Flexsteel Industries (FLXS) 10-Q 29 Apr 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	0-5151
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		5,562,867
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 3,403	$ 1,342
Trade receivables - less allowances: March 31, 2022, $3,460, June 30, 2021, $3,240	44,524	55,986
Inventories	154,118	161,125
Other	6,882	9,421
Assets held for sale	616	666
Total current assets	209,543	228,540
NONCURRENT ASSETS:
Property, plant and equipment, net	38,723	39,783
Operating lease right-of-use assets	39,695	27,057
Other assets	1,917	1,399
TOTAL ASSETS	289,878	296,779
CURRENT LIABILITIES:
Accounts payable - trade	39,274	67,773
Current portion of operating lease liabilities	6,495	5,833
Accrued liabilities:
Payroll and related items	6,185	7,662
Insurance	2,955	3,062
Restructuring costs	2,454	1,522
Advertising	4,333	5,196
Environmental remediation	3,570	3,570
Other	5,876	5,133
Total current liabilities	71,142	99,751
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	35,955	24,317
Lines of credit	41,593	3,500
Other liabilities	588	1,243
Total liabilities	149,278	128,811
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,159 shares issued and 5,656 outstanding as of March 31, 2022; 8,133 shares issued and 6,848 outstanding as of June 30, 2021	8,159	8,133
Additional paid-in capital	35,364	34,015
Treasury stock, at cost; 2,503 shares and 1,284 shares as of March 31, 2022, and June 30, 2021, respectively	(59,278)	(31,320)
Retained earnings	156,355	157,140
Total shareholders' equity	140,600	167,968
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 289,878	$ 296,779

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 3,460	$ 3,240
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000	15,000
Common stock, issued	8,159	8,133
Common stock, outstanding	5,656	6,848
Treasury stock, shares	2,503	1,284

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements Of Income [Abstract]
Net sales	$ 140,408	$ 118,408	$ 419,765	$ 342,753
Cost of goods sold	118,337	95,284	364,757	272,436
Gross margin	22,071	23,124	55,008	70,317
Selling, general and administrative expenses	16,316	16,292	52,642	49,378
Restructuring (income) expense	(59)	480	715	2,724
(Gain) on disposal of assets due to restructuring			(1,400)	(5,881)
Operating income	5,814	6,352	3,051	24,096
Interest expense	176		602
Other (income)	(14)	(59)	(116)	(270)
Income before income taxes	5,652	6,411	2,565	24,366
Income tax provision	336	1,533	441	7,159
Net income	$ 5,316	$ 4,878	$ 2,124	$ 17,207
Weighted average number of common shares outstanding:
Basic	6,330	6,998	6,615	7,316
Diluted	6,494	7,270	6,842	7,551
Earnings per share of common stock:
Basic	$ 0.84	$ 0.70	$ 0.32	$ 2.35
Diluted	$ 0.82	$ 0.67	$ 0.31	$ 2.28

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]	Total
Balance, beginning 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, ending at Sep. 30, 2020	8,065	32,315	(10,563)	140,808	170,625
Balance, beginning at Jun. 30, 2020	8,008	31,748	(1,563)	137,312	175,505
Net income					17,207
Balance, ending at Mar. 31, 2021	8,125	33,100	(30,048)	152,349	163,526
Balance, beginning at Sep. 30, 2020	8,065	32,315	(10,563)	140,808	170,625
Stock-based compensation	10	1,017			1,027
Stock options exercised	7	41			48
Treasury stock purchases			(11,013)		(11,013)
Cash dividends declared				(730)	(730)
Net income				8,450	8,450
Balance, ending at Dec. 31, 2020	8,082	33,373	(21,576)	148,528	168,407
Stock-based compensation	3	772			775
Vesting of restricted stock units and restricted shares	40	(1,045)			(1,005)
Treasury stock purchases			(8,472)		(8,472)
Cash dividends declared				(1,057)	(1,057)
Net income				4,878	4,878
Balance, ending at Mar. 31, 2021	8,125	33,100	(30,048)	152,349	163,526
Balance, beginning at Jun. 30, 2021	8,133	34,015	(31,320)	157,140	167,968
Stock-based compensation	3	1,159			1,162
Vesting of restricted stock units and restricted shares	7	(257)			(250)
Treasury stock purchases			(1,915)		(1,915)
Cash dividends declared				(1,047)	(1,047)
Net income				4,353	4,353
Balance, ending at Sep. 30, 2021	8,143	34,917	(33,235)	160,446	170,271
Balance, beginning at Jun. 30, 2021	8,133	34,015	(31,320)	157,140	167,968
Net income					2,124
Balance, ending at Mar. 31, 2022	8,159	35,364	(59,278)	156,355	140,600
Balance, beginning at Sep. 30, 2021	8,143	34,917	(33,235)	160,446	170,271
Stock-based compensation	4	1,016			1,020
Vesting of restricted stock units and restricted shares	(2)	(42)			(44)
Stock options exercised	8	110			118
Treasury stock purchases			(7,743)		(7,743)
Cash dividends declared				(1,013)	(1,013)
Net income				(7,545)	(7,545)
Balance, ending at Dec. 31, 2021	8,153	36,001	(40,978)	151,888	155,064
Stock-based compensation	6	(637)			(631)
Treasury stock purchases			(18,300)		(18,300)
Cash dividends declared				(849)	(849)
Net income				5,316	5,316
Balance, ending at Mar. 31, 2022	$ 8,159	$ 35,364	$ (59,278)	$ 156,355	$ 140,600

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Common stock, par value	$ 1
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net income	$ 2,124	$ 17,207
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	3,983	3,938
Deferred income taxes		2,111
Stock-based compensation expense	1,551	2,758
Change in provision for losses on accounts receivable	220	1,280
Change in reserve for VAT receivable		(237)
(Gain) on disposal of assets	(1,887)	(5,858)
Changes in operating assets and liabilities:
Trade receivables	11,242	(13,294)
Inventories	7,007	(38,883)
Other current assets	2,539	8,589
Other assets	(518)	(74)
Accounts payable - trade	(28,556)	4,065
Accrued liabilities	(959)	2,140
Other long-term liabilities	(655)	857
Net cash (used in) operating activities	(3,909)	(15,401)
INVESTING ACTIVITIES:
Purchases of investments		(24)
Proceeds from sales of investments		23
Proceeds from sale of capital assets	1,937	18,527
Capital expenditures	(2,867)	(1,957)
Net cash (used in) provided by investing activities	(930)	16,569
FINANCING ACTIVITIES:
Dividends paid	(3,060)	(2,620)
Treasury stock purchases	(27,958)	(28,485)
Proceeds from lines of credit	148,589
Payments on lines of credit	(110,496)
Proceeds from issuance of common stock	118	40
Shares withheld for tax payments on vested restricted shares	(293)	(1,329)
Net cash provided by (used in) financing activities	6,900	(32,394)
Increase (decrease) in cash and cash equivalents	2,061	(31,226)
Cash and cash equivalents at beginning of the period	1,342	48,197
Cash and cash equivalents at end of the period	3,403	16,971
SUPPLEMENTAL INFORMATION
Cash paid for amounts included in lease liabilities	4,515	2,621
Right-of-use assets exchanged for lease liabilities	16,814	22,850
Interest paid	546
Income taxes (refunded), net	(1,278)	(7,038)
Capital expenditures in accounts payable	$ 56	$ 14

Basis of Presentation and Descr

Basis of Presentation and Description of Business	9 Months Ended
	Mar. 31, 2022
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” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and online marketers of furniture products in the United States. Product offerings include a wide variety of 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 sales force. 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, and 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 year ended June 30, 2021, the Company saw improvement in our business conditions as retailers reopened and orders increased, however, we continued to see supply chain challenges faced by the furniture industry due to the limited availability of ocean containers and significant increases in ocean container rates, limited availability and inflationary pressures in key materials, and labor shortages both in Asia and the United States. These supply chain issues have continued during the three and nine months ended March 31, 2022. The COVID-19 pandemic remains fluid and the extent of the impact on 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, 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 nine months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022 . 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 in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – In December 2019, the FASB issued ASU 2019 - 12 “Income Taxes Simplifying the Accounting for Income Taxes (Topic 740)” as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in this guidance were effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Effective July 1, 2021, the Company adopted Topic 740 and there was no impact on the Company’s financial statements.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2022
Inventories [Abstract]
Inventories	2. INVENTORIES A comparison of inventories is as follows: March 31, June 30, (in thousands) 2022 2021 Raw materials $ 19,014 $ 22,500 Work in process and finished parts 5,059 6,234 Finished goods 130,045 132,391 Total $ 154,118 $ 161,125

Assets Held For Sale

Assets Held For Sale	9 Months Ended
	Mar. 31, 2022
Assets Held For Sale [Abstract]
Assets Held For Sale	3. ASSETS HELD FOR SALE During the fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Mississippi location as part of the Company’s restructuring plan, see Note 5 Restructuring . A summary of the assets held for sale as of March 31, 2022, is included in the table below. Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Starkville, Mississippi Building & building improvements 4,615 ( 4,254 ) 361 Land & land improvements 694 ( 439 ) 255 Total Starkville 5,309 ( 4,693 ) 616 Total assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases

Leases	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	4. LEASES The Company accounts for its leases in accordance with 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. On August 20, 2021, Flexsteel entered into a lease agreement for the construction of a 507,830 square foot manufacturing facility in Mexicali, Mexico. The lease commencement date under ASC 842 guidance will be May 1, 2022, the date the lessor makes the building available for use by the Company for purposes of completing any leasehold improvements required by the Company prior to beginning operations. The 12 -year lease term begins on June 1, 2022, and ends on May 31, 2034, with options for two five-year extensions. The annual base rent under the lease is $ 3.1 million-plus taxes, insurance, and common area maintenance costs. On September 28, 2021, Flexsteel entered into a warehousing agreement, a component of which meets the definition of a lease under ASC 842. The lease component includes a 241,920 square foot facility in Greencastle, Pennsylvania, and all improvements and equipment necessary to operate the facility. The lease commencement date is October 1, 2021, the date the building became available for use by the Company. The 125 -month lease term began on October 1, 2021, and ends on February 28, 2034, with an option for a 5 -year extension. The annual base rent under the lease is $ 1.8 million-plus taxes, insurance, utilities, and common area maintenance costs. 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 line 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 Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Operating lease expense $ 1,805 $ 1,491 $ 5,015 $ 3,556 Variable lease expense 177 78 719 221 Total lease expense $ 1,982 $ 1,569 $ 5,734 $ 3,777 Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows: Nine Months Ended March 31, 2022 March 31, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,515 $ 2,621 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 16,814 $ 22,850 Weighted-average remaining lease term (in years): Operating leases 4.4 3.2 Weighted-average discount rate: Operating leases 3.2 % 3.3 % Future minimum lease payments under non-cancellable operating leases were as follows: Nine Months Ended March 31, 2022 March 31, 2021 (in thousands) Within one year $ 7,619 $ 6,919 After one year and within two years 6,538 5,868 After two years and within three years 5,412 4,854 After three years and within four years 4,186 3,691 After four years and within five years 4,260 2,445 After five years 19,309 12,516 Total future minimum lease payments $ 47,324 $ 36,293 Less – Discount 4,874 4,350 Lease liability $ 42,450 $ 31,943

Restructuring

Restructuring	9 Months Ended
	Mar. 31, 2022
Restructuring [Abstract]
Restructuring	5. 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 by 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 included the previously announced restructuring activities on May 15, 2019. The transformation program included activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in the workforce. 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 Vehicle Seating, and the remainder of the Hospitality product lines, and subsequently closed its Dubuque, Iowa and Starkville, Mississippi manufacturing facilities. The remaining properties listed for sale as part of the footprint optimization are included in Note 3, Assets Held for Sale . The Company substantially completed the restructuring activities related to the exit of Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021. As a result of these planned actions, which will be complete in the fiscal year ending June 30, 2022, the Company anticipates incurring pre-tax restructuring and related expenses of approximately $ 60 million over this two-year timeframe. Total cumulative restructuring and related costs incurred as of March 31, 2022, were $ 59.3 million. The following is a summary of restructuring costs: Three Months Ended Nine Months Ended (in thousands) March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Inventory impairment $ — $ — $ — $ 45 One-time employee termination benefits ( 211 ) — ( 211 ) 179 Other associated costs 152 480 926 2,545 Total restructuring and related expenses $ ( 59 ) $ 480 $ 715 $ 2,769 Reported as: Cost of goods sold $ — $ — $ — $ 45 Operating expenses $ ( 59 ) $ 480 $ 715 $ 2,724 One-time employee termination benefits include costs for employee separation benefits. During the quarter ended March 31, 2022, the Company recorded a decrease in a pension plan liability that resulted in an expense reduction of $ 0.2 million. Other associated costs include legal and professional fees, stock-based compensation expenses for employee retention in connection with the Company’s restructuring plan, and ongoing facilities and transition costs. The roll-forward of the accrued restructuring costs is as follows: One-time Employee Other Termination Associated (in thousands) Benefits Costs Total Accrual balance on June 30, 2021 $ 1,502 $ 20 $ 1,522 (Income) costs incurred ( 211 ) 926 715 Expenses reimbursed (paid) 1,145 ( 928 ) 217 Accrual balance on March 31, 2022 $ 2,436 $ 18 $ 2,454

Credit Arrangements

Credit Arrangements	9 Months Ended
	Mar. 31, 2022
Credit Arrangements [Abstract]
Credit Arrangements	6. CREDIT ARRANGEMENTS On August 28, 2020, the Company entered a two-year secured $ 25.0 million revolving line of credit with Dubuque Bank and Trust Company, with an interest rate of 1.50 % plus LIBOR, subject to a floor of 3.00 %. The revolving line of credit was secured by essentially all the Company’s assets, excluding real property, and required the Company to maintain compliance with certain financial and non-financial covenants. This line of credit was subsequently canceled in the first quarter of the fiscal year 2022. On September 8, 2021, the Company, as the borrower, entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Lender”), and the other lender’s party thereto. The Credit Agreement has a five-year term and provides for up to an $ 85 million revolving line of credit. Subject to certain conditions, the Credit Agreement also provides for the issuance of letters of credit in an aggregate amount up to $ 5 million which, upon issuance, would be deemed advances under the revolving line of credit. The Company’s $ 1.2 million letters of credit previously issued by the Lender are being treated as outstanding under the Credit Agreement. Proceeds of borrowings were used to refinance all indebtedness owed to Dubuque Bank & Trust and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all of its assets, excluding real property. Subject to certain conditions, borrowings under the Credit Agreement bear interest at LIBOR plus 1.25 % or 1.50 % per annum, or an effective interest rate of 1.70 % on March 31, 2022. When LIBOR becomes unavailable, the replacement rate will be determined pursuant to the terms of the Credit Agreement. The Credit Agreement contains customary representations, warranties, and covenants, including a financial covenant to maintain a fixed coverage ratio of not less than 1.00 :1.00. In addition, the Loan Agreement places restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, and to merge or consolidate with other entities. As of March 31, 2022, there was $ 41.6 million outstanding under the Credit Agreement, exclusive of fees and letters of credit. Letters of credit outstanding at Wells Fargo Bank N.A. (“Wells”) as of March 31, 2022, totaled $ 1.2 million.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and March 31, 2021, were 5.9 % and 23.9 %, respectively, and for the nine months ended March 31, 2022, and March 31, 2021, was 17.2 % and 29.4 %, respectively. The quarter ended March 31, 2022, and nine months ended March 31, 2022, effective rates of 5.9 % and 17.2 %, respectively, were primarily due to the release of a portion of the prior year’s uncertain tax positions.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2022
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 upon vesting. 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 the restructuring expense was for the 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 expenses for the three and nine months ended March 31, 2022. Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Total stock-based compensation expense $ ( 631 ) $ 775 $ 1,551 $ 2,758 The Company has two stock-based compensation plans available for granting awards to employees and directors. (1) Long-Term Incentive Compensation Plan (“LTIP”) The LTIP provides for performance stock units (“PSUs”) to be awarded to officers and key employees based on performance goals set by the Compensation Committee of the Board of Directors (the “Committee”). For awards under the LTIP for the three years ending June 30, 2022, 2023, and 2024, participants may earn one-third of the award in each of the three years based on meeting performance goals for that year. T he Committee selected Adjusted Earnings Before Interest and Tax with a defined percentage growth in fiscal years 2022, 2023, and 2024 as the performance metric. In conjunction with each grant of PSUs, the Committee grants RSUs under the 2013 Omnibus Stock Plan that vest at the end of three years. The table below sets forth, as of March 31, 2022, the number of unvested PSUs granted at the target performance level for the 2020-2022, 2021-2023, and 2022-2024 performance periods under the LTIP and the number of unvested RSUs granted in conjunction with the PSUs: Time-Based Vest (RSUs) Performance-Based Vest (PSUs) 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, 2021 107 $ 13.89 142 $ 13.36 249 $ 13.59 Granted 27 42.35 41 42.35 68 42.35 Forfeited ( 6 ) 38.29 ( 9 ) 38.28 ( 15 ) 38.28 Unvested as of March 31, 2022 128 $ 18.87 174 $ 18.96 302 $ 18.92 Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $ 2.6 million as of March 31, 2022, which is expected to be recognized over a weighted-average period of 1.2 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 (not granted in conjunction with PSUs) during the nine months ended March 31, 2022, is as follows: Weighted Average Shares Fair Value (in thousands) Per Share Unvested as of June 20, 2021 56 $ 26.81 Granted 3 42.50 Vested ( 18 ) 28.22 Forfeited ( 6 ) 23.99 Unvested as of March 31, 2022 35 $ 27.79 Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $ 0.4 million as of March 31, 2022, which is expected to be recognized over a weighted-average period of 1 year. Options A summary of the activity of the Company’s stock option plans as of March 31, 2022, is presented below: Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2021 232 $ 21.91 Granted — — Exercised ( 8 ) 15.75 Canceled ( 9 ) 36.58 Outstanding at March 31, 2022 215 $ 21.50 The following table summarizes information for options outstanding at March 31, 2022: Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 9.97 - 15.14 97 7.9 $ 12.64 18.30 - 19.72 12 5.1 18.99 21.96 - 27.57 58 5.1 24.21 31.06 - 32.80 32 3.7 32.30 43.09 - 47.45 16 4.5 45.42 $ 9.97 - 47.45 215 6.1 $ 21.50 The total unrecognized stock-based compensation expense related to options was $ 0.08 million as of March 31, 2022, which is expected to be recognized over a weighted-average period of 1 year. Stock-based compensation granted outside a plan During the quarter ended June 30, 2020, the Company awarded its Chief Financial Officer/Chief Operating Officer 79,000 options outside of any Company stock plans. The total unrecognized stock-based compensation expense related to options awarded outside a plan was $ 0.03 million as of March 31, 2022, which is expected to be recognized over 1 year.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2022
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 Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Basic shares 6,330 6,998 6,615 7,316 Potential common shares: Stock options 87 165 126 130 Non-vested restricted stock units and restricted shares 77 107 101 105 164 272 227 235 Diluted shares 6,494 7,270 6,842 7,551 Anti-dilutive shares 76 26 48 63 Cash dividends declared per common share were $ 0.15 and $ 0.45 for the three and nine months ended March 31, 2022, respectively, and were $ 0.15 and $ 0.30 for the three and nine months ended March 31, 2021, respectively.

Litigation

Litigation	9 Months Ended
	Mar. 31, 2022
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 of $ 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. Through an agreement with the EPA, the statute of limitations for potential claims by the EPA was extended through June 30, 2022. 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 March 31, 2022, 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. 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)	9 Months Ended
	Mar. 31, 2022
Basis of Presentation and Description of Business [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and online marketers of furniture products in the United States. Product offerings include a wide variety of 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 sales force.
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, and 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 year ended June 30, 2021, the Company saw improvement in our business conditions as retailers reopened and orders increased, however, we continued to see supply chain challenges faced by the furniture industry due to the limited availability of ocean containers and significant increases in ocean container rates, limited availability and inflationary pressures in key materials, and labor shortages both in Asia and the United States. These supply chain issues have continued during the three and nine months ended March 31, 2022. The COVID-19 pandemic remains fluid and the extent of the impact on 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, 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 nine months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022 . 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 in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, 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 December 2019, the FASB issued ASU 2019 - 12 “Income Taxes Simplifying the Accounting for Income Taxes (Topic 740)” as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in this guidance were effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Effective July 1, 2021, the Company adopted Topic 740 and there was no impact on the Company’s financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2022
Inventories [Abstract]
Comparison Of Inventories	March 31, June 30, (in thousands) 2022 2021 Raw materials $ 19,014 $ 22,500 Work in process and finished parts 5,059 6,234 Finished goods 130,045 132,391 Total $ 154,118 $ 161,125

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	9 Months Ended
	Mar. 31, 2022
Assets Held For Sale [Abstract]
Summary Of Assets Held For Sale	Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Starkville, Mississippi Building & building improvements 4,615 ( 4,254 ) 361 Land & land improvements 694 ( 439 ) 255 Total Starkville 5,309 ( 4,693 ) 616 Total assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components Of Leases	Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Operating lease expense $ 1,805 $ 1,491 $ 5,015 $ 3,556 Variable lease expense 177 78 719 221 Total lease expense $ 1,982 $ 1,569 $ 5,734 $ 3,777
Other Lease Information	Nine Months Ended March 31, 2022 March 31, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,515 $ 2,621 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 16,814 $ 22,850 Weighted-average remaining lease term (in years): Operating leases 4.4 3.2 Weighted-average discount rate: Operating leases 3.2 % 3.3 %
Future minimum lease payments under non-cancellable operating leases	Nine Months Ended March 31, 2022 March 31, 2021 (in thousands) Within one year $ 7,619 $ 6,919 After one year and within two years 6,538 5,868 After two years and within three years 5,412 4,854 After three years and within four years 4,186 3,691 After four years and within five years 4,260 2,445 After five years 19,309 12,516 Total future minimum lease payments $ 47,324 $ 36,293 Less – Discount 4,874 4,350 Lease liability $ 42,450 $ 31,943

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Mar. 31, 2022
Restructuring [Abstract]
Summary Of Restructuring Costs	Three Months Ended Nine Months Ended (in thousands) March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Inventory impairment $ — $ — $ — $ 45 One-time employee termination benefits ( 211 ) — ( 211 ) 179 Other associated costs 152 480 926 2,545 Total restructuring and related expenses $ ( 59 ) $ 480 $ 715 $ 2,769 Reported as: Cost of goods sold $ — $ — $ — $ 45 Operating expenses $ ( 59 ) $ 480 $ 715 $ 2,724
Roll-forward of the accrued restructuring costs	One-time Employee Other Termination Associated (in thousands) Benefits Costs Total Accrual balance on June 30, 2021 $ 1,502 $ 20 $ 1,522 (Income) costs incurred ( 211 ) 926 715 Expenses reimbursed (paid) 1,145 ( 928 ) 217 Accrual balance on March 31, 2022 $ 2,436 $ 18 $ 2,454

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Total Stock-Based Compensation Expense	Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Total stock-based compensation expense $ ( 631 ) $ 775 $ 1,551 $ 2,758
Schedule Of Stock Option Plans	Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2021 232 $ 21.91 Granted — — Exercised ( 8 ) 15.75 Canceled ( 9 ) 36.58 Outstanding at March 31, 2022 215 $ 21.50
Schedule Of Options Outstanding And Exercisable	Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 9.97 - 15.14 97 7.9 $ 12.64 18.30 - 19.72 12 5.1 18.99 21.96 - 27.57 58 5.1 24.21 31.06 - 32.80 32 3.7 32.30 43.09 - 47.45 16 4.5 45.42 $ 9.97 - 47.45 215 6.1 $ 21.50
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 of June 20, 2021 56 $ 26.81 Granted 3 42.50 Vested ( 18 ) 28.22 Forfeited ( 6 ) 23.99 Unvested as of March 31, 2022 35 $ 27.79
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares	Time-Based Vest (RSUs) Performance-Based Vest (PSUs) 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, 2021 107 $ 13.89 142 $ 13.36 249 $ 13.59 Granted 27 42.35 41 42.35 68 42.35 Forfeited ( 6 ) 38.29 ( 9 ) 38.28 ( 15 ) 38.28 Unvested as of March 31, 2022 128 $ 18.87 174 $ 18.96 302 $ 18.92

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Basic shares 6,330 6,998 6,615 7,316 Potential common shares: Stock options 87 165 126 130 Non-vested restricted stock units and restricted shares 77 107 101 105 164 272 227 235 Diluted shares 6,494 7,270 6,842 7,551 Anti-dilutive shares 76 26 48 63

Inventories (Comparison Of Inve

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Inventories [Abstract]
Raw materials	$ 19,014	$ 22,500
Work in process and finished parts	5,059	6,234
Finished goods	130,045	132,391
Total	$ 154,118	$ 161,125

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	Mar. 31, 2022USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Building & 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
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

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	Sep. 28, 2021USD ($)ft²	Aug. 20, 2021USD ($)ft²
Mexicali, Mexico [Member]
Short-term Debt [Line Items]
Area of Real Estate Property | ft²		507,830
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract		12 years
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term		5 years
Base rent under the lease | $		$ 3.1
Greencastle, PA [Member]
Short-term Debt [Line Items]
Area of Real Estate Property | ft²	241,920
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	125 months
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	5 years
Base rent under the lease | $	$ 1.8

Leases (Components Of Leases) (

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 1,805	$ 1,491	$ 5,015	$ 3,556
Variable lease expense	177	78	719	221
Total lease expense	$ 1,982	$ 1,569	$ 5,734	$ 3,777

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 4,515	$ 2,621
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 16,814	$ 22,850
Weighted-average remaining lease term (in years): Operating leases	4 years 4 months 24 days	3 years 2 months 12 days
Weighted-average discount rate: Operating leases	3.20%	3.30%

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Within one year	$ 7,619	$ 6,919
After one year and within two years	6,538	5,868
After two years and within three years	5,412	4,854
After three years and within four years	4,186	3,691
After four years and within five years	4,260	2,445
After five years	19,309	12,516
Total future minimum lease payments	47,324	36,293
Less - Discount	4,874	4,350
Lease liability	$ 42,450	$ 31,943

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 2,454		$ 2,454		$ 1,522
Restructuring Charges	(59)	$ 480	$ 715	$ 2,724
Expense reduction	200
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution			2 years
Expected restructuring costs	$ 60,000		$ 60,000
Restructuring Charges			$ 59,300

Restructuring (Summary Of Restr

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (59)	$ 480	$ 715	$ 2,769
Cost Of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs				45
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(59)	480	715	2,724
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs				45
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(211)		(211)	179
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 152	$ 480	$ 926	$ 2,545

Restructuring (Roll Forward of

Restructuring (Roll Forward of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			$ 1,522
Costs incurred	$ (59)	$ 480	715	$ 2,769
Expenses reimbursed (paid)			217
Accrual, Ending balance	2,454		2,454
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Costs incurred				45
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			1,502
Costs incurred	(211)		(211)	179
Expenses reimbursed (paid)			1,145
Accrual, Ending balance	2,436		2,436
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			20
Costs incurred	152	$ 480	926	$ 2,545
Expenses reimbursed (paid)			(928)
Accrual, Ending balance	$ 18		$ 18

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) - USD ($) $ in Millions	Sep. 08, 2021	Aug. 28, 2020	Mar. 31, 2022
Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Debt term	5 years
Letters of credit outstanding			$ 1.2
Secured Credit Agreement [Member]
Short-term Debt [Line Items]
Credit agreement capacity		$ 25
Line of credit outstanding			$ 41.6
Debt term			2 years
Letters of credit outstanding	$ 1.2
Fixed coverage ratio	100.00%
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%
Interest rate at period end			1.70%
Secured Credit Agreement [Member] | Libor Plus 1 [Member] | Minimum [Member]
Short-term Debt [Line Items]
Interest rate under prime rate	1.25%
Secured Credit Agreement [Member] | Libor Plus 1 [Member] | Maximum [Member]
Short-term Debt [Line Items]
Interest rate under prime rate	1.50%
Secured Credit Agreement [Member] | Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 85
Secured Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | Letter Of Credit [Member] | Maximum [Member]
Short-term Debt [Line Items]
Minimum working capital required to be maintained under covenant	$ 5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Abstract]
Effective Income Tax Rate, Continuing Operations	5.90%	23.90%	(17.20%)	29.40%
Effective rates due to the release of a portion of the prior year’s uncertain tax positions	5.90%		17.20%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020shares	Mar. 31, 2022USD ($)item
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
Total unrecognized stock-based compensation expense related to options		$ 80
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		$ 400
Total unrecognized stock-based compensation, expected period		1 year
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		1 year 2 months 12 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]
Total unrecognized stock-based compensation related to unvested shares		$ 30
Total unrecognized stock-based compensation, expected period		1 year
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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ (631)	$ 775	$ 1,551	$ 2,758

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	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	249
Granted, Shares | shares	68
Forfeited, Shares | shares	(15)
Unvested at the end of period, Shares | shares	302
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 13.59
Granted, Weighted average fair value per share | $ / shares	42.35
Forfeited, Weighted average fair value per share | $ / shares	38.28
Unvested at the end of period, Weighted average fair value | $ / shares	$ 18.92
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	107
Granted, Shares | shares	27
Forfeited, Shares | shares	(6)
Unvested at the end of period, Shares | shares	128
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 13.89
Granted, Weighted average fair value per share | $ / shares	42.35
Forfeited, Weighted average fair value per share | $ / shares	38.29
Unvested at the end of period, Weighted average fair value | $ / shares	$ 18.87
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	142
Granted, Shares | shares	41
Forfeited, Shares | shares	(9)
Unvested at the end of period, Shares | shares	174
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 13.36
Granted, Weighted average fair value per share | $ / shares	42.35
Forfeited, Weighted average fair value per share | $ / shares	38.28
Unvested at the end of period, Weighted average fair value | $ / shares	$ 18.96

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	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	56
Granted, Shares | shares	3
Vested, Shares | shares	(18)
Forfeited, Shares | shares	(6)
Unvested at the end of period, Shares | shares	35
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 26.81
Granted, Weighted average fair value per share | $ / shares	42.50
Vested, Weighted average fair value per share | $ / shares	28.22
Forfeited, Weighted average fair value per share | $ / shares	23.99
Unvested at the end of period, Weighted average fair value | $ / shares	$ 27.79

Stock-Based Compensation (Sch_3

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance | shares	232
Shares, Exercised | shares	(8)
Shares, Cancelled | shares	(9)
Shares, Outstanding at ending balance | shares	215
Weighted Average Exercise Price, Outstanding at beginning balance | $ / shares	$ 21.91
Weighted Average Exercise Price, Exercised | $ / shares	15.75
Weighted Average Exercise Price, Cancelled | $ / shares	36.58
Weighted Average Exercise Price, Outstanding at ending balance | $ / shares	$ 21.50

Stock-Based Compensation (Sch_4

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2022$ / sharesshares
9.97 - 15.14 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 9.97
Range of Price Upper	$ 15.14
Options Outstanding | shares	97
Weighted Average Remaining Life (Years)	7 years 10 months 24 days
Weighted Average, Exercise Price	$ 12.64
18.30 - 19.72 Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	18.30
Range of Price Upper	$ 19.72
Options Outstanding | shares	12
Weighted Average Remaining Life (Years)	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 18.99
21.96 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	21.96
Range of Price Upper	$ 27.57
Options Outstanding | shares	58
Weighted Average Remaining Life (Years)	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 24.21
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	32
Weighted Average Remaining Life (Years)	3 years 8 months 12 days
Weighted Average, Exercise Price	$ 32.30
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	16
Weighted Average Remaining Life (Years)	4 years 6 months
Weighted Average, Exercise Price	$ 45.42
9.97 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	9.97
Range of Price Upper	$ 47.45
Options Outstanding | shares	215
Weighted Average Remaining Life (Years)	6 years 1 month 6 days
Weighted Average, Exercise Price	$ 21.50

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Dividends declared per common share	$ 0.15	$ 0.15	$ 0.45	$ 0.30

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic shares	6,330	6,998	6,615	7,316
Stock options	87	165	126	130
Non-vested restricted stock units and restricted shares	77	107	101	105
Potential common shares, total	164	272	227	235
Diluted shares	6,494	7,270	6,842	7,551
Anti-dilutive shares	76	26	48	63

Litigation (Narrative) (Details

Litigation (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2018	Jul. 31, 2017	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2018	Aug. 31, 2016
Litigation [Abstract]
Estimated amount of possible loss						$ 3,600
Environmental remediation	$ 3,600	$ 5,500
Liabilities			$ 149,278	$ 128,811	$ 3,600