Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | Aug. 18, 2014 | Aug. 18, 2014 | |
Class A Common Stock | Class B Common Stock | |||
Document Information | ' | ' | ' | ' |
Entity Registrant Name | 'KIMBALL INTERNATIONAL INC | ' | ' | ' |
Entity Central Index Key | '0000055772 | ' | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 7,706,450 | 30,731,157 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float - Class B | ' | $441,900,000 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $136,624 | $103,600 |
Receivables, net of allowances of $2,345 and $2,791, respectively | 175,695 | 160,767 |
Inventories | 140,475 | 123,998 |
Prepaid Expense and Other Assets, Current | 46,998 | 39,013 |
Assets held for sale | 0 | 1,521 |
Total current assets | 499,792 | 428,899 |
Property and Equipment, net of accumulated depreciation of $358,493 and $371,232, respectively | 188,833 | 185,744 |
Goodwill | 2,564 | 2,511 |
Other Intangible Assets, net of accumulated amortization of $61,912 and $62,147, respectively | 4,191 | 5,276 |
Other Assets | 26,766 | 22,089 |
Total Assets | 722,146 | 644,519 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt | 25 | 23 |
Accounts payable | 174,436 | 155,709 |
Dividends payable | 1,883 | 1,863 |
Accrued expenses | 77,256 | 56,856 |
Total current liabilities | 253,600 | 214,451 |
Other Liabilities: | ' | ' |
Long-term debt, less current maturities | 268 | 294 |
Other | 26,745 | 25,268 |
Total other liabilities | 27,013 | 25,562 |
Common stock-par value $0.05 per share: | ' | ' |
Additional paid-in capital | 6,269 | 4,448 |
Retained earnings | 487,040 | 462,957 |
Accumulated other comprehensive income (loss) | 2,440 | -3,477 |
Less: Treasury stock, at cost: | ' | ' |
Total Share Owners' Equity | 441,533 | 404,506 |
Total Liabilities and Share Owners' Equity | 722,146 | 644,519 |
Class A Common Stock | ' | ' |
Common stock-par value $0.05 per share: | ' | ' |
Common Stock | 560 | 601 |
Less: Treasury stock, at cost: | ' | ' |
Treasury Stock | -42,198 | -47,152 |
Class B Common Stock | ' | ' |
Common stock-par value $0.05 per share: | ' | ' |
Common Stock | 1,591 | 1,550 |
Less: Treasury stock, at cost: | ' | ' |
Treasury Stock | ($14,169) | ($14,421) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Accounts and Notes Receivable Allowances | $2,345 | $2,791 |
Property and Equipment Accumulated Depreciation | 358,493 | 371,232 |
Other Intangible Assets Accumulated Amortization | $61,912 | $62,147 |
Class A Common Stock | ' | ' |
Share Owners' Equity | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.05 | $0.05 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 11,212,000 | 12,025,000 |
Treasury Stock, Shares | 3,505,000 | 3,843,000 |
Class B Common Stock | ' | ' |
Share Owners' Equity | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.05 | $0.05 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 31,813,000 | 31,000,000 |
Treasury Stock, Shares | 1,082,000 | 1,101,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net Sales | $1,285,347 | $1,203,134 | $1,142,061 |
Cost of Sales | 1,029,323 | 979,386 | 932,106 |
Gross Profit | 256,024 | 223,748 | 209,955 |
Selling and Administrative Expenses | 220,727 | 200,331 | 188,148 |
Other General Income | -5,688 | 0 | 0 |
Restructuring Expense | 402 | 416 | 3,418 |
Operating Income | 40,583 | 23,001 | 18,389 |
Other Income (Expense): | ' | ' | ' |
Interest income | 220 | 404 | 430 |
Interest expense | -28 | -35 | -35 |
Non-operating income | 3,612 | 2,381 | 1,096 |
Non-operating expense | -1,214 | -3,088 | -2,178 |
Other income (expense), net | 2,590 | -338 | -687 |
Income Before Taxes on Income | 43,173 | 22,663 | 17,702 |
Provision for Income Taxes | 9,712 | 2,784 | 6,068 |
Net Income | $33,461 | $19,879 | $11,634 |
Average Number of Shares Outstanding: | ' | ' | ' |
Average Number of Shares Outstanding, Basic | 38,404 | 38,063 | 37,881 |
Average Number of Shares Outstanding, Diluted | 39,037 | 38,522 | 38,087 |
Class A Common Stock | ' | ' | ' |
Basic Earnings Per Share: | ' | ' | ' |
Basic Earnings Per Share: | $0.85 | $0.50 | $0.29 |
Diluted Earnings Per Share: | ' | ' | ' |
Diluted Earnings Per Share: | $0.84 | $0.49 | $0.29 |
Average Number of Shares Outstanding: | ' | ' | ' |
Average Number of Shares Outstanding, Basic | 8,026 | 8,584 | 10,387 |
Average Number of Shares Outstanding, Diluted | 8,652 | 9,043 | 10,593 |
Class B Common Stock | ' | ' | ' |
Basic Earnings Per Share: | ' | ' | ' |
Basic Earnings Per Share: | $0.88 | $0.53 | $0.31 |
Diluted Earnings Per Share: | ' | ' | ' |
Diluted Earnings Per Share: | $0.86 | $0.52 | $0.31 |
Average Number of Shares Outstanding: | ' | ' | ' |
Average Number of Shares Outstanding, Basic | 30,378 | 29,479 | 27,494 |
Average Number of Shares Outstanding, Diluted | 30,385 | 29,479 | 27,494 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net income | $33,461 | $19,879 | $11,634 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments, Pre-tax | 4,358 | 1,952 | -10,156 |
Foreign currency translation adjustments, Tax | -304 | -120 | 1,922 |
Foreign currency translation adjustments, Net of Tax | 4,054 | 1,832 | -8,234 |
Postemployment severance actuarial change, Pre-tax | 899 | 1 | 1,265 |
Postemployment severance actuarial change, Tax | -360 | 0 | -505 |
Postemployment severance actuarial change, Net of Tax | 539 | 1 | 760 |
Derivative gain (loss), Pre-tax | 73 | 1,206 | -192 |
Derivative gain (loss), Tax | -86 | -380 | 302 |
Derivative gain (loss), Net of Tax | -13 | 826 | 110 |
Reclassification to (earnings) loss: | ' | ' | ' |
Foreign currency translation adjustments, Reclassification to (earnings) loss, Pre-tax | 0 | 0 | -493 |
Foreign currency translation adjustments, Reclassification to (earnings) loss, Tax | 0 | 0 | 0 |
Foreign currency translation adjustments, Reclassification to (earnings) loss, Net of Tax | 0 | 0 | -493 |
Derivatives, Reclassification to (earnings) loss, Pre-tax | 1,187 | -2,136 | 1,069 |
Derivatives, Reclassification to (earnings) loss, Tax | -226 | 583 | -346 |
Derivatives, Reclassification to (earnings) loss, Net of Tax | 961 | -1,553 | 723 |
Amortization of prior service cost, Pre-tax | 286 | 286 | 286 |
Amortization of prior service cost, Tax | -114 | -114 | -114 |
Amortization of prior service cost, Net of Tax | 172 | 172 | 172 |
Amortization of actuarial change, Pre-tax | 338 | 344 | 633 |
Amortization of actuarial change, Tax | -134 | -136 | -252 |
Amortization of actuarial change, Net of Tax | 204 | 208 | 381 |
Other comprehensive income (loss), Pre-tax | 7,141 | 1,653 | -7,588 |
Other comprehensive income (loss), Tax | -1,224 | -167 | 1,007 |
Other comprehensive income (loss), Net of Tax | 5,917 | 1,486 | -6,581 |
Total comprehensive income | $39,378 | $21,365 | $5,053 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $33,461 | $19,879 | $11,634 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 31,885 | 30,758 | 30,973 |
Gain on sales of assets | -1,484 | -181 | -28 |
Restructuring and asset impairment charges | 1,509 | 188 | 439 |
Deferred income tax and other deferred charges | -8,893 | -962 | 3,561 |
Stock-based compensation | 7,018 | 5,023 | 1,443 |
Excess tax benefits from stock-based compensation | -43 | -567 | -41 |
Other, net | 1,007 | 3,362 | 2,301 |
Change in operating assets and liabilities: | ' | ' | ' |
Receivables | -14,635 | -19,549 | 6,655 |
Inventories | -14,894 | -5,844 | 20,472 |
Prepaid expenses and other current assets | -256 | 6,207 | 6,430 |
Accounts payable | 15,738 | 17,693 | -7,081 |
Accrued expenses | 19,458 | 7,854 | -17,739 |
Net cash provided by operating activities | 69,871 | 63,861 | 59,019 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -32,897 | -27,555 | -26,943 |
Proceeds from sales of assets | 4,761 | 786 | 2,566 |
Purchases of capitalized software | -756 | -1,200 | -1,323 |
Other, net | 1,346 | -62 | -13 |
Net cash used for investing activities | -27,546 | -28,031 | -25,713 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net change in capital leases and long-term debt | -24 | 30 | -11 |
Dividends paid to Share Owners | -7,507 | -7,430 | -7,363 |
Excess tax benefits from stock-based compensation | 43 | 567 | 41 |
Repurchase of employee shares for tax withholding | -1,953 | -875 | -337 |
Net cash used for financing activities | -9,441 | -7,708 | -7,670 |
Effect of Exchange Rate Change on Cash and Cash Equivalents | 140 | 281 | -1,848 |
Net Increase in Cash and Cash Equivalents | 33,024 | 28,403 | 23,788 |
Cash and Cash Equivalents at Beginning of Year | 103,600 | 75,197 | 51,409 |
Cash and Cash Equivalents at End of Year | $136,624 | $103,600 | $75,197 |
Consolidated_Statements_of_Sha
Consolidated Statements of Share Owners' Equity (USD $) | Total | Class A Common Stock | Class B Common Stock | Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | Class A Common Stock | Class B Common Stock | Class A Common Stock | Class B Common Stock | |||||||
Share Owner's Equity at Jun. 30, 2011 | $387,399 | ' | ' | $718 | $1,433 | $230 | $450,172 | ' | ' | $1,618 | ($66,772) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 11,634 | ' | ' | ' | ' | ' | 11,634 | ' | ' | ' | ' |
Other comprehensive income (loss), Net of Tax | -6,581 | ' | ' | ' | ' | ' | ' | ' | ' | -6,581 | ' |
Issuance of non-restricted stock (20,000 shares in 2012, 3,000 shares in 2013, 20,000 shares in 2014) | -77 | ' | ' | ' | ' | -227 | -93 | ' | ' | ' | 243 |
Net exchanges of shares of Class A and Class B common stock (209,000 shares in 2012 | 0 | ' | ' | ' | ' | -782 | -529 | ' | ' | ' | 1,311 |
Compensation expense related to stock incentive plans | 1,443 | ' | ' | ' | ' | 1,443 | ' | ' | ' | ' | ' |
Performance share issuance (131,000 shares in 2012, 177,000 shares in 2013, 337,000 shares in 2014) | -219 | ' | ' | ' | ' | -29 | -1,720 | ' | ' | ' | 1,530 |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (Class A $0.18 per share, Class B $0.20 per share) | ' | -1,869 | -5,502 | ' | ' | ' | ' | -1,869 | -5,502 | ' | ' |
Share Owner's Equity at Jun. 30, 2012 | 386,228 | ' | ' | 718 | 1,433 | 635 | 452,093 | ' | ' | -4,963 | -63,688 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 19,879 | ' | ' | ' | ' | ' | 19,879 | ' | ' | ' | ' |
Other comprehensive income (loss), Net of Tax | 1,486 | ' | ' | ' | ' | ' | ' | ' | ' | 1,486 | ' |
Issuance of non-restricted stock (20,000 shares in 2012, 3,000 shares in 2013, 20,000 shares in 2014) | -31 | ' | ' | ' | ' | -62 | 0 | ' | ' | ' | 31 |
Conversion of Class A to Class B common stock (2,334,000 shares in 2013, 813,000 shares in 2014) | ' | ' | ' | -117 | 117 | ' | ' | ' | ' | ' | ' |
Net exchanges of shares of Class A and Class B common stock (209,000 shares in 2012 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to stock incentive plans | 5,023 | ' | ' | ' | ' | 5,023 | ' | ' | ' | ' | ' |
Performance share issuance (131,000 shares in 2012, 177,000 shares in 2013, 337,000 shares in 2014) | -629 | ' | ' | ' | ' | -1,148 | -1,565 | ' | ' | ' | 2,084 |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (Class A $0.18 per share, Class B $0.20 per share) | ' | -1,495 | -5,955 | ' | ' | ' | ' | -1,495 | -5,955 | ' | ' |
Share Owner's Equity at Jun. 30, 2013 | 404,506 | ' | ' | 601 | 1,550 | 4,448 | 462,957 | ' | ' | -3,477 | -61,573 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 33,461 | ' | ' | ' | ' | ' | 33,461 | ' | ' | ' | ' |
Other comprehensive income (loss), Net of Tax | 5,917 | ' | ' | ' | ' | ' | ' | ' | ' | 5,917 | ' |
Issuance of non-restricted stock (20,000 shares in 2012, 3,000 shares in 2013, 20,000 shares in 2014) | 57 | ' | ' | ' | ' | -196 | ' | ' | ' | ' | 253 |
Conversion of Class A to Class B common stock (2,334,000 shares in 2013, 813,000 shares in 2014) | 0 | ' | ' | -41 | 41 | ' | ' | ' | ' | ' | ' |
Compensation expense related to stock incentive plans | 7,018 | ' | ' | ' | ' | 7,018 | ' | ' | ' | ' | ' |
Performance share issuance (131,000 shares in 2012, 177,000 shares in 2013, 337,000 shares in 2014) | -1,899 | ' | ' | ' | ' | -5,001 | -1,851 | ' | ' | ' | 4,953 |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (Class A $0.18 per share, Class B $0.20 per share) | ' | -1,437 | -6,090 | ' | ' | ' | ' | -1,437 | -6,090 | ' | ' |
Share Owner's Equity at Jun. 30, 2014 | $441,533 | ' | ' | $560 | $1,591 | $6,269 | $487,040 | ' | ' | $2,440 | ($56,367) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Share Owners' Equity Parentheticals (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Issuance of non-restricted stock, Shares | 20,000 | 3,000 | 20,000 |
Net exchanges between classes of common stock, Shares | 'Â Â | 'Â Â | 209,000 |
Conversion of Class A to Class B common stock | 813,000 | 2,334,000 | ' |
Performance Share Issuance, Shares | 337,000 | 177,000 | 131,000 |
Class A Common Stock | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | 0.18 | 0.18 | 0.18 |
Class B Common Stock | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | 0.2 | 0.2 | 0.2 |
Note_1_Summary_of_Significant_
Note 1. Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of all domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation. | ||||||||||||||||||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and related note disclosures. While efforts are made to assure estimates used are reasonably accurate based on management's knowledge of current events, actual results could differ from those estimates. | ||||||||||||||||||||||||
Revenue Recognition: We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract. Title and risk of loss are transferred upon shipment to or receipt at our customers’ locations, or in limited circumstances, as determined by other specific sales terms of the transaction. Shipping and handling fees billed to customers are recorded as sales while the related shipping and handling costs are included in cost of goods sold. We recognize sales net of applicable sales tax. Based on estimated product returns and price concessions, a reserve for returns and allowances is recorded at the time of the sale, resulting in a reduction of revenue. | ||||||||||||||||||||||||
Cash and Cash Equivalents: Cash equivalents consist primarily of highly liquid investments with original maturities of three months or less at the time of acquisition. Cash and cash equivalents consist of bank accounts and money market funds. Bank accounts are stated at cost, which approximates fair value, and money market funds are stated at fair value. | ||||||||||||||||||||||||
Notes Receivable and Trade Accounts Receivable: Kimball's notes receivable and trade accounts receivable are recorded per the terms of the agreement or sale, and accrued interest is recognized when earned. We determine on a case-by-case basis the cessation of accruing interest, the resumption of accruing interest, the method of recording payments received on nonaccrual receivables, and the delinquency status for our limited number of notes receivable. | ||||||||||||||||||||||||
Our policy for estimating the allowance for credit losses on trade accounts receivable and notes receivable includes analysis of such items as aging, credit worthiness, payment history, and historical bad debt experience. Management uses these specific analyses in conjunction with an evaluation of the general economic and market conditions to determine the final allowance for credit losses on the trade accounts receivable and notes receivable. Trade accounts receivable and notes receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. Our limited amount of notes receivable allows management to monitor the risks, credit quality indicators, collectability, and probability of impairment on an individual basis. Adjustments to the allowance for credit losses are recorded in selling and administrative expenses. | ||||||||||||||||||||||||
In the ordinary course of business, customers periodically negotiate extended payment terms on trade accounts receivable. EMS segment customary terms require payment within 30 to 45 days, with any terms beyond 45 days being considered extended payment terms while Furniture segment customary terms require payment within 30 days, with terms beyond 30 days being considered extended. We may utilize accounts receivable factoring arrangements with third-party financial institutions in order to extend terms for the customer without negatively impacting our cash flow. These arrangements in all cases do not contain recourse provisions which would obligate us in the event of our customers' failure to pay. Receivables are considered sold when they are transferred beyond the reach of Kimball and its creditors, the purchaser has the right to pledge or exchange the receivables, and we have surrendered control over the transferred receivables.  During the fiscal years ended June 30, 2014 and 2013, we sold, without recourse, $193.0 million and $207.0 million of accounts receivable, respectively. Factoring fees were not material. | ||||||||||||||||||||||||
Inventories: Inventories are stated at the lower of cost or market value. Cost includes material, labor, and applicable manufacturing overhead. Costs associated with underutilization of capacity are expensed as incurred. The last-in, first-out ("LIFO") method was used for approximately 16% of consolidated inventories at both June 30, 2014 and June 30, 2013, respectively, and remaining inventories were valued using the first-in, first-out ("FIFO") method. Inventories are adjusted for excess and obsolete inventory. Evaluation of excess inventory includes such factors as anticipated usage, inventory turnover, inventory levels, and product demand levels. Factors considered when evaluating obsolescence include the age of on-hand inventory and reduction in value due to damage, use as showroom samples, design changes, or cessation of product lines. | ||||||||||||||||||||||||
Property, Equipment, and Depreciation: Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful life of the assets using the straight-line method for financial reporting purposes. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Major maintenance activities and improvements are capitalized; other maintenance, repairs, and minor renewals are expensed. Depreciation and expenses for maintenance, repairs and minor renewals are included in both the Cost of Sales line and the Selling and Administrative Expense line of the Consolidated Statements of Income. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets: We perform reviews for impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. When an impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair market value less cost to sell at the date management commits to a plan of disposal. | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets: Goodwill represents the difference between the purchase price and the related underlying tangible and intangible net asset fair values resulting from business acquisitions. Annually, or if conditions indicate an earlier review is necessary, we may assess qualitative factors to determine if it is more likely than not that the fair value is less than its carrying amount and if it is necessary to perform the quantitative two-step goodwill impairment test. We also have the option to bypass the qualitative assessment and proceed directly to performing the first step of the quantitative goodwill impairment test. If the first step is determined to be necessary, we compare the carrying value of the reporting unit to an estimate of the reporting unit's fair value to identify potential impairment. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed to determine the amount of potential goodwill impairment. If impaired, goodwill is written down to its estimated implied fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. The fair value is established primarily using a discounted cash flow analysis and secondarily a market approach utilizing current industry information. The calculation of the fair value of the reporting units considers current market conditions existing at the assessment date. During fiscal years 2014, 2013, and 2012, no goodwill impairment was recognized. | ||||||||||||||||||||||||
A summary of the goodwill by segment is as follows: | ||||||||||||||||||||||||
(Amounts in Thousands) | Electronic Manufacturing Services | Furniture | Consolidated | |||||||||||||||||||||
Balance as of June 30, 2012 | ||||||||||||||||||||||||
Goodwill | $ | 15,306 | $ | 1,733 | $ | 17,039 | ||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | 2,480 | — | 2,480 | |||||||||||||||||||||
Effect of Foreign Currency Translation | 31 | — | 31 | |||||||||||||||||||||
Balance as of June 30, 2013 | ||||||||||||||||||||||||
Goodwill | 15,337 | 1,733 | 17,070 | |||||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | 2,511 | — | 2,511 | |||||||||||||||||||||
Effect of Foreign Currency Translation | 53 | — | 53 | |||||||||||||||||||||
Balance as of June 30, 2014 | ||||||||||||||||||||||||
Goodwill | 15,390 | 1,733 | 17,123 | |||||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | $ | 2,564 | $ | — | $ | 2,564 | ||||||||||||||||||
In addition to performing the required annual testing, we will continue to monitor circumstances and events in future periods to determine whether additional goodwill impairment testing is warranted on an interim basis. | ||||||||||||||||||||||||
Other Intangible Assets reported on the Consolidated Balance Sheets consist of capitalized software, product rights, and customer relationships. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. | ||||||||||||||||||||||||
A summary of other intangible assets subject to amortization by segment is as follows: | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
(Amounts in Thousands) | Cost | Accumulated | Net Value | Cost | Accumulated | Net Value | ||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Electronic Manufacturing Services: | ||||||||||||||||||||||||
Capitalized Software | $ | 29,271 | $ | 27,626 | $ | 1,645 | $ | 29,072 | $ | 27,072 | $ | 2,000 | ||||||||||||
Customer Relationships | 1,167 | 981 | 186 | 1,167 | 919 | 248 | ||||||||||||||||||
Other Intangible Assets | 30,438 | 28,607 | 1,831 | 30,239 | 27,991 | 2,248 | ||||||||||||||||||
Furniture: | ||||||||||||||||||||||||
Capitalized Software | 30,790 | 28,783 | 2,007 | 32,313 | 29,823 | 2,490 | ||||||||||||||||||
Product Rights | 372 | 294 | 78 | 372 | 222 | 150 | ||||||||||||||||||
Other Intangible Assets | 31,162 | 29,077 | 2,085 | 32,685 | 30,045 | 2,640 | ||||||||||||||||||
Unallocated Corporate: | ||||||||||||||||||||||||
Capitalized Software | 4,503 | 4,228 | 275 | 4,499 | 4,111 | 388 | ||||||||||||||||||
  Other Intangible Assets | 4,503 | 4,228 | 275 | 4,499 | 4,111 | 388 | ||||||||||||||||||
Consolidated | $ | 66,103 | $ | 61,912 | $ | 4,191 | $ | 67,423 | $ | 62,147 | $ | 5,276 | ||||||||||||
During fiscal years 2014, 2013, and 2012, amortization expense of other intangible assets was, in thousands, $1,789, $2,132, and $2,669, respectively. Amortization expense in future periods is expected to be, in thousands, $1,281, $773, $625, $449, and $394 in the five years ending June 30, 2019, and $669 thereafter. The amortization period for product rights is 7 years. The amortization period for the customer relationship intangible asset ranges from 10 to 16 years. The estimated useful life of internal-use software ranges from 3 to 10 years. During fiscal year 2012, the Furniture segment recognized impairment of $256, in thousands, related to intangible product rights for a product line with volumes much lower than originally forecasted. The impairment was included in the Selling and Administrative Expenses line of the Consolidated Statements of Income. | ||||||||||||||||||||||||
Internal-use software is stated at cost less accumulated amortization and is amortized using the straight-line method. During the software application development stage, capitalized costs include external consulting costs, cost of software licenses, and internal payroll and payroll-related costs for employees who are directly associated with a software project. Upgrades and enhancements are capitalized if they result in added functionality which enable the software to perform tasks it was previously incapable of performing. Software maintenance, training, data conversion, and business process reengineering costs are expensed in the period in which they are incurred. | ||||||||||||||||||||||||
Product rights to produce and sell certain products are amortized on a straight-line basis over their estimated useful lives, and capitalized customer relationships are amortized on estimated attrition rate of customers. We have no intangible assets with indefinite useful lives which are not subject to amortization. | ||||||||||||||||||||||||
Research and Development: The costs of research and development are expensed as incurred. Research and development costs were approximately, in millions, $16, $14, and $13 in fiscal years 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
Advertising: Advertising costs are expensed as incurred. Advertising costs, included in selling and administrative expenses were, in millions, $3.7, $3.2, and $4.7, in fiscal years 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
Insurance and Self-insurance: We are self-insured up to certain limits for auto and general liability, workers' compensation, and certain employee health benefits including medical, short-term disability, and dental, with the related liabilities included in the accompanying financial statements. Our policy is to estimate reserves based upon a number of factors including known claims, estimated incurred but not reported claims, and other analyses, which are based on historical information along with certain assumptions about future events. Approximately 50% of the workforce is covered under self-insured medical and short-term disability plans. | ||||||||||||||||||||||||
We carry external medical and disability insurance coverage for the remainder of our eligible workforce not covered by self-insured plans. Insurance benefits are not provided to retired employees. | ||||||||||||||||||||||||
Income Taxes: Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. We evaluate the recoverability of deferred tax assets each quarter by assessing the likelihood of future taxable income and available tax planning strategies that could be implemented to realize our deferred tax assets. If recovery is not likely, we provide a valuation allowance based on our best estimate of future taxable income in the various taxing jurisdictions and the amount of deferred taxes ultimately realizable. Future events could change management's assessment. | ||||||||||||||||||||||||
We operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve complex uncertain tax positions, which may require an extended period of time to resolve. A tax benefit from an uncertain tax position may be recognized only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. We maintain a liability for uncertain income tax and other tax positions, including accrued interest and penalties on those positions. As tax positions are effectively settled, the tax liability is adjusted accordingly. We recognize interest and penalties related to unrecognized tax benefits in the Provision for Income Taxes line of the Consolidated Statements of Income. | ||||||||||||||||||||||||
In September 2013, the United States Treasury Department and the Internal Revenue Service ("IRS") issued final regulations effective for our first quarter of fiscal year 2015, that provide guidance on a number of matters with regard to tangible property, including whether expenditures qualify as deductible repairs, the treatment of materials and supplies, capitalization of tangible property, dispositions of property, and related elections. We do not expect the regulations as issued to have a material effect on our consolidated financial statements. Future transitional guidance in the form of revenue procedures issued by the IRS could impact our current estimates. | ||||||||||||||||||||||||
Concentrations of Credit Risk: We have business and credit risks concentrated in the automotive, medical, industrial, public safety, and furniture industries. Additionally, we currently have a note receivable related to the sale of an Indiana facility and other miscellaneous notes receivable. At June 30, 2014 and 2013, $1.6 million and $2.1 million, respectively, were outstanding under the notes receivables. The credit risk associated with receivables is disclosed in Note 19 - Credit Quality and Allowance for Credit Losses of Notes Receivable of Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||
Off-Balance Sheet Risk: Our off-balance sheet arrangements are limited to operating leases entered into in the normal course of business as described in Note 4 - Commitments and Contingent Liabilities of Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||
Other General Income: Fiscal year 2014 Other General Income included $5.7 million of pre-tax income resulting from settlements received related to two antitrust class action lawsuits in which Kimball was a class member. The lawsuits alleged that certain EMS segment suppliers conspired over a number of years to raise and fix the prices of electronic components, resulting in overcharges to purchasers of those components. We recorded no Other General Income during fiscal years 2013 and 2012. | ||||||||||||||||||||||||
Non-operating Income and Expense: Non-operating income and expense include the impact of such items as foreign currency rate movements and related derivative gain or loss, fair value adjustments on privately-held investments and Supplemental Employee Retirement Plan ("SERP") investments, non-production rent income, bank charges, and other miscellaneous non-operating income and expense items that are not directly related to operations. The gain or loss on SERP investments is offset by a change in the SERP liability that is recognized in selling and administrative expenses. | ||||||||||||||||||||||||
Foreign Currency Translation: Kimball uses the U.S. dollar and Euro as its functional currencies. Foreign currency assets and liabilities are remeasured into functional currencies at end-of-period exchange rates, except for nonmonetary assets and equity, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at the weighted average exchange rate during the fiscal year, except for expenses related to nonmonetary assets, which are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement are reported in the Non-operating income or expense line item on the Consolidated Statements of Income. | ||||||||||||||||||||||||
For businesses whose functional currency is other than the U.S. dollar, the translation of functional currency statements to U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in Accumulated Other Comprehensive Income (Loss), as a component of Share Owners' Equity. | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities: Derivative financial instruments are recognized on the balance sheet as assets and liabilities and are measured at fair value. Changes in the fair value of derivatives are recorded each period in earnings or Accumulated Other Comprehensive Income (Loss), depending on whether a derivative is designated and effective as part of a hedge transaction, and if it is, the type of hedge transaction. Hedge accounting is utilized when a derivative is expected to be highly effective upon execution and continues to be highly effective over the duration of the hedge transaction. Hedge accounting permits gains and losses on derivative instruments to be deferred in Accumulated Other Comprehensive Income (Loss) and subsequently included in earnings in the periods in which earnings are affected by the hedged item, or when the derivative is determined to be ineffective. We use derivatives primarily for forward purchases of foreign currency to manage exposure to the variability of cash flows, primarily related to the foreign exchange rate risks inherent in forecasted transactions denominated in foreign currency. Additionally, we have an investment in stock warrants which is accounted for as a derivative instrument. See Note 11 - Derivative Instruments of Notes to Consolidated Financial Statements for more information on derivative instruments and hedging activities. | ||||||||||||||||||||||||
Stock-Based Compensation: As described in Note 7 - Stock Compensation Plans of Notes to Consolidated Financial Statements, Kimball maintains a stock-based compensation plan which allows for the issuance of restricted stock, restricted share units, unrestricted share grants, incentive stock options, nonqualified stock options, performance shares, performance units, and stock appreciation rights for grant to officers and other key employees and to members of the Board of Directors who are not employees. We recognize the cost resulting from share-based payment transactions using a fair-value-based method. The estimated fair value of outstanding performance shares is based on the stock price at the date of the grant. For performance shares, the price is reduced by the present value of dividends normally paid over the vesting period which are not payable on outstanding performance share awards. Stock-based compensation expense is recognized for the portion of the award that is ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||||||||||||||||||
New Accounting Standards: In June 2014, the Financial Accounting Standards Board ("FASB") provided explicit guidance on how to account for share-based payments granted to employees in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The guidance will be applied prospectively for our first quarter fiscal year 2017 financial statements. We do not expect the adoption to have a material effect on our consolidated financial statements. | ||||||||||||||||||||||||
In May 2014, the FASB issued guidance on the recognition of revenue from contracts with customers. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To achieve this core principle, the guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance addresses several areas including transfer of control, contracts with multiple performance obligations, and costs to obtain and fulfill contracts. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance is effective for our first quarter fiscal year 2018 financial statements using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients; or (ii) adoption with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures. We have not yet selected a transition method nor determined the effect of this guidance on our consolidated financial statements. | ||||||||||||||||||||||||
In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. Under the new guidance, a disposal that represents a strategic shift that has or will have a major effect on an entity's operations and financial results is a discontinued operation. The new guidance requires expanded disclosures that will provide more information about the assets, liabilities, income, and expenses of discontinued operations, and also requires disclosures of significant disposals that do not qualify for discontinued operations reporting. The guidance is effective prospectively for disposals or components of our business classified as held for sale during the first quarter of fiscal year 2016. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. | ||||||||||||||||||||||||
In July 2013, the FASB issued guidance to eliminate the diversity in practice related to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance is effective prospectively for our first quarter fiscal year 2015 financial statements. We do not expect the adoption to have a material effect on our consolidated financial statements. | ||||||||||||||||||||||||
In February 2013, the FASB issued additional guidance on the presentation of comprehensive income. This guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments were adopted prospectively for our first quarter fiscal year 2014 financial statements. As this guidance only impacted how comprehensive income is disclosed, the adoption did not impact our consolidated financial position, results of operations, or cash flows. |
Note_2_Inventories
Note 2. Inventories | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventory Disclosure | ' | |||||||
Inventories | ||||||||
Inventories are valued using the lower of last-in, first-out ("LIFO") cost or market value for approximately 16% of consolidated inventories at both June 30, 2014 and June 30, 2013, including approximately 89% and 87% of the Furniture segment inventories at June 30, 2014 and June 30, 2013, respectively. The EMS segment inventories and the remaining inventories in the Furniture segment are valued using the lower of first-in, first-out ("FIFO") cost or market value. | ||||||||
Had the FIFO method been used for all inventories, income would have been $0.6 million higher in fiscal year 2014, $0.2 million higher in fiscal year 2013, and $0.4 million lower in fiscal year 2012. Certain inventory quantity reductions caused liquidations of LIFO inventory values, which increased income by $1.8 million in fiscal year 2012. There was an immaterial amount of LIFO inventory liquidations in 2014 and none in fiscal year 2013. | ||||||||
Inventory components at June 30 were as follows: | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Finished products | $ | 37,373 | $ | 33,956 | ||||
Work-in-process | 13,808 | 12,746 | ||||||
Raw materials | 103,083 | 90,167 | ||||||
Total FIFO inventory | $ | 154,264 | $ | 136,869 | ||||
LIFO reserve | (13,789 | ) | (12,871 | ) | ||||
Total inventory | $ | 140,475 | $ | 123,998 | ||||
Note_3_Property_and_Equipment
Note 3. Property and Equipment | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure | ' | |||||||
Property and Equipment | ||||||||
Major classes of property and equipment at June 30 consist of the following: | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Land | $ | 12,308 | $ | 12,152 | ||||
Buildings and improvements | 183,735 | 179,719 | ||||||
Machinery and equipment | 341,525 | 361,557 | ||||||
Construction-in-progress | 9,758 | 3,548 | ||||||
Total | $ | 547,326 | $ | 556,976 | ||||
Less: Â Accumulated depreciation | (358,493 | ) | (371,232 | ) | ||||
Property and equipment, net | $ | 188,833 | $ | 185,744 | ||||
The useful lives used in computing depreciation are based on estimated service lives for classes of property, as follows: | ||||||||
Years | ||||||||
Buildings and improvements | 5 to 50 | |||||||
Machinery and equipment | 2 to 20 | |||||||
Leasehold improvements | Lesser of Useful Life or Term of Lease | |||||||
Depreciation and amortization of property and equipment, including asset write-downs associated with restructuring plans, totaled, in millions, $30.1 for fiscal year 2014, $28.8 for fiscal year 2013, and $28.9 for fiscal year 2012. | ||||||||
During fiscal year 2012, the Furniture segment recognized impairment of $78, in thousands, related to equipment for a product line with volumes much lower than originally forecasted, which was included in the Cost of Sales line of the Consolidated Statements of Income. | ||||||||
At June 30, 2014, no assets were classified as held for sale. Assets held for sale that were sold during fiscal year 2014 included: | ||||||||
• | An underutilized aircraft totaling, in thousands, $1,525 was classified as held for sale during the first quarter of fiscal year 2014, and was subsequently sold during the second quarter of fiscal year 2014. During fiscal year 2014, we recognized pre-tax losses, in thousands, of $1,198 for impairment on this aircraft, which was recorded on the Selling and Administrative Expenses line of the Consolidated Statements of Income and recognized in Unallocated Corporate for segment reporting purposes. | |||||||
• | We sold an idle Furniture segment manufacturing facility and land located in Jasper, Indiana, recognizing a pre-tax gain, in thousands, of $1,749 during fiscal year 2014, which was recorded on the Selling and Administrative Expenses line of the Consolidated Statements of Income. | |||||||
• | We sold an EMS facility and land located in Gaylord, Michigan, recognizing a pre-tax loss, in thousands, of $311 during fiscal year 2014. During fiscal years 2013 and 2012, we recognized pre-tax impairment on this property, in thousands, of $188 and $572, respectively. The loss on sale and impairment charges were included in the Restructuring Expense line of the Consolidated Statements of Income and reported in Unallocated Corporate for segment reporting purposes. | |||||||
At June 30, 2013, Kimball had, in thousands, assets totaling $1,521 classified as held for sale. |
Note_4_Commitments_and_Conting
Note 4. Commitments and Contingent Liabilities | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingent Liabilities [Abstract] | ' | |||||||||||
Commitments and Contingencies Disclosure | ' | |||||||||||
Commitments and Contingent Liabilities | ||||||||||||
Leases: | ||||||||||||
Operating leases for certain office, showroom, manufacturing facilities, land, and equipment, which expire from fiscal year 2015 to 2056, contain provisions under which minimum annual lease payments are, in millions, $3.3, $3.2, $2.9, $2.6, and $2.4 for the five years ending June 30, 2019, respectively, and aggregate $11.3 million from fiscal year 2020 to the expiration of the leases in fiscal year 2056. We are obligated under certain real estate leases to maintain the properties and pay real estate taxes. Certain leases include renewal options and escalation clauses. Total rental expense amounted to, in millions, $4.4, $4.7, and $4.8 in fiscal years 2014, 2013, and 2012, respectively, including certain leases requiring contingent lease payments based on warehouse space utilized, which amounted to expense of, in millions, $0.8, $0.9, and $0.4 in fiscal years 2014, 2013, and 2012, respectively. | ||||||||||||
As of June 30, 2014 and 2013, capital leases were not material. | ||||||||||||
Guarantees: | ||||||||||||
As of June 30, 2014 and 2013, we had no guarantees issued which were contingent on the future performance of another entity. Standby letters of credit are issued to third-party suppliers, lessors, and insurance and financial institutions and can only be drawn upon in the event of Kimball's failure to pay its obligations to the beneficiary. We had a maximum financial exposure from unused standby letters of credit totaling $1.1 million as of June 30, 2014 and $1.2 million as of June 30, 2013. We are not aware of circumstances that would require us to perform under any of these arrangements and believe that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect our consolidated financial statements. Accordingly, no liability has been recorded as of June 30, 2014 and 2013 with respect to the standby letters of credit. Kimball also enters into commercial letters of credit to facilitate payments to vendors and from customers. | ||||||||||||
Product Warranties: | ||||||||||||
We estimate product warranty liability at the time of sale based on historical repair or replacement cost trends in conjunction with the length of the warranty offered. Management refines the warranty liability periodically based on changes in historical cost trends and in certain cases where specific warranty issues become known. | ||||||||||||
Changes in the product warranty accrual during fiscal years 2014, 2013, and 2012 were as follows: | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||
Product Warranty Liability at the beginning of the year | $ | 2,384 | $ | 2,251 | $ | 2,109 | ||||||
Additions to warranty accrual (including changes in estimates) | 2,883 | 1,040 | 1,019 | |||||||||
Settlements made (in cash or in kind) | (2,046 | ) | (907 | ) | (877 | ) | ||||||
Product Warranty Liability at the end of the year | $ | 3,221 | $ | 2,384 | $ | 2,251 | ||||||
Note_5_LongTerm_Debt_and_Credi
Note 5. Long-Term Debt and Credit Facility | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Long-Term Debt and Credit Facility [Abstract] | ' | |||||||||||
Debt Disclosure | ' | |||||||||||
Long-Term Debt and Credit Facilities | ||||||||||||
Long-term debt, less current maturities as of June 30, 2014 and 2013, was, in thousands, $268 and $294, respectively, and current maturities of long-term debt were, in thousands, $25 and $23, respectively. Long-term debt consists of a long-term note payable and capitalized leases. Interest rates range from 2.50% to 9.25% and maturities occur in fiscal years 2018 and 2025. Aggregate maturities of long-term debt for the next five years are, in thousands, $25, $27, $30, $27, and $23, respectively, and aggregate $161 thereafter. | ||||||||||||
Credit facilities consisted of the following: | ||||||||||||
Availability to Borrow at | Borrowings Outstanding at | Borrowings Outstanding at | ||||||||||
(Amounts in Millions, in U.S Dollar Equivalents) | June 30, 2014 | June 30, 2014 | June 30, 2013 | |||||||||
Primary revolving credit facility (1) | $ | 73.9 | $ | — | $ | — | ||||||
Thailand overdraft credit facility (2) | 2.8 | — | — | |||||||||
Poland overdraft credit facility (3) | 8.2 | — | — | |||||||||
Total | $ | 84.9 | $ | — | $ | — | ||||||
(1) Kimball's primary revolving credit facility, which expires in December 2017, provides for up to $75 million in borrowings, with an option to increase the amount available for borrowing to $115 million upon request, subject to participating banks' consent. We use this facility for acquisitions and general corporate purposes. A commitment fee is payable on the unused portion of the credit facility which was immaterial to our operating results for fiscal years 2014, 2013, and 2012. The commitment fee on the unused portion of principal amount of the credit facility is payable at a rate that ranges from 20.0 to 25.0 basis points per annum as determined by our leverage ratio. Borrowings under the credit agreement bear interest at a floating rate based, at Kimball's option, upon a London Interbank Offered Rate ("LIBOR") plus an applicable percentage or the greater of the federal funds rate plus an applicable percentage and the prime rate. The credit facility requires that we comply with certain debt covenants including consolidated indebtedness to consolidated EBITDA (debt to EBITDA) and minimum net worth (excluding accumulated other comprehensive income). Kimball had $1.1 million in letters of credit contingently committed against the credit facility at June 30, 2014. | ||||||||||||
-2 | Kimball also maintained a $2.7 million foreign credit facility for its EMS segment operation in Thailand which was backed by the $75 million revolving credit facility via a standby letter of credit. This foreign credit facility was reviewed for renewal annually and could be canceled at any time by either the bank or Kimball. We canceled this credit agreement on October 1, 2013, and as of May 6, 2014 put in place a new Thailand overdraft credit facility which allows for borrowings of up to 90.0 million Thai Baht (approximately $2.8 million at June 30, 2014 exchange rates). This new credit facility can be terminated at any time by either the bank or Kimball by giving prior written notice of at least 15 days to the other party. Interest on borrowing under this facility is charged at a rate of interest determined by the bank in accordance with relevant laws and regulations for charging interest on an overdraft facility. | |||||||||||
(3) The credit facility for the EMS segment operation in Poland allows for multi-currency borrowings up to a 6 million Euro equivalent (approximately $8.2 million U.S. dollars at June 30, 2014 exchange rates) and is available to cover bank overdrafts. Bank overdrafts may be deemed necessary to satisfy short-term cash needs at our Poland location rather than funding from intercompany sources. This credit facility is reviewed for renewal annually and can be canceled at any time by either the bank or Kimball. Interest on this credit facility is charged at the prevailing rate. | ||||||||||||
Cash payments for interest on borrowings were, in thousands, $29, $36, and $37, in fiscal years 2014, 2013, and 2012, respectively. Capitalized interest expense was immaterial during fiscal years 2014, 2013, and 2012. |
Note_6_Employee_Benefit_Plans
Note 6. Employee Benefit Plans | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||
Pension and Postemployment Benefits | ' | |||||||||||
Employee Benefit Plans | ||||||||||||
Retirement Plans: | ||||||||||||
Kimball has a trusteed defined contribution retirement plan in effect for substantially all domestic employees meeting the eligibility requirements. Employer contributions to the trusteed plan have a five-year vesting schedule and are held for the sole benefit of participants. Kimball also maintains a supplemental employee retirement plan ("SERP") for executive employees which enables them to defer cash compensation on a pre-tax basis in excess of IRS limitations. The SERP is structured as a rabbi trust, and therefore assets in the SERP portfolio are subject to creditor claims in the event of bankruptcy. | ||||||||||||
The discretionary employer contribution for domestic employees was determined annually by the Compensation and Governance Committee of the Board of Directors. Total expense related to employer contributions to the domestic retirement plans was, in millions, $5.2, $5.1, and $5.3 for fiscal years 2014, 2013, and 2012, respectively. | ||||||||||||
Employees of certain foreign subsidiaries are covered by local pension or retirement plans. Total expense related to employer contributions to these foreign plans for fiscal years 2014, 2013, and 2012 was, in millions, $0.2, $0.2, and $0.3, respectively. | ||||||||||||
Severance Plans: | ||||||||||||
Kimball's domestic employees participate in severance plans. These plans cover domestic employees and provide severance benefits to eligible employees meeting the plans' qualifications, primarily involuntary termination without cause. There are no statutory requirements for Kimball to contribute to the plans, nor do employees contribute to the plans. The plans hold no assets. Benefits are paid using available cash on hand when eligible employees meet plan qualifications for payment. Benefits are based upon an employee's years of service and accumulate up to certain limits specified in the plans and include both salary and an allowance for medical benefits. The components and changes in the Benefit Obligation, Accumulated Other Comprehensive Income (Loss), and Net Periodic Benefit Cost are as follows: | ||||||||||||
30-Jun | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||||||
Changes and Components of Benefit Obligation: | ||||||||||||
Benefit obligation at beginning of year | $ | 5,579 | $ | 4,720 | ||||||||
Service cost | 955 | 825 | ||||||||||
Interest cost | 134 | 179 | ||||||||||
Actuarial (gain) loss for the period | (899 | ) | (1 | ) | ||||||||
Benefits paid | (419 | ) | (144 | ) | ||||||||
Benefit obligation at end of year | $ | 5,350 | $ | 5,579 | ||||||||
Balance in current liabilities | $ | 939 | $ | 979 | ||||||||
Balance in noncurrent liabilities | 4,411 | 4,600 | ||||||||||
Total benefit obligation recognized in the Consolidated Balance Sheets | $ | 5,350 | $ | 5,579 | ||||||||
30-Jun | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||||||
Changes and Components in Accumulated Other Comprehensive Income (Loss) (before tax): | ||||||||||||
Accumulated Other Comprehensive Income (Loss) at beginning of year | $ | (44 | ) | $ | 587 | |||||||
Change in unrecognized prior service cost | (286 | ) | (286 | ) | ||||||||
Net change in unrecognized actuarial (gain) loss | (1,237 | ) | (345 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) at end of year | $ | (1,567 | ) | $ | (44 | ) | ||||||
Balance in unrecognized prior service cost | $ | 199 | $ | 485 | ||||||||
Balance in unrecognized actuarial (gain) loss | (1,766 | ) | (529 | ) | ||||||||
Total Accumulated Other Comprehensive Income (Loss) recognized in Share Owners' Equity | $ | (1,567 | ) | $ | (44 | ) | ||||||
(Amounts in Thousands) | Year Ended June 30Â | |||||||||||
Components of Net Periodic Benefit Cost (before tax): | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | 955 | $ | 825 | $ | 811 | ||||||
Interest cost | 134 | 179 | 189 | |||||||||
Amortization of prior service cost | 286 | 286 | 286 | |||||||||
Amortization of actuarial (gain) loss | 338 | 344 | 633 | |||||||||
Net periodic benefit cost recognized in the Consolidated Statements of Income | $ | 1,713 | $ | 1,634 | $ | 1,919 | ||||||
The benefit cost in the above table includes only normal recurring levels of severance activity, as estimated using an actuarial method. Unusual or non-recurring severance actions, such as those disclosed in Note 17 - Restructuring Expense of Notes to Consolidated Financial Statements, are not estimable using actuarial methods and are expensed in accordance with other applicable U.S. GAAP. | ||||||||||||
Prior service cost is amortized on a straight-line basis over the average remaining service period of employees that were active at the time of the plan initiation and actuarial (gain) loss is amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. | ||||||||||||
The estimated prior service cost and actuarial net (gain) loss for the severance plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are, pre-tax in thousands, $286 and $(310), respectively. | ||||||||||||
Assumptions used to determine fiscal year end benefit obligations are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Discount Rate | 2.30% | 2.50% | ||||||||||
Rate of Compensation Increase | 3.00% | 3.00% | ||||||||||
Weighted average assumptions used to determine fiscal year net periodic benefit costs are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount Rate | 2.50% | 3.80% | 4.10% | |||||||||
Rate of Compensation Increase | 3.00% | 3.80% | 4.00% |
Note_7_Stock_Compensation_Plan
Note 7. Stock Compensation Plans | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Stock Compensation Plans [Abstract] | ' | ||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | ||||
Stock Compensation Plans | |||||
On August 13, 2013, the Board of Directors adopted the Amended and Restated 2003 Stock Option and Incentive Plan ("the 2003 Plan"), which was approved by Kimball's Share Owners on October 15, 2013. Under the 2003 Plan, 5,000,000 shares of Common Stock are reserved for issuance of new awards and awards that had been issued under a former 2003 Stock Option and Incentive Plan. The 2003 Plan allows for issuance of restricted stock, restricted share units, unrestricted share grants, incentive stock options, nonqualified stock options, performance shares, performance units, and stock appreciation rights for grant to officers and other key employees and to members of the Board of Directors who are not employees. The 2003 Plan expires December 31, 2018. | |||||
The pre-tax compensation cost charged against income was $7.0 million, $5.0 million, and $1.4 million in fiscal year 2014, 2013, and 2012, respectively. The total income tax benefit for stock compensation arrangements was $2.8 million, $2.0 million, and $0.6 million in fiscal year 2014, 2013, and 2012, respectively. We generally use treasury shares for issuance of performance shares. | |||||
Performance Shares: | |||||
Kimball awards performance shares to officers and other key employees. Under these awards, a number of shares will be issued to each participant based upon the attainment of the applicable bonus percentage calculated under Kimball's profit sharing incentive bonus plan as applied to a total potential share award made and approved by the Compensation and Governance Committee. Performance shares are vested when issued shortly after the end of the fiscal year in which the performance measurement period is complete and are issued as Class A or Class B common shares. Certain outstanding performance shares are applicable to performance measurement periods in future fiscal years and will be measured at fair value when the performance targets are established in future fiscal years. The contractual life of performance shares ranges from one year to five years. If a participant is not employed on the date shares are issued, the performance share award is forfeited, except in the case of death, retirement at age 62 or older, total permanent disability, or certain other circumstances described in Kimball's employment policy. To the extent performance conditions are not fully attained, performance shares are forfeited. | |||||
A summary of performance share activity during fiscal year 2014 is presented below: | |||||
Number | Weighted Average | ||||
of Shares | Grant Date | ||||
Fair Value | |||||
Performance shares outstanding at July 1, 2013 | 1,561,713 | $10.92 | |||
Granted | 1,187,801 | $14.93 | |||
Vested | (512,719 | ) | $10.92 | ||
Forfeited | (261,932 | ) | $10.97 | ||
Performance shares outstanding at June 30, 2014 | 1,974,863 | $14.55 | |||
As of June 30, 2014, there was approximately $16.0 million of unrecognized compensation cost related to performance shares, based on the latest estimated attainment of performance goals. That cost is expected to be recognized over annual performance periods ending August 2014 through August 2019, with a weighted average vesting period of one year, seven months. The fair value of performance shares is based on the stock price at the date of grant, reduced by the present value of dividends normally paid over the vesting period which are not payable on outstanding performance share awards. The weighted average grant date fair value was $14.93; $10.91; and $5.46 for performance share awards granted in fiscal year 2014, 2013, and 2012, respectively. During fiscal year 2014, 2013, and 2012, respectively, 512,719; 254,393; and 187,915 performance shares vested at a fair value of $5.6 million, $1.4 million, and $1.0 million. These shares are the total number of shares vested, prior to the reduction of shares withheld to satisfy tax withholding obligations. The number of shares presented in the above table, the amounts of unrecognized compensation, and the weighted average period include performance shares awarded that are applicable to future performance measurement periods and will be measured at fair value when the performance targets are established in future fiscal years. | |||||
Unrestricted Share Grants: | |||||
Unrestricted shares may be granted to employees and members of the Board of Directors as consideration for service to Kimball. Unrestricted share grants do not have vesting periods, holding periods, restrictions on sale, or other restrictions. The fair value of unrestricted shares is based on the stock price at the date of the award. During fiscal year 2014, 2013, and 2012, respectively, Kimball granted a total of 20,277; 2,843; and 22,187 unrestricted shares of Class B common stock at an average grant date fair value of $11.47, $11.78, and $5.95, for a total fair value, in thousands, of $233, $33, and $132. These shares are the total number of shares granted, prior to the reduction of shares withheld to satisfy tax withholding obligations. Unrestricted shares were awarded to officers and other key employees, and to non-employee members of the Board of Directors as compensation for director's fees, as a result of directors' elections to receive unrestricted shares in lieu of cash payment. Director's fees are expensed over the period that directors earn the compensation. |
Note_8_Income_Taxes
Note 8. Income Taxes | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||
Income Tax Disclosure | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Income tax benefits associated with net operating losses of, in thousands, $3,076 expire from fiscal year 2014 to 2034. Income tax benefits associated with tax credit carryforwards of, in thousands, $1,883, expire from fiscal year 2015 to 2027. A valuation allowance was provided as of June 30, 2014 for deferred tax assets relating to state net operating losses of, in thousands, $787 that we currently believe are more likely than not to remain unrealized in the future. | |||||||||||||||||||||
The components of the deferred tax assets and liabilities as of June 30, 2014 and 2013, were as follows: | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | |||||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||||||
Receivables | $ | 1,587 | $ | 1,775 | |||||||||||||||||
Inventory | 2,388 | 2,521 | |||||||||||||||||||
Employee benefits | 630 | 601 | |||||||||||||||||||
Deferred compensation | 24,502 | 18,076 | |||||||||||||||||||
Other current liabilities | 619 | 514 | |||||||||||||||||||
Warranty reserve | 1,036 | 749 | |||||||||||||||||||
Tax credit carryforwards | 1,883 | 1,768 | |||||||||||||||||||
Restructuring | — | 15 | |||||||||||||||||||
Goodwill | 2,597 | 3,011 | |||||||||||||||||||
Net operating loss carryforward | 3,076 | 4,114 | |||||||||||||||||||
Net foreign currency losses | 77 | 480 | |||||||||||||||||||
Miscellaneous | 4,822 | 4,818 | |||||||||||||||||||
Valuation Allowance | (787 | ) | (2,315 | ) | |||||||||||||||||
Total asset | $ | 42,430 | $ | 36,127 | |||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||||||
Property and equipment | $ | 7,397 | $ | 9,017 | |||||||||||||||||
Capitalized software | 168 | 141 | |||||||||||||||||||
Miscellaneous | 512 | 607 | |||||||||||||||||||
Total liability | $ | 8,077 | $ | 9,765 | |||||||||||||||||
Net Deferred Income Taxes | $ | 34,353 | $ | 26,362 | |||||||||||||||||
The components of income before taxes on income are as follows: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | 18,343 | $ | 2,525 | $ | 7,831 | |||||||||||||||
Foreign | 24,830 | 20,138 | 9,871 | ||||||||||||||||||
Total income before taxes on income | $ | 43,173 | $ | 22,663 | $ | 17,702 | |||||||||||||||
Foreign unremitted earnings of entities not included in the United States tax return have been included in the consolidated financial statements without giving effect to the United States taxes that may be payable on distribution to the United States because it is not anticipated such earnings will be remitted to the United States. Under current applicable tax laws, if we chose to remit some or all of the funds we have designated as indefinitely reinvested outside the United States rather than making nontaxable repayments on our intercompany loans, the amount remitted would be subject to United States income taxes and applicable non-U.S. income and withholding taxes. Such earnings would also become taxable upon the sale or liquidation of these subsidiaries or upon remittance of dividends. The aggregate unremitted earnings of Kimball's foreign subsidiaries for which a deferred income tax liability has not been recorded was approximately $126 million as of June 30, 2014. Determination of the amount of unrecognized deferred tax liability on unremitted earnings is not practicable. | |||||||||||||||||||||
The provision for income taxes is composed of the following items: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Currently Payable (Refundable): | |||||||||||||||||||||
Federal | $ | 12,486 | $ | 2,673 | $ | 954 | |||||||||||||||
Foreign | 4,505 | 2,861 | 1,849 | ||||||||||||||||||
State | 1,630 | 1,051 | 877 | ||||||||||||||||||
Total current | $ | 18,621 | $ | 6,585 | $ | 3,680 | |||||||||||||||
Deferred Taxes: | |||||||||||||||||||||
Federal | $ | (6,072 | ) | $ | (2,631 | ) | $ | 1,784 | |||||||||||||
Foreign | (55 | ) | 542 | 970 | |||||||||||||||||
State | (1,254 | ) | (1,712 | ) | (366 | ) | |||||||||||||||
Total deferred | $ | (7,381 | ) | $ | (3,801 | ) | $ | 2,388 | |||||||||||||
     Valuation allowance | $ | (1,528 | ) | — | — | ||||||||||||||||
Total provision for income taxes | $ | 9,712 | $ | 2,784 | $ | 6,068 | |||||||||||||||
A reconciliation of the statutory U.S. income tax rate to Kimball's effective income tax rate follows: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(Amounts in Thousands) | Amount | % | Amount | % | Amount | % | |||||||||||||||
Tax computed at U.S. federal statutory rate | $ | 15,110 | 35 | Â % | $ | 7,932 | 35 | Â % | $ | 6,196 | 35 | Â % | |||||||||
State income taxes, net of federal income tax benefit | 166 | 0.4 | (430 | ) | (1.9 | ) | 332 | 1.9 | |||||||||||||
Foreign tax effect | (4,241 | ) | (9.8 | ) | (3,645 | ) | (16.1 | ) | (639 | ) | (3.6 | ) | |||||||||
Valuation allowance | (1,528 | ) | (3.5 | ) | — | — | — | — | |||||||||||||
Domestic manufacturing deduction | (478 | ) | (1.1 | ) | (549 | ) | (2.4 | ) | — | — | |||||||||||
Research credit | (376 | ) | (0.9 | ) | (729 | ) | (3.2 | ) | (247 | ) | (1.4 | ) | |||||||||
Spin-off costs | 1,015 | 2.3 | — | — | — | — | |||||||||||||||
Other - net | 44 | 0.1 | 205 | 0.9 | 426 | 2.4 | |||||||||||||||
Total provision for income taxes | $ | 9,712 | 22.5 | Â % | $ | 2,784 | 12.3 | Â % | $ | 6,068 | 34.3 | Â % | |||||||||
Net cash payments (refunds) for income taxes were, in thousands, $13,911, $(551), and $1,504 in fiscal years 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
Changes in the unrecognized tax benefit, excluding accrued interest and penalties, during fiscal years 2014, 2013, and 2012 were as follows: | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Beginning balance - July 1 | $ | 2,752 | $ | 2,624 | $ | 2,499 | |||||||||||||||
Tax positions related to prior fiscal years: | |||||||||||||||||||||
Additions | 415 | 207 | 250 | ||||||||||||||||||
  Reductions | — | — | (84 | ) | |||||||||||||||||
Tax positions related to current fiscal year: | |||||||||||||||||||||
Additions | — | — | — | ||||||||||||||||||
Reductions | — | — | — | ||||||||||||||||||
Settlements | — | — | — | ||||||||||||||||||
Lapses in statute of limitations | (475 | ) | (79 | ) | (41 | ) | |||||||||||||||
Ending balance - June 30 | $ | 2,692 | $ | 2,752 | $ | 2,624 | |||||||||||||||
Portion that, if recognized, would reduce tax expense and effective tax rate | $ | 2,159 | $ | 2,286 | $ | 2,190 | |||||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in the Provision for Income Taxes line of the Consolidated Statements of Income. Amounts accrued for interest and penalties were as follows: | |||||||||||||||||||||
As of June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Accrued Interest and Penalties: | |||||||||||||||||||||
Interest | $ | 285 | $ | 278 | $ | 256 | |||||||||||||||
Penalties | $ | 95 | $ | 78 | $ | 85 | |||||||||||||||
Interest and penalties income (expense) recognized for fiscal years 2014, 2013, and 2012 were, in thousands, $(25), $22, and $(2), respectively. | |||||||||||||||||||||
Kimball, or one of its wholly-owned subsidiaries, files U.S. federal income tax returns and income tax returns in various state, local, and foreign jurisdictions. We are no longer subject to any significant U.S. federal tax examinations by tax authorities for years before fiscal year 2009. We are subject to various state and local income tax examinations by tax authorities for years after June 30, 2006 and various foreign jurisdictions for years after June 30, 2007. We do not expect the change in the amount of unrecognized tax benefits in the next 12 months to have a significant impact on our results of operations or financial position. |
Note_9_Common_Stock
Note 9. Common Stock | 12 Months Ended |
Jun. 30, 2014 | |
Common Stock [Abstract] | ' |
Common Stock Note Disclosure | ' |
Common Stock | |
On a fiscal year basis, shares of Class B Common Stock are entitled to an additional $0.02 per share dividend more than the dividends paid on Class A Common Stock, provided that dividends are paid on Kimball's Class A Common Stock. The owners of both Class A and Class B Common Stock are entitled to share pro-rata, irrespective of class, in the distribution of Kimball's available assets upon dissolution. | |
Owners of Class B Common Stock are entitled to elect, as a class, one member of Kimball's Board of Directors. In addition, owners of Class B Common Stock are entitled to full voting powers, as a class, with respect to any consolidation, merger, sale, lease, exchange, mortgage, pledge, or other disposition of all or substantially all of the Company's fixed assets, or dissolution of the Company. Otherwise, except as provided by statute with respect to certain amendments to the Articles of Incorporation, the owners of Class B Common Stock have no voting rights, and the entire voting power is vested in the Class A Common Stock, which has one vote per share. The owner of a share of Class A Common Stock may, at their option, convert such share into one share of Class B Common Stock at any time. | |
If dividends are not paid on shares of Kimball's Class B Common Stock for a period of thirty-six consecutive months, or if at any time the number of shares of Class A Common Stock issued and outstanding is less than 15% of the total number of issued and outstanding shares of both Class A and Class B Common Stock, then all shares of Class B Common Stock shall automatically have the same rights and privileges as the Class A Common Stock, with full and equal voting rights and with equal rights to receive dividends as and if declared by the Board of Directors. |
Note_10_Fair_Value
Note 10. Fair Value | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value | ||||||||||||||||
Kimball categorizes assets and liabilities measured at fair value into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||||
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||||
• | Level 2: Observable inputs other than those included in level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |||||||||||||||
• | Level 3: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. | |||||||||||||||
Our policy is to recognize transfers between these levels as of the end of each quarterly reporting period. There were no transfers between these levels during fiscal years 2014 and 2013. | ||||||||||||||||
Financial Instruments Recognized at Fair Value: | ||||||||||||||||
The following methods and assumptions were used to measure fair value: | ||||||||||||||||
Financial Instrument | Level | Valuation Technique/Inputs Used | ||||||||||||||
Cash Equivalents | 1 | Market - Quoted market prices | ||||||||||||||
Derivative Assets: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates, considering counterparty credit risk | ||||||||||||||
Derivative Assets: Stock warrants | 3 | Market - Based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. | ||||||||||||||
Stock warrants are revalued and analyzed for reasonableness on a quarterly basis. Based on the probability-weighted option pricing model, the stock warrants were fully impaired during fiscal year 2014. The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected term of warrants. | ||||||||||||||||
  | ||||||||||||||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | ||||||||||||||||
Trading securities: Mutual funds held in SERP | 1 | Market - Quoted market prices | ||||||||||||||
Derivative Liabilities: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates adjusted for Kimball's non-performance risk | ||||||||||||||
Recurring Fair Value Measurements: | ||||||||||||||||
As of June 30, 2014 and 2013, the fair values of financial assets and liabilities that are measured at fair value on a recurring basis using the market approach are categorized as follows: | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
(Amounts in Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 103,845 | $ | — | $ | — | $ | 103,845 | ||||||||
Derivatives: Foreign exchange contracts | — | 800 | — | 800 | ||||||||||||
Trading Securities: Mutual funds held in SERP | 23,106 | — | — | 23,106 | ||||||||||||
Total assets at fair value | $ | 126,951 | $ | 800 | $ | — | $ | 127,751 | ||||||||
Liabilities | ||||||||||||||||
Derivatives: Foreign exchange contracts | $ | — | $ | 699 | $ | — | $ | 699 | ||||||||
Total liabilities at fair value | $ | — | $ | 699 | $ | — | $ | 699 | ||||||||
June 30, 2013 | ||||||||||||||||
(Amounts in Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 83,516 | $ | — | $ | — | $ | 83,516 | ||||||||
Derivatives: Foreign exchange contracts | — | 273 | — | 273 | ||||||||||||
Derivatives: Stock warrants | — | — | 25 | 25 | ||||||||||||
Trading Securities: Mutual funds held in SERP | 19,600 | — | — | 19,600 | ||||||||||||
Total assets at fair value | $ | 103,116 | $ | 273 | $ | 25 | $ | 103,414 | ||||||||
Liabilities | ||||||||||||||||
Derivatives: Foreign exchange contracts | $ | — | $ | 1,662 | $ | — | $ | 1,662 | ||||||||
Total liabilities at fair value | $ | — | $ | 1,662 | $ | — | $ | 1,662 | ||||||||
Kimball currently holds non-marketable equity securities and stock warrants of a privately-held company. The investment in non-marketable equity securities is accounted for as a cost-method investment and is included in the Financial Instruments Not Carried At Fair Value section that follows. Due to certain events and changes in circumstances that had adverse effects on the fair value of the investment in the privately-held company, we revalued the investment which, during fiscal years 2014, 2013 and 2012, respectively, resulted in $0.1 million, $1.0 million, and $0.7 million impairment on the equity securities, and a less than $0.1 million, $0.9 million, and $0.5 million derivative loss on the stock warrants. As of June 30, 2014, the equity securities and stock warrants have been fully impaired. See Note 11 - Derivative Instruments of Notes to Consolidated Financial Statements for further information regarding the stock warrants. See Note 12 - Investments of Notes to Consolidated Financial Statements for further information regarding the convertible debt securities and non-marketable equity securities. | ||||||||||||||||
No purchases or sales of Level 3 assets occurred during the periods. | ||||||||||||||||
The nonqualified supplemental employee retirement plan ("SERP") assets consist primarily of equity funds, balanced funds, a bond fund, and a money market fund. The SERP investment assets are offset by a SERP liability which represents Kimball's obligation to distribute SERP funds to participants. See Note 12 - Investments of Notes to Consolidated Financial Statements for further information regarding the SERP. | ||||||||||||||||
Non-Recurring Fair Value Measurements: | ||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments when events or circumstances indicate a significant adverse effect on the fair value of the asset. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. | ||||||||||||||||
Non-recurring fair value adjustment | Level | Valuation Technique/Inputs Used | ||||||||||||||
Impairment of assets held for sale (real estate and property & equipment) | 3 | Market - Estimated potential net selling price. | ||||||||||||||
Impairment of long-lived assets (intangible asset and property & equipment) | 3 | Market - Probability-weighted discounted cash flow calculation using estimated future cash flows. | ||||||||||||||
During fiscal year 2014, we classified an aircraft as held for sale and accordingly recognized pre-tax impairment of $1.2 million due to a significant downward shift in the market for private aviation aircraft. The aircraft was subsequently sold during fiscal year 2014. Due to declines in the market value of the held for sale EMS facility, we recognized pre-tax impairment of, in millions, $0.2 and $0.6 during fiscal years 2013 and 2012, respectively. Also during fiscal year 2012, we recognized impairment of, in millions, $0.3 and $0.1 related to intangible product rights and equipment, respectively, for a product line which was near the end of its production period. | ||||||||||||||||
Financial Instruments Not Carried At Fair Value: | ||||||||||||||||
Financial instruments that are not reflected in the Consolidated Balance Sheets at fair value that have carrying amounts which approximate fair value include the following: | ||||||||||||||||
Financial Instrument | Level | Valuation Technique/Inputs Used | ||||||||||||||
Notes receivable | 2 | Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer's non-performance risk | ||||||||||||||
Non-marketable equity securities (cost-method investments, which carry shares at cost except in the event of impairment) | 3 | Cost Method, with Impairment Recognized Using a Market-Based Valuation Technique - See the explanation below the table regarding the method used to periodically estimate the fair value of cost-method investments. | ||||||||||||||
For the impairment recognized during fiscal year 2014, the valuation was based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. Based on the probability-weighted option pricing model, the equity securities were fully impaired during fiscal year 2014. | ||||||||||||||||
                                                                                                          The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected holding period of securities. | ||||||||||||||||
  | ||||||||||||||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | ||||||||||||||||
Long-term debt (carried at amortized cost) | 3 | Income - Price estimated using a discounted cash flow analysis based on quoted long-term debt market rates, adjusted for Kimball's non-performance risk | ||||||||||||||
Investments in non-marketable equity securities are accounted for using the cost method if Kimball does not have the ability to exercise significant influence over the operating and financial policies of the investee. On a periodic basis, but no less frequently than quarterly, these investments are assessed for impairment when there are events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. If a significant adverse effect on the fair value of the investment has occurred and is deemed to be other-than-temporary, the fair value of the investment is estimated, and the amount by which the carrying value of the cost-method investment exceeds its fair value is recorded as impairment. | ||||||||||||||||
The carrying value of our cash deposit accounts, trade accounts receivable, and trade accounts payable approximates fair value due to their relatively short maturity and immaterial non-performance risk. |
Note_11_Derivative_Instruments
Note 11. Derivative Instruments | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | ' | |||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||
Foreign Exchange Contracts: | ||||||||||||||||||||
We operate internationally and are therefore exposed to foreign currency exchange rate fluctuations in the normal course of our business. Our primary means of managing this exposure is to utilize natural hedges, such as aligning currencies used in the supply chain with the sale currency. To the extent natural hedging techniques do not fully offset currency risk, we use derivative instruments with the objective of reducing the residual exposure to certain foreign currency rate movements. Factors considered in the decision to hedge an underlying market exposure include the materiality of the risk, the volatility of the market, the duration of the hedge, the degree to which the underlying exposure is committed to, and the availability, effectiveness, and cost of derivative instruments. Derivative instruments are only utilized for risk management purposes and are not used for speculative or trading purposes. | ||||||||||||||||||||
We use forward contracts designated as cash flow hedges to protect against foreign currency exchange rate risks inherent in forecasted transactions denominated in a foreign currency. Foreign exchange contracts are also used to hedge against foreign currency exchange rate risks related to intercompany balances denominated in currencies other than the functional currencies. As of June 30, 2014, we had outstanding foreign exchange contracts to hedge currencies against the U.S. dollar in the aggregate notional amount of $25.6 million and to hedge currencies against the Euro in the aggregate notional amount of 47.7 million Euro. The notional amounts are indicators of the volume of derivative activities but are not indicators of the potential gain or loss on the derivatives. | ||||||||||||||||||||
In limited cases due to unexpected changes in forecasted transactions, cash flow hedges may cease to meet the criteria to be designated as cash flow hedges. Depending on the type of exposure hedged, we may either purchase a derivative contract in the opposite position of the undesignated hedge or may retain the hedge until it matures if the hedge continues to provide an adequate offset in earnings against the currency revaluation impact of foreign currency denominated liabilities. | ||||||||||||||||||||
The fair value of outstanding derivative instruments is recognized on the balance sheet as a derivative asset or liability. When derivatives are settled with the counterparty, the derivative asset or liability is relieved and cash flow is impacted for the net settlement. For derivative instruments that meet the criteria of hedging instruments under FASB guidance, the effective portions of the gain or loss on the derivative instrument are initially recorded net of related tax effect in Accumulated Other Comprehensive Income (Loss), a component of Share Owners' Equity, and are subsequently reclassified into earnings in the period or periods during which the hedged transaction is recognized in earnings. The ineffective portion of the derivative gain or loss is reported in the Non-operating income or expense line item on the Consolidated Statements of Income immediately. The gain or loss associated with derivative instruments that are not designated as hedging instruments or that cease to meet the criteria for hedging under FASB guidance is also reported in the Non-operating income or expense line item on the Consolidated Statements of Income immediately. | ||||||||||||||||||||
Based on fair values as of June 30, 2014, we estimate that approximately $0.2 million of pre-tax derivative gain deferred in Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings, along with the earnings effects of related forecasted transactions, within the fiscal year ending June 30, 2015. Gains on foreign exchange contracts are generally offset by losses in operating costs in the income statement when the underlying hedged transaction is recognized in earnings. Because gains or losses on foreign exchange contracts fluctuate partially based on currency spot rates, the future effect on earnings of the cash flow hedges alone is not determinable, but in conjunction with the underlying hedged transactions, the result is expected to be a decline in currency risk. The maximum length of time we had hedged our exposure to the variability in future cash flows was 12 months as of both June 30, 2014 and June 30, 2013. | ||||||||||||||||||||
Stock Warrants: | ||||||||||||||||||||
Kimball holds common stock warrants which provide the right to purchase a privately-held company's equity securities at a specified exercise price. The value of the stock warrants fluctuates primarily in relation to the value of the privately-held company's underlying securities, either providing an appreciation in value or potentially expiring with no value. The stock warrants expire in June 2017. Gains and losses on the revaluation of stock warrants are recognized in the Non-operating income (expense), net line item on the Consolidated Statements of Income. Due to certain events and changes in circumstances that had adverse effects on the fair value of the investment in the privately-held company, we revalued the investment which resulted in a derivative loss on the stock warrants of less than $0.1 million during fiscal year 2014, $0.9 million in fiscal year 2013, and $0.5 million during fiscal year 2012. | ||||||||||||||||||||
See Note 10 - Fair Value of Notes to Consolidated Financial Statements for further information regarding the fair value of derivative assets and liabilities and Note 16 - Comprehensive Income of Notes to Consolidated Financial Statements for the amount and changes in derivative gains and losses deferred in Accumulated Other Comprehensive Income (Loss). | ||||||||||||||||||||
Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income are presented below.  | ||||||||||||||||||||
Fair Values of Derivative Instruments on the Consolidated Balance Sheets | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value As of | Fair Value As of | |||||||||||||||||||
(Amounts in Thousands) | Balance Sheet Location | June 30 | June 30 | Balance Sheet Location | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 599 | $ | 265 | Accrued expenses | $ | 241 | $ | 1,097 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | 201 | 8 | Accrued expenses | 458 | 565 | ||||||||||||||
Stock warrants | Other assets (long-term) | — | 25 | |||||||||||||||||
Total derivatives | $ | 800 | $ | 298 | $ | 699 | $ | 1,662 | ||||||||||||
The Effect of Derivative Instruments on Other Comprehensive Income (Loss) | ||||||||||||||||||||
30-Jun | ||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives (Effective Portion): | ||||||||||||||||||||
Foreign exchange contracts | $ | 73 | $ | 1,206 | $ | (192 | ) | |||||||||||||
The Effect of Derivative Instruments on Consolidated Statements of Income | ||||||||||||||||||||
(Amounts in Thousands) | Fiscal Year Ended June 30 | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Gain or (Loss)Â | 2014 | 2013 | 2012 | ||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion): | ||||||||||||||||||||
Foreign exchange contracts | Cost of Sales | $ | (1,024 | ) | $ | 2,212 | $ | (1,415 | ) | |||||||||||
Foreign exchange contracts | Non-operating income (expense) | (163 | ) | (73 | ) | 363 | ||||||||||||||
Total | $ | (1,187 | ) | $ | 2,139 | $ | (1,052 | ) | ||||||||||||
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income (Ineffective Portion): | ||||||||||||||||||||
Foreign exchange contracts | Non-operating income (expense) | $ | — | $ | (3 | ) | $ | (17 | ) | |||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Income on Derivatives: | ||||||||||||||||||||
Foreign exchange contracts | Non-operating income (expense) | $ | (487 | ) | $ | (322 | ) | $ | 2,513 | |||||||||||
Stock warrants | Non-operating income (expense) | (25 | ) | (885 | ) | (526 | ) | |||||||||||||
Total | $ | (512 | ) | $ | (1,207 | ) | $ | 1,987 | ||||||||||||
Total Derivative Pre-Tax Gain (Loss) Recognized in Income | $ | (1,699 | ) | $ | 929 | $ | 918 | |||||||||||||
Note_12_Investments
Note 12. Investments | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | ' | |||||||
Investments | ||||||||
Non-marketable Equity Securities: | ||||||||
Kimball currently holds non-marketable equity securities of a privately-held company. The equity securities had no value at June 30, 2014 and were valued at $0.1 million as of June 30, 2013. Due to certain events and changes in circumstances that had adverse effects on the fair value of the investment in the privately-held company, we revalued the investment which resulted in impairment on the equity securities of $0.1 million in fiscal year 2014, $1.0 million in fiscal year 2013, and $0.7 million in fiscal year 2012. | ||||||||
The equity securities are non-marketable and are accounted for as a cost-method investment, which carries the shares at cost except in the event of impairment. The privately-held investment is included in the Other Assets line of the Consolidated Balance Sheet in fiscal year 2013. See Note 10 - Fair Value of Notes to Consolidated Financial Statements for more information on the valuation of these securities. The investment does not rise to the level of a material variable interest or a controlling interest in the privately-held company which would require consolidation. | ||||||||
Supplemental Employee Retirement Plan Investments: | ||||||||
Kimball maintains a self-directed supplemental employee retirement plan ("SERP") for executive employees. The SERP utilizes a rabbi trust, and therefore assets in the SERP portfolio are subject to creditor claims in the event of bankruptcy. Kimball recognizes SERP investment assets on the balance sheet at current fair value. A SERP liability of the same amount is recorded on the balance sheet representing an obligation to distribute SERP funds to participants. The SERP investment assets are classified as trading, and accordingly, realized and unrealized gains and losses are recognized in income in the Other Income (Expense) category. Adjustments made to revalue the SERP liability are also recognized in income as selling and administrative expenses and offset valuation adjustments on SERP investment assets. The change in net unrealized holding gains (losses) for the fiscal years ended June 30, 2014, 2013, and 2012 was, in thousands, $184, $1,243, and $(483), respectively. SERP asset and liability balances were as follows: | ||||||||
30-Jun | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
SERP investment - current asset | $ | 8,812 | $ | 7,031 | ||||
SERP investment - other long-term asset | 14,294 | 12,569 | ||||||
Total SERP investment | $ | 23,106 | $ | 19,600 | ||||
SERP obligation - current liability | $ | 8,812 | $ | 7,031 | ||||
SERP obligation - other long-term liability | 14,294 | 12,569 | ||||||
Total SERP obligation | $ | 23,106 | $ | 19,600 | ||||
Note_13_Accrued_Expenses
Note 13. Accrued Expenses | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Accrued Liabilities Disclosure | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consisted of: | ||||||||
30-Jun | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Taxes | $ | 8,187 | $ | 3,635 | ||||
Compensation | 46,307 | 32,268 | ||||||
Retirement plan | 4,964 | 5,050 | ||||||
Insurance | 4,215 | 3,500 | ||||||
Restructuring | — | 38 | ||||||
Other expenses | 13,583 | 12,365 | ||||||
Total accrued expenses | $ | 77,256 | $ | 56,856 | ||||
The accrued compensation expense increased primarily due to higher accrued incentive compensation. |
Note_14_Segment_and_Geographic
Note 14. Segment and Geographic Area Information | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment and Geographic Area Information [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure | ' | |||||||||||||||
Segment and Geographic Area Information | ||||||||||||||||
Management organizes Kimball into segments based upon differences in products and services offered in each segment. The segments and their principal products and services are as follows. The EMS segment provides engineering, manufacturing, and supply chain services which utilize common production and support capabilities to a variety of industries globally. The EMS segment focuses on electronic assemblies that have high durability requirements and are sold on a contract basis and produced to customers' specifications. The EMS segment currently sells primarily to customers in the automotive, medical, industrial, and public safety industries. The Furniture segment provides furniture for the office and hospitality industries, sold under the Company's family of brand names. Each segment's product line offerings consist of similar products and services sold within various industries. | ||||||||||||||||
The EMS segment had sales to one customer that represented more than 10% of consolidated net sales. Sales to Johnson Controls, Inc. totaled, in millions, $96.4, $122.1, and $104.6 in fiscal years 2014, 2013, and 2012, respectively, representing 8%, 10%, and 9% of consolidated net sales, respectively, for such periods. | ||||||||||||||||
The accounting policies of the segments are the same as those described in Note 1 - Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements with additional explanation of segment allocations as follows. Corporate assets and operating costs are allocated to the segments based on the extent to which each segment uses a centralized function, where practicable. However, certain common costs, including income taxes, have been allocated among segments less precisely than would be required for standalone financial information prepared in accordance with accounting principles generally accepted in the United States of America. Unallocated corporate assets include cash and cash equivalents, investments, and other assets not allocated to segments. Unallocated corporate income consists of income not allocated to segments for purposes of evaluating segment performance and includes income from corporate investments and other non-operational items. Sales between the Furniture segment and EMS segment are not material. | ||||||||||||||||
We evaluate segment performance based upon several financial measures, including economic profit, which incorporates a segment's cost of capital when evaluating financial performance, operating income, and net income. Operating income and net income are reported for each segment as they are the measures most consistent with the measurement principles used in our consolidated financial statements. | ||||||||||||||||
We aggregate multiple operating segments into each reportable segment. The aggregated operating segments have similar economic characteristics and meet the other aggregation criteria required by U.S. GAAP. | ||||||||||||||||
At or For the Year Ended June 30, 2014 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 741,530 | $ | 543,817 | $ | — | $ | 1,285,347 | ||||||||
Depreciation and Amortization | 18,847 | 13,038 | — | 31,885 | ||||||||||||
Operating Income (Loss) | 33,389 | 16,351 | (9,157 | ) | 40,583 | |||||||||||
Interest Income | — | — | 220 | 220 | ||||||||||||
Interest Expense | 2 | 2 | 24 | 28 | ||||||||||||
Provision (Benefit) for Income Taxes | 6,015 | 6,074 | (2,377 | ) | 9,712 | |||||||||||
Net Income (Loss) (1) | 26,688 | 10,406 | (3,633 | ) | 33,461 | |||||||||||
Total Assets | 390,064 | 195,130 | 136,952 | 722,146 | ||||||||||||
Goodwill | 2,564 | — | — | 2,564 | ||||||||||||
Capital Expenditures | 20,695 | 12,202 | — | 32,897 | ||||||||||||
At or For the Year Ended June 30, 2013 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 703,129 | $ | 500,005 | $ | — | $ | 1,203,134 | ||||||||
Depreciation and Amortization | 18,195 | 12,563 | — | 30,758 | ||||||||||||
Operating Income (Loss) | 27,483 | (367 | ) | (4,115 | ) | 23,001 | ||||||||||
Interest Income | — | — | 404 | 404 | ||||||||||||
Interest Expense | 9 | 1 | 25 | 35 | ||||||||||||
Provision (Benefit) for Income Taxes | 5,499 | (503 | ) | (2,212 | ) | 2,784 | ||||||||||
Net Income (Loss) (2) | 21,133 | 75 | (1,329 | ) | 19,879 | |||||||||||
Total Assets | 353,425 | 185,925 | 105,169 | 644,519 | ||||||||||||
Goodwill | 2,511 | — | — | 2,511 | ||||||||||||
Capital Expenditures | 14,145 | 13,410 | — | 27,555 | ||||||||||||
At or For the Year Ended June 30, 2012 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 616,751 | $ | 525,310 | $ | — | $ | 1,142,061 | ||||||||
Depreciation and Amortization | 17,590 | 13,383 | — | 30,973 | ||||||||||||
Operating Income (Loss) | 8,904 | 11,874 | (2,389 | ) | 18,389 | |||||||||||
Interest Income | — | — | 430 | 430 | ||||||||||||
Interest Expense | 6 | 2 | 27 | 35 | ||||||||||||
Provision (Benefit) for Income Taxes | 2,042 | 4,837 | (811 | ) | 6,068 | |||||||||||
Net Income (Loss) (3) | 6,572 | 6,957 | (1,895 | ) | 11,634 | |||||||||||
Total Assets | 332,115 | 183,415 | 79,986 | 595,516 | ||||||||||||
Goodwill | 2,480 | — | — | 2,480 | ||||||||||||
Capital Expenditures | 13,485 | 13,458 | — | 26,943 | ||||||||||||
-1 | Fiscal year 2014 EMS segment net income includes $3.4 million of after-tax income resulting from settlements received related to two antitrust class action lawsuits in which the Company was a class member. Fiscal year 2014 Furniture segment net income includes an after-tax gain of $1.1 million for the sale of an idle Furniture segment manufacturing facility and land located in Jasper, Indiana. Fiscal year 2014 Unallocated Corporate and Elimination net income includes after-tax spin-off costs of $2.8 million, after-tax impairment of $0.7 million for an aircraft which was subsequently sold, and restructuring charges of $0.2 million. See Note 17 - Restructuring Expense of Notes to the Consolidated Financial Statements for further discussion. | |||||||||||||||
-2 | Includes after-tax restructuring charges of $0.3 million in fiscal year 2013. The EMS segment and Unallocated Corporate and Eliminations recorded, respectively, $0.1 million expense and $0.2 million expense. See Note 17 - Restructuring Expense of Notes to the Consolidated Financial Statements for further discussion. | |||||||||||||||
-3 | Includes after-tax restructuring charges of $2.1 million in fiscal year 2012. The EMS segment and Unallocated Corporate and Eliminations recorded, respectively, $1.7 million expense and $0.4 million expense. See Note 17 - Restructuring Expense of Notes to Consolidated Financial Statements for further discussion. | |||||||||||||||
Geographic Area: | ||||||||||||||||
The following geographic area data includes net sales based on the location where title transfers and long-lived assets based on physical location. Long-lived assets include property and equipment and other long-term assets such as software. | ||||||||||||||||
At or For the Year Ended June 30 | ||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Net Sales: | ||||||||||||||||
United States | $ | 894,093 | $ | 883,680 | $ | 870,080 | ||||||||||
Other Foreign | 391,254 | 319,454 | 271,981 | |||||||||||||
Total net sales | $ | 1,285,347 | $ | 1,203,134 | $ | 1,142,061 | ||||||||||
Long-Lived Assets: | ||||||||||||||||
United States | $ | 126,840 | $ | 126,364 | $ | 129,258 | ||||||||||
Poland | 45,287 | 45,971 | 44,427 | |||||||||||||
Other Foreign | 21,313 | 19,020 | 18,899 | |||||||||||||
Total long-lived assets | $ | 193,440 | $ | 191,355 | $ | 192,584 | ||||||||||
Note_15_Earnings_Per_Share
Note 15. Earnings Per Share | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||||||||||
Earnings per share are computed using the two-class common stock method due to the dividend preference of Class B Common Stock. Basic earnings per share are based on the weighted average number of shares outstanding during the period. Diluted earnings per share are based on the weighted average number of shares outstanding plus the assumed issuance of common shares and related payment of assumed dividends for all potentially dilutive securities. Earnings per share of Class A and Class B Common Stock are as follows: | ||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2014 | Year Ended June 30, 2013 | Year Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | Class A | Class B | Total | Class A | Class B | Total | Class A | Class B | Total | |||||||||||||||||||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||||||||||||||
Dividends Declared | $ | 1,437 | $ | 6,090 | $ | 7,527 | $ | 1,495 | $ | 5,955 | $ | 7,450 | $ | 1,869 | $ | 5,502 | $ | 7,371 | ||||||||||||||||||
Undistributed Earnings | 5,420 | 20,514 | 25,934 | 2,803 | 9,626 | 12,429 | 1,169 | 3,094 | 4,263 | |||||||||||||||||||||||||||
Net Income | $ | 6,857 | $ | 26,604 | $ | 33,461 | $ | 4,298 | $ | 15,581 | $ | 19,879 | $ | 3,038 | $ | 8,596 | $ | 11,634 | ||||||||||||||||||
Average Basic Shares Outstanding | 8,026 | 30,378 | 38,404 | 8,584 | 29,479 | 38,063 | 10,387 | 27,494 | 37,881 | |||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 0.85 | $ | 0.88 | $ | 0.5 | $ | 0.53 | $ | 0.29 | $ | 0.31 | ||||||||||||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||||||||
Dividends Declared and Assumed Dividends on Dilutive Shares | $ | 1,550 | $ | 6,091 | $ | 7,641 | $ | 1,577 | $ | 5,955 | $ | 7,532 | $ | 1,906 | $ | 5,502 | $ | 7,408 | ||||||||||||||||||
Undistributed Earnings | 5,723 | 20,097 | 25,820 | 2,898 | 9,449 | 12,347 | 1,175 | 3,051 | 4,226 | |||||||||||||||||||||||||||
Net Income | $ | 7,273 | $ | 26,188 | $ | 33,461 | $ | 4,475 | $ | 15,404 | $ | 19,879 | $ | 3,081 | $ | 8,553 | $ | 11,634 | ||||||||||||||||||
Average Diluted Shares Outstanding | 8,652 | 30,385 | 39,037 | 9,043 | 29,479 | 38,522 | 10,593 | 27,494 | 38,087 | |||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.84 | $ | 0.86 | $ | 0.49 | $ | 0.52 | $ | 0.29 | $ | 0.31 | ||||||||||||||||||||||||
Reconciliation of Basic and Diluted EPS Calculations: | ||||||||||||||||||||||||||||||||||||
Income Used for Basic EPS Calculation | $ | 6,857 | $ | 26,604 | $ | 33,461 | $ | 4,298 | $ | 15,581 | $ | 19,879 | $ | 3,038 | $ | 8,596 | $ | 11,634 | ||||||||||||||||||
Assumed Dividends Payable on Dilutive Performance Shares | 113 | 1 | 114 | 82 | — | 82 | 37 | — | 37 | |||||||||||||||||||||||||||
Increase (Reduction) of Undistributed Earnings - | 303 | (417 | ) | (114 | ) | 95 | (177 | ) | (82 | ) | 6 | (43 | ) | (37 | ) | |||||||||||||||||||||
     allocated based on Class A and Class B shares | ||||||||||||||||||||||||||||||||||||
Net Income Used for Diluted EPS Calculation | $ | 7,273 | $ | 26,188 | $ | 33,461 | $ | 4,475 | $ | 15,404 | $ | 19,879 | $ | 3,081 | $ | 8,553 | $ | 11,634 | ||||||||||||||||||
Average Shares Outstanding for Basic | 8,026 | 30,378 | 38,404 | 8,584 | 29,479 | 38,063 | 10,387 | 27,494 | 37,881 | |||||||||||||||||||||||||||
     EPS Calculation | ||||||||||||||||||||||||||||||||||||
Dilutive Effect of Average Outstanding Performance shares | 626 | 7 | 633 | 459 | — | 459 | 206 | — | 206 | |||||||||||||||||||||||||||
Average Shares Outstanding for Diluted | 8,652 | 30,385 | 39,037 | 9,043 | 29,479 | 38,522 | 10,593 | 27,494 | 38,087 | |||||||||||||||||||||||||||
     EPS Calculation | ||||||||||||||||||||||||||||||||||||
In fiscal year 2013 and 2012, respectively, all 190,000, and 508,000 average stock options outstanding were antidilutive and were excluded from the dilutive calculation. There were no stock options outstanding during fiscal year 2014. | ||||||||||||||||||||||||||||||||||||
Note_16_Accumulated_Other_Comp
Note 16. Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
During fiscal year 2014, 2013, and 2012, the changes in the balances of each component of Accumulated Other Comprehensive Income (Loss), net of tax, were as follows: | ||||||||||||||||||||
Postemployment Benefits | ||||||||||||||||||||
(Amounts in Thousands) | Foreign Currency Translation Adjustments | Derivative Gain (Loss) | Prior Service Costs | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance at June 30, 2012 | $ | (977 | ) | $ | (3,632 | ) | $ | (464 | ) | $ | 110 | $ | (4,963 | ) | ||||||
Current-period other comprehensive income (loss) | 1,832 | (727 | ) | 172 | 209 | 1,486 | ||||||||||||||
Balance at June 30, 2013 | $ | 855 | $ | (4,359 | ) | $ | (292 | ) | $ | 319 | $ | (3,477 | ) | |||||||
Current-period other comprehensive income (loss) | 4,054 | 948 | 172 | 743 | 5,917 | |||||||||||||||
Balance at June 30, 2014 | $ | 4,909 | $ | (3,411 | ) | $ | (120 | ) | $ | 1,062 | $ | 2,440 | ||||||||
The following reclassifications were made from Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income: | ||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income (Loss) | Fiscal Year Ended | Affected Line Item in the | ||||||||||||||||||
June 30, | Consolidated Statements of Income | |||||||||||||||||||
(Amounts in Thousands) | 2014 | |||||||||||||||||||
Derivative Gain (Loss) (1) | $ | (1,024 | ) | Cost of Sales | ||||||||||||||||
(163 | ) | Non-operating income (expense), net | ||||||||||||||||||
226 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (961 | ) | Net of Tax | |||||||||||||||||
Postemployment Benefits: | ||||||||||||||||||||
Amortization of Prior Service Costs (2) | $ | (185 | ) | Cost of Sales | ||||||||||||||||
(101 | ) | Selling and Administrative Expenses | ||||||||||||||||||
114 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (172 | ) | Net of Tax | |||||||||||||||||
Amortization of Actuarial Gain (Loss) (2) | $ | (228 | ) | Cost of Sales | ||||||||||||||||
(110 | ) | Selling and Administrative Expenses | ||||||||||||||||||
134 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (204 | ) | Net of Tax | |||||||||||||||||
Total Reclassifications for the Period | $ | (1,337 | ) | Net of Tax | ||||||||||||||||
Amounts in parentheses indicate reductions to income. | ||||||||||||||||||||
(1) See Note 11 - Derivative Instruments of Notes to Consolidated Financial Statements for further information on derivative instruments. | ||||||||||||||||||||
(2) See Note 6 - Employee Benefit Plans of Notes to Consolidated Financial Statements for further information on postemployment benefit plans. | ||||||||||||||||||||
Note_17_Restructuring_Expense
Note 17. Restructuring Expense | 12 Months Ended | |
Jun. 30, 2014 | ||
Restructuring Expense [Abstract] | ' | |
Restructuring and Related Activities Disclosure | ' | |
Restructuring Expense | ||
We recognized consolidated pre-tax restructuring expense of $0.4 million in each of fiscal years 2014 and 2013, and $3.4 million in fiscal year 2012. All restructuring plans were completed prior to fiscal year 2013 but we continued to incur miscellaneous exit costs related to facility clean up or market value adjustments. Completed restructuring plans include the European Consolidation, Fremont, and Gaylord plans which were all related to the EMS segment. We do not expect these plans to have any restructuring charges in the future. | ||
We utilize available market prices and management estimates to determine the fair value of impaired fixed assets. Restructuring charges are included in the Restructuring Expense line item on our Consolidated Statements of Income. | ||
Fremont Restructuring Plan: | ||
During the second quarter of fiscal year 2012, we completed a plan to exit a small leased EMS assembly facility located in Fremont, California. This plan was approved in the fourth quarter of fiscal year 2011. We were contractually obligated on the lease of this facility until August 2013. We recognized immaterial restructuring charges in fiscal years 2014 and 2013, and recognized $0.8 million of plant closure expenses during fiscal year 2012 related to this plan. Total pre-tax restructuring charges incurred since the plan announcement were approximately $1.3 million, including $0.2 million related to severance and other employee transition costs, and $1.1 million related to lease and other exit costs. | ||
European Consolidation Plan: | ||
During the second quarter of fiscal year 2012, we completed a plan to expand our European automotive electronics capabilities and to establish a European Medical Center of Expertise near Poznan, Poland. This plan was approved in the fourth quarter of fiscal year 2008. The plan was executed in stages as follows: | ||
• | We successfully completed the move of production from Longford, Ireland, into a former Poznan, Poland facility during the fiscal year 2009 second quarter. | |
• | Construction of a new, larger facility in Poland was completed in the fourth quarter of fiscal year 2009. | |
• | We sold the former Poland facility and land during fiscal year 2010 and recorded a $6.7 million pre-tax gain which was included in the Other General Income line of our Consolidated Statements of Income. | |
• | The former Poland facility was leased back until the transfer of the remaining production to the new facility was completed in fiscal year 2011. | |
• | We completed the consolidation of the EMS facility located in Wales, United Kingdom into the new facility. Production in Wales ceased and was transferred to the Poland facility in the second quarter of fiscal year 2012. The lease for the Wales facility terminated in the third quarter of fiscal year 2012. | |
We recognized immaterial restructuring charges in fiscal years 2014 and 2013, and during fiscal year 2012 recognized $1.9 million of plant closure costs, severance, and other employee transition costs related to this plan. Total pre-tax restructuring charges incurred since the plan announcement, excluding the gain on the sale of the former facility and construction of the new facility, related to the consolidation activities were approximately, in millions, $23.1 consisting of $20.8 of severance and other employee costs, $0.4 of property and equipment asset impairment, $0.4 of lease exit costs, and $1.5 of other exit costs. | ||
Gaylord Restructuring Plan: | ||
During fiscal year 2008, related to a plan approved in fiscal year 2007, we ceased the operations of a facility located in | ||
Gaylord, Michigan and classified the facility and land as held for sale. We sold this facility and land during fiscal year 2014, recognizing a pre-tax loss in restructuring of $0.3 million. Due to declines in the market value of the Gaylord facility, we recognized pre-tax restructuring primarily consisting of impairment of $0.3 million and $0.7 million in fiscal years 2013 and 2012, respectively. Total pre-tax restructuring charges incurred since the plan announcement were approximately $2.0 million, including $1.4 million of property and equipment asset impairment and $0.6 million related to other exit costs. |
Note_18_Variable_Interest_Enti
Note 18. Variable Interest Entities | 12 Months Ended |
Jun. 30, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
Kimball's involvement with a variable interest entity ("VIE") is limited to a situation in which we are not the primary beneficiary as we lack the power to direct the activities that most significantly impact the VIE's economic performance. Thus, consolidation is not required. | |
We are involved with the VIE consisting of a note receivable related to the sale of an Indiana facility. As of June 30, 2014, the carrying value of the note receivable, net of a $0.5 million allowance, was $0.9 million, with the short-term portion recorded on the Receivables line and the long-term portion recorded on the Other Assets line of our Consolidated Balance Sheet. As of June 30, 2013, the carrying value of the notes receivable related to the sale of the Indiana facility and loans provided to an electronics engineering services firm which were paid in full during fiscal year 2014, net of a $0.4 million allowance, was $1.5 million, and was included on the Receivables line of our Consolidated Balance Sheet as the entire balance was classified as short-term. | |
We have no obligation to provide additional funding to the VIE, and thus our exposure and risk of loss related to the VIE is limited to the carrying value of the note receivable. Kimball did not provide additional financial support to the VIE during the fiscal year ended June 30, 2014. |
Note_19_Credit_Quality_and_All
Note 19. Credit Quality and Allowance for Credit Losses of Notes Receivable | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Credit Quality and Allowance for Credit Losses of Notes Receivable [Abstract] | ' | |||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure | ' | |||||||||||||||||||||||
Credit Quality and Allowance for Credit Losses of Notes Receivable | ||||||||||||||||||||||||
Kimball monitors credit quality and associated risks of notes receivable on an individual basis based on criteria such as financial stability of the party and collection experience in conjunction with general economic and market conditions. The due date for the note receivable from the sale of an Indiana facility was extended until June 2017. We continue to hold collateral for this note receivable thereby mitigating the risk of loss, however as of June 30, 2014 an allowance was recorded on a portion of this note receivable based on our credit quality analysis. The notes receivable from an electronics engineering services firm were paid in full during fiscal year 2014. As of June 30, 2014 and 2013, Kimball had no material past due outstanding notes receivable. | ||||||||||||||||||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||||||||||||||||||
(Amounts in Thousands) | Unpaid Balance | Related Allowance | Receivable Net of Allowance | Unpaid Balance | Related Allowance | Receivable Net of Allowance | ||||||||||||||||||
Note Receivable from Sale of Indiana Facility | $ | 1,392 | $ | 489 | $ | 903 | $ | 1,413 | $ | — | $ | 1,413 | ||||||||||||
Notes Receivable from an Electronics Engineering Services Firm | — | — | — | 521 | 440 | 81 | ||||||||||||||||||
Other Notes Receivable | 223 | 149 | 74 | 127 | 85 | 42 | ||||||||||||||||||
Total | $ | 1,615 | $ | 638 | $ | 977 | $ | 2,061 | $ | 525 | $ | 1,536 | ||||||||||||
Note_20_Planned_SpinOff
Note 20. Planned Spin-Off | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Planned Spin-Off | |
On January 20, 2014, we announced that our Board of Directors unanimously approved a plan to spin off our EMS segment. The spin-off will result in two independent publicly-traded companies: Kimball International, Inc., an industry leader in the sale and manufacture of quality office and hospitality furniture; and Kimball Electronics, Inc., a leading global provider of electronic manufacturing services to the automotive, medical, industrial, and public safety markets. | |
Execution of the transaction requires further work on structure, management, governance and other significant matters. The completion of the spin-off is subject to certain customary conditions, including receipt of a legal opinion as to the tax-free nature of the spin-off for U.S. federal income tax purposes and regulatory approvals, as well as certain other matters. We can make no assurance that any spin-off transaction will ultimately occur, or, if one does occur, its terms or timing. | |
The disclosures within these consolidated financial statements do not take into account the proposed spin-off of the EMS segment. |
Note_21_Quarterly_Financial_In
Note 21. Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | 30-Sep | 31-Dec | 31-Mar | 30-Jun | ||||||||||||
Fiscal Year 2014: | ||||||||||||||||
Net Sales | $ | 317,439 | $ | 320,313 | $ | 310,788 | $ | 336,807 | ||||||||
Gross Profit | 61,324 | 66,846 | 60,292 | 67,562 | ||||||||||||
Other General Income (1) | (5,022 | ) | — | (666 | ) | — | ||||||||||
Net Income | 9,183 | 9,222 | 7,208 | 7,848 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.24 | $ | 0.24 | $ | 0.18 | $ | 0.2 | ||||||||
Class B | $ | 0.24 | $ | 0.24 | $ | 0.19 | $ | 0.21 | ||||||||
Diluted Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.23 | $ | 0.23 | $ | 0.18 | $ | 0.2 | ||||||||
Class B | $ | 0.24 | $ | 0.24 | $ | 0.19 | $ | 0.2 | ||||||||
Fiscal Year 2013: | ||||||||||||||||
Net Sales | $ | 288,190 | $ | 295,136 | $ | 301,486 | $ | 318,322 | ||||||||
Gross Profit | 55,205 | 55,157 | 53,809 | 59,577 | ||||||||||||
Net Income | 4,961 | 4,179 | 3,678 | 7,061 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.12 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||
Class B | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.19 | ||||||||
Diluted Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.12 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||
Class B | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.18 | ||||||||
(1) Other General Income included $5.0 million and $0.7 million, pre-tax, for the quarters ended September 30, 2013 and March 31, 2014, respectively, for the settlement proceeds received related to two antitrust class action lawsuits in which the Company was a class member. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | ||||||||||||||||||||||||
Schedule II. - Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Description | Balance at | Additions (Reductions) | Adjustments to Other | Write-offs and | Balance at | ||||||||||||||||||||
Beginning | to Expense | Accounts | Recoveries | End of | |||||||||||||||||||||
of Year | Â Year | ||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
Year Ended June 30, 2014 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 2,791 | $ | (20 | ) | $ | (149 | ) | $ | (277 | ) | $ | 2,345 | ||||||||||||
        Long-Term Receivables | $ | — | $ | 628 | $ | — | $ | — | $ | 628 | |||||||||||||||
        Deferred Tax Asset | $ | 2,315 | $ | — | $ | — | $ | (1,528 | ) | $ | 787 | ||||||||||||||
Year Ended June 30, 2013 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 1,367 | $ | 1,663 | $ | 15 | $ | (254 | ) | $ | 2,791 | ||||||||||||||
        Deferred Tax Asset | $ | 1,911 | $ | 408 | $ | — | $ | (4 | ) | $ | 2,315 | ||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 1,799 | $ | 267 | $ | (83 | ) | $ | (616 | ) | $ | 1,367 | |||||||||||||
        Deferred Tax Asset | $ | 6,698 | $ | 355 | $ | — | $ | (5,142 | ) | $ | 1,911 | ||||||||||||||
Note_1_Summary_of_Significant_1
Note 1. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of all domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation. | |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and related note disclosures. While efforts are made to assure estimates used are reasonably accurate based on management's knowledge of current events, actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition: We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract. Title and risk of loss are transferred upon shipment to or receipt at our customers’ locations, or in limited circumstances, as determined by other specific sales terms of the transaction. Shipping and handling fees billed to customers are recorded as sales while the related shipping and handling costs are included in cost of goods sold. We recognize sales net of applicable sales tax. Based on estimated product returns and price concessions, a reserve for returns and allowances is recorded at the time of the sale, resulting in a reduction of revenue. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: Cash equivalents consist primarily of highly liquid investments with original maturities of three months or less at the time of acquisition. Cash and cash equivalents consist of bank accounts and money market funds. Bank accounts are stated at cost, which approximates fair value, and money market funds are stated at fair value. | |
Notes Receivable and Trade Accounts Receivable | ' |
Notes Receivable and Trade Accounts Receivable: Kimball's notes receivable and trade accounts receivable are recorded per the terms of the agreement or sale, and accrued interest is recognized when earned. We determine on a case-by-case basis the cessation of accruing interest, the resumption of accruing interest, the method of recording payments received on nonaccrual receivables, and the delinquency status for our limited number of notes receivable. | |
Our policy for estimating the allowance for credit losses on trade accounts receivable and notes receivable includes analysis of such items as aging, credit worthiness, payment history, and historical bad debt experience. Management uses these specific analyses in conjunction with an evaluation of the general economic and market conditions to determine the final allowance for credit losses on the trade accounts receivable and notes receivable. Trade accounts receivable and notes receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. Our limited amount of notes receivable allows management to monitor the risks, credit quality indicators, collectability, and probability of impairment on an individual basis. Adjustments to the allowance for credit losses are recorded in selling and administrative expenses. | |
In the ordinary course of business, customers periodically negotiate extended payment terms on trade accounts receivable. EMS segment customary terms require payment within 30 to 45 days, with any terms beyond 45 days being considered extended payment terms while Furniture segment customary terms require payment within 30 days, with terms beyond 30 days being considered extended. We may utilize accounts receivable factoring arrangements with third-party financial institutions in order to extend terms for the customer without negatively impacting our cash flow. These arrangements in all cases do not contain recourse provisions which would obligate us in the event of our customers' failure to pay. Receivables are considered sold when they are transferred beyond the reach of Kimball and its creditors, the purchaser has the right to pledge or exchange the receivables, and we have surrendered control over the transferred receivables. | |
Inventories | ' |
Inventories: Inventories are stated at the lower of cost or market value. Cost includes material, labor, and applicable manufacturing overhead. Costs associated with underutilization of capacity are expensed as incurred. The last-in, first-out ("LIFO") method was used for approximately 16% of consolidated inventories at both June 30, 2014 and June 30, 2013, respectively, and remaining inventories were valued using the first-in, first-out ("FIFO") method. Inventories are adjusted for excess and obsolete inventory. Evaluation of excess inventory includes such factors as anticipated usage, inventory turnover, inventory levels, and product demand levels. Factors considered when evaluating obsolescence include the age of on-hand inventory and reduction in value due to damage, use as showroom samples, design changes, or cessation of product lines. | |
Property, Equipment, and Depreciation | ' |
Property, Equipment, and Depreciation: Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful life of the assets using the straight-line method for financial reporting purposes. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Major maintenance activities and improvements are capitalized; other maintenance, repairs, and minor renewals are expensed. Depreciation and expenses for maintenance, repairs and minor renewals are included in both the Cost of Sales line and the Selling and Administrative Expense line of the Consolidated Statements of Income. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets: We perform reviews for impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. When an impairment is identified, the carrying amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or fair market value less cost to sell at the date management commits to a plan of disposal. | |
Goodwill | ' |
Goodwill represents the difference between the purchase price and the related underlying tangible and intangible net asset fair values resulting from business acquisitions. Annually, or if conditions indicate an earlier review is necessary, we may assess qualitative factors to determine if it is more likely than not that the fair value is less than its carrying amount and if it is necessary to perform the quantitative two-step goodwill impairment test. We also have the option to bypass the qualitative assessment and proceed directly to performing the first step of the quantitative goodwill impairment test. If the first step is determined to be necessary, we compare the carrying value of the reporting unit to an estimate of the reporting unit's fair value to identify potential impairment. If the estimated fair value of the reporting unit is less than the carrying value, a second step is performed to determine the amount of potential goodwill impairment. If impaired, goodwill is written down to its estimated implied fair value. Goodwill is assigned to and the fair value is tested at the reporting unit level. The fair value is established primarily using a discounted cash flow analysis and secondarily a market approach utilizing current industry information. The calculation of the fair value of the reporting units considers current market conditions existing at the assessment date. | |
Impairment or Disposal of Intangible Assets | ' |
Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. | |
Other Intangible Assets | ' |
Internal-use software is stated at cost less accumulated amortization and is amortized using the straight-line method. During the software application development stage, capitalized costs include external consulting costs, cost of software licenses, and internal payroll and payroll-related costs for employees who are directly associated with a software project. Upgrades and enhancements are capitalized if they result in added functionality which enable the software to perform tasks it was previously incapable of performing. Software maintenance, training, data conversion, and business process reengineering costs are expensed in the period in which they are incurred. | |
Product rights to produce and sell certain products are amortized on a straight-line basis over their estimated useful lives, and capitalized customer relationships are amortized on estimated attrition rate of customers. We have no intangible assets with indefinite useful lives which are not subject to amortization. | |
Research and Development | ' |
Research and Development: The costs of research and development are expensed as incurred. | |
Advertising | ' |
Advertising:Â Advertising costs are expensed as incurred. | |
Insurance and Self-insurance | ' |
Insurance and Self-insurance: We are self-insured up to certain limits for auto and general liability, workers' compensation, and certain employee health benefits including medical, short-term disability, and dental, with the related liabilities included in the accompanying financial statements. Our policy is to estimate reserves based upon a number of factors including known claims, estimated incurred but not reported claims, and other analyses, which are based on historical information along with certain assumptions about future events. Approximately 50% of the workforce is covered under self-insured medical and short-term disability plans. | |
We carry external medical and disability insurance coverage for the remainder of our eligible workforce not covered by self-insured plans. Insurance benefits are not provided to retired employees. | |
Income Taxes | ' |
Income Taxes: Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. We evaluate the recoverability of deferred tax assets each quarter by assessing the likelihood of future taxable income and available tax planning strategies that could be implemented to realize our deferred tax assets. If recovery is not likely, we provide a valuation allowance based on our best estimate of future taxable income in the various taxing jurisdictions and the amount of deferred taxes ultimately realizable. Future events could change management's assessment. | |
Income Tax Uncertainties | ' |
We operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve complex uncertain tax positions, which may require an extended period of time to resolve. A tax benefit from an uncertain tax position may be recognized only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. We maintain a liability for uncertain income tax and other tax positions, including accrued interest and penalties on those positions. As tax positions are effectively settled, the tax liability is adjusted accordingly. We recognize interest and penalties related to unrecognized tax benefits in the Provision for Income Taxes line of the Consolidated Statements of Income. | |
Off-Balance-Sheet Risk | ' |
Off-Balance Sheet Risk: Our off-balance sheet arrangements are limited to operating leases entered into in the normal course of business as described in Note 4 - Commitments and Contingent Liabilities of Notes to Consolidated Financial Statements. | |
Other General Income | ' |
Other General Income: Fiscal year 2014 Other General Income included $5.7 million of pre-tax income resulting from settlements received related to two antitrust class action lawsuits in which Kimball was a class member. The lawsuits alleged that certain EMS segment suppliers conspired over a number of years to raise and fix the prices of electronic components, resulting in overcharges to purchasers of those components. We recorded no Other General Income during fiscal years 2013 and 2012. | |
Concentration of Credit Risk | ' |
Concentrations of Credit Risk: We have business and credit risks concentrated in the automotive, medical, industrial, public safety, and furniture industries. Additionally, we currently have a note receivable related to the sale of an Indiana facility and other miscellaneous notes receivable. | |
Non-operating Income and Expense | ' |
Non-operating Income and Expense: Non-operating income and expense include the impact of such items as foreign currency rate movements and related derivative gain or loss, fair value adjustments on privately-held investments and Supplemental Employee Retirement Plan ("SERP") investments, non-production rent income, bank charges, and other miscellaneous non-operating income and expense items that are not directly related to operations. The gain or loss on SERP investments is offset by a change in the SERP liability that is recognized in selling and administrative expenses. | |
Foreign Currency Translation | ' |
Foreign Currency Translation: Kimball uses the U.S. dollar and Euro as its functional currencies. Foreign currency assets and liabilities are remeasured into functional currencies at end-of-period exchange rates, except for nonmonetary assets and equity, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at the weighted average exchange rate during the fiscal year, except for expenses related to nonmonetary assets, which are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement are reported in the Non-operating income or expense line item on the Consolidated Statements of Income. | |
For businesses whose functional currency is other than the U.S. dollar, the translation of functional currency statements to U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in Accumulated Other Comprehensive Income (Loss), as a component of Share Owners' Equity. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities: Derivative financial instruments are recognized on the balance sheet as assets and liabilities and are measured at fair value. Changes in the fair value of derivatives are recorded each period in earnings or Accumulated Other Comprehensive Income (Loss), depending on whether a derivative is designated and effective as part of a hedge transaction, and if it is, the type of hedge transaction. Hedge accounting is utilized when a derivative is expected to be highly effective upon execution and continues to be highly effective over the duration of the hedge transaction. Hedge accounting permits gains and losses on derivative instruments to be deferred in Accumulated Other Comprehensive Income (Loss) and subsequently included in earnings in the periods in which earnings are affected by the hedged item, or when the derivative is determined to be ineffective. We use derivatives primarily for forward purchases of foreign currency to manage exposure to the variability of cash flows, primarily related to the foreign exchange rate risks inherent in forecasted transactions denominated in foreign currency. Additionally, we have an investment in stock warrants which is accounted for as a derivative instrument. See Note 11 - Derivative Instruments of Notes to Consolidated Financial Statements for more information on derivative instruments and hedging activities. | |
Stock-Based Compensation | ' |
Stock-Based Compensation: As described in Note 7 - Stock Compensation Plans of Notes to Consolidated Financial Statements, Kimball maintains a stock-based compensation plan which allows for the issuance of restricted stock, restricted share units, unrestricted share grants, incentive stock options, nonqualified stock options, performance shares, performance units, and stock appreciation rights for grant to officers and other key employees and to members of the Board of Directors who are not employees. We recognize the cost resulting from share-based payment transactions using a fair-value-based method. The estimated fair value of outstanding performance shares is based on the stock price at the date of the grant. For performance shares, the price is reduced by the present value of dividends normally paid over the vesting period which are not payable on outstanding performance share awards. Stock-based compensation expense is recognized for the portion of the award that is ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |
New Accounting Standards | ' |
New Accounting Standards: In June 2014, the Financial Accounting Standards Board ("FASB") provided explicit guidance on how to account for share-based payments granted to employees in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The guidance will be applied prospectively for our first quarter fiscal year 2017 financial statements. We do not expect the adoption to have a material effect on our consolidated financial statements. | |
In May 2014, the FASB issued guidance on the recognition of revenue from contracts with customers. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To achieve this core principle, the guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance addresses several areas including transfer of control, contracts with multiple performance obligations, and costs to obtain and fulfill contracts. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance is effective for our first quarter fiscal year 2018 financial statements using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients; or (ii) adoption with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures. We have not yet selected a transition method nor determined the effect of this guidance on our consolidated financial statements. | |
In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. Under the new guidance, a disposal that represents a strategic shift that has or will have a major effect on an entity's operations and financial results is a discontinued operation. The new guidance requires expanded disclosures that will provide more information about the assets, liabilities, income, and expenses of discontinued operations, and also requires disclosures of significant disposals that do not qualify for discontinued operations reporting. The guidance is effective prospectively for disposals or components of our business classified as held for sale during the first quarter of fiscal year 2016. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. | |
In July 2013, the FASB issued guidance to eliminate the diversity in practice related to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance is effective prospectively for our first quarter fiscal year 2015 financial statements. We do not expect the adoption to have a material effect on our consolidated financial statements. | |
In February 2013, the FASB issued additional guidance on the presentation of comprehensive income. This guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments were adopted prospectively for our first quarter fiscal year 2014 financial statements. As this guidance only impacted how comprehensive income is disclosed, the adoption did not impact our consolidated financial position, results of operations, or cash flows. |
Note_4_Commitments_and_Conting1
Note 4. Commitments and Contingent Liabilities (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingent Liabilities [Abstract] | ' |
Product Warranties | ' |
We estimate product warranty liability at the time of sale based on historical repair or replacement cost trends in conjunction with the length of the warranty offered. Management refines the warranty liability periodically based on changes in historical cost trends and in certain cases where specific warranty issues become known. |
Note_6_Employee_Benefit_Plans_
Note 6. Employee Benefit Plans (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Employee Benefit Plans [Abstract] | ' |
Postemployment Benefit Plans | ' |
Prior service cost is amortized on a straight-line basis over the average remaining service period of employees that were active at the time of the plan initiation and actuarial (gain) loss is amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. |
Note_10_Fair_Value_Policies
Note 10. Fair Value (Policies) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Fair Value [Abstract] | ' | ||||
Fair Value | ' | ||||
Kimball categorizes assets and liabilities measured at fair value into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | ||||
• | Level 2: Observable inputs other than those included in level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||
• | Level 3: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. | ||||
Our policy is to recognize transfers between these levels as of the end of each quarterly reporting period. There were no transfers between these levels during fiscal years 2014 and 2013. | |||||
Financial Instruments Recognized at Fair Value: | |||||
The following methods and assumptions were used to measure fair value: | |||||
Financial Instrument | Level | Valuation Technique/Inputs Used | |||
Cash Equivalents | 1 | Market - Quoted market prices | |||
Derivative Assets: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates, considering counterparty credit risk | |||
Derivative Assets: Stock warrants | 3 | Market - Based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. | |||
Stock warrants are revalued and analyzed for reasonableness on a quarterly basis. Based on the probability-weighted option pricing model, the stock warrants were fully impaired during fiscal year 2014. The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected term of warrants. | |||||
  | |||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | |||||
Trading securities: Mutual funds held in SERP | 1 | Market - Quoted market prices | |||
Derivative Liabilities: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates adjusted for Kimball's non-performance risk | |||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets | ' | ||||
Non-Recurring Fair Value Measurements: | |||||
Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments when events or circumstances indicate a significant adverse effect on the fair value of the asset. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. | |||||
Non-recurring fair value adjustment | Level | Valuation Technique/Inputs Used | |||
Impairment of assets held for sale (real estate and property & equipment) | 3 | Market - Estimated potential net selling price. | |||
Impairment of long-lived assets (intangible asset and property & equipment) | 3 | Market - Probability-weighted discounted cash flow calculation using estimated future cash flows. | |||
Fair Value of Financial Instruments Not Carried at Fair Value | ' | ||||
Financial Instruments Not Carried At Fair Value: | |||||
Financial instruments that are not reflected in the Consolidated Balance Sheets at fair value that have carrying amounts which approximate fair value include the following: | |||||
Financial Instrument | Level | Valuation Technique/Inputs Used | |||
Notes receivable | 2 | Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer's non-performance risk | |||
Non-marketable equity securities (cost-method investments, which carry shares at cost except in the event of impairment) | 3 | Cost Method, with Impairment Recognized Using a Market-Based Valuation Technique - See the explanation below the table regarding the method used to periodically estimate the fair value of cost-method investments. | |||
For the impairment recognized during fiscal year 2014, the valuation was based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. Based on the probability-weighted option pricing model, the equity securities were fully impaired during fiscal year 2014. | |||||
                                                                                                          The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected holding period of securities. | |||||
  | |||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | |||||
Long-term debt (carried at amortized cost) | 3 | Income - Price estimated using a discounted cash flow analysis based on quoted long-term debt market rates, adjusted for Kimball's non-performance risk | |||
Investments in non-marketable equity securities are accounted for using the cost method if Kimball does not have the ability to exercise significant influence over the operating and financial policies of the investee. On a periodic basis, but no less frequently than quarterly, these investments are assessed for impairment when there are events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. If a significant adverse effect on the fair value of the investment has occurred and is deemed to be other-than-temporary, the fair value of the investment is estimated, and the amount by which the carrying value of the cost-method investment exceeds its fair value is recorded as impairment. | |||||
The carrying value of our cash deposit accounts, trade accounts receivable, and trade accounts payable approximates fair value due to their relatively short maturity and immaterial non-performance risk. | |||||
Cost Method Investments | ' | ||||
Investments in non-marketable equity securities are accounted for using the cost method if Kimball does not have the ability to exercise significant influence over the operating and financial policies of the investee. On a periodic basis, but no less frequently than quarterly, these investments are assessed for impairment when there are events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. If a significant adverse effect on the fair value of the investment has occurred and is deemed to be other-than-temporary, the fair value of the investment is estimated, and the amount by which the carrying value of the cost-method investment exceeds its fair value is recorded as impairment. |
Note_11_Derivative_Instruments1
Note 11. Derivative Instruments (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments [Abstract] | ' |
Derivatives, Hedge Discontinuances, Anticipated Transactions | ' |
In limited cases due to unexpected changes in forecasted transactions, cash flow hedges may cease to meet the criteria to be designated as cash flow hedges. Depending on the type of exposure hedged, we may either purchase a derivative contract in the opposite position of the undesignated hedge or may retain the hedge until it matures if the hedge continues to provide an adequate offset in earnings against the currency revaluation impact of foreign currency denominated liabilities. | |
Derivatives, Reporting of Derivative Activity | ' |
The fair value of outstanding derivative instruments is recognized on the balance sheet as a derivative asset or liability. When derivatives are settled with the counterparty, the derivative asset or liability is relieved and cash flow is impacted for the net settlement. For derivative instruments that meet the criteria of hedging instruments under FASB guidance, the effective portions of the gain or loss on the derivative instrument are initially recorded net of related tax effect in Accumulated Other Comprehensive Income (Loss), a component of Share Owners' Equity, and are subsequently reclassified into earnings in the period or periods during which the hedged transaction is recognized in earnings. The ineffective portion of the derivative gain or loss is reported in the Non-operating income or expense line item on the Consolidated Statements of Income immediately. The gain or loss associated with derivative instruments that are not designated as hedging instruments or that cease to meet the criteria for hedging under FASB guidance is also reported in the Non-operating income or expense line item on the Consolidated Statements of Income immediately. |
Note_12_Investments_Policies
Note 12. Investments (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Investments [Abstract] | ' |
Cost Method Investments | ' |
The equity securities are non-marketable and are accounted for as a cost-method investment, which carries the shares at cost except in the event of impairment. |
Note_14_Segment_and_Geographic1
Note 14. Segment and Geographic Area Information (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Segment and Geographic Area Information [Abstract] | ' |
Segment and Geographic Area Information | ' |
The accounting policies of the segments are the same as those described in Note 1 - Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements with additional explanation of segment allocations as follows. Corporate assets and operating costs are allocated to the segments based on the extent to which each segment uses a centralized function, where practicable. However, certain common costs, including income taxes, have been allocated among segments less precisely than would be required for standalone financial information prepared in accordance with accounting principles generally accepted in the United States of America. Unallocated corporate assets include cash and cash equivalents, investments, and other assets not allocated to segments. Unallocated corporate income consists of income not allocated to segments for purposes of evaluating segment performance and includes income from corporate investments and other non-operational items. Sales between the Furniture segment and EMS segment are not material. |
Note_1_Summary_of_Significant_2
Note 1. Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Goodwill by Segment | ' | |||||||||||||||||||||||
A summary of the goodwill by segment is as follows: | ||||||||||||||||||||||||
(Amounts in Thousands) | Electronic Manufacturing Services | Furniture | Consolidated | |||||||||||||||||||||
Balance as of June 30, 2012 | ||||||||||||||||||||||||
Goodwill | $ | 15,306 | $ | 1,733 | $ | 17,039 | ||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | 2,480 | — | 2,480 | |||||||||||||||||||||
Effect of Foreign Currency Translation | 31 | — | 31 | |||||||||||||||||||||
Balance as of June 30, 2013 | ||||||||||||||||||||||||
Goodwill | 15,337 | 1,733 | 17,070 | |||||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | 2,511 | — | 2,511 | |||||||||||||||||||||
Effect of Foreign Currency Translation | 53 | — | 53 | |||||||||||||||||||||
Balance as of June 30, 2014 | ||||||||||||||||||||||||
Goodwill | 15,390 | 1,733 | 17,123 | |||||||||||||||||||||
Accumulated impairment | (12,826 | ) | (1,733 | ) | (14,559 | ) | ||||||||||||||||||
Goodwill, net | $ | 2,564 | $ | — | $ | 2,564 | ||||||||||||||||||
Summary of Other Intangible Assets by Segment | ' | |||||||||||||||||||||||
A summary of other intangible assets subject to amortization by segment is as follows: | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
(Amounts in Thousands) | Cost | Accumulated | Net Value | Cost | Accumulated | Net Value | ||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Electronic Manufacturing Services: | ||||||||||||||||||||||||
Capitalized Software | $ | 29,271 | $ | 27,626 | $ | 1,645 | $ | 29,072 | $ | 27,072 | $ | 2,000 | ||||||||||||
Customer Relationships | 1,167 | 981 | 186 | 1,167 | 919 | 248 | ||||||||||||||||||
Other Intangible Assets | 30,438 | 28,607 | 1,831 | 30,239 | 27,991 | 2,248 | ||||||||||||||||||
Furniture: | ||||||||||||||||||||||||
Capitalized Software | 30,790 | 28,783 | 2,007 | 32,313 | 29,823 | 2,490 | ||||||||||||||||||
Product Rights | 372 | 294 | 78 | 372 | 222 | 150 | ||||||||||||||||||
Other Intangible Assets | 31,162 | 29,077 | 2,085 | 32,685 | 30,045 | 2,640 | ||||||||||||||||||
Unallocated Corporate: | ||||||||||||||||||||||||
Capitalized Software | 4,503 | 4,228 | 275 | 4,499 | 4,111 | 388 | ||||||||||||||||||
  Other Intangible Assets | 4,503 | 4,228 | 275 | 4,499 | 4,111 | 388 | ||||||||||||||||||
Consolidated | $ | 66,103 | $ | 61,912 | $ | 4,191 | $ | 67,423 | $ | 62,147 | $ | 5,276 | ||||||||||||
Note_2_Inventories_Tables
Note 2. Inventories (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventory components at June 30 were as follows: | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Finished products | $ | 37,373 | $ | 33,956 | ||||
Work-in-process | 13,808 | 12,746 | ||||||
Raw materials | 103,083 | 90,167 | ||||||
Total FIFO inventory | $ | 154,264 | $ | 136,869 | ||||
LIFO reserve | (13,789 | ) | (12,871 | ) | ||||
Total inventory | $ | 140,475 | $ | 123,998 | ||||
Note_3_Property_and_Equipment_
Note 3. Property and Equipment (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Components of Property and Equipment | ' | |||||||
Major classes of property and equipment at June 30 consist of the following: | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Land | $ | 12,308 | $ | 12,152 | ||||
Buildings and improvements | 183,735 | 179,719 | ||||||
Machinery and equipment | 341,525 | 361,557 | ||||||
Construction-in-progress | 9,758 | 3,548 | ||||||
Total | $ | 547,326 | $ | 556,976 | ||||
Less: Â Accumulated depreciation | (358,493 | ) | (371,232 | ) | ||||
Property and equipment, net | $ | 188,833 | $ | 185,744 | ||||
Property, Plant and Equipment | ' | |||||||
The useful lives used in computing depreciation are based on estimated service lives for classes of property, as follows: | ||||||||
Years | ||||||||
Buildings and improvements | 5 to 50 | |||||||
Machinery and equipment | 2 to 20 | |||||||
Leasehold improvements | Lesser of Useful Life or Term of Lease |
Note_4_Commitments_and_Conting2
Note 4. Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingent Liabilities [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||
Changes in the product warranty accrual during fiscal years 2014, 2013, and 2012 were as follows: | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||
Product Warranty Liability at the beginning of the year | $ | 2,384 | $ | 2,251 | $ | 2,109 | ||||||
Additions to warranty accrual (including changes in estimates) | 2,883 | 1,040 | 1,019 | |||||||||
Settlements made (in cash or in kind) | (2,046 | ) | (907 | ) | (877 | ) | ||||||
Product Warranty Liability at the end of the year | $ | 3,221 | $ | 2,384 | $ | 2,251 | ||||||
Note_5_LongTerm_Debt_and_Credi1
Note 5. Long-Term Debt and Credit Facility (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Long-Term Debt and Credit Facility [Abstract] | ' | |||||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||
Credit facilities consisted of the following: | ||||||||||||
Availability to Borrow at | Borrowings Outstanding at | Borrowings Outstanding at | ||||||||||
(Amounts in Millions, in U.S Dollar Equivalents) | June 30, 2014 | June 30, 2014 | June 30, 2013 | |||||||||
Primary revolving credit facility (1) | $ | 73.9 | $ | — | $ | — | ||||||
Thailand overdraft credit facility (2) | 2.8 | — | — | |||||||||
Poland overdraft credit facility (3) | 8.2 | — | — | |||||||||
Total | $ | 84.9 | $ | — | $ | — | ||||||
(1) Kimball's primary revolving credit facility, which expires in December 2017, provides for up to $75 million in borrowings, with an option to increase the amount available for borrowing to $115 million upon request, subject to participating banks' consent. We use this facility for acquisitions and general corporate purposes. A commitment fee is payable on the unused portion of the credit facility which was immaterial to our operating results for fiscal years 2014, 2013, and 2012. The commitment fee on the unused portion of principal amount of the credit facility is payable at a rate that ranges from 20.0 to 25.0 basis points per annum as determined by our leverage ratio. Borrowings under the credit agreement bear interest at a floating rate based, at Kimball's option, upon a London Interbank Offered Rate ("LIBOR") plus an applicable percentage or the greater of the federal funds rate plus an applicable percentage and the prime rate. The credit facility requires that we comply with certain debt covenants including consolidated indebtedness to consolidated EBITDA (debt to EBITDA) and minimum net worth (excluding accumulated other comprehensive income). Kimball had $1.1 million in letters of credit contingently committed against the credit facility at June 30, 2014. | ||||||||||||
-2 | Kimball also maintained a $2.7 million foreign credit facility for its EMS segment operation in Thailand which was backed by the $75 million revolving credit facility via a standby letter of credit. This foreign credit facility was reviewed for renewal annually and could be canceled at any time by either the bank or Kimball. We canceled this credit agreement on October 1, 2013, and as of May 6, 2014 put in place a new Thailand overdraft credit facility which allows for borrowings of up to 90.0 million Thai Baht (approximately $2.8 million at June 30, 2014 exchange rates). This new credit facility can be terminated at any time by either the bank or Kimball by giving prior written notice of at least 15 days to the other party. Interest on borrowing under this facility is charged at a rate of interest determined by the bank in accordance with relevant laws and regulations for charging interest on an overdraft facility. | |||||||||||
(3) The credit facility for the EMS segment operation in Poland allows for multi-currency borrowings up to a 6 million Euro equivalent (approximately $8.2 million U.S. dollars at June 30, 2014 exchange rates) and is available to cover bank overdrafts. Bank overdrafts may be deemed necessary to satisfy short-term cash needs at our Poland location rather than funding from intercompany sources. This credit facility is reviewed for renewal annually and can be canceled at any time by either the bank or Kimball. Interest on this credit facility is charged at the prevailing rate. |
Note_6_Employee_Benefit_Plans_1
Note 6. Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | |||||||||||
30-Jun | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||||||
Changes and Components of Benefit Obligation: | ||||||||||||
Benefit obligation at beginning of year | $ | 5,579 | $ | 4,720 | ||||||||
Service cost | 955 | 825 | ||||||||||
Interest cost | 134 | 179 | ||||||||||
Actuarial (gain) loss for the period | (899 | ) | (1 | ) | ||||||||
Benefits paid | (419 | ) | (144 | ) | ||||||||
Benefit obligation at end of year | $ | 5,350 | $ | 5,579 | ||||||||
Balance in current liabilities | $ | 939 | $ | 979 | ||||||||
Balance in noncurrent liabilities | 4,411 | 4,600 | ||||||||||
Total benefit obligation recognized in the Consolidated Balance Sheets | $ | 5,350 | $ | 5,579 | ||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
30-Jun | ||||||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||||||
Changes and Components in Accumulated Other Comprehensive Income (Loss) (before tax): | ||||||||||||
Accumulated Other Comprehensive Income (Loss) at beginning of year | $ | (44 | ) | $ | 587 | |||||||
Change in unrecognized prior service cost | (286 | ) | (286 | ) | ||||||||
Net change in unrecognized actuarial (gain) loss | (1,237 | ) | (345 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) at end of year | $ | (1,567 | ) | $ | (44 | ) | ||||||
Balance in unrecognized prior service cost | $ | 199 | $ | 485 | ||||||||
Balance in unrecognized actuarial (gain) loss | (1,766 | ) | (529 | ) | ||||||||
Total Accumulated Other Comprehensive Income (Loss) recognized in Share Owners' Equity | $ | (1,567 | ) | $ | (44 | ) | ||||||
Schedule of Net Benefit Costs | ' | |||||||||||
(Amounts in Thousands) | Year Ended June 30Â | |||||||||||
Components of Net Periodic Benefit Cost (before tax): | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | 955 | $ | 825 | $ | 811 | ||||||
Interest cost | 134 | 179 | 189 | |||||||||
Amortization of prior service cost | 286 | 286 | 286 | |||||||||
Amortization of actuarial (gain) loss | 338 | 344 | 633 | |||||||||
Net periodic benefit cost recognized in the Consolidated Statements of Income | $ | 1,713 | $ | 1,634 | $ | 1,919 | ||||||
Severance Plan Assumptions, Year End [Table Text Block] | ' | |||||||||||
Assumptions used to determine fiscal year end benefit obligations are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Discount Rate | 2.30% | 2.50% | ||||||||||
Rate of Compensation Increase | 3.00% | 3.00% | ||||||||||
Severance Plan Assumptions, Weighted Average | ' | |||||||||||
Weighted average assumptions used to determine fiscal year net periodic benefit costs are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount Rate | 2.50% | 3.80% | 4.10% | |||||||||
Rate of Compensation Increase | 3.00% | 3.80% | 4.00% |
Note_7_Stock_Compensation_Plan1
Note 7. Stock Compensation Plans (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Stock Compensation Plans [Abstract] | ' | ||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest | ' | ||||
A summary of performance share activity during fiscal year 2014 is presented below: | |||||
Number | Weighted Average | ||||
of Shares | Grant Date | ||||
Fair Value | |||||
Performance shares outstanding at July 1, 2013 | 1,561,713 | $10.92 | |||
Granted | 1,187,801 | $14.93 | |||
Vested | (512,719 | ) | $10.92 | ||
Forfeited | (261,932 | ) | $10.97 | ||
Performance shares outstanding at June 30, 2014 | 1,974,863 | $14.55 | |||
Note_8_Income_Taxes_Tables
Note 8. Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||
The components of the deferred tax assets and liabilities as of June 30, 2014 and 2013, were as follows: | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | |||||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||||||
Receivables | $ | 1,587 | $ | 1,775 | |||||||||||||||||
Inventory | 2,388 | 2,521 | |||||||||||||||||||
Employee benefits | 630 | 601 | |||||||||||||||||||
Deferred compensation | 24,502 | 18,076 | |||||||||||||||||||
Other current liabilities | 619 | 514 | |||||||||||||||||||
Warranty reserve | 1,036 | 749 | |||||||||||||||||||
Tax credit carryforwards | 1,883 | 1,768 | |||||||||||||||||||
Restructuring | — | 15 | |||||||||||||||||||
Goodwill | 2,597 | 3,011 | |||||||||||||||||||
Net operating loss carryforward | 3,076 | 4,114 | |||||||||||||||||||
Net foreign currency losses | 77 | 480 | |||||||||||||||||||
Miscellaneous | 4,822 | 4,818 | |||||||||||||||||||
Valuation Allowance | (787 | ) | (2,315 | ) | |||||||||||||||||
Total asset | $ | 42,430 | $ | 36,127 | |||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||||||
Property and equipment | $ | 7,397 | $ | 9,017 | |||||||||||||||||
Capitalized software | 168 | 141 | |||||||||||||||||||
Miscellaneous | 512 | 607 | |||||||||||||||||||
Total liability | $ | 8,077 | $ | 9,765 | |||||||||||||||||
Net Deferred Income Taxes | $ | 34,353 | $ | 26,362 | |||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||||||||||
The components of income before taxes on income are as follows: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | 18,343 | $ | 2,525 | $ | 7,831 | |||||||||||||||
Foreign | 24,830 | 20,138 | 9,871 | ||||||||||||||||||
Total income before taxes on income | $ | 43,173 | $ | 22,663 | $ | 17,702 | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||
The provision for income taxes is composed of the following items: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Currently Payable (Refundable): | |||||||||||||||||||||
Federal | $ | 12,486 | $ | 2,673 | $ | 954 | |||||||||||||||
Foreign | 4,505 | 2,861 | 1,849 | ||||||||||||||||||
State | 1,630 | 1,051 | 877 | ||||||||||||||||||
Total current | $ | 18,621 | $ | 6,585 | $ | 3,680 | |||||||||||||||
Deferred Taxes: | |||||||||||||||||||||
Federal | $ | (6,072 | ) | $ | (2,631 | ) | $ | 1,784 | |||||||||||||
Foreign | (55 | ) | 542 | 970 | |||||||||||||||||
State | (1,254 | ) | (1,712 | ) | (366 | ) | |||||||||||||||
Total deferred | $ | (7,381 | ) | $ | (3,801 | ) | $ | 2,388 | |||||||||||||
     Valuation allowance | $ | (1,528 | ) | — | — | ||||||||||||||||
Total provision for income taxes | $ | 9,712 | $ | 2,784 | $ | 6,068 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||||
A reconciliation of the statutory U.S. income tax rate to Kimball's effective income tax rate follows: | |||||||||||||||||||||
Year Ended June 30 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(Amounts in Thousands) | Amount | % | Amount | % | Amount | % | |||||||||||||||
Tax computed at U.S. federal statutory rate | $ | 15,110 | 35 | Â % | $ | 7,932 | 35 | Â % | $ | 6,196 | 35 | Â % | |||||||||
State income taxes, net of federal income tax benefit | 166 | 0.4 | (430 | ) | (1.9 | ) | 332 | 1.9 | |||||||||||||
Foreign tax effect | (4,241 | ) | (9.8 | ) | (3,645 | ) | (16.1 | ) | (639 | ) | (3.6 | ) | |||||||||
Valuation allowance | (1,528 | ) | (3.5 | ) | — | — | — | — | |||||||||||||
Domestic manufacturing deduction | (478 | ) | (1.1 | ) | (549 | ) | (2.4 | ) | — | — | |||||||||||
Research credit | (376 | ) | (0.9 | ) | (729 | ) | (3.2 | ) | (247 | ) | (1.4 | ) | |||||||||
Spin-off costs | 1,015 | 2.3 | — | — | — | — | |||||||||||||||
Other - net | 44 | 0.1 | 205 | 0.9 | 426 | 2.4 | |||||||||||||||
Total provision for income taxes | $ | 9,712 | 22.5 | Â % | $ | 2,784 | 12.3 | Â % | $ | 6,068 | 34.3 | Â % | |||||||||
Summary of Income Tax Contingencies | ' | ||||||||||||||||||||
Changes in the unrecognized tax benefit, excluding accrued interest and penalties, during fiscal years 2014, 2013, and 2012 were as follows: | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Beginning balance - July 1 | $ | 2,752 | $ | 2,624 | $ | 2,499 | |||||||||||||||
Tax positions related to prior fiscal years: | |||||||||||||||||||||
Additions | 415 | 207 | 250 | ||||||||||||||||||
  Reductions | — | — | (84 | ) | |||||||||||||||||
Tax positions related to current fiscal year: | |||||||||||||||||||||
Additions | — | — | — | ||||||||||||||||||
Reductions | — | — | — | ||||||||||||||||||
Settlements | — | — | — | ||||||||||||||||||
Lapses in statute of limitations | (475 | ) | (79 | ) | (41 | ) | |||||||||||||||
Ending balance - June 30 | $ | 2,692 | $ | 2,752 | $ | 2,624 | |||||||||||||||
Portion that, if recognized, would reduce tax expense and effective tax rate | $ | 2,159 | $ | 2,286 | $ | 2,190 | |||||||||||||||
Accrued Interest and Penalties on Unrecognized Tax Benefits | ' | ||||||||||||||||||||
Amounts accrued for interest and penalties were as follows: | |||||||||||||||||||||
As of June 30 | |||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Accrued Interest and Penalties: | |||||||||||||||||||||
Interest | $ | 285 | $ | 278 | $ | 256 | |||||||||||||||
Penalties | $ | 95 | $ | 78 | $ | 85 | |||||||||||||||
Note_10_Fair_Value_Tables
Note 10. Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||||
Financial instruments that are not reflected in the Consolidated Balance Sheets at fair value that have carrying amounts which approximate fair value include the following: | ||||||||||||||||
Financial Instrument | Level | Valuation Technique/Inputs Used | ||||||||||||||
Notes receivable | 2 | Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer's non-performance risk | ||||||||||||||
Non-marketable equity securities (cost-method investments, which carry shares at cost except in the event of impairment) | 3 | Cost Method, with Impairment Recognized Using a Market-Based Valuation Technique - See the explanation below the table regarding the method used to periodically estimate the fair value of cost-method investments. | ||||||||||||||
For the impairment recognized during fiscal year 2014, the valuation was based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. Based on the probability-weighted option pricing model, the equity securities were fully impaired during fiscal year 2014. | ||||||||||||||||
                                                                                                          The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected holding period of securities. | ||||||||||||||||
  | ||||||||||||||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | ||||||||||||||||
Long-term debt (carried at amortized cost) | 3 | Income - Price estimated using a discounted cash flow analysis based on quoted long-term debt market rates, adjusted for Kimball's non-performance risk | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | ' | |||||||||||||||
Non-recurring fair value adjustment | Level | Valuation Technique/Inputs Used | ||||||||||||||
Impairment of assets held for sale (real estate and property & equipment) | 3 | Market - Estimated potential net selling price. | ||||||||||||||
Impairment of long-lived assets (intangible asset and property & equipment) | 3 | Market - Probability-weighted discounted cash flow calculation using estimated future cash flows. | ||||||||||||||
Fair Value Measurements, Recurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||||
The following methods and assumptions were used to measure fair value: | ||||||||||||||||
Financial Instrument | Level | Valuation Technique/Inputs Used | ||||||||||||||
Cash Equivalents | 1 | Market - Quoted market prices | ||||||||||||||
Derivative Assets: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates, considering counterparty credit risk | ||||||||||||||
Derivative Assets: Stock warrants | 3 | Market - Based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.05%), historical stock price volatility (78.5%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation. | ||||||||||||||
Stock warrants are revalued and analyzed for reasonableness on a quarterly basis. Based on the probability-weighted option pricing model, the stock warrants were fully impaired during fiscal year 2014. The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected term of warrants. | ||||||||||||||||
  | ||||||||||||||||
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships. | ||||||||||||||||
Trading securities: Mutual funds held in SERP | 1 | Market - Quoted market prices | ||||||||||||||
Derivative Liabilities: Foreign exchange contracts | 2 | Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates adjusted for Kimball's non-performance risk | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
As of June 30, 2014 and 2013, the fair values of financial assets and liabilities that are measured at fair value on a recurring basis using the market approach are categorized as follows: | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
(Amounts in Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 103,845 | $ | — | $ | — | $ | 103,845 | ||||||||
Derivatives: Foreign exchange contracts | — | 800 | — | 800 | ||||||||||||
Trading Securities: Mutual funds held in SERP | 23,106 | — | — | 23,106 | ||||||||||||
Total assets at fair value | $ | 126,951 | $ | 800 | $ | — | $ | 127,751 | ||||||||
Liabilities | ||||||||||||||||
Derivatives: Foreign exchange contracts | $ | — | $ | 699 | $ | — | $ | 699 | ||||||||
Total liabilities at fair value | $ | — | $ | 699 | $ | — | $ | 699 | ||||||||
June 30, 2013 | ||||||||||||||||
(Amounts in Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 83,516 | $ | — | $ | — | $ | 83,516 | ||||||||
Derivatives: Foreign exchange contracts | — | 273 | — | 273 | ||||||||||||
Derivatives: Stock warrants | — | — | 25 | 25 | ||||||||||||
Trading Securities: Mutual funds held in SERP | 19,600 | — | — | 19,600 | ||||||||||||
Total assets at fair value | $ | 103,116 | $ | 273 | $ | 25 | $ | 103,414 | ||||||||
Liabilities | ||||||||||||||||
Derivatives: Foreign exchange contracts | $ | — | $ | 1,662 | $ | — | $ | 1,662 | ||||||||
Total liabilities at fair value | $ | — | $ | 1,662 | $ | — | $ | 1,662 | ||||||||
Note_11_Derivative_Instruments2
Note 11. Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||
Fair Values of Derivative Instruments on the Consolidated Balance Sheets | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value As of | Fair Value As of | |||||||||||||||||||
(Amounts in Thousands) | Balance Sheet Location | June 30 | June 30 | Balance Sheet Location | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 599 | $ | 265 | Accrued expenses | $ | 241 | $ | 1,097 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | 201 | 8 | Accrued expenses | 458 | 565 | ||||||||||||||
Stock warrants | Other assets (long-term) | — | 25 | |||||||||||||||||
Total derivatives | $ | 800 | $ | 298 | $ | 699 | $ | 1,662 | ||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The Effect of Derivative Instruments on Other Comprehensive Income (Loss) | ||||||||||||||||||||
30-Jun | ||||||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives (Effective Portion): | ||||||||||||||||||||
Foreign exchange contracts | $ | 73 | $ | 1,206 | $ | (192 | ) | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||
The Effect of Derivative Instruments on Consolidated Statements of Income | ||||||||||||||||||||
(Amounts in Thousands) | Fiscal Year Ended June 30 | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Gain or (Loss)Â | 2014 | 2013 | 2012 | ||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion): | ||||||||||||||||||||
Foreign exchange contracts | Cost of Sales | $ | (1,024 | ) | $ | 2,212 | $ | (1,415 | ) | |||||||||||
Foreign exchange contracts | Non-operating income (expense) | (163 | ) | (73 | ) | 363 | ||||||||||||||
Total | $ | (1,187 | ) | $ | 2,139 | $ | (1,052 | ) | ||||||||||||
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income (Ineffective Portion): | ||||||||||||||||||||
Foreign exchange contracts | Non-operating income (expense) | $ | — | $ | (3 | ) | $ | (17 | ) | |||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Income on Derivatives: | ||||||||||||||||||||
Foreign exchange contracts | Non-operating income (expense) | $ | (487 | ) | $ | (322 | ) | $ | 2,513 | |||||||||||
Stock warrants | Non-operating income (expense) | (25 | ) | (885 | ) | (526 | ) | |||||||||||||
Total | $ | (512 | ) | $ | (1,207 | ) | $ | 1,987 | ||||||||||||
Total Derivative Pre-Tax Gain (Loss) Recognized in Income | $ | (1,699 | ) | $ | 929 | $ | 918 | |||||||||||||
Note_12_Investments_Tables
Note 12. Investments (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Trading Securities (and Certain Trading Assets) | ' | |||||||
SERP asset and liability balances were as follows: | ||||||||
30-Jun | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
SERP investment - current asset | $ | 8,812 | $ | 7,031 | ||||
SERP investment - other long-term asset | 14,294 | 12,569 | ||||||
Total SERP investment | $ | 23,106 | $ | 19,600 | ||||
SERP obligation - current liability | $ | 8,812 | $ | 7,031 | ||||
SERP obligation - other long-term liability | 14,294 | 12,569 | ||||||
Total SERP obligation | $ | 23,106 | $ | 19,600 | ||||
Note_13_Accrued_Expenses_Table
Note 13. Accrued Expenses (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued expenses consisted of: | ||||||||
30-Jun | ||||||||
(Amounts in Thousands) | 2014 | 2013 | ||||||
Taxes | $ | 8,187 | $ | 3,635 | ||||
Compensation | 46,307 | 32,268 | ||||||
Retirement plan | 4,964 | 5,050 | ||||||
Insurance | 4,215 | 3,500 | ||||||
Restructuring | — | 38 | ||||||
Other expenses | 13,583 | 12,365 | ||||||
Total accrued expenses | $ | 77,256 | $ | 56,856 | ||||
Note_14_Segment_and_Geographic2
Note 14. Segment and Geographic Area Information (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment and Geographic Area Information [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
At or For the Year Ended June 30, 2014 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 741,530 | $ | 543,817 | $ | — | $ | 1,285,347 | ||||||||
Depreciation and Amortization | 18,847 | 13,038 | — | 31,885 | ||||||||||||
Operating Income (Loss) | 33,389 | 16,351 | (9,157 | ) | 40,583 | |||||||||||
Interest Income | — | — | 220 | 220 | ||||||||||||
Interest Expense | 2 | 2 | 24 | 28 | ||||||||||||
Provision (Benefit) for Income Taxes | 6,015 | 6,074 | (2,377 | ) | 9,712 | |||||||||||
Net Income (Loss) (1) | 26,688 | 10,406 | (3,633 | ) | 33,461 | |||||||||||
Total Assets | 390,064 | 195,130 | 136,952 | 722,146 | ||||||||||||
Goodwill | 2,564 | — | — | 2,564 | ||||||||||||
Capital Expenditures | 20,695 | 12,202 | — | 32,897 | ||||||||||||
At or For the Year Ended June 30, 2013 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 703,129 | $ | 500,005 | $ | — | $ | 1,203,134 | ||||||||
Depreciation and Amortization | 18,195 | 12,563 | — | 30,758 | ||||||||||||
Operating Income (Loss) | 27,483 | (367 | ) | (4,115 | ) | 23,001 | ||||||||||
Interest Income | — | — | 404 | 404 | ||||||||||||
Interest Expense | 9 | 1 | 25 | 35 | ||||||||||||
Provision (Benefit) for Income Taxes | 5,499 | (503 | ) | (2,212 | ) | 2,784 | ||||||||||
Net Income (Loss) (2) | 21,133 | 75 | (1,329 | ) | 19,879 | |||||||||||
Total Assets | 353,425 | 185,925 | 105,169 | 644,519 | ||||||||||||
Goodwill | 2,511 | — | — | 2,511 | ||||||||||||
Capital Expenditures | 14,145 | 13,410 | — | 27,555 | ||||||||||||
At or For the Year Ended June 30, 2012 | ||||||||||||||||
Electronic | Furniture | Unallocated | Consolidated | |||||||||||||
Manufacturing | Corporate and | |||||||||||||||
(Amounts in Thousands) | Services | Eliminations | ||||||||||||||
Net Sales | $ | 616,751 | $ | 525,310 | $ | — | $ | 1,142,061 | ||||||||
Depreciation and Amortization | 17,590 | 13,383 | — | 30,973 | ||||||||||||
Operating Income (Loss) | 8,904 | 11,874 | (2,389 | ) | 18,389 | |||||||||||
Interest Income | — | — | 430 | 430 | ||||||||||||
Interest Expense | 6 | 2 | 27 | 35 | ||||||||||||
Provision (Benefit) for Income Taxes | 2,042 | 4,837 | (811 | ) | 6,068 | |||||||||||
Net Income (Loss) (3) | 6,572 | 6,957 | (1,895 | ) | 11,634 | |||||||||||
Total Assets | 332,115 | 183,415 | 79,986 | 595,516 | ||||||||||||
Goodwill | 2,480 | — | — | 2,480 | ||||||||||||
Capital Expenditures | 13,485 | 13,458 | — | 26,943 | ||||||||||||
-1 | Fiscal year 2014 EMS segment net income includes $3.4 million of after-tax income resulting from settlements received related to two antitrust class action lawsuits in which the Company was a class member. Fiscal year 2014 Furniture segment net income includes an after-tax gain of $1.1 million for the sale of an idle Furniture segment manufacturing facility and land located in Jasper, Indiana. Fiscal year 2014 Unallocated Corporate and Elimination net income includes after-tax spin-off costs of $2.8 million, after-tax impairment of $0.7 million for an aircraft which was subsequently sold, and restructuring charges of $0.2 million. See Note 17 - Restructuring Expense of Notes to the Consolidated Financial Statements for further discussion. | |||||||||||||||
-2 | Includes after-tax restructuring charges of $0.3 million in fiscal year 2013. The EMS segment and Unallocated Corporate and Eliminations recorded, respectively, $0.1 million expense and $0.2 million expense. See Note 17 - Restructuring Expense of Notes to the Consolidated Financial Statements for further discussion. | |||||||||||||||
-3 | Includes after-tax restructuring charges of $2.1 million in fiscal year 2012. The EMS segment and Unallocated Corporate and Eliminations recorded, respectively, $1.7 million expense and $0.4 million expense. See Note 17 - Restructuring Expense of Notes to Consolidated Financial Statements for further discussion. | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
The following geographic area data includes net sales based on the location where title transfers and long-lived assets based on physical location. Long-lived assets include property and equipment and other long-term assets such as software. | ||||||||||||||||
At or For the Year Ended June 30 | ||||||||||||||||
(Amounts in Thousands) | 2014 | 2013 | 2012 | |||||||||||||
Net Sales: | ||||||||||||||||
United States | $ | 894,093 | $ | 883,680 | $ | 870,080 | ||||||||||
Other Foreign | 391,254 | 319,454 | 271,981 | |||||||||||||
Total net sales | $ | 1,285,347 | $ | 1,203,134 | $ | 1,142,061 | ||||||||||
Long-Lived Assets: | ||||||||||||||||
United States | $ | 126,840 | $ | 126,364 | $ | 129,258 | ||||||||||
Poland | 45,287 | 45,971 | 44,427 | |||||||||||||
Other Foreign | 21,313 | 19,020 | 18,899 | |||||||||||||
Total long-lived assets | $ | 193,440 | $ | 191,355 | $ | 192,584 | ||||||||||
Note_15_Earnings_Per_Share_Tab
Note 15. Earnings Per Share (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||||||||||||||||||||||
Earnings per share of Class A and Class B Common Stock are as follows: | ||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2014 | Year Ended June 30, 2013 | Year Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | Class A | Class B | Total | Class A | Class B | Total | Class A | Class B | Total | |||||||||||||||||||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||||||||||||||
Dividends Declared | $ | 1,437 | $ | 6,090 | $ | 7,527 | $ | 1,495 | $ | 5,955 | $ | 7,450 | $ | 1,869 | $ | 5,502 | $ | 7,371 | ||||||||||||||||||
Undistributed Earnings | 5,420 | 20,514 | 25,934 | 2,803 | 9,626 | 12,429 | 1,169 | 3,094 | 4,263 | |||||||||||||||||||||||||||
Net Income | $ | 6,857 | $ | 26,604 | $ | 33,461 | $ | 4,298 | $ | 15,581 | $ | 19,879 | $ | 3,038 | $ | 8,596 | $ | 11,634 | ||||||||||||||||||
Average Basic Shares Outstanding | 8,026 | 30,378 | 38,404 | 8,584 | 29,479 | 38,063 | 10,387 | 27,494 | 37,881 | |||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 0.85 | $ | 0.88 | $ | 0.5 | $ | 0.53 | $ | 0.29 | $ | 0.31 | ||||||||||||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||||||||
Dividends Declared and Assumed Dividends on Dilutive Shares | $ | 1,550 | $ | 6,091 | $ | 7,641 | $ | 1,577 | $ | 5,955 | $ | 7,532 | $ | 1,906 | $ | 5,502 | $ | 7,408 | ||||||||||||||||||
Undistributed Earnings | 5,723 | 20,097 | 25,820 | 2,898 | 9,449 | 12,347 | 1,175 | 3,051 | 4,226 | |||||||||||||||||||||||||||
Net Income | $ | 7,273 | $ | 26,188 | $ | 33,461 | $ | 4,475 | $ | 15,404 | $ | 19,879 | $ | 3,081 | $ | 8,553 | $ | 11,634 | ||||||||||||||||||
Average Diluted Shares Outstanding | 8,652 | 30,385 | 39,037 | 9,043 | 29,479 | 38,522 | 10,593 | 27,494 | 38,087 | |||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.84 | $ | 0.86 | $ | 0.49 | $ | 0.52 | $ | 0.29 | $ | 0.31 | ||||||||||||||||||||||||
Reconciliation of Basic and Diluted EPS Calculations: | ||||||||||||||||||||||||||||||||||||
Income Used for Basic EPS Calculation | $ | 6,857 | $ | 26,604 | $ | 33,461 | $ | 4,298 | $ | 15,581 | $ | 19,879 | $ | 3,038 | $ | 8,596 | $ | 11,634 | ||||||||||||||||||
Assumed Dividends Payable on Dilutive Performance Shares | 113 | 1 | 114 | 82 | — | 82 | 37 | — | 37 | |||||||||||||||||||||||||||
Increase (Reduction) of Undistributed Earnings - | 303 | (417 | ) | (114 | ) | 95 | (177 | ) | (82 | ) | 6 | (43 | ) | (37 | ) | |||||||||||||||||||||
     allocated based on Class A and Class B shares | ||||||||||||||||||||||||||||||||||||
Net Income Used for Diluted EPS Calculation | $ | 7,273 | $ | 26,188 | $ | 33,461 | $ | 4,475 | $ | 15,404 | $ | 19,879 | $ | 3,081 | $ | 8,553 | $ | 11,634 | ||||||||||||||||||
Average Shares Outstanding for Basic | 8,026 | 30,378 | 38,404 | 8,584 | 29,479 | 38,063 | 10,387 | 27,494 | 37,881 | |||||||||||||||||||||||||||
     EPS Calculation | ||||||||||||||||||||||||||||||||||||
Dilutive Effect of Average Outstanding Performance shares | 626 | 7 | 633 | 459 | — | 459 | 206 | — | 206 | |||||||||||||||||||||||||||
Average Shares Outstanding for Diluted | 8,652 | 30,385 | 39,037 | 9,043 | 29,479 | 38,522 | 10,593 | 27,494 | 38,087 | |||||||||||||||||||||||||||
     EPS Calculation |
Note_16_Accumulated_Other_Comp1
Note 16. Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
During fiscal year 2014, 2013, and 2012, the changes in the balances of each component of Accumulated Other Comprehensive Income (Loss), net of tax, were as follows: | ||||||||||||||||||||
Postemployment Benefits | ||||||||||||||||||||
(Amounts in Thousands) | Foreign Currency Translation Adjustments | Derivative Gain (Loss) | Prior Service Costs | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance at June 30, 2012 | $ | (977 | ) | $ | (3,632 | ) | $ | (464 | ) | $ | 110 | $ | (4,963 | ) | ||||||
Current-period other comprehensive income (loss) | 1,832 | (727 | ) | 172 | 209 | 1,486 | ||||||||||||||
Balance at June 30, 2013 | $ | 855 | $ | (4,359 | ) | $ | (292 | ) | $ | 319 | $ | (3,477 | ) | |||||||
Current-period other comprehensive income (loss) | 4,054 | 948 | 172 | 743 | 5,917 | |||||||||||||||
Balance at June 30, 2014 | $ | 4,909 | $ | (3,411 | ) | $ | (120 | ) | $ | 1,062 | $ | 2,440 | ||||||||
The following reclassifications were made from Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income: | ||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income (Loss) | Fiscal Year Ended | Affected Line Item in the | ||||||||||||||||||
June 30, | Consolidated Statements of Income | |||||||||||||||||||
(Amounts in Thousands) | 2014 | |||||||||||||||||||
Derivative Gain (Loss) (1) | $ | (1,024 | ) | Cost of Sales | ||||||||||||||||
(163 | ) | Non-operating income (expense), net | ||||||||||||||||||
226 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (961 | ) | Net of Tax | |||||||||||||||||
Postemployment Benefits: | ||||||||||||||||||||
Amortization of Prior Service Costs (2) | $ | (185 | ) | Cost of Sales | ||||||||||||||||
(101 | ) | Selling and Administrative Expenses | ||||||||||||||||||
114 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (172 | ) | Net of Tax | |||||||||||||||||
Amortization of Actuarial Gain (Loss) (2) | $ | (228 | ) | Cost of Sales | ||||||||||||||||
(110 | ) | Selling and Administrative Expenses | ||||||||||||||||||
134 | Benefit (Provision) for Income Taxes | |||||||||||||||||||
$ | (204 | ) | Net of Tax | |||||||||||||||||
Total Reclassifications for the Period | $ | (1,337 | ) | Net of Tax | ||||||||||||||||
Amounts in parentheses indicate reductions to income. | ||||||||||||||||||||
(1) See Note 11 - Derivative Instruments of Notes to Consolidated Financial Statements for further information on derivative instruments. | ||||||||||||||||||||
(2) See Note 6 - Employee Benefit Plans of Notes to Consolidated Financial Statements for further information on postemployment benefit plans. |
Note_19_Credit_Quality_and_All1
Note 19. Credit Quality and Allowance for Credit Losses of Notes Receivable (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Credit Quality and Allowance for Credit Losses of Notes Receivable [Abstract] | ' | |||||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent | ' | |||||||||||||||||||||||
As of June 30, 2014 | As of June 30, 2013 | |||||||||||||||||||||||
(Amounts in Thousands) | Unpaid Balance | Related Allowance | Receivable Net of Allowance | Unpaid Balance | Related Allowance | Receivable Net of Allowance | ||||||||||||||||||
Note Receivable from Sale of Indiana Facility | $ | 1,392 | $ | 489 | $ | 903 | $ | 1,413 | $ | — | $ | 1,413 | ||||||||||||
Notes Receivable from an Electronics Engineering Services Firm | — | — | — | 521 | 440 | 81 | ||||||||||||||||||
Other Notes Receivable | 223 | 149 | 74 | 127 | 85 | 42 | ||||||||||||||||||
Total | $ | 1,615 | $ | 638 | $ | 977 | $ | 2,061 | $ | 525 | $ | 1,536 | ||||||||||||
Note_21_Quarterly_Financial_In1
Note 21. Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Three Months Ended | ||||||||||||||||
(Amounts in Thousands, Except for Per Share Data) | 30-Sep | 31-Dec | 31-Mar | 30-Jun | ||||||||||||
Fiscal Year 2014: | ||||||||||||||||
Net Sales | $ | 317,439 | $ | 320,313 | $ | 310,788 | $ | 336,807 | ||||||||
Gross Profit | 61,324 | 66,846 | 60,292 | 67,562 | ||||||||||||
Other General Income (1) | (5,022 | ) | — | (666 | ) | — | ||||||||||
Net Income | 9,183 | 9,222 | 7,208 | 7,848 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.24 | $ | 0.24 | $ | 0.18 | $ | 0.2 | ||||||||
Class B | $ | 0.24 | $ | 0.24 | $ | 0.19 | $ | 0.21 | ||||||||
Diluted Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.23 | $ | 0.23 | $ | 0.18 | $ | 0.2 | ||||||||
Class B | $ | 0.24 | $ | 0.24 | $ | 0.19 | $ | 0.2 | ||||||||
Fiscal Year 2013: | ||||||||||||||||
Net Sales | $ | 288,190 | $ | 295,136 | $ | 301,486 | $ | 318,322 | ||||||||
Gross Profit | 55,205 | 55,157 | 53,809 | 59,577 | ||||||||||||
Net Income | 4,961 | 4,179 | 3,678 | 7,061 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.12 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||
Class B | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.19 | ||||||||
Diluted Earnings Per Share: | ||||||||||||||||
Class A | $ | 0.12 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||
Class B | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.18 | ||||||||
(1) Other General Income included $5.0 million and $0.7 million, pre-tax, for the quarters ended September 30, 2013 and March 31, 2014, respectively, for the settlement proceeds received related to two antitrust class action lawsuits in which the Company was a class member. |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||||
Schedule II. - Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Description | Balance at | Additions (Reductions) | Adjustments to Other | Write-offs and | Balance at | ||||||||||||||||||||
Beginning | to Expense | Accounts | Recoveries | End of | |||||||||||||||||||||
of Year | Â Year | ||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
Year Ended June 30, 2014 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 2,791 | $ | (20 | ) | $ | (149 | ) | $ | (277 | ) | $ | 2,345 | ||||||||||||
        Long-Term Receivables | $ | — | $ | 628 | $ | — | $ | — | $ | 628 | |||||||||||||||
        Deferred Tax Asset | $ | 2,315 | $ | — | $ | — | $ | (1,528 | ) | $ | 787 | ||||||||||||||
Year Ended June 30, 2013 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 1,367 | $ | 1,663 | $ | 15 | $ | (254 | ) | $ | 2,791 | ||||||||||||||
        Deferred Tax Asset | $ | 1,911 | $ | 408 | $ | — | $ | (4 | ) | $ | 2,315 | ||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||||||||||||
    Valuation Allowances: | |||||||||||||||||||||||||
        Short-Term Receivables | $ | 1,799 | $ | 267 | $ | (83 | ) | $ | (616 | ) | $ | 1,367 | |||||||||||||
        Deferred Tax Asset | $ | 6,698 | $ | 355 | $ | — | $ | (5,142 | ) | $ | 1,911 | ||||||||||||||
Note_1_Summary_of_Significant_3
Note 1. Summary of Significant Accounting Policies - Summary of Goodwill by Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill | ' | ' | ' |
Goodwill | $17,123 | $17,070 | $17,039 |
Accumulated impairment | -14,559 | -14,559 | -14,559 |
Goodwill, net | 2,564 | 2,511 | 2,480 |
Effect of Foreign Currency Translation | 53 | 31 | ' |
Electronic Manufacturing Services segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 15,390 | 15,337 | 15,306 |
Accumulated impairment | -12,826 | -12,826 | -12,826 |
Goodwill, net | 2,564 | 2,511 | 2,480 |
Effect of Foreign Currency Translation | 53 | 31 | ' |
Furniture segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 1,733 | 1,733 | 1,733 |
Accumulated impairment | -1,733 | -1,733 | -1,733 |
Goodwill, net | 0 | 0 | 0 |
Effect of Foreign Currency Translation | $0 | $0 | ' |
Note_1_Summary_of_Significant_4
Note 1. Summary of Significant Accounting Policies - Summary of Other Intangible Assets by Segment (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | $66,103 | $67,423 |
Other Intangible Assets, Accumulated Amortization | 61,912 | 62,147 |
Other Intangible Assets, Net Value | 4,191 | 5,276 |
Electronic Manufacturing Services segment | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 30,438 | 30,239 |
Other Intangible Assets, Accumulated Amortization | 28,607 | 27,991 |
Other Intangible Assets, Net Value | 1,831 | 2,248 |
Electronic Manufacturing Services segment | Capitalized Software | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 29,271 | 29,072 |
Other Intangible Assets, Accumulated Amortization | 27,626 | 27,072 |
Other Intangible Assets, Net Value | 1,645 | 2,000 |
Electronic Manufacturing Services segment | Customer Relationships | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 1,167 | 1,167 |
Other Intangible Assets, Accumulated Amortization | 981 | 919 |
Other Intangible Assets, Net Value | 186 | 248 |
Furniture segment | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 31,162 | 32,685 |
Other Intangible Assets, Accumulated Amortization | 29,077 | 30,045 |
Other Intangible Assets, Net Value | 2,085 | 2,640 |
Furniture segment | Capitalized Software | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 30,790 | 32,313 |
Other Intangible Assets, Accumulated Amortization | 28,783 | 29,823 |
Other Intangible Assets, Net Value | 2,007 | 2,490 |
Furniture segment | Product Rights | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 372 | 372 |
Other Intangible Assets, Accumulated Amortization | 294 | 222 |
Other Intangible Assets, Net Value | 78 | 150 |
Unallocated Corporate | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 4,503 | 4,499 |
Other Intangible Assets, Accumulated Amortization | 4,228 | 4,111 |
Other Intangible Assets, Net Value | 275 | 388 |
Unallocated Corporate | Capitalized Software | ' | ' |
Other Intangible Assets | ' | ' |
Other Intangible Assets, Cost | 4,503 | 4,499 |
Other Intangible Assets, Accumulated Amortization | 4,228 | 4,111 |
Other Intangible Assets, Net Value | $275 | $388 |
Note_1_Summary_of_Significant_5
Note 1. Summary of Significant Accounting Policies - Textuals (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | |
Accounts Receivable Sold Without Recourse | ' | ' | ' | ' | $193,000,000 | $207,000,000 | ' | ' |
LIFO Inventory as a Percentage of Consolidated Inventory | 16.00% | ' | ' | ' | 16.00% | 16.00% | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Other Intangible Assets, Amortization Expense | ' | ' | ' | ' | 1,789,000 | 2,132,000 | 2,669,000 | ' |
Other Intangible Assets, Future Amortization Expense, Year One | 1,281,000 | ' | ' | ' | 1,281,000 | ' | ' | ' |
Other Intangible Assets, Future Amortization Expense, Year Two | 773,000 | ' | ' | ' | 773,000 | ' | ' | ' |
Other Intangible Assets, Future Amortization Expense, Year Three | 625,000 | ' | ' | ' | 625,000 | ' | ' | ' |
Other Intangible Assets, Future Amortization Expense, Year Four | 449,000 | ' | ' | ' | 449,000 | ' | ' | ' |
Other Intangible Assets, Future Amortization Expense, Year Five | 394,000 | ' | ' | ' | 394,000 | ' | ' | ' |
Other Intangible Assets, Future Amortization Expense, after Year Five | 669,000 | ' | ' | ' | 669,000 | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Research and Development Costs | ' | ' | ' | ' | 16,000,000 | 14,000,000 | 13,000,000 | ' |
Advertising Costs | ' | ' | ' | ' | 3,700,000 | 3,200,000 | 4,700,000 | ' |
Self-Insured Workforce Coverage Percent | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' |
Notes Receivable, Unpaid Balance | 1,615,000 | ' | ' | ' | 1,615,000 | 2,061,000 | ' | ' |
Other General Income | 0 | -666,000 | 0 | -5,022,000 | -5,688,000 | 0 | 0 | -6,700,000 |
Product Rights | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '7 years | ' | ' | ' |
Customer Relationships | Minimum | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '10 years | ' | ' | ' |
Customer Relationships | Maximum | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '16 years | ' | ' | ' |
Capitalized Software | Minimum | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '3 years | ' | ' | ' |
Capitalized Software | Maximum | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '10 years | ' | ' | ' |
Electronic Manufacturing Services segment | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Extended Payment Terms | ' | ' | ' | ' | '45 days | ' | ' | ' |
Electronic Manufacturing Services segment | Minimum | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Customary Payment Terms | ' | ' | ' | ' | '30 days | ' | ' | ' |
Electronic Manufacturing Services segment | Maximum | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Customary Payment Terms | ' | ' | ' | ' | '45 days | ' | ' | ' |
Furniture segment | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Customary Payment Terms | ' | ' | ' | ' | '30 days | ' | ' | ' |
Accounts Receivable, Extended Payment Terms | ' | ' | ' | ' | '30 days | ' | ' | ' |
LIFO Inventory as a Percentage of Consolidated Inventory | 89.00% | ' | ' | ' | 89.00% | 87.00% | ' | ' |
Product Rights | Fair Value, Measurements, Nonrecurring | Furniture segment | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Non-recurring fair value adjustment, impairment loss | ' | ' | ' | ' | ' | ' | $256,000 | ' |
Note_2_Inventories_Inventory_T
Note 2. Inventories - Inventory Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Percentage of LIFO Inventory | 16.00% | 16.00% | ' |
Inventory, LIFO Reserve, Effect on Income, Net | ($0.60) | ($0.20) | $0.40 |
Effect of LIFO Inventory Liquidation on Income | ' | $0 | $1.80 |
Furniture segment | ' | ' | ' |
Percentage of LIFO Inventory | 89.00% | 87.00% | ' |
Note_2_Inventories_Inventory_C
Note 2. Inventories - Inventory Components (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finished products | $37,373 | $33,956 |
Work-in-process | 13,808 | 12,746 |
Raw materials | 103,083 | 90,167 |
Total FIFO inventory | 154,264 | 136,869 |
LIFO reserve | -13,789 | -12,871 |
Total inventory | $140,475 | $123,998 |
Note_3_Property_and_Equipment_1
Note 3. Property and Equipment - Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ' | ' |
Total Property and Equipment | $547,326 | $556,976 |
Less: Accumulated depreciation | -358,493 | -371,232 |
Property and equipment, net | 188,833 | 185,744 |
Land | ' | ' |
Property and Equipment | ' | ' |
Total Property and Equipment | 12,308 | 12,152 |
Building and Building Improvements | ' | ' |
Property and Equipment | ' | ' |
Total Property and Equipment | 183,735 | 179,719 |
Machinery and Equipment | ' | ' |
Property and Equipment | ' | ' |
Total Property and Equipment | 341,525 | 361,557 |
Construction in Progress | ' | ' |
Property and Equipment | ' | ' |
Total Property and Equipment | $9,758 | $3,548 |
Note_3_Property_and_Equipment_2
Note 3. Property and Equipment - Asset Lives (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Leasehold improvements | 'Lesser of Useful Life or Term of Lease |
Building and Building Improvements | Minimum | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Building and Building Improvements | Maximum | ' |
Property, Plant and Equipment, Useful Life | '50 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Note_3_Property_and_Equipment_3
Note 3. Property and Equipment - Textuals (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Furniture segment | Furniture segment | Unallocated Corporate | Unallocated Corporate | Unallocated Corporate | Unallocated Corporate | Unallocated Corporate | ||||
Equipment | Held for Sale Idle Furniture Segment Manufacturing Facility and Land Located in Jasper, IN | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Held for Sale Facilty and Land Related to the Gaylord, Michigan Exited Operation | Held for Sale Facilty and Land Related to the Gaylord, Michigan Exited Operation | Held for Sale Facilty and Land Related to the Gaylord, Michigan Exited Operation | ||||
Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | FY 2007 Gaylord Restructuring Plan | FY 2007 Gaylord Restructuring Plan | FY 2007 Gaylord Restructuring Plan | ||||||
Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | |||||||||
Depreciation and amortization of property and equipment | $30,100,000 | $28,800,000 | $28,900,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment loss, Pre-tax | ' | ' | ' | 78,000 | ' | ' | ' | ' | 188,000 | 572,000 |
Assets held for sale | 0 | 1,521,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Held for Sale - subsequently sold | ' | ' | ' | ' | ' | 1,525,000 | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | 1,198,000 | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | $1,484,000 | $181,000 | $28,000 | ' | $1,749,000 | ' | ' | ($311,000) | ' | ' |
Note_4_Commitments_and_Conting3
Note 4. Commitments and Contingent Liabilities - Leases Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Leased Assets | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $3.30 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 3.2 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 2.9 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 2.6 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 2.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 11.3 | ' | ' |
Rental expenses | 4.4 | 4.7 | 4.8 |
Contingent lease payments | $0.80 | $0.90 | $0.40 |
Note_4_Commitments_and_Conting4
Note 4. Commitments and Contingent Liabilities - Guarantees Textuals (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Guarantee Obligations | ' | ' |
Contingent Liabilities | ' | ' |
Loss Contingency Accrual, at Carrying Value | $0 | $0 |
Financial Standby Letter of Credit | ' | ' |
Contingent Liabilities | ' | ' |
Unused standby letters of credit | 1,100,000 | 1,200,000 |
Loss Contingency Accrual, at Carrying Value | $0 | $0 |
Note_4_Commitments_and_Conting5
Note 4. Commitments and Contingent Liabilities - Product Warranties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Product Warranty Liability at the beginning of the year | $2,384 | $2,251 | $2,109 |
Additions to warranty accrual (including changes in estimates) | 2,883 | 1,040 | 1,019 |
Settlements made (in cash or in kind) | -2,046 | -907 | -877 |
Product Warranty Liability at the end of the year | $3,221 | $2,384 | $2,251 |
Note_5_LongTerm_Debt_and_Credi2
Note 5. Long-Term Debt and Credit Facility - Textuals (Details) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Oct. 01, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 01, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Primary Revolving Credit Facility | Primary Revolving Credit Facility | Primary Revolving Credit Facility | Primary Revolving Credit Facility | Previous Thailand Revolving Credit Facility | Thailand Overdraft Credit Facility | Thailand Overdraft Credit Facility | Poland Overdraft Credit Facility | Poland Overdraft Credit Facility | Financial Standby Letter of Credit | Financial Standby Letter of Credit | |
USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | THB | USD ($) | EUR (€) | USD ($) | USD ($) | ||||
Long-term debt, less current maturities | $268,000 | $294,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 25,000 | 23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-Term Debt in the Next Twelve Months | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt in Year Two | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt in Year Three | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt in Year Four | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt in Year Five | 23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Maturities of Long-term Debt after Year Five | 161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 75,000,000 | 75,000,000 | ' | ' | 2,700,000 | 2,800,000 | 90,000,000 | 8,200,000 | 6,000,000 | ' | ' |
Credit Facility, Maximum Borrowing Capacity Upon Request | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, Commitment Fee Basis Points | ' | ' | ' | ' | ' | 20 | 25 | ' | ' | ' | ' | ' | ' | ' |
Unused standby letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,200,000 |
Interest Rate on Long-Term Debt, Minimum | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate on Long-Term Debt, Maximum | 9.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid on Borrowings | $29,000 | $36,000 | $37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_LongTerm_Debt_and_Credi3
Note 5. Long-Term Debt and Credit Facility - (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Line of Credit Facility | ' | ' | ||
Credit Facility, Availability to Borrow | $84.90 | ' | ||
Credit Facility, Borrowings Outstanding | 0 | 0 | ||
Primary Revolving Credit Facility | ' | ' | ||
Line of Credit Facility | ' | ' | ||
Credit Facility, Availability to Borrow | 73.9 | [1] | ' | |
Credit Facility, Borrowings Outstanding | 0 | [1] | 0 | [1] |
Thailand Overdraft Credit Facility | ' | ' | ||
Line of Credit Facility | ' | ' | ||
Credit Facility, Availability to Borrow | 2.8 | [2] | ' | |
Credit Facility, Borrowings Outstanding | 0 | [2] | 0 | [2] |
Poland Overdraft Credit Facility | ' | ' | ||
Line of Credit Facility | ' | ' | ||
Credit Facility, Availability to Borrow | 8.2 | [3] | ' | |
Credit Facility, Borrowings Outstanding | $0 | [3] | $0 | [3] |
[1] | Kimball's primary revolving credit facility, which expires in December 2017, provides for up to $75 million in borrowings, with an option to increase the amount available for borrowing to $115 million upon request, subject to participating banks' consent. We use this facility for acquisitions and general corporate purposes. A commitment fee is payable on the unused portion of the credit facility which was immaterial to our operating results for fiscal years 2014, 2013, and 2012. The commitment fee on the unused portion of principal amount of the credit facility is payable at a rate that ranges from 20.0 to 25.0 basis points per annum as determined by our leverage ratio. Borrowings under the credit agreement bear interest at a floating rate based, at Kimball's option, upon a London Interbank Offered Rate ("LIBOR") plus an applicable percentage or the greater of the federal funds rate plus an applicable percentage and the prime rate. The credit facility requires that we comply with certain debt covenants including consolidated indebtedness to consolidated EBITDA (debt to EBITDA) and minimum net worth (excluding accumulated other comprehensive income). Kimball had $1.1 million in letters of credit contingently committed against the credit facility at JuneB 30, 2014. | |||
[2] | Kimball also maintained a $2.7 million foreign credit facility for its EMS segment operation in Thailand which was backed by the $75 million revolving credit facility via a standby letter of credit. This foreign credit facility was reviewed for renewal annually and could be canceled at any time by either the bank or Kimball. We canceled this credit agreement on October 1, 2013, and as of May 6, 2014 put in place a new Thailand overdraft credit facility which allows for borrowings of up to 90.0 million Thai Baht (approximately $2.8 million at JuneB 30, 2014 exchange rates). This new credit facility can be terminated at any time by either the bank or Kimball by giving prior written notice of at least 15 days to the other party. Interest on borrowing under this facility is charged at a rate of interest determined by the bank in accordance with relevant laws and regulations for charging interest on an overdraft facility. | |||
[3] | The credit facility for the EMS segment operation in Poland allows for multi-currency borrowings up to a 6 million Euro equivalent (approximately $8.2 million U.S. dollars at JuneB 30, 2014 exchange rates) and is available to cover bank overdrafts. Bank overdrafts may be deemed necessary to satisfy short-term cash needs at our Poland location rather than funding from intercompany sources. This credit facility is reviewed for renewal annually and can be canceled at any time by either the bank or Kimball. Interest on this credit facility is charged at the prevailing rate. |
Note_6_Employee_Benefit_Plans_2
Note 6. Employee Benefit Plans - Retirement Plans Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Domestic Plans | ' | ' | ' |
Employer's contribution to retirement plans | $5.20 | $5.10 | $5.30 |
Foreign Plans | ' | ' | ' |
Employer's contribution to retirement plans | $0.20 | $0.20 | $0.30 |
Note_6_Employee_Benefit_Plans_3
Note 6. Employee Benefit Plans - Severance Plans - Components and Changes of Benefit Obligation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Changes and Components of Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $5,579 | $4,720 | ' |
Service cost | 955 | 825 | 811 |
Interest cost | 134 | 179 | 189 |
Actuarial (gain) loss for the period | -899 | -1 | ' |
Benefits paid | -419 | -144 | ' |
Benefit obligation at end of year | 5,350 | 5,579 | 4,720 |
Balance in current liabilities | 939 | 979 | ' |
Balance in noncurrent liabilities | 4,411 | 4,600 | ' |
Total benefit obligation recognized in the Consolidated Balance Sheets | $5,350 | $5,579 | ' |
Note_6_Employee_Benefit_Plans_4
Note 6. Employee Benefit Plans - Severance Plans - Changes and Components in Accumulated Other Comprehensive Income (Loss) (before tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Changes and Components in Accumulated Other Comprehensive Income (Loss) (before tax): | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) at beginning of year | ($44) | $587 | ' |
Change in unrecognized prior service cost | -286 | -286 | -286 |
Net change in unrecognized actuarial (gain) loss | -1,237 | -345 | ' |
Accumulated Other Comprehensive Income (Loss) at end of year | -1,567 | -44 | 587 |
Balance in unrecognized prior service cost | 199 | 485 | ' |
Balance in unrecognized actuarial (gain) loss | -1,766 | -529 | ' |
Total Accumulated Other Comprehensive Income (Loss) recognized in Share Owners' Equity | ($1,567) | ($44) | $587 |
Note_6_Employee_Benefit_Plans_5
Note 6. Employee Benefit Plans - Severance Plans - Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Components of Net Periodic Benefit Cost (before tax): | ' | ' | ' |
Service cost | $955 | $825 | $811 |
Interest cost | 134 | 179 | 189 |
Amortization of prior service cost | 286 | 286 | 286 |
Amortization of actuarial (gain) loss | 338 | 344 | 633 |
Net periodic benefit cost recognized in the Consolidated Statements of Income | $1,713 | $1,634 | $1,919 |
Note_6_Employee_Benefit_Plans_6
Note 6. Employee Benefit Plans - Severance Plans Textuals (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Estimated amortization over the next fiscal year: | ' |
Defined Benefit Plan, Assets for Plan Benefits | $0 |
Estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year | 286 |
Estimated actuarial net (gain) loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year | ($310) |
Note_6_Employee_Benefit_Plans_7
Note 6. Employee Benefit Plans - Severance Plan Assumptions, Fiscal Year End (Details) | Jun. 30, 2014 | Jun. 30, 2013 |
Fiscal Year End Assumptions: | ' | ' |
Discount Rate | 2.30% | 2.50% |
Rate of Compensation Increase | 3.00% | 3.00% |
Note_6_Employee_Benefit_Plans_8
Note 6. Employee Benefit Plans - Severance Plan Assumptions, Weighted Average (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Weighted Average Fiscal Year Assumptions: | ' | ' | ' |
Discount Rate | 2.50% | 3.80% | 4.10% |
Rate of Compensation Increase | 3.00% | 3.80% | 4.00% |
Note_7_Stock_Compensation_Plan2
Note 7. Stock Compensation Plans - Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangements | ' | ' | ' |
Stock Compensation Plan, Pre-tax Compensation Cost | $7 | $5 | $1.40 |
Stock Compensation Plan, Income Tax Benefit from Compensation Cost | $2.80 | $2 | $0.60 |
Amended and Restated 2003 Stock Option and Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangements | ' | ' | ' |
Stock Compensation Plan, Shares Reserved | 5,000,000 | ' | ' |
Note_7_Stock_Compensation_Plan3
Note 7. Stock Compensation Plans - Performance Share Activity (Details) (Performance Shares, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangements | ' | ' | ' |
Performance Shares, Shares Outstanding, Beginning of Period | 1,561,713 | ' | ' |
Performance Shares, Shares Granted | 1,187,801 | ' | ' |
Performance Shares, Shares Vested | 512,719 | 254,393 | 187,915 |
Performance Shares, Shares Forfeited | 261,932 | ' | ' |
Performance Shares, Shares Outstanding, End of Period | 1,974,863 | 1,561,713 | ' |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Outstanding, Beginning of Period | $10.92 | ' | ' |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Granted | $14.93 | $10.91 | $5.46 |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Vested | $10.92 | ' | ' |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Forfeited | $10.97 | ' | ' |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Outstanding, End of Period | $14.55 | $10.92 | ' |
Note_7_Stock_Compensation_Plan4
Note 7. Stock Compensation Plans - Performance Shares Textuals (Details) (Performance Shares, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangements | ' | ' | ' |
Performance Shares, Unrecognized Compensation Cost | $16,000,000 | ' | ' |
Performance Shares, Average Vesting Period for Unrecognized Compensation Cost | '1 year 7 months | ' | ' |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Granted | $14.93 | $10.91 | $5.46 |
Performance Shares, Shares Vested | 512,719 | 254,393 | 187,915 |
Performance Shares, Weighted Average Grant Date Fair Value of Shares Vested, Total Fair Value | $5,600,000 | $1,400,000 | $1,000,000 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangements | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Contractual Life | '1 year | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangements | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Contractual Life | '5 years | ' | ' |
Note_7_Stock_Compensation_Plan5
Note 7. Stock Compensation Plans - Unrestricted Share Grants Textuals (Details) (Unrestricted Shares, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Unrestricted Shares | ' | ' | ' |
Share-based Compensation Arrangements | ' | ' | ' |
Unrestricted Shares, Shares Granted | 20,277 | 2,843 | 22,187 |
Unrestricted Share Grants, Weighted Average Grant Date Fair Value of Shares Granted | $11.47 | $11.78 | $5.95 |
Unrestricted Share Grants, Fair Value of Shares Granted, Total Fair Value | $233 | $33 | $132 |
Note_8_Income_Taxes_Textuals_D
Note 8. Income Taxes - Textuals (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Operating Loss Carryforwards | $3,076,000 | ' | ' |
Tax Credit Carryforwards | 1,883,000 | ' | ' |
Valuation Allowance, Operating Loss Carryforwards | 787,000 | ' | ' |
Aggregate Foreign Unremitted Earnings on Which Determination of Deferred Tax Liability Is Not Practicable | 126,000,000 | ' | ' |
Income Taxes Paid (Refunded), Net | 13,911,000 | -551,000 | 1,504,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Income (Expense) | ($25,000) | $22,000 | ($2,000) |
Note_8_Income_Taxes_Components
Note 8. Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Deferred Tax Assets, Receivables | $1,587 | $1,775 |
Deferred Tax Assets, Inventory | 2,388 | 2,521 |
Deferred Tax Assets, Employee Benefits | 630 | 601 |
Deferred Tax Assets, Deferred Compensation | 24,502 | 18,076 |
Deferred Tax Assets, Other Current Liabilities | 619 | 514 |
Deferred Tax Assets, Warranty Reserves | 1,036 | 749 |
Deferred Tax Assets, Tax Credit Carryforwards | 1,883 | 1,768 |
Deferred Tax Assets, Restructuring | 0 | 15 |
Deferred Tax Assets, Goodwill | 2,597 | 3,011 |
Deferred Tax Assets, Net Operating Loss Carryforwards | 3,076 | 4,114 |
Deferred Tax Assets, Unrealized Currency Losses | 77 | 480 |
Deferred Tax Assets, Miscellaneous | 4,822 | 4,818 |
Deferred Tax Assets, Valuation Allowance | -787 | -2,315 |
Deferred Tax Assets | 42,430 | 36,127 |
Deferred Tax Liabilities: | ' | ' |
Deferred Tax Liabilities, Property and Equipment | 7,397 | 9,017 |
Deferred Tax Liabilities, Capitalized Software | 168 | 141 |
Deferred Tax Liabilities, Miscellaneous | 512 | 607 |
Deferred Tax Liabilities, Net | 8,077 | 9,765 |
Net Deferred Income Taxes | $34,353 | $26,362 |
Note_8_Income_Taxes_Components1
Note 8. Income Taxes - Components of Income Before Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income (Loss) Before Taxes on Income, United States | $18,343 | $2,525 | $7,831 |
Income (Loss) Before Taxes on Income, Foreign | 24,830 | 20,138 | 9,871 |
Income Before Taxes on Income | $43,173 | $22,663 | $17,702 |
Note_8_Income_Taxes_Components2
Note 8. Income Taxes - Components of Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Currently Payable (Refundable): | ' | ' | ' |
Current Federal Income Tax Expense (Benefit) | $12,486 | $2,673 | $954 |
Current Foreign Income Tax Expense (Benefit) | 4,505 | 2,861 | 1,849 |
Current State Income Tax Expense (Benefit) | 1,630 | 1,051 | 877 |
Current Income Tax Expense (Benefit) | 18,621 | 6,585 | 3,680 |
Deferred Taxes: | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | -6,072 | -2,631 | 1,784 |
Deferred Foreign Income Tax Expense (Benefit) | -55 | 542 | 970 |
Deferred State Income Tax Expense (Benefit) | -1,254 | -1,712 | -366 |
Deferred Income Tax Expense (Benefit) | -7,381 | -3,801 | 2,388 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | -1,528 | 0 | 0 |
Total provision for income taxes | $9,712 | $2,784 | $6,068 |
Note_8_Income_Taxes_Reconcilia
Note 8. Income Taxes - Reconciliation of Effective Income Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Reconciliation, Income Tax Expense (Benefit), Tax Computed at U.S. Federal Statutory Rate | $15,110 | $7,932 | $6,196 |
Effective Income Tax Rate Reconciliation, Tax Computed at U.S. Federal Statutory Rate | 35.00% | 35.00% | 35.00% |
Income Tax Reconciliation, State Income Taxes, Net of Federal Income Tax Benefit | 166 | -430 | 332 |
Effective Income Tax Rate Reconciliation, State Income Taxes, Net of Federal Income Tax Benefit | 0.40% | -1.90% | 1.90% |
Income Tax Reconciliation, Foreign Tax Effect | -4,241 | -3,645 | -639 |
Effective Income Tax Rate Reconciliation, Foreign Tax Effect | -9.80% | -16.10% | -3.60% |
Income Tax Reconciliation, Valuation Allowance | -1,528 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Valuation Allowance | -3.50% | 0.00% | 0.00% |
Income Tax Reconciliation Tax Credit Domestic Manufacturing Deduction | -478 | -549 | 0 |
Effective Income Tax Rate Reconciliation, Domestic Manufacturing Deduction | 1.10% | 2.40% | 0.00% |
Income Tax Reconciliation, Research Credit | -376 | -729 | -247 |
Effective Income Tax Rate Reconciliation, Research Credit | -0.90% | -3.20% | -1.40% |
Income Tax Reconciliation, Spin-off costs | 1,015 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Spin-off costs | 2.30% | 0.00% | 0.00% |
Income Tax Reconciliation, Other-Net | 44 | 205 | 426 |
Effective Income Tax Rate Reconciliation, Other-Net | 0.10% | 0.90% | 2.40% |
Total provision for income taxes | $9,712 | $2,784 | $6,068 |
Effective Income Tax Rate | 22.50% | 12.30% | 34.30% |
Note_8_Income_Taxes_Reconcilia1
Note 8. Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | $2,752 | $2,624 | $2,499 |
Unrecognized Tax Benefits, Additions Resulting from Prior Period Tax Positions | 415 | 207 | 250 |
Unrecognized Tax Benefits, Reductions Resulting from Prior Period Tax Positions | 0 | 0 | -84 |
Unrecognized Tax Benefits, Additions Resulting from Current Period Tax Positions | 0 | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Current Period Tax Positions | 0 | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Settlements with Taxing Authorities | 0 | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -475 | -79 | -41 |
Unrecognized Tax Benefits, Ending Balance | 2,692 | 2,752 | 2,624 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $2,159 | $2,286 | $2,190 |
Note_8_Income_Taxes_Accrued_In
Note 8. Income Taxes - Accrued Interest and Penalties Related to Unrecognized Tax Benefits (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $285 | $278 | $256 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $95 | $78 | $85 |
Note_9_Common_Stock_Textuals_D
Note 9. Common Stock - Textuals (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Common Stock, Dividend Preference, Per Share | $0.02 |
Class A Common Stock | ' |
Minimum Percentage of Class A Shares to Retain Voting Rights and Dividend Preference | 15.00% |
Note_10_Fair_Value_Textuals_De
Note 10. Fair Value - Textuals (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair Value, Transfers Between Levels, Amount | $0 | $0 | ' |
Derivative Gain (Loss) | -512,000 | -1,207,000 | 1,987,000 |
Fair Value, Purchases and Sales of Level 3 Assets | 0 | 0 | ' |
Stock Warrants | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | 0.05% | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | 78.50% | ' | ' |
Fair Value Assumptions, Expected Term | '6 months | ' | ' |
Property, Plant and Equipment, Other Types | Unallocated Corporate | Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | 1,198,000 | ' | ' |
Common Stock | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | 0.05% | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | 78.50% | ' | ' |
Fair Value Assumptions, Expected Term | '6 months | ' | ' |
Impairment losses recognized in earnings | 100,000 | 1,000,000 | 700,000 |
Product Rights | Furniture segment | Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Non-recurring fair value adjustment, impairment loss | ' | ' | 256,000 |
Equipment | Furniture segment | Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Non-recurring fair value adjustment, impairment loss | ' | ' | 78,000 |
Non-operating income/expense | Stock Warrants | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Derivative Gain (Loss) | -25,000 | -885,000 | -526,000 |
FY 2007 Gaylord Restructuring Plan | Held for Sale Facilty and Land Related to the Gaylord, Michigan Exited Operation | Unallocated Corporate | Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Non-recurring fair value adjustment, impairment loss | ' | $188,000 | $572,000 |
Note_10_Fair_Value_Recurring_F
Note 10. Fair Value - Recurring Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | $800 | $298 |
Derivative Liability | 699 | 1,662 |
Fair Value, Measurements, Recurring | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Cash equivalents | 103,845 | 83,516 |
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan | 23,106 | 19,600 |
Total assets at fair value | 127,751 | 103,414 |
Total liabilities at fair value | 699 | 1,662 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | 800 | 273 |
Derivative Liability | 699 | 1,662 |
Fair Value, Measurements, Recurring | Stock Warrants | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | ' | 25 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Cash equivalents | 103,845 | 83,516 |
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan | 23,106 | 19,600 |
Total assets at fair value | 126,951 | 103,116 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Foreign Exchange Contract | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | 'Â Â | 'Â Â |
Derivative Liability | 'Â Â | 'Â Â |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Stock Warrants | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | ' | 'Â Â |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Cash equivalents | 'Â Â | 'Â Â |
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan | 'Â Â | 'Â Â |
Total assets at fair value | 800 | 273 |
Total liabilities at fair value | 699 | 1,662 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign Exchange Contract | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | 800 | 273 |
Derivative Liability | 699 | 1,662 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Stock Warrants | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | ' | 'Â Â |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Cash equivalents | 'Â Â | 'Â Â |
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan | 'Â Â | 'Â Â |
Total assets at fair value | 0 | 25 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Foreign Exchange Contract | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | 'Â Â | 'Â Â |
Derivative Liability | 'Â Â | 'Â Â |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Stock Warrants | ' | ' |
Recurring Fair Value Measurments: | ' | ' |
Derivative Asset | ' | $25 |
Note_11_Derivative_Instruments3
Note 11. Derivative Instruments - Textuals (Details) | 12 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
USD ($) | USD ($) | USD ($) | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Non-operating income/expense | Non-operating income/expense | Non-operating income/expense | Non-operating income/expense | Non-operating income/expense | Non-operating income/expense | |
USD ($) | EUR (€) | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Stock Warrant | Stock Warrant | Stock Warrant | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Derivatives, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | $25,600,000 | ' | € 47,700,000 | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Maximum Time to Transfer | ' | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ($512,000) | ($1,207,000) | $1,987,000 | ' | ' | ' | ($487,000) | ($322,000) | $2,513,000 | ($25,000) | ($885,000) | ($526,000) |
Note_11_Derivative_Instruments4
Note 11. Derivative Instruments - Fair Values of Derivative Instruments on the Consolidated Balance Sheets(Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Derivative Asset | $800 | $298 |
Derivative Liability | 699 | 1,662 |
Designated as Hedging Instrument | Foreign Exchange Contract | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | 599 | 265 |
Designated as Hedging Instrument | Foreign Exchange Contract | Accrued Expenses | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability | 241 | 1,097 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | 201 | 8 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Accrued Expenses | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability | 458 | 565 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | 800 | 273 |
Derivative Liability | 699 | 1,662 |
Fair Value, Measurements, Recurring | Stock Warrant | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | ' | 25 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | 'Â Â | 'Â Â |
Derivative Liability | 'Â Â | 'Â Â |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Stock Warrant | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | ' | 25 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument | Stock Warrant | Other Assets, Long Term | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset | $0 | $25 |
Note_11_Derivative_Instruments5
Note 11. Derivative Instruments - The Effect of Derivative Instruments on Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Pre-Tax Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | $73 | $1,206 | ($192) |
Foreign Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Instruments, Pre-Tax Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | $73 | $1,206 | ($192) |
Note_11_Derivative_Instruments6
Note 11. Derivative Instruments - The Effect of Derivative Instruments on Consolidated Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivatives Not Designated as Hedging Instruments, Pre-Tax Gain (Loss) Recognized in Income | ($512) | ($1,207) | $1,987 |
Total Derivative Pre-Tax Gain (Loss) Recognized in Income | -1,699 | 929 | 918 |
Foreign Exchange Contract | Non-operating income/expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivatives Not Designated as Hedging Instruments, Pre-Tax Gain (Loss) Recognized in Income | -487 | -322 | 2,513 |
Stock Warrant | Non-operating income/expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivatives Not Designated as Hedging Instruments, Pre-Tax Gain (Loss) Recognized in Income | -25 | -885 | -526 |
Cash Flow Hedging | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Gain (Loss) | -1,187 | 2,139 | -1,052 |
Cash Flow Hedging | Foreign Exchange Contract | Cost of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Gain (Loss) | -1,024 | 2,212 | -1,415 |
Cash Flow Hedging | Foreign Exchange Contract | Non-operating income/expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Derivative Gain (Loss) | -163 | -73 | 363 |
Derivatives, Pre-Tax Gain (Loss) Reclassified from Accumulated OCI into Income, Ineffective Portion | $0 | ($3) | ($17) |
Note_12_Investments_Investment
Note 12. Investments - Investments-Convertible Debt and Non-Marketable Equity Securities Textuals (Details) (Common Stock, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Securities | ' | ' | ' |
Impairment losses recognized in earnings | $0.10 | $1 | $0.70 |
Common Stock | ' | ' | ' |
Schedule of Securities | ' | ' | ' |
Non-marketable Securities, carrying value | $0 | $0.10 | ' |
Note_12_Investments_Investment1
Note 12. Investments - Investments-Supplemental Employee Retirement Plan Investments Textuals (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Trading Securities and Other Trading Assets | ' | ' | ' |
Trading Securities, Change in net unrealized holding gains (losses) | $184 | $1,243 | ($483) |
Note_12_Investments_Supplement
Note 12. Investments - Supplemental Employee Retirement Plan Investments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets | ' | ' |
SERP investment - current asset | $8,812 | $7,031 |
SERP investment - other long-term asset | 14,294 | 12,569 |
Total SERP investment | 23,106 | 19,600 |
SERP obligation - current liability | 8,812 | 7,031 |
SERP obligation - other long-term liability | 14,294 | 12,569 |
Total SERP obligation | $23,106 | $19,600 |
Note_13_Accrued_Expenses_Accru
Note 13. Accrued Expenses - Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Taxes | $8,187 | $3,635 |
Compensation | 46,307 | 32,268 |
Retirement plan | 4,964 | 5,050 |
Insurance | 4,215 | 3,500 |
Restructuring | 0 | 38 |
Other expenses | 13,583 | 12,365 |
Total accrued expenses | $77,256 | $56,856 |
Note_14_Segment_and_Geographic3
Note 14. Segment and Geographic Area Information - Revenue by Major Customers Textuals (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenue, Major Customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $336,807 | $310,788 | $320,313 | $317,439 | $318,322 | $301,486 | $295,136 | $288,190 | $1,285,347 | $1,203,134 | $1,142,061 |
Electronic Manufacturing Services segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 741,530 | 703,129 | 616,751 |
Electronic Manufacturing Services segment | Johnson Controls Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $96,400 | $122,100 | $104,600 |
Percent of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 10.00% | 9.00% |
Note_14_Segment_and_Geographic4
Note 14. Segment and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $336,807 | $310,788 | $320,313 | $317,439 | $318,322 | $301,486 | $295,136 | $288,190 | $1,285,347 | $1,203,134 | $1,142,061 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 31,885 | 30,758 | 30,973 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 40,583 | 23,001 | 18,389 |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 404 | 430 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 35 | 35 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,712 | 2,784 | 6,068 |
Net Income (Loss) | 7,848 | 7,208 | 9,222 | 9,183 | 7,061 | 3,678 | 4,179 | 4,961 | 33,461 | 19,879 | 11,634 |
Total Assets | 722,146 | ' | ' | ' | 644,519 | ' | ' | ' | 722,146 | 644,519 | 595,516 |
Goodwill | 2,564 | ' | ' | ' | 2,511 | ' | ' | ' | 2,564 | 2,511 | 2,480 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 32,897 | 27,555 | 26,943 |
Electronic Manufacturing Services segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 741,530 | 703,129 | 616,751 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,847 | 18,195 | 17,590 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 33,389 | 27,483 | 8,904 |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 9 | 6 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,015 | 5,499 | 2,042 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 26,688 | 21,133 | 6,572 |
Total Assets | 390,064 | ' | ' | ' | 353,425 | ' | ' | ' | 390,064 | 353,425 | 332,115 |
Goodwill | 2,564 | ' | ' | ' | 2,511 | ' | ' | ' | 2,564 | 2,511 | 2,480 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 20,695 | 14,145 | 13,485 |
Furniture segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 543,817 | 500,005 | 525,310 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 13,038 | 12,563 | 13,383 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 16,351 | -367 | 11,874 |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 2 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,074 | -503 | 4,837 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,406 | 75 | 6,957 |
Total Assets | 195,130 | ' | ' | ' | 185,925 | ' | ' | ' | 195,130 | 185,925 | 183,415 |
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,202 | 13,410 | 13,458 |
Unallocated Corporate and Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -9,157 | -4,115 | -2,389 |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 404 | 430 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 24 | 25 | 27 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,377 | -2,212 | -811 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,633 | -1,329 | -1,895 |
Total Assets | 136,952 | ' | ' | ' | 105,169 | ' | ' | ' | 136,952 | 105,169 | 79,986 |
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Note_14_Segment_and_Geographic5
Note 14. Segment and Geographic Area Information - Restructuring Charges and Nonrecurring Items Included in Net Income (Loss) Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information | ' | ' | ' |
Other General Expense, After-Tax | $3.40 | ' | ' |
Restructuring charges, after-tax | ' | 0.3 | 2.1 |
Electronic Manufacturing Services segment | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Restructuring charges, after-tax | ' | 0.1 | 1.7 |
Furniture segment | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Gain (Loss) on Sale of Properties, after-tax | 1.1 | ' | ' |
Unallocated Corporate and Eliminations | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Spin-off Charges, after-tax | 2.8 | ' | ' |
Restructuring charges, after-tax | 0.2 | 0.2 | 0.4 |
Impairment of Long-Lived Assets to be Disposed of, After-Tax | $0.70 | ' | ' |
Note_14_Segment_and_Geographic6
Note 14. Segment and Geographic Area Information - Segments, Geographic Areas (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $336,807 | $310,788 | $320,313 | $317,439 | $318,322 | $301,486 | $295,136 | $288,190 | $1,285,347 | $1,203,134 | $1,142,061 |
Long-Lived Assets: | 193,440 | ' | ' | ' | 191,355 | ' | ' | ' | 193,440 | 191,355 | 192,584 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 894,093 | 883,680 | 870,080 |
Long-Lived Assets: | 126,840 | ' | ' | ' | 126,364 | ' | ' | ' | 126,840 | 126,364 | 129,258 |
Poland | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets: | 45,287 | ' | ' | ' | 45,971 | ' | ' | ' | 45,287 | 45,971 | 44,427 |
Other Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 391,254 | 319,454 | 271,981 |
Long-Lived Assets: | $21,313 | ' | ' | ' | $19,020 | ' | ' | ' | $21,313 | $19,020 | $18,899 |
Note_15_Earnings_Per_Share_Ear
Note 15. Earnings Per Share - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Dividends Declared, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $7,527 | $7,450 | $7,371 |
Undistributed Earnings (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 25,934 | 12,429 | 4,263 |
Net Income (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 33,461 | 19,879 | 11,634 |
Average Basic Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 38,404 | 38,063 | 37,881 |
Dividends Declared and Assumed Dividends on Dilutive Shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,641 | 7,532 | 7,408 |
Undistributed Earnings (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 25,820 | 12,347 | 4,226 |
Net Income (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 33,461 | 19,879 | 11,634 |
Average Diluted Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 39,037 | 38,522 | 38,087 |
Assumed Dividends Payable on Dilutive Shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 114 | 82 | 37 |
Increase (Reduction) of Undistributed Earnings (Loss) - allocated based on Class A and Class B shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | -114 | -82 | -37 |
Dilutive Effect of Average Outstanding Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 633 | 459 | 206 |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Declared, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 1,437 | 1,495 | 1,869 |
Undistributed Earnings (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 5,420 | 2,803 | 1,169 |
Net Income (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 6,857 | 4,298 | 3,038 |
Average Basic Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,026 | 8,584 | 10,387 |
Basic Earnings Per Share: | $0.20 | $0.18 | $0.24 | $0.24 | $0.18 | $0.09 | $0.11 | $0.12 | $0.85 | $0.50 | $0.29 |
Dividends Declared and Assumed Dividends on Dilutive Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,550 | 1,577 | 1,906 |
Undistributed Earnings (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 5,723 | 2,898 | 1,175 |
Net Income (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 7,273 | 4,475 | 3,081 |
Average Diluted Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,652 | 9,043 | 10,593 |
Diluted Earnings Per Share: | $0.20 | $0.18 | $0.23 | $0.23 | $0.18 | $0.09 | $0.11 | $0.12 | $0.84 | $0.49 | $0.29 |
Assumed Dividends Payable on Dilutive Shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 113 | 82 | 37 |
Increase (Reduction) of Undistributed Earnings (Loss) - allocated based on Class A and Class B shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 303 | 95 | 6 |
Dilutive Effect of Average Outstanding Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 626 | 459 | 206 |
Class B Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Declared, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 6,090 | 5,955 | 5,502 |
Undistributed Earnings (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 20,514 | 9,626 | 3,094 |
Net Income (Loss), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 26,604 | 15,581 | 8,596 |
Average Basic Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 30,378 | 29,479 | 27,494 |
Basic Earnings Per Share: | $0.21 | $0.19 | $0.24 | $0.24 | $0.19 | $0.10 | $0.11 | $0.13 | $0.88 | $0.53 | $0.31 |
Dividends Declared and Assumed Dividends on Dilutive Shares | ' | ' | ' | ' | ' | ' | ' | ' | 6,091 | 5,955 | 5,502 |
Undistributed Earnings (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 20,097 | 9,449 | 3,051 |
Net Income (Loss), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 26,188 | 15,404 | 8,553 |
Average Diluted Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 30,385 | 29,479 | 27,494 |
Diluted Earnings Per Share: | $0.20 | $0.19 | $0.24 | $0.24 | $0.18 | $0.10 | $0.11 | $0.13 | $0.86 | $0.52 | $0.31 |
Assumed Dividends Payable on Dilutive Shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Increase (Reduction) of Undistributed Earnings (Loss) - allocated based on Class A and Class B shares, Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | ($417) | ($177) | ($43) |
Dilutive Effect of Average Outstanding Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 0 | 0 |
Note_15_Earnings_Per_Share_Tex
Note 15. Earnings Per Share - Textuals (Details) (Stock Options) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 0 | 190,000 | 508,000 |
Note_16_Accumulated_Other_Comp2
Note 16. Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ($3,477) | ($4,963) |
Current-period other comprehensive income (loss) | 5,917 | 1,486 |
Accumulated Other Comprehensive Income (Loss) | 2,440 | -3,477 |
Foreign Currency Translation Adjustments | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss) | 855 | -977 |
Current-period other comprehensive income (loss) | 4,054 | 1,832 |
Accumulated Other Comprehensive Income (Loss) | 4,909 | 855 |
Derivative Gain (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss) | -4,359 | -3,632 |
Current-period other comprehensive income (loss) | 948 | -727 |
Accumulated Other Comprehensive Income (Loss) | -3,411 | -4,359 |
Postemployment Benefits, Prior Service Costs | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss) | -292 | -464 |
Current-period other comprehensive income (loss) | 172 | 172 |
Accumulated Other Comprehensive Income (Loss) | -120 | -292 |
Postemployment Benefits, Net Actuarial Gain (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income (Loss) | 319 | 110 |
Current-period other comprehensive income (loss) | 743 | 209 |
Accumulated Other Comprehensive Income (Loss) | $1,062 | $319 |
Note_16_Accumulated_Other_Comp3
Note 16. Accumulated Other Comprehensive Income (Loss) - Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | $286 | $286 | $286 |
Amortization of Actuarial Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -338 | -344 | -633 |
Net Income (Loss) | 7,848 | 7,208 | 9,222 | 9,183 | 7,061 | 3,678 | 4,179 | 4,961 | 33,461 | 19,879 | 11,634 |
Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,187 | 2,139 | -1,052 |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -185 | ' | ' |
Amortization of Actuarial Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -228 | ' | ' |
Cost of Sales | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,024 | 2,212 | -1,415 |
Selling, General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -101 | ' | ' |
Amortization of Actuarial Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -110 | ' | ' |
Non-operating income/expense | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -163 | -73 | 363 |
Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 114 | ' | ' |
Amortization of Actuarial Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 134 | ' | ' |
Provision (Benefit) for Income Taxes | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 226 | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -172 | ' | ' |
Amortization of Actuarial Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -204 | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,337 | ' | ' |
Net Income (Loss) | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($961) | ' | ' |
Note_17_Restructuring_Expense_
Note 17. Restructuring Expense - Textuals (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense | ' | ' | ' | ' | $402,000 | $416,000 | $3,418,000 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | ' | ' | 1,484,000 | 181,000 | 28,000 | ' |
Other General Income (Expense) | 0 | 666,000 | 0 | 5,022,000 | 5,688,000 | 0 | 0 | 6,700,000 |
Electronic Manufacturing Services segment | FY 2011 Fremont Restructuring Plan | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense | ' | ' | ' | ' | ' | ' | 800,000 | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 1,300,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2011 Fremont Restructuring Plan | Transition and Other Employee Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2011 Fremont Restructuring Plan | Plant Closure and Other Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 1,100,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2008 European Consolidation Plan | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense | ' | ' | ' | ' | ' | ' | 1,900,000 | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 23,100,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2008 European Consolidation Plan | Transition and Other Employee Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 20,800,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2008 European Consolidation Plan | Lease Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2008 European Consolidation Plan | Other Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Electronic Manufacturing Services segment | FY 2008 European Consolidation Plan | Asset Write-Downs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Unallocated Corporate and Eliminations | FY 2007 Gaylord Restructuring Plan | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense | ' | ' | ' | ' | ' | 300,000 | 700,000 | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Unallocated Corporate and Eliminations | FY 2007 Gaylord Restructuring Plan | Other Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 600,000 | ' | ' | ' |
Unallocated Corporate and Eliminations | FY 2007 Gaylord Restructuring Plan | Asset Write-Downs | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense, Total Charges Incurred Since Plan Announcement | ' | ' | ' | ' | 1,400,000 | ' | ' | ' |
Held for Sale Facilty and Land Related to the Gaylord, Michigan Exited Operation | Unallocated Corporate and Eliminations | FY 2007 Gaylord Restructuring Plan | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Expense and Other Related Items | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | ' | ' | ($311,000) | ' | ' | ' |
Note_18_Variable_Interest_Enti1
Note 18. Variable Interest Entities - Textuals (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | |||
Notes Receivable | Notes Receivable | ||||
Variable Interest Entity | ' | ' | ' | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | ' | ' | ' | $900,000 | $1,500,000 |
Variable Interest Entity, Nonconsolidated, Related Allowance | 638,000 | 525,000 | ' | 500,000 | 400,000 |
Variable Interest Entity, Obligation to Provide Additional Funding, Amount | ' | ' | $0 | ' | ' |
Note_19_Credit_Quality_and_All2
Note 19. Credit Quality and Allowance for Credit Losses of Notes Receivable - Textuals (Details) (Notes Receivable, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Notes Receivable | ' | ' |
Notes Receivable | ' | ' |
Notes Receivable, Past Due | $0 | $0 |
Note_19_Credit_Quality_and_All3
Note 19. Credit Quality and Allowance for Credit Losses of Notes Receivable - Credit Quality and Allowance for Credit Losses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Notes Receivable | ' | ' |
Notes Receivable, Unpaid Balance | $1,615,000 | $2,061,000 |
Notes Receivable, Related Allowance | 638,000 | 525,000 |
Notes Receivable, Net of Allowance | 977,000 | 1,536,000 |
Notes Receivable | Note Receivable From Sale of Indiana Facility | ' | ' |
Notes Receivable | ' | ' |
Notes Receivable, Unpaid Balance | 1,392,000 | 1,413,000 |
Notes Receivable, Related Allowance | 489,000 | 0 |
Notes Receivable, Net of Allowance | 903,000 | 1,413,000 |
Notes Receivable | Notes Receivable from an Electronics Engineering Services Firm | ' | ' |
Notes Receivable | ' | ' |
Notes Receivable, Unpaid Balance | 0 | 521,000 |
Notes Receivable, Related Allowance | 0 | 440,000 |
Notes Receivable, Net of Allowance | 0 | 81,000 |
Notes Receivable | Other Notes Receivable | ' | ' |
Notes Receivable | ' | ' |
Notes Receivable, Unpaid Balance | 223,000 | 127,000 |
Notes Receivable, Related Allowance | 149,000 | 85,000 |
Notes Receivable, Net of Allowance | $74,000 | $42,000 |
Note_21_Quarterly_Financial_In2
Note 21. Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Net Sales | $336,807 | $310,788 | $320,313 | $317,439 | $318,322 | $301,486 | $295,136 | $288,190 | $1,285,347 | $1,203,134 | $1,142,061 | ' |
Gross Profit | 67,562 | 60,292 | 66,846 | 61,324 | 59,577 | 53,809 | 55,157 | 55,205 | 256,024 | 223,748 | 209,955 | ' |
Other General Income | 0 | -666 | 0 | -5,022 | ' | ' | ' | ' | -5,688 | 0 | 0 | -6,700 |
Net Income (Loss) | $7,848 | $7,208 | $9,222 | $9,183 | $7,061 | $3,678 | $4,179 | $4,961 | $33,461 | $19,879 | $11,634 | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic Earnings Per Share: | $0.20 | $0.18 | $0.24 | $0.24 | $0.18 | $0.09 | $0.11 | $0.12 | $0.85 | $0.50 | $0.29 | ' |
Diluted Earnings Per Share: | $0.20 | $0.18 | $0.23 | $0.23 | $0.18 | $0.09 | $0.11 | $0.12 | $0.84 | $0.49 | $0.29 | ' |
Class B Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic Earnings Per Share: | $0.21 | $0.19 | $0.24 | $0.24 | $0.19 | $0.10 | $0.11 | $0.13 | $0.88 | $0.53 | $0.31 | ' |
Diluted Earnings Per Share: | $0.20 | $0.19 | $0.24 | $0.24 | $0.18 | $0.10 | $0.11 | $0.13 | $0.86 | $0.52 | $0.31 | ' |
Schedule_II_Valuation_and_Qual2
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Short-Term Receivables | ' | ' | ' |
Movement in Valuation Allowances [Roll Forward] | ' | ' | ' |
Valuation Allowances, Balance at Beginning of Year | $2,791 | $1,367 | $1,799 |
Valuation Allowances, Additions to Expense | -20 | 1,663 | 267 |
Valuation Allowances, Adjustments to Other Accounts | -149 | 15 | -83 |
Valuation Allowances, Write-offs and Recoveries | -277 | -254 | -616 |
Valuation Allowances, Balance at End of Year | 2,345 | 2,791 | 1,367 |
Long-Term Notes Receivable | ' | ' | ' |
Movement in Valuation Allowances [Roll Forward] | ' | ' | ' |
Valuation Allowances, Balance at Beginning of Year | 0 | ' | ' |
Valuation Allowances, Additions to Expense | 628 | ' | ' |
Valuation Allowances, Adjustments to Other Accounts | 0 | ' | ' |
Valuation Allowances, Write-offs and Recoveries | 0 | ' | ' |
Valuation Allowances, Balance at End of Year | 628 | ' | ' |
Deferred Tax Asset | ' | ' | ' |
Movement in Valuation Allowances [Roll Forward] | ' | ' | ' |
Valuation Allowances, Balance at Beginning of Year | 2,315 | 1,911 | 6,698 |
Valuation Allowances, Additions to Expense | 0 | 408 | 355 |
Valuation Allowances, Adjustments to Other Accounts | 0 | 0 | 0 |
Valuation Allowances, Write-offs and Recoveries | -1,528 | -4 | -5,142 |
Valuation Allowances, Balance at End of Year | $787 | $2,315 | $1,911 |