Flexsteel Industries (FLXS) 10-Q 30 Oct 20 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	0-5151
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-0877
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,316,200
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 36,547	$ 48,197
Trade Receivables - less allowances: September 30, 2020, $1,745; June 30, 2020, $1,770	39,784	32,217
Inventories	75,738	70,565
Other	20,827	18,535
Assets held for sale	13,100	12,329
Total current assets	185,996	181,843
NONCURRENT ASSETS:
Property, plant and equipment, net	41,498	43,312
Operating lease right-of-use assets	10,418	8,683
Deferred income taxes		2,111
Other assets	1,297	1,310
TOTAL ASSETS	239,209	237,259
CURRENT LIABILITIES:
Accounts payable - trade	28,802	27,747
Current portion of operating lease liabilities	4,182	4,408
Accrued liabilities:
Payroll and related items	5,460	3,275
Insurance	3,168	3,787
Restructuring costs	1,527	1,961
Advertising	4,791	3,823
Environmental remediation	3,600	3,600
Other	6,642	4,861
Total current liabilities	58,172	53,462
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	9,485	7,607
Other liabilities	927	685
Total liabilities	68,584	61,754
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,065 shares issued and 7,437 outstanding as of September 30, 2020; and 8,008 shares issued and 7,876 outstanding as of June 30, 2020	8,065	8,008
Additional paid-in capital	32,315	31,748
Treasury stock, at cost; 628 shares and 132 shares as of September 30, 2020 and June 30, 2020, respectively	(10,563)	(1,563)
Retained earnings	140,808	137,312
Total shareholders' equity	170,625	175,505
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 239,209	$ 237,259

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,745	$ 1,770
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000	15,000
Common stock, issued	8,065	8,008
Common stock, outstanding	7,437	7,876
Treasury stock, shares	628	132

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Consolidated Statements Of Income [Abstract]
Net Sales	$ 105,239	$ 100,348
Cost of goods sold	82,424	83,127
Gross margin	22,815	17,221
Selling, general and administrative	14,175	17,475
Restructuring expense	1,381	6,004
Gain on disposal of assets due to restructuring	(652)	(18,941)
Operating income	7,911	12,683
Other income	49	86
Income before income taxes	7,960	12,769
Income tax provision	4,081	3,218
Net income	$ 3,879	$ 9,551
Weighted average number of common shares outstanding:
Basic	7,702	7,928
Diluted	7,908	8,190
Earnings per share of common stock
Basic	$ 0.50	$ 1.20
Diluted	$ 0.49	$ 1.17

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 3,879	$ 9,551
Other comprehensive loss:
Unrealized loss on securities		(13)
Reclassification of realized loss on securities to other income		2
Unrealized losses in securities before taxes		(11)
Income tax benefit related to securities losses		3
Net unrealized losses on securities		(8)
Other comprehensive loss, net of tax		(8)
Comprehensive income	$ 3,879	$ 9,543

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]	Treasury Stock [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance, period start at Jun. 30, 2019	$ 7,903	$ 27,512			$ 170,004	$ 8		$ 205,427
Unrealized gain on available for sale investments, net of tax						$ (8)		(8)
Stock-based compensation	39	1,310						1,349
Cash dividends declared					(1,754)			(1,754)
Net income					9,551			9,551
Balance, period end at Sep. 30, 2019	7,942	28,822		$ (42)	177,759		$ (42)	214,523
Balance, period start at Jun. 30, 2020	8,008	31,748	$ (1,563)		137,312			175,505
Stock-based compensation	2	954						956
Vesting of restricted stock units and restricted shares	55	(387)						(332)
Treasury stock purchases			(9,000)					(9,000)
Cash dividends declared					(383)			(383)
Net income					3,879			3,879
Balance, period end at Sep. 30, 2020	$ 8,065	$ 32,315	$ (10,563)		$ 140,808			$ 170,625

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019
Common stock, par value	$ 1	$ 1
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1	$ 1	$ 1

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 3,879	$ 9,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,360	2,484
Deferred income taxes	2,111	(13)
Stock-based compensation expense	954	1,416
Change in provision for losses on accounts receivable	(25)	(238)
Gain on disposition of capital assets	(637)	(18,941)
Changes in operating assets and liabilities:
Trade receivables	(7,542)	2,070
Inventories	(5,173)	91
Other current assets	(2,293)	7,468
Other assets	13	176
Accounts payable - trade	1,054	(3,809)
Accrued liabilities	3,870	(3,173)
Other long-term liabilities	243	(401)
Net cash used in operating activities	(2,186)	(3,319)
INVESTING ACTIVITIES:
Purchases of investments	(8)	(646)
Proceeds from sales of investments	8	646
Proceeds from sale of capital assets	679	19,625
Capital expenditures	(360)	(512)
Net cash provided by investing activities	319	19,113
FINANCING ACTIVITIES:
Dividends paid	(454)	(1,738)
Treasury stock purchases	(9,000)
Shares withheld for tax payments on vested restricted shares	(329)	(67)
Net cash used in financing activities	(9,783)	(1,805)
(Decrease) Increase in cash and cash equivalents	(11,650)	13,989
Cash and cash equivalents at beginning of period	48,197	22,247
Cash and cash equivalents at end of period	36,547	36,236
SUPPLEMENTAL INFORMATION
Income taxes paid (refunded), net	$ (388)	(4,746)
Capital expenditures in accounts payable		$ 142

Basis Of Presentation And Descr

Basis Of Presentation And Description Of Business	3 Months Ended
	Sep. 30, 2020
Basis Of Presentation And Description Of Business [Abstract]
Basis Of Presentation And Description Of Business	1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Product offerings include a wide variety of upholstered furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer network. COVID-19 - In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the fiscal year 2020 were impacted by COVID-19. During the three months ended September 30, 2020, we have seen improvement in our business conditions as retailers have reopened and orders have increased, however, we continue to see supply chain challenges faced by the furniture industry due to labor shortages specifically in Asia, limited availability of ocean containers, and inflationary pressures in key materials. The COVID-19 pandemic remains fluid and the extent of the impact to our business may be significant, however, we are unable to predict the extent or nature of these impacts at this time. 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 months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. 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, 2020, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (“Topic 326”)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for fiscal years beginning after December 15, 2019, with early adoption permitted for certain amendments. Topic 326 must be adopted by applying a cumulative effect adjustment to retained earnings. Effective July 1, 2020, the Company adopted Topic 326 and there was no impact to the Company’s financial statements.

Leases

Leases	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	2. LEASES The Company accounts for its leases in accordance with Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right of use asset (“ROU 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 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. 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 as 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 the Company’s leases include options to renew at similar terms. The Company assesses 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 lease term at the lease commencement date. For purposes of measuring the Company’s lease liability, the discount rate utilized by the Company was based on the Company’s line of credit as well as publicly available data for instruments with similar terms. 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 (in thousands) September 30, 2020 September 30, 2019 Operating lease expense $ 1,074 $ 1,173 Variable lease expense 69 65 Total lease expense $ 1,143 $ 1,238 Other information related to leases under non-cancellable operating leases were as follows: Three Months Ended September 30, 2020 September 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,035 $ 646 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 2,741 $ — Weighted-average remaining lease term (in years): Operating leases 1.6 1.9 Weighted-average discount rate: Operating leases 3.3 % 3.5 % Future minimum lease payments under non-cancellable operating leases are as follows as of September 30, 2020: (in thousands) Within one year $ 4,601 After one year and within two years 4,327 After two years and within three years 3,159 After three years and within four years 2,189 After four years and within five years 200 After five years — Total future minimum lease payments $ 14,476 Less – Discount 809 Lease liability $ 13,667

Inventories

Inventories	3 Months Ended
	Sep. 30, 2020
Inventories [Abstract]
Inventories	3. INVENTORIES A comparison of inventories is as follows: September 30, June 30, (in thousands) 2020 2020 Raw materials $ 11,684 $ 11,119 Work in process and finished parts 3,798 3,925 Finished goods 60,256 55,521 Total $ 75,738 $ 70,565

Restructuring

Restructuring	3 Months Ended
	Sep. 30, 2020
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 . The changes were initial outcomes driven from customer and product line profitability and footprint utilization analyses 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 a two year period, which includes 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. The Company has substantially completed the portion of the restructuring activities related to the exit of the Commercial Office and custom-designed Hospitality product lines. On April 28, 2020, the Company announced the exit of the Vehicle Seating and the remainder of the Hospitality product lines, and subsequently closed its Dubuque, Iowa and Starkville, Mississippi manufacturing facilities. The Company expects to complete the restructuring activities related to the exit of the Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021. As a result of these planned actions, the Company expects to incur pre-tax restructuring and related expenses of approximately $ 56.0 to $ 58.0 million over this two year timeframe of which $ 25.0 to $ 26.0 million will be cash and $ 31.0 to $ 32.0 million non-cash. In addition, the Company has listed several properties for sale as part of the footprint optimization. Total cumulative restructuring and related costs incurred as of September 30, 2020 were $ 56.6 million. The following is a summary of restructuring costs: Three Months Ended (in thousands) September 30, 2020 September 30, 2019 Inventory impairment $ — $ 179 One-time employee termination benefits 179 346 Other associated costs 1,202 5,658 Total restructuring and related expenses $ 1,381 $ 6,183 Reported as: Cost of goods sold $ — $ 179 Operating expenses $ 1,381 $ 6,004 Other associated costs include legal and professional fees, stock-based compensation expense for retention restricted stock units in connection with the Company’s restructuring plan, on-going facilities and transition costs. The rollforward of the accrued restructuring costs is as follows: One-time Employee Contract Other Termination Termination Associated (in thousands) Benefits Costs Costs Total Accrual balance at June 30, 2020 $ 1,613 $ 110 $ 238 $ 1,961 Costs incurred 179 — 1,202 1,381 Expenses paid ( 411 ) ( 110 ) ( 1,076 ) ( 1,597 ) Non-cash — — ( 218 ) ( 218 ) Accrual balance at September 30, 2020 $ 1,381 $ — $ 146 $ 1,527

Assets Held For Sale

Assets Held For Sale	3 Months Ended
	Sep. 30, 2020
Assets Held For Sale [Abstract]
Assets Held For Sale	5. ASSETS HELD FOR SALE During the first quarter of the fiscal year 2021, the Company committed to a plan to sell assets located at its Lancaster, Pennsylvania location. In the prior fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Harrison, Arkansas, Dubuque, Iowa, and Starkville, Mississippi locations. The commitment to sell these assets are 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 September 30, 2020. Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Dubuque, Iowa Building & building improvements $ 24,524 $ ( 16,295 ) $ 8,229 Land & land improvements 1,497 ( 6 ) 1,491 Machinery & equipment 8,018 ( 6,377 ) 1,641 Total Dubuque 34,039 ( 22,678 ) 11,361 Lancaster, Pennsylvania Building & building improvements 2,857 ( 2,053 ) 804 Land & land improvements 41 — 41 Total Lancaster 2,898 ( 2,053 ) 845 Starkville, Mississippi Building & building improvements 4,615 ( 4,254 ) 361 Land & land improvements 694 ( 439 ) 255 Machinery & equipment 5,411 ( 5,183 ) 228 Total Starkville 10,720 ( 9,876 ) 844 Harrison, Arkansas Building & building improvements 1,000 ( 1,000 ) — Land & land improvements 86 ( 36 ) 50 Machinery & equipment 1,330 ( 1,330 ) — Total Harrison 2,416 ( 2,366 ) 50 Total assets held for sale $ 50,073 $ ( 36,973 ) $ 13,100

Credit Arrangements

Credit Arrangements	3 Months Ended
	Sep. 30, 2020
Credit Arrangements [Abstract]
Credit Arrangements	6. CREDIT ARRANGEMENTS On August 28, 2020, the Company entered into a new two year secured $ 25.0 million revolving line of credit with Dubuque Bank and Trust Company, with interest of 1.50 % plus LIBOR, subject to a floor of 3.00 %. The revolving line of credit is secured by essentially all the Company’s assets, excluding real property and requires the Company maintain compliance with certain financial and non-financial covenants. The revolving line of credit matures on August 28, 2022 . There was no outstanding amount under the revolving line of credit as of September 30, 2020. Letters of credit outstanding at Wells Fargo Bank N.A. (“Wells”) as of September 30, 2020, totaled $ 1.2 million, of which $ 1.3 million of the Company’s cash held at Wells is pledged as collateral.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2020
Income Taxes [Abstract]
Income Taxes	7. 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 September 30, 2020 and 2019 were 51.3 % and 25.2 %, respectively. The increase in the Company’s effective tax rate compared to the prior year quarter was primarily due to the Company’s prior expectation during the quarter ended June 30, 2020 that it would generate a net operating loss for tax purposes during the fiscal year ended June 30, 2021, and the net operating loss would be carried back up to 5 preceding taxable years at prior years’ statutory rates as provided by the Coronavirus Aid, Relief, and Economic Security Act. The Company now expects to generate a net operating profit for tax purposes during the fiscal year ended June 30, 2021, so certain deferred tax assets were remeasured to the current statutory rate of 21 % while other deferred tax assets are no longer expected to be realizable and, as a result, the Company recorded an additional tax expense of $ 2.1 million during the quarter. The effective tax rate for the remaining nine months of the fiscal year ending June 30, 2021 is expected to be 25 % to 26 %.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	8. 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 1 to 3 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 months ended September 30, 2020. Three Months Ended September 30, (in thousands) 2020 2019 Total stock-based compensation expense $ 954 $ 1,180 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 period from July 1, 2018 – June 30, 2021 (“2019-2021”). As of June 30, 2019, the performance period 2019-2021 is no longer attainable. For the July 1, 2019 – June 30, 2022 (“2020-2022”) and the July 1, 2020 – June 30, 2023 (“2021-2023”) three year performance periods, the Committee selected Adjusted Earnings Before Interest and Tax with a defined percentage growth in fiscal year 2021 and 2022 as the performance goal. Since the 2019-2021 performance period is no longer attainable, only RSUs granted for the 2020-2022 and 2021-2023 performance periods are included in the table below for the Company’s unvested LTICP RSUs during the three months ended September 30, 2020: 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, 2020 44 $ 16.90 44 $ 16.76 88 $ 16.83 Granted 64 12.01 99 12.01 163 12.01 Unvested as of September 30, 2020 108 $ 13.98 143 $ 13.47 251 $ 13.69 Total unrecognized stock-based compensation related to the unvested LTICP RSUs at performance target was $ 2.6 million as of September 30, 2020, which is expected to be recognized over a period of 2.4 years. (2) 2013 Omnibus Stock Plan 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. Restricted shares and RSUs A summary of the activity in the Company’s unvested restricted shares and unvested RSUs during the three months ended September 30, 2020 is as follows: Weighted average Shares fair value (in thousands) per share Unvested as June 30, 2020 189 $ 15.24 Granted 2 12.15 Vested ( 86 ) 16.92 Forfeited ( 1 ) 15.65 Unvested as of September 30, 2020 104 $ 17.00 Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs was $ 0.5 million as of September 30, 2020, which is expected to be recognized over a weighted average period of 0.7 years. Options A summary of the activity of the Company’s stock option plans as of September 30, 2020, is presented below: Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2020 223 $ 23.70 Granted 37 12.77 Outstanding at September 30, 2020 260 $ 22.15 The following table summarizes information for options outstanding at September 20, 2020: Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 8.55 - 15.14 108 8.6 $ 12.62 17.23 - 19.77 21 1.5 18.86 20.50 - 27.57 68 5.6 23.81 31.06 - 32.80 37 5.6 32.20 43.09 - 47.45 26 6.0 45.36 $ 8.55 - 47.45 260 6.5 $ 22.15 Total unrecognized stock-based compensation expense related to options was $ 0.04 million as of September 30, 2020, which is expected to be recognized over a period of 1.5 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 plans. During the quarter ended June 30, 2020, the Company awarded its Chief Financial Officer/Chief Operating Officer 79,000 options outside of any Company’s stock plans. Total unrecognized stock-based compensation expense related to options awarded outside a plan was $ 0.1 million as of September 30, 2020, which is expected to be recognized over a period of 2.2 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	9. 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. Three Months Ended September 30, (in thousands) 2020 2019 Basic shares 7,702 7,928 Potential common shares: Stock options 72 4 Non-vested restricted stock units and restricted shares 134 258 206 262 Diluted shares 7,908 8,190 Anti-dilutive shares 200 254 Cash dividends declared per common share were $ 0.05 and $ 0.22 for the three months ended September 30, 2020 and 2019, respectively.

Litigation

Litigation	3 Months Ended
	Sep. 30, 2020
Litigation [Abstract]
Litigation	10. 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. Following multiple exchanges from November 2019 through early 2020, the Company submitted a final and supplemental report to the EPA regarding the results of the upgradient investigation on June 17, 2020. On July 13, 2020, the Company further entered in to a Second Amended Tolling Agreement that tolls the statute of limitations for potential claims by the EPA through February 24, 2021. The Company reflected a $ 3.6 million liability in the consolidated balance sheets 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 balance sheets as of September 30, 2020 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”). The Company 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 Long-Form Settlement Agreement. The Company anticipates that obtaining final approval of the parties’ settlement from the court will take at least three months and potentially longer, such that any settlement payments will be made during 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 balance sheets as of September 30, 2020. 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.

Basis Of Presentation And Des_2

Basis Of Presentation And Description Of Business (Policies)	3 Months Ended
	Sep. 30, 2020
Basis Of Presentation And Description Of Business [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Product offerings include a wide variety of upholstered furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer network.
COVID-19	COVID-19 - In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the fiscal year 2020 were impacted by COVID-19. During the three months ended September 30, 2020, we have seen improvement in our business conditions as retailers have reopened and orders have increased, however, we continue to see supply chain challenges faced by the furniture industry due to labor shortages specifically in Asia, limited availability of ocean containers, and inflationary pressures in key materials. The COVID-19 pandemic remains fluid and the extent of the impact to our business may be significant, however, we are unable to predict the extent or nature of these impacts at this time.
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 months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. 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, 2020, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.
Recently Adopted Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (“Topic 326”)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for fiscal years beginning after December 15, 2019, with early adoption permitted for certain amendments. Topic 326 must be adopted by applying a cumulative effect adjustment to retained earnings. Effective July 1, 2020, the Company adopted Topic 326 and there was no impact to the Company’s financial statements.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Components Of Leases	Three Months Ended (in thousands) September 30, 2020 September 30, 2019 Operating lease expense $ 1,074 $ 1,173 Variable lease expense 69 65 Total lease expense $ 1,143 $ 1,238
Other Lease Information	Three Months Ended September 30, 2020 September 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,035 $ 646 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 2,741 $ — Weighted-average remaining lease term (in years): Operating leases 1.6 1.9 Weighted-average discount rate: Operating leases 3.3 % 3.5 %
Future Minimum Lease Payments	(in thousands) Within one year $ 4,601 After one year and within two years 4,327 After two years and within three years 3,159 After three years and within four years 2,189 After four years and within five years 200 After five years — Total future minimum lease payments $ 14,476 Less – Discount 809 Lease liability $ 13,667

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2020
Inventories [Abstract]
Comparison Of Inventories	September 30, June 30, (in thousands) 2020 2020 Raw materials $ 11,684 $ 11,119 Work in process and finished parts 3,798 3,925 Finished goods 60,256 55,521 Total $ 75,738 $ 70,565

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Sep. 30, 2020
Restructuring [Abstract]
Summary Of Restructuring Costs	Three Months Ended (in thousands) September 30, 2020 September 30, 2019 Inventory impairment $ — $ 179 One-time employee termination benefits 179 346 Other associated costs 1,202 5,658 Total restructuring and related expenses $ 1,381 $ 6,183 Reported as: Cost of goods sold $ — $ 179 Operating expenses $ 1,381 $ 6,004
Components Of Restructuring Costs	One-time Employee Contract Other Termination Termination Associated (in thousands) Benefits Costs Costs Total Accrual balance at June 30, 2020 $ 1,613 $ 110 $ 238 $ 1,961 Costs incurred 179 — 1,202 1,381 Expenses paid ( 411 ) ( 110 ) ( 1,076 ) ( 1,597 ) Non-cash — — ( 218 ) ( 218 ) Accrual balance at September 30, 2020 $ 1,381 $ — $ 146 $ 1,527

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	3 Months Ended
	Sep. 30, 2020
Assets Held For Sale [Abstract]
Summary Of Assets Held For Sale	Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Dubuque, Iowa Building & building improvements $ 24,524 $ ( 16,295 ) $ 8,229 Land & land improvements 1,497 ( 6 ) 1,491 Machinery & equipment 8,018 ( 6,377 ) 1,641 Total Dubuque 34,039 ( 22,678 ) 11,361 Lancaster, Pennsylvania Building & building improvements 2,857 ( 2,053 ) 804 Land & land improvements 41 — 41 Total Lancaster 2,898 ( 2,053 ) 845 Starkville, Mississippi Building & building improvements 4,615 ( 4,254 ) 361 Land & land improvements 694 ( 439 ) 255 Machinery & equipment 5,411 ( 5,183 ) 228 Total Starkville 10,720 ( 9,876 ) 844 Harrison, Arkansas Building & building improvements 1,000 ( 1,000 ) — Land & land improvements 86 ( 36 ) 50 Machinery & equipment 1,330 ( 1,330 ) — Total Harrison 2,416 ( 2,366 ) 50 Total assets held for sale $ 50,073 $ ( 36,973 ) $ 13,100

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Total Stock-Based Compensation Expense	Three Months Ended September 30, (in thousands) 2020 2019 Total stock-based compensation expense $ 954 $ 1,180
Schedule Of Stock Option Plans	Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2020 223 $ 23.70 Granted 37 12.77 Outstanding at September 30, 2020 260 $ 22.15
Schedule Of Options Outstanding And Exercisable	Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 8.55 - 15.14 108 8.6 $ 12.62 17.23 - 19.77 21 1.5 18.86 20.50 - 27.57 68 5.6 23.81 31.06 - 32.80 37 5.6 32.20 43.09 - 47.45 26 6.0 45.36 $ 8.55 - 47.45 260 6.5 $ 22.15
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, 2020 189 $ 15.24 Granted 2 12.15 Vested ( 86 ) 16.92 Forfeited ( 1 ) 15.65 Unvested as of September 30, 2020 104 $ 17.00
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, 2020 44 $ 16.90 44 $ 16.76 88 $ 16.83 Granted 64 12.01 99 12.01 163 12.01 Unvested as of September 30, 2020 108 $ 13.98 143 $ 13.47 251 $ 13.69

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	Three Months Ended September 30, (in thousands) 2020 2019 Basic shares 7,702 7,928 Potential common shares: Stock options 72 4 Non-vested restricted stock units and restricted shares 134 258 206 262 Diluted shares 7,908 8,190 Anti-dilutive shares 200 254

Leases (Components Of Leases) (

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 1,074	$ 1,173
Variable lease expense	69	65
Total lease expense	$ 1,143	$ 1,238

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 1,035	$ 646
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 2,741
Weighted-average remaining lease term (in years): Operating leases	1 year 7 months 6 days	1 year 10 months 24 days
Weighted-average discount rate: Operating leases	3.30%	3.50%

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
Within one year	$ 4,601
After one year and within two years	4,327
After two years and within three years	3,159
After three years and within four years	2,189
After four years and within five years	200
Total future minimum lease payments	14,476
Less - Discount	809
Lease liability	$ 13,667

Inventories (Comparison Of Inve

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Inventories [Abstract]
Raw materials	$ 11,684	$ 11,119
Work in process and finished parts	3,798	3,925
Finished goods	60,256	55,521
Total	$ 75,738	$ 70,565

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 1,527		$ 1,961
Restructuring Charges	$ 1,381	$ 6,004
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution	2 years
Restructuring Charges	$ 56,600
Minimum [Member] | Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			56,000
Expected restructuring costs, Cash			25,000
Expected restructuring costs, Non-cash			31,000
Maximum [Member] | Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs			58,000
Expected restructuring costs, Cash			26,000
Expected restructuring costs, Non-cash			$ 32,000

Restructuring (Summary Of Restr

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,381	$ 6,183
Cost Of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		179
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,381	6,004
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		179
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	179	346
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,202	$ 5,658

Restructuring (Components Of Re

Restructuring (Components Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	$ 1,961
Costs incurred	1,381	$ 6,183
Expenses paid	(1,597)
Non-cash	(218)
Accrual, Ending balance	1,527
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	1,613
Costs incurred	179	346
Expenses paid	(411)
Accrual, Ending balance	1,381
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	110
Expenses paid	(110)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	238
Costs incurred	1,202	$ 5,658
Expenses paid	(1,076)
Non-cash	(218)
Accrual, Ending balance	$ 146

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	Sep. 30, 2020USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 50,073
Accumulated Depreciation	(36,973)
Net Book Value	13,100
Dubuque, Iowa [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	34,039
Accumulated Depreciation	(22,678)
Net Book Value	11,361
Lancaster, Pennsylvania [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	2,898
Accumulated Depreciation	(2,053)
Net Book Value	845
Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	10,720
Accumulated Depreciation	(9,876)
Net Book Value	844
Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	2,416
Accumulated Depreciation	(2,366)
Net Book Value	50
Buildings And Building Improvements [Member] | Dubuque, Iowa [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	24,524
Accumulated Depreciation	(16,295)
Net Book Value	8,229
Buildings And Building Improvements [Member] | Lancaster, Pennsylvania [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	2,857
Accumulated Depreciation	(2,053)
Net Book Value	804
Buildings And Building Improvements [Member] | Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	4,615
Accumulated Depreciation	(4,254)
Net Book Value	361
Buildings And Building Improvements [Member] | Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,000
Accumulated Depreciation	(1,000)
Land and Land Improvements [Member] | Dubuque, Iowa [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,497
Accumulated Depreciation	(6)
Net Book Value	1,491
Land and Land Improvements [Member] | Lancaster, Pennsylvania [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	41
Net Book Value	41
Land and Land Improvements [Member] | Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	255
Land and Land Improvements [Member] | Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	86
Accumulated Depreciation	(36)
Net Book Value	50
Machinery And Equipment [Member] | Dubuque, Iowa [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	8,018
Accumulated Depreciation	(6,377)
Net Book Value	1,641
Machinery And Equipment [Member] | Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	5,411
Accumulated Depreciation	(5,183)
Net Book Value	228
Machinery And Equipment [Member] | Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,330
Accumulated Depreciation	$ (1,330)

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) - USD ($)	Aug. 28, 2020	Sep. 30, 2020
Unsecured Short-Term Agreement, Interest Rate 1% [Member]
Short-term Debt [Line Items]
Line of credit outstanding		$ 1,200,000
Cash held as collateral		1,300,000
Secured Credit Agreement [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 25,000,000
Line of credit outstanding		$ 0
Credit facility, expiration date		Aug. 28, 2022
Debt term		2 years
Secured Credit Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Interest rate under prime rate	3.00%
Secured Credit Agreement [Member] | Libor Plus 1 [Member]
Short-term Debt [Line Items]
Basis spread on interest rate	1.50%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Tax Credit Carryforward [Line Items]
Effective federal statutory income tax rate	21.00%
Effective income tax rate	51.30%	25.20%
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 2.1
Carryback years	5 years
Minimum [Member] | Remaining Months Of Current Fiscal Year [Member]
Tax Credit Carryforward [Line Items]
Effective income tax rate	25.00%
Maximum [Member] | Remaining Months Of Current Fiscal Year [Member]
Tax Credit Carryforward [Line Items]
Effective income tax rate	26.00%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)itemshares	Jun. 30, 2020shares	Sep. 30, 2019USD ($)	Dec. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans | item	2
Shares, Granted | shares	37,000
Total stock-based compensation expense	$ 954		$ 1,180
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation, expected period	1 year 6 months
Total unrecognized stock-based compensation expense related to options	$ 40
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	$ 500
Total unrecognized stock-based compensation, expected period	8 months 12 days
2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
2020-2022 And 2021-2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
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	$ 2,600
Total unrecognized stock-based compensation, expected period	2 years 4 months 24 days
Stock Option Plans [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable	10 years
Stock-based Compensation Outside A Plan [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans | shares				55,000
Total unrecognized stock-based compensation related to unvested shares	$ 100
Total unrecognized stock-based compensation, expected period	2 years 2 months 12 days
Stock-based Compensation Outside A Plan [Member] | Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans | shares		79,000
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
	Sep. 30, 2020	Sep. 30, 2019
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 954	$ 1,180

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	3 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	88
Granted, Shares | shares	163
Unvested at the end of period, Shares | shares	251
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 16.83
Granted, Weighted average fair value per share | $ / shares	12.01
Unvested at the end of period, Weighted average fair value | $ / shares	$ 13.69
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	44
Granted, Shares | shares	64
Unvested at the end of period, Shares | shares	108
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 16.90
Granted, Weighted average fair value per share | $ / shares	12.01
Unvested at the end of period, Weighted average fair value | $ / shares	$ 13.98
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	44
Granted, Shares | shares	99
Unvested at the end of period, Shares | shares	143
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 16.76
Granted, Weighted average fair value per share | $ / shares	12.01
Unvested at the end of period, Weighted average fair value | $ / shares	$ 13.47

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	3 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	189
Granted, Shares | shares	2
Vested, Shares | shares	(86)
Forfeited, Shares | shares	(1)
Unvested at the end of period, Shares | shares	104
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 15.24
Granted, Weighted average fair value per share | $ / shares	12.15
Vested, Weighted average fair value per share | $ / shares	16.92
Forfeited, Weighted average fair value per share | $ / shares	15.65
Unvested at the end of period, Weighted average fair value | $ / shares	$ 17

Stock-Based Compensation (Sch_3

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2020$ / sharesshares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance | shares	223
Shares, Granted | shares	37
Shares, Outstanding at ending balance | shares	260
Weighted Average Exercise Price, Outstanding at beginning balance | $ / shares	$ 23.70
Weighted Average Exercise Price, Granted | $ / shares	12.77
Weighted Average Exercise Price, Outstanding at ending balance | $ / shares	$ 22.15

Stock-Based Compensation (Sch_4

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2020$ / sharesshares
8.55 - 15.14 [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	108
Weighted Average Remaining Life, Years	8 years 7 months 6 days
Weighted Average, Exercise Price	$ 12.62
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	21
Weighted Average Remaining Life, Years	1 year 6 months
Weighted Average, Exercise Price	$ 18.86
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	68
Weighted Average Remaining Life, Years	5 years 7 months 6 days
Weighted Average, Exercise Price	$ 23.81
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	37
Weighted Average Remaining Life, Years	5 years 7 months 6 days
Weighted Average, Exercise Price	$ 32.20
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	26
Weighted Average Remaining Life, Years	6 years
Weighted Average, Exercise Price	$ 45.36
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	260
Weighted Average Remaining Life, Years	6 years 6 months
Weighted Average, Exercise Price	$ 22.15

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Dividends declared per common share	$ 0.05	$ 0.22

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Basic shares	7,702	7,928
Stock options	72	4
Non-vested restricted stock units and restricted shares	134	258
Potential common shares, total	206	262
Diluted shares	7,908	8,190
Anti-dilutive shares	200	254

Litigation (Narrative) (Details

Litigation (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Jul. 31, 2017USD ($)	Sep. 30, 2020USD ($)plaintiffitem	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2018USD ($)	Aug. 31, 2016USD ($)
Loss Contingencies [Line Items]
Estimated amount of possible loss							$ 3,600
Environmental remediation	$ 3,600	$ 5,500
Environmental remediation liability			$ 3,600		$ 3,600
Other current liabilities			6,642		4,861
Liabilities			$ 68,584		$ 61,754	$ 3,600
Employment Matters [Member]
Loss Contingencies [Line Items]
Settlement				$ 500
Number of plaintiffs | plaintiff			2
Number of class members | item			270
Settlement approval period			3 months
Other current liabilities				$ 500