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Basis of Presentation (Policies)
 9 Months Ended
Mar. 29, 2013
Basis of Presentation [Abstract]  
Revision of Prior Period Financial Statements

Revision of Prior Period Financial Statements

During the second quarter of fiscal 2013, the Company identified errors related to its reserve for uncertain tax positions that affected prior periods beginning in the year ended June 30, 2007 and subsequent periods through September 28, 2012.   In evaluating whether the Company's previously issued consolidated financial statements were materially misstated, the Company considered the guidance in Accounting Standard Codification ("ASC") Topic 250, Accounting Changes and Error Corrections and ASC Topic 250-10-S99-1, Assessing Materiality.  The Company concluded this error was not material individually or in the aggregate to any of the prior reporting periods.  However, the cumulative error would be material in the year ended June 30, 2013, if the entire correction was recorded in the second quarter of fiscal 2013.  As such, the revision for this correction to the applicable prior periods is reflected in the financial information herein and will be reflected in future filings containing such financial information.  As a result of correcting the errors related to its reserve for uncertain tax positions, net earnings attributable to Twin Disc was decreased by $69,000, $50,000 and $104,000 in fiscal 2012, 2011 and 2010, respectively.  The cumulative impact of this error correction prior to fiscal 2011 was to reduce shareholders' equity at June 30, 2010 by $658,000.  In addition to recording this correcting adjustment, the Company recorded other adjustments to prior period amounts to correct other immaterial out-of-period adjustments related to income taxes, including those that had been previously disclosed.  As a result of correcting these other immaterial out-of-period adjustments, net earnings attributable to Twin Disc was increased by $700,000 in fiscal 2012, decreased by $783,000 in fiscal 2011, and increased by $83,000 in fiscal 2010.  The cumulative impact of these other immaterial out-of-period adjustments prior to fiscal 2011 was to increase shareholders' equity at June 30, 2010 by $83,000.

In addition, in the third quarter of fiscal 2012, the Company identified a prior period error in their first and second quarter 2012 condensed consolidated financial statements related to the cash flow statement classification of the excess tax benefit related to stock-based compensation.  The excess tax benefit in the first and second quarter of fiscal 2012, in the amount of $445,000 and $90,000, respectively, was reflected in operating activities rather than financing activities in the condensed consolidated cash flow statement.  There was no impact of the error on the condensed consolidated statement of comprehensive income or condensed consolidated balance sheet.  The Company concluded this error was not material individually or in the aggregate to any of the prior periods.  The revision for the correction is reflected in the financial information herein and will be reflected in future filings containing affected financial information.
The impacts of these revisions are shown in the following tables (in '000's):

 
As of and for the period ended
June 30, 2011
 
 
As of and for the period ended
September 30, 2011
 
 
Reported
 
 
Adjustment
 
 
 Revised
 
 
Reported
 
 
Adjustment
 
 
Revised
 
Revised consolidated balance sheet amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
 
 
41,673
 
 
 
700
 
 
 
42,373
 
 
 
38,301
 
 
 
608
 
 
 
38,909
 
Total current liabilities
 
 
83,960
 
 
 
700
 
 
 
84,660
 
 
 
77,165
 
 
 
608
 
 
 
77,773
 
Other long term liabilities
 
 
7,089
 
 
 
708
 
 
 
7,797
 
 
 
4,363
 
 
 
725
 
 
 
5,088
 
Total liabilities
 
 
171,066
 
 
 
1,408
 
 
 
172,474
 
 
 
170,619
 
 
 
1,333
 
 
 
171,952
 
Retained earnings
 
 
162,857
 
 
 
(1,408
)
 
 
161,449
 
 
 
171,524
 
 
 
(1,333
)
 
 
170,191
 
Total equity
 
 
138,054
 
 
 
(1,408
)
 
 
136,646
 
 
 
145,811
 
 
 
(1,333
)
 
 
144,478
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of comprehensive income (loss) amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
 
13,064
 
 
 
833
 
 
 
13,897
 
 
 
5,259
 
 
 
(75
)
 
 
5,184
 
Net earnings
 
 
18,965
 
 
 
(833
)
 
 
18,132
 
 
 
9,635
 
 
 
75
 
 
 
9,710
 
Net earnings attributable to Twin Disc
 
 
18,830
 
 
 
(833
)
 
 
17,997
 
 
 
9,581
 
 
 
75
 
 
 
9,656
 
Basic earnings per share
 
 
1.66
 
 
 
(0.07
)
 
 
1.59
 
 
 
0.84
 
 
 
0.01
 
 
 
0.85
 
Diluted earnings per share
 
 
1.64
 
 
 
(0.07
)
 
 
1.57
 
 
 
0.83
 
 
 
0.01
 
 
 
0.84
 
Comprehensive income (loss)
 
 
49,743
 
 
 
(833
)
 
 
48,910
 
 
 
7,834
 
 
 
75
 
 
 
7,909
 
Comprehensive income (loss) attributable to Twin Disc
 
 
49,608
 
 
 
(833
)
 
 
48,775
 
 
 
7,780
 
 
 
75
 
 
 
7,855
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of cash flows amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
18,965
 
 
 
(833
)
 
 
18,132
 
 
 
9,635
 
 
 
75
 
 
 
9,710
 
Net change in working capital, excluding cash and debt, and other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(16,354
)
 
 
(75
)
 
 
(16,429
)
Accrued liabilities
 
 
6,713
 
 
 
833
 
 
 
7,546
 
 
 
 
 
 
 
 
 
 
 
 
 
Other non-cash changes, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,950
 
 
 
(445
)
 
 
2,505
 
Net cash used by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,196
)
 
 
(445
)
 
 
(1,641
)
Excess tax benefits from stock comp
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-
 
 
 
445
 
 
 
445
 
Net cash provided by financing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10,051
 
 
 
445
 
 
 
10,496
 
 
As of and for the period ended
December 30, 2011
 
 
As of and for the period ended
March 30, 2012
 
 
Reported
 
 
Adjustment
 
 
Revised
 
 
Reported
 
 
Adjustment
 
 
Revised
 
Revised consolidated balance sheet amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
 
 
38,056
 
 
 
608
 
 
 
38,664
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
 
77,872
 
 
 
608
 
 
 
78,480
 
 
 
 
 
 
 
 
 
 
Other long term liabilities
 
 
4,845
 
 
 
742
 
 
 
5,587
 
 
 
4,478
 
 
 
759
 
 
 
5,237
 
Total liabilities
 
 
170,822
 
 
 
1,350
 
 
 
172,172
 
 
 
168,130
 
 
 
759
 
 
 
168,889
 
Retained earnings
 
 
176,467
 
 
 
(1,350
)
 
 
175,117
 
 
 
184,831
 
 
 
(759
)
 
 
184,072
 
Total equity
 
 
145,586
 
 
 
(1,350
)
 
 
144,236
 
 
 
157,231
 
 
 
(759
)
 
 
156,472
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of comprehensive income (loss) amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
 
8,627
 
 
 
(58
)
 
 
8,569
 
 
 
14,039
 
 
 
(649
)
 
 
13,390
 
Net earnings
 
 
15,501
 
 
 
58
 
 
 
15,559
 
 
 
24,939
 
 
 
649
 
 
 
25,588
 
Net earnings attributable to Twin Disc
 
 
15,438
 
 
 
58
 
 
 
15,496
 
 
 
24,831
 
 
 
649
 
 
 
25,480
 
Basic earnings per share
 
 
1.35
 
 
 
0.01
 
 
 
1.36
 
 
 
2.18
 
 
 
0.05
 
 
 
2.23
 
Diluted earnings per share
 
 
1.34
 
 
 
-
 
 
 
1.34
 
 
 
2.15
 
 
 
0.05
 
 
 
2.20
 
Comprehensive income (loss)
 
 
7,853
 
 
 
58
 
 
 
7,911
 
 
 
19,950
 
 
 
649
 
 
 
20,599
 
Comprehensive income (loss) attributable to Twin Disc
 
 
7,790
 
 
 
58
 
 
 
7,848
 
 
 
19,842
 
 
 
649
 
 
 
20,491
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
 
3,368
 
 
 
17
 
 
 
3,385
 
 
 
5,412
 
 
 
(591
)
 
 
4,821
 
Net earnings
 
 
5,866
 
 
 
(17
)
 
 
5,849
 
 
 
9,438
 
 
 
591
 
 
 
10,029
 
Near earnings attributable to Twin Disc
 
 
5,857
 
 
 
(17
)
 
 
5,840
 
 
 
9,393
 
 
 
591
 
 
 
9,984
 
Basic earnings per share
 
 
0.51
 
 
 
-
 
 
 
0.51
 
 
 
0.82
 
 
 
0.05
 
 
 
0.87
 
Diluted earnings per share
 
 
0.51
 
 
 
(0.01
)
 
 
0.50
 
 
 
0.81
 
 
 
0.05
 
 
 
0.86
 
Comprehensive income (loss)
 
 
19
 
 
 
(17
)
 
 
2
 
 
 
12,097
 
 
 
591
 
 
 
12,688
 
Comprehensive income (loss) attributable to Twin Disc
 
 
10
 
 
 
(17
)
 
 
(7
)
 
 
12,052
 
 
 
591
 
 
 
12,643
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of cash flows amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
15,501
 
 
 
58
 
 
 
15,559
 
 
 
24,939
 
 
 
649
 
 
 
25,588
 
Net change in working capital, excluding cash and debt, and other
 
 
(28,157
)
 
 
(58
)
 
 
(28,215
)
 
 
(41,315
)
 
 
(649
)
 
 
(41,964
)
Accrued liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other non-cash changes, net
 
 
4,291
 
 
 
(535
)
 
 
3,756
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash used by operating activities
 
 
(3,054
)
 
 
(535
)
 
 
(3,589
)
 
 
 
 
 
 
 
 
 
 
 
 
Excess tax benefits from stock comp
 
 
-
 
 
 
535
 
 
 
535
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by financing activities
 
 
10,096
 
 
 
535
 
 
 
10,631
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of and for the period ended
June 30, 2012
 
 
As of and for the period ended
September 28, 2012
 
 
Reported
 
 
Adjustment
 
 
Revised
 
 
Reported
 
 
Adjustment
 
 
Revised
 
Revised consolidated balance sheet amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other long term liabilities
 
 
4,171
 
 
 
777
 
 
 
4,948
 
 
 
2,200
 
 
 
797
 
 
 
2,997
 
Total liabilities
 
 
166,546
 
 
 
777
 
 
 
167,323
 
 
 
160,512
 
 
 
797
 
 
 
161,309
 
Retained earnings
 
 
185,083
 
 
 
(777
)
 
 
184,306
 
 
 
185,308
 
 
 
(797
)
 
 
184,511
 
Total equity
 
 
137,286
 
 
 
(777
)
 
 
136,509
 
 
 
139,587
 
 
 
(797
)
 
 
138,790
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of comprehensive income (loss) amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
 
18,446
 
 
 
(631
)
 
 
17,815
 
 
 
1,077
 
 
 
20
 
 
 
1,097
 
Net earnings
 
 
26,310
 
 
 
631
 
 
 
26,941
 
 
 
1,286
 
 
 
(20
)
 
 
1,266
 
Net earnings attributable to Twin Disc
 
 
26,112
 
 
 
631
 
 
 
26,743
 
 
 
1,251
 
 
 
(20
)
 
 
1,231
 
Basic earnings per share
 
 
2.29
 
 
 
0.05
 
 
 
2.34
 
 
 
0.11
 
 
 
-
 
 
 
0.11
 
Diluted earnings per share
 
 
2.26
 
 
 
0.05
 
 
 
2.31
 
 
 
0.11
 
 
 
-
 
 
 
0.11
 
Comprehensive income (loss)
 
 
2,882
 
 
 
631
 
 
 
3,513
 
 
 
3,218
 
 
 
20
 
 
 
3,238
 
Comprehensive income (loss) attributable to Twin Disc
 
 
2,684
 
 
 
631
 
 
 
3,315
 
 
 
3,183
 
 
 
20
 
 
 
3,203
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
 
4,407
 
 
 
18
 
 
 
4,425
 
 
 
1,077
 
 
 
20
 
 
 
1,097
 
Net earnings
 
 
1,371
 
 
 
(18
)
 
 
1,353
 
 
 
1,286
 
 
 
(20
)
 
 
1,266
 
Net earnings attributable to Twin Disc
 
 
1,281
 
 
 
(18
)
 
 
1,263
 
 
 
1,251
 
 
 
(20
)
 
 
1,231
 
Basic earnings per share
 
 
0.11
 
 
 
-
 
 
 
0.11
 
 
 
0.11
 
 
 
-
 
 
 
0.11
 
Diluted earnings per share
 
 
0.11
 
 
 
-
 
 
 
0.11
 
 
 
0.11
 
 
 
-
 
 
 
0.11
 
Comprehensive income (loss)
 
 
(17,068
)
 
 
(18
)
 
 
(17,086
)
 
 
3,218
 
 
 
20
 
 
 
3,238
 
Comprehensive income (loss) attributable to Twin Disc
 
 
(17,158
)
 
 
(18
)
 
 
(17,176
)
 
 
3,183
 
 
 
20
 
 
 
3,203
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revised consolidated statement of cash flows amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
26,310
 
 
 
631
 
 
 
26,941
 
 
 
1,286
 
 
 
(20
)
 
 
1,266
 
Net change in working capital, excluding cash and debt, and other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,059
)
 
 
20
 
 
 
(4,039
)
Accrued liabilities
 
 
(2,273
)
 
 
(631
)
 
 
(2,904
)
 
 
 
 
 
 
 
 
 
 
 
 
New Accounting Releases
New Accounting Releases

In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance designed to improve the transparency in reporting amounts that are reclassified out of accumulated other comprehensive income into net income.  This new guidance will require presentation of the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income and a cross-reference to other disclosure currently required for the reclassification items.  The amended guidance is effective for reporting periods beginning after December 15, 2012 (the Company's third quarter of fiscal 2013). See Note G for the additional disclosures required by this new guidance.

In July 2012, the FASB issued amended guidance that simplifies how entities test indefinite-lived intangible assets other than goodwill for impairment.  After an assessment of certain qualitative factors, if it is determined to be more likely than not that an indefinite-lived asset is impaired, entities must perform the quantitative impairment test.  Otherwise, the quantitative test is optional.  The amended guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted.  The adoption of this guidance is not expected to have a material impact on the Company's financial results.

In September 2011, the FASB issued a standards update that is intended to simplify how entities test goodwill for impairment.  This update permits an entity to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350 "Intangibles-Goodwill and Other."  This update is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 (the Company's fiscal 2013).  This standards update is not expected to have a material impact on the Company's financial statements.