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Note K - Shareholders' Equity | 6 Months Ended
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Dec. 27, 2019
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
K. | Shareholders’ Equity
The Company, from time to time, makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315.0 shares as of December 27, 2019 remain authorized for purchase. The Company did no t make any open market purchases of its shares during the quarters ended December 27, 2019 and December 28, 2018. The following is a reconciliation of the Company’s equity balances for the first two fiscal quarters of 2020 and 2019:
|  | Twin Disc, Inc. Shareholders’ Equity |
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  | Non- |  |  |  |  |
|  | Common |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  | Controlling |  |  | Total |
|  | Stock |  |  | Earnings |  |  | Income (Loss) |  |  | Stock |  |  | Interest |  |  | Equity |
Balance, June 30, 2019 |  | $ | 45,047 |  |  | $ | 196,472 |  |  | $ | (37,971 | ) |  | $ | (21,332 | ) |  | $ | 602 |  |  | $ | 182,818 |
Net (loss) income |  |  |  |  |  |  | (6,311 | ) |  |  |  |  |  |  |  |  |  |  | 18 |  |  |  | (6,293 | )
Translation adjustments |  |  |  |  |  |  |  |  |  |  | (3,014 | ) |  |  |  |  |  |  | 18 |  |  |  | (2,996 | )
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 557 |  |  |  |  |  |  |  |  |  |  |  | 557 |
Unrealized loss on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  | (143 | ) |  |  |  |  |  |  |  |  |  |  | (143 | )
Cash dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (127 | ) |  |  | (127 | )
Compensation expense |  |  | 459 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 459 |
Shares (acquired) issued, net |  |  | (2,324 | ) |  |  |  |  |  |  |  |  |  |  | 1,412 |  |  |  |  |  |  |  | (912 | )
Balance, September 27, 2019 |  |  | 43,182 |  |  |  | 190,161 |  |  |  | (40,571 | ) |  |  | (19,920 | ) |  |  | 511 |  |  |  | 173,363 |
Net (loss) income |  |  |  |  |  |  | (6,516 | ) |  |  |  |  |  |  |  |  |  |  | 50 |  |  |  | (6,466 | )
Translation adjustments |  |  |  |  |  |  |  |  |  |  | 1,647 |  |  |  |  |  |  |  | - |  |  |  | 1,647 |
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 548 |  |  |  |  |  |  |  |  |  |  |  | 548 |
Unrealized income on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  | 146 |  |  |  |  |  |  |  |  |  |  |  | 146 |
Cash dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Compensation expense |  |  | 248 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 248 |
Shares (acquired) issued, net |  |  | (1,125 | ) |  |  |  |  |  |  |  |  |  |  | 1,124 |  |  |  |  |  |  |  | (1 | )
Balance, December 27, 2019 |  | $ | 42,305 |  |  | $ | 183,645 |  |  | $ | (38,230 | ) |  | $ | (18,796 | ) |  | $ | 561 |  |  | $ | 169,485 |
|  | Twin Disc, Inc. Shareholders’ Equity |
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  | Non- |  |  |  |  |
|  | Common |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  | Controlling |  |  | Total |
|  | Stock |  |  | Earnings |  |  | Income (Loss) |  |  | Stock |  |  | Interest |  |  | Equity |
Balance, June 30, 2018 |  | $ | 11,570 |  |  | $ | 178,896 |  |  | $ | (23,792 | ) |  | $ | (23,677 | ) |  | $ | 619 |  |  | $ | 143,616 |
Net income |  |  |  |  |  |  | 2,862 |  |  |  |  |  |  |  |  |  |  |  | 41 |  |  |  | 2,903 |
Translation adjustments |  |  |  |  |  |  |  |  |  |  | (536 | ) |  |  |  |  |  |  | (25 | ) |  |  | (561 | )
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 471 |  |  |  |  |  |  |  |  |  |  |  | 471 |
Release stranded tax effects |  |  |  |  |  |  | 6,903 |  |  |  | (6,903 | ) |  |  |  |  |  |  |  |  |  |  | - |
Cash dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (115 | ) |  |  | (115 | )
Compensation expense |  |  | 850 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 850 |
Common stock issued, net |  |  | 32,210 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,210 |
Shares acquired, net |  |  | (586 | ) |  |  |  |  |  |  |  |  |  |  | (328 | ) |  |  |  |  |  |  | (914 | )
Balance, September 28, 2018 |  |  | 44,044 |  |  |  | 188,661 |  |  |  | (30,760 | ) |  |  | (24,005 | ) |  |  | 520 |  |  |  | 178,460 |
Net income |  |  |  |  |  |  | 4,073 |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | 4,079 |
Translation adjustments |  |  |  |  |  |  |  |  |  |  | (1,773 | ) |  |  |  |  |  |  | (13 | ) |  |  | (1,786 | )
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 478 |  |  |  |  |  |  |  |  |  |  |  | 478 |
Cash dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Compensation expense |  |  | 590 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 590 |
Shares (acquired) issued, net |  |  | (497 | ) |  |  |  |  |  |  |  |  |  |  | 520 |  |  |  |  |  |  |  | 23 |
Balance, December 28, 2018 |  | $ | 44,137 |  |  | $ | 192,734 |  |  | $ | (32,055 | ) |  | $ | (23,485 | ) |  | $ | 513 |  |  | $ | 181,844 |
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 27, and December 27, 2019, and September 28, and December 28, 2018 are as follows:
|  | Translation |  |  | Benefit Plan |  |  | Cash Flow |
|  | Adjustment |  |  | Adjustment |  |  | Hedges |
Balance at June 30, 2019 |  | $ | 4,439 |  |  | $ | (41,901 | ) |  | $ | (509 | )
Translation adjustment during the quarter |  |  | (3,014 | ) |  |  | - |  |  |  | - |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 557 |  |  |  | (143 | )
Net current period other comprehensive (loss) income |  |  | (3,014 | ) |  |  | 557 |  |  |  | (143 | )
Balance at September 27, 2019 |  |  | 1,425 |  |  |  | (41,344 | ) |  |  | (652 | )
Translation adjustment during the quarter |  |  | 1,647 |  |  |  | - |  |  |  | - |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 548 |  |  |  | 146 |
Net current period other comprehensive income |  |  | 1,647 |  |  |  | 548 |  |  |  | 146 |
Balance at December 27, 2019 |  | $ | 3,072 |  |  | $ | (40,796 | ) |  | $ | (506 | )
|  | Translation |  |  | Benefit Plan |
|  | Adjustment |  |  | Adjustment |
Balance at June 30, 2018 |  | $ | 7,085 |  |  | $ | (30,877 | )
Translation adjustment during the quarter |  |  | (536 | ) |  |  | - |
Release stranded tax effects |  |  | - |  |  |  | (6,903 | )
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 471 |
Net current period other comprehensive loss |  |  | (536 | ) |  |  | (6,432 | )
Balance at September 28, 2018 |  |  | 6,549 |  |  |  | (37,309 | )
Translation adjustment during the quarter |  |  | (1,773 | ) |  |  | - |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 478 |
Net current period other comprehensive (loss) income |  |  | (1,773 | ) |  |  | 478 |
Balance at December 28, 2018 |  | $ | 4,776 |  |  | $ | (36,831 | )
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and two quarters ended December 27, 2019 are as follows:
|  | Amount Reclassified |  |  | Amount Reclassified |
|  | Quarter Ended |  |  | Two Quarters Ended |
|  | December 27, 2019 |  |  | December 27, 2019 |
Changes in benefit plan items |  |  |  |  |  |  |  |
Actuarial losses |  | $ | 781 | (a) |  | $ | 1,571 | (a)
Transition asset and prior service benefit |  |  | (64 | ) (a) |  |  | (128 | ) (a)
Total amortization |  |  | 717 |  |  |  | 1,443 |
Income taxes |  |  | 169 |  |  |  | 338 |
Total reclassification net of tax |  | $ | 548 |  |  | $ | 1,105 |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and two quarters ended December 28, 2018 is as follows:
|  | Amount Reclassified |  |  | Amount Reclassified |
|  | Quarter Ended |  |  | Two Quarters Ended |
|  | December 28, 2018 |  |  | December 28, 2018 |
Changes in benefit plan items |  |  |  |  |  |  |  |
Actuarial losses |  | $ | 614 | (a) |  | $ | 1,222 | (a)
Transition asset and prior service benefit |  |  | 10 | (a) |  |  | 19 | (a)
Total amortization |  |  | 624 |  |  |  | 1,241 |
Income taxes |  |  | 146 |  |  |  | 292 |
Total reclassification net of tax |  | $ | 478 |  |  | $ | 949 |
| (a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G "Pension and Other Postretirement Benefit Plans" for further details).

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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