Flexsteel Industries (FLXS) 10-Q 31 Jan 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2019	Jan. 29, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	FLEXSTEEL INDUSTRIES INC
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,991,183

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
ASSETS
Cash and cash equivalents	$ 37,334	$ 22,247
Trade receivables - less allowances: December 31, 2019, $362; June 30, 2019, $250	41,567	38,157
Inventories	86,550	93,659
Other	5,703	11,904
Assets held for sale	629
Total current assets	171,783	165,967
NONCURRENT ASSETS:
Property, plant and equipment, net	74,946	79,238
Operating lease right-of-use assets	14,106
Deferred income taxes	7,577	7,564
Other assets	1,322	1,518
TOTAL ASSETS	269,734	254,287
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	20,397	18,414
Current portion of operating lease liabilities	5,112
Accrued liabilities:
Payroll and related items	4,336	4,428
Insurance	4,211	4,554
Restructuring costs	1,249	6,203
Advertising	3,954	3,497
Environmental remediation	3,600	3,600
Other	7,913	7,068
Total current liabilities	50,772	47,764
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	9,032
Other liabilities	689	1,096
Total liabilities	60,493	48,860
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000,000 shares; outstanding December 31, 2019, 7,949,968 shares; outstanding June 30, 2019, 7,902,708 shares	7,950	7,903
Additional paid-in capital	30,732	27,512
Retained earnings	170,559	170,004
Accumulated other comprehensive income		8
Total shareholders' equity	209,241	205,427
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 269,734	$ 254,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 362	$ 250
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,949,968	7,902,708

Consolidated Statements Of Inco

Consolidated Statements Of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements Of Income (Loss) [Abstract]
Net sales	$ 102,949	$ 118,352	$ 203,297	$ 231,839
Cost of goods sold	(86,899)	(96,878)	(170,026)	(188,574)
Gross margin	16,050	21,474	33,271	43,265
Selling, general and administrative	(18,088)	(19,371)	(35,563)	(39,567)
Restructuring expense	(5,067)		(11,071)
Gain on disposal of assets	26		18,967
Operating (loss) income	(7,079)	2,103	5,604	3,698
Other income	107	58	193	239
(Loss) income before income taxes	(6,972)	2,161	5,797	3,937
Income tax benefit (provision)	1,588	(595)	(1,630)	(1,075)
Net (loss) income	$ (5,384)	$ 1,566	$ 4,167	$ 2,862
Weighted average number of common shares outstanding:
Basic	7,944	7,885	7,936	7,880
Diluted	7,944	7,917	8,146	7,922
(Loss) earnings per share of common stock:
Basic	$ (0.68)	$ 0.20	$ 0.53	$ 0.36
Diluted	$ (0.68)	$ 0.20	$ 0.51	$ 0.36

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net (loss) income	$ (5,384)	$ 1,566	$ 4,167	$ 2,862
Other comprehensive income:
Unrealized gain (loss) on securities	(5)	64	(18)	82
Reclassification of realized gain (loss) on securities to other income	5	(107)	7	(103)
Other comprehensive loss before taxes		(43)	(11)	(21)
Income tax benefit related to securities loss		11	3	6
Other comprehensive loss, net of tax		(32)	(8)	(15)
Comprehensive (loss) income	$ (5,384)	$ 1,534	$ 4,159	$ 2,847

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Total
Balance, period start at Jun. 30, 2018		$ 26,321	$ 209,553	$ (2,044)	$ 241,698
Balance, shares at Jun. 30, 2018	7,868,000
Stock options exercised		41			44
Stock options exercised, shares	3,000
Unrealized gain (loss) on available for sale investments, net of tax				17	17
Long-term incentive compensation		(115)			(108)
Long-term incentive compensation, shares	7,000
Stock-based compensation		440			446
Stock-based compensation, shares	6,000
Cash dividends declared			(1,734)		(1,734)
Net (loss) income			1,296		1,296
Balance, period end at Sep. 30, 2018		26,687	209,115	(2,027)	241,659
Balance, shares at Sep. 30, 2018	7,884,000
Balance, period start at Jun. 30, 2018		26,321	209,553	(2,044)	241,698
Balance, shares at Jun. 30, 2018	7,868,000
Net (loss) income					2,862
Balance, period end at Dec. 31, 2018		27,012	208,945	(2,059)	241,787
Balance, shares at Dec. 31, 2018	7,889,000
Balance, period start at Sep. 30, 2018		26,687	209,115	(2,027)	241,659
Balance, shares at Sep. 30, 2018	7,884,000
Stock options exercised		7			8
Stock options exercised, shares	1,000
Unrealized gain (loss) on available for sale investments, net of tax				(32)	(32)
Stock-based compensation		318			322
Stock-based compensation, shares	4,000
Cash dividends declared			(1,736)		(1,736)
Net (loss) income			1,566		1,566
Balance, period end at Dec. 31, 2018		27,012	208,945	(2,059)	241,787
Balance, shares at Dec. 31, 2018	7,889,000
Balance, period start at Jun. 30, 2019		27,512	170,004	8	$ 205,427
Balance, shares at Jun. 30, 2019	7,903,000				7,902,708
Unrealized gain (loss) on available for sale investments, net of tax				(8)	$ (8)
Long-term incentive compensation		109			109
Stock-based compensation		1,201			1,240
Stock-based compensation, shares	39,000
Cash dividends declared			(1,754)		(1,754)
Net (loss) income			9,551		9,551
Balance, period end at Sep. 30, 2019		28,822	177,759		214,523
Balance, shares at Sep. 30, 2019	7,942,000
Balance, period start at Jun. 30, 2019		27,512	170,004	$ 8	$ 205,427
Balance, shares at Jun. 30, 2019	7,903,000				7,902,708
Stock options exercised, shares					2,000
Net (loss) income					$ 4,167
Balance, period end at Dec. 31, 2019		30,732	170,559		$ 209,241
Balance, shares at Dec. 31, 2019	7,950,000				7,949,968
Adoption of ASU 2016-02 | Accounting Standards Update 2016-02 [Member]			(42)		$ (42)
Balance, period start at Sep. 30, 2019		28,822	177,759		214,523
Balance, shares at Sep. 30, 2019	7,942,000
Stock options exercised		19			21
Stock options exercised, shares	2,000
Long-term incentive compensation		104			104
Stock-based compensation		1,787			1,793
Stock-based compensation, shares	6,000
Cash dividends declared			(1,816)		(1,816)
Net (loss) income			(5,384)		(5,384)
Balance, period end at Dec. 31, 2019		$ 30,732	$ 170,559		$ 209,241
Balance, shares at Dec. 31, 2019	7,950,000				7,949,968

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES:
Net income	$ 4,167	$ 2,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,930	3,734
Deferred income taxes	(13)	(35)
Stock-based compensation expense	3,312	871
Change in provision for losses on accounts receivable	(178)	(86)
Change in reserve for VAT receivable	(943)
Gain on disposition of capital assets	(18,967)	(42)
Changes in operating assets and liabilities:
Trade receivables	(3,232)	(1,346)
Inventories	7,109	2,299
Other current assets	7,143	(1,980)
Other assets	176
Accounts payable - trade	1,849	3,590
Accrued liabilities	(4,165)	946
Other long-term liabilities	(409)	117
Net cash provided by operating activities	779	10,930
INVESTING ACTIVITIES:
Purchases of investments	(1,268)	(12,572)
Proceeds from sales of investments	1,269	20,515
Proceeds from sale of capital assets	19,652	42
Capital expenditures	(1,814)	(17,462)
Net cash provided by (used in) investing activities	17,839	(9,477)
FINANCING ACTIVITIES:
Dividends paid	(3,485)	(3,463)
Proceeds from issuance of common stock	21	52
Shares issued to employees, net of shares withheld	(67)	(211)
Net cash used in financing activities	(3,531)	(3,622)
Increase (decrease) in cash and cash equivalents	15,087	(2,169)
Cash and cash equivalents at beginning of period	22,247	27,750
Cash and cash equivalents at end of period	37,334	25,581
SUPPLEMENTAL INFORMATION
Income taxes paid (refunded), net	(4,623)	1,430
Capital expenditures in accounts payable	$ 135	$ 2,244

Basis Of Presentation And Descr

Basis Of Presentation And Description Of Business	6 Months Ended
	Dec. 31, 2019
Basis Of Presentation And Description Of Business [Abstract]
Basis Of Presentation And Description Of Business	1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS  BASIS OF PRESENTATION – The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and six months ended December 31 , 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.  DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries was incorporated in 1929 and is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Over the generations the Company has built a committed retail and consumer following based on its patented, guaranteed-for-life Blue Steel Spring TM – the all-riveted, high-carbon, steel-banded seating platform that gives upholstered and leather furniture the strength and comfort to last a lifetime. With offerings for use in home, healthcare, and recreational seating, the Company distributes its furniture throughout the United States and Canada through the Company’s sales force and various independent representatives.  RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”) and the related amendments. ASC 842 requires lessees to (i) recognize a right of use asset and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities.  The Company adopted ASC 842 utilizing the optional transition method, which allows guidance to be initially applied at the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected the package of practical expedients, which allows the Company to forgo reassessing prior conclusions on lease definition, classification and initial direct costs related to existing leases as of the adoption date. The Company has made an accounting policy election to not recognize short-term leases on the consolidated balance sheets and all non-lease components, such as common area maintenance, were excluded .

Leases

Leases	6 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	2. LEASES  Effective July 1, 2019, the Company adopted ASC 842, which resulted in a recognition of right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments and the ROU asset is measured a s the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term.  The Company leases distribution centers and warehouses, manufacturing facilities, showrooms and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of our leases include options to renew at similar terms. The Company assess es these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the l e ase term at the lease commencement date. The Company does not record leases with a term of 12 months or less on the Company’s consolidated balance sheets.  For purposes of measuring the Company’s ROU asset and lease liability, the discount rate utilized by the Company was based on the average interest rates effective for the Company’s two $10.0 million line s of credit. Some of the Company’s leases contain variable rent payments, including common area maintenance and utilities. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.    The components of the Company’s leases reflected on the Company’s consolidated statements of income were as follows:       Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2019  Operating lease expense $ 1,168 $ 2,341  Variable lease expense 64 129  Total lease expense $ 1,232 $ 2,470  Other information related to leases and future minimum lease payments under non-cancellable operating leases as of December 31, 2019 were as follows :       Six Months Ended  December 31,  2019  (in thousands)  Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases $ 1,990   Right-of-use assets obtained in exchange for lease liabilities:  Operating leases $ 3,604   Weighted-average remaining lease term (in years):  Operating leases 2.0   Weighted-average discount rate:  Operating leases 3.5%   Fiscal year  (in thousands)  Within one year $ 5,441  After one year and within two years 3,609  After two years and within three years 2,541  After three years and within four years 2,092  After four years and within five years 1,452  After five years —  Total future minimum lease payments $ 15,135  Less – Discount 991  Lease liability $ 14,144  Future minimum lease payments under non-cancellable operating l eases based on accounting standards applicable as of June 30, 2019 were as follows :       Fiscal year  (in thousands)  2020 $ 4,617  2021 3,990  2022 2,229  2023 1,283  2024 1,330  Thereafter —  Total future minimum lease payments $ 13,449

Inventories

Inventories	6 Months Ended
	Dec. 31, 2019
Inventories [Abstract]
Inventories	3. INVENTORIES  A comparison of inventories is as follows:        December 31, June 30,  (in thousands) 2019 2019  Raw materials $ 13,932 $ 14,182  Work in process and finished parts 7,080 6,408  Finished goods 65,538 73,069  Total $ 86,550 $ 93,659

Restructuring

Restructuring	6 Months Ended
	Dec. 31, 2019
Restructuring [Abstract]
Restructuring	4. RESTRUCTURING  On May 15, 2019, the Company announced its plans to exit the Commercial Office and custom-designed Hospitality product lines which represent ed approximately 7% of its revenue, and subsequently permanently closed its Riverside, California manufacturing facility. On September 26, 2019, the Company closed on the sale of the Riverside property resulting in net proceeds to the Company of $19.6 million after customary closing costs, prorations, and sales commissions and the Company recorded a pre-tax gain of $18.9 million. These actions were initial outcomes driven from customer and product line profitability and footprint utilization analyses completed in the fourth quarter of fiscal 2019 .  On June 18, 2019, the Company announced it completed the analysis and planning process and set forth the comprehensive transformation program to be executed over the next two years, which include d the previously announced restructuring activities on May 15, 2019 . The transformation program includes activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in work force over the next two years. The activities are designed to increase organizational effectiveness, gain manufacturing efficiencies and provide cost savings that can be invested in growing the business.  As a result of these planned actions, the Company expects to incur pre-tax restructuring and related expenses of approximately $48.0 to $53.0 million over this two -year timeframe of which $36.0 to $40.0 million will be cash and $12.0 to $13.0 million non-cash. In addition, the Company plans to list several properties for sale when the footprint optimization is completed. When sold, the Company expects to generate $45.0 to $55.0 million in proceeds (including the $19.6 million Riverside, California manufacturing facility discussed above) dependent upon market conditions at time of sale. Total cumulative restructuring and related costs incurred as of December 31, 2019 were $29.0 million.  The following is a summary of restructuring costs for the three and six months ended December 31, 2019.      Three Months Ended Six Months Ended  (in thousands) December 31, 2019 December 31, 2019  Inventory impairment $ 27 $ 206  One-time employee termination benefits 123 469  Other associated costs 4,944 10,602  Total restructuring and related expenses $ 5,094 $ 11,277  Reported as:  Cost of goods sold $ 27 $ 206  Operating expenses $ 5,067 $ 11,071  The c omponents of accrued restructuring costs are as follows:       Accrued Accrued  Restructuring Restructuring  June 30, December 31,  (in thousands) 2019 Cost Incurred Expenses Paid Non-Cash 2019  Inventory impairment $ — $ 206 $ — $ (206) $ —  One-time employee termination benefits 1,731 469 (1,835) — 365  Contract termination costs 249 — (82) — 167  Other associated costs 4,223 10,602 (12,093) (2,015) 717  Total $ 6,203 $ 11,277 $ (14,010) $ (2,221) $ 1,249

Credit Arrangements

Credit Arrangements	6 Months Ended
	Dec. 31, 2019
Credit Arrangements [Abstract]
Credit Arrangements	5. CREDIT ARRANGEMENTS  The Company maintains an unsecured credit agreement that provides short-term working capital financing up to $ 10.0 million with interest of LIBOR plus 1% ( 2.76% at Decem ber 3 1 , 2019 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at Decem ber 3 1 , 2019 totaled $1.3 million. Other than the outstanding letters of credit, the Company did not utilize borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of Decem ber 3 1 , 2019 . The credit agreement expires June 30, 2020. At Decem ber 3 1 , 2019 , the Company was in compliance with all of the financial covenants contained in the credit agreement.  The Company maintains an additional unsecured $10.0 million line of credit, with interest at prime minus 2% , ( 2.75% at December 31, 2019) that was scheduled to mature on December 31, 2019. Effective December 31, 2019, the Company renewed this unsecured $10.0 million line of credit, with interest at prime minus 2% , subject to a floor of 3.75% , and extended the maturity date to June 30, 2020. No amount was outstanding on the line of credit at Decem ber 3 1 , 2019 . 

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2019
Income Taxes [Abstract]
Income Taxes	6. INCOME TAXES  The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the quarters ended Decem ber 3 1 , 2019 and 2018 were 22.8% and 27.5% , respectively and for the six months ended December 31, 2019 and 2018 were 28.1% and 27.3% , respectively . 

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation	7. STOCK-BASED COMPENSATION  The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation , which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over one to three years. Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years. Stock-based compensation is included in selling, general and administrative, and restructuring expenses on the Consolidated Statements of Income. The stock-based compensation expense included in restructuring expense were for retention RSUs in connection with the Company’s restructuring plan. Forfeitures are recognized as incurred.  The following table is a summary of total stock-based compensation expense for the three and six months ended December 31, 2019 and December 31, 2018.       Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2018 2019 2018  Total stock-based compensation expense $ 1,897 $ 323 $ 3,077 $ 868   The Company has two stock-based compensation plans available for granting awards to employees and directors.  (1) Long-Term Incentive Compensation Plan (“LTICP”)  The LTICP provides for RSUs to be awarded to officers and key employees based on performance targets set by the Compensation Committee of the Board of Directors (the “Committee”). The Company selected fully-diluted earnings per share and total shareholder return as the performance goal for the three -year performance periods from July 1, 2017 – June 30, 2020 (“2018-2020”) and July 1, 2018 – June 30, 2021 (“2019-2021”). As of June 30, 2019, both the performance period 2018-2020 and 2019-2021 are no longer attainable. For the July 1, 2019 – June 30, 2022 (“2020-2022”) three -year performance period, the Committee selected Adjusted Earnings Before Interest and Tax with a defined percentage growth in fiscal year 2021 and 2022. Since the 2018-2020 and 2019-2021 performance periods are no longer attainable, only RSU’s granted for the 2020-2022 performance period are included in the table below for the Company’s unvested LTICP RSUs during the six months ended December 31, 2019:               Time Based Vest Performance Based Vest Total  Weighted average Weighted average Weighted average  fair value fair value fair value  (shares in thousands) Shares per share Shares per share Shares per share  Unvested as June 30, 2019 — $ — — $ — — $ —  Granted 44 16.90 66 16.75 110 16.81  Unvested as of December 31, 2019 44 $ 16.90 66 $ 16.75 110 $ 16.81  Total unrecognized stock-based compensation related to the unvested LTICP RSUs was $1.2 million as of December 31, 2019, which is expected to be recognized over a period of 2.5 years .  (2) 2013 Omnibus Stock Plan, 2006 and 2009 Stock Option Plans  The 2013 Omnibus Stock Plan is for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and performance units. No additional stock options can be granted under the 2006 and 2009 stock option plans.  Restricted shares and RSUs  A summary of the activity in the Company’s unvested restricted shares and unvested RSUs during the six months ended December 31, 2019 is as follows:      Weighted average  Shares fair value  (in thousands) per share  Unvested as June 30, 2019 55 $ 28.55  Granted 221 16.48  Vested (12) 31.80  Unvested as of December 31, 2019 264 $ 18.33  Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs was $2.1 million as of December 31, 20 1 9, which is expected to be recognized over a weighted average period of 1.3 years.  Options  A summary of the activity of the Company’s stock option plans as of December 31, 2019, is presented below:       Weighted  Shares Average  (in thousands) Exercise Price  Outstanding at June 30, 2019 225 $ 28.37  Granted 30 15.14  Exercised (2) 8.55  Cancelled (20) 34.59  Outstanding at December 31, 2019 233 $ 26.50  The following table summarizes information for options outstanding at December 3 1 , 2019 :      Options Weighted Average  Range of Outstanding Remaining Exercise  Prices (in thousands) Life (Years) Price  $ 8.55 - 15.14 41 7.7 $ 14.45  17.23 - 19.77 23 2.4 18.81  20.50 - 27.57 92 7.3 24.13  31.06 - 32.80 46 7.0 32.28  43.09 - 47.45 31 7.0 45.32  $ 8.55 - 47.45 233 6.8 $ 26.36  Total unrecognized stock-based compensation expense related to options was $0.2 million as of December 31, 2019, which is expected to be recognized over a period of 1.2 years.    Stock-based compensation granted outside a plan  During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plan s . Total unrecognized stock-based compensation expense related to options awarded outside a plan was $0.1 million as of December 31, 2019, which is expected to be recognized over a period of 1.5 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	8. EARNINGS PER SHARE  Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the Long-Term Incentive Compensation Plan and non-vested restricted stock units and restricted shares. The Company calculates the dilutive effect of outstanding options , restricted stock units and restricted shares using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares. In computing EPS for the quarter ended December 31, 2019, there are no dilutive shares as the Company reported a net loss. The reconciliation of the numerator and denominator of the basic and diluted earnings pers share calculation is as follows:         Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2018 2019 2018  Basic shares 7,944 7,885 7,936 7,880  Potential common shares:  Stock options — 20 6 33  Non-vested restricted stock units and restricted shares — 12 204 9  — 32 210 42  Diluted shares 7,944 7,917 8,146 7,922   Anti-dilutive shares — 141 254 115  Cash dividends declared per common share were $0.22 and $0.44 for the three months and six months ended December 3 1 , 2019 , respectively, and $0.22 and $0.44 for the three and six months ended December 31, 2018 , respectively .

Litigation

Litigation	6 Months Ended
	Dec. 31, 2019
Litigation [Abstract]
Litigation	9. LITIGATION Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site (the “Lane Street Site”) located in Elkhart, Indiana from the U.S. Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record of Decision selecting a remedy in August 2016 and estimated total costs to remediate of $3.6 million. In July 2017, the EPA issued a Special Notice Letter to the Company demanding that the Company perform the remedy selected and pay for the remediation cost and past response costs of $5.5 million. On October 12, 2017, the Company, after consultation with its insurance carriers, offered an amount, fully reimbursable by insurance coverage, to the EPA to resolve this matter. On November 6, 2017, the settlement offer extended on October 12, 2017 was rejected.  In April 2018, the EPA issued a Unilateral Administrative Order for Remedial Design and Remedial Action (the “Order”) against the Company. The Order was issued under Section 106(a) of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §9606(a). The Order directs the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount a $3.6 million , which as noted above, is the estimated cost of remedial work. The Company believes that financial assurance is not required because it meets the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On April 24, 2019, the Company signed an AOC with the EPA to conduct the upgradient investigation. The Company negotiated site access to the upgradient property over a period of months in 2019, followed by completion of sampling activities on that property on September 28-29, 2019. On November 22, 2019, the Company submitted a Data Summary Report with the data from those activities to the EPA. The EPA provided comments on the Data Summary Report on January 14, 2020. Meanwhile, on January 2, 2020, the Company entered into a First Amended Tolling Agreement with the EPA which extends the statute of limitations potential claims by EPA through August 24, 2020. The Company reflected a $3.6 million liability in the consolidated financial results for the fiscal year ended June 30, 2018. Despite the Company’s position that it did not cause nor contribute to the contamination, the Company continues to reflect this liability in the consolidated financials for the quarter ended December 31, 2019 in accordance with FASB issued Asset Retirement and Environmental Obligations (ASC 410-30) . The Company continues to evaluate the Order , its legal options and insurance coverages to assert its defense and recovery of current and future expenses related to this matter.  Employment Matters – The lawsuit entitled Juan Hernandez, et al. v. Flexsteel Industries, Inc . (“ Hernandez I ”), was filed on February 21, 2019 in the Superior Court for the County of Riverside by former employees Juan Hernandez and Richard Diaz (together, “Plaintiffs”). On April 29, 2019, Plaintiffs filed a second similarly titled lawsuit in the Superior Court for the County of Riverside (“ Hernandez II ”). Hernandez II is brought by the same attorneys as Hernandez I and features a single cause of action for civil penalties under the Private Attorneys General Act (“PAGA”). Flexsteel agreed to resolve both Hernandez I and Hernandez II in principle and on a class-wide basis for $0.5 million. That settlement will serve to resolve the claims of the two Plaintiffs, as well as the approximately 270 remaining members of the class unless an individual class member asks to be excluded. At present, the material terms of the settlement are captured in a Memorandum of Agreement. Flexsteel anticipates that obtaining final approval of the parties’ settlement from the court will take at least six months and potentially longer, such that any settlement payments will not be made until the fiscal year ended June 30, 2021. The settlement amount of $0.5 million, has been accrued in other current liabilities during the fiscal year ended June 30, 2019 and continues to reflect this liability in the consolidated financials for the quarter ended December 3 1 , 2019.  Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows. 

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Dec. 31, 2019
Assets Held For Sale [Abstract]
Assets Held For Sale	10 . ASSETS HELD FOR SALE  During the second quarter of fiscal 2019, the Company committed to a plan to sell assets located at the Company’s Harrison, Arkansas, Huntingburg, Indiana, and Dubuque, Iowa locations as part of the Company’s restructuring plan, see Note 4 Restructuring. A summary of the assets held for sale is included in the table below as of December 31, 2019.       Accumulated Net Book  Location Asset Category Cost Depreciation Value  (in thousands)  Dubuque, Iowa Airplane $ 2,593 $ (2,093) $ 500  Harrison, Arkansas Building & building improvements 1,382 (1,354) 28  Land & land improvements 92 (42) 50  Machinery & equipment 1,391 (1,391) —  Huntingburg, Indiana Building 855 (855) —  Land 51 — 51  $ 6,364 $ (5,735) $ 629  

Basis Of Presentation And Des_2

Basis Of Presentation And Description Of Business (Policies)	6 Months Ended
	Dec. 31, 2019
Basis Of Presentation And Description Of Business [Abstract]
Basis Of Presentation	BASIS OF PRESENTATION – The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and six months ended December 31 , 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries was incorporated in 1929 and is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Over the generations the Company has built a committed retail and consumer following based on its patented, guaranteed-for-life Blue Steel Spring TM – the all-riveted, high-carbon, steel-banded seating platform that gives upholstered and leather furniture the strength and comfort to last a lifetime. With offerings for use in home, healthcare, and recreational seating, the Company distributes its furniture throughout the United States and Canada through the Company’s sales force and various independent representatives.
Recently Adopted Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”) and the related amendments. ASC 842 requires lessees to (i) recognize a right of use asset and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities.  The Company adopted ASC 842 utilizing the optional transition method, which allows guidance to be initially applied at the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected the package of practical expedients, which allows the Company to forgo reassessing prior conclusions on lease definition, classification and initial direct costs related to existing leases as of the adoption date. The Company has made an accounting policy election to not recognize short-term leases on the consolidated balance sheets and all non-lease components, such as common area maintenance, were excluded .

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components Of Leases	   Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2019  Operating lease expense $ 1,168 $ 2,341  Variable lease expense 64 129  Total lease expense $ 1,232 $ 2,470 
Other Lease Information	   Six Months Ended  December 31,  2019  (in thousands)  Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases $ 1,990   Right-of-use assets obtained in exchange for lease liabilities:  Operating leases $ 3,604   Weighted-average remaining lease term (in years):  Operating leases 2.0   Weighted-average discount rate:  Operating leases 3.5%   Fiscal year  (in thousands)  Within one year $ 5,441  After one year and within two years 3,609  After two years and within three years 2,541  After three years and within four years 2,092  After four years and within five years 1,452  After five years —  Total future minimum lease payments $ 15,135  Less – Discount 991  Lease liability $ 14,144 
Future Minimum Lease Payments	   Fiscal year  (in thousands)  2020 $ 4,617  2021 3,990  2022 2,229  2023 1,283  2024 1,330  Thereafter —  Total future minimum lease payments $ 13,449 

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2019
Inventories [Abstract]
Comparison Of Inventories	   December 31, June 30,  (in thousands) 2019 2019  Raw materials $ 13,932 $ 14,182  Work in process and finished parts 7,080 6,408  Finished goods 65,538 73,069  Total $ 86,550 $ 93,659 

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Dec. 31, 2019
Restructuring [Abstract]
Summary Of Restructuring Costs	   Three Months Ended Six Months Ended  (in thousands) December 31, 2019 December 31, 2019  Inventory impairment $ 27 $ 206  One-time employee termination benefits 123 469  Other associated costs 4,944 10,602  Total restructuring and related expenses $ 5,094 $ 11,277  Reported as:  Cost of goods sold $ 27 $ 206  Operating expenses $ 5,067 $ 11,071 
Components Of Restructuring Costs	   Accrued Accrued  Restructuring Restructuring  June 30, December 31,  (in thousands) 2019 Cost Incurred Expenses Paid Non-Cash 2019  Inventory impairment $ — $ 206 $ — $ (206) $ —  One-time employee termination benefits 1,731 469 (1,835) — 365  Contract termination costs 249 — (82) — 167  Other associated costs 4,223 10,602 (12,093) (2,015) 717  Total $ 6,203 $ 11,277 $ (14,010) $ (2,221) $ 1,249 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Total Stock-Based Compensation Expense	   Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2018 2019 2018  Total stock-based compensation expense $ 1,897 $ 323 $ 3,077 $ 868 
Schedule Of Stock Option Plans	   Weighted  Shares Average  (in thousands) Exercise Price  Outstanding at June 30, 2019 225 $ 28.37  Granted 30 15.14  Exercised (2) 8.55  Cancelled (20) 34.59  Outstanding at December 31, 2019 233 $ 26.50 
Schedule Of Options Outstanding And Exercisable	   Options Weighted Average  Range of Outstanding Remaining Exercise  Prices (in thousands) Life (Years) Price  $ 8.55 - 15.14 41 7.7 $ 14.45  17.23 - 19.77 23 2.4 18.81  20.50 - 27.57 92 7.3 24.13  31.06 - 32.80 46 7.0 32.28  43.09 - 47.45 31 7.0 45.32  $ 8.55 - 47.45 233 6.8 $ 26.36 
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares	   Weighted average  Shares fair value  (in thousands) per share  Unvested as June 30, 2019 55 $ 28.55  Granted 221 16.48  Vested (12) 31.80  Unvested as of December 31, 2019 264 $ 18.33 
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares	  Time Based Vest Performance Based Vest Total  Weighted average Weighted average Weighted average  fair value fair value fair value  (shares in thousands) Shares per share Shares per share Shares per share  Unvested as June 30, 2019 — $ — — $ — — $ —  Granted 44 16.90 66 16.75 110 16.81  Unvested as of December 31, 2019 44 $ 16.90 66 $ 16.75 110 $ 16.81 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	   Three Months Ended Six Months Ended  December 31, December 31,  (in thousands) 2019 2018 2019 2018  Basic shares 7,944 7,885 7,936 7,880  Potential common shares:  Stock options — 20 6 33  Non-vested restricted stock units and restricted shares — 12 204 9  — 32 210 42  Diluted shares 7,944 7,917 8,146 7,922   Anti-dilutive shares — 141 254 115 

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	6 Months Ended
	Dec. 31, 2019
Assets Held For Sale [Abstract]
Summary Of Assets Held For Sale	   Accumulated Net Book  Location Asset Category Cost Depreciation Value  (in thousands)  Dubuque, Iowa Airplane $ 2,593 $ (2,093) $ 500  Harrison, Arkansas Building & building improvements 1,382 (1,354) 28  Land & land improvements 92 (42) 50  Machinery & equipment 1,391 (1,391) —  Huntingburg, Indiana Building 855 (855) —  Land 51 — 51  $ 6,364 $ (5,735) $ 629 

Leases (Narrative) (Details)

Leases (Narrative) (Details) - Unsecured Short-Term Agreement [Member] $ in Millions	6 Months Ended
	Dec. 31, 2019USD ($)loan
Short-term Debt [Line Items]
Credit agreement capacity | $	$ 10
Number of line of credit | loan	2

Leases (Components Of Leases) (

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 1,168	$ 2,341
Variable lease expense	64	129
Total lease expense	$ 1,232	$ 2,470

Leases (Other Lease Information

Leases (Other Lease Information) (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 1,990
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 3,604
Weighted-average remaining lease term (in years): Operating leases	2 years
Weighted-average discount rate: Operating leases	3.50%
Within one year	$ 5,441
After one year and within two years	3,609
After two years and within three years	2,541
After three years and within four years	2,092
After four years and within five years	1,452
Total future minimum lease payments	15,135
Less - Discount	991
Lease liability	$ 14,144

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2020	$ 4,617
2021	3,990
2022	2,229
2023	1,283
2024	1,330
Total future minimum lease payments	$ 13,449

Inventories (Comparison Of Inve

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Inventories [Abstract]
Raw materials	$ 13,932	$ 14,182
Work in process and finished parts	7,080	6,408
Finished goods	65,538	73,069
Total	$ 86,550	$ 93,659

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	Sep. 26, 2019	May 15, 2019	Dec. 31, 2019	Dec. 31, 2019	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of building			$ 26	$ 18,967
Expected restructuring costs			1,249	1,249	$ 6,203
Restructuring Charges			$ 5,067	$ 11,071
Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Percent of revenue related to restructuring plan		7.00%
Period of transformation program execution				2 years
Restructuring Charges				$ 29,000
Minimum [Member] | Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs					48,000
Expected restructuring costs, Cash					36,000
Expected restructuring costs, Non-cash					12,000
Expected generation of cash					45,000
Maximum [Member] | Exit The Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs					53,000
Expected restructuring costs, Cash					40,000
Expected restructuring costs, Non-cash					13,000
Expected generation of cash					$ 55,000
Manufacturing Facility [Member]
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of building	$ 19,600

Restructuring (Summary Of Restr

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 5,094	$ 11,277
Cost of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	27	206
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5,067	11,071
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	27	206
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	123	469
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4,944	$ 10,602

Restructuring (Components Of Re

Restructuring (Components Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Accrued Restructuring, Beginning balance		$ 6,203
Costs Incurred	$ 5,094	11,277
Expenses Paid		(14,010)
Non-Cash		(2,221)
Accrued Restructuring, Ending balance	1,249	1,249
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Costs Incurred	27	206
Non-Cash		(206)
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Restructuring, Beginning balance		1,731
Costs Incurred	123	469
Expenses Paid		(1,835)
Accrued Restructuring, Ending balance	365	365
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Restructuring, Beginning balance		249
Expenses Paid		(82)
Accrued Restructuring, Ending balance	167	167
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Restructuring, Beginning balance		4,223
Costs Incurred	4,944	10,602
Expenses Paid		(12,093)
Non-Cash		(2,015)
Accrued Restructuring, Ending balance	$ 717	$ 717

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details)	Dec. 31, 2019USD ($)
Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 4,000,000
Line of credit outstanding	1,300,000
Remaining borrowing amount available	8,700,000
Unsecured Short-Term Agreement [Member]
Short-term Debt [Line Items]
Credit agreement capacity	10,000,000
Line of credit outstanding	0
Unsecured Short-Term Agreement, Interest Rate 2.76% [Member] | Libor Plus 1 [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 10,000,000
Interest rate under prime rate	1.00%
Interest rate at period end	2.76%
Unsecured Short-Term Agreement, Interest Rate 2.75% [Member] | Prime Minus 2 [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 10,000,000
Interest rate under prime rate	2.00%
Interest rate at period end	2.75%
Unsecured Short-Term Agreement, Interest Rate 3.75% [Member] | Prime Minus 2 [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 10,000,000
Interest rate under prime rate	2.00%
Interest rate at period end	3.75%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Abstract]
Effective income tax rate	22.80%	27.50%	28.10%	27.30%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2018shares	Dec. 31, 2019USD ($)itemshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans | item		2
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation, expected period		1 year 2 months 12 days
Total unrecognized stock-based compensation expense related to options		$ 0.2
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares		$ 2.1
Total unrecognized stock-based compensation, expected period		1 year 3 months 18 days
2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
2020-2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans | shares	55,000
Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares		$ 1.2
Total unrecognized stock-based compensation, expected period		2 years 6 months
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable		10 years
Stock Option Plans, 2006 And 2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants | shares		0
Stock-based Compensation Outside A Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares		$ 0.1
Total unrecognized stock-based compensation, expected period		1 year 6 months
Minimum [Member] | Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		1 year
Maximum [Member] | Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 1,897	$ 323	$ 3,077	$ 868

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] shares in Thousands	6 Months Ended
	Dec. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares | shares	110
Unvested at the end of period, Shares | shares	110
Granted, Weighted average fair value per share | $ / shares	$ 16.81
Unvested at the end of period, Weighted average fair value | $ / shares	$ 16.81
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares | shares	44
Unvested at the end of period, Shares | shares	44
Granted, Weighted average fair value per share | $ / shares	$ 16.90
Unvested at the end of period, Weighted average fair value | $ / shares	$ 16.90
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares | shares	66
Unvested at the end of period, Shares | shares	66
Granted, Weighted average fair value per share | $ / shares	$ 16.75
Unvested at the end of period, Weighted average fair value | $ / shares	$ 16.75

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule Of Unvested Shares - Restricted Shares And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	6 Months Ended
	Dec. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	55
Granted, Shares | shares	221
Vested, Shares | shares	(12)
Unvested at the end of period, Shares | shares	264
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 28.55
Granted, Weighted average fair value per share | $ / shares	16.48
Vested, Weighted average fair value per share | $ / shares	31.80
Unvested at the end of period, Weighted average fair value | $ / shares	$ 18.33

Stock-Based Compensation (Sch_3

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	6 Months Ended
	Dec. 31, 2019$ / sharesshares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance | shares	225
Shares, Granted | shares	30
Shares, Exercised | shares	(2)
Shares, Cancelled | shares	(20)
Shares, Outstanding at ending balance | shares	233
Weighted Average Exercise Price, Outstanding at beginning balance | $ / shares	$ 28.37
Weighted Average Exercise Price, Granted | $ / shares	15.14
Weighted Average Exercise Price, Exercised | $ / shares	8.55
Weighted Average Exercise Price, Cancelled | $ / shares	34.59
Weighted Average Exercise Price, Outstanding at ending balance | $ / shares	$ 26.50

Stock-Based Compensation (Sch_4

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	6 Months Ended
	Dec. 31, 2019$ / sharesshares
8.55 - 15.44 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 8.55
Range of Price Upper	$ 15.14
Options Outstanding | shares	41
Weighted Average Remaining Life, Years	7 years 8 months 12 days
Weighted Average, Exercise Price	$ 14.45
17.23 - 19.77 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	17.23
Range of Price Upper	$ 19.77
Options Outstanding | shares	23
Weighted Average Remaining Life, Years	2 years 4 months 24 days
Weighted Average, Exercise Price	$ 18.81
20.50 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	20.50
Range of Price Upper	$ 27.57
Options Outstanding | shares	92
Weighted Average Remaining Life, Years	7 years 3 months 18 days
Weighted Average, Exercise Price	$ 24.13
31.06 - 32.80 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 32.80
Options Outstanding | shares	46
Weighted Average Remaining Life, Years	7 years
Weighted Average, Exercise Price	$ 32.28
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding | shares	31
Weighted Average Remaining Life, Years	7 years
Weighted Average, Exercise Price	$ 45.32
8.55 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	8.55
Range of Price Upper	$ 47.45
Options Outstanding | shares	233
Weighted Average Remaining Life, Years	6 years 9 months 18 days
Weighted Average, Exercise Price	$ 26.36

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Diluted	$ (0.68)	$ 0.20	$ 0.51	$ 0.36
Dividends declared per common share	$ 0.22	$ 0.22	$ 0.44	$ 0.44

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Basic shares	7,944	7,885	7,936	7,880
Stock options		20	6	33
Non-vested restricted stock units and restricted shares		12	204	9
Potential common shares, total		32	210	42
Diluted shares	7,944	7,917	8,146	7,922
Anti-dilutive shares		141	254	115

Litigation (Narrative) (Details

Litigation (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2019	Jul. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Estimated amount of possible loss				$ 5,500	$ 3,600
Environmental remediation		$ 3,600
Environmental remediation liability	$ 3,600		$ 3,600
Other current liabilities	7,068		7,913
Employment Matters [Member]
Loss Contingencies [Line Items]
Other current liabilities	500		$ 500
Amount awarded to other party	$ 500

Assets Held For Sale (Summary O

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Dec. 31, 2019USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 6,364
Accumulated Depreciation	(5,735)
Net Book Value	629
Airplane [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	2,593
Accumulated Depreciation	(2,093)
Net Book Value	500
Buildings And Building Improvements [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,382
Accumulated Depreciation	(1,354)
Net Book Value	28
Land and Land Improvements [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	92
Accumulated Depreciation	(42)
Net Book Value	50
Machinery and Equipment [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,391
Accumulated Depreciation	(1,391)
Building [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	855
Accumulated Depreciation	(855)
Land [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	51
Net Book Value	$ 51