Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Aug. 10, 2021 | Dec. 31, 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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2021 | ||
Entity File Number | 001-07233 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 31-0596149 | ||
Entity Address, Address Line One | 23 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 943,603,539 | ||
Entity Common Stock, Shares Outstanding | 12,212,276 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 136,367 | $ 118,809 |
Accounts receivable, net | 109,883 | 98,157 |
Inventories | 91,862 | 85,031 |
Prepaid expenses and other current assets | 23,504 | 18,870 |
Income taxes receivable | 12,750 | 8,194 |
Current assets-discontinued operations | 0 | 2,936 |
Total current assets | 374,366 | 331,997 |
Property, plant and equipment, net | 133,373 | 132,533 |
Intangible assets, net | 98,929 | 106,412 |
Goodwill | 278,054 | 271,221 |
Deferred tax asset | 9,566 | 17,322 |
Operating lease right-of-use-asset | 37,276 | 44,788 |
Other non-current assets | 30,659 | 26,605 |
Total non-current assets | 587,857 | 598,881 |
Total assets | 962,223 | 930,878 |
Current liabilities: | ||
Accounts payable | 74,756 | 54,910 |
Accrued liabilities | 61,717 | 59,929 |
Income taxes payable | 7,236 | 7,428 |
Current liabilities- discontinued operations | 0 | 610 |
Total current liabilities | 143,709 | 122,877 |
Long-term debt | 199,490 | 199,150 |
Operating lease long-term liabilities | 29,041 | 36,293 |
Accrued pension and other non-current liabilities | 83,558 | 110,926 |
Total non-current liabilities | 312,089 | 346,369 |
Contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, par value $1.50 per share - 60,000,000 shares authorized, 27,984,278 issued, 12,044,405 and 12,235,786 shares outstanding in 2021 and 2020 | 41,976 | 41,976 |
Additional paid-in capital | 80,788 | 72,752 |
Retained earnings | 852,489 | 827,656 |
Accumulated other comprehensive loss | (116,140) | (147,659) |
Treasury shares (15,939,873 shares in 2021 and 15,748,492 shares in 2020) | (352,688) | (333,093) |
Total stockholders' equity | 506,425 | 461,632 |
Total liabilities and stockholders' equity | $ 962,223 | $ 930,878 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Common stock, par value (in dollars per share) | $ 1.5 | $ 1.5 |
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) | 12,044,405 | 12,235,786 |
Treasury stock, shares (in shares) | 15,939,873 | 15,748,492 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net sales | $ 656,232 | $ 604,535 | $ 639,931 |
Cost of sales | (414,971) | (389,080) | (405,264) |
Gross profit | 241,261 | 215,455 | 234,667 |
Selling, general and administrative expenses | 163,063 | 148,499 | 150,327 |
Restructuring costs | 3,478 | 4,669 | 1,289 |
Loss on sale of business | 14,624 | 0 | 0 |
Acquisition related expenses | 931 | 1,759 | 3,075 |
Other operating (income) expense, net | 0 | 0 | 500 |
Income from operations | 59,165 | 60,528 | 79,476 |
Interest expense | 5,992 | 7,475 | 10,760 |
Other non-operating (income) expense, net | 473 | (1,021) | 1,742 |
Income from continuing operations before income taxes | 52,700 | 54,074 | 66,974 |
Provision for income taxes | (14,157) | (13,060) | (18,688) |
Income from continuing operations | 38,543 | 41,014 | 48,286 |
Income (loss) from discontinued operations, net of tax | (2,070) | (20,826) | 19,628 |
Net income (loss) | $ 36,473 | $ 20,188 | $ 67,914 |
Basic earnings per share: | |||
Income (loss) from continuing operations (in dollars per share) | $ 3.17 | $ 3.33 | $ 3.84 |
Income (loss) from discontinued operations (in dollars per share) | (0.17) | (1.69) | 1.56 |
Total (in dollars per share) | 3 | 1.64 | 5.40 |
Diluted earnings per share: | |||
Income (loss) from continuing operations (in dollars per share) | 3.14 | 3.31 | 3.83 |
Income (loss) from discontinued operations (in dollars per share) | (0.17) | (1.68) | 1.55 |
Total (in dollars per share) | $ 2.97 | $ 1.63 | $ 5.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 36,473 | $ 20,188 | $ 67,914 |
Defined benefit pension plans: | |||
Actuarial gains (losses) and other changes in unrecognized costs, net of tax | 12,425 | (6,864) | (15,640) |
Amortization of unrecognized costs, net of tax | 5,083 | 4,363 | 3,372 |
Derivative instruments: | |||
Change in unrealized gains (losses) | 3,041 | (3,501) | (1,995) |
Foreign currency translation gains (losses), net of tax | 9,802 | (3,388) | (2,645) |
Other comprehensive income (loss), net of tax | 31,519 | (10,381) | (15,419) |
Comprehensive income | 67,992 | 9,807 | 52,495 |
Interest Expense [Member] | |||
Derivative instruments: | |||
Amortization of unrealized gains (losses) | $ 1,168 | $ (991) | $ 1,489 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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 | $ 761,430 | $ (121,859) | $ (292,080) | $ 450,795 | ||||||
Balance (in shares) at Jun. 30, 2018 | 15,279 | |||||||||||
Stock issued under incentive compensation plans and employee purchase plans | 0 | (163) | 0 | 0 | $ 1,292 | 1,129 | ||||||
Stock issued under incentive compensation plans and employee purchase plans (in shares) | (67) | |||||||||||
Stock-based compensation | 0 | 4,350 | 0 | 0 | $ 0 | 4,350 | ||||||
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (33,394) | (33,394) | ||||||
Treasury stock acquired (in shares) | 438 | |||||||||||
Net income (loss) | 0 | 0 | 67,914 | 0 | $ 0 | 67,914 | ||||||
Foreign currency translation adjustment | 0 | 0 | 0 | (2,645) | 0 | (2,645) | ||||||
Pension, net of tax | 0 | 0 | 0 | (12,268) | 0 | (12,268) | ||||||
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (506) | 0 | (506) | ||||||
Dividends declared | 0 | 0 | (9,955) | 0 | 0 | (9,955) | ||||||
Balance at Jun. 30, 2019 | $ 0 | $ 0 | $ (1,107) | $ 0 | $ 0 | $ (1,107) | 41,976 | 65,515 | 818,282 | (137,278) | $ (324,182) | 464,313 |
Balance (in shares) at Jun. 30, 2019 | 15,650 | |||||||||||
Stock issued under incentive compensation plans and employee purchase plans | 0 | 211 | 0 | 0 | $ 1,526 | 1,737 | ||||||
Stock issued under incentive compensation plans and employee purchase plans (in shares) | (74) | |||||||||||
Stock-based compensation | 0 | 7,026 | 0 | 0 | $ 0 | 7,026 | ||||||
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (10,437) | (10,437) | ||||||
Treasury stock acquired (in shares) | 172 | |||||||||||
Net income (loss) | 0 | 0 | 20,188 | 0 | $ 0 | 20,188 | ||||||
Foreign currency translation adjustment | 0 | 0 | 0 | (3,388) | 0 | (3,388) | ||||||
Pension, net of tax | 0 | 0 | 0 | (2,500) | 0 | (2,500) | ||||||
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | (4,493) | 0 | (4,493) | ||||||
Dividends declared | 0 | 0 | (10,759) | 0 | 0 | (10,759) | ||||||
Balance at Jun. 30, 2020 | $ 0 | $ 0 | $ (55) | $ 0 | $ 0 | $ (55) | 41,976 | 72,752 | 827,656 | (147,659) | $ (333,093) | 461,632 |
Balance (in shares) at Jun. 30, 2020 | 15,748 | |||||||||||
Stock issued under incentive compensation plans and employee purchase plans | 0 | (332) | 0 | 0 | $ 1,605 | 1,273 | ||||||
Stock issued under incentive compensation plans and employee purchase plans (in shares) | (76) | |||||||||||
Stock-based compensation | 0 | 8,368 | 0 | 0 | $ 0 | 8,368 | ||||||
Treasury stock acquired | 0 | 0 | 0 | 0 | $ (21,200) | (21,200) | ||||||
Treasury stock acquired (in shares) | 268 | |||||||||||
Net income (loss) | 0 | 0 | 36,473 | 0 | $ 0 | 36,473 | ||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 9,802 | 0 | 9,802 | ||||||
Pension, net of tax | 0 | 0 | 0 | 17,508 | 0 | 17,508 | ||||||
Change in fair value of derivatives, net of tax | 0 | 0 | 0 | 4,209 | 0 | 4,209 | ||||||
Dividends declared | 0 | 0 | (11,640) | 0 | 0 | (11,640) | ||||||
Balance at Jun. 30, 2021 | $ 41,976 | $ 80,788 | $ 852,489 | $ (116,140) | $ (352,688) | $ 506,425 | ||||||
Balance (in shares) at Jun. 30, 2021 | 15,940 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension and OPEB adjustments, tax | $ 5.6 | $ 0.9 | $ 3.7 |
Change in fair value of derivatives, tax | $ 0.9 | $ 1.6 | $ 0.7 |
Dividends declared, per share (in dollars per share) | $ 0.94 | $ 0.86 | $ 0.78 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 36,473 | $ 20,188 | $ 67,914 |
Income (loss) from discontinued operations | (2,070) | (20,826) | 19,628 |
Income from continuing operations | 38,543 | 41,014 | 48,286 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 33,241 | 32,294 | 29,288 |
Stock-based compensation | 8,368 | 7,026 | 4,350 |
Non-cash portion of restructuring charge | (489) | 386 | (329) |
Loss on sale of business | 14,624 | 0 | 0 |
Gain from extinguishment of debt - PPP loan | (713) | 0 | 0 |
Deferred income taxes | 836 | 5,635 | (3,509) |
Life insurance benefit | 0 | (1,302) | 0 |
Increase/(decrease) in cash from changes in assets and liabilities, net of effects from discontinued operations and business acquisitions: | |||
Accounts receivables, net | (5,542) | 2,325 | 7,181 |
Inventories | (7,717) | (9,050) | 7,203 |
Contributions to defined benefit plans | (8,120) | (4,040) | (1,359) |
Prepaid expenses and other assets | (8,000) | (10,960) | (14,271) |
Accounts payable | 17,612 | 174 | (2,074) |
Accrued liabilities, pension and other liabilities | 4,920 | 2,342 | 6,105 |
Income taxes payable | (5,697) | (11,167) | (7,942) |
Net cash provided by operating activities from continuing operations | 81,866 | 54,677 | 72,929 |
Net cash provided by (used for) operating activities from discontinued operations | 1,716 | (7,435) | 417 |
Net cash provided by operating activities | 83,582 | 47,242 | 73,346 |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (21,752) | (21,521) | (32,507) |
Expenditures for acquisitions, net of cash acquired | (27,406) | (622) | (127,924) |
Expenditures for executive life insurance policies | (243) | (281) | (377) |
Proceeds from sale of business | 11,678 | 0 | 0 |
Proceeds from sale of real estate and equipment | 117 | 180 | 3,164 |
Other investing activity | (1,485) | 1,624 | 0 |
Net cash (used for) investing activities from continuing operations | (39,091) | (20,620) | (157,644) |
Net cash provided by investing activities from discontinued operations | 0 | 20,003 | 107,973 |
Net cash provided by (used for) investing activities | (39,091) | (617) | (49,671) |
Cash Flows from Financing Activities | |||
Proceeds from borrowings | 17,000 | 106,500 | 241,950 |
Payments of debt | (17,000) | (105,300) | (237,150) |
Contingent consideration payment | (356) | (872) | (910) |
Activity under share-based payment plans | 1,273 | 1,738 | 1,129 |
Purchase of treasury stock | (21,200) | (10,437) | (33,394) |
Cash dividends paid | (11,449) | (10,606) | (9,826) |
Net cash (used for) financing activities | (31,732) | (18,977) | (38,201) |
Effect of exchange rate changes on cash | 4,799 | (1,984) | (1,931) |
Net change in cash and cash equivalents | 17,558 | 25,664 | (16,457) |
Cash and cash equivalents at beginning of year | 118,809 | 93,145 | 109,602 |
Cash and cash equivalents at end of year | 136,367 | 118,809 | 93,145 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest | 4,904 | 6,324 | 9,471 |
Income taxes, net of refunds | $ 17,185 | $ 18,737 | $ 23,969 |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified industrial manufacturer in five The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not may 19 19 not June 30, 2021 10 Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three June 30, 2021 2020 ompany’s cash was comprised solely of cash on deposit. Trading Securities The Company purchases investments for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401 June 30, 2021 June 30, 2020 Accounts Receivable Allowances The Company has provided an allowance for credit losses. may The changes in the allowances for credit losses accounts during 2021 , 2020 , and 2019 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 2,113 $ 1,250 $ 1,590 Acquisitions and other 20 192 66 Provision charged to expense 605 824 (48) Write-offs, net of recoveries (1,150) (153) (358) Balance at end of year $ 1,588 $ 2,113 $ 1,250 Inventories Inventories are stated at the lower of ( first first Long-Lived Assets Long-lived assets that are used in operations, excluding goodwill and identifiable intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not Property, Plant and Equipment Property, plant and equipment are reported at cost less accumulated depreciation. Depreciation is recorded on assets over their estimated useful lives, generally using the straight-line method. Lives for property, plant and equipment are as follows: Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements, including those made to leased facilities, are capitalized. Leases At the inception of an arrangement, we determined 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 We have elected not one not Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives are not Customer relationships (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names are considered to have an indefinite life and are not See discussion of the Company’s assessment of impairment in Note 6 7 Fair Value of Financial Instruments The financial instruments, shown below, are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. When observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 16 Level 2 16 Level 3 The Company did not June 30, 2021 or 2020 . Cash and cash equivalents, accounts receivable, accounts payable and debt are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2021 and 2020 were (in thousands): 2021 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,988 $ 2,988 $ - $ - Foreign exchange contracts 255 - 255 - Financial Liabilities Foreign exchange contracts $ 1,222 $ - $ 1,222 $ - Interest rate swaps 3,096 - 3,096 - Contingent consideration (a) 3,333 - - 3,333 2020 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,065 $ 2,065 $ - $ - Interest rate swaps - - - - Financial Liabilities Foreign exchange contracts $ 2,477 $ - $ 2,477 $ - Interest rate swaps 6,667 - 6,667 - Contingent consideration(a) 1,343 - - 1,343 (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. The Company’s financial liabilities based upon Level 3 The Company is contractually obligated to pay contingent consideration payments in connection with the Piazza Rosa acquisition based on the achievement of certain revenue targets during each of the first three 2021. first second first 2019 second 2020. not second 2021. December 31, 2020. The Company is also obligated to pay contingent consideration to the sellers of GS Engineering in the event that certain revenue and gross margin targets are achieved during the five not first second fourth 2020 2021, June 30, 2021, 2022 2024. The Company is also obligated to pay contingent consideration to the sellers of Renco Electronics in the event that certain earnings targets are achieved during the three 2024. June 30, 2021, first 2022, first The Company has determined the fair value of the liabilities for the contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not 3 The Company will update its assumptions each reporting period based on new developments and record such amounts at fair value based on the revised assumptions until the agreements expire. Concentration of Credit Risk The Company is subject to credit risk through trade receivables. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. No individual customer accounts for more than 5% of revenues or accounts receivable in the periods presented. Revenue Recognition In general, the Company recognizes revenue at the point in time control transfers to its customer based on predetermined shipping terms. Revenue is recognized over time under certain long-term contracts within the Engineering Technologies and Engraving groups for highly customized customer products that have no Cost of Goods Sold and Selling, General and Administrative Expenses The Company includes expenses in either cost of goods sold or selling, general and administrative categories based upon the natural classification of the expenses. Cost of goods sold includes expenses associated with the acquisition, inspection, manufacturing and receiving of materials for use in the manufacturing process. These costs include inbound freight charges, purchasing and receiving costs, inspection costs, internal transfer costs as well as depreciation, amortization, wages, benefits and other costs that are incurred directly or indirectly to support the manufacturing process. Selling, general and administrative includes expenses associated with the distribution of our products, sales effort, administration costs and other costs that are not may not Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $1.7 million, $1.3 million, a nd $2.5 million for the years ended June 30, 2021 , 2020 , and 2019 , respectively. Research and Development Research and development expenditures are expensed as incurred. Total research and development costs, which are classified under selling, general, and administrative expenses, were $9.6 million, $6.9 million, and $6.3 million for the years ended June 30, 2021 , 2020 , and 2019 , respectively. Warranties The expected cost associated with warranty obligations on our products is recorded when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in the continuing operations warranty reserve, which are recorded as accrued liabilities, during 2021 , 2020 , and 2019 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 1,781 $ 1,911 $ 1,849 Acquisitions and other charges 68 (86 ) (85 ) Warranty expense 2,007 1,783 2,346 Warranty claims (1,770 ) (1,827 ) (2,199 ) Balance at end of year $ 2,086 $ 1,781 $ 1,911 The increase in warranty expense during 2021 2020 Stock-Based Compensation Plans Restricted stock awards, including performance based awards, generally vest over terms from one three Foreign Currency Translation The functional currency of our non-U.S. operations is the local currency. Assets and liabilities of non-U.S. operations are translated into U.S. Dollars on a monthly basis using period-end exchange rates. Revenues and expenses of these operations are translated using monthly average exchange rates. The resulting translation adjustment is reported as a component of comprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income. Gains and losses from foreign currency transactions are included in results of operations and were not Derivative Instruments and Hedging Activities The Company recognizes all derivatives on its balance sheet at fair value. Forward foreign currency exchange contracts are periodically used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments from subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. The Company also uses interest rate swaps to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company values the swaps based on contract prices in the derivatives market for similar instruments. The Company has designated its interest rate swap agreements, including any that may The Company does not Income Taxes On December 22, 2017, 21.0% January 1, 2018. June 30, 2021 2020 2019 The provision for fiscal year ending June 30, 2021 2020 2019 The Company's income tax provision from continuing operations for the fiscal years ended June 30, 2021 2020 2019 may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2021 2019 2020 2014 2015, 35%, The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2020 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2019 965 162 Earnings Per Share (share amounts in thousands) 2021 2020 2019 Basic – Average Shares Outstanding 12,156 12,324 12,574 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 63 59 Diluted – Average Shares Outstanding 12,258 12,387 12,633 Both basic and diluted income is the same for computing earnings per share. June 30,2021. June 30, 2020 . There were no June 30, 2019 . Recently Issued Accounting Pronouncements In March 2020, 2020 04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020 04 March 12, 2020 December 31, 2022. 2020 04 In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 November 2019, 2019 11, Codification Improvements to Topic 326, 2019 11 2016 13. 2016 13. December 15, 2019 2016 13 2021. not As a result of the adoption of ASU 2016 13, Accounts Receivable Allowances |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and June 30, 2021 Renco Electronics During the first 2021, two one The Company paid $27.4 million in cash for all of the issued and outstanding equity interests of Renco Electronics. 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 commenced a formal valuation of the acquired assets and liabilities and have updated the preliminary intangible assets based on the final valuation results. Goodwill recorded from this transaction is attributable to Renco’s significant engineering and technical expertise in end markets supported by strong engineer-to-engineer relationships. In addition, Renco’s end markets and customer base in areas such as consumer and industrial are highly complementary to the Company’s existing business. Intangible assets of $10.4 million consist primarily of $3.6 million for indefinite lived tradenames, and $6.8 million of customer relationships to be amortized over 12 years. The goodwill of $14.0 million created by the transaction is deductible for income tax purposes. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. In connection with the acquisition, the Company entered into two July 15, 2020. three The Company recorded right of use assets of $3.3 million, current lease liabilities of $1.8 million and non-current lease liabilities of $1.5 million, related to two not The components of the fair value of the Renco Electronics acquisition, including the final allocation of the purchase price at June 30, 2021 Preliminary Allocation September 30, 2020 Adjustments Final Allocation Fair value of business combination: Cash payments $ 29,530 $ 83 $ 29,613 Less, cash acquired (2,132 ) (75 ) (2,207 ) Fair value of contingent consideration 3,000 - 3,000 Total $ 30,398 $ 8 $ 30,406 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 4,762 $ (240 ) $ 4,522 Inventories 5,446 - 5,446 Property, plant, & equipment - 410 410 Identifiable intangible assets 10,400 - 10,400 Goodwill 14,153 (162 ) 13,991 Debt assumed (712 ) - (712 ) Liabilities assumed (3,651 ) - (3,651 ) Total $ 30,398 $ 8 $ 30,406 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 purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on the fair values on the closing date. 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 $9.1 million are 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 $2.6 million of customer relationships to be amortized over 12 years. The goodwill of $15.5 million created by the transaction is deductible for income tax purposes. The components of the fair value of the GS Engineering acquisition, including the final allocation of the purchase price at June 30, 2020, Preliminary Allocation June 30, 2019 Adjustments Final Allocation Fair value of business combination: Cash payments $ 30,002 780 $ 30,782 Less, cash acquired (622 ) (158 ) (780 ) Fair value of contingent consideration 500 - 500 Total $ 29,880 $ 622 $ 30,502 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 $ (679 ) $ 1,518 Inventories 228 168 396 Customer Backlog 180 (180 ) - Property, plant, and equipment 1,391 3,179 4,570 Identifiable intangible assets 8,910 200 9,110 Goodwill 17,976 (2,518 ) 15,458 Liabilities assumed (1,002 ) 452 (550 ) Total $ 29,880 $ 622 $ 30,502 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 the 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 components of the fair value of the Agile acquisition, including the final allocation of the purchase price are as follows (in thousands): Preliminary Allocation September 30, 2019 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, 2019 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 complimentary 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 are 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, 2019 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, 2019 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 Acquisition-Related Costs Acquisition-related costs include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation and (ii) acquisition-related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not Deferred compensation costs relate to payments due to the Horizon Scientific seller of $2.8 million on the second third June 30, 2020 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): June 30, June 30, June 30, 2021 2020 2019 Deferred compensation arrangements $ - $ 1,170 $ 2,810 Acquisition-related costs 931 589 265 Total $ 931 $ 1,759 $ 3,075 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 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 is recognized over time under certain long-term contracts within the Engineering Technologies and Engraving groups 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): Year Ended Revenue by Product Line June 30, 2021 June 30, 2020 June 30, 2019 Electronics 253,369 185,294 204,073 Engraving Services 137,159 132,586 139,769 Engraving Products 9,857 11,150 9,924 Total Engraving 147,016 143,736 149,693 Scientific 79,421 57,523 57,621 Engineering Technologies 75,562 104,047 105,270 Hydraulics Cylinders and System 48,776 51,722 53,943 Merchandising & Display 26,049 31,488 34,532 Pumps 26,039 30,725 34,799 Total Specialty Solutions 100,864 113,935 123,274 Total Revenue by Product Line $ 656,232 $ 604,535 $ 639,931 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Year Ended Net sales June 30, 2021 June 30, 2020 June 30, 2019 United States $ 386,829 $ 364,188 $ 370,235 Asia Pacific 125,516 98,665 108,667 EMEA (1) 129,908 128,037 144,636 Other Americas 13,979 13,645 16,393 Total $ 656,232 $ 604,535 $ 639,931 ( 1 The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Year Ended Timing of Revenue Recognition June 30, 2021 June 30, 2020 June 30, 2019 Products and services transferred at a point in time $ 619,029 $ 569,426 $ 607,980 Products transferred over time 37,203 35,109 31,951 Net sales $ 656,232 $ 604,535 $ 639,931 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not not 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. The following table provides information about contract assets and liability balances as of June 30, 2021 2020 Year ended June 30, 2021 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract assets: Prepaid expenses and other current assets $ 9,140 30,773 24,900 $ 15,013 Contract liabilities: Customer deposits $ 2,298 9,912 11,739 $ 471 Year ended June 30, 2020 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract assets: Prepaid expenses and other current assets $ 8,418 41,462 40,740 $ 9,140 Contract liabilities: Customer deposits $ 1,358 11,939 10,999 $ 2,298 During the years ended June 30, 2021 2020 Year ended Revenue recognized in the period from: June 30, 2021 Amounts included in the contract liability balance at the beginning of the period $ 2,298 Year ended Revenue recognized in the period from: June 30, 2020 Amounts included in the contract liability balance at the beginning of the period $ 1,358 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories are comprised of (in thousands): June 30 2021 2020 Raw materials $ 47,000 $ 37,257 Work in process 22,539 25,527 Finished goods 22,323 22,247 Total $ 91,862 $ 85,031 Distribution costs associated with the sale of inventory are recorded as a component of selling, general and administrative expenses and were $11.0 million, $9.0 million, and $9.7 million in 2021 2020 2019 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, plant and equipment consist of the following (in thousands): June 30 2021 2020 Land, buildings and leasehold improvements $ 73,785 $ 69,869 Machinery, equipment and other 210,594 203,258 Total 284,379 273,127 Less accumulated depreciation (151,006 ) (140,594 ) Property, plant and equipment, net $ 133,373 $ 132,533 Depreciation expense totaled $19.2 million, $19.2 million, and $17.5 million, respectively for the years ended June 30, 2021 2020 2019 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 6. Goodwill and certain indefinite-lived intangible assets are not may May 31st The Company has identified seven reporting units for impairment testing: Electronics, Engraving, Scientific, Engineering Technologies, Procon, Federal, and Hydraulics. The Specialty Solutions segment includes Procon, Federal and Hydraulics. As quoted market prices are not While the Company believes that estimates of future cash flows are reasonable, changes in assumptions could significantly affect valuations and result in impairments in the future. The most significant assumption involved in the Company’s determination of fair value is the cash flow projections of each reporting unit. If the estimates of future cash flows for each reporting unit may In connection with the divestiture of Enginetics, the Company determined that, based on the net realizable value of the operations divested, the goodwill of the Engineering Technologies reporting unit was impaired. As such, the Company recognized $7.6 million in impairment charges during the third 2021. third 2021. third no no In connection with the divestiture of the Refrigerated Solutions Group, the Company compared the fair value of each reporting unit, Master-Bilt and NorLake, to its carrying value as of March 31, 2020. third 2020 19 third 2020. third no third 2020 The Company completed its annual impairment testing as of May 31, two no Changes to goodwill by segment associated with continuing operations during the years ended June 30, 2021 2020 June 30, 2020 Acquisitions Impairments Translation Adjustment June 30, 2021 Electronics $ 131,582 $ 13,991 $ - $ (741 ) $ 144,832 Engraving 77,195 - - 183 77,378 Scientific 15,454 - - - 15,454 Engineering Technologies 43,685 - (7,600 ) 1,000 37,085 Specialty Solutions 3,305 - - - 3,305 Total $ 271,221 $ 13,991 $ (7,600 ) $ 442 $ 278,054 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. Intangible assets consist of the following (in thousands): Tradenames Customer (Indefinite- Developed Relationships lived) Technology Other Total June 30, 2021 Cost $ 57,970 $ 22,273 $ 53,721 $ 3,812 $ 137,776 Accumulated amortization (19,038 ) - (16,768 ) (3,041 ) (38,847 ) Balance, June 30, 2021 $ 38,932 $ 22,273 $ 36,953 $ 771 $ 98,929 June 30, 2020 Cost $ 74,104 $ 19,916 $ 55,164 $ 3,980 $ 153,164 Accumulated amortization (31,003 ) - (13,006 ) (2,743 ) (46,752 ) Balance, June 30, 2020 $ 43,101 $ 19,916 $ 42,158 $ 1,237 $ 106,412 Amortization expense from continuing operations totaled $11.8 million, $11.6 million, and $10.5 million, respectively for the years ended June 30, 2021 2020 2019 At June 30, 2021 2022 9,653 2023 9,245 2024 8,415 2025 7,971 2026 7,740 Thereafter 33,632 Amortization $ 76,656 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Long-term debt is comprised of the following at June 30 ( 2021 2020 Bank credit agreements $ 200,000 $ 200,000 Total funded debt 200,000 200,000 Issuance Cost (510 ) (850 ) Total long-term debt $ 199,490 $ 199,150 The Company's long-term debt matures in December 2023. Bank Credit Agreements During the second 2019, five December 2023 Under the terms of the Credit Agreement, we pay a variable rate of interest and a commitment fee on borrowed amounts as well as a commitment fee on unused amounts under the facility. The amount of the commitment fee depends upon both the undrawn amount remaining available under the facility and the Company’s funded debt to EBITDA (as defined in the agreement) ratio at the last day of each quarter. As our funded debt to EBITDA ratio increases, the commitment fee increases. Funds borrowed under the facility may June 30, 2021 June 30, 2021 Interest Coverage Ratio twelve 2.75:1. June 30, 2021 13.10:1. Leverage Ratio twelve may not 3.5:1. 4.0:1 four June 30, 2021 1.31:1. As of June 30, 2021 In connection with the acquisition of Renco, the company assumed $0.7 million of debt under the Paycheck Protection Program, within the United States Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. These borrowings were forgiven by the Small Business Administration ("SBA") in June 2021. Other Long-Term Borrowings At June 30, 2021 2020 |
Note 9 - Accrued Liabilities
Note 9 - Accrued Liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9. Accrued expenses from continuing operations recorded in our Consolidated Balance Sheets at June 30, 2021 2020 2021 2020 Payroll and employee benefits $ 32,550 $ 24,084 Workers' compensation 2,118 2,743 Warranty 2,086 1,781 Fair value of derivatives 4,318 9,144 Lease liability 7,933 8,016 Other 12,712 14,161 Total $ 61,717 $ 59,929 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. Interest Rate Swaps The Company’s effective swap agreements convert the base borrowing rate on $200 million of debt due under our revolving credit agreement from a variable rate equal to LIBOR to a weighted average fixed rate of 1.27% at June 30, 2021 The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2021 2020 Effective Date Notional Fixed Maturity Fair Value at June 30, Amount Interest Rate 2021 2020 May 24, 2017 25,000 1.88% April 24, 2022 (374 ) (815 ) August 6, 2018 25,000 2.83% August 6, 2023 (1,401 ) (2,167 ) March 23, 2020 100,000 0.91% March 23, 2025 (907 ) (2,485 ) April 24, 2020 25,000 0.88% April 24, 2025 (192 ) (585 ) May 24, 2020 25,000 0.91% March 24, 2025 (222 ) (615 ) $ (3,096 ) $ (6,667 ) The Company reported no losses for the years ended June 30, 2021 2020 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 sales to foreign 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 June 30, 2021 2020 2022 2024, Currency 2021 2020 USD 987 287 Euro 5,750 5,750 SGD 21,836 64,696 Canadian 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet at June 30, ( Asset Derivatives 2021 2020 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Other Assets 255 Other Assets - $ 255 $ - Liability Derivatives 2021 2020 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 3,096 Accrued Liabilities $ 6,667 Foreign exchange contracts Accrued Liabilities 1,222 Accrued Liabilities 2,477 $ 4,318 $ 9,144 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): 2021 2020 2019 Interest rate swaps $ 1,284 $ (7,098 ) $ 1,703 Foreign exchange contracts 2,072 1,851 (3,279 ) $ 3,356 $ (5,247 ) $ (1,576 ) The table below presents the amount reclassified from accumulated other comprehensive income (loss) to net income for the periods ended (in thousands): Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2021 2020 2019 of Operations Interest rate swaps $ 2,287 $ 547 $ (321 ) Interest expense Foreign exchange contracts (557 ) (1,403 ) 1,730 Other non-operating income Net investment hedge - - (285 ) Other non-operating income $ 1,730 $ (856 ) $ 1,124 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. O M 27, 2020, CARES A COVID 19 U S A CARES A five 2019 2021. T J 30, 2021 J 30, 2019 J 30, 2020, CARES A J 30, 2014 J 30, 2015, U.S 35%. U.S. tax law allows a one June 30, 2021 no not The components of income from continuing operations before income taxes are as follows (in thousands): 2021 2020 2019 U.S. Operations $ 4,997 $ 11,890 $ 6,794 Non-U.S. Operations 47,703 42,184 60,180 Total $ 52,700 $ 54,074 $ 66,974 The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. The components of the provision for income taxes on continuing operations (in thousands) were as shown below: 2021 2020 2019 Current: Federal $ (2,592 ) $ (870 ) $ 648 State 307 70 190 Non-U.S. 15,606 13,963 21,288 Total Current $ 13,321 $ 13,163 $ 22,126 Deferred: Federal $ 1,469 $ 2,743 $ 277 State 374 885 207 Non-U.S. (1,007 ) (3,731 ) (3,922 ) Total Deferred 836 (103 ) (3,438 ) Total $ 14,157 $ 13,060 $ 18,688 A reconciliation from the U.S. Federal income tax rate on continuing operations to the total tax provision is as follows: 2021 2020 2019 Provision at statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 1.4 % 1.1 % 0.5 % Impact of foreign operations 4.0 % 0.7 % 4.9 % Federal tax credits (1.0 %) (3.5 %) (1.5 %) Tax Reform 0.0 % 0.0 % (1.2 %) Cash repatriation 4.6 % 2.2 % 3.2 % SubF/GILTI 0.0 % 1.4 % 0.4 % Uncertain Tax Positions 1.5 % (1.3 %) 0.0 % Benefit from U.S. tax loss carryback to prior years (1.8 %) 0 % 0.0 % Tax expense on Enginetics disposal 2.4 % 0 % 0.0 % Return to provision (3.2 %) 1.0 % (0.1 %) Valuation allowance release (2.3 %) 0 % 0.0 % Other 0.8 % 1.7 % 0.7 % Effective income tax provision 26.9 % 24.3 % 27.9 % Changes in the effective tax rates from period to period may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2021 2019 2020 2014 2015, 35%, The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2020 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2019 965 162 Significant components of the Company’s deferred income taxes are as follows (in thousands): 2021 2020 Deferred tax liabilities: Depreciation and amortization $ (28,997 ) $ (34,422 ) Withholding taxes (4,497 ) (4,295 ) Other (302 ) - Operating lease right-of-use-asset (4,711 ) (11,384 ) Total deferred tax liability $ (38,507 ) $ (50,101 ) Deferred tax assets: Accrued compensation $ 2,610 $ 2,410 Accrued expenses and reserves 2,610 4,117 Pension 12,653 19,847 Inventory 769 588 Lease liabilities 4,783 11,446 Other - 127 Net operating loss and credit carry forwards 16,127 22,676 Total deferred tax asset $ 39,552 $ 61,211 Less: Valuation allowance (12,191 ) (15,172 ) Net deferred tax asset (liability) $ (11,146 ) $ (4,062 ) The Company estimates the degree to which deferred tax assets, including net operating loss and credit carry forwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss carry forwards that it believes will more likely than not June 30, 2021 not not In addition, the sale of the Enginetics Corporation in the fiscal year generated a capital loss for tax purposes. As of June 30, 2021 not not As of June 30, 2021 may 2021 2040. 10 Under ASU 2016 09, Improvements to Employee Share-Based Payment Accounting June 30, 2021 The total provision (benefit) for income taxes included in the consolidated financial statements was as follows (in thousands): 2021 2020 2019 Continuing operations $ 14,157 $ 13,060 $ 18,688 Discontinued operations (550 ) (2,613 ) (2,453 ) Total provision $ 13,607 $ 10,447 $ 16,235 The tax benefit for discontinued operations relates mostly to the write-off of deferred tax liabilities from the sale of the RSG Group, and the sale of the assets of Master-Bilt. The changes in the amount of gross unrecognized tax benefits during 2021 2020 2019 2021 2020 2019 Beginning Balance $ 9,286 $ 11,251 $ 3,003 Additions based on tax positions related to the current year 5 4 4 Additions for tax positions of prior years 121 - 8,281 Reductions for tax positions of prior years - (1,641 ) (37 ) Settlements - (328 ) - Ending Balance $ 9,412 $ 9,286 $ 11,251 At June 30, 2021, not If the unrecognized tax benefits in the table above were recognized in a future period, $8.6 million of the unrecognized tax benefit would impact the Company’s effective tax rate. Within the next twelve twelve $8.6 not twelve Country Years Ending June 30, United States 2018 2021 Canada 2017 2021 Germany 2018 2021 Ireland 2021 Portugal 2020 2021 United Kingdom 2017 2021 The Company’s policy is to include interest expense and penalties related to unrecognized tax benefits within the provision for income taxes on the consolidated statements of operations. At June 30, 2021 2020 |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 12. From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not Litigation In the second 2019, not |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation and Purchase Plans | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Stock-Based Compensation Plans Under incentive compensation plans, the Company is authorized to make grants of stock options, restricted stock and performance share units to provide equity incentive compensation to key employees and directors. The stock award program offers employees and directors the opportunity to earn shares of our stock over time, rather than options that give the employees and directors the right to purchase stock at a set price. The Company has stock plans for directors, officers and certain key employees. Total compensation cost recognized in the consolidated statement of operations for equity based compensation awards was $8.4 million, $7.0 million, and $4.4 million for the years ended June 30, 2021 2020 2019 June 30, 2021 2020 2019 There were 208,971 shares of common stock reserved for issuance under various compensation plans at June 30, 2021 Restricted Stock Awards The Company may no may not not not 2022 2024. June 30, 2021, 2020, 2019. A summary of restricted stock awards activity during the year ended June 30, 2021 Restricted Stock Awards Number Weighted of Average Grant Date Shares Fair Value Outstanding, June 30, 2020 146,015 $ 80.35 Granted 72,475 59.57 Vested (44,647 ) 88.70 Canceled (5,832 ) 42.45 Outstanding, June 30, 2021 168,011 $ 74.61 Restricted stock awards granted during fiscal years 2020 2019 2021, 2020 2019 As of June 30, 2021 Executive Compensation Program The Company operates a compensation program for key employees. The plan contains both an annual component as well as a long-term component. Under the annual component, participants may may not Dividend equivalents are accumulated and paid out at the end of the restriction period. The restrictions on the units expire after three 2022 2024. June 30, 2021 2020 2019 As of June 30, 2021 The fair value of the awards under the annual component of this incentive program is measured using the Black-Scholes option-pricing model. Key assumptions used to apply this pricing model are as follows: 2021 2020 2019 Risk-free interest rates 0.18 % 1.42 % 2.63 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 44.1 % 32.0 % 25.1 % Expected quarterly dividends (per share) $ 0.22 $ 0.20 $ 0.18 Under the long-term component, grants of performance share units (“PSUs”) are made annually to key employees and the share units are earned based on the achievement of certain overall corporate financial performance targets over the performance period. At the end of the performance period, the number of shares of common stock issued will be determined by adjusting upward or downward from the target in a range between 50% and 200%. No not A participant’s right to any shares that are earned will cliff vest in three A summary of the awards activity under the executive compensation program during the year ended June 30, 2021 Annual Component Performance Stock Units Weighted Weighted Number Average Aggregate Number Average of Exercise Intrinsic of Grant Date Shares Price Value Shares Fair Value Non-vested, June 30, 2020 32,387 $ 64.33 $ (685,647 ) 79,312 $ 84.87 Granted 19,311 43.16 69,071 58.81 Exercised / vested (10,474 ) 64.32 $ (43,978 ) (12,560 ) 91.75 Forfeited (105 ) 76.65 (6,396 ) 85.51 Non-vested, June 30, 2021 41,119 $ 54.36 $ 691,647 129,427 $ 70.27 Restricted stock awards granted under the annual component of this program in fiscal years 2021 2020 2019 2020 2019 June 30, 2021 2020 2019 The Company recognized compensation expense related to the PSUs of $2.6 million, $2.9 million, and $0.3 million for the fiscal years ended June 30, 2021, 2020 2019 June 30, 2021, Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan that allows employees to purchase shares of common stock of the Company at a discount from the market each quarter. The ESPP plan, which was effective as of July 1, 2005, April 1, 2017, may 15% June 30, 2021 2021 2020 2019 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. The components of the Company’s accumulated other comprehensive income (loss) at June 30, 2021 2020 2021 2020 2019 Foreign currency translation adjustment $ (21,244 ) $ (31,046 ) $ (27,658 ) Unrealized pension losses, net of tax (92,372 ) (109,880 ) (107,380 ) Unrealized losses on derivative instruments, net of tax (2,524 ) (6,733 ) (2,240 ) Total $ (116,140 ) $ (147,659 ) $ (137,278 ) |
Note 15 - Restructuring
Note 15 - Restructuring | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 15 . restructuring The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands): Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 2021 Restructuring Initiatives $ 1,313 $ 662 $ 1,975 Prior Year Initiatives 926 577 1,503 Total expense $ 2,239 $ 1,239 $ 3,478 2020 Restructuring Initiatives $ 4,004 $ 606 $ 4,610 Prior Year Initiatives - 59 59 Total expense $ 4,004 $ 665 $ 4,669 2019 Restructuring Initiatives $ 953 $ 15 $ 968 Prior Year Initiatives 210 111 321 Total expense $ 1,163 $ 126 $ 1,289 2021 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 Specialty Solutions and Engraving segment. During fiscal year 2021 , third Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2020 $ - $ - $ - Additions and adjustments 1,313 662 1,975 Payments (1,274 ) (662 ) (1,936 ) Restructuring liabilities at June 30, 2021 $ 39 $ - $ 39 Prior Year Restructuring Initiatives The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During fiscal year 2020 2019, third The Company expects to incur additional restructuring costs of approximately $2.0 million in fiscal year 2022 Activity in the reserves related to 2020 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2020 $ 520 $ 18 $ 538 Additions and adjustments 926 577 1,503 Payments (1,446 ) (585 ) (2,031 ) Restructuring liabilities at June 30, 2021 $ - $ 10 $ 10 Activity in the reserves related to fiscal year 2020 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2019 $ 147 $ 5 $ 152 Additions and adjustments 4,004 665 4,669 Payments (3,631 ) (652 ) (4,283 ) Restructuring liabilities at June 30, 2020 $ 520 $ 18 $ 538 The Company’s total restructuring expenses by segment are as follows (in thousands): Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2021 Electronics $ 355 $ 22 $ 377 Engraving 1046 631 1,677 Engineering Technologies 37 - 37 Specialty Solutions 673 586 1,259 Corporate and Other 128 - 128 Total expense $ 2,239 $ 1,239 $ 3,478 Fiscal Year 2020 Electronics $ 355 $ 97 $ 452 Engraving 1512 499 2,011 Engineering Technologies 296 - 296 Specialty Solutions 1,326 69 1,395 Corporate and Other 515 - 515 Total expense $ 4,004 $ 665 $ 4,669 Fiscal Year 2019 Electronics $ 327 $ 27 $ 354 Engraving 662 - 662 Engineering Technologies 17 99 116 Specialty Solutions 21 - 21 Corporate and Other 136 - 136 Total expense $ 1,163 $ 126 $ 1,289 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 16 . Employee Benefit Plans Retirement Plans The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. employees is frozen for substantially all employees and participants in the plan have ceased accruing future benefits. Net periodic benefit cost for U.S. and non-U.S. plans included the following components (in thousands): U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2021 2020 2019 2021 2020 2019 Service Cost $ 4 $ 3 $ 3 $ 217 $ 236 $ 189 Interest Cost 7,439 9,083 10,342 725 846 1,013 Expected return on plan assets (13,012 ) (13,150 ) (13,541 ) (629 ) (868 ) (908 ) Recognized net actuarial loss 5,933 5,101 4,121 757 651 340 Amortization of prior service cost (benefit) - - - (5 ) (5 ) (3 ) Net periodic benefit cost (benefit) $ 364 $ 1,037 $ 925 $ 1,065 $ 860 $ 631 The following table sets forth the funded status and amounts recognized as of June 30, 2021 and 2020 for our U.S. and foreign defined benefit pension plans (in thousands): U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 264,619 $ 253,540 $ 45,190 $ 43,983 Service cost 4 3 217 236 Interest cost 7,439 9,083 725 846 Actuarial loss (gain) (3,457 ) 18,121 (746 ) 2,604 Benefits paid (16,513 ) (16,128 ) (1,906 ) (1,537 ) Foreign currency exchange rate & other changes - - 4,329 (942 ) Projected benefit obligation at end of year $ 252,092 $ 264,619 $ 47,809 $ 45,190 Change in plan assets Fair value of plan assets at beginning of year $ 194,824 $ 186,205 $ 41,973 $ 39,665 Actual return on plan assets 26,277 21,447 40 4,037 Employer contribution 8,015 3,301 105 739 Benefits paid (16,513 ) (16,129 ) (1,906 ) (1,537 ) Foreign currency exchange rate - - 4,805 (931 ) Fair value of plan assets at end of year $ 212,603 $ 194,824 $ 45,017 $ 41,973 Funded Status $ (39,489 ) $ (69,795 ) $ (2,792 ) $ (3,217 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid benefit cost $ - $ - $ 5,661 $ 4,663 Current liabilities (208 ) (208 ) (309 ) (295 ) Non-current liabilities (39,281 ) (69,587 ) (8,144 ) (7,585 ) Net amount recognized $ (39,489 ) $ (69,795 ) $ (2,792 ) $ (3,217 ) Unrecognized net actuarial loss $ 117,847 $ 140,501 $ 4,618 $ 5,075 Unrecognized prior service cost - - (51 ) (57 ) Accumulated other comprehensive income, pre-tax $ 117,847 $ 140,501 $ 4,567 $ 5,018 The accumulated benefit obligation for all defined benefit pension plans was $299.8 million and $309.7 million at June 30, 2021 2020 The estimated actuarial net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $5.9 million. Plan Assets and Assumptions The fair values of the Company’s pension plan assets at June 30, 2021 and 2020 by asset category, as classified in the three 1 Fair Value of Financial Instruments , are as follows (in thousands): June 30, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,209 $ 3,148 $ 61 $ - Common and preferred stocks 86,499 2,425 84,074 - Corporate bonds and other fixed income securities 146,742 1,850 144,892 - Other 21,170 - 21,170 - $ 257,620 $ 7,423 $ 250,197 - June 30, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,113 $ 1,684 $ 1,429 $ - Common and preferred stocks 85,641 1,857 83,784 - Corporate bonds and other fixed income securities 126,703 1,620 125,083 - Other 21,478 - 21,478 - $ 236,935 $ 5,161 $ 231,774 - Asset allocation at June 30, 2021 and 2020 and target asset allocations for 2021 are as follows: U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2021 2020 2021 2020 Equity securities 36% 41% 5% 5% Debt securities 43% 38% 70% 64% Global balanced securities 12% 11% 24% 29% Other 9% 10% 1% 2% Total 100% 100% 100% 100% 2021 Asset Category – Target U.S. U.K. Equity securities 36% 0% Debt and market neutral securities 44% 70% Global balanced securities 12% 30% Other 8% 0% Total 100% 100% Our investment policy for the U.S. pension plans targets a range of exposure to the various asset classes. Standex rebalances the portfolio periodically when the allocation is not 500; third Certain managers within the plan use, or have authorization to use, derivative financial instruments for hedging purposes, the creation of market exposures and management of country and asset allocation exposure. Currency speculation derivatives are strictly prohibited. Year Ended June 30 2021 2020 2019 Plan assumptions - obligations Discount rate 0.73 - 3.00% 0.99 - 2.90% 0.24 - 3.70% Rate of compensation increase 3.25% 2.90% 3.20% Plan assumption - cost Discount rate 0.99 - 2.90% 0.31 - 3.70% 0.38 - 4.40% Expected return on assets 1.40 - 6.90% 2.30 - 7.00% 2.45 - 7.00% Rate of compensation increase 2.90% 3.20% 3.60% Included in the above are the following assumptions relating to the obligations for defined benefit pension plans in the United States at June 30, 2021 Expected benefit payments for all plans during the next five 2022, 2023, 2024, 2025, 2026, five 2022. The Company operates defined benefit plans in Germany and Japan which are unfunded. Multi-Employer Pension Plans We contribute to two ● Assets contributed to the multiemployer plan by one may ● If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may ● If we choose to stop participating in some of our multiemployer plans, we may The following table outlines the Company’s participation in multiemployer pension plans for the periods ended June 30, 2021 2020 2019 three 2021 2020 two 65% 80% six 80% 80% not 5% Pension Protection Act Expiration Zone Status Contributions Date of Collective EIN/Plan FIP/RP Surcharge Bargaining Pension Fund Number 2021 2020 Status 2021 2020 2019 Imposed? Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 631 $ 531 $ 461 No May-25 IAM National Pension Fund, National Pension Plan 51-6031295-002 Red Red Yes/Implemented 513 595 644 No Oct-22 - May-25 $ 1,144 $ 1,126 $ 1,105 Retirement Savings Plans The Company has two primary employee savings plans, one for salaried employees and one for hourly employees. Substantially all of our full-time domestic employees are covered by these savings plans. Under the provisions of the plans, employees may may June 30, 2021 2020 2019 June 30, 2021 |
Note 17 - Industry Segment Info
Note 17 - Industry Segment Information | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17 . Industry Segment Information The company has five reportable segments organized around the types of products sold: • Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; • Engraving – provides mold texturizing, slush molding tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Scientific – specialty temperature-controlled equipment for the medical, scientific, pharmaceutical, biotech and industrial markets; • 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. • Specialty Solutions – an aggregation of three Net sales include only transactions with unaffiliated customers and include no Given the nature of our corporate expenses, management concluded that it would not no Industry Segments (in thousands) Net Sales Depreciation and Amortization 2021 2020 2019 2021 2020 2019 Electronics $ 253,369 $ 185,294 $ 204,073 $ 13,159 $ 12,339 $ 11,751 Engraving 147,016 143,736 149,693 11,140 10,595 8,232 Scientific 79,421 57,523 57,621 1,590 1,594 1,590 Engineering Technologies 75,562 104,047 105,270 5,519 6,000 5,963 Specialty Solutions 100,864 113,935 123,274 1,513 1,446 1,350 Corporate and Other - - - 320 320 402 Total $ 656,232 $ 604,535 $ 639,931 $ 33,241 $ 32,294 $ 29,288 Income (Loss) From Operations Capital Expenditures (1) 2021 2020 2019 2021 2020 2019 Electronics $ 46,600 $ 29,749 $ 41,227 $ 11,154 $ 5,334 $ 12,646 Engraving 22,510 20,493 23,996 6,517 10,618 13,868 Scientific 18,240 13,740 13,676 693 360 77 Engineering Technologies 6,164 14,027 11,169 1,110 1,170 3,857 Specialty Solutions 14,358 18,546 19,000 1,313 1,154 2,108 Restructuring charge (3,478 ) (4,669 ) (1,289 ) - - - Loss on sale of business (14,624 ) - - - - - Acquisition-related costs (931 ) (1,759 ) (3,075 ) - - - Other operating income (expense), net - - (500 ) - - - Corporate (29,674 ) (29,599 ) (24,728 ) 626 668 57 Total $ 59,165 $ 60,528 $ 79,476 $ 21,413 $ 19,304 $ 32,613 Interest expense (5,992 ) (7,475 ) (10,760 ) Other, net (473 ) 1,021 (1,742 ) Income from continuing operations before income taxes $ 52,700 $ 54,074 $ 66,974 ( 1 Includes capital expenditures in accounts payable of $2.4 million, $3.2 million, and $0.9 million at June 30, 2021 2020 2019 Goodwill Identifiable Assets 2021 2020 2021 2020 Electronics $ 144,832 $ 131,582 $ 382,045 $ 324,725 Engraving 77,378 77,195 263,406 257,104 Scientific 15,454 15,454 110,300 90,595 Engineering Technologies 37,085 43,685 114,012 147,797 Specialty Solutions 3,305 3,305 46,883 52,528 Corporate & Other - - 45,577 55,193 Discontinued Operations - - 2,936 Total $ 278,054 $ 271,221 $ 962,223 $ 930,878 Tangible Long-lived assets 2021 2020 United States $ 63,613 $ 69,548 Asia Pacific 33,722 32,057 EMEA (2) 30,677 26,057 Other Americas 5,361 4,871 Total $ 133,373 $ 132,533 ( 2 EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 18 - Divestitures
Note 18 - Divestitures | 12 Months Ended |
Jun. 30, 2021 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 18 . Divestitures On March 31, 2021, first nine 2021. |
Note 19 - Discontinued Operatio
Note 19 - Discontinued Operations | 12 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations [Member] | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 19. In pursuing our business strategy, the Company continues to divest certain businesses and record activities of these businesses as discontinued operations. During the third 2020, The transaction closed on April 16, 2020 During the first 2019, second 2019, third 2019, three March 31, 2019 April 1, 2019. Activity related to the Refrigerated Solutions Group, the Cooking Solutions Group and other discontinued operations for the years ended June 30, 2021 2020 2019 Year Ended June 30, 2021 2020 2019 Net sales $ - $ 111,841 $ 223,067 Gain (loss) on sale of business $ - $ (19,996 ) $ 20,539 Transaction fees - (1,933 ) (4,397 ) Profit (loss) before taxes $ (2,620 ) $ (23,439 ) $ 17,175 Benefit (provision) for taxes 550 2,613 2,453 Net income (loss) from discontinued operations $ (2,070 ) $ (20,826 ) $ 19,628 |
Note 20 - Leases
Note 20 - Leases | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 20. In the normal course of its business, the Company enters into various leases as the lessee, primarily related to certain transportation vehicles, facilities, office space, and machinery and equipment. These leases have remaining lease terms between one fifty-seven may Amounts (in thousands) recorded in the Company's Condensed Consolidated Balance Sheet and Statement of Operations related to leases are as follows: June 30, 2021 June 30, 2020 Assets Operating lease right-of-use-asset $ 37,276 $ 44,788 Liabilities Current (accrued liabilities) $ 7,933 $ 8,016 Operating lease long-term liabilities 29,041 36,293 Total lease liability $ 36,974 $ 44,309 Lease cost The components of lease costs for the years ended June 30, 2021 2020 Year Ended Year Ended June 30, 2021 June 30, 2020 Operating lease cost $ 11,747 $ 10,791 Variable lease cost 863 492 Net lease cost $ 12,610 $ 11,283 Maturity of lease liability The maturity of the Company's lease liabilities included in continuing operations at June 30, 2021 Operating Leases 2022 8,823 2023 6,213 2024 4,995 2025 4,097 2026 3,313 After 2026 13,724 Less: interest (4,191 ) Present value of lease liabilities $ 36,974 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate June 30, 2021 Weighted average remaining lease term (years) 9.3 Weighted average discount rate (percentage) 2.61 % Other Information Supplemental cash flow information related to leases is as follows: Year Ended Year Ended June 30, 2021 June 30, 2020 Operating cash outflows from operating leases $ 11,025 $ 10,436 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified industrial manufacturer in five The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not may 19 19 not June 30, 2021 10 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three June 30, 2021 2020 ompany’s cash was comprised solely of cash on deposit. |
Marketable Securities, Policy [Policy Text Block] | Trading Securities The Company purchases investments for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401 June 30, 2021 June 30, 2020 |
Receivable [Policy Text Block] | Accounts Receivable Allowances The Company has provided an allowance for credit losses. may The changes in the allowances for credit losses accounts during 2021 , 2020 , and 2019 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 2,113 $ 1,250 $ 1,590 Acquisitions and other 20 192 66 Provision charged to expense 605 824 (48) Write-offs, net of recoveries (1,150) (153) (358) Balance at end of year $ 1,588 $ 2,113 $ 1,250 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of ( first first |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets that are used in operations, excluding goodwill and identifiable intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are reported at cost less accumulated depreciation. Depreciation is recorded on assets over their estimated useful lives, generally using the straight-line method. Lives for property, plant and equipment are as follows: Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements, including those made to leased facilities, are capitalized. |
Lessee, Leases [Policy Text Block] | Leases At the inception of an arrangement, we determined 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 We have elected not one not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives are not Customer relationships (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names are considered to have an indefinite life and are not See discussion of the Company’s assessment of impairment in Note 6 7 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The financial instruments, shown below, are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. When observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 16 Level 2 16 Level 3 The Company did not June 30, 2021 or 2020 . Cash and cash equivalents, accounts receivable, accounts payable and debt are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2021 and 2020 were (in thousands): 2021 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,988 $ 2,988 $ - $ - Foreign exchange contracts 255 - 255 - Financial Liabilities Foreign exchange contracts $ 1,222 $ - $ 1,222 $ - Interest rate swaps 3,096 - 3,096 - Contingent consideration (a) 3,333 - - 3,333 2020 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,065 $ 2,065 $ - $ - Interest rate swaps - - - - Financial Liabilities Foreign exchange contracts $ 2,477 $ - $ 2,477 $ - Interest rate swaps 6,667 - 6,667 - Contingent consideration(a) 1,343 - - 1,343 (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. The Company’s financial liabilities based upon Level 3 The Company is contractually obligated to pay contingent consideration payments in connection with the Piazza Rosa acquisition based on the achievement of certain revenue targets during each of the first three 2021. first second first 2019 second 2020. not second 2021. December 31, 2020. The Company is also obligated to pay contingent consideration to the sellers of GS Engineering in the event that certain revenue and gross margin targets are achieved during the five not first second fourth 2020 2021, June 30, 2021, 2022 2024. The Company is also obligated to pay contingent consideration to the sellers of Renco Electronics in the event that certain earnings targets are achieved during the three 2024. June 30, 2021, first 2022, first The Company has determined the fair value of the liabilities for the contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not 3 The Company will update its assumptions each reporting period based on new developments and record such amounts at fair value based on the revised assumptions until the agreements expire. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company is subject to credit risk through trade receivables. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. No individual customer accounts for more than 5% of revenues or accounts receivable in the periods presented. |
Revenue [Policy Text Block] | Revenue Recognition In general, the Company recognizes revenue at the point in time control transfers to its customer based on predetermined shipping terms. Revenue is recognized over time under certain long-term contracts within the Engineering Technologies and Engraving groups for highly customized customer products that have no |
Cost of Sales and Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Goods Sold and Selling, General and Administrative Expenses The Company includes expenses in either cost of goods sold or selling, general and administrative categories based upon the natural classification of the expenses. Cost of goods sold includes expenses associated with the acquisition, inspection, manufacturing and receiving of materials for use in the manufacturing process. These costs include inbound freight charges, purchasing and receiving costs, inspection costs, internal transfer costs as well as depreciation, amortization, wages, benefits and other costs that are incurred directly or indirectly to support the manufacturing process. Selling, general and administrative includes expenses associated with the distribution of our products, sales effort, administration costs and other costs that are not may not Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $1.7 million, $1.3 million, a nd $2.5 million for the years ended June 30, 2021 , 2020 , and 2019 , respectively. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenditures are expensed as incurred. Total research and development costs, which are classified under selling, general, and administrative expenses, were $9.6 million, $6.9 million, and $6.3 million for the years ended June 30, 2021 , 2020 , and 2019 , respectively. |
Standard Product Warranty, Policy [Policy Text Block] | Warranties The expected cost associated with warranty obligations on our products is recorded when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in the continuing operations warranty reserve, which are recorded as accrued liabilities, during 2021 , 2020 , and 2019 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 1,781 $ 1,911 $ 1,849 Acquisitions and other charges 68 (86 ) (85 ) Warranty expense 2,007 1,783 2,346 Warranty claims (1,770 ) (1,827 ) (2,199 ) Balance at end of year $ 2,086 $ 1,781 $ 1,911 The increase in warranty expense during 2021 2020 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Plans Restricted stock awards, including performance based awards, generally vest over terms from one three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our non-U.S. operations is the local currency. Assets and liabilities of non-U.S. operations are translated into U.S. Dollars on a monthly basis using period-end exchange rates. Revenues and expenses of these operations are translated using monthly average exchange rates. The resulting translation adjustment is reported as a component of comprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income. Gains and losses from foreign currency transactions are included in results of operations and were not |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities The Company recognizes all derivatives on its balance sheet at fair value. Forward foreign currency exchange contracts are periodically used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments from subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. The Company also uses interest rate swaps to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company values the swaps based on contract prices in the derivatives market for similar instruments. The Company has designated its interest rate swap agreements, including any that may The Company does not |
Income Tax, Policy [Policy Text Block] | Income Taxes On December 22, 2017, 21.0% January 1, 2018. June 30, 2021 2020 2019 The provision for fiscal year ending June 30, 2021 2020 2019 The Company's income tax provision from continuing operations for the fiscal years ended June 30, 2021 2020 2019 may not one The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2021 2019 2020 2014 2015, 35%, The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2020 The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2019 965 162 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (share amounts in thousands) 2021 2020 2019 Basic – Average Shares Outstanding 12,156 12,324 12,574 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 63 59 Diluted – Average Shares Outstanding 12,258 12,387 12,633 Both basic and diluted income is the same for computing earnings per share. June 30,2021. June 30, 2020 . There were no June 30, 2019 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In March 2020, 2020 04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020 04 March 12, 2020 December 31, 2022. 2020 04 In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 November 2019, 2019 11, Codification Improvements to Topic 326, 2019 11 2016 13. 2016 13. December 15, 2019 2016 13 2021. not As a result of the adoption of ASU 2016 13, Accounts Receivable Allowances |
Note 1 - Summary of Accountin_2
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2021 2020 2019 Balance at beginning of year $ 2,113 $ 1,250 $ 1,590 Acquisitions and other 20 192 66 Provision charged to expense 605 824 (48) Write-offs, net of recoveries (1,150) (153) (358) Balance at end of year $ 1,588 $ 2,113 $ 1,250 |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer relationships (years) 5 to 15 Patents (years) 12 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 2021 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,988 $ 2,988 $ - $ - Foreign exchange contracts 255 - 255 - Financial Liabilities Foreign exchange contracts $ 1,222 $ - $ 1,222 $ - Interest rate swaps 3,096 - 3,096 - Contingent consideration (a) 3,333 - - 3,333 2020 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,065 $ 2,065 $ - $ - Interest rate swaps - - - - Financial Liabilities Foreign exchange contracts $ 2,477 $ - $ 2,477 $ - Interest rate swaps 6,667 - 6,667 - Contingent consideration(a) 1,343 - - 1,343 |
Schedule of Product Warranty Liability [Table Text Block] | 2021 2020 2019 Balance at beginning of year $ 1,781 $ 1,911 $ 1,849 Acquisitions and other charges 68 (86 ) (85 ) Warranty expense 2,007 1,783 2,346 Warranty claims (1,770 ) (1,827 ) (2,199 ) Balance at end of year $ 2,086 $ 1,781 $ 1,911 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (share amounts in thousands) 2021 2020 2019 Basic – Average Shares Outstanding 12,156 12,324 12,574 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 102 63 59 Diluted – Average Shares Outstanding 12,258 12,387 12,633 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Business Combination, Acquisition Related Costs [Table Text Block] | June 30, June 30, June 30, 2021 2020 2019 Deferred compensation arrangements $ - $ 1,170 $ 2,810 Acquisition-related costs 931 589 265 Total $ 931 $ 1,759 $ 3,075 |
Tenibac-Graphion, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2019 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, 2019 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, 2019 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, 2019 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 Final Allocation Fair value of business combination: Cash payments $ 30,002 780 $ 30,782 Less, cash acquired (622 ) (158 ) (780 ) Fair value of contingent consideration 500 - 500 Total $ 29,880 $ 622 $ 30,502 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,197 $ (679 ) $ 1,518 Inventories 228 168 396 Customer Backlog 180 (180 ) - Property, plant, and equipment 1,391 3,179 4,570 Identifiable intangible assets 8,910 200 9,110 Goodwill 17,976 (2,518 ) 15,458 Liabilities assumed (1,002 ) 452 (550 ) Total $ 29,880 $ 622 $ 30,502 |
Renco Electronics [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation September 30, 2020 Adjustments Final Allocation Fair value of business combination: Cash payments $ 29,530 $ 83 $ 29,613 Less, cash acquired (2,132 ) (75 ) (2,207 ) Fair value of contingent consideration 3,000 - 3,000 Total $ 30,398 $ 8 $ 30,406 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 4,762 $ (240 ) $ 4,522 Inventories 5,446 - 5,446 Property, plant, & equipment - 410 410 Identifiable intangible assets 10,400 - 10,400 Goodwill 14,153 (162 ) 13,991 Debt assumed (712 ) - (712 ) Liabilities assumed (3,651 ) - (3,651 ) Total $ 30,398 $ 8 $ 30,406 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended Revenue by Product Line June 30, 2021 June 30, 2020 June 30, 2019 Electronics 253,369 185,294 204,073 Engraving Services 137,159 132,586 139,769 Engraving Products 9,857 11,150 9,924 Total Engraving 147,016 143,736 149,693 Scientific 79,421 57,523 57,621 Engineering Technologies 75,562 104,047 105,270 Hydraulics Cylinders and System 48,776 51,722 53,943 Merchandising & Display 26,049 31,488 34,532 Pumps 26,039 30,725 34,799 Total Specialty Solutions 100,864 113,935 123,274 Total Revenue by Product Line $ 656,232 $ 604,535 $ 639,931 Year Ended Net sales June 30, 2021 June 30, 2020 June 30, 2019 United States $ 386,829 $ 364,188 $ 370,235 Asia Pacific 125,516 98,665 108,667 EMEA (1) 129,908 128,037 144,636 Other Americas 13,979 13,645 16,393 Total $ 656,232 $ 604,535 $ 639,931 Year Ended Timing of Revenue Recognition June 30, 2021 June 30, 2020 June 30, 2019 Products and services transferred at a point in time $ 619,029 $ 569,426 $ 607,980 Products transferred over time 37,203 35,109 31,951 Net sales $ 656,232 $ 604,535 $ 639,931 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Year ended June 30, 2021 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract assets: Prepaid expenses and other current assets $ 9,140 30,773 24,900 $ 15,013 Contract liabilities: Customer deposits $ 2,298 9,912 11,739 $ 471 Year ended June 30, 2020 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract assets: Prepaid expenses and other current assets $ 8,418 41,462 40,740 $ 9,140 Contract liabilities: Customer deposits $ 1,358 11,939 10,999 $ 2,298 Year ended Revenue recognized in the period from: June 30, 2021 Amounts included in the contract liability balance at the beginning of the period $ 2,298 Year ended Revenue recognized in the period from: June 30, 2020 Amounts included in the contract liability balance at the beginning of the period $ 1,358 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30 2021 2020 Raw materials $ 47,000 $ 37,257 Work in process 22,539 25,527 Finished goods 22,323 22,247 Total $ 91,862 $ 85,031 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30 2021 2020 Land, buildings and leasehold improvements $ 73,785 $ 69,869 Machinery, equipment and other 210,594 203,258 Total 284,379 273,127 Less accumulated depreciation (151,006 ) (140,594 ) Property, plant and equipment, net $ 133,373 $ 132,533 |
Note 6 - Goodwill (Tables)
Note 6 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2020 Acquisitions Impairments Translation Adjustment June 30, 2021 Electronics $ 131,582 $ 13,991 $ - $ (741 ) $ 144,832 Engraving 77,195 - - 183 77,378 Scientific 15,454 - - - 15,454 Engineering Technologies 43,685 - (7,600 ) 1,000 37,085 Specialty Solutions 3,305 - - - 3,305 Total $ 271,221 $ 13,991 $ (7,600 ) $ 442 $ 278,054 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer (Indefinite- Developed Relationships lived) Technology Other Total June 30, 2021 Cost $ 57,970 $ 22,273 $ 53,721 $ 3,812 $ 137,776 Accumulated amortization (19,038 ) - (16,768 ) (3,041 ) (38,847 ) Balance, June 30, 2021 $ 38,932 $ 22,273 $ 36,953 $ 771 $ 98,929 June 30, 2020 Cost $ 74,104 $ 19,916 $ 55,164 $ 3,980 $ 153,164 Accumulated amortization (31,003 ) - (13,006 ) (2,743 ) (46,752 ) Balance, June 30, 2020 $ 43,101 $ 19,916 $ 42,158 $ 1,237 $ 106,412 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 9,653 2023 9,245 2024 8,415 2025 7,971 2026 7,740 Thereafter 33,632 Amortization $ 76,656 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2021 2020 Bank credit agreements $ 200,000 $ 200,000 Total funded debt 200,000 200,000 Issuance Cost (510 ) (850 ) Total long-term debt $ 199,490 $ 199,150 |
Note 9 - Accrued Liabilities (T
Note 9 - Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2021 2020 Payroll and employee benefits $ 32,550 $ 24,084 Workers' compensation 2,118 2,743 Warranty 2,086 1,781 Fair value of derivatives 4,318 9,144 Lease liability 7,933 8,016 Other 12,712 14,161 Total $ 61,717 $ 59,929 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Fixed Maturity Fair Value at June 30, Amount Interest Rate 2021 2020 May 24, 2017 25,000 1.88% April 24, 2022 (374 ) (815 ) August 6, 2018 25,000 2.83% August 6, 2023 (1,401 ) (2,167 ) March 23, 2020 100,000 0.91% March 23, 2025 (907 ) (2,485 ) April 24, 2020 25,000 0.88% April 24, 2025 (192 ) (585 ) May 24, 2020 25,000 0.91% March 24, 2025 (222 ) (615 ) $ (3,096 ) $ (6,667 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency 2021 2020 USD 987 287 Euro 5,750 5,750 SGD 21,836 64,696 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives 2021 2020 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Other Assets 255 Other Assets - $ 255 $ - Liability Derivatives 2021 2020 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 3,096 Accrued Liabilities $ 6,667 Foreign exchange contracts Accrued Liabilities 1,222 Accrued Liabilities 2,477 $ 4,318 $ 9,144 |
Derivative Instruments, Gain (Loss) [Table Text Block] | 2021 2020 2019 Interest rate swaps $ 1,284 $ (7,098 ) $ 1,703 Foreign exchange contracts 2,072 1,851 (3,279 ) $ 3,356 $ (5,247 ) $ (1,576 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2021 2020 2019 of Operations Interest rate swaps $ 2,287 $ 547 $ (321 ) Interest expense Foreign exchange contracts (557 ) (1,403 ) 1,730 Other non-operating income Net investment hedge - - (285 ) Other non-operating income $ 1,730 $ (856 ) $ 1,124 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2021 2020 2019 U.S. Operations $ 4,997 $ 11,890 $ 6,794 Non-U.S. Operations 47,703 42,184 60,180 Total $ 52,700 $ 54,074 $ 66,974 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 2019 Current: Federal $ (2,592 ) $ (870 ) $ 648 State 307 70 190 Non-U.S. 15,606 13,963 21,288 Total Current $ 13,321 $ 13,163 $ 22,126 Deferred: Federal $ 1,469 $ 2,743 $ 277 State 374 885 207 Non-U.S. (1,007 ) (3,731 ) (3,922 ) Total Deferred 836 (103 ) (3,438 ) Total $ 14,157 $ 13,060 $ 18,688 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 Provision at statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 1.4 % 1.1 % 0.5 % Impact of foreign operations 4.0 % 0.7 % 4.9 % Federal tax credits (1.0 %) (3.5 %) (1.5 %) Tax Reform 0.0 % 0.0 % (1.2 %) Cash repatriation 4.6 % 2.2 % 3.2 % SubF/GILTI 0.0 % 1.4 % 0.4 % Uncertain Tax Positions 1.5 % (1.3 %) 0.0 % Benefit from U.S. tax loss carryback to prior years (1.8 %) 0 % 0.0 % Tax expense on Enginetics disposal 2.4 % 0 % 0.0 % Return to provision (3.2 %) 1.0 % (0.1 %) Valuation allowance release (2.3 %) 0 % 0.0 % Other 0.8 % 1.7 % 0.7 % Effective income tax provision 26.9 % 24.3 % 27.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax liabilities: Depreciation and amortization $ (28,997 ) $ (34,422 ) Withholding taxes (4,497 ) (4,295 ) Other (302 ) - Operating lease right-of-use-asset (4,711 ) (11,384 ) Total deferred tax liability $ (38,507 ) $ (50,101 ) Deferred tax assets: Accrued compensation $ 2,610 $ 2,410 Accrued expenses and reserves 2,610 4,117 Pension 12,653 19,847 Inventory 769 588 Lease liabilities 4,783 11,446 Other - 127 Net operating loss and credit carry forwards 16,127 22,676 Total deferred tax asset $ 39,552 $ 61,211 Less: Valuation allowance (12,191 ) (15,172 ) Net deferred tax asset (liability) $ (11,146 ) $ (4,062 ) |
Schedule of Provision for Income Taxes [Table Text Block] | 2021 2020 2019 Continuing operations $ 14,157 $ 13,060 $ 18,688 Discontinued operations (550 ) (2,613 ) (2,453 ) Total provision $ 13,607 $ 10,447 $ 16,235 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2021 2020 2019 Beginning Balance $ 9,286 $ 11,251 $ 3,003 Additions based on tax positions related to the current year 5 4 4 Additions for tax positions of prior years 121 - 8,281 Reductions for tax positions of prior years - (1,641 ) (37 ) Settlements - (328 ) - Ending Balance $ 9,412 $ 9,286 $ 11,251 |
Summary of Income Tax Examinations [Table Text Block] | Country Years Ending June 30, United States 2018 2021 Canada 2017 2021 Germany 2018 2021 Ireland 2021 Portugal 2020 2021 United Kingdom 2017 2021 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation and Purchase Plans (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Awards Number Weighted of Average Grant Date Shares Fair Value Outstanding, June 30, 2020 146,015 $ 80.35 Granted 72,475 59.57 Vested (44,647 ) 88.70 Canceled (5,832 ) 42.45 Outstanding, June 30, 2021 168,011 $ 74.61 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 2019 Risk-free interest rates 0.18 % 1.42 % 2.63 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 44.1 % 32.0 % 25.1 % Expected quarterly dividends (per share) $ 0.22 $ 0.20 $ 0.18 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Annual Component Performance Stock Units Weighted Weighted Number Average Aggregate Number Average of Exercise Intrinsic of Grant Date Shares Price Value Shares Fair Value Non-vested, June 30, 2020 32,387 $ 64.33 $ (685,647 ) 79,312 $ 84.87 Granted 19,311 43.16 69,071 58.81 Exercised / vested (10,474 ) 64.32 $ (43,978 ) (12,560 ) 91.75 Forfeited (105 ) 76.65 (6,396 ) 85.51 Non-vested, June 30, 2021 41,119 $ 54.36 $ 691,647 129,427 $ 70.27 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2021 2020 2019 Foreign currency translation adjustment $ (21,244 ) $ (31,046 ) $ (27,658 ) Unrealized pension losses, net of tax (92,372 ) (109,880 ) (107,380 ) Unrealized losses on derivative instruments, net of tax (2,524 ) (6,733 ) (2,240 ) Total $ (116,140 ) $ (147,659 ) $ (137,278 ) |
Note 15 - Restructuring (Tables
Note 15 - Restructuring (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 2021 Restructuring Initiatives $ 1,313 $ 662 $ 1,975 Prior Year Initiatives 926 577 1,503 Total expense $ 2,239 $ 1,239 $ 3,478 2020 Restructuring Initiatives $ 4,004 $ 606 $ 4,610 Prior Year Initiatives - 59 59 Total expense $ 4,004 $ 665 $ 4,669 2019 Restructuring Initiatives $ 953 $ 15 $ 968 Prior Year Initiatives 210 111 321 Total expense $ 1,163 $ 126 $ 1,289 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2020 $ - $ - $ - Additions and adjustments 1,313 662 1,975 Payments (1,274 ) (662 ) (1,936 ) Restructuring liabilities at June 30, 2021 $ 39 $ - $ 39 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2020 $ 520 $ 18 $ 538 Additions and adjustments 926 577 1,503 Payments (1,446 ) (585 ) (2,031 ) Restructuring liabilities at June 30, 2021 $ - $ 10 $ 10 Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2019 $ 147 $ 5 $ 152 Additions and adjustments 4,004 665 4,669 Payments (3,631 ) (652 ) (4,283 ) Restructuring liabilities at June 30, 2020 $ 520 $ 18 $ 538 |
Restructuring Expenses By Segment [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2021 Electronics $ 355 $ 22 $ 377 Engraving 1046 631 1,677 Engineering Technologies 37 - 37 Specialty Solutions 673 586 1,259 Corporate and Other 128 - 128 Total expense $ 2,239 $ 1,239 $ 3,478 Fiscal Year 2020 Electronics $ 355 $ 97 $ 452 Engraving 1512 499 2,011 Engineering Technologies 296 - 296 Specialty Solutions 1,326 69 1,395 Corporate and Other 515 - 515 Total expense $ 4,004 $ 665 $ 4,669 Fiscal Year 2019 Electronics $ 327 $ 27 $ 354 Engraving 662 - 662 Engineering Technologies 17 99 116 Specialty Solutions 21 - 21 Corporate and Other 136 - 136 Total expense $ 1,163 $ 126 $ 1,289 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value of Plan Assets [Table Text Block] | June 30, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,209 $ 3,148 $ 61 $ - Common and preferred stocks 86,499 2,425 84,074 - Corporate bonds and other fixed income securities 146,742 1,850 144,892 - Other 21,170 - 21,170 - $ 257,620 $ 7,423 $ 250,197 - June 30, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,113 $ 1,684 $ 1,429 $ - Common and preferred stocks 85,641 1,857 83,784 - Corporate bonds and other fixed income securities 126,703 1,620 125,083 - Other 21,478 - 21,478 - $ 236,935 $ 5,161 $ 231,774 - |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2021 2020 2021 2020 Equity securities 36% 41% 5% 5% Debt securities 43% 38% 70% 64% Global balanced securities 12% 11% 24% 29% Other 9% 10% 1% 2% Total 100% 100% 100% 100% |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended June 30 2021 2020 2019 Plan assumptions - obligations Discount rate 0.73 - 3.00% 0.99 - 2.90% 0.24 - 3.70% Rate of compensation increase 3.25% 2.90% 3.20% Plan assumption - cost Discount rate 0.99 - 2.90% 0.31 - 3.70% 0.38 - 4.40% Expected return on assets 1.40 - 6.90% 2.30 - 7.00% 2.45 - 7.00% Rate of compensation increase 2.90% 3.20% 3.60% |
Multiemployer Plan [Table Text Block] | Pension Protection Act Expiration Zone Status Contributions Date of Collective EIN/Plan FIP/RP Surcharge Bargaining Pension Fund Number 2021 2020 Status 2021 2020 2019 Imposed? Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 631 $ 531 $ 461 No May-25 IAM National Pension Fund, National Pension Plan 51-6031295-002 Red Red Yes/Implemented 513 595 644 No Oct-22 - May-25 $ 1,144 $ 1,126 $ 1,105 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2021 2020 2019 2021 2020 2019 Service Cost $ 4 $ 3 $ 3 $ 217 $ 236 $ 189 Interest Cost 7,439 9,083 10,342 725 846 1,013 Expected return on plan assets (13,012 ) (13,150 ) (13,541 ) (629 ) (868 ) (908 ) Recognized net actuarial loss 5,933 5,101 4,121 757 651 340 Amortization of prior service cost (benefit) - - - (5 ) (5 ) (3 ) Net periodic benefit cost (benefit) $ 364 $ 1,037 $ 925 $ 1,065 $ 860 $ 631 |
Schedule of Net Funded Status [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 264,619 $ 253,540 $ 45,190 $ 43,983 Service cost 4 3 217 236 Interest cost 7,439 9,083 725 846 Actuarial loss (gain) (3,457 ) 18,121 (746 ) 2,604 Benefits paid (16,513 ) (16,128 ) (1,906 ) (1,537 ) Foreign currency exchange rate & other changes - - 4,329 (942 ) Projected benefit obligation at end of year $ 252,092 $ 264,619 $ 47,809 $ 45,190 Change in plan assets Fair value of plan assets at beginning of year $ 194,824 $ 186,205 $ 41,973 $ 39,665 Actual return on plan assets 26,277 21,447 40 4,037 Employer contribution 8,015 3,301 105 739 Benefits paid (16,513 ) (16,129 ) (1,906 ) (1,537 ) Foreign currency exchange rate - - 4,805 (931 ) Fair value of plan assets at end of year $ 212,603 $ 194,824 $ 45,017 $ 41,973 Funded Status $ (39,489 ) $ (69,795 ) $ (2,792 ) $ (3,217 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid benefit cost $ - $ - $ 5,661 $ 4,663 Current liabilities (208 ) (208 ) (309 ) (295 ) Non-current liabilities (39,281 ) (69,587 ) (8,144 ) (7,585 ) Net amount recognized $ (39,489 ) $ (69,795 ) $ (2,792 ) $ (3,217 ) Unrecognized net actuarial loss $ 117,847 $ 140,501 $ 4,618 $ 5,075 Unrecognized prior service cost - - (51 ) (57 ) Accumulated other comprehensive income, pre-tax $ 117,847 $ 140,501 $ 4,567 $ 5,018 |
Target [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2021 Asset Category – Target U.S. U.K. Equity securities 36% 0% Debt and market neutral securities 44% 70% Global balanced securities 12% 30% Other 8% 0% Total 100% 100% |
Note 17 - Industry Segment In_2
Note 17 - Industry Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Industry Segments (in thousands) Net Sales Depreciation and Amortization 2021 2020 2019 2021 2020 2019 Electronics $ 253,369 $ 185,294 $ 204,073 $ 13,159 $ 12,339 $ 11,751 Engraving 147,016 143,736 149,693 11,140 10,595 8,232 Scientific 79,421 57,523 57,621 1,590 1,594 1,590 Engineering Technologies 75,562 104,047 105,270 5,519 6,000 5,963 Specialty Solutions 100,864 113,935 123,274 1,513 1,446 1,350 Corporate and Other - - - 320 320 402 Total $ 656,232 $ 604,535 $ 639,931 $ 33,241 $ 32,294 $ 29,288 Income (Loss) From Operations Capital Expenditures (1) 2021 2020 2019 2021 2020 2019 Electronics $ 46,600 $ 29,749 $ 41,227 $ 11,154 $ 5,334 $ 12,646 Engraving 22,510 20,493 23,996 6,517 10,618 13,868 Scientific 18,240 13,740 13,676 693 360 77 Engineering Technologies 6,164 14,027 11,169 1,110 1,170 3,857 Specialty Solutions 14,358 18,546 19,000 1,313 1,154 2,108 Restructuring charge (3,478 ) (4,669 ) (1,289 ) - - - Loss on sale of business (14,624 ) - - - - - Acquisition-related costs (931 ) (1,759 ) (3,075 ) - - - Other operating income (expense), net - - (500 ) - - - Corporate (29,674 ) (29,599 ) (24,728 ) 626 668 57 Total $ 59,165 $ 60,528 $ 79,476 $ 21,413 $ 19,304 $ 32,613 Interest expense (5,992 ) (7,475 ) (10,760 ) Other, net (473 ) 1,021 (1,742 ) Income from continuing operations before income taxes $ 52,700 $ 54,074 $ 66,974 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Goodwill Identifiable Assets 2021 2020 2021 2020 Electronics $ 144,832 $ 131,582 $ 382,045 $ 324,725 Engraving 77,378 77,195 263,406 257,104 Scientific 15,454 15,454 110,300 90,595 Engineering Technologies 37,085 43,685 114,012 147,797 Specialty Solutions 3,305 3,305 46,883 52,528 Corporate & Other - - 45,577 55,193 Discontinued Operations - - 2,936 Total $ 278,054 $ 271,221 $ 962,223 $ 930,878 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Tangible Long-lived assets 2021 2020 United States $ 63,613 $ 69,548 Asia Pacific 33,722 32,057 EMEA (2) 30,677 26,057 Other Americas 5,361 4,871 Total $ 133,373 $ 132,533 |
Note 19 - Discontinued Operat_2
Note 19 - Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended June 30, 2021 2020 2019 Net sales $ - $ 111,841 $ 223,067 Gain (loss) on sale of business $ - $ (19,996 ) $ 20,539 Transaction fees - (1,933 ) (4,397 ) Profit (loss) before taxes $ (2,620 ) $ (23,439 ) $ 17,175 Benefit (provision) for taxes 550 2,613 2,453 Net income (loss) from discontinued operations $ (2,070 ) $ (20,826 ) $ 19,628 |
Note 20 - Leases (Tables)
Note 20 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Amounts Recorded in Balance Sheet and Statement of Operations [Table Text Block] | June 30, 2021 June 30, 2020 Assets Operating lease right-of-use-asset $ 37,276 $ 44,788 Liabilities Current (accrued liabilities) $ 7,933 $ 8,016 Operating lease long-term liabilities 29,041 36,293 Total lease liability $ 36,974 $ 44,309 |
Lease, Cost [Table Text Block] | Year Ended Year Ended June 30, 2021 June 30, 2020 Operating lease cost $ 11,747 $ 10,791 Variable lease cost 863 492 Net lease cost $ 12,610 $ 11,283 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2022 8,823 2023 6,213 2024 4,995 2025 4,097 2026 3,313 After 2026 13,724 Less: interest (4,191 ) Present value of lease liabilities $ 36,974 |
Lessee, Lease, Additional Information [Table Text Block] | Lease Term and Discount Rate June 30, 2021 Weighted average remaining lease term (years) 9.3 Weighted average discount rate (percentage) 2.61 % Year Ended Year Ended June 30, 2021 June 30, 2020 Operating cash outflows from operating leases $ 11,025 $ 10,436 |
Note 1 - Summary of Accountin_3
Note 1 - Summary of Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($)shares | |
Payment for Contingent Consideration Liability, Financing Activities | $ 356 | $ 872 | $ 910 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Effective Income Tax Rate Before Discretion, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Income Tax Expense (Benefit), Total | $ 14,157 | $ 13,060 | $ 18,688 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.90% | 24.30% | 27.90% | |
Effective Income Tax Rate Reconciliation, Mix of Income in Various Jurisdictions | $ 5,100 | $ 1,400 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 800 | 1,200 | ||
Effective Income Tax Rate Reconciliation, Release of Uncertain Tax Provision Reserves | 1,700 | 700 | ||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 1,200 | |||
Effective Income Tax Rate Reconciliation, GILTI | $ 800 | |||
Effective Income Tax Rate Reconciliation, Section 965 Toll Tax, Amount | $ 800 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 300 | |||
Effective Income Tax Rate Reconciliation, Anticipated Cash Repatriation, Amount | $ 2,100 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 32,000 | 0 | |
Tax Years 2019 and 2020 [Member] | ||||
Income Tax Expense (Benefit), CARES Act | $ 1,000 | |||
Selling, General and Administrative Expenses [Member] | ||||
Advertising Expense | 1,700 | $ 1,300 | $ 2,500 | |
Research and Development Expense, Total | $ 9,600 | 6,900 | $ 6,300 | |
Revenue Benchmark [Member] | ||||
Concentration Risk, Threshold Percentage | 5.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 0 | |||
GS Engineering [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 12,800 | |||
Renco Electronics [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,500 | |||
Renco Electronics [Member] | Forecast [Member] | ||||
Payment for Contingent Consideration Liability, Financing Activities | $ 1,200 | |||
Other Noncurrent Assets [Member] | ||||
Trading Securities, Cost | $ 3,000 | $ 2,100 |
Note 1 - Summary of Accountin_4
Note 1 - Summary of Accounting Policies - Changes in Allowances for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance at beginning of year | $ 2,113 | $ 1,250 | $ 1,590 |
Acquisitions and other | 20 | 192 | 66 |
Provision charged to expense | 605 | 824 | (48) |
Write-offs, net of recoveries | (1,150) | (153) | (358) |
Balance at end of year | $ 1,588 | $ 2,113 | $ 1,250 |
Note 1 - Summary of Accountin_5
Note 1 - Summary of Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Building [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Building [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 50 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 8 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 7 years |
Note 1 - Summary of Accountin_6
Note 1 - Summary of Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Customer Relationships [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Customer Relationships [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 15 years |
Patents [Member] | |
Intangible assets, useful life (Year) | 12 years |
Noncompete Agreements [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 5 years |
Other Intangible Assets [Member] | |
Intangible assets, useful life (Year) | 10 years |
Developed Technology Rights [Member] | Minimum [Member] | |
Intangible assets, useful life (Year) | 10 years |
Developed Technology Rights [Member] | Maximum [Member] | |
Intangible assets, useful life (Year) | 20 years |
Note 1 - Summary of Accountin_7
Note 1 - Summary of Accounting Policies - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Foreign exchange contracts | $ 255 | $ 2,477 | |
Foreign exchange contracts | 1,222 | ||
Interest rate swaps | 3,096 | 6,667 | |
Contingent consideration (a) | [1] | 3,333 | 1,343 |
Interest rate swaps | 0 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Foreign exchange contracts | 0 | 0 | |
Foreign exchange contracts | 0 | ||
Interest rate swaps | 0 | 0 | |
Contingent consideration (a) | [1] | 0 | 0 |
Interest rate swaps | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Foreign exchange contracts | 255 | 2,477 | |
Foreign exchange contracts | 1,222 | ||
Interest rate swaps | 3,096 | 6,667 | |
Contingent consideration (a) | [1] | 0 | 0 |
Interest rate swaps | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Foreign exchange contracts | 0 | 0 | |
Foreign exchange contracts | 0 | ||
Interest rate swaps | 0 | 0 | |
Contingent consideration (a) | [1] | 3,333 | 1,343 |
Interest rate swaps | 0 | ||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,988 | 2,065 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,988 | 2,065 | |
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 1 - Summary of Accountin_8
Note 1 - Summary of Accounting Policies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance at beginning of year | $ 1,781 | $ 1,911 | $ 1,849 |
Acquisitions and other charges | 68 | (86) | (85) |
Warranty expense | 2,007 | 1,783 | 2,346 |
Warranty claims | (1,770) | (1,827) | (2,199) |
Balance at end of year | $ 2,086 | $ 1,781 | $ 1,911 |
Note 1 - Summary of Accountin_9
Note 1 - Summary of Accounting Policies - Weighted Average Number of Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic – Average Shares Outstanding (in shares) | 12,156 | 12,324 | 12,574 |
Effect of Dilutive Securities – Stock Options and Restricted Stock Awards (in shares) | 102 | 63 | 59 |
Diluted – Average Shares Outstanding (in shares) | 12,258 | 12,387 | 12,633 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Aug. 31, 2019 | Aug. 31, 2018 | Mar. 31, 2021 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 27,406 | $ 622 | $ 127,924 | ||||||||||
Operating Lease, Right-of-Use Asset | $ 44,788 | 37,276 | 44,788 | ||||||||||
Operating Lease, Liability, Current | 8,016 | 7,933 | 8,016 | ||||||||||
Operating Lease, Liability, Noncurrent | 36,293 | 29,041 | 36,293 | ||||||||||
Goodwill, Ending Balance | 271,221 | $ 278,054 | 271,221 | ||||||||||
Other Intangible Assets [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||||
Renco Electronics [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 27,400 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 10,400 | $ 10,400 | $ 10,400 | ||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 14,000 | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Liabilities | 100 | ||||||||||||
Operating Lease, Right-of-Use Asset | 3,300 | ||||||||||||
Operating Lease, Liability, Current | 1,800 | ||||||||||||
Operating Lease, Liability, Noncurrent | 1,500 | ||||||||||||
Goodwill, Ending Balance | $ 13,991 | $ 14,153 | |||||||||||
Renco Electronics [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,800 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||||||||
Renco Electronics [Member] | Indefinite Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3,600 | ||||||||||||
GS Engineering [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 29,880 | 30,502 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 8,910 | $ 8,910 | 9,110 | $ 8,910 | 9,110 | 8,910 | |||||||
Goodwill, Ending Balance | 17,976 | $ 17,976 | 15,458 | 17,976 | 15,458 | 17,976 | |||||||
GS Engineering [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,600 | 2,600 | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||||||||
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 | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||||
GS Engineering [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 900 | 900 | |||||||||||
Agile Magnetics [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 39,193 | $ 39,200 | 39,193 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 13,718 | 17,400 | 17,350 | 17,350 | |||||||||
Goodwill, Ending Balance | 20,142 | 16,400 | $ 16,434 | 16,434 | |||||||||
Agile Magnetics [Member] | Customer Relationships [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 13,500 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years | ||||||||||||
Agile Magnetics [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3,800 | ||||||||||||
Agile Magnetics [Member] | Noncompete Agreements [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 100 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||||||||
Tenibac-Graphion, Inc. [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 56,726 | $ 57,300 | 56,726 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 16,860 | 15,960 | 16,900 | $ 16,860 | 16,860 | 16,860 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 34,400 | 34,400 | 34,400 | 34,400 | |||||||||
Goodwill, Ending Balance | $ 34,360 | $ 32,949 | $ 34,360 | $ 34,360 | 34,360 | ||||||||
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 (Year) | 15 years | ||||||||||||
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] | 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 (Year) | 5 years | ||||||||||||
Horizon Scientific Inc. [Member] | |||||||||||||
Business Combination, Deferred Compensation Due on Second Anniversary | $ 2,800 | ||||||||||||
Business Combination, Deferred Compensation Due on Third Anniversary | $ 5,600 | ||||||||||||
Business Combination, Deferred Compensation Arrangements | $ 1,200 | $ 2,800 |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Renco (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 |
Goodwill | $ 278,054 | $ 278,054 | $ 271,221 | ||
Renco Electronics [Member] | |||||
Cash payments | 29,613 | $ 29,530 | |||
Cash payments, adjustments | 83 | ||||
Less, cash acquired | (2,207) | (2,132) | |||
Less, cash acquired, adjustments | (75) | ||||
Fair value of contingent consideration | 3,000 | 3,000 | |||
Fair value of contingent consideration | 0 | ||||
Total | 30,406 | 30,398 | |||
Total, adjustments | 8 | ||||
Other acquired assets | 4,522 | 4,762 | 4,522 | ||
Other acquired assets, adjustments | (240) | ||||
Inventories | 5,446 | 5,446 | 5,446 | ||
Inventories, adjustments | 0 | ||||
Property, plant, & equipment | 410 | 0 | 410 | ||
Property, plant, & equipment, adjustments | 410 | ||||
Identifiable intangible assets | 10,400 | 10,400 | 10,400 | $ 10,400 | |
Identifiable intangible assets, adjustments | 0 | ||||
Goodwill | 13,991 | 14,153 | 13,991 | ||
Goodwill, adjustments | (162) | ||||
Debt assumed | (712) | (712) | (712) | ||
Debt assumed, adjustments | 0 | ||||
Liabilities assumed | (3,651) | (3,651) | (3,651) | ||
Liabilities assumed, adjustments | 0 | ||||
Total | $ 30,406 | $ 30,398 | 30,406 | ||
Total, adjustments | $ 8 |
Note 2 - Acquisitions - Compo_2
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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 27,406 | $ 622 | $ 127,924 | |
Goodwill, Ending Balance | $ 278,054 | 271,221 | ||
GS Engineering [Member] | ||||
Cash payments | $ 30,002 | 30,782 | ||
Cash payments | 780 | |||
Less, cash acquired | (622) | (780) | ||
Less, cash acquired, adjustments | (158) | |||
Fair value of contingent consideration | 500 | 500 | ||
Fair value of contingent consideration | 0 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 29,880 | 30,502 | ||
Total, adjustments | 622 | |||
Other acquired assets | 2,197 | 1,518 | 2,197 | |
Other acquired assets, Adjustments | (679) | |||
Inventories | 228 | 396 | 228 | |
Inventories, Adjustments | 168 | |||
Customer Backlog | 180 | 0 | 180 | |
Customer Backlog, Adjustments | (180) | |||
Property, plant, & equipment | 1,391 | 4,570 | 1,391 | |
Property, plant, & equipment, adjustments | 3,179 | |||
Identifiable intangible assets | 8,910 | 9,110 | 8,910 | |
Identifiable intangible assets, adjustments | 200 | |||
Goodwill, Ending Balance | 17,976 | 15,458 | 17,976 | |
Goodwill, Adjustments | (2,518) | |||
Liabilities assumed | $ (1,002) | (550) | $ (1,002) | |
Liabilities assumed, Adjustments | $ 452 |
Note 2 - Acquisitions - Compo_3
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, 2019 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 27,406 | $ 622 | $ 127,924 | |||
Goodwill, Ending Balance | $ 271,221 | $ 278,054 | 271,221 | |||
Agile Magnetics [Member] | ||||||
Cash payments | $ 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 | 1,893 | 1,893 | |||
Other acquired assets, Adjustments | (35) | |||||
Inventories | 2,506 | 2,774 | 2,774 | |||
Inventories, Adjustments | 268 | |||||
Customer Backlog | 0 | 200 | 200 | |||
Customer Backlog, Adjustments | 200 | |||||
Property, plant, & equipment | 1,318 | 970 | 970 | |||
Property, plant, & equipment, Adjustments | (348) | |||||
Identifiable intangible assets | 13,718 | 17,400 | 17,350 | 17,350 | ||
Identifiable intangible assets, Adjustments | 3,632 | |||||
Goodwill, Ending Balance | 20,142 | $ 16,400 | 16,434 | 16,434 | ||
Goodwill, Adjustments | (3,708) | |||||
Liabilities assumed | $ (419) | (428) | $ (428) | |||
Liabilities assumed, Adjustments | $ (9) |
Note 2 - Acquisitions - Compo_4
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Tennibac-Graphion Inc. (Details) - USD ($) $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 27,406 | $ 622 | $ 127,924 | |||
Goodwill, Ending Balance | $ 278,054 | $ 271,221 | ||||
Tenibac-Graphion, Inc. [Member] | ||||||
Cash payments | $ 57,284 | $ 57,284 | ||||
Less, cash acquired | (558) | (558) | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726 | $ 57,300 | 56,726 | |||
Other acquired assets | 5,023 | 3,770 | 3,770 | |||
Other acquired assets, Adjustments | (1,253) | |||||
Inventories | 324 | 324 | 324 | |||
Inventories, Adjustments | 0 | |||||
Customer Backlog | 1,000 | 200 | 200 | |||
Customer Backlog, Adjustments | (800) | |||||
Property, plant, & equipment | 2,490 | 2,471 | 2,471 | |||
Property, plant, & equipment, Adjustments | (19) | |||||
Identifiable intangible assets | 15,960 | $ 16,900 | 16,860 | 16,860 | ||
Identifiable intangible assets, Adjustments | 900 | |||||
Goodwill, Ending Balance | 32,949 | 34,360 | 34,360 | |||
Goodwill, Adjustments | 1,411 | |||||
Liabilities assumed | $ (1,020) | (1,259) | $ (1,259) | |||
Liabilities assumed, Adjustments | $ (239) |
Note 2 - Acquisitions - Compo_5
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Acquisition related expenses | $ 931 | $ 1,759 | $ 3,075 |
Deferred Compensation Arrangements [Member] | |||
Acquisition related expenses | 0 | 1,170 | 2,810 |
Acquisition-related Costs [Member] | |||
Acquisition related expenses | $ 931 | $ 589 | $ 265 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers - Revenue Disaggregated (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net sales | $ 656,232 | $ 604,535 | $ 639,931 | |
Transferred at Point in Time [Member] | ||||
Net sales | 619,029 | 569,426 | 607,980 | |
Transferred over Time [Member] | ||||
Net sales | 37,203 | 35,109 | 31,951 | |
UNITED STATES | ||||
Net sales | 386,829 | 364,188 | 370,235 | |
Asia Pacific [Member] | ||||
Net sales | 125,516 | 98,665 | 108,667 | |
EMEA [Member] | ||||
Net sales | [1] | 129,908 | 128,037 | 144,636 |
Other Americas [Member] | ||||
Net sales | 13,979 | 13,645 | 16,393 | |
Electronics Products Group [Member] | ||||
Net sales | 253,369 | 185,294 | 204,073 | |
Engraving Group [Member] | ||||
Net sales | 147,016 | 143,736 | 149,693 | |
Engraving Group [Member] | Engraving Services [Member] | ||||
Net sales | 137,159 | 132,586 | 139,769 | |
Engraving Group [Member] | Engraving Products [Member] | ||||
Net sales | 9,857 | 11,150 | 9,924 | |
Scientific Group [Member] | ||||
Net sales | 79,421 | 57,523 | 57,621 | |
Scientific Group [Member] | Scientific Products and Services [Member] | ||||
Net sales | 79,421 | 57,523 | 57,621 | |
Engineering Technologies Group [Member] | ||||
Net sales | 75,562 | 104,047 | 105,270 | |
Engineering Technologies Group [Member] | Engineering Technologies Components [Member] | ||||
Net sales | 75,562 | 104,047 | 105,270 | |
Specialty Solutions Group [Member] | ||||
Net sales | 100,864 | 113,935 | 123,274 | |
Specialty Solutions Group [Member] | Hydraulics Cylinders and System [Member] | ||||
Net sales | 48,776 | 51,722 | 53,943 | |
Specialty Solutions Group [Member] | Merchandising & Display [Member] | ||||
Net sales | 26,049 | |||
Specialty Solutions Group [Member] | Pumps [Member] | ||||
Net sales | $ 26,039 | |||
Food Service Equipment Group [Member] | Merchandising & Display [Member] | ||||
Net sales | 31,488 | 34,532 | ||
Food Service Equipment Group [Member] | Pumps [Member] | ||||
Net sales | $ 30,725 | $ 34,799 | ||
[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 | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Contract assets, additions | $ 30,773 | $ 41,462 |
Contract liabilities, deductions | 11,739 | 10,999 |
Amounts included in the contract liability balance at the beginning of the period | 2,298 | 1,358 |
Contract assets, deduction | 24,900 | 40,740 |
Contract liabilities | 471 | 2,298 |
Contract assets | 15,013 | 9,140 |
Contract liabilities | 2,298 | 1,358 |
Contract assets | 9,140 | 8,418 |
Contract liabilities, additions | $ 9,912 | $ 11,939 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Selling Expense | $ 11 | $ 9 | $ 9.7 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Raw materials | $ 47,000 | $ 37,257 |
Work in process | 22,539 | 25,527 |
Finished goods | 22,323 | 22,247 |
Total | $ 91,862 | $ 85,031 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Total | $ 19.2 | $ 19.2 | $ 17.5 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Property, plant and equipment, gross | $ 284,379 | $ 273,127 |
Less accumulated depreciation | (151,006) | (140,594) |
Property, plant and equipment, net | 133,373 | 132,533 |
Land, Buildings and Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 73,785 | 69,869 |
Machinery, Equipment and Other [Member] | ||
Property, plant and equipment, gross | $ 210,594 | $ 203,258 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Number of Reporting Units | 7 | ||
Goodwill, Impairment Loss | $ 7.6 | ||
Engineering Technologies Group [Member] | |||
Goodwill, Impairment Loss | $ 7.6 | $ 7.6 | |
Refrigerated Solutions Group [Member] | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 7.7 |
Note 6 - Goodwill - Changes to
Note 6 - Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Balance | $ 271,221 | |
Acquisitions | 13,991 | |
Impairments | (7,600) | |
Translation adjustment | 442 | |
Balance | 278,054 | |
Electronics Products Group [Member] | ||
Balance | 131,582 | |
Acquisitions | 13,991 | |
Impairments | 0 | |
Translation adjustment | (741) | |
Balance | 144,832 | |
Engraving Group [Member] | ||
Balance | 77,195 | |
Acquisitions | 0 | |
Impairments | 0 | |
Translation adjustment | 183 | |
Balance | 77,378 | |
Scientific Group [Member] | ||
Balance | 15,454 | |
Acquisitions | 0 | |
Impairments | 0 | |
Translation adjustment | 0 | |
Balance | 15,454 | |
Engineering Technologies Group [Member] | ||
Balance | 43,685 | |
Acquisitions | 0 | |
Impairments | $ (7,600) | (7,600) |
Translation adjustment | 1,000 | |
Balance | 37,085 | |
Specialty Solutions Group [Member] | ||
Balance | 3,305 | |
Acquisitions | 0 | |
Impairments | 0 | |
Translation adjustment | 0 | |
Balance | $ 3,305 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 11.8 | $ 11.6 | $ 10.5 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Cost | $ 137,776 | $ 153,164 |
Accumulated amortization | (38,847) | (46,752) |
Intangible assets, net | 98,929 | 106,412 |
Trademarks [Member] | ||
Cost | 22,273 | 19,916 |
Accumulated amortization | 0 | 0 |
Intangible assets, net | 22,273 | 19,916 |
Customer Relationships [Member] | ||
Cost | 57,970 | 74,104 |
Accumulated amortization | (19,038) | (31,003) |
Intangible assets, net | 38,932 | 43,101 |
Acquired Technology [Member] | ||
Cost | 53,721 | 55,164 |
Accumulated amortization | (16,768) | (13,006) |
Intangible assets, net | 36,953 | 42,158 |
Other Intangible Assets [Member] | ||
Cost | 3,812 | 3,980 |
Accumulated amortization | (3,041) | (2,743) |
Intangible assets, net | $ 771 | $ 1,237 |
Note 7 - Intangible Assets - Fu
Note 7 - Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2022 | $ 9,653 |
2023 | 9,245 |
2024 | 8,415 |
2025 | 7,971 |
2026 | 7,740 |
Thereafter | 33,632 |
Amortization | $ 76,656 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT | $ 20,000 | |||
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT, Percentage of EBITDA | 10.00% | |||
Interest Coverage Ratio, Actual | 13.10 | |||
Leverage Ratio, Requirement, Maximum Under Certain Circumstances in Connection Material Acquisition | 4 | |||
Leverage Ratio, Actual | 1.31 | |||
Long-term Line of Credit, Total | $ 200,000 | |||
Line of Credit Facility, Interest Rate at Period End | 2.59% | |||
Renco Electronics [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 712 | $ 712 | ||
SBA CARES Act Paycheck Protection Program [Member] | Renco Electronics [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 700 | |||
Minimum [Member] | ||||
Interest Coverage Ratio, Requirement | 2.75 | |||
Maximum [Member] | ||||
Leverage Ratio, Requirement | 3.5 | |||
Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||
Line Of Credit, Accordion Feature | 250,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 245,200 | |||
Swing Line Loan [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||
Standby Letters of Credit [Member] | ||||
Long-term Line of Credit, Total | $ 6,000 | $ 7,300 |
Note 8 - Debt - Long-term Debt
Note 8 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Funded debt | $ 200,000 | $ 200,000 |
Issuance Cost | (510) | (850) |
Total long-term debt | 199,490 | 199,150 |
Line of Credit [Member] | ||
Funded debt | $ 200,000 | $ 200,000 |
Note 9 - Accrued Liabilities -
Note 9 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Payroll and employee benefits | $ 32,550 | $ 24,084 |
Workers' compensation | 2,118 | 2,743 |
Warranty | 2,086 | 1,781 |
Fair value of derivatives | 4,318 | 9,144 |
Lease liability | 7,933 | 8,016 |
Other | 12,712 | 14,161 |
Total | $ 61,717 | $ 59,929 |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 | $ 0 |
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | 1,000 | $ 2,500 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 200,000 | ||
Derivative, Average Fixed Interest Rate | 1.27% |
Note 10 - Derivative Financia_4
Note 10 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Liability | $ (3,096) | $ (6,667) |
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 | $ (374) | (815) |
Interest Rate Swap Effective August 6, 2018 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 2.83% | |
Maturity | Aug. 6, 2023 | |
Fair Value, Liability | $ (1,401) | (2,167) |
Interest Rate Swap Effective March 23, 2020 [Member] | ||
Notional Amount | $ 100,000 | |
Fixed Rate | 0.91% | |
Maturity | Mar. 23, 2025 | |
Fair Value, Liability | $ (907) | (2,485) |
Interest Rate Swap Effective April 24, 2020 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 0.88% | |
Maturity | Apr. 24, 2025 | |
Fair Value, Liability | $ (192) | (585) |
Interest Rate Swap Effective May 24, 2020 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 0.91% | |
Maturity | Mar. 24, 2025 | |
Fair Value, Liability | $ (222) | $ (615) |
Note 10 - Derivative Financia_5
Note 10 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) € in Thousands, $ in Thousands, $ in Thousands, $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2021SGD ($) | Jun. 30, 2021CAD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2020SGD ($) | Jun. 30, 2020CAD ($) |
Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | $ 987 | € 5,750 | $ 21,836 | $ 20.6 | $ 287 | € 5,750 | $ 64,696 | $ 20.6 |
Note 10 - Derivative Financia_6
Note 10 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Derivative liability, fair value | $ 3,096 | $ 6,667 |
Designated as Hedging Instrument [Member] | ||
Derivative, fair value | 255 | 0 |
Derivative liability, fair value | 4,318 | 9,144 |
Other Assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative, fair value | 255 | 0 |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liability, fair value | 1,222 | 2,477 |
Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liability, fair value | $ 3,096 | $ 6,667 |
Note 10 - Derivative Financia_7
Note 10 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Change in unrealized gains (losses) | $ 3,041 | $ (3,501) | $ (1,995) |
Interest Rate Swap [Member] | |||
Change in unrealized gains (losses) | 1,284 | (7,098) | 1,703 |
Foreign Exchange Contract [Member] | |||
Change in unrealized gains (losses) | 2,072 | 1,851 | (3,279) |
Derivatives [Member] | |||
Change in unrealized gains (losses) | $ 3,356 | $ (5,247) | $ (1,576) |
Note 10 - Derivative Financia_8
Note 10 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated other comprehensive income (loss) component | $ 1,730 | $ (856) | $ 1,124 |
Other Nonoperating Income (Expense) [Member] | Net Investment Hedging [Member] | |||
Accumulated other comprehensive income (loss) component | 0 | 0 | (285) |
Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||
Accumulated other comprehensive income (loss) component | 2,287 | 547 | (321) |
Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||
Accumulated other comprehensive income (loss) component | $ (557) | $ (1,403) | $ 1,730 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred Tax Liabilities, Previously Undistributed Foreign Earnings | $ 2,400 | |||
Effective Income Tax Rate Reconciliation, Mix of Income in Various Jurisdictions | 5,100 | $ 1,400 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 800 | 1,200 | ||
Effective Income Tax Rate Reconciliation, Release of Uncertain Tax Provision Reserves | 1,700 | 700 | ||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | 1,200 | |||
Effective Income Tax Rate Reconciliation, GILTI | 800 | |||
Effective Income Tax Rate Reconciliation, Section 965 Toll Tax, Amount | $ 800 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 300 | |||
Effective Income Tax Rate Reconciliation, Anticipated Cash Repatriation, Amount | 2,100 | |||
Income Tax Expense (Benefit), Total | 14,157 | 13,060 | 18,688 | |
Unrecognized Tax Benefits, Ending Balance | 9,412 | 9,286 | $ 11,251 | $ 3,003 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,600 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 800 | $ 100 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit), Total | 400 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | 88,800 | |||
Tax Credit Carryforward, Amount | 3,200 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 4,700 | |||
Operating Loss Carryforwards, Subject to Expiration | 3,700 | |||
Operating Loss Carryforwards, Not Subject to Expiration | 1,000 | |||
Deferred Tax Related to Sale of Segment [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,800 | |||
Capital Loss Carryforwards [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (5,100) | |||
Tax Year 2019 [Member] | ||||
Income Tax Expense (Benefit), CARES Act | (200) | |||
Tax Year 2020 [Member] | ||||
Income Tax Expense (Benefit), CARES Act | (800) | |||
Tax Years 2019 and 2020 [Member] | ||||
Income Tax Expense (Benefit), CARES Act | $ 1,000 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
U.S. Operations | $ 4,997 | $ 11,890 | $ 6,794 |
Non-U.S. Operations | 47,703 | 42,184 | 60,180 |
Income from continuing operations before income taxes | $ 52,700 | $ 54,074 | $ 66,974 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Federal | $ (2,592) | $ (870) | $ 648 |
State | 307 | 70 | 190 |
Non-U.S. | 15,606 | 13,963 | 21,288 |
Total Current | 13,321 | 13,163 | 22,126 |
Federal | 1,469 | 2,743 | 277 |
State | 374 | 885 | 207 |
Non-U.S. | (1,007) | (3,731) | (3,922) |
Total Deferred | 836 | (103) | (3,438) |
Total | $ 14,157 | $ 13,060 | $ 18,688 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Provision at statutory tax rate | 21.00% | 21.00% | 21.00% |
State taxes | 1.40% | 1.10% | 0.50% |
Impact of foreign operations | 4.00% | 0.70% | 4.90% |
Federal tax credits | (1.00%) | (3.50%) | (1.50%) |
Tax Reform | 0.00% | 0.00% | (1.20%) |
Cash repatriation | 4.60% | 2.20% | 3.20% |
SubF/GILTI | 0.00% | 1.40% | 0.40% |
Uncertain Tax Positions | 1.50% | (1.30%) | 0.00% |
Benefit from U.S. tax loss carryback to prior years | (1.80%) | 0.00% | 0.00% |
Tax expense on Enginetics disposal | 2.40% | 0.00% | 0.00% |
Return to provision | (3.20%) | 1.00% | (0.10%) |
Valuation allowance release | (2.30%) | 0.00% | 0.00% |
Other | 0.80% | 1.70% | 0.70% |
Effective income tax provision | 26.90% | 24.30% | 27.90% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Depreciation and amortization | $ (28,997) | $ (34,422) |
Withholding taxes | (4,497) | (4,295) |
Other | (302) | 0 |
Operating lease right-of-use-asset | (4,711) | (11,384) |
Total deferred tax liability | (38,507) | (50,101) |
Accrued compensation | 2,610 | 2,410 |
Accrued expenses and reserves | 2,610 | 4,117 |
Pension | 12,653 | 19,847 |
Inventory | 769 | 588 |
Lease liabilities | 4,783 | 11,446 |
Other | 0 | 127 |
Net operating loss and credit carry forwards | 16,127 | 22,676 |
Total deferred tax asset | 39,552 | 61,211 |
Less: Valuation allowance | (12,191) | (15,172) |
Net deferred tax liability | $ (11,146) | $ (4,062) |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Continuing operations | $ 14,157 | $ 13,060 | $ 18,688 |
Discontinued operations | (550) | (2,613) | (2,453) |
Total provision | $ 13,607 | $ 10,447 | $ 16,235 |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Beginning Balance | $ 9,286 | $ 11,251 | $ 3,003 |
Additions based on tax positions related to the current year | 5 | 4 | 4 |
Additions for tax positions of prior years | 121 | 0 | 8,281 |
Reductions for tax positions of prior years | 0 | (1,641) | (37) |
Settlements | 0 | (328) | 0 |
Ending Balance | $ 9,412 | $ 9,286 | $ 11,251 |
Note 11 - Income Taxes - Open I
Note 11 - Income Taxes - Open Income Tax Years (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |
Open Tax Year | 2018 |
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |
Open Tax Year | 2021 |
Canada Revenue Agency [Member] | Minimum [Member] | |
Open Tax Year | 2017 |
Canada Revenue Agency [Member] | Maximum [Member] | |
Open Tax Year | 2021 |
Federal Ministry of Finance, Germany [Member] | Minimum [Member] | |
Open Tax Year | 2018 |
Federal Ministry of Finance, Germany [Member] | Maximum [Member] | |
Open Tax Year | 2021 |
Revenue Commissioners, Ireland [Member] | |
Open Tax Year | 2021 |
Portuguese Tax Authority [Member] | Minimum [Member] | |
Open Tax Year | 2020 |
Portuguese Tax Authority [Member] | Maximum [Member] | |
Open Tax Year | 2021 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Minimum [Member] | |
Open Tax Year | 2017 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Maximum [Member] | |
Open Tax Year | 2021 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) - Lawsuit Filed Against Electronics [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Loss Contingency Accrual, Ending Balance | $ 0 |
Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 4,000 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation and Purchase Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2017 | Jul. 01, 2005 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Continuing Operations | $ 8,368 | $ 7,026 | $ 4,350 | ||
Deferred Tax Expense from Stock Options Exercised | $ 1,800 | 1,900 | 1,100 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 208,971 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,700 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 17 days | ||||
Stock Reserved for Employee Stock Purchase Plan (in shares) | 54,975 | ||||
Executive Compensation Plan [Member] | |||||
Share-based Compensation Continuing Operations | $ 400 | $ 300 | $ 300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 400 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||
Percent of Participants Annual Incentive Compensation Participants May Elect to Defer Maximum | 50.00% | ||||
Expiration of Restrictions on Units (Year) | 3 years | ||||
Executive Compensation Plan [Member] | Minimum [Member] | |||||
Shares of Common Stock Issued Determined by Adjustment of Target Range Percent | 50.00% | ||||
Executive Compensation Plan [Member] | Maximum [Member] | |||||
Shares of Common Stock Issued Determined by Adjustment of Target Range Percent | 200.00% | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | 5.00% | |||
Percent of Fair Market Value at Which Employees May Purchase Shares of Stock | 85.00% | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 7,509 | 11,132 | 7,698 | ||
Stock Issued During Period Average Price (in dollars per share) | $ 66.98 | $ 52.57 | $ 65.63 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Continuing Operations | $ 5,300 | $ 4,200 | $ 3,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 59.57 | $ 71.38 | $ 102.74 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,800 | $ 2,300 | $ 4,500 | ||
Restricted Stock [Member] | Executive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 43.16 | $ 74.37 | $ 110.22 | ||
Performance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 58.81 | ||||
Performance Stock Units [Member] | Executive Compensation Plan [Member] | |||||
Share-based Compensation Continuing Operations | $ 2,600 | $ 2,900 | $ 300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 70.37 | $ 106.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 700 | $ 800 | $ 700 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,600 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation and Purchase Plans - Summary of Restricted Stock Awards Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Outstanding, beginning balance (in shares) | 146,015 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 80.35 | ||
Granted (in shares) | 72,475 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 59.57 | $ 71.38 | $ 102.74 |
Vested (in shares) | (44,647) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 88.70 | ||
Canceled (in shares) | (5,832) | ||
Canceled, weighted average grant date fair value (in dollars per share) | $ 42.45 | ||
Outstanding, ending balance (in shares) | 168,011 | 146,015 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 74.61 | $ 80.35 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation and Purchase Plans - Assumptions Used to Estimate Fair Values (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Risk-free interest rates | 0.18% | 1.42% | 2.63% |
Expected life of option grants (in years) (Year) | 3 years | 3 years | 3 years |
Expected volatility of underlying stock | 44.10% | 32.00% | 25.10% |
Expected quarterly dividends (per share) (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.18 |
Note 13 - Stock-based Compens_6
Note 13 - Stock-based Compensation and Purchase Plans - Summary of Awards Activity Under the Executive Compensation Program (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Annual Component [Member] | ||
Outstanding, beginning balance (in shares) | 32,387 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 64.33 | |
Non-vested, aggregate intrinsic value | $ 691,647 | $ (685,647) |
Granted (in shares) | 19,311 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 43.16 | |
Exercised / vested (in shares) | (10,474) | |
Exercised / vested, weighted average exercise price (in dollars per share) | $ 64.32 | |
Exercised / vested, aggregate intrinsic value | $ (43,978) | |
Forfeited, number of shares (in shares) | (105) | |
Canceled, weighted average grant date fair value (in dollars per share) | $ 76.65 | |
Outstanding, ending balance (in shares) | 41,119 | 32,387 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 54.36 | $ 64.33 |
Performance Stock Units [Member] | ||
Outstanding, beginning balance (in shares) | 79,312 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 84.87 | |
Granted (in shares) | 69,071 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 58.81 | |
Exercised / vested (in shares) | (12,560) | |
Exercised / vested, weighted average exercise price (in dollars per share) | $ 91.75 | |
Forfeited, number of shares (in shares) | (6,396) | |
Canceled, weighted average grant date fair value (in dollars per share) | $ 85.51 | |
Outstanding, ending balance (in shares) | 129,427 | 79,312 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 70.27 | $ 84.87 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Foreign currency translation adjustment | $ (21,244) | $ (31,046) | $ (27,658) |
Unrealized pension losses, net of tax | (92,372) | (109,880) | (107,380) |
Unrealized losses on derivative instruments, net of tax | (2,524) | (6,733) | (2,240) |
Total | $ (116,140) | $ (147,659) | $ (137,278) |
Note 15 - Restructuring (Detail
Note 15 - Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Costs, Total | $ 3,478 | $ 4,669 | $ 1,289 | |
Forecast [Member] | ||||
Restructuring Costs, Total | $ 2,000 |
Note 15 - Restructuring - Summa
Note 15 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring charges | $ 3,478 | $ 4,669 | $ 1,289 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 2,239 | 4,004 | 1,163 |
Other Restructuring [Member] | |||
Restructuring charges | 1,239 | 665 | 126 |
Current Year Restructuring Initiatives [Member] | |||
Restructuring charges | 1,975 | 4,610 | 968 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 1,313 | 4,004 | 953 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring charges | 662 | 606 | 15 |
Prior Year Initiatives [Member] | |||
Restructuring charges | 1,503 | 59 | 321 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 926 | 0 | 210 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | |||
Restructuring charges | $ 577 | $ 59 | $ 111 |
Note 15 - Restructuring - Sum_2
Note 15 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Current Year Restructuring Initiatives [Member] | ||
Restructuring liabilities | $ 0 | |
Additions and adjustments | 1,975 | |
Payments | (1,936) | |
Restructuring liabilities | 39 | $ 0 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 0 | |
Additions and adjustments | 1,313 | |
Payments | (1,274) | |
Restructuring liabilities | 39 | 0 |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 0 | |
Additions and adjustments | 662 | |
Payments | (662) | |
Restructuring liabilities | 0 | 0 |
Prior Year Initiatives [Member] | ||
Restructuring liabilities | 538 | 152 |
Additions and adjustments | 1,503 | 4,669 |
Payments | (2,031) | (4,283) |
Restructuring liabilities | 10 | 538 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 520 | 147 |
Additions and adjustments | 926 | 4,004 |
Payments | (1,446) | (3,631) |
Restructuring liabilities | 0 | 520 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 18 | 5 |
Additions and adjustments | 577 | 665 |
Payments | (585) | (652) |
Restructuring liabilities | $ 10 | $ 18 |
Note 15 - Restructuring - Sum_3
Note 15 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring charges | $ 3,478 | $ 4,669 | $ 1,289 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 2,239 | 4,004 | 1,163 |
Other Restructuring [Member] | |||
Restructuring charges | 1,239 | 665 | 126 |
Electronics Products Group [Member] | |||
Restructuring charges | 377 | 452 | 354 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 355 | 355 | 327 |
Electronics Products Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 22 | 97 | 27 |
Engraving Group [Member] | |||
Restructuring charges | 1,677 | 2,011 | 662 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 1,046 | 1,512 | 662 |
Engraving Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 631 | 499 | 0 |
Engineering Technologies Group [Member] | |||
Restructuring charges | 37 | ||
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 37 | ||
Engineering Technologies Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 0 | ||
Specialty Solutions Group [Member] | |||
Restructuring charges | 1,259 | 1,395 | 21 |
Specialty Solutions Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 673 | 1,326 | 21 |
Specialty Solutions Group [Member] | Other Restructuring [Member] | |||
Restructuring charges | 586 | 69 | 0 |
Corporate and Other [Member] | |||
Restructuring charges | 128 | 515 | 136 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 128 | 515 | 136 |
Corporate and Other [Member] | Other Restructuring [Member] | |||
Restructuring charges | $ 0 | 0 | 0 |
Engineering Technologies Components [Member] | |||
Restructuring charges | 296 | 116 | |
Engineering Technologies Components [Member] | Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring charges | 296 | 17 | |
Engineering Technologies Components [Member] | Other Restructuring [Member] | |||
Restructuring charges | $ 0 | $ 99 |
Note 16 - Employee Benefit Pl_3
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 299.8 | $ 309.7 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 5.9 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 18.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 17.9 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 17.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 17.8 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 17.6 | ||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 86.2 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1.6 | ||
U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.90% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.90% | ||
Retirement Savings Plans [Member] | |||
Defined Contribution Plans Number of Plans | 2 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.9 | $ 3.7 | $ 4 |
Retirement Savings Plans [Member] | Salaried Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 | ||
Defined Contribution Plan Company Stock Held in Plan (in shares) | 124,000 | ||
Defined Contribution Plan Company Stock, Percentage of Plan Assets | 3.90% | ||
Retirement Savings Plans [Member] | Hourly Employees [Member] | |||
Defined Contribution Plans Number of Plans | 1 |
Note 16 - Employee Benefit Pl_4
Note 16 - Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
UNITED STATES | |||
Service Cost | $ 4 | $ 3 | $ 3 |
Interest Cost | 7,439 | 9,083 | 10,342 |
Expected return on plan assets | (13,012) | (13,150) | (13,541) |
Recognized net actuarial loss | 5,933 | 5,101 | 4,121 |
Amortization of prior service cost (benefit) | 0 | 0 | 0 |
Net periodic benefit cost (benefit) | 364 | 1,037 | 925 |
Foreign Plan [Member] | |||
Service Cost | 217 | 236 | 189 |
Interest Cost | 725 | 846 | 1,013 |
Expected return on plan assets | (629) | (868) | (908) |
Recognized net actuarial loss | 757 | 651 | 340 |
Amortization of prior service cost (benefit) | (5) | (5) | (3) |
Net periodic benefit cost (benefit) | $ 1,065 | $ 860 | $ 631 |
Note 16 - Employee Benefit Pl_5
Note 16 - Employee Benefit Plans - Funded Status for US and Foreign Pension Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair value of plan assets at beginning of year | $ 236,935 | ||
Fair value of plan assets at end of year | 257,620 | $ 236,935 | |
UNITED STATES | |||
Benefit obligation at beginning of year | 264,619 | 253,540 | |
Service cost | 4 | 3 | $ 3 |
Interest cost | 7,439 | 9,083 | 10,342 |
Actuarial loss (gain) | (3,457) | 18,121 | |
Benefits paid | (16,513) | (16,128) | |
Foreign currency exchange rate & other changes | 0 | 0 | |
Projected benefit obligation at end of year | 252,092 | 264,619 | 253,540 |
Fair value of plan assets at beginning of year | 194,824 | 186,205 | |
Actual return on plan assets | 26,277 | 21,447 | |
Employer contribution | 8,015 | 3,301 | |
Benefits paid | (16,513) | (16,129) | |
Foreign currency exchange rate | 0 | 0 | |
Fair value of plan assets at end of year | 212,603 | 194,824 | 186,205 |
Funded Status | (39,489) | (69,795) | |
Prepaid benefit cost | 0 | 0 | |
Current liabilities | (208) | (208) | |
Non-current liabilities | (39,281) | (69,587) | |
Net amount recognized | (39,489) | (69,795) | |
Unrecognized net actuarial loss | 117,847 | 140,501 | |
Unrecognized prior service cost | 0 | 0 | |
Accumulated other comprehensive income, pre-tax | 117,847 | 140,501 | |
Foreign Plan [Member] | |||
Benefit obligation at beginning of year | 45,190 | 43,983 | |
Service cost | 217 | 236 | 189 |
Interest cost | 725 | 846 | 1,013 |
Actuarial loss (gain) | (746) | 2,604 | |
Benefits paid | (1,906) | (1,537) | |
Foreign currency exchange rate & other changes | (4,329) | 942 | |
Projected benefit obligation at end of year | 47,809 | 45,190 | 43,983 |
Fair value of plan assets at beginning of year | 41,973 | 39,665 | |
Actual return on plan assets | 40 | 4,037 | |
Employer contribution | 105 | 739 | |
Benefits paid | (1,906) | (1,537) | |
Foreign currency exchange rate | 4,805 | (931) | |
Fair value of plan assets at end of year | 45,017 | 41,973 | $ 39,665 |
Funded Status | (2,792) | (3,217) | |
Prepaid benefit cost | 5,661 | 4,663 | |
Current liabilities | (309) | (295) | |
Non-current liabilities | (8,144) | (7,585) | |
Net amount recognized | (2,792) | (3,217) | |
Unrecognized net actuarial loss | 4,618 | 5,075 | |
Unrecognized prior service cost | (51) | (57) | |
Accumulated other comprehensive income, pre-tax | $ 4,567 | $ 5,018 |
Note 16 - Employee Benefit Pl_6
Note 16 - Employee Benefit Plans - Fair Values of Pension Plans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Fair value of pension plan assets | $ 257,620 | $ 236,935 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 7,423 | 5,161 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 250,197 | 231,774 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Fair value of pension plan assets | 3,209 | 3,113 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 3,148 | 1,684 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 61 | 1,429 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Equity Securities [Member] | ||
Fair value of pension plan assets | 86,499 | 85,641 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 2,425 | 1,857 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 84,074 | 83,784 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Corporate Bonds and Other Fixed Income Securities [Member] | ||
Fair value of pension plan assets | 146,742 | 126,703 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 1,850 | 1,620 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 144,892 | 125,083 |
Corporate Bonds and Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Other Debt Obligations [Member] | ||
Fair value of pension plan assets | 21,170 | 21,478 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value of pension plan assets | 21,170 | 21,478 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value of pension plan assets | $ 0 | $ 0 |
Note 16 - Employee Benefit Pl_7
Note 16 - Employee Benefit Plans - Asset Allocation (Details) | Jun. 30, 2021 | Jun. 30, 2020 |
UNITED STATES | ||
Asset allocations | 100.00% | 100.00% |
Foreign Plan [Member] | ||
Asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | UNITED STATES | ||
Asset allocations | 36.00% | 41.00% |
Equity Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 5.00% | 5.00% |
Debt Securities [Member] | UNITED STATES | ||
Asset allocations | 43.00% | 38.00% |
Debt Securities [Member] | Foreign Plan [Member] | ||
Asset allocations | 70.00% | 64.00% |
Hedge Funds, Global Opportunity [Member] | UNITED STATES | ||
Asset allocations | 12.00% | 11.00% |
Hedge Funds, Global Opportunity [Member] | Foreign Plan [Member] | ||
Asset allocations | 24.00% | 29.00% |
Other Debt Obligations [Member] | UNITED STATES | ||
Asset allocations | 9.00% | 10.00% |
Other Debt Obligations [Member] | Foreign Plan [Member] | ||
Asset allocations | 1.00% | 2.00% |
Note 16 - Employee Benefit Pl_8
Note 16 - Employee Benefit Plans - Target Asset Allocations (Details) | Jun. 30, 2021 |
U.S. Pension Plans [Member] | |
Target asset allocations | 100.00% |
U.K. Pension Plans [Member] | |
Target asset allocations | 100.00% |
Equity Securities [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 36.00% |
Equity Securities [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 0.00% |
Debt Securities [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 44.00% |
Debt Securities [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 70.00% |
Hedge Funds, Global Opportunity [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 12.00% |
Hedge Funds, Global Opportunity [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 30.00% |
Other Debt Obligations [Member] | U.S. Pension Plans [Member] | |
Target asset allocations | 8.00% |
Other Debt Obligations [Member] | U.K. Pension Plans [Member] | |
Target asset allocations | 0.00% |
Note 16 - Employee Benefit Pl_9
Note 16 - Employee Benefit Plans - Plan Asset Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Rate of compensation increase | 3.25% | 2.90% | 3.20% |
Rate of compensation increase | 2.90% | 3.20% | 3.60% |
Minimum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.73% | 0.99% | 0.24% |
Discount rate | 0.99% | 0.31% | 0.38% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.40% | 2.30% | 2.45% |
Maximum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 2.90% | 3.70% |
Discount rate | 2.90% | 3.70% | 4.40% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.90% | 7.00% | 7.00% |
Note 16 - Employee Benefit P_10
Note 16 - Employee Benefit Plans - Company's Participation in Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Contributions | $ 1,144 | $ 1,126 | $ 1,105 |
New England Teamsters and Trucking Industry Pension Fund [Member] | |||
Contributions | 631 | 531 | 461 |
IAM National Pension Fund National Pension Plan [Member] | |||
Contributions | $ 513 | $ 595 | $ 644 |
Note 17 - Industry Segment In_3
Note 17 - Industry Segment Information (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Number of Reportable Segments | 5 | ||
Capital Expenditures Incurred but Not yet Paid | $ 2.4 | $ 3.2 | $ 0.9 |
Note 17 - Industry Segment In_4
Note 17 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 656,232 | $ 604,535 | $ 639,931 | |
Depreciation and amortization | 33,241 | 32,294 | 29,288 | |
Depreciation and Amortization | 33,241 | 32,294 | 29,288 | |
Income (loss) from operations | 59,165 | 60,528 | 79,476 | |
Capital expenditures | [1] | 21,413 | 19,304 | 32,613 |
Restructuring charge | (3,478) | (4,669) | (1,289) | |
Gain (Loss) on Disposition of Business | (14,624) | 0 | 0 | |
Acquisition-related costs | (931) | (1,759) | (3,075) | |
Other operating income (expense), net | 0 | 0 | (500) | |
Interest expense | (5,992) | (7,475) | (10,760) | |
Other, net | (473) | 1,021 | (1,742) | |
Income from continuing operations before income taxes | 52,700 | 54,074 | 66,974 | |
Electronics Products Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 253,369 | 185,294 | 204,073 | |
Depreciation and amortization | 13,159 | 12,339 | 11,751 | |
Income (loss) from operations | 46,600 | 29,749 | 41,227 | |
Capital expenditures | [1] | 11,154 | 5,334 | 12,646 |
Restructuring charge | (377) | (452) | (354) | |
Engraving Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 147,016 | 143,736 | 149,693 | |
Depreciation and amortization | 11,140 | 10,595 | 8,232 | |
Income (loss) from operations | 22,510 | 20,493 | 23,996 | |
Capital expenditures | [1] | 6,517 | 10,618 | 13,868 |
Restructuring charge | (1,677) | (2,011) | (662) | |
Scientific Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 79,421 | 57,523 | 57,621 | |
Depreciation and amortization | 1,590 | 1,594 | 1,590 | |
Income (loss) from operations | 18,240 | 13,740 | 13,676 | |
Capital expenditures | [1] | 693 | 360 | 77 |
Engineering Technologies Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 75,562 | 104,047 | 105,270 | |
Depreciation and amortization | 5,519 | 6,000 | 5,963 | |
Income (loss) from operations | 6,164 | 14,027 | 11,169 | |
Capital expenditures | [1] | 1,110 | 1,170 | 3,857 |
Restructuring charge | (37) | |||
Specialty Solutions Group [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 100,864 | 113,935 | 123,274 | |
Depreciation and amortization | 1,513 | 1,446 | 1,350 | |
Income (loss) from operations | 14,358 | 18,546 | 19,000 | |
Capital expenditures | [1] | 1,313 | 1,154 | 2,108 |
Restructuring charge | (1,259) | (1,395) | (21) | |
Corporate and Other [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | |
Depreciation and amortization | 320 | 320 | 402 | |
Restructuring charge | (128) | (515) | (136) | |
Corporate Segment [Member] | ||||
Income (loss) from operations | (29,674) | (29,599) | (24,728) | |
Capital expenditures | [1] | $ 626 | $ 668 | $ 57 |
[1] | Includes capital expenditures in accounts payable of $2.4 million, $3.2 million, and $0.9 million at June 30, 2021, 2020 , and 2019 respectively. |
Note 17 - Industry Segment In_5
Note 17 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Goodwill | $ 278,054 | $ 271,221 |
Identifiable Assets | 962,223 | 930,878 |
Identifiable Assets, Discontinued Operations | 2,936 | |
Electronics Products Group [Member] | ||
Goodwill | 144,832 | 131,582 |
Identifiable Assets | 382,045 | 324,725 |
Engraving Group [Member] | ||
Goodwill | 77,378 | 77,195 |
Identifiable Assets | 263,406 | 257,104 |
Scientific Group [Member] | ||
Goodwill | 15,454 | 15,454 |
Identifiable Assets | 110,300 | 90,595 |
Engineering Technologies Group [Member] | ||
Goodwill | 37,085 | 43,685 |
Identifiable Assets | 114,012 | 147,797 |
Specialty Solutions Group [Member] | ||
Goodwill | 3,305 | 3,305 |
Identifiable Assets | 46,883 | 52,528 |
Corporate and Other [Member] | ||
Goodwill | 0 | 0 |
Identifiable Assets | $ 45,577 | $ 55,193 |
Note 17 - Industry Segment In_6
Note 17 - Industry Segment Information - Industry Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Tangible long-lived assets | $ 133,373 | $ 132,533 | |
UNITED STATES | |||
Tangible long-lived assets | 63,613 | 69,548 | |
Asia [Member] | |||
Tangible long-lived assets | 33,722 | 32,057 | |
EMEA [Member] | |||
Tangible long-lived assets | [1] | 30,677 | 26,057 |
Other Geographical [Member] | |||
Tangible long-lived assets | $ 5,361 | $ 4,871 | |
[1] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 18 - Divestitures (Details
Note 18 - Divestitures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 656,232 | $ 604,535 | $ 639,931 | ||
Proceeds from Divestiture of Businesses | 11,678 | 0 | 0 | ||
Gain (Loss) on Disposition of Business | (14,624) | 0 | 0 | ||
Goodwill, Impairment Loss | 7,600 | ||||
Enginetics Corporation [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Proceeds from Divestiture of Businesses | $ 11,700 | ||||
Gain (Loss) on Disposition of Business | (14,600) | ||||
Engineering Technologies Group [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 75,562 | $ 104,047 | $ 105,270 | ||
Goodwill, Impairment Loss | 7,600 | $ 7,600 | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 5,400 | ||||
Engineering Technologies Group [Member] | Enginetics Corporation [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,000 |
Note 19 - Discontinued Operat_3
Note 19 - Discontinued Operations (Details Textual) $ in Thousands | Apr. 16, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Apr. 01, 2019USD ($) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 0 | $ (19,996) | $ 20,539 | ||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | $ 0 | $ 1,933 | $ 4,397 | ||||
Master-Bilt and NorLake Segments [Member] | Discontinued Operations [Member] | Ten Oaks Group [Member] | |||||||
Disposal Group, Including Discontinued Operation, Cash Purchase Price | $ 10,600 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 20,000 | ||||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | 1,900 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,600 | ||||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | |||||||
Number of Operating Segments | 3 | ||||||
Cooking Solutions Group [Member] | Discontinued Operations [Member] | Middleby Corporation [Member] | |||||||
Disposal Group, Including Discontinued Operation, Cash Purchase Price | $ 105,000 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 20,500 | ||||||
Discontinued Operation, Disposal of Discontinued Operation, Transaction Expense | $ 4,400 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 106,900 |
Note 19 - Discontinued Operat_4
Note 19 - Discontinued Operations - Earnings (Losses) and Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net sales | $ 0 | $ 111,841 | $ 223,067 |
Gain (loss) on sale of business | 0 | (19,996) | 20,539 |
Transaction fees | 0 | (1,933) | (4,397) |
Profit (loss) before taxes | (2,620) | (23,439) | 17,175 |
Benefit (provision) for taxes | 550 | 2,613 | 2,453 |
Net income (loss) from discontinued operations | $ (2,070) | $ (20,826) | $ 19,628 |
Note 20 - Leases (Details Textu
Note 20 - Leases (Details Textual) | Jun. 30, 2021 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 57 years |
Note 20 - Leases - Amounts Reco
Note 20 - Leases - Amounts Recorded in Balance Sheet and Statement of Operations Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Operating lease right-of-use-asset | $ 37,276 | $ 44,788 |
Lease liability, current | 7,933 | 8,016 |
Lease liability, noncurrent | 29,041 | 36,293 |
Total lease liability | 36,974 | 44,309 |
Accrued Expense [Member] | ||
Lease liability, current | $ 7,933 | $ 8,016 |
Note 20 - Leases - Lease Cost (
Note 20 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating lease cost | $ 11,747 | $ 10,791 |
Variable lease cost | 863 | 492 |
Net lease cost | $ 12,610 | $ 11,283 |
Note 20 - Leases - Maturity of
Note 20 - Leases - Maturity of Lease Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
2022 | $ 8,823 | |
2023 | 6,213 | |
2024 | 4,995 | |
2025 | 4,097 | |
2026 | 3,313 | |
After 2026 | 13,724 | |
Less: interest | (4,191) | |
Present value of lease liabilities | $ 36,974 | $ 44,309 |
Note 20 - Leases - Additional I
Note 20 - Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted average remaining lease term, Operating leases (Year) | 9 years 3 months 18 days | |
Weighted average discount rate, Operating leases | 2.61% | |
Operating cash outflows from operating leases | $ 11,025 | $ 10,436 |