Flexsteel Industries (FLXS) 10-Q 7 Feb 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2023	Feb. 07, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	0-5151
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-7004
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,150,222
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 3,312	$ 3,365
Trade receivables - less allowances: December 31, 2023, $2,460, June 30, 2023, $2,600	31,401	38,168
Inventories	105,238	122,076
Other	8,545	6,417
Assets held for sale	616	616
Total current assets	149,112	170,642
NONCURRENT ASSETS:
Property, plant and equipment, net	39,848	38,652
Operating lease right-of-use assets	65,341	68,294
Deferred income taxes	7,070	7,154
Other assets	11,105	5,808
TOTAL ASSETS	272,476	290,550
CURRENT LIABILITIES:
Accounts payable - trade	19,825	24,745
Current portion of operating lease liabilities	7,565	7,179
Accrued liabilities:
Payroll and related items	7,382	9,955
Insurance	1,989	1,920
Sales and advertising related items	5,427	5,358
Other	6,401	5,948
Total current liabilities	48,589	55,105
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	61,813	64,974
Line of credit	17,898	28,273
Other liabilities	643	577
Total liabilities	128,943	148,929
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,357 shares issued and 5,163 outstanding as of December 31, 2023; 8,292 shares issued and 5,174 outstanding as of June 30, 2023	8,357	8,292
Additional paid-in capital	37,697	36,605
Treasury stock, at cost; 3,194 shares, and 3,118 shares as of December 31, 2023, and June 30, 2023, respectively	(71,499)	(70,072)
Retained earnings	168,978	166,796
Total shareholders' equity	143,533	141,621
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 272,476	$ 290,550

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,460	$ 2,600
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, issued	8,357,000	8,292,000
Common stock, outstanding	5,163,000	5,174,000
Treasury stock, shares	3,194,000	3,118,000

Consolidated Statements Of Inco

Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements Of Income And Comprehensive Income [Abstract]
Net sales	$ 100,108	$ 93,137	$ 194,711	$ 188,821
Cost of goods sold	78,158	77,299	154,351	157,634
Gross profit	21,950	15,838	40,360	31,187
Selling, general and administrative expenses	17,366	14,864	33,858	29,438
Environmental remediation		(2,788)		(2,788)
Other expense				347
Operating income	4,584	3,762	6,502	4,190
Interest expense	489	316	1,059	637
Other (income) expense		(1)		1
Income before income taxes	4,095	3,447	5,443	3,552
Income tax provision	1,044	594	1,640	410
Net income and comprehensive income	$ 3,051	$ 2,853	$ 3,803	$ 3,142
Weighted average number of common shares outstanding:
Basic	5,184	5,259	5,183	5,285
Diluted	5,324	5,339	5,360	5,436
Earnings per share of common stock:
Basic	$ 0.59	$ 0.54	$ 0.73	$ 0.59
Diluted	$ 0.57	$ 0.53	$ 0.71	$ 0.58

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Balance, beginning at Jun. 30, 2022	$ 131,560	$ 8,190	$ 34,467	$ (66,372)	$ 155,275
Stock-based compensation	825	8	817
Vesting of restricted stock units and restricted shares	(350)	28	(378)
Treasury stock purchases	(403)			(403)
Cash dividends declared	(833)				(833)
Net income	289				289
Balance, ending at Sep. 30, 2022	131,088	8,226	34,906	(66,775)	154,731
Balance, beginning at Jun. 30, 2022	131,560	8,190	34,467	(66,372)	155,275
Net income	3,142
Balance, ending at Dec. 31, 2022	132,087	8,239	35,681	(68,598)	156,765
Balance, beginning at Sep. 30, 2022	131,088	8,226	34,906	(66,775)	154,731
Stock-based compensation	845	10	835
Vesting of restricted stock units and restricted shares	(57)	3	(60)
Treasury stock purchases	(1,823)			(1,823)
Cash dividends declared	(819)				(819)
Net income	2,853				2,853
Balance, ending at Dec. 31, 2022	132,087	8,239	35,681	(68,598)	156,765
Balance, beginning at Jun. 30, 2023	141,621	8,292	36,605	(70,072)	166,796
Stock-based compensation	911	8	903
Vesting of restricted stock units and restricted shares	(647)	44	(691)
Treasury stock purchases	(455)			(455)
Cash dividends declared	(815)				(815)
Net income	752				752
Balance, ending at Sep. 30, 2023	141,367	8,344	36,817	(70,527)	166,733
Balance, beginning at Jun. 30, 2023	141,621	8,292	36,605	(70,072)	166,796
Net income	3,803
Balance, ending at Dec. 31, 2023	143,533	8,357	37,697	(71,499)	168,978
Balance, beginning at Sep. 30, 2023	141,367	8,344	36,817	(70,527)	166,733
Stock-based compensation	934	9	925
Vesting of restricted stock units and restricted shares	(41)	4	(45)
Treasury stock purchases	(972)			(972)
Cash dividends declared	(806)				(806)
Net income	3,051				3,051
Balance, ending at Dec. 31, 2023	$ 143,533	$ 8,357	$ 37,697	$ (71,499)	$ 168,978

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Common stock, par value	$ 1
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net income	$ 3,803	$ 3,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,899	2,277
Deferred income taxes	84
Stock-based compensation expense	1,845	1,670
Change in provision for losses on accounts receivable	(140)	(100)
Loss on disposal of assets	34
Changes in operating assets and liabilities:
Trade receivables	6,907	8,541
Inventories	16,838	30,387
Other current assets	(2,128)	(1,958)
Other assets	(5,297)
Accounts payable - trade	(4,991)	(14,132)
Accrued liabilities	(1,751)	(4,914)
Other long-term liabilities	63	(271)
Net cash provided by operating activities	17,166	24,642
INVESTING ACTIVITIES:
Capital expenditures	(3,058)	(2,176)
Net cash (used in) investing activities	(3,058)	(2,176)
FINANCING ACTIVITIES:
Dividends paid	(1,671)	(1,678)
Treasury stock purchases	(1,427)	(2,226)
Proceeds from line of credit	180,524	166,933
Payments on line of credit	(190,899)	(185,498)
Shares withheld for tax payments on vested restricted shares	(688)	(407)
Net cash (used in) financing activities	(14,161)	(22,876)
(Decrease) in cash and cash equivalents	(53)	(410)
Cash and cash equivalents at beginning of the period	3,365	2,184
Cash and cash equivalents at end of the period	3,312	1,774
SUPPLEMENTAL INFORMATION
Interest paid	1,104	823
Cash paid for income taxes, net	1,724	1,993
Capital expenditures in accounts payable	$ 382	$ 15

Basis Of Presentation And Descr

Basis Of Presentation And Description Of Business	6 Months Ended
	Dec. 31, 2023
Basis Of Presentation And Description Of Business [Abstract]
Basis Of Presentation And Description Of Business	1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three and six months ended December 31, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 , appropriately represent, in all material respects, the current status of accounting policies.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Inventories	2. INVENTORIES A comparison of inventories is as follows: December 31, June 30, (in thousands) 2023 2023 Raw materials $ 16,841 $ 18,616 Work in process and finished parts 3,621 3,741 Finished goods 84,776 99,719 Total $ 105,238 $ 122,076

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Dec. 31, 2023
Assets Held For Sale [Abstract]
Assets Held For Sale	3. ASSETS HELD FOR SALE During the fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Starkville, Mississippi location as part of a restructuring plan. As of December 31, 2023, the Company continues to actively market the assets in Starkville, Mississippi. A summary of the assets held for sale as of December 31, 2023, is included in the table below. Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Starkville, Mississippi Building & building improvements $ 4,615 $ ( 4,254 ) $ 361 Land & land improvements 694 ( 439 ) 255 Total assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases

Leases	6 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	4. LEASES The Company accounts for its leases in accordance with ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right-of-use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments on the Consolidated Balance Sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease-related cash payments within operating and financing activities. The Company made an accounting policy election to not recognize short-term leases on the Consolidated Balance Sheets and all non-lease components, such as common area maintenance, were excluded. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments, and the ROU asset is measured as the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs, and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term. The Company leases distribution centers and warehouses, manufacturing facilities, showrooms, and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of the Company’s leases include options to renew at similar terms. The Company assesses these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the lease term at the lease commencement date. For purposes of measuring the Company’s ROU asset and lease liability, the discount rate utilized by the Company was based on the average interest rates effective for the Company’s line of credit. Some of the Company’s leases contain variable rent payments, including common area maintenance and utilities. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability. On August 20, 2021, Flexsteel entered into a lease agreement for the construction of a 507,830 square foot manufacturing facility in Mexicali, Mexico. The lease commencement date under ASC 842 guidance was July 1, 2022, the date the lessor made the building available for use by the Company for purposes of completing any leasehold improvements required by the Company prior to beginning operations. The 12 -year lease ends on June 30, 2034, with options for two five-year extensions . Annual base rent under the lease is $ 3.2 million plus taxes, insurance and common area maintenance costs. As of December 31, 2023, the Company has not begun operations in the Mexicali facility. On May 3, 2023, the Company entered into a sublease with a third party for 105,000 square feet of the Mexicali facility with a term of 12 months. Annual rent net of broker's fees under the sublease is $ 1 million, plus a proportionate share of taxes, insurance, and common area maintenance. On October 2, 2023, the Company entered into a sublease with a third party for 339,413 square feet of the facility with an initial term of 12 months with four 6 month extensions . Annual rent net of broker's fees under the sublease is $ 2.2 million, plus a proportionate share of taxes, insurance, and common area maintenance. At December 31, 2023, the Company determined that no impairment indicators exist with regard to the Mexicali lease given the current and expected sublease tenants and plans for future operations in the facility. At December 31, 2023, the right-of-use asset associated specifically with the Mexicali lease is $ 31.1 m illion and associated lease liability is $ 32.6 m illion. Sublease income net of broker's fees received from the sub-tenant is offset against operating lease expense in the Company’s Consolidated Statements of Income. The components of the Company’s leases reflected on the Company’s Consolidated Statements of Income were as follows: Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Operating lease expense $ 2,384 $ 2,700 $ 4,808 $ 5,366 Variable lease expense 524 490 970 908 Total lease expense $ 2,908 $ 3,190 $ 5,778 $ 6,274 Other information related to leases and future minimum lease payments under non-cancelable operating leases were as follows: Six Months Ended December 31, 2023 December 31, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 4,663 $ 4,224 Cash received from subleasing of operating lease: Operating cash flows received from subleasing of operating lease $ 1,119 $ — Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 797 $ 35,305 Weighted-average remaining lease term (in years): Operating leases 8.6 4.9 Weighted-average discount rate: Operating leases 3.1 % 3.3 % Future minimum lease payments under non-cancelable operating leases were as follows: December 31, 2023 Remaining payments in FY2024 $ 4,838 FY2025 9,418 FY2026 9,208 FY2027 9,378 FY2028 9,144 Thereafter 37,040 Total future minimum lease payments $ 79,026 Less imputed interest 9,648 Lease liability $ 69,378

Credit Arrangements

Credit Arrangements	6 Months Ended
	Dec. 31, 2023
Credit Arrangements [Abstract]
Credit Arrangements	5. CREDIT ARRANGEMENTS On September 8, 2021, the Company, as the borrower, entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Lender”), and the other lenders party thereto. The Credit Agreement has a five-year term and provides for up to an $ 85 million revolving line of credit. Subject to certain conditions, the Credit Agreement also provides for the issuance of letters of credit in an aggregate amount up to $ 5 million which, upon issuance, would be deemed advances under the revolving line of credit. Proceeds of borrowings were used to refinance all indebtedness owed to a prior lender and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all its assets, excluding real property. The Credit Agreement contains customary representations, warranties, and covenants, including a financial covenant to maintain a fixed coverage ratio of not less than 1.00 to 1.00. In addition, the Loan Agreement places restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, and to merge or consolidate with other entities. As of December 31, 2023, management believes the Company was in compliance with all covenants. On April 18, 2022, the Company, as the borrower, entered into a first amendment to the September 8, 2021, Credit Agreement (“First Amendment to the Credit Agreement”), with the Lender and the lenders thereto. The amendment to the Credit Agreement changed the definition of the term ‘Payment Conditions’ and further defined default or event of default and the calculation of the Fixed Charge Coverage Ratio. Subject to certain conditions, borrowings under the Credit Agreement initially bore interest at LIBOR plus 1.25 % or 1.50 % per annum. On May 24, 2023, the Company entered into a second amendment to the Credit Agreement ("Second Amendment to the Credit Agreement") with the Lender to transition the applicable interest rate from LIBOR to Secured Overnight Financing Rate ("SOFR"). Effective as of the date of the Second Amendment to the Credit Agreement, borrowings under the amended Credit Agreement bear interest at SOFR plus 1.36 % to 1.61 %, or an effective interest rate o f 6.75 %, on December 31, 2023. As of December 31, 2023, there was $ 17.9 million outstanding under the Credit Agreement, exclusive of fees and letters of credit. Letters of credit outstanding with the Lender as of December 31, 2023 , totaled $ 1.1 million.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income Taxes	6. INCOME TAXES The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the three months ended December 31, 2023, and December 31, 2022, was 25.5 % and 17.2 % , respectively. The Company's effective tax rate for the six months ended December 31, 2023 and 2022 , was 30.1 % and 11.5 %, respectively. For the three and six months ended December 31, 2023 , the effective tax rate differs from the statutory tax rate of 21 % due to nondeductible stock compensation, state taxes, the impacts associated with uncertain tax positions, and impact of foreign operations. For the three and six months ended December 31, 2022 , the effective tax rate differs from the statutory tax rate of 21 % due to nondeductible stock compensation, state taxes, the impacts associated with uncertain tax positions, as well as impacts arising from the reversal of the valuation allowance associated with movements in certain deferred tax assets .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2023
Stock-Based Compensation [Abstract]
Stock-Based Compensation	7. STOCK-BASED COMPENSATION The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation , which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over 1 to 3 years . Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years upon vesting. Stock-based compensation is included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. Forfeitures are recognized as incurred. The following table is a summary of total stock-based compensation expenses for the three and six months ended December 31, 2023 and 2022. Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Total stock-based compensation expense $ 934 $ 845 $ 1,845 $ 1,670 On December 14, 2022, the Company’s shareholders approved the Flexsteel Industries, Inc. 2022 Equity Incentive Plan (“2022 Plan”). The 2022 Plan replaced the Long-Term Incentive Compensation Plan (“LTIP”) and the 2013 Omnibus Stock Plan (collectively, the “Prior Plans”). No further awards will be made under either of the Prior Plans, but these Prior Plans will continue to govern awards previously granted under them. (1) 2022 Equity Incentive Plan The 2022 Plan is a long-term incentive plan pursuant to which awards may be granted to certain employees, independent contractors and directors of the Company, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares or other stock-based awards. For periods beginning on or after July 1, 2023, restricted stock units ("RSUs") and performance stock units ("PSUs") granted to officers and key employees as part of long-term compensation programs are issued from the 2022 Plan. RSUs and PSUs awarded from the 2022 Plan are included in the Long-Term Incentive Compensation or Restricted Share and RSUs tables below. (2) Long-Term Incentive Compensation Plan The LTIP provided for PSUs to be awarded to officers and key employees based on performance goals set by the Compensation Committee of the Board of Directors (the “Committee”). In conjunction with each grant of PSUs, the Committee granted RSUs under the 2013 Omnibus Stock Plan that vested at the end of three years . No further awards will be issued under this plan. (3) 2013 Omnibus Stock Plan The 2013 Omnibus Stock Plan was for key employees, officers and directors and provided for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units . No further awards will be issued under this plan. Long-Term Incentive Compensation The table below sets forth, as of December 31, 2023, the number of unvested PSUs granted at the target performance level for the 2022-2024, 2023-2025, and 2024-2026 performance periods under the 2022 Plan and LTIP (as applicable) and the number of unvested RSUs granted in conjunction with the PSUs. For PSUs awarded for the three year performance period ending June 30, 2024 participants may earn the award based on a cumulative three year performance goal. For PSUs awarded for the three year performance periods ending June 30, 2025 and 2026, participants may earn one-third of the award in each of the three years based on meeting performance goals for that year. The Committee selected Adjusted Earnings Before Interest and Tax based on a defined percentage growth as the performance metric for the performance periods ending June 30, 2024, 2025, and 2026. Time-Based Vest (RSUs) Performance-Based Vest (PSUs) Total Weighted Average Weighted Average Weighted Average Fair Value Fair Value Fair Value (shares in thousands) Shares Per Share Shares Per Share Shares Per Share Unvested as of June 30, 2023 79 $ 24.56 211 $ 19.19 290 $ 20.65 Granted 66 18.91 99 18.91 165 18.91 Vested — — ( 75 ) 12.15 ( 75 ) 12.15 Forfeited ( 1 ) 21.59 ( 19 ) 14.80 ( 20 ) 15.14 Unvested as of December 31, 2023 144 $ 21.99 216 $ 21.89 360 $ 21.93 Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $ 3.8 mil lion as of December 31, 2023, which is expected to be recognized over a weighted-average period of 1.8 years. Restricted Shares and RSUs A summary of the activity in the Company’s unvested restricted shares and unvested RSUs (not granted in conjunction with PSUs) during the three and six months ended December 31, 2023, is as follows: Weighted Average Shares Fair Value (in thousands) Per Share Unvested as of June 30, 2023 74 $ 21.67 Granted 4 20.06 Vested ( 8 ) 28.66 Unvested as of December 31, 2023 70 $ 20.78 Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) wa s $ 0.5 mi llion as of December 31, 2023, which is expected to be recognized over a weighted-average pe riod of 0.9 y ear. Options A summary of the activity of the Company’s stock option plans as of December 31, 2023, is presented below: Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2023 202 $ 20.98 Canceled ( 18 ) 27.40 Outstanding at December 31, 2023 184 $ 20.34 The following table summarizes information for options outstanding at December 31, 2023: Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 9.97 - 15.14 97 6.2 $ 12.64 18.30 - 19.72 6 7.4 18.30 21.96 - 27.57 39 5.0 22.64 31.06 - 32.80 29 2.3 32.27 43.09 - 47.45 13 2.7 45.28 $ 9.97 - 47.45 184 5.1 $ 20.34 There is no unrecognized stock-based compensation expense related to these options as of December 31, 2023. Stock-based compensation granted outside a plan During the quarter ended June 30, 2020, the Company awarded its Chief Financial Officer/Chief Operating Officer 79,000 options outside of any Company stock plans. All 79,000 options remain outstanding as of December 31, 2023 , with an exercise price of $ 9.97 and a remaining life of 6.3 years. There is no remaining unrecognized stock-based compensation expense related to these options. During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of December 31, 2023 , with an exercise price of $ 21.96 and a remaining life of 5.0 ye ars. There is no remaining unrecognized stock-based compensation expense related to these options.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2023
Earnings Per Share
Earnings Per Share	8. EARNINGS PER SHARE Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the long-term incentive compensation plans, and non-vested restricted stock units. The Company calculates the dilutive effect of outstanding options and restricted stock units using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares. Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Basic shares 5,184 5,259 5,183 5,285 Potential common shares: Stock options 66 45 74 52 Non-vested restricted stock units and restricted shares 74 35 103 99 Diluted shares 5,324 5,339 5,360 5,436 Anti-dilutive shares 136 161 136 161 Cash dividends declared per common share were $ 0.15 and $ 0.30 for the three and six months ended December 31, 2023 , respectively, and were $ 0.15 and $ 0.30 for the three and six months ended December 31, 2022 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2023
Commitments And Contingencies [Abstract]
Commitments And Contingencies	9. COMMITMENTS AND CONTINGENCIES Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site (the “Lane Street Site”) located in Elkhart, Indiana from the U.S. Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record of Decision selecting a remedy in August 2016 and estimated total costs to remediate of $ 3.6 million. In July 2017, the EPA issued a Special Notice Letter to the Company demanding that the Company perform the remedy selected and pay for the remediation cost and past response costs of $ 5.5 million. 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 directed 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, was the estimated cost of remedial work. The Company believed that financial assurance was not required because it met the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On April 24, 2019, the Company signed an AOC with the EPA to conduct the upgradient investigation. The Company negotiated site access to the upgradient property over a period of months in 2019, followed by completion of sampling activities on that property on September 28-29, 2019. Following multiple exchanges from November 2019 through early 2020, the Company submitted a final and supplemental report to the EPA regarding the results of the upgradient investigation on June 17, 2020. Despite the Company’s position that it did not cause or contribute to the contamination, the Company reached a settlement with the EPA and the State of Indiana, which was filed as a consent decree in the U.S. District Court for the Northern District of Indiana on October 24, 2022. The consent decree required Flexsteel to pay $ 9.8 million in resolution of the matter. Flexsteel also reached agreements with its insurance carriers for partial reimbursement of the settlement. During the quarter ended December 31, 2022, the Company made full payment in accordance with the settlement agreement and as a result of insurance proceeds received, the Company recorded income of $ 2.8 million for the quarter ended December 31, 2022. Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS On February 5, 2024 the Company announced its decision to close its manufacturing facility in Dublin, Georgia as part of a strategic plan to streamline its North American manufacturing operations. Closure of the facility is expected to occur by the end of our fourth quarter of fiscal 2024. As part of the transition, the company expects to incur pre-tax restructuring and related expenses between $ 2.5 million and $ 3.2 million. The one-time costs include approximately $ 2.0 million to $ 2.5 million for employee separations and $ 0.5 million to $ 0.7 million for other expenses directly related to the closure. Substantially all of these expenses are expected to result in future cash expenditures primarily during the third and fourth quarters of fiscal year 2024. The Dublin, GA facility will be listed for sale upon closure and the company anticipates a future one-time gain in excess of the carrying value of the asset. The Dublin facility supports less than 5 % of annual sales and the Company expects to retain the majority of these sales through this transition.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2023
Basis Of Presentation And Description Of Business [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force.
Basis Of Presentation	BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three and six months ended December 31, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 , appropriately represent, in all material respects, the current status of accounting policies.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Comparison Of Inventories	December 31, June 30, (in thousands) 2023 2023 Raw materials $ 16,841 $ 18,616 Work in process and finished parts 3,621 3,741 Finished goods 84,776 99,719 Total $ 105,238 $ 122,076

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	6 Months Ended
	Dec. 31, 2023
Assets Held For Sale [Abstract]
Summary Of Assets Held For Sale	Accumulated Net Book Location Asset Category Cost Depreciation Value (in thousands) Starkville, Mississippi Building & building improvements $ 4,615 $ ( 4,254 ) $ 361 Land & land improvements 694 ( 439 ) 255 Total assets held for sale $ 5,309 $ ( 4,693 ) $ 616

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Components Of Leases	Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Operating lease expense $ 2,384 $ 2,700 $ 4,808 $ 5,366 Variable lease expense 524 490 970 908 Total lease expense $ 2,908 $ 3,190 $ 5,778 $ 6,274
Other Information Related To Leases And Future Minimum Lease Payments	Six Months Ended December 31, 2023 December 31, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 4,663 $ 4,224 Cash received from subleasing of operating lease: Operating cash flows received from subleasing of operating lease $ 1,119 $ — Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 797 $ 35,305 Weighted-average remaining lease term (in years): Operating leases 8.6 4.9 Weighted-average discount rate: Operating leases 3.1 % 3.3 %
Future Minimum Lease Payments	December 31, 2023 Remaining payments in FY2024 $ 4,838 FY2025 9,418 FY2026 9,208 FY2027 9,378 FY2028 9,144 Thereafter 37,040 Total future minimum lease payments $ 79,026 Less imputed interest 9,648 Lease liability $ 69,378

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Total Stock-Based Compensation Expense	Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Total stock-based compensation expense $ 934 $ 845 $ 1,845 $ 1,670
Schedule Of Stock Option Plans	Weighted Shares Average (in thousands) Exercise Price Outstanding at June 30, 2023 202 $ 20.98 Canceled ( 18 ) 27.40 Outstanding at December 31, 2023 184 $ 20.34
Schedule Of Options Outstanding And Exercisable	Options Weighted Average Range of Outstanding Remaining Exercise Prices (in thousands) Life (Years) Price $ 9.97 - 15.14 97 6.2 $ 12.64 18.30 - 19.72 6 7.4 18.30 21.96 - 27.57 39 5.0 22.64 31.06 - 32.80 29 2.3 32.27 43.09 - 47.45 13 2.7 45.28 $ 9.97 - 47.45 184 5.1 $ 20.34
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares - PSUs And RSUs	Weighted Average Shares Fair Value (in thousands) Per Share Unvested as of June 30, 2023 74 $ 21.67 Granted 4 20.06 Vested ( 8 ) 28.66 Unvested as of December 31, 2023 70 $ 20.78
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Unvested Shares - PSUs And RSUs	Time-Based Vest (RSUs) Performance-Based Vest (PSUs) Total Weighted Average Weighted Average Weighted Average Fair Value Fair Value Fair Value (shares in thousands) Shares Per Share Shares Per Share Shares Per Share Unvested as of June 30, 2023 79 $ 24.56 211 $ 19.19 290 $ 20.65 Granted 66 18.91 99 18.91 165 18.91 Vested — — ( 75 ) 12.15 ( 75 ) 12.15 Forfeited ( 1 ) 21.59 ( 19 ) 14.80 ( 20 ) 15.14 Unvested as of December 31, 2023 144 $ 21.99 216 $ 21.89 360 $ 21.93

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2023
Earnings Per Share
Schedule Of Earnings Per Share, Basic And Diluted	Three Months Ended Six Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Basic shares 5,184 5,259 5,183 5,285 Potential common shares: Stock options 66 45 74 52 Non-vested restricted stock units and restricted shares 74 35 103 99 Diluted shares 5,324 5,339 5,360 5,436 Anti-dilutive shares 136 161 136 161

Inventories (Comparison Of Inve

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Inventories [Abstract]
Raw materials	$ 16,841	$ 18,616
Work in process and finished parts	3,621	3,741
Finished goods	84,776	99,719
Total	$ 105,238	$ 122,076

Assets Held For Sale (Summary O

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Buildings & Building Improvements [Member] | Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	4,615
Accumulated Depreciation	(4,254)
Net Book Value	361
Land & Land Improvements [Member] | Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	$ 255

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands			6 Months Ended
	Oct. 02, 2023 USD ($) ft²	May 03, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022	Aug. 20, 2021 ft²
Short-term Debt [Line Items]
Lessee, Operating Lease, Term of Contract					12 years
Lessee, Operating Lease, Option to Extend			options for two five-year extensions
Sublease area | ft²	339,413	105,000
Sublease term		12 months
Sublease initial term	12 months
Sublease extensions	four 6 month extensions
Sublease annual rent	$ 2,200	$ 1,000
Operating lease right-of-use assets			$ 65,341	$ 68,294
Lease liability			69,378
Mexicali, Mexico [Member]
Short-term Debt [Line Items]
Area of Real Estate Property | ft²						507,830
Annual base rent			3,200
Operating lease right-of-use assets			31,100
Lease liability			$ 32,600

Leases (Components Of Leases) (

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,384	$ 2,700	$ 4,808	$ 5,366
Variable lease expense	524	490	970	908
Total lease expense	$ 2,908	$ 3,190	$ 5,778	$ 6,274

Leases (Other Information Relat

Leases (Other Information Related To Leases And Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid operating leases	$ 4,663	$ 4,224
Cash received from subleasing of operating lease: Operating cash flows received from subleasing of operating lease	1,119
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 797	$ 35,305
Weighted-average remaining lease term (in years): Operating leases	8 years 7 months 6 days	4 years 10 months 24 days
Weighted-average discount rate: Operating leases	3.10%	3.30%

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Remaining payments in FY2024	$ 4,838
FY2025	9,418
FY2026	9,208
FY2027	9,378
FY2028	9,144
Thereafter	37,040
Total future minimum lease payments	79,026
Less imputed interest	9,648
Lease liability	$ 69,378

Credit Arrangements (Narrative)

Credit Arrangements (Narrative) (Details) $ in Millions		6 Months Ended
	Sep. 08, 2021 USD ($)	Dec. 31, 2023 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding		$ 1.1
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Interest rate	1.50%
Basis spread on interest rate	1.25%
Effective interest rate		6.75%
Debt term	5 years
Fixed coverage ratio		1
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | Maximum [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 85
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | SOFR [Member] | Maximum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		1.61%
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | SOFR [Member] | Minimum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		1.36%
Credit Agreement [Member] | Wells Fargo Bank N.A. [Member] | Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 5
Secured Credit Agreement [Member] | Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Line of credit outstanding		$ 17.9

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Effective Income Tax Rate, Continuing Operations	25.50%	17.20%	30.10%	11.50%
Effective federal statutory income tax rate	21%	21%	21%	21%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Dec. 31, 2018	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options remain outstanding			184,000		202,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable			10 years
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 500
Total unrecognized stock-based compensation, expected period			10 months 24 days
Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares	$ 0
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU award description			For PSUs awarded for the three year performance period ending June 30, 2024 participants may earn the award based on a cumulative three year performance goal. For PSUs awarded for the three year performance periods ending June 30, 2025 and 2026, participants may earn one-third of the award in each of the three years based on meeting performance goals for that year. The Committee selected Adjusted Earnings Before Interest and Tax based on a defined percentage growth as the performance metric for the performance periods ending June 30, 2024, 2025, and 2026.
Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 3,800
Total unrecognized stock-based compensation, expected period			1 year 9 months 18 days
Long-Term Incentive Compensation Plan [Member] | 2024, 2025, and 2026 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for performance awards, years			3 years
Long-Term Incentive Compensation Plan [Member] | 2024, 2025, and 2026 [Member] | Scenario, Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award			33%
Stock Option Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants				0
Omnibus Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Shares available for future grants			0
Stock-based Compensation Outside A Plan [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans		55,000,000
Weighted average exercise price of options			$ 21.96
Remaining life			5 years
Options remain outstanding			55,000,000
Stock-based Compensation Outside A Plan [Member] | Chief Financial Officer/Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans	79,000
Weighted average exercise price of options			$ 9.97
Remaining life			6 years 3 months 18 days
Options remain outstanding			79,000
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			1 year
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 934	$ 845	$ 1,845	$ 1,670

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] shares in Thousands	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	290
Granted, Shares | shares	165
Vested, Shares | shares	(75)
Forfeited, Shares | shares	(20)
Unvested at the end of period, Shares | shares	360
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 20.65
Granted, Weighted average fair value per share | $ / shares	18.91
Vested, Weighted average fair value per share | $ / shares	12.15
Forfeited, Weighted average fair value per share | $ / shares	15.14
Unvested at the end of period, Weighted average fair value | $ / shares	$ 21.93
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	79
Granted, Shares | shares	66
Forfeited, Shares | shares	(1)
Unvested at the end of period, Shares | shares	144
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 24.56
Granted, Weighted average fair value per share | $ / shares	18.91
Forfeited, Weighted average fair value per share | $ / shares	21.59
Unvested at the end of period, Weighted average fair value | $ / shares	$ 21.99
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	211
Granted, Shares | shares	99
Vested, Shares | shares	(75)
Forfeited, Shares | shares	(19)
Unvested at the end of period, Shares | shares	216
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 19.19
Granted, Weighted average fair value per share | $ / shares	18.91
Vested, Weighted average fair value per share | $ / shares	12.15
Forfeited, Weighted average fair value per share | $ / shares	14.8
Unvested at the end of period, Weighted average fair value | $ / shares	$ 21.89

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule Of Unvested Shares - PSUs And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares | shares	74
Granted, Shares | shares	4
Vested, Shares | shares	(8)
Unvested at the end of period, Shares | shares	70
Unvested at the beginning of period, Weighted average fair value per share | $ / shares	$ 21.67
Granted, Weighted average fair value per share | $ / shares	20.06
Vested, Weighted average fair value per share | $ / shares	28.66
Unvested at the end of period, Weighted average fair value | $ / shares	$ 20.78

Stock-Based Compensation (Sch_3

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance | shares	202
Shares, Cancelled | shares	(18)
Shares, Outstanding at ending balance | shares	184
Weighted Average Exercise Price, Outstanding at beginning balance | $ / shares	$ 20.98
Weighted Average Exercise Price, Canceled | $ / shares	27.4
Weighted Average Exercise Price, Outstanding at ending balance | $ / shares	$ 20.34

Stock-Based Compensation (Sch_4

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	6 Months Ended
	Dec. 31, 2023 $ / shares shares
9.97 - 15.14 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 9.97
Range of Price Upper	$ 15.14
Options Outstanding | shares	97
Weighted Average Remaining Life (Years)	6 years 2 months 12 days
Weighted Average, Exercise Price	$ 12.64
18.30 - 19.72 Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	18.30
Range of Price Upper	$ 19.72
Options Outstanding | shares	6
Weighted Average Remaining Life (Years)	7 years 4 months 24 days
Weighted Average, Exercise Price	$ 18.30
21.96 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	21.96
Range of Price Upper	$ 27.57
Options Outstanding | shares	39
Weighted Average Remaining Life (Years)	5 years
Weighted Average, Exercise Price	$ 22.64
31.06 - 32.80 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 32.80
Options Outstanding | shares	29
Weighted Average Remaining Life (Years)	2 years 3 months 18 days
Weighted Average, Exercise Price	$ 32.27
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding | shares	13
Weighted Average Remaining Life (Years)	2 years 8 months 12 days
Weighted Average, Exercise Price	$ 45.28
9.97 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	9.97
Range of Price Upper	$ 47.45
Options Outstanding | shares	184
Weighted Average Remaining Life (Years)	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 20.34

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share
Dividends declared per common share	$ 0.15	$ 0.15	$ 0.3	$ 0.3

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share
Basic shares	5,184	5,259	5,183	5,285
Stock options	66	45	74	52
Non-vested restricted stock units and restricted shares	74	35	103	99
Diluted shares	5,324	5,339	5,360	5,436
Anti-dilutive shares	136	161	136	161

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 24, 2022	Apr. 30, 2018	Dec. 31, 2022	Dec. 31, 2022	Jul. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Environmental remediation			$ 2,788	$ 2,788
Environmental Protection Agency (EPA) [Member]
Loss Contingencies [Line Items]
Estimated amount of possible loss					$ 5,500	$ 3,600
Settlement	$ 9,800
Estimated cost of remedial work		$ 3,600

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($)		6 Months Ended
	Feb. 05, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Restructuring and related activities, description		On February 5, 2024 the Company announced its decision to close its manufacturing facility in Dublin, Georgia as part of a strategic plan to streamline its North American manufacturing operations. Closure of the facility is expected to occur by the end of our fourth quarter of fiscal 2024.
Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Restructuring and related expenses	$ 3,200,000
Percenatge of annual sales	5%
Subsequent Event [Member] | Maximum [Member] | One -Time Costs
Subsequent Event [Line Items]
Employee separation costs	$ 2,500,000
Subsequent Event [Member] | Maximum [Member] | Facility Closure
Subsequent Event [Line Items]
Other expenses	700,000
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Restructuring and related expenses	2,500,000
Subsequent Event [Member] | Minimum [Member] | One -Time Costs
Subsequent Event [Line Items]
Employee separation costs	2,000,000
Subsequent Event [Member] | Minimum [Member] | Facility Closure
Subsequent Event [Line Items]
Other expenses	$ 500,000