Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Oct. 25, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | STANDEX INTERNATIONAL CORP/DE/ | |
Entity Central Index Key | 310,354 | |
Trading Symbol | sxi | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 12,828,841 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 |
Current Assets: | |||||
Cash and cash equivalents | $ 109,270 | $ 109,602 | $ 75,270 | $ 88,566 | |
Accounts receivable, net of reserve for doubtful accounts of $1,972 and $2,184 at September 30, 2018 and June 30, 2018 | 123,804 | $ 134,931 | 119,783 | ||
Inventories | 111,687 | 126,649 | 127,223 | ||
Prepaid expenses and other current assets | 15,135 | 10,255 | |||
Income taxes receivable | 615 | 2,348 | |||
Current assets- Discontinued Operations | 36,315 | 37,671 | |||
Total current assets | 396,826 | 383,959 | |||
Property, plant, and equipment, net | 139,707 | 136,934 | |||
Intangible assets, net | 110,416 | 84,938 | |||
Goodwill | 263,021 | 211,751 | |||
Deferred tax asset | 6,816 | 7,447 | |||
Other non-current assets | 31,088 | 29,749 | |||
Long-term assets- Discontinued Operations | 61,733 | 62,159 | |||
Total non-current assets | 612,781 | 532,978 | |||
Total assets | 1,009,607 | 916,937 | |||
Current Liabilities: | |||||
Accounts payable | 63,161 | 78,947 | |||
Accrued liabilities | 57,136 | 67,077 | 57,679 | ||
Income taxes payable | 5,790 | 6,050 | |||
Current liabilities- Discontinued Operations | 18,682 | 18,665 | |||
Total current liabilities | 144,769 | 161,341 | |||
Long-term debt | 299,438 | 193,772 | |||
Accrued pension and other non-current liabilities | 105,320 | 110,979 | |||
Non-current liabilities- Discontinued Operations | 50 | 50 | |||
Total non-current liabilities | 404,808 | 304,801 | |||
Stockholders' Equity: | |||||
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,741,302 and 12,705,562 outstanding at September 30, 2018 and June 30, 2018 | 41,976 | 41,976 | |||
Additional paid-in capital | 63,280 | 61,328 | |||
Retained earnings | 773,938 | $ 760,397 | 761,430 | ||
Accumulated other comprehensive loss | (127,105) | (121,859) | |||
Treasury shares: 15,241,571 shares at September 30, 2018 and 15,278,716 shares at June 30, 2018 | (292,059) | (292,080) | |||
Total stockholders' equity | 460,030 | 450,795 | |||
Total liabilities and stockholders' equity | $ 1,009,607 | $ 916,937 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Reserve for doubtful accounts | $ 1,972 | $ 2,184 |
Common stock, par value (in dollars per share) | $ 1.50 | $ 1.50 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 27,984,278 | 27,984,278 |
Common stock, shares outstanding (in shares) | 12,741,302 | 12,705,562 |
Treasury shares, share (in shares) | 15,241,571 | 15,278,716 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 193,080 | $ 189,142 |
Cost of sales | 123,828 | 123,471 |
Gross profit | 69,252 | 65,671 |
Selling, general, and administrative expenses | 45,472 | 43,057 |
Restructuring costs | 447 | 2,958 |
Acquisition related expenses | 688 | 1,005 |
Total operating expenses | 46,607 | 47,020 |
Income from operations | 22,645 | 18,651 |
Interest expense | (2,244) | (1,721) |
Other non-operating income (expense) | (201) | 29 |
Income from continuing operations before income taxes | 20,200 | 16,959 |
Provision for income taxes | 5,842 | 4,262 |
Income from continuing operations | 14,358 | 12,697 |
Income (loss) from discontinued operations, net of income taxes | 1,499 | 1,301 |
Net income (loss) | $ 15,857 | $ 13,998 |
Basic earnings (loss) per share: | ||
Basic earnings (loss) per share, continuing operations (in dollars per share) | $ 1.13 | $ 1 |
Basic earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | 0.10 |
Basic earnings (loss) per share, total (in dollars per share) | 1.25 | 1.10 |
Diluted earnings (loss) per share: | ||
Diluted earnings (loss) per share, continuing operations (in dollars per share) | 1.12 | 0.99 |
Diluted earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | 0.10 |
Diluted earnings (loss) per share, total (in dollars per share) | 1.24 | 1.09 |
Cash dividends per share (in dollars per share) | $ 0.18 | $ 0.16 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net income (loss) | $ 15,857 | $ 13,998 |
Other comprehensive income (loss): | ||
Actuarial gains (losses) and other changes in unrecognized costs | 320 | (250) |
Amortization of unrecognized costs | 1,116 | 1,365 |
Change in unrealized gains (losses) | 363 | 774 |
Foreign currency translation gains (losses) | (6,021) | 3,414 |
Other comprehensive income (loss) before tax | (4,881) | 5,454 |
Defined benefit pension plans: | ||
Actuarial gains (losses) and other changes in unrecognized costs | (10) | 52 |
Amortization of unrecognized costs | (272) | (478) |
Derivative instruments: | ||
Change in unrealized gains and (losses) | (98) | (109) |
Income tax provision (benefit) to other comprehensive income (loss) | (365) | (571) |
Other comprehensive income (loss), net of tax | (5,246) | 4,883 |
Comprehensive income (loss) | 10,611 | 18,881 |
Interest Expense [Member] | ||
Other comprehensive income (loss): | ||
Amortization of unrealized gains and (losses) | (659) | 151 |
Derivative instruments: | ||
Amortization of unrealized gains and (losses) | $ 15 | $ (36) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Net income | $ 15,857 | $ 13,998 |
Income (loss) from discontinued operations, net of income taxes | 1,499 | 1,301 |
Income from continuing operations | 14,358 | 12,697 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,655 | 6,271 |
Stock-based compensation | 2,157 | 1,164 |
Non-cash portion of restructuring charge | 13 | 516 |
Contributions to defined benefit plans | (252) | (264) |
Net changes in operating assets and liabilities | (25,502) | (23,702) |
Net cash provided by (used in) operating activities - continuing operations | (2,571) | (3,318) |
Net cash provided by (used in) operating activities - discontinued operations | 3,560 | (2,176) |
Net cash provided by (used in) operating activities | 989 | (5,494) |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (7,465) | (8,328) |
Expenditures for acquisitions, net of cash acquired | (96,828) | (10,397) |
Proceeds withdrawn from life insurance policies | 2,217 | |
Other investing activity | 2,332 | (78) |
Net cash (used in) investing activities - continuing operations | (101,961) | (16,586) |
Net cash (used in) investing activities - discontinued operations | (232) | (528) |
Net cash (used in) investing activities | (102,193) | (17,114) |
Cash flows from financing activities | ||
Borrowings on revolving credit facility | 139,500 | 63,000 |
Payments of revolving credit facility | (34,000) | (52,788) |
Activity under share-based payment plans | 652 | 1,042 |
Purchases of treasury stock | (837) | (1,277) |
Cash dividends paid | (2,287) | (2,026) |
Net cash provided by financing activities | 103,028 | 7,951 |
Effect of exchange rate changes on cash and cash equivalents | (2,156) | 1,361 |
Net change in cash and cash equivalents | (332) | (13,296) |
Cash and cash equivalents at beginning of year | 109,602 | 88,566 |
Cash and cash equivalents at end of period | 109,270 | 75,270 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 1,879 | 1,447 |
Income taxes, net of refunds | $ 3,958 | $ 5,264 |
Note 1 - Management Statement
Note 1 - Management Statement | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 Management Statement In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the results of operations for the three September 30, 2018 2017, three September 30, 2018 2017 September 30, 2018. not not not June 30, 2018. June 30, 2018 not 10 June 30, 2018. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our unaudited condensed consolidated financial statements were issued. In March 2017, 2017 07, Compensation-Retirement Benefits (Topic 715 December 15, 2017 ( 2019 $0.2 $0.4 September 30, 2017. Effective July 1, 2018, No. 2014 09, 606 not June 30, 2018. not 605. September 30, 2018 606 606. Under the Company’s historical accounting policies, non-developmental long-term contracts were recognized when the goods were transferred to the customer. Upon adoption, contracts for highly customized customer products that have no 606. 606, Upon adoption, we recognized a reduction to retained earnings of $1.0 $0.1 $0.6 $1.5 In pursuing our business strategy, we have divested certain businesses and recorded activities of these businesses as discontinued operations. During the first 2019, three 205 20 45 September 30 three Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued in the Condensed Consolidated Financial Statements to exclude the results from continuing operations. Recently Issued Accounting Pronouncements In November 2015, 2015 17, Income Taxes (Topic 740 December 15, 2016, 2015 17 September 30, 2018. no 2015 17. In February 2016, 2016 02, Leases (Topic 842 2016 02 twelve not 2016 02 December 15, 2018. In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment two 2017 04 2017 04 December 15, 2019. 2017 04 In August 2017, 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018 ( 2020 2017 12 As of July 1, 2018, No. 2017 07, Compensation-Retirement Benefits (Topic 715 $0.2 $0.4 September 30, 2017. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 cquisitions The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company. At the time of the acquisition and September 30, 2018, Agile Magnetics On the last business day of the first 2019, The Company paid $39.2 second September 30 Intangible assets of $13.7 $7.8 $5.9 $20.1 The components of the fair value of the Agile acquisition, including the preliminary allocation of the purchase price at September 30, 2018, Preliminary Allocation At September 30, 2018 Fair value of business combination: Cash payments $ 39,194 Less, cash acquired (1 ) Total $ 39,193 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 Inventories 2,506 Property, plant, and equipment 1,318 Identifiable intangible assets 13,718 Goodwill 20,142 Liabilities assumed (419 ) Total $ 39,193 Tenibac-Graphion Inc. During August 2019, The Company paid $57.3 Intangible assets of $16.0 $10.4 nine $4.2 $1.4 September 30. $32.9 The components of the fair value of the Tenibac acquisition, including the preliminary allocation of the purchase price at September 30, 2018, Preliminary Allocation At September 30, 2018 Fair value of business combination: Cash payments $ 57,284 Less cash acquired (558 ) Total $ 56,726 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 Inventories 324 Customer backlog 1,000 Property, plant, and equipment 2,490 Identifiable intangible assets 15,960 Goodwill 32,949 Liabilities assumed (1,020 ) Total $ 56,726 Piazza Rosa Group During the first 2018, The Company paid $10.1 $2.8 $2.6 three first $0.9 first 2019 first The preliminary purchase price was allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. Goodwill recorded from this transaction is attributable to potential revenue increases from the combined competencies with Standex Engraving’s worldwide presence and Piazza Rosa Group’s texturizing capabilities. The combined companies create a global tool finishing service leader and open additional opportunities in the broader surface engineering market. Intangible assets of $4.1 $2.3 eight $1.6 $0.2 first 2019, $0.9 $7.1 not The components of the fair value of the Piazza Rosa Group acquisition, including the final allocation of the purchase price at September 30, 2018, Preliminary Allocation Adjustments Final Allocation September 30, 2017 September 30, 2018 Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 Acquisition-Related Costs Acquisition-related costs include costs related to acquired businesses and other pending acquisitions. These costs consist of (i) deferred compensation and (ii) acquisition-related professional service fees and expenses, including financial advisory, legal, accounting, and other outside services incurred in connection with acquisition activities, and regulatory matters related to acquired entities. These costs do not Deferred compensation costs relate to payments due to the Horizon Scientific seller of $3.0 second $5.6 third three September 30, 2018, $0.7 Acquisition related costs consist of miscellaneous professional service fees and expenses for our recent acquisitions. The components of acquisition-related costs are as follows (in thousands): Three Months Ended September 30, 2018 2017 Deferred compensation arrangements $ 667 $ 703 Acquisition-related costs 21 302 Total $ 688 $ 1,005 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 Effective July 1, 2018, No. 2014 09, 606 not June 30, 2018. not 605. September 30, 2018 606 606. Under the Company’s historical accounting policies, non-developmental long-term contracts were recognized when the goods were transferred to the customer. Upon adoption, contracts for highly customized customer products that have no 606. 606, Upon adoption, we recognized a reduction to retained earnings of $1.0 $0.1 $0.7 $0.6 $1.5 June 30, 2018 June 30, 2018, 606 2018 Cumulative (in thousands) Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss $ (1,033 ) Effective Date Reported June 30, 2018 ASC 606 Adjustments As Adjusted July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Note that above amounts as of June 30 The following tables reconcile the balances as presented as of and for the three September 30, 2018 Three Months Ended September 30, 2018 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 193,080 $ (3,043 ) $ 190,037 Cost of sales 123,828 (2,496 ) 121,332 Gross profit 69,252 (547 ) 68,705 Selling, general, and administrative expenses 45,472 45,472 Restructuring costs 447 447 Acquisition related expenses 688 688 Total operating expenses 46,607 46,607 Income from operations 22,645 (547 ) 22,098 Interest expense (2,244 ) (2,244 ) Other non-operating income (expense) (201 ) (201 ) Income from continuing operations before income taxes 20,200 (547 ) 19,653 Provision for income taxes 5,842 (158 ) 5,684 Income from continuing operations 14,358 (389 ) 13,969 Income (loss) from discontinued operations, net of income taxes 1,499 24 1,523 Net income (loss) $ 15,857 $ (365 ) $ 15,492 Basic earnings (loss) per share: Continuing operations $ 1.13 $ (.03 ) $ 1.10 Discontinued operations 0.12 0.0 0.12 Total $ 1.25 $ (0.3 ) $ 1.22 Diluted earnings (loss) per share: Continuing operations $ 1.12 $ (0.3 ) $ 1.09 Discontinued operations 0.12 0.0 0.12 Total $ 1.24 $ (0.3 ) $ 1.21 Three Months Ended September 30, 2018 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Cash and cash equivalents $ 109,270 $ $ 109,270 Accounts receivable, net 123,804 (3,263 ) 120,541 Inventories 111,687 2,496 114,183 Prepaid expenses and other current assets 15,135 15,135 Income taxes receivable 615 615 Current assets- Discontinued Operations 36,315 36,315 Total current assets 396,826 (767 ) 396,059 Property, plant and equipment, net 139,707 139,707 Intangible assets, net 110,416 110,416 Goodwill 263,021 263,021 Deferred tax asset 6,816 6,816 Other non-current assets 31,088 31,088 Long-term assets- Discontinued Operations 61,733 61,733 Total non-current assets 612,781 612,781 Total Assets $ 1,009,607 $ (767 ) $ 1,008,840 Accounts Payable $ 63,161 $ $ 63,161 Accrued liabilities 57,868 (220 ) 57,648 Income taxes payable 5,790 (158 ) 5,632 Current liabilities- Discontinued Operations 17,950 (24 ) 17,926 Total current liabilities 144,769 (402 ) 144,367 Long-term debt 299,438 299,438 Accrued pension and other non-current liabilities 105,320 105,320 Non-current liabilities- Discontinued Operations 50 50 Total non-current liabilities 404,808 404,808 Stockholders’ equity: Common stock 41,976 41,976 Additional paid-in capital 63,280 63,280 Retained earnings 773,938 (365 ) 773,573 Accumulated other comprehensive loss (127,105 ) (127,105 ) Treasury shares (292,059 ) (292,059 ) Total stockholders’ equity 460,030 (365 ) 459,665 Total liabilities and stockholders’ equity $ 1,009,607 $ (767 ) $ 1,008,840 Revenue Recognition Accounting Policy The adoption of ASC 606 606 10 55, Principal versus Agent Considerations five 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Most of the Company’s contracts have a single performance obligation which represents, the product or service being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation and/or extended warranty. Additionally, most of the Company’s contracts offer assurance type warranties in connection with the sale of a product to customers. Assurance type warranties provide a customer with assurance that the product complies with agreed-upon specifications. Assurance type warranties do not In general, the Company recognizes revenue at the point in time control transfers to their customer based on predetermined shipping terms. Revenue recognized under long-term contracts within the Engineering Technologies group for highly customized customer products that have no The Company has elected to use the following practical expedients: ● The Company will use the portfolio approach for contracts with similar characteristics provided the accounting result will not ● The Company will expense all relevant incremental costs, such as selling and marketing costs, bid and proposal costs, sales commissions and legal fees to obtain a contract that has a duration of one ● The Company’s standard payment terms are less than one no The Company has made the following accounting policy elections under ASC 606: ● The Company accounts for shipping and handling activities performed after a customer has obtained control as a fulfillment activity rather than as a promise/performance obligation. ● Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands): Three Months Ended Revenue by Product Line September 30, 2018 September 30, 2017 Refrigeration $ 54,545 $ 59,742 Merchandising & Display 9,058 8,747 Pumps 8,728 9,338 Total Food Service Equipment 72,331 77,827 Engraving Services 33,855 29,993 Engraving Products 2,124 2,836 Total Engraving 35,979 32,829 Engineering Technologies Components 20,784 20,267 Total Engineering Technologies 20,784 20,267 Electronics 51,450 46,816 Hydraulics Cylinders and System 12,536 11,403 Total Hydraulics 12,536 11,403 Total Revenue by Product Line $ 193,080 $ 189,142 The following table presents revenue disaggregated by revenue types (in thousands): Three Months Ended Revenues by Type September 30, 2018 September 30, 2017 Parts, Components and Finished Goods $ 159,225 $ 159,149 Services 33,855 29,993 Total Revenue $ 193,080 $ 189,142 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Three Months Ended Net sales September 30, 2018 United States $ 124,729 Asia Pacific 27,878 EMEA (1) 35,526 Other Americas 4,947 Total $ 193,080 ( 1 EMEA consists primarily of Europe, Middle East and S. Africa. The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Three Months Ended Timing of Revenue Recognition September 30, 2018 September 30, 2017 Products and services transferred at a point in time $ 187,898 $ 185,513 Products transferred over time 5,182 3,629 Net Sales $ 193,080 $ 189,142 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not Contract liabilities are customer deposits for which revenue has not The following table provides information about contract assets and liability balances as of September 30, 2018 ( Balance at Beginning of Period Additions Deductions Balance at End of Period Fiscal quarter ended September 30, 2018 Contract assets: Accounts receivable $ 5,655 $ 5,422 $ 9,525 $ 1,552 Unbilled services 5,904 2,960 1,681 7,183 Contract liabilities: Customer deposits 2,552 - 503 2,049 During the quarter ended September 30, 2018, Revenue recognized in the period from: September 30, 2018 Amounts included in the contract liability balance at the beginning of the period $ 503 The timing of revenue recognition, invoicing and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4 ) Discontinued Operations In pursuing our business strategy, the Company has divested certain businesses and recorded activities of these businesses as discontinued operations. During the first 2019, three 205 20 45 September 30 three Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued in the Condensed Consolidated Financial Statements to exclude the results from continuing operations. Activity related to the Cooking Solutions Group and other discontinued operations for the three September 30, 2018 2017 Three Months Ended September 30, 2018 2017 Net sales $ 24,448 $ 25,237 Income from operations 1,832 2,069 Provision for taxes 333 767 Net income from discontinued operations 1,499 1,302 Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands): September 30, 2018 June 30, 2018 Accounts receivable $ 12,242 $ 14,445 Inventories 23,281 22,923 Prepaid Expenses 792 303 Total current assets 36,315 37,671 Property, plant, equipment, net 7,571 7,637 Intangible assets, net 12,880 13,137 Goodwill 40,011 40,011 Other non-current assets 1,271 1,374 Total non-current assets 61,733 62,159 Total Assets $ 98,048 $ 99,830 Accounts Payable $ 10,235 $ 10,759 Accrued Liabilities 8,438 7,897 Income Tax Payable 9 9 Total current liabilities 18,682 18,665 Non-current Liabilities 50 50 Total Liabilities $ 18,000 $ 17,968 The Company has concluded that the fair value of the Cooking Solutions Group net assets exceeds the net book value of the assets. |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5 ) Fair Value Measurements The financial instruments shown below are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 Level 2 Level 3 There were no September 30, 2018 June 30, 2018. Cash and cash equivalents, accounts receivable, and accounts payable are carried at cost, which approximates fair value. Items presented at fair value at September 30, 2018 June 30, 2018 September 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,443 $ 2,443 $ - $ - Interest rate swaps 1,509 - 1,509 - Liabilities Foreign exchange contracts $ 4,070 $ - $ 4,070 $ - Contingent acquisition payments (a) 7,362 - - 7,362 June 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Contingent acquisition payments (a) 7,535 - - 7,535 (a) Our financial liabilities based upon Level 3 second third first three first first 2019. September 30, 2018, |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 ) Inventories Inventories from continuing operations are comprised of the following (in thousands): September 3 0 , 201 8 June 30, 201 8 Raw materials $ 52,993 $ 46,833 Work in process 31,580 30,526 Finished goods 27,114 26,941 Total $ 111,687 $ 104,300 Distribution costs associated with the sale of inventory, which are recorded as a component of selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations were $4.1 $4.5 three September 30, 2018 2017, |
Note 7 - Goodwill
Note 7 - Goodwill | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7 ) Goodwill Changes to goodwill during the period ended September 30, 2018 June 30, 2018 Discontinued Operations Restated June 30, 2018 Acquisitions Translation Adjustment September 30, 2018 Food Service Equipment $ 63,464 $ (40,011 ) $ 23,453 $ - $ - $ 23,453 Engraving 26,697 - 26,697 33,295 (76 ) 59,916 Engineering Technologies 44,247 - 44,247 - (123 ) 44,124 Electronics 113,798 - 113,798 20,142 (1,863 ) 132,077 Hydraulics 3,059 - 3,059 - - 3,059 Corporate & Other 497 - 497 - (105 ) 392 Total $ 251,762 $ (40,011 ) $ 211,751 $ 53,437 $ (2,167 ) $ 263,021 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8 ) Intangible Assets Intangible assets of continuing operations consist of the following (in thousands): Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total September 30, 2018 Cost $ 65,331 $ 21,008 $ 47,051 $ 4,760 $ 138,150 Accumulated amortization (19,333 ) - (5,507 ) (2,894 ) (27,734 ) Balance, September 30, 2018 $ 45,998 $ 21,008 $ 41,544 $ 1,866 $ 110,416 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 Amortization expense from continuing operations for the three September 30, 2018 2017 $1.9 $1.9 September 30, 2018, $7.6 2019, $9.6 2020, $9.3 2021, $8.9 2022, $8.3 2023, $45.7 |
Note 9 - Warranties
Note 9 - Warranties | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 9 ) Warranties The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in warranty reserve from continuing operations, which are recorded as a component of accrued liabilities, for the three September 30, 2018 June 30, 2018 September 3 0 , 201 8 June 30, 201 8 Balance at beginning of year $ 4,966 $ 4,667 Acquisitions and other (117 ) (138 ) Warranty expense 831 6,248 Warranty claims (1,043 ) (5,811 ) Balance at end of period $ 4,637 $ 4,966 |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 ) Debt Long-term debt is comprised of the following (in thousands): September 30, 201 8 June 30, 201 8 Bank credit agreements $ 299,500 $ 194,000 Total funded debt 299,500 194,000 Issuance cost (62 ) (228 ) Total long-term debt $ 299,438 $ 193,772 The Company’s debt payments are due as follows (in thousands): Fiscal Year September 3 0 , 201 8 2019 $ - 2020 (matures Dec 2019) 299,500 2021 - 2022 - 2023 - Thereafter - Total debt 299,500 Issuance cost (62 ) Debt net of issuance cost $ 299,438 Bank Credit Agreements During fiscal year 2015, five December 2019 $400 $100 $10 $30 At September 30, 2018, $7.4 $93.1 September 30, 2018, |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11 ) Derivative Financial Instruments Interest Rate Swaps From time to time as dictated by market opportunities, the Company enters into interest rate swap agreements designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. The Company has designated its interest rate swap agreements, including those that are forward-dated, as cash flow hedges and changes in the fair value of the swaps are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness associated with the swaps, if any, will be reported by the Company in interest expense. The Company’s effective swap agreements convert the base borrowing rate on $100 2.01% September 30, 2018. Effective Date Notional Amount Fixed Interest Rate Maturity September 30, 201 8 June 30, 201 8 December 18, 2015 15,000 1.46 % December 19, 2018 $ 30 $ 55 December 19, 2015 10,000 2.01 % December 19, 2019 82 74 May 24, 2017 25,000 1.88 % April 24, 2022 874 764 May 24, 2017 25,000 1.67 % May 24, 2020 451 432 August 6, 2018 25,000 2.83 % August 6, 2023 72 - $ 1,509 $ 1,325 The Company reported no three September 30, 2018, may Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as collections from customers and loan payments between subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. At September 30, 2018 June 30, 2018, 4.1 2.9 2019 2023, Currency September 3 0 , 201 8 June 30, 201 8 USD 59,786 64,558 Euro 13,250 21,300 Pound Sterling 6,750 6,826 Peso 54,000 54,000 Canadian 20,600 20,600 The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet (in thousands): Asset Derivatives September 3 0 , 201 8 June 30, 2 01 8 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 1,509 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 $ 1,509 $ 2,682 Liability Derivatives September 3 0 , 201 8 June 30, 201 8 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Accrued Liabilities 4,070 Accrued Liabilities 4,204 $ 4,070 $ 4,204 The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands): Three Months Ended September 30, 201 8 201 7 Interest rate swaps $ 397 $ 286 Foreign exchange contracts (34 ) 488 $ 363 $ 774 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 Other Comprehensive Three Months Ended Affected line item Income (Loss) Components September 3 0 , in the Statements 201 8 201 7 of Operations Interest rate swaps $ (61 ) $ 151 Interest expense Foreign exchange contracts - - Cost of sales Foreign exchange contracts (598 ) - Interest expense $ (659 ) $ 151 |
Note 12 - Retirement Benefits
Note 12 - Retirement Benefits | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12 ) Retirement Benefits The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan. As of July 1, 2018, No. 2017 07, Compensation-Retirement Benefits (Topic 715 $0.2 $0.4 September 30, 2017. no 2019 2018. Net Periodic Benefit Cost for the Company’s U.S. and Foreign pension benefit plans for the three September 30, 2018 2017 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,586 2,520 254 254 Expected return on plan assets (3,385 ) (3,354 ) (228 ) (231 ) Recognized net actuarial loss 1,030 1,145 86 229 Amortization of prior service cost - - - (8 ) Net periodic benefit cost $ 232 $ 312 $ 121 $ 253 The Company expects to pay $1.4 2019. $0.3 three September 30, 2018 2017. $0.8 2019. $0.2 $0.3 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 ) Income Taxes The Company's effective tax rate from continuing operations for the first 2019 28.9% 25.1% 21 951A. 0.9% September 30, 2018. |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 4 ) Earnings Per Share The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands): Three Months Ended September 3 0 , 201 8 201 7 Basic - Average shares outstanding 12,716 12,676 Effect of dilutive securities: Unvested, restricted stock awards 92 92 Diluted - Average shares outstanding 12,808 12,768 Earnings available to common stockholders are the same for computing both basic and diluted earnings per share. No three September 30, 2018 2017, Performance stock units of 80,073 54,893 three September 30, 2018 2017, not |
Note 15 - Comprehensive Income
Note 15 - Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 5 ) Comprehensive Income (L oss) The components of the Company’s accumulated other comprehensive income (loss) are as follows (in thousands): September 3 0 , 201 8 June 30, 201 8 Foreign currency translation adjustment $ (31,035 ) $ (25,013 ) Unrealized pension losses, net of tax (93,957 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (2,113 ) (1,734 ) Total $ (127,105 ) $ (121,859 ) |
Note 16 - Contingencies
Note 16 - Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 6 ) Contingencies From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company’s management does not |
Note 17 - Industry Segment Info
Note 17 - Industry Segment Information | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 ) Industry Segment Information The Company has determined that it has five • Food Service Equipment – a manufacturer of commercial food service equipment; • Engraving – provides mold texturizing, slush molding tools, project management and design services, roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machinery for a number of industries; • Engineering Technologies – provides net and near net formed single-source customized solutions in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and manned and unmanned space markets. • Electronics – manufacturing and selling of electronic components for applications throughout the end-user market spectrum; and • Hydraulics – manufacturing and selling of single and double-acting telescopic and piston rod hydraulic cylinders Net sales and income (loss) from continuing operations by segment for the three September 30, 2018 2017 Three Months Ended September 3 0 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 72,331 $ 77,827 $ 6,668 $ 8,319 Engraving 35,979 32,829 7,547 7,596 Engineering Technologies 20,784 20,267 1,775 1,181 Electronics 51,450 46,816 12,787 10,283 Hydraulics 12,536 11,403 1,583 1,872 Restructuring costs (447 ) (2,958 ) Corporate (6,580 ) (6,637 ) Acquisition-related costs (688 ) (1,005 ) Sub-total $ 193,080 $ 189,142 $ 22,645 $ 18,651 Interest expense (2,244 ) (1,721 ) Other non-operating income (201 ) 29 Income from continuing operations before income taxes $ 20,200 $ 16,959 Net sales include only transactions with unaffiliated customers and include no The Company’s identifiable assets at September 30, 2018 June 30, 2018 September 30, 2018 June 30, 2018 Food Service Equipment $ 154,507 $ 149,743 Engraving 218,346 149,973 Engineering Technologies 143,413 150,150 Electronics 337,364 318,564 Hydraulics 27,937 25,646 Corporate & Other 29,992 23,031 Discontinued Operations 98,048 99,830 Total $ 1,009,607 $ 916,937 |
Note 18 - Restructuring
Note 18 - Restructuring | 3 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 1 8 ) Restructuring The Company has undertaken cost reduction and facility consolidation initiatives that have resulted in severance, restructuring, and related charges. 2019 The Company continues to focus our efforts to reduce cost and improve productivity across our businesses, particularly through headcount reductions, facility closures, and consolidations. During the first 2019, third Prior Year Restructuring Initiatives During the first 2018, three 1 2 3 A summary of charges by initiative is as follows (in thousands): Fiscal 2019 Three Months Ended September 30, 2018 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ - $ 350 $ 350 Prior year initiatives 85 12 97 $ 85 $ 362 $ 447 Fiscal 2018 Three Months Ended September 30, 2017 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 1,636 $ 547 $ 2,183 Prior year initiatives 42 733 775 $ 1,678 $ 1,280 $ 2,958 Activity in the reserve related to the restructuring initiatives is as follows (in thousands): Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments - 350 350 Payments - - - Restructuring liabilities at September 30, 2018 $ - $ 350 $ 350 Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 456 $ 25 $ 481 Additions and adjustments 85 12 97 Payments (416 ) (18 ) (434 ) Restructuring liabilities at September 30, 2017 $ 125 $ 19 $ 144 The Company’s total restructuring expenses by segment are as follows (in thousands): Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 21 $ - $ 21 $ 789 $ 427 $ 1,216 Engraving 17 - 17 715 94 809 Engineering Technologies 47 - 47 42 724 766 Electronics - 12 12 132 26 158 Hydraulics - - - - - - Corporate - 350 350 - 9 9 $ 85 $ 362 $ 447 $ 1,678 $ 1,280 $ 2,958 Restructuring expense is expected to be approximately $1.5 2019. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Business Combination, Acquisition Related Costs [Table Text Block] | Three Months Ended September 30, 2018 2017 Deferred compensation arrangements $ 667 $ 703 Acquisition-related costs 21 302 Total $ 688 $ 1,005 |
Piazza Rosa Group [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation Adjustments Final Allocation September 30, 2017 September 30, 2018 Fair value of business combination: Total cash consideration $ 10,056 $ - $ 10,056 Fair value of contingent consideration - 2,617 2,617 Total $ 10,056 $ 2,617 $ 12,673 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 2,678 $ 1,664 $ 4,342 Inventories 637 (2 ) 635 Property, plant, and equipment 5,005 558 5,563 Identifiable intangible assets 4,087 (615 ) 3,472 Goodwill 6,218 858 7,076 Liabilities assumed (7,387 ) - (7,387 ) Deferred taxes (1,182 ) 154 (1,028 ) Total $ 10,056 $ 2,617 $ 12,673 |
Tenibac-Graphion, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation At September 30, 2018 Fair value of business combination: Cash payments $ 57,284 Less cash acquired (558 ) Total $ 56,726 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 5,023 Inventories 324 Customer backlog 1,000 Property, plant, and equipment 2,490 Identifiable intangible assets 15,960 Goodwill 32,949 Liabilities assumed (1,020 ) Total $ 56,726 |
Agile Magnetics [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation At September 30, 2018 Fair value of business combination: Cash payments $ 39,194 Less, cash acquired (1 ) Total $ 39,193 Identifiable assets acquired and liabilities assumed: Other acquired assets $ 1,928 Inventories 2,506 Property, plant, and equipment 1,318 Identifiable intangible assets 13,718 Goodwill 20,142 Liabilities assumed (419 ) Total $ 39,193 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Cumulative (in thousands) Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss $ (1,033 ) Effective Date Reported June 30, 2018 ASC 606 Adjustments As Adjusted July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Three Months Ended September 30, 2018 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 193,080 $ (3,043 ) $ 190,037 Cost of sales 123,828 (2,496 ) 121,332 Gross profit 69,252 (547 ) 68,705 Selling, general, and administrative expenses 45,472 45,472 Restructuring costs 447 447 Acquisition related expenses 688 688 Total operating expenses 46,607 46,607 Income from operations 22,645 (547 ) 22,098 Interest expense (2,244 ) (2,244 ) Other non-operating income (expense) (201 ) (201 ) Income from continuing operations before income taxes 20,200 (547 ) 19,653 Provision for income taxes 5,842 (158 ) 5,684 Income from continuing operations 14,358 (389 ) 13,969 Income (loss) from discontinued operations, net of income taxes 1,499 24 1,523 Net income (loss) $ 15,857 $ (365 ) $ 15,492 Basic earnings (loss) per share: Continuing operations $ 1.13 $ (.03 ) $ 1.10 Discontinued operations 0.12 0.0 0.12 Total $ 1.25 $ (0.3 ) $ 1.22 Diluted earnings (loss) per share: Continuing operations $ 1.12 $ (0.3 ) $ 1.09 Discontinued operations 0.12 0.0 0.12 Total $ 1.24 $ (0.3 ) $ 1.21 Three Months Ended September 30, 2018 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Cash and cash equivalents $ 109,270 $ $ 109,270 Accounts receivable, net 123,804 (3,263 ) 120,541 Inventories 111,687 2,496 114,183 Prepaid expenses and other current assets 15,135 15,135 Income taxes receivable 615 615 Current assets- Discontinued Operations 36,315 36,315 Total current assets 396,826 (767 ) 396,059 Property, plant and equipment, net 139,707 139,707 Intangible assets, net 110,416 110,416 Goodwill 263,021 263,021 Deferred tax asset 6,816 6,816 Other non-current assets 31,088 31,088 Long-term assets- Discontinued Operations 61,733 61,733 Total non-current assets 612,781 612,781 Total Assets $ 1,009,607 $ (767 ) $ 1,008,840 Accounts Payable $ 63,161 $ $ 63,161 Accrued liabilities 57,868 (220 ) 57,648 Income taxes payable 5,790 (158 ) 5,632 Current liabilities- Discontinued Operations 17,950 (24 ) 17,926 Total current liabilities 144,769 (402 ) 144,367 Long-term debt 299,438 299,438 Accrued pension and other non-current liabilities 105,320 105,320 Non-current liabilities- Discontinued Operations 50 50 Total non-current liabilities 404,808 404,808 Stockholders’ equity: Common stock 41,976 41,976 Additional paid-in capital 63,280 63,280 Retained earnings 773,938 (365 ) 773,573 Accumulated other comprehensive loss (127,105 ) (127,105 ) Treasury shares (292,059 ) (292,059 ) Total stockholders’ equity 460,030 (365 ) 459,665 Total liabilities and stockholders’ equity $ 1,009,607 $ (767 ) $ 1,008,840 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Revenue by Product Line September 30, 2018 September 30, 2017 Refrigeration $ 54,545 $ 59,742 Merchandising & Display 9,058 8,747 Pumps 8,728 9,338 Total Food Service Equipment 72,331 77,827 Engraving Services 33,855 29,993 Engraving Products 2,124 2,836 Total Engraving 35,979 32,829 Engineering Technologies Components 20,784 20,267 Total Engineering Technologies 20,784 20,267 Electronics 51,450 46,816 Hydraulics Cylinders and System 12,536 11,403 Total Hydraulics 12,536 11,403 Total Revenue by Product Line $ 193,080 $ 189,142 Three Months Ended Revenues by Type September 30, 2018 September 30, 2017 Parts, Components and Finished Goods $ 159,225 $ 159,149 Services 33,855 29,993 Total Revenue $ 193,080 $ 189,142 Three Months Ended Net sales September 30, 2018 United States $ 124,729 Asia Pacific 27,878 EMEA (1) 35,526 Other Americas 4,947 Total $ 193,080 Three Months Ended Timing of Revenue Recognition September 30, 2018 September 30, 2017 Products and services transferred at a point in time $ 187,898 $ 185,513 Products transferred over time 5,182 3,629 Net Sales $ 193,080 $ 189,142 |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of Period Additions Deductions Balance at End of Period Fiscal quarter ended September 30, 2018 Contract assets: Accounts receivable $ 5,655 $ 5,422 $ 9,525 $ 1,552 Unbilled services 5,904 2,960 1,681 7,183 Contract liabilities: Customer deposits 2,552 - 503 2,049 Revenue recognized in the period from: September 30, 2018 Amounts included in the contract liability balance at the beginning of the period $ 503 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended September 30, 2018 2017 Net sales $ 24,448 $ 25,237 Income from operations 1,832 2,069 Provision for taxes 333 767 Net income from discontinued operations 1,499 1,302 September 30, 2018 June 30, 2018 Accounts receivable $ 12,242 $ 14,445 Inventories 23,281 22,923 Prepaid Expenses 792 303 Total current assets 36,315 37,671 Property, plant, equipment, net 7,571 7,637 Intangible assets, net 12,880 13,137 Goodwill 40,011 40,011 Other non-current assets 1,271 1,374 Total non-current assets 61,733 62,159 Total Assets $ 98,048 $ 99,830 Accounts Payable $ 10,235 $ 10,759 Accrued Liabilities 8,438 7,897 Income Tax Payable 9 9 Total current liabilities 18,682 18,665 Non-current Liabilities 50 50 Total Liabilities $ 18,000 $ 17,968 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,443 $ 2,443 $ - $ - Interest rate swaps 1,509 - 1,509 - Liabilities Foreign exchange contracts $ 4,070 $ - $ 4,070 $ - Contingent acquisition payments (a) 7,362 - - 7,362 June 30, 2018 Total Level 1 Level 2 Level 3 Assets Marketable securities - deferred compensation plan $ 2,362 $ 2,362 $ - $ - Foreign exchange contracts 1,357 - 1,357 - Interest rate swaps 1,325 - 1,325 - Liabilities Foreign exchange contracts $ 4,204 $ - $ 4,204 $ - Contingent acquisition payments (a) 7,535 - - 7,535 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 3 0 , 201 8 June 30, 201 8 Raw materials $ 52,993 $ 46,833 Work in process 31,580 30,526 Finished goods 27,114 26,941 Total $ 111,687 $ 104,300 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, 2018 Discontinued Operations Restated June 30, 2018 Acquisitions Translation Adjustment September 30, 2018 Food Service Equipment $ 63,464 $ (40,011 ) $ 23,453 $ - $ - $ 23,453 Engraving 26,697 - 26,697 33,295 (76 ) 59,916 Engineering Technologies 44,247 - 44,247 - (123 ) 44,124 Electronics 113,798 - 113,798 20,142 (1,863 ) 132,077 Hydraulics 3,059 - 3,059 - - 3,059 Corporate & Other 497 - 497 - (105 ) 392 Total $ 251,762 $ (40,011 ) $ 211,751 $ 53,437 $ (2,167 ) $ 263,021 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Intangible Assets, Excluding Goodwill [Table Text Block] | Tradenames Customer Relationships (Indefinite- lived) Developed Technology Other Total September 30, 2018 Cost $ 65,331 $ 21,008 $ 47,051 $ 4,760 $ 138,150 Accumulated amortization (19,333 ) - (5,507 ) (2,894 ) (27,734 ) Balance, September 30, 2018 $ 45,998 $ 21,008 $ 41,544 $ 1,866 $ 110,416 June 30, 2018 Cost $ 48,285 $ 11,102 $ 48,281 $ 4,025 $ 111,693 Accumulated amortization (19,134 ) - (4,709 ) (2,912 ) (26,755 ) Balance, June 30, 2018 $ 29,151 $ 11,102 $ 43,572 $ 1,113 $ 84,938 |
Note 9 - Warranties (Tables)
Note 9 - Warranties (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | September 3 0 , 201 8 June 30, 201 8 Balance at beginning of year $ 4,966 $ 4,667 Acquisitions and other (117 ) (138 ) Warranty expense 831 6,248 Warranty claims (1,043 ) (5,811 ) Balance at end of period $ 4,637 $ 4,966 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 201 8 June 30, 201 8 Bank credit agreements $ 299,500 $ 194,000 Total funded debt 299,500 194,000 Issuance cost (62 ) (228 ) Total long-term debt $ 299,438 $ 193,772 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year September 3 0 , 201 8 2019 $ - 2020 (matures Dec 2019) 299,500 2021 - 2022 - 2023 - Thereafter - Total debt 299,500 Issuance cost (62 ) Debt net of issuance cost $ 299,438 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notional Amount Fixed Interest Rate Maturity September 30, 201 8 June 30, 201 8 December 18, 2015 15,000 1.46 % December 19, 2018 $ 30 $ 55 December 19, 2015 10,000 2.01 % December 19, 2019 82 74 May 24, 2017 25,000 1.88 % April 24, 2022 874 764 May 24, 2017 25,000 1.67 % May 24, 2020 451 432 August 6, 2018 25,000 2.83 % August 6, 2023 72 - $ 1,509 $ 1,325 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Currency September 3 0 , 201 8 June 30, 201 8 USD 59,786 64,558 Euro 13,250 21,300 Pound Sterling 6,750 6,826 Peso 54,000 54,000 Canadian 20,600 20,600 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Asset Derivatives September 3 0 , 201 8 June 30, 2 01 8 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Interest rate swaps Other Assets $ 1,509 Other Assets $ 1,325 Foreign exchange contracts Other Assets - Other Assets 1,357 $ 1,509 $ 2,682 Liability Derivatives September 3 0 , 201 8 June 30, 201 8 Derivative designated Balance Balance as hedging instruments Sheet Sheet Line Item Fair Value Line Item Fair Value Foreign exchange contracts Accrued Liabilities 4,070 Accrued Liabilities 4,204 $ 4,070 $ 4,204 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended September 30, 201 8 201 7 Interest rate swaps $ 397 $ 286 Foreign exchange contracts (34 ) 488 $ 363 $ 774 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Three Months Ended Affected line item Income (Loss) Components September 3 0 , in the Statements 201 8 201 7 of Operations Interest rate swaps $ (61 ) $ 151 Interest expense Foreign exchange contracts - - Cost of sales Foreign exchange contracts (598 ) - Interest expense $ (659 ) $ 151 |
Note 12 - Retirement Benefits (
Note 12 - Retirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ 1 $ 1 $ 9 $ 9 Interest cost 2,586 2,520 254 254 Expected return on plan assets (3,385 ) (3,354 ) (228 ) (231 ) Recognized net actuarial loss 1,030 1,145 86 229 Amortization of prior service cost - - - (8 ) Net periodic benefit cost $ 232 $ 312 $ 121 $ 253 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 3 0 , 201 8 201 7 Basic - Average shares outstanding 12,716 12,676 Effect of dilutive securities: Unvested, restricted stock awards 92 92 Diluted - Average shares outstanding 12,808 12,768 |
Note 15 - Comprehensive Incom_2
Note 15 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 3 0 , 201 8 June 30, 201 8 Foreign currency translation adjustment $ (31,035 ) $ (25,013 ) Unrealized pension losses, net of tax (93,957 ) (95,112 ) Unrealized losses on derivative instruments, net of tax (2,113 ) (1,734 ) Total $ (127,105 ) $ (121,859 ) |
Note 17 - Industry Segment In_2
Note 17 - Industry Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 3 0 , Net Sales Income from Operations 201 8 201 7 201 8 201 7 Segment: Food Service Equipment $ 72,331 $ 77,827 $ 6,668 $ 8,319 Engraving 35,979 32,829 7,547 7,596 Engineering Technologies 20,784 20,267 1,775 1,181 Electronics 51,450 46,816 12,787 10,283 Hydraulics 12,536 11,403 1,583 1,872 Restructuring costs (447 ) (2,958 ) Corporate (6,580 ) (6,637 ) Acquisition-related costs (688 ) (1,005 ) Sub-total $ 193,080 $ 189,142 $ 22,645 $ 18,651 Interest expense (2,244 ) (1,721 ) Other non-operating income (201 ) 29 Income from continuing operations before income taxes $ 20,200 $ 16,959 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, 2018 June 30, 2018 Food Service Equipment $ 154,507 $ 149,743 Engraving 218,346 149,973 Engineering Technologies 143,413 150,150 Electronics 337,364 318,564 Hydraulics 27,937 25,646 Corporate & Other 29,992 23,031 Discontinued Operations 98,048 99,830 Total $ 1,009,607 $ 916,937 |
Note 18 - Restructuring (Tables
Note 18 - Restructuring (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended September 30, 2018 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ - $ 350 $ 350 Prior year initiatives 85 12 97 $ 85 $ 362 $ 447 Three Months Ended September 30, 2017 Involuntary Employee Severance and Benefit Costs Other Total Restructuring initiatives $ 1,636 $ 547 $ 2,183 Prior year initiatives 42 733 775 $ 1,678 $ 1,280 $ 2,958 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Current Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2018 $ - $ - $ - Additions and adjustments - 350 350 Payments - - - Restructuring liabilities at September 30, 2018 $ - $ 350 $ 350 Prior Year Initiatives Involuntary Employee Severance and Benefit Costs Other Total Restructuring liabilities at June 30, 2017 $ 456 $ 25 $ 481 Additions and adjustments 85 12 97 Payments (416 ) (18 ) (434 ) Restructuring liabilities at September 30, 2017 $ 125 $ 19 $ 144 |
Restructuring Expenses By Segment [Table Text Block] | Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Involuntary Employee Severance and Benefit Costs Other Total Involuntary Employee Severance and Benefit Costs Other Total Food Service Equipment $ 21 $ - $ 21 $ 789 $ 427 $ 1,216 Engraving 17 - 17 715 94 809 Engineering Technologies 47 - 47 42 724 766 Electronics - 12 12 132 26 158 Hydraulics - - - - - - Corporate - 350 350 - 9 9 $ 85 $ 362 $ 447 $ 1,678 $ 1,280 $ 2,958 |
Note 1 - Management Statement (
Note 1 - Management Statement (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jul. 01, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 760,397 | $ 773,938 | $ 761,430 | ||
Cost of Goods and Services Sold, Total | 123,828 | $ 123,471 | |||
Accrued Liabilities, Current, Total | 67,077 | 57,136 | $ 57,679 | ||
Reclassified Net Benefit Costs from Cost of Sales to Other Expense Non-operating [Member] | Three Months Ended September 30, 2017 [Member] | |||||
Prior Period Reclassification Adjustment | 200 | ||||
Reclassified Net Benefit Costs from Selling, General and Administrative Expenses to Other Expense Non-operating [Member] | Three Months Ended September 30, 2017 [Member] | |||||
Prior Period Reclassification Adjustment | $ 400 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,033) | $ (1,000) | |||
Cost of Goods and Services Sold, Total | (574) | ||||
Accrued Liabilities, Current, Total | 1,502 | ||||
Accounting Standards Update 2014-09 [Member] | Engineering Technologies Group [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 100 | $ 100 | |||
Cost of Goods and Services Sold, Total | 600 | ||||
Accrued Liabilities, Current, Total | $ (1,500) |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,828,000 | $ 10,397,000 | |||||
Goodwill, Ending Balance | $ 263,021,000 | 263,021,000 | $ 263,021,000 | $ 211,751,000 | |||
Agile Magnetics [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 13,718,000 | 13,718,000 | 13,718,000 | ||||
Goodwill, Ending Balance | 20,142,000 | 20,142,000 | 20,142,000 | ||||
Agile Magnetics [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 7,800,000 | 7,800,000 | 7,800,000 | ||||
Agile Magnetics [Member] | Trademarks [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,900,000 | 5,900,000 | 5,900,000 | ||||
Tenibac-Graphion, Inc. [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726,000 | $ 57,300,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 15,960,000 | 16,000,000 | 15,960,000 | 15,960,000 | |||
Goodwill, Ending Balance | 32,949,000 | 32,900,000 | 32,949,000 | 32,949,000 | |||
Tenibac-Graphion, Inc. [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 10,400,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||||||
Tenibac-Graphion, Inc. [Member] | Trademarks [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 4,200,000 | ||||||
Tenibac-Graphion, Inc. [Member] | Other Intangible Assets [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,400,000 | ||||||
Piazza Rosa Group [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 10,056,000 | 900,000 | 10,100,000 | 12,673,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,472,000 | 4,087,000 | 3,472,000 | 4,087,000 | 3,472,000 | ||
Goodwill, Ending Balance | 7,076,000 | 6,218,000 | 7,076,000 | 6,218,000 | 7,076,000 | ||
Other Payments to Acquire Businesses | 2,800,000 | 2,617,000 | |||||
Goodwill, Purchase Accounting Adjustments | 900,000 | 858,000 | |||||
Piazza Rosa Group [Member] | Trademarks (Indefinite-Lived) [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,600,000 | 1,600,000 | |||||
Piazza Rosa Group [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,300,000 | $ 2,300,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||
Piazza Rosa Group [Member] | Other Intangible Assets [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 200,000 | $ 200,000 | |||||
Horizon Scientific Inc. [Member] | |||||||
Business Combination, Deferred Compensation Due on Second Anniversary | 3,000,000 | 3,000,000 | 3,000,000 | ||||
Business Combination, Deferred Compensation Due on Third Anniversary | $ 5,600,000 | 5,600,000 | $ 5,600,000 | ||||
Business Combination, Deferred Compensation Arrangements | $ 700,000 |
Note 2 - Acquisitions - Compone
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Agile Magnetics (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,828 | $ 10,397 | ||
Goodwill, Ending Balance | $ 263,021 | 263,021 | $ 211,751 | |
Agile Magnetics [Member] | ||||
Cash payments | 39,194 | |||
Less, cash acquired | (1) | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 39,193 | |||
Other acquired assets | 1,928 | 1,928 | ||
Inventories | 2,506 | 2,506 | ||
Property, plant, and equipment | 1,318 | 1,318 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 13,718 | 13,718 | ||
Goodwill, Ending Balance | 20,142 | 20,142 | ||
Liabilities assumed | (419) | (419) | ||
Total | $ 39,193 | $ 39,193 |
Note 2 - Acquisitions - Compo_2
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Tennibac-Graphion Inc. (Details) - USD ($) | Sep. 30, 2018 | Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 96,828,000 | $ 10,397,000 | |||
Goodwill, Ending Balance | $ 263,021,000 | 263,021,000 | $ 211,751,000 | ||
Tenibac-Graphion, Inc. [Member] | |||||
Cash payments | 57,284 | ||||
Less cash acquired | (558) | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 56,726,000 | $ 57,300,000 | |||
Other acquired assets | 5,023,000 | 5,023,000 | |||
Inventories | 324,000 | 324,000 | |||
Customer backlog | 1,000,000 | 1,000,000 | |||
Property, plant, and equipment | 2,490,000 | 2,490,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 15,960,000 | 16,000,000 | 15,960,000 | ||
Goodwill, Ending Balance | 32,949,000 | $ 32,900,000 | 32,949,000 | ||
Liabilities assumed | (1,020,000) | (1,020,000) | |||
Total | $ 56,726 | $ 56,726 |
Note 2 - Acquisitions - Compo_3
Note 2 - Acquisitions - Components of Fair Value of Acquisitions and Allocation of Purchase Price For Acquisition of Piazza Rosa Group (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Jun. 30, 2018 |
Total | $ 96,828 | $ 10,397 | |||
Goodwill | 263,021 | $ 263,021 | $ 211,751 | ||
Piazza Rosa Group [Member] | |||||
Total cash consideration | $ 10,056 | 10,056 | |||
Fair value of contingent consideration | 2,800 | 2,617 | |||
Fair value of contingent consideration | 2,617 | ||||
Total | 10,056 | 900 | 10,100 | 12,673 | |
Total | 2,617 | ||||
Other acquired assets | 2,678 | 4,342 | 2,678 | 4,342 | |
Other acquired assets | 1,664 | ||||
Inventories | 637 | 635 | 637 | 635 | |
Inventories | (2) | ||||
Property, plant, and equipment | 5,005 | 5,563 | 5,005 | 5,563 | |
Property, plant, and equipment | 558 | ||||
Identifiable intangible assets | 4,087 | 3,472 | 4,087 | 3,472 | |
Identifiable intangible assets | (615) | ||||
Goodwill | 6,218 | 7,076 | 6,218 | 7,076 | |
Goodwill | 900 | 858 | |||
Liabilities assumed | (7,387) | (7,387) | (7,387) | (7,387) | |
Liabilities assumed | |||||
Deferred taxes | (1,182) | (1,028) | (1,182) | (1,028) | |
Deferred taxes | 154 | ||||
Total | $ 10,056 | $ 12,673 | $ 10,056 | 12,673 | |
Total | $ 2,617 |
Note 2 - Acquisitions - Compo_4
Note 2 - Acquisitions - Components of Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Acquisition related expenses | $ 688 | $ 1,005 |
Deferred Compensation Arrangements [Member] | ||
Acquisition related expenses | 667 | 703 |
Acquisition-related Costs [Member] | ||
Acquisition related expenses | $ 21 | $ 302 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jul. 01, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 760,397 | $ 773,938 | $ 761,430 | ||
Revenue from Contract with Customer, Including Assessed Tax | 193,080 | $ 189,142 | |||
Cost of Goods and Services Sold, Total | 123,828 | 123,471 | |||
Accrued Liabilities, Current, Total | 67,077 | 57,136 | $ 57,679 | ||
Engineering Technologies Group [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 20,784 | 20,267 | |||
Food Service Equipment Group [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 72,331 | $ 77,827 | |||
Accounting Standards Update 2014-09 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,033) | $ (1,000) | |||
Revenue from Contract with Customer, Including Assessed Tax | (799) | ||||
Cost of Goods and Services Sold, Total | (574) | ||||
Accrued Liabilities, Current, Total | 1,502 | ||||
Accounting Standards Update 2014-09 [Member] | Engineering Technologies Group [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 100 | $ 100 | |||
Revenue from Contract with Customer, Including Assessed Tax | 700 | ||||
Cost of Goods and Services Sold, Total | 600 | ||||
Accrued Liabilities, Current, Total | (1,500) | ||||
Accounting Standards Update 2014-09 [Member] | Food Service Equipment Group [Member] | |||||
Accrued Liabilities, Current, Total | $ (1,500) |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Effects on Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2017 |
Net sales | $ 193,080 | $ 189,142 | ||||
Cost of Sales | 123,828 | 123,471 | ||||
Income tax expense | 5,842 | 4,262 | ||||
Net Loss | 15,857 | 13,998 | ||||
Inventories | $ 126,649 | 111,687 | $ 127,223 | |||
Accounts receivable | 134,931 | 123,804 | 119,783 | |||
Accrued liabilities | 67,077 | 57,136 | 57,679 | |||
Deferred income taxes | 26,476 | 26,816 | ||||
Retained earnings | 760,397 | 773,938 | 761,430 | |||
Net sales | 193,080 | 189,142 | ||||
Cost of sales | 123,828 | 123,471 | ||||
Gross profit | 69,252 | 65,671 | ||||
Selling, general, and administrative expenses | 45,472 | 43,057 | ||||
Restructuring costs | 447 | 2,958 | ||||
Acquisition related expenses | 688 | 1,005 | ||||
Total operating expenses | 46,607 | 47,020 | ||||
Income from operations | 22,645 | 18,651 | ||||
Interest expense | (2,244) | (1,721) | ||||
Other non-operating income (expense) | (201) | 29 | ||||
Income from continuing operations before income taxes | 20,200 | 16,959 | ||||
Provision for income taxes | 5,842 | 4,262 | ||||
Income from continuing operations | 14,358 | 12,697 | ||||
Income (loss) from discontinued operations, net of income taxes | 1,499 | 1,301 | ||||
Net income (loss) | $ 15,857 | $ 13,998 | ||||
Basic earnings (loss) per share: | ||||||
Basic earnings (loss) per share, continuing operations (in dollars per share) | $ 1.13 | $ 1 | ||||
Basic earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | 0.10 | ||||
Basic earnings (loss) per share, total (in dollars per share) | 1.25 | 1.10 | ||||
Diluted earnings (loss) per share: | ||||||
Diluted earnings (loss) per share, continuing operations (in dollars per share) | 1.12 | 0.99 | ||||
Diluted earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | 0.10 | ||||
Diluted earnings (loss) per share, total (in dollars per share) | $ 1.24 | $ 1.09 | ||||
Cash and cash equivalents | $ 109,270 | $ 75,270 | 109,602 | $ 88,566 | ||
Accounts receivable | 134,931 | 123,804 | 119,783 | |||
Inventories | 126,649 | 111,687 | 127,223 | |||
Prepaid expenses and other current assets | 15,135 | 10,255 | ||||
Income taxes receivable | 615 | 2,348 | ||||
Current assets- Discontinued Operations | 36,315 | 37,671 | ||||
Total current assets | 396,826 | 383,959 | ||||
Property, plant, and equipment, net | 139,707 | 136,934 | ||||
Intangible assets, net | 110,416 | 84,938 | ||||
Goodwill | 263,021 | 211,751 | ||||
Deferred tax asset | 6,816 | 7,447 | ||||
Other non-current assets | 31,088 | 29,749 | ||||
Long-term assets- Discontinued Operations | 61,733 | 62,159 | ||||
Total non-current assets | 612,781 | 532,978 | ||||
Total Assets | 1,009,607 | 916,937 | ||||
Accounts payable | 63,161 | 78,947 | ||||
Accrued liabilities | 67,077 | 57,136 | 57,679 | |||
Income taxes payable | 5,790 | 6,050 | ||||
Current liabilities- Discontinued Operations | 18,682 | 18,665 | ||||
Total current liabilities | 144,769 | 161,341 | ||||
Long-term debt | 299,438 | 193,772 | ||||
Accrued pension and other non-current liabilities | 105,320 | 110,979 | ||||
Non-current liabilities- Discontinued Operations | 50 | 50 | ||||
Total non-current liabilities | 404,808 | 304,801 | ||||
Common stock | 41,976 | 41,976 | ||||
Additional paid-in capital | 63,280 | 61,328 | ||||
Retained earnings | 760,397 | 773,938 | 761,430 | |||
Accumulated other comprehensive loss | (127,105) | (121,859) | ||||
Treasury shares: 15,241,571 shares at September 30, 2018 and 15,278,716 shares at June 30, 2018 | (292,059) | (292,080) | ||||
Total stockholders’ equity | 460,030 | 450,795 | ||||
Total liabilities and stockholders’ equity | 1,009,607 | $ 916,937 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Net sales | 190,037 | |||||
Cost of Sales | 121,332 | |||||
Income tax expense | 5,684 | |||||
Net Loss | 15,492 | |||||
Inventories | 114,183 | |||||
Accounts receivable | 120,541 | |||||
Accrued liabilities | 57,648 | |||||
Retained earnings | 773,573 | |||||
Net sales | 190,037 | |||||
Cost of sales | 121,332 | |||||
Gross profit | 68,705 | |||||
Selling, general, and administrative expenses | 45,472 | |||||
Restructuring costs | 447 | |||||
Acquisition related expenses | 688 | |||||
Total operating expenses | 46,607 | |||||
Income from operations | 22,098 | |||||
Interest expense | (2,244) | |||||
Other non-operating income (expense) | (201) | |||||
Income from continuing operations before income taxes | 19,653 | |||||
Provision for income taxes | 5,684 | |||||
Income from continuing operations | 13,969 | |||||
Income (loss) from discontinued operations, net of income taxes | 1,523 | |||||
Net income (loss) | $ 15,492 | |||||
Basic earnings (loss) per share: | ||||||
Basic earnings (loss) per share, continuing operations (in dollars per share) | $ 1.10 | |||||
Basic earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | |||||
Basic earnings (loss) per share, total (in dollars per share) | 1.22 | |||||
Diluted earnings (loss) per share: | ||||||
Diluted earnings (loss) per share, continuing operations (in dollars per share) | 1.09 | |||||
Diluted earnings (loss) per share, discontinued operations (in dollars per share) | 0.12 | |||||
Diluted earnings (loss) per share, total (in dollars per share) | $ 1.21 | |||||
Cash and cash equivalents | $ 109,270 | |||||
Accounts receivable | 120,541 | |||||
Inventories | 114,183 | |||||
Prepaid expenses and other current assets | 15,135 | |||||
Income taxes receivable | 615 | |||||
Current assets- Discontinued Operations | 36,315 | |||||
Total current assets | 396,059 | |||||
Property, plant, and equipment, net | 139,707 | |||||
Intangible assets, net | 110,416 | |||||
Goodwill | 263,021 | |||||
Deferred tax asset | 6,816 | |||||
Other non-current assets | 31,088 | |||||
Long-term assets- Discontinued Operations | 61,733 | |||||
Total non-current assets | 612,781 | |||||
Total Assets | 1,008,840 | |||||
Accounts payable | 63,161 | |||||
Accrued liabilities | 57,648 | |||||
Income taxes payable | 5,632 | |||||
Current liabilities- Discontinued Operations | 17,926 | |||||
Total current liabilities | 144,367 | |||||
Long-term debt | 299,438 | |||||
Accrued pension and other non-current liabilities | 105,320 | |||||
Non-current liabilities- Discontinued Operations | 50 | |||||
Total non-current liabilities | 404,808 | |||||
Common stock | 41,976 | |||||
Additional paid-in capital | 63,280 | |||||
Retained earnings | 773,573 | |||||
Accumulated other comprehensive loss | (127,105) | |||||
Treasury shares: 15,241,571 shares at September 30, 2018 and 15,278,716 shares at June 30, 2018 | (292,059) | |||||
Total stockholders’ equity | 459,665 | |||||
Total liabilities and stockholders’ equity | 1,008,840 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Net sales | (799) | |||||
Cost of Sales | (574) | |||||
Income tax expense | 340 | |||||
Net Loss | (1,033) | |||||
Inventories | (574) | |||||
Accounts receivable | 703 | |||||
Accrued liabilities | 1,502 | |||||
Deferred income taxes | (340) | |||||
Retained earnings | (1,033) | $ (1,000) | ||||
Net sales | (799) | |||||
Cost of sales | (574) | |||||
Provision for income taxes | 340 | |||||
Net income (loss) | (1,033) | |||||
Diluted earnings (loss) per share: | ||||||
Accounts receivable | 703 | |||||
Inventories | (574) | |||||
Accrued liabilities | 1,502 | |||||
Retained earnings | $ (1,033) | $ (1,000) | ||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Net sales | (3,043) | |||||
Cost of Sales | (2,496) | |||||
Income tax expense | (158) | |||||
Net Loss | (365) | |||||
Inventories | 2,496 | |||||
Accounts receivable | (3,263) | |||||
Accrued liabilities | (220) | |||||
Retained earnings | (365) | |||||
Net sales | (3,043) | |||||
Cost of sales | (2,496) | |||||
Gross profit | (547) | |||||
Selling, general, and administrative expenses | ||||||
Restructuring costs | ||||||
Acquisition related expenses | ||||||
Total operating expenses | ||||||
Income from operations | (547) | |||||
Interest expense | ||||||
Other non-operating income (expense) | ||||||
Income from continuing operations before income taxes | (547) | |||||
Provision for income taxes | (158) | |||||
Income from continuing operations | (389) | |||||
Income (loss) from discontinued operations, net of income taxes | 24 | |||||
Net income (loss) | $ (365) | |||||
Basic earnings (loss) per share: | ||||||
Basic earnings (loss) per share, continuing operations (in dollars per share) | $ (0.03) | |||||
Basic earnings (loss) per share, discontinued operations (in dollars per share) | 0 | |||||
Basic earnings (loss) per share, total (in dollars per share) | (0.30) | |||||
Diluted earnings (loss) per share: | ||||||
Diluted earnings (loss) per share, continuing operations (in dollars per share) | (0.30) | |||||
Diluted earnings (loss) per share, discontinued operations (in dollars per share) | 0 | |||||
Diluted earnings (loss) per share, total (in dollars per share) | $ (0.30) | |||||
Cash and cash equivalents | ||||||
Accounts receivable | (3,263) | |||||
Inventories | 2,496 | |||||
Prepaid expenses and other current assets | ||||||
Income taxes receivable | ||||||
Current assets- Discontinued Operations | ||||||
Total current assets | (767) | |||||
Property, plant, and equipment, net | ||||||
Intangible assets, net | ||||||
Goodwill | ||||||
Deferred tax asset | ||||||
Other non-current assets | ||||||
Long-term assets- Discontinued Operations | ||||||
Total non-current assets | ||||||
Total Assets | (767) | |||||
Accounts payable | ||||||
Accrued liabilities | (220) | |||||
Income taxes payable | (158) | |||||
Current liabilities- Discontinued Operations | (24) | |||||
Total current liabilities | (402) | |||||
Long-term debt | ||||||
Accrued pension and other non-current liabilities | ||||||
Non-current liabilities- Discontinued Operations | ||||||
Total non-current liabilities | ||||||
Common stock | ||||||
Additional paid-in capital | ||||||
Retained earnings | (365) | |||||
Accumulated other comprehensive loss | ||||||
Treasury shares: 15,241,571 shares at September 30, 2018 and 15,278,716 shares at June 30, 2018 | ||||||
Total stockholders’ equity | (365) | |||||
Total liabilities and stockholders’ equity | $ (767) |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Revenue Disaggregated (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 193,080 | $ 189,142 |
Transferred at Point in Time [Member] | ||
Net sales | 187,898 | 185,513 |
Transferred over Time [Member] | ||
Net sales | 5,182 | 3,629 |
UNITED STATES | ||
Net sales | 124,729 | |
Asia Pacific [Member] | ||
Net sales | 27,878 | |
EMEA [Member] | ||
Net sales | 35,526 | |
Other Americas [Member] | ||
Net sales | 4,947 | |
Product [Member] | ||
Net sales | 159,225 | 159,149 |
Service [Member] | ||
Net sales | 33,855 | 29,993 |
Food Service Equipment Group [Member] | ||
Net sales | 72,331 | 77,827 |
Food Service Equipment Group [Member] | Refrigeration [Member] | ||
Net sales | 54,545 | 59,742 |
Food Service Equipment Group [Member] | Merchandising & Display [Member] | ||
Net sales | 9,058 | 8,747 |
Food Service Equipment Group [Member] | Pumps [Member] | ||
Net sales | 8,728 | 9,338 |
Engraving Group [Member] | ||
Net sales | 35,979 | 32,829 |
Engraving Group [Member] | Engraving Services [Member] | ||
Net sales | 33,855 | 29,993 |
Engraving Group [Member] | Engraving Products [Member] | ||
Net sales | 2,124 | 2,836 |
Engineering Technologies Group [Member] | ||
Net sales | 20,784 | 20,267 |
Engineering Technologies Group [Member] | Engineering Technologies Components [Member] | ||
Net sales | 20,784 | 20,267 |
Electronics Products Group [Member] | ||
Net sales | 51,450 | 46,816 |
Hydraulics Group [Member] | ||
Net sales | 12,536 | 11,403 |
Hydraulics Group [Member] | Hydraulics Cylinders and System [Member] | ||
Net sales | $ 12,536 | $ 11,403 |
Note 3 - Revenue From Contrac_6
Note 3 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Accounts receivable, balance | $ 5,655 |
Accounts receivable, additions | 5,422 |
Accounts receivable, deductions | 9,525 |
Accounts receivable, balance | 1,552 |
Unbilled services, balance | 5,904 |
Unbilled services, additions | 2,960 |
Unbilled services, deductions | 1,681 |
Unbilled services, balance | 7,183 |
Balance | 2,552 |
Customer deposits, additions | |
Customer deposits, deductions | 503 |
Balance | 2,049 |
Amounts included in the contract liability balance at the beginning of the period | $ 503 |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) | 3 Months Ended |
Sep. 30, 2018 | |
Cooking Solutions Group [Member] | Discontinued Operations [Member] | |
Number of Operating Segments | 3 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Earnings (Losses) and Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Net sales | $ 24,448 | $ 25,237 | |
Income from operations | 1,832 | 2,069 | |
Provision for taxes | 333 | 767 | |
Net income from discontinued operations | 1,499 | $ 1,302 | |
Accounts receivable | 12,242 | $ 14,445 | |
Inventories | 23,281 | 22,923 | |
Prepaid Expenses | 792 | 303 | |
Total current assets | 36,315 | 37,671 | |
Property, plant, equipment, net | 7,571 | 7,637 | |
Intangible assets, net | 12,880 | 13,137 | |
Goodwill | 40,011 | 40,011 | |
Other non-current assets | 1,271 | 1,374 | |
Total non-current assets | 61,733 | 62,159 | |
Total Assets | 98,048 | 99,830 | |
Accounts Payable | 10,235 | 10,759 | |
Accrued Liabilities | 8,438 | 7,897 | |
Income Tax Payable | 9 | 9 | |
Total current liabilities | 18,682 | 18,665 | |
Non-current Liabilities | 50 | 50 | |
Total Liabilities | $ 18,000 | $ 17,968 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | |
Interest rate swaps | $ 1,509 | $ 1,325 | |
Foreign exchange contracts | 4,070 | 1,357 | |
Contingent acquisition payments (a) | [1] | 7,362 | 7,535 |
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Contingent acquisition payments (a) | [1] | ||
Foreign exchange contracts | |||
Fair Value, Inputs, Level 2 [Member] | |||
Interest rate swaps | 1,509 | 1,325 | |
Foreign exchange contracts | 4,070 | 1,357 | |
Contingent acquisition payments (a) | [1] | ||
Foreign exchange contracts | 4,204 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Interest rate swaps | |||
Foreign exchange contracts | |||
Contingent acquisition payments (a) | [1] | 7,362 | 7,535 |
Foreign exchange contracts | |||
Deferred Compensation Plan [Member] | |||
Marketable securities - deferred compensation plan | 2,443 | 2,362 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities - deferred compensation plan | 2,443 | 2,362 | |
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities - deferred compensation plan | |||
Deferred Compensation Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities - deferred compensation plan | |||
[1] | The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Selling Expense | $ 4.1 | $ 4.5 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
Raw materials | $ 52,993 | $ 46,833 | |
Work in process | 31,580 | 30,526 | |
Finished goods | 27,114 | 26,941 | |
Total | $ 111,687 | $ 126,649 | $ 127,223 |
Note 7 - Goodwill - Changes to
Note 7 - Goodwill - Changes to Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill | $ 211,751 |
Beginning balance, goodwill | 211,751 |
Acquisition | 53,437 |
Translation adjustment | (2,167) |
Ending balance, goodwill | 263,021 |
Previously Reported [Member] | |
Goodwill | 251,762 |
Beginning balance, goodwill | 251,762 |
Restatement Adjustment [Member] | |
Goodwill | (40,011) |
Beginning balance, goodwill | (40,011) |
Food Service Equipment Group [Member] | |
Goodwill | 23,453 |
Beginning balance, goodwill | 23,453 |
Acquisition | |
Translation adjustment | |
Ending balance, goodwill | 23,453 |
Food Service Equipment Group [Member] | Previously Reported [Member] | |
Goodwill | 63,464 |
Beginning balance, goodwill | 63,464 |
Food Service Equipment Group [Member] | Restatement Adjustment [Member] | |
Goodwill | (40,011) |
Beginning balance, goodwill | (40,011) |
Engraving Group [Member] | |
Goodwill | 26,697 |
Beginning balance, goodwill | 26,697 |
Acquisition | 33,295 |
Translation adjustment | (76) |
Ending balance, goodwill | 59,916 |
Engraving Group [Member] | Previously Reported [Member] | |
Goodwill | 26,697 |
Beginning balance, goodwill | 26,697 |
Engraving Group [Member] | Restatement Adjustment [Member] | |
Goodwill | |
Beginning balance, goodwill | |
Engineering Technologies Group [Member] | |
Goodwill | 44,247 |
Beginning balance, goodwill | 44,247 |
Acquisition | |
Translation adjustment | (123) |
Ending balance, goodwill | 44,124 |
Engineering Technologies Group [Member] | Previously Reported [Member] | |
Goodwill | 44,247 |
Beginning balance, goodwill | 44,247 |
Engineering Technologies Group [Member] | Restatement Adjustment [Member] | |
Goodwill | |
Beginning balance, goodwill | |
Electronics Products Group [Member] | |
Goodwill | 113,798 |
Beginning balance, goodwill | 113,798 |
Acquisition | 20,142 |
Translation adjustment | (1,863) |
Ending balance, goodwill | 132,077 |
Electronics Products Group [Member] | Previously Reported [Member] | |
Goodwill | 113,798 |
Beginning balance, goodwill | 113,798 |
Electronics Products Group [Member] | Restatement Adjustment [Member] | |
Goodwill | |
Beginning balance, goodwill | |
Hydraulics Products Group [Member] | |
Goodwill | 3,059 |
Beginning balance, goodwill | 3,059 |
Acquisition | |
Translation adjustment | |
Ending balance, goodwill | 3,059 |
Hydraulics Products Group [Member] | Previously Reported [Member] | |
Goodwill | 3,059 |
Beginning balance, goodwill | 3,059 |
Hydraulics Products Group [Member] | Restatement Adjustment [Member] | |
Goodwill | |
Beginning balance, goodwill | |
Corporate and Other [Member] | |
Goodwill | 497 |
Beginning balance, goodwill | 497 |
Acquisition | |
Translation adjustment | (105) |
Ending balance, goodwill | 392 |
Corporate and Other [Member] | Previously Reported [Member] | |
Goodwill | 497 |
Beginning balance, goodwill | 497 |
Corporate and Other [Member] | Restatement Adjustment [Member] | |
Goodwill | |
Beginning balance, goodwill |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 1.9 | $ 1.9 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 7.6 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9.6 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9.3 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8.9 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8.3 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 45.7 |
Note 8 - Intangible Assets - Su
Note 8 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Cost | $ 138,150 | $ 111,693 |
Accumulated amortization | (27,734) | (26,755) |
Intangible assets, net | 110,416 | 84,938 |
Trademarks [Member] | ||
Cost | 21,008 | 11,102 |
Accumulated amortization | ||
Intangible assets, net | 21,008 | 11,102 |
Customer Relationships [Member] | ||
Cost | 65,331 | 48,285 |
Accumulated amortization | (19,333) | (19,134) |
Intangible assets, net | 45,998 | 29,151 |
Acquired Technology [Member] | ||
Cost | 47,051 | 48,281 |
Accumulated amortization | (5,507) | (4,709) |
Intangible assets, net | 41,544 | 43,572 |
Other Intangible Assets [Member] | ||
Cost | 4,760 | 4,025 |
Accumulated amortization | (2,894) | (2,912) |
Intangible assets, net | $ 1,866 | $ 1,113 |
Note 9 - Warranties - Changes i
Note 9 - Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Jun. 30, 2018 | |
Balance at beginning of year | $ 4,966 | $ 4,667 |
Acquisitions and other | (117) | (138) |
Warranty expense | 831 | 6,248 |
Warranty claims | (1,043) | (5,811) |
Balance at end of period | $ 4,637 | $ 4,966 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2018 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 93.1 | |
Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |
Line Of Credit, Accordion Feature | 100 | |
Swing Line Loan [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | $ 7.4 |
Note 10 - Debt - Long-term Debt
Note 10 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Funded debt | $ 299,500 | $ 194,000 |
Issuance cost | (62) | (228) |
Total long-term debt | 299,438 | 193,772 |
Line of Credit [Member] | ||
Funded debt | $ 299,500 | $ 194,000 |
Note 10 - Debt - Maturities of
Note 10 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
2,019 | ||
2020 (matures Dec 2019) | 299,500 | |
2,021 | ||
2,022 | ||
2,023 | ||
Thereafter | ||
Total debt | 299,500 | $ 194,000 |
Issuance cost | (62) | (228) |
Debt net of issuance cost | $ 299,438 | $ 193,772 |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 100,000 | |
Derivative, Average Fixed Interest Rate | 2.01% | |
Foreign Exchange Contract [Member] | ||
Outstanding Forward Contracts, Net Unrealized Gain (Loss) | $ (4,100) | $ (2,900) |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Fair Value of Swaps Recognized in Accrued Liabilities and in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | |
Fair Value, Asset | $ 1,509 | $ 1,325 |
Interest Rate Swap Effective December 18, 2015 [Member] | ||
Notional Amount | $ 15,000 | |
Fixed Rate | 1.46% | |
Maturity | Dec. 19, 2018 | |
Fair Value, Asset | $ 30 | 55 |
Interest Rate Swap Effective December 19, 2015 [Member] | ||
Notional Amount | $ 10,000 | |
Fixed Rate | 2.01% | |
Maturity | Dec. 19, 2019 | |
Fair Value, Asset | $ 82 | 74 |
Interest Rate Swap Effective May 24, 2017 Number One [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.88% | |
Maturity | Apr. 24, 2022 | |
Fair Value, Asset | $ 874 | 764 |
Interest Rate Swap Effective May 24, 2017 Number Two [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 1.67% | |
Maturity | May 24, 2020 | |
Fair Value, Asset | $ 451 | 432 |
Interest Rate Swap Effective August 6, 2018 [Member] | ||
Notional Amount | $ 25,000 | |
Fixed Rate | 2.83% | |
Maturity | Aug. 6, 2023 | |
Fair Value, Asset | $ 72 |
Note 11 - Derivative Financia_5
Note 11 - Derivative Financial Instruments - Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contract [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Millions, $ in Millions | Sep. 30, 2018USD ($) | Sep. 30, 2018CAD ($) | Sep. 30, 2018GBP (£) | Sep. 30, 2018EUR (€) | Sep. 30, 2018MXN ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018GBP (£) | Jun. 30, 2018EUR (€) | Jun. 30, 2018MXN ($) |
United States of America, Dollars | ||||||||||
Derivative, Notional Amount | $ 59,786 | $ 64,558 | ||||||||
Euro Member Countries, Euro | ||||||||||
Derivative, Notional Amount | € | € 13,250 | € 21,300 | ||||||||
United Kingdom, Pounds | ||||||||||
Derivative, Notional Amount | £ | £ 6,750 | £ 6,826 | ||||||||
Mexico, Pesos | ||||||||||
Derivative, Notional Amount | $ 54 | $ 54 | ||||||||
Canada, Dollars | ||||||||||
Derivative, Notional Amount | $ 20.6 | $ 20.6 |
Note 11 - Derivative Financia_6
Note 11 - Derivative Financial Instruments - Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Other Assets [Member] | ||
Unrealized gain (loss) | $ 1,509 | $ 2,682 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Unrealized gain (loss) | 1,509 | 1,325 |
Other Assets [Member] | Foreign Exchange Contract [Member] | ||
Unrealized gain (loss) | 1,357 | |
Other Liabilities [Member] | ||
Liability | 4,070 | 4,204 |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Liability | $ 4,070 | $ 4,204 |
Note 11 - Derivative Financia_7
Note 11 - Derivative Financial Instruments - Gain (Loss) Recognized in Comprehensive Income on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Unrealized gain (loss) | $ 363 | $ 774 |
Interest Rate Swap [Member] | ||
Unrealized gain (loss) | 397 | 286 |
Foreign Exchange Contract [Member] | ||
Unrealized gain (loss) | $ (34) | $ 488 |
Note 11 - Derivative Financia_8
Note 11 - Derivative Financial Instruments - Details About Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated other comprehensive income (loss) component | $ (659) | $ 151 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Accumulated other comprehensive income (loss) component | (61) | 151 |
Foreign Exchange Contract [Member] | Interest Expense [Member] | ||
Accumulated other comprehensive income (loss) component | (598) | |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||
Accumulated other comprehensive income (loss) component |
Note 12 - Retirement Benefits_2
Note 12 - Retirement Benefits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Foreign Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 121 | $ 253 | |
Foreign Plan [Member] | UNITED KINGDOM | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 800 | ||
Foreign Plan [Member] | GERMANY | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 300 | ||
UNITED STATES | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 232 | 312 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,400 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 300 | $ 300 | |
Cooking Solutions Group [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 0 | $ 0 | |
Accounting Standards Update 2017-07 [Member] | Reclassification of Net Benefit Costs From Cost of Sales to Other Non-operating Expense [Member] | Quarter Ended September 30, 2017 [Member] | |||
Prior Period Reclassification Adjustment | 200 | ||
Accounting Standards Update 2017-07 [Member] | Reclassification of Net Benefit Costs From Selling, General, and Administrative Expense to Other Non-operating Expense [Member] | Quarter Ended September 30, 2017 [Member] | |||
Prior Period Reclassification Adjustment | $ 400 |
Note 12 - Retirement Benefits -
Note 12 - Retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
UNITED STATES | ||
Service cost | $ 1 | $ 1 |
Interest cost | 2,586 | 2,520 |
Expected return on plan assets | (3,385) | (3,354) |
Recognized net actuarial loss | 1,030 | 1,145 |
Amortization of prior service cost | ||
Net periodic benefit cost | 232 | 312 |
Foreign Plan [Member] | ||
Service cost | 9 | 9 |
Interest cost | 254 | 254 |
Expected return on plan assets | (228) | (231) |
Recognized net actuarial loss | 86 | 229 |
Amortization of prior service cost | (8) | |
Net periodic benefit cost | $ 121 | $ 253 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 28.90% | 25.10% |
Effective Income Tax Rate Reconciliation, Discontinued Operations, Percent | 0.90% |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Performance Shares [Member] | ||
Share-based Compensation Awards Excluded from Computation of Earnings Per Share Amount | 80,073 | 54,893 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Basic - Average shares outstanding (in shares) | 12,716 | 12,676 |
Unvested, restricted stock awards (in shares) | 92 | 92 |
Diluted - Average shares outstanding (in shares) | 12,808 | 12,768 |
Note 15 - Comprehensive Incom_3
Note 15 - Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Foreign currency translation adjustment | $ (31,035) | $ (25,013) |
Unrealized pension losses, net of tax | (93,957) | (95,112) |
Unrealized losses on derivative instruments, net of tax | (2,113) | (1,734) |
Total | $ (127,105) | $ (121,859) |
Note 17 - Industry Segment In_3
Note 17 - Industry Segment Information (Details Textual) | 3 Months Ended |
Sep. 30, 2018 | |
Number of Reportable Segments | 5 |
Note 17 - Industry Segment In_4
Note 17 - Industry Segment Information - Net Sales and Income (Loss) by Industry Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 193,080 | $ 189,142 |
Income from operations | 22,645 | 18,651 |
Restructuring costs | (447) | (2,958) |
Acquisition-related costs | (688) | (1,005) |
Interest expense | (2,244) | (1,721) |
Other non-operating income | (201) | 29 |
Income from continuing operations before income taxes | 20,200 | 16,959 |
Food Service Equipment Group [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 72,331 | 77,827 |
Income from operations | 6,668 | 8,319 |
Restructuring costs | (21) | (1,216) |
Engraving Group [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 35,979 | 32,829 |
Income from operations | 7,547 | 7,596 |
Restructuring costs | (17) | (809) |
Engineering Technologies Group [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 20,784 | 20,267 |
Income from operations | 1,775 | 1,181 |
Restructuring costs | (47) | (766) |
Electronics Products Group [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 51,450 | 46,816 |
Income from operations | 12,787 | 10,283 |
Restructuring costs | (12) | (158) |
Hydraulics Products Group [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 12,536 | 11,403 |
Income from operations | 1,583 | 1,872 |
Corporate and Other [Member] | ||
Income from operations | (6,580) | (6,637) |
Restructuring costs | $ (350) | $ (9) |
Note 17 - Industry Segment In_5
Note 17 - Industry Segment Information - Assets by Industry Segments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Assets | $ 1,009,607 | $ 916,937 |
Discontinued Operations [Member] | ||
Assets | 98,048 | 99,830 |
Food Service Equipment Group [Member] | Continuing Operations [Member] | ||
Assets | 154,507 | 149,743 |
Engraving Group [Member] | Continuing Operations [Member] | ||
Assets | 218,346 | 149,973 |
Engineering Technologies Group [Member] | Continuing Operations [Member] | ||
Assets | 143,413 | 150,150 |
Electronics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 337,364 | 318,564 |
Hydraulics Products Group [Member] | Continuing Operations [Member] | ||
Assets | 27,937 | 25,646 |
Corporate and Other [Member] | Continuing Operations [Member] | ||
Assets | $ 29,992 | $ 23,031 |
Note 18 - Restructuring (Detail
Note 18 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 | |
Restructuring Costs, Total | $ 447 | $ 2,958 | |
Scenario, Forecast [Member] | |||
Restructuring Costs, Total | $ 1,500 |
Note 18 - Restructuring - Summa
Note 18 - Restructuring - Summary of Severance, Restructuring, and Related Charges by Initiative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring charges | $ 447 | $ 2,958 |
Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 85 | 1,678 |
Other Restructuring [Member] | ||
Restructuring charges | 362 | 1,280 |
Current Year Restructuring Initiatives [Member] | ||
Restructuring charges | 350 | 2,183 |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 1,636 | |
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring charges | 350 | 547 |
Prior Year Initiatives [Member] | ||
Restructuring charges | 97 | 775 |
Prior Year Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 85 | 42 |
Prior Year Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring charges | $ 12 | $ 733 |
Note 18 - Restructuring - Sum_2
Note 18 - Restructuring - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Current Year Restructuring Initiatives [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | 350 | |
Payments | ||
Restructuring liabilities | 350 | |
Current Year Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | ||
Payments | ||
Restructuring liabilities | ||
Current Year Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | ||
Additions and adjustments | 350 | |
Payments | ||
Restructuring liabilities | $ 350 | |
2017 Restructuring Initiatives [Member] | ||
Restructuring liabilities | $ 481 | |
Additions and adjustments | 97 | |
Payments | (434) | |
Restructuring liabilities | 144 | |
2017 Restructuring Initiatives [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring liabilities | 456 | |
Additions and adjustments | 85 | |
Payments | (416) | |
Restructuring liabilities | 125 | |
2017 Restructuring Initiatives [Member] | Other Restructuring [Member] | ||
Restructuring liabilities | 25 | |
Additions and adjustments | 12 | |
Payments | (18) | |
Restructuring liabilities | $ 19 |
Note 18 - Restructuring - Sum_3
Note 18 - Restructuring - Summary of Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring charges | $ 447 | $ 2,958 |
Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 85 | 1,678 |
Other Restructuring [Member] | ||
Restructuring charges | 362 | 1,280 |
Food Service Equipment Group [Member] | ||
Restructuring charges | 21 | 1,216 |
Food Service Equipment Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 21 | 789 |
Food Service Equipment Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 427 | |
Engraving Group [Member] | ||
Restructuring charges | 17 | 809 |
Engraving Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 17 | 715 |
Engraving Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 94 | |
Engineering Technologies Group [Member] | ||
Restructuring charges | 47 | 766 |
Engineering Technologies Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 47 | 42 |
Engineering Technologies Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 724 | |
Electronics Products Group [Member] | ||
Restructuring charges | 12 | 158 |
Electronics Products Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | 132 | |
Electronics Products Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | 12 | 26 |
Hydraulics Group [Member] | ||
Restructuring charges | ||
Hydraulics Group [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | ||
Hydraulics Group [Member] | Other Restructuring [Member] | ||
Restructuring charges | ||
Corporate and Other [Member] | ||
Restructuring charges | 350 | 9 |
Corporate and Other [Member] | Involuntary Employee Severance And Benefit Costs [Member] | ||
Restructuring charges | ||
Corporate and Other [Member] | Other Restructuring [Member] | ||
Restructuring charges | $ 350 | $ 9 |