L.S. Starrett Co. - Ordinary Shares (SCX) 10-Q 13 May 24 2024 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-367
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
Entity Registrant Name	STARRETT L S CO
Entity Central Index Key	0000093676
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,007,717
Class B Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		505,150

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 7,527,000	$ 10,454,000
Accounts receivable (less allowance for credit losses of $515 and $449, respectively)	35,873,000	36,611,000
Inventories	58,518,000	65,414,000
Prepaid expenses and other current assets	10,192,000	9,723,000
Total current assets	112,110,000	122,202,000
Property, plant and equipment, net	45,252,000	39,375,000
Right of use assets	3,978,000	4,931,000
Deferred tax assets, net	15,953,000	17,056,000
Intangible assets, net	4,896,000	4,672,000
Goodwill	1,015,000	1,015,000
Other assets	3,425,000	3,551,000
Total assets	186,629,000	192,802,000
Current liabilities:
Accounts payable	14,750,000	15,047,000
Accrued expenses	11,901,000	11,579,000
Current maturities of debt	2,326,000	4,961,000
Accrued compensation	5,337,000	6,287,000
Current lease liability	1,547,000	1,689,000
Total current liabilities	35,861,000	39,563,000
Other tax obligations	2,779,000	2,884,000
Long-term lease liability	2,585,000	3,423,000
Long-term debt, net of current portion	5,768,000	5,273,000
Postretirement benefit and pension obligations	9,532,000	12,192,000
Total liabilities	56,525,000	63,335,000
Contingencies (Note 12)
Stockholders' equity:
Additional paid-in capital	58,241,000	57,825,000
Retained earnings	114,310,000	112,147,000
Accumulated other comprehensive loss	(49,951,000)	(47,935,000)
Total stockholders' equity	130,104,000	129,467,000
Total liabilities and stockholders’ equity	186,629,000	192,802,000
Class A Common Shares
Stockholders' equity:
Common stock	6,968,000	6,854,000
Class B Common Shares
Stockholders' equity:
Common stock	$ 536,000	$ 576,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Allowance for doubtful accounts	$ 515	$ 449
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)	6,967,791	6,853,673
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)	536,130	576,396

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 60,767	$ 61,678	$ 183,479	$ 188,914
Cost of goods sold	43,187	42,455	127,399	127,916
Gross profit	$ 17,580	$ 19,223	$ 56,080	$ 60,998
% of Net sales	28.90%	31.20%	30.60%	32.30%
Restructuring charges	$ 0	$ 0	$ 0	$ 244
Selling, general and administrative expenses	16,870	15,109	50,417	46,962
Operating income	710	4,114	5,663	13,792
Other (expense) income, net	(17)	(602)	(908)	(2,399)
Income before income taxes	693	3,512	4,755	11,393
Income tax expense (benefit)	55	(3,961)	2,592	(1,267)
Net income	$ 638	$ 7,473	$ 2,163	$ 12,660
Basic income per share (in dollars per share)	$ 0.09	$ 1.01	$ 0.29	$ 1.72
Diluted income per share (in dollars per share)	$ 0.08	$ 0.99	$ 0.28	$ 1.68
Weighted average outstanding shares used in per share calculations:
Basic (in shares)	7,505	7,427	7,481	7,379
Diluted (in shares)	7,657	7,577	7,638	7,538

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 638	$ 7,473	$ 2,163	$ 12,660
Other comprehensive (loss) income:
Currency translation (loss) gain, net of tax	(1,813)	1,545	(1,910)	1,455
Pension and postretirement plans, net of tax	(36)	(44)	(106)	(105)
Other comprehensive (loss) income	(1,849)	1,501	(2,016)	1,350
Total comprehensive (loss) income	$ (1,211)	$ 8,974	$ 147	$ 14,010

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Outstanding Class A	Common Stock Outstanding Class B	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Jun. 30, 2022	$ 102,429	$ 6,683	$ 610	$ 57,143	$ 89,059	$ (51,066)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(775)				2,056	(2,831)
Repurchase of shares	(6)		(1)	(5)
Stock-based compensation	185	76		109
Conversion of class B to class A stock	0	12	(12)
Ending balance at Sep. 30, 2022	101,833	6,771	597	57,247	91,115	(53,897)
Beginning balance at Jun. 30, 2022	102,429	6,683	610	57,143	89,059	(51,066)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	14,010
Ending balance at Mar. 31, 2023	117,056	6,818	608	57,627	101,719	(49,716)
Beginning balance at Sep. 30, 2022	101,833	6,771	597	57,247	91,115	(53,897)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	5,811				3,131	2,680
Repurchase of shares	(3)			(3)
Issuance of stock	84		34	50
Stock-based compensation	185	25		160
Conversion of class B to class A stock	0	7	(7)
Ending balance at Dec. 31, 2022	107,910	6,803	624	57,454	94,246	(51,217)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	8,974				7,473	1,501
Repurchase of shares	(7)		(1)	(6)
Stock-based compensation	179	0		179
Conversion of class B to class A stock	0	15	(15)
Ending balance at Mar. 31, 2023	117,056	6,818	608	57,627	101,719	(49,716)
Balance of accumulated other comprehensive (loss) consists of:
Translation loss						(58,621)
Pension and postretirement plans, net of taxes						8,905
Accumulated other comprehensive loss	(49,716)
Accumulated other comprehensive loss	(47,935)
Beginning balance at Jun. 30, 2023	129,467	6,854	576	57,825	112,147	(47,935)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(519)				1,920	(2,439)
Repurchase of shares	(23)		(2)	(21)
Stock-based compensation	65	56		9
Conversion of class B to class A stock		23	(23)
Ending balance at Sep. 30, 2023	128,990	6,933	551	57,813	114,067	(50,374)
Beginning balance at Jun. 30, 2023	129,467	6,854	576	57,825	112,147	(47,935)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	147
Ending balance at Mar. 31, 2024	130,104	6,968	536	58,241	114,310	(49,951)
Beginning balance at Sep. 30, 2023	128,990	6,933	551	57,813	114,067	(50,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	1,878				(394)	2,272
Repurchase of shares	(3)			(3)
Issuance of stock	40		5	35
Stock-based compensation	222	17		205
Conversion of class B to class A stock	0	4	(4)
Ending balance at Dec. 31, 2023	131,126	6,954	552	58,050	113,672	(48,102)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(1,211)				638	(1,849)
Repurchase of shares	(18)		(2)	(16)
Stock-based compensation	207			207
Conversion of class B to class A stock	0	14	(14)
Ending balance at Mar. 31, 2024	130,104	$ 6,968	$ 536	$ 58,241	$ 114,310	(49,951)
Balance of accumulated other comprehensive (loss) consists of:
Translation loss						(57,750)
Pension and postretirement plans, net of taxes						$ 7,799
Accumulated other comprehensive loss	$ (49,951)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,163	$ 12,660
Non-cash operating activities:
Depreciation	4,246	3,884
Amortization	812	998
Stock-based compensation	494	549
Net long-term tax obligations	(75)	(66)
Deferred taxes	991	(3,753)
Postretirement benefit and pension obligations	442	475
Changes in operating assets and liabilities:
Accounts receivable	156	7,148
Inventories	6,060	(72)
Other current assets	(606)	(1,275)
Other current liabilities	(589)	(3,255)
Prepaid pension expense	(3,179)	(1,574)
Other	208	178
Net cash provided by operating activities	11,123	15,897
Cash flows from investing activities:
Purchases of property, plant and equipment	(10,681)	(4,790)
Software development	(1,036)	(795)
Intangibles-other	0	(54)
Net cash (used in) investing activities	(11,717)	(5,639)
Cash flows from financing activities:
Proceeds from term loan borrowings	2,000	575
Proceeds from line of credit borrowings	8,000	1,000
Term debt repayments	(5,719)	(8,352)
Repayments of Lines of Credit	(6,500)	(9,500)
Proceeds from common stock issued	40	84
Shares repurchased	(44)	(16)
Net cash (used in) financing activities	(2,223)	(16,209)
Effect of exchange rate changes on cash	(110)	23
Net decrease in cash	(2,927)	(5,928)
Cash, beginning of period	10,454	14,523
Cash, end of period	7,527	8,595
Supplemental cash flow information:
Interest paid	615	1,200
Income taxes paid, net	$ 3,132	$ 4,395

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The unaudited Condensed Consolidated Financial Statements as of and for the nine months ended March 31, 2024 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, as amended, for the year ended June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited Consolidated Financial Statements as of and for the year ended June 30, 2023. 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 . Fair Value Measurements Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity. See Notes 10 and 11 within the notes to the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for financial assets and liabilities held at carrying amount on the unaudited Condensed Consolidated Balance Sheet. 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 Condensed Consolidated Financial Statements and accompanying notes. Note 1 within the notes to the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q and Note 2 to the Company’s audited Consolidated Financial Statements included in the Annual Report on Form 10-K, as amended, for the year ended June 30, 2023 describes the significant accounting policies and methods used in the preparation of the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2024
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 audited Consolidated Financial Statements entitled “Financial Information by Segment” included in our Annual Report on Form 10-K, as amended, for the year ended June 30, 2023. The chief operating decision maker, who is the Company’s President and CEO, allocates resources and assesses performance based on three segments: North America Industrial "NAI", International Industrial "INI" and Global Test and Measurement "GTM". 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 on Form 10-K, as amended, for the year ended June 30, 2023. Financial results for each reportable segment are as follows (in thousands): NAI INI GTM Unallocated Total Three Months ended March 31, 2024 Sales 1 $ 21,806 $ 23,820 $ 15,141 $ — $ 60,767 Operating (Loss) Income $ (916) $ 1,785 $ 2,509 $ (2,668) 710 Three Months ended March 31, 2023 Sales 2 $ 22,310 $ 23,849 $ 15,519 $ — $ 61,678 Operating Income (Loss) $ 656 $ 2,416 $ 2,615 $ (1,573) $ 4,114 1. Excludes $345 of NAI segment intercompany sales to the INI segment, $83 of GTM segment intercompany sales to the INI segment, $2,625 of INI segment intercompany sales to NAI and $277 of GTM intercompany sales to NAI. 2. Excludes $243 of NAI segment intercompany sales to the INI segment, $83 of GTM segment intercompany sales to the INI segment, $3,208 of INI segment intercompany sales to NAI and $348 of GTM intercompany sales to NAI NAI INI GTM Unallocated Total Nine Months ended March 31, 2024 Sales 1 $ 61,090 $ 75,619 $ 46,770 $ — $ 183,479 Operating (Loss) Income $ (1,784) $ 6,771 $ 7,400 $ (6,724) $ 5,663 Nine months ended March 31, 2023 Sales 2 $ 67,461 $ 73,199 $ 48,254 $ — $ 188,914 Operating Income (Loss) $ 1,532 $ 8,902 $ 8,207 $ (4,849) $ 13,792 1. Excludes $1,027 of NAI segment intercompany sales to the INI segment, $274 of GTM segment intercompany sales to the INI segment, $9,660 of INI segment intercompany sales to NAI and $1,256 of GTM intercompany sales to NAI. 2. Excludes $1,442 of NAI segment intercompany sales to the INI segment, $519 of GTM segment intercompany sales to the INI segment, $11,825 of INI segment intercompany sales to NAI and $1,016 of GTM intercompany sales to NAI

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Mar. 31, 2024
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 Condensed Consolidated Balance Sheet. As of March 31, 2024 and June 30, 2023, the balance of the return asset was $0.2 million and $0.1 million, respectively, and the balance of the refund liability as of March 31, 2024 and June 30, 2023 were both $0.2 million. They are presented within prepaid expenses and other current assets and accrued expenses, respectively, on the Condensed 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 $0.3 million and $0.3 million at March 31, 2024 and June 30, 2023, respectively, recorded in Accounts Payable in the Condensed Consolidated Balance Sheets. Disaggregation of Revenue The Company operates in three reportable segments: NAI, INI and GTM. 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 and nine months ended March 31, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 North America United States $ 34,625 $ 35,122 $ 100,533 $ 107,014 Canada & Mexico 1,952 1,931 5,502 6,209 36,577 37,053 106,035 113,223 International Brazil 17,891 18,160 57,530 55,465 United Kingdom 3,265 3,563 9,896 10,059 China 1,611 1,497 4,946 5,160 Australia & New Zealand 1,423 1,405 5,072 5,007 24,190 24,625 77,444 75,691 Total Sales $ 60,767 $ 61,678 $ 183,479 $ 188,914

Leases

Leases	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Leases	Leases Operating lease expense amounted to $0.5 million and $1.5 million for the three and nine months period ended for March 31, 2024 and March 31, 2023. For the three and nine months period ended March 31, 2023 operating lease expense was $0.5 million and $1.5 million. As of March 31, 2024, 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 Total leases $3,978 $4,132 $4,701 The Company has other operating lease agreements with commitments of less than one year or that are not material. The Company expenses lease payments as incurred. The Company’s weighted average discount rate and remaining term on lease liabilities is approximately 9.0% and 2.7 years. As of March 31, 2024, the Company’s financing leases are not material. The foreign exchange impact affecting the operating leases are, also, not material. In the three months and nine months ended March 31, 2024 the Company entered into no new leases and $0.3 million. At March 31, 2024, the Company had the following fiscal year minimum operating lease commitments (in thousands): Operating Lease 2024 (Remainder of year) $ 580 2025 1,782 2026 1,486 2027 742 2028 111 Thereafter — Subtotal 4,701 Imputed interest (569) Total $ 4,132

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Compensation expense related to all stock-based plans for the three and nine months ended March 31, 2024 were $0.2 million and $0.5 million as compared to the prior year three and nine months of $0.2 million and $0.5 million, respectively.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands): 03/31/2024 06/30/2023 Raw material and supplies $ 34,779 $ 36,402 Goods in process and finished parts 21,298 20,978 Finished goods 32,534 34,414 88,611 91,794 LIFO Reserve (30,093) (26,380) $ 58,518 $ 65,414 Of the Company’s $58.5 million and $65.4 million total inventory at March 31, 2024 and June 30, 2023, respectively, the $30.1 million and $26.4 million LIFO reserves belong to the U.S. Precision Tools and Saws Manufacturing “Precision Tools.” business. The Precision Tools business total inventory was $40.5 million on a FIFO basis and $10.4 million on a LIFO basis at March 31, 2024. The Precision Tools business had total Inventory, on a FIFO basis, of $38.1 million and $11.7 million on a LIFO basis as of June 30, 2023. The use of LIFO, as compared to FIFO, during the nine months ended March 31, 2024 resulted in a $3.8 million increase in the cost of goods sold in the nine months ended March 31, 2024 compared to a $0.4 million decrease in the nine months ended March 31, 2023.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Amortizable intangible assets consist of the following (in thousands): 03/31/2024 6/30/2023 Trademarks and trade names $ 2,070 $ 2,070 Customer relationships 630 630 Software development 10,099 11,149 Other intangible assets 105 105 Gross intangible assets 12,904 13,954 Accumulated amortization and impairment (8,008) (9,282) Net intangible assets $ 4,896 $ 4,672 The estimated useful lives of the intangible assets subject to amortization range between 5 years for software development and 20 years for trademark and trade name assets. For the periods ending three and nine months ended March 31, 2024 the amortization expense was $0.3 million and $0.8 million, respectively. The goodwill balance at March 31, 2024, was gross $4.7 million and accumulated impairment of $3.7 million. There is no change in the three and nine months ended March 31, 2024.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The following table represents accrued expenses from the Condensed Consolidated Balance Sheets (in thousands): 03/31/2024 06/30/2023 Sales related programs (commissions, rebates, distributor programs, warranty and related) $ 2,796 $ 2,590 Income taxes 46 509 Professional fees 1,575 2,237 Other 1,355 1,499 Current portion pension cost 2,225 2,216 Taxes other than income tax 3,123 1,888 Workers compensation and employee deposits 437 491 Freight 344 149 Total $ 11,901 $ 11,579

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	9 Months Ended
	Mar. 31, 2024
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 which was frozen for new participants in 2016 and another for U.K. employees frozen for new participants in 2009. The Company has a postretirement medical insurance benefit plan for U.S. employees which remains open. The Company also has defined contribution plans. Net periodic benefit costs for the Company's defined benefit pension plans are located in Other (expense), net in Condensed 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, allocated on headcount. Net periodic benefit costs consist of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 Interest cost $ 1,537 $ 1,464 $ 4,591 $ 4,354 Expected return on plan assets (1,084) (1,015) (3,231) (3,007) Amortization of net loss 10 10 30 30 Expected net cost (benefit) total $ 463 $ 459 $ 1,390 $ 1,377 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 Service cost $ 5 $ 6 $ 14 $ 17 Interest cost 17 18 52 53 Amortization of prior service credit (369) (369) (1,106) (1,106) Amortization of net loss 30 44 92 133 Total net (benefit) $ (317) $ (301) $ (948) $ (903) For the three months and nine months ended March 31, 2024, the Company contributed in the U.S. $1.1 million and $2.4 million. In the UK pension plans the Company contributed $0.2 million and $0.7 million for the same periods. 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.

Debt

Debt	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt is comprised of the following (in thousands): 03/31/2024 06/30/2023 Short-term and current maturities Loan and Security Agreement (Term Loan) $ 1,004 $ 1,495 Brazil Loans 1,322 3,466 Subtotal short-term and current maturities 2,326 4,961 Long-term debt (net of current portion) Loan and Security Agreement (Term Loan) 1,625 1,957 Loan and Security Agreement (Line of Credit) 4,397 2,897 Brazil Loans 74 827 Debt reacquisition cost (328) (408) Subtotal long-term debt 5,768 5,273 Total debt $ 8,094 $ 10,234 On April 29, 2022, the Company and certain of the Company’s domestic subsidiaries entered into a Loan and Security agreement (the "Loan and Security Agreement") with HSBC Bank USA ("the Lender"). The Company incurred debt re-acquisition cost of $0.5 million which are recorded net of debt and amortized over five years. These new credit facilities replaced the Company’s previous TD Bank credit facilities and are comprised of a $30 million revolving Loan and Security Agreement Line of Credit ("Line of Credit") with a $10 million uncommitted accordion provision, a Loan and Security Agreement Term Loan ("the Term Loan") with original principal of $12.1 million and a $7 million Capital Expenditure draw down credit facility (collectively, the "Facilities"). 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 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 months Secured Overnight Financing Rate, (SOFR). The 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. 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 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 $30.0 million. A 0.25% commitment fee is charged on the unused portion of the Line of Credit. Availability under the Term Loan was comprised of 70% of the fair market value of the Borrower's 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 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 Condensed 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. 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, 2024 (in thousands): Lending Institution Interest Rate Beginning Date Ending Date Outstanding Balance Itau 4.52% October 2021 September 2024 $ 1,143 Brasil 4.95% August 2022 July 2025 221 Brasil 3.80% September 2022 August 2024 32 Total Brazilian short-term loans $ 1,396

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Tax expense for the three month period ended March 31, 2024 was $0.1 million on profit before tax of $0.7 million (an effective tax rate of 14%). The effective rate for the three months ended March 31, 2024 was lower than the U.S. statutory tax rate of 21% due in part to a discrete tax benefit of $0.1 million related to the reversal of uncertain tax positions due to the lapse in the statute of limitations and tax credits and permanent deductions generated from research expenses, offset by the jurisdictional mix of earnings, particularly Brazil with a statutory rate of 34% and foreign losses not benefited. During the three month period ended March 31, 2023 the Company recorded a discrete tax benefit of $5.0 million related to the Company’s partial release of its valuation allowance against its U.S. foreign tax credits and state net operating losses carryforwards, which are expected to be utilized based on demonstrated profitability and current and future forecast income. Excluding the tax benefit related to the partial release of valuation allowance of 144%, the effective tax rate for the three months ended March 31, 2023 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%, and non-creditable foreign withholding tax. Tax expense for the nine month period ended March 31, 2024 was $2.6 million on profit before tax of $4.8 million (an effective tax rate of 51%). During the nine month period ended March 31, 2024, the Company recorded a discrete tax expense of $1.3 million related to IRS Notice 2023-55 released in July 2023 which grants taxpayers temporary relief from applying these final foreign tax credit regulations for tax years beginning on or after December 28, 2021 and ending on or before December 31, 2023 and IRS Notice 2023-80 released in December 2023 which modifies the temporary relief period from applying the final foreign tax credit regulations to tax years beginning on or after December 28, 2021 and ending before the date that notice or guidance withdrawing or modifying the temporary relief is issued. Other than this discrete tax expense recorded, the effective rate for the nine months ended March 31, 2024 was higher than the U.S. statutory tax rate of 21% primarily due to the jurisdictional mix of earnings, particularly Brazil with a statutory rate of 34%, offset by tax credits and permanent deductions generated from research expenses. Tax expense for the nine months ended March 31, 2023 was a benefit of $1.3 million on profit before tax of $11.4 million (an effective tax rate of 11%). During the nine months ended March 31, 2023, the Company recorded a discrete tax benefit of $5.0 million related to the Company’s partial release of its valuation allowance against its U.S. foreign tax credits and state net operating losses carryforwards, which are expected to be utilized based on demonstrated profitability and current and future forecast income. In addition the Company used current forecasts of future taxable income. Excluding the tax benefit related to the partial release of valuation allowance of 44%, the effective tax rate for the nine months ended March 31, 2023 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%, and non-creditable foreign withholding tax. The Company has considered the positive and negative evidence to determine the need for a valuation allowance offsetting the deferred tax assets in the U.S. and has concluded that a partial valuation allowance is required against foreign tax credit carryforwards and certain state net operating loss carryforwards at March 31, 2024 and June 30, 2023. The Company had long term tax obligations related primarily to transfer pricing adjustments at March 31, 2024 and June 30, 2023.

Contingencies

Contingencies	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is involved in certain legal matters, which arise, in the normal course of business. Although the outcomes of these legal matters are inherently difficult to predict, management does not expect the resolution of these legal matters to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The unaudited Condensed Consolidated Financial Statements as of and for the nine months ended March 31, 2024 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, as amended, for the year ended June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited Consolidated Financial Statements as of and for the year ended June 30, 2023. 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 .
Fair Value Measurements	Fair Value Measurements Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity. See Notes 10 and 11 within the notes to the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for financial assets and liabilities held at carrying amount on the unaudited Condensed Consolidated Balance Sheet. 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 Condensed Consolidated Financial Statements and accompanying notes. Note 1 within the notes to the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q and Note 2 to the Company’s audited Consolidated Financial Statements included in the Annual Report on Form 10-K, as amended, for the year ended June 30, 2023 describes the significant accounting policies and methods used in the preparation of the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Results for Reportable Segments	Financial results for each reportable segment are as follows (in thousands): NAI INI GTM Unallocated Total Three Months ended March 31, 2024 Sales 1 $ 21,806 $ 23,820 $ 15,141 $ — $ 60,767 Operating (Loss) Income $ (916) $ 1,785 $ 2,509 $ (2,668) 710 Three Months ended March 31, 2023 Sales 2 $ 22,310 $ 23,849 $ 15,519 $ — $ 61,678 Operating Income (Loss) $ 656 $ 2,416 $ 2,615 $ (1,573) $ 4,114 1. Excludes $345 of NAI segment intercompany sales to the INI segment, $83 of GTM segment intercompany sales to the INI segment, $2,625 of INI segment intercompany sales to NAI and $277 of GTM intercompany sales to NAI. 2. Excludes $243 of NAI segment intercompany sales to the INI segment, $83 of GTM segment intercompany sales to the INI segment, $3,208 of INI segment intercompany sales to NAI and $348 of GTM intercompany sales to NAI NAI INI GTM Unallocated Total Nine Months ended March 31, 2024 Sales 1 $ 61,090 $ 75,619 $ 46,770 $ — $ 183,479 Operating (Loss) Income $ (1,784) $ 6,771 $ 7,400 $ (6,724) $ 5,663 Nine months ended March 31, 2023 Sales 2 $ 67,461 $ 73,199 $ 48,254 $ — $ 188,914 Operating Income (Loss) $ 1,532 $ 8,902 $ 8,207 $ (4,849) $ 13,792 1. Excludes $1,027 of NAI segment intercompany sales to the INI segment, $274 of GTM segment intercompany sales to the INI segment, $9,660 of INI segment intercompany sales to NAI and $1,256 of GTM intercompany sales to NAI. 2. Excludes $1,442 of NAI segment intercompany sales to the INI segment, $519 of GTM segment intercompany sales to the INI segment, $11,825 of INI segment intercompany sales to NAI and $1,016 of GTM intercompany sales to NAI

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	In the following table, the Company's net sales by shipping origin are disaggregated accordingly for the three and nine months ended March 31, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 North America United States $ 34,625 $ 35,122 $ 100,533 $ 107,014 Canada & Mexico 1,952 1,931 5,502 6,209 36,577 37,053 106,035 113,223 International Brazil 17,891 18,160 57,530 55,465 United Kingdom 3,265 3,563 9,896 10,059 China 1,611 1,497 4,946 5,160 Australia & New Zealand 1,423 1,405 5,072 5,007 24,190 24,625 77,444 75,691 Total Sales $ 60,767 $ 61,678 $ 183,479 $ 188,914

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Assets And Liabilities	As of March 31, 2024, 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 Total leases $3,978 $4,132 $4,701
Schedule of Fiscal Year Minimum Operating Lease Commitments	At March 31, 2024, the Company had the following fiscal year minimum operating lease commitments (in thousands): Operating Lease 2024 (Remainder of year) $ 580 2025 1,782 2026 1,486 2027 742 2028 111 Thereafter — Subtotal 4,701 Imputed interest (569) Total $ 4,132

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): 03/31/2024 06/30/2023 Raw material and supplies $ 34,779 $ 36,402 Goods in process and finished parts 21,298 20,978 Finished goods 32,534 34,414 88,611 91,794 LIFO Reserve (30,093) (26,380) $ 58,518 $ 65,414

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Amortizable Intangible Assets	Amortizable intangible assets consist of the following (in thousands): 03/31/2024 6/30/2023 Trademarks and trade names $ 2,070 $ 2,070 Customer relationships 630 630 Software development 10,099 11,149 Other intangible assets 105 105 Gross intangible assets 12,904 13,954 Accumulated amortization and impairment (8,008) (9,282) Net intangible assets $ 4,896 $ 4,672

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The following table represents accrued expenses from the Condensed Consolidated Balance Sheets (in thousands): 03/31/2024 06/30/2023 Sales related programs (commissions, rebates, distributor programs, warranty and related) $ 2,796 $ 2,590 Income taxes 46 509 Professional fees 1,575 2,237 Other 1,355 1,499 Current portion pension cost 2,225 2,216 Taxes other than income tax 3,123 1,888 Workers compensation and employee deposits 437 491 Freight 344 149 Total $ 11,901 $ 11,579

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Tables)	9 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Net periodic benefit costs consist of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 Interest cost $ 1,537 $ 1,464 $ 4,591 $ 4,354 Expected return on plan assets (1,084) (1,015) (3,231) (3,007) Amortization of net loss 10 10 30 30 Expected net cost (benefit) total $ 463 $ 459 $ 1,390 $ 1,377 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2024 03/31/2023 03/31/2024 03/31/2023 Service cost $ 5 $ 6 $ 14 $ 17 Interest cost 17 18 52 53 Amortization of prior service credit (369) (369) (1,106) (1,106) Amortization of net loss 30 44 92 133 Total net (benefit) $ (317) $ (301) $ (948) $ (903)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt is comprised of the following (in thousands): 03/31/2024 06/30/2023 Short-term and current maturities Loan and Security Agreement (Term Loan) $ 1,004 $ 1,495 Brazil Loans 1,322 3,466 Subtotal short-term and current maturities 2,326 4,961 Long-term debt (net of current portion) Loan and Security Agreement (Term Loan) 1,625 1,957 Loan and Security Agreement (Line of Credit) 4,397 2,897 Brazil Loans 74 827 Debt reacquisition cost (328) (408) Subtotal long-term debt 5,768 5,273 Total debt $ 8,094 $ 10,234
Schedule of Short-Term Debt, Brazilian Subsidiary	The Company’s Brazilian subsidiary has the following loans of March 31, 2024 (in thousands): Lending Institution Interest Rate Beginning Date Ending Date Outstanding Balance Itau 4.52% October 2021 September 2024 $ 1,143 Brasil 4.95% August 2022 July 2025 221 Brasil 3.80% September 2022 August 2024 32 Total Brazilian short-term loans $ 1,396

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	$ 60,767	$ 61,678	$ 183,479	$ 188,914
Operating (Loss) Income	710	4,114	5,663	13,792
Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	0	0	0	0
Operating (Loss) Income	(2,668)	(1,573)	(6,724)	(4,849)
NAI
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	36,577	37,053	106,035	113,223
NAI | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	21,806	22,310	61,090	67,461
Operating (Loss) Income	(916)	656	(1,784)	1,532
NAI | Intercompany Sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intercompany sales	345	243	1,027	1,442
INI | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	23,820	23,849	75,619	73,199
Operating (Loss) Income	1,785	2,416	6,771	8,902
INI | Intercompany Sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intercompany sales	2,625	3,208	9,660	11,825
GTM | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales	15,141	15,519	46,770	48,254
Operating (Loss) Income	2,509	2,615	7,400	8,207
Intercompany sales	83	83	274	519
GTM | Intercompany Sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intercompany sales	$ 277	$ 348	$ 1,256	$ 1,016

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details)	9 Months Ended
	Mar. 31, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Customer return asset	$ 200,000	$ 100,000
Customer refund liability	$ 200,000	200,000
Standard product warranty period	1 year
Contract asset	$ 0	0
Contract liability	$ 300,000	$ 300,000
Number of reportable segments | segment	3

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, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 60,767	$ 61,678	$ 183,479	$ 188,914
North America
Disaggregation of Revenue [Line Items]
Net sales	36,577	37,053	106,035	113,223
International
Disaggregation of Revenue [Line Items]
Net sales	24,190	24,625	77,444	75,691
United States | North America
Disaggregation of Revenue [Line Items]
Net sales	34,625	35,122	100,533	107,014
Canada & Mexico | North America
Disaggregation of Revenue [Line Items]
Net sales	1,952	1,931	5,502	6,209
Brazil | International
Disaggregation of Revenue [Line Items]
Net sales	17,891	18,160	57,530	55,465
United Kingdom | International
Disaggregation of Revenue [Line Items]
Net sales	3,265	3,563	9,896	10,059
China | International
Disaggregation of Revenue [Line Items]
Net sales	1,611	1,497	4,946	5,160
Australia & New Zealand | International
Disaggregation of Revenue [Line Items]
Net sales	$ 1,423	$ 1,405	$ 5,072	$ 5,007

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 500,000	$ 500,000	$ 1,500,000	$ 1,500,000
Weighted average discount rate	9%		9%
Weighted average remaining lease term	2 years 8 months 12 days		2 years 8 months 12 days
Operating lease commitments	$ 0		$ 300,000

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-Use Assets	$ 3,978	$ 4,931
Operating Lease Obligations	4,132
Remaining Cash Commitment	$ 4,701

Leases - Schedule of Fiscal Yea

Leases - Schedule of Fiscal Year Minimum Operating Lease Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (Remainder of year)	$ 580
2025	1,782
2026	1,486
2027	742
2028	111
Thereafter	0
Subtotal	4,701
Imputed interest	(569)
Operating lease obligations	$ 4,132

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
The 2012 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense related to stock-based plans	$ 0.2	$ 0.2	$ 0.5	$ 0.5

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw material and supplies	$ 34,779	$ 36,402
Goods in process and finished parts	21,298	20,978
Finished goods	32,534	34,414
Total before LIFO reserve	88,611	91,794
LIFO Reserve	(30,093)	(26,380)
Total	$ 58,518	$ 65,414

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	$ 58,518		$ 65,414
LIFO reserves	30,093		26,380
Inventory difference using FIFO basis	40,500		38,100
LIFO inventory amount	10,400		$ 11,700
Effect of LIFO reserve on income	$ (3,800)	$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 12,904	$ 13,954
Accumulated amortization and impairment	(8,008)	(9,282)
Net intangible assets	4,896	4,672
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	2,070	2,070
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	630	630
Software development
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	10,099	11,149
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 105	$ 105

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 300,000	$ 800,000
Goodwill, gross	4,700,000	4,700,000
Goodwill impairment loss		3,700,000
Goodwill	$ 1,015,000	$ 1,015,000	$ 1,015,000	$ 0
Computer Software
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years	5 years
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	20 years	20 years

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Payables and Accruals [Abstract]
Sales related programs (commissions, rebates, distributor programs, warranty and related)	$ 2,796	$ 2,590
Income taxes	46	509
Professional fees	1,575	2,237
Other	1,355	1,499
Current portion pension cost	2,225	2,216
Taxes other than income tax	3,123	1,888
Workers compensation and employee deposits	437	491
Freight	344	149
Total	$ 11,901	$ 11,579

Pension and Post-retirement B_3

Pension and Post-retirement Benefits - Narrative (Details) - Pension Plan $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024 USD ($) plan	Mar. 31, 2024 USD ($) plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan	2	2
United States
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | plan	1	1
Employer contributions | $	$ 1.1	$ 2.4
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions | $	$ 0.2	$ 0.7

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, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,537	$ 1,464	$ 4,591	$ 4,354
Expected return on plan assets	(1,084)	(1,015)	(3,231)	(3,007)
Amortization of net loss	10	10	30	30
Total	463	459	1,390	1,377
Post Retirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	6	14	17
Interest cost	17	18	52	53
Amortization of prior service credit	(369)	(369)	(1,106)	(1,106)
Amortization of net loss	30	44	92	133
Total	$ (317)	$ (301)	$ (948)	$ (903)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Short-term and current maturities
Loan and Security Agreement (Term Loan)	$ 2,326	$ 4,961
Brazil Loans	1,396
Subtotal short-term and current maturities	2,326	4,961
Long-term debt (net of current portion)
Loan and security agreement	5,768	5,273
Total debt	8,094	10,234
Loan and Security Agreement (Term Loan)
Long-term debt (net of current portion)
Loan and security agreement	1,625	1,957
Loan and Security Agreement (Line of Credit)
Long-term debt (net of current portion)
Loan and security agreement	4,397	2,897
Brazil Loans
Long-term debt (net of current portion)
Loan and security agreement	74	827
Debt reacquisition cost	(328)	(408)
Loan and Security Agreement (Term Loan)
Short-term and current maturities
Loan and Security Agreement (Term Loan)	1,004	1,495
Brazil Loans
Short-term and current maturities
Brazil Loans	$ 1,322	$ 3,466

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		9 Months Ended
	Apr. 29, 2022	Mar. 31, 2024
Debt Instrument [Line Items]
Re-acquisition costs, amortization period (in years)		5 years
Credit limit on revolving loan facility		$ 30,000,000
Commitment fee percentage on line of credit		0.25%
Loan and Security Agreement (Term Loan) | Loan and Security Agreement (Line of Credit)
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	100%
Revolving Credit Facility | The Credit Facility
Debt Instrument [Line Items]
Credit limit on revolving loan facility	$ 30,000,000
Uncommitted accordion provision	10,000,000
Face value of term loan	$ 12,100,000
Revolving Credit Facility | Loan and Security Agreement (Term Loan) | Loan and Security Agreement (Line of Credit)
Debt Instrument [Line Items]
Percentage of receivables included in borrowing base, investment grade	90%
Percentage of receivables included in borrowing base, domestic investment grade and foreign insured	85%
Percentage of receivables included in borrowing base, foreign uninsured	75%
Percentage of eligible inventory included in borrowing base at cost	65%
Percentage of eligible inventory included in borrowing base at net orderly liquidation value	85%
Revolving Credit Facility | Capital Expenditure Draw Down Credit Facility
Debt Instrument [Line Items]
Credit limit on revolving loan facility	$ 7,000,000
Term Loan | Loan and Security Agreement (Term Loan) | Loan and Security Agreement (Line of Credit)
Debt Instrument [Line Items]
Percentage of the fair market value of eligible real estate	70%
Collateral amount	$ 4,600,000
Percentage of net orderly liquidation value of machinery and equipment	85%
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
Capital Expenditure Draw Down Credit Facility | Loan and Security Agreement (Term Loan) | Loan and Security Agreement (Line of Credit)
Debt Instrument [Line Items]
Percentage of eligible new machinery and equipment	80%
Draw down period	18 months
Per quarter amortization rate for capital expenditure draw amounts outstanding	3.75%
HSBC Bank USA
Debt Instrument [Line Items]
Increase in debt	$ 500,000

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Statement [Line Items]
Outstanding Balance	$ 1,396
Itau Bank | 4.52% Short-term loan
Statement [Line Items]
Interest Rate	4.52%
Outstanding Balance	$ 1,143
Brasil Bank | 4.95% Short-Term Loan
Statement [Line Items]
Interest Rate	4.95%
Outstanding Balance	$ 221
Brasil Bank | 3.80% Short-Term Loan
Statement [Line Items]
Interest Rate	3.80%
Outstanding Balance	$ 32

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (55)	$ 3,961	$ (2,592)	$ 1,267
Profit before tax	693	3,512	$ 4,755	$ 11,393
Reduction resulting from lapse of applicable statute of limitations	$ 100
Effective income tax rate percentage	14%		51%	11%
Discrete tax benefit (expense)		$ 5,000	$ 1,300	$ 5,000
Valuation allowance of the effective tax rate		144%		44%