Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 11, 2017 | Dec. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FLEXSTEEL INDUSTRIES INC | ||
Entity Central Index Key | 37,472 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 391,665,307 | ||
Entity Common Stock, Shares Outstanding | 7,823,121 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | FLXS |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
ASSETS | ||||
Cash and Cash Equivalents | $ 28,874 | $ 36,780 | $ 1,282 | $ 22,176 |
Investments | 17,958 | |||
Trade receivables - less allowances: June 30, 2017, $1,200; June 30, 2016, $1,300 | 42,362 | 44,618 | ||
Inventories | 99,397 | 85,904 | ||
Other | 6,659 | 9,141 | ||
Total current assets | 195,250 | 176,443 | ||
NONCURRENT ASSETS: | ||||
Property, plant and equipment, net | 70,661 | 64,124 | ||
Deferred income taxes | 1,740 | 3,660 | ||
Other assets | 2,394 | 2,669 | ||
TOTAL | 270,045 | 246,896 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable - trade | 16,758 | 11,023 | ||
Accrued liabilities: | ||||
Payroll and related items | 6,255 | 6,986 | ||
Insurance | 5,423 | 5,252 | ||
Other | 8,759 | 10,096 | ||
Total current liabilities | 37,195 | 33,357 | ||
LONG-TERM LIABILITIES: | ||||
Other liabilities | 2,090 | 3,889 | ||
Total liabilities | 39,285 | 37,246 | ||
COMMITMENTS AND CONTINGENCIES (Note 12) | ||||
SHAREHOLDERS' EQUITY: | ||||
Common stock - $1 par value; authorized 15,000,000 shares; outstanding 2017, 7,822,080 shares; 2016, 7,700,149 shares | 7,822 | 7,700 | ||
Additional paid-in capital | 26,186 | 23,259 | ||
Retained earnings | 198,465 | 180,919 | ||
Accumulated other comprehensive loss | (1,713) | (2,228) | (1,736) | |
Total shareholders' equity | 230,760 | 209,650 | $ 186,747 | $ 166,735 |
TOTAL | $ 270,045 | $ 246,896 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 1,200 | $ 1,300 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 15,000,000 | 15,000,000 |
Common stock, outstanding | 7,822,080 | 7,700,149 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Operations [Abstract] | |||
NET SALES | $ 468,764 | $ 500,106 | $ 466,904 |
COST OF GOODS SOLD | (360,113) | (386,407) | (357,044) |
GROSS MARGIN | 108,651 | 113,699 | 109,860 |
SELLING, GENERAL AND ADMINISTRATIVE | (72,562) | (77,911) | (75,688) |
Litigation Settlement Reimbursements | 1,175 | 2,280 | 250 |
OPERATING INCOME (LOSS) | 37,264 | 38,068 | 34,422 |
Interest and other income | 322 | (72) | 1,267 |
Interest expense | (69) | (130) | |
INCOME BEFORE INCOME TAXES | 37,586 | 37,927 | 35,559 |
INCOME TAX PROVISION | (13,800) | (13,690) | (13,260) |
NET INCOME (LOSS) | $ 23,786 | $ 24,237 | $ 22,299 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
Basic | 7,782 | 7,595 | 7,423 |
Diluted | 7,886 | 7,765 | 7,708 |
EARNINGS (LOSS) PER SHARE OF COMMON STOCK: | |||
Basic | $ 3.06 | $ 3.19 | $ 3 |
Diluted | $ 3.02 | $ 3.12 | $ 2.89 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net income | $ 23,786 | $ 24,237 | $ 22,299 |
Unrealized (losses) gains on securities | (87) | 741 | 162 |
Reclassification of Realized gain to other income | 145 | (535) | (400) |
Other Comprehensive Income(Loss) Before Taxes | 58 | 206 | (238) |
Income tax benefit (expense) related to securities gains (losses) | (22) | (78) | 91 |
Net unrealized (losses) gains on securities gains (losses) | 36 | 128 | (147) |
Minimum pension liability | 771 | (999) | (537) |
Income tax benefit (expense) related to minimum pension liability | (292) | 379 | 204 |
Net minimum pension liability | 479 | (620) | (333) |
Other comprehensive (loss) income, net of tax | 515 | (492) | (480) |
Comprehensive income | 24,301 | 23,745 | 21,819 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ (292) | $ 379 | $ 204 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total Par Value Of Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Jun. 30, 2014 | $ 7,371 | $ 15,386 | $ 145,234 | $ (1,256) | $ 166,735 |
Issuance of common stock: | |||||
Stock options exercised, net | 83 | 707 | 790 | ||
Unrealized gain on available for sale investments, net of tax | (147) | (147) | |||
Long-term incentive compensation | 26 | 1,310 | 1,336 | ||
Stock-based compensation | 607 | 607 | |||
Excess tax benefit from stock-based payment arrangements | (817) | (817) | |||
Minimum pension liability adjustment, net of tax | (333) | (333) | |||
Cash dividends declared | (5,357) | (5,357) | |||
Net income | 22,299 | 22,299 | |||
Balance at Jun. 30, 2015 | 7,480 | 18,827 | 162,176 | (1,736) | $ 186,747 |
Issuance of common stock: | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.72 | ||||
Balance at Jun. 30, 2014 | 7,371 | 15,386 | 145,234 | (1,256) | $ 166,735 |
Issuance of common stock: | |||||
Excess tax benefit from stock-based payment arrangements | 0 | ||||
Balance at Jun. 30, 2017 | 7,822 | 26,186 | 198,465 | (1,713) | 230,760 |
Balance at Jun. 30, 2015 | 7,480 | 18,827 | 162,176 | (1,736) | 186,747 |
Issuance of common stock: | |||||
Stock options exercised, net | 184 | 1,407 | 1,591 | ||
Unrealized gain on available for sale investments, net of tax | 128 | 128 | |||
Long-term incentive compensation | 27 | 858 | 885 | ||
Stock-based compensation | 9 | 406 | 415 | ||
Excess tax benefit from stock-based payment arrangements | 1,761 | 1,761 | |||
Minimum pension liability adjustment, net of tax | (620) | (620) | |||
Cash dividends declared | (5,494) | (5,494) | |||
Net income | 24,237 | 24,237 | |||
Balance at Jun. 30, 2016 | 7,700 | 23,259 | 180,919 | (2,228) | $ 209,650 |
Issuance of common stock: | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.72 | ||||
Stock options exercised, net | 79 | 999 | $ 1,078 | ||
Unrealized gain on available for sale investments, net of tax | 36 | 36 | |||
Long-term incentive compensation | 35 | (213) | (178) | ||
Stock-based compensation | 8 | 647 | 655 | ||
Excess tax benefit from stock-based payment arrangements | 1,494 | 1,494 | |||
Minimum pension liability adjustment, net of tax | 479 | 479 | |||
Cash dividends declared | (6,240) | (6,240) | |||
Net income | 23,786 | 23,786 | |||
Balance at Jun. 30, 2017 | $ 7,822 | $ 26,186 | $ 198,465 | $ (1,713) | $ 230,760 |
Issuance of common stock: | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 23,786 | $ 24,237 | $ 22,299 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 7,936 | 7,556 | 4,945 |
Deferred income taxes | 1,606 | 2,731 | 605 |
Stock-based compensation expense | 1,609 | 1,470 | 1,943 |
Excess tax benefit from stock-based payment arrangements | (1,494) | (1,761) | (817) |
Provision for losses on accounts receivable | (100) | (100) | 30 |
Other non-cash, net | (28) | ||
Gain on disposition of capital assets | (512) | (34) | (119) |
Gain on life insurance policies | (346) | (745) | |
Changes in operating assets and liabilities: | |||
Trade receivables | 2,356 | 584 | (6,596) |
Inventories | (13,492) | 27,938 | (15,902) |
Other current assets | 1,036 | (1,962) | (3,882) |
Other assets | 450 | 59 | (1,024) |
Accounts payable - trade | 4,028 | (6,877) | 2,083 |
Accrued liabilities | 477 | 2,052 | 201 |
Other long-term liabilities | (1,298) | (1,180) | 276 |
Net cash provided by operating activities | 26,388 | 54,367 | 3,269 |
INVESTING ACTIVITIES: | |||
Purchases of investments | (30,537) | (3,100) | (1,955) |
Proceeds from sales of investments | 12,474 | 2,900 | 1,611 |
Proceeds from sale of capital assets | 1,848 | 76 | 155 |
Proceeds from Life Insurance Policies | 2,814 | 5,053 | |
Capital expenditures | (13,457) | (7,382) | (37,423) |
Net cash (used in) provided by investing activities | (29,672) | (4,692) | (32,559) |
FINANCING ACTIVITIES: | |||
Proceeds from short-term borrowings, net | (11,904) | 11,904 | |
Dividends paid | (6,062) | (5,455) | (5,115) |
Proceeds from issuance of common stock | 1,078 | 1,591 | 790 |
Shares withheld for employee tax obligations | (1,132) | (170) | |
Excess tax benefit from stock-based payment arrangements | 1,494 | 1,761 | 817 |
Net cash used in financing activities | (4,622) | (14,177) | 8,396 |
Increase (decrease) in cash and cash equivalents | (7,906) | 35,498 | (20,894) |
SUPPLEMENTAL INFORMATION CASH PAID DURING THE PERIOD FOR: | |||
Income taxes paid (refunded) | 9,780 | 10,140 | 13,920 |
Capital Expenditures Incurred but Not yet Paid | $ 1,740 | $ 430 | $ 130 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventories | 2. INVENTORIES A comparison of inventories is as follows: (in thousands) June 30, 2017 2016 Raw materials $ 15,043 $ 12,893 Work in process and finished parts 7,047 5,810 Finished goods 77,307 67,201 Total $ 99,397 $ 85,904 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | 3. PROPERTY, PLANT AND EQUIPMENT (in thousands) Estimated June 30, Life (Years) 2017 2016 Land $ 6,987 $ 7,279 Buildings and improvements 5-39 70,741 72,900 Machinery and equipment 3-7 33,441 34,015 Delivery equipment 3-5 20,866 21,979 Furniture and fixtures 3-7 4,474 4,509 Computer software and hardware 3-10 18,903 6,370 Total 155,412 147,052 Less accumulated depreciation (84,751) (82,928) Net $ 70,661 $ 64,124 |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Jun. 30, 2017 | |
Other Noncurrent Assets [Abstract] | |
Other Noncurrent Assets | 4. OTHER NONCURRENT ASSETS (in thousands) June 30, 2017 2016 Cash value of life insurance $ 989 $ 965 Other 1,405 1,704 Total $ 2,394 $ 2,669 |
Accrued Liabilities - Other
Accrued Liabilities - Other | 12 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities - Other [Abstract] | |
Accrued Liabilities - Other | 5. ACCRUED LIABILITIES – OTHER (in thousands) June 30, 2017 2016 Advertising $ 3,883 $ 4,068 Dividends 1,564 1,386 Warranty 1,080 1,070 Other 2,232 3,572 Total $ 8,759 $ 10,096 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Jun. 30, 2017 | |
Credit Arrangements [Abstract] | |
Credit Arrangements | 6. CRED I T ARRANGEMENTS The Company entered into an unsecured credit agreement on June 30, 2017, that provides short-term working capital financing up to $ 10.0 million with interest of LIBOR plus 1 % ( 2.22 % at June 30, 2017) , including up to $ 4.0 million of letters of credit. Letters of cre dit outstanding at June 30, 2017 totaled $1.3 million. Other than the outstanding letters of credit, the Company utilized no borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of June 30, 2017 . The credit agreement expires June 30 , 201 8 . At June 30, 201 7 , the Company was in compliance with all of the financial covenants contained in the credit agreement. T he Company maintains an unsecured $10.0 million line of credit, with interest at prime m inus 2% ( 2 . 2 5% at J une 30, 2017) . No amount was outstanding on the line of credit at June 30, 201 7 . This line of credit matures December 31, 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 7. INCOME TAXES In determining the provision for income taxes, the Company uses an estimated annual effective tax rate that is based on the annual income, statutory tax rates and permanent differences between book and tax. This includes recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns to the extent pervasive evidence exists that they will be realized in future periods. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which are expected to be in effect in the years in which the temporary differences are expected to reverse. In accordance with the Company’s income tax policy, significant or unusual items are separately recognized when they occur . The components of the gross liabilities related to unrecognized tax benefits and the related deferred tax assets are as follows : June 30, (in thousands) 2017 2016 Gross unrecognized tax benefits $ 320 $ 610 Accrued interest and penalties 130 250 Gross liabilities related to unrecognized tax benefits $ 450 $ 860 Deferred tax assets $ 130 $ 250 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2017 2016 2015 Balance at July 1 $ 610 $ 1,580 $ 1,290 Additions based on tax positions related to the current year 130 45 390 Additions for tax positions of prior years - - - Reductions for tax positions of prior years (420) (1,015) (100) Balance at June 30 $ 320 $ 610 $ 1,580 The Company records interest and penalties related to income taxes as income tax expense in the consolidated statements of income. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The income tax provision is as follows for the years ended June 30: (in thousands) 2017 2016 2015 Federal - current $ 11,015 $ 9,343 $ 11,725 State and other - current 1,179 1,616 930 Deferred 1,606 2,731 605 Total $ 13,800 $ 13,690 $ 13,260 A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows for the years ended June 30: 2017 2016 2015 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal effect 2.7 3.8 2.6 Other (1.0) (2.7) (0.3) Effective tax rate 36.7 % 36.1 % 37.3 % The primary components of deferred tax assets and (liabilities) are as follows: June 30, (in thousands) 2017 2016 Accounts receivable $ 460 $ 490 Inventory (50) 500 Self-insurance 560 660 Payroll and related 1,690 3,120 Accrued liabilities 1,240 1,100 Property, plant and equipment (2,850) (3,080) Investment tax credit 1,930 1,990 Valuation allowance (1,390) (1,380) Other 150 260 Total $ 1,740 $ 3,660 The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Generally, tax years 201 3–2016 remain open to examination by the Internal Revenue Service or other taxing jurisdictions to which we are subject. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION The Company has two stock-based compensation methods available when determining employee compensation. (1) Long-Term Incentive Compensation Plans Long-Term Incentive Compensation Plan The long-term incentive compensation plan provides for shares of common stock to be awarded to officers and key employees based on performance targets set by the Compensation Committee of the Board of Directors (the “Committee”). T he Company’s shareholders previously approved 700,000 shares to be issued under the plan. As of June 30, 201 7 , 61 , 969 shares have been issued. The Committee selected fully-diluted earnings per share as the performance goal for the three-year performance period s July 1, 201 4 – June 30, 201 7 (2015-2017), July 1, 2015 – June 30, 2018 (2016-2018) and July 1, 2016 – June 30, 2019 (2017-2019) . The Committee also selected total shareholder return as a performance goal for the executive officers for the three year performance period July 1, 2016 – June 30, 2019 (2017-2019). Stock awards will be issued to participants as soon as practicable following the end of the performance periods , subject to Committee approval and verification of results. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins. The Company recorded plan expense s of $0 . 9 million, $1.1 million and $1 . 1 million for fiscal year s ended June 30, 2017, 2016 and 201 5, respectively . If the target performance goals for 2015-2017, 2016-2018 and 2017-2019 would be achieved, the total amount of compensation cost recognized over the requisite service periods would be $0.9 million, $1.0 million and $1.1 million, respectively. The aggregate number of shares that could be awarded to key executives if the minimum, target or maximum performance goals are met is as follows: (in thousands) Performance Period Minimum Target Maximum Fiscal Year 2015 - 2017 11 28 55 Fiscal Year 2016 - 2018 9 23 45 Fiscal Year 2017 - 2019 11 27 52 (2) Stock Plans Omnibus Stock Plan The Omnibus Stock Plan is for key employees, officers and directors and provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and performance units. T he Company’s shareholders previously approved 700,000 shares to be issued under the plan. Under the plan, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. All options were exercisable when granted. It is the Company’s policy to issue new shares upon exercise of stock options. The Company accepts shares of the Company’s common stock as payment for the exercise price of options. These shares received as payment are retired upon receipt. For fiscal year s 2017, 2016 and 201 5 , the Company issued options for 24 , 317 , 25,868 and 48 , 600 common shares at a weighted average exercise price of $47 . 45 , $43 . 09 and $31 .4 8 (the fair market value on the date of grant) , respectively . The options were immediately available for exercise. For fiscal year s ended June 30, 2017, 2016 and 201 5 , the Company recorded expense of $0. 3 million, $0. 2 million and $0.4 million, respectively . The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal years 201 7 , 201 6 and 201 5 , respectively, under this plan; dividend yield of 1. 5 % , 1 . 6 % and 2. 0 % ; ex pected volatility of 30.8% , 26.0% an d 29.9% ; risk -free interest rate of 1. 2 % , 1.6% and 1. 6 % a nd an expected life of 5 years. The expected volatility and expected life are determined based on historical data. The weighted-average grant date fair value of stock options granted during fiscal year s 2017, 2016 and 2015 were $11.76 , $9 . 20 an d $7 . 3 3 , r espectively. The cash proceeds from st ock options exercised were $0.7 million, $0.1 million and $0.1 million for fiscal years ended 2017, 201 6 and 2015, respectively . There was no income tax benefit related to the exercise of stock options for fiscal years ended June 30, 2017, 2016 and 2015. Under the plan, the Company issued 6,997 and 6,208 restricted shares to non-executive directors as compensation and recorded expense of $0.4 million and $0.3 million during fiscal years ended June 30, 2017 and 2016, respectively. At June 30, 201, 5 37 , 762 shares were available for future grants. 2006 and 2009 Stock Option Plans The stock option plans were for key employees, officers and directors and provide for granting incentive and nonqualified stock options. Under the plans, options were granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant and exercisable for up to 10 years. All options were exercisable when granted. N o additional options can be granted and no expense was recorded under these p lans during the fiscal year s ended June 30, 2017, 201 6 and 2015 . The cash proceeds from stock options exercised were $ 0 . 4 million, $ 1. 5 million and $ 1 . 6 million for fiscal years ended 201 7 , 201 6 and 201 5, respectively . The income tax benefit related to t he exercise of stock options were $ 0 .6 million, $ 1 . 6 million and $ 0.4 million for fiscal years ended 201 7 , 201 6 and 201 5 , respectively. A summary of the status of the Company’s stock option plans as of June 30, 201 7 , 201 6 and 201 5 and the changes during the years then ended is presented below: Aggregate Shares Weighted Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2015 457 17.02 $ 11,916 Granted 26 43.09 Exercised (207) 12.68 Canceled (6) 22.32 Outstanding and exercisable at June 30, 2016 270 22.85 $ 4,638 Granted 24 47.45 Exercised (98) 20.57 Canceled (9) 20.51 Outstanding and exercisable at June 30, 2017 187 $ 27.21 $ 5,039 The following table summarizes information for options outstanding and exercisable at June 30, 201 7 : Weighted Average Range of Options Remaining Exercise Prices Outstanding Life (Years) Price (in thousands) $ 6.96 - 13.90 38 2.4 $ 12.13 17.23 - 19.77 34 4.5 18.54 20.50 - 27.57 40 6.1 25.72 31.06 - 32.13 33 7.4 31.60 43.09 - 47.45 42 8.7 45.52 $ 6.96 - 47.45 187 5.9 $ 27.21 |
Benefit And Retirement Plans
Benefit And Retirement Plans | 12 Months Ended |
Jun. 30, 2017 | |
Benefit And Retirement Plans [Abstract] | |
Benefit And Retirement Plans | 9. BENEFIT AND RETIREMENT PLANS Defined Contribution and Retirement Plans The Company sponsors various defined contribution retirement plans, which cover substantially all employees, other than employees covered by multi-employer pension plans under collective bargaining agreements. Total retirement plan expense was $ 2 . 3 million, $ 1 . 8 million and $ 2 . 0 million in fiscal years 201 7 , 201 6 and 201 5, respectively . The amounts include $ 0. 8 million , $0.5 million and $0.5 million in fiscal year s 201 7 , 201 6 and 201 5 , for the Company’s matching contribution to retirement savings plans. Multi-employer Pension Plans The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: · Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. · If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers. · If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s participation in these plans for the a nnual period ended June 30, 2017 , is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 201 7 and 201 6 is for the plan’s year-end at December 31, 201 6 and 201 5 , respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less tha n 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded. Pension Protection Expiration Date Number of Act Zone Status Company Contributions of Collective Company EIN/Pension June 30, Rehabilitation (in thousands) Surcharge Bargaining Employees Pension Fund Plan Number 2017 2016 Plan Status 2017 2016 2015 Imposed Agreement in Plan Central States Southeast and 36-6044243 Red Red Implemented $ 166 $ 200 $ 248 No 03/31/2018 9 Southwest Areas Pension Fund Steelworkers Pension Trust 23-6648508 Green Green No 308 347 364 No 11/4/2017 171 Central Pension Fund 36-6052390 Green Green No 6 6 7 No 2/15/2023 3 $ 480 $ 553 $ 619 The estimated cumulative cost to exit the Company’s multi-employer plans was approximately $ 12 . 3 million on June 30, 2017. Defined Benefit Plan The Company’s defined benefit pension plan is frozen. There are a total of 3 79 participants in the plan. Retirement benefits are based on years of credited service multiplied by a dollar amount negotiated under collective bargaining agreements. The Company’s policy is to fund normal costs and amortization of prior service costs at a level that is equal to or greater than the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA). As of June 30, 201 7 and 201 6 , the Company recorded an accrued benefit liability related to the funded status of the defined benefit pension plan recognized on the Company’s consolidated balance sheets in other long-term liabilities of $ 0 . 2 million and $ 1 . 6 million, respectively. The accumulated benefit obligation was $ 8. 5 million and $ 8. 9 million at fiscal years ended June 30, 201 7 and 201 6 , respectively. The Company recorded expense of $ 0. 2 million, $ 0.1 million and $ 0.1 million during fiscal years 201 7 , 201 6 and 201 5 , respectively, related to the plan . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss, net of income taxes, are as follows: June 30, (in thousands) 2017 2016 2015 Pension and other post-retirement benefit adjustments, net of tax (1) $ (1,725) $ (2,203) $ (1,584) Available-for-sale securities, net of tax (2) 12 (25) (152) Total accumulated other comprehensive loss $ (1,713) $ (2,228) $ (1,736) (1) The tax effect on the pension and other post-retirement benefit adjustments is a tax benefit of $1. 1 million, $1. 4 million and $1.0 million at June 30, 201 7 , 201 6 and 201 5 , respectively. (2) The tax effect on the available-for-sale securities is a tax benefit of $0.0 million, $0. 0 million and $0. 1 million at June 30, 201 7 , 201 6 and 201 5 , respectively. |
Litigation
Litigation | 12 Months Ended |
Jun. 30, 2017 | |
Litigation [Abstract] | |
Litigation | 11. LITIGATION Indiana Civil Litigation – In December 2013, the Company entered into a confidential agreement to settle the Indiana Civil Litigation. The Company paid $6.25 million to Plaintiffs to settle the matter without admission of wrongdoing. The Company received $1.2 million, $2.3 million and $0.3 million during the fiscal years ended June 30, 2017, 2016 and 2015, respectively, for recovery of litigation settlement costs from insurers. These amounts are recorded as “litigation settlement reimbursements” in the consolidated statements of income. During the fiscal years ended June 30, 2017, 201 6 and 201 5 , the Company recorded $0. 3 mill ion, $ 0.6 million and $ 0.6 million, respectively, in legal and other related expenses that were incurred responding to the lawsuits and pursuing insurance coverage. These expenses are included in SG&A expense in the consolidated statements of income. During the fiscal year s ended June 30, 2017, 2016 and 201 5 , the Company received approximately $1 . 2 million, $0. 8 million and $0.2 million from insurance carriers to reimburse the Company for certain legal defense costs. These reimbursement amounts are recorded in SG&A as a reduction of legal expenses. The recovery of litigation settlement and defense costs from insurance carriers is complete. Environmental Matters – In March 2016, the Company received a General Notice Letter for the Lane Street Groundwater Superfund Site located in Elkhart, Indiana from the United States Environmental Protection Agency (EPA). In April 2016, the EPA issued their proposed clean-up plan for groundwater pollution and request for public comment. The Company responded to the request for public comment in May 2016. The EPA issued a Record of Decision selecting a remedy in August 2016 and estimated total costs to remediate of $3.6 million. In July 2017, the EPA issued a Special Notice 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. Based on extensive sampling investigation performed on behalf of the Company, the Company believes that the source of the ground water contamination is upgradient of the site formerly owned by the Company. The Company continues to believe that it did not cause or contribute to the contamination. Accordingly, the Company has no recorded liability in the consolidated balance s heets. 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. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES FACILITY LEASES – the Company leases certain facilities and equipment under various operating leases. These leases require the Company to pay the lease cost, operating costs, including property taxes, insurance, and maintenance. Total lease expense related to the various operating leases was approximately $ 4.6 million, $ 4.9 million and $ 3.8 million in fiscal years 2017 , 2016 and 2015 , respectively. Expected future minimum commitments under operating leases as of June 30, 201 7 were as follows: Fiscal Year Ended June 30, 2018 3,853 2019 3,868 2020 3,134 2021 2,444 2022 991 Thereafter - $ 14,290 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. SUBSEQUENT EVENTS As of August 22, 2017, there were no subsequent events. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information | 12 Months Ended |
Jun. 30, 2017 | |
Supplementary Quarterly Financial Information [Abstract] | |
Supplementary Quarterly Financial Information | 13. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION – UNAUDITED (in thousands, except per share amounts) FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2017: Net sales $ 112,050 $ 118,530 $ 120,750 $ 117,434 Gross margin 26,630 26,748 28,446 26,827 Litigation settlement reimbursements - - 1,175 - Net income 4,752 5,389 7,624 6,021 Earnings per share: Basic $ 0.62 $ 0.69 $ 0.98 $ 0.77 Diluted $ 0.61 $ 0.68 $ 0.97 $ 0.76 FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2016: Net sales $ 126,531 $ 125,410 $ 125,401 $ 122,764 Gross margin 27,869 27,684 28,716 29,430 Litigation settlement reimbursements - 250 2,030 - Net income (1) 5,763 5,366 6,944 6,164 Earnings per share: Basic $ 0.77 $ 0.71 $ 0.91 $ 0.80 Diluted $ 0.75 $ 0.69 $ 0.89 $ 0.79 (1) The quarter ended June 30, 2016 reflects a change in the measurement of uncertain tax positions of $1.0 million (before tax). |
Schedule II_ Valuation And Qual
Schedule II: Valuation And Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Schedule II: Valuation And Qualifying Accounts [Abstract] | |
Schedule II: Valuation And Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Years Ended June 30, 2017, 2016 and 2015 (in thousands) Description Balance at Beginning of Year (Additions) Reductions to Income Additions to (Deductions from) Reserves Balance at End of Year Accounts Receivable Allowances: 2017…………………. $ 1,300 $ 70 $ (170) $ 1,200 2016.............................. 1,400 $ (10) $ (90) $ 1,300 2015.............................. $ 1,370 72 $ (42) $ 1,400 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | PRINCIPLES OF CONSOLIDATION – the consolidated financial statements include the accounts of Flexsteel Industries, Inc. and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidated financial statements and results of operations are based on consolidated financial statements prepared in accordance with GAAP in the United States of America. |
Use Of Estimates | USE OF ESTIMATES – the preparation of consolidated financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Ultimate results could differ from those estimates. |
Fair Value | FAIR VALUE – the Company’s cash and cash equivalents, investments, accounts receivable, other current assets, accounts payable, notes payable and certain accrued liabilities are carried at amounts which reasonably approximate their fair value due to their short-term nature. GAAP on fair value measurement for certain financial assets and liabilities require that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets and liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; or Level 3: Unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. |
Investment | INVESTMENTS – during fiscal year 2017, the Company purchased available-for-sale securities, U.S. Treasury Bills and U. S. Agencies, which are recorded at fair market value. These securities are classified as “Investments” in the consolidated balance sheets. Unrealized gains or losses are recorded in “Accumulated other comprehensive loss.” As of June 30, 2017, the fair market value and book value of the investments are $18.0 million. These assets are classified as Level 1 in accordance with fair value measurements described above. |
Allowance For Doubtful Accounts | ACCOUNTS RECEIVABLE ALLOWANCES – the Company establishes accounts receivable allowances to reduce trade accounts receivable to an amount that reasonably approximates their net realizable value. The Company’s accounts receivable allowances consist of an allowance for doubtful accounts which is established through review of open accounts, historical collection, and historical write-off amounts and an allowance for estimated returns on sales of the Company’s products which is based on historical product returns, as well as existing product return authorizations. The Company records a provision against revenue for estimated returns on sales of our products in the same period that the related revenues are recognized. The amount ultimately realized from trade accounts receivable may differ from the amount estimated in the consolidated financial statements. |
Inventories | INVENTORIES – are stated at the lower of cost or net realizable value, utilizing the first ‑in, first ‑out (“FIFO”) method. |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT – is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. |
Valuation Of Long-Lived Assets | VALUATION OF LONG–LIVED ASSETS – the Company periodically reviews the carrying value of long-lived assets and estimated depreciable or amortizable lives for continued appropriateness. This review is based upon projections of anticipated future cash flows and is performed whenever events or changes in circumstances indicate that asset carrying values may not be recoverable or that the estimated depreciable or amortizable lives may have changed. No impairments of long-lived assets or changes in depreciable or amortizable lives were incurred during fiscal years 2017, 2016 and 2015. |
Warranty | WARRANTY – the Company estimates the amount of warranty claims on sold product that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. |
Revenue Recognition | REVENUE RECOGNITION – is when both product ownership and the risk of loss have transferred to the customer, collectability is reasonably assured, and the Company has no remaining obligations. The Company’s ordering process creates persuasive evidence of the sale arrangement and the sales price is determined. The delivery of the goods to the customer completes the earnings process. Net sales consist of product sales and related delivery charge revenue, net of adjustments for returns and allowances. Shipping and handling costs are included in cost of goods sold. |
Advertising Costs | ADVERTISING COSTS – are charged to selling, general and administrative expense in the periods incurred. The Company conducts no direct-response advertising programs and there are no assets related to advertising recorded on the consolidated balance sheets. Advertising expenditures, primarily shared customer advertising in which an identifiable benefit is received and national trade-advertising programs, were approximately $7.3 million, $7.5 million and $6.9 million in fiscal years 2017 , 2016 and 2015 , respectively. |
Design, Research And Development Costs | DESIGN, RESEARCH AND DEVELOPMENT COSTS – are charged to selling, general and administrative expense in the periods incurred. Expenditures for design, research and development costs were approximately $3.7 million, $4.2 million and $4.1 million in fiscal 2017 , 2016 and 2015 , respectively. |
Insurance | INSURANCE – the Company is self-insured for health care and most workers’ compensation up to predetermined amounts above which third party insurance applies. The Company purchases specific stop-loss insurance for individual health care claims in excess of $ 150,000 per plan year. For workers’ compensation the Company retains the first $ 450,000 per claim and purchases excess coverage up to the statutory limits for amounts in excess of the retention limit. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company experience. The Company records these insurance accruals within “Accrued liabilities – insurance” account on the Consolidated Balance Sheets. |
Income Taxes | INCOME TAXES – the Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes in its financial statements the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Earnings (Loss) Per Share | EARNINGS PER SHARE (EPS) – basic earnings per share (EPS) of common stock is based on the weighted-average number of common shares outstanding during each fiscal year. Diluted earnings per share of common stock includes the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the long-term management incentive compensation plan and non-vested shares. The Company calculates the dilutive effect of outstanding options using the treasury stock method. Anti-dilutive shares are not included in the computation of diluted EPS when their exercise price was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management incentive compensation plan and non-vested shares based on the number of shares, if any, that would be issuable if the end of the fiscal year were the end of the contingency period. In computing EPS for the fiscal years 2017, 2016 and 2015, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding: June 30, (in thousands) 2017 2016 2015 Basic shares 7,782 7,595 7,423 Potential common shares: Stock options 86 120 255 Long-term incentive plan 18 50 30 104 170 285 Diluted shares 7,886 7,765 7,708 Anti-dilutive shares - 26 - |
Stock-Based Compensation | STOCK–BASED COMPENSATION – the Company recognizes compensation expense related to the cost of employee services received in exchange for Company equity interests based on the award’s fair value at the date of grant. See Note 8 Stock-Based Compensation. |
Segment Reporting | SEGMENT REPORTING – the Company operates in one reportable segment, furniture products. The Company’s operations involve the distribution of manufactured and imported furniture for residential and contract markets. The Company’s furniture products are sold primarily throughout the United States by the Company’s internal sales force and various independent representatives. The Company makes minimal export sales. No single customer accounted for more than 10% of net sales. |
New Accounting Pronouncements, Policy | ACCOUNTING DEVELOPMENTS – In July 2015, the FASB issued Inventory, Topic 330: Simplifying the Measurement of Inventory (ASU 2015-11) , which affects inventory balances measured using the first-in, first-out (FIFO) or average cost methods. ASU 2015-11 requires entities to measure most inventories at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company elected to early adopt ASU 2015-11 on June 30, 2017, on a prospective basis. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. |
New Accounting Pronouncements Not yet Adopted | In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements. In February 2016, the FASB issued Leases (ASU 2016-02), which amends ASC Topic 842. ASU 2016-02 introduces a new lessee model where substantially all leases will be brought onto the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) , which amends ASC Topic 718, Compensation – Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adopting ASU 2016-09 on its consolidated financial statements. |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | June 30, (in thousands) 2017 2016 2015 Basic shares 7,782 7,595 7,423 Potential common shares: Stock options 86 120 255 Long-term incentive plan 18 50 30 104 170 285 Diluted shares 7,886 7,765 7,708 Anti-dilutive shares - 26 - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Comparison Of Inventories | (in thousands) June 30, 2017 2016 Raw materials $ 15,043 $ 12,893 Work in process and finished parts 7,047 5,810 Finished goods 77,307 67,201 Total $ 99,397 $ 85,904 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | (in thousands) Estimated June 30, Life (Years) 2017 2016 Land $ 6,987 $ 7,279 Buildings and improvements 5-39 70,741 72,900 Machinery and equipment 3-7 33,441 34,015 Delivery equipment 3-5 20,866 21,979 Furniture and fixtures 3-7 4,474 4,509 Computer software and hardware 3-10 18,903 6,370 Total 155,412 147,052 Less accumulated depreciation (84,751) (82,928) Net $ 70,661 $ 64,124 |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Other Noncurrent Assets [Abstract] | |
Schedule Of Other Noncurrent Assets | (in thousands) June 30, 2017 2016 Cash value of life insurance $ 989 $ 965 Other 1,405 1,704 Total $ 2,394 $ 2,669 |
Accrued Liabilities - Other (Ta
Accrued Liabilities - Other (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities - Other [Abstract] | |
Schedule Of Accrued Liabilities - Other | (in thousands) June 30, 2017 2016 Advertising $ 3,883 $ 4,068 Dividends 1,564 1,386 Warranty 1,080 1,070 Other 2,232 3,572 Total $ 8,759 $ 10,096 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets | June 30, (in thousands) 2017 2016 Gross unrecognized tax benefits $ 320 $ 610 Accrued interest and penalties 130 250 Gross liabilities related to unrecognized tax benefits $ 450 $ 860 Deferred tax assets $ 130 $ 250 |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (in thousands) 2017 2016 2015 Balance at July 1 $ 610 $ 1,580 $ 1,290 Additions based on tax positions related to the current year 130 45 390 Additions for tax positions of prior years - - - Reductions for tax positions of prior years (420) (1,015) (100) Balance at June 30 $ 320 $ 610 $ 1,580 |
Income Tax Provision (Benefit) | (in thousands) 2017 2016 2015 Federal - current $ 11,015 $ 9,343 $ 11,725 State and other - current 1,179 1,616 930 Deferred 1,606 2,731 605 Total $ 13,800 $ 13,690 $ 13,260 |
Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate | 2017 2016 2015 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal effect 2.7 3.8 2.6 Other (1.0) (2.7) (0.3) Effective tax rate 36.7 % 36.1 % 37.3 % |
Primary Components Of Deferred Tax Assets And (Liabilities) | June 30, (in thousands) 2017 2016 Accounts receivable $ 460 $ 490 Inventory (50) 500 Self-insurance 560 660 Payroll and related 1,690 3,120 Accrued liabilities 1,240 1,100 Property, plant and equipment (2,850) (3,080) Investment tax credit 1,930 1,990 Valuation allowance (1,390) (1,380) Other 150 260 Total $ 1,740 $ 3,660 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Stock Option Plans | Aggregate Shares Weighted Average Intrinsic Value (in thousands) Exercise Price (in thousands) Outstanding and exercisable at June 30, 2015 457 17.02 $ 11,916 Granted 26 43.09 Exercised (207) 12.68 Canceled (6) 22.32 Outstanding and exercisable at June 30, 2016 270 22.85 $ 4,638 Granted 24 47.45 Exercised (98) 20.57 Canceled (9) 20.51 Outstanding and exercisable at June 30, 2017 187 $ 27.21 $ 5,039 |
Schedule Of Options Outstanding And Exercisable | Weighted Average Range of Options Remaining Exercise Prices Outstanding Life (Years) Price (in thousands) $ 6.96 - 13.90 38 2.4 $ 12.13 17.23 - 19.77 34 4.5 18.54 20.50 - 27.57 40 6.1 25.72 31.06 - 32.13 33 7.4 31.60 43.09 - 47.45 42 8.7 45.52 $ 6.96 - 47.45 187 5.9 $ 27.21 |
New Long-Term Management Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives | (in thousands) Performance Period Minimum Target Maximum Fiscal Year 2015 - 2017 11 28 55 Fiscal Year 2016 - 2018 9 23 45 Fiscal Year 2017 - 2019 11 27 52 |
Benefit And Retirement Plans (T
Benefit And Retirement Plans (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Multiemployer Plans [Abstract] | |
Schedule Of Multiemployer Plans | Pension Protection Expiration Date Number of Act Zone Status Company Contributions of Collective Company EIN/Pension June 30, Rehabilitation (in thousands) Surcharge Bargaining Employees Pension Fund Plan Number 2017 2016 Plan Status 2017 2016 2015 Imposed Agreement in Plan Central States Southeast and 36-6044243 Red Red Implemented $ 166 $ 200 $ 248 No 03/31/2018 9 Southwest Areas Pension Fund Steelworkers Pension Trust 23-6648508 Green Green No 308 347 364 No 11/4/2017 171 Central Pension Fund 36-6052390 Green Green No 6 6 7 No 2/15/2023 3 $ 480 $ 553 $ 619 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of income taxes, are as follows: June 30, (in thousands) 2017 2016 2015 Pension and other post-retirement benefit adjustments, net of tax (1) $ (1,725) $ (2,203) $ (1,584) Available-for-sale securities, net of tax (2) 12 (25) (152) Total accumulated other comprehensive loss $ (1,713) $ (2,228) $ (1,736) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Expected Future Minimum Commitments Under Operating Leases | Fiscal Year Ended June 30, 2018 3,853 2019 3,868 2020 3,134 2021 2,444 2022 991 Thereafter - $ 14,290 |
Supplementary Quarterly Finan34
Supplementary Quarterly Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Supplementary Quarterly Financial Information [Abstract] | |
Supplementary Quarterly Financial Information | (in thousands, except per share amounts) FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2017: Net sales $ 112,050 $ 118,530 $ 120,750 $ 117,434 Gross margin 26,630 26,748 28,446 26,827 Litigation settlement reimbursements - - 1,175 - Net income 4,752 5,389 7,624 6,021 Earnings per share: Basic $ 0.62 $ 0.69 $ 0.98 $ 0.77 Diluted $ 0.61 $ 0.68 $ 0.97 $ 0.76 FOR THE QUARTER ENDED September 30 December 31 March 31 June 30 Fiscal 2016: Net sales $ 126,531 $ 125,410 $ 125,401 $ 122,764 Gross margin 27,869 27,684 28,716 29,430 Litigation settlement reimbursements - 250 2,030 - Net income (1) 5,763 5,366 6,944 6,164 Earnings per share: Basic $ 0.77 $ 0.71 $ 0.91 $ 0.80 Diluted $ 0.75 $ 0.69 $ 0.89 $ 0.79 The quarter ended June 30, 2016 reflects a change in the measurement of uncertain tax positions of $1.0 million (before tax). |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Details) - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Investments | $ 17,958,000 | ||
Advertising expenditures | 7,300,000 | $ 7,500,000 | $ 6,900,000 |
Design, research and development costs | 3,700,000 | $ 4,200,000 | $ 4,100,000 |
Health care claims threshold for third party insurance | 150,000 | ||
Workers' compensation threshold for third party insurance | $ 450,000 | ||
Potential common shares outstanding | 18 | 50 | 30 |
Outstanding options to purchase common stock | 86 | 120 | 255 |
Summary Of Signficant Accountin
Summary Of Signficant Accounting Policies - Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Basic | 7,782 | 7,595 | 7,423 |
Stock options | 86 | 120 | 255 |
Long-term incentive plan | 18 | 50 | 30 |
Potential common shares, total | 104 | 170 | 285 |
Diluted | 7,886 | 7,765 | 7,708 |
Anti-dilutive shares | 26 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 15,043 | $ 12,893 |
Work in process and finished parts | 7,047 | 5,810 |
Finished goods | 77,307 | 67,201 |
Total inventories | $ 99,397 | $ 85,904 |
Property, Plant And Equipment38
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 155,412 | $ 147,052 |
Less accumulated depreciation | (84,751) | (82,928) |
Net | 70,661 | 64,124 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,987 | 7,279 |
Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 70,741 | 72,900 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 33,441 | 34,015 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 18,903 | 6,370 |
Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 20,866 | 21,979 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,474 | $ 4,509 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Inventory, Land Held-for-sale | $ 4,300 | |
Minimum [Member] | Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 5 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Minimum [Member] | Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Minimum [Member] | Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Minimum [Member] | Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Maximum [Member] | Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 39 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 7 years | |
Maximum [Member] | Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 10 years | |
Maximum [Member] | Delivery Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 5 years | |
Maximum [Member] | Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 7 years |
Other Noncurrent Assets (Detail
Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Other Noncurrent Assets [Abstract] | ||
Cash value of life insurance | $ 989 | $ 965 |
Other | 1,405 | 1,704 |
Total | $ 2,394 | $ 2,669 |
Accrued Liabilities - Other (De
Accrued Liabilities - Other (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Accrued Liabilities - Other [Abstract] | ||
Dividends | $ 1,564 | $ 1,386 |
Advertising | 3,883 | 4,068 |
Warranty | 1,080 | 1,070 |
Other | 2,232 | 3,572 |
Total | $ 8,759 | $ 10,096 |
Credit Arrangements (Details)
Credit Arrangements (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Letter Of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 4 |
Line of Credit Facility, Amount Outstanding | 1.3 |
Unsecured [Member] | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 10 |
Interest rate under prime rate | 2.00% |
Line of Credit Facility, Amount Outstanding | $ 0 |
Line of Credit Facility, Interest Rate at Period End | 2.25% |
Line Of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Credit agreement capacity | $ 10 |
Interest rate over LIBOR | 1.00% |
Line of Credit Facility, Amount Outstanding | $ 0 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 8.7 |
Line of Credit Facility, Interest Rate at Period End | 2.22% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | |||
Effective income tax rate | 36.70% | 36.10% | 37.30% |
Income Taxes (Components Of The
Income Taxes (Components Of The Gross Liabilities Related To Unrecognized Tax Benefits And The Related Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Income Taxes [Abstract] | ||||
Gross unrecognized tax benefits | $ 320 | $ 610 | $ 1,580 | $ 1,290 |
Accrued interest and penalties | 130 | 250 | ||
Gross liabilities related to unrecognized tax benefits | 450 | 860 | ||
Deferred tax assets | $ 130 | $ 250 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | |||
Balance | $ 610 | $ 1,580 | $ 1,290 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 130 | 45 | 390 |
Reduction for tax positions of prior years | (420) | (1,015) | (100) |
Additions for tax positions of prior years | |||
Balance | $ 320 | $ 610 | $ 1,580 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | |||
Federal - current | $ 11,015 | $ 9,343 | $ 11,725 |
State - current | 1,179 | 1,616 | 930 |
Deferred | 1,606 | 2,731 | 605 |
Total | $ 13,800 | $ 13,690 | $ 13,260 |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between The U.S. Federal Statutory Tax Rate And The Effective Tax Rate) (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal effect | 2.70% | 3.80% | 2.60% |
Other | (1.00%) | (2.70%) | (0.30%) |
Effective tax rate | 36.70% | 36.10% | 37.30% |
Income Taxes (Primary Component
Income Taxes (Primary Components Of Deferred Tax Assets And (Liabilities)) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | $ 1,740 | $ 3,660 |
Accounts Receivable [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | 460 | 490 |
Inventory [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | (50) | 500 |
Self Insurance [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | 560 | 660 |
Payroll and Related [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | 1,690 | 3,120 |
Accrued Liabilities [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | 1,240 | 1,100 |
Property, Plant and Equipment [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | (2,850) | (3,080) |
Investment Tax Credit [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | 1,930 | 1,990 |
Valuation Allowance [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | (1,390) | (1,380) |
Other [Member] | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Long-term | $ 150 | $ 260 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit from stock-based payment arrangements | $ 1,494 | $ 1,761 | $ (817) | $ 0 |
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | 6,997 | 6,208 | ||
Compensation cost | $ 400 | $ 300 | ||
Stock Option Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period for performance awards, years | 10 years | |||
Compensation cost | $ 0 | |||
Options issued under stock option plans | 0 | |||
Excess tax benefit from stock-based payment arrangements | $ 600 | 1,600 | 400 | |
Proceeds from Stock Options Exercised | $ 400 | 1,500 | 1,600 | |
New Long-Term Management Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares approved to be issued under plan | 700,000 | 700,000 | ||
Shares issued | 61,969 | |||
Compensation cost | $ 900 | 1,100 | 1,100 | |
New Long-Term Management Incentive Compensation Plan [Member] | 2015-2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 900 | |||
New Long-Term Management Incentive Compensation Plan [Member] | 2016-2018[Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 1,000 | |||
New Long-Term Management Incentive Compensation Plan [Member] | 2017-2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 1,100 | |||
New Omnibus Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares approved to be issued under plan | 700,000 | 700,000 | ||
Compensation cost | $ 300 | $ 200 | $ 400 | |
Period options are excercisable | 10 years | |||
Options issued under stock option plans | 24,317 | 25,868 | 48,600 | |
Weighted average exercise price of options | $ 47.45 | $ 43.09 | $ 31.48 | $ 47.45 |
Dividend yield | 1.50% | 1.60% | 2.00% | |
Expected volatility | 30.80% | 26.00% | 29.90% | |
Risk-free interest rate | 1.20% | 1.60% | 1.60% | |
Expected life | 5 years | |||
Weighted average grant date fair value | $ 11.76 | $ 9.20 | $ 7.33 | |
Shares available for future grants | 537,762 | 537,762 | ||
Proceeds from Stock Options Exercised | $ 700 | $ 100 | $ 100 | |
Minimum [Member] | 2015-2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 11,000 | 11,000 | ||
Minimum [Member] | 2016-2018[Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 9,000 | 9,000 | ||
Minimum [Member] | 2017-2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 11,000 | 11,000 | ||
Target [Member] | 2015-2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 28,000 | 28,000 | ||
Target [Member] | 2016-2018[Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 23,000 | 23,000 | ||
Target [Member] | 2017-2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 27,000 | 27,000 | ||
Maximum [Member] | 2015-2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 55,000 | 55,000 | ||
Maximum [Member] | 2016-2018[Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 45,000 | 45,000 | ||
Maximum [Member] | 2017-2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 52,000 | 52,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Aggregate Number Of Shares And Cash That Could Be Awarded To Key Executives) (Details) shares in Thousands | Jun. 30, 2017shares |
2015-2017 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 11 |
2015-2017 [Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 28 |
2015-2017 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 55 |
2016-2018[Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 9 |
2016-2018[Member] | Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 23 |
2016-2018[Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 45 |
Stock-Based Compensation (Sch50
Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |||
Shares, Outstanding and exercisable | 270 | 457 | |
Shares, Granted | 24 | 26 | |
Shares, Exercised | (98) | (207) | |
Shares, Canceled | (9) | (6) | |
Shares, Outstanding and exercisable | 187 | 270 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 22.85 | $ 17.02 | |
Weighted Average Exercise Price, Granted | 47.45 | 43.09 | |
Weighted Average Exercise Price, Exercised | 20.57 | 12.68 | |
Weighted Average Exercise Price, Canceled | 20.51 | 22.32 | |
Weighted Average Exercise Price, Oustanding and exercisable | $ 27.21 | $ 22.85 | |
Aggregate Intrinsic Value | $ 5,039 | $ 4,638 | $ 11,916 |
Stock-Based Compensation (Sch51
Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
6.96 - 13.90 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | $ 6.96 |
Range of Price Upper | $ 13.90 |
Options Outstanding | shares | 38 |
Weighted Average Remaining Life, Years | 2 years 4 months 24 days |
Weighted Average Exercise Price | $ 12.13 |
17.23 - 19.77 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 17.23 |
Range of Price Upper | $ 19.77 |
Options Outstanding | shares | 34 |
Weighted Average Remaining Life, Years | 4 years 6 months |
Weighted Average Exercise Price | $ 18.54 |
20.50 - 27.57 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 20.50 |
Range of Price Upper | $ 27.57 |
Options Outstanding | shares | 40 |
Weighted Average Remaining Life, Years | 6 years 1 month 6 days |
Weighted Average Exercise Price | $ 25.72 |
31.06 - 32.13 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 31.06 |
Range of Price Upper | $ 32.13 |
Options Outstanding | shares | 33 |
Weighted Average Remaining Life, Years | 7 years 4 months 24 days |
Weighted Average Exercise Price | $ 31.60 |
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 | 42 |
Weighted Average Remaining Life, Years | 8 years 8 months 12 days |
Weighted Average Exercise Price | $ 45.52 |
6.96 - 47.45 [Member] | |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Price Lower | 6.96 |
Range of Price Upper | $ 47.45 |
Options Outstanding | shares | 187 |
Weighted Average Remaining Life, Years | 5 years 10 months 24 days |
Weighted Average Exercise Price | $ 27.21 |
Benefit And Retirement Plans (N
Benefit And Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)employee | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Benefit And Retirement Plans [Abstract] | |||
Total pension and retirement plan expense | $ 2,300 | $ 1,800 | $ 2,000 |
Company's matching contribution to retirement savings plans | 800 | 500 | 500 |
Contributed to multi-employer defined benefit pension plans | 480 | 553 | 619 |
Cumulative cost to exit multi-employer plans | $ 12,300 | ||
Number of plan participants | employee | 379 | ||
Accrued benefit liability | $ 200 | 1,600 | |
Accumulated benefit obligation | 8,500 | 8,900 | |
Pension plan expense | $ 200 | $ 100 | $ 100 |
Benefit And Retirement Plans (S
Benefit And Retirement Plans (Schedule Of Multiemployer Plans) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 480 | $ 553 | $ 619 |
Central States SE and SW Areas Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 9 | ||
Entity Tax Identification Number | 366,044,243 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Multiemployer Plan, Period Contributions | $ 166 | $ 200 | $ 248 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Mar. 31, 2018 | ||
Steelworkers Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 171 | ||
Entity Tax Identification Number | 236,648,508 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 308 | $ 347 | $ 364 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 4, 2017 | ||
Central Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, number of employees | 3 | ||
Entity Tax Identification Number | 366,052,390 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Multiemployer Plan, Period Contributions | $ 6 | $ 6 | $ 7 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Feb. 15, 2023 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Available-for-sale securities | $ (1,725) | $ (2,203) | $ (1,584) |
Pension and other post-retirement benefit adjustments | 12 | (25) | (152) |
Total accumulated other comprehensive loss | $ (1,713) | $ (2,228) | $ (1,736) |
Litigation (Details)
Litigation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 31, 2017 | Aug. 31, 2016 | |
Legal and other related expenses | $ 300 | $ 600 | $ 600 | ||||||
Insurance reimbursements | 1,200 | 800 | 200 | ||||||
Litigation Settlement Reimbursements | $ 1,175 | $ 2,030 | $ 250 | 1,175 | $ 2,280 | $ 250 | |||
Environmental Issue [Member] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 5,500 | $ 3,600 | |||||||
Estimated Litigation Liability | $ 0 | $ 0 |
Commitments And Contingencies56
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |||
2,017 | $ 3,853 | ||
2,018 | 3,868 | ||
2,019 | 3,134 | ||
2,020 | 2,444 | ||
2,021 | 991 | ||
Thereafter | |||
Total | 14,290 | ||
Lease expense | $ 4,600 | $ 4,900 | $ 3,800 |
Supplementary Quarterly Finan57
Supplementary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Supplementary Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 117,434 | $ 120,750 | $ 118,530 | $ 112,050 | $ 122,764 | $ 125,401 | $ 125,410 | $ 126,531 | $ 468,764 | $ 500,106 | $ 466,904 |
Gross margin | 26,827 | 28,446 | 26,748 | 26,630 | 29,430 | 28,716 | 27,684 | 27,869 | 108,651 | 113,699 | 109,860 |
Litigation Settlement Reimbursements | 1,175 | 2,030 | 250 | 1,175 | 2,280 | 250 | |||||
Net income (1) | $ 6,021 | $ 7,624 | $ 5,389 | $ 4,752 | $ 6,164 | $ 6,944 | $ 5,366 | $ 5,763 | $ 23,786 | $ 24,237 | $ 22,299 |
Earnings per share: Basic | $ 0.77 | $ 0.98 | $ 0.69 | $ 0.62 | $ 0.80 | $ 0.91 | $ 0.71 | $ 0.77 | $ 3.06 | $ 3.19 | $ 3 |
Earnings per share: Diluted | $ 0.76 | $ 0.97 | $ 0.68 | $ 0.61 | $ 0.79 | $ 0.89 | $ 0.69 | $ 0.75 | $ 3.02 | $ 3.12 | $ 2.89 |
Schedule II_ Valuation And Qu58
Schedule II: Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule II: Valuation And Qualifying Accounts [Abstract] | |||
Balance At Beginning Of Year | $ 1,300 | $ 1,400 | $ 1,370 |
(Additions) Reductions to Income | 70 | (10) | 72 |
Additions to (Deductions from) Reserves | (170) | (90) | (42) |
Balance At End Of Year | $ 1,200 | $ 1,300 | $ 1,400 |