XML 21 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Note K - Shareholders' Equity
 9 Months Ended
Mar. 27, 2020
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
March 27, 2020
remain authorized for purchase. The Company did
not
make any open market purchases of its shares during the quarters ended
March 27, 2020
and
March 29, 2019.
 
The following is a reconciliation of the Company’s equity balances for the
first
three
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
  
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
  
Net (loss) income
    
 
      
(25,230
 )    
 
      
 
      
54
      
(25,176
 )
Translation adjustments
    
 
      
 
      
(1,257
 )    
 
      
(9
 )    
(1,266
 )
Benefit plan adjustments, net of tax
    
 
      
 
      
1,593
      
 
      
 
      
1,593
  
Unrealized loss on cash flow hedge, net of tax
    
 
      
 
      
(582
 )    
 
      
 
      
(582
 )
Compensation expense
    
(19
 )    
 
      
 
      
 
      
 
      
(19
 )
Balance, March 27, 2020
   $
42,286
     $
158,415
     $
(38,476
 )   $
(18,796
 )   $
606
     $
144,035
  
 
 
   
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
    
 
      
2,861
      
 
      
 
      
41
      
2,902
  
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
      
188,660
      
(30,760
 )    
(24,005
 )    
520
      
178,459
  
Net income
    
 
      
4,073
      
 
      
 
      
6
      
4,079
  
Translation adjustments
    
 
      
 
      
(1,773
 )    
 
      
(13
 )    
(1,786
 )
Benefit plan adjustments, net of tax
    
 
      
 
      
478
      
 
      
 
      
478
  
Compensation expense
    
590
      
 
      
 
      
 
      
 
      
590
  
Shares (acquired) issued, net
    
(497
 )    
 
      
 
      
520
      
 
      
23
  
Balance, December 28, 2018
    
44,137
      
192,733
      
(32,055
 )    
(23,485
 )    
513
      
181,843
  
Net income
    
 
      
4,560
      
 
      
 
      
27
      
4,587
  
Translation adjustments
    
 
      
 
      
(885
 )    
 
      
16
      
(869
 )
Benefit plan adjustments, net of tax
    
 
      
 
      
478
      
 
      
 
      
478
  
Compensation expense
    
603
      
 
      
 
      
 
      
 
      
603
  
Shares issued (acquired), net
    
15
      
 
      
 
      
(15
 )    
 
      
-
  
Balance, March 29, 2019
   $
44,755
     $
197,293
     $
(32,462
 )   $
(23,500
 )   $
556
     $
186,642
  
 
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended
September 27, 2019,
December 27, 2019,
and
March 27, 2020,
and
September 28, 2018,
December 28, 2018
and
March 29, 2019
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 adjustment during the quarter
    
(1,257
 )    
-
      
-
  
Amounts reclassified from accumulated other comprehensive income
    
-
      
1,593
      
(582
 )
Net current period other comprehensive (loss) income
    
(1,257
 )    
1,593
      
(582
 )
Balance at March 27, 2020
   $
1,815
     $
(39,203
 )   $
(1,088
 )
 
   
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 adjustment during the quarter
    
(885
 )    
-
  
Amounts reclassified from accumulated other comprehensive income
    
-
      
478
  
Net current period other comprehensive income
    
(885
 )    
478
  
Balance at March 29, 2019
   $
3,891
     $
(36,353
 )
 
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and
three
quarters ended
March 27, 2020
are as follows:
 
   
Amount Reclassified
      
Amount Reclassified
    
   
Quarter Ended
      
Three Quarters Ended
    
   
March 27, 2020
       March 27, 2020    
Changes in benefit plan items
  
 
 
 
    
 
 
 
  
Actuarial losses   $
670
  
(a)
   $
2,240
  
(a)
Transition asset and prior service benefit    
(64
 )
(a)
    
(191
 )
(a)
Total amortization    
606
  
 
    
2,049
  
 
Other benfefit plan adjustments    
(1,477
 )
 
    
(1,477
 )
 
Income taxes    
490
  
 
    
 828
  
 
Total reclassification net of tax   $
1,593
  
 
   $
2,698
  
 
 
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and
three
quarters ended
March 29, 2019
is as follows:
 
   
Amount Reclassified
      
Amount Reclassified
    
   
Quarter Ended
      
Three Quarters Ended
    
   
March 29, 2019
       March 29, 2019    
Changes in benefit plan items
  
 
 
 
    
 
 
 
  
Actuarial losses   $
614
  
(a)
   $
1,835
  
(a)
Transition asset and prior service benefit    
10
  
(a)
    
29
  
(a)
Total amortization    
624
  
 
    
1,864
  
 
Income taxes    
146
  
 
    
 437
  
 
Total reclassification net of tax   $
478
  
 
   $
1,427
  
 
 
 
(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).