Note K - Stockholders' Equity

9 Months Ended

Mar. 25, 2016

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 shares as of March 25, 2016 remain authorized for purchase.  The Company did not make any open market purchases of its shares during the quarter ended March 25, 2016.

The following is a reconciliation of the Company’s equity balances for the first three fiscal quarters of 2016 and 2015:

	Twin Disc, Inc. Shareholders’ Equity
	Common Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Non- Controlling Interest			Total Equity
Balance, June 30, 2015	$	12,259		$	190,807		$	(35,481	)	$	(28,057	)	$	639		$	140,167
Net (loss) income					(7,586	)								91			(7,495	)
Translation adjustments								(2,179	)					(10	)		(2,189	)
Benefit plan adjustments, net of tax								2,215									2,215
Cash dividends					(2,041	)								(192	)		(2,233	)
Compensation expense and windfall tax benefits		715															715
Shares (acquired) issued, net		(1,444	)								1,267						(177	)
Balance, March 25, 2016	$	11,530		$	181,180		$	(35,445	)	$	(26,790	)	$	528		$	131,003

	Twin Disc, Inc. Shareholders’ Equity
	Common Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Non- Controlling Interest			Total 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 quarters ended September 25, December 25, 2015, and March 25, 2016, and September 26, December 26, 2014, and March 27, 2015, are as follows:

	Translation Adjustment			Benefit Plan Adjustment
Balance at June 30, 2015	$	6,740		$	(42,221	)
Translation adjustment during the quarter		(1,787	)		-
Amounts reclassified from accumulated other comprehensive income		-			739
Net current period other comprehensive (loss) income		(1,787	)		739
Balance at September 25, 2015	$	4,953		$	(41,482	)
Translation adjustment during the quarter		(2,331	)		-
Amounts reclassified from accumulated other comprehensive income		-			805
Net current period other comprehensive (loss) income		(2,331	)		805
Balance at December 25, 2015	$	2,622		$	(40,677	)
Translation adjustment during the quarter		1,939			-
Amounts reclassified from accumulated other comprehensive income		-			671
Net current period other comprehensive (loss) income		1,939			671
Balance at March 25, 2016	$	4,561		$	(40,006	)

	Translation Adjustment			Benefit Plan Adjustment
Balance at June 30, 2014	$	20,779		$	(36,722	)
Translation adjustment during the quarter		(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 during the quarter		(4,501	)		-
Amounts reclassified from accumulated other comprehensive income		-			515
Net current period other comprehensive (loss) income		(4,501	)		515
Balance at December 26, 2014	$	11,941		$	(35,719	)
Translation adjustment during the quarter		(5,838	)		-
Amounts reclassified from accumulated other comprehensive income		-			542
Net current period other comprehensive (loss) 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 one and three quarters ended March 25, 2016 are as follows:

	Amount Reclassified Quarter Ended March 25, 2016			Amount Reclassified Three Quarters Ended March 25, 2016
Amortization of benefit plan items
Actuarial losses	$	906	(a)	$	3,324	(a)
Transition asset and prior service benefit		8	(a)		25	(a)
Total before tax benefit		914			3,349
Tax benefit		243			1,134
Total reclassification net of tax	$	671		$	2,215

(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 one and three quarters ended March 27, 2015 are as follows:

	Amount Reclassified Quarter Ended March 27, 2015			Amount Reclassified Three Quarters Ended March 27, 2015
Amortization of benefit plan items
Actuarial losses	$	854	(a)	$	2,433	(a)
Transition asset and prior service benefit		10	(a)		29	(a)
Total before tax benefit		864			2,462
Tax benefit		322			917
Total reclassification net of tax	$	542		$	1,545

(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).