Shareholders' Equity

9 Months Ended

Mar. 27, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

K.   Shareholders’ Equity

On February 1, 2008, the Board of Directors authorized the purchase of 500,000 shares of Common Stock at market values.  On July 27, 2012, the Board of Directors authorized the purchase of an additional 375,000 shares of Common Stock at market values.  These authorizations have no expiration.  The Company made open market purchases of 125,000 shares of its outstanding Common Stock during fiscal 2012 and 185,000 shares during fiscal 2013.

The following is a reconciliation of the Company’s equity balances for the first fiscal nine months of 2014 and 2015 (in thousands):
	Twin Disc, Inc. Shareholders’ Equity
			Accumulated
			Other		Non-
	Common	Retained	Comprehensive	Treasury	Controlling	Total
	Stock	Earnings	Income (Loss)	Stock	Interest	Equity
Balance-June 30, 2013	$13,183	$184,110	($25,899)	($28,890)	$1,058	$143,562
Net income		1,320			168	1,488
Translation adjustments			4,137		(84)	4,053
Benefit plan adjustments, net of tax			1,506			1,506
Cash dividends		(3,045)			(487)	(3,532)
Compensation expense and
windfall tax benefits	1,457					1,457
Shares (acquired) issued, net	(2,964)			795		(2,169)
Balance-March 28, 2014	$11,676	$182,385	($20,256)	($28,095)	$655	$146,365
	Twin Disc, Inc. Shareholders’ Equity
			Accumulated
			Other		Non-
	Common	Retained	Comprehensive	Treasury	Controlling	Total
	Stock	Earnings	Income (Loss)	Stock	Interest	Equity
Balance-June 30, 2014	$11,973	$183,695	($15,943)	($28,141)	$727	$152,311
Net income		10,736			173	10,909
Translation adjustments			(14,676)		(86)	(14,762)
Benefit plan adjustments, net of tax			1,545			1,545
Cash dividends		(3,047)			(219)	(3,266)
Compensation expense and
windfall tax benefits	388					388
Shares (acquired) issued, net	(392)			94		(298)
Balance-March 27, 2015	$11,969	$191,384	($29,074)	($28,047)	$595	$146,827

Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended September 27, December 27, 2013, and March 28, 2014, and September 26, December 26, 2014, and March 27, 2015, are as follows:

	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2013	$ 16,949	($42,848)
Other comprehensive loss before reclassifications	1,926	(62)
Amounts reclassified from accumulated other comprehensive income	-	512
Net current period other comprehensive income	1,926	450
Balance at September 27, 2013	$ 18,875	($42,398)
Other comprehensive loss before reclassifications	1,113	14
Amounts reclassified from accumulated other comprehensive income	-	514
Net current period other comprehensive income	1,113	528
Balance at December 27, 2013	$ 19,988	($41,870)
Other comprehensive loss before reclassifications	1,098	15
Amounts reclassified from accumulated other comprehensive income	-	513
Net current period other comprehensive income	1,098	528
Balance at March 28, 2014	$ 21,086	($41,342)
	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2014	$ 20,779	($36,722)
Other comprehensive loss before reclassifications	(4,337)	-
Amounts reclassified from accumulated other comprehensive income	-	488
Net current period other comprehensive income	(4,337)	488
Balance at September 26, 2014	$ 16,442	($36,234)
Other comprehensive loss before reclassifications	(4,501)	27
Amounts reclassified from accumulated other comprehensive income	-	488
Net current period other comprehensive income	(4,501)	515
Balance at December 26, 2014	$ 11,941	($35,719)
Other comprehensive loss before reclassifications	(5,838)	54
Amounts reclassified from accumulated other comprehensive income	-	488
Net current period other comprehensive income	(5,838)	542
Balance at March 27, 2015	$   6,103	($35,177)

Reconciliations for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the three and nine months ended March 28, 2014 are as follows:

	Amount Reclassified Three Months Ended	Amount Reclassified Nine Months Ended
	March 28, 2014	March 28, 2014
Amortization of benefit plan items
Actuarial losses	$   864 (a)	$  2,592 (a)
Transition asset and prior service benefit	19	57
Total before tax benefit	883	2,649
Tax benefit	370	1,110
Total reclassification net of tax	$   513	$  1,539

(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).

Reconciliations for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the three and nine months ended March 27, 2015 are as follows:

	Amount Reclassified Three Months Ended	Amount Reclassified Nine Months Ended
	March 27, 2015	March 27, 2015
Amortization of benefit plan items
Actuarial losses	$      767 (a)	$   2,303 (a)
Transition asset and prior service benefit	10	29
Total before tax benefit	777	2,332
Tax benefit	289	868
Total reclassification net of tax	$     488	$   1,464

(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).