Note K - Shareholders' Equity

6 Months Ended

Dec. 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

December 29, 2017

remain authorized for purchase.  The Company did

not

make any open market purchases of its shares during the quarter and

two

quarters ended

December 29, 2017

and

December 30, 2016.

The following is a reconciliation of the Company

’s equity balances for the

first

two

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 (loss) income					(722	)								76			(646	)
Translation adjustments								3,036						(7	)		3,029
Benefit plan adjustments, net of tax								2,208									2,208
Cash dividends														(172	)		(172	)
Compensation expense		1,063															1,063
Shares (acquired) issued, net		(1,406	)								1,006						(400	)
Balance, December 29, 2017	$	10,086		$	168,646		$	(27,427	)	$	(23,199	)	$	543		$	128,649

	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

R

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

September 29,

and

December 29, 2017,

and

September 30,

and

December 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 adjustment during the quarter		489		-
Other comprehensive income before reclassifications		-		1,695
Amounts reclassified from accumulated other comprehensive income		-		39
Net current period other comprehensive income		489		1,734
Balance at December 29, 2017	$	9,166	$	(36,593	)

	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	)

Reconciliation for the

changes in benefit plan adjustments, net of tax for the quarter and

two

quarters ended

December 29, 2017

are as follows:

	Amount Reclassified			Amount Reclassified
	Quarter Ended			Two Quarters Ended
	December 29, 2017			December 29, 2017
Changes in benefit plan items
Actuarial losses	$	703	(a)	$	1,445	(a)
Transition asset and prior service benefit		10	(a)		20	(a)
Total amortization		713			1,465
Other benefit plan adjustments		(1,695	)		(1,695	)
Income taxes		674			952
Total reclassification net of tax	$	1,734		$	2,208

(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 changes in benefit plan adjustments, net of tax for the quarter and

two

quarters ended

December 30, 2016

is as follows:

	Amount Reclassified			Amount Reclassified
	Quarter Ended			Two Quarters Ended
	December 30, 2016			December 30, 2016
Changes in benefit plan items
Actuarial losses	$	1,139	(a)	$	2,200	(a)
Transition asset and prior service benefit		10	(a)		20	(a)
Total amortization		1,149			2,220
Income taxes		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).