Flexsteel Industries (FLXS) 10-Q 3 May 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2023	May 03, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	0-5151
Document Fiscal Year Focus	2023
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		5,151,243
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 2,409	$ 2,184
Trade receivables - less allowances: March 31, 2023, $2,831, June 30, 2022, $2,980	36,507	41,106
Inventories	113,311	141,212
Other	7,572	4,950
Assets held for sale	616	616
Total current assets	160,415	190,068
NONCURRENT ASSETS:
Property, plant and equipment, net	38,405	38,543
Operating lease right-of-use assets	67,024	38,189
Other assets	1,943	1,941
TOTAL ASSETS	267,787	268,741
CURRENT LIABILITIES:
Accounts payable - trade	25,584	32,147
Current portion of operating lease liabilities	7,778	6,361
Accrued liabilities:
Payroll and related items	8,098	6,385
Insurance	2,425	2,158
Restructuring costs		1,290
Advertising	4,368	4,052
Environmental remediation		3,570
Other	5,524	8,664
Total current liabilities	53,777	64,627
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	62,902	33,992
Lines of credit	17,727	37,739
Other liabilities	578	823
Total liabilities	134,984	137,181
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,247 shares issued and 5,169 outstanding as of March 31, 2023; 8,190 shares issued and 5,300 outstanding as of June 30, 2022	8,247	8,190
Additional paid-in capital	36,463	34,467
Treasury stock, at cost; 3,038 shares, and 2,890 shares as of December March 31, 2023, and June 30, 2022, respectively	(69,340)	(66,372)
Retained earnings	157,433	155,275
Total shareholders' equity	132,803	131,560
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 267,787	$ 268,741

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,831	$ 2,980
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000	15,000
Common stock, issued	8,247	8,190
Common stock, outstanding	5,169	5,300
Treasury stock, shares	3,078	2,890

Consolidated Statements Of Inco

Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements Of Income [Abstract]
Net sales	$ 99,052	$ 140,408	$ 287,873	$ 419,765
Cost of goods sold	80,407	118,337	238,041	364,757
Gross margin	18,645	22,071	49,832	55,008
Selling, general and administrative expenses	16,529	16,316	45,967	52,642
Environmental remediation			(2,788)
Restructuring (income) expense		(59)		715
Other expense			347
Gain on disposal of assets due to restructuring				(1,400)
Operating income	2,116	5,814	6,306	3,051
Interest expense	260	176	897	602
Other (income)	(12)	(14)	(11)	(116)
Income before income taxes	1,868	5,652	5,420	2,565
Income tax provision	393	336	803	441
Net income and comprehensive income	$ 1,475	$ 5,316	$ 4,617	$ 2,124
Weighted average number of common shares outstanding:
Basic	5,179	6,330	5,249	6,615
Diluted	5,352	6,494	5,427	6,842
Earnings per share of common stock:
Basic	$ 0.28	$ 0.84	$ 0.88	$ 0.32
Diluted	$ 0.28	$ 0.82	$ 0.85	$ 0.31

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, 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, net	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
Balance, beginning at Jun. 30, 2022	8,190	34,467	(66,372)	155,275	131,560
Stock-based compensation	8	817			825
Vesting of restricted stock units and restricted shares	28	(378)			(350)
Treasury stock purchases			(403)		(403)
Cash dividends declared				(833)	(833)
Net income				289	289
Balance, ending at Sep. 30, 2022	8,226	34,906	(66,775)	154,731	131,088
Balance, beginning at Jun. 30, 2022	8,190	34,467	(66,372)	155,275	131,560
Net income					4,617
Balance, ending at Mar. 31, 2023	8,247	36,463	(69,340)	157,433	132,803
Balance, beginning at Sep. 30, 2022	8,226	34,906	(66,775)	154,731	131,088
Stock-based compensation	10	835			845
Vesting of restricted stock units and restricted shares	3	(60)			(57)
Treasury stock purchases			(1,823)		(1,823)
Cash dividends declared				(819)	(819)
Net income				2,853	2,853
Balance, ending at Dec. 31, 2022	8,239	35,681	(68,598)	156,765	132,087
Stock-based compensation	8	794			802
Vesting of restricted stock units and restricted shares		(12)			(12)
Treasury stock purchases			(742)		(742)
Cash dividends declared				(807)	(807)
Net income				1,475	1,475
Balance, ending at Mar. 31, 2023	$ 8,247	$ 36,463	$ (69,340)	$ 157,433	$ 132,803

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income	$ 4,617	$ 2,124
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	3,483	3,983
Stock-based compensation expense	2,472	1,551
Change in provision for losses on accounts receivable	(149)	220
(Gain) on disposal of assets		(1,887)
Changes in operating assets and liabilities:
Trade receivables	4,748	11,242
Inventories	27,901	7,007
Other current assets	(2,622)	2,539
Other assets		(518)
Accounts payable - trade	(6,311)	(28,556)
Accrued liabilities	(3,430)	(959)
Other long-term liabilities	(247)	(655)
Net cash provided by (used in) operating activities	30,462	(3,909)
INVESTING ACTIVITIES:
Proceeds from the sale of capital assets		1,937
Capital expenditures	(3,597)	(2,867)
Net cash (used in) investing activities	(3,597)	(930)
FINANCING ACTIVITIES:
Dividends paid	(3,241)	(3,060)
Treasury stock purchases	(2,968)	(27,958)
Proceeds from lines of credit	254,482	148,589
Payments on lines of credit	(274,494)	(110,496)
Proceeds from issuance of common stock		118
Shares withheld for tax payments on vested restricted shares	(419)	(293)
Net cash (used in) provided by financing activities	(26,640)	6,900
Increase in cash and cash equivalents	225	2,061
Cash and cash equivalents at beginning of the period	2,184	1,342
Cash and cash equivalents at end of the period	2,409	3,403
SUPPLEMENTAL INFORMATION
Cash paid for amounts included in lease liabilities	6,575	4,515
Right-of-use assets exchanged for lease liabilities	35,305	16,814
Interest paid	1,079	546
Income taxes, net	2,911	(1,278)
Capital expenditures in accounts payable	$ 140	$ 56

Basis Of Presentation And Descr

Basis Of Presentation And Description Of Business	9 Months Ended
	Mar. 31, 2023
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 marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture and outdoor 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. BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained 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, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023 . 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, 2022, appropriately represent, in all material respects, the current status of accounting policies.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2023
Inventories [Abstract]
Inventories	2. INVENTORIES A comparison of inventories is as follows: March 31, June 30, (in thousands) 2023 2022 Raw materials $ 14,980 $ 16,405 Work in process and finished parts 4,323 5,534 Finished goods 94,008 119,273 Total $ 113,311 $ 141,212

Assets Held For Sale

Assets Held For Sale	9 Months Ended
	Mar. 31, 2023
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 Starkville, Mississippi location as part of the Company’s restructuring plan, see Note 5 Restructuring. As of March 31, 2023, the Company continues to actively market the assets in Starkville, Mississippi. A summary of the assets held for sale as of March 31, 2023, 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 assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases

Leases	9 Months Ended
	Mar. 31, 2023
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. 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. During the second quarter of fiscal year 2023, Flexsteel entered into a lease agreement for a showroom in Las Vegas, Nevada. The four-year lease term began on October 1, 2022, and ends on September 30, 2026. 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 was on July 1, 2022, the date the lessor made 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 began on August 1, 2022, and ends on June 30, 2034, with options for two five-year extensions . Annual base rent under the lease is $ 3.2 million plus taxes, insurance and common area maintenance costs. 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) 2023 2022 2023 2022 Operating lease expense $ 2,700 $ 1,805 $ 8,066 $ 5,015 Variable lease expense 482 177 1,390 719 Total lease expense $ 3,182 $ 1,982 $ 9,456 $ 5,734 Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows: Nine Months Ended March 31, 2023 March 31, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,575 $ 4,515 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 35,305 $ 16,814 Weighted-average remaining lease term (in years): Operating leases 9.4 4.4 Weighted-average discount rate: Operating leases 2.9 % 3.2 % Future minimum lease payments under non-cancellable operating leases were as follows: March 31, 2023 (in thousands) Remaining payments in FY2023 $ 3,021 FY2024 9,589 FY2025 7,989 FY2026 7,762 FY2027 7,778 Thereafter 44,934 Total future minimum lease payments $ 81,073 Less imputed interest 10,393 Lease liability $ 70,680

Restructuring

Restructuring	9 Months Ended
	Mar. 31, 2023
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 substantially completed the restructuring activities related to the exit of the Commercial Office and custom-designed Hospitality product lines during fiscal 2020. 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 Company substantially completed the restructuring activities related to the exit of Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021. These actions are now complete, with one property remaining as held for sale as discussed in Note 3, Assets Held for Sale . The Company incurred $ 59.4 million of expenses related to this restructuring program over the two-year timeframe ended June 30, 2022 and does not anticipate any further charges. The following is a summary of restructuring costs: Three Months Ended Nine Months Ended (in thousands) March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 One-time employee termination benefits $ — $ ( 211 ) $ — $ ( 211 ) Other associated costs — 152 — 926 Total restructuring and related expenses $ — $ ( 59 ) $ — $ 715 Reported as: Operating expenses $ — $ ( 59 ) $ — $ 715 Other associated costs include legal and professional fees as well as facilities and transition costs. On March 22, 2021, the Company received notice of a class action lawsuit filed against Flexsteel Industries, Inc., and J.K. Dittmer and D.P. Schmidt as individuals, by a number of employees who had worked at the Dubuque Operations and Starkville plants prior to the closure of the locations due to the impact of COVID-19 on the business at that period of time. The allegations with the claim include failure to pay employee benefits as required by an ERISA-governed severance plan, failure of J.K. Dittmer and D.P. Schmidt to act with respect to the ERISA-governed severance plan, and failure to provide 60-days’ notice or the equivalent amount of pay to the employees required by the WARN Act when the Company closed the Dubuque and Starkville locations. The parties participated in a lengthy mediation and on December 3, 2021, agreed to resolve the matter for $ 1.3 million. The matter was dismissed with prejudice on September 1, 2022. The Company paid $ 1.3 million during the nine months ended March 31, 2023 . During the quarter ended September 30, 2022, the Company paid all remaining costs associated with the restructuring program. 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, 2022 $ 1,275 $ 15 $ 1,290 Expenses (paid) ( 1,275 ) ( 15 ) ( 1,290 ) Accrual balance on March 31, 2023 $ — $ — $ —

Credit Arrangements

Credit Arrangements	9 Months Ended
	Mar. 31, 2023
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 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 lenders 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 $ 1.1 million letters of credit previously issued by the Lender are being treated as outstanding under the Credit Agreement and reduce the amount of available borrowings under the revolving line of credit. 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 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 6.1 % on March 31, 2023. 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 to 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, 2023, management believes the Company was in compliance with all covenants. On April 18, 2022, the Company, as the borrower, entered into a first amendment to the September 8, 2021, Credit Agreement (“First Amendment to the Credit Agreement”), with the Lender and the lenders thereto. The amendment to the Credit Agreement changed the definition of the term ‘Payment Conditions’ and further defines “default” or “event of default” and the calculation of the Fixed Charge Coverage Ratio. As of March 31, 2023, there was $ 17.7 million outstanding under the Credit Agreement, exclusive of fees and letters of credit. Letters of credit outstanding at the Lender as of March 31, 2023, totaled $ 1.1 million.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2023
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, 2023, and March 31, 2022, was 21.0 % and 5.9 %, respectively, and for the nine months ended March 31, 2023, and March 31, 2022, was 14.8 % and 17.2 %, respectively. For the nine months ended March 31, 2023, the effective tax rate differs from the statutory tax rate of 21 % due to nondeductible stock compensation, state taxes, the impacts associated with uncertain tax positions, as well as impacts arising from the reversal of the valuation allowance associated with movements in certain deferred tax assets.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2023
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 expenses on the Consolidated Statements of Income and Comprehensive Income. 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, 2023. Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2023 2022 2023 2022 Total stock-based compensation expense $ 802 $ ( 631 ) $ 2,472 $ 1,551 On December 14, 2022, the Company’s shareholders approved the Flexsteel Industries, Inc. 2022 Equity Incentive Plan (“2022 Plan”). The 2022 Plan replaces the Long-Term Incentive Compensation Plan (“LTIP”) and the 2013 Omnibus Stock Plan (collectively, the “Prior Plans”). No further awards will be made under either of the Prior Plans, but these Prior Plans will continue to govern awards previously granted under them. (1) 2022 Equity Incentive Plan The 2022 Plan is a long-term incentive plan pursuant to which awards may be granted to certain employees, independent contractors and directors of the Company, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares or other stock-based awards. Awards for 3,791 shares were granted under the 2022 Plan in the quarter ended March 31, 2023 with a fair value per share of $ 19.25 . These shares remain unvested and have no forfeitures as of March 31, 2023. These shares are included in the Restricted Share and RSUs table below. (2) Long-Term Incentive Compensation Plan The LTIP provided 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 year performance periods ending June 30, 2023, 2024, and 2025, 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 based on a defined percentage growth as the performance metric for the performance periods ending June 30, 2023, 2024, and 2025. In conjunction with each grant of PSUs, the Committee granted RSUs under the 2013 Omnibus Stock Plan that vest at the end of three years . The table below sets forth, as of March 31, 2023, the number of unvested PSUs granted at the target performance level for the 2021-2023, 2022-2024 and 2023-2025 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 of June 30, 2022 86 $ 19.53 174 $ 18.87 260 $ 19.09 Granted 63 19.27 91 19.27 154 19.27 Vested ( 1 ) 19.23 ( 44 ) 17.23 ( 45 ) 17.28 Forfeited ( 2 ) 26.62 ( 3 ) 26.62 ( 5 ) 26.62 Unvested as of March 31, 2023 146 $ 19.32 218 $ 19.26 364 $ 19.29 Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $ 2.7 million as of March 31, 2023, which is expected to be recognized over a weighted-average period of 1.2 years. (3) 2013 Omnibus Stock Plan The 2013 Omnibus Stock Plan was for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units. No further stock units will be issued under this plan. 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, 2023, is as follows: Weighted Average Shares Fair Value (in thousands) Per Share Unvested as of June 30, 2022 35 $ 26.72 Granted 59 19.17 Vested ( 17 ) 23.62 Forfeited ( 2 ) 27.84 Unvested as of March 31, 2023 75 $ 21.45 Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $ 0.9 million as of March 31, 2023, which is expected to be recognized over a weighted-average period of 1.2 years. Options A summary of the activity of the Company’s stock option plans as of March 31, 2023, is presented below: Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2022 215 $ 21.50 Granted — — Exercised — — Canceled ( 13 ) 30.20 Outstanding at March 31, 2023 202 $ 20.95 The following table summarizes information for options outstanding at March 31, 2023: Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 9.97 - 15.14 97 6.9 $ 12.64 18.30 - 19.72 6 8.2 18.30 21.96 - 27.57 57 4.1 24.18 31.06 - 32.80 29 3.0 32.27 43.09 - 47.45 13 3.5 45.28 $ 9.97 - 47.45 202 5.4 $ 20.95 The total unrecognized stock-based compensation expense related to options was $ 0.01 million as of March 31, 2023, which is expected to be recognized over a weighted-average period of 0.02 years. 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. All 79,000 options remain outstanding as of March 31, 2023, with an exercise price of $ 9.97 and a remaining life of 7.0 years. There is no remaining unrecognized stock-based compensation expense related to these options. During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of March 31, 2023, with an exercise price of $ 21.96 and a remaining life of 5.7 years. There is no remaining unrecognized stock-based compensation expense related to these options.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2023
Earnings Per Share
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) 2023 2022 2023 2022 Basic shares 5,179 6,330 5,249 6,615 Potential common shares: Stock options 75 87 60 126 Non-vested restricted stock units and restricted shares 98 77 118 101 173 164 178 227 Diluted shares 5,352 6,494 5,427 6,842 Anti-dilutive shares 154 76 161 48 Cash dividends declared per common share were $ 0.15 and $ 0.45 for the three and nine months ended March 31, 2023, respectively, and were $ 0.15 and $ 0.45 for the three and nine months ended March 31, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2023
Commitments And Contingencies [Abstract]
Commitments And Contingencies	10. COMMITMENTS AND CONTINGENCIES 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. 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. Despite the Company’s position that it did not cause or contribute to the contamination, the Company reached a settlement with the EPA and the State of Indiana, which was filed as a consent decree in the U.S. District Court for the Northern District of Indiana on October 24, 2022. The consent decree required Flexsteel to pay $ 9.8 million in resolution of the matter. Flexsteel also reached agreements with its insurance carriers for partial reimbursement of the settlement. During the quarter ended December 31, 2022, the Company made full payment in accordance with the settlement agreement and as a result of insurance proceeds received, the Company recorded income of $ 2.8 million for the quarter ended December 31, 2022, included in environmental remediation on the Consolidated Statements of Income and Comprehensive Income. 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.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2023
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 marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture and outdoor 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.
Basis Of Presentation	BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained 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, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023 . 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, 2022, appropriately represent, in all material respects, the current status of accounting policies.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2023
Inventories [Abstract]
Comparison Of Inventories	March 31, June 30, (in thousands) 2023 2022 Raw materials $ 14,980 $ 16,405 Work in process and finished parts 4,323 5,534 Finished goods 94,008 119,273 Total $ 113,311 $ 141,212

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	9 Months Ended
	Mar. 31, 2023
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 assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Components Of Leases	Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2023 2022 2023 2022 Operating lease expense $ 2,700 $ 1,805 $ 8,066 $ 5,015 Variable lease expense 482 177 1,390 719 Total lease expense $ 3,182 $ 1,982 $ 9,456 $ 5,734
Other Information Related To Leases And Future Minimum Lease Payments	Nine Months Ended March 31, 2023 March 31, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,575 $ 4,515 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 35,305 $ 16,814 Weighted-average remaining lease term (in years): Operating leases 9.4 4.4 Weighted-average discount rate: Operating leases 2.9 % 3.2 %
Future Minimum Lease Payments	March 31, 2023 (in thousands) Remaining payments in FY2023 $ 3,021 FY2024 9,589 FY2025 7,989 FY2026 7,762 FY2027 7,778 Thereafter 44,934 Total future minimum lease payments $ 81,073 Less imputed interest 10,393 Lease liability $ 70,680

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Mar. 31, 2023
Restructuring [Abstract]
Summary Of Restructuring Costs	Three Months Ended Nine Months Ended (in thousands) March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 One-time employee termination benefits $ — $ ( 211 ) $ — $ ( 211 ) Other associated costs — 152 — 926 Total restructuring and related expenses $ — $ ( 59 ) $ — $ 715 Reported as: Operating expenses $ — $ ( 59 ) $ — $ 715
Roll-forward Of Accrued Restructuring Costs	One-time Employee Other Termination Associated (in thousands) Benefits Costs Total Accrual balance on June 30, 2022 $ 1,275 $ 15 $ 1,290 Expenses (paid) ( 1,275 ) ( 15 ) ( 1,290 ) Accrual balance on March 31, 2023 $ — $ — $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2023
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) 2023 2022 2023 2022 Total stock-based compensation expense $ 802 $ ( 631 ) $ 2,472 $ 1,551
Schedule Of Stock Option Plans	Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2022 215 $ 21.50 Granted — — Exercised — — Canceled ( 13 ) 30.20 Outstanding at March 31, 2023 202 $ 20.95
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 6.9 $ 12.64 18.30 - 19.72 6 8.2 18.30 21.96 - 27.57 57 4.1 24.18 31.06 - 32.80 29 3.0 32.27 43.09 - 47.45 13 3.5 45.28 $ 9.97 - 47.45 202 5.4 $ 20.95
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares - PSUs And RSUs	Weighted Average Shares Fair Value (in thousands) Per Share Unvested as of June 30, 2022 35 $ 26.72 Granted 59 19.17 Vested ( 17 ) 23.62 Forfeited ( 2 ) 27.84 Unvested as of March 31, 2023 75 $ 21.45
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares - PSUs And RSUs	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 of June 30, 2022 86 $ 19.53 174 $ 18.87 260 $ 19.09 Granted 63 19.27 91 19.27 154 19.27 Vested ( 1 ) 19.23 ( 44 ) 17.23 ( 45 ) 17.28 Forfeited ( 2 ) 26.62 ( 3 ) 26.62 ( 5 ) 26.62 Unvested as of March 31, 2023 146 $ 19.32 218 $ 19.26 364 $ 19.29

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2023
Earnings Per Share
Schedule Of Earnings Per Share, Basic And Diluted	Three Months Ended Nine Months Ended March 31, March 31, (in thousands) 2023 2022 2023 2022 Basic shares 5,179 6,330 5,249 6,615 Potential common shares: Stock options 75 87 60 126 Non-vested restricted stock units and restricted shares 98 77 118 101 173 164 178 227 Diluted shares 5,352 6,494 5,427 6,842 Anti-dilutive shares 154 76 161 48

Inventories (Comparison Of Inve

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Inventories [Abstract]
Raw materials	$ 14,980	$ 16,405
Work in process and finished parts	4,323	5,534
Finished goods	94,008	119,273
Total	$ 113,311	$ 141,212

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, 2023 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Buildings & 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 & 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	9 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022	Jul. 01, 2022	Aug. 20, 2021 ft²
Short-term Debt [Line Items]
Lessee, Operating Lease, Term of Contract		4 years	12 years
Lessee, Operating Lease, Option to Extend	options for two five-year extensions
Mexicali, Mexico [Member]
Short-term Debt [Line Items]
Area of Real Estate Property | ft²				507,830
Annual base rent | $	$ 3.2

Leases (Components Of Leases) (

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,700	$ 1,805	$ 8,066	$ 5,015
Variable lease expense	482	177	1,390	719
Total lease expense	$ 3,182	$ 1,982	$ 9,456	$ 5,734

Leases (Other Information Relat

Leases (Other Information Related To Leases And Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 6,575	$ 4,515
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 35,305	$ 16,814
Weighted-average remaining lease term (in years): Operating leases	9 years 4 months 24 days	4 years 4 months 24 days
Weighted-average discount rate: Operating leases	2.90%	3.20%

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remaining payments in FY2023	$ 3,021
FY2024	9,589
FY2025	7,989
FY2026	7,762
FY2027	7,778
Thereafter	44,934
Total future minimum lease payments	81,073
Less imputed interest	10,393
Lease liability	$ 70,680

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 03, 2021
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				$ 1,290
Restructuring Charges	$ (59)		$ 715
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution		2 years
Restructuring Charges				59,400
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				$ 1,275	$ 1,300
Litigation Settlement, Amount Awarded to Other Party		$ 1,300

Restructuring (Summary Of Restr

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ (59)		$ 715
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(211)		(211)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		152		926
Total Restructuring And Related Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ (59)		$ 715

Restructuring (Roll-forward Of

Restructuring (Roll-forward Of Accrued Restructuring Costs) (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	$ 1,290
Expenses (paid)	(1,290)
Accrual, Ending balance
One-Time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	1,275
Expenses (paid)	(1,275)
Accrual, Ending balance
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance	15
Expenses (paid)	(15)
Accrual, Ending balance

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) $ in Millions			9 Months Ended
	Sep. 08, 2021 USD ($)	Aug. 28, 2020 USD ($)	Mar. 31, 2023 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding			$ 1.1
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Interest rate	1.50%
Basis spread on interest rate	1.25%
Line of credit outstanding			$ 17.7
Effective interest rate			6.10%
Debt term	5 years
Letters of credit outstanding	$ 1.1
Fixed coverage ratio			1
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | Maximum [Member]
Short-term Debt [Line Items]
Credit agreement capacity	85
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 5
Secured Credit Agreement [Member] | Dubuque Bank and Trust Company [Member]
Short-term Debt [Line Items]
Credit agreement capacity		$ 25
Basis spread on interest rate		1.50%
Debt term		2 years
Secured Credit Agreement [Member] | Dubuque Bank and Trust Company [Member] | Floor Rate [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		3%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Effective federal statutory income tax rate			21%
Effective Income Tax Rate, Continuing Operations	21%	5.90%	14.80%	17.20%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Mar. 31, 2023	Jun. 30, 2020	Dec. 31, 2018	Mar. 31, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options remain outstanding	202,000			202,000	215,000
2022 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans	3,791
Weighted average grant date fair value	$ 19.25
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation, expected period				7 days
Total unrecognized stock-based compensation expense related to options	$ 10,000			$ 10,000
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	900,000			$ 900,000
Total unrecognized stock-based compensation, expected period				1 year 2 months 12 days
2023, 2024, and 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years				3 years
2023, 2024, and 2025 [Member] | Scenario, Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award				33%
Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares		$ 0
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	$ 2,700,000			$ 2,700,000
Total unrecognized stock-based compensation, expected period				1 year 2 months 12 days
Omnibus Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period				3 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			55,000
Weighted average exercise price of options	$ 21.96			$ 21.96
Remaining life				5 years 8 months 12 days
Options remain outstanding	55,000			55,000
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		79,000
Weighted average exercise price of options	$ 9.97			$ 9.97
Remaining life				7 years
Options remain outstanding	79,000			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
Maximum [Member] | 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 (Summa

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 802	$ (631)	$ 2,472	$ 1,551

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, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	260
Granted, Shares | shares	154
Vested, Shares | shares	(45)
Forfeited, Shares | shares	(5)
Unvested at the end of period, Shares | shares	364
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 19.09
Granted, Weighted average fair value per share | $ / shares	19.27
Vested, Weighted average fair value per share | $ / shares	17.28
Forfeited, Weighted average fair value per share | $ / shares	26.62
Unvested at the end of period, Weighted average fair value | $ / shares	$ 19.29
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	86
Granted, Shares | shares	63
Vested, Shares | shares	(1)
Forfeited, Shares | shares	(2)
Unvested at the end of period, Shares | shares	146
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 19.53
Granted, Weighted average fair value per share | $ / shares	19.27
Vested, Weighted average fair value per share | $ / shares	19.23
Forfeited, Weighted average fair value per share | $ / shares	26.62
Unvested at the end of period, Weighted average fair value | $ / shares	$ 19.32
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	174
Granted, Shares | shares	91
Vested, Shares | shares	(44)
Forfeited, Shares | shares	(3)
Unvested at the end of period, Shares | shares	218
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 18.87
Granted, Weighted average fair value per share | $ / shares	19.27
Vested, Weighted average fair value per share | $ / shares	17.23
Forfeited, Weighted average fair value per share | $ / shares	26.62
Unvested at the end of period, Weighted average fair value | $ / shares	$ 19.26

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule Of Unvested Shares - PSUs And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	9 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	35
Granted, Shares | shares	59
Vested, Shares | shares	(17)
Forfeited, Shares | shares	(2)
Unvested at the end of period, Shares | shares	75
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 26.72
Granted, Weighted average fair value per share | $ / shares	19.17
Vested, Weighted average fair value per share | $ / shares	23.62
Forfeited, Weighted average fair value per share | $ / shares	27.84
Unvested at the end of period, Weighted average fair value | $ / shares	$ 21.45

Stock-Based Compensation (Sch_3

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2023 $ / shares shares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance | shares	215
Shares, Granted | shares
Shares, Exercised | shares
Shares, Cancelled | shares	(13)
Shares, Outstanding at ending balance | shares	202
Weighted Average Exercise Price, Outstanding at beginning balance | $ / shares	$ 21.50
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares
Weighted Average Exercise Price, Canceled | $ / shares	30.20
Weighted Average Exercise Price, Outstanding at ending balance | $ / shares	$ 20.95

Stock-Based Compensation (Sch_4

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2023 $ / shares shares
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)	6 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	6
Weighted Average Remaining Life (Years)	8 years 2 months 12 days
Weighted Average, Exercise Price	$ 18.30
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	57
Weighted Average Remaining Life (Years)	4 years 1 month 6 days
Weighted Average, Exercise Price	$ 24.18
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	29
Weighted Average Remaining Life (Years)	3 years
Weighted Average, Exercise Price	$ 32.27
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	13
Weighted Average Remaining Life (Years)	3 years 6 months
Weighted Average, Exercise Price	$ 45.28
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	202
Weighted Average Remaining Life (Years)	5 years 4 months 24 days
Weighted Average, Exercise Price	$ 20.95

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share
Dividends declared per common share	$ 0.15	$ 0.15	$ 0.45	$ 0.45

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, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share
Basic shares	5,179	6,330	5,249	6,615
Stock options	75	87	60	126
Non-vested restricted stock units and restricted shares	98	77	118	101
Potential common shares, total	173	164	178	227
Diluted shares	5,352	6,494	5,427	6,842
Anti-dilutive shares	154	76	161	48

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 24, 2022	Apr. 30, 2018	Dec. 31, 2022	Mar. 31, 2023	Jul. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Environmental remediation			$ 2,800	$ 2,788
Environmental Protection Agency (EPA) [Member]
Loss Contingencies [Line Items]
Estimated amount of possible loss					$ 5,500	$ 3,600
Settlement	$ 9,800
Estimated cost of remedial work		$ 3,600