L.S. Starrett Co. - Ordinary Shares (SCX) 10-Q 9 May 22 2022 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Mar. 31, 2022	Apr. 19, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-367
Entity Registrant Name	STARRETT L S CO
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-1866480
Entity Address, Address Line One	121 Crescent Street
Entity Address, City or Town	Athol
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01331-1915
City Area Code	978
Local Phone Number	249-3551
Title of 12(b) Security	Class A Common - $1.00 Per Share Par Value
Trading Symbol	SCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000093676
Amendment Flag	false
Class A Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,666,824
Class B Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		591,577

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Current assets:
Cash	$ 8,020	$ 9,105
Accounts receivable (less allowance for doubtful accounts of $705 and $665, respectively)	41,415	35,076
Inventories	73,075	60,572
Prepaid expenses and other current assets	15,018	14,467
Total current assets	137,528	119,220
Property, plant and equipment, net	38,927	35,992
Right of use assets	5,606	4,298
Deferred tax assets, net	18,077	19,073
Intangible assets, net	4,713	4,888
Goodwill	1,015	1,015
Total assets	205,866	184,486
Current liabilities:
Current maturities of debt	22,832	15,959
Current lease liability	1,535	1,650
Accounts payable	17,908	17,229
Accrued expenses	11,091	8,811
Accrued compensation	5,590	8,040
Total current liabilities	58,956	51,689
Other tax obligations	3,024	2,866
Long-term lease liability	4,231	2,734
Long-term debt, net of current portion	9,405	6,010
Postretirement benefit and pension obligations	33,977	37,652
Total liabilities	109,593	100,951
Stockholders' equity:
Additional paid-in capital	56,948	56,507
Retained earnings	84,225	74,181
Accumulated other comprehensive loss	(52,159)	(54,262)
Total stockholders' equity	96,273	83,535
Total liabilities and stockholders’ equity	205,866	184,486
Class A Common Shares
Stockholders' equity:
Common stock	6,665	6,475
Class B Common Shares
Stockholders' equity:
Common stock	$ 594	$ 634

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Allowance for doubtful accounts	$ 705	$ 665
Class A Common Shares
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares, outstanding (in shares)	6,664,600	6,475,307
Class B Common Shares
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares, outstanding (in shares)	594,372	633,505

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 60,479	$ 54,944	$ 183,311	$ 158,408
Cost of goods sold	39,459	36,795	123,197	107,082
Gross margin	$ 21,020	$ 18,149	$ 60,114	$ 51,326
% of Net sales	34.80%	33.00%	32.80%	32.40%
Restructuring charges	$ 658	$ 788	$ 658	$ 1,518
Gain on sale of building	0	0	0	(3,204)
Selling, general and administrative expenses	14,988	13,511	45,750	41,126
Operating income	5,374	3,850	13,706	11,886
Other income, net	684	663	249	236
Income before income taxes	6,058	4,513	13,955	12,122
Income tax expense	1,774	1,496	3,911	1,132
Net income	$ 4,284	$ 3,017	$ 10,044	$ 10,990
Basic income per share (in dollars per share)	$ 0.59	$ 0.42	$ 1.39	$ 1.56
Diluted income per share (in dollars per share)	$ 0.57	$ 0.41	$ 1.34	$ 1.50
Weighted average outstanding shares used in per share calculations:
Basic (in shares)	7,256	7,104	7,208	7,058
Diluted (in shares)	7,492	7,390	7,480	7,335

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 4,284	$ 3,017	$ 10,044	$ 10,990
Other comprehensive income (loss):
Currency translation gain (loss), net of tax	6,807	(3,835)	2,325	(225)
Pension and postretirement plans, net of tax	(89)	(60)	(222)	(81)
Other comprehensive income (loss)	6,718	(3,895)	2,103	(306)
Total comprehensive income (loss)	$ 11,002	$ (878)	$ 12,147	$ 10,684

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock OutstandingClass A	Common Stock OutstandingClass B	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Jun. 30, 2020	$ 45,983	$ 6,308	$ 680	$ 55,762	$ 58,648	$ (75,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	3,858				4,116	(258)
Repurchase of shares	(6)		(2)	(4)
Stock-based compensation	367	8		359
Conversion	0	26	(26)
Ending balance at Sep. 30, 2020	50,202	6,342	652	56,117	62,764	(75,673)
Beginning balance at Jun. 30, 2020	45,983	6,308	680	55,762	58,648	(75,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	10,684
Ending balance at Mar. 31, 2021	57,350	6,452	652	56,329	69,638	(75,721)
Beginning balance at Sep. 30, 2020	50,202	6,342	652	56,117	62,764	(75,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	7,704				3,857	3,847
Repurchase of shares	(1)			(1)
Stock-based compensation	154	103		51
Conversion	0	3	(3)
Issuance of stock	25		8	17
Ending balance at Dec. 31, 2020	58,084	6,448	657	56,184	66,621	(71,826)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(878)				3,017	(3,895)
Repurchase of shares	(4)		(1)	(3)
Stock-based compensation	148			148
Conversion	0	4	(4)
Ending balance at Mar. 31, 2021	57,350	6,452	652	56,329	69,638	(75,721)
Accumulated balance consists of:
Translation loss						(62,099)
Pension and postretirement plans, net of taxes						(13,622)
Accumulated other comprehensive loss	(75,721)
Accumulated other comprehensive loss	(54,262)
Beginning balance at Jun. 30, 2021	83,535	6,475	634	56,507	74,181	(54,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(445)				3,232	(3,677)
Repurchase of shares	(16)		(2)	(14)
Stock-based compensation	174	119		55
Conversion		25	(25)
Ending balance at Sep. 30, 2021	83,248	6,619	607	56,548	77,413	(57,939)
Beginning balance at Jun. 30, 2021	83,535	6,475	634	56,507	74,181	(54,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	12,147
Ending balance at Mar. 31, 2022	96,273	6,665	594	56,948	84,225	(52,159)
Beginning balance at Sep. 30, 2021	83,248	6,619	607	56,548	77,413	(57,939)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	1,590				2,528	(938)
Repurchase of shares	(7)			(7)
Stock-based compensation	237	11		226
Conversion		7	(7)
Issuance of stock	117	7	8	102
Ending balance at Dec. 31, 2021	85,185	6,644	608	56,869	79,941	(58,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	11,002				4,284	6,718
Repurchase of shares	(17)		(3)	(14)
Stock-based compensation	103	10		93
Conversion		11	(11)
Ending balance at Mar. 31, 2022	96,273	$ 6,665	$ 594	$ 56,948	$ 84,225	(52,159)
Accumulated balance consists of:
Translation loss						(53,722)
Pension and postretirement plans, net of taxes						$ 1,563
Accumulated other comprehensive loss	$ (52,159)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 10,044	$ 10,990
Non-cash operating activities:
Gain from sale of real estate	0	(3,204)
Depreciation	3,913	3,912
Amortization	957	911
Stock-based compensation	514	669
Net long-term tax obligations	126	117
Deferred taxes	937	(2,279)
Postretirement benefit and pension obligations	(1,058)	(11)
Changes in operating assets and liabilities:
Accounts receivable	(5,900)	(4,580)
Inventories	(11,053)	1,391
Other current assets	(5)	(1,813)
Other current liabilities	139	2,803
Prepaid pension expense	(2,342)	(6,374)
Other	937	189
Net cash (used in) provided by operating activities	(2,791)	2,721
Cash flows from investing activities:
Purchases of property, plant and equipment	(6,883)	(4,048)
Software development	(782)	(849)
Proceeds from sale of real estate	0	5,214
Net cash (used in) provided by investing activities	(7,665)	317
Cash flows from financing activities:
Proceeds from borrowings	39,875	12,581
Debt repayments	(29,488)	(17,924)
Proceeds from common stock issued	117	25
Shares repurchased	(40)	(11)
Net cash provided by (used in) financing activities	10,464	(5,329)
Effect of exchange rate changes on cash	(1,093)	80
Net decrease in cash	(1,085)	(2,211)
Cash, beginning of period	9,105	13,458
Cash, end of period	8,020	11,247
Supplemental cash flow information:
Interest paid	690	673
Income taxes paid, net	$ 2,614	$ 3,535

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Account Policies	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Account Policies	Basis of Presentation and Summary of Significant Account Policies The unaudited interim consolidated financial statements as of and for the nine months ended March 31, 2022 have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These unaudited consolidated financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021. The balance sheet as of June 30, 2021 has been derived from the audited consolidated financial statements as of and for the year ended June 30, 2021. Operating results are not necessarily indicative of the results that may be expected for any future interim period or for the entire fiscal year. The Company’s “fiscal year” begins July 1 st and ends June 30 th . The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended June 30, 2021 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. Throughout the pandemic crisis, the Company's main focus has been on protecting the health and well-being of its employees, and the long-term financial health of the Company. It remains very difficult for management to predict when this crisis will no longer be a risk to future sales and operations. To the extent that pandemic-related events do not provide evidence about conditions that existed at the balance-sheet date, the Company considers it necessary to disclose it cannot estimate all aspects of the impact on the financial statements as a result of the on-going pandemic.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The segment information and the accounting policies of each segment are the same as those described in the notes to the consolidated financial statements entitled “Financial Information by Segment & Geographic Area” included in our Annual Report on Form 10-K for the year ended June 30, 2021. The Company’s business is aggregated into two reportable segments based on geography of operations: North American Operations and International Operations. Segment income is measured for internal reporting purposes by excluding corporate expenses, which are included in the unallocated column in the table below. Other income and expense, including interest income and expense, and income taxes are excluded entirely from the table below. There were no significant changes in the segment operations or in the segment assets from the Annual Report. Financial results for each reportable segment are as follows (in thousands): North International Unallocated Total Three Months ended March 31, 2022 Sales 1 $ 36,288 $ 24,191 $ — $ 60,479 Operating Income (Loss) $ 4,663 $ 2,627 $ (1,917) 5,374 Three Months ended March 31, 2021 Sales 2 $ 32,519 $ 22,425 $ — $ 54,944 Operating Income (Loss) $ 2,931 $ 2,692 $ (1,773) $ 3,850 1. Excludes $1,148 of North American segment intercompany sales to the International segment, and $4,402 of International segment intercompany sales to the North American segment. 2. Excludes $1,338 of North American segment intercompany sales to the International segment, and $3,197 of International segment intercompany sales to the North American segment. North International Unallocated Total Nine Months ended March 31, 2022 Sales 1 $ 102,763 $ 80,548 $ — $ 183,311 Operating Income (Loss) $ 8,713 $ 10,604 $ (5,611) $ 13,706 Nine months ended March 31, 2021 Sales 2 $ 85,609 $ 72,799 $ — $ 158,408 Operating Income (Loss) $ 8,611 $ 8,804 $ (5,529) $ 11,886 1. Excludes $2,827 of North American segment intercompany sales to the International segment, and $14,150 of International segment intercompany sales to the North American segment. 2. Excludes $3,075 of North American segment intercompany sales to the International segment, and $8,593 of International segment intercompany sales to the North American segment.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customer	Revenue from Contracts with Customers Under ASC Topic 606, the Company is required to present a refund liability and a return asset within the Unaudited Consolidated Balance Sheet. As of March 31, 2022 and June 30, 2021, the balance of the return asset was $0.1 million and $0.2 million, respectively, and the balance of the refund liability as of March 31, 2022 and June 30, 2021 was $0.2 million. They are presented within prepaid expenses and other current assets and accrued expenses, respectively, on the Consolidated Balance Sheets. The Company, in general, warrants its products against certain defects in material and workmanship when used as designed, for a period of up to one year. The Company does not sell extended warranties. Contract Balances Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been met, and therefore, revenue has not been recognized. The Company had no contract asset balances, but had contract liability balances of $0.9 million and $0.6 million at March 31, 2022 and June 30, 2021, respectively, located in Accounts Payable in the Consolidated Balance Sheets. Disaggregation of Revenue The Company operates in two reportable segments: North America and International. ASC Topic 606 requires further disaggregation of an entity’s revenue. In the following table, the Company's net sales by shipping origin are disaggregated accordingly for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 North America United States $ 34,181 $ 30,307 $ 97,049 $ 79,989 Canada & Mexico 2,107 2,212 5,714 5,620 36,288 32,519 102,763 85,609 International Brazil 15,980 14,901 54,063 47,302 United Kingdom 4,750 4,269 14,254 14,818 China 1,899 1,655 5,761 5,240 Australia & New Zealand 1,562 1,600 6,469 5,439 24,191 22,425 80,548 72,799 Total Sales $ 60,479 $ 54,944 $ 183,311 $ 158,408

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and subsequent amendment to the guidance, ASU 2018-19 in November 2018. The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2018-19 clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption was permitted for annual periods beginning after December 15, 2018, and interim periods therein. This pronouncement was extended for Small Reporting Companies and for the Company to July 1, 2022. The adoption of this standard does not have a material impact on the financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. This ASU was effective for the Company beginning July 1, 2021 and applied on a retrospective basis. The adoption of this standard did not have a material impact on the financial position and results of operations or the required disclosures.

Leases

Leases	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Leases	Leases Operating lease cost amounted to $0.5 million and $2.1 million for the three and nine months period ended March 31, 2022 and $0.6 million and $1.8 million for the three and nine months period ended December 31, 2021. As of March 31, 2022, the Company’s right-of-use assets "ROU", lease obligations and remaining cash commitment on these leases (in thousands): Right-of-Use Operating Lease Remaining Cash Operating leases $5,606 $5,766 $6,925 In March, the Company adopted a restructuring plan to close down Starrett Japan and Singapore operating units and continue to service that region out of Brazil and China with company agents servicing those countries. In the June quarter the Company expects to reduce its ROU asset and liabilities $0.1 million. In September 2021, the Company entered into a six year lease in China for 100,682 square feet and recorded a right-of-use asset for $2.6 million. In July 2021, Starrett UK leased space to another company for annual rent of $0.2 million and incremental applicable service charges. The lease is a 20 year agreement with a contract review in 2026. The fees are recorded in Other Income in the Company's Consolidated Statement of Operations. The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such, these lease payments are expensed as incurred. The Company’s weighted average discount rate and remaining term on lease liabilities is approximately 9.0% and 4.4 years. As of March 31, 2022, the Company’s financing leases are de minimis. The foreign exchange impact affecting the operating leases was de minimis in the March quarter and $0.1 million for the nine months ending March 31, 2022. The Company entered into $0.2 million and $2.8 million in new operating lease commitments. At March 31, 2022, the Company had the following fiscal year minimum operating lease commitments (in thousands) Nine months ended March 31, 2022 Operating Lease 2022 (Remainder of year) $552 2023 1,813 2024 1,541 2025 1,143 2026 1,050 Thereafter 826 Subtotal $6,925 Imputed interest (1,159) Total 5,766

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On September 5, 2012, the Board of Directors adopted The L.S. Starrett Company 2012 Long Term Incentive Plan (the “2012 Stock Plan”). The 2012 Stock Plan was approved by shareholders on October 17, 2012 and the material terms of its performance goals were re-approved by shareholders at the Company’s Annual Meeting held on October 18, 2017. There are no shares available under the 2012 Plan. On September 1, 2021, the Board of Directors adopted The L.S. Starrett Company 2021 Long Term Incentive Plan (the “2021 Stock Plan”). The 2021 Stock Plan was approved by shareholders on October 13, 2021. Both the 2012 and 2021 Stock Plan permits the granting of the following types of awards to officers, other employees and non-employee directors: stock options; restricted stock awards; unrestricted stock awards; stock appreciation rights; stock units including restricted stock units; performance awards; cash-based awards; and awards other than previously described that are convertible or otherwise based on stock. The 2021 and 2012 Stock Plans provide for the issuance of up to 500,000 shares of common stock. Under both plans, options granted vest in periods ranging from one year to three years and expire ten years after the grant date. Restricted stock units (“RSU”) granted generally vest from one year to three years. Vested restricted stock units will be settled in shares of common stock. As of March 31, 2022, there were no stock options and 196,307 restricted stock units outstanding. There were 441,901 shares available for grant under the 2021 Stock Plan as of March 31, 2022. For stock option grants, the fair value of each grant is estimated at the date of grant using the Binomial Options pricing model. The Binomial Options pricing model utilizes assumptions related to stock volatility, the risk-free interest rate, the dividend yield, and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The expected life is determined using the average of the vesting period and contractual term of the options (Simplified Method). No stock options were granted during the nine months ended March 31, 2022 and 2021. There were no stock options outstanding as of March 31, 2022. There were no stock options exercisable as of March 31, 2022. In recognizing stock compensation expense for the 2012 and 2021 Stock Incentive Plan, management has estimated that there will be no forfeitures of options. The Company accounts for stock options and RSU awards by recognizing the expense of the grant date fair value ratably over vesting periods generally ranging from one year to three years. The related expense is included in selling, general and administrative expenses. There were 80,500 RSU awards with a fair value of $11.35 per RSU granted during the nine months ended March 31, 2022. There were 133,995 RSUs settled, and 11,174 RSUs forfeited during the nine months ended March 31, 2022. The aggregate intrinsic value of RSU awards outstanding as of March 31, 2022 was $1.5 million. As of March 31, 2022, all vested awards have been issued and settled. On February 5, 2013, the Board of Directors adopted The L.S. Starrett Company 2013 Employee Stock Ownership Plan (the “2013 ESOP”). The purpose of the plan is to supplement existing Company programs through an employer funded individual account plan dedicated to investment in common stock of the Company, thereby encouraging increased ownership of the Company while providing an additional source of retirement income. The plan is intended as an employee stock ownership plan within the meaning of Section 4975 (e) (7) of the Internal Revenue Code of 1986, as amended. U.S. employees who have completed a year of service are eligible to participate. There are no longer any new entrants into this plan. Compensation expense related to all stock-based plans for the three and nine-month periods ended March 31, 2022 were $0.1 million and $0.4 million as compared to the prior year three and nine months of $0.1 million and $0.6 million, respectively. As of March 31, 2022, there was $2.8 million of total unrecognized compensation costs related to outstanding stock-based compensation arrangements. Of this cost, $2.1 million relates to performance based RSU grants that are not expected to be awarded. The remaining $0.7 million is expected to be recognized over a weighted average period of 2.0 years.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands): 03/31/2022 06/30/2021 Raw material and supplies $ 36,064 $ 29,271 Goods in process and finished parts 21,627 16,096 Finished goods 41,752 37,344 99,443 82,711 LIFO Reserve (26,368) (22,139) $ 73,075 $ 60,572 Of the Company’s $73.1 million and $60.6 million total inventory at March 31, 2022 and June 30, 2021, respectively, the $26.4 million and $22.1 million LIFO reserves belong to the U.S. Precision Tools and Saws Manufacturing “Core U.S.” business. The Core U.S. business total inventory was $37.5 million on a FIFO basis and $11.2 million on a LIFO basis at March 31, 2022. The Core U.S. business had total Inventory, on a FIFO basis, of $27.9 million and $5.7 million on a LIFO

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company’s acquisition of Bytewise in 2011 and a private software company in 2017 resulted in the recognition of goodwill totaling $4.7 million. During the fourth quarter of fiscal year 2020 the Company tested impairment of intangible assets according to ASC 360 "Property, Plant and Equipment" and determined the carrying value was deemed to be recoverable at Bytewise but not at the private software company where the impairment of intangibles was calculated. The Company concluded that intangible assets of the private software company were impaired by $2.9 million. The Company then, according to ASC 350 Intangibles -Goodwill and Other, conducted a step one analysis performed based on the update carrying value for each reporting unit. Goodwill was determined to be impaired $0.6 million at the private software company and Goodwill of $3.0 million was impaired at the Bytewise reporting unit as of June 30, 2020. As a result, the balance of Goodwill at Bytewise is zero and $1.0 million at the private software company as of December 31, 2020. The Company will continue to perform an annual assessment of goodwill associated with its purchase of a private software company. If future results significantly vary from current estimates, related projections, or business assumptions due to changes in industry or market conditions, the Company may be required to perform an impairment analysis prior to our annual test date if a triggering event is identified. As of March 31, 2022 , the Company did not identify a triggering event. Amortizable intangible assets consist of the following (in thousands): 03/31/2022 6/30/2021 Trademarks and trade names 2,070 2,070 Completed technology — 2,010 Customer relationships 630 630 Software development 11,025 10,244 Total 13,725 14,954 Accumulated amortization and impairment (9,012) (10,066) Total net balance $ 4,713 $ 4,888 The category completed technology became fully amortized in November 2021. Amortizable intangible assets are being amortized on a straight-line basis over the period of expected economic benefit. The estimated useful lives of the intangible assets subject to amortization range between 5 years for software development and 20 years for some trademark and trade name assets. The estimated aggregate amortization expense for the remainder of fiscal 2021 and for each of the next five years and thereafter, is as follows (in thousands): 2022 (Remainder of year) $ 359 2023 1,309 2024 1,039 2025 879 2026 669 2027 298 Thereafter 160 Total net balance $ 4,713

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	9 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Pension and Post-retirement Benefits	Pension and Post-retirement Benefits The Company has two defined benefit pension plans, one for U.S. employees and another for U.K. employees. The Company has a postretirement medical insurance benefit plan for U.S. employees. The Company also has defined contribution plans. The U.K. defined benefit plan was closed to new entrants in fiscal 2009. On December 21, 2016, the Company amended the U.S. defined benefit pension plan to freeze benefit accruals effective December 31, 2016. Consequently, the Plan is closed to new participants and current participants will no longer earn additional benefits after December 31, 2016. Net periodic benefit costs for the Company's defined benefit pension plans are located in Other (expense), net in Consolidated Statements of Operations except (in the table below) for service cost. Service cost are in cost of sales and selling, general and administrative expenses. Net periodic benefit costs consist of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 Interest cost 1,026 1,120 3,090 3,351 Expected return on plan assets (1,092) (1,115) (3,290) (3,336) Amortization of net loss 14 13 42 40 $ (52) $ 18 $ (158) $ 55 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 Service cost $ 9 $ 21 $ 27 $ 64 Interest cost 12 51 37 154 Amortization of prior service credit (369) (134) (1,106) (403) Amortization of net loss 48 41 142 124 $ (300) $ (21) $ (900) $ (61) For the three months ended March 31, 2022 the Company did not contribute in the U.S. to the pension plan and contributed $0.3 million in the UK. For the nine month periods ended March 31, 2022, the Company contributed $1.5 million, in the U.S. and $0.8 million in the UK pension plans. Based upon the actuarial valuations performed on the Company’s defined benefit plans as of June 30, 2021, the contribution for fiscal 2022 for the U.S. plans would require a contribution of $5.6 million and the U.K. plan would require one of $1.0 million. However, as a result of the American Rescue Plan Act of 2021, the minimum required company contribution for the U.S. Plan in fiscal 2022 was reduced from $5.6 million to $0.6 million. The Company believes that government regulation is only a small part of deciding the pension funding, and as a result, has contributed more than the federal requirement. The Company will evaluate the U.S. future contribution on a quarterly basis. The Company’s pension plans use fair value as the market-related value of plan assets and recognize net actuarial gains or losses in excess of ten percent (10)% of the greater of the market-related value of plan assets or of the plans’ projected benefit obligation in net periodic (benefit) cost as of the plan measurement date. Net actuarial gains or losses that are less than 10% of the thresholds noted above are accounted for as part of accumulated other comprehensive loss.

Debt

Debt	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt is comprised of the following (in thousands): 03/31/2022 06/30/2021 Short-term and current maturities Loan and Security Agreement (Line of credit) 15,013 9,153 Loan and Security Agreement (Term Loan) 1,660 1,509 Brazil Loans 6,159 5,297 22,832 15,959 Long-term debt (net of current portion) Loan and Security Agreement (Term Loan) 4,758 6,010 Brazil Loans 4,647 — 9,405 6,010 $ 32,237 $ 21,969 See Note 12 Subsequent events: On April 29, 2022, the Company and certain of the Company’s domestic subsidiaries entered into a new Loan and Security agreement with HSBC Bank USA. On December 31, 2019, the Company entered into the Tenth Amendment of its Loan and Security Agreement (“Tenth Amendment”). Under the revised agreement, the credit limit for the Revolving Loan was increased from $23.0 million to $25.0 million. In addition, the Company entered into a new $10.0 million 5-year Term Loan with a fixed interest rate of 4.0%. Under the Tenth Amendment, the credit limit for external borrowing was increased from $2.5 million to $5.0 million. On June 25, 2020, the Borrowers and TD Bank entered into an amendment and restatement (the “Amendment and Restatement”) of the Loan Agreement. The Amendment and Restatement waived the fixed charge coverage ratio for the quarter ended June 30, 2020. In addition, the Amendment and Restatement clarifies that certain non-cash adjustments to the definition of EBITDA are permitted under the Loan Agreement, as amended. In addition, the Amendment and Restatement increases the permitted borrowings from a foreign bank from $5.0 million to $15.0 million and permits the Company to draw the remainder of the outstanding balance under the Loan Agreement. Pursuant to the terms of the Company’s Amended and Restated Loan and Security Agreement of June 25, 2020, the “First Amendment” to this loan agreement was executed on September 17, 2020, which include, among other things, (i) pause testing of the Fixed Charge Coverage Ratio until September 30, 2021 and (ii) establishment of a new minimum cumulative EBITDA and minimum liquidity covenants in lieu thereof. TD Bank updated its security interests in the Company’s U.S. based assets, increased the maximum interest charged on the Line Of Credit from an annual interest rate of 2.25% plus Libor to 3.50% plus Libor, and amended the borrowing base for the line of credit from 80% of Qualified AR and 50% of the lower of Cost or Market of US inventory values to 80% of qualified AR plus 85% of the Net Orderly Liquidation Value (NOLV) of US Inventory plus 62.5% of total appraised US real estate values. As a result of this change, the Company is projected to maintain its current borrowing capacity of $25,000,000 under the Line of Credit. The Company underwent a series of appraisals and field exams in all US locations as part of restructuring this agreement and will provide additional reporting supporting the borrowing base and covenants certifications. This minimum adjusted EBITDA covenant was based on the Company’s plan for a slow pandemic recovery throughout FY21 and the impact of the Company’s restructuring plan initiatives. As of September 30, 2021, the agreement has reverted to the prior covenant package. The Company was compliant with the minimum liquidity requirement and the minimum fixed charge coverage ratio required bank covenants as of March 31, 2022. Total debt increased $10.3 million during the nine months ended March 31, 2022, $5.5 million of which was an increase in Brazil. This is in response to increased working capital levels required to meet strong customer demand and counteract pandemic related supply chain disruptions and increased transit times. During the nine months ended March 31, 2022 the Brazilian subsidiary realized a build-up of ICMS (sales tax) credits, a consequence of the fiscal 2021 restructuring activities which increased the manufacturing activity and, therefore, raw material imports into Brazil. As the Company's Brazilian subsidiary is now exporting a larger proportion of its sales, its ability to re-claim these ICMS credits has been diminished. The Company is actively mitigating this consequence by filing applications with the relevant tax authorities to change the methodology of charging and re-claiming ICMS on imports and domestic sales so that this credit is subsequently relieved and does not increase at this rate again. This new methodology is common for similar sized, export focused companies in Brazil. Availability under the Line of Credit remains subject to a borrowing base comprised of Accounts Receivable, Inventory, and Real Estate. The Company believes that the borrowing base will consistently produce availability under the Line of Credit of $25.0 million. A 0.25% commitment fee is charged on the unused portion of the Line of Credit. The Company’s Brazilian subsidiary incurs short-term loans with local banks in order to support the Company’s strategic initiatives. The loans are backed by the entity’s US dollar denominated export receivables. The Company’s Brazilian subsidiary has the following loans of March 31, 2022 (in thousands): Lending Institution Interest Rate Beginning Date Ending Date Outstanding Balance Banco do Brasil SA 2.80% May 2021 May 2022 $ 20 Banco Bradesco SA 1.88% July 2021 July 2022 $ 671 Banco Bradesco SA 2.05% August 2021 July. 2022 $ 284 Banco Santander (Brasil) S.A 2.15% August 2021 July 2022 $ 399 Banco do Brasil SA 2.10% August 2021 August 2022 $ 1,299 Banco Itaú Unibanco 4.52% October 2021 September 2024 $ 4,000 Banco Santander (Brasil) S.A 2.71% December 2021 July 2022 $ 1,000 Banco Bradesco SA 2.05% January 2022 January 2023 $ 1,000 Banco Itaú Unibanco 4.98% February 2022 February 2024 2,133 $ 10,806

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal income tax and various state, local, and foreign income taxes in numerous jurisdictions. The Company’s domestic and foreign tax liabilities are subject to the allocation of revenues and expenses in different jurisdictions and the timing of recognizing revenues and expenses. Additionally, the amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. The Company provides for income taxes on an interim basis based on an estimate of the effective tax rate for the year. This estimate is reassessed on a quarterly basis. Discrete tax items are accounted for in the quarterly period in which they occur. On December 22, 2017, the Tax Cuts and Jobs Act was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from a graduated rate of 35% to a flat rate of 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. Beginning in fiscal 2019, the Company incorporated certain provisions of the Act in the calculation of the tax provision and effective tax rate, including the provisions related to the Global Intangible Low Taxed Income (“GILTI”), Foreign Derived Intangible Income (“FDII”), Base Erosion Anti Abuse Tax (“BEAT”), as well as other provisions, which limit tax deductibility of expenses. The GILTI provisions have had the most significant impact to the Company. Under the new law, U.S. taxes are imposed on foreign income in excess of a deemed return on tangible assets of its foreign subsidiaries. In general, this foreign income will effectively be taxed at an additional 10.5% tax rate reduced by any available current year foreign tax credits. The ability to benefit foreign tax credits may be limited under the GILTI rules as a result of the utilization of net operating losses, foreign sourced income and other potential limitations within the foreign tax credit calculation. In July 2020, the IRS issued final regulations and additional proposed regulations that address the application of the high-taxed exclusion from GILTI. Under these regulations, the Company can make an annual election to exclude from its GILTI inclusion, income from its foreign subsidiaries that’s effective income tax rate exceeds 18.9% for that year. The regulations must be applied for tax years beginning after July 23, 2020 but companies have the option to apply retroactively for tax years beginning after December 31, 2017 and before July 23, 2020. In the first quarter of fiscal 2021 the Company recognized a discrete tax benefit of ($2.7) million related to the impact of electing to apply the high-tax exclusion retroactively for fiscal year 2019 and fiscal year 2020. For the three month period ended March 31, 2022, the Company recognized tax expense of $1.8 million on a profit before tax of $6.1 million or an effective tax rate of 29%. For the three month period ended March 31, 2021, the Company recognized tax expense of $1.5 million on a profit before tax of $4.5 million or an effective tax rate of 33%. The tax rate for both fiscal 2022 and fiscal 2021 was higher than the U.S. statutory tax rate of 21% primarily due to the GILTI provisions and the jurisdictional mix of earnings, particularly Brazil with a statutory rate of 34%, offset by tax credits and permanent deductions generated from research expenses. For the nine month period ended March 31, 2022, the Company recognized tax expense of $3.9 million on a profit before tax of $14.0 million or an effective tax rate of 28%. This was higher than the U.S. statutory tax rate of 21% primarily due to the GILTI provisions and the jurisdictional mix of earnings, particularly Brazil with a statutory rate of 34%, offset by discrete tax benefits recognized from excess stock compensation deductions, tax credits, and permanent deductions generated from research expenses. For the nine month period ended March 31, 2021. the Company recognized tax expense of $1.1 million on a profit before tax of $12.1 million or an effective tax rate of 9%.This was lower than the U.S. statutory tax rate of 21% primarily due to the discrete benefits relating to legislation enacted during the first quarter of fiscal 2021 in the amount of ($2.7) million related to the impact of the GILTI high-tax exclusion and ($0.2) million related to the impact of the increase in UK corporate tax rate on the net deferred tax asset. Other factors impacting the tax rate include the GILTI provisions and the jurisdictional mix of earnings, particularly Brazil with a statutory rate of 34%, offset by tax credits and permanent deductions generated from research expenses. U.S. Federal tax returns for years prior to fiscal 2018 are generally no longer subject to review by tax authorities; however, tax loss carryforwards from earlier years are still subject to adjustment. As of March 31, 2022, the Company has substantially resolved all open income tax audits and there were no other local or federal income tax audits in progress. In international jurisdictions including Australia, Brazil, Canada, China, Germany, Mexico, New Zealand, Singapore and the UK, which comprise a significant portion of the Company’s operations, the years that may be examined vary by country. The Company’s most significant foreign subsidiary in Brazil is subject to audit for the calendar years 2015 – present. During the next twelve months, it is possible there will be a reduction of $0.1 million in long-term tax obligations due to the expiration of the statute of limitations on prior year tax returns. Accounting for income taxes requires estimates of future benefits and tax liabilities. Due to the temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from these differences on future tax payments. With respect to recorded tax assets, the Company assesses the likelihood that the asset will be realized by addressing the positive and negative evidence to determine whether realization is more likely than not to occur. If realization is in doubt because of uncertainty regarding future profitability, the Company provides a valuation allowance related to the asset to the extent that it is more likely than not that the deferred tax asset will not be realized. Should any significant changes in the tax law or the estimate of the necessary valuation allowance occur, the Company would record the impact of the change, which could have a material effect on the Company’s financial position. No valuation allowance has been recorded for the Company’s U.S. federal and foreign deferred tax assets related to temporary differences included in taxable income. While the Company continues to believe that forecasted future taxable income provide sufficient evidence to, more likely than not, support the realization of the tax benefits provided by those differences; the impact of COVID-19 may significantly impact its ability to forecast future pre-tax earnings in certain jurisdictions. In the U.S., a partial valuation allowance has been provided for foreign tax credit carryforwards due to the uncertainty of generating sufficient foreign source income to utilize those credits in the future and certain state net operating loss carryforwards that will expire in the near future unutilized.

Restructuring

Restructuring	9 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In March 2022, the Company adopted restructuring plans at a total projected cost of $1.6 million, of which $0.9 million related to the closure of its distribution and sales centers in Singapore and Japan, and $0.7 million for the refinancing of the Company's domestic credit facilities. The Company will continue to service Asia out of Brazil and China, and the plan is expected to be completed by June 30, 2022. The cost to close the Singapore and Japan operations is comprised of $0.6 million in headcount reduction, $0.2 in fixed asset and lease disposal, and $0.1 million in professional fees The Company anticipates an annualized savings reflected in the Consolidated Statements of Operations in Selling, General and Administrative expenses for this project of $0.6 million. In the quarter ending March 31, 2022, the Company recorded $0.7 million in restructuring charges, of which $0.4 million was accrued and $0.1 million was incurred in relation to headcount reduction costs related to the Singapore and Japan closure and $0.2 million was incurred in relation to the refinancing of the Company's domestic credit facilities. Additional restructuring charges anticipated for both the Japan and Singapore closure and the residual amount for the refinancing of the Company's domestic credit facilities will be recorded as incurred in the quarter ending June 30, 2022.

Contingencies

Contingencies	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is involved in certain legal matters, which arise, in the normal course of business. The Company does not believe it is reasonably possible that these matters will have a material impact on the Company's financial condition or cash flows

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 29, 2022, the Company and certain of the Company’s domestic subsidiaries entered into a new Loan and Security agreement with HSBC Bank USA. These new credit facilities replaced the Company’s previous TD Bank credit facilities and are comprised of a $30 million revolving line of credit with a $10 million uncommitted accordion provision, a $12.1 million term loan and a $7 million Capital Expenditure draw down credit facility. The Facilities are secured by a valid first-priority security interest on substantially all existing and future assets of the Company and its domestic subsidiaries. The interest rate on the new facilities is based on a grid which uses the percentage of the remaining availability of the revolving credit line to determine the floating margin to be added to the one month or three-month Secured Overnight Financing Rate, herein "SOFR". The initial rate for the first three months of the agreement is the one-month SOFR plus 1.60%. The new credit facilities mature on April 29, 2027. Availability under the revolving line of credit is secured by and subject to a borrowing base comprised of eligible inventory and accounts receivable. The percentage of receivables included in the borrowing base is 90% for domestic investment grade and foreign insured accounts, 85% for domestic accounts that are neither investment grade nor insured, and 75% of foreign uninsured accounts. The percentage of inventory included in the borrowing base is the lower of 65% of the value of eligible inventory at cost or 85% of the net orderly liquidation value of eligible inventory at cost. The initial borrowing base is estimated at about $19 million. Receivables and inventory are reported monthly to HSBC and subject to an annual field exam and inventory appraisal by an independent auditor commissioned by the Bank. The Company believes that the agreement provides an initial borrowing base sufficient for current domestic working capital needs and flexibility to accommodate potential growth-related working capital needs. Availability under the Term Loan facility was comprised of 70% of the fair market value of the Borrowers’ eligible real estate, which included facilities located in Westlake, Ohio, and Waite Park, Minnesota and totaled $4.6 million; and 85% of the net orderly liquidation value of the Borrowers’ machinery and equipment, capped at $7.5 million. The real estate portion of the Term facility is subject to a 12.5 year straight line amortization paid quarterly, and the machinery and equipment portion of the facility is subject to a 6.67 year straight line amortization, also paid quarterly. The term loan is subject to equal quarterly installments of $373,650, payable on the last day of each fiscal quarter. The capital expenditure loan facility is available for the purchase of new machinery and equipment at 80% of the net invoice value of new machinery and equipment purchases, with a draw period of eighteen months past the closing date, with any amount outstanding under the facility subject to a 3.75% amortization rate per quarter. The new credit facilities contain financial covenants with respect to a minimum fixed charge coverage ratio of 1.00, measured on a trailing twelve-month basis, for both the U.S. borrowing companies tested quarterly and the Consolidated L.S. Starrett Company tested semi-annually. The Loan and Security agreement also contains the customary affirmative and negative covenants, including limitations on indebtedness, liens, acquisitions, asset dispositions, fundamental corporate changes, excess pension contributions, and certain customary events of default. Upon the occurrence or continuation of an event of default, the Lender may terminate all commitments and facilities, and require the immediate payment of the entire unpaid principal balances, accrued interest, and all other obligations.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Account Policies (Policies)	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	The unaudited interim consolidated financial statements as of and for the nine months ended March 31, 2022 have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. These unaudited consolidated financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021. The balance sheet as of June 30, 2021 has been derived from the audited consolidated financial statements as of and for the year ended June 30, 2021. Operating results are not necessarily indicative of the results that may be expected for any future interim period or for the entire fiscal year. The Company’s “fiscal year” begins July 1 st and ends June 30 th . The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended June 30, 2021 describes the significant accounting policies and methods used in the preparation of the consolidated financial statements.
Potential Impairment Due to COVID-19	Throughout the pandemic crisis, the Company's main focus has been on protecting the health and well-being of its employees, and the long-term financial health of the Company. It remains very difficult for management to predict when this crisis will no longer be a risk to future sales and operations. To the extent that pandemic-related events do not provide evidence about conditions that existed at the balance-sheet date, the Company considers it necessary to disclose it cannot estimate all aspects of the impact on the financial statements as a result of the on-going pandemic.
Recently Issued Accounting Standards not yet adopted	In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and subsequent amendment to the guidance, ASU 2018-19 in November 2018. The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2018-19 clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption was permitted for annual periods beginning after December 15, 2018, and interim periods therein. This pronouncement was extended for Small Reporting Companies and for the Company to July 1, 2022. The adoption of this standard does not have a material impact on the financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. This ASU was effective for the Company beginning July 1, 2021 and applied on a retrospective basis. The adoption of this standard did not have a material impact on the financial position and results of operations or the required disclosures.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of financial results for reportable segments	Financial results for each reportable segment are as follows (in thousands): North International Unallocated Total Three Months ended March 31, 2022 Sales 1 $ 36,288 $ 24,191 $ — $ 60,479 Operating Income (Loss) $ 4,663 $ 2,627 $ (1,917) 5,374 Three Months ended March 31, 2021 Sales 2 $ 32,519 $ 22,425 $ — $ 54,944 Operating Income (Loss) $ 2,931 $ 2,692 $ (1,773) $ 3,850 1. Excludes $1,148 of North American segment intercompany sales to the International segment, and $4,402 of International segment intercompany sales to the North American segment. 2. Excludes $1,338 of North American segment intercompany sales to the International segment, and $3,197 of International segment intercompany sales to the North American segment. North International Unallocated Total Nine Months ended March 31, 2022 Sales 1 $ 102,763 $ 80,548 $ — $ 183,311 Operating Income (Loss) $ 8,713 $ 10,604 $ (5,611) $ 13,706 Nine months ended March 31, 2021 Sales 2 $ 85,609 $ 72,799 $ — $ 158,408 Operating Income (Loss) $ 8,611 $ 8,804 $ (5,529) $ 11,886 1. Excludes $2,827 of North American segment intercompany sales to the International segment, and $14,150 of International segment intercompany sales to the North American segment. 2. Excludes $3,075 of North American segment intercompany sales to the International segment, and $8,593 of International segment intercompany sales to the North American segment.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 North America United States $ 34,181 $ 30,307 $ 97,049 $ 79,989 Canada & Mexico 2,107 2,212 5,714 5,620 36,288 32,519 102,763 85,609 International Brazil 15,980 14,901 54,063 47,302 United Kingdom 4,750 4,269 14,254 14,818 China 1,899 1,655 5,761 5,240 Australia & New Zealand 1,562 1,600 6,469 5,439 24,191 22,425 80,548 72,799 Total Sales $ 60,479 $ 54,944 $ 183,311 $ 158,408

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of lease assets and liabilities	As of March 31, 2022, the Company’s right-of-use assets "ROU", lease obligations and remaining cash commitment on these leases (in thousands): Right-of-Use Operating Lease Remaining Cash Operating leases $5,606 $5,766 $6,925
Fiscal year minimum operating lease commitments	At March 31, 2022, the Company had the following fiscal year minimum operating lease commitments (in thousands) Nine months ended March 31, 2022 Operating Lease 2022 (Remainder of year) $552 2023 1,813 2024 1,541 2025 1,143 2026 1,050 Thereafter 826 Subtotal $6,925 Imputed interest (1,159) Total 5,766

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following (in thousands): 03/31/2022 06/30/2021 Raw material and supplies $ 36,064 $ 29,271 Goods in process and finished parts 21,627 16,096 Finished goods 41,752 37,344 99,443 82,711 LIFO Reserve (26,368) (22,139) $ 73,075 $ 60,572

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable intangible assets	Amortizable intangible assets consist of the following (in thousands): 03/31/2022 6/30/2021 Trademarks and trade names 2,070 2,070 Completed technology — 2,010 Customer relationships 630 630 Software development 11,025 10,244 Total 13,725 14,954 Accumulated amortization and impairment (9,012) (10,066) Total net balance $ 4,713 $ 4,888
Estimated aggregate amortization expense	The estimated aggregate amortization expense for the remainder of fiscal 2021 and for each of the next five years and thereafter, is as follows (in thousands): 2022 (Remainder of year) $ 359 2023 1,309 2024 1,039 2025 879 2026 669 2027 298 Thereafter 160 Total net balance $ 4,713

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of net benefit costs	Net periodic benefit costs consist of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 Interest cost 1,026 1,120 3,090 3,351 Expected return on plan assets (1,092) (1,115) (3,290) (3,336) Amortization of net loss 14 13 42 40 $ (52) $ 18 $ (158) $ 55 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2022 03/31/2021 03/31/2022 03/31/2021 Service cost $ 9 $ 21 $ 27 $ 64 Interest cost 12 51 37 154 Amortization of prior service credit (369) (134) (1,106) (403) Amortization of net loss 48 41 142 124 $ (300) $ (21) $ (900) $ (61)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt schedule	Debt is comprised of the following (in thousands): 03/31/2022 06/30/2021 Short-term and current maturities Loan and Security Agreement (Line of credit) 15,013 9,153 Loan and Security Agreement (Term Loan) 1,660 1,509 Brazil Loans 6,159 5,297 22,832 15,959 Long-term debt (net of current portion) Loan and Security Agreement (Term Loan) 4,758 6,010 Brazil Loans 4,647 — 9,405 6,010 $ 32,237 $ 21,969
Schedule of short-term debt, Brazilian subsidiary	The Company’s Brazilian subsidiary has the following loans of March 31, 2022 (in thousands): Lending Institution Interest Rate Beginning Date Ending Date Outstanding Balance Banco do Brasil SA 2.80% May 2021 May 2022 $ 20 Banco Bradesco SA 1.88% July 2021 July 2022 $ 671 Banco Bradesco SA 2.05% August 2021 July. 2022 $ 284 Banco Santander (Brasil) S.A 2.15% August 2021 July 2022 $ 399 Banco do Brasil SA 2.10% August 2021 August 2022 $ 1,299 Banco Itaú Unibanco 4.52% October 2021 September 2024 $ 4,000 Banco Santander (Brasil) S.A 2.71% December 2021 July 2022 $ 1,000 Banco Bradesco SA 2.05% January 2022 January 2023 $ 1,000 Banco Itaú Unibanco 4.98% February 2022 February 2024 2,133 $ 10,806

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Summary o

Segment Information - Summary of financial results for reportable segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	$ 60,479	$ 54,944	$ 183,311	$ 158,408
Operating Income (Loss)	5,374	3,850	13,706	11,886
Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	0	0	0	0
Operating Income (Loss)	(1,917)	(1,773)	(5,611)	(5,529)
North American Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	36,288	32,519	102,763	85,609
North American Operations | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	36,288	32,519	102,763	85,609
Operating Income (Loss)	4,663	2,931	8,713	8,611
North American Operations | Intercompany sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intercompany sales	1,148	1,338	2,827	3,075
International Operations | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	24,191	22,425	80,548	72,799
Operating Income (Loss)	2,627	2,692	10,604	8,804
International Operations | Intercompany sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intercompany sales	$ 4,402	$ 3,197	$ 14,150	$ 8,593

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details)	9 Months Ended
	Mar. 31, 2022USD ($)segment	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Customer return asset	$ 100,000	$ 200,000
Customer refund liability	200,000	200,000
Contract asset	0	0
Contract liability	$ 900,000	$ 600,000
Number of reportable segments | segment	2

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 60,479	$ 54,944	$ 183,311	$ 158,408
North America
Disaggregation of Revenue [Line Items]
Net sales	36,288	32,519	102,763	85,609
International
Disaggregation of Revenue [Line Items]
Net sales	24,191	22,425	80,548	72,799
United States | North America
Disaggregation of Revenue [Line Items]
Net sales	34,181	30,307	97,049	79,989
Canada & Mexico | North America
Disaggregation of Revenue [Line Items]
Net sales	2,107	2,212	5,714	5,620
Brazil | International
Disaggregation of Revenue [Line Items]
Net sales	15,980	14,901	54,063	47,302
United Kingdom | International
Disaggregation of Revenue [Line Items]
Net sales	4,750	4,269	14,254	14,818
China | International
Disaggregation of Revenue [Line Items]
Net sales	1,899	1,655	5,761	5,240
Australia & New Zealand | International
Disaggregation of Revenue [Line Items]
Net sales	$ 1,562	$ 1,600	$ 6,469	$ 5,439

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Jun. 30, 2022USD ($)	Dec. 31, 2021USD ($)ft²	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 500	$ 600	$ 2,100
Right of use assets	5,606		5,606				$ 4,298
Operating lease obligations	$ 5,766		$ 5,766
Weighted average discount rate	9.00%		9.00%
Weighted average remaining lease term	4 years 4 months 24 days		4 years 4 months 24 days
Foreign exchange impact affecting operating leases			$ 100
Operating lease commitments	$ 200		$ 2,800
China
Lessee, Lease, Description [Line Items]
Right of use assets					$ 2,600
Operating lease term					6 years
Square footage leased | ft²					100,682
United Kingdom
Lessee, Lease, Description [Line Items]
Annual rent income from lease						$ 200
Term of UK lease contract						20 years
Japan and Singapore | Facility Closing | Forecast
Lessee, Lease, Description [Line Items]
Right of use assets				$ 100
Operating lease obligations				$ 100

Leases - Summary of lease asset

Leases - Summary of lease assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Right-of-Use Assets	$ 5,606	$ 4,298
Operating Lease Obligations	5,766
Remaining Cash Commitment	$ 6,925

Leases - Fiscal year minimum op

Leases - Fiscal year minimum operating lease commitments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (Remainder of year)	$ 552
2023	1,813
2024	1,541
2025	1,143
2026	1,050
Thereafter	826
Subtotal	6,925
Imputed interest	(1,159)
Operating lease obligations	$ 5,766

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 05, 2012
The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares of common stock authorized by 2012 and 2021 plans (in shares)					500,000
Shares outstanding (in shares)	0		0
Stock options exercisable (in shares)	0		0
Compensation expense related to stock-based plans	$ 0.1	$ 0.1	$ 0.4	$ 0.6
Unrecognized stock-based compensation costs	$ 0.7		$ 0.7
Expected weighted average vesting period (in years)			2 years
The 2021 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares available for grant under 2012 plan (in shares)	441,901		441,901
Share-based Payment Arrangement, Option | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expiration date of options granted (in years)			10 years
Shares outstanding (in shares)	0		0
Stock options granted (in shares)			0	0
Forfeiture of options (in shares)			0
Restricted Stock Units (RSUs) | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares outstanding (in shares)	196,307		196,307
Restricted stock awards (in shares)			80,500
Fair value of restricted stock award grants (in dollars per share)			$ 11.35
Restricted stock awards vested (in shares)			133,995
Restricted stock awards forfeited (in shares)			11,174
Aggregate intrinsic value of shares outstanding (less than)	$ 1.5		$ 1.5
Unrecognized stock-based compensation costs	2.8		2.8
Portion Relating to RSU Grants Not Expected to be Awarded | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized stock-based compensation costs	$ 2.1		$ 2.1
Minimum | Share-based Payment Arrangement, Option | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period of shares granted (in years)			1 year
Minimum | Restricted Stock Units (RSUs) | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period of shares granted (in years)			1 year
Maximum | Share-based Payment Arrangement, Option | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period of shares granted (in years)			3 years
Maximum | Restricted Stock Units (RSUs) | The 2012 and 2021 Stock Incentive Plans
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period of shares granted (in years)			3 years

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Raw material and supplies	$ 36,064	$ 29,271
Goods in process and finished parts	21,627	16,096
Finished goods	41,752	37,344
Total before LIFO reserve	99,443	82,711
LIFO Reserve	(26,368)	(22,139)
Total	$ 73,075	$ 60,572

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories		$ 73,075	$ 60,572
LIFO reserves		26,368	22,139
Inventory difference using FIFO basis		37,500	27,900
LIFO inventory amount		$ 11,200	$ 5,700
Effect of LIFO Reserve on income	$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 1,015,000	$ 1,015,000
Bytewise and Private Software Company
Finite-Lived Intangible Assets [Line Items]
Goodwill					$ 4,700,000
Private Software Company
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 1,000,000
Impairment of intangible assets	$ 2,900,000
Goodwill impairment loss	600,000
Bytewise
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 0
Goodwill impairment loss	$ 3,000,000
Computer software
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life		5 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life		20 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Total	$ 13,725	$ 14,954
Accumulated amortization and impairment	(9,012)	(10,066)
Total net balance	4,713	4,888
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total	2,070	2,070
Completed technology
Finite-Lived Intangible Assets [Line Items]
Total	0	2,010
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total	630	630
Software development
Finite-Lived Intangible Assets [Line Items]
Total	$ 11,025	$ 10,244

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (Remainder of year)	$ 359
2023	1,309
2024	1,039
2025	879
2026	669
2027	298
Thereafter	160
Total net balance	$ 4,713	$ 4,888

Pension and Post-retirement B_3

Pension and Post-retirement Benefits - Narrative (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2022USD ($)plan	Mar. 31, 2022USD ($)plan	Jun. 30, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan	2	2
Pension Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 0	$ 1,500,000
Expected employer contributions for next fiscal year			$ 5,600,000
Expected future contributions for current fiscal year, after legislation	600,000	600,000
Pension Plan | Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 300,000	$ 800,000
Expected employer contributions for next fiscal year			$ 1,000,000

Pension and Post-retirement B_4

Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,026	$ 1,120	$ 3,090	$ 3,351
Expected return on plan assets	(1,092)	(1,115)	(3,290)	(3,336)
Amortization of net loss	14	13	42	40
Total	(52)	18	(158)	55
Post Retirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	9	21	27	64
Interest cost	12	51	37	154
Amortization of prior service credit	(369)	(134)	(1,106)	(403)
Amortization of net loss	48	41	142	124
Total	$ (300)	$ (21)	$ (900)	$ (61)

Debt - Debt Schedule (Details)

Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Short-term Debt [Abstract]
Loan and Security Agreement	$ 22,832	$ 15,959
Brazil Loans	10,806
Short-term and current maturities	22,832	15,959
Long-term Debt, Excluding Current Maturities [Abstract]
Long-term debt, net of current portion	9,405	6,010
Long-term debt	32,237	21,969
Loan and Security Agreement (Term Loan)
Long-term Debt, Excluding Current Maturities [Abstract]
Long-term debt, net of current portion	4,758	6,010
Brazil Loans
Long-term Debt, Excluding Current Maturities [Abstract]
Long-term debt, net of current portion	4,647	0
Loan and Security Agreement (Line of credit)
Short-term Debt [Abstract]
Loan and Security Agreement	15,013	9,153
Loan and Security Agreement (Term Loan)
Short-term Debt [Abstract]
Loan and Security Agreement	1,660	1,509
Brazil Loans
Short-term Debt [Abstract]
Brazil Loans	$ 6,159	$ 5,297

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jun. 25, 2020	Dec. 31, 2019	Mar. 31, 2022	Jun. 24, 2020	Dec. 30, 2019
Debt Instrument [Line Items]
Credit limit on revolving loan facility		$ 25,000,000	$ 25,000,000		$ 23,000,000
Commitment fee percentage on line of credit			0.25%
Loan and Security Agreement
Debt Instrument [Line Items]
Term loan				$ 5,000,000
Amended and Restated Loan and Security Agreement, Foreign Bank Term Loan
Debt Instrument [Line Items]
Term loan	$ 15,000,000
Amended and Restated Loan and Security Agreement, Term Loan | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable interest rate	2.25%
Amended and Restated Loan and Security Agreement, Term Loan | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable interest rate	3.50%
All Debt
Debt Instrument [Line Items]
Increase in debt			$ 10,300,000
Brazil Debt
Debt Instrument [Line Items]
Increase in debt			5,500,000
Term Loan
Debt Instrument [Line Items]
Term loan		$ 10,000,000
Term of loan		5 years
Fixed interest rate		4.00%
Credit limit for external borrowing		$ 5,000,000			$ 2,500,000
Line of Credit | Loan and Security Agreement
Debt Instrument [Line Items]
Percent of qualified AR				80.00%
Percent of the lower of Cost or Market of US Inventory values				50.00%
Line of Credit | Amended and Restated Loan and Security Agreement, Term Loan
Debt Instrument [Line Items]
Credit limit on revolving loan facility			$ 25,000,000
Percent of qualified AR	80.00%
Percent of Net Orderly Liquidation Value (NOLV)	85.00%
Percent of US real estate values	62.50%

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) $ in Thousands	Mar. 31, 2022USD ($)
Statement [Line Items]
Brazil Loans	$ 10,806
Banco do Brasil SA | 2.80% Short-term loan
Statement [Line Items]
Interest rate	2.80%
Brazil Loans	$ 20
Banco do Brasil SA | 2.10% Short-term loan
Statement [Line Items]
Interest rate	2.10%
Brazil Loans	$ 1,299
Banco Bradesco SA | 1.88% Short-term loan
Statement [Line Items]
Interest rate	1.88%
Brazil Loans	$ 671
Banco Bradesco SA | 2.05% Short-term loan Aug 2021
Statement [Line Items]
Interest rate	2.05%
Brazil Loans	$ 284
Banco Bradesco SA | 2.05% Short-term loan Jan 2022
Statement [Line Items]
Interest rate	2.05%
Brazil Loans	$ 1,000
Banco Santander (Brasil) SA | 2.15% Short-term loan
Statement [Line Items]
Interest rate	2.15%
Brazil Loans	$ 399
Banco Santander (Brasil) SA | 2.71% Short-term loan
Statement [Line Items]
Interest rate	2.71%
Brazil Loans	$ 1,000
Banco Itau Unibanco | 4.52% Short-term loan
Statement [Line Items]
Interest rate	4.52%
Brazil Loans	$ 4,000
Banco Itau Unibanco | 4.98% Short-term loan
Statement [Line Items]
Interest rate	4.98%
Brazil Loans	$ 2,133

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate percentage	29.00%	18.90%	33.00%		28.00%	9.00%
Income tax expense	$ 1,774		$ 1,496		$ 3,911	$ 1,132
Profit before tax	6,100		$ 4,500		14,000	$ 12,100
Possible reduction in long-term tax obligations	$ 100				$ 100
Tax Years 2019 and 2020
Operating Loss Carryforwards [Line Items]
Income tax expense		$ (2,700)		$ (2,700)
Foreign Tax Authority | Her Majesty's Revenue and Customs (HMRC)
Operating Loss Carryforwards [Line Items]
Effect of increase in UK corporate tax rate		$ (200)

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 658	$ 788	$ 658	$ 1,518
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 1,600	1,600		1,600
Restructuring charges	700
Expected annual savings		600
Accrued restructuring costs	400	400		400
Closure of Distribution and Sales Centers | 2022 Restructuring Plan | Japan and Singapore
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	900	900		900
Debt Refinancing | 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	700	700		$ 700
Restructuring costs charged as period expense	200
Headcount Reduction | 2022 Restructuring Plan | Japan and Singapore
Restructuring Cost and Reserve [Line Items]
Restructuring charges		600
Restructuring costs charged as period expense	$ 100
Fixed Asset and Lease Disposal | 2022 Restructuring Plan | Japan and Singapore
Restructuring Cost and Reserve [Line Items]
Restructuring charges		200
Professional Fees | 2022 Restructuring Plan | Japan and Singapore
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 100

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 29, 2022	Mar. 31, 2022	Jun. 24, 2020	Dec. 31, 2019	Dec. 30, 2019
Subsequent Event [Line Items]
Credit limit on revolving loan facility		$ 25,000,000		$ 25,000,000	$ 23,000,000
Loan and Security Agreement
Subsequent Event [Line Items]
Term loan			$ 5,000,000
Revolving Credit Facility | Subsequent Event | Loan and Security Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Variable interest rate	1.60%
Line of Credit | Subsequent Event | Loan and Security Agreement
Subsequent Event [Line Items]
Minimum fixed charge coverage ratio	100.00%
Line of Credit | Revolving Credit Facility | Subsequent Event | Loan and Security Agreement
Subsequent Event [Line Items]
Percentage of receivables included in borrowing base, investment grade	90.00%
Percentage of receivables included in borrowing base, domestic investment grade and foreign insured	85.00%
Percentage of receivables included in borrowing base, foreign uninsured	75.00%
Percentage of eligible inventory included in borrowing base at cost	65.00%
Percentage of eligible inventory included in borrowing base at net orderly liquidation value	85.00%
Current borrowing base availability	$ 19,000,000
Line of Credit | Revolving Credit Facility | HSBC Bank USA | Subsequent Event
Subsequent Event [Line Items]
Credit limit on revolving loan facility	30,000,000
Accordion feature	$ 10,000,000
Line of Credit | Term Loan | Subsequent Event | Loan and Security Agreement
Subsequent Event [Line Items]
Percentage of the fair market value of eligible real estate	70.00%
Fair value of real estate	$ 4,600,000
Percentage of net orderly liquidation value of machinery and equipment	85.00%
Capped value of eligible machinery and equipment	$ 7,500,000
Amortization period for real estate portion	12 years 6 months
Amortization period for machinery and equipment portion	6 years 8 months 1 day
Quarterly term loan payments	$ 373,650
Line of Credit | Term Loan | HSBC Bank USA | Subsequent Event
Subsequent Event [Line Items]
Credit limit on revolving loan facility	$ 12,100,000
Line of Credit | Capital Expenditure Draw Down Credit Facility | Subsequent Event | Loan and Security Agreement
Subsequent Event [Line Items]
Percentage of eligible new machinery and equipment	80.00%
Draw down period	18 months
Amortization rate for capital expenditure draw amounts outstanding	3.75%
Line of Credit | Capital Expenditure Draw Down Credit Facility | HSBC Bank USA | Subsequent Event
Subsequent Event [Line Items]
Credit limit on revolving loan facility	$ 7,000,000