Flexsteel Industries (FLXS) 10-Q 2 May 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2018	Apr. 18, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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		7,854,903
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	Mar. 31, 2018	Jun. 30, 2017
ASSETS
Cash and cash equivalents	$ 23,606	$ 28,874
Investments	17,960	17,958
Trade receivables - less allowances: March 31, 2018, $1,090; June 30, 2017, $1,200	45,292	42,362
Inventories	106,195	99,397
Other	7,718	6,659
Total current assets	200,771	195,250
NONCURRENT ASSETS:
Property, plant and equipment, net	82,084	70,661
Deferred income taxes	1,875	1,740
Other assets	2,008	2,394
TOTAL	286,738	270,045
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	17,367	16,758
Accrued liabilities:
Payroll and related items	6,437	6,255
Insurance	5,771	5,423
Other	13,833	8,759
Total current liabilities	43,408	37,195
LONG-TERM LIABILITIES:
Other liabilities	1,860	2,090
Total liabilities	45,268	39,285
SHAREHOLDERS' EQUITY:
Stockholders' Equity, Total	241,470	230,760
Common stock - $1 par value; authorized 15,000,000 shares; outstanding March 31, 2018, 7,854,596 shares; June 30, 2017, 7,822,080 shares	7,855	7,822
Additional paid-in capital	26,587	26,186
Retained earnings	208,764	198,465
Accumulated other comprehensive loss	(1,736)	(1,713)
TOTAL	$ 286,738	$ 270,045

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,090	$ 1,200
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,854,596	7,822,080

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements Of Operations [Abstract]
Net sales	$ 126,861	$ 120,750	$ 376,087	$ 351,330
Cost of goods sold	(99,229)	(92,304)	(294,913)	(269,506)
Gross margin	27,632	28,446	81,174	81,824
Selling, general and administrative	(19,681)	(17,588)	(57,596)	(54,846)
Environmental Remediation Expense	3,600		3,600
Gain on sale of facility			1,835
Litigation Settlement Reimbursements		1,175		1,175
Operating income (loss)	4,351	12,033	21,813	28,153
Interest and other income	158	101	457	252
Income before income taxes	4,509	12,134	22,270	28,405
Income tax provision	(1,430)	(4,510)	(6,790)	(10,640)
Net income (loss)	$ 3,079	$ 7,624	$ 15,480	$ 17,765
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	7,853	7,804	7,844	7,770
Diluted	7,930	7,922	7,929	7,872
EARNINGS (LOSS) PER SHARE OF COMMON STOCK:
Basic	$ 0.39	$ 0.98	$ 1.97	$ 2.29
Diluted	$ 0.39	$ 0.96	$ 1.95	$ 2.26

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Abstract]
Net income	$ 3,079	$ 7,624	$ 15,480	$ 17,765
Unrealized (losses) gains on securities	(62)	3	(146)	(41)
Reclassification of realized gain to other income	38	8	113	112
Other Comprehensive Income (Loss) Before Taxes	(24)	11	(33)	71
Income tax benefit (expense) related to securities gains (losses)	6	(4)	11	(27)
Other comprehensive (loss) income, net of tax	(18)	7	(22)	44
Comprehensive income	$ 3,061	$ 7,631	$ 15,458	$ 17,809

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES:
Net income (loss)	$ 15,480	$ 17,765
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	5,398	6,038
Deferred income taxes	(124)	953
Stock-based compensation expense	909	1,364
Excess tax benefit from stock-based payment arrangements		(1,401)
Provision for losses on accounts receivable	(110)
Gain on disposition of capital assets	(1,794)	(147)
Changes in operating assets and liabilities:
Trade receivables	(2,820)	974
Inventories	(6,799)	(6,794)
Other current assets	(547)	(712)
Other assets	14	464
Accounts payable - trade	(420)	3,882
Accrued liabilities	4,915	1,856
Other long-term liabilities	187	(554)
Net cash provided by operating activities	14,289	23,688
INVESTING ACTIVITIES:
Purchases of investments	(30,196)	(12,580)
Proceeds from sales of investments	30,129	2,485
Proceeds from sale of capital assets	6,152	147
Capital expenditures	(20,149)	(9,764)
Net cash (used in) provided by investing activities	(14,064)	(19,712)
FINANCING ACTIVITIES:
Dividends paid	(5,018)	(4,499)
Proceeds from issuance of common stock	77	1,071
Shares withheld for employee tax obligations	(552)	(1,131)
Excess Tax Benefit from Share-based Compensation, Financing Activities		(1,401)
Net cash used in financing activities	(5,493)	(3,158)
Increase (decrease) in cash and cash equivalents	(5,268)	818
Cash and cash equivalents at beginning of year	28,874	36,780
Cash and cash equivalents at end of year	23,606	37,598
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR:
Income taxes paid (refunded)	5,190	5,795
Capital Expenditures Incurred but Not yet Paid	$ 2,770	$ 1,133

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2018
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 cons olidated financial statements. Operating results for the three and nine months ended March 31, 2018 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 generally accepted accounting principles (“GAAP”) in the Un ited 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 informa tion 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 dr op-in seat spring from which the 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	9 Months Ended
	Mar. 31, 2018
Inventories [Abstract]
Inventories	2. INVENTORIES  A comparison of inventories is as follows:    (in thousands) March 31, June 30,  2018 2017  Raw materials $ 14,352 $ 15,043  Work in process and finished parts 7,546 7,047  Finished goods 84,297 77,307  Total $ 106,195 $ 99,397 

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and 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	9 Months Ended
	Mar. 31, 2018
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% ( 2.88% at March 31, 2018 ), including up to $ 4.0 million of letters of credit. Letters of credit outstanding at March 31, 2018 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 March 31, 2018 . The credit agreement expire s June 30 , 201 8 . At March 31, 2018 , 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% ( 2.75% at March 31, 2018 ) . No amount was outstanding on the line of credit at March 31, 2018 . This line of credit matures December 31, 2018.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2018
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 liabilities and adjusted its estimated annual federal income tax rate to incorporate the lower corporate tax rate into the tax provision for the quarter ended December 31, 2017.  During the three and nine months ended March 31, 2018, the Company applied the newly enacted corporate federal income tax rate, resulting in a reduction of approximately $0.3 million and $1.6 million, respectively, of the income tax provision, which is reflected in the Company’s consolidated statements of income. 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	9 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 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 three and nine months ended March 31, 2018, the Company recorded $0.2 million in plan expense. During the three and nine months ended March 31, 2017, t he Company recorded plan expense of $0.3 million and $0.7 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 each requisite performance period would be $1.0 million .  (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 March 31, 2018 and 2017 , no expense was recorded related to this plan. During the nine months ended March 31, 2018 and 2017, 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 2,176 and 1,729 shares to non-executive directors as compensation and recorded expense of $0.1 million during the quarters ended March 31, 2018 and 2017, respectively . The Company issued 5,740 and 5,290 shares to non-executive directors as compensation and recorded expense of $0.3 million during the nine months ended March 31, 2018 and 2017, respectively.  At March 31, 2018 , 509,667 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.  A summary of the status of the Company’s stock plans as of March 31, 2018 , 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 (5) 13.84  Canceled (16) 21.26  Outstanding and exercisable at March 31, 2018 187 $ 30.19 $ 2,105  The following table summarizes information for options outstanding and exercisable at March 31, 2018 :      Options  Outstanding and Weighted Average  Range of Exercisable Remaining Exercise  Prices (in thousands) Life (Years) Price  $ 6. 9 6 - 1 3. 90 22 2.9 $ 11.80  17.23 - 19.77 34 3.7 18.51  2 0.50 - 27.5 7 39 5.3 25.69  31. 06 - 32 .13 32 6.7 31.62  43. 09 - 47. 45 60 8.5 45.42  $ 6 . 96 - 47 . 45 187 6.0 $ 30.19    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 March 31, 2018, the Company recognized no net tax benefits related to share-based compensation awards in income tax expense in the consolidated statements of income. The impact of this change for the quarter ended March 31, 2017 would have been a reduction of income tax expense of $0. 2 million.  For the nine months ended March 31, 2018, the Company recognized net tax benefits related to share-based compensation awards of $0.1 million as a reduction of income tax expense in the consolidated statements of income. The impact of this change for the nine months ended March 31, 2017 would have been a reduction of income tax expense of $1.4 million.  Prior to adoption, these items were recorded in “Additional paid-in capital” in the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2018
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 Compensation P lan 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 P lan 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 three and nine months ended March 31, 2018 and 201 7 , net income as reported for each respective period is divide d by the fully diluted weighted- average number of shares outstanding:     Three Months Ended Nine Months Ended  March 31, March 31,  (in thousands) 2018 2017 2018 2017   Basic shares 7,853 7,804 7,844 7,770   Potential common shares:  Stock options 57 95 67 90  Long-term incentive plan 15 21 15 10  Non-vested shares 5 2 3 2  77 118 85 102   Diluted shares 7,930 7,922 7,929 7,872   Anti-dilutive shares 61 - 22 -   Cash dividends declared per common share were $0.22 and $0.20 for the quarters ended March 31, 2018 and 2017, respectively. Cash dividends declared per common share were $0.66 and $0.60 for the nine months ended March 31, 2018 and 2017, respectively.

Litigation

Litigation	9 Months Ended
	Mar. 31, 2018
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 (the “Lane Street 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.  On April 25, 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 shall be effective May 29, 2018. To ensure completion of the remediation work, the EPA requires 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. The Company maintains its position that it did not cause nor contribute to the contamination. However, in accordance with FASB issued Asset Retirement and Environmental Obligations (ASC 410-30) , the Company accrued and reflected $3.6 million in the financial results for the quarter ended March 31, 2018. The Company continues to evaluate the Order, its legal options and insurance coverages to assert its defense and recovery of current and future expenses related to this matter.  Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, fina ncial condition, or cash flows.

Subsequent Event

Subsequent Event	9 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	As of May 2, 2018 , there were no subsequent events other than the item disclosed in Footnote 8 .

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2018
Inventories [Abstract]
Comparison Of Inventories	   (in thousands) March 31, June 30,  2018 2017  Raw materials $ 14,352 $ 15,043  Work in process and finished parts 7,546 7,047  Finished goods 84,297 77,307  Total $ 106,195 $ 99,397 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2018
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 (5) 13.84  Canceled (16) 21.26  Outstanding and exercisable at March 31, 2018 187 $ 30.19 $ 2,105 
Schedule Of Options Outstanding And Exercisable	   Options  Outstanding and Weighted Average  Range of Exercisable Remaining Exercise  Prices (in thousands) Life (Years) Price  $ 6. 9 6 - 1 3. 90 22 2.9 $ 11.80  17.23 - 19.77 34 3.7 18.51  2 0.50 - 27.5 7 39 5.3 25.69  31. 06 - 32 .13 32 6.7 31.62  43. 09 - 47. 45 60 8.5 45.42  $ 6 . 96 - 47 . 45 187 6.0 $ 30.19 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	   Three Months Ended Nine Months Ended  March 31, March 31,  (in thousands) 2018 2017 2018 2017   Basic shares 7,853 7,804 7,844 7,770   Potential common shares:  Stock options 57 95 67 90  Long-term incentive plan 15 21 15 10  Non-vested shares 5 2 3 2  77 118 85 102   Diluted shares 7,930 7,922 7,929 7,872   Anti-dilutive shares 61 - 22 - 

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Inventories [Abstract]
Total inventories	$ 106,195	$ 99,397
Raw materials, net of reserves	14,352	15,043
Work in process and finished parts, net of reserves	7,546	7,047
Finished goods, net of reserves	$ 84,297	$ 77,307

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Fair Value Measurements [Abstract]
Investments	$ 17,960	$ 17,958

Credit Arrangements (Details)

Credit Arrangements (Details) $ in Millions	9 Months Ended
	Mar. 31, 2018USD ($)
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	2.88%
Prime Minus 2 [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.75%
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		9 Months Ended		15 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018
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		$ 1,400,000
Other Tax Expense (Benefit)	$ 0		$ 100,000
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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	$ 200,000	$ 300,000	$ 200,000	700,000
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 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	509,667		509,667		509,667
New Omnibus Stock Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	2,176	1,729	5,740	5,290
Compensation cost	$ 100,000	$ 100,000	$ 300,000	$ 300,000

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2016
Stock-Based Compensation [Abstract]
Shares, Outstanding and exercisable	187	270
Shares, Granted	21	24
Shares, Exercised	(5)	(98)
Shares, Canceled	(16)	(9)
Shares, Outstanding and exercisable	187	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	13.84	20.57
Weighted Average Exercise Price, Canceled	21.26	20.51
Weighted Average Exercise Price, Oustanding and exercisable	$ 30.19	$ 27.21
Aggregate Intrinsic Value	$ 2,105	$ 5,039	$ 4,638

Stock-Based Compensation (Sch24

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2018$ / 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	22
Weighted Average Remaining Life, Years	2 years 10 months 24 days
Weighted Average Exercise Price	$ 11.80
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	3 years 8 months 12 days
Weighted Average Exercise Price	$ 18.51
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 3 months 18 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 8 months 12 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 6 months
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	187
Weighted Average Remaining Life, Years	6 years
Weighted Average Exercise Price	$ 30.19

Income Taxes (Rate Change) (Det

Income Taxes (Rate Change) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2018	Dec. 21, 2017	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective federal statutory income tax rate change in amount		$ 0.3		$ 1.6
Effective federal statutory income tax rate	21.00%		35.00%

Income Taxes (Reconciliation Be

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details)	Mar. 31, 2018	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	Mar. 31, 2018	Jun. 30, 2017
Income Taxes [Abstract]
Long-term	$ 1,875	$ 1,740

Income Taxes (Income Tax Provis

Income Taxes (Income Tax Provision (Benefit)) (Details)	Mar. 31, 2018	Dec. 21, 2017
Income Taxes [Abstract]
Federal statutory tax rate	21.00%	35.00%

Litigation (Details)

Litigation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jul. 31, 2017	Aug. 31, 2016
Litigation [Abstract]
Litigation Settlement Reimbursements		$ (1,175)		$ (1,175)
Loss Contingency, Estimate of Possible Loss					$ 5,500	$ 3,600
Environmental Remediation Expense	$ 3,600		$ 3,600

Earnings Per Share (Details)

Earnings Per Share (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Basic	7,853	7,804	7,844	7,770
Stock options	57	95	67	90
Long-term incentive plan	15	21	15	10
Restricted shares	5	2	3	2
Potential common shares, total	77	118	85	102
Diluted	7,930	7,922	7,929	7,872
Anti-dilutive shares	61		22
Dividends declared per common share	$ 0.22	$ 0.20	$ 0.66	$ 0.60