance at end of period $ 5,653 $ 5,278 |
Note 10 - Debt
Note 10 - Debt | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 ) Debt Long-term debt is comprised of the following (in thousands): December 31, 2019 June 30, 2019 Bank credit agreements $ 188,000 $ 198,800 Total funded debt 188,000 198,800 Issuance Cost (1,020 ) (1,190 ) Total long-term debt $ 186,980 $ 197,610 The Company’s debt payments are due as follows (in thousands): Fiscal Year December 31, 2019 2020 $ - 2021 - 2022 - 2023 - 2024 188,000 Thereafter - Total Debt 188,000 Issuance cost (1,020 ) Debt net of issuance cost $ 186,980 Bank Credit Agreements During the second 2019, five At December 31, 2019, December 31, 2019, |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11 Derivative Financial Instruments The Company is exposed to market risks from changes in interest rates, commodity prices and changes in foreign currency rates. We selectively use derivative financial instruments in order to manage these risks. Information about the Company’s derivative financial instruments is as follows: Interest Rate Swaps From time to time as dictated by market opportunities, the Company enters into interest rate swap agreements designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company’s effective swap agreements convert the base borrowing rate on $75 million of debt due under our revolving credit agreement from a variable rate equal to LIBOR to a weighted average fixed rate of 2.13% at December 31, 2019. Effective Date Notional Amount Fixed Interest Rate Maturity December 31, 2019 June 30, 2019 December 19, 2015 10,000 2.01% December 19, 2019 $ - $ 3 May 24, 2017 25,000 1.88% April 24, 2022 (203 ) (190 ) May 24, 2017 25,000 1.67% May 24, 2020 - 49 August 6, 2018 25,000 2.83% August 6, 2023 (1,160 ) (1,242 ) $ (1,363) $ (1,380) The Company reported no losses for the three six December 31, 2019, may Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as collections from customers and loan payments between subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. At December 31, 2019 June 30, 2019, 2020 2023, The notional amounts of the Company’s forward contracts, by currency, are as follows: Currency December 31, 2019 June 30, 2019 USD 46,278 55,015 EUR 5,750 5,750 CAD 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet (in thousands): Asset Derivatives December 31, 2019 June 30, 2019 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ - Other Assets $ 52 Foreign exchange contracts Other Assets - Other Assets - $ - $ 52 Liability Derivatives December 31, 2019 June 30, 2019 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 1,364 Accrued Liabilities $ 1,432 Foreign exchange contracts Accrued Liabilities 3,157 Accrued Liabilities 3,052 $ 4,521 $ 4,484 The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Interest rate swaps $ (546 ) $ (1,768 ) $ (443 ) $ (1,372 ) Foreign exchange contracts (844 ) (2,969 ) 206 (3,003 ) $ (1,390 ) $ (4,737 ) $ (237 ) $ (4,375 ) The table below presents the amount reclassified from accumulated other comprehensive income (loss) to Net Income for the periods ended (in thousands): Details about Accumulated Affected line item Other Comprehensive Three Months Ended Six Months Ended in the Unaudited Income (Loss) Components December 31, December 31, Condensed Statements 2019 2018 2019 2018 of Operations Interest rate swaps $ 59 $ (101 ) $ 29 $ (162 ) Interest expense Foreign exchange contracts 1,123 3,032 (48 ) 2,434 Interest expense $ 1,182 $ 2,931 $ (19 ) $ 2,272 |
Note 12 - Retirement Benefits
Note 12 - Retirement Benefits | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12 The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan. Net Periodic Benefit Cost for the Company’s U.S. and Foreign pension benefit plans for the three six December 31, 2019 2018 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 1 $ 1 $ 10 $ 9 Interest cost 2,271 2,586 213 249 Expected return on plan assets (3,288 ) (3,385 ) (221 ) (225 ) Recognized net actuarial loss 1,275 1,030 165 84 Net periodic benefit cost $ 259 $ 232 $ 167 $ 117 U.S. Plans Non-U.S. Plans Six Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 2 $ 2 $ 20 $ 17 Interest cost 4,542 5,171 418 503 Expected return on plan assets (6,575 ) (6,771 ) (432 ) (453 ) Recognized net actuarial loss 2,551 2,061 323 170 Net periodic benefit cost $ 520 $ 463 $ 329 $ 237 The contributions made to defined benefit plans for the three six December 31, 2019 2018 2020 Fiscal Year 2020 Fiscal Year 2019 Remaining Three Months Ended Six Months Ended Three Months Ended Six Months Ended Contributions Contributions to defined benefit plans December 31, 2019 December 31, 2019 December 31, 2018 December 31, 2018 FY 2020 United States, funded plan $ 1,468 $ 1,468 $ - $ - $ 2,880 United States, unfunded plan 58 114 56 111 102 United Kingdom 193 377 192 388 - Germany, unfunded plan - - - - 280 Ireland - - - - 63 $ 1,719 $ 1,959 $ 248 $ 499 $ 3,325 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 ) Income Taxes The Company's effective tax rate from continuing operations for the second 2020 2020 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 4 ) Earnings Per Share The following table sets forth a reconciliation of the number of shares (in thousands) used in the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Basic - Average shares outstanding 12,376 12,636 12,359 12,667 Dilutive effect of unvested, restricted stock awards 79 49 68 70 Diluted - Average shares outstanding 12,455 12,685 12,427 12,737 Earnings available to common stockholders are the same for computing both basic and diluted earnings per share. No options to purchase common stock were excluded as anti-dilutive from the calculation of diluted earnings per share for the three six December 31, 2019 2018, Performance stock units of 86,806 and 75,191 for the six December 31, 2019 2018, not |
Note 15 - Comprehensive Income
Note 15 - Comprehensive Income (Loss) | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 5 ) Comprehensive Income (L oss) The components of the Company’s accumulated other comprehensive income (loss) are as follows (in thousands): December 31, 2019 June 30, 2019 Foreign currency translation adjustment $ (28,828 ) $ (27,658 ) Unrealized pension losses, net of tax (105,182 ) (107,380 ) Unrealized losses on derivative instruments, net of tax (2,394 ) (2,240 ) Total $ (136,404 ) $ (137,278 ) |
Note 16 - Contingencies
Note 16 - Contingencies | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 6 ) Contingencies From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not |
Note 17 - Industry Segment Info
Note 17 - Industry Segment Information | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 ) Industry Segment Information The Company has determined that it has five reportable segments organized around the types of product sold: • Engraving – provides mold texturizing, slush molding tools, tool finishing, project management and design services, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Electronics – manufacturing of electronic components for applications throughout the end-user market spectrum; • 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 of single and double-acting telescopic and piston rod hydraulic cylinders; and • Food Service Equipment – a manufacturer of commercial food service equipment and scientific refrigeration equipment; Net sales and income (loss) from continuing operations by segment for the three six December 31, 2019 2018 Three Months Ended December 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 38,256 $ 38,485 $ 6,916 $ 6,849 Electronics 45,834 52,700 7,776 10,376 Engineering Technologies 26,495 23,568 3,422 2,061 Hydraulics 11,316 12,116 1,818 1,929 Food Service Equipment 68,684 68,653 6,773 5,190 Corporate (7,378 ) (5,162 ) Restructuring costs (720 ) (177 ) Acquisition-related costs (773 ) (859 ) Other operating (income) expense, net - - Sub-total $ 190,585 $ 195,522 $ 17,834 $ 20,207 Interest expense (1,928 ) (3,123 ) Other non-operating expense (588 ) (750 ) Income from continuing operations before income taxes $ 15,318 $ 16,334 Six Months Ended December 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 76,687 $ 74,466 $ 13,454 $ 14,398 Electronics 92,452 104,150 15,875 23,163 Engineering Technologies 51,139 44,351 6,781 3,836 Hydraulics 25,064 24,651 4,345 3,512 Food Service Equipment 141,681 140,991 15,145 11,857 Corporate (16,664 ) (11,743 ) Restructuring costs (2,199 ) (624 ) Acquisition-related costs (1,507 ) (1,547 ) Other operating (income) expense, net 1,045 - Sub-total $ 387,023 $ 388,609 $ 36,275 $ 42,852 Interest expense (4,050 ) (5,368 ) Other non-operating income 328 (1,015 ) Income from continuing operations before income taxes $ 32,553 $ 36,469 Net sales include only transactions with unaffiliated customers and include no The Company’s identifiable assets at December 31, 2019 June 30, 2019 December 31, 2019 June 30, 2019 Engraving $ 267,727 $ 233,569 Electronics 329,239 332,326 Engineering Technologies 153,022 149,628 Hydraulics 26,450 28,132 Food Service Equipment 170,595 159,656 Corporate & Other 20,782 18,578 Total $ 967,815 $ 921,889 |
Note 18 - Restructuring
Note 18 - Restructuring | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 18 The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. 2020 The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. Restructuring expenses primarily related to headcount reductions and facility rationalization within our Engraving segment. Thus far, during fiscal year 2020, third Prior Year Restructuring Initiatives During the fiscal year 2019, 1 2 3 A summary of charges by initiative is as follows (in thousands): Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Fiscal 2020 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 795 $ (134 ) $ 661 $ 1,795 $ 345 $ 2,140 Prior year initiatives - 59 $ 59 - 59 $ 59 $ 795 $ (75 ) $ 720 $ 1,795 $ 404 $ 2,199 Three Months Ended Six Months Ended December 31, 2018 December 31, 2018 Fiscal 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 297 $ (280 ) $ 17 $ 297 $ 70 $ 367 Prior year initiatives 40 120 160 125 132 257 $ 337 $ (160 ) $ 177 $ 422 $ 202 $ 624 Activity in the reserve related to the initiatives is as follows (in thousands): Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2019 $ - $ - $ - Additions and adjustments 1,795 345 2,140 Payments (1,795 ) (345 ) (2,140 ) Restructuring liabilities at December 31, 2019 $ - $ - $ - Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 147 $ 5 $ 152 Additions and adjustments - 59 59 Payments (147 ) (61 ) (208 ) Restructuring liabilities at December 31, 2018 $ - $ 3 $ 3 The Company’s total restructuring expenses by segment are as follows (in thousands): Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Engraving $ 572 $ (134 ) $ 438 $ 1,132 $ 345 $ 1,477 Electronics - 59 59 - 59 59 Engineering Technologies - - - - - - Food Service Equipment 150 - 150 241 - 241 Corporate 73 - 73 422 - 422 $ 795 $ (75 ) $ 720 $ 1,795 $ 404 $ 2,199 Three Months Ended Six Months Ended December 31, 2018 December 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Engraving $ 20 $ - $ 20 $ 67 $ - $ 67 Electronics - - - - 12 12 Engineering Technologies - 99 99 17 99 116 Food Service Equipment 255 91 346 276 91 367 Corporate 62 (350 ) (288 ) 62 - 62 $ 337 $ (160 ) $ 177 $ 422 $ 202 $ 624 Restructuring expense is expected to be approximately $1.0 million 2020. |
Note 19 - Leases
Note 19 - Leases | 6 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 19 Effective July 1, 2019, 2016 02, Leases (Topic 842 840, 840” not At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one not Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not not The Company has elected not one not Amounts (in thousands) recorded in the Company's Condensed Consolidated Balance Sheet and Statement of Operations related to leases are as follows: December 31, 2019 Assets ROU Assets (other assets) $ 42,959 Liabilities Current (accrued expense) $ 8,503 Other non-current liability 33,728 Total lease liability $ 42,231 Lease cost The components of lease costs for the three six September 30, 2019 December 31, 2019 Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Operating lease cost1 $ 3,120 $ 5,961 1 Maturity of lease liability The maturity of the Company's lease liabilities at December 31, 2019 Operating Leases Remainder of 2020 $ 4,809 2021 7,929 2022 6,357 2023 4,449 2024 3,885 After 2024 20,198 Less: Interest (5,396 ) Present value of lease Liabilities $ 42,231 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term (years) Operating leases 10.42 Weighted average discount rate (percentage) Operating leases 2.6 % Other Information Supplemental cash flow information related to leases is as follows: Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Operating cash flows from operating leases $ 2,573 $ 5,148 Total cash paid for amounts included in the measurement of lease liabilities 2,573 5,148 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Business Combination, Acquisition Related Costs [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Deferred compensation arrangements $ 467 $ 703 $ 1,170 $ 1,370 Other acquisition-related costs 306 156 337 177 Total $ 773 $ 859 $ 1,507 $ 1,547 |
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 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 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 Final Allocation 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 Final Allocation Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 $ (35 ) $ 1,893 Inventories 2,506 268 2,774 Customer Backlog - 200 200 Property, plant, & equipment 1,318 (348 ) 970 Identifiable intangible assets 13,718 3,632 17,350 Goodwill 20,142 (3,708 ) 16,434 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 June 30, 2019 Adjustments Adjusted Preliminary Allocation December 31, 2019 Fair value of business combination: Cash payments $ 30,502 $ - $ 30,502 Less, cash acquired (622 ) - (622 ) Total $ 29,880 $ - $ 29,880 Preliminary Allocation June 30, 2019 Adjustments Adjusted Preliminary Allocation December 31, 2019 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 $ (72 ) $ 2,125 Inventories 228 (75 ) 153 Customer Backlog 180 - 180 Property, plant, & equipment 1,391 - 1,391 Identifiable intangible assets 8,910 - 8,910 Goodwill 17,976 147 18,123 Liabilities assumed (1,002 ) - (1,002 ) Total $ 29,880 $ - $ 29,880 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Revenue by Product Line December 31, 2019 December 31, 2018 Engraving Services 35,671 35,796 Engraving Products 2,585 2,689 Total Engraving 38,256 38,485 Electronics 45,834 52,700 Engineering Technologies Components 26,495 23,568 Hydraulics Cylinders and Systems 11,316 12,116 Refrigeration $ 52,274 $ 52,217 Merchandising & Display 8,692 9,065 Pumps 7,718 7,371 Total Food Service Equipment 68,684 68,653 Total Revenue by Product Line $ 190,585 $ 195,522 Six Months Ended Revenue by Product Line December 31, 2019 December 31, 2018 Engraving Services 71,737 69,653 Engraving Products 4,950 4,813 Total Engraving 76,687 74,466 Electronics 92,452 104,150 Engineering Technologies Components 51,139 44,351 Hydraulics Cylinders and Systems 25,064 24,651 Refrigeration $ 107,407 $ 106,664 Merchandising & Display 18,515 18,229 Pumps 15,759 16,098 Total Food Service Equipment 141,681 140,991 Total Revenue by Product Line $ 387,023 $ 388,609 Three Months Ended Six Months Ended Net sales December 31, 2019 December 31, 2019 United States $ 129,126 $ 263,419 Asia Pacific 24,560 48,906 EMEA (1) 32,462 66,762 Other Americas 4,437 7,936 Total $ 190,585 $ 387,023 Three Months Ended Timing of Revenue Recognition December 31, 2019 December 31, 2018 Products and services transferred at a point in time $ 181,117 $ 188,093 Products transferred over time 9,468 7,429 Net Sales $ 190,585 $ 195,522 Six Months Ended Timing of Revenue Recognition December 31, 2019 December 31, 2018 Products and services transferred at a point in time $ 371,071 $ 375,998 Products transferred over time 15,952 12,611 Net Sales $ 387,023 $ 388,609 |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of Period Additions Deductions Balance at End of Period Six months ended December 31, 2019 Contract assets: Prepaid and other current assets 8,418 15,670 15,956 8,132 Contract liabilities: Customer deposits 1,358 6,154 5,884 1,628 December 31, 2019 Revenue recognized in the period from: Three months ended Six months ended Amounts included in the contract liability balance at the beginning of the period $ 24 $ 1,358 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,298 $ 2,298 $ - $ - Liabilities Foreign exchange contracts $ 3,157 $ - $ 3,157 $ - Interest rate swaps 1,364 - 1,364 - Contingent acquisition payments (a) 742 - - 742 June 30, 2019 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,354 $ 2,354 $ - $ - Foreign exchange contracts - - - - Interest rate swaps $ 52 - 52 - Liabilities Foreign exchange contracts $ 3,052 $ - $ 3,052 $ - Interest rate swaps 1,432 - 1,432 - Contingent acquisition payments (a) 6,418 - - 6,418 |
Note 5 - Discontinued Operati_2
Note 5 - Discontinued Operations (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Net Sales $ - $ 23,980 $ - $ 48,427 Income from Operations $ (264 ) $ 1,777 $ (70 ) $ 3,608 Profit Before Taxes $ (275 ) $ 1,119 $ (250 ) $ 3,016 Benefit (Provision) for Taxes 104 (195 ) 68 (528 ) Net income from Discontinued Operations $ (171 ) $ 924 $ (182 ) $ 2,488 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 June 30, 2019 Raw materials $ 49,510 $ 43,117 Work in process 29,273 28,120 Finished goods 29,730 17,408 Total $ 108,513 $ 88,645 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2019 Acquisitions Translation Adjustment December 31, 2019 Engraving $ 79,776 $ 147 $ (32 ) $ 79,891 Electronics 131,317 820 (627 ) 131,510 Engineering Technologies 43,890 - 396 44,286 Hydraulics 3,059 - - 3,059 Food Service Equipment 23,461 - - 23,461 Total $ 281,503 $ 967 $ (263 ) $ 282,207 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Customer Relationships Tradenames (Indefinite-lived) Developed Technology Other Total December 31, 2019 Cost $ 74,272 $ 19,711 $ 54,790 $ 5,492 $ 154,265 Accumulated amortization (27,991 ) - (10,805 ) (3,802 ) (42,598 ) Balance, December 31, 2019 $ 46,281 $ 19,711 $ 43,985 $ 1,690 $ 111,667 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 |
Note 9 - Warranties (Tables)
Note 9 - Warranties (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 2019 June 30, 2019 Balance at beginning of year $ 5,278 $ 4,966 Acquisitions and other 10 (85 ) Warranty expense 3,359 5,016 Warranty claims (2,994 ) (4,619 ) Balance at end of period $ 5,653 $ 5,278 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2019 June 30, 2019 Bank credit agreements $ 188,000 $ 198,800 Total funded debt 188,000 198,800 Issuance Cost (1,020 ) (1,190 ) Total long-term debt $ 186,980 $ 197,610 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year December 31, 2019 2020 $ - 2021 - 2022 - 2023 - 2024 188,000 Thereafter - Total Debt 188,000 Issuance cost (1,020 ) Debt net of issuance cost $ 186,980 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Amount Fixed Interest Rate Maturity December 31, 2019 June 30, 2019 December 19, 2015 10,000 2.01% December 19, 2019 $ - $ 3 May 24, 2017 25,000 1.88% April 24, 2022 (203 ) (190 ) May 24, 2017 25,000 1.67% May 24, 2020 - 49 August 6, 2018 25,000 2.83% August 6, 2023 (1,160 ) (1,242 ) $ (1,363) $ (1,380) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency December 31, 2019 June 30, 2019 USD 46,278 55,015 EUR 5,750 5,750 CAD 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives December 31, 2019 June 30, 2019 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ - Other Assets $ 52 Foreign exchange contracts Other Assets - Other Assets - $ - $ 52 Liability Derivatives December 31, 2019 June 30, 2019 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 1,364 Accrued Liabilities $ 1,432 Foreign exchange contracts Accrued Liabilities 3,157 Accrued Liabilities 3,052 $ 4,521 $ 4,484 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Interest rate swaps $ (546 ) $ (1,768 ) $ (443 ) $ (1,372 ) Foreign exchange contracts (844 ) (2,969 ) 206 (3,003 ) $ (1,390 ) $ (4,737 ) $ (237 ) $ (4,375 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive Three Months Ended Six Months Ended in the Unaudited Income (Loss) Components December 31, December 31, Condensed Statements 2019 2018 2019 2018 of Operations Interest rate swaps $ 59 $ (101 ) $ 29 $ (162 ) Interest expense Foreign exchange contracts 1,123 3,032 (48 ) 2,434 Interest expense $ 1,182 $ 2,931 $ (19 ) $ 2,272 |
Note 12 - Retirement Benefits (
Note 12 - Retirement Benefits (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plan Contributions [Table Text Block] | Fiscal Year 2020 Fiscal Year 2019 Remaining Three Months Ended Six Months Ended Three Months Ended Six Months Ended Contributions Contributions to defined benefit plans December 31, 2019 December 31, 2019 December 31, 2018 December 31, 2018 FY 2020 United States, funded plan $ 1,468 $ 1,468 $ - $ - $ 2,880 United States, unfunded plan 58 114 56 111 102 United Kingdom 193 377 192 388 - Germany, unfunded plan - - - - 280 Ireland - - - - 63 $ 1,719 $ 1,959 $ 248 $ 499 $ 3,325 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 1 $ 1 $ 10 $ 9 Interest cost 2,271 2,586 213 249 Expected return on plan assets (3,288 ) (3,385 ) (221 ) (225 ) Recognized net actuarial loss 1,275 1,030 165 84 Net periodic benefit cost $ 259 $ 232 $ 167 $ 117 U.S. Plans Non-U.S. Plans Six Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 2 $ 2 $ 20 $ 17 Interest cost 4,542 5,171 418 503 Expected return on plan assets (6,575 ) (6,771 ) (432 ) (453 ) Recognized net actuarial loss 2,551 2,061 323 170 Net periodic benefit cost $ 520 $ 463 $ 329 $ 237 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Basic - Average shares outstanding 12,376 12,636 12,359 12,667 Dilutive effect of unvested, restricted stock awards 79 49 68 70 Diluted - Average shares outstanding 12,455 12,685 12,427 12,737 |
Note 15 - Comprehensive Incom_2
Note 15 - Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2019 June 30, 2019 Foreign currency translation adjustment $ (28,828 ) $ (27,658 ) Unrealized pension losses, net of tax (105,182 ) (107,380 ) Unrealized losses on derivative instruments, net of tax (2,394 ) (2,240 ) Total $ (136,404 ) $ (137,278 ) |
Note 17 - Industry Segment In_2
Note 17 - Industry Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended December 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 38,256 $ 38,485 $ 6,916 $ 6,849 Electronics 45,834 52,700 7,776 10,376 Engineering Technologies 26,495 23,568 3,422 2,061 Hydraulics 11,316 12,116 1,818 1,929 Food Service Equipment 68,684 68,653 6,773 5,190 Corporate (7,378 ) (5,162 ) Restructuring costs (720 ) (177 ) Acquisition-related costs (773 ) (859 ) Other operating (income) expense, net - - Sub-total $ 190,585 $ 195,522 $ 17,834 $ 20,207 Interest expense (1,928 ) (3,123 ) Other non-operating expense (588 ) (750 ) Income from continuing operations before income taxes $ 15,318 $ 16,334 Six Months Ended December 31, Net Sales Income from Operations 2019 2018 2019 2018 Segment: Engraving $ 76,687 $ 74,466 $ 13,454 $ 14,398 Electronics 92,452 104,150 15,875 23,163 Engineering Technologies 51,139 44,351 6,781 3,836 Hydraulics 25,064 24,651 4,345 3,512 Food Service Equipment 141,681 140,991 15,145 11,857 Corporate (16,664 ) (11,743 ) Restructuring costs (2,199 ) (624 ) Acquisition-related costs (1,507 ) (1,547 ) Other operating (income) expense, net 1,045 - Sub-total $ 387,023 $ 388,609 $ 36,275 $ 42,852 Interest expense (4,050 ) (5,368 ) Other non-operating income 328 (1,015 ) Income from continuing operations before income taxes $ 32,553 $ 36,469 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2019 June 30, 2019 Engraving $ 267,727 $ 233,569 Electronics 329,239 332,326 Engineering Technologies 153,022 149,628 Hydraulics 26,450 28,132 Food Service Equipment 170,595 159,656 Corporate & Other 20,782 18,578 Total $ 967,815 $ 921,889 |
Note 18 - Restructuring (Tables
Note 18 - Restructuring (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Fiscal 2020 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 795 $ (134 ) $ 661 $ 1,795 $ 345 $ 2,140 Prior year initiatives - 59 $ 59 - 59 $ 59 $ 795 $ (75 ) $ 720 $ 1,795 $ 404 $ 2,199 Three Months Ended Six Months Ended December 31, 2018 December 31, 2018 Fiscal 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 297 $ (280 ) $ 17 $ 297 $ 70 $ 367 Prior year initiatives 40 120 160 125 132 257 $ 337 $ (160 ) $ 177 $ 422 $ 202 $ 624 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2019 $ - $ - $ - Additions and adjustments 1,795 345 2,140 Payments (1,795 ) (345 ) (2,140 ) Restructuring liabilities at December 31, 2019 $ - $ - $ - Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ 147 $ 5 $ 152 Additions and adjustments - 59 59 Payments (147 ) (61 ) (208 ) Restructuring liabilities at December 31, 2018 $ - $ 3 $ 3 |
Restructuring Expenses By Segment [Table Text Block] | Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Engraving $ 572 $ (134 ) $ 438 $ 1,132 $ 345 $ 1,477 Electronics - 59 59 - 59 59 Engineering Technologies - - - - - - Food Service Equipment 150 - 150 241 - 241 Corporate 73 - 73 422 - 422 $ 795 $ (75 ) $ 720 $ 1,795 $ 404 $ 2,199 Three Months Ended Six Months Ended December 31, 2018 December 31, 2018 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Engraving $ 20 $ - $ 20 $ 67 $ - $ 67 Electronics - - - - 12 12 Engineering Technologies - 99 99 17 99 116 Food Service Equipment 255 91 346 276 91 367 Corporate 62 (350 ) (288 ) 62 - 62 $ 337 $ (160 ) $ 177 $ 422 $ 202 $ 624 |
Note 19 - Leases (Tables)
Note 19 - Leases (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Amounts Recorded in Balance Sheet and Statement of Operations [Table Text Block] | December 31, 2019 Assets ROU Assets (other assets) $ 42,959 Liabilities Current (accrued expense) $ 8,503 Other non-current liability 33,728 Total lease liability $ 42,231 |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Operating lease cost1 $ 3,120 $ 5,961 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2020 $ 4,809 2021 7,929 2022 6,357 2023 4,449 2024 3,885 After 2024 20,198 Less: Interest (5,396 ) Present value of lease Liabilities $ 42,231 |
Lessee, Lease, Additional Information [Table Text Block] | Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term (years) Operating leases 10.42 Weighted average discount rate (percentage) Operating leases 2.6 % Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Operating cash flows from operating leases $ 2,573 $ 5,148 Total cash paid for amounts included in the measurement of lease liabilities 2,573 5,148 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | Aug. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2018 |
Goodwill, Ending Balance | $ 281,503 | $ 282,207 | $ 281,503 | $ 282,207 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 0 | $ 95,918 | |||||||||||
GS Engineering [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | 30,502 | 30,500 | 30,502 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 8,910 | 8,910 | $ 8,900 | 8,910 | 8,910 | $ 8,900 | $ 8,900 | ||||||
Goodwill, Ending Balance | 17,976 | 18,123 | 18,100 | $ 17,976 | 18,123 | 18,100 | 18,100 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 29,880 | 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 | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 | 17,350 | $ 13,718 | $ 17,350 | 17,350 | ||||||||
Goodwill, Ending Balance | 20,142 | 16,434 | 20,142 | 16,434 | 16,434 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193 | 39,200 | 39,193 | ||||||||||
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 | ||||||||||
Agile Magnetics [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 13,500 | 13,500 | 13,500 | ||||||||||
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 | ||||||||||
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 | $ 16,900 | $ 16,860 | 15,960 | 16,860 | 16,860 | |||||||
Goodwill, Ending Balance | 32,949 | $ 34,360 | 32,949 | $ 34,360 | 34,360 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 56,726 | 57,300 | $ 56,726 | ||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 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 | ||||||||||||
Tenibac-Graphion, Inc. [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 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 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||
Piazza Rosa Group [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 10,100 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 900 | $ 900 | |||||||||||
Other Payments to Acquire Businesses | $ 2,800 | $ 2,600 | |||||||||||
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 | $ 500 | $ 1,200 |
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 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 95,918 | |||
Goodwill, Ending Balance | $ 281,503 | $ 281,503 | 282,207 | ||
GS Engineering [Member] | |||||
Cash payments | 30,502 | 30,500 | 30,502 | ||
Less, cash acquired | (622) | (622) | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 29,880 | 29,880 | |||
Other acquired assets | 2,197 | 2,197 | 2,125 | ||
Other acquired assets | (72) | ||||
Inventories | 228 | 228 | 153 | ||
Inventories, Adjustments | (75) | ||||
Customer Backlog | 180 | 180 | 180 | ||
Property, plant, & equipment | 1,391 | 1,391 | 1,391 | ||
Identifiable intangible assets | 8,910 | 8,910 | 8,910 | $ 8,900 | |
Goodwill, Ending Balance | 17,976 | 17,976 | 18,123 | $ 18,100 | |
Goodwill, Adjustments | 147 | ||||
Liabilities assumed | $ (1,002) | $ (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 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 95,918 | ||||
Goodwill, Ending Balance | $ 282,207 | $ 281,503 | ||||
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 | |||
Other acquired assets | (35) | |||||
Inventories | 2,506 | 2,506 | 2,774 | |||
Inventories, Adjustments | 268 | |||||
Customer Backlog | 0 | 0 | 200 | |||
Customer Backlog, Adjustments | 200 | |||||
Property, plant, & equipment | 1,318 | 1,318 | 970 | |||
Property, plant, & equipment, Adjustments | (348) | |||||
Identifiable intangible assets | 13,718 | 13,718 | 17,350 | |||
Identifiable intangible assets, Adjustments | 3,632 | |||||
Goodwill, Ending Balance | 20,142 | 20,142 | 16,434 | |||
Goodwill, Adjustments | (3,708) | |||||
Liabilities assumed | $ (419) | $ (419) | (428) | |||
Liabilities assumed, Adjustments | $ (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 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 95,918 | ||||
Goodwill, Ending Balance | $ 282,207 | $ 281,503 | ||||
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 | ||||
Other acquired assets | (1,253) | |||||
Inventories | 324 | 324 | ||||
Inventories, Adjustments | 0 | |||||
Customer Backlog | 1,000 | 200 | ||||
Customer Backlog, Adjustments | (800) | |||||
Property, plant, & equipment | 2,490 | 2,471 | ||||
Property, plant, & equipment, Adjustments | (19) | |||||
Identifiable intangible assets | 15,960 | $ 16,900 | 16,860 | |||
Identifiable intangible assets, Adjustments | 900 | |||||
Goodwill, Ending Balance | 32,949 | 34,360 | ||||
Goodwill, Adjustments | 1,411 | |||||
Liabilities assumed | $ (1,020) | (1,259) | ||||
Liabilities assumed, Adjustments | $ (239) |
Note 2 - Acquisitions - Compo_4
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquisition related costs | $ 773 | $ 859 | $ 1,507 | $ 1,547 |
Deferred Compensation Arrangements [Member] | ||||
Acquisition related costs | 467 | 703 | 1,170 | 1,370 |
Other Acquisition-related Costs [Member] | ||||
Acquisition related costs | $ 306 | $ 156 | $ 337 | $ 177 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers - Revenue Disaggregated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net sales | $ 190,585 | $ 195,522 | $ 387,023 | $ 388,609 | |
Transferred at Point in Time [Member] | |||||
Net sales | 181,117 | 188,093 | 371,071 | 375,998 | |
Transferred over Time [Member] | |||||
Net sales | 9,468 | 7,429 | 15,952 | 12,611 | |
UNITED STATES | |||||
Net sales | 129,126 | 263,419 | |||
Asia Pacific [Member] | |||||
Net sales | 24,560 | 48,906 | |||
EMEA [Member] | |||||
Net sales | [1] | 32,462 | 66,762 | ||
Other Americas [Member] | |||||
Net sales | 4,437 | 7,936 | |||
Engraving Group [Member] | |||||
Net sales | 38,256 | 38,485 | 76,687 | 74,466 | |
Engraving Group [Member] | Engraving Services [Member] | |||||
Net sales | 35,671 | 35,796 | 71,737 | 69,653 | |
Engraving Group [Member] | Engraving Products [Member] | |||||
Net sales | 2,585 | 2,689 | 4,950 | 4,813 | |
Electronics Products Group [Member] | |||||
Net sales | 45,834 | 52,700 | 92,452 | 104,150 | |
Engineering Technologies Group [Member] | |||||
Net sales | 26,495 | 23,568 | 51,139 | 44,351 | |
Engineering Technologies Group [Member] | Engineering Technologies Components [Member] | |||||
Net sales | 26,495 | 23,568 | 51,139 | 44,351 | |
Hydraulics Group [Member] | Hydraulics Cylinders and System [Member] | |||||
Net sales | 11,316 | 12,116 | 25,064 | 24,651 | |
Food Service Equipment Group [Member] | |||||
Net sales | 68,684 | 68,653 | 141,681 | 140,991 | |
Food Service Equipment Group [Member] | Refrigeration [Member] | |||||
Net sales | 52,274 | 52,217 | 107,407 | 106,664 | |
Food Service Equipment Group [Member] | Merchandising & Display [Member] | |||||
Net sales | 8,692 | 9,065 | 18,515 | 18,229 | |
Food Service Equipment Group [Member] | Pumps [Member] | |||||
Net sales | $ 7,718 | $ 7,371 | $ 15,759 | $ 16,098 | |
[1] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Contract assets, Prepaid and other current assets, balance | $ 8,418 | |
Contract assets, Prepaid and other current assets, Additions | 15,670 | |
Contract assets, Prepaid and other current assets, Deductions | 15,956 | |
Contract assets, Prepaid and other current assets, balance | $ 8,132 | 8,132 |
Balance | 1,358 | |
Customer deposits, additions | 6,154 | |
Customer deposits, deductions | 5,884 | |
Balance | 1,628 | 1,628 |
Amounts included in the contract liability balance at the beginning of the period | $ 24 | $ 1,358 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 | |
Foreign exchange contracts | $ 3,157 | $ 0 | |
Interest rate swaps | 1,364 | 52 | |
Contingent acquisition payments (a) | [1] | 742 | 6,418 |
Foreign exchange contracts | 3,052 | ||
Interest rate swaps | 1,432 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Foreign exchange contracts | 0 | 0 | |
Interest rate swaps | 0 | 0 | |
Contingent acquisition payments (a) | [1] | 0 | 0 |
Foreign exchange contracts | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Foreign exchange contracts | 3,157 | 0 | |
Interest rate swaps | 1,364 | 52 | |
Contingent acquisition payments (a) | [1] | 0 | 0 |
Foreign exchange contracts | 3,052 | ||
Interest rate swaps | 1,432 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Foreign exchange contracts | 0 | 0 | |
Interest rate swaps | 0 | 0 | |
Contingent acquisition payments (a) | [1] | 742 | 6,418 |
Foreign exchange contracts | 0 | ||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,298 | 2,354 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,298 | 2,354 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities - deferred compensation plan | 0 | 0 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities - deferred compensation plan | $ 0 | $ 0 | |
[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 5 - Discontinued Operati_3
Note 5 - Discontinued Operations (Details Textual) - Cooking Solutions Group [Member] - Discontinued Operations [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Sep. 30, 2018 | |
Number of Operating Segments | 3 | |
Middleby Corporation [Member] | ||
Disposal Group, Including Discontinued Operation, Cash Purchase Price | $ 105 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 20.5 | |
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 4.4 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 106.9 |
Note 5 - Discontinued Operati_4
Note 5 - Discontinued Operations - Earnings (Losses) and Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 0 | $ 23,980 | $ 0 | $ 48,427 |
Income from Operations | (264) | 1,777 | (70) | 3,608 |
Profit Before Taxes | (275) | 1,119 | (250) | 3,016 |
Benefit (Provision) for Taxes | 104 | (195) | 68 | (528) |
Net income from Discontinued Operations | $ (171) | $ 924 | $ (182) | $ 2,488 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selling Expense | $ 5 | $ 4.8 | $ 10 | $ 8.9 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Raw materials | $ 49,510 | $ 43,117 |
Work in process | 29,273 | 28,120 |
Finished goods | 29,730 | 17,408 |
Total | $ 108,513 | $ 88,645 |
Note 7 - Goodwill - Changes to
Note 7 - Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Goodwill | $ 282,207 | $ 281,503 |
Acquisitions | 967 | |
Translation Adjustment | (263) | |
Engraving Group [Member] | ||
Goodwill | 79,891 | 79,776 |
Acquisitions | 147 | |
Translation Adjustment | (32) | |
Electronics Products Group [Member] | ||
Goodwill | 131,510 | 131,317 |
Acquisitions | 820 | |
Translation Adjustment | (627) | |
Engineering Technologies Group [Member] | ||
Goodwill | 44,286 | 43,890 |
Acquisitions | 0 | |
Translation Adjustment | 396 | |
Hydraulics Products Group [Member] | ||
Goodwill | 3,059 | 3,059 |
Acquisitions | 0 | |
Translation Adjustment | 0 | |
Food Service Equipment Group [Member] | ||
Goodwill | 23,461 | $ 23,461 |
Acquisitions | 0 | |
Translation Adjustment | $ 0 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 2.9 | $ 3 | $ 5.8 | $ 4.7 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 5.8 | 5.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11 | 11 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 10.3 | 10.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 9.6 | 9.6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8.7 | 8.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 46.5 | $ 46.5 |
Note 8 - Intangible Assets - Su
Note 8 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Cost | $ 154,265 | $ 155,651 |
Accumulated amortization | (42,598) | (36,991) |
Intangible assets, net | 111,667 | 118,660 |
Trademarks [Member] | ||
Cost | 19,711 | 19,977 |
Accumulated amortization | 0 | 0 |
Intangible assets, net | 19,711 | 19,977 |
Customer Relationships [Member] | ||
Cost | 74,272 | 75,018 |
Accumulated amortization | (27,991) | (24,476) |
Intangible assets, net | 46,281 | 50,542 |
Acquired Technology [Member] | ||
Cost | 54,790 | 55,164 |
Accumulated amortization | (10,805) | (8,765) |
Intangible assets, net | 43,985 | 46,399 |
Other Intangible Assets [Member] | ||
Cost | 5,492 | 5,492 |
Accumulated amortization | (3,802) | (3,750) |
Intangible assets, net | $ 1,690 | $ 1,742 |
Note 9 - Warranties - Changes i
Note 9 - Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Balance at beginning of year | $ 5,278 | $ 4,966 |
Acquisitions and other | 10 | (85) |
Warranty expense | 3,359 | 5,016 |
Warranty claims | (2,994) | (4,619) |
Balance at end of period | $ 5,653 | $ 5,278 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Amended and Restated Credit Agreement [Member] | |
Debt Instrument, Term | 5 years |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Line Of Credit, Accordion Feature | 250 |
Swing Line Loan [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 10 |
Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 35 |
Standby Letters of Credit [Member] | |
Long-term Line of Credit, Total | 7.6 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 252.3 |
Note 10 - Debt - Long-term Debt
Note 10 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Funded debt | $ 188,000 | $ 198,800 |
Issuance Cost | (1,020) | (1,190) |
Total long-term debt | 186,980 | 197,610 |
Line of Credit [Member] | ||
Funded debt | $ 188,000 | $ 198,800 |
Note 10 - Debt - Maturities of
Note 10 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
2020 | $ 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 188,000 | |
Thereafter | 0 | |
Total Debt | 188,000 | $ 198,800 |
Issuance cost | (1,020) | (1,190) |
Debt net of issuance cost | $ 186,980 | $ 197,610 |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Jun. 30, 2019 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 75,000 | $ 75,000 | |
Derivative, Average Fixed Interest Rate | 2.13% | 2.13% | |
Foreign Exchange Forward [Member] | |||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ (3,100) | $ (3,100) | $ (3,100) |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value, Liability | $ (203) | $ (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 | $ 0 | (49) |
Fair Value, Asset | 0 | 49 |
Interest Rate Swap Effective August 6, 2018 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 2.83% | |
Maturity | Aug. 6, 2023 | |
Fair Value, Liability | $ (1,160) | $ (1,242) |
Note 11 - Derivative Financia_5
Note 11 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, $ in Thousands, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 30, 2019CAD ($) |
Derivative, Notional Amount | $ 46,278 | € 5,750 | $ 20.6 | $ 55,015 | € 5,750 | $ 20.6 |
Notional Amount | $ 46,278 | € 5,750 | $ 20.6 | $ 55,015 | € 5,750 | $ 20.6 |
Note 11 - Derivative Financia_6
Note 11 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Other Assets [Member] | ||
Net assets | $ 0 | $ 52 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Asset | 0 | 52 |
Other Assets [Member] | Foreign Exchange Contract [Member] | ||
Asset | 0 | 0 |
Other Liabilities [Member] | ||
Net liability | 4,521 | 4,484 |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Liability | 1,364 | 1,432 |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Liability | $ 3,157 | $ 3,052 |
Note 11 - Derivative Financia_7
Note 11 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in unrealized (losses) | $ (1,390) | $ (4,737) | $ (237) | $ (4,375) |
Interest Rate Swap [Member] | ||||
Change in unrealized (losses) | (546) | (1,768) | (443) | (1,372) |
Foreign Exchange Contract [Member] | ||||
Change in unrealized (losses) | $ (844) | $ (2,969) | $ 206 | $ (3,003) |
Note 11 - Derivative Financia_8
Note 11 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated other comprehensive income (loss) component | $ 1,182 | $ 2,931 | $ (19) | $ 2,272 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Accumulated other comprehensive income (loss) component | 59 | (101) | 29 | (162) |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||
Accumulated other comprehensive income (loss) component | $ 1,123 | $ 3,032 | $ (48) | $ 2,434 |
Note 12 - Retirement Benefits -
Note 12 - Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
UNITED STATES | ||||
Service cost | $ 1 | $ 1 | $ 2 | $ 2 |
Interest cost | 2,271 | 2,586 | 4,542 | 5,171 |
Expected return on plan assets | (3,288) | (3,385) | (6,575) | (6,771) |
Recognized net actuarial loss | 1,275 | 1,030 | 2,551 | 2,061 |
Net periodic benefit cost | 259 | 232 | 520 | 463 |
Foreign Plan [Member] | ||||
Service cost | 10 | 9 | 20 | 17 |
Interest cost | 213 | 249 | 418 | 503 |
Expected return on plan assets | (221) | (225) | (432) | (453) |
Recognized net actuarial loss | 165 | 84 | 323 | 170 |
Net periodic benefit cost | $ 167 | $ 117 | $ 329 | $ 237 |
Note 12 - Retirement Benefits_2
Note 12 - Retirement Benefits - Contributions to Defined Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contributions to defined benefit plans | $ 1,719 | $ 1,959 | $ 248 | $ 499 |
Remaining contributions to be made | 3,325 | 3,325 | ||
UNITED STATES | Funded Plan [Member] | ||||
Contributions to defined benefit plans | 1,468 | 1,468 | 0 | 0 |
Remaining contributions to be made | 2,880 | 2,880 | ||
UNITED STATES | Unfunded Plan [Member] | ||||
Contributions to defined benefit plans | 58 | 114 | 56 | 111 |
Remaining contributions to be made | 102 | 102 | ||
UNITED KINGDOM | ||||
Contributions to defined benefit plans | 193 | 377 | 192 | 388 |
Remaining contributions to be made | 0 | 0 | ||
GERMANY | Unfunded Plan [Member] | ||||
Contributions to defined benefit plans | 0 | 0 | 0 | 0 |
Remaining contributions to be made | 280 | 280 | ||
IRELAND | ||||
Contributions to defined benefit plans | 0 | $ 0 | 0 | $ 0 |
Remaining contributions to be made | $ 63 | $ 63 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.00% | 23.60% | |
Effective Income Tax Rate Reconciliation, Section 965 Toll Tax, Amount | $ 0.8 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Performance Shares [Member] | ||||
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 86,806 | 75,191 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic - Average shares outstanding (in shares) | 12,376 | 12,636 | 12,359 | 12,667 |
Dilutive effect of unvested, restricted stock awards (in shares) | 79 | 49 | 68 | 70 |
Diluted - Average shares outstanding (in shares) | 12,455 | 12,685 | 12,427 | 12,737 |
Note 15 - Comprehensive Incom_3
Note 15 - Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Foreign currency translation adjustment | $ (28,828) | $ (27,658) |
Unrealized pension losses, net of tax | (105,182) | (107,380) |
Unrealized losses on derivative instruments, net of tax | (2,394) | (2,240) |
Total | $ (136,404) | $ (137,278) |
Note 17 - Industry Segment In_3
Note 17 - Industry Segment Information (Details Textual) | 6 Months Ended |
Dec. 31, 2019 | |
Number of Reportable Segments | 5 |
Note 17 - Industry Segment In_4
Note 17 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 190,585 | $ 195,522 | $ 387,023 | $ 388,609 |
Income from operations | 17,834 | 20,207 | 36,275 | 42,852 |
Restructuring costs | (720) | (177) | (2,199) | (624) |
Acquisition-related costs | (773) | (859) | (1,507) | (1,547) |
Other operating (income) expense, net | 0 | 0 | 1,045 | 0 |
Interest expense | (1,928) | (3,123) | (4,050) | (5,368) |
Other non-operating income (expense) | (588) | (750) | 328 | (1,015) |
Income from continuing operations before income taxes | 15,318 | 16,334 | 32,553 | 36,469 |
Engraving Group [Member] | ||||
Net sales | 38,256 | 38,485 | 76,687 | 74,466 |
Income from operations | 6,916 | 6,849 | 13,454 | 14,398 |
Restructuring costs | (438) | (20) | (1,477) | (67) |
Electronics Products Group [Member] | ||||
Net sales | 45,834 | 52,700 | 92,452 | 104,150 |
Income from operations | 7,776 | 10,376 | 15,875 | 23,163 |
Restructuring costs | (59) | 0 | (59) | (12) |
Engineering Technologies Group [Member] | ||||
Net sales | 26,495 | 23,568 | 51,139 | 44,351 |
Income from operations | 3,422 | 2,061 | 6,781 | 3,836 |
Restructuring costs | 0 | (99) | 0 | (116) |
Hydraulics Products Group [Member] | ||||
Net sales | 11,316 | 12,116 | 25,064 | 24,651 |
Income from operations | 1,818 | 1,929 | 4,345 | 3,512 |
Food Service Equipment Group [Member] | ||||
Net sales | 68,684 | 68,653 | 141,681 | 140,991 |
Income from operations | 6,773 | 5,190 | 15,145 | 11,857 |
Restructuring costs | (150) | (346) | (241) | (367) |
Corporate and Other [Member] | ||||
Income from operations | (7,378) | (5,162) | (16,664) | (11,743) |
Restructuring costs | $ (73) | $ 288 | $ (422) | $ (62) |
Note 17 - Industry Segment In_5
Note 17 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Assets | $ 967,815 | $ 921,889 |
Engraving Group [Member] | Continuing Operations [Member] | ||
Assets | 267,727 | 233,569 |
Electronics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 329,239 | 332,326 |
Engineering Technologies Group [Member] | Continuing Operations [Member] | ||
Assets | 153,022 | 149,628 |
Hydraulics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 26,450 | 28,132 |
Food Service Equipment Group [Member] | Continuing Operations [Member] | ||
Assets | 170,595 | 159,656 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Assets | $ 20,782 | $ 18,578 |
Note 18 - Restructuring (Detail
Note 18 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Costs, Total | $ 720 | $ 177 | $ 2,199 | $ 624 | |
Forecast [Member] | |||||
Restructuring Costs, Total | $ 1,000 |
Note 18 - Restructuring - Summa
Note 18 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring charges | $ 720 | $ 177 | $ 2,199 | $ 624 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 795 | 337 | 1,795 | 422 |
Other Restructuring [Member] | ||||
Restructuring charges | (75) | (160) | 404 | 202 |
Current Year Restructuring Initiatives [Member] | ||||
Restructuring charges | 661 | 17 | 2,140 | 367 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 795 | 297 | 1,795 | 297 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | (134) | (280) | 345 | 70 |
Prior Year Initiatives [Member] | ||||
Restructuring charges | 59 | 160 | 59 | 257 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 0 | 40 | 0 | 125 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 59 | $ 120 | $ 59 | $ 132 |
Note 18 - Restructuring - Sum_2
Note 18 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current Year Restructuring Initiatives [Member] | ||
Restructuring liabilities | $ 0 | |
Additions and adjustments | 2,140 | |
Payments | (2,140) | |
Restructuring liabilities | 0 | |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 0 | |
Additions and adjustments | 1,795 | |
Payments | (1,795) | |
Restructuring liabilities | 0 | |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 0 | |
Additions and adjustments | 345 | |
Payments | (345) | |
Restructuring liabilities | $ 0 | |
Prior Year Initiatives [Member] | ||
Restructuring liabilities | $ 152 | |
Additions and adjustments | 59 | |
Payments | (208) | |
Restructuring liabilities | 3 | |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 147 | |
Additions and adjustments | 0 | |
Payments | (147) | |
Restructuring liabilities | 0 | |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 5 | |
Additions and adjustments | 59 | |
Payments | (61) | |
Restructuring liabilities | $ 3 |
Note 18 - Restructuring - Sum_3
Note 18 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring charges | $ 720 | $ 177 | $ 2,199 | $ 624 |
Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 795 | 337 | 1,795 | 422 |
Other Restructuring [Member] | ||||
Restructuring charges | (75) | (160) | 404 | 202 |
Engraving Group [Member] | ||||
Restructuring charges | 438 | 20 | 1,477 | 67 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 572 | 20 | 1,132 | 67 |
Engraving Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | (134) | 0 | 345 | 0 |
Electronics Products Group [Member] | ||||
Restructuring charges | 59 | 0 | 59 | 12 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 0 | 0 | 0 | 0 |
Electronics Products Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 59 | 0 | 59 | 12 |
Engineering Technologies Group [Member] | ||||
Restructuring charges | 0 | 99 | 0 | 116 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 0 | 0 | 0 | 17 |
Engineering Technologies Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 0 | 99 | 0 | 99 |
Food Service Equipment Group [Member] | ||||
Restructuring charges | 150 | 346 | 241 | 367 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 150 | 255 | 241 | 276 |
Food Service Equipment Group [Member] | Other Restructuring [Member] | ||||
Restructuring charges | 0 | 91 | 0 | 91 |
Corporate and Other [Member] | ||||
Restructuring charges | 73 | (288) | 422 | 62 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||||
Restructuring charges | 73 | 62 | 422 | 62 |
Corporate and Other [Member] | Other Restructuring [Member] | ||||
Restructuring charges | $ 0 | $ (350) | $ 0 | $ 0 |
Note 19 - Leases - Amounts Reco
Note 19 - Leases - Amounts Recorded in Balance Sheet and Statement of Operations Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Operating lease right-of-use asset | $ 42,959 | $ 0 |
Operating lease long-term liabilities | 33,728 | $ 0 |
Total lease liability | 42,231 | |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | 42,959 | |
Accrued Expense [Member] | ||
Lease liability, current | 8,503 | |
Other Noncurrent Liabilities [Member] | ||
Operating lease long-term liabilities | $ 33,728 |
Note 19 - Leases - Lease Cost (
Note 19 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | ||
Operating lease cost | [1] | $ 3,120 | $ 5,961 |
[1] | Includes short-term leases and variable lease costs, which are immaterial. |
Note 19 - Leases - Maturity of
Note 19 - Leases - Maturity of Lease Liability (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Remainder of 2020 | $ 4,809 |
2021 | 7,929 |
2022 | 6,357 |
2023 | 4,449 |
2024 | 3,885 |
After 2024 | 20,198 |
Less: Interest | (5,396) |
Present value of lease Liabilities | $ 42,231 |
Note 19 - Leases - Additional I
Note 19 - Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Weighted average remaining lease term, Operating leases (Year) | 10 years 5 months 1 day | 10 years 5 months 1 day |
Weighted average discount rate, Operating leases | 2.60% | 2.60% |
Operating cash flows from operating leases | $ 2,573 | $ 5,148 |
Total cash paid for amounts included in the measurement of lease liabilities | $ 2,573 | $ 5,148 |