Note K - Stockholders' Equity

3 Months Ended

Sep. 25, 2015

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 315,000 shares as of the September 25, 2015 remain authorized for purchase.  The Company did not make any open market purchases of its shares during the current quarter.

The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2015 and 2016 (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, 2014	$	11,973		$	183,695		$	(15,943	)	$	(28,141	)	$	727		$	152,311
Net income					4,043									19			4,062
Translation adjustments								(4,337	)					9			(4,328	)
Benefit plan adjustments, net of tax								488									488
Cash dividends					(1,015	)								(219	)		(1,234	)
Compensation expense and windfall tax benefits		77															77
Shares (acquired) issued, net		(342	)								44						(298	)
Balance, September 26, 2014	$	11,708		$	186,723		$	(19,792	)	$	(28,097	)	$	536		$	151,078

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Income (Loss)			Stock			Interest			Equity
Balance, June 30, 2015	$	12,259		$	190,807		$	(35,481	)	$	(28,057	)	$	639		$	140,167
Net (loss) income					(4,323	)								48			(4,275	)
Translation adjustments								(1,787	)					(18	)		(1,805	)
Benefit plan adjustments, net of tax								739									739
Cash dividends					(1,019	)								(192	)		(1,211	)
Compensation expense and windfall tax benefits		303															303
Shares (acquired) issued, net		(1,045	)								857						(188	)
Balance, September 25, 2015	$	11,517		$	185,465		$	(36,529	)	$	(27,200	)	$	477		$	133,730

Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarter ended September 26, 2014, and September 25, 2015, are as follows:

	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 (loss) income		(4,337	)		488
Balance at September 26, 2014	$	16,442		$	(36,234	)

	Translation Adjustment			Benefit Plan Adjustment
Balance at June 30, 2015	$	6,740		$	(42,221	)
Other comprehensive loss before reclassifications		(1,787	)		51
Amounts reclassified from accumulated other comprehensive income		-			688
Net current period other comprehensive (loss) income		(1,787	)		739
Balance at September 25, 2015	$	4,953		$	(41,482	)

Reconciliations for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter ended September 26, 2014 are as follows:

	Amount Reclassified
	Quarter Ended
	September 26, 2014
Amortization of benefit plan items
Actuarial losses	$	768	(a)
Transition asset and prior service benefit		9	(a)
Total before tax benefit		777
Tax benefit		289
Total reclassification net of tax	$	488

(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 quarter ended September 25, 2015 are as follows:

	Amount Reclassified
	Quarter Ended
	September 25, 2015
Amortization of benefit plan items
Actuarial losses	$	1,090	(a)
Transition asset and prior service benefit		9	(a)
Total before tax benefit		1,099
Tax benefit		411
Total reclassification net of tax	$	688

(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).