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Note K - Shareholders' Equity | 3 Months Ended
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Sep. 30, 2022
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 September 30, 2022 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended September 30, 2022 and September 24, 2021. The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2023 and 2022:
|  | Twin Disc, Inc. Shareholders’ Equity |
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  | Non- |  |  |  |  |
|  | Common |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  | Controlling |  |  | Total |
|  | Stock |  |  | Earnings |  |  | Income |  |  | Stock |  |  | Interest |  |  | Equity |
Balance, June 30, 2022 |  | $ | 42,551 |  |  | $ | 135,031 |  |  | $ | (32,086 | ) |  | $ | (14,720 | ) |  | $ | 412 |  |  | $ | 131,188 |
Net (loss) income |  |  |  |  |  |  | (2,029 | ) |  |  |  |  |  |  |  |  |  |  | 98 |  |  | $ | (1,931 | )
Translation adjustments |  |  |  |  |  |  |  |  |  |  | (6,328 | ) |  |  |  |  |  |  | 38 |  |  | $ | (6,290 | )
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 518 |  |  |  |  |  |  |  |  |  |  | $ | 518 |
Unrealized gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  | 793 |  |  |  |  |  |  |  |  |  |  | $ | 793 |
Compensation expense |  |  | 658 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 658 |
Shares (acquired) issued, net |  |  | (1,924 | ) |  |  |  |  |  |  |  |  |  |  | 1,756 |  |  |  |  |  |  | $ | (168 | )
Balance, September 30, 2022 |  | $ | 41,285 |  |  | $ | 133,002 |  |  | $ | (37,103 | ) |  | $ | (12,964 | ) |  | $ | 548 |  |  | $ | 124,768 |
|  | Twin Disc, Inc. Shareholders’ Equity |
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  | Non- |  |  |  |  |
|  | Common |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  | Controlling |  |  | Total |
|  | Stock |  |  | Earnings |  |  | Income (Loss) |  |  | Stock |  |  | Interest |  |  | Equity |
Balance, June 30, 2021 |  | $ | 40,972 |  |  | $ | 126,936 |  |  | $ | (22,615 | ) |  | $ | (15,083 | ) |  | $ | 450 |  |  | $ | 130,660 |
Net income |  |  |  |  |  |  | 1,920 |  |  |  |  |  |  |  |  |  |  |  | 60 |  |  |  | 1,980 |
Translation adjustments |  |  |  |  |  |  |  |  |  |  | (2,014 | ) |  |  |  |  |  |  | 76 |  |  |  | (1,938 | )
Benefit plan adjustments, net of tax |  |  |  |  |  |  |  |  |  |  | 384 |  |  |  |  |  |  |  |  |  |  |  | 384 |
Unrealized gain on cash flow hedge, net of tax |  |  |  |  |  |  |  |  |  |  | 204 |  |  |  |  |  |  |  |  |  |  |  | 204 |
Compensation expense |  |  | 625 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 625 |
Shares (acquired) issued, net |  |  | (432 | ) |  |  |  |  |  |  |  |  |  |  | 141 |  |  |  |  |  |  |  | (291 | )
Balance, September 24, 2021 |  | $ | 41,165 |  |  | $ | 128,856 |  |  | $ | (24,041 | ) |  | $ | (14,942 | ) |  | $ | 586 |  |  | $ | 131,624 |
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 30, 2022 and September 24, 2021 are as follows:
|  | Translation |  |  | Benefit Plan |  |  | Cash Flow |  |  | Net Investment |
|  | Adjustment |  |  | Adjustment |  |  | Hedges |  |  | Hedges |
Balance at June 30, 2022 |  | $ | (2,266 | ) |  | $ | (31,726 | ) |  | $ | 356 |  |  | $ | 1,550 |
Translation adjustment during the quarter |  |  | (6,328 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | - |  |  |  | 518 |  |  |  | 657 |  |  |  | 136 |
Net current period other comprehensive (loss) income |  |  | (6,328 | ) |  |  | 518 |  |  |  | 657 |  |  |  | 136 |
Balance at September 30, 2022 |  | $ | (8,594 | ) |  | $ | (31,208 | ) |  | $ | 1,013 |  |  | $ | 1,686 |
|  | Translation |  |  | Benefit Plan |  |  | Cash Flow |  |  | Net Investment |
|  | Adjustment |  |  | Adjustment |  |  | Hedges |  |  | Hedges |
Balance at June 30, 2021 |  | $ | 9,192 |  |  | $ | (31,463 | ) |  | $ | (678 | ) |  | $ | 334 |
Translation adjustment during the quarter |  |  | (2,014 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amounts reclassified from accumulated other comprehensive income |  |  | - |  |  |  | 384 |  |  |  | 68 |  |  |  | 136 |
Net current period other comprehensive (loss) income |  |  | (2,014 | ) |  |  | 384 |  |  |  | 68 |  |  |  | 136 |
Balance at September 24, 2021 |  | $ | 7,178 |  |  | $ | (31,079 | ) |  | $ | (610 | ) |  | $ | 470 |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 30, 2022 are as follows:
|  | Amount Reclassified |  |
|  | Quarter Ended |  |
|  | September 30, 2022 |  |
Changes in benefit plan items |  |  |  |  |
Actuarial losses |  | $ | 570 |  | (a)
Transition asset and prior service benefit |  |  | (51 | ) | (a)
Total amortization |  |  | 519 |  |
Income tax expense |  |  | 1 |  |
Total reclassification net of tax |  | $ | 518 |  |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 24, 2021 is as follows:
|  | Amount Reclassified |  |
|  | Quarter Ended |  |
|  | September 24, 2021 |  |
Changes in benefit plan items |  |  |  |  |
Actuarial losses |  | $ | 565 |  | (a)
Transition asset and prior service benefit |  |  | (64 | ) | (a)
Total amortization |  |  | 501 |  |
Income tax expense |  |  | 117 |  |
Total reclassification net of tax |  | $ | 384 |  |
| (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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