| Restructuring and Related Activities Disclosure [Text Block] |
17) Restructuring
The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. Related charges may include third party assistance with analysis and implementation of these activities.
2026 Restructuring Initiatives
The Company continues to focus its efforts to reduce cost and improve productivity across its businesses. Restructuring expenses primarily related to facility rationalizations and consolidations. The Company expects the 2026 restructuring activities to be completed by fiscal year 2027.
Prior Year Restructuring Initiatives
Restructuring expenses primarily related to headcount reductions and other cost saving initiatives within our Engraving & Hydraulics and Electronics segments. The Company expects the prior year restructuring activities to be completed by fiscal year 2027.
A summary of charges by initiative is as follows (in thousands):
| |
|
Three Months Ended March 31, 2026 |
|
|
Nine Months Ended March 31, 2026 |
|
| Fiscal Year 2026 |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Current year initiatives |
|
$ |
1,329 |
|
|
$ |
715 |
|
|
$ |
2,044 |
|
|
$ |
6,126 |
|
|
$ |
847 |
|
|
$ |
6,973 |
|
| Prior year initiatives |
|
|
- |
|
|
|
945 |
|
|
$ |
945 |
|
|
|
863 |
|
|
|
1,589 |
|
|
$ |
2,452 |
|
| |
|
$ |
1,329 |
|
|
$ |
1,660 |
|
|
$ |
2,989 |
|
|
$ |
6,989 |
|
|
$ |
2,436 |
|
|
$ |
9,425 |
|
| |
|
Three Months Ended March 31, 2025 |
|
|
Nine Months Ended March 31, 2025 |
|
| Fiscal Year 2025 |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Current year initiatives |
|
$ |
1,356 |
|
|
$ |
410 |
|
|
$ |
1,766 |
|
|
$ |
2,136 |
|
|
$ |
669 |
|
|
$ |
2,805 |
|
| Prior year initiatives |
|
|
100 |
|
|
|
110 |
|
|
|
210 |
|
|
|
524 |
|
|
|
653 |
|
|
|
1,177 |
|
| |
|
$ |
1,456 |
|
|
$ |
520 |
|
|
$ |
1,976 |
|
|
$ |
2,660 |
|
|
$ |
1,322 |
|
|
$ |
3,982 |
|
Activity in the restructuring liability reserve related to the initiatives is as follows (in thousands):
| Current Year Initiatives |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Restructuring liabilities at June 30, 2025 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Additions and adjustments |
|
|
6,126 |
|
|
|
847 |
|
|
|
6,973 |
|
| Payments |
|
|
(5,018 |
) |
|
|
- |
|
|
|
(5,018 |
) |
| Restructuring liabilities at March 31, 2026 |
|
$ |
1,108 |
|
|
$ |
847 |
|
|
$ |
1,955 |
|
| Prior Year Initiatives |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Restructuring liabilities at June 30, 2025 |
|
$ |
1,397 |
|
|
$ |
60 |
|
|
$ |
1,457 |
|
| Additions and adjustments |
|
|
863 |
|
|
|
1,589 |
|
|
|
2,452 |
|
| Payments |
|
|
(2,017 |
) |
|
|
(1,649 |
) |
|
|
(3,666 |
) |
| Restructuring liabilities at March 31, 2026 |
|
$ |
243 |
|
|
$ |
- |
|
|
$ |
243 |
|
| Prior Year |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Restructuring liabilities at June 30, 2024 |
|
$ |
1,253 |
|
|
$ |
194 |
|
|
$ |
1,447 |
|
| Additions and adjustments |
|
|
2,809 |
|
|
|
1,173 |
|
|
|
3,982 |
|
| Payments |
|
|
(3,076 |
) |
|
|
(1,307 |
) |
|
|
(4,383 |
) |
| Restructuring liabilities at March 31, 2025 |
|
$ |
986 |
|
|
$ |
60 |
|
|
$ |
1,046 |
|
The Company’s total restructuring expenses by segment are as follows:
| |
|
Three Months Ended March 31, 2026 |
|
|
Nine Months Ended March 31, 2026 |
|
| |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Electronics |
|
$ |
595 |
|
|
$ |
2 |
|
|
$ |
597 |
|
|
$ |
1,022 |
|
|
$ |
389 |
|
|
$ |
1,411 |
|
| Aerospace & Defense |
|
|
57 |
|
|
|
- |
|
|
|
57 |
|
|
|
76 |
|
|
|
- |
|
|
|
76 |
|
| Engraving & Hydraulics |
|
|
422 |
|
|
|
1,658 |
|
|
|
2,080 |
|
|
|
5,566 |
|
|
|
2,047 |
|
|
|
7,613 |
|
| Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
70 |
|
|
|
- |
|
|
|
70 |
|
| Corporate |
|
|
255 |
|
|
|
- |
|
|
|
255 |
|
|
|
255 |
|
|
|
- |
|
|
|
255 |
|
| |
|
$ |
1,329 |
|
|
$ |
1,660 |
|
|
$ |
2,989 |
|
|
$ |
6,989 |
|
|
$ |
2,436 |
|
|
$ |
9,425 |
|
| |
|
Three Months Ended March 31, 2025 |
|
|
Nine Months Ended March 31, 2025 |
|
| |
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
|
Involuntary Employee Severance and Benefit Costs |
|
|
Other |
|
|
Total |
|
| Engraving & Hydraulics |
|
$ |
850 |
|
|
$ |
149 |
|
|
$ |
999 |
|
|
|
947 |
|
|
|
149 |
|
|
|
1,096 |
|
| Electronics |
|
$ |
606 |
|
|
$ |
371 |
|
|
|
977 |
|
|
|
1,634 |
|
|
|
1,173 |
|
|
|
2,807 |
|
| Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
79 |
|
|
|
- |
|
|
|
79 |
|
| |
|
$ |
1,456 |
|
|
$ |
520 |
|
|
$ |
1,976 |
|
|
$ |
2,660 |
|
|
$ |
1,322 |
|
|
$ |
3,982 |
|
Restructuring expense is expected to be approximately $1.0 million for the remainder of fiscal year 2026.
|