Note K - Shareholders' Equity

3 Months Ended

Sep. 29, 2017

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

September 29, 2017

remain authorized for purchase.  The Company did

not

make any open market purchases of its shares during the quarters ended

September 29, 2017

and

September 30, 2016.

The following is a reconciliation of the Company

’s equity balances for the

first

fiscal quarters of

2018

and

2017:

	Twin Disc, Inc. Shareholders ’ Equity
						Accumulated
						Other						Non-
	Common			Retained		Comprehensive			Treasury			Controlling			Total
	Stock			Earnings		Income (Loss)			Stock			Interest			Equity
Balance, June 30, 2017	$	10,429		$	169,368	$	(32,671	)	$	(24,205	)	$	646		$	123,567
Net income					3,392								13			3,405
Translation adjustments							2,547						(6	)		2,541
Benefit plan adjustments, net of tax							474									474
Cash dividends													(172	)		(172	)
Compensation expense		479														479
Shares (acquired) issued, net		(1,030	)							817						(213	)
Balance, September 29, 2017	$	9,878		$	172,760	$	(29,650	)	$	(23,388	)	$	481		$	130,081

	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					(2,696	)								25			(2,671	)
Translation adjustments								627						56			683
Benefit plan adjustments, net of tax								672									672
Cash dividends														(109	)		(109	)
Compensation expense and tax shortfall		208															208
Shares (acquired) issued, net		(1,493	)								1,353						(140	)
Balance, September 30, 2016	$	10,476		$	172,966		$	(42,844	)	$	(25,437	)	$	535		$	115,696

R

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

September 29, 2017

and

September 30, 2016

are as follows:

	Translation		Benefit Plan
	Adjustment		Adjustment
Balance at June 30, 2017	$	6,130	$	(38,801	)
Translation adjustment during the quarter		2,547		-
Amounts reclassified from accumulated other comprehensive income		-		474
Net current period other comprehensive income		2,547		474
Balance at September 29, 2017	$	8,677	$	(38,327	)

	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	)

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

quarter ended

September 29, 2017

are as follows:

	Amount Reclassified
	Quarter Ended
	September 29, 2017
Amortization of benefit plan items
Actuarial losses	$	742	(a)
Transition asset and prior service benefit		10	(a)
Total before tax benefit		752
Tax benefit		278
Total reclassification net of tax	$	474

(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 f

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

September 30, 2016

is as follows:

	Amount Reclassified
	Quarter Ended
	September 30, 2016
Amortization of benefit plan items
Actuarial losses	$	1,061	(a)
Transition asset and prior service benefit		10	(a)
Total before tax benefit		1,071
Tax benefit		399
Total reclassification net of tax	$	672

(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).