0000037472-21-000014 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	Apr. 27, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	0-5151
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-0877
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,853,593
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 16,971	$ 48,197
Trade receivables - less allowances: March 31, 2021, $3,050; June 30, 2020, $1,770	44,231	32,217
Inventories	109,448	70,565
Other	10,182	18,535
Assets held for sale	666	12,329
Total current assets	181,498	181,843
NONCURRENT ASSETS:
Property, plant and equipment, net	40,309	43,312
Operating lease right-of-use assets	28,539	8,683
Deferred income taxes		2,111
Other assets	1,384	1,310
TOTAL ASSETS	251,730	237,259
CURRENT LIABILITIES:
Accounts payable - trade	31,798	27,747
Current portion of operating lease liabilities	5,741	4,408
Accrued liabilities:
Payroll and related items	4,914	3,275
Insurance	2,987	3,787
Restructuring costs	1,392	1,961
Advertising	4,730	3,823
Environmental remediation	3,570	3,600
Other	5,331	4,861
Total current liabilities	60,463	53,462
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	26,202	7,607
Other liabilities	1,539	685
Total liabilities	88,204	61,754
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,125 shares issued and 6,875 outstanding as of March 31, 2021; 8,008 shares issued and 7,876 outstanding as of June 30, 2020	8,125	8,008
Additional paid-in capital	33,100	31,748
Treasury stock, at cost; 1,249 shares and 132 shares as of March 31, 2021 and June 30, 2020, respectively	(30,048)	(1,563)
Retained earnings	152,349	137,312
Total shareholders' equity	163,526	175,505
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 251,730	$ 237,259

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 3,050	$ 1,770
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000	15,000
Common stock, issued	8,125	8,008
Common stock, outstanding	6,875	7,876
Treasury stock, shares	1,249	132

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements Of Income [Abstract]
Net sales	$ 118,408	$ 98,821	$ 342,753	$ 302,118
Cost of goods sold	95,284	84,973	272,436	254,999
Gross margin	23,124	13,848	70,317	47,119
Selling, general and administrative	16,292	20,115	49,378	55,678
Restructuring expense	480	2,377	2,724	13,448
Gain on disposal of assets due to restructuring		(302)	(5,881)	(19,269)
Operating income (loss)	6,352	(8,342)	24,096	(2,738)
Interest expense		(16)		(16)
Other income	59	135	270	328
Income (loss) before income taxes	6,411	(8,223)	24,366	(2,426)
Income tax provision (benefit)	1,533	(2,953)	7,159	(1,323)
Net income (loss)	$ 4,878	$ (5,270)	$ 17,207	$ (1,103)
Weighted average number of common shares outstanding:
Basic	6,998	7,965	7,316	7,955
Diluted	7,270	7,965	7,551	7,955
Earnings (loss) per share of common stock
Basic	$ 0.70	$ (0.66)	$ 2.35	$ (0.14)
Diluted	$ 0.67	$ (0.66)	$ 2.28	$ (0.14)

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ 4,878	$ (5,270)	$ 17,207	$ (1,103)
Other comprehensive loss:
Unrealized loss on securities				(18)
Reclassification of realized loss on securities to other income				7
Unrealized losses in securities before taxes				(11)
Income tax benefit related to securities losses				3
Other comprehensive loss, net of tax				(8)
Comprehensive income (loss)	$ 4,878	$ (5,270)	$ 17,207	$ (1,111)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2019	$ 7,903	$ 27,512		$ (42)	$ 170,004	$ 8	$ (42)	$ 205,427
Unrealized gain on available for sale investments, net of tax						(8)		(8)
Stock-based compensation	39	1,310						1,349
Cash dividends declared					(1,754)			(1,754)
Net income					9,551			9,551
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019	7,942	28,822			177,759			214,523
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2019	7,903	27,512		$ (42)	170,004	$ 8	$ (42)	205,427
Net income								(1,103)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020	8,001	30,758			163,508			202,267
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2019	7,942	28,822			177,759			214,523
Stock-based compensation	2	19						21
Stock options exercised	6	1,891						1,897
Cash dividends declared					(1,816)			(1,816)
Net income					(5,384)			(5,384)
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2019	7,950	30,732			170,559			209,241
Stock-based compensation	7	538						545
Vesting of restricted stock units and restricted shares	44	(512)						(468)
Cash dividends declared					(1,781)			(1,781)
Net income					(5,270)			(5,270)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020	8,001	30,758			163,508			202,267
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2020	8,008	31,748	$ (1,563)		137,312			175,505
Stock-based compensation	2	954						956
Vesting of restricted stock units and restricted shares	55	(387)						(332)
Treasury stock purchases			(9,000)					(9,000)
Cash dividends declared					(383)			(383)
Net income					3,879			3,879
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2020	8,065	32,315	(10,563)		140,808			170,625
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2020	8,008	31,748	(1,563)		137,312			175,505
Net income								17,207
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021	8,125	33,100	(30,048)		152,349			163,526
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2020	8,065	32,315	(10,563)		140,808			170,625
Stock-based compensation	10	1,017						1,027
Stock options exercised	7	41						48
Treasury stock purchases			(11,013)					(11,013)
Cash dividends declared					(730)			(730)
Net income					8,450			8,450
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020	8,082	33,373	(21,576)		148,528			168,407
Stock-based compensation	3	772						775
Vesting of restricted stock units and restricted shares	40	(1,045)						(1,005)
Treasury stock purchases			(8,472)					(8,472)
Cash dividends declared					(1,057)			(1,057)
Net income					4,878			4,878
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021	$ 8,125	$ 33,100	$ (30,048)		$ 152,349			$ 163,526

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Common stock, par value	$ 1			$ 1
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ 17,207	$ (1,103)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	3,938	6,665
Deferred income taxes	2,111	7,471
Stock-based compensation expense	2,758	3,880
Change in provision for losses on accounts receivable	1,280	4,250
Change in reserve for VAT receivable	(237)	(1,431)
Gain on disposition of capital assets	(5,858)	(19,269)
Changes in operating assets and liabilities:
Trade receivables	(13,294)	(386)
Inventories	(38,883)	18,563
Other current assets	8,589	(1,992)
Other assets	(74)	176
Accounts payable - trade	4,065	4,498
Accrued liabilities	2,140	(7,051)
Other long-term liabilities	857	(383)
Net cash (used in) provided by operating activities	(15,401)	13,888
INVESTING ACTIVITIES:
Purchases of investments	(24)	(1,667)
Proceeds from sales of investments	23	1,673
Proceeds from sale of capital assets	18,527	20,452
Capital expenditures	(1,957)	(3,256)
Net cash provided by investing activities	16,569	17,202
FINANCING ACTIVITIES:
Dividends paid	(2,620)	(5,260)
Treasury stock purchases	(28,485)
Proceeds from line of credits		15,000
Proceeds from issuance of common stock	40	21
Shares withheld for tax payments on vested restricted shares	(1,329)	(558)
Net cash (used in) financing activities	(32,394)	9,203
(Decrease) increase in cash and cash equivalents	(31,226)	40,293
Cash and cash equivalents at beginning of period	48,197	22,247
Cash and cash equivalents at end of period	16,971	62,540
SUPPLEMENTAL INFORMATION
Income taxes (refunded), net	(7,038)	(4,623)
Capital expenditures in accounts payable	$ 14	$ 467

Basis Of Presentation And Description Of Business

9 Months Ended

Mar. 31, 2021

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”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer network.

COVID-19 - In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the fiscal year 2020 were impacted by COVID-19. During the three and nine months ended March 31, 2021, the Company has seen improvement in our business conditions as retailers have reopened and orders have increased, however, we continue to see supply chain challenges faced by the furniture industry due to limited availability of ocean containers and significant increases in ocean container rates, limited availability and inflationary pressures in key materials, and labor shortages both in Asia and the United States. The COVID-19 pandemic remains fluid and the extent of the impact to our business may be significant, however, we are unable to predict the extent or nature of these impacts at this time.

BASIS OF PRESENTATION – The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. 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 set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – In June 2016, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (“Topic 326”)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for fiscal years beginning after December 15, 2019, with early adoption permitted for certain amendments. Topic 326 must be adopted by applying a cumulative effect adjustment to retained earnings. Effective July 1, 2020, the Company adopted Topic 326 and there was no impact to the Company’s financial statements.

Leases

9 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

2. LEASES

The Company accounts for its leases in accordance with ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires lessees to (i) recognize a right of use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities. The Company has made an accounting policy election to not recognize short-term leases on the consolidated balance sheets and all non-lease components, such as common area maintenance, were excluded. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments, and the ROU asset is measured as the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term.

The Company leases distribution centers and warehouses, manufacturing facilities, showrooms and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of the Company’s leases include options to renew at similar terms. The Company assesses these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the lease term at the lease commencement date.

For purposes of measuring the Company’s lease liability, the discount rate utilized by the Company was based on the Company’s line of credit as well as publicly available data for instruments with similar terms. 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.

The components of the Company’s leases reflected on the Company’s consolidated statements of income were as follows:



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Operating lease expense	$	1,491	$	1,366	$	3,556	$	3,707
Variable lease expense		78		69		221		198
Total lease expense	$	1,569	$	1,435	$	3,777	$	3,905

Other information related to leases under non-cancellable operating leases were as follows:



	Nine Months Ended
	March 31, 2021		March 31, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,621	$	2,943

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	22,850	$	3,573

Weighted-average remaining lease term (in years):
Operating leases		3.2		2.1

Weighted-average discount rate:
Operating leases		3.3%		3.5%

Future minimum lease payments under non-cancellable operating leases are as follows as of March 31, 2021:


(in thousands)
Within one year	$	6,919
After one year and within two years		5,868
After two years and within three years		4,854
After three years and within four years		3,691
After four years and within five years		2,445
After five years		12,516
Total future minimum lease payments	$	36,293
Less – Discount		4,350
Lease liability	$	31,943

Inventories

9 Months Ended

Mar. 31, 2021

Inventories [Abstract]

Inventories

3. INVENTORIES

A comparison of inventories is as follows:



	March 31,		June 30,
(in thousands)	2021		2020
Raw materials	$	19,010	$	11,119
Work in process and finished parts		3,934		3,925
Finished goods		86,504		55,521
Total	$	109,448	$	70,565

Restructuring

9 Months Ended

Mar. 31, 2021

Restructuring [Abstract]

Restructuring

4. RESTRUCTURING

On May 15, 2019, the Company announced its plans to exit the Commercial Office and custom-designed Hospitality product lines. The changes were initial outcomes driven from customer and product line profitability and footprint utilization analyses in the fourth quarter of fiscal 2019. On June 18, 2019, the Company announced it completed the analysis and planning process and set forth the

comprehensive transformation program to be executed over a two year period, which includes previously announced restructuring activities on May 15, 2019. The transformation program includes activities such as business simplification, process improvement, exiting of non-core businesses, facility closures, and reductions in work force. The Company has substantially completed the portion of the restructuring activities related to the exit of the Commercial Office and custom-designed Hospitality product lines.

On April 28, 2020, the Company announced the exit of the Vehicle Seating and the remainder of the Hospitality product lines, and subsequently closed its Dubuque, Iowa and Starkville, Mississippi manufacturing facilities. The Company expects to complete the restructuring activities related to the exit of the Vehicle Seating and the remainder of the Hospitality product lines during fiscal 2021.

As a result of these planned actions, the Company expects to incur pre-tax restructuring and related expenses of approximately $59.0 million over this two year timeframe of which approximately $27.0 million will be cash and $32.0 million non-cash. The remaining properties listed for sale as part of the footprint optimization are included in Note 5, Assets Held for Sale. Total cumulative restructuring and related costs incurred as of March 31, 2021 were $58.0 million.

The following is a summary of restructuring costs:



	Three Months Ended				Nine Months Ended
(in thousands)	March 31, 2021		March 31, 2020		March 31, 2021		March 31, 2020
Inventory impairment	$	—	$	70	$	45	$	276
One-time employee termination benefits		—		256		179		725
Other associated costs		480		2,121		2,545		12,723
Total restructuring and related expenses	$	480	$	2,447	$	2,769	$	13,724
Reported as:
Cost of goods sold	$	—	$	70	$	45	$	276
Operating expenses	$	480	$	2,377	$	2,724	$	13,448

Other associated costs include legal and professional fees, stock-based compensation expense for retention restricted stock units in connection with the Company’s restructuring plan, on-going facilities and transition costs.

The rollforward of the accrued restructuring costs is as follows:



			One-time
			Employee		Contract		Other
	Inventory		Termination		Termination		Associated
(in thousands)	Impairment		Benefits		Costs		Costs		Total
Accrual balance at June 30, 2020	$	—	$	1,613	$	110	$	238	$	1,961
Costs incurred		45		179		—		2,545		2,769
Expenses paid		—		(420)		(110)		(2,327)		(2,857)
Non-cash		(45)		—		—		(436)		(481)
Accrual balance at March 31, 2021	$	—	$	1,372	$	—	$	20	$	1,392

Assets Held For Sale

9 Months Ended

Mar. 31, 2021

Assets Held For Sale [Abstract]

Assets Held For Sale

5. ASSETS HELD FOR SALE

In the fiscal year 2020, the Company committed to a plan to sell assets located at the Company’s Starkville, Mississippi and Harrison, Arkansas, locations. The commitment to sell these assets are part of the Company’s restructuring plan, see Note 4 Restructuring. A summary of the assets held for sale is included in the table below as of March 31, 2021.



				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 Starkville		5,309		(4,693)		616

Harrison, Arkansas	Building & building improvements		1,000		(1,000)		—
	Land & land improvements		86		(36)		50
	Machinery & equipment		1,330		(1,330)		—
	Total Harrison		2,416		(2,366)		50

	Total assets held for sale	$	7,725	$	(7,059)	$	666

Credit Arrangements

9 Months Ended

Mar. 31, 2021

Credit Arrangements [Abstract]

Credit Arrangements

6. CREDIT ARRANGEMENTS

On August 28, 2020, the Company entered into a new two year secured $25.0 million revolving line of credit with Dubuque Bank and Trust Company, with interest of 1.50% plus LIBOR, subject to a floor of 3.00%. The revolving line of credit is secured by essentially all the Company’s assets, excluding real property and requires the Company maintain compliance with certain financial and non-financial covenants. The revolving line of credit matures on August 28, 2022. There was no outstanding amount under the revolving line of credit as of March 31, 2021.

Letters of credit outstanding at Wells Fargo Bank N.A. (“Wells”) as of March 31, 2021, totaled $1.1 million, of which $1.2 million of the Company’s cash held at Wells is pledged as collateral.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2021
Income Taxes [Abstract]
Income Taxes	7. INCOME TAXES The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the quarters ended March 31, 2021 and March 31, 2020 were 23.9% and 35.9%, respectively, and for the nine months ended March 31, 2021 and March 31, 2020 were 29.4% and 54.5%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stock-Based Compensation

9 Months Ended

Mar. 31, 2021

Stock-Based Compensation [Abstract]

Stock-Based Compensation

8. STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation, which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over 1 to 3 years. Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years. Stock-based compensation is included in selling, general and administrative, and restructuring expenses on the Consolidated Statements of Income. The stock-based compensation expense included in restructuring expense were for retention RSUs in connection with the Company’s restructuring plan. Forfeitures are recognized as incurred.

The following table is a summary of total stock-based compensation expense for the three and nine months ended March 31, 2021.



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Total stock-based compensation expense	$	775	$	544	$	2,758	$	3,621

The Company has two stock-based compensation plans available for granting awards to employees and directors.

(1) Long-Term Incentive Compensation Plan (“LTICP”)

The LTICP provides for RSUs to be awarded to officers and key employees based on performance targets set by the Compensation Committee of the Board of Directors (the “Committee”). The Company selected fully-diluted earnings per share and total shareholder return as the performance goal for the three year performance period from July 1, 2018 – June 30, 2021 (“2019-2021”). As of June 30, 2019, the performance period 2019-2021 is no longer attainable. For the July 1, 2019 – June 30, 2022 (“2020-2022”) and the July 1, 2020 – June 30, 2023 (“2021-2023”) three year performance periods, the Committee selected Adjusted Earnings Before Interest and Tax with a defined percentage growth in fiscal year 2021 and 2022 as the performance goal. Since the 2019-2021 performance period is no longer attainable, only RSUs granted for the 2020-2022 and 2021-2023 performance periods are included in the table below for the Company’s unvested LTICP RSUs during the nine months ended March 31, 2021:


	Time Based Vest			Performance Based Vest			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 June 30, 2020	44	$	16.90	44	$	16.76	88	$	16.83
Granted	68		12.01	105		12.01	173		12.01
Forfeited	(6)		14.04	(9)		14.03	(15)		14.04
Unvested as of March 31, 2021	106	$	13.92	140	$	13.41	246	$	13.63

Total unrecognized stock-based compensation related to the unvested LTICP RSUs at performance target was $1.9 million as of March 31, 2021, which is expected to be recognized over a period of 1.9 years.

(2) 2013 Omnibus Stock Plan

The 2013 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.

Restricted shares and RSUs

A summary of the activity in the Company’s unvested restricted shares and unvested RSUs during the nine months ended March 31, 2021 is as follows:



		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as June 30, 2020	189	$	15.24
Granted	21		27.51
Vested	(158)		16.22
Forfeited	(1)		15.65
Unvested as of March 31, 2021	51	$	23.81

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs was $0.6 million as of March 31, 2021, which is expected to be recognized over a weighted average period of 1.7 years.

‎

Options

A summary of the activity of the Company’s stock option plans as of March 31, 2021, is presented below:



		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2020	223	$	23.70
Granted	37		12.77
Exercised	(13)		18.90
Cancelled	(5)		12.89
Outstanding at March 31, 2021	242	$	22.51

The following table summarizes information for options outstanding at March 31, 2021:



		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	104	8.3	$	12.72
	19.72 - 19.77	9	1.7		19.72
	20.50 - 27.57	66	5.3		23.93
	31.06 - 32.80	37	5.1		32.20
	43.09 - 47.45	26	5.5		45.36
$	8.55 - 47.45	242	6.5	$	22.51

Total unrecognized stock-based compensation expense related to options was $0.03 million as of March 31, 2021, which is expected to be recognized over a period of 0.9 years.

Stock-based compensation granted outside a plan

During the quarter ended December 31, 2018, the Company awarded its Chief Executive Officer 55,000 options outside of any Company stock plans. 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. Total unrecognized stock-based compensation expense related to options awarded outside a plan was $0.07 million as of March 31, 2021, which is expected to be recognized over a period of 1.7 years.

Earnings Per Share

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

9. EARNINGS PER SHARE

Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the Long-Term Incentive Compensation Plan and non-vested restricted stock units and restricted shares. The Company calculates the dilutive effect of outstanding options, restricted stock units and restricted shares using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares.



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Basic shares		6,998		7,965		7,316		7,955
Potential common shares:
Stock options		165		—		130		—
Non-vested restricted stock units and restricted shares		107		—		105		—
		272		—		235		—
Diluted shares		7,270		7,965		7,551		7,955

Anti-dilutive shares		26		—		63		—

Cash dividends declared per common share were $0.15 and $0.30 for the three and nine months ended March 31, 2021, respectively, and $0.22 and $0.66 for the three and nine months ended March 31, 2020, respectively.

Litigation

9 Months Ended

Mar. 31, 2021

Litigation [Abstract]

Litigation

10. 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 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 directs the Company to perform remedial design and remedial action for the Lane Street Site. The Order was to be effective May 29, 2018. To ensure completion of the remediation work, the EPA required the Company to secure financial assurance in the initial amount of $3.6 million, which as noted above, is the estimated cost of remedial work. The Company believes that financial assurance is not required because it meets the relevant financial test criteria as provided in the Order. In May 2018, the EPA agreed to suspend enforcement of the Order so that the Company could conduct environmental testing upgradient to its former manufacturing location pursuant to an Administrative Order on Consent (AOC). On April 24, 2019, the Company signed an AOC with the EPA to conduct the upgradient investigation. The Company negotiated site access to the upgradient property over a period of months in 2019, followed by completion of sampling activities on that property on September 28-29, 2019. Following multiple exchanges from November 2019 through early 2020, the Company submitted a final and supplemental report to the EPA regarding the results of the upgradient investigation on June 17, 2020. Through agreement with the EPA the statute of limitations for potential claims by the EPA was extended through August 24, 2021. The Company reflected a $3.6 million liability in the consolidated balance sheets for the fiscal year ended June 30, 2018. Despite the Company’s position that it did not cause nor contribute to the contamination, the Company continues to reflect this liability in the consolidated balance sheets as of March 31, 2021 in accordance with FASB issued Asset Retirement and Environmental Obligations (ASC 410-30). 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.

Employment Matters – The lawsuit entitled Juan Hernandez, et al. v. Flexsteel Industries, Inc. (“Hernandez I”), was filed on February 21, 2019 in the Superior Court for the County of Riverside by former employees Juan Hernandez and Richard Diaz (together, “Plaintiffs”). On April 29, 2019, Plaintiffs filed a second similarly titled lawsuit in the Superior Court for the County of Riverside (“Hernandez II”). Hernandez II was brought by the same attorneys as Hernandez I and featured a single cause of action for civil penalties under the Private Attorneys General Act (“PAGA”). The Company agreed to resolve both Hernandez I and Hernandez II in principle and on a class-wide basis for $0.5 million. That settlement served to resolve the claims of the two Plaintiffs, as well as the approximately 270 remaining members of the class unless an individual class member asked to be excluded. The material terms of the settlement were captured in a Long-Form Settlement Agreement. The court granted final approval of the parties’ settlement in February 2021. The Company paid the final settlement amount of $0.5 million in February 2021 and no accrued amounts remained in the consolidated balance sheets as of March 31, 2021.

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.

Basis Of Presentation And Description Of Business (Policies)	9 Months Ended
	Mar. 31, 2021
Basis Of Presentation And Description Of Business [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and dealer network.
COVID-19	COVID-19 - In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the fiscal year 2020 were impacted by COVID-19. During the three and nine months ended March 31, 2021, the Company has seen improvement in our business conditions as retailers have reopened and orders have increased, however, we continue to see supply chain challenges faced by the furniture industry due to limited availability of ocean containers and significant increases in ocean container rates, limited availability and inflationary pressures in key materials, and labor shortages both in Asia and the United States. The COVID-19 pandemic remains fluid and the extent of the impact to our business may be significant, however, we are unable to predict the extent or nature of these impacts at this time.
Basis Of Presentation	BASIS OF PRESENTATION – The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. 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 set forth in Note 1 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference.
Recently Adopted Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS – In June 2016, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (“Topic 326”)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for fiscal years beginning after December 15, 2019, with early adoption permitted for certain amendments. Topic 326 must be adopted by applying a cumulative effect adjustment to retained earnings. Effective July 1, 2020, the Company adopted Topic 326 and there was no impact to the Company’s financial statements.

Leases (Tables)

9 Months Ended

Mar. 31, 2021

Leases [Abstract]

Components Of Leases



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Operating lease expense	$	1,491	$	1,366	$	3,556	$	3,707
Variable lease expense		78		69		221		198
Total lease expense	$	1,569	$	1,435	$	3,777	$	3,905

Other Lease Information



	Nine Months Ended
	March 31, 2021		March 31, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,621	$	2,943

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	22,850	$	3,573

Weighted-average remaining lease term (in years):
Operating leases		3.2		2.1

Weighted-average discount rate:
Operating leases		3.3%		3.5%

Future Minimum Lease Payments


(in thousands)
Within one year	$	6,919
After one year and within two years		5,868
After two years and within three years		4,854
After three years and within four years		3,691
After four years and within five years		2,445
After five years		12,516
Total future minimum lease payments	$	36,293
Less – Discount		4,350
Lease liability	$	31,943

Inventories (Tables)

9 Months Ended

Mar. 31, 2021

Inventories [Abstract]

Comparison Of Inventories



	March 31,		June 30,
(in thousands)	2021		2020
Raw materials	$	19,010	$	11,119
Work in process and finished parts		3,934		3,925
Finished goods		86,504		55,521
Total	$	109,448	$	70,565

Restructuring (Tables)

9 Months Ended

Mar. 31, 2021

Restructuring [Abstract]

Summary Of Restructuring Costs



	Three Months Ended				Nine Months Ended
(in thousands)	March 31, 2021		March 31, 2020		March 31, 2021		March 31, 2020
Inventory impairment	$	—	$	70	$	45	$	276
One-time employee termination benefits		—		256		179		725
Other associated costs		480		2,121		2,545		12,723
Total restructuring and related expenses	$	480	$	2,447	$	2,769	$	13,724
Reported as:
Cost of goods sold	$	—	$	70	$	45	$	276
Operating expenses	$	480	$	2,377	$	2,724	$	13,448

Components Of Restructuring Costs



			One-time
			Employee		Contract		Other
	Inventory		Termination		Termination		Associated
(in thousands)	Impairment		Benefits		Costs		Costs		Total
Accrual balance at June 30, 2020	$	—	$	1,613	$	110	$	238	$	1,961
Costs incurred		45		179		—		2,545		2,769
Expenses paid		—		(420)		(110)		(2,327)		(2,857)
Non-cash		(45)		—		—		(436)		(481)
Accrual balance at March 31, 2021	$	—	$	1,372	$	—	$	20	$	1,392

Assets Held For Sale (Tables)

9 Months Ended

Mar. 31, 2021

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 Starkville		5,309		(4,693)		616

Harrison, Arkansas	Building & building improvements		1,000		(1,000)		—
	Land & land improvements		86		(36)		50
	Machinery & equipment		1,330		(1,330)		—
	Total Harrison		2,416		(2,366)		50

	Total assets held for sale	$	7,725	$	(7,059)	$	666

Stock-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Total Stock-Based Compensation Expense



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Total stock-based compensation expense	$	775	$	544	$	2,758	$	3,621

Schedule Of Stock Option Plans



		Weighted
	Shares	Average
	(in thousands)	Exercise Price
Outstanding at June 30, 2020	223	$	23.70
Granted	37		12.77
Exercised	(13)		18.90
Cancelled	(5)		12.89
Outstanding at March 31, 2021	242	$	22.51

Schedule Of Options Outstanding And Exercisable



		Options	Weighted Average
Range of		Outstanding	Remaining	Exercise
Prices		(in thousands)	Life (Years)	Price
$	9.97 - 15.14	104	8.3	$	12.72
	19.72 - 19.77	9	1.7		19.72
	20.50 - 27.57	66	5.3		23.93
	31.06 - 32.80	37	5.1		32.20
	43.09 - 47.45	26	5.5		45.36
$	8.55 - 47.45	242	6.5	$	22.51

Restricted Shares And RSUs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares



		Weighted average
	Shares	fair value
	(in thousands)	per share
Unvested as June 30, 2020	189	$	15.24
Granted	21		27.51
Vested	(158)		16.22
Forfeited	(1)		15.65
Unvested as of March 31, 2021	51	$	23.81

Long-Term Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares


	Time Based Vest			Performance Based Vest			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 June 30, 2020	44	$	16.90	44	$	16.76	88	$	16.83
Granted	68		12.01	105		12.01	173		12.01
Forfeited	(6)		14.04	(9)		14.03	(15)		14.04
Unvested as of March 31, 2021	106	$	13.92	140	$	13.41	246	$	13.63

Earnings Per Share (Tables)

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2021		2020		2021		2020
Basic shares		6,998		7,965		7,316		7,955
Potential common shares:
Stock options		165		—		130		—
Non-vested restricted stock units and restricted shares		107		—		105		—
		272		—		235		—
Diluted shares		7,270		7,965		7,551		7,955

Anti-dilutive shares		26		—		63		—

Leases (Components Of Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease expense	$ 1,491	$ 1,366	$ 3,556	$ 3,707
Variable lease expense	78	69	221	198
Total lease expense	$ 1,569	$ 1,435	$ 3,777	$ 3,905

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 2,621	$ 2,943
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 22,850	$ 3,573
Weighted-average remaining lease term (in years): Operating leases	3 years 2 months 12 days	2 years 1 month 6 days
Weighted-average discount rate: Operating leases	3.30%	3.50%

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
Within one year	$ 6,919
After one year and within two years	5,868
After two years and within three years	4,854
After three years and within four years	3,691
After four years and within five years	2,445
After five years	12,516
Total future minimum lease payments	36,293
Less - Discount	4,350
Lease liability	$ 31,943

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Inventories [Abstract]
Raw materials	$ 19,010	$ 11,119
Work in process and finished parts	3,934	3,925
Finished goods	86,504	55,521
Total	$ 109,448	$ 70,565

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 1,392		$ 1,392		$ 1,961
Restructuring Charges	480	$ 2,377	$ 2,724	$ 13,448
Commercial Office And Custom-Designed Hospitality Product Lines [Member]
Restructuring Cost and Reserve [Line Items]
Period of transformation program execution			2 years
Expected restructuring costs	59,000		$ 59,000
Expected restructuring costs, Cash	27,000		27,000
Expected restructuring costs, Non-cash	$ 32,000		32,000
Restructuring Charges			$ 58,000

Restructuring (Summary Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 480	$ 2,447	$ 2,769	$ 13,724
Cost Of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		70	45	276
Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	480	2,377	2,724	13,448
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		70	45	276
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		256	179	725
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 480	$ 2,121	$ 2,545	$ 12,723

Restructuring (Components Of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			$ 1,961
Costs incurred	$ 480	$ 2,447	2,769	$ 13,724
Expenses paid			(2,857)
Non-cash			(481)
Accrual, Ending balance	1,392		1,392
Inventory Impairment [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance
Costs incurred		70	45	276
Expenses paid
Non-cash			(45)
Accrual, Ending balance
One-time Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			1,613
Costs incurred		256	179	725
Expenses paid			(420)
Accrual, Ending balance	1,372		1,372
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			110
Expenses paid			(110)
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Accrual, Beginning balance			238
Costs incurred	480	$ 2,121	2,545	$ 12,723
Expenses paid			(2,327)
Non-cash			(436)
Accrual, Ending balance	$ 20		$ 20

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Mar. 31, 2021 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 7,725
Accumulated Depreciation	(7,059)
Net Book Value	666
Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	5,309
Accumulated Depreciation	(4,693)
Net Book Value	616
Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	2,416
Accumulated Depreciation	(2,366)
Net Book Value	50
Buildings And 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
Buildings And Building Improvements [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,000
Accumulated Depreciation	(1,000)
Land and Land Improvements [Member] \| Starkville, Mississippi [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	694
Accumulated Depreciation	(439)
Net Book Value	255
Land and Land Improvements [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	86
Accumulated Depreciation	(36)
Net Book Value	50
Machinery And Equipment [Member] \| Harrison, Arkansas [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	1,330
Accumulated Depreciation	$ (1,330)

Credit Arrangements (Narrative) (Details) - USD ($)		9 Months Ended
Credit Arrangements (Narrative) (Details) - USD ($)	Aug. 28, 2020	Mar. 31, 2021
Unsecured Short-Term Agreement, Interest Rate 1.50% [Member]
Short-term Debt [Line Items]
Line of credit outstanding		$ 1,100,000
Cash held as collateral		1,200,000
Secured Credit Agreement [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 25,000,000.0
Line of credit outstanding		$ 0
Credit facility, expiration date		Aug. 28, 2022
Debt term		2 years
Secured Credit Agreement [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Interest rate under prime rate	3.00%
Secured Credit Agreement [Member] \| Libor Plus 1 [Member]
Short-term Debt [Line Items]
Basis spread on interest rate	1.50%

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Taxes [Abstract]
Effective income tax rate	23.90%	35.90%	29.40%	54.50%

Stock-Based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020 shares	Dec. 31, 2018 shares	Mar. 31, 2021 USD ($) item
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| item			2
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation, expected period			10 months 24 days
Total unrecognized stock-based compensation expense related to options			$ 30
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			$ 600
Total unrecognized stock-based compensation, expected period			1 year 8 months 12 days
2019-2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
2020-2022 And 2021-2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
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			$ 1,900
Total unrecognized stock-based compensation, expected period			1 year 10 months 24 days
Stock Option Plans [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable			10 years
Stock-based Compensation 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 \| shares		55,000
Total unrecognized stock-based compensation related to unvested shares			$ 70
Total unrecognized stock-based compensation, expected period			1 year 8 months 12 days
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 \| shares	79,000
Minimum [Member] \| Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			1 year
Maximum [Member] \| Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 775	$ 544	$ 2,758	$ 3,621

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] shares in Thousands	9 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	88
Granted, Shares \| shares	173
Forfeited, Shares \| shares	(15)
Unvested at the end of period, Shares \| shares	246
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 16.83
Granted, Weighted average fair value per share \| $ / shares	12.01
Forfeited, Weighted average fair value per share \| $ / shares	14.04
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 13.63
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	44
Granted, Shares \| shares	68
Forfeited, Shares \| shares	(6)
Unvested at the end of period, Shares \| shares	106
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 16.90
Granted, Weighted average fair value per share \| $ / shares	12.01
Forfeited, Weighted average fair value per share \| $ / shares	14.04
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 13.92
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	44
Granted, Shares \| shares	105
Forfeited, Shares \| shares	(9)
Unvested at the end of period, Shares \| shares	140
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 16.76
Granted, Weighted average fair value per share \| $ / shares	12.01
Forfeited, Weighted average fair value per share \| $ / shares	14.03
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 13.41

Stock-Based Compensation (Schedule Of Unvested Shares - Restricted Shares And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	9 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	189
Granted, Shares \| shares	21
Vested, Shares \| shares	(158)
Forfeited, Shares \| shares	(1)
Unvested at the end of period, Shares \| shares	51
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 15.24
Granted, Weighted average fair value per share \| $ / shares	27.51
Vested, Weighted average fair value per share \| $ / shares	16.22
Forfeited, Weighted average fair value per share \| $ / shares	15.65
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 23.81

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2021 $ / shares shares
Stock-Based Compensation [Abstract]
Shares, Outstanding at beginning balance \| shares	223
Shares, Granted \| shares	37
Shares, Exercised \| shares	(13)
Shares, Cancelled \| shares	(5)
Shares, Outstanding at ending balance \| shares	242
Weighted Average Exercise Price, Outstanding at beginning balance \| $ / shares	$ 23.70
Weighted Average Exercise Price, Granted \| $ / shares	12.77
Weighted Average Exercise Price, Exercised \| $ / shares	18.90
Weighted Average Exercise Price, Cancelled \| $ / shares	12.89
Weighted Average Exercise Price, Outstanding at ending balance \| $ / shares	$ 22.51

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	9 Months Ended
	Mar. 31, 2021 $ / 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	104
Weighted Average Remaining Life, Years	8 years 3 months 18 days
Weighted Average, Exercise Price	$ 12.72
19.72 - 19.77 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	19.72
Range of Price Upper	$ 19.77
Options Outstanding \| shares	9
Weighted Average Remaining Life, Years	1 year 8 months 12 days
Weighted Average, Exercise Price	$ 19.72
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	66
Weighted Average Remaining Life, Years	5 years 3 months 18 days
Weighted Average, Exercise Price	$ 23.93
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	37
Weighted Average Remaining Life, Years	5 years 1 month 6 days
Weighted Average, Exercise Price	$ 32.20
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	26
Weighted Average Remaining Life, Years	5 years 6 months
Weighted Average, Exercise Price	$ 45.36
8.55 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	8.55
Range of Price Upper	$ 47.45
Options Outstanding \| shares	242
Weighted Average Remaining Life, Years	6 years 6 months
Weighted Average, Exercise Price	$ 22.51

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
Earnings Per Share (Narrative) (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Dividends declared per common share	$ 0.15	$ 0.22	$ 0.30	$ 0.66

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic shares	6,998	7,965	7,316	7,955
Stock options	165		130
Non-vested restricted stock units and restricted shares	107		105
Potential common shares, total	272		235
Diluted shares	7,270	7,965	7,551	7,955
Anti-dilutive shares	26		63

Litigation (Narrative) (Details)	1 Months Ended			9 Months Ended	12 Months Ended
Litigation (Narrative) (Details)	Feb. 28, 2021 USD ($)	Mar. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)	Mar. 31, 2021 USD ($) plaintiff item	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2018 USD ($)	Aug. 31, 2016 USD ($)
Loss Contingencies [Line Items]
Estimated amount of possible loss								$ 3,600,000
Environmental remediation		$ 3,600,000	$ 5,500,000
Settlement	$ 500,000
Liabilities				$ 88,204,000		$ 61,754,000	$ 3,600,000
Accrued liabilities				0
Accrued Liabilities, Current				$ 0
Employment Matters [Member]
Loss Contingencies [Line Items]
Settlement					$ 500,000
Number of plaintiffs \| plaintiff				2
Number of class members \| item				270

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (bb)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details