Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 26, 2021 | Apr. 28, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000100378 | |
Entity Registrant Name | TWIN DISC INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 26, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-7635 | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-0667110 | |
Entity Address, Address Line One | 1328 Racine Street, | |
Entity Address, City or Town | Racine | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53403 | |
City Area Code | 262 | |
Local Phone Number | 638-4000 | |
Title of 12(b) Security | Common Stock (No Par Value) | |
Trading Symbol | TWIN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,647,116 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash | $ 11,594 | $ 10,688 |
Trade accounts receivable, net | 31,309 | 30,682 |
Inventories | 116,693 | 120,607 |
Prepaid expenses | 5,478 | 5,269 |
Other | 7,781 | 6,739 |
Total current assets | 172,855 | 173,985 |
Property, plant and equipment, net | 75,607 | 72,732 |
Intangible assets, net | 17,420 | 18,973 |
Deferred income taxes | 29,261 | 24,445 |
Other assets | 3,340 | 3,992 |
Total assets | 298,483 | 294,127 |
Current liabilities: | ||
Current maturities of long-term debt | 2,000 | 4,691 |
Accounts payable | 25,756 | 25,663 |
Accrued liabilities | 41,123 | 36,380 |
Total current liabilities | 68,879 | 66,734 |
Long-term debt | 39,226 | 37,896 |
Lease obligations | 17,352 | 13,495 |
Accrued retirement benefits | 24,977 | 27,938 |
Deferred income taxes | 5,217 | 5,501 |
Other long-term liabilities | 1,979 | 2,605 |
Total liabilities | 157,630 | 154,169 |
Commitments and contingencies (Note D) | ||
Twin Disc shareholders' equity: | ||
Preferred shares authorized: 200,000; issued: none; no par value | 0 | 0 |
Common shares authorized: 30,000,000; issued: 14,632,802; no par value | 40,446 | 42,756 |
Retained earnings | 148,457 | 156,655 |
Accumulated other comprehensive loss | (33,646) | (41,226) |
Equity before treasury stock | 155,257 | 158,185 |
Less treasury stock, at cost (985,686 and 1,226,809 shares, respectively) | 15,106 | 18,796 |
Total Twin Disc shareholders' equity | 140,151 | 139,389 |
Noncontrolling interest | 702 | 569 |
Total equity | 140,853 | 139,958 |
Total liabilities and equity | $ 298,483 | $ 294,127 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Preferred Shares, Authorized (in shares) | 200,000 | 200,000 |
Preferred Shares, Issued (in shares) | 0 | 0 |
Preferred Shares, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized (in shares) | 30,000,000 | 30,000,000 |
Common shares, shares issued (in shares) | 14,632,802 | 14,632,802 |
Common shares, no par value (in dollars per share) | $ 0 | $ 0 |
Treasury Stock, Shares (in shares) | 985,686 | 1,226,809 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Net Sales | $ 57,640 | $ 68,636 | $ 152,377 | $ 187,462 |
Cost of goods sold | 43,678 | 52,087 | 119,835 | 145,566 |
Gross profit | 13,962 | 16,549 | 32,542 | 41,896 |
Marketing, engineering and administrative expenses | 13,196 | 15,349 | 39,000 | 48,106 |
Restructuring expenses | 251 | 532 | 777 | 4,902 |
Goodwill and other impairment charge | 0 | 27,603 | 0 | 27,603 |
Income (loss) from operations | 515 | (26,935) | (7,235) | (38,715) |
Interest expense | 606 | 488 | 1,769 | 1,324 |
Other expense (income), net | (557) | 898 | 2,314 | 1,618 |
Non-operating income (expense) | 49 | 1,386 | 4,083 | 2,942 |
Income (loss) before income taxes and noncontrolling interest | 466 | (28,321) | (11,318) | (41,657) |
Income tax expense (benefit) | 300 | (3,145) | (3,267) | (3,722) |
Net income (loss) | 166 | (25,176) | (8,051) | (37,935) |
Less: Net earnings attributable to noncontrolling interest, net of tax | (72) | (54) | (147) | (122) |
Net income (loss) attributable to Twin Disc | $ 94 | $ (25,230) | $ (8,198) | $ (38,057) |
Income (loss) per share data: | ||||
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share) | $ 0.01 | $ (1.92) | $ (0.62) | $ (2.89) |
Diluted income (loss) per share attributable to Twin Disc common shareholders (in dollars per share) | $ 0.01 | $ (1.92) | $ (0.62) | $ (2.89) |
Weighted average shares outstanding data: | ||||
Basic shares outstanding (in shares) | 13,269 | 13,175 | 13,240 | 13,147 |
Diluted shares outstanding (in shares) | 13,295 | 13,175 | 13,240 | 13,147 |
Comprehensive loss | ||||
Net income (loss) | $ 166 | $ (25,176) | $ (8,051) | $ (37,935) |
Benefit plan adjustments, net of income taxes of $177, $490, $529 and $828, respectively | 583 | 1,593 | 1,691 | 2,698 |
Foreign currency translation adjustment | (3,008) | (1,266) | 5,503 | (2,615) |
Unrealized gain (loss) on cash flow hedge, net of income taxes of $60, $178, $115 and $177, respectively | 193 | (582) | 372 | (579) |
Comprehensive loss | (2,066) | (25,431) | (485) | (38,431) |
Less: Comprehensive income attributable to noncontrolling interest | (34) | (46) | (133) | (132) |
Comprehensive loss attributable to Twin Disc | $ (2,100) | $ (25,477) | $ (618) | $ (38,563) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Benefit plan adjustments, income taxes | $ 177 | $ 490 | $ 529 | $ 828 |
Unrealized loss on cash flow hedge, income taxes | $ 60 | $ 178 | $ 115 | $ 177 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 26, 2021 | Mar. 27, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (8,051) | $ (37,935) |
Adjustments to reconcile net loss to net cash provided by operating activities, net of acquired assets: | ||
Depreciation and amortization | 8,366 | 8,917 |
Restructuring expenses | 215 | 2,556 |
Goodwill and other impairment charge | 0 | 27,603 |
Provision for deferred income taxes | (6,052) | (6,225) |
Stock compensation expense and other non-cash changes, net | 1,934 | 859 |
Net change in operating assets and liabilities | 8,603 | 9,556 |
Net cash provided by operating activities | 5,015 | 5,331 |
Cash flows from investing activities: | ||
Acquisitions of fixed assets | (3,851) | (9,155) |
Proceeds from sale of fixed assets | 76 | 109 |
Proceeds on note receivable | 700 | 0 |
Other, net | (18) | (27) |
Net cash used by investing activities | (3,093) | (9,073) |
Cash flows from financing activities: | ||
Borrowings under revolving loan arrangement | 56,463 | 78,597 |
Repayments of revolver loans | (58,497) | (76,805) |
Repayments of other long term debt | (411) | (1,164) |
Payments of withholding taxes on stock compensation | (224) | (913) |
Dividends paid to noncontrolling interest | 0 | (127) |
Net cash used by financing activities | (2,669) | (412) |
Effect of exchange rate changes on cash | 1,653 | 226 |
Net change in cash | 906 | (3,928) |
Cash: | ||
Beginning of period | 10,688 | 12,362 |
End of period | $ 11,594 | $ 8,434 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | A. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include adjustments, consisting primarily of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not 10 June 30, 2020. not Recently Adopted Accounting Standards In August 2018, 2018 13 820, July 1, 2020. not In August 2018, 2018 14 July 1, 2020. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In December 2019, 2019 12 December 15, 2020 ( 2022 In March 2020 January 2021, 2020 04 2021 01, March 12, 2020, may December 31, 2022. Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550, |
Note B - Inventories
Note B - Inventories | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. Inventories The major classes of inventories were as follows: March 26, 2021 June 30, 2020 Inventories: Finished parts $ 60,040 $ 62,394 Work in process 19,001 17,844 Raw materials 37,652 40,369 $ 116,693 $ 120,607 |
Note C - Warranty
Note C - Warranty | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | C. Warranty The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarters and three March 26, 2021 March 27, 2020: For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Reserve balance, beginning of period $ 4,474 $ 5,775 $ 4,460 $ 3,736 Current period expense and adjustments 805 3,127 2,550 9,255 Payments or credits to customers (995 ) (2,973 ) (2,814 ) (7,039 ) Translation (28 ) (9 ) 60 (32 ) Reserve balance, end of period $ 4,256 $ 5,920 $ 4,256 $ 5,920 Included in expense in the three March 26, 2021 March 27, 2020 The current portion of the warranty accrual ($3,314 and $5,053 as of March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020, |
Note D - Contingencies
Note D - Contingencies | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | D. Contingencies The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not not |
Note E - Business Segments
Note E - Business Segments | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | E. Business Segments The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. The Company has two Information about the Company’s segments is summarized as follows: For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Net sales Manufacturing segment sales $ 52,138 $ 58,877 $ 132,338 $ 170,611 Distribution segment sales 26,221 28,387 71,950 72,839 Inter/Intra segment elimination – manufacturing (15,074 ) (13,993 ) (37,892 ) (42,928 ) Inter/Intra segment elimination – distribution (5,645 ) (4,635 ) (14,019 ) (13,060 ) $ 57,640 $ 68,636 $ 152,377 $ 187,462 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 2,422 $ (26,859 ) $ (3,352 ) $ (34,650 ) Distribution segment net income 697 991 2,352 2,925 Corporate and eliminations (3,025 ) 638 (7,198 ) (6,332 ) $ 94 $ (25,230 ) $ (8,198 ) $ (38,057 ) March 26, 2021 June 30, 2020 Assets Manufacturing segment assets $ 366,594 $ 365,417 Distribution segment assets 48,121 43,118 Corporate assets and elimination of intercompany assets (116,232 ) (114,408 ) $ 298,483 $ 294,127 Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters and three March 26, 2021 March 27, 2020. Net sales by product group for the quarter ended March 26, 2021 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,652 $ 1,491 $ (1,307 ) $ 5,836 Land-based transmissions 13,793 6,892 (5,419 ) 15,266 Marine and propulsion systems 32,671 15,016 (13,951 ) 33,736 Other 22 2,822 (42 ) 2,802 Total $ 52,138 $ 26,221 $ (20,719 ) $ 57,640 Net sales by product group for the quarter ended March 27, 2020 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,709 $ 1,760 $ (619 ) $ 6,850 Land-based transmissions 15,185 9,051 (6,599 ) 17,637 Marine and propulsion systems 37,968 15,817 (11,409 ) 42,376 Other 15 1,759 (1 ) 1,773 Total $ 58,877 $ 28,387 $ (18,628 ) $ 68,636 Net sales by product group for the three March 26, 2021 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 15,744 $ 4,168 $ (3,369 ) $ 16,543 Land-based transmissions 34,388 19,267 (14,388 ) 39,267 Marine and propulsion systems 82,152 41,996 (34,095 ) 90,053 Other 54 6,519 (59 ) 6,514 Total $ 132,338 $ 71,950 $ (51,911 ) $ 152,377 Net sales by product group for the three March 27, 2020 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 18,409 $ 4,712 $ (2,183 ) $ 20,938 Land-based transmissions 49,159 20,769 (21,466 ) 48,462 Marine and propulsion systems 102,988 43,445 (32,337 ) 114,096 Other 55 3,913 (2 ) 3,966 Total $ 170,611 $ 72,839 $ (55,988 ) $ 187,462 |
Note F - Stock-based Compensati
Note F - Stock-based Compensation | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | F. Stock-Based Compensation Performance Stock Awards ( PSA ) During the first three 2021 2020, 2021 three June 30, 2023. The fiscal 2020 three June 30, 2022. not There were 433.1 and 214.0 unvested PSAs outstanding at March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020, three March 26, 2021 March 27, 2020, March 26, 2021 March 26, 2021, 2021, 2020 2019 March 26, 2021 March 27, 2020 Restricted Stock Awards ( RS ) The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first three 2021 2020, March 26, 2021 March 27, 2020, three March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020, three March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020 March 26, 2021, three Restricted Stock Unit Awards ( RSU ) Under the 2018 three March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020, three March 26, 2021 March 27, 2020, March 26, 2021 March 27, 2020 March 26, 2021 March 26, 2021, two |
Note G - Pension and Other Post
Note G - Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | G. Pension and Other Postretirement Benefit Plans The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Pension Benefits: Service cost $ 144 $ 205 $ 432 $ 612 Prior service cost 16 - 48 - Interest cost 715 909 2,072 2,703 Expected return on plan assets (1,133 ) (1,245 ) (3,400 ) (3,733 ) Amortization of transition obligation 9 9 28 26 Amortization of prior service cost (4 ) (4 ) (12 ) (11 ) Amortization of actuarial net loss 811 673 2,434 2,241 Net periodic benefit cost $ 558 $ 547 $ 1,602 $ 1,838 Postretirement Benefits: Service cost $ 4 $ 4 $ 12 $ 13 Interest cost 39 55 116 164 Amortization of prior service cost (69 ) (69 ) (206 ) (206 ) Net periodic benefit gain $ (26 ) $ (10 ) $ (78 ) $ (29 ) The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net. The Company expects to contribute approximately $2,346 to its pension plans in fiscal 2021. March 26, 2021, The Company has reclassified $583 (net of $177 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 26, 2021, March 27, 2020. three March 26, 2021, three March 27, 2020. |
Note H - Income Taxes
Note H - Income Taxes | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | H. Income Taxes For the three March 26, 2021 March 27, 2020, no The spread of the COVID- 19 March 2020) March 27, 2020 2017. 19 19 The Consolidated Appropriations Act (“CAA”) of 2021 December 27, 2020. third 2021. not March 11, 2021, 2021 December 31, 2026, five not 162 The Company maintains valuation allowances when it is more likely than not not no Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated annual effective tax rate. Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company has approximately $926 of unrecognized tax benefits, including related interest and penalties, as of March 26, 2021, no March 26, 2021. twelve Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination in foreign jurisdictions are 2014 2020. 2019. 2016. 2021. |
Note I - Intangible Assets
Note I - Intangible Assets | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | I. Intangible Assets As of March 26, 2021, Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2020 $ 39,245 $ (20,272 ) $ 18,973 $ 11,554 $ 5,784 $ 1,388 $ 247 Addition 2 - 2 - - - 2 Amortization - (2,516 ) (2,516 ) (1,406 ) (917 ) (137 ) (56 ) Translation adjustment 961 - 961 585 294 70 12 Balance at March 26, 2021 $ 40,208 $ (22,788 ) $ 17,420 $ 10,733 $ 5,161 $ 1,321 $ 205 Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets. The weighted average remaining useful life of the intangible assets included in the table above is approximately 8 years. Intangible amortization expense was $838 and $1,148 for the quarters ended March 26, 2021, March 27, 2020, three March 26, 2021, March 27, 2020, 2021 five Fiscal Year 2021 $ 821 2022 3,136 2023 2,964 2024 2,814 2025 2,626 2026 1,282 |
Note J - Long-term Debt
Note J - Long-term Debt | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | J. Long-term Debt Long-term debt at March 26, 2021 June 30, 2020 March 26, 2021 June 30, 2020 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,335 $ 16,641 Term loan (due March 2026) 17,500 17,500 PPP loan 8,200 8,200 Other 191 246 Subtotal 41,226 42,587 Less: current maturities (2,000 ) (4,691 ) Total long-term debt $ 39,226 $ 37,896 Credit Agreement Debt: June 29, 2018 ( On January 27, 2021, September 30, 2021. December 31, 2021, 1.00. For the quarter ended March 26, 2021, not The Company remains in compliance with its liquidity and other covenants, and has agreed to provide additional financial reports to BMO. The Credit Agreement, including its amendments, is more fully described in the Company’s Annual Report filed on Form 10 June 30, 2020, 2 As of March 26, 2021, The PPP Loan: April 17, 2020, 19 two 1.0% April 2022. In accounting for the terms of the PPP Loan, the Company is guided by ASC 470 450 30 $8,200 not The PPP Loan is more fully described in the Company’s Annual Report filed on Form 10 June 30, 2020, 2 Other: three five During the three March 26, 2021, As of March 26, 2021, The Company’s borrowings described above approximate fair value at March 26, 2021 June 30, 2020. 2 The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 March 26, 2021, 815, |
Note K - Shareholders' Equity
Note K - Shareholders' Equity | 9 Months Ended |
Mar. 26, 2021 | |
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 26, 2021 not March 26, 2021 March 27, 2020. The following is a reconciliation of the Company’s equity balances for the first three 2021 2020: Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 40,814 152,676 (36,998 ) (16,560 ) 623 140,555 Net (loss) income (4,313 ) 33 (4,280 ) Translation adjustments 4,887 12 4,899 Benefit plan adjustments, net of tax 555 555 Unrealized gain on cash flow hedge, net of tax 104 104 Compensation expense 562 562 Shares (acquired) issued, net (1,458 ) 1,458 - Balance, December 25, 2020 39,918 148,363 (31,452 ) (15,102 ) 668 142,395 Net income 94 72 166 Translation adjustments (2,970 ) (38 ) (3,008 ) Benefit plan adjustments, net of tax 583 583 Unrealized gain on cash flow hedge, net of tax 193 193 Compensation expense 524 524 Shares issued (acquired), net 4 (4 ) - Balance, March 26, 2021 $ 40,446 $ 148,457 $ (33,646 ) $ (15,106 ) $ 702 $ 140,853 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 gain 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 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 25, 2020, December 25, 2020, March 26, 2021, September 27, 2019, December 27, 2019, March 27, 2020 Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 7,054 (43,023 ) (1,029 ) Translation adjustment during the quarter 4,887 - - Amounts reclassified from accumulated other comprehensive income - 555 104 Net current period other comprehensive income 4,887 555 104 Balance at December 25, 2020 11,941 (42,468 ) (925 ) Translation adjustment during the quarter (2,970 ) - - Amounts reclassified from accumulated other comprehensive income - 583 193 Net current period other comprehensive (loss) income (2,970 ) 583 193 Balance at March 26, 2021 $ 8,971 $ (41,885 ) $ (732 ) 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 ) Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and three March 26, 2021 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 26, 2021 March 26, 2021 Changes in benefit plan items Actuarial losses $ 824 (a) $ 2,410 (a) Transition asset and prior service benefit (64 ) (a) (190 ) (a) Total amortization 760 2,220 Income taxes 177 529 Total reclassification net of tax $ 583 $ 1,691 Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and three March 27, 2020 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 benefit plan adjustments (1,477 ) (1,477 ) Income taxes 490 828 Total reclassification net of tax $ 1,593 $ 2,698 (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). |
Note L - Restructuring of Opera
Note L - Restructuring of Operations | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | L. Restructuring of Operations The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth 2015. These actions resulted in restructuring charges of $251 and $777 in the quarter and three March 26, 2021, three March 27, 2020. Restructuring activities since June 2015 March 26, 2021 During the second 2020, three March 27, 2020. The following is a roll-forward of restructuring activity: Accrued restructuring liability, June 30, 2020 $ 84 Additions 777 Payments, adjustments and write-offs during the year (646 ) Accrued restructuring liability, March 26, 2021 $ 215 |
Note M - Earnings Per Share
Note M - Earnings Per Share | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | M. Earnings Per Share The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the two The components of basic and diluted earnings per share were as follows: For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Basic: Net income (loss) $ 166 $ (25,176 ) $ (8,051 ) $ (37,935 ) Less: Net earnings attributable to noncontrolling interest (72 ) (54 ) (147 ) (122 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 94 (25,230 ) (8,198 ) (38,057 ) Weighted average shares outstanding - basic 13,269 13,175 13,240 13,147 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.01 $ (1.92 ) $ (0.62 ) $ (2.89 ) Diluted: Net income (loss) $ 166 $ (25,176 ) $ (8,051 ) $ (37,935 ) Less: Net earnings attributable to noncontrolling interest (72 ) (54 ) (147 ) (122 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 94 (25,230 ) (8,198 ) (38,057 ) Weighted average shares outstanding - basic 13,269 13,175 13,240 13,147 Effect of dilutive stock awards 26 - - - Weighted average shares outstanding - diluted 13,295 13,175 13,240 13,147 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.01 $ (1.92 ) $ (0.62 ) $ (2.89 ) The following potential common shares were excluded from diluted EPS for the quarter ended March 26, 2021 three March 26, 2021 The following potential common shares were excluded from diluted EPS for the quarter and three March 27, 2020 |
Note N - Lease Liabilities
Note N - Lease Liabilities | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | N. Lease Liabilities The Company leases certain office and warehouse space, as well as production and office equipment. The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may not The components of lease expense were as follows: For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Finance lease cost: Amortization of right-of-use assets $ 154 $ 49 $ 421 $ 127 Interest on lease liabilities 73 14 201 40 Operating lease cost 717 789 2,097 2,384 Short-term lease cost 17 18 29 43 Variable lease cost 36 17 118 42 Total lease cost 997 887 2,866 2,636 Less: Sublease income (23 ) (53 ) (135 ) (159 ) Net lease cost $ 974 $ 834 $ 2,731 $ 2,477 Other information related to leases was as follows: For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 747 $ 780 $ 2,275 $ 2,367 Operating cash flows from finance leases 125 45 343 112 Financing cash flows from finance leases 73 14 201 40 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 19 149 125 2,573 Finance leases 86 188 4,757 465 Weighted average remaining lease term (years): Operating leases 10.5 10.9 Finance lease 12.2 4.3 Weighted average discount rate: Operating leases 7.4 % 7.4 % Finance leases 5.2 % 6.6 % Approximate future minimum rental commitments under non-cancellable leases as of March 26, 2021 Operating Leases Finance Leases 2021 $ 626 $ 197 2022 2,391 789 2023 2,119 780 2024 1,898 736 2025 1,663 496 Thereafter 11,535 4,313 Total future lease payments 20,232 7,311 Less: Amount representing interest (6,331 ) (1,865 ) Present value of future payments $ 13,901 $ 5,446 The following table provides a summary of leases recorded on the condensed consolidated balance sheet. Balance Sheet Location March 26, 2021 June 30, 2020 Lease Assets Operating lease right-of-use assets Property, plant and equipment, net $ 13,880 $ 14,448 Finance lease right-of-use assets Property, plant and equipment, net 5,335 959 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,470 $ 1,724 Operating lease liabilities Lease obligations 12,431 12,738 Finance lease liabilities Accrued liabilities 525 233 Finance lease liabilities Lease obligations 4,921 757 |
Note O - Derivative Financial I
Note O - Derivative Financial Instruments | 9 Months Ended |
Mar. 26, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | O. Derivative Financial Instruments From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign exchange. The Company does not no The Company reports all derivative instruments on its consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes. Interest Rate Swap Contracts The Company has one outstanding interest rate swap contract as of March 26, 2021, 815, The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s LIBOR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its consolidated statements of operations and comprehensive loss. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than 12 Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were $732 and $1,104 as of March 26, 2021 June 30, 2020, The Company estimates that $359 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve Foreign Currency Forward Contracts The Company primarily enters into forward exchange contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. The Company had no outstanding forward exchange contracts at March 26, 2021. June 30, 2020, one June 30, 2020. Fair Value of Derivative Instruments The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows: Balance Sheet Location March 26, 2021 June 30, 2020 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 335 $ 392 Interest rate swap Other long-term liabilities 623 1,052 The impact of the Company’s derivative instruments on the consolidated statement of operations and comprehensive loss for the quarter and three March 26, 2021 March 27, 2020, Statement of Comprehensive For the Quarter Ended For the Three Quarters Ended Income Location March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Derivative designated as hedge: Interest rate swap Interest expense $ 98 $ 37 $ 297 $ 79 Interest rate swap Unrealized gain (loss) on cash flow hedge 193 (582 ) 372 (579 ) Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ - $ (13 ) $ - |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 26, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In August 2018, 2018 13 820, July 1, 2020. not In August 2018, 2018 14 July 1, 2020. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In December 2019, 2019 12 December 15, 2020 ( 2022 In March 2020 January 2021, 2020 04 2021 01, March 12, 2020, may December 31, 2022. Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550, |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 26, 2021 June 30, 2020 Inventories: Finished parts $ 60,040 $ 62,394 Work in process 19,001 17,844 Raw materials 37,652 40,369 $ 116,693 $ 120,607 |
Note C - Warranty (Tables)
Note C - Warranty (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Reserve balance, beginning of period $ 4,474 $ 5,775 $ 4,460 $ 3,736 Current period expense and adjustments 805 3,127 2,550 9,255 Payments or credits to customers (995 ) (2,973 ) (2,814 ) (7,039 ) Translation (28 ) (9 ) 60 (32 ) Reserve balance, end of period $ 4,256 $ 5,920 $ 4,256 $ 5,920 |
Note E - Business Segments (Tab
Note E - Business Segments (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Net sales Manufacturing segment sales $ 52,138 $ 58,877 $ 132,338 $ 170,611 Distribution segment sales 26,221 28,387 71,950 72,839 Inter/Intra segment elimination – manufacturing (15,074 ) (13,993 ) (37,892 ) (42,928 ) Inter/Intra segment elimination – distribution (5,645 ) (4,635 ) (14,019 ) (13,060 ) $ 57,640 $ 68,636 $ 152,377 $ 187,462 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 2,422 $ (26,859 ) $ (3,352 ) $ (34,650 ) Distribution segment net income 697 991 2,352 2,925 Corporate and eliminations (3,025 ) 638 (7,198 ) (6,332 ) $ 94 $ (25,230 ) $ (8,198 ) $ (38,057 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 26, 2021 June 30, 2020 Assets Manufacturing segment assets $ 366,594 $ 365,417 Distribution segment assets 48,121 43,118 Corporate assets and elimination of intercompany assets (116,232 ) (114,408 ) $ 298,483 $ 294,127 |
Revenue from External Customers by Products and Services [Table Text Block] | Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,652 $ 1,491 $ (1,307 ) $ 5,836 Land-based transmissions 13,793 6,892 (5,419 ) 15,266 Marine and propulsion systems 32,671 15,016 (13,951 ) 33,736 Other 22 2,822 (42 ) 2,802 Total $ 52,138 $ 26,221 $ (20,719 ) $ 57,640 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,709 $ 1,760 $ (619 ) $ 6,850 Land-based transmissions 15,185 9,051 (6,599 ) 17,637 Marine and propulsion systems 37,968 15,817 (11,409 ) 42,376 Other 15 1,759 (1 ) 1,773 Total $ 58,877 $ 28,387 $ (18,628 ) $ 68,636 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 15,744 $ 4,168 $ (3,369 ) $ 16,543 Land-based transmissions 34,388 19,267 (14,388 ) 39,267 Marine and propulsion systems 82,152 41,996 (34,095 ) 90,053 Other 54 6,519 (59 ) 6,514 Total $ 132,338 $ 71,950 $ (51,911 ) $ 152,377 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 18,409 $ 4,712 $ (2,183 ) $ 20,938 Land-based transmissions 49,159 20,769 (21,466 ) 48,462 Marine and propulsion systems 102,988 43,445 (32,337 ) 114,096 Other 55 3,913 (2 ) 3,966 Total $ 170,611 $ 72,839 $ (55,988 ) $ 187,462 |
Note G - Pension and Other Po_2
Note G - Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Pension Benefits: Service cost $ 144 $ 205 $ 432 $ 612 Prior service cost 16 - 48 - Interest cost 715 909 2,072 2,703 Expected return on plan assets (1,133 ) (1,245 ) (3,400 ) (3,733 ) Amortization of transition obligation 9 9 28 26 Amortization of prior service cost (4 ) (4 ) (12 ) (11 ) Amortization of actuarial net loss 811 673 2,434 2,241 Net periodic benefit cost $ 558 $ 547 $ 1,602 $ 1,838 Postretirement Benefits: Service cost $ 4 $ 4 $ 12 $ 13 Interest cost 39 55 116 164 Amortization of prior service cost (69 ) (69 ) (206 ) (206 ) Net periodic benefit gain $ (26 ) $ (10 ) $ (78 ) $ (29 ) |
Note I - Intangible Assets (Tab
Note I - Intangible Assets (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2020 $ 39,245 $ (20,272 ) $ 18,973 $ 11,554 $ 5,784 $ 1,388 $ 247 Addition 2 - 2 - - - 2 Amortization - (2,516 ) (2,516 ) (1,406 ) (917 ) (137 ) (56 ) Translation adjustment 961 - 961 585 294 70 12 Balance at March 26, 2021 $ 40,208 $ (22,788 ) $ 17,420 $ 10,733 $ 5,161 $ 1,321 $ 205 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year 2021 $ 821 2022 3,136 2023 2,964 2024 2,814 2025 2,626 2026 1,282 |
Note J - Long-term Debt (Tables
Note J - Long-term Debt (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 26, 2021 June 30, 2020 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,335 $ 16,641 Term loan (due March 2026) 17,500 17,500 PPP loan 8,200 8,200 Other 191 246 Subtotal 41,226 42,587 Less: current maturities (2,000 ) (4,691 ) Total long-term debt $ 39,226 $ 37,896 |
Note K - Shareholders' Equity (
Note K - Shareholders' Equity (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 40,814 152,676 (36,998 ) (16,560 ) 623 140,555 Net (loss) income (4,313 ) 33 (4,280 ) Translation adjustments 4,887 12 4,899 Benefit plan adjustments, net of tax 555 555 Unrealized gain on cash flow hedge, net of tax 104 104 Compensation expense 562 562 Shares (acquired) issued, net (1,458 ) 1,458 - Balance, December 25, 2020 39,918 148,363 (31,452 ) (15,102 ) 668 142,395 Net income 94 72 166 Translation adjustments (2,970 ) (38 ) (3,008 ) Benefit plan adjustments, net of tax 583 583 Unrealized gain on cash flow hedge, net of tax 193 193 Compensation expense 524 524 Shares issued (acquired), net 4 (4 ) - Balance, March 26, 2021 $ 40,446 $ 148,457 $ (33,646 ) $ (15,106 ) $ 702 $ 140,853 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 gain 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 |
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block] | Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 7,054 (43,023 ) (1,029 ) Translation adjustment during the quarter 4,887 - - Amounts reclassified from accumulated other comprehensive income - 555 104 Net current period other comprehensive income 4,887 555 104 Balance at December 25, 2020 11,941 (42,468 ) (925 ) Translation adjustment during the quarter (2,970 ) - - Amounts reclassified from accumulated other comprehensive income - 583 193 Net current period other comprehensive (loss) income (2,970 ) 583 193 Balance at March 26, 2021 $ 8,971 $ (41,885 ) $ (732 ) 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 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 26, 2021 March 26, 2021 Changes in benefit plan items Actuarial losses $ 824 (a) $ 2,410 (a) Transition asset and prior service benefit (64 ) (a) (190 ) (a) Total amortization 760 2,220 Income taxes 177 529 Total reclassification net of tax $ 583 $ 1,691 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 benefit plan adjustments (1,477 ) (1,477 ) Income taxes 490 828 Total reclassification net of tax $ 1,593 $ 2,698 |
Note L - Restructuring of Ope_2
Note L - Restructuring of Operations (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Accrued restructuring liability, June 30, 2020 $ 84 Additions 777 Payments, adjustments and write-offs during the year (646 ) Accrued restructuring liability, March 26, 2021 $ 215 |
Note M - Earnings Per Share (Ta
Note M - Earnings Per Share (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Basic: Net income (loss) $ 166 $ (25,176 ) $ (8,051 ) $ (37,935 ) Less: Net earnings attributable to noncontrolling interest (72 ) (54 ) (147 ) (122 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 94 (25,230 ) (8,198 ) (38,057 ) Weighted average shares outstanding - basic 13,269 13,175 13,240 13,147 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.01 $ (1.92 ) $ (0.62 ) $ (2.89 ) Diluted: Net income (loss) $ 166 $ (25,176 ) $ (8,051 ) $ (37,935 ) Less: Net earnings attributable to noncontrolling interest (72 ) (54 ) (147 ) (122 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 94 (25,230 ) (8,198 ) (38,057 ) Weighted average shares outstanding - basic 13,269 13,175 13,240 13,147 Effect of dilutive stock awards 26 - - - Weighted average shares outstanding - diluted 13,295 13,175 13,240 13,147 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.01 $ (1.92 ) $ (0.62 ) $ (2.89 ) |
Note N - Lease Liabilities (Tab
Note N - Lease Liabilities (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Finance lease cost: Amortization of right-of-use assets $ 154 $ 49 $ 421 $ 127 Interest on lease liabilities 73 14 201 40 Operating lease cost 717 789 2,097 2,384 Short-term lease cost 17 18 29 43 Variable lease cost 36 17 118 42 Total lease cost 997 887 2,866 2,636 Less: Sublease income (23 ) (53 ) (135 ) (159 ) Net lease cost $ 974 $ 834 $ 2,731 $ 2,477 |
Operating and Finance Leases, Other Disclosures [Table Text Block] | For the Quarter Ended For the Three Quarters Ended March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 747 $ 780 $ 2,275 $ 2,367 Operating cash flows from finance leases 125 45 343 112 Financing cash flows from finance leases 73 14 201 40 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 19 149 125 2,573 Finance leases 86 188 4,757 465 Weighted average remaining lease term (years): Operating leases 10.5 10.9 Finance lease 12.2 4.3 Weighted average discount rate: Operating leases 7.4 % 7.4 % Finance leases 5.2 % 6.6 % |
Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2021 $ 626 $ 197 2022 2,391 789 2023 2,119 780 2024 1,898 736 2025 1,663 496 Thereafter 11,535 4,313 Total future lease payments 20,232 7,311 Less: Amount representing interest (6,331 ) (1,865 ) Present value of future payments $ 13,901 $ 5,446 |
Assets and Liabilities, Lessee [Table Text Block] | Balance Sheet Location March 26, 2021 June 30, 2020 Lease Assets Operating lease right-of-use assets Property, plant and equipment, net $ 13,880 $ 14,448 Finance lease right-of-use assets Property, plant and equipment, net 5,335 959 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,470 $ 1,724 Operating lease liabilities Lease obligations 12,431 12,738 Finance lease liabilities Accrued liabilities 525 233 Finance lease liabilities Lease obligations 4,921 757 |
Note O - Derivative Financial_2
Note O - Derivative Financial Instruments (Tables) | 9 Months Ended |
Mar. 26, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Location March 26, 2021 June 30, 2020 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 335 $ 392 Interest rate swap Other long-term liabilities 623 1,052 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Statement of Comprehensive For the Quarter Ended For the Three Quarters Ended Income Location March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Derivative designated as hedge: Interest rate swap Interest expense $ 98 $ 37 $ 297 $ 79 Interest rate swap Unrealized gain (loss) on cash flow hedge 193 (582 ) 372 (579 ) Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ - $ (13 ) $ - |
Note B - Inventories - Inventor
Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Finished parts | $ 60,040 | $ 62,394 |
Work in process | 19,001 | 17,844 |
Raw materials | 37,652 | 40,369 |
Total inventories | $ 116,693 | $ 120,607 |
Note C - Warranty (Details Text
Note C - Warranty (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 26, 2021 | Mar. 27, 2020 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total | $ 549 | $ 6,123 |
Product Warranty Accrual, Current | 3,314 | 5,053 |
Product Warranty Accrual, Noncurrent | $ 942 | $ 867 |
Note C - Warranty - Warranty (D
Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Reserve balance, beginning of period | $ 4,474 | $ 5,775 | $ 4,460 | $ 3,736 |
Current period expense and adjustments | 805 | 3,127 | 2,550 | 9,255 |
Payments or credits to customers | (995) | (2,973) | (2,814) | (7,039) |
Translation | (28) | (9) | 60 | (32) |
Reserve balance, end of period | $ 4,256 | $ 5,920 | $ 4,256 | $ 5,920 |
Note E - Business Segments (Det
Note E - Business Segments (Details Textual) | 9 Months Ended |
Mar. 26, 2021 | |
Number of Reportable Segments | 2 |
Note E - Business Segments - Re
Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Net sales | $ 57,640 | $ 68,636 | $ 152,377 | $ 187,462 |
Net income (loss) | 94 | (25,230) | (8,198) | (38,057) |
Intersegment Eliminations [Member] | ||||
Net sales | (20,719) | (18,628) | (51,911) | (55,988) |
Corporate, Non-Segment [Member] | ||||
Net income (loss) | (3,025) | 638 | (7,198) | (6,332) |
Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net sales | 52,138 | 58,877 | 132,338 | 170,611 |
Net income (loss) | 2,422 | (26,859) | (3,352) | (34,650) |
Manufacturing Segment [Member] | Intersegment Eliminations [Member] | ||||
Net sales | (15,074) | (13,993) | (37,892) | (42,928) |
Distribution Segment [Member] | Operating Segments [Member] | ||||
Net sales | 26,221 | 28,387 | 71,950 | 72,839 |
Net income (loss) | 697 | 991 | 2,352 | 2,925 |
Distribution Segment [Member] | Intersegment Eliminations [Member] | ||||
Net sales | $ (5,645) | $ (4,635) | $ (14,019) | $ (13,060) |
Note E - Business Segments - As
Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Segment Assets | $ 298,483 | $ 294,127 |
Operating Segments [Member] | Manufacturing Segment [Member] | ||
Segment Assets | 366,594 | 365,417 |
Operating Segments [Member] | Distribution Segment [Member] | ||
Segment Assets | 48,121 | 43,118 |
Corporate, Non-Segment [Member] | ||
Segment Assets | $ (116,232) | $ (114,408) |
Note E - Business Segments - Ne
Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Net Sales | $ 57,640 | $ 68,636 | $ 152,377 | $ 187,462 |
Intersegment Eliminations [Member] | ||||
Net Sales | (20,719) | (18,628) | (51,911) | (55,988) |
Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 52,138 | 58,877 | 132,338 | 170,611 |
Manufacturing Segment [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (15,074) | (13,993) | (37,892) | (42,928) |
Distribution Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 26,221 | 28,387 | 71,950 | 72,839 |
Distribution Segment [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (5,645) | (4,635) | (14,019) | (13,060) |
Industrial [Member] | ||||
Net Sales | 5,836 | 6,850 | 16,543 | 20,938 |
Industrial [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (1,307) | (619) | (3,369) | (2,183) |
Industrial [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 5,652 | 5,709 | 15,744 | 18,409 |
Industrial [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 1,491 | 1,760 | 4,168 | 4,712 |
Land Based Transmissions [Member] | ||||
Net Sales | 15,266 | 17,637 | 39,267 | 48,462 |
Land Based Transmissions [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (5,419) | (6,599) | (14,388) | (21,466) |
Land Based Transmissions [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 13,793 | 15,185 | 34,388 | 49,159 |
Land Based Transmissions [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 6,892 | 9,051 | 19,267 | 20,769 |
Marine and Propulsion Systems [Member] | ||||
Net Sales | 33,736 | 42,376 | 90,053 | 114,096 |
Marine and Propulsion Systems [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (13,951) | (11,409) | (34,095) | (32,337) |
Marine and Propulsion Systems [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 32,671 | 37,968 | 82,152 | 102,988 |
Marine and Propulsion Systems [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 15,016 | 15,817 | 41,996 | 43,445 |
Other [Member] | ||||
Net Sales | 2,802 | 1,773 | 6,514 | 3,966 |
Other [Member] | Intersegment Eliminations [Member] | ||||
Net Sales | (42) | (1) | (59) | (2) |
Other [Member] | Manufacturing Segment [Member] | Operating Segments [Member] | ||||
Net Sales | 22 | 15 | 54 | 55 |
Other [Member] | Distribution Segment [Member] | Operating Segments [Member] | ||||
Net Sales | $ 2,822 | $ 1,759 | $ 6,519 | $ 3,913 |
Note F - Stock-based Compensa_2
Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Performance Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 265,300 | 131,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 397,900 | 184,800 | 397,900 | 184,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 433,100 | 214,000 | 433,100 | 214,000 |
Share-based Payment Arrangement, Expense | $ 132 | $ (439) | $ 360 | $ (419) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 9.26 | $ 9.26 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,661 | $ 3,661 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 250,300 | 180,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 377,500 | 231,400 | 377,500 | 231,400 |
Share-based Payment Arrangement, Expense | $ 302 | $ 338 | $ 991 | $ 862 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,662 | 1,662 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 533 | $ 1,241 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 6,800 | 20,500 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 34,800 | 38,000 | 34,800 | 38,000 |
Share-based Payment Arrangement, Expense | $ 90 | $ 82 | $ 253 | $ 245 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 25.79 | $ 25.79 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | $ 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 25 | $ 0 |
Note G - Pension and Other Po_3
Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | $ 583 | $ 1,593 | $ 1,691 | $ 2,698 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 177 | $ 490 | 529 | $ 828 |
Pension Plan [Member] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 2,346 | 2,346 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2,095 |
Note G - Pension and Other Po_4
Note G - Pension and Other Postretirement Benefit Plans - Net Funded Status of Pension and Postretirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Pension Plan [Member] | ||||
Service cost | $ 144 | $ 205 | $ 432 | $ 612 |
Prior service cost | 16 | 0 | 48 | 0 |
Interest cost | 715 | 909 | 2,072 | 2,703 |
Expected return on plan assets | 1,133 | 1,245 | 3,400 | 3,733 |
Amortization of transition obligation | (9) | (9) | (28) | (26) |
Amortization of prior service cost | (4) | (4) | (12) | (11) |
Amortization of actuarial net loss | 811 | 673 | 2,434 | 2,241 |
Net periodic benefit cost | 558 | 547 | 1,602 | 1,838 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 4 | 4 | 12 | 13 |
Interest cost | 39 | 55 | 116 | 164 |
Amortization of prior service cost | (69) | (69) | (206) | (206) |
Net periodic benefit cost | $ (26) | $ (10) | $ (78) | $ (29) |
Note H - Income Taxes (Details
Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 28.90% | 8.90% | ||
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 27,603 | $ 0 | $ 27,603 |
Effective Income Tax Rate Reconciliation, Goodwill and Intangible Assets Impairment, Percent | 13.80% | |||
Effective Income Tax Rate Reconciliation, GILTI benefit, Percent | 12.00% | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 926 | $ 926 | ||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 | |||
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | ||||
Open Tax Year | 2019 | |||
Domestic Tax Authority [Member] | ||||
Open Tax Year | 2017 2018 2019 2020 |
Note I - Intangible Assets (Det
Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 8 years | |||
Amortization of Intangible Assets, Total | $ 838 | $ 1,148 | $ 2,516 | $ 3,420 |
Note I - Intangible Assets - In
Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Balance, Definite Intangible Assets Gross Carrying Amount | $ 39,245 | |||
Balance, Definite Intangible Assets Accumulated Amortization/Impairment | (20,272) | |||
Balance at June 30, Definite Intangible Assets Net Book Value | 18,973 | |||
Addition, Definite Intangible Assets Gross Carrying Amount | 2 | |||
Addition, Definite Intangible Assets Net Book Value | 2 | |||
Amortization, Intangible Asset | $ (838) | $ (1,148) | (2,516) | $ (3,420) |
Translation adjustment, Definite Intangible Assets Gross Carrying Amount | 961 | |||
Translation adjustment, Definite Intangible Assets Net Book Value | 961 | |||
Balance, Definite Intangible Assets Gross Carrying Amount | 40,208 | 40,208 | ||
Balance, Definite Intangible Assets Accumulated Amortization/Impairment | (22,788) | (22,788) | ||
Balance at June 30, Definite Intangible Assets Net Book Value | 17,420 | 17,420 | ||
Customer Relationships [Member] | ||||
Balance at June 30, Definite Intangible Assets Net Book Value | 11,554 | |||
Addition, Definite Intangible Assets Net Book Value | 0 | |||
Amortization, Intangible Asset | (1,406) | |||
Translation adjustment, Definite Intangible Assets Net Book Value | 585 | |||
Balance at June 30, Definite Intangible Assets Net Book Value | 10,733 | 10,733 | ||
Technology-Based Intangible Assets [Member] | ||||
Balance at June 30, Definite Intangible Assets Net Book Value | 5,784 | |||
Addition, Definite Intangible Assets Net Book Value | 0 | |||
Amortization, Intangible Asset | (917) | |||
Translation adjustment, Definite Intangible Assets Net Book Value | 294 | |||
Balance at June 30, Definite Intangible Assets Net Book Value | 5,161 | 5,161 | ||
Trade Names [Member] | ||||
Balance at June 30, Definite Intangible Assets Net Book Value | 1,388 | |||
Addition, Definite Intangible Assets Net Book Value | 0 | |||
Amortization, Intangible Asset | (137) | |||
Translation adjustment, Definite Intangible Assets Net Book Value | 70 | |||
Balance at June 30, Definite Intangible Assets Net Book Value | 1,321 | 1,321 | ||
Other Intangible Assets [Member] | ||||
Balance at June 30, Definite Intangible Assets Net Book Value | 247 | |||
Addition, Definite Intangible Assets Net Book Value | 2 | |||
Amortization, Intangible Asset | (56) | |||
Translation adjustment, Definite Intangible Assets Net Book Value | 12 | |||
Balance at June 30, Definite Intangible Assets Net Book Value | $ 205 | $ 205 |
Note I - Intangible Assets - Es
Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands | Mar. 26, 2021USD ($) |
2021 | $ 821 |
2022 | 3,136 |
2023 | 2,964 |
2024 | 2,814 |
2025 | 2,626 |
2026 | $ 1,282 |
Note J - Long-term Debt (Detail
Note J - Long-term Debt (Details Textual) $ in Thousands | Apr. 17, 2020USD ($) | Mar. 26, 2021USD ($) | Dec. 31, 2021 | Jun. 30, 2020USD ($) | Jun. 29, 2018USD ($) |
Long-term Debt, Current Maturities, Total | $ 2,000 | $ 4,691 | |||
Principal Paid on Sale Leaseback Liabilities | 68 | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member] | |||||
Derivative, Notional Amount | $ 16,500 | $ 20,000 | |||
Minimum [Member] | |||||
Sale Leaseback Transactions, Term (Year) | 3 years | ||||
Sale Leaseback Transactions, Implied Interest Rate | 7.00% | ||||
Maximum [Member] | |||||
Sale Leaseback Transactions, Term (Year) | 5 years | ||||
Sale Leaseback Transactions, Implied Interest Rate | 25.00% | ||||
Paycheck Protection Program CARES Act [Member] | Promissory Note [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,200 | ||||
BMO [Member] | The 2018 Credit Agreement [Member] | |||||
Long-term Debt, Current Maturities, Total | $ 2,000 | ||||
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument, Interest Rate During Period | 4.25% | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 42,226 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 26,891 | ||||
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member] | |||||
Debt Instrument, Interest Rate During Period | 4.02% | ||||
BMO [Member] | The 2018 Credit Agreement [Member] | Forecast [Member] | |||||
Total Funded Debt To EBITDA Allowable Ratio | 3 |
Note J - Long-term Debt - Long-
Note J - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Long-term debt | $ 41,226 | $ 42,587 |
Less: current maturities | (2,000) | (4,691) |
Total long-term debt | 39,226 | 37,896 |
Revolving Loan [Member] | ||
Long-term debt | 15,335 | 16,641 |
Term Loan [Member] | ||
Long-term debt | 17,500 | 17,500 |
Promissory Note [Member] | Paycheck Protection Program CARES Act [Member] | ||
Long-term debt | 8,200 | 8,200 |
Other Long-Term Debt [Member] | ||
Long-term debt | $ 191 | $ 246 |
Note K - Shareholders' Equity_2
Note K - Shareholders' Equity (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 26, 2021 | Mar. 27, 2020 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 315 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 |
Note K - Shareholders' Equity -
Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 26, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
Balance | $ 142,395 | $ 140,555 | $ 139,958 | $ 169,485 | $ 173,363 | $ 182,818 | $ 139,958 | $ 182,818 |
Net income (loss) | 166 | (4,280) | (3,937) | (25,176) | (6,466) | (6,293) | (8,051) | (37,935) |
Translation adjustments | (3,008) | 4,899 | 3,612 | (1,266) | 1,647 | (2,996) | 5,503 | (2,615) |
Benefit plan adjustments, net of tax | 583 | 555 | 553 | 1,593 | 548 | 557 | 1,691 | 2,698 |
Interest rate swap | 193 | 104 | 75 | (582) | 146 | (143) | 372 | (579) |
Compensation expense | 524 | 562 | 518 | (19) | 248 | 459 | ||
Shares (acquired) issued, net | 0 | 0 | (224) | (1) | (912) | |||
Cash dividends | (127) | |||||||
Balance | 140,853 | 142,395 | 140,555 | 144,035 | 169,485 | 173,363 | 140,853 | 144,035 |
Common Stock [Member] | ||||||||
Balance | 39,918 | 40,814 | 42,756 | 42,305 | 43,182 | 45,047 | 42,756 | 45,047 |
Net income (loss) | ||||||||
Translation adjustments | ||||||||
Benefit plan adjustments, net of tax | ||||||||
Interest rate swap | ||||||||
Compensation expense | 524 | 562 | 518 | (19) | 248 | 459 | ||
Shares (acquired) issued, net | 4 | (1,458) | (2,460) | (1,125) | (2,324) | |||
Balance | 40,446 | 39,918 | 40,814 | 42,286 | 42,305 | 43,182 | 40,446 | 42,286 |
Retained Earnings [Member] | ||||||||
Balance | 148,363 | 152,676 | 156,655 | 183,645 | 190,161 | 196,472 | 156,655 | 196,472 |
Net income (loss) | 94 | (4,313) | (3,979) | (25,230) | (6,516) | (6,311) | ||
Translation adjustments | ||||||||
Benefit plan adjustments, net of tax | ||||||||
Interest rate swap | ||||||||
Compensation expense | ||||||||
Shares (acquired) issued, net | ||||||||
Balance | 148,457 | 148,363 | 152,676 | 158,415 | 183,645 | 190,161 | 148,457 | 158,415 |
AOCI Attributable to Parent [Member] | ||||||||
Balance | (31,452) | (36,998) | (41,226) | (38,230) | (40,571) | (37,971) | (41,226) | (37,971) |
Net income (loss) | ||||||||
Translation adjustments | (2,970) | 4,887 | 3,600 | (1,257) | 1,647 | (3,014) | ||
Benefit plan adjustments, net of tax | 583 | 555 | 553 | 1,593 | 548 | 557 | ||
Interest rate swap | 193 | 104 | 75 | (582) | 146 | (143) | ||
Compensation expense | ||||||||
Shares (acquired) issued, net | ||||||||
Balance | (33,646) | (31,452) | (36,998) | (38,476) | (38,230) | (40,571) | (33,646) | (38,476) |
Treasury Stock [Member] | ||||||||
Balance | (15,102) | (16,560) | (18,796) | (18,796) | (19,920) | (21,332) | (18,796) | (21,332) |
Net income (loss) | ||||||||
Translation adjustments | ||||||||
Benefit plan adjustments, net of tax | ||||||||
Interest rate swap | ||||||||
Compensation expense | ||||||||
Shares (acquired) issued, net | (4) | 1,458 | 2,236 | 1,124 | 1,412 | |||
Balance | (15,106) | (15,102) | (16,560) | (18,796) | (18,796) | (19,920) | (15,106) | (18,796) |
Noncontrolling Interest [Member] | ||||||||
Balance | 668 | 623 | 569 | 561 | 511 | 602 | 569 | 602 |
Net income (loss) | 72 | 33 | 42 | 54 | 50 | 18 | ||
Translation adjustments | (38) | 12 | 12 | (9) | 0 | 18 | ||
Benefit plan adjustments, net of tax | ||||||||
Interest rate swap | ||||||||
Compensation expense | ||||||||
Shares (acquired) issued, net | ||||||||
Cash dividends | (127) | |||||||
Balance | $ 702 | $ 668 | $ 623 | $ 606 | $ 561 | $ 511 | $ 702 | $ 606 |
Note K - Stockholders' Equity -
Note K - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 26, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
Balance | $ 142,395 | $ 140,555 | $ 139,958 | $ 169,485 | $ 173,363 | $ 182,818 | $ 139,958 | $ 182,818 |
Translation adjustment during the quarter | (3,008) | 4,899 | 3,612 | (1,266) | 1,647 | (2,996) | 5,503 | (2,615) |
Balance | 140,853 | 142,395 | 140,555 | 144,035 | 169,485 | 173,363 | 140,853 | 144,035 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Balance | 11,941 | 7,054 | 3,454 | 3,072 | 1,425 | 4,439 | 3,454 | 4,439 |
Translation adjustment during the quarter | (2,970) | 4,887 | 3,600 | (1,257) | 1,647 | (3,014) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net current period other comprehensive income | (2,970) | 4,887 | 3,600 | (1,257) | 1,647 | (3,014) | ||
Net current period other comprehensive income | (2,970) | 4,887 | 3,600 | (1,257) | 1,647 | (3,014) | ||
Balance | 8,971 | 11,941 | 7,054 | 1,815 | 3,072 | 1,425 | 8,971 | 1,815 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Balance | (42,468) | (43,023) | (43,576) | (40,796) | (41,344) | (41,901) | (43,576) | (41,901) |
Translation adjustment during the quarter | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 583 | 555 | 553 | 1,593 | 548 | 557 | ||
Net current period other comprehensive income | 583 | 555 | 553 | 1,593 | 548 | 557 | ||
Net current period other comprehensive income | 583 | 555 | 553 | 1,593 | 548 | 557 | ||
Balance | (41,885) | (42,468) | (43,023) | (39,203) | (40,796) | (41,344) | (41,885) | (39,203) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | (925) | (1,029) | (1,104) | (506) | (652) | (509) | (1,104) | (509) |
Translation adjustment during the quarter | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 193 | 104 | 75 | (582) | 146 | (143) | ||
Net current period other comprehensive income | 193 | 104 | 75 | (582) | 146 | (143) | ||
Net current period other comprehensive income | 193 | 104 | 75 | (582) | 146 | (143) | ||
Balance | $ (732) | $ (925) | $ (1,029) | $ (1,088) | $ (506) | $ (652) | $ (732) | $ (1,088) |
Note K - Stockholders' Equity_2
Note K - Stockholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Mar. 26, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | ||
Income tax expense (benefit) | $ 300 | $ (3,145) | $ (3,267) | $ (3,722) | |||||
Net loss | 166 | $ (4,280) | $ (3,937) | (25,176) | $ (6,466) | $ (6,293) | (8,051) | (37,935) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||
Actuarial losses | [1] | 824 | 670 | 2,410 | 2,240 | ||||
Transition asset and prior service benefit | [1] | (64) | (64) | (190) | (191) | ||||
Total amortization | 760 | 606 | 2,220 | 2,049 | |||||
Income tax expense (benefit) | 177 | 490 | 529 | 828 | |||||
Net loss | $ 583 | 1,593 | $ 1,691 | 2,698 | |||||
Other benefit plan adjustments | $ (1,477) | $ (1,477) | |||||||
[1] | 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). |
Note L - Restructuring of Ope_3
Note L - Restructuring of Operations (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 70 Months Ended | |||
Mar. 26, 2021USD ($) | Mar. 27, 2020USD ($) | Dec. 27, 2019USD ($) | Mar. 26, 2021USD ($) | Mar. 27, 2020USD ($) | Mar. 26, 2021USD ($) | |
Restructuring Charges, Total | $ 251 | $ 532 | $ 777 | $ 4,902 | $ 13,182 | |
Restructuring and Related Cost, Number of Positions Eliminated | 249 | |||||
Payments for Restructuring | 646 | |||||
Employee Severance [Member] | ||||||
Restructuring Charges, Total | $ 251 | 532 | $ 777 | $ 1,717 | ||
Contract Termination [Member] | Manufacturing Segment [Member] | ||||||
Restructuring Charges, Total | $ 3,185 | |||||
Restructuring Reserve, Settled without Cash | $ 2,185 | |||||
Payments for Restructuring | $ 1,000 |
Note L - Restructuring of Ope_4
Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 70 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | |
Accrued restructuring liability | $ 84 | ||||
Additions | $ 251 | $ 532 | 777 | $ 4,902 | $ 13,182 |
Payments, adjustments and write-offs during the year | (646) | ||||
Accrued restructuring liability | $ 215 | $ 215 | $ 215 |
Note M - Earnings Per Share (De
Note M - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | |
Mar. 26, 2021 | Mar. 26, 2021 | Mar. 27, 2020 | |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 433,100 | 214,000 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 377,500 | 231,400 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,100 | 34,800 | 38,000 |
Note M - Earnings Per Share - C
Note M - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 26, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
Net loss | $ 166 | $ (4,280) | $ (3,937) | $ (25,176) | $ (6,466) | $ (6,293) | $ (8,051) | $ (37,935) |
Less: Net earnings attributable to noncontrolling interest | (72) | (54) | (147) | (122) | ||||
Less: Undistributed earnings attributable to unvested shares | 0 | 0 | 0 | 0 | ||||
Net income (loss) available to Twin Disc shareholders | $ 94 | $ (25,230) | $ (8,198) | $ (38,057) | ||||
Weighted average shares outstanding - basic (in shares) | 13,269 | 13,175 | 13,240 | 13,147 | ||||
Net income (loss) per share - basic (in dollars per share) | $ 0.01 | $ (1.92) | $ (0.62) | $ (2.89) | ||||
Net income (loss) available to Twin Disc shareholders | $ 94 | $ (25,230) | $ (8,198) | $ (38,057) | ||||
Effect of dilutive stock awards (in shares) | 26 | 0 | 0 | 0 | ||||
Weighted average shares outstanding - diluted (in shares) | 13,295 | 13,175 | 13,240 | 13,147 | ||||
Net income (loss) per share - diluted (in dollars per share) | $ 0.01 | $ (1.92) | $ (0.62) | $ (2.89) |
Note N - Lease Liabilities - Co
Note N - Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Amortization of right-of-use assets | $ 154 | $ 49 | $ 421 | $ 127 |
Interest on lease liabilities | 73 | 14 | 201 | 40 |
Operating lease cost | 717 | 789 | 2,097 | 2,384 |
Short-term lease cost | 17 | 18 | 29 | 43 |
Variable lease cost | 36 | 17 | 118 | 42 |
Total lease cost | 997 | 887 | 2,866 | 2,636 |
Less: Sublease income | (23) | (53) | (135) | (159) |
Net lease cost | $ 974 | $ 834 | $ 2,731 | $ 2,477 |
Note N - Lease Liabilities - Ot
Note N - Lease Liabilities - Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Operating cash flows from operating leases | $ 747 | $ 780 | $ 2,275 | $ 2,367 |
Operating cash flows from finance leases | 125 | 45 | 343 | 112 |
Financing cash flows from finance leases | 73 | 14 | 201 | 40 |
Right-of-use-assets obtained in exchange for lease obligations: Operating leases | 19 | 149 | 125 | 2,573 |
Right-of-use-assets obtained in exchange for lease obligations: Finance leases | $ 86 | $ 188 | $ 4,757 | $ 465 |
Weighted average remaining lease term (years): Operating leases (Year) | 10 years 6 months | 10 years 10 months 24 days | 10 years 6 months | 10 years 10 months 24 days |
Weighted average remaining lease term (years): Finance lease (Year) | 12 years 2 months 12 days | 4 years 3 months 18 days | 12 years 2 months 12 days | 4 years 3 months 18 days |
Weighted average discount rate: Operating leases | 7.40% | 7.40% | 7.40% | 7.40% |
Weighted average discount rate: Finance leases | 5.20% | 6.60% | 5.20% | 6.60% |
Note N - Lease Liabilities - Fu
Note N - Lease Liabilities - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands | Mar. 26, 2021USD ($) |
2021, Operating Leases | $ 626 |
2021, Finance Leases | 197 |
2022, Operating Leases | 2,391 |
2022, Finance Leases | 789 |
2023, Operating Leases | 2,119 |
2023, Finance Leases | 780 |
2024, Operating Leases | 1,898 |
2024, Finance Leases | 736 |
2025, Operating Leases | 1,663 |
2025, Finance Leases | 496 |
Thereafter, Operating Leases | 11,535 |
Thereafter, Finance Leases | 4,313 |
Total future lease payments, Operating Leases | 20,232 |
Total future lease payments, Finance Leases | 7,311 |
Less: Amount representing interest, Operating Leases | (6,331) |
Less: Amount representing interest, Finance Leases | (1,865) |
Present value of future payments, Operating Leases | 13,901 |
Present value of future payments, Finance Leases | $ 5,446 |
Note N - Lease Liabilities - _2
Note N - Lease Liabilities - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Operating lease liabilities | $ 17,352 | $ 13,495 |
Property, Plant and Equipment, Net [Member] | ||
Operating lease right-of-use assets | 13,880 | 14,448 |
Finance lease right-of-use assets | 5,335 | 959 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | 1,470 | 1,724 |
Finance lease liabilities | 525 | 233 |
Lease Obligation [Member] | ||
Operating lease liabilities | 12,431 | 12,738 |
Finance lease liabilities | $ 4,921 | $ 757 |
Note O - Derivative Financial_3
Note O - Derivative Financial Instruments (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Mar. 26, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 25, 2020USD ($) | Sep. 25, 2020USD ($) | Mar. 27, 2020USD ($) | Dec. 27, 2019USD ($) | Sep. 27, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 29, 2018USD ($) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 140,853 | $ 139,958 | $ 142,395 | $ 140,555 | $ 144,035 | $ 169,485 | $ 173,363 | $ 182,818 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 359 | ||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (732) | $ (1,104) | $ (925) | $ (1,029) | $ (1,088) | $ (506) | $ (652) | $ (509) | |
Interest Rate Swap [Member] | |||||||||
Derivative, Number of Instruments Held, Total | 1 | ||||||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Bank of Montreal [Member] | |||||||||
Derivative, Notional Amount | $ 16,500 | $ 20,000 | |||||||
Foreign Exchange Forward [Member] | |||||||||
Derivative, Number of Instruments Held, Total | 0 | 1 | |||||||
Derivative, Notional Amount | $ 1,247 | ||||||||
Derivative, Average Remaining Maturity (Day) | 7 days | ||||||||
Derivative, Loss on Derivative | $ 9 |
Note O - Derivative Financial_4
Note O - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 26, 2021 | Jun. 30, 2020 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liabilities, Current | $ 335 | $ 392 |
Other Noncurrent Liabilities [Member] | ||
Derivative Liabilities, Noncurrent | $ 623 | $ 1,052 |
Note O - Derivative Financial_5
Note O - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 26, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
Interest rate swap | $ 193 | $ 104 | $ 75 | $ (582) | $ 146 | $ (143) | $ 372 | $ (579) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||||
Interest rate swap | 193 | (582) | 372 | (579) | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||||||
Gain (loss) on derivative instruments | 98 | 37 | 297 | 79 | ||||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||
Gain (loss) on derivative instruments | $ 0 | $ 0 | $ (13) | $ 0 |