Note K - Shareholders' Equity

3 Months Ended

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).