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Note M - Shareholders' Equity
 6 Months Ended
Dec. 28, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
M.
Shareholders’ Equity
 
The Company completed the sale of
1,533.3
shares of its common stock through a registered offering which closed on
September 25, 2018,
at a price to the public of
$22.50
per share. The net proceeds received by the Company and after underwriting expenses of
$2,070
and offering expenses of
$220,
were
$32,210
and were recorded as paid-in capital as of
December 28, 2018.
The proceeds were used to partially pay down the Term Loan and Revolving Loans (see Note L).
 
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 28, 2018
remain authorized for purchase.  The Company did
not
make any open market purchases of its shares during the quarters ended
December 28, 2018
and
December 29, 2017.
 
The following is a reconciliation of the Company’s equity balances for the
first
two
fiscal quarters of
2019
and
2018:
 
   
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
  
 
   
Twin Disc, Inc. Shareholders’ Equity
  
                   
Accumulated
                          
                   
Other
            
Non-
          
   
Common
    
Retained
    
Comprehensive
    
Treasury
    
Controlling
    
Total
  
   
Stock
    
Earnings
    
Income (Loss)
    
Stock
    
Interest
    
Equity
  
Balance, June 30, 2017
   $
10,429
     $
169,368
     $
(32,671
 )   $
(24,205
 )   $
646
     $
123,567
  
Net income
    
 
      
3,391
      
 
      
 
      
13
      
3,404
  
Translation adjustments
    
 
      
 
      
2,547
      
 
      
(6
 )    
2,541
  
Benefit plan adjustments, net of tax
    
 
      
 
      
474
      
 
      
 
      
474
  
Cash dividends
    
 
      
 
      
 
      
 
      
(172
 )    
(172
 )
Compensation expense
    
479
      
 
      
 
      
 
      
 
      
479
  
Shares (acquired) issued, net
    
(1,030
 )    
 
      
 
      
817
      
 
      
(213
 )
Balance, September 29, 2017
    
9,878
      
172,759
      
(29,650
 )    
(23,388
 )    
481
      
130,080
  
Net (loss) income
    
 
      
(4,113
 )    
 
      
 
      
63
      
(4,050
 )
Translation adjustments
    
 
      
 
      
489
      
 
      
(1
 )    
488
  
Benefit plan adjustments, net of tax
    
 
      
 
      
1,734
      
 
      
 
      
1,734
  
Cash dividends
    
 
      
 
      
 
      
 
      
 
      
-
  
Compensation expense
    
584
      
 
      
 
      
 
      
 
      
584
  
Shares (acquired) issued, net
    
(376
 )    
 
      
 
      
189
      
 
      
(187
 )
Balance, December 29, 2017
   $
10,086
     $
168,646
     $
(27,427
 )   $
(23,199
 )   $
543
     $
128,649
  
 
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended
September 28,
and
December 28, 2018,
and
September 29,
and
December 29, 2017
are as follows:
 
   
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
 )
 
   
Translation
    
Benefit Plan
  
   
Adjustment
    
Adjustment
  
Balance at June 30, 2017
   $
6,130
     $
(38,801
 )
Translation adjustment during the quarter
    
2,547
      
-
  
Amounts reclassified from accumulated other comprehensive income
    
-
      
474
  
Net current period other comprehensive income
    
2,547
      
474
  
Balance at September 29, 2017
    
8,677
      
(38,327
 )
Translation adjustment during the quarter
    
489
      
-
  
Other comprehensive income before reclassifications
    
-
      
1,695
  
Amounts reclassified from accumulated other comprehensive income
    
-
      
39
  
Net current period other comprehensive income
    
489
      
1,734
  
Balance at December 29, 2017
   $
9,166
     $
(36,593
 )
 
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and
two
quarters ended
December 28, 2018
are 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
  
 
 
 
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and
two
quarters ended
December 29, 2017
is as follows:
 
   
Amount Reclassified
      
Amount Reclassified
    
   
Quarter Ended
      
Two Quarters Ended
    
   
December 29, 2017
      
December 29, 2017
    
Changes in benefit plan items
  
 
 
 
    
 
 
 
  
Actuarial losses
   $
703
  
(a)
   $
1,445
  
(a)
Transition asset and prior service benefit
    
10
  
(a)
    
20
  
(a)
Total amortization
    
713
  
 
    
1,465
  
 
Other benefit plan adjustments
    
(1,695
 )
 
    
(1,695
 )
 
Income taxes
    
674
  
 
    
952
  
 
Total reclassification net of tax
   $
1,734
  
 
   $
2,208
  
 
 
 
(a)
These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note I "Pension and Other Postretirement Benefit Plans" for further details).