Flexsteel Industries (FLXS) 10-K 6 Sep 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Aug. 24, 2018	Dec. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
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 Public Float			$ 297,116,387
Entity Common Stock, Shares Outstanding		7,872,150
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	Jun. 30, 2018	Jun. 30, 2017
ASSETS
Cash and cash equivalents	$ 27,750	$ 28,874
Investments	15,951	17,958
Trade receivables - less allowances: June 30, 2018, $1,100; June 30, 2017, $1,200	41,253	42,362
Inventories	96,204	99,397
Other	8,476	6,659
Total current assets	189,634	195,250
NONCURRENT ASSETS:
Property, plant and equipment, net	90,725	70,661
Deferred income taxes	1,455	1,740
Other assets	2,479	2,394
TOTAL	284,293	270,045
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	17,228	16,758
Accrued liabilities:
Payroll and related items	5,459	6,255
Insurance	4,439	5,423
Accrued Advertising, Current	4,192	3,883
Accrued Environmental Loss Contingencies, Current	3,600
Other	6,011	4,876
Total current liabilities	40,929	37,195
LONG-TERM LIABILITIES:
Other liabilities	1,666	2,090
Total liabilities	42,595	39,285
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS' EQUITY:
Stockholders' Equity, Total	241,698	230,760
Common stock - $1 par value; authorized 15,000,000 shares; outstanding June 30, 2018, 7,868,298 shares; June 30, 2017, 7,822,080 shares	7,868	7,822
Additional paid-in capital	26,321	26,186
Retained earnings	209,553	198,465
Accumulated other comprehensive loss	(2,044)	(1,713)
TOTAL	$ 284,293	$ 270,045

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,100	$ 1,200
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	7,868,298	7,822,080

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements Of Operations [Abstract]
Net sales	$ 489,180	$ 468,764	$ 500,106
Cost of goods sold	(390,961)	(360,113)	(386,407)
Gross margin	98,219	108,651	113,699
Selling, general and administrative	(71,949)	(72,562)	(77,911)
Environmental Remediation Expense	3,600
Gain on sale of facility	1,835
Litigation Settlement Reimbursements		1,175	2,280
Operating income (loss)	24,505	37,264	38,068
Interest and other income	621	322	(72)
Interest expense			(69)
Income before income taxes	25,126	37,586	37,927
Income tax provision	(7,460)	(13,800)	(13,690)
Net income (loss)	$ 17,666	$ 23,786	$ 24,237
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	7,848	7,782	7,595
Diluted	7,919	7,886	7,765
EARNINGS (LOSS) PER SHARE OF COMMON STOCK:
Basic	$ 2.25	$ 3.06	$ 3.19
Diluted	$ 2.23	$ 3.02	$ 3.12

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Net income	$ 17,666	$ 23,786	$ 24,237
Unrealized (losses) gains on securities	(197)	(87)	741
Reclassification of realized gain to other income	142	145	(535)
Other Comprehensive Income (Loss) Before Taxes	(55)	58	206
Income tax benefit (expense) related to securities gains (losses)	17	(22)	(78)
Net unrealized (losses) gains on securities gains (losses)	(38)	36	128
Minimum pension liability	56	771	(999)
Income tax benefit (expense) related to minimum pension liability	(15)	(292)	379
Net minimum pension liability	41	479	(620)
Other comprehensive (loss) income, net of tax	3	515	(492)
Comprehensive income	$ 17,669	$ 24,301	$ 23,745

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance, period start at Jun. 30, 2015	$ 7,480	$ 18,827	$ 162,176	$ (1,736)	$ 186,747
Balance, period end at Jun. 30, 2016	7,700	23,259	180,919	(2,228)	$ 209,650
Dividends declared per common share					$ 0.72
Issuance of common stock:
Stock options exercised, net	184	1,407			$ 1,591
Unrealized gain on available for sale investments, net of tax				128	128
Long-term incentive compensation	27	858			885
Stock-based compensation	9	406			415
Excess tax benefit from stock-based payment arrangements		(1,761)			(1,761)
Minimum pension liability adjustment, net of tax				(620)	(620)
Cash dividends declared			(5,494)		(5,494)
Net income			24,237		24,237
Balance, period start at Jun. 30, 2015	7,480	18,827	162,176	(1,736)	186,747
Balance, period end at Jun. 30, 2018	7,868	26,321	209,553	(2,044)	241,698
Issuance of common stock:
Excess tax benefit from stock-based payment arrangements					0
Balance, period start at Jun. 30, 2016	7,700	23,259	180,919	(2,228)	209,650
Balance, period end at Jun. 30, 2017	7,822	26,186	198,465	(1,713)	$ 230,760
Dividends declared per common share					$ 0.80
Issuance of common stock:
Stock options exercised, net	79	999			$ 1,078
Unrealized gain on available for sale investments, net of tax				36	36
Long-term incentive compensation	35	(213)			(178)
Stock-based compensation	8	647			655
Excess tax benefit from stock-based payment arrangements		1,494			1,494
Minimum pension liability adjustment, net of tax				479	479
Cash dividends declared			(6,240)		(6,240)
Net income			23,786		23,786
Balance, period end at Jun. 30, 2018	7,868	26,321	209,553	(2,044)	$ 241,698
Dividends declared per common share					$ 0.88
Issuance of common stock:
Stock options exercised, net	17	216			$ 233
Unrealized gain on available for sale investments, net of tax				(38)	(38)
Long-term incentive compensation	20	(858)			(838)
Stock-based compensation	9	777			786
Minimum pension liability adjustment, net of tax				41	41
Cash dividends declared			(6,912)		(6,912)
Net income			17,666		17,666
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 334	$ (334)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES:
Net income (loss)	$ 17,666	$ 23,786	$ 24,237
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	7,367	7,936	7,556
Deferred income taxes	286	1,606	2,731
Stock-based compensation expense	501	1,609	1,470
Excess tax benefit from stock-based payment arrangements		(1,494)	(1,761)
Provision for losses on accounts receivable	(100)	(100)	(100)
Gain on disposition of capital assets	(1,792)	(512)	(34)
Gain on life insurance policies			(346)
Changes in operating assets and liabilities:
Trade receivables	1,209	2,356	584
Inventories	3,193	(13,492)	27,938
Other current assets	(1,299)	1,036	(1,962)
Other assets	22	450	59
Accounts payable - trade	(1,874)	4,028	(6,877)
Accrued liabilities	2,546	477	2,052
Other long-term liabilities	(431)	(1,298)	(1,180)
Net cash provided by operating activities	27,294	26,388	54,367
INVESTING ACTIVITIES:
Purchases of investments	(42,230)	(30,537)	(3,100)
Proceeds from sales of investments	44,172	12,474	2,900
Proceeds from sale of capital assets	6,152	1,848	76
Proceeds from Life Insurance Policy			2,814
Capital expenditures	(29,447)	(13,457)	(7,382)
Net cash (used in) provided by investing activities	(21,353)	(29,672)	(4,692)
FINANCING ACTIVITIES:
Repayments of Short-term Debt			11,904
Dividends paid	(6,746)	(6,062)	(5,455)
Proceeds from issuance of common stock	233	1,078	1,591
Shares withheld for employee tax obligations	(552)	(1,132)	(170)
Excess Tax Benefit from Share-based Compensation, Financing Activities		(1,494)	(1,761)
Net cash used in financing activities	(7,065)	(4,622)	(14,177)
Increase (decrease) in cash and cash equivalents	(1,124)	(7,906)	35,498
Cash and cash equivalents at beginning of year	28,874	36,780	1,282
Cash and cash equivalents at end of year	27,750	28,874	36,780
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR:
Income taxes paid (refunded)	8,460	9,780	10,140
Capital Expenditures Incurred but Not yet Paid	$ 4,084	$ 1,740	$ 430

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) incorporated in 1929 is celebrating its 125 th anniversary of the Company’s founding in 1893. Flexsteel Industries, Inc. is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Over the generations the Company has built a committed retail and consumer following based on its patented, guaranteed-for-life Blue Steel Spring TM – the all-riveted, high-carbon, steel-banded seating platform that gives upholstered and leather furniture the strength and comfort to last a lifetime. With offerings for use in home, hotel, healthcare, recreational vehicle, marine and office, the Company distributes its furniture throughout the United States & Canada through the Company’s sales force and various independent representatives.  In April 2018, Flexsteel Industries, Inc. merged its wholly owned subsidiary, DMI Furniture, Inc., into the parent Company. In June 2018, the DMI Management, Inc. subsidiary was dissolved. The Company expects to reduce administrative and compliance expenses with these corporate structure changes.  PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidated financial statements and results of operations are based on consolidated financial statements prepared in accordance with GAAP in the United States of America.  USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates.  FAIR VALUE – the Company’s cash and cash equivalents, investments, accounts receivable, other current assets, accounts payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. GAAP 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 not 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.  INVESTMENTS - during fiscal year 2018, the Company purchased 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.” As of June 30, 2018, the fair market value and book value of the investments are $16.0 million. These assets are classified as Level 1 in accordance with fair value measurements described above.  ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of its products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements.  INVENTORIES – are stated at the lower of cost or net realizable value utilizing the first ‑in, first ‑out (“FIFO”) method.  PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets.  VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed. No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal years 2018, 2017 and 2016.  WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance.  REVENUE RECOGNITION – is when both product ownership and the risk of loss have transferred to the customer, collectability is reasonably assured, and the Company has no remaining obligations. The Company’s ordering process creates persuasive evidence of the sale arrangement and the sales price is determined. The delivery of the goods to the customer completes the earnings process. Net sales consist of product sales and related delivery charge revenue, net of adjustments for returns and allowances. The Company records variable consideration provided to its customers to increase brand awareness and incentivize growth as a reduction in net sales. Shipping and handling costs are included in cost of goods sold.  ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $5.1 million, $7.3 million and $7.5 million in fiscal years 2018, 2017 and 2016, respectively.  DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $3.9 million, $3.7 million and $4.2 million in fiscal years 2018, 2017 and 2016, respectively.  INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $150,000 per plan year. For workers’ compensation the Company retains the first $450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within “Accrued liabilities – insurance” on the consolidated balance sheets.  INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  EARNINGS PER SHARE (EPS) – basic EPS of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. Diluted EPS of common stock includes the dilutive effect of potent ial common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the long-term management incentive compensation 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 was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management 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 year were the end of the contingency period. In computing EPS for the fiscal years 2018, 2017 and 2016, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:   June 30, (in thousands) 2018 2017 2016   Basic shares 7,848 7,782 7,595 Potential common shares:  Stock options 54 86 120  Long-term incentive plan 17 18 50  71 104 170   Diluted shares 7,919 7,886 7,765   Anti-dilutive shares 40 – 26  STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. The Company recognizes long-term incentive compensation plan expenses during the three-year performance periods; stock awards are issued following the end of the performance periods and are subject to verification of results and Compensation Committee of the Board of Directors approval. See Note 8 Stock-Based Compensation.  SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States and Canada by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales.  ACCOUNTING DEVELOPMENTS – 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.  In February 2018, the FASB issued Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Reform”). The amendments allow the Company to reclassify the stranded tax effects resulting from the Tax Reform, the difference between the historical federal corporate income tax rate of 35% and the newly enacted corporate income tax rate of 21%. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company early adopted the standard effective June 30, 2018 and reclassified $0.3 million from accumulated other comprehensive income to retained earnings related to the Company’s minimum pension liability.  In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The guidance is effective for annual reporting periods beginning after December 15, 2017, the Company’s fiscal year 2019. The Company adopted the standard on July 1, 2018 using the full retrospective method. As revenue is recognized when product ownership and risk of loss is transferred to the customer, collectability assured and the Company has no remaining performance obligations, the timing of revenue recognition is not impacted by the new standard... The Company is still assessing the impact on disclosures related to the new standard. The Company does not expect this new guidance to have any other material impacts on its consolidated financial statements or its internal controls over financial reporting.  In February 2016, the FASB issued Leases (ASU 2016-02), which amends ASC Topic 842. ASU 2016-02 introduces a new lessee model where substantially all leases will be brought onto the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fis cal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. 

Inventories

Inventories	12 Months Ended
	Jun. 30, 2018
Inventories [Abstract]
Inventories	2. INVENTORIES  A comparison of inventories is as follows:    (in thousands) June 30,  2018 2017  Raw materials $ 13,335 $ 15,043  Work in process and finished parts 7,195 7,047  Finished goods 75,674 77,307  Total $ 96,204 $ 99,397 

Property, Plant And Equipment

Property, Plant And Equipment	12 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant And Equipment	 3. PROPERTY, PLANT AND EQUIPMENT    (in thousands) Estimated June 30,  Life (Years) 2018 2017  Land $ 5,684 $ 6,987  Buildings and improvements 5-39 66,823 70,741  Machinery and equipment 3-7 32,127 33,441  Delivery equipment 3-5 21,697 20,866  Furniture and fixtures 3-7 4,034 4,474  Computer software and hardware 3-10 30,000 18,903  Construction in progress 14,239 -  Total 174,604 155,412  Less accumulated depreciation (83,879) (84,751)  Net $ 90,725 $ 70,661  The Company is constructing a 250,000 square foot manufacturing facility in Dubuque, Iowa. The current Dubuque, Iowa manufacturing facility and land will be donated to a not-for-profit entity when vacated by the Company, which is expected to happen in fiscal year 2019. During fiscal year 2018, the Company sold a 69,000 square foot facility in Riverside, California. The net book value of the facility was $4.3 million a time of sale. The pre-tax gain of $1.8 million is recorded as “Gain on sale of facility” in the consolidated statements of income. 

Other Noncurrent Assets

Other Noncurrent Assets	12 Months Ended
	Jun. 30, 2018
Other Noncurrent Assets [Abstract]
Other Noncurrent Assets	4. OTHER NONCURRENT ASSETS    (in thousands) June 30,  2018 2017  Cash value of life insurance $ 1,016 $ 989  Other 1,463 1,405  Total $ 2,479 $ 2,394 

Accrued Liabilities - Other

Accrued Liabilities - Other	12 Months Ended
	Jun. 30, 2018
Accrued Liabilities - Other [Abstract]
Accrued Liabilities - Other	 5. ACCRUED LIABILITIES – OTHER    (in thousands) June 30,  2018 2017  Dividends $ 1,731 $ 1,564  Warranty 1,160 1,080  Other 3,120 2,232  Total $ 6,011 $ 4,876 

Credit Arrangements

Credit Arrangements	12 Months Ended
	Jun. 30, 2018
Credit Arrangements [Abstract]
Credit Arrangements	6. CRED I T ARRANGEMENTS  The Company entered into an unsecured credit agreement on June 30, 2018, that provides short-term working capital financing up to $ 10.0 million with interest of LIBOR plus 1 % ( 3.09 % at June 30, 2018) , including up to $ 4.0 million of letters of credit. Letters of cre dit outstanding at June 30, 2018 totaled $1.3 million. Other than the outstanding letters of credit, the Company did no t utilize borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of June 30, 2018 . The credit agreement expires June 30 , 201 9 . At June 30, 201 8 , the Company was in compliance with all of the financial covenants contained in the credit agreement.  T he Company maintains an unsecured $10.0 million line of credit, with interest at prime m inus 2% ( 3.00 % at J une 30, 2018) . No amount was outstanding on the line of credit at June 30, 201 8 . This line of credit matures December 31, 2018.   

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2018
Income Taxes [Abstract]
Income Taxes	 7. INCOME TAXES  In determining the provision for income taxes, the Company uses an estimated annual effective tax rate that is based on the annual income, statutory tax rates and permanent differences between book and tax. This includes recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns to the extent pervasive evidence exists that they will be realized in future periods. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which are expected to be in effect in the years in which the temporary differences are expected to reverse. In accordance with the Company’s income tax policy, significant or unusual items are separately recognized when they occur.  The components of the gross liabilities related to unrecognized tax benefits and the related deferred tax assets are as follows :    June 30,  (in thousands) 2018 2017  Gross unrecognized tax benefits $ 500 $ 320  Accrued interest and penalties 100 130  Gross liabilities related to unrecognized tax benefits $ 600 $ 450   Deferred tax assets $ 100 $ 130   A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:     (in thousands) 2018 2017 2016  Balance at July 1 $ 320 $ 610 $ 1,580  Additions based on tax positions related to the current year 270 130 45  Additions for tax positions of prior years - - -  Reductions for tax positions of prior years (90) (420) (1,015)  Balance at June 30 $ 500 $ 320 $ 610  The Company records interest and penalties related to income taxes as income tax expense in the consolidated statements of income. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.  The income tax provision is as follows for the years ended June 30:    (in thousands) 2018 2017 2016  Federal - current $ 6,731 $ 11,015 $ 9,343  State and other - current 443 1,179 1,616  Deferred 286 1,606 2,731  Total $ 7,460 $ 13,800 $ 13,690   R econciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows for the years ended June 30:    2018 2017 2016  Federal statutory tax rate 28.1 % 35.0 % 35.0 %  State taxes, net of federal effect 2.7 2.7 3.8  Other (1.1) (1.0) (2.7)  Effective tax rate 29.7 % 36.7 % 36.1 %  T he primary components of deferred tax assets and (liabilities) are as follows:   June 30,  (in thousands) 2018 2017  Accounts receivable $ 290 $ 460  Inventory 50 (50)  Self-insurance 240 560  Payroll and related 610 1,690  Accrued liabilities 1,750 1,240  Property, plant and equipment (2,390) (2,850)  Investment tax credit 2,550 1,930  Valuation allowance (1,745) (1,390)  Other 100 150  Total $ 1,455 $ 1,740  At June 30, 2018, certain state tax credit carryforwards of $2.6 million were available, with $1.0 million expiring between 2019 and 2028 and $1.6 million with an indefinite carryforward period.  The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, tax years 2014–2017 remain open to examination by the Internal Revenue Service or other taxing jurisdictions to which the Company is subject. As of June 30, 2018, there were no ongoing federal or state income tax audits.  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 fiscal year ended June 30, 2018, the Company utilized a blended rate of approximately 28.06% .  During fiscal year 2018, the Company applied the newly enacted corporate federal income tax rate, resulting in a reduction of approximately $1.8 million of the income tax provision, which is reflected in the Company’s consolidated statements of income. The Company remeasured its net deferred tax assets and liabilities using the federal tax rate that will apply when the amounts are expected to reverse. As of June 30, 2018, the Company can determine a reasonable estimate for the effects of tax reform. The re-measurement of the deferred tax assets and liabilities resulted in an immaterial discrete tax benefit for the fiscal year ended June 30, 2018. 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. The SEC has issued rules, under SAB 118, that allow for a remeasurement period of up to one year after the enactment date of the Tax Reform to finalize the related tax impacts.  The Company early adopted the FASB issued Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform on June 30, 2018. The Company reclassified $0.3 million from accumulated other comprehensive income to retained earnings related to the Company’s minimum pension liability.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Jun. 30, 2018
Stock-Based Compensation [Abstract]
Stock-Based Compensation	8. 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 June 30, 201 8 , 92 , 508 shares have been issued. The Committee selected fully-diluted earnings per share as the performance goal for the three-year performance period s July 1, 201 5 – June 30, 201 8 (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 Committee 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 fiscal years 2018, 2017 and 2016, the Company issued 30,539 , 59,375 and 2,594 shares for the three-year performance periods July 1, 2014 – June 30, 2017 (2015-2017), July 1, 2013 – June 30, 2016 (2014-2016) and July 1, 2012 – June 30, 2015 (2013-2015), respectively.  The Company recorded plan (income)/ expense of ($0 . 4) million, $ 0.9 million and $1 . 1 million for fiscal year s ended June 30, 2018, 2017 and 201 6, respectively . If the target performance goals for 2016-2018, 2017-2019 and 2018-2020 would be achieved, the total amount of compensation cost recognized over the requisite performance periods would be $1.0 million for each of the performance periods.  The aggregate number of shares that could be awarded to key executives if the minimum, target or maximum performance goals are met is as follows:    (in thousands)  Performance Period Minimum Target Maximum  Fiscal Year 2016 - 2018 9 23 45  Fiscal Year 2017 - 2019 10 25 48  Fiscal Year 2018 - 2020 7 18 35  (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 performance 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 market price 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 exercise price of options. These shares received as payment are retired upon receipt.  For fiscal year s 2018, 2017 and 201 6 , the Company issued options for 21 , 439 , 24,317 and 25,868 common shares at a weighted average exercise price of $45 . 21 , $47.45 and $43 . 09 (the fair market value on the date of grant) , respectively . The options were immediately available for exercise. For fiscal year s ended June 30, 2018, 2017 and 201 6 , the Company recorded expense of $0. 2 million, $0. 3 million and $0. 2 million, respectively . The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal years 201 8 , 201 7 and 201 6 , respectively, under this plan; dividend yield of 1.8% , 1.5% and 1.6% ; e x pected volatility of 31.1% , 30.8% an d 26.0 % ; risk -free interest rate of 1. 7 % , 1. 2 % and 1 .6% ; an d an expected life of 5 years. The expected volatility and expected life are determined based on historical data. The weighted-average grant date fair value of stock options granted during fiscal year s 2018, 2017 and 2016 were $10.87 , $ 11.76 an d $9.20 , r espectively. The cash proceeds from st ock options exercised were $0.0 million, $0.7 million and $0.1 million for fiscal years ended 2018, 201 7 and 2016, respectively . There was no income tax benefit related to the exercise of stock options for fiscal years ended June 30, 2018, 2017 and 2016.  Under the plan, the Company issued 8,016 , 6,997 and 6,208 restricted shares to non-executive directors as compensation and recorded expense of $0.3 million, $0.4 million and $0.3 million during fiscal years ended June 30, 2018, 2017, and 2016 , respectively.  The Company issued 2,000 restricted shares outside of the plan to its Chief Executive Officer during fiscal year 2018 as compensation expense related to a Letter Agreement signed June 29, 2012. This was the final restricted share issuance related to the Letter Agreement. In addition, the Company recorded $0.3 million compensation expense for grants of restricted shares under the plan to two named executive officers as per their notification of award letters dated July 1, 2017.  At June 30, 201 8 , there were 5 12 , 169 shares available for future grants.  2006 and 2009 Stock Option Plans  The stock option plans were for key employees, of ficers 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. N o additional options can be granted under the 2006 and 2009 stock option plans. There were no options granted and no expense was recorded under these p lans during the fiscal year s ended June 30, 2018, 201 7 and 2016 .  The cash proceeds from stock options exercised were $ 0.2 million, $ 0.4 million and $ 1.5 million for fiscal years ended 201 8 , 201 7 and 201 6, respectively . The income tax benefit related to t he exercise of stock options were $ 0.1 million, $ 0.6 million and $ 1.6 million for fiscal years ended 201 8 , 201 7 and 201 6 , respectively.  A summary of the status of the Company’s stock option plans as of June 30, 201 8 , 201 7 and 201 6 and the changes during the years then ended is presented below:    Aggregate  Shares Weighted 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 (21) 18.89  Canceled (21) 26.77  Outstanding and exercisable at June 30, 2018 166 $ 30.65 $ 1,841  The following table summarizes information for options outstanding and exercisable at June 30, 201 8 :    Weighted Average  Range of Options Remaining Exercise  Prices Outstanding Life (Years) Price  (in thousands)  $ 6.96 - 13.90 16,500 2.4 $ 11.16  17.23 - 19.77 28,750 3.6 18.74  20.50 - 27.57 36,350 5.0 25.54  31.06 - 32.13 28,720 6.4 31.67  43.09 - 47.45 55,726 8.2 45.37  $ 6.96 - 47.45 166,046 5.8 $ 30.65 

Benefit And Retirement Plans

Benefit And Retirement Plans	12 Months Ended
	Jun. 30, 2018
Benefit And Retirement Plans [Abstract]
Benefit And Retirement Plans	9. BENEFIT AND RETIREMENT PLANS  Defined Contribution and Retirement Plans The Company sponsors various defined contribution retirement plans, which cover substantially all employees, other than employees covered by multi-employer pension plans under col lective bargaining agreements. Total retirement plan expense was $ 2.8 million, $ 2.3 million and $ 1.8 million in fiscal years 2018 , 2017 and 2016, respectively . The amounts include $ 1.7 million , $0.8 million and $0.5 million in fiscal year s 2018 , 2017 and 2016 , for the Company’s matching contribution to retirement savings plans.  Multi-employer Pension Plans  The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: · Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. · If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers. · If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.  The Company’s participation in these plans for the a nnual period ended June 30, 2018 , is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 201 8 and 201 7 is for the plan’s year-end at December 31, 201 7 and 201 6 , respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less tha n 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.      Pension Protection Expiration Date Number of  Act Zone Status Company Contributions of Collective Company  EIN/Pension June 30, Rehabilitation (in thousands) Surcharge Bargaining Employees  Pension Fund Plan Number 2018 2017 Plan Status 2018 2017 2016 Imposed Agreement in Plan   Central States SE and SW Areas Pension Fund 36-6044243 Red Red Implemented $ 150 $ 166 $ 200 No 3/31/2022 9    Steelworkers Pension Trust 23-6648508 Green Green No 345 308 347 No 8/31/2018 170   Central Pension Fund 36-6052390 Green Green No 6 6 6 No 2/15/2023 3  $ 501 $ 480 $ 553   The estimated cumulative cost to exit the Company’s multi-employer plans was approximately $ 13.7 million on June 30, 2018.  Defined Benefit Plan  The Company’s defined benefit pension plan is frozen. There are a total of 369 participants in the plan. Retirement benefits are based on years of credited service multiplied by a dollar amount negotiated under col lective bargaining agreements. The Company’s policy is to fund normal costs and amortization of prior service costs at a level that is equal to or greater than the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA). As of June 30, 2018 , the Company recorded an asset related to the funded status of the defined benefit pension plan recognized on the Company’s consolidated balance sheets in other assets of $ 0.5 million and in fiscal 2017 a benefit liability in other long-term liabilities of $ 0.2 million, respectively. The accumulated benefit obligation was $ 8.1 million and $ 8.5 million at fiscal years ended June 30, 2018 and 2017 , respectively. The Company recorded expense of $ 0.2 million, $ 0. 2 million and $ 0.1 million during fiscal years 2018 , 2017 and 2016 , respectively, related to the plan . The Company submitted a letter of termination to the Internal Revenue Service (IRS) in May 2018 and received acknowledgement of the receipt in June 2018. As of August 31, 2018, the Company has not received additional correspondence.

Litigation

Litigation	12 Months Ended
	Jun. 30, 2018
Litigation [Abstract]
Litigation	11. LITIGATION Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site (the “Lane Street Site”) located in Elkhart, Indiana from the U.S. Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record Decision selecting a remedy in August 2016 and estimated total costs to remediate of $3.6 million. In July 2017, the EPA issued a Special Notice Letter to the Company demanding that the Company perform the remedy selected and pay for the remediation cost and past response costs of $5.5 million. On October 12, 2017, the Company, after consultation with its insurance carriers, offered an amount, fully reimbursable by insurance coverage, to the EPA to resolve this matter. On November 6, 2017, the settlement offer extended on October 12, 2017 was rejected.  In April 2018, the EPA issued a Unilateral Administrative Order for Remedial Design and Remedial Action (the “Order”) against the Company. The Order was issued under Section 106(a) of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §9606(a). The Order directs the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount of $3.6 million, which as noted above, is the estimated cost of remedial work. The Company believes that financial assurance is not required because it meets the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On July 5, 2018, the EPA proposed a draft AOC, to which the Company provided revisions. As of August 31, 2018, the Company has not finalized the AOC with the EPA. 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 fiscal year ended June 30, 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.  Indiana Civil Litigation – In December 2013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation. The Company paid $6.25 million to Plaintiffs to settle the matter without admission of wrongdoing. During fiscal year 2017, the recovery of litigation settlement and defense costs from insurance carriers was completed. During fiscal year 2018, the Company recorded no expenses or expense reimbursements related to the Indiana Civil Litigation in the consolidated statements of income. The Company received $1.2 million and $2.3 million during the fiscal years ended June 30, 2017 and 2016 , respectively, for recovery of litigation settlement costs from insurers. T hese amounts are recorded as “L itigation settlement reimbursements” in the consolidated statements of income.  During the fiscal years ended June 30, 2017 and 2016, the Company recorded $0.3 million and $ 0.6 million, respectively, in legal and other related expenses that were incurred responding to the lawsuits and pursuing insurance coverage. These expenses are included in SG&A expense in the consolidated statements of income.  During the fiscal years ended June 30, 2017 and 2016, the Company received approximately $1.2 million and $0.8 million from insurance carriers to reimburse the Company for certain legal defense costs. These reimbursement amounts are recorded in SG&A as a reduction of legal expenses.  Other Proceedings – During the quarter ended March 31, 2018, the Company initiated a voluntary field modification program for certain switches in residential motion furniture. The Company provided retailers with notice of the field modification, provided information on its website, reported its field modification actions with the Consumer Product Safety Commission (CPSC), and replaced switches in the field. The Company received notification from the CPSC in August 2018 that no further action was required by the CPSC and that it would not institute and oversee a recall.  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. 

Subsequent Event

Subsequent Event	12 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	14. SUBSEQUENT EVENTS  As of September 4, 2018, there were no subsequent events other than the items mentioned in Note 11.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss)	 10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)    The components of accumulated other comprehensive loss, net of income taxes, are as follows:  June 30,  (in thousands) 2018 2017 2016  Pension and other post-retirement benefit adjustments, net of tax (1) $ (1,684) $ (1,725) $ (2,203)  Adoption of ASU 2018-02 (334) - -  Available-for-sale securities, net of tax (2) (26) 12 (25)  Total accumulated other comprehensive loss $ (2,044) $ (1,713) $ (2,228)  (1) The tax effect on the pension and other post-retirement benefit adjustments is a tax benefit of $0.7 million, $1.1 million and $1.4 million at June 30, 2018, 2017 and 2016, respectively. (2) The tax effect on the available-for-sale securities is a tax benefit $0.0 million at June 30, 2018, 2017 and 2016.

Schedule II_ Valuation And Qual

Schedule II: Valuation And Qualifying Accounts	12 Months Ended
	Jun. 30, 2018
Schedule II: Valuation And Qualifying Accounts [Abstract]
Schedule II: Valuation And Qualifying Accounts	SCHEDULE II  VALUATION AND QUALIFYING ACCOUNTS  For the Years Ended June 30, 201 8 , 201 7 and 201 6   (in thousands) Description Balance at Beginning of Year (Additions) Reductions to Income Deductions from Reserves Balance at End of Year Accounts Receivable Allowances:  201 8 …………………. $ 1,200 $ (80) $ (20) $ 1,100  201 7 .............................. 1,300 $ 70 $ (170) $ 1,200  201 6 .............................. $ 1,400 (10) $ (90) $ 1,300 

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Jun. 30, 2018
Commitments And Contingencies [Abstract]
Commitments And Contingencies	12. COMMITMENTS AND CONTINGENCIES  FACILITY LEASES – the Company leases certain facilities and equipment under various operating leases. These leases require the Company to pay the lease cost, operating costs, including property taxes, insurance, and maintenance. Total lease expense related to the various operating leases was approximately $ 4.8 million, $ 4.6 million and $ 4.9 million in fiscal years 2018 , 2017 and 2016 , respectively.  Expected future minimum commitments under operating leases as of June 30, 201 8 were as follows:   (  (in thousands)  Fiscal Year Ended June 30,  2019 4,659  2020 3,276  2021 2,444  2022 991  2023 -  Thereafter -  $ 11,370 

Segment Reporting

Segment Reporting	12 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States and Canada by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales.

Supplementary Quarterly Financi

Supplementary Quarterly Financial Information	12 Months Ended
	Jun. 30, 2018
Supplementary Quarterly Financial Information [Abstract]
Supplementary Quarterly Financial Information	 13. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION – UNAUDITED    (in thousands, except per share amounts) FOR THE QUARTER ENDED  September 30 December 31 March 31 June 30  Fiscal 2018:  Net sales (1) $ 119,834 $ 129,392 $ 126,861 $ 113,093  Gross margin 26,140 27,402 27,632 17,044  Environmental remediation - - (3,600) -  Gain on sale of facility 1,835 - - -  Net income 6,180 6,221 3,079 2,186  Earnings per share:  Basic $ 0.79 $ 0.79 $ 0.39 $ 0.28  Diluted $ 0.78 $ 0.78 $ 0.39 $ 0.28 (1) During the quarter ended June 30, 2018, the Company recorded a $4.4 million fiscal year-to-date correction of an immaterial error related to variable consideration provided to customers. The correction decreased net sales and SG&A expenses.    (in thousands, except per share amounts) FOR THE QUARTER ENDED  September 30 December 31 March 31 June 30  Fiscal 2017:  Net sales $ 112,050 $ 118,530 $ 120,750 $ 117,434  Gross margin 26,630 26,748 28,446 26,827  Litigation settlement reimbursements - - 1,175 -  Net income 4,752 5,389 7,624 6,021  Earnings per share:  Basic $ 0.62 $ 0.69 $ 0.98 $ 0.77  Diluted $ 0.61 $ 0.68 $ 0.96 $ 0.76  

Summary Of Significant Accoun24

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Principles Of Consolidation	PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidated financial statements and results of operations are based on consolidated financial statements prepared in accordance with GAAP in the United States of America.
Use Of Estimates	USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates.
Fair Value	FAIR VALUE – the Company’s cash and cash equivalents, investments, accounts receivable, other current assets, accounts payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. GAAP 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 not 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.
Investment	INVESTMENTS - during fiscal year 2018, the Company purchased 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.” As of June 30, 2018, the fair market value and book value of the investments are $16.0 million. These assets are classified as Level 1 in accordance with fair value measurements described above.
Allowance For Doubtful Accounts	ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of its products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements.
Inventories	INVENTORIES – are stated at the lower of cost or net realizable value utilizing the first ‑in, first ‑out (“FIFO”) method.
Property, Plant And Equipment	PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets.
Valuation Of Long-Lived Assets	VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed. No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal years 2018, 2017 and 2016.
Warranty	WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance.
Revenue Recognition	REVENUE RECOGNITION – is when both product ownership and the risk of loss have transferred to the customer, collectability is reasonably assured, and the Company has no remaining obligations. The Company’s ordering process creates persuasive evidence of the sale arrangement and the sales price is determined. The delivery of the goods to the customer completes the earnings process. Net sales consist of product sales and related delivery charge revenue, net of adjustments for returns and allowances. The Company records variable consideration provided to its customers to increase brand awareness and incentivize growth as a reduction in net sales. Shipping and handling costs are included in cost of goods sold.
Advertising Costs	ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $5.1 million, $7.3 million and $7.5 million in fiscal years 2018, 2017 and 2016, respectively.
Design, Research And Development Costs	DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $3.9 million, $3.7 million and $4.2 million in fiscal years 2018, 2017 and 2016, respectively.
Insurance	INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $150,000 per plan year. For workers’ compensation the Company retains the first $450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within “Accrued liabilities – insurance” on the consolidated balance sheets.
Income Taxes	INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
Earnings (Loss) Per Share	EARNINGS PER SHARE (EPS) – basic EPS of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. Diluted EPS of common stock includes the dilutive effect of potent ial common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the long-term management incentive compensation 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 was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management 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 year were the end of the contingency period. In computing EPS for the fiscal years 2018, 2017 and 2016, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:
Stock-Based Compensation	STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. The Company recognizes long-term incentive compensation plan expenses during the three-year performance periods; stock awards are issued following the end of the performance periods and are subject to verification of results and Compensation Committee of the Board of Directors approval. See Note 8 Stock-Based Compensation.
Segment Reporting	SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States and Canada by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales.
New Accounting Pronouncements, Policy	ACCOUNTING DEVELOPMENTS – 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.  In February 2018, the FASB issued Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Reform”). The amendments allow the Company to reclassify the stranded tax effects resulting from the Tax Reform, the difference between the historical federal corporate income tax rate of 35% and the newly enacted corporate income tax rate of 21%. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company early adopted the standard effective June 30, 2018 and reclassified $0.3 million from accumulated other comprehensive income to retained earnings related to the Company’s minimum pension liability.
New Accounting Pronouncements Not yet Adopted	In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The guidance is effective for annual reporting periods beginning after December 15, 2017, the Company’s fiscal year 2019. The Company adopted the standard on July 1, 2018 using the full retrospective method. As revenue is recognized when product ownership and risk of loss is transferred to the customer, collectability assured and the Company has no remaining performance obligations, the timing of revenue recognition is not impacted by the new standard... The Company is still assessing the impact on disclosures related to the new standard. The Company does not expect this new guidance to have any other material impacts on its consolidated financial statements or its internal controls over financial reporting.  In February 2016, the FASB issued Leases (ASU 2016-02), which amends ASC Topic 842. ASU 2016-02 introduces a new lessee model where substantially all leases will be brought onto the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fis cal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements.

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	  June 30, (in thousands) 2018 2017 2016   Basic shares 7,848 7,782 7,595 Potential common shares:  Stock options 54 86 120  Long-term incentive plan 17 18 50  71 104 170   Diluted shares 7,919 7,886 7,765   Anti-dilutive shares 40 – 26 

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2018
Inventories [Abstract]
Comparison Of Inventories	   (in thousands) June 30,  2018 2017  Raw materials $ 13,335 $ 15,043  Work in process and finished parts 7,195 7,047  Finished goods 75,674 77,307  Total $ 96,204 $ 99,397 

Property, Plant And Equipment (

Property, Plant And Equipment (Tables)	12 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule Of Property, Plant And Equipment	   (in thousands) Estimated June 30,  Life (Years) 2018 2017  Land $ 5,684 $ 6,987  Buildings and improvements 5-39 66,823 70,741  Machinery and equipment 3-7 32,127 33,441  Delivery equipment 3-5 21,697 20,866  Furniture and fixtures 3-7 4,034 4,474  Computer software and hardware 3-10 30,000 18,903  Construction in progress 14,239 -  Total 174,604 155,412  Less accumulated depreciation (83,879) (84,751)  Net $ 90,725 $ 70,661 

Other Noncurrent Assets (Tables

Other Noncurrent Assets (Tables)	12 Months Ended
	Jun. 30, 2018
Other Noncurrent Assets [Abstract]
Schedule Of Other Noncurrent Assets	   (in thousands) June 30,  2018 2017  Cash value of life insurance $ 1,016 $ 989  Other 1,463 1,405  Total $ 2,479 $ 2,394 

Accrued Liabilities - Other (Ta

Accrued Liabilities - Other (Tables)	12 Months Ended
	Jun. 30, 2018
Accrued Liabilities - Other [Abstract]
Schedule Of Accrued Liabilities - Other	   (in thousands) June 30,  2018 2017  Dividends $ 1,731 $ 1,564  Warranty 1,160 1,080  Other 3,120 2,232  Total $ 6,011 $ 4,876 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Stock Option Plans	   Aggregate  Shares Weighted 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 (21) 18.89  Canceled (21) 26.77  Outstanding and exercisable at June 30, 2018 166 $ 30.65 $ 1,841 
Schedule Of Options Outstanding And Exercisable	   Weighted Average  Range of Options Remaining Exercise  Prices Outstanding Life (Years) Price  (in thousands)  $ 6.96 - 13.90 16,500 2.4 $ 11.16  17.23 - 19.77 28,750 3.6 18.74  20.50 - 27.57 36,350 5.0 25.54  31.06 - 32.13 28,720 6.4 31.67  43.09 - 47.45 55,726 8.2 45.37  $ 6.96 - 47.45 166,046 5.8 $ 30.65 
New Long-Term Management Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives	  (in thousands)  Performance Period Minimum Target Maximum  Fiscal Year 2016 - 2018 9 23 45  Fiscal Year 2017 - 2019 10 25 48  Fiscal Year 2018 - 2020 7 18 35 

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2018
Income Taxes [Abstract]
Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets	   June 30,  (in thousands) 2018 2017  Gross unrecognized tax benefits $ 500 $ 320  Accrued interest and penalties 100 130  Gross liabilities related to unrecognized tax benefits $ 600 $ 450   Deferred tax assets $ 100 $ 130 
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits	    (in thousands) 2018 2017 2016  Balance at July 1 $ 320 $ 610 $ 1,580  Additions based on tax positions related to the current year 270 130 45  Additions for tax positions of prior years - - -  Reductions for tax positions of prior years (90) (420) (1,015)  Balance at June 30 $ 500 $ 320 $ 610 
Income Tax Provision (Benefit)	   (in thousands) 2018 2017 2016  Federal - current $ 6,731 $ 11,015 $ 9,343  State and other - current 443 1,179 1,616  Deferred 286 1,606 2,731  Total $ 7,460 $ 13,800 $ 13,690 
Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate	   2018 2017 2016  Federal statutory tax rate 28.1 % 35.0 % 35.0 %  State taxes, net of federal effect 2.7 2.7 3.8  Other (1.1) (1.0) (2.7)  Effective tax rate 29.7 % 36.7 % 36.1 % 
Primary Components Of Deferred Tax Assets And (Liabilities)	  June 30,  (in thousands) 2018 2017  Accounts receivable $ 290 $ 460  Inventory 50 (50)  Self-insurance 240 560  Payroll and related 610 1,690  Accrued liabilities 1,750 1,240  Property, plant and equipment (2,390) (2,850)  Investment tax credit 2,550 1,930  Valuation allowance (1,745) (1,390)  Other 100 150  Total $ 1,455 $ 1,740 

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Abstract]
Components Of Accumulated Other Comprehensive Loss	  The components of accumulated other comprehensive loss, net of income taxes, are as follows:  June 30,  (in thousands) 2018 2017 2016  Pension and other post-retirement benefit adjustments, net of tax (1) $ (1,684) $ (1,725) $ (2,203)  Adoption of ASU 2018-02 (334) - -  Available-for-sale securities, net of tax (2) (26) 12 (25)  Total accumulated other comprehensive loss $ (2,044) $ (1,713) $ (2,228) 

Commitments And Contingencies (

Commitments And Contingencies (Tables)	12 Months Ended
	Jun. 30, 2018
Commitments And Contingencies [Abstract]
Expected Future Minimum Commitments Under Operating Leases	 (  (in thousands)  Fiscal Year Ended June 30,  2019 4,659  2020 3,276  2021 2,444  2022 991  2023 -  Thereafter -  $ 11,370 

Supplementary Quarterly Finan34

Supplementary Quarterly Financial Information (Tables)	12 Months Ended
	Jun. 30, 2018
Supplementary Quarterly Financial Information [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	   (in thousands, except per share amounts) FOR THE QUARTER ENDED  September 30 December 31 March 31 June 30  Fiscal 2018:  Net sales (1) $ 119,834 $ 129,392 $ 126,861 $ 113,093  Gross margin 26,140 27,402 27,632 17,044  Environmental remediation - - (3,600) -  Gain on sale of facility 1,835 - - -  Net income 6,180 6,221 3,079 2,186  Earnings per share:  Basic $ 0.79 $ 0.79 $ 0.39 $ 0.28  Diluted $ 0.78 $ 0.78 $ 0.39 $ 0.28 (1) During the quarter ended June 30, 2018, the Company recorded a $4.4 million fiscal year-to-date correction of an immaterial error related to variable consideration provided to customers. The correction decreased net sales and SG&A expenses.    (in thousands, except per share amounts) FOR THE QUARTER ENDED  September 30 December 31 March 31 June 30  Fiscal 2017:  Net sales $ 112,050 $ 118,530 $ 120,750 $ 117,434  Gross margin 26,630 26,748 28,446 26,827  Litigation settlement reimbursements - - 1,175 -  Net income 4,752 5,389 7,624 6,021  Earnings per share:  Basic $ 0.62 $ 0.69 $ 0.98 $ 0.77  Diluted $ 0.61 $ 0.68 $ 0.96 $ 0.76 

Summary Of Significant Accoun35

Summary Of Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Investments	$ 15,951	$ 17,958
Advertising expenditures	5,100	7,300	$ 7,500
Design, research and development costs	3,900	$ 3,700	$ 4,200
Health care claims threshold for third party insurance	150
Workers' compensation threshold for third party insurance	$ 450
Potential common shares outstanding	17	18	50
Outstanding options to purchase common stock	54	86	120

Summary Of Signficant Accountin

Summary Of Signficant Accounting Policies - Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Basic	7,848	7,782	7,595
Stock options	54	86	120
Long-term incentive plan	17	18	50
Potential common shares, total	71	104	170
Diluted	7,919	7,886	7,765
Anti-dilutive shares	40		26

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Inventories [Abstract]
Total inventories	$ 96,204	$ 99,397
Raw materials, net of reserves	13,335	15,043
Work in process and finished parts, net of reserves	7,195	7,047
Finished goods, net of reserves	$ 75,674	$ 77,307

Property, Plant And Equipment38

Property, Plant And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Total	$ 174,604		$ 155,412
Less accumulated depreciation	(83,879)		(84,751)
Net	90,725		70,661
Gain on sale of facility	1,835
Land [Member]
Property, Plant and Equipment [Line Items]
Total	5,684		6,987
Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	66,823		70,741
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	32,127		33,441
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	30,000		18,903
Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	21,697		20,866
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	4,034		$ 4,474
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total	$ 14,239
Sold[Member]
Property, Plant and Equipment [Line Items]
Net		$ 4,300
Minimum [Member] | Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] | Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] | Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Minimum [Member] | Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Maximum [Member] | Buildings And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	39 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years
Maximum [Member] | Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	10 years
Maximum [Member] | Delivery Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Maximum [Member] | Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years

Other Noncurrent Assets (Detail

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Other Noncurrent Assets [Abstract]
Cash value of life insurance	$ 1,016	$ 989
Other	1,463	1,405
Total	$ 2,479	$ 2,394

Accrued Liabilities - Other (De

Accrued Liabilities - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Accrued Liabilities - Other [Abstract]
Dividends	$ 1,731	$ 1,564
Warranty	1,160	1,080
Other	3,120	2,232
Total	$ 6,011	$ 4,876

Credit Arrangements (Details)

Credit Arrangements (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)
Letter Of Credit [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 4
Line of Credit Facility, Amount Outstanding	1.3
Unsecured [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 10
Interest rate under prime rate	2.00%
Line of Credit Facility, Amount Outstanding	$ 0
Line of Credit Facility, Interest Rate at Period End	3.00%
Line Of Credit [Member]
Line of Credit Facility [Line Items]
Credit agreement capacity	$ 10
Interest rate over LIBOR	1.00%
Line of Credit Facility, Amount Outstanding	$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 8.7
Line of Credit Facility, Interest Rate at Period End	3.09%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based payment arrangements		$ 1,494	$ (1,761)	$ 0
2015-2017[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	30,539
2014-2016[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		59,375
2013-2015[Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued			2,594
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	8,016	6,997	6,208
Compensation cost	$ 300	$ 400	$ 300
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	2,000
Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 300
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years	10 years
Compensation cost				$ 0
Options issued under stock option plans				0
Proceeds from Stock Options Exercised	$ 200	400	1,500
Excess tax benefit from stock-based payment arrangements	$ 100	600	1,600
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
Shares issued	92,508
Compensation cost	$ (400)	900	1,100
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
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
Compensation cost	$ 200	$ 300	$ 200
Period options are excercisable		10 years
Options issued under stock option plans	21,439	24,317	25,868
Weighted average exercise price of options	$ 45.21	$ 47.45	$ 43.09	$ 45.21
Dividend yield	1.80%	1.50%	1.60%
Expected volatility	31.10%	30.80%	26.00%
Risk-free interest rate	1.70%	1.20%	1.60%
Expected life	5 years
Weighted average grant date fair value	$ 10.87		$ 9.20
Shares available for future grants	512,169			512,169
Proceeds from Stock Options Exercised	$ 0	$ 700	$ 100
Minimum [Member] | 2016-2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	9,000			9,000
Minimum [Member] | 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	10,000			10,000
Minimum [Member] | 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	7,000			7,000
Target [Member] | 2016-2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	23,000			23,000
Target [Member] | 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	25,000			25,000
Target [Member] | 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	18,000			18,000
Maximum [Member] | 2016-2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	45,000			45,000
Maximum [Member] | 2017-2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	48,000			48,000
Maximum [Member] | 2018-2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	35,000			35,000

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Stock-Based Compensation [Abstract]
Shares, Outstanding and exercisable	187	270
Shares, Granted	21	24
Shares, Exercised	(21)	(98)
Shares, Canceled	(21)	(9)
Shares, Outstanding and exercisable	166	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	18.89	20.57
Weighted Average Exercise Price, Canceled	26.77	20.51
Weighted Average Exercise Price, Oustanding and exercisable	$ 30.65	$ 27.21
Aggregate Intrinsic Value	$ 1,841	$ 5,039	$ 4,638

Stock-Based Compensation (Sch44

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	12 Months Ended
	Jun. 30, 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	16,500
Weighted Average Remaining Life, Years	2 years 4 months 24 days
Weighted Average Exercise Price	$ 11.16
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	28,750
Weighted Average Remaining Life, Years	3 years 7 months 6 days
Weighted Average Exercise Price	$ 18.74
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	36,350
Weighted Average Remaining Life, Years	5 years
Weighted Average Exercise Price	$ 25.54
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	28,720
Weighted Average Remaining Life, Years	6 years 4 months 24 days
Weighted Average Exercise Price	$ 31.67
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	55,726
Weighted Average Remaining Life, Years	8 years 2 months 12 days
Weighted Average Exercise Price	$ 45.37
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	166,046
Weighted Average Remaining Life, Years	5 years 9 months 18 days
Weighted Average Exercise Price	$ 30.65

Income Taxes (Components Of The

Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income Taxes [Abstract]
Gross unrecognized tax benefits	$ 500	$ 320	$ 610	$ 1,580
Accrued interest and penalties	100	130
Gross liabilities related to unrecognized tax benefits	600	450
Deferred tax assets	100	$ 130
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Abstract]
Balance	$ 320	$ 610	$ 1,580
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	270	130	45
Reduction for tax positions of prior years	(90)	(420)	(1,015)
Additions for tax positions of prior years
Balance	$ 500	$ 320	$ 610

Income Taxes (Reconciliation Be

Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 21, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Abstract]
Federal statutory tax rate	21.00%	35.00%	28.10%	35.00%	35.00%
State taxes, net of federal effect			2.70%	2.70%	3.80%
Other			(1.10%)	(1.00%)	(2.70%)
Effective tax rate			29.70%	36.70%	36.10%
Current Federal Tax Expense (Benefit)			$ 6,731	$ 11,015	$ 9,343
Current State and Local Tax Expense (Benefit)			443	1,179	1,616
Deferred Other Tax Expense (Benefit)			286	1,606	2,731
Income Tax Expense (Benefit)			7,460	$ 13,800	$ 13,690
Effective federal statutory income tax rate change in amount			$ 1,800

Income Taxes (Primary Component

Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	$ 1,455	$ 1,740
Accounts Receivable [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	290	460
Inventory [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	50	(50)
Self Insurance [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	240	560
Payroll and Related [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	610	1,690
Accrued Liabilities [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	1,750	1,240
Property, Plant and Equipment [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	(2,390)	(2,850)
Investment Tax Credit [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	2,550	1,930
Valuation Allowance [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	(1,745)	(1,390)
Other [Member]
Components Of Deferred Tax Assets And Liabilities [Line Items]
Long-term	$ 100	$ 150

Litigation (Details)

Litigation (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2013	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jul. 31, 2017
Litigation Settlement, Expense				$ 6,250
Legal and other related expenses						$ 300	$ 600
Insurance reimbursements						1,200	800
Litigation Settlement Reimbursements		$ (3,600)	$ 1,175			$ (1,175)	$ (2,280)
Environmental Remediation Expense					$ 3,600
Environmental Issue [Member]
Loss Contingency, Estimate of Possible Loss								$ 5,500

Benefit And Retirement Plans (N

Benefit And Retirement Plans (Narrative) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)employee	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Benefit And Retirement Plans [Abstract]
Total pension and retirement plan expense	$ 2.8	$ 2.3	$ 1.8
Company's matching contribution to retirement savings plans	$ 1.7	0.8	0.5
Cumulative cost to exit multi-employer plans		13.7
Number of plan participants | employee	369
Accrued benefit liability	$ 0.5	0.2
Accumulated benefit obligation	8.5	8.1
Pension plan expense	$ 0.2	$ 0.2	$ 0.1

Benefit And Retirement Plans (S

Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Central States SE and SW Areas Pension Fund [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	9
Entity Tax Identification Number	366,044,243
Multiemployer Plans, Certified Zone Status	Red	Red
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	Implemented
Multiemployer Plan, Period Contributions	$ 150	$ 166	$ 200
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Mar. 31, 2022
Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	170
Entity Tax Identification Number	236,648,508
Multiemployer Plans, Certified Zone Status	Green	Green
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	No
Multiemployer Plan, Period Contributions	$ 345	$ 308	347
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Aug. 31, 2018
Central Pension Fund [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, number of employees	3
Entity Tax Identification Number	366,052,390
Multiemployer Plans, Certified Zone Status	Green	Green
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan	No
Multiemployer Plan, Period Contributions	$ 6	$ 6	$ 6
Multiemployer Plans, Surcharge	No
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date	Feb. 15, 2023

Schedule II_ Valuation And Qu52

Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Schedule II: Valuation And Qualifying Accounts [Abstract]
Balance At Beginning Of Year	$ 1,200	$ 1,300	$ 1,400
(Additions) Reductions to Income	(80)	70	(10)
Additions to (Deductions from) Reserves	(20)	(170)	(90)
Balance At End Of Year	$ 1,100	$ 1,200	$ 1,300

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Available-for-sale securities	$ (1,684)	$ (1,725)	$ (2,203)
Pension and other post-retirement benefit adjustments	(26)	12	(25)
Total accumulated other comprehensive loss	(2,044)	$ (1,713)	$ (2,228)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets
ASU2018-02[Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ (334)

Commitments And Contingencies54

Commitments And Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Commitments And Contingencies [Abstract]
2,019	$ 4,659
2,020	3,276
2,021	2,444
2,022	991
Thereafter
Total	11,370
Lease expense	$ 4,800	$ 4,600	$ 4,900

Supplementary Quarterly Finan55

Supplementary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2013	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Supplementary Quarterly Financial Information [Abstract]
Net sales	$ 113,093	$ 126,861	$ 129,392	$ 119,834	$ 117,434	$ 120,750	$ 118,530	$ 112,050		$ 489,180	$ 468,764	$ 500,106
Gross margin	17,044	27,632	27,402	26,140	26,827	28,446	26,748	26,630		98,219	108,651	113,699
Litigation Settlement, Expense									$ 6,250
Litigation Settlement Reimbursements		(3,600)				1,175					(1,175)	(2,280)
Net income (1)	$ 2,186	$ 3,079	$ 6,221	$ 6,180	$ 6,021	$ 7,624	$ 5,389	$ 4,752		$ 17,666	$ 23,786	$ 24,237
Earnings per share: Basic	$ 0.28	$ 0.39	$ 0.79	$ 0.79	$ 0.77	$ 0.98	$ 0.69	$ 0.62		$ 2.25	$ 3.06	$ 3.19
Earnings per share: Diluted	$ 0.28	$ 0.39	$ 0.78	$ 0.78	$ 0.76	$ 0.96	$ 0.68	$ 0.61		$ 2.23	$ 3.02	$ 3.12