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Note E - Business Segments | 6 Months Ended
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Dec. 27, 2019
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
E . | Business Segments
The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. The Company has two reportable segments: manufacturing and distribution. Its segment structure reflects the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net income. Information about the Company’s segments is summarized as follows:
|  | For the Quarter Ended |  |  | For the Two Quarters Ended |
|  | December 27, 2019 |  |  | December 28, 2018 |  |  | December 27, 2019 |  |  | December 28, 2018 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing segment sales |  | $ | 57,173 |  |  | $ | 70,986 |  |  | $ | 111,734 |  |  | $ | 139,899 |
Distribution segment sales |  |  | 22,025 |  |  |  | 27,090 |  |  |  | 44,452 |  |  |  | 50,010 |
Inter/Intra segment elimination – manufacturing |  |  | (15,105 | ) |  |  | (14,931 | ) |  |  | (28,935 | ) |  |  | (29,681 | )
Inter/Intra segment elimination – distribution |  |  | (4,557 | ) |  |  | (5,038 | ) |  |  | (8,425 | ) |  |  | (7,432 | )
|  | $ | 59,536 |  |  | $ | 78,107 |  |  | $ | 118,826 |  |  | $ | 152,796 |
Net (loss) income attributable to Twin Disc |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing segment net (loss) income |  | $ | (2,936 | ) |  | $ | 7,924 |  |  | $ | (7,791 | ) |  | $ | 15,159 |
Distribution segment net income |  |  | 842 |  |  |  | 569 |  |  |  | 1,934 |  |  |  | 1,434 |
Corporate and eliminations |  |  | (4,422 | ) |  |  | (4,420 | ) |  |  | (6,970 | ) |  |  | (9,658 | )
|  | $ | (6,516 | ) |  | $ | 4,073 |  |  | $ | (12,827 | ) |  | $ | 6,935 |
|  | December 27, 2019 |  |  | June 30, 2019 |  |
Assets |  |  |  |  |  |  |  |  |
Manufacturing segment assets |  | $ | 380,275 |  |  | $ | 384,612 |  |
Distribution segment assets |  |  | 51,277 |  |  |  | 46,076 |  |
Corporate assets and elimination of intercompany assets |  |  | (88,271 | ) |  |  | (83,818 | ) |
|  | $ | 343,281 |  |  | $ | 346,870 |  |
Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters and two quarters ended December 27, 2019 and December 28, 2018. Net sales by product group for the quarter ended December 27, 2019 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 5,892 |  |  | $ | 1,484 |  |  | $ | (751 | ) |  | $ | 6,625 |
Land-based transmissions |  |  | 16,559 |  |  |  | 6,238 |  |  |  | (7,492 | ) |  |  | 15,305 |
Marine and propulsion systems |  |  | 34,700 |  |  |  | 13,418 |  |  |  | (11,419 | ) |  |  | 36,699 |
Other |  |  | 22 |  |  |  | 885 |  |  |  | - |  |  |  | 907 |
Total |  | $ | 57,173 |  |  | $ | 22,025 |  |  | $ | (19,662 | ) |  | $ | 59,536 |
Net sales by product group for the quarter ended December 28, 2018 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 8,253 |  |  | $ | 2,580 |  |  | $ | (1,717 | ) |  | $ | 9,116 |
Land-based transmissions |  |  | 30,309 |  |  |  | 6,846 |  |  |  | (7,377 | ) |  |  | 29,778 |
Marine and propulsion systems |  |  | 32,412 |  |  |  | 16,307 |  |  |  | (10,863 | ) |  |  | 37,856 |
Other |  |  | 12 |  |  |  | 1,357 |  |  |  | (12 | ) |  |  | 1,357 |
Total |  | $ | 70,986 |  |  | $ | 27,090 |  |  | $ | (19,969 | ) |  | $ | 78,107 |
Net sales by product group for the two quarters ended December 27, 2019 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 12,700 |  |  | $ | 2,952 |  |  | $ | (1,564 | ) |  | $ | 14,088 |
Land-based transmissions |  |  | 33,973 |  |  |  | 11,718 |  |  |  | (14,867 | ) |  |  | 30,824 |
Marine and propulsion systems |  |  | 65,020 |  |  |  | 27,628 |  |  |  | (20,928 | ) |  |  | 71,720 |
Other |  |  | 041 |  |  |  | 2,154 |  |  |  | (1 | ) |  |  | 2,194 |
Total |  | $ | 111,734 |  |  | $ | 44,452 |  |  | $ | (37,360 | ) |  | $ | 118,826 |
Net sales by product group for the two quarters ended December 28, 2018 is summarized as follows:
|  |  |  |  |  |  |  |  |  | Elimination of |  |  |  |  |
|  | Manufacturing |  |  | Distribution |  |  | Intercompany Sales |  |  | Total |
Industrial |  | $ | 14,734 |  |  | $ | 3,977 |  |  | $ | (2,549 | ) |  | $ | 16,162 |
Land-based transmissions |  |  | 59,742 |  |  |  | 12,456 |  |  |  | (12,784 | ) |  |  | 59,414 |
Marine and propulsion systems |  |  | 65,388 |  |  |  | 30,464 |  |  |  | (21,721 | ) |  |  | 74,131 |
Other |  |  | 35 |  |  |  | 3,113 |  |  |  | (59 | ) |  |  | 3,089 |
Total |  | $ | 139,899 |  |  | $ | 50,010 |  |  | $ | (37,113 | ) |  | $ | 152,796 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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