Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation Standex International Corporation (“Standex” or the “Company”) is a diversified industrial manufacturer in five The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. We evaluated subsequent events through the date and time our consolidated financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are not may not June 30, 2024 10 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments purchased with a maturity of three June 30, 2024 2023 ompany’s cash was comprised solely of cash on deposit. |
Marketable Securities, Policy [Policy Text Block] | Trading Securities The Company purchases investments for its non-qualified defined contribution plan for employees who exceed certain thresholds under our traditional 401 June 30, 2024 June 30, 2023 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Allowances The Company has provided an allowance for credit losses. may The changes in the allowances for credit losses accounts during 2024 , 2023 , and 2022 were as follows (in thousands): 2024 2023 2022 Balance at beginning of year $ 2,788 $ 2,214 $ 1,588 Acquisitions and other (18 ) - 104 Provision charged to expense 668 1,521 699 Write-offs, net of recoveries (1,556 ) (947 ) (177 ) Balance at end of year $ 1,882 $ 2,788 $ 2,214 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of ( first first |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets that are used in operations, excluding goodwill and identifiable intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are reported at cost less accumulated depreciation. Depreciation is recorded on assets over their estimated useful lives, generally using the straight-line method. Lives for property, plant and equipment are as follows: Buildings (years) 40 to 50 Leasehold improvements Lesser of useful life or term, unless renewals are deemed to be reasonably assured Machinery and equipment (years) 8 to 15 Furniture and fixtures (years) 3 to 10 Computer hardware and software (years) 3 to 7 Routine maintenance costs are expensed as incurred. Major improvements, including those made to leased facilities, are capitalized. |
Lessee, Leases [Policy Text Block] | Leases At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one not Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not not We have elected not one not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets All business combinations are accounted for using the acquisition method. Goodwill and identifiable intangible assets with indefinite lives are not Customer relationships (years) 5 to 15 Patents (years) 5 to 15 Non-compete agreements (years) 5 Other (years) 10 Developed technology (years) 10 to 20 Trade names are considered to have an indefinite life and are not See discussion of the Company’s assessment of impairment in Note 6 7 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The financial instruments, shown below, are presented at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. When observable prices or inputs are not may Assets and liabilities recorded at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and the methodologies used in valuation are as follows: Level 1 16 Level 2 16 Level 3 The Company did not June 30, 2024 or 2023 . Cash and cash equivalents, accounts receivable, accounts payable and debt are carried at cost, which approximates fair value. The fair values of our financial instruments at June 30, 2024 and 2023 were (in thousands): 2024 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 4,917 $ 4,917 $ - $ - Foreign exchange contracts - - - - Interest rate swaps 4,673 - 4,673 - Debt securities 2,679 - - 2,679 Equity securities 2,009 - - 2,009 Financial Liabilities Contingent consideration(a) $ 660 - - $ 660 2023 Total Level 1 Level 2 Level 3 Financial Assets Marketable securities - deferred compensation plan $ 3,720 $ 3,720 $ - $ - Foreign exchange contracts - - - - Interest rate swaps 10,235 - 10,235 - Debt securities 2,729 - - 2,729 Equity securities 2,046 - - 2,046 Financial Liabilities Foreign exchange contracts $ 1,722 - 1,722 - (a) The fair value of our contingent consideration arrangement is determined based on our evaluation as to the probability and amount of any deferred compensation that has been earned to date. The Company’s financial liabilities based upon Level 3 The Company is obligated to pay contingent consideration to the sellers of GS Engineering in the event that certain revenue and gross margin targets are achieved during the five not third fourth fourth 2020, 2021, 2022, 2023 2024 June 30, 2024 two fourth 2024. The Company has determined the fair value of the liabilities for the contingent consideration based on a probability-weighted analysis. This fair value measurement is based on significant inputs not 3 Additionally, the Company has financial assets based upon Level 3 The Company invested $2.0 million for equity securities of a company whose securities are not not not In the third 2023, one 2024 , August 2024. There have been no 3 2024 The Company will update its assumptions each reporting period based on new developments and record such amounts at fair value based on the revised assumptions until the agreements expire. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company is subject to credit risk through trade receivables. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. No individual customer accounts for more than 5% of revenues or accounts receivable in the periods presented. |
Revenue [Policy Text Block] | Revenue Recognition In general, the Company recognizes revenue at the point in time control transfers to its customer based on predetermined shipping terms. Revenue is recognized over time under certain long-term contracts within the Engineering Technologies and Engraving groups for highly customized customer products that have no |
Cost of Sales and Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Goods Sold and Selling, General and Administrative Expenses The Company includes expenses in either cost of goods sold or selling, general and administrative categories based upon the natural classification of the expenses. Cost of goods sold includes expenses associated with the acquisition, inspection, manufacturing and receiving of materials for use in the manufacturing process. These costs include inbound freight charges, purchasing and receiving costs, inspection costs, internal transfer costs as well as depreciation, amortization, wages, benefits and other costs that are incurred directly or indirectly to support the manufacturing process. Selling, general and administrative includes expenses associated with the distribution of our products, sales effort, administration costs and other costs that are not may not Our total advertising expenses, which are classified under selling, general, and administrative expenses are primarily related to trade shows, and totaled $2.4 million, $2.7 million, a nd $2.3 million for the years ended June 30, 2024 , 2023 , and 2022 , respectively. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenditures are expensed as incurred. Total research and development costs, which are classified under selling, general, and administrative expenses, were $20.5 million, $17.2 million, and $12.2 million for the years ended June 30, 2024 , 2023 , and 2022 , respectively. |
Standard Product Warranty, Policy [Policy Text Block] | Warranties The expected cost associated with warranty obligations on our products is recorded when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may The changes in the continuing operations warranty reserve, which are recorded as accrued liabilities, during 2024 , 2023 , and 2022 were as follows (in thousands): 2024 2023 2022 Balance at beginning of year $ 2,094 $ 1,918 $ 2,086 Acquisitions and other charges 92 - (29 ) Warranty expense 2,230 1,939 1,083 Warranty claims (2,207 ) (1,763 ) (1,222 ) Balance at end of year $ 2,209 $ 2,094 $ 1,918 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Plans Restricted stock awards, including performance-based awards, generally vest over terms from one three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our non-U.S. operations is the local currency. Assets and liabilities of non-U.S. operations are translated into U.S. Dollars on a monthly basis using period-end exchange rates. Revenues and expenses of these operations are translated using monthly average exchange rates. The resulting translation adjustment is reported as a component of comprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income. Gains and losses from foreign currency transactions are included in results of operations and were not |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities The Company recognizes all derivatives on its balance sheet at fair value. Forward foreign currency exchange contracts are periodically used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments from subsidiaries. The Company enters into such contracts for hedging purposes only. The Company has designated certain of these currency contracts as hedges, and changes in the fair value of these contracts are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with these contracts will be reported in net income. The Company also uses interest rate swaps to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company values the swaps based on contract prices in the derivatives market for similar instruments. The Company has designated its interest rate swap agreements, including any that may The Company does not |
Income Tax, Policy [Policy Text Block] | Income Taxes The income tax provision from continuing operations for the fiscal year ended June 30, 2024 June 30, 2023, June 30, 2022. may not one The income tax provision from continuing operations for the fiscal year ended June 30, 2024 The income tax provision from continuing operations for the fiscal year ended June 30, 2023 The income tax provision from continuing operations for the fiscal year ended June 30, 2022 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (share amounts in thousands) 2024 2023 2022 Basic – Average Shares Outstanding 11,763 11,810 11,974 Effect of Dilutive Securities – Stock Options and Restricted Stock Awards 141 199 149 Diluted – Average Shares Outstanding 11,904 12,009 12,123 Both basic and diluted income is the same for computing earnings per share. June 30, 2024, 2023 2022. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, the Company does not may In November 2023, 2023 07, 280 2023 07" 2023 07 December 15, 2023, December 15, 2024. 2025. not In December 2023, 2023 09, 740 December 15, 2024. 2026. |