Note K - Shareholders' Equity

6 Months Ended

Dec. 30, 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

December

30,

2016

remain authorized for purchase.  The Company did not make any open market purchases of its shares during the quarter and

two

quarters ended

December

30,

2016

and

December

25,

2015.

The following is a reconciliation of the Company’s equity balances for the

first

two

fiscal quarters of

2017

and

2016:

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Income (Loss)			Stock			Interest			Equity
Balance, June 30, 2016	$	11,761		$	175,662		$	(44,143	)	$	(26,790	)	$	563		$	117,053
Net (loss) income					(5,608	)								45			(5,563	)
Translation adjustments								(3,581	)					66			(3,515	)
Benefit plan adjustments, net of tax								1,422									1,422
Cash dividends														(109	)		(109	)
Compensation expense and tax shortfall		573															573
Shares (acquired) issued, net		(2,725	)								2,585						(140	)
Balance, December 30, 2016	$	9,609		$	170,054		$	(46,302	)	$	(24,205	)	$	565		$	109,721

	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					(6,624	)								60			(6,564	)
Translation adjustments								(4,118	)					(10	)		(4,128	)
Benefit plan adjustments, net of tax								1,544									1,544
Cash dividends					(2,041	)								(192	)		(2,233	)
Compensation expense and tax shortfall		376															376
Shares (acquired) issued, net		(1,444	)								1,267						(177	)
Balance, December 25, 2015	$	11,191		$	182,142		$	(38,055	)	$	(26,790	)	$	497		$	128,985

Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended

September

30,

and

December

30,

2016,

and

September

25,

and

December

25,

2015

are as follows:

	Translation			Benefit Plan
	Adjustment			Adjustment
Balance at June 30, 2016	$	5,158		$	(49,301	)
Translation adjustment during the quarter		627			-
Amounts reclassified from accumulated other comprehensive income		-			672
Net current period other comprehensive income		627			672
Balance at September 30, 2016	$	5,785		$	(48,629	)
Translation adjustment during the quarter		(4,208	)		-
Amounts reclassified from accumulated other comprehensive income		-			750
Net current period other comprehensive (loss) income		(4,208	)		750
Balance at December 30, 2016	$	1,577		$	(47,879	)

	Translation			Benefit Plan
	Adjustment			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	)

Reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter and

two

quarters ended

December

30,

2016

are as follows:

	Amount Reclassified			Amount Reclassified
	Quarter Ended			Two Quarters Ended
	December 30, 2016			December 30, 2016
Amortization of benefit plan items
Actuarial losses	$	1,139	(a)	$	2,200	(a)
Transition asset and prior service benefit		10	(a)		20	(a)
Total before tax benefit		1,149			2,220
Tax benefit		399			798
Total reclassification net of tax	$	750		$	1,422

(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).

Reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the quarter and

two

quarters ended

December

25,

2015

is as follows:

	Amount Reclassified			Amount Reclassified
	Quarter Ended			Two Quarters Ended
	December 25, 2015			December 25, 2015
Amortization of benefit plan items
Actuarial losses	$	1,262	(a)	$	2,418	(a)
Transition asset and prior service benefit		8	(a)		17	(a)
Total before tax benefit		1,270			2,435
Tax benefit		465			891
Total reclassification net of tax	$	805		$	1,544

(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).