Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Jan. 25, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | FLEXSTEEL INDUSTRIES INC | |
Entity Central Index Key | 37,472 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,852,420 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Trading Symbol | FLXS |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 17,579 | $ 28,874 |
Investments | 19,943 | 17,958 |
Trade receivables - less allowances: December 31, 2017, $1,125; June 30, 2017, $1,200 | 47,451 | 42,362 |
Inventories | 110,224 | 99,397 |
Other | 7,050 | 6,659 |
Total current assets | 202,247 | 195,250 |
NONCURRENT ASSETS: | ||
Property, plant and equipment, net | 75,657 | 70,661 |
Deferred income taxes | 1,025 | 1,740 |
Other assets | 2,526 | 2,394 |
TOTAL | 281,455 | 270,045 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable - trade | 18,427 | 16,758 |
Accrued liabilities: | ||
Payroll and related items | 5,627 | 6,255 |
Insurance | 5,882 | 5,423 |
Other | 9,416 | 8,759 |
Total current liabilities | 39,352 | 37,195 |
LONG-TERM LIABILITIES: | ||
Other liabilities | 2,308 | 2,090 |
Total liabilities | 41,660 | 39,285 |
SHAREHOLDERS' EQUITY: | ||
Stockholders' Equity, Total | 239,795 | 230,760 |
Common stock - $1 par value; authorized 15,000,000 shares; outstanding December 31, 2017, 7,850,820 shares; June 30, 2017, 7,822,080 shares | 7,851 | 7,822 |
Additional paid-in capital | 26,249 | 26,186 |
Retained earnings | 207,413 | 198,465 |
Accumulated other comprehensive loss | (1,718) | (1,713) |
TOTAL | $ 281,455 | $ 270,045 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 1,125 | $ 1,200 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 15,000,000 | 15,000,000 |
Common stock, outstanding | 7,850,820 | 7,822,080 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Operations [Abstract] | ||||
Net sales | $ 129,392 | $ 118,530 | $ 249,226 | $ 230,580 |
Cost of goods sold | (101,990) | (91,782) | (195,684) | (177,202) |
Gross margin | 27,402 | 26,748 | 53,542 | 53,378 |
Selling, general and administrative | (19,679) | (18,332) | (37,915) | (37,258) |
Gain on sale of facility | 1,835 | |||
Operating income (loss) | 7,723 | 8,416 | 17,462 | 16,120 |
Interest and other income | 158 | 103 | 299 | 151 |
Income before income taxes | 7,881 | 8,519 | 17,761 | 16,271 |
Income tax provision | (1,660) | (3,130) | (5,360) | (6,130) |
Net income (loss) | $ 6,221 | $ 5,389 | $ 12,401 | $ 10,141 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
Basic | 7,847 | 7,779 | 7,839 | 7,752 |
Diluted | 7,937 | 7,906 | 7,931 | 7,865 |
EARNINGS (LOSS) PER SHARE OF COMMON STOCK: | ||||
Basic | $ 0.79 | $ 0.69 | $ 1.58 | $ 1.31 |
Diluted | $ 0.78 | $ 0.68 | $ 1.56 | $ 1.29 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 6,221 | $ 5,389 | $ 12,401 | $ 10,141 |
Unrealized (losses) gains on securities | (59) | (105) | (84) | (44) |
Reclassification of realized gain to other income | 40 | 84 | 75 | 104 |
Other Comprehensive Income (Loss) Before Taxes | (19) | (21) | (9) | 60 |
Income tax benefit (expense) related to securities gains (losses) | 8 | 8 | 4 | (23) |
Other comprehensive (loss) income, net of tax | (11) | (13) | (5) | 37 |
Comprehensive income | $ 6,210 | $ 5,376 | $ 12,396 | $ 10,178 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 12,401 | $ 10,141 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 3,633 | 4,058 |
Deferred income taxes | 720 | 617 |
Stock-based compensation expense | 592 | 925 |
Excess tax benefit from stock-based payment arrangements | (1,182) | |
Provision for losses on accounts receivable | (75) | (40) |
Gain on disposition of capital assets | (1,794) | (143) |
Changes in operating assets and liabilities: | ||
Trade receivables | (5,014) | 604 |
Inventories | (10,827) | (10,379) |
Other current assets | (391) | 1,063 |
Other assets | (73) | |
Accounts payable - trade | 1,584 | 6,676 |
Accrued liabilities | 325 | 437 |
Other long-term liabilities | 146 | (585) |
Net cash provided by operating activities | 1,300 | 12,119 |
INVESTING ACTIVITIES: | ||
Purchases of investments | (20,099) | (1,699) |
Proceeds from sales of investments | 18,045 | 1,600 |
Proceeds from sale of capital assets | 6,152 | 143 |
Capital expenditures | (12,902) | (6,005) |
Net cash (used in) provided by investing activities | (8,804) | (5,961) |
FINANCING ACTIVITIES: | ||
Dividends paid | (3,290) | (2,941) |
Proceeds from issuance of common stock | 51 | 770 |
Shares withheld for employee tax obligations | (552) | (1,132) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | (1,182) | |
Net cash used in financing activities | (3,791) | (2,121) |
Increase (decrease) in cash and cash equivalents | (11,295) | 4,037 |
Cash and cash equivalents at beginning of year | 28,874 | 36,780 |
Cash and cash equivalents at end of year | 17,579 | 40,817 |
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR: | ||
Income taxes paid (refunded) | 5,050 | 2,440 |
Capital Expenditures Incurred but Not yet Paid | $ 1,826 | $ 2,388 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and six months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 201 8 . Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017 , appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference. DESC RIPTION OF BUSINESS – Flexsteel was incorporated in 1929 and is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wood furniture products in the United States. Product offerings include a wide variety of upholstered and wood 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. The Company’s products are intended for use in home, office, hotel, healthcare and other contract applications. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which our name “Flexsteel” is derived. The Company distributes its products throughout the United States through the Company’s sales force and various independent representatives. |
Inventories
Inventories | 6 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 2. INVENTORIES A comparison of inventories is as follows: (in thousands) December 31, June 30, 2017 2017 Raw materials $ 15,151 $ 15,043 Work in process and finished parts 7,652 7,047 Finished goods 87,421 77,307 Total $ 110,224 $ 99,397 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE MEASUREMENTS The Company’s cash and cash equivalents , investments, accounts receivable, other current assets, accounts payable , notes payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. G AAP on fair value measurement for certain financial assets and liabilities require that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets and liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; or Level 3: Unobservable inputs that are n ot corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. The Company purchases available-for-sale securities, U.S. Treasury bills and U.S. Agencies, which are recorded at fair market value. These securities are classified as “Investments” in the consolidated balance sheets. Unrealized gains or losses are recorded in “Accumulated other comprehensive loss” in the consolidated balance sheets. As of December 31, 2017 , the fair market value and book value of the investments were $19.9 million. As of June 30, 2017, the fair market value and book value of the investments were $18.0 million. These assets are classified as Level 1 in accordance with fair value measurements described above. |
Credit Arrangements
Credit Arrangements | 6 Months Ended |
Dec. 31, 2017 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | 4. CREDIT ARRANGEMENTS The Company maintain s a n unsecured credit agreement that provide s short-term working capital financing up to $ 10.0 million with interest of LIBOR plus 1% ( 2.56% at December 31, 2017 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at December 31, 2017 totaled $1.3 million . Other than the outstanding letters of credit, the Company did not utilize borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of December 31, 2017 . The credit agreement expire s June 30 , 201 8 . At December 31, 2017 , the Company was in compliance with all of the financial covenants co ntained in the credit agreement . The Company maintains an additional unsecured $10.0 million line of credit, with interest at prime minus 2% ( 2.5% at December 31, 2017 ) . No amount was outstanding on the line of credit at December 31, 2017 . This line of credit matures December 31, 2018. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 5. INCOME TAXES On December 22, 2017 the Tax Cuts and Jobs Act (“Tax Reform”), was enacted, which, among numerous provisions reduced the federal statutory corporate tax rate from 35% to 21% . Based on the provisions of the Tax Reform, the Company remeasured its deferred tax assets and adjusted its estimated annual federal income tax rate to incorporate the lower corporate tax rate into the tax provision for the current quarter ended December 31, 2017. During the quarter ended December 31, 2017, the Company applied the newly enacted corporate federal income tax rate, resulting in a reduction of approximately $1.3 million of the income tax provision, which is reflected in the Company’s consolidated statements of income. The revaluation of deferred tax assets at the lower enacted corporate tax rate resulted in an immaterial change of income tax expense. The change represents a discrete item for purposes of income tax accounting. The final impact of the Tax Reform may differ due to changes in interpretations, assumptions made by the Company and the issuance of additional guidance. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 5. STOCK-BASED COMPENSATION The Company has two stock-based compensation methods available when determining employee compensation. (1) Long-Term Incentive Compensation Plans Long-Term Incentive Compensation Plan The Long-Term Incentive Compensation Plan provides for shares of common stock to be awarded to officers and key employees based on performance targets set by the Compensation Committee of the Board of Directors (the “Committee”). T he Company’s shareholders previously approved 700,000 shares to be issued under the plan. As of December 31, 2017 , 92,508 shares have been issued. The C ommittee selected fully-diluted earnings per share as the performance goal for the three-year performance period s July 1, 2015 – June 30, 2018 (2016-2018), July 1, 2016 – June 30, 2019 (2017-2019) and July 1, 2017 – June 30, 2020 (2018-2020) . The Committee also selected total shareholder return as a performance goal for the executive officers for the three-year performance periods 2017-2019 and 2018-2020. Stock awards will be issued to participants as soon as practicable following the end of the performance periods subject to verification of results and C ommittee approval. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins. During the quarter and six months ended December 31, 2017, the Company recorded no plan expense. During the quarter and six months ended December 31, 2016, t he Company recorded plan expense of $0.2 million and $0.4 million, respectively. If the target performance goals for 2016-2018 , 2017-2019 and 2018-2020 plans would be achieved, the total amount of compensation cost recognized over the requisite performance periods would be $1.0 million, $0.9 m illion and $0.8 million, respectively . (2) Stock Plans Omnibus Stock Plan The 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 perfor mance units. T he Company’s shareholders previously approved 700,000 shares to be issued under the plan. Under the plan , options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. All options were exercisable when granted. It is the Company’s policy to issue new shares upon exercise of stock options. The Company accepts shares of the Company’s common stock as payment for the ex ercise price of options. S hares received as payment are retired upon receipt. During the quarters ended December 31, 2017 and 2016 , no expense was recorded related to this plan. During the six months ended December 31, 2017 and 2016, the Company issued options for 21,439 and 24,317 common shares and recorded expense of $0.2 million and $0.3 million related to stock option grants , respectively. Under the plan, the Company issued 1,701 and 1,783 shares to non-executive directors as compensation and recorded expense of $0.1 million during the quarters ended December 31, 2017 and 2016 . The Company issued 3,564 and 3,561 shares to non-executive directors as compensation and recorded expense of $0.2 million during the six months ended December 31, 2017 and 2016, respectively. At December 31, 2017 , 511,843 shares were available for future grants under the plan . 2006 and 2009 Stock Option Plans The stock option plans were for key employees, officers and directors and provided for granting incentive and nonqualified stock options. Under the plans, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. All options were exercisable when granted. No additional o ptions can be granted under the 2006 and 2009 stock option plans. There were no options granted and no expense recorded under these plans during the three and six months ended December 31, 2017 and December 31, 2016 . A summary of the status of the Company’s stock plans as of December 31, 2017 , June 30, 2017 and 201 6 and the changes during the periods then ended is presented below: Weighted Aggregate Shares Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2016 270 $ 22.85 $ 4,638 Granted 24 47.45 Exercised (98) 20.57 Canceled (9) 20.51 Outstanding and exercisable at June 30, 2017 187 $ 27.21 $ 5,039 Granted 21 45.21 Exercised (4) 12.89 Canceled (16) 21.26 Outstanding and exercisable at December 31, 2017 188 $ 30.07 $ 3,159 The following table summarizes information for options outstanding and exercisable at December 31, 2017 : Options Outstanding and Weighted Average Range of Exercisable Remaining Exercise Prices (in thousands) Life (Years) Price $ 6.96 - 13.90 23 3.2 $ 11.89 17.23 - 19.77 34 4.0 18.54 20.50 - 27.57 39 5.6 25.69 31.06 - 32.13 32 6.9 31.62 43.09 - 47.45 60 8.7 45.42 $ 6.96 - 47.45 188 6.2 $ 30.07 In March 2016, the FASB issued Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) , which amends ASC Topic 718, Compensation – Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. During the quarter ended September 30, 2017, the Company adopted ASU 2016-09. Excess tax benefits from share-based compensation are included within net income and accrued liabilities as part of operating activities in the statement of cash flows and are no longer included as a financing activity. This change is applied prospectively. The standard allows for an accounting policy election to account for forfeitures as an estimate or to account for forfeitures as they occur. The Company elected to continue estimating the number of awards expected to be forfeited and adjust the estimate on an ongoing basis. For the quarter ended December 31, 2017, the Company recognized net tax benefits related to share-based compensation awards of $0.1 million in income tax expense in the consolidated statements of income. The impact of this change for the quarter ended December 31, 2016 would have been a reduction of income tax expense of $ 0. 2 million. For the six months ended December 31, 2017, the Company recognized net tax benefits related to share-based compensation awards of $0.2 million as a reduction of income tax expense in the consolidated statements of income. The impact of this change for the six months ended December 31, 2016 would have been a reduction of income tax expense of $1.2 million. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. 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 e arnings pe r 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 C ompensation plan and non-vested shares . The Company calculates the dilutive effect of outstanding options using the treasury stock method. Anti-dilutive shares 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. The Company calculates the dilutive effect of shares rel ated to the long-term incentive compensation plan and non-vested shares based on the number of shares, if any, that would be issuable if the end of the fiscal period were the end of the contingency period. In computing EPS for the quarter s ended December 31, 2017 and 201 6 , net income as reported for each respective period is divide d by the fully diluted weighted- average number of shares outstanding: Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2017 2016 2017 2016 Basic shares 7,847 7,779 7,839 7,752 Potential common shares: Stock options 73 113 75 106 Long-term incentive plan 14 12 15 5 Non-vested shares 3 2 2 2 90 127 92 113 Diluted shares 7,937 7,906 7,931 7,865 Anti-dilutive shares - - - - Cash dividends declared per common share were $0.22 and $0.20 for the quarters ended December 31, 2017 and 2016, respectively. Cash dividends declared per common share were $0.44 and $0.40 for the six months ended December 31, 2017 and 2016, respectively. |
Litigation
Litigation | 6 Months Ended |
Dec. 31, 2017 | |
Litigation [Abstract] | |
Litigation | 7. LITIGATION Environmental Matters – I n March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site located in Elkhart, Indiana from the United States 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 L etter 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. As of the filing of this Form 10-Q, no agreement has been reached. As a result, the current liability and current asset recorded in the September 30, 2017 financial statements is no longer recorded. Based on extensive sampling investigation performed on behalf of the Company, the Company believes that the source of the ground water contamination is upgradient of the site formerly owned by the Company. The Company continues to believe that it did not cause or contribute to the contamination. 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, fina ncial condition, or cash flows. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | As of January 26, 2018, there were no subsequent events. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Comparison Of Inventories | (in thousands) December 31, June 30, 2017 2017 Raw materials $ 15,151 $ 15,043 Work in process and finished parts 7,652 7,047 Finished goods 87,421 77,307 Total $ 110,224 $ 99,397 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Stock Option Plans | Weighted Aggregate Shares Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2016 270 $ 22.85 $ 4,638 Granted 24 47.45 Exercised (98) 20.57 Canceled (9) 20.51 Outstanding and exercisable at June 30, 2017 187 $ 27.21 $ 5,039 Granted 21 45.21 Exercised (4) 12.89 Canceled (16) 21.26 Outstanding and exercisable at December 31, 2017 188 $ 30.07 $ 3,159 |
Schedule Of Options Outstanding And Exercisable | Options Outstanding and Weighted Average Range of Exercisable Remaining Exercise Prices (in thousands) Life (Years) Price $ 6.96 - 13.90 23 3.2 $ 11.89 17.23 - 19.77 34 4.0 18.54 20.50 - 27.57 39 5.6 25.69 31.06 - 32.13 32 6.9 31.62 43.09 - 47.45 60 8.7 45.42 $ 6.96 - 47.45 188 6.2 $ 30.07 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2017 2016 2017 2016 Basic shares 7,847 7,779 7,839 7,752 Potential common shares: Stock options 73 113 75 106 Long-term incentive plan 14 12 15 5 Non-vested shares 3 2 2 2 90 127 92 113 Diluted shares 7,937 7,906 7,931 7,865 Anti-dilutive shares - - - - |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Inventories [Abstract] | ||
Total inventories | $ 110,224 | $ 99,397 |
Raw materials, net of reserves | 15,151 | 15,043 |
Work in process and finished parts, net of reserves | 7,652 | 7,047 |
Finished goods, net of reserves | $ 87,421 | $ 77,307 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value Measurements [Abstract] | ||
Investments | $ 19,943 | $ 17,958 |
Credit Arrangements (Details)
Credit Arrangements (Details) $ in Millions | 6 Months Ended |
Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 10 |
Interest rate over LIBOR | 1.00% |
Libor Plus 1 [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 2.56% |
Prime Minus 2 [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 2.50% |
Letter Of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 4 |
Line of Credit Facility, Amount Outstanding | 1.3 |
Line of Credit Facility, Remaining Borrowing Capacity | 8.7 |
Unsecured [Member] | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 10 |
Interest rate under prime rate | 2.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Adjustments for New Accounting Pronouncement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Excess tax benefit from stock-based payment arrangements | $ 200,000 | $ 1,200,000 | |||
Other Tax Expense (Benefit) | $ 100,000 | $ 200,000 | |||
Stock Option Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 0 | 0 | |||
Compensation cost | $ 0 | $ 0 | |||
Period options are excercisable | 10 years | ||||
Shares available for future grants | 0 | 0 | 0 | ||
New Long-Term Management Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved to be issued under plan | 700,000 | 700,000 | 700,000 | ||
Shares issued | 92,508 | ||||
Compensation cost | $ 0 | $ 200,000 | $ 0 | 400,000 | |
New Long-Term Management Incentive Compensation Plan [Member] | 2016-2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | 1,000,000 | ||||
New Long-Term Management Incentive Compensation Plan [Member] | 2017-2019 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | 900,000 | ||||
New Long-Term Management Incentive Compensation Plan [Member] | 2018-2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ 800,000 | ||||
New Omnibus Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved to be issued under plan | 700,000 | 700,000 | 700,000 | ||
Compensation cost | $ 200,000 | $ 300,000 | $ 0 | ||
Period options are excercisable | 10 years | ||||
Options issued under stock option plans | 21,439 | 24,317 | |||
Shares available for future grants | 511,843 | 511,843 | 511,843 | ||
New Omnibus Stock Plan [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 1,701 | 1,783 | 3,564 | 3,561 | |
Compensation cost | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |||
Shares, Outstanding and exercisable | 187 | 270 | |
Shares, Granted | 21 | 24 | |
Shares, Exercised | (4) | (98) | |
Shares, Canceled | (16) | (9) | |
Shares, Outstanding and exercisable | 188 | 187 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 27.21 | $ 22.85 | |
Weighted Average Exercise Price, Granted | 45.21 | 47.45 | |
Weighted Average Exercise Price, Exercised | 12.89 | 20.57 | |
Weighted Average Exercise Price, Canceled | 21.26 | 20.51 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 30.07 | $ 27.21 | |
Aggregate Intrinsic Value | $ 3,159 | $ 5,039 | $ 4,638 |
Stock-Based Compensation (Sch24
Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
6.96 - 13.90 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | $ 6.96 |
Range of Price Upper | $ 13.90 |
Options Outstanding | shares | 23 |
Weighted Average Remaining Life, Years | 3 years 2 months 12 days |
Weighted Average Exercise Price | $ 11.89 |
17.23 - 19.77 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 17.23 |
Range of Price Upper | $ 19.77 |
Options Outstanding | shares | 34 |
Weighted Average Remaining Life, Years | 4 years |
Weighted Average Exercise Price | $ 18.54 |
20.50 - 27.57 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 20.50 |
Range of Price Upper | $ 27.57 |
Options Outstanding | shares | 39 |
Weighted Average Remaining Life, Years | 5 years 7 months 6 days |
Weighted Average Exercise Price | $ 25.69 |
31.06 - 32.13 [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 | $ 32.13 |
Options Outstanding | shares | 32 |
Weighted Average Remaining Life, Years | 6 years 10 months 24 days |
Weighted Average Exercise Price | $ 31.62 |
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 | 60 |
Weighted Average Remaining Life, Years | 8 years 8 months 12 days |
Weighted Average Exercise Price | $ 45.42 |
6.96 - 47.45 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 6.96 |
Range of Price Upper | $ 47.45 |
Options Outstanding | shares | 188 |
Weighted Average Remaining Life, Years | 6 years 2 months 12 days |
Weighted Average Exercise Price | $ 30.07 |
Income Taxes (Rate Change) (Det
Income Taxes (Rate Change) (Details) $ in Millions | 6 Months Ended |
Dec. 31, 2017USD ($) | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |
Effective federal statutory income tax rate change in amount | $ 1.3 |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details) | Dec. 31, 2017 | Dec. 21, 2017 |
Income Taxes [Abstract] | ||
Federal statutory tax rate | 21.00% | 35.00% |
Income Taxes (Primary Component
Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Income Taxes [Abstract] | ||
Long-term | $ 1,025 | $ 1,740 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision (Benefit)) (Details) | Dec. 31, 2017 | Dec. 21, 2017 |
Income Taxes [Abstract] | ||
Federal statutory tax rate | 21.00% | 35.00% |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Aug. 31, 2016 |
Litigation [Abstract] | ||
Loss Contingency, Estimate of Possible Loss | $ 5.5 | $ 3.6 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic | 7,847 | 7,779 | 7,839 | 7,752 |
Stock options | 73 | 113 | 75 | 106 |
Long-term incentive plan | 14 | 12 | 15 | 5 |
Restricted shares | 3 | 2 | 2 | 2 |
Potential common shares, total | 90 | 127 | 92 | 113 |
Diluted | 7,937 | 7,906 | 7,931 | 7,865 |
Dividends declared per common share | $ 0.22 | $ 0.20 | $ 0.44 | $ 0.40 |