Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Aug. 21, 2015 | Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | ||
Trading Symbol | SXI | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 12,772,061 | ||
Entity Public Float | $ 958,490,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 310,354 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 96,128 | $ 74,260 |
Accounts receivable, net | 110,478 | 107,674 |
Inventories | 108,305 | 97,065 |
Prepaid expenses and other current assets | 7,070 | 7,034 |
Income taxes receivable | 747 | 922 |
Deferred tax asset | 12,674 | 12,981 |
Total current assets | 335,402 | 299,936 |
Property, plant, equipment, net | 108,536 | 96,697 |
Intangible assets, net | 38,048 | 31,490 |
Goodwill | 154,732 | 125,965 |
Deferred tax asset | 917 | 878 |
Other non-current assets | 22,706 | 23,194 |
Total non-current assets | 324,939 | 278,224 |
Total assets | 660,341 | 578,160 |
Current liabilities: | ||
Accounts payable | 80,764 | 85,206 |
Accrued liabilities | 47,742 | 51,038 |
Income taxes payable | 10,285 | 4,926 |
Total current liabilities | 138,791 | 141,170 |
Long-term debt | 103,031 | 45,056 |
Deferred income taxes | 7,368 | 10,853 |
Pension obligations | 53,422 | 31,815 |
Other non-current liabilities | 9,159 | 8,540 |
Total non-current liabilities | $ 172,980 | $ 96,264 |
Commitments and Contingencies (Notes 11 and 12) | ||
Stockholders' equity: | ||
Common stock, par value $1.50 per share - 60,000,000 shares authorized, 27,984,278 issued, 12,651,488 and 12,639,615 shares outstanding in 2015 and 2014 | $ 41,976 | $ 41,976 |
Additional paid-in capital | 47,254 | 43,388 |
Retained earnings | 632,864 | 584,014 |
Accumulated other comprehensive loss | (93,017) | (55,819) |
Treasury shares (15,332,790 shares in 2015 and 15,344,663 shares in 2014) | (280,507) | (272,833) |
Total stockholders' equity | 348,570 | 340,726 |
Total liabilities and stockholders' equity | $ 660,341 | $ 578,160 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Common stock, par value (in Dollars per share) | $ 1.50 | $ 1.50 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 27,984,278 | 27,984,278 |
Common stock, shares outstanding | 12,651,488 | 12,639,615 |
Treasury shares, shares | 15,332,790 | 15,344,663 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Net sales | [1] | $ 772,142 | $ 716,180 | $ 673,390 |
Cost of sales | 524,656 | 477,911 | 455,199 | |
Gross profit | 247,486 | 238,269 | 218,191 | |
Selling, general and administrative | 165,837 | 165,786 | 153,630 | |
Restructuring costs | 3,443 | 10,077 | 2,666 | |
Other operating (income) expense, net | (438) | (3,462) | ||
Income from operations | 78,644 | 65,868 | 61,895 | |
Interest expense | 3,161 | 2,249 | 2,469 | |
Other, net | (634) | (4,184) | 128 | |
Total | 2,527 | (1,935) | 2,597 | |
Income from continuing operations before income taxes | 76,117 | 67,803 | 59,298 | |
Provision for income taxes | 20,874 | 18,054 | 15,244 | |
Income from continuing operations | 55,243 | 49,749 | 44,054 | |
Income (loss) from discontinued operations, net of tax | (500) | (6,883) | 794 | |
Net income | $ 54,743 | $ 42,866 | $ 44,848 | |
Basic earnings per share: | ||||
Income (loss) from continuing operations (in Dollars per share) | $ 4.37 | $ 3.94 | $ 3.51 | |
Income (loss) from discontinued operations (in Dollars per share) | (0.04) | (0.55) | 0.06 | |
Total (in Dollars per share) | 4.33 | 3.39 | 3.57 | |
Diluted earnings per share: | ||||
Income (loss) from continuing operations (in Dollars per share) | 4.31 | 3.89 | 3.45 | |
Income (loss) from discontinued operations (in Dollars per share) | (0.04) | (0.54) | 0.06 | |
Total (in Dollars per share) | $ 4.27 | $ 3.35 | $ 3.51 | |
[1] | Net sales were identified based on geographic location where our products and services were initiated. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income (loss) | $ 54,743 | $ 42,866 | $ 44,848 |
Defined benefit pension plans: | |||
Actuarial gains (losses) and other changes in unrecognized costs | (27,344) | (604) | 12,640 |
Amortization of unrecognized costs | 4,690 | 4,855 | 8,701 |
Derivative instruments: | |||
Change in unrealized gains and (losses) | (687) | (194) | (195) |
Foreign currency translation gains (losses) | (23,133) | 6,055 | (4,025) |
Other comprehensive income (loss) before tax | (45,440) | 11,143 | 18,171 |
Defined benefit pension plans: | |||
Actuarial gains (losses) and other changes in unrecognized costs | 10,045 | 362 | (4,836) |
Amortization of unrecognized costs | (1,671) | (1,724) | (3,165) |
Derivative instruments: | |||
Change in unrealized gains and (losses) | 262 | 74 | 75 |
Income tax (provision) benefit to other comprehensive income (loss) | 8,242 | (1,682) | (8,326) |
Other comprehensive income (loss), net of tax | (37,198) | 9,461 | 9,845 |
Comprehensive income (loss) | 17,545 | 52,327 | 54,693 |
Interest Expense [Member] | |||
Derivative instruments: | |||
Amortization of unrealized gains and (losses), before tax | 1,034 | 1,031 | 1,050 |
Derivative instruments: | |||
Amortization of unrealized gains and (losses), tax | $ (394) | $ (394) | $ (400) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance, value at Jun. 30, 2012 | $ 41,976 | $ 34,928 | $ 505,163 | $ (75,125) | $ (264,035) | $ 242,907 |
Balance, shares (in Shares) at Jun. 30, 2012 | 15,461 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, value | (1,072) | $ 3,606 | 2,534 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, shares (in Shares) | (210) | |||||
Stock-based compensation | 3,343 | 3,343 | ||||
Treasury stock acquired, value | $ (8,509) | (8,509) | ||||
Treasury stock acquired, shares (in Shares) | 184 | |||||
Comprehensive income: | ||||||
Net Income | 44,848 | 44,848 | ||||
Foreign currency translation adjustment | (4,025) | (4,025) | ||||
Pension and OPEB adjustments, net of tax | 13,340 | 13,340 | ||||
Change in fair value of derivatives, net of tax | 530 | 530 | ||||
Dividends paid | (3,980) | (3,980) | ||||
Balance, value at Jun. 30, 2013 | 41,976 | 37,199 | 546,031 | (65,280) | $ (268,938) | 290,988 |
Balance, shares (in Shares) at Jun. 30, 2013 | 15,435 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, value | (441) | $ 3,895 | 3,454 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, shares (in Shares) | (222) | |||||
Stock-based compensation | 6,630 | 6,630 | ||||
Treasury stock acquired, value | $ (7,790) | (7,790) | ||||
Treasury stock acquired, shares (in Shares) | 132 | |||||
Comprehensive income: | ||||||
Net Income | 42,866 | 42,866 | ||||
Foreign currency translation adjustment | 6,055 | 6,055 | ||||
Pension and OPEB adjustments, net of tax | 2,889 | 2,889 | ||||
Change in fair value of derivatives, net of tax | 517 | 517 | ||||
Dividends paid | (4,883) | (4,883) | ||||
Balance, value at Jun. 30, 2014 | 41,976 | 43,388 | 584,014 | (55,819) | $ (272,833) | 340,726 |
Balance, shares (in Shares) at Jun. 30, 2014 | 15,345 | |||||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, value | 102 | $ 2,682 | 2,784 | |||
Stock issued for employee stock option and purchase plans, including related income tax benefit and other, shares (in Shares) | (150) | |||||
Stock-based compensation | 3,764 | 3,764 | ||||
Treasury stock acquired, value | $ (10,356) | (10,356) | ||||
Treasury stock acquired, shares (in Shares) | 138 | |||||
Comprehensive income: | ||||||
Net Income | 54,743 | 54,743 | ||||
Foreign currency translation adjustment | (23,133) | (23,133) | ||||
Pension and OPEB adjustments, net of tax | (14,280) | (14,280) | ||||
Change in fair value of derivatives, net of tax | 215 | 215 | ||||
Dividends paid | (5,893) | (5,893) | ||||
Balance, value at Jun. 30, 2015 | $ 41,976 | $ 47,254 | $ 632,864 | $ (93,017) | $ (280,507) | $ 348,570 |
Balance, shares (in Shares) at Jun. 30, 2015 | 15,333 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Pension and OPEB adjustments, taxes | $ 8.4 | $ (1.3) | $ (8) |
Change in fair value of derivatives, taxes | $ (0.2) | $ (0.3) | $ (0.3) |
Dividends paid, per share (in Dollars per share) | $ 0.46 | $ 0.38 | $ 0.31 |
Retained Earnings [Member] | |||
Dividends paid, per share (in Dollars per share) | $ 0.46 | $ 0.38 | $ 0.31 |
AOCI Attributable to Parent [Member] | |||
Pension and OPEB adjustments, taxes | $ 8.4 | $ (1.3) | $ (8) |
Change in fair value of derivatives, taxes | $ (0.2) | $ (0.3) | $ (0.3) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 54,743 | $ 42,866 | $ 44,848 |
Income (loss) from discontinued operations | (500) | (6,883) | 794 |
Income (loss) from continuing operations | 55,243 | 49,749 | 44,054 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 16,684 | 14,591 | 15,235 |
Stock-based compensation | 3,764 | 6,630 | 3,343 |
Deferred income taxes | (249) | (3,343) | (2,416) |
Non-cash portion of restructuring charge | (171) | 5,982 | (31) |
Excess tax benefit from share-based payment activity | (2,088) | (1,650) | (1,990) |
Disposal of real estate and equipment | 0 | 925 | |
Life insurance benefit | (3,353) | ||
Increase/(decrease) in cash from changes in assets and liabilities, net of effects from discontinued operations and business acquisitions: | |||
Accounts receivables, net | (5,564) | (6,614) | 4,335 |
Inventories | (6,073) | (10,041) | 656 |
Contributions to defined benefit plans | (1,484) | (1,527) | (4,578) |
Prepaid expenses and other | 4,619 | (6,388) | (2,889) |
Accounts payable | (3,657) | 15,166 | 3,414 |
Accrued payroll, employee benefits and other liabilities | (4,334) | 6,192 | 2,372 |
Income taxes payable | 9,477 | 5,673 | 2,700 |
Net cash provided by operating activities from continuing operations | 66,167 | 71,992 | 64,205 |
Net cash used for operating activities from discontinued operations | (2,128) | (1,693) | (4,024) |
Net cash provided by operating activities | 64,039 | 70,299 | 60,181 |
Cash Flows from Investing Activities | |||
Expenditures for capital assets | (22,561) | (18,832) | (14,104) |
Expenditures for acquisitions, net of cash acquired | (57,149) | (23,075) | (39,613) |
Expenditures for executive life insurance policies | (408) | (444) | (435) |
Proceeds withdrawn from life insurance policies | 3,654 | 1,480 | |
Proceeds from sale of real estate and equipment | 66 | 118 | 28 |
Other investing activity | 1,536 | 2,964 | |
Net cash provided by (used for) investing activities from continuing operations | (78,516) | (35,615) | (52,644) |
Net cash provided by (used for) investing activities from discontinued operations | 0 | 2,452 | (43) |
Net cash provided by (used for) investing activities | (78,516) | (33,163) | (52,687) |
Cash Flows from Financing Activities | |||
Proceeds from borrowings | 274,700 | 71,000 | 121,000 |
Payments of debt | (216,700) | (76,000) | (121,785) |
Stock issued under employee stock option and purchase plans | 696 | 1,098 | 279 |
Excess tax benefit associated with stock option exercises | 2,088 | 1,650 | 1,990 |
Cash dividends paid | (5,820) | (4,793) | (3,891) |
Purchase of treasury stock | (10,356) | (7,790) | (8,509) |
Net cash provided by (used for) financing activities | 44,608 | (14,835) | (10,916) |
Effect of exchange rate changes on cash | (8,263) | 895 | (263) |
Net change in cash and cash equivalents | 21,868 | 23,196 | (3,685) |
Cash and cash equivalents at beginning of year | 74,260 | 51,064 | 54,749 |
Cash and cash equivalents at end of year | 96,128 | 74,260 | 51,064 |
Cash paid during the year for: | |||
Interest | 2,547 | 1,834 | 2,193 |
Income taxes, net of refunds | $ 12,891 | $ 14,048 | $ 14,018 |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Accounting Policies Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified manufacturing company with operations in the United States, Europe, Asia, Africa, and Latin America. The accompanying consolidated financial statements include the accounts of Standex International Corporation and its subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not readily apparent from other sources. These estimates assist in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three months or less. These investments are carried at cost, which approximates fair value. At June 30, 2015 and 2014, the Company’s cash was comprised solely of cash on deposit. Trading Securities The Company purchases investments in connection with the KEYSOP Plan for certain retired executives and for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401(k) plan. These investments are classified as trading and reported at fair value. The investments generally consist of mutual funds, are included in other non-current assets and amounted to $2.3 million and $3.1 million at June 30, 2015 and 2014, respectively. Gains and losses on these investments are recorded as other non-operating income (expense), net in the Consolidated Statements of Operations. Accounts Receivable Allowances The Company has provided an allowance for doubtful accounts reserve which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. This estimate is derived from the Company’s knowledge of its end markets, customer base, products, and historical experience. The changes in the allowances for uncollectible accounts during 2015, 2014, and 2013 were as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 2,282 $ 2,325 $ 1,974 Acquisitions and other 4 93 190 Provision charged to expense 496 375 268 Write-offs, net of recoveries (556 ) (511 ) (107 ) Balance at end of year $ 2,226 $ 2,282 $ 2,325 Inventories Inventories are stated at the lower of (first-in, first-out) cost or market. 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 be recoverable. Recognition and measurement of a potential impairment loss is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is the amount by which the carrying amount of a long-lived asset (asset group) exceeds its estimated fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. 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 ( 8 to 15 Furniture and Fixtures ( 3 to 10 Computer hardware and software ( 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Amortization of computer hardware and software of $0.5 million, $0.4 million, and $0.4 million is included as a component of long term assets for the years ended June 30, 2015, 2014, and 2013 respectively. Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives, are not amortized, but are reviewed annually for impairment or more frequently if impairment indicators arise. Identifiable intangible assets that are not deemed to have indefinite lives are amortized on an accelerated basis over the following useful lives: Customer relationships (years) 5 to 16 Patents ( 12 Non-compete agreements ( 5 to 10 Other ( 10 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 5 – Goodwill, and Note 6 – Intangible Assets. 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 available, valuation models may be applied. 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 – Quoted prices in active markets for identical assets and liabilities. The Company’s deferred compensation plan assets consist of shares in various mutual funds (for the deferred compensation plan, investments are participant-directed) which invest in a broad portfolio of debt and equity securities. These assets are valued based on publicly quoted market prices for the funds’ shares as of the balance sheet dates. For pension assets (see Note 17 – Employee Benefit Plans), securities are valued based on quoted market prices for securities held directly by the trust. Level 2 – Inputs, other than quoted prices in an active market, that are observable either directly or indirectly through correlation with market data. For foreign exchange forward contracts and interest rate swaps, the Company values the instruments based on the market price of instruments with similar terms, which are based on spot and forward rates as of the balance sheet dates. For pension assets held in commingled funds (see Note 17 – Employee Benefit Plans) the Company values investments based on the net asset value of the funds, which are derived from the quoted market prices of the underlying fund holdings. The Company has considered the creditworthiness of counterparties in valuing all assets and liabilities. Level 3– Unobservable inputs based upon the Company’s best estimate of what market participants would use in pricing the asset or liability. We did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy at June 30, 2015 and 2014. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2015 and 2014 were (in thousands): 2015 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,324 $ 2,324 $ - $ - Foreign Exchange contracts 844 - 844 - Financial Liabilities Foreign Exchange contracts $ 193 $ - $ 193 $ - Interest rate swaps 551 - 551 - 2014 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 3,114 $ 3,114 $ - $ - Foreign Exchange contracts 356 - 356 - Financial Liabilities Foreign Exchange contracts $ 1,552 $ - $ 1,552 $ - Interest rate swaps 1,061 - 1,061 - Concentration of Credit Risk The Company is subject to credit risk through trade receivables and short-term cash investments. 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. Short-term cash investments are placed with high credit-quality financial institutions. The Company monitors the amount of credit exposure in any one institution or type of investment instrument. Revenue Recognition The Company’s product sales are recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. Revenues under certain fixed price contracts are generally recorded when deliveries are made. Sales and estimated profits under certain long-term contracts are recognized under the percentage-of-completion methods of accounting, whereby profits are recorded pro rata, based upon current estimates of costs to complete such contracts. Losses on contracts are provided for in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known. Any excess of the billings over cost and estimated earnings on long-term contracts is included in deferred revenue. 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, warehousing 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 incurred to support the manufacturing process. The Company records distribution costs associated with the sale of inventory as a component of selling, general and administrative expenses in the Consolidated Statements of Operations. These expenses include warehousing costs, outbound freight charges and costs associated with distribution personnel. Our gross profit margins may not be comparable to those of other entities due to different classifications of costs and expenses. Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $5.0 million, $4.6 million, and $4.6 million for the years ended June 30 , 2015, 2014, and 2013, 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 $4.1 million, $4.8 million, and $4.4 million for the years ended June 30 , 2015, 2014, and 2013, 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 differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. The changes in continuing operations warranty reserve, which are recorded as accrued liabilities, during 2015, 2014, and 2013 were as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 6,941 $ 6,782 $ 5,767 Acquisitions 3 274 795 Warranty expense 11,086 3,937 4,282 Warranty claims (10,594 ) (4,052 ) (4,062 ) Balance at end of year $ 7,436 $ 6,941 $ 6,782 Stock-Based Compensation Plans Restricted stock awards generally vest over a three-year period. Compensation expense associated with these awards is recorded based on their grant-date fair values and is generally recognized on a straight-line basis over the vesting period except for awards with performance conditions, which are recognized on a graded vesting schedule. Compensation cost for an award with a performance condition is based on the probable outcome of that performance condition. The stated vesting period is considered non-substantive for retirement eligible participants. Accordingly, the Company recognizes any remaining unrecognized compensation expense upon participant reaching retirement eligibility. Foreign Currency Translation The functional currency of our non-U.S. operations is generally 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 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 material for any period presented. 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. For hedges of intercompany loan payments, the Company records derivative gains and losses directly to the statement of operations due to the general short-term nature and predictability of the transactions. 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 the swaps as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income (loss) until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company does not hold or issue derivative instruments for trading purposes. Income Taxes Deferred assets and liabilities are recorded for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of assets and liabilities using enacted tax rates. Valuation allowances are provided when the Company does not believe it more likely than not the benefit of identified tax assets will be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. The Company accounts for uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit, assuming that the matter in question will be raised by the tax authorities. Interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Earnings Per Share (share amounts in thousands) 2015 2014 2013 Basic – Average Shares Outstanding 12,655 12,613 12,561 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 150 165 219 Diluted – Average Shares Outstanding 12,805 12,778 12,780 Both basic and dilutive income is the same for computing earnings per share. There were no outstanding instruments that had an anti-dilutive effect at June 30, 2015, 2014 and 2013. Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued accounting standard update ASU 2015-3, Simplifying the Presentation of Debt Issuance Cost. In February 2015, the FASB issued ASU No. 2015-02, “ Consolidation (Topic 820) In January 2015, the FASB issued ASU No. 2015-01, “ Income Statement In June 2014, the FASB issued accounting standard update ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard, ASU 2014-09, Revenue from Contract with Customers, |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Acquisitions The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company, however at the time of the acquisition and June 30, 2015, we concluded, that historical results of the acquired Companies both individually and in the aggregate, were immaterial to the Company’s consolidated financial results and therefore additional proforma disclosures are not presented. On September 4, 2014, the Company acquired Enginetics Corporation (“Enginetics”), a leading producer of aircraft engine components for all major aircraft platforms. This investment complements our Engineering Technologies Group and allows us to provide broader solutions to the aviation market. The Company paid $55.0 million in cash for 100% of the outstanding stock of MPE Aeroengines Inc, of which Enginetics is a wholly owned subsidiary and has recorded intangible assets of $10.6 million, consisting of $9.1 million of customer relationships which are expected to be amortized over a period of fifteen years and $1.5 million of trademarks which are indefinite-lived. Acquired goodwill of $34.8 million is not deductible for income tax purposes due to the nature of the transaction. The Company finalized the purchase price allocation during the quarter end June 30, 2015. The components of the fair value of the Enginetics acquisition, including final allocation of the purchase price and subsequent measurement period adjustments at June 30, 2015, are as follows (in thousands): Enginetics Preliminary Allocation Adjustments Final Fair value of business combination: Cash payments $ 55,021 $ - $ 55,021 Less: cash acquired (113 ) - (113 ) Total $ 54,908 $ - $ 54,908 Identifiable assets acquired and liabilities assumed: Current Assets $ 12,350 $ (216 ) $ 12,134 Property, plant, and equipment 8,881 (73 ) 8,808 Identifiable intangible assets 10,600 - 10,600 Goodwill 32,797 1,993 34,790 Other non-current assets 158 - 158 Liabilities assumed (2,826 ) (2,623 ) (5,449 ) Deferred taxes (7,052 ) 919 (6,133 ) Total $ 54,908 $ - $ 54,908 On June 20, 2014, the Company acquired all of the outstanding stock of Ultrafryer Systems, Inc. (“Ultrafryer”), a producer of commercial deep fryers for restaurant and commercial installations. This investment complements our Food Service Equipment Group’s product line and allows us to provide broader solutions to restaurant chains and commercial food service installations. The Company paid $23.0 million in cash for 100% of the stock of Ultrafryer and has recorded intangible assets of $7.6 million, consisting of $2.4 million of trademarks which are indefinite-lived, $4.9 million of customer relationships, and $0.3 million of other intangible assets which are expected to be amortized over a period of fifteen and three to five years, respectively. Acquired goodwill of $11.0 million is not deductible for income tax purposes due to the nature of the transaction. The components of the fair value of the Ultrafryer acquisition, including final allocation of the purchase price and subsequent measurement periods adjustments, related to the purchase of land and building, at June 30, 2015, are as follows (in thousands): Ultrafryer Preliminary Allocation at June 30, 2014 Adjustments Final Fair value of business combination: Cash payments $ 20,745 $ 2,241 $ 22,986 Less: cash acquired (20 ) - (20 ) Total $ 20,725 $ 2,241 $ 22,966 Identifiable assets acquired and liabilities assumed: Current Assets $ 5,871 $ 50 $ 5,921 Property, plant, and equipment 1,259 2,100 3,359 Identifiable intangible assets 7,612 - 7,612 Goodwill 10,930 91 11,021 Liabilities assumed (1,733 ) - (1,733 ) Deferred taxes (3,214 ) - (3,214 ) Total $ 20,725 $ 2,241 $ 22,966 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories are comprised of (in thousands): June 30 2015 2014 Raw materials $ 46,865 $ 44,273 Work in process 29,165 24,551 Finished goods 32,275 28,241 Total $ 108,305 $ 97,065 Distribution costs associated with the sale of inventory are recorded as a component of selling, general and administrative expenses and were $23.3 million, $20.8 million, and $20.1 million in 2015, 2014, and 2013, respectively. |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, plant and equipment Property, plant and equipment consist of the following (in thousands): June 30 2015 2014 Land, buildings and leasehold improvements $ 71,517 $ 78,596 Machinery, equipment and other 181,394 171,238 Total 252,911 249,834 Less accumulated depreciation 144,375 153,137 Property, plant and equipment - net $ 108,536 $ 96,697 Depreciation expense for the years ended June 30, 2015, 2014, and 2013 totaled $13.4 million, $12.2 million, and $12.7 million, respectively. During the fourth quarter of fiscal year 2015, the Company classified land and buildings valued at $1.9 million, net as available for sale within other current assets. |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Goodwill Disclosure [Text Block] | 5. Goodwill Goodwill and certain indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount of the asset. The Company’s annual test for impairment is performed using a May 31st measurement date. The Company has identified our reporting units for impairment testing as its eleven operating segments, which are aggregated into five reporting segments as disclosed in Note 18 – Industry Segment Information. As quoted market prices are not available for the Company’s reporting units, the fair value of the reporting units is determined using a discounted cash flow model (income approach). This method uses various assumptions that are specific to each individual reporting unit in order to determine the fair value. In addition, the Company compares the estimated aggregate fair value of its reporting units to its overall market capitalization. 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 be insufficient to support the carrying value of the reporting units, the Company will re-assess its conclusions related to fair value and the recoverability of goodwill. As a result of our annual assessment, the Company determined that the fair value of the reporting units and indefinite-lived intangible assets substantially exceeded their respective carrying values. Therefore, no impairment charges were recorded in connection with our assessments during 2015 and 2014. Changes to goodwill during the years ended June 30, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance at beginning of year $ 143,904 $ 129,844 Accumulated impairment losses 17,939 17,939 Balance at beginning of year, net 125,965 111,905 Acquisitions 34,881 12,132 Foreign currency translation (6,114 ) 1,928 Balance at end of year $ 154,732 $ 125,965 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | 6. Intangible Assets Intangible assets consist of the following (in thousands): Customer Trademarks Relationships (Indefinite-lived) Other Total June 30, 2015 Cost $ 43,493 $ 15,514 $ 4,096 $ 63,103 Accumulated amortization (22,628 ) - (2,427 ) (25,055 ) Balance, June 30, 2015 $ 20,865 $ 15,514 $ 1,669 $ 38,048 June 30, 2014 Cost $ 36,145 $ 14,508 $ 4,061 $ 54,714 Accumulated amortization (21,137 ) - (2,087 ) (23,224 ) Balance, June 30, 2014 $ 15,008 $ 14,508 $ 1,974 $ 31,490 Amortization expense from continuing operations for the years ended June 30, 2015, 2014, and 2013 totaled $2.8 million, $2.6 million, and $2.6 million, respectively. At June 30, 2015, aggregate amortization expense is estimated to be $3.1 million in fiscal 2016, $3.1 million in fiscal 2017, $2.9 million in fiscal 2018, $2.7 million in fiscal 2019, $2.3 million in fiscal 2020, and $8.2 million thereafter. |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 7. Debt Long-term debt is comprised of the following at June 30 (in thousands): 2015 2014 Bank credit agreements $ 103,000 $ 45,000 Other 31 56 Total long-term debt $ 103,031 $ 45,056 Long-term debt is due as follows (in thousands): 2016 $ 12 2017 12 2018 7 2019 - 2020 103,000 Thereafter - Bank Credit Agreements During fiscal year 2015, the Company entered into an Amended and Restated Credit Agreement (“Credit Facility”, or “facility”). This five-year Credit Facility expires in December 2019 and has a borrowing limit of $400 million, which can be increased by an amount of up to $100 million, in accordance with specified conditions contained in the agreement. The facility also includes a $10 million sublimit for swing line loans and a $30 million sublimit for letters of credit. The facility amends and restates a previously existing $225 million revolving credit agreement, which was scheduled to expire in January 2017. Under the terms of the Credit Agreement, we will 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 will depend 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 will increase. Funds borrowed under the facility may be used for the repayment of debt, working capital, capital expenditures, acquisitions (so long as certain conditions, including a specified funded debt to EBITDA leverage ratio is maintained), and other general corporate purposes. As of June 30, 2015, the Company had the ability to borrow $248.3 million under the facility based on our current EBITDA. The facility contains customary representations, warranties and restrictive covenants, as well as specific financial covenants which the Company was compliant with as of June 30, 2015. The Company’s current financial covenants under the facility are as follows: Interest Coverage Ratio Leverage Ratio As of June 30, 2015, we had borrowings under our facility of $103.0 million and the effective rate of interest for outstanding borrowings under the facility was 1.46%. Our primary cash requirements in addition to day-to-day operating needs include interest payments, capital expenditures, and dividends. Our primary sources of cash for these requirements are cash flows from continuing operations and borrowings under the facility. In order to manage our interest rate exposure, we are party to $35.0 million of active floating to fixed rate swaps. These swaps convert our interest payments from LIBOR to a weighted average rate of 1.63%. Other Long-Term Borrowings At June 30, 2015, and 2014, the Company had standby letter of credit sub-facility outstanding, primarily for insurance purposes of $7.2 million and $11.3 million, respectively. |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. Accrued LIABILITIES Accrued expenses recorded in our Consolidated Balance Sheets at June 30, consist of the following (in thousands): 2015 2014 Payroll and employee benefits $ 26,329 $ 26,736 Workers' compensation 2,586 2,610 Warranty 8,066 7,401 Other 10,761 14,291 Total $ 47,742 $ 51,038 |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Derivative Financial Instruments Interest Rate Swaps In order to manage our interest rate exposure, we are party to $35.0 million of active floating to fixed rate swaps. These swaps convert our interest payments from LIBOR to a weighted average rate of 1.63% at June 30, 2015. The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2015 and 2014 is as follows (in thousands): Fair Value at June 30, Effective Date Notional Amount Fixed Interest Rate Maturity 2015 2014 June 1, 2010 $ 5,000 2.495 % May 26, 2015 $ - $ (108 ) June 1, 2010 5,000 2.495 % May 26, 2015 - (108 ) June 4, 2010 10,000 2.395 % May 26, 2015 - (206 ) June 9, 2010 5,000 2.34 % May 26, 2015 - (100 ) June 18, 2010 5,000 2.38 % May 26, 2015 - (103 ) September 21, 2011 5,000 1.60 % September 22, 2014 - (18 ) March 15, 2012 10,000 2.75 % March 15, 2016 (186 ) (418 ) December 19, 2014 20,000 1.18 % December 19, 2017 (140 ) - December 19, 2014 5,000 1.20 % December 19, 2017 (36 ) - December 19, 2015 10,000 2.01 % December 19, 2019 (150 ) - December 18, 2015 15,000 1.46 % December 19, 2018 (39 ) - $ (551 ) $ (1,061 ) The Company reported no losses for the years ended June 30, 2015, 2014, and 2013, as a result of hedge ineffectiveness. Future changes in these swap arrangements, including termination of the agreements, may result in a reclassification of any gain or loss reported in accumulated other comprehensive income (loss) into earnings as an adjustment to interest expense. Accumulated other comprehensive income (loss) related to these instruments is being amortized into interest expense concurrent with the hedged exposure. Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments to and from subsidiaries. The Company enters into such contracts for hedging purposes only. For hedges of intercompany loan payments, the Company has not elected hedge accounting due to the general short-term nature and predictability of the transactions, and records derivative gains and losses directly to the consolidated statement of operations. At June 30, 2015 and 2014 the Company had outstanding forward contracts related to hedges of intercompany loans with net unrealized gain / (losses) of $0.7 million and ($1.2) million, respectively, which approximate the unrealized gains or losses on the related loans. The contracts have maturity dates ranging from 2016-2019, which correspond to the related intercompany loans. The notional amounts of these instruments, by currency, are as follows: Currency 2015 2014 Euro 10,134,797 24,289,064 Canadian Dollar - 3,600,000 Pound Sterling 1,730,542 3,975,192 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet at June 30, (in thousands): Asset Derivatives 201 5 201 4 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Other Assets $ 844 Other Assets $ 356 Liability Derivatives 2015 2014 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 551 Accrued Liabilities $ 1,061 Foreign exchange contracts Accrued Liabilities 193 Accrued Liabilities 1,552 $ 744 $ 2,613 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): 2015 2014 2013 Interest rate swaps $ (533 ) $ (194 ) $ (195 ) Foreign exchange contracts (154 ) - - $ (687 ) $ (194 ) $ (195 ) 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 2015 2014 2013 of Operations Interest rate swaps $ 1,034 $ 1,031 $ 1,050 Interest expense Foreign exchange contracts - - - Cost of goods sold $ 1,034 $ 1,031 1,050 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The components of income from continuing operations before income taxes are as follows (in thousands): 2015 2014 2013 U.S. Operations $ 33,161 $ 26,965 $ 35,805 Non-U.S. Operations 42,956 40,838 23,493 Total $ 76,117 $ 67,803 $ 59,298 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 are shown below (in thousands): 2015 2014 2013 Current: Federal $ 9,195 $ 9,653 $ 9,099 State 556 415 1,382 Non-U.S. 11,372 11,329 7,179 Total Current 21,123 21,397 17,660 Deferred: Federal $ 556 $ (2,017 ) $ (454 ) State (495 ) (376 ) 18 Non-U.S. (310 ) (950 ) (1,980 ) Total Deferred (249 ) (3,343 ) (2,416 ) Total $ 20,874 $ 18,054 $ 15,244 The following is a reconciliation from the U.S. Federal income tax rate on continuing operations to the total tax provision is as follows (in thousands): 2015 2014 2013 Provision at statutory tax rate 35.0 % 35.0 % 35.0 % State taxes 0.1 % 0.0 % 1.5 % Impact of foreign operations -5.0 % -5.6 % -6.5 % Federal tax credits -1.2 % -0.7 % -2.2 % Life insurance proceeds 0.0 % -1.7 % 0.0 % Other -1.5 % -0.4 % -2.1 % Effective income tax provision 27.4 % 26.6 % 25.7 % Changes in the effective tax rates from period to period may be significant as they depend on many factors including, but not limited to, size of the Company’s income or loss and any one-time activities occurring during the period. The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2015 was impacted by the following items: (i) a benefit of $0.5 million related to the R&D tax credit that expired during the fiscal year on December 31 , and (ii) a benefit of $4.0 million due to the mix of income earned in jurisdictions with beneficial tax rates. The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2014 was impacted by the following items: (i) a benefit of $0.5 million related to the R&D tax credit that expired during the fiscal year on December 31 , (ii) a benefit of $0.5 million related to a decrease in the statutory tax rate in the United Kingdom on prior period deferred tax liabilities recorded during the first quarter during the fiscal year, (iii) a benefit of $1.1 million due to non-taxable life insurance proceeds received in the third quarter and (iv) a benefit of $3.8 million due to the mix of income earned in jurisdictions with beneficial tax rates. The Company's income tax provision from continuing operations for the fiscal year ended June 30, 2013 was impacted by the following items: (i) a benefit of $0.4 million related to the retroactive extension of the R&D credit recorded during the third quarter , (ii) a benefit of $0.3 million related to a decrease in the statutory tax rate in the United Kingdom on prior period deferred tax liabilities recorded during the first and fourth quarters, (iii) a benefit of $1.0 million from the reversal of a deferred tax liability that was determined to be no longer required during the third quarter and (iv) a benefit of $2.8 million due to the mix of income earned in jurisdictions with beneficial tax rates. Significant components of the Company’s deferred income taxes are as follows (in thousands): 2015 2014 Deferred tax liabilities: Depreciation and amortization $ (31,126 ) $ (20,934 ) Total deferred tax liability $ (31,126 ) $ (20,934 ) Deferred tax assets: Accrued compensation $ 3,911 $ 4,463 Accrued expenses and reserves 6,680 3,040 Pension 19,624 10,975 Inventory 2,066 1,549 Other 1,741 758 Net operating loss and credit carry forwards 3,983 3,685 Total deferred tax asset $ 38,005 $ 24,470 Less: Valuation allowance (656 ) (530 ) Net deferred tax asset (liability) $ 6,223 $ 3,006 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 go unrealized. The valuation allowance at June 30, 2015 applies to state and foreign loss carry forwards, which management has concluded that it is more likely than not that these tax benefits will not be realized. The increase (decrease) in the valuation allowance from the prior year was $0.12 million, less than $0.1 million, and ($0.3) million in 2015, 2014, and 2013, respectively. As of June 30, 2015, the Company had gross state net operating loss ("NOL") and credit carry forwards of approximately $43.3 million and $2.2 million, respectively, which may be available to offset future state income tax liabilities and expire at various dates from 2015 through 2034. In addition, the Company had foreign NOL carry forwards of approximately $2.7 million, $1.7 million of which carry forward indefinitely and $1.0 million that carry forward for 10 years. The Company’s income taxes currently payable for federal and state purposes have been reduced by the benefit of the tax deduction in excess of recognized compensation cost from employee stock compensation transactions. The provision for income taxes that is currently payable has not been adjusted by approximately $2.1 million and $1.7 million of such benefits of the Company that have been allocated to additional paid in capital in 2015 and 2014, respectively. A provision has not been made for U.S. or additional non-U.S. taxes on $160.2 million of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. It is not practicable to estimate the amount of tax that might be payable on the remaining undistributed earnings. Our intention is to reinvest these earnings permanently or to repatriate the earnings only when it is tax effective to do so. Accordingly, we believe that U.S. tax on any earnings that might be repatriated would be partially offset by U.S. foreign tax credits. The total provision for income taxes included in the consolidated financial statements was as follows (in thousands): 2015 2014 2013 Continuing operations $ 20,874 $ 18,054 $ 15,244 Discontinued operations (259 ) (3,692 ) 482 $ 20,615 $ 14,362 $ 15,726 The changes in the amount of gross unrecognized tax benefits during 2015, 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Beginning Balance $ 1,033 $ 1,286 $ 1,298 Additions based on tax positions related to the current year 17 25 77 Additions for tax positions of prior years 4 - 19 Reductions for tax positions of prior years - (278 ) (108 ) Ending Balance $ 1,054 $ 1,033 $ 1,286 If the unrecognized tax benefits in the table above were recognized in a future period, $0.6 million of the unrecognized tax benefit would impact the Company’s effective tax rate. Within the next twelve months, the statute of limitations will close in various U.S., state and non-U.S. jurisdictions. As a result, it is reasonably expected that net unrecognized tax benefits from these various jurisdictions would be recognized within the next twelve months. The recognition of these tax benefits is not expected to have a material impact to the Company's financial statements. The Company does not reasonably expect any other significant changes in the next twelve months. The following tax years, in the major tax jurisdictions noted, are open for assessment or refund: Country Years Ending June 30, United States 2012 to 2015 Canada 2012 to 2015 Germany 2012 to 2015 Ireland 2012 to 2015 Portugal 2012 to 2015 United Kingdom 2012 to 2015 The Company’s policy is to include interest expense and penalties related to unrecognized tax benefits within the provision for income taxes on the consolidated statements of operations. At both June 30, 2015 and June 30, 2014, the Company had less than $0.1 million for accrued interest expense on unrecognized tax benefits. |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 11. Commitments The Company leases certain property and equipment under agreements with initial terms ranging from one to twenty years. Rental expense related to continuing operations for the years ended June 30, 2015, 2014, and 2013 was approximately $6.1 million, $5.5 million and $4.9 million, respectively. The gross minimum annual rental commitments under non-cancelable operating leases, principally real-estate at June 30, 2015: (in thousands) Lease Sublease Net obligation 2016 $ 6,996 $ 378 $ 6,618 2017 5,464 364 5,100 2018 3,715 87 3,628 2019 2,854 - 2,854 2020 2,201 - 2,201 Thereafter 8,247 - 8,247 |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | 12. Contingencies From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not believe that the outcome of any of the currently existing legal matters will have a material impact on the Company’s consolidated financial position, results of operations or cash flow. The Company accrues for losses related to a claim or litigation when the Company’s management considers a potential loss probable and can reasonably estimate such potential loss. |
Note 13 - Stock-Based Compensat
Note 13 - Stock-Based Compensation and Purchase Plans | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. stock-based compensation and purchase plans 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. In fiscal 2005, the Company began granting stock awards instead of stock options. The stock award program offers employees and directors the opportunity to earn shares of our stock over time, rather than options that give the employees and directors the right to purchase stock at a set price. The Company has stock plans for directors, officers and certain key employees. Total compensation cost recognized in income for equity based compensation awards was $3.8 million, $6.6 million, and $3.3 million for the years ended June 30, 2015, 2014 and 2013, respectively, primarily within Selling, General, and Administrative Expenses. The total income tax benefit recognized in the consolidated statement of operations for equity-based compensation plans was $1.3 million, $2.3 million, and $1.2 million for the years ended June 30, 2015, 2014 and 2013, respectively. 390,394 shares of common stock were reserved for issuance under various compensation plans at June 30, 2015. Restricted Stock Awards The Company may award shares of restricted stock to eligible employees and non-employee directors of the Company at no cost, giving them in most instances all of the rights of stockholders, except that they may not sell, assign, pledge or otherwise encumber such shares and rights during the restriction period. Such shares and rights are subject to forfeiture if certain employment conditions are not met. During the restriction period, recipients of the shares are entitled to dividend equivalents on such shares, providing that such shares are not forfeited. Dividends are accumulated and paid out at the end of the restriction period. During 2015, 2014 and 2013, the Company granted 43,598, 62,698, and 44,388 shares, respectively, of restricted stock to eligible participants. Restrictions on the stock awards generally lapse between fiscal 2016 and fiscal 2018. For the years ended June 30, 2015, 2014 and 2013, $2.3 million, $3.3 million, and $1.5 million, respectively, was recognized as compensation expense related to restricted stock awards. Substantially all awards are expected to vest. A summary of restricted stock awards activity during the year ended June 30, 2015 is as follows: Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2014 144,095 $ 10,732,196 Granted 43,598 Exercised / vested (71,220 ) 2,831,554 Canceled (11,394 ) Outstanding, June 30, 2015 105,079 $ 8,398,964 Restricted stock awards granted during 2015, 2014 and 2013 had a weighted average grant date fair value of $76.47, $58.84, and $44.59, respectively. The grant date fair value of restricted stock awards is determined based on the closing price of the Company’s common stock on the date of grant. The total intrinsic value of awards exercised during the years ended June 30, 2015, 2014, and 2013 was $2.8 million, $3.1 million, and $3.5 million, respectively. As of June 30, 2015, there was $2.7 million of unrecognized compensation costs related to awards expected to be recognized over a weighted-average period of 1.47 years. Executive Compensation Program The Company operates a compensation program for key employees. The plan contains both an annual component as well as long-term component. Under the annual component, participants may elect to defer up to 50% of their annual incentive compensation in restricted stock which is purchased at a discount to the market. Additionally, non-employee directors of the Company may defer a portion of their director’s fees in restricted stock units which is purchased at a discount to the market. During the restriction period, recipients of the shares are entitled to dividend equivalents on such units, providing that such shares are not forfeited. Dividend equivalents are accumulated and paid out at the end of the restriction period. The restrictions on the units expire after three years. At June 30, 2015 and 2014, respectively, 43,549 and 52,431 shares of restricted stock units are outstanding and subject to restrictions that lapse between fiscal 2016 and fiscal 2018. The compensation expense associated with this incentive program is charged to income over the restriction period. The Company recorded compensation expense related to this program of $0.3 million, $0.7 million, and $0.6 million for the years ended June 30, 2015, 2014 and 2013, respectively. As of June 30, 2015, there was $0.3 million of unrecognized compensation costs related to awards expected to be recognized over a weighted-average period of 1.10 years 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: 2015 2014 2013 Risk-free interest rates 0.88 % 0.70 % 0.25 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 32.0 % 38.9 % 47.4 % Expected quarterly dividends (per share) $ 0.10 $ 0.08 $ 0.07 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 shares will be issued if the minimum performance threshold is not achieved. The final performance percentage, on which the payout will be based, considering the performance metrics established for the performance period, will be certified by the Compensation Committee of the Board of Directors. The awards granted by the Committee provided that the PSUs will be converted to shares of common stock if the Company’s EBITDA (earnings before interest, taxes, depreciation and amortization) and return on assets meet specified levels approved by the Committee. A participant’s right to any shares that are earned will vest in three equal installments. An executive whose employment terminates prior to the vesting of any installment for a reason other than death, disability, retirement, or following a change in control, will forfeit the shares represented by that installment. In certain circumstances, such as death, disability, or retirement, PSUs are paid on a pro-rata basis. In the event of a change in control, vesting of the awards granted is accelerated. A summary of the awards activity under the executive compensation program during the year ended June 30, 2015 is as follows: Annual Component Performance Stock Units Weighted Number Average Aggregate Number Aggregate of Exercise Intrinsic of Intrinsic Shares Price Value Shares Value Non-vested, June 30, 2014 52,432 $ 29.91 $ 1,360,566 40,366 $ 2,156,759 Granted 14,650 55.76 31,199 Vested (21,298 ) 23.00 1,089,126 (24,137 ) 1,459,558 Forfeited (2,235 ) 35.53 (18,978 ) Non-vested, June 30, 2015 43,549 $ 41.70 $ 794,828 28,450 $ 1,873,626 Restricted stock awards granted under the annual component of this program in fiscal 2015, 2014, and 2013 had a grant date fair value of $80.98, $69.47, and $55.61, respectively. The PSUs granted in fiscal 2015, 2014 and 2013 had a grant date fair value of $74.82, $54.48, and $44.20, respectively. The total intrinsic value of awards vested under the executive compensation program during the years ended June 30, 2015, 2014 and 2013 was $1.5 million, $2.2 million, and $3.1 million, respectively. The Company recognized compensation expense related to the PSUs of $1.3 million, $2.7 million, and $1.3 million for the years ended June 30, 2015, 2014 and 2013, respectively based on the probability of the performance targets being met. The total unrecognized compensation costs related to non-vested performance share units was $1.0 million at June 30, 2015, which is expected to be recognized over a weighted average period of 1.57 years. 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. Shares of our stock may be purchased by employees quarterly at 95% of the fair market value on the last day of each quarter. Shares of stock reserved for the plan were 94,488 at June 30, 2015. Shares purchased under this plan aggregated 3,382, 4,473, and 5,813 in 2015, 2014 and 2013, respectively, at an average price of $74.42, $58.54, and $48.16, respectively. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Income (LosS) The components of the Company’s accumulated other comprehensive income (loss) at June 30 are as follows (in thousands): 2015 2014 Foreign currency translation adjustment $ (13,333 ) $ 9,800 Unrealized pension losses, net of tax (79,248 ) (64,968 ) Unrealized losses on derivative instruments, net of tax (436 ) (651 ) Total $ (93,017 ) $ (55,819 ) |
Note 15 - Discontinued Operatio
Note 15 - Discontinued Operations | 12 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. Discontinued OperationS In June 2014, the Company divested the American Foodservice Company, (“AFS”) a manufacturer of custom design and fabrication of counter systems and cabinets, in our Food Service Equipment Group segment. In connection with this sale, the Company received proceeds of $3.1 million and recorded a net loss on disposal of $3.2 million . On March 30, 2012, ADP was sold to a private equity buyer for consideration of $16.1 million consisting of $13.1 million in cash. Pursuant to the transaction, the Company received a $3.0 million promissory note from the buyer. The note is secured by a mortgage on the ADP real estate sold in the transaction in Detroit Lakes, MN, Medina, NY, and Powder Springs, GA. The Company remained the obligor of ADP’s Philadelphia, PA facility and administrative offices, and sublet space to the buyer after the divestiture. The buyer terminated their obligation under the Philadelphia sublease in September 2014. On February 4, 2015 we entered into a one year renewable sublease agreement for this building. Our net obligation with respect to the remaining Philadelphia leases is $1.3 million, of which $0.9 million was recorded as a liability at June 30, 2015. We do not expect to record additional charges related to these obligations During 2014, the Company received notice that its obligations under a guarantee provided to the buyers of ADP were triggered as a result of its withdrawal from both of the multi-employer pension plans in which ADP previously participated. As a result, the Company has recorded charges of $1.6 million in excess of the value of the guarantee previously recorded. The last of these obligations were settled in July of fiscal year 2016 by a $0.5 million payment to the final multi-employer plan. The following table summarizes the Company’s discontinued operations activity, by operation, for the years ended June 30, (in thousands): Year Disposed 2015 2014 2013 Sales: American Foodservice Company 2014 $ - $ 20,556 $ 27,870 Air Distribution Products Group 2012 - - - - 20,556 27,870 Income (loss) before taxes: American Foodservice Company (1) 2014 (492 ) (8,339 ) 1,934 Air Distribution Products Group 2012 (137 ) (1,849 ) (451 ) Other loss from discontinued operations (130 ) (387 ) (207 ) Income (loss) before taxes from discontinued operations (759 ) (10,575 ) 1,276 (Provision) benefit for tax 259 3,692 (482 ) Net income (loss) from discontinued operations $ (500 ) $ (6,883 ) $ 794 (1) American Foodservice Company incurred a pretax operational loss of $3.5 million and pretax loss on sale of $4.8 million in 2014 . Assets and liabilities related to discontinued operations to be retained by the Company are recorded in the Consolidated Balance Sheets at June 30 under the following captions (in thousands): 2015 2014 Current assets $ 23 $ 199 Non-current assets 3,014 3,014 Current liabilities 1,383 2,340 Non-current liabilities 896 1,791 |
Note 16 - Restructuring
Note 16 - Restructuring | 12 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 16. restructuring The Company has undertaken a number of initiatives that have resulted in severance, restructuring, and related charges. A summary of charges by initiative is as follows (in thousands): Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 2015 Restructuring Initiatives $ 847 $ 2,319 $ 3,166 Prior Year Initiatives 11 266 277 Total expense $ 858 $ 2,585 $ 3,443 2014 Restructuring Initiatives $ 1,528 $ 8,477 $ 10,005 Prior Year Initiatives 72 - 72 Total expense $ 1,600 $ 8,477 $ 10,077 2013 Restructuring Initiatives $ 1,299 $ 1,367 $ 2,666 Prior Year Initiatives - - - Total expense $ 1,299 $ 1,367 $ 2,666 201 5 Restructuring Initiatives The Company continues to focus on our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions and facility closures. During the second quarter of 2015, the Company announced the closure of our Food Service Equipment U.K. facility and entered into a distribution agreement with a U.K. based partner to reduce channel costs and enhance profitability, expand and strengthen, our U.K. Food Service Equipment group’s presence for all of our brands. We incurred severance and non-cash lease impairment costs of $0.8 million associated with these activities for the year ending June 30, 2015. Restructuring expense related to the 2015 initiatives have been completed. Activity in the reserves related to 2015 restructuring initiatives is as follows (in thousands): Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2014 $ - $ - $ - Additions 847 2,319 3,166 Payments (769 ) (2,013 ) (2,782 ) Restructuring Liabilities at June 30, 2015 $ 78 $ 306 $ 384 Prior Year Initiatives The Company previously announced a consolidation of our Food Service Equipment Group Cheyenne, Wyoming plant into its Mexico facility and other manufacturing consolidation efforts. During fiscal year 2014 we recorded a non-cash expense of $5.4 million related to the impairment of long-lived assets in Cheyenne. Expenses totaling $0.3 million were recorded during the year ending June 30, 2015. Restructuring activities related to all prior year initiatives are substantially complete. The cumulative expense related to all activities making up this initiative is expected to be $10.4 million. Activity in the reserves related to prior year restructuring initiatives is as follows (in thousands): Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2013 $ 10 $ - $ 10 Additions 1,528 3,051 4,579 Payments (983 ) (3,051 ) (4,034 ) Restructuring Liabilities at June 30, 2014 $ 555 $ - $ 555 Additions 11 266 277 Payments (566 ) (266 ) (832 ) Restructuring Liabilities at June 30, 2015 $ - $ - $ - 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 2015 Food Service Equipment Group $ 215 $ 2,363 $ 2,578 Engineering Technologies Group 75 - 75 Engraving Group 220 - 220 Electronics Products Group 348 222 570 Total expense $ 858 $ 2,585 $ 3,443 Fiscal Year 201 4 Food Service Equipment Group $ 746 $ 8,408 $ 9,154 Engraving Group 667 21 688 Electronics Products Group 187 48 235 Total expense $ 1,600 $ 8,477 $ 10,077 Fiscal Year 201 3 Food Service Equipment Group $ 183 $ 25 $ 208 Engineering Technologies Group 44 - 44 Engraving Group 776 1,253 2,029 Electronics Products Group 296 89 385 Total expense $ 1,299 $ 1,367 $ 2,666 |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Employee Benefit Plans Retirement Plans The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. salaried employees was frozen as of December 31, 2007, and participants in the plan ceased accruing future benefits. The Company’s pension plan for U.S. hourly employees was frozen for substantially all participants as of July 31, 2013, and replaced with a defined contribution benefit plan. Based on changes to the plan, the Company recorded a reduction in U.S. non-cash pension plan expense in 2014 of $2.6 million as compared to 2013, which was partially offset by increased expenses associated with the implementation of the defined contribution benefit program. During fiscal 2015, the Society of Actuaries released new mortality tables that reflect increased life expectancy over the previous tables. The company incorporated these new tables into its most recent measurement of its U.S. pension obligations which resulted in an increase in the Company’s projected benefit obligation as of June 30, 2015. 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, 2015 2014 2013 2015 2014 2013 Service Cost $ 211 $ 233 $ 702 $ 44 $ 46 $ 40 Interest Cost 10,476 11,241 10,941 1,618 1,723 1,667 Expected return on plan assets (13,954 ) (13,513 ) (14,790 ) (1,474 ) (1,532 ) (1,339 ) Recognized net actuarial loss 3,945 3,941 7,577 750 819 901 Amortization of prior service cost (benefit) 54 57 98 (53 ) (60 ) (57 ) Amortization of transition Obligation (asset) - - 2 - - - Curtailment 244 - 52 - - - Net periodic benefit cost (benefit) $ 976 $ 1,959 $ 4,582 $ 885 $ 996 $ 1,212 The following table sets forth the funded status and amounts recognized as of June 30, 2015 and 2014 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, 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 240,426 $ 227,874 $ 44,278 $ 37,897 Service cost 211 233 44 46 Interest cost 10,476 11,241 1,618 1,723 Actuarial loss (gain) 16,570 16,317 3,996 2,161 Benefits paid (15,468 ) (15,239 ) (1,455 ) (1,662 ) Foreign currency exchange rate - - (4,800 ) 4,113 Projected benefit obligation at end of year $ 252,215 $ 240,426 $ 43,681 $ 44,278 Change in plan assets Fair value of plan assets at beginning of year $ 216,043 $ 200,174 $ 37,487 $ 30,889 Actual return on plan assets 3,900 30,956 3,410 3,034 Employer contribution 235 152 1,336 1,375 Benefits paid (15,468 ) (15,239 ) (1,455 ) (1,662 ) Foreign currency exchange rate - - (3,412 ) 3,851 Fair value of plan assets at end of year $ 204,710 $ 216,043 $ 37,366 $ 37,487 Funded Status $ (47,505 ) $ (24,383 ) $ (6,315 ) $ (6,791 ) Amounts recognized in the consolidated balance sheets consists of: Prepaid Benefit Cost $ - $ - $ 107 $ 1,167 Current liabilities (199 ) (199 ) (314 ) (327 ) Non-current liabilities (47,306 ) (24,184 ) (6,109 ) (7,631 ) Net amount recognized $ (47,505 ) $ (24,383 ) $ (6,316 ) $ (6,791 ) Unrecognized net actuarial loss 114,715 92,036 10,655 10,506 Unrecognized prior service cost 14 312 (130 ) (220 ) Accumulated other comprehensive income, pre-tax $ 114,729 $ 92,348 $ 10,525 $ 10,286 The accumulated benefit obligation for all defined benefit pension plans was $295.0 million and $283.7 million at June 30, 2015 and 2014, respectively. The estimated actuarial net loss and prior service benefit 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 are $4.9 million and less than $0.1 million, respectively. Plan Assets and Assumptions The fair values of the Company’s pension plan assets at June 30, 2015 and 2014 by asset category, as classified in the three levels of inputs described in Note 1 under the caption Fair Value of Financial Instruments June 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,051 $ 451 $ 3,600 $ - Common and preferred stocks 101,725 17,716 84,009 - U.S. Government securities 14,469 - 14,469 - Corporate bonds and other fixed income securities 112,297 6,238 106,059 - Other 9,534 - 9,534 - $ 242,076 $ 24,405 $ 217,671 $ - June 30, 2014 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,078 $ 287 $ 2,791 $ - Common and preferred stocks 107,498 16,754 90,744 - U.S. Government securities 13,334 - 13,334 - Corporate bonds and other fixed income securities 118,131 7,297 110,834 - Other 11,488 - 11,488 - $ 253,529 $ 24,338 $ 229,191 $ - Asset allocation at June 30, 2015 and 2014 and target asset allocations for 2015 are as follows: U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2015 2014 2015 2014 Equity securities 33 % 32 % 24 % 26 % Debt securities 31 % 28 % 75 % 73 % Global balanced securities 26 % 28 % 0 % 0 % Other 10 % 12 % 1 % 1 % Total 100 % 100 % 100 % 100 % 2015 Asset Category – Target U.S. U.K. Equity securities 32 % 25 % Debt and market neutral securities 33 % 75 % Global balanced securities 25 % 0 % Other 10 % 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 within the desired range of exposure. The plan seeks to provide returns in excess of the various benchmarks. The benchmarks include the following indices: S&P 500; Citigroup PMI EPAC; Citigroup World Government Bond and Barclays Aggregate Bond. A third party investment consultant tracks the plan’s portfolio relative to the benchmarks and provides quarterly investment reviews which consist of a performance and risk assessment on all investment managers and on the portfolio. 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 2015 2014 2013 Plan assumptions - obligation Discount rate 2.30 - 4.70% 2.90 - 4.50% 3.50 - 5.10% Rate of compensation increase 3.80% 3.80% 3.50 - 3.90% Plan assumptions - cost Discount rate 2.90 - 4.50% 3.50 - 5.10% 4.00 - 4.60% Expected return on assets 4.20 - 7.25% 4.60 - 7.25% 4.80 - 7.80% Rate of compensation increase 3.80% 3.90% 3.40 - 3.50% Included in the above are the following assumptions relating to the obligations for defined benefit pension plans in the United States at June 30, 2015; a discount rate of 4.7% and expected return on assets of 7.25%. The U.S. defined benefit pension plans represent the majority of our pension obligations. The expected return on plan assets assumption is based on our expectation of the long-term average rate of return on assets in the pension funds and is reflective of the current and projected asset mix of the funds. The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate is determined by matching our expected benefit payments from a stream of AA- or higher bonds available in the marketplace, adjusted to eliminate the effects of call provisions. Expected benefit payments for the next five years are as follows: 2016, $16.9 million; 2017, $17.1 million; 2018, $17.1 million; 2019, $17.3 million; 2020, $17.5 million and thereafter, $89.4 million. The Company expects to make $1.5 million of contributions to its pension plans in 2016. The Company operates a defined benefit plan in Germany which is unfunded. Multi-Employer Pension Plans We contribute to a number of multiemployer defined benefit plans under the terms of collective bargaining agreements that cover our union-represented employees. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: ● Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. ● If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may be borne by the remaining participating employers. ● If we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process. The following table outlines the Company’s participation in multiemployer pension plans for the periods ended June 30, 2015, 2014, and 2013, and sets forth the yearly contributions into each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2015 and 2014 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that we received from the plans’ administrators and is certified by each plan’s actuary. Among other factors, plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. For all plans, the Company’s contributions do not exceed 5% of the total contributions to the plan in the most recent year. Pension Protection Act Zone Status Contributions Pension Fund EIN/Plan Number 2015 2014 FIP/RP Status 2015 2014 2013 Surcharge Imposed? Expiration Date of Collective Bargaining Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 437 $ 541 $ 427 No 4/15/2018 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green No 633 659 623 No 10/4/2016 - 5/31/2018 $ 1,070 $ 1,200 $ 1,050 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 contribute a portion of their compensation within certain limitations. The Company, at the discretion of the Board of Directors, may make contributions on behalf of our employees under the plans. Company contributions were $3.8 million, $4.0 million, and $4.1 million for the years ended June 30, 2015, 2014, and 2013, respectively. At June 30, 2015, the salaried plan holds approximately 96,000 shares of Company common stock, representing approximately 9% of the holdings of the plan. Postretirement Benefits Other Than Pensions The Company sponsors an unfunded postretirement medical plan covering certain full-time employees who retire and have attained the requisite age and years of service. Retired employees are required to contribute toward the cost of coverage according to various established rules. The accumulated benefit obligation of the post-retirement medical plan was less than $0.2 million at both June 30, 2015 and June 30, 2014. The plan holds no assets as the Company makes contributions as benefits are due. Contributions for each of the last two fiscal years were less than $0.1 million. The assumed weighted average discount rate was 4.70% and 4.50% as of June 30, 2015 and 2014, respectively. A 1% increase in the assumed health care cost trend rate does not impact either the accumulated benefit obligation or the net postretirement cost, as the employer contribution for each participant is a fixed amount. Effective January 1, 2013, the Company terminated its life insurance benefit provided to certain current and future retirees, resulting in a curtailment and settlement of the plan’s obligations. The Company recorded a $2.3 million benefit from the settlement and curtailment as a component of selling general and administrative expenses during the third quarter of 2013. The following table sets forth the postretirement benefit cost reflected in the consolidated income statement sheet at year end (in thousands): Components of Net Periodic Benefit Cost (in thousands) Year Ended June 30, 2015 2014 2013 Service Cost $ - $ - $ 13 Interest Cost 7 9 49 Recognized net actuarial gain (1 ) (7 ) (24 ) Curtailment - - 51 Plan Settlement - - (2,329 ) Amortization of transition obligation - - 112 Net periodic benefit cost $ 6 $ 2 $ (2,128 ) |
Note 18 - Industry Segment Info
Note 18 - Industry Segment Information | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 18. Industry Segment Information The Company has determined that it has five reportable segments organized around the types of product sold: • Food Service Equipment Group– an aggregation of seven operating segments that manufacture and sell commercial food service equipment; • Engraving Group – 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; • Engineering Technologies Group – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets. • Electronics Products Group – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; and • Hydraulics Products Group – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders. Net sales include only transactions with unaffiliated customers and include no significant intersegment or export sales. Operating income by segment and geographic area excludes general corporate and interest expenses. Assets of the Corporate segment consist primarily of cash, office equipment, and other non-current assets. Given the nature of our corporate expenses, management has concluded that it would not be appropriate to allocate the expenses associated with corporate activities to our operating segments. These corporate expenses include the costs for the corporate headquarters, salaries and wages for the personnel in corporate, professional fees related to corporate matters and compliance efforts, stock-based compensation and post-retirement benefits related to our corporate executives, officers and directors, and other compliance related costs. The Company has a process to allocate and recharge certain direct costs to the operating segments when such direct costs are administered and paid at corporate. Such direct expenses that are recharged on an intercompany basis each month include such costs as insurance, workers’ compensation programs, audit fees and pension expense. The accounting policies applied by the reportable segments are the same as those described in the Summary of Accounting Policies footnote to the consolidated financial statements. There are no differences in accounting policies which would be necessary for an understanding of the reported segment information. Industry Segments (in thousands) Net Sales Depreciation and Amortization 2015 2014 2013 2015 2014 2013 Food Service Equipment $ 408,706 $ 377,848 $ 367,008 $ 5,176 $ 4,485 $ 4,930 Engraving 110,781 109,271 93,380 3,497 3,342 3,226 Engineering Technologies 97,018 79,642 74,838 4,278 3,063 3,288 Electronics Products 114,196 114,881 108,085 2,759 2,807 2,986 Hydraulics Products 41,441 34,538 30,079 665 625 566 Corporate and Other - - - 309 269 239 Total $ 772,142 $ 716,180 $ 673,390 $ 16,684 $ 14,591 $ 15,235 Income (Loss) From Operations Capital Expenditures 2015 2014 2013 2015 2014 2013 Food Service Equipment $ 37,456 $ 38,203 $ 37,533 $ 4,791 $ 3,740 $ 3,149 Engraving 24,250 22,145 15,596 5,856 4,648 5,106 Engineering Technologies 13,097 12,676 13,241 8,025 7,686 1,734 Electronics Products 20,884 19,732 16,147 2,298 1,631 3,243 Hydraulics Products 7,013 5,781 4,968 784 684 580 Restructuring charge (3,443 ) (10,077 ) (2,666 ) - - - Gain on sale of real estate - - - - - - Other operating income (expense), net 438 3,462 - - - - Corporate (21,051 ) (26,054 ) (22,924 ) 268 1,531 568 Total $ 78,644 $ 65,868 $ 61,895 $ 22,022 $ 19,920 $ 14,380 Interest expense (3,161 ) (2,249 ) (2,469 ) Other, net 634 4,184 (128 ) Income from continuing operations before income taxes $ 76,117 $ 67,803 $ 59,298 Goodwill Identifiable Assets 2015 2014 2015 2014 Food Service Equipment $ 56,812 $ 56,731 $ 218,334 $ 214,674 Engraving 20,248 20,716 114,268 101,106 Engineering Technologies 46,000 12,188 141,351 75,591 Electronics Products 28,614 33,272 90,948 103,699 Hydraulics Products 3,058 3,058 22,705 16,410 Corporate & Other - - 72,735 66,680 Total $ 154,732 $ 125,965 $ 660,341 $ 578,160 Net sales (1) 2015 2014 2013 United States $ 561,923 $ 505,853 $ 488,048 Asia Pasific 64,840 53,551 51,664 EMEA (2) 117,816 130,602 113,367 Other Americas 27,563 26,174 20,311 Total $ 772,142 $ 716,180 $ 673,390 (1) (2) Long-lived assets 2015 2014 2013 United States $ 76,274 $ 59,225 $ 58,890 Asia Pasific 7,047 5,627 4,166 EMEA (2) 18,604 23,266 22,065 Other Americas 6,611 8,579 7,421 Total $ 108,536 $ 96,697 $ 92,542 |
Note 19 - Insurance Proceeds
Note 19 - Insurance Proceeds | 12 Months Ended |
Jun. 30, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Business Insurance Recoveries [Text Block] | 19. Insurance Proceeds The Company recorded $0.4 million and $3.5 million in 2015 and 2014 of net gains, as components of other operating income net, from insurance proceeds we received related to a catastrophic failure of a large vertical machining center located at our Engineering Technologies facility in Massachusetts. Insurance proceeds of $4.5 million in 2014 were partially offset by the write-off of the net book value of the machine of $1.0 million. During 2014, the Company recorded $3.4 million gain, as a component of other non-operating income net, from proceeds for a life insurance policy triggered by the death of a former executive. This life insurance policy relates to an inactive program for key executives. There are six retired executives remaining in this program and current management is ineligible to participate. |
Note 20 - Quarterly Results of
Note 20 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 2 0 . Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended June 30, 2015 and 2014 are as follows (in thousands, except for per share data): 2015 First Second Third Fourth Net sales $ 202,027 $ 189,337 $ 180,999 $ 199,779 Gross profit 66,112 58,800 57,258 65,316 Net income (loss) 14,552 11,184 12,626 16,381 EARNINGS PER SHARE (1) Basic $ 1.18 $ 0.89 $ 1.01 $ 1.29 Diluted $ 1.16 $ 0.88 $ 1.00 $ 1.27 2014 First Second Third Fourth Net sales $ 178,140 $ 166,540 $ 174,160 $ 197,340 Gross profit 60,405 55,894 57,572 64,398 Net income (loss) 9,082 10,517 13,220 10,047 EARNINGS PER SHARE (1) Basic $ 0.97 $ 0.84 $ 1.05 $ 1.08 Diluted $ 0.96 $ 0.83 $ 1.04 $ 1.07 (1) Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified manufacturing company with operations in the United States, Europe, Asia, Africa, and Latin America. The accompanying consolidated financial statements include the accounts of Standex International Corporation and its subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not readily apparent from other sources. These estimates assist in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions. |
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 months or less. These investments are carried at cost, which approximates fair value. At June 30, 2015 and 2014, the Company’s cash was comprised solely of cash on deposit. |
Marketable Securities, Trading Securities, Policy [Policy Text Block] | Trading Securities The Company purchases investments in connection with the KEYSOP Plan for certain retired executives and for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401(k) plan. These investments are classified as trading and reported at fair value. The investments generally consist of mutual funds, are included in other non-current assets and amounted to $2.3 million and $3.1 million at June 30, 2015 and 2014, respectively. Gains and losses on these investments are recorded as other non-operating income (expense), net in the Consolidated Statements of Operations. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Allowances The Company has provided an allowance for doubtful accounts reserve which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. This estimate is derived from the Company’s knowledge of its end markets, customer base, products, and historical experience. The changes in the allowances for uncollectible accounts during 2015, 2014, and 2013 were as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 2,282 $ 2,325 $ 1,974 Acquisitions and other 4 93 190 Provision charged to expense 496 375 268 Write-offs, net of recoveries (556 ) (511 ) (107 ) Balance at end of year $ 2,226 $ 2,282 $ 2,325 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of (first-in, first-out) cost or market. |
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 be recoverable. Recognition and measurement of a potential impairment loss is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is the amount by which the carrying amount of a long-lived asset (asset group) exceeds its estimated fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. |
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 ( 8 to 15 Furniture and Fixtures ( 3 to 10 Computer hardware and software ( 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Routine maintenance costs are expensed as incurred. Major improvements are capitalized. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated over the lesser of the lease term or the life of the improvement. Amortization of computer hardware and software of $0.5 million, $0.4 million, and $0.4 million is included as a component of long term assets for the years ended June 30, 2015, 2014, and 2013 respectively. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives, are not amortized, but are reviewed annually for impairment or more frequently if impairment indicators arise. Identifiable intangible assets that are not deemed to have indefinite lives are amortized on an accelerated basis over the following useful lives: Customer relationships (years) 5 to 16 Patents ( 12 Non-compete agreements ( 5 to 10 Other ( 10 Trade names Indefinite life See discussion of the Company’s assessment of impairment in Note 5 – Goodwill, and Note 6 – Intangible Assets. |
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 available, valuation models may be applied. 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 – Quoted prices in active markets for identical assets and liabilities. The Company’s deferred compensation plan assets consist of shares in various mutual funds (for the deferred compensation plan, investments are participant-directed) which invest in a broad portfolio of debt and equity securities. These assets are valued based on publicly quoted market prices for the funds’ shares as of the balance sheet dates. For pension assets (see Note 17 – Employee Benefit Plans), securities are valued based on quoted market prices for securities held directly by the trust. Level 2 – Inputs, other than quoted prices in an active market, that are observable either directly or indirectly through correlation with market data. For foreign exchange forward contracts and interest rate swaps, the Company values the instruments based on the market price of instruments with similar terms, which are based on spot and forward rates as of the balance sheet dates. For pension assets held in commingled funds (see Note 17 – Employee Benefit Plans) the Company values investments based on the net asset value of the funds, which are derived from the quoted market prices of the underlying fund holdings. The Company has considered the creditworthiness of counterparties in valuing all assets and liabilities. Level 3– Unobservable inputs based upon the Company’s best estimate of what market participants would use in pricing the asset or liability. We did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy at June 30, 2015 and 2014. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2015 and 2014 were (in thousands): |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company is subject to credit risk through trade receivables and short-term cash investments. 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. Short-term cash investments are placed with high credit-quality financial institutions. The Company monitors the amount of credit exposure in any one institution or type of investment instrument. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company’s product sales are recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. Revenues under certain fixed price contracts are generally recorded when deliveries are made. Sales and estimated profits under certain long-term contracts are recognized under the percentage-of-completion methods of accounting, whereby profits are recorded pro rata, based upon current estimates of costs to complete such contracts. Losses on contracts are provided for in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known. Any excess of the billings over cost and estimated earnings on long-term contracts is included in deferred revenue. |
Cost of Sales and Selling General and Administrative Expenses [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, warehousing 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 incurred to support the manufacturing process. The Company records distribution costs associated with the sale of inventory as a component of selling, general and administrative expenses in the Consolidated Statements of Operations. These expenses include warehousing costs, outbound freight charges and costs associated with distribution personnel. Our gross profit margins may not be comparable to those of other entities due to different classifications of costs and expenses. Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $5.0 million, $4.6 million, and $4.6 million for the years ended June 30 , 2015, 2014, and 2013, 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 $4.1 million, $4.8 million, and $4.4 million for the years ended June 30 , 2015, 2014, and 2013, 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 differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. The changes in continuing operations warranty reserve, which are recorded as accrued liabilities, during 2015, 2014, and 2013 were as follows (in thousands): |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Plans Restricted stock awards generally vest over a three-year period. Compensation expense associated with these awards is recorded based on their grant-date fair values and is generally recognized on a straight-line basis over the vesting period except for awards with performance conditions, which are recognized on a graded vesting schedule. Compensation cost for an award with a performance condition is based on the probable outcome of that performance condition. The stated vesting period is considered non-substantive for retirement eligible participants. Accordingly, the Company recognizes any remaining unrecognized compensation expense upon participant reaching retirement eligibility. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our non-U.S. operations is generally 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 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 material for any period presented. |
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. For hedges of intercompany loan payments, the Company records derivative gains and losses directly to the statement of operations due to the general short-term nature and predictability of the transactions. 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 the swaps as cash flow hedges, and changes in the fair value of the swaps are recognized in other comprehensive income (loss) until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swaps will be reported by the Company in interest expense. The Company does not hold or issue derivative instruments for trading purposes. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred assets and liabilities are recorded for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of assets and liabilities using enacted tax rates. Valuation allowances are provided when the Company does not believe it more likely than not the benefit of identified tax assets will be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. The Company accounts for uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit, assuming that the matter in question will be raised by the tax authorities. Interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (share amounts in thousands) 2015 2014 2013 Basic – Average Shares Outstanding 12,655 12,613 12,561 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 150 165 219 Diluted – Average Shares Outstanding 12,805 12,778 12,780 Both basic and dilutive income is the same for computing earnings per share. There were no outstanding instruments that had an anti-dilutive effect at June 30, 2015, 2014 and 2013. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued accounting standard update ASU 2015-3, Simplifying the Presentation of Debt Issuance Cost. In February 2015, the FASB issued ASU No. 2015-02, “ Consolidation (Topic 820) In January 2015, the FASB issued ASU No. 2015-01, “ Income Statement In June 2014, the FASB issued accounting standard update ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard, ASU 2014-09, Revenue from Contract with Customers, |
Note 1 - Summary of Accountin30
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2015 2014 2013 Balance at beginning of year $ 2,282 $ 2,325 $ 1,974 Acquisitions and other 4 93 190 Provision charged to expense 496 375 268 Write-offs, net of recoveries (556 ) (511 ) (107 ) Balance at end of year $ 2,226 $ 2,282 $ 2,325 |
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 ( 8 to 15 Furniture and Fixtures ( 3 to 10 Computer hardware and software ( 3 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer relationships (years) 5 to 16 Patents ( 12 Non-compete agreements ( 5 to 10 Other ( 10 Trade names Indefinite life |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 2015 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 2,324 $ 2,324 $ - $ - Foreign Exchange contracts 844 - 844 - Financial Liabilities Foreign Exchange contracts $ 193 $ - $ 193 $ - Interest rate swaps 551 - 551 - 2014 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 3,114 $ 3,114 $ - $ - Foreign Exchange contracts 356 - 356 - Financial Liabilities Foreign Exchange contracts $ 1,552 $ - $ 1,552 $ - Interest rate swaps 1,061 - 1,061 - |
Schedule of Product Warranty Liability [Table Text Block] | 2015 2014 2013 Balance at beginning of year $ 6,941 $ 6,782 $ 5,767 Acquisitions 3 274 795 Warranty expense 11,086 3,937 4,282 Warranty claims (10,594 ) (4,052 ) (4,062 ) Balance at end of year $ 7,436 $ 6,941 $ 6,782 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (share amounts in thousands) 2015 2014 2013 Basic – Average Shares Outstanding 12,655 12,613 12,561 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 150 165 219 Diluted – Average Shares Outstanding 12,805 12,778 12,780 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Enginetics [Member] | |
Note 2 - Acquisitions (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Enginetics Preliminary Allocation Adjustments Final Fair value of business combination: Cash payments $ 55,021 $ - $ 55,021 Less: cash acquired (113 ) - (113 ) Total $ 54,908 $ - $ 54,908 Identifiable assets acquired and liabilities assumed: Current Assets $ 12,350 $ (216 ) $ 12,134 Property, plant, and equipment 8,881 (73 ) 8,808 Identifiable intangible assets 10,600 - 10,600 Goodwill 32,797 1,993 34,790 Other non-current assets 158 - 158 Liabilities assumed (2,826 ) (2,623 ) (5,449 ) Deferred taxes (7,052 ) 919 (6,133 ) Total $ 54,908 $ - $ 54,908 |
Ultrafryer Systems, Inc. [Member] | |
Note 2 - Acquisitions (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ultrafryer Preliminary Allocation at June 30, 2014 Adjustments Final Fair value of business combination: Cash payments $ 20,745 $ 2,241 $ 22,986 Less: cash acquired (20 ) - (20 ) Total $ 20,725 $ 2,241 $ 22,966 Identifiable assets acquired and liabilities assumed: Current Assets $ 5,871 $ 50 $ 5,921 Property, plant, and equipment 1,259 2,100 3,359 Identifiable intangible assets 7,612 - 7,612 Goodwill 10,930 91 11,021 Liabilities assumed (1,733 ) - (1,733 ) Deferred taxes (3,214 ) - (3,214 ) Total $ 20,725 $ 2,241 $ 22,966 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | June 30 2015 2014 Raw materials $ 46,865 $ 44,273 Work in process 29,165 24,551 Finished goods 32,275 28,241 Total $ 108,305 $ 97,065 |
Note 4 - Property, Plant and 33
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | June 30 2015 2014 Land, buildings and leasehold improvements $ 71,517 $ 78,596 Machinery, equipment and other 181,394 171,238 Total 252,911 249,834 Less accumulated depreciation 144,375 153,137 Property, plant and equipment - net $ 108,536 $ 96,697 |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Goodwill [Table Text Block] | 2015 2014 Balance at beginning of year $ 143,904 $ 129,844 Accumulated impairment losses 17,939 17,939 Balance at beginning of year, net 125,965 111,905 Acquisitions 34,881 12,132 Foreign currency translation (6,114 ) 1,928 Balance at end of year $ 154,732 $ 125,965 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets Excluding Goodwill [Table Text Block] | Customer Trademarks Relationships (Indefinite-lived) Other Total June 30, 2015 Cost $ 43,493 $ 15,514 $ 4,096 $ 63,103 Accumulated amortization (22,628 ) - (2,427 ) (25,055 ) Balance, June 30, 2015 $ 20,865 $ 15,514 $ 1,669 $ 38,048 June 30, 2014 Cost $ 36,145 $ 14,508 $ 4,061 $ 54,714 Accumulated amortization (21,137 ) - (2,087 ) (23,224 ) Balance, June 30, 2014 $ 15,008 $ 14,508 $ 1,974 $ 31,490 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2015 2014 Bank credit agreements $ 103,000 $ 45,000 Other 31 56 Total long-term debt $ 103,031 $ 45,056 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 12 2017 12 2018 7 2019 - 2020 103,000 Thereafter - |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 Payroll and employee benefits $ 26,329 $ 26,736 Workers' compensation 2,586 2,610 Warranty 8,066 7,401 Other 10,761 14,291 Total $ 47,742 $ 51,038 |
Note 9 - Derivative Financial38
Note 9 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Fair Value at June 30, Effective Date Notional Amount Fixed Interest Rate Maturity 2015 2014 June 1, 2010 $ 5,000 2.495 % May 26, 2015 $ - $ (108 ) June 1, 2010 5,000 2.495 % May 26, 2015 - (108 ) June 4, 2010 10,000 2.395 % May 26, 2015 - (206 ) June 9, 2010 5,000 2.34 % May 26, 2015 - (100 ) June 18, 2010 5,000 2.38 % May 26, 2015 - (103 ) September 21, 2011 5,000 1.60 % September 22, 2014 - (18 ) March 15, 2012 10,000 2.75 % March 15, 2016 (186 ) (418 ) December 19, 2014 20,000 1.18 % December 19, 2017 (140 ) - December 19, 2014 5,000 1.20 % December 19, 2017 (36 ) - December 19, 2015 10,000 2.01 % December 19, 2019 (150 ) - December 18, 2015 15,000 1.46 % December 19, 2018 (39 ) - $ (551 ) $ (1,061 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency 2015 2014 Euro 10,134,797 24,289,064 Canadian Dollar - 3,600,000 Pound Sterling 1,730,542 3,975,192 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives 201 5 201 4 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Other Assets $ 844 Other Assets $ 356 Liability Derivatives 2015 2014 Derivative designated as Balance Balance hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Accrued Liabilities $ 551 Accrued Liabilities $ 1,061 Foreign exchange contracts Accrued Liabilities 193 Accrued Liabilities 1,552 $ 744 $ 2,613 |
Derivative Instruments, Gain (Loss) [Table Text Block] | 2015 2014 2013 Interest rate swaps $ (533 ) $ (194 ) $ (195 ) Foreign exchange contracts (154 ) - - $ (687 ) $ (194 ) $ (195 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Affected line item Other Comprehensive in the Statements Income (Loss) Components 2015 2014 2013 of Operations Interest rate swaps $ 1,034 $ 1,031 $ 1,050 Interest expense Foreign exchange contracts - - - Cost of goods sold $ 1,034 $ 1,031 1,050 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 U.S. Operations $ 33,161 $ 26,965 $ 35,805 Non-U.S. Operations 42,956 40,838 23,493 Total $ 76,117 $ 67,803 $ 59,298 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Federal $ 9,195 $ 9,653 $ 9,099 State 556 415 1,382 Non-U.S. 11,372 11,329 7,179 Total Current 21,123 21,397 17,660 Deferred: Federal $ 556 $ (2,017 ) $ (454 ) State (495 ) (376 ) 18 Non-U.S. (310 ) (950 ) (1,980 ) Total Deferred (249 ) (3,343 ) (2,416 ) Total $ 20,874 $ 18,054 $ 15,244 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Provision at statutory tax rate 35.0 % 35.0 % 35.0 % State taxes 0.1 % 0.0 % 1.5 % Impact of foreign operations -5.0 % -5.6 % -6.5 % Federal tax credits -1.2 % -0.7 % -2.2 % Life insurance proceeds 0.0 % -1.7 % 0.0 % Other -1.5 % -0.4 % -2.1 % Effective income tax provision 27.4 % 26.6 % 25.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax liabilities: Depreciation and amortization $ (31,126 ) $ (20,934 ) Total deferred tax liability $ (31,126 ) $ (20,934 ) Deferred tax assets: Accrued compensation $ 3,911 $ 4,463 Accrued expenses and reserves 6,680 3,040 Pension 19,624 10,975 Inventory 2,066 1,549 Other 1,741 758 Net operating loss and credit carry forwards 3,983 3,685 Total deferred tax asset $ 38,005 $ 24,470 Less: Valuation allowance (656 ) (530 ) Net deferred tax asset (liability) $ 6,223 $ 3,006 |
Schedule of Provision for Income Taxes [Table Text Block] | 2015 2014 2013 Continuing operations $ 20,874 $ 18,054 $ 15,244 Discontinued operations (259 ) (3,692 ) 482 $ 20,615 $ 14,362 $ 15,726 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 Beginning Balance $ 1,033 $ 1,286 $ 1,298 Additions based on tax positions related to the current year 17 25 77 Additions for tax positions of prior years 4 - 19 Reductions for tax positions of prior years - (278 ) (108 ) Ending Balance $ 1,054 $ 1,033 $ 1,286 |
Summary of Income Tax Examinations [Table Text Block] | Country Years Ending June 30, United States 2012 to 2015 Canada 2012 to 2015 Germany 2012 to 2015 Ireland 2012 to 2015 Portugal 2012 to 2015 United Kingdom 2012 to 2015 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Lease Sublease Net obligation 2016 $ 6,996 $ 378 $ 6,618 2017 5,464 364 5,100 2018 3,715 87 3,628 2019 2,854 - 2,854 2020 2,201 - 2,201 Thereafter 8,247 - 8,247 |
Note 13 - Stock-Based Compens41
Note 13 - Stock-Based Compensation and Purchase Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Awards Number Aggregate of Intrinsic Shares Value Outstanding, June 30, 2014 144,095 $ 10,732,196 Granted 43,598 Exercised / vested (71,220 ) 2,831,554 Canceled (11,394 ) Outstanding, June 30, 2015 105,079 $ 8,398,964 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Risk-free interest rates 0.88 % 0.70 % 0.25 % Expected life of option grants (in years) 3 3 3 Expected volatility of underlying stock 32.0 % 38.9 % 47.4 % Expected quarterly dividends (per share) $ 0.10 $ 0.08 $ 0.07 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Annual Component Performance Stock Units Weighted Number Average Aggregate Number Aggregate of Exercise Intrinsic of Intrinsic Shares Price Value Shares Value Non-vested, June 30, 2014 52,432 $ 29.91 $ 1,360,566 40,366 $ 2,156,759 Granted 14,650 55.76 31,199 Vested (21,298 ) 23.00 1,089,126 (24,137 ) 1,459,558 Forfeited (2,235 ) 35.53 (18,978 ) Non-vested, June 30, 2015 43,549 $ 41.70 $ 794,828 28,450 $ 1,873,626 |
Note 14 - Accumulated Other C42
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2015 2014 Foreign currency translation adjustment $ (13,333 ) $ 9,800 Unrealized pension losses, net of tax (79,248 ) (64,968 ) Unrealized losses on derivative instruments, net of tax (436 ) (651 ) Total $ (93,017 ) $ (55,819 ) |
Note 15 - Discontinued Operat43
Note 15 - Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Earnings (Losses) from Discontinued Operations [Table Text Block] | Year Disposed 2015 2014 2013 Sales: American Foodservice Company 2014 $ - $ 20,556 $ 27,870 Air Distribution Products Group 2012 - - - - 20,556 27,870 Income (loss) before taxes: American Foodservice Company (1) 2014 (492 ) (8,339 ) 1,934 Air Distribution Products Group 2012 (137 ) (1,849 ) (451 ) Other loss from discontinued operations (130 ) (387 ) (207 ) Income (loss) before taxes from discontinued operations (759 ) (10,575 ) 1,276 (Provision) benefit for tax 259 3,692 (482 ) Net income (loss) from discontinued operations $ (500 ) $ (6,883 ) $ 794 |
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet [Table Text Block] | 2015 2014 Current assets $ 23 $ 199 Non-current assets 3,014 3,014 Current liabilities 1,383 2,340 Non-current liabilities 896 1,791 |
Note 16 - Restructuring (Tables
Note 16 - Restructuring (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total 2015 Restructuring Initiatives $ 847 $ 2,319 $ 3,166 Prior Year Initiatives 11 266 277 Total expense $ 858 $ 2,585 $ 3,443 2014 Restructuring Initiatives $ 1,528 $ 8,477 $ 10,005 Prior Year Initiatives 72 - 72 Total expense $ 1,600 $ 8,477 $ 10,077 2013 Restructuring Initiatives $ 1,299 $ 1,367 $ 2,666 Prior Year Initiatives - - - Total expense $ 1,299 $ 1,367 $ 2,666 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2014 $ - $ - $ - Additions 847 2,319 3,166 Payments (769 ) (2,013 ) (2,782 ) Restructuring Liabilities at June 30, 2015 $ 78 $ 306 $ 384 Involuntary Employee Severance and Benefit Costs Other Total Restructuring Liabilities at June 30, 2013 $ 10 $ - $ 10 Additions 1,528 3,051 4,579 Payments (983 ) (3,051 ) (4,034 ) Restructuring Liabilities at June 30, 2014 $ 555 $ - $ 555 Additions 11 266 277 Payments (566 ) (266 ) (832 ) Restructuring Liabilities at June 30, 2015 $ - $ - $ - |
Restructuring Expenses by Segment [Table Text Block] | Involuntary Employee Severance and Year Ended June 30, Benefit Costs Other Total Fiscal Year 2015 Food Service Equipment Group $ 215 $ 2,363 $ 2,578 Engineering Technologies Group 75 - 75 Engraving Group 220 - 220 Electronics Products Group 348 222 570 Total expense $ 858 $ 2,585 $ 3,443 Fiscal Year 201 4 Food Service Equipment Group $ 746 $ 8,408 $ 9,154 Engraving Group 667 21 688 Electronics Products Group 187 48 235 Total expense $ 1,600 $ 8,477 $ 10,077 Fiscal Year 201 3 Food Service Equipment Group $ 183 $ 25 $ 208 Engineering Technologies Group 44 - 44 Engraving Group 776 1,253 2,029 Electronics Products Group 296 89 385 Total expense $ 1,299 $ 1,367 $ 2,666 |
Note 17 - Employee Benefit Pl45
Note 17 - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Note 17 - Employee Benefit Plans (Tables) [Line Items] | |
Schedule of Fair Value of Plan Assets [Table Text Block] | June 30, 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,051 $ 451 $ 3,600 $ - Common and preferred stocks 101,725 17,716 84,009 - U.S. Government securities 14,469 - 14,469 - Corporate bonds and other fixed income securities 112,297 6,238 106,059 - Other 9,534 - 9,534 - $ 242,076 $ 24,405 $ 217,671 $ - June 30, 2014 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,078 $ 287 $ 2,791 $ - Common and preferred stocks 107,498 16,754 90,744 - U.S. Government securities 13,334 - 13,334 - Corporate bonds and other fixed income securities 118,131 7,297 110,834 - Other 11,488 - 11,488 - $ 253,529 $ 24,338 $ 229,191 $ - |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, Asset Category 2015 2014 2015 2014 Equity securities 33 % 32 % 24 % 26 % Debt securities 31 % 28 % 75 % 73 % Global balanced securities 26 % 28 % 0 % 0 % Other 10 % 12 % 1 % 1 % Total 100 % 100 % 100 % 100 % |
Schedule of Assumptions Used [Table Text Block] | Year Ended June 30 2015 2014 2013 Plan assumptions - obligation Discount rate 2.30 - 4.70% 2.90 - 4.50% 3.50 - 5.10% Rate of compensation increase 3.80% 3.80% 3.50 - 3.90% Plan assumptions - cost Discount rate 2.90 - 4.50% 3.50 - 5.10% 4.00 - 4.60% Expected return on assets 4.20 - 7.25% 4.60 - 7.25% 4.80 - 7.80% Rate of compensation increase 3.80% 3.90% 3.40 - 3.50% |
Schedule of Multiemployer Plans [Table Text Block] | Pension Protection Act Zone Status Contributions Pension Fund EIN/Plan Number 2015 2014 FIP/RP Status 2015 2014 2013 Surcharge Imposed? Expiration Date of Collective Bargaining Agreement New England Teamsters and Trucking Industry Pension Fund 04-6372430-001 Red Red Yes/ Implemented $ 437 $ 541 $ 427 No 4/15/2018 IAM National Pension Fund, National Pension Plan 51-6031295-002 Green Green No 633 659 623 No 10/4/2016 - 5/31/2018 $ 1,070 $ 1,200 $ 1,050 |
Pension Plan [Member] | |
Note 17 - Employee Benefit Plans (Tables) [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2015 2014 2013 2015 2014 2013 Service Cost $ 211 $ 233 $ 702 $ 44 $ 46 $ 40 Interest Cost 10,476 11,241 10,941 1,618 1,723 1,667 Expected return on plan assets (13,954 ) (13,513 ) (14,790 ) (1,474 ) (1,532 ) (1,339 ) Recognized net actuarial loss 3,945 3,941 7,577 750 819 901 Amortization of prior service cost (benefit) 54 57 98 (53 ) (60 ) (57 ) Amortization of transition Obligation (asset) - - 2 - - - Curtailment 244 - 52 - - - Net periodic benefit cost (benefit) $ 976 $ 1,959 $ 4,582 $ 885 $ 996 $ 1,212 |
Schedule of Net Funded Status [Table Text Block] | U.S. Plans Foreign Plans Year Ended June 30, Year Ended June 30, 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 240,426 $ 227,874 $ 44,278 $ 37,897 Service cost 211 233 44 46 Interest cost 10,476 11,241 1,618 1,723 Actuarial loss (gain) 16,570 16,317 3,996 2,161 Benefits paid (15,468 ) (15,239 ) (1,455 ) (1,662 ) Foreign currency exchange rate - - (4,800 ) 4,113 Projected benefit obligation at end of year $ 252,215 $ 240,426 $ 43,681 $ 44,278 Change in plan assets Fair value of plan assets at beginning of year $ 216,043 $ 200,174 $ 37,487 $ 30,889 Actual return on plan assets 3,900 30,956 3,410 3,034 Employer contribution 235 152 1,336 1,375 Benefits paid (15,468 ) (15,239 ) (1,455 ) (1,662 ) Foreign currency exchange rate - - (3,412 ) 3,851 Fair value of plan assets at end of year $ 204,710 $ 216,043 $ 37,366 $ 37,487 Funded Status $ (47,505 ) $ (24,383 ) $ (6,315 ) $ (6,791 ) Amounts recognized in the consolidated balance sheets consists of: Prepaid Benefit Cost $ - $ - $ 107 $ 1,167 Current liabilities (199 ) (199 ) (314 ) (327 ) Non-current liabilities (47,306 ) (24,184 ) (6,109 ) (7,631 ) Net amount recognized $ (47,505 ) $ (24,383 ) $ (6,316 ) $ (6,791 ) Unrecognized net actuarial loss 114,715 92,036 10,655 10,506 Unrecognized prior service cost 14 312 (130 ) (220 ) Accumulated other comprehensive income, pre-tax $ 114,729 $ 92,348 $ 10,525 $ 10,286 |
Other Postretirement Benefit Plan [Member] | |
Note 17 - Employee Benefit Plans (Tables) [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended June 30, 2015 2014 2013 Service Cost $ - $ - $ 13 Interest Cost 7 9 49 Recognized net actuarial gain (1 ) (7 ) (24 ) Curtailment - - 51 Plan Settlement - - (2,329 ) Amortization of transition obligation - - 112 Net periodic benefit cost $ 6 $ 2 $ (2,128 ) |
Target [Member] | |
Note 17 - Employee Benefit Plans (Tables) [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2015 Asset Category – Target U.S. U.K. Equity securities 32 % 25 % Debt and market neutral securities 33 % 75 % Global balanced securities 25 % 0 % Other 10 % 0 % Total 100 % 100 % |
Note 18 - Industry Segment In46
Note 18 - Industry Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Note 18 - Industry Segment Information (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Industry Segments (in thousands) Net Sales Depreciation and Amortization 2015 2014 2013 2015 2014 2013 Food Service Equipment $ 408,706 $ 377,848 $ 367,008 $ 5,176 $ 4,485 $ 4,930 Engraving 110,781 109,271 93,380 3,497 3,342 3,226 Engineering Technologies 97,018 79,642 74,838 4,278 3,063 3,288 Electronics Products 114,196 114,881 108,085 2,759 2,807 2,986 Hydraulics Products 41,441 34,538 30,079 665 625 566 Corporate and Other - - - 309 269 239 Total $ 772,142 $ 716,180 $ 673,390 $ 16,684 $ 14,591 $ 15,235 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Goodwill Identifiable Assets 2015 2014 2015 2014 Food Service Equipment $ 56,812 $ 56,731 $ 218,334 $ 214,674 Engraving 20,248 20,716 114,268 101,106 Engineering Technologies 46,000 12,188 141,351 75,591 Electronics Products 28,614 33,272 90,948 103,699 Hydraulics Products 3,058 3,058 22,705 16,410 Corporate & Other - - 72,735 66,680 Total $ 154,732 $ 125,965 $ 660,341 $ 578,160 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Net sales (1) 2015 2014 2013 United States $ 561,923 $ 505,853 $ 488,048 Asia Pasific 64,840 53,551 51,664 EMEA (2) 117,816 130,602 113,367 Other Americas 27,563 26,174 20,311 Total $ 772,142 $ 716,180 $ 673,390 Long-lived assets 2015 2014 2013 United States $ 76,274 $ 59,225 $ 58,890 Asia Pasific 7,047 5,627 4,166 EMEA (2) 18,604 23,266 22,065 Other Americas 6,611 8,579 7,421 Total $ 108,536 $ 96,697 $ 92,542 |
Income (Loss) from Operations and Capital Expenditures [Member] | |
Note 18 - Industry Segment Information (Tables) [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Income (Loss) From Operations Capital Expenditures 2015 2014 2013 2015 2014 2013 Food Service Equipment $ 37,456 $ 38,203 $ 37,533 $ 4,791 $ 3,740 $ 3,149 Engraving 24,250 22,145 15,596 5,856 4,648 5,106 Engineering Technologies 13,097 12,676 13,241 8,025 7,686 1,734 Electronics Products 20,884 19,732 16,147 2,298 1,631 3,243 Hydraulics Products 7,013 5,781 4,968 784 684 580 Restructuring charge (3,443 ) (10,077 ) (2,666 ) - - - Gain on sale of real estate - - - - - - Other operating income (expense), net 438 3,462 - - - - Corporate (21,051 ) (26,054 ) (22,924 ) 268 1,531 568 Total $ 78,644 $ 65,868 $ 61,895 $ 22,022 $ 19,920 $ 14,380 Interest expense (3,161 ) (2,249 ) (2,469 ) Other, net 634 4,184 (128 ) Income from continuing operations before income taxes $ 76,117 $ 67,803 $ 59,298 |
Note 20 - Quarterly Results o47
Note 20 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 First Second Third Fourth Net sales $ 202,027 $ 189,337 $ 180,999 $ 199,779 Gross profit 66,112 58,800 57,258 65,316 Net income (loss) 14,552 11,184 12,626 16,381 EARNINGS PER SHARE (1) Basic $ 1.18 $ 0.89 $ 1.01 $ 1.29 Diluted $ 1.16 $ 0.88 $ 1.00 $ 1.27 2014 First Second Third Fourth Net sales $ 178,140 $ 166,540 $ 174,160 $ 197,340 Gross profit 60,405 55,894 57,572 64,398 Net income (loss) 9,082 10,517 13,220 10,047 EARNINGS PER SHARE (1) Basic $ 0.97 $ 0.84 $ 1.05 $ 1.08 Diluted $ 0.96 $ 0.83 $ 1.04 $ 1.07 |
Note 1 - Summary of Accountin48
Note 1 - Summary of Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 1 - Summary of Accounting Policies (Details) [Line Items] | |||
Capitalized Computer Software, Amortization | $ 0.5 | $ 0.4 | $ 0.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 0 | 0 | 0 |
Other Noncurrent Assets [Member] | |||
Note 1 - Summary of Accounting Policies (Details) [Line Items] | |||
Trading Securities, Cost | $ 2.3 | $ 3.1 | |
Selling, General and Administrative Expenses [Member] | |||
Note 1 - Summary of Accounting Policies (Details) [Line Items] | |||
Advertising Expense | 5 | 4.6 | $ 4.6 |
Research and Development Expense | $ 4.1 | $ 4.8 | $ 4.4 |
Minimum [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 1 - Summary of Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 5.00% | ||
Minimum [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 1 - Summary of Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 5.00% |
Note 1 - Summary of Accountin49
Note 1 - Summary of Accounting Policies (Details) - Changes in Allowances for Uncollectible Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Changes in Allowances for Uncollectible Accounts [Abstract] | |||
Balance at beginning of year | $ 2,282 | $ 2,325 | $ 1,974 |
Acquisitions and other | 4 | 93 | 190 |
Provision charged to expense | 496 | 375 | 268 |
Write-offs, net of recoveries | (556) | (511) | (107) |
Balance at end of year | $ 2,226 | $ 2,282 | $ 2,325 |
Note 1 - Summary of Accountin50
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Leasehold Improvements [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of useful life or term, unless renewals are deemed to be reasonably assured |
Minimum [Member] | Building [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 40 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 8 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 3 years |
Minimum [Member] | Computer Equipment [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 3 years |
Maximum [Member] | Building [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 50 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 15 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 10 years |
Maximum [Member] | Computer Equipment [Member] | |
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful life | 7 years |
Note 1 - Summary of Accountin51
Note 1 - Summary of Accounting Policies (Details) - Useful Lives of Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 12 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 10 years |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 5 years |
Minimum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 5 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 16 years |
Maximum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 10 years |
Note 1 - Summary of Accountin52
Note 1 - Summary of Accounting Policies (Details) - Fair Values of Financial Instruments - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financial Assets | ||
Foreign Exchange contracts- assets | $ 844 | $ 356 |
Financial Liabilities | ||
Foreign Exchange contracts- liabilities | 193 | 1,552 |
Interest rate swaps | 551 | 1,061 |
Deferred Compensation Plan [Member] | ||
Financial Assets | ||
Marketable securities - deferred compensation plan | 2,324 | 3,114 |
Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Plan [Member] | ||
Financial Assets | ||
Marketable securities - deferred compensation plan | 2,324 | 3,114 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Foreign Exchange contracts- assets | 844 | 356 |
Financial Liabilities | ||
Foreign Exchange contracts- liabilities | 193 | 1,552 |
Interest rate swaps | $ 551 | $ 1,061 |
Note 1 - Summary of Accountin53
Note 1 - Summary of Accounting Policies (Details) - Changes in Warranty Reserve - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Changes in Warranty Reserve [Abstract] | |||
Balance at beginning of year | $ 6,941 | $ 6,782 | $ 5,767 |
Acquisitions | 3 | 274 | 795 |
Warranty expense | 11,086 | 3,937 | 4,282 |
Warranty claims | (10,594) | (4,052) | (4,062) |
Balance at end of year | $ 7,436 | $ 6,941 | $ 6,782 |
Note 1 - Summary of Accountin54
Note 1 - Summary of Accounting Policies (Details) - Weighted Average Number of Shares - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Weighted Average Number of Shares [Abstract] | |||
Basic – Average Shares Outstanding | 12,655 | 12,613 | 12,561 |
Effect of Dilutive Securities – Stock Options and Restricted Stock Awards | 150 | 165 | 219 |
Diluted – Average Shares Outstanding | 12,805 | 12,778 | 12,780 |
Note 2 - Acquisitions (Details)
Note 2 - Acquisitions (Details) - USD ($) $ in Thousands | Sep. 04, 2014 | Jun. 20, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 2 - Acquisitions (Details) [Line Items] | |||||
Goodwill | $ 154,732 | $ 125,965 | $ 111,905 | ||
MPE Aeroengines Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 55,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 10,600 | ||||
Goodwill | 34,800 | ||||
MPE Aeroengines Inc. [Member] | Trademarks [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1,500 | ||||
Ultrafryer Systems, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 23,000 | 22,986 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,600 | 7,612 | |||
Goodwill | 11,000 | $ 11,021 | |||
Ultrafryer Systems, Inc. [Member] | Trademarks [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 2,400 | ||||
Customer Relationships [Member] | MPE Aeroengines Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,100 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||
Customer Relationships [Member] | Ultrafryer Systems, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,900 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||
Other Intangible Assets [Member] | Ultrafryer Systems, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300 | ||||
Other Intangible Assets [Member] | Minimum [Member] | Ultrafryer Systems, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||
Other Intangible Assets [Member] | Maximum [Member] | Ultrafryer Systems, Inc. [Member] | |||||
Note 2 - Acquisitions (Details) [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Note 2 - Acquisitions (Detail56
Note 2 - Acquisitions (Details) - Components of Fair Value of Acquisitions and Allocation of Purchase Price - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair value of business combination: | |||
Total | $ 57,149 | $ 23,075 | $ 39,613 |
Identifiable assets acquired and liabilities assumed: | |||
Goodwill | 154,732 | $ 125,965 | $ 111,905 |
Enginetics [Member] | |||
Fair value of business combination: | |||
Cash payments | 55,021 | ||
Less: cash acquired | (113) | ||
Total | 54,908 | ||
Identifiable assets acquired and liabilities assumed: | |||
Current Assets | 12,134 | ||
Property, plant, and equipment | 8,808 | ||
Identifiable intangible assets | 10,600 | ||
Goodwill | 34,790 | ||
Other non-current assets | 158 | ||
Liabilities assumed | (5,449) | ||
Deferred taxes | (6,133) | ||
Total | 54,908 | ||
Enginetics [Member] | Preliminary Allocations [Member] | |||
Fair value of business combination: | |||
Cash payments | 55,021 | ||
Less: cash acquired | (113) | ||
Total | 54,908 | ||
Identifiable assets acquired and liabilities assumed: | |||
Current Assets | 12,350 | ||
Property, plant, and equipment | 8,881 | ||
Identifiable intangible assets | 10,600 | ||
Goodwill | 32,797 | ||
Other non-current assets | 158 | ||
Liabilities assumed | (2,826) | ||
Deferred taxes | (7,052) | ||
Total | 54,908 | ||
Enginetics [Member] | Adjustments [Member] | |||
Identifiable assets acquired and liabilities assumed: | |||
Current Assets | (216) | ||
Property, plant, and equipment | (73) | ||
Goodwill | 1,993 | ||
Liabilities assumed | (2,623) | ||
Deferred taxes | $ 919 |
Note 2 - Acquisitions (Detail57
Note 2 - Acquisitions (Details) - Components of Fair Value of Acquisitions and Allocation of Purchase Price - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 20, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair value of business combination: | ||||
Total | $ 57,149 | $ 23,075 | $ 39,613 | |
Identifiable assets acquired and liabilities assumed: | ||||
Goodwill | 154,732 | $ 125,965 | $ 111,905 | |
Ultrafryer Systems, Inc. [Member] | ||||
Fair value of business combination: | ||||
Cash payments | $ 23,000 | 22,986 | ||
Less: cash acquired | (20) | |||
Total | 22,966 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Current Assets | 5,921 | |||
Property, plant, and equipment | 3,359 | |||
Identifiable intangible assets | 7,600 | 7,612 | ||
Goodwill | $ 11,000 | 11,021 | ||
Liabilities assumed | (1,733) | |||
Deferred taxes | (3,214) | |||
Total | 22,966 | |||
Ultrafryer Systems, Inc. [Member] | Preliminary Allocations [Member] | ||||
Fair value of business combination: | ||||
Cash payments | 20,745 | |||
Less: cash acquired | (20) | |||
Total | 20,725 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Current Assets | 5,871 | |||
Property, plant, and equipment | 1,259 | |||
Identifiable intangible assets | 7,612 | |||
Goodwill | 10,930 | |||
Liabilities assumed | (1,733) | |||
Deferred taxes | (3,214) | |||
Total | 20,725 | |||
Ultrafryer Systems, Inc. [Member] | Adjustments [Member] | ||||
Fair value of business combination: | ||||
Cash payments | 2,241 | |||
Total | 2,241 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Current Assets | 50 | |||
Property, plant, and equipment | 2,100 | |||
Goodwill | 91 | |||
Total | $ 2,241 |
Note 3 - Inventories (Details)
Note 3 - Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Inventory Disclosure [Abstract] | |||
Selling Expense | $ 23.3 | $ 20.8 | $ 20.1 |
Note 3 - Inventories (Details)
Note 3 - Inventories (Details) - Summary of Inventories - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Summary of Inventories [Abstract] | ||
Raw materials | $ 46,865 | $ 44,273 |
Work in process | 29,165 | 24,551 |
Finished goods | 32,275 | 28,241 |
Total | $ 108,305 | $ 97,065 |
Note 4 - Property, Plant and 60
Note 4 - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 4 - Property, Plant and Equipment (Details) [Line Items] | |||
Depreciation | $ 13.4 | $ 12.2 | $ 12.7 |
Land and Building [Member] | |||
Note 4 - Property, Plant and Equipment (Details) [Line Items] | |||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 1.9 |
Note 4 - Property, Plant and 61
Note 4 - Property, Plant and Equipment (Details) - Summary of Property, Plant and Equipment - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 252,911 | $ 249,834 |
Less accumulated depreciation | 144,375 | 153,137 |
Property, plant and equipment - net | 108,536 | 96,697 |
Land Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 71,517 | 78,596 |
Machinery Equipment and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 181,394 | $ 171,238 |
Note 5 - Goodwill (Details)
Note 5 - Goodwill (Details) | 12 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Disclosure Text Block Supplement [Abstract] | ||
Number of Operating Segments | 11 | |
Number of Reportable Segments | 5 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 5 - Goodwill (Details) - C
Note 5 - Goodwill (Details) - Changes to Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Changes to Goodwill [Abstract] | ||
Balance at beginning of year | $ 143,904 | $ 129,844 |
Accumulated impairment losses | 17,939 | 17,939 |
Balance at beginning of year, net | 125,965 | 111,905 |
Acquisitions | 34,881 | 12,132 |
Foreign currency translation | (6,114) | 1,928 |
Balance at end of year | $ 154,732 | $ 125,965 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure Text Block [Abstract] | |||
Amortization of Intangible Assets | $ 2.8 | $ 2.6 | $ 2.6 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 8.2 |
Note 6 - Intangible Assets (D65
Note 6 - Intangible Assets (Details) - Summary of Intangible Assets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Note 6 - Intangible Assets (Details) - Summary of Intangible Assets [Line Items] | ||
Cost | $ 63,103 | $ 54,714 |
Accumulated amortization | (25,055) | (23,224) |
Balance | 38,048 | 31,490 |
Trademarks [Member] | ||
Note 6 - Intangible Assets (Details) - Summary of Intangible Assets [Line Items] | ||
Cost | 15,514 | 14,508 |
Balance | 15,514 | 14,508 |
Customer Relationships [Member] | ||
Note 6 - Intangible Assets (Details) - Summary of Intangible Assets [Line Items] | ||
Cost | 43,493 | 36,145 |
Accumulated amortization | (22,628) | (21,137) |
Balance | 20,865 | 15,008 |
Other Intangible Assets [Member] | ||
Note 6 - Intangible Assets (Details) - Summary of Intangible Assets [Line Items] | ||
Cost | 4,096 | 4,061 |
Accumulated amortization | (2,427) | (2,087) |
Balance | $ 1,669 | $ 1,974 |
Note 7 - Debt (Details)
Note 7 - Debt (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Note 7 - Debt (Details) [Line Items] | ||
Line of Credit Facility, Expiration Date 2 | January 2,017 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 248,300 | |
Extraordinary and Certain Other Defined Items Excluded from Adjusted EBIT | $ 7,500 | |
Interest Coverage Ratio Actual | 26.99 | |
Leverage Ratio Actual | 1.08 | |
Long-term Line of Credit | $ 103,000 | $ 45,000 |
Line of Credit Facility, Interest Rate at Period End | 1.46% | |
Interest Rate Swap [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Derivative, Notional Amount | $ 35,000 | |
Derivative, Average Fixed Interest Rate | 1.63% | |
Amended and Restated Credit Agreement [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |
Line Of Credit Accordion Feature | 100,000 | |
Swing Line Loan [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | |
Letter of Credit [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | |
Revolving Credit Facility [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | |
Standby Letters of Credit [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Long-term Line of Credit | $ 7,200 | $ 11,300 |
Minimum [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Interest Coverage Ratio Requirement | 3 | |
Maximum [Member] | ||
Note 7 - Debt (Details) [Line Items] | ||
Leverage Ratio Requirement | 3.5 |
Note 7 - Debt (Details) - Long-
Note 7 - Debt (Details) - Long-term Debt - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Long-term Debt, Unclassified [Abstract] | ||
Bank credit agreements | $ 103,000 | $ 45,000 |
Other | 31 | 56 |
Total long-term debt | $ 103,031 | $ 45,056 |
Note 7 - Debt (Details) - Matur
Note 7 - Debt (Details) - Maturities of Long-term Debt $ in Thousands | Jun. 30, 2015USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,016 | $ 12 |
2,017 | 12 |
2,018 | 7 |
2,019 | 0 |
2,020 | 103,000 |
Thereafter | $ 0 |
Note 8 - Accrued Liabilities (D
Note 8 - Accrued Liabilities (Details) - Accrued Expenses - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accrued Expenses [Abstract] | ||
Payroll and employee benefits | $ 26,329 | $ 26,736 |
Workers' compensation | 2,586 | 2,610 |
Warranty | 8,066 | 7,401 |
Other | 10,761 | 14,291 |
Total | $ 47,742 | $ 51,038 |
Note 9 - Derivative Financial70
Note 9 - Derivative Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest Rate Swap [Member] | |||
Note 9 - Derivative Financial Instruments (Details) [Line Items] | |||
Derivative, Notional Amount | $ 35,000,000 | ||
Derivative, Average Fixed Interest Rate | 1.63% | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 0 | $ 0 | $ 0 |
Foreign Exchange Contract [Member] | |||
Note 9 - Derivative Financial Instruments (Details) [Line Items] | |||
Outstanding forward contracts, unrealized gain (loss) | $ 700,000 | $ (1,200,000) |
Note 9 - Derivative Financial71
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Fair Value | $ (551) | $ (1,061) |
Effective Date 1 [Member] | Interest Rate Swap 1 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 2.495% | |
Maturity | May 26, 2015 | |
Fair Value | (108) | |
Effective Date 1 [Member] | Interest Rate Swap 2 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 2.495% | |
Maturity | May 26, 2015 | |
Fair Value | (108) | |
Effective Date 2 [Member] | Interest Rate Swap 3 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.395% | |
Maturity | May 26, 2015 | |
Fair Value | (206) | |
Effective Date 3 [Member] | Interest Rate Swap 4 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 2.34% | |
Maturity | May 26, 2015 | |
Fair Value | (100) | |
Effective Date 4 [Member] | Interest Rate Swap 5 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 2.38% | |
Maturity | May 26, 2015 | |
Fair Value | (103) | |
Effective Date 5 [Member] | Interest Rate Swap 6 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 1.60% | |
Maturity | Sep. 22, 2014 | |
Fair Value | (18) | |
Effective Date 6 [Member] | Interest Rate Swap 7 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.75% | |
Maturity | Mar. 15, 2016 | |
Fair Value | $ (186) | $ (418) |
Effective Date 7 [Member] | Interest Rate Swap 8 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 20,000 | |
Fixed Rate | 1.18% | |
Maturity | Dec. 19, 2017 | |
Fair Value | $ (140) | |
Effective Date 7 [Member] | Interest Rate Swap 9 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Rate | 1.20% | |
Maturity | Dec. 19, 2017 | |
Fair Value | $ (36) | |
Effective Date 8 [Member] | Interest Rate Swap 10 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value | $ (150) | |
Effective Date 9 [Member] | Interest Rate Swap 11 [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) [Line Items] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value | $ (39) |
Note 9 - Derivative Financial72
Note 9 - Derivative Financial Instruments (Details) - Foreign Currency Exchange Contracts - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Euro Member Countries, Euro | ||
Note 9 - Derivative Financial Instruments (Details) - Foreign Currency Exchange Contracts [Line Items] | ||
Derivative, Notional Amount | $ 10,134,797 | $ 24,289,064 |
Canada, Dollars | ||
Note 9 - Derivative Financial Instruments (Details) - Foreign Currency Exchange Contracts [Line Items] | ||
Derivative, Notional Amount | 3,600,000 | |
United Kingdom, Pounds | ||
Note 9 - Derivative Financial Instruments (Details) - Foreign Currency Exchange Contracts [Line Items] | ||
Derivative, Notional Amount | $ 1,730,542 | $ 3,975,192 |
Note 9 - Derivative Financial73
Note 9 - Derivative Financial Instruments (Details) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Other Liabilities [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income [Line Items] | ||
Liability | $ 744 | $ 2,613 |
Foreign Exchange Contract [Member] | Other Assets [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income [Line Items] | ||
Fair value of derivative assets | 844 | 356 |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income [Line Items] | ||
Liability | 193 | 1,552 |
Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Note 9 - Derivative Financial Instruments (Details) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income [Line Items] | ||
Liability | $ 551 | $ 1,061 |
Note 9 - Derivative Financial74
Note 9 - Derivative Financial Instruments (Details) - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) | $ (687) | $ (194) | $ (195) |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) | (533) | $ (194) | $ (195) |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) | $ (154) |
Note 9 - Derivative Financial75
Note 9 - Derivative Financial Instruments (Details) - Details about Accumulated Other Comprehensive Income (Loss) Components - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive income (loss) component | $ 1,034 | $ 1,031 | $ 1,050 |
Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive income (loss) component | (1,034) | (1,031) | (1,050) |
Interest Expense [Member] | Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive income (loss) component | $ 1,034 | $ 1,031 | $ 1,050 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 10 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 500 | $ 500 | $ 400 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 4,000 | 3,800 | 2,800 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 500 | 300 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance, Amount | (1,100) | ||
Income Tax Reconciliation, Reversal of Contingency Reserves Resulting from Lapse of Applicable Statute of Limitations | 1,000 | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 120 | 100 | $ (300) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 2,100 | $ 1,700 | |
Undistributed Earnings of Foreign Subsidiaries | 160,200 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 600 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100 | ||
State and Local Jurisdiction [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 43,300 | ||
Tax Credit Carryforward, Amount | 2,200 | ||
Foreign Tax Authority [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 2,700 | ||
Indefinite-lived [Member] | Foreign Tax Authority [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 1,700 | ||
Ten Years [Member] | Foreign Tax Authority [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 1,000 |
Note 10 - Income Taxes (Detai77
Note 10 - Income Taxes (Details) - Income (Loss) From Continuing Operations Before Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income (Loss) From Continuing Operations Before Income Taxes [Abstract] | |||
U.S. Operations | $ 33,161 | $ 26,965 | $ 35,805 |
Non-U.S. Operations | 42,956 | 40,838 | 23,493 |
Total | $ 76,117 | $ 67,803 | $ 59,298 |
Note 10 - Income Taxes (Detai78
Note 10 - Income Taxes (Details) - Components of Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Current: | |||
Federal | $ 9,195 | $ 9,653 | $ 9,099 |
State | 556 | 415 | 1,382 |
Non-U.S. | 11,372 | 11,329 | 7,179 |
Total Current | 21,123 | 21,397 | 17,660 |
Deferred: | |||
Federal | 556 | (2,017) | (454) |
State | (495) | (376) | 18 |
Non-U.S. | (310) | (950) | (1,980) |
Total Deferred | (249) | (3,343) | (2,416) |
Total | $ 20,874 | $ 18,054 | $ 15,244 |
Note 10 - Income Taxes (Detai79
Note 10 - Income Taxes (Details) - Reconciliation of Effective Tax Rate | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reconciliation of Effective Tax Rate [Abstract] | |||
Provision at statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes | 0.10% | 0.00% | 1.50% |
Impact of foreign operations | (5.00%) | (5.60%) | (6.50%) |
Federal tax credits | (1.20%) | (0.70%) | (2.20%) |
Life insurance proceeds | 0.00% | (1.70%) | 0.00% |
Other | (1.50%) | (0.40%) | (2.10%) |
Effective income tax provision | 27.40% | 26.60% | 25.70% |
Note 10 - Income Taxes (Detai80
Note 10 - Income Taxes (Details) - Deferred Income Taxes - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ (31,126) | $ (20,934) |
Total deferred tax liability | (31,126) | (20,934) |
Deferred tax assets: | ||
Accrued compensation | 3,911 | 4,463 |
Accrued expenses and reserves | 6,680 | 3,040 |
Pension | 19,624 | 10,975 |
Inventory | 2,066 | 1,549 |
Other | 1,741 | 758 |
Net operating loss and credit carry forwards | 3,983 | 3,685 |
Total deferred tax asset | 38,005 | 24,470 |
Less: Valuation allowance | (656) | (530) |
Net deferred tax asset (liability) | $ 6,223 | $ 3,006 |
Note 10 - Income Taxes (Detai81
Note 10 - Income Taxes (Details) - Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Provision for Income Taxes [Abstract] | |||
Continuing operations | $ 20,874 | $ 18,054 | $ 15,244 |
Discontinued operations | (259) | (3,692) | 482 |
$ 20,615 | $ 14,362 | $ 15,726 |
Note 10 - Income Taxes (Detai82
Note 10 - Income Taxes (Details) - Unrecognized Tax Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Unrecognized Tax Benefits [Abstract] | |||
Beginning Balance | $ 1,033 | $ 1,286 | $ 1,298 |
Additions based on tax positions related to the current year | 17 | 25 | 77 |
Additions for tax positions of prior years | 4 | 19 | |
Reductions for tax positions of prior years | (278) | (108) | |
Ending Balance | $ 1,054 | $ 1,033 | $ 1,286 |
Note 10 - Income Taxes (Detai83
Note 10 - Income Taxes (Details) - Open Income Tax Years | 12 Months Ended |
Jun. 30, 2015 | |
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Canada Revenue Agency [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Canada Revenue Agency [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Federal Ministry of Finance, Germany [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Federal Ministry of Finance, Germany [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Revenue Commissioners, Ireland [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Revenue Commissioners, Ireland [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Portuguese Tax Authority [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Portuguese Tax Authority [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Her Majesty's Revenue and Customs (HMRC) [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,015 |
Note 11 - Commitments (Details)
Note 11 - Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 11 - Commitments (Details) [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 6.1 | $ 5.5 | $ 4.9 |
Minimum [Member] | |||
Note 11 - Commitments (Details) [Line Items] | |||
Lease, Initial Term | 1 year | ||
Maximum [Member] | |||
Note 11 - Commitments (Details) [Line Items] | |||
Lease, Initial Term | 20 years |
Note 11 - Commitments (Detail85
Note 11 - Commitments (Details) - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases $ in Thousands | Jun. 30, 2015USD ($) |
Future Minimum Rental Payments [Member] | |
Note 11 - Commitments (Details) - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases [Line Items] | |
2,016 | $ 6,996 |
2,017 | 5,464 |
2,018 | 3,715 |
2,019 | 2,854 |
2,020 | 2,201 |
Thereafter | 8,247 |
Sublease Income [Member] | |
Note 11 - Commitments (Details) - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases [Line Items] | |
2,016 | 378 |
2,017 | 364 |
2,018 | 87 |
Net Obligation [Member] | |
Note 11 - Commitments (Details) - Gross Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases [Line Items] | |
2,016 | 6,618 |
2,017 | 5,100 |
2,018 | 3,628 |
2,019 | 2,854 |
2,020 | 2,201 |
Thereafter | $ 8,247 |
Note 13 - Stock-Based Compens86
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Share-Based Compensation Continuing Operations | $ 3,764,000 | $ 6,630,000 | $ 3,343,000 |
Deferred Tax Expense from Stock Options Exercised | $ 1,300,000 | 2,300,000 | 1,200,000 |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 390,394 | ||
Executive Compensation Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Share-Based Compensation Continuing Operations | $ 300,000 | 700,000 | 600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Aggregate Intrinsic Value | 1,500,000 | $ 2,200,000 | $ 3,100,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | ||
Percent of Participants' Annual Incentive Compensation Participants May Elect to Defer, Maximum | 50.00% | ||
Expiration of Restrictions on Units | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 43,549 | 52,431 | |
Employee Stock Purchase Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Percent of Fair Market Value at which Employees May Purchase Shares of Stock | 95.00% | ||
Stock Reserved for Employee Stock Purchase Plan (in Shares) | 94,488 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 3,382 | 4,473 | 5,813 |
Stock Issued During Period, Average Price (in Dollars per share) | $ 74.42 | $ 58.54 | $ 48.16 |
Restricted Stock [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Share-Based Compensation Continuing Operations | $ 2,300,000 | $ 3,300,000 | $ 1,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 43,598 | 62,698 | 44,388 |
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) | $ 76.47 | $ 58.84 | $ 44.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Aggregate Intrinsic Value | $ 2,831,554 | $ 3,100,000 | $ 3,500,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,700,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 171 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 105,079 | 144,095 | |
Restricted Stock [Member] | Executive Compensation Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
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) | $ 80.98 | $ 69.47 | $ 55.61 |
Performance Stock Units [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 31,199 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 28,450 | 40,366 | |
Performance Stock Units [Member] | Executive Compensation Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Share-Based Compensation Continuing Operations | $ 1,300,000 | $ 2,700,000 | $ 1,300,000 |
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) | $ 74.82 | $ 54.48 | $ 44.20 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 208 days | ||
Minimum [Member] | Executive Compensation Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Shares of Common Stock Issued, Determined by Adjustment of Target Range, Percent | 50.00% | ||
Maximum [Member] | Executive Compensation Plan [Member] | |||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) [Line Items] | |||
Shares of Common Stock Issued, Determined by Adjustment of Target Range, Percent | 200.00% |
Note 13 - Stock-Based Compens87
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Summary of Restricted Stock Awards Activity - Restricted Stock [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Summary of Restricted Stock Awards Activity [Line Items] | |||
Outstanding, June 30 | 105,079 | 144,095 | |
Outstanding, June 30 (in Dollars) | $ 8,398,964 | $ 10,732,196 | |
Granted | 43,598 | 62,698 | 44,388 |
Exercised / vested | (71,220) | ||
Exercised / vested (in Dollars) | $ 2,831,554 | $ 3,100,000 | $ 3,500,000 |
Canceled | (11,394) |
Note 13 - Stock-Based Compens88
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Assumptions Used to Estimate Fair Values - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Assumptions Used to Estimate Fair Values [Abstract] | |||
Risk-free interest rates | 0.88% | 0.70% | 0.25% |
Expected life of option grants (in years) | 3 years | 3 years | 3 years |
Expected volatility of underlying stock | 32.00% | 38.90% | 47.40% |
Expected quarterly dividends (per share) (in Dollars per share) | $ 0.10 | $ 0.08 | $ 0.07 |
Note 13 - Stock-Based Compens89
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Summary of Awards Activity Under the Executive Compensation Program - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Annual Component [Member] | ||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Summary of Awards Activity Under the Executive Compensation Program [Line Items] | ||
Non-vested, June 30 | 43,549 | 52,432 |
Non-vested, June 30 (in Dollars per share) | $ 41.70 | $ 29.91 |
Non-vested, June 30 (in Dollars) | $ 794,828 | $ 1,360,566 |
Granted | 14,650 | |
Granted (in Dollars per share) | $ 55.76 | |
Vested | (21,298) | |
Vested (in Dollars per share) | $ 23 | |
Vested (in Dollars) | $ 1,089,126 | |
Forfeited | (2,235) | |
Forfeited (in Dollars per share) | $ 35.53 | |
Performance Stock Units [Member] | ||
Note 13 - Stock-Based Compensation and Purchase Plans (Details) - Summary of Awards Activity Under the Executive Compensation Program [Line Items] | ||
Non-vested, June 30 | 28,450 | 40,366 |
Non-vested, June 30 (in Dollars) | $ 1,873,626 | $ 2,156,759 |
Granted | 31,199 | |
Vested | (24,137) | |
Vested (in Dollars) | $ 1,459,558 | |
Forfeited | (18,978) |
Note 14 - Accumulated Other C90
Note 14 - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Components of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Foreign currency translation adjustment | $ (13,333) | $ 9,800 |
Unrealized pension losses, net of tax | (79,248) | (64,968) |
Unrealized losses on derivative instruments, net of tax | (436) | (651) |
Total | $ (93,017) | $ (55,819) |
Note 15 - Discontinued Operat91
Note 15 - Discontinued Operations (Details) - USD ($) $ in Thousands | Feb. 04, 2015 | Mar. 30, 2012 | Jul. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2015 |
Note 15 - Discontinued Operations (Details) [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | $ 3,100 | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (3,200) | |||||||
Discontinued Operation, Disposal Price | $ 16,100 | |||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 13,100 | |||||||
Notes Receivable, Related Parties, Current | $ 3,000 | |||||||
Sublease Agrement, Term of Contract | 1 year | |||||||
Liabilities, Current | $ 141,170 | $ 138,791 | $ 141,170 | |||||
Pre-Tax Charges | 1,600 | |||||||
Operating Income (Loss) | 78,644 | 65,868 | $ 61,895 | |||||
Discontinued Operations [Member] | ||||||||
Note 15 - Discontinued Operations (Details) [Line Items] | ||||||||
Capital Lease Obligations, Current | 1,300 | |||||||
Liabilities, Current | $ 900 | |||||||
American Foodservice Corporation [Member] | ||||||||
Note 15 - Discontinued Operations (Details) [Line Items] | ||||||||
Operating Income (Loss) | (3,500) | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ (4,800) | |||||||
Subsequent Event [Member] | ||||||||
Note 15 - Discontinued Operations (Details) [Line Items] | ||||||||
Payments to Final Multi-employer Plan | $ 500 |
Note 15 - Discontinued Operat92
Note 15 - Discontinued Operations (Details) - Earnings (Losses) from Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Sales: | ||||
Sales | $ 20,556 | $ 27,870 | ||
Income (loss) before taxes: | ||||
Income (loss) before taxes | $ (759) | (10,575) | 1,276 | |
(Provision) benefit for tax | 259 | 3,692 | (482) | |
Net income (loss) from discontinued operations | (500) | (6,883) | 794 | |
American Foodservice Corporation [Member] | ||||
Sales: | ||||
Sales | 20,556 | 27,870 | ||
Income (loss) before taxes: | ||||
Income (loss) before taxes | [1] | (492) | (8,339) | 1,934 |
Standex Air Distribution Products, Inc. [Member] | ||||
Income (loss) before taxes: | ||||
Income (loss) before taxes | (137) | (1,849) | (451) | |
Other Disposal Units [Member] | ||||
Income (loss) before taxes: | ||||
Income (loss) before taxes | $ (130) | $ (387) | $ (207) | |
[1] | American Foodservice Company incurred a pretax operational loss of $3.5 million and pretax loss on sale of $4.8 million in 2014. |
Note 15 - Discontinued Operat93
Note 15 - Discontinued Operations (Details) - Assets and Liabilities Related to Discontinued Operations - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Assets and Liabilities Related to Discontinued Operations [Abstract] | ||
Current assets | $ 23 | $ 199 |
Non-current assets | 3,014 | 3,014 |
Current liabilities | 1,383 | 2,340 |
Non-current liabilities | $ 896 | $ 1,791 |
Note 16 - Restructuring (Detail
Note 16 - Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 16 - Restructuring (Details) [Line Items] | |||
Restructuring Charges | $ 3,443 | $ 10,077 | $ 2,666 |
Current Year Restructuring Initiatives [Member] | |||
Note 16 - Restructuring (Details) [Line Items] | |||
Restructuring Charges | 3,166 | 10,005 | 2,666 |
Prior Year Initiatives [Member] | |||
Note 16 - Restructuring (Details) [Line Items] | |||
Restructuring Charges | 277 | 72 | |
Food Service Equipment Group [Member] | |||
Note 16 - Restructuring (Details) [Line Items] | |||
Restructuring Charges | 2,578 | 9,154 | $ 208 |
Food Service Equipment Group [Member] | Prior Year Initiatives [Member] | |||
Note 16 - Restructuring (Details) [Line Items] | |||
Asset Impairment Charges | $ 5,400 | ||
Restructuring Charges | 300 | ||
Restructuring and Related Cost, Expected Cost | 10,400 | ||
Severance and Noncash Lease Impairment Costs [Member] | Food Service Equipment Group [Member] | Current Year Restructuring Initiatives [Member] | |||
Note 16 - Restructuring (Details) [Line Items] | |||
Restructuring Costs and Asset Impairment Charges | $ 800 |
Note 16 - Restructuring (Deta95
Note 16 - Restructuring (Details) - Summary of Severance, Restructuring, and Related Charges by Initiative - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,443 | $ 10,077 | $ 2,666 |
Current Year Restructuring Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,166 | 10,005 | 2,666 |
Prior Year Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 277 | 72 | |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 858 | 1,600 | 1,299 |
Involuntary Employee Severance And Benefit Costs [Member] | Current Year Restructuring Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 847 | 1,528 | 1,299 |
Involuntary Employee Severance And Benefit Costs [Member] | Prior Year Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 11 | 72 | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,585 | 8,477 | 1,367 |
Other Restructuring [Member] | Current Year Restructuring Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,319 | $ 8,477 | $ 1,367 |
Other Restructuring [Member] | Prior Year Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 266 |
Note 16 - Restructuring (Deta96
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Current Year Restructuring Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Restructuring liabilities, period start | $ 0 | |
Additions | 3,166 | |
Payments | (2,782) | |
Restructuring liabilities, period end | 384 | $ 0 |
Prior Year Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Restructuring liabilities, period start | 555 | 10 |
Additions | 277 | 4,579 |
Payments | (832) | (4,034) |
Restructuring liabilities, period end | 555 | |
Involuntary Employee Severance And Benefit Costs [Member] | Current Year Restructuring Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Restructuring liabilities, period start | 0 | |
Additions | 847 | |
Payments | (769) | |
Restructuring liabilities, period end | 78 | 0 |
Involuntary Employee Severance And Benefit Costs [Member] | Prior Year Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Restructuring liabilities, period start | 555 | 10 |
Additions | 11 | 1,528 |
Payments | (566) | (983) |
Restructuring liabilities, period end | 555 | |
Other Restructuring [Member] | Current Year Restructuring Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Restructuring liabilities, period start | 0 | |
Additions | 2,319 | |
Payments | (2,013) | |
Restructuring liabilities, period end | 306 | 0 |
Other Restructuring [Member] | Prior Year Initiatives [Member] | ||
Note 16 - Restructuring (Details) - Summary of Activity in Reserves Related to Restructuring Initiatives [Line Items] | ||
Additions | 266 | 3,051 |
Payments | $ (266) | $ (3,051) |
Note 16 - Restructuring (Deta97
Note 16 - Restructuring (Details) - Summary of Restructuring Expenses by Segment - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fiscal Year 2015 | |||
Restructuring charges | $ 3,443 | $ 10,077 | $ 2,666 |
Food Service Equipment Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 2,578 | 9,154 | 208 |
Engineering Technologies Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 75 | 44 | |
Engraving Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 220 | 688 | 2,029 |
Electronics Products Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 570 | 235 | 385 |
Involuntary Employee Severance And Benefit Costs [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 858 | 1,600 | 1,299 |
Involuntary Employee Severance And Benefit Costs [Member] | Food Service Equipment Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 215 | 746 | 183 |
Involuntary Employee Severance And Benefit Costs [Member] | Engineering Technologies Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 75 | 44 | |
Involuntary Employee Severance And Benefit Costs [Member] | Engraving Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 220 | 667 | 776 |
Involuntary Employee Severance And Benefit Costs [Member] | Electronics Products Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 348 | 187 | 296 |
Other Restructuring [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 2,585 | 8,477 | 1,367 |
Other Restructuring [Member] | Food Service Equipment Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 2,363 | 8,408 | 25 |
Other Restructuring [Member] | Engraving Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | 21 | 1,253 | |
Other Restructuring [Member] | Electronics Products Group [Member] | |||
Fiscal Year 2015 | |||
Restructuring charges | $ 222 | $ 48 | $ 89 |
Note 17 - Employee Benefit Pl98
Note 17 - Employee Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Increase (Decrease) in Non-cash Pension Plan Expense | $ (2.6) | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 295 | 283.7 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 4.9 | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 0.1 | |||
United States Pension Plan of US Entity [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.70% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 16.9 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 17.1 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 17.1 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17.3 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 17.5 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 89.4 | |||
Pension Plan [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 1.5 | |||
Retirement Savings Plans [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plans, Number of Plans | 2 | |||
Defined Contribution Plan, Cost Recognized | $ 3.8 | $ 4 | $ 4.1 | |
Postretirement Health Coverage [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.70% | 4.50% | ||
Other Postretirement Defined Benefit Plan, Liabilities | $ 0.2 | $ 0.2 | ||
Pension Contributions | $ 0.1 | $ 0.1 | ||
Postretirement Life Insurance [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 2.3 | |||
Salaried Employees [Member] | Retirement Savings Plans [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plans, Number of Plans | 1 | |||
Defined Contribution Plan, Company Stock Held in Plan (in Shares) | 96,000 | |||
Defined Contribution Plan, Company Stock, Percentage of Plan Assets | 9.00% | |||
Hourly Employees [Member] | Retirement Savings Plans [Member] | ||||
Note 17 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plans, Number of Plans | 1 |
Note 17 - Employee Benefit Pl99
Note 17 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
United States Pension Plan of US Entity [Member] | |||
Note 17 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost [Line Items] | |||
Service Cost | $ 211 | $ 233 | $ 702 |
Interest Cost | 10,476 | 11,241 | 10,941 |
Expected return on plan assets | (13,954) | (13,513) | (14,790) |
Recognized net actuarial loss | 3,945 | 3,941 | 7,577 |
Amortization of prior service cost (benefit) | 54 | 57 | 98 |
Amortization of transition Obligation (asset) | 2 | ||
Curtailment | 244 | 52 | |
Net periodic benefit cost (benefit) | 976 | 1,959 | 4,582 |
Foreign Pension Plan [Member] | |||
Note 17 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost [Line Items] | |||
Service Cost | 44 | 46 | 40 |
Interest Cost | 1,618 | 1,723 | 1,667 |
Expected return on plan assets | (1,474) | (1,532) | (1,339) |
Recognized net actuarial loss | 750 | 819 | 901 |
Amortization of prior service cost (benefit) | (53) | (60) | (57) |
Net periodic benefit cost (benefit) | $ 885 | $ 996 | $ 1,212 |
Note 17 - Employee Benefit P100
Note 17 - Employee Benefit Plans (Details) - Funded Status for US and Foreign Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Change in plan assets | |||
Fair value of plan assets | $ 253,529 | ||
Fair value of plan assets | 242,076 | $ 253,529 | |
United States Pension Plan of US Entity [Member] | |||
Change in benefit obligation | |||
Benefit obligation | 240,426 | 227,874 | |
Service cost | 211 | 233 | $ 702 |
Interest cost | 10,476 | 11,241 | 10,941 |
Actuarial loss (gain) | 16,570 | 16,317 | |
Benefits paid | (15,468) | (15,239) | |
Benefit obligation | 252,215 | 240,426 | 227,874 |
Change in plan assets | |||
Fair value of plan assets | 216,043 | 200,174 | |
Funded Status | (47,505) | (24,383) | |
Actual return on plan assets | 3,900 | 30,956 | |
Employer contribution | 235 | 152 | |
Fair value of plan assets | 204,710 | 216,043 | 200,174 |
Amounts recognized in the consolidated balance sheets consists of: | |||
Current liabilities | (199) | (199) | |
Non-current liabilities | (47,306) | (24,184) | |
Net amount recognized | (47,505) | (24,383) | |
Unrecognized net actuarial loss | 114,715 | 92,036 | |
Unrecognized prior service cost | 14 | 312 | |
Accumulated other comprehensive income, pre-tax | 114,729 | 92,348 | |
Foreign Pension Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation | 44,278 | 37,897 | |
Service cost | 44 | 46 | 40 |
Interest cost | 1,618 | 1,723 | 1,667 |
Actuarial loss (gain) | 3,996 | 2,161 | |
Benefits paid | (1,455) | (1,662) | |
Foreign currency exchange rate | (4,800) | 4,113 | |
Benefit obligation | 43,681 | 44,278 | 37,897 |
Change in plan assets | |||
Fair value of plan assets | 37,487 | 30,889 | |
Funded Status | (6,315) | (6,791) | |
Actual return on plan assets | 3,410 | 3,034 | |
Employer contribution | 1,336 | 1,375 | |
Foreign currency exchange rate | (3,412) | 3,851 | |
Fair value of plan assets | 37,366 | 37,487 | $ 30,889 |
Amounts recognized in the consolidated balance sheets consists of: | |||
Prepaid Benefit Cost | 107 | 1,167 | |
Current liabilities | (314) | (327) | |
Non-current liabilities | (6,109) | (7,631) | |
Net amount recognized | (6,316) | (6,791) | |
Unrecognized net actuarial loss | 10,655 | 10,506 | |
Unrecognized prior service cost | (130) | (220) | |
Accumulated other comprehensive income, pre-tax | $ 10,525 | $ 10,286 |
Note 17 - Employee Benefit P101
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | $ 242,076 | $ 253,529 |
Cash and Cash Equivalents [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 4,051 | 3,078 |
Equity Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 101,725 | 107,498 |
US Government Agencies Debt Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 14,469 | 13,334 |
Corporate Bonds and Other Fixed Income Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 112,297 | 118,131 |
Other Debt Obligations [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 9,534 | 11,488 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 24,405 | 24,338 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 451 | 287 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 17,716 | 16,754 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds and Other Fixed Income Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 6,238 | 7,297 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 217,671 | 229,191 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 3,600 | 2,791 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 84,009 | 90,744 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 14,469 | 13,334 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds and Other Fixed Income Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | 106,059 | 110,834 |
Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Fair Values of Pension Plans [Line Items] | ||
Fair value of pension plan assets | $ 9,534 | $ 11,488 |
Note 17 - Employee Benefit P102
Note 17 - Employee Benefit Plans (Details) - Asset Allocation | Jun. 30, 2015 | Jun. 30, 2014 |
United States Pension Plan of US Entity [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 100.00% | 100.00% |
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 33.00% | 32.00% |
United States Pension Plan of US Entity [Member] | Debt Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 31.00% | 28.00% |
United States Pension Plan of US Entity [Member] | Hedge Funds, Global Opportunity [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 26.00% | 28.00% |
United States Pension Plan of US Entity [Member] | Other Debt Obligations [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 10.00% | 12.00% |
Foreign Pension Plan [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 100.00% | 100.00% |
Foreign Pension Plan [Member] | Equity Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 24.00% | 26.00% |
Foreign Pension Plan [Member] | Debt Securities [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 75.00% | 73.00% |
Foreign Pension Plan [Member] | Hedge Funds, Global Opportunity [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 0.00% | 0.00% |
Foreign Pension Plan [Member] | Other Debt Obligations [Member] | ||
Note 17 - Employee Benefit Plans (Details) - Asset Allocation [Line Items] | ||
Asset allocations | 1.00% | 1.00% |
Note 17 - Employee Benefit P103
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations | 12 Months Ended |
Jun. 30, 2015 | |
United States Pension Plan of US Entity [Member] | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 100.00% |
Foreign Pension Plan [Member] | UNITED KINGDOM | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 100.00% |
Equity Securities [Member] | United States Pension Plan of US Entity [Member] | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 32.00% |
Equity Securities [Member] | Foreign Pension Plan [Member] | UNITED KINGDOM | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 25.00% |
Debt Securities [Member] | United States Pension Plan of US Entity [Member] | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 33.00% |
Debt Securities [Member] | Foreign Pension Plan [Member] | UNITED KINGDOM | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 75.00% |
Hedge Funds, Global Opportunity [Member] | United States Pension Plan of US Entity [Member] | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 25.00% |
Hedge Funds, Global Opportunity [Member] | Foreign Pension Plan [Member] | UNITED KINGDOM | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 0.00% |
Other Debt Obligations [Member] | United States Pension Plan of US Entity [Member] | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 10.00% |
Other Debt Obligations [Member] | Foreign Pension Plan [Member] | UNITED KINGDOM | |
Note 17 - Employee Benefit Plans (Details) - Target Asset Allocations [Line Items] | |
Target asset allocations | 0.00% |
Note 17 - Employee Benefit P104
Note 17 - Employee Benefit Plans (Details) - Plan Asset Assumptions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Obligation [Member] | |||
Plan assumptions - obligation | |||
Rate of compensation increase | 3.80% | 3.80% | |
Cost [Member] | |||
Plan assumptions - obligation | |||
Rate of compensation increase | 3.80% | 3.90% | |
Minimum [Member] | Obligation [Member] | |||
Plan assumptions - obligation | |||
Discount rate | 2.30% | 2.90% | 3.50% |
Rate of compensation increase | 3.50% | ||
Minimum [Member] | Cost [Member] | |||
Plan assumptions - obligation | |||
Discount rate | 2.90% | 3.50% | 4.00% |
Expected return on assets | 4.20% | 4.60% | 4.80% |
Rate of compensation increase | 3.40% | ||
Maximum [Member] | Obligation [Member] | |||
Plan assumptions - obligation | |||
Discount rate | 4.70% | 4.50% | 5.10% |
Rate of compensation increase | 3.90% | ||
Maximum [Member] | Cost [Member] | |||
Plan assumptions - obligation | |||
Discount rate | 4.50% | 5.10% | 4.60% |
Expected return on assets | 7.25% | 7.25% | 7.80% |
Rate of compensation increase | 3.50% |
Note 17 - Employee Benefit P105
Note 17 - Employee Benefit Plans (Details) - Company's Participation in Multiemployer Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 1,070 | $ 1,200 | $ 1,050 |
New England Teamsters and Trucking Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 437 | 541 | 427 |
IAM National Pension Fund National Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 633 | $ 659 | $ 623 |
Note 17 - Employee Benefit P106
Note 17 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost - Other Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 17 - Employee Benefit Plans (Details) - Components of Net Periodic Benefit Cost [Line Items] | |||
Service Cost | $ 13 | ||
Interest Cost | $ 7 | $ 9 | 49 |
Recognized net actuarial gain | (1) | (7) | (24) |
Curtailment | 51 | ||
Plan Settlement | (2,329) | ||
Amortization of transition obligation | 112 | ||
Net periodic benefit cost | $ 6 | $ 2 | $ (2,128) |
Note 18 - Industry Segment I107
Note 18 - Industry Segment Information (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Note 18 - Industry Segment Information (Details) [Line Items] | |
Number of Reportable Segments | 5 |
Number of Operating Segments | 11 |
Food Service Equipment Group [Member] | |
Note 18 - Industry Segment Information (Details) [Line Items] | |
Number of Operating Segments | 7 |
Note 18 - Industry Segment I108
Note 18 - Industry Segment Information (Details) - Industry Segments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | $ 199,779 | $ 180,999 | $ 189,337 | $ 202,027 | $ 197,340 | $ 174,160 | $ 166,540 | $ 178,140 | $ 772,142 | [1] | $ 716,180 | [1] | $ 673,390 | [1] |
Depreciation and Amortization | 16,684 | 14,591 | 15,235 | |||||||||||
Food Service Equipment Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 408,706 | 377,848 | 367,008 | |||||||||||
Depreciation and Amortization | 5,176 | 4,485 | 4,930 | |||||||||||
Engraving Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 110,781 | 109,271 | 93,380 | |||||||||||
Depreciation and Amortization | 3,497 | 3,342 | 3,226 | |||||||||||
Engineering Technologies Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 97,018 | 79,642 | 74,838 | |||||||||||
Depreciation and Amortization | 4,278 | 3,063 | 3,288 | |||||||||||
Electronics Products Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 114,196 | 114,881 | 108,085 | |||||||||||
Depreciation and Amortization | 2,759 | 2,807 | 2,986 | |||||||||||
Hydraulics Products Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 41,441 | 34,538 | 30,079 | |||||||||||
Depreciation and Amortization | 665 | 625 | 566 | |||||||||||
Corporate Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation and Amortization | $ 309 | $ 269 | $ 239 | |||||||||||
[1] | Net sales were identified based on geographic location where our products and services were initiated. |
Note 18 - Industry Segment I109
Note 18 - Industry Segment Information (Details) - Industry Segments - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | $ 78,644 | $ 65,868 | $ 61,895 |
Capital Expenditures | 22,022 | 19,920 | 14,380 |
Interest expense | (3,161) | (2,249) | (2,469) |
Other, net | 634 | 4,184 | (128) |
Income from continuing operations before income taxes | 76,117 | 67,803 | 59,298 |
Restructuring charge | (3,443) | (10,077) | (2,666) |
Other operating income (expense), net | 438 | 3,462 | |
Food Service Equipment Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | 37,456 | 38,203 | 37,533 |
Capital Expenditures | 4,791 | 3,740 | 3,149 |
Restructuring charge | (2,578) | (9,154) | (208) |
Engraving Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | 24,250 | 22,145 | 15,596 |
Capital Expenditures | 5,856 | 4,648 | 5,106 |
Restructuring charge | (220) | (688) | (2,029) |
Engineering Technologies Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | 13,097 | 12,676 | 13,241 |
Capital Expenditures | 8,025 | 7,686 | 1,734 |
Restructuring charge | (75) | (44) | |
Electronics Products Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | 20,884 | 19,732 | 16,147 |
Capital Expenditures | 2,298 | 1,631 | 3,243 |
Restructuring charge | (570) | (235) | (385) |
Hydraulics Products Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | 7,013 | 5,781 | 4,968 |
Capital Expenditures | 784 | 684 | 580 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from Operations | (21,051) | (26,054) | (22,924) |
Capital Expenditures | $ 268 | $ 1,531 | $ 568 |
Note 18 - Industry Segment I110
Note 18 - Industry Segment Information (Details) - Assets by Industry Segments - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | $ 154,732 | $ 125,965 | $ 111,905 |
Identifiable Assets | 660,341 | 578,160 | |
Food Service Equipment Group [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 56,812 | 56,731 | |
Identifiable Assets | 218,334 | 214,674 | |
Engraving Group [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 20,248 | 20,716 | |
Identifiable Assets | 114,268 | 101,106 | |
Engineering Technologies Group [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 46,000 | 12,188 | |
Identifiable Assets | 141,351 | 75,591 | |
Electronics Products Group [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 28,614 | 33,272 | |
Identifiable Assets | 90,948 | 103,699 | |
Hydraulics Products Group [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 3,058 | 3,058 | |
Identifiable Assets | 22,705 | 16,410 | |
Corporate and Other [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | $ 72,735 | $ 66,680 |
Note 18 - Industry Segment I111
Note 18 - Industry Segment Information (Details) - Industry Segments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Note 18 - Industry Segment Information (Details) - Industry Segments [Line Items] | |||||||||||||||
Net sales | $ 199,779 | $ 180,999 | $ 189,337 | $ 202,027 | $ 197,340 | $ 174,160 | $ 166,540 | $ 178,140 | $ 772,142 | [1] | $ 716,180 | [1] | $ 673,390 | [1] | |
Long-lived assets | 108,536 | 96,697 | 108,536 | 96,697 | 92,542 | ||||||||||
UNITED STATES | |||||||||||||||
Note 18 - Industry Segment Information (Details) - Industry Segments [Line Items] | |||||||||||||||
Net sales | [1] | 561,923 | 505,853 | 488,048 | |||||||||||
Long-lived assets | 76,274 | 59,225 | 76,274 | 59,225 | 58,890 | ||||||||||
Asia [Member] | |||||||||||||||
Note 18 - Industry Segment Information (Details) - Industry Segments [Line Items] | |||||||||||||||
Net sales | [1] | 64,840 | 53,551 | 51,664 | |||||||||||
Long-lived assets | 7,047 | 5,627 | 7,047 | 5,627 | 4,166 | ||||||||||
EMEA [Member] | |||||||||||||||
Note 18 - Industry Segment Information (Details) - Industry Segments [Line Items] | |||||||||||||||
Net sales | [1],[2] | 117,816 | 130,602 | 113,367 | |||||||||||
Long-lived assets | [2] | 18,604 | 23,266 | 18,604 | 23,266 | 22,065 | |||||||||
Other Geographical [Member] | |||||||||||||||
Note 18 - Industry Segment Information (Details) - Industry Segments [Line Items] | |||||||||||||||
Net sales | [1] | 27,563 | 26,174 | 20,311 | |||||||||||
Long-lived assets | $ 6,611 | $ 8,579 | $ 6,611 | $ 8,579 | $ 7,421 | ||||||||||
[1] | Net sales were identified based on geographic location where our products and services were initiated. | ||||||||||||||
[2] | EMEA consists primarily of Europe, Middle East and S. Africa. |
Note 19 - Insurance Proceeds (D
Note 19 - Insurance Proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 19 - Insurance Proceeds (Details) [Line Items] | |||
Proceeds from Life Insurance Policies | $ 3,654 | $ 1,480 | |
Catastrophe [Member] | Massachusetts [Member] | |||
Note 19 - Insurance Proceeds (Details) [Line Items] | |||
Proceeds from Insurance Settlement, Operating Activities | 4,500 | ||
Tangible Asset Impairment Charges | 1,000 | ||
Other Operating Income (Expense) [Member] | Catastrophe [Member] | Massachusetts [Member] | |||
Note 19 - Insurance Proceeds (Details) [Line Items] | |||
Gain on Business Interruption Insurance Recovery | $ 400 | 3,500 | |
Other Operating Income (Expense) [Member] | Death of Former Executive [Member] | |||
Note 19 - Insurance Proceeds (Details) [Line Items] | |||
Proceeds from Life Insurance Policies | $ 3,400 |
Note 20 - Quarterly Results 113
Note 20 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||
Quarterly Results of Operations [Abstract] | ||||||||||||||||||||||
Net sales | $ 199,779 | $ 180,999 | $ 189,337 | $ 202,027 | $ 197,340 | $ 174,160 | $ 166,540 | $ 178,140 | $ 772,142 | [1] | $ 716,180 | [1] | $ 673,390 | [1] | ||||||||
Gross profit | 65,316 | 57,258 | 58,800 | 66,112 | 64,398 | 57,572 | 55,894 | 60,405 | 247,486 | 238,269 | 218,191 | |||||||||||
Net income (loss) | $ 16,381 | $ 12,626 | $ 11,184 | $ 14,552 | $ 10,047 | $ 13,220 | $ 10,517 | $ 9,082 | $ 54,743 | $ 42,866 | $ 44,848 | |||||||||||
EARNINGS PER SHARE (1) | ||||||||||||||||||||||
Basic (in Dollars per share) | $ 1.29 | [2] | $ 1.01 | [2] | $ 0.89 | [2] | $ 1.18 | [2] | $ 1.08 | [2] | $ 1.05 | [2] | $ 0.84 | [2] | $ 0.97 | [2] | $ 4.33 | $ 3.39 | $ 3.57 | |||
Diluted (in Dollars per share) | $ 1.27 | [2] | $ 1 | [2] | $ 0.88 | [2] | $ 1.16 | [2] | $ 1.07 | [2] | $ 1.04 | [2] | $ 0.83 | [2] | $ 0.96 | [2] | $ 4.27 | $ 3.35 | $ 3.51 | |||
[1] | Net sales were identified based on geographic location where our products and services were initiated. | |||||||||||||||||||||
[2] | Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts. |