Twin Disc (TWIN) 10-Q 8 May 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 30, 2018	May 04, 2018
Document Information [Line Items]
Entity Registrant Name	TWIN DISC INC
Entity Central Index Key	100,378
Trading Symbol	twin
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		11,551,285
Document Type	10-Q
Document Period End Date	Mar. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 30, 2018	Jun. 30, 2017
ASSETS
Cash	$ 15,115	$ 16,367
Trade accounts receivable, net	39,752	31,392
Inventories	80,041	66,193
Prepaid expenses	7,738	8,295
Other	9,461	7,187
Total current assets	152,107	129,434
Property, plant and equipment, net	48,031	48,212
Deferred income taxes	18,997	24,198
Goodwill, net	2,843	2,585
Intangible assets, net	2,041	2,009
Other assets	4,580	4,460
Total assets	228,599	210,898
LIABILITIES AND EQUITY
Accounts payable	26,244	21,301
Accrued liabilities	26,624	23,222
Total current liabilities	52,868	44,523
Long-term debt	7,604	6,323
Accrued retirement benefits	29,944	33,706
Deferred income taxes	988	1,011
Other long-term liabilities	1,585	1,768
Total liabilities	92,989	87,331
Commitments and contingencies (Note D)
Equity:
Preferred shares authorized: 200,000; issued: none; no par value	0	0
Common shares authorized: 30,000,000; issued: 13,099,468; no par value	10,902	10,429
Retained earnings	172,954	169,368
Accumulated other comprehensive loss	(25,102)	(32,671)
Equity before treasury stock	158,754	147,126
Less treasury stock, at cost (1,548,183 and 1,580,335 shares, respectively)	23,713	24,205
Total Twin Disc shareholders' equity	135,041	122,921
Noncontrolling interest	569	646
Total equity	135,610	123,567
Total liabilities and equity	$ 228,599	$ 210,898

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 30, 2018	Jun. 30, 2017
Preferred Shares, Authorized (in shares)	200,000	200,000
Preferred Shares, Issued (in shares)	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Common Shares, Authorized (in shares)	30,000,000	30,000,000
Common Shares, Issued (in shares)	13,099,468	13,099,468
Common Shares, No Par Value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	1,548,183	1,580,335

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Net sales	$ 65,349	$ 45,084	$ 166,960	$ 114,591
Cost of goods sold	44,624	31,790	114,214	83,175
Gross profit	20,725	13,294	52,746	31,416
Marketing, engineering and administrative expenses	14,747	13,737	43,683	38,772
Restructuring expenses	452	293	2,501	1,367
Goodwill and other impairment charge		2,637		2,637
Income (loss) from operations	5,526	(3,373)	6,562	(11,360)
Interest expense	80	61	227	236
Other expense (income), net	(23)	(67)	244	(414)
Non-operating income (expense)	57	(6)	471	(178)
Income (loss) before income taxes and noncontrolling interest	5,469	(3,367)	6,091	(11,182)
Income tax expense (benefit)	1,133	(1,639)	2,401	(3,892)
Net income (loss)	4,336	(1,728)	3,690	(7,290)
Less: Net earnings attributable to noncontrolling interest, net of tax	(28)	(121)	(104)	(166)
Net income (loss) attributable to Twin Disc	$ 4,308	$ (1,849)	$ 3,586	$ (7,456)
Income (loss) per share data:
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.37	$ (0.16)	$ 0.31	$ (0.66)
Diluted income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.37	$ (0.16)	$ 0.31	$ (0.66)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	11,313	11,250	11,289	11,236
Diluted shares outstanding (in shares)	11,344	11,250	11,320	11,236
Comprehensive income (loss):
Net income (loss)	$ 4,336	$ (1,728)	$ 3,690	$ (7,290)
Benefit plan adjustments, net of income taxes of $212, $398, $1,164 and $1,196, respectively	474	682	2,682	2,104
Foreign currency translation adjustment	1,849	1,059	4,878	(2,456)
Comprehensive income (loss)	6,659	13	11,250	(7,642)
Less: Comprehensive income attributable to noncontrolling interest	(26)	(38)	(95)	(149)
Comprehensive income (loss) attributable to Twin Disc	$ 6,633	$ (25)	$ 11,155	$ (7,791)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Benefit plan adjustments, tax	$ 212	$ 398	$ 1,164	$ 1,196

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 3,690	$ (7,290)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	4,908	5,368
Restructuring expenses	162	129
Impairment charge		2,637
Provision for deferred income taxes	3,455	(3,640)
Stock compensation expense and other non-cash changes, net	1,330	1,163
Net change in operating assets and liabilities	(12,544)	791
Net cash provided (used) by operating activities	1,001	(842)
Cash flows from investing activities:
Acquisitions of fixed assets	(4,354)	(1,869)
Proceeds from sale of fixed assets	141	11
Other, net	(129)	(129)
Net cash used by investing activities	(4,342)	(1,987)
Cash flows from financing activities:
Borrowings under revolving loan agreement	54,415	38,793
Repayments under revolving loan agreement	(53,138)	(38,316)
Dividends paid to noncontrolling interest	(172)	(109)
Payments of withholding taxes on stock compensation	(422)	(140)
Net cash provided by financing activities	683	228
Effect of exchange rate changes on cash	1,406	(732)
Net change in cash	(1,252)	(3,333)
Cash:
Beginning of period	16,367	18,273
End of period	$ 15,115	$ 14,940

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	A. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments, consisting only of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not 10 June 30, 2017. not New Accounting Releases In February 2018, 2018 02 December 15, 2018, ( 2020 not no In March 2017, 2017 07 December 15, 2017, ( 2019 In October 2016, 2016 16 December 15, 2017 ( 2019 In August 2016, 2016 15 eight December 15, 2017 ( 2019 In March 2016, 2016 09 first 2018. not In February 2016, 2016 02 12 December 15, 2018 2020 In preparation for the adoption of this guidance, the Company gathered all active lease contracts from all its locations to assess whether or not not twelve The Company is continuing its assessment, including the potential operational process changes as a result of the new guidance. It plans to early-adopt the guidance, using the modified retrospective approach, to coincide with its adoption of the new revenue recognition guidance, which is the first 2019. In July 2015, 2015 11 first first 2018. not In May 2014, 2014 09 December 15, 2017 ( first 2019 In preparation for the adoption of this guidance, the Company gathered customer contracts and customer purchase orders of its various locations to assess whether there are separate and distinct performance obligations, as defined by ASU 2014 09, may may not first 2019.

Note B - Inventories

Note B - Inventories	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	B. Inventor ies The major classes of inventories were as follows: March 30, 2018 June 30, 2017 Inventories: Finished parts $ 50,830 $ 45,829 Work in process 11,850 8,358 Raw materials 17,361 12,006 $ 80,041 $ 66,193

Note C - Warranty

Note C - Warranty	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	C. Warranty The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarter and three March 30, 2018 March 31, 2017: For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Reserve balance, beginning of period $ 2,467 $ 2,542 $ 2,062 $ 3,607 Current period expense and adjustments 1,217 (189 ) 2,598 54 Payments or credits to customers (559 ) (456 ) (1,581 ) (1,724 ) Translation 24 5 70 (35 ) Reserve balance, end of period $ 3,149 $ 1,902 $ 3,149 $ 1,902 The current portion of the warranty accrual ( $2,705 $1,507 March 30, 2018 March 31, 2017, $444 $395 March 30, 2018 March 31, 2017,

Note D - Contingencies

Note D - Contingencies	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	D. Contingencies The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not not

Note E - Business Segments

Note E - Business Segments	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	E. Business Segments The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company has two Information about the Company’s segments is summarized as follows: For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Net sales Manufacturing segment sales $ 58,482 $ 39,793 $ 146,935 $ 99,764 Distribution segment sales 22,854 17,596 61,852 47,282 Inter/Intra segment elimination – manufacturing (13,494 ) (9,427 ) (33,315 ) (25,782 ) Inter/Intra segment elimination – distribution (2,493 ) (2,878 ) (8,512 ) (6,673 ) $ 65,349 $ 45,084 $ 166,960 $ 114,591 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 6,910 $ (213 ) $ 12,100 $ (3,092 ) Distribution segment net income 1,149 679 2,205 1,446 Corporate and eliminations (3,751 ) (2,315 ) (10,719 ) (5,810 ) $ 4,308 $ (1,849 ) $ 3,586 $ (7,456 ) Assets March 30, 2018 June 30, 2017 Manufacturing segment assets $ 249,348 $ 222,136 Distribution segment assets 51,163 50,418 Corporate assets and elimination of intercompany assets (71,912 ) (61,656 ) $ 228,599 $ 210,898

Note F - Stock-based Compensati

Note F - Stock-based Compensation	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	F. Stock-Based Compensation Performance Stock Awards (“PSA”) During the first three 2018 2017, 54.9 109.6 2018 three June 30, 2020. 69.2. The fiscal 2017 three June 30, 2019. 149.4. not There were 206.2 181.8 March 30, 2018 March 31, 2017, $138 $15 March 30, 2018 March 31, 2017, $274 $45 three March 30, 2018 March 31, 2017, March 30, 2018 $11.75. March 30, 2018, $2,036 2018, 2017 2016 March 30, 2018 March 31, 2017 $0. Restricted Stock Awards (“RS”) The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 3 first three 2018 2017, 85.3 181.8 237.7 269.6 March 30, 2018 March 31, 2017, 32.7 three March 30, 2018. no three March 31, 2017. $186 $430 March 30, 2018 March 31, 2017, $1,113 $1,126 three March 30, 2018 March 31, 2017, March 30, 2018 March 31, 2017 $1,809 $587, March 30, 2018, $1,512 three

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	G. Pension and Other Postretirement Benefit Plans The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Pension Benefits: Service cost $ 260 $ 238 $ 763 $ 718 Interest cost 1,089 1,130 3,225 3,373 Expected return on plan assets (1,524 ) (1,537 ) (4,565 ) (4,436 ) Amortization of transition obligation 9 8 27 26 Amortization of prior service cost 1 1 3 3 Amortization of actuarial net loss 759 900 2,277 2,698 Net periodic benefit cost $ 594 $ 740 $ 1,730 $ 2,382 Postretirement Benefits: Service cost $ 5 $ 6 $ 15 $ 19 Interest cost 78 123 247 367 Amortization of actuarial net loss (59 ) 181 (115 ) 545 Net periodic benefit cost $ 24 $ 310 $ 147 $ 931 The Company expects to contribute approximately $2,265 2018. March 30, 2018, $1,949 The Company has reclassified $474 $212 March 30, 2018, $682 $398 March 31, 2017. $2,682 $1,164 three March 30, 2018, $2,104 $1,196 three March 31, 2017.

Note H - Income Taxes

Note H - Income Taxes	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H. Income Taxes On December 22, 2017, January 1, 2018; June 30, For the three March 30, 2018 March 31, 2017, 39.4% 34.8% $4,293 70.5%. first $3,803 62.4%. IRC§199, 3.1%. Within the calculation of the Company’s annual effective tax rate the Company has used assumptions and estimates that may The following table sets forth the tax expense and the effective tax rate for the Company’s earnings before income taxes: For the Three Quarters Ended March 30, 2018 March 31, 2017 Income (loss) before income taxes $ 6,091 $ (11,182 ) Income tax expense (benefit) 2,401 (3,892 ) Effective tax rate 39.4 % 34.8 % The permanent reduction to the U.S. federal corporate income tax rate from 35% 21% January 1, 2018 ( 27.6% June 30, 2018 first three 27.6% 34% 2018 21% 2018 21% June 30, 2018. The Company completed a provisional calculation to determine the impact of a one March 30, 2018, 2018, two zero no 100% no The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”), a deduction for foreign-derived intangible income (FDII) and base erosion anti-abuse tax (“BEAT”) on the Company, which are not 2019. not first three 2018. not not may Under ASC Topic 740, Income Taxes 740" December 22, 2017. December 29, 2017. 118 118” 118 three 1 2 not 3 no 740 no one not 118 not one three March 30, 2018, 2018. Accordingly, the Company’s income tax provision as of March 30, 2018 For the Three Quarters Ended March 30, 2018 Transition Tax (provisional) $ - Net impact on U.S. deferred tax assets and liabilities (provisional) (4,293 ) Net discrete impacts of the enactment of the Tax Act $ (4,293 ) The Company maintains valuation allowances when it is more likely than not not no first 2018. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated annual effective tax rate. Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company has approximately $798 March 30, 2018 no March 30, 2018. twelve Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination are 2011 2017 2015. 2010 2013. 2018.

Note I - Goodwill and Other Int

Note I - Goodwill and Other Intangibles	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	I. Goodwill and Other Intangibles The Company reviews goodwill for impairment on a reporting unit basis annually as of the end of the fiscal year, and whenever events or circumstances (“triggering events”) indicate that the carrying value of goodwill may not The fair value of reporting units is primarily driven by projected growth rates and operating results under the income approach using a discounted cash flow model, which applies an appropriate market-participant discount rate, and consideration of other market approach data from guideline public companies. If declining actual operating results or future operating results become indicative that the fair value of the Company’s reporting units has declined below their carrying values, an interim goodwill impairment test may may As of March 30, 2018 June 30, 2017, For the quarter ended March 30, 2018, no not not March 30, 2018. June 30, 2018. The changes in the carrying amount of goodwill are summarized as follows: Net Book Value Rollforward Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2017 $ 16,407 $ (13,822 ) $ 2,585 Translation adjustment 258 - 258 Balance at March 30, 2018 $ 16,665 $ (13,822 ) $ 2,843 At March 30, 2018, Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Licensing agreements Trade Name Other Balance at June 30, 2017 $ 13,436 $ (11,632 ) $ 1,804 $ 390 $ 1,319 $ 95 Addition 19 - 19 - - 19 Amortization - (135 ) (135 ) (45 ) (66 ) (24 ) Translation adjustment 139 - 139 - 129 10 Balance at March 30, 2018 $ 13,594 $ (11,767 ) $ 1,827 $ 345 $ 1,382 $ 100 The weighted average remaining useful life of the intangible assets included in the table above is approximately 13 Intangible amortization expense was $46 $41 March 30, 2018, March 31, 2017, $135 $126 three March 30, 2018, March 31, 2017, 2018 five Fiscal Year 2018 $ 59 2019 191 2020 176 2021 161 2022 154 2023 153 The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not March 30, 2018 June 30, 2017 $214 $205,

Note J - Long-term Debt

Note J - Long-term Debt	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at March 30, 2018 June 30, 2017 March 30, 2018 June 30, 2017 Revolving loan $ 7,565 $ 6,285 Other 39 38 Subtotal 7,604 6,323 Less: current maturities and short-term borrowings - - Total long-term debt $ 7,604 $ 6,323 The revolving loan agreement pertains to the revolving loan facility which the Company entered into on April 22, 2016 March 30, 2018, $34,581, $26,146 March 30, 2018, 3.41%. The Company’s revolving loan agreement approximates fair value at March 30, 2018 June 30, 2017. 2

Note K - Shareholders' Equity

Note K - Shareholders' Equity	9 Months Ended
	Mar. 30, 2018
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 March 30, 2018 not three March 30, 2018 March 31, 2017. The following is a reconciliation of the Company’s equity balances for the first three 2018 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 3,586 104 3,690 Translation adjustments 4,887 (9 ) 4,878 Benefit plan adjustments, net of tax 2,682 2,682 Cash dividends (172 ) (172 ) Compensation expense 1,387 1,387 Shares (acquired) issued, net (914 ) 492 (422 ) Balance, March 30, 2018 $ 10,902 $ 172,954 $ (25,102 ) $ (23,713 ) $ 569 $ 135,610 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 (7,456 ) 166 (7,290 ) Translation adjustments (2,439 ) (17 ) (2,456 ) Benefit plan adjustments, net of tax 2,104 2,104 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 1,004 1,004 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, March 31, 2017 $ 10,040 $ 168,206 $ (44,478 ) $ (24,205 ) $ 603 $ 110,166 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 29, December 29, 2017, March 30, 2018, September 30, December 30, 2016, March 31, 2017 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 adjustment during the quarter 1,851 - Amounts reclassified from accumulated other comprehensive income - 474 Net current period other comprehensive income 1,851 474 Balance at March 30, 2018 $ 11,017 $ (36,119 ) 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 adjustment during the quarter 1,142 - Amounts reclassified from accumulated other comprehensive income - 682 Net current period other comprehensive income 1,142 682 Balance at March 31, 2017 $ 2,719 $ (47,197 ) Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and three March 30, 2018 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 30, 2018 March 30, 2018 Changes in benefit plan items Actuarial losses $ 676 (a) $ 2,121 (a) Transition asset and prior service benefit 10 (a) 30 (a) Total amortization 686 2,151 Other benefit plan adjustments - (1,695 ) Income taxes 212 1,164 Total reclassification net of tax $ 474 $ 2,682 (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 changes in benefit plan adjustments, net of tax for the quarter and three March 31, 2017 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 31, 2017 March 31, 2017 Changes in benefit plan items Actuarial losses $ 1,071 (a) $ 3,271 (a) Transition asset and prior service benefit 9 (a) 29 (a) Total amortization 1,080 3,300 Income taxes 398 1,196 Total reclassification net of tax $ 682 $ 2,104 (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).

Note L - Restructuring of Opera

Note L - Restructuring of Operations	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	L. Restructuring of Operations The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth 2015. During the current year, the Company implemented additional actions to reduce personnel costs in its Belgian operations and reorganize for productivity in its European operations. These actions, together with the costs associated with the India manufacturing operations exit, resulted in a restructuring charge of $452 $2,501 three March 30, 2018, three March 31, 2017, $293 $1,367, Restructuring activities since June 2015 164 March 30, 2018 $8,376. The following is a rollforward of restructuring activity: Accrued restructuring liability, June 30, 2017 $ 92 Additions during the year 2,501 Payments and adjustments during the year (2,578 ) Accrued restructuring liability, March 30, 2018 $ 15

Note M - Earnings Per Share

Note M - Earnings Per Share	9 Months Ended
	Mar. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	M. Earnings Per Share The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the two The components of basic and diluted earnings per share were as follows: For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Basic: Net income (loss) $ 4,336 $ (1,728 ) $ 3,690 $ (7,290 ) Less: Net earnings attributable to noncontrolling interest (28 ) (121 ) (104 ) (166 ) Less: Undistributed earnings attributable to unvested shares (98 ) - (86 ) - Net income (loss) available to Twin Disc shareholders 4,210 (1,849 ) 3,500 (7,456 ) Weighted average shares outstanding - basic 11,313 11,250 11,289 11,236 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.37 $ (0.16 ) $ 0.31 $ (0.66 ) Diluted: Net income (loss) $ 4,336 $ (1,728 ) $ 3,690 $ (7,290 ) Less: Net earnings attributable to noncontrolling interest (28 ) (121 ) (104 ) (166 ) Less: Undistributed earnings attributable to unvested shares (98 ) - (86 ) - Net income (loss) available to Twin Disc shareholders 4,210 (1,849 ) 3,500 (7,456 ) Weighted average shares outstanding - basic 11,313 11,250 11,289 11,236 Effect of dilutive stock awards 31 - 31 - Weighted average shares outstanding - diluted 11,344 11,250 11,320 11,236 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.37 $ (0.16 ) $ 0.31 $ (0.66 ) The following potential common shares were excluded from diluted EPS for the quarter and three March 30, 2018 179.1 237.7 5.4 The following potential common shares were excluded from diluted EPS for the quarter and three March 31, 2017 181.8 269.6 13.2

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 30, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Releases In February 2018, 2018 02 December 15, 2018, ( 2020 not no In March 2017, 2017 07 December 15, 2017, ( 2019 In October 2016, 2016 16 December 15, 2017 ( 2019 In August 2016, 2016 15 eight December 15, 2017 ( 2019 In March 2016, 2016 09 first 2018. not In February 2016, 2016 02 12 December 15, 2018 2020 In preparation for the adoption of this guidance, the Company gathered all active lease contracts from all its locations to assess whether or not not twelve The Company is continuing its assessment, including the potential operational process changes as a result of the new guidance. It plans to early-adopt the guidance, using the modified retrospective approach, to coincide with its adoption of the new revenue recognition guidance, which is the first 2019. In July 2015, 2015 11 first first 2018. not In May 2014, 2014 09 December 15, 2017 ( first 2019 In preparation for the adoption of this guidance, the Company gathered customer contracts and customer purchase orders of its various locations to assess whether there are separate and distinct performance obligations, as defined by ASU 2014 09, may may not first 2019.

Note B - Inventories (Tables)

Note B - Inventories (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 30, 2018 June 30, 2017 Inventories: Finished parts $ 50,830 $ 45,829 Work in process 11,850 8,358 Raw materials 17,361 12,006 $ 80,041 $ 66,193

Note C - Warranty (Tables)

Note C - Warranty (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Reserve balance, beginning of period $ 2,467 $ 2,542 $ 2,062 $ 3,607 Current period expense and adjustments 1,217 (189 ) 2,598 54 Payments or credits to customers (559 ) (456 ) (1,581 ) (1,724 ) Translation 24 5 70 (35 ) Reserve balance, end of period $ 3,149 $ 1,902 $ 3,149 $ 1,902

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Net sales Manufacturing segment sales $ 58,482 $ 39,793 $ 146,935 $ 99,764 Distribution segment sales 22,854 17,596 61,852 47,282 Inter/Intra segment elimination – manufacturing (13,494 ) (9,427 ) (33,315 ) (25,782 ) Inter/Intra segment elimination – distribution (2,493 ) (2,878 ) (8,512 ) (6,673 ) $ 65,349 $ 45,084 $ 166,960 $ 114,591 Net income (loss) attributable to Twin Disc Manufacturing segment net income (loss) $ 6,910 $ (213 ) $ 12,100 $ (3,092 ) Distribution segment net income 1,149 679 2,205 1,446 Corporate and eliminations (3,751 ) (2,315 ) (10,719 ) (5,810 ) $ 4,308 $ (1,849 ) $ 3,586 $ (7,456 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Assets March 30, 2018 June 30, 2017 Manufacturing segment assets $ 249,348 $ 222,136 Distribution segment assets 51,163 50,418 Corporate assets and elimination of intercompany assets (71,912 ) (61,656 ) $ 228,599 $ 210,898

Note G - Pension and Other Po24

Note G - Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Pension Benefits: Service cost $ 260 $ 238 $ 763 $ 718 Interest cost 1,089 1,130 3,225 3,373 Expected return on plan assets (1,524 ) (1,537 ) (4,565 ) (4,436 ) Amortization of transition obligation 9 8 27 26 Amortization of prior service cost 1 1 3 3 Amortization of actuarial net loss 759 900 2,277 2,698 Net periodic benefit cost $ 594 $ 740 $ 1,730 $ 2,382 Postretirement Benefits: Service cost $ 5 $ 6 $ 15 $ 19 Interest cost 78 123 247 367 Amortization of actuarial net loss (59 ) 181 (115 ) 545 Net periodic benefit cost $ 24 $ 310 $ 147 $ 931

Note H - Income Taxes (Tables)

Note H - Income Taxes (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the Three Quarters Ended March 30, 2018 March 31, 2017 Income (loss) before income taxes $ 6,091 $ (11,182 ) Income tax expense (benefit) 2,401 (3,892 ) Effective tax rate 39.4 % 34.8 % For the Three Quarters Ended March 30, 2018 Transition Tax (provisional) $ - Net impact on U.S. deferred tax assets and liabilities (provisional) (4,293 ) Net discrete impacts of the enactment of the Tax Act $ (4,293 )

Note I - Goodwill and Other I26

Note I - Goodwill and Other Intangibles (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	Net Book Value Rollforward Gross Carrying Amount Accumulated Impairment Net Book Value Balance at June 30, 2017 $ 16,407 $ (13,822 ) $ 2,585 Translation adjustment 258 - 258 Balance at March 30, 2018 $ 16,665 $ (13,822 ) $ 2,843
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Licensing agreements Trade Name Other Balance at June 30, 2017 $ 13,436 $ (11,632 ) $ 1,804 $ 390 $ 1,319 $ 95 Addition 19 - 19 - - 19 Amortization - (135 ) (135 ) (45 ) (66 ) (24 ) Translation adjustment 139 - 139 - 129 10 Balance at March 30, 2018 $ 13,594 $ (11,767 ) $ 1,827 $ 345 $ 1,382 $ 100
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year 2018 $ 59 2019 191 2020 176 2021 161 2022 154 2023 153

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	March 30, 2018 June 30, 2017 Revolving loan $ 7,565 $ 6,285 Other 39 38 Subtotal 7,604 6,323 Less: current maturities and short-term borrowings - - Total long-term debt $ 7,604 $ 6,323

Note K - Shareholders' Equity (

Note K - Shareholders' Equity (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	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 3,586 104 3,690 Translation adjustments 4,887 (9 ) 4,878 Benefit plan adjustments, net of tax 2,682 2,682 Cash dividends (172 ) (172 ) Compensation expense 1,387 1,387 Shares (acquired) issued, net (914 ) 492 (422 ) Balance, March 30, 2018 $ 10,902 $ 172,954 $ (25,102 ) $ (23,713 ) $ 569 $ 135,610 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 (7,456 ) 166 (7,290 ) Translation adjustments (2,439 ) (17 ) (2,456 ) Benefit plan adjustments, net of tax 2,104 2,104 Cash dividends (109 ) (109 ) Compensation expense and tax shortfall 1,004 1,004 Shares (acquired) issued, net (2,725 ) 2,585 (140 ) Balance, March 31, 2017 $ 10,040 $ 168,206 $ (44,478 ) $ (24,205 ) $ 603 $ 110,166
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]	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 adjustment during the quarter 1,851 - Amounts reclassified from accumulated other comprehensive income - 474 Net current period other comprehensive income 1,851 474 Balance at March 30, 2018 $ 11,017 $ (36,119 ) 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 adjustment during the quarter 1,142 - Amounts reclassified from accumulated other comprehensive income - 682 Net current period other comprehensive income 1,142 682 Balance at March 31, 2017 $ 2,719 $ (47,197 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 30, 2018 March 30, 2018 Changes in benefit plan items Actuarial losses $ 676 (a) $ 2,121 (a) Transition asset and prior service benefit 10 (a) 30 (a) Total amortization 686 2,151 Other benefit plan adjustments - (1,695 ) Income taxes 212 1,164 Total reclassification net of tax $ 474 $ 2,682 Amount Reclassified Amount Reclassified Quarter Ended Three Quarters Ended March 31, 2017 March 31, 2017 Changes in benefit plan items Actuarial losses $ 1,071 (a) $ 3,271 (a) Transition asset and prior service benefit 9 (a) 29 (a) Total amortization 1,080 3,300 Income taxes 398 1,196 Total reclassification net of tax $ 682 $ 2,104

Note L - Restructuring of Ope29

Note L - Restructuring of Operations (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Restructuring and Related Costs [Table Text Block]	Accrued restructuring liability, June 30, 2017 $ 92 Additions during the year 2,501 Payments and adjustments during the year (2,578 ) Accrued restructuring liability, March 30, 2018 $ 15

Note M - Earnings Per Share (Ta

Note M - Earnings Per Share (Tables)	9 Months Ended
	Mar. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Basic: Net income (loss) $ 4,336 $ (1,728 ) $ 3,690 $ (7,290 ) Less: Net earnings attributable to noncontrolling interest (28 ) (121 ) (104 ) (166 ) Less: Undistributed earnings attributable to unvested shares (98 ) - (86 ) - Net income (loss) available to Twin Disc shareholders 4,210 (1,849 ) 3,500 (7,456 ) Weighted average shares outstanding - basic 11,313 11,250 11,289 11,236 Basic Income (Loss) Per Share: Net income (loss) per share - basic $ 0.37 $ (0.16 ) $ 0.31 $ (0.66 ) Diluted: Net income (loss) $ 4,336 $ (1,728 ) $ 3,690 $ (7,290 ) Less: Net earnings attributable to noncontrolling interest (28 ) (121 ) (104 ) (166 ) Less: Undistributed earnings attributable to unvested shares (98 ) - (86 ) - Net income (loss) available to Twin Disc shareholders 4,210 (1,849 ) 3,500 (7,456 ) Weighted average shares outstanding - basic 11,313 11,250 11,289 11,236 Effect of dilutive stock awards 31 - 31 - Weighted average shares outstanding - diluted 11,344 11,250 11,320 11,236 Diluted Income (Loss) Per Share: Net income (loss) per share - diluted $ 0.37 $ (0.16 ) $ 0.31 $ (0.66 )

Note B - Inventories - Inventor

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2018	Jun. 30, 2017
Inventories:
Finished parts	$ 50,830	$ 45,829
Work in process	11,850	8,358
Raw materials	17,361	12,006
Total inventories	$ 80,041	$ 66,193

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Mar. 30, 2018	Mar. 31, 2017
Product Warranty Accrual, Current	$ 2,705	$ 1,507
Product Warranty Accrual, Noncurrent	$ 444	$ 395

Note C - Warranty - Warranty (D

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Reserve balance, beginning of period	$ 2,467	$ 2,542	$ 2,062	$ 3,607
Current period expense and adjustments	1,217	(189)	2,598	54
Payments or credits to customers	(559)	(456)	(1,581)	(1,724)
Translation	24	5	70	(35)
Reserve balance, end of period	$ 3,149	$ 1,902	$ 3,149	$ 1,902

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	9 Months Ended
	Mar. 30, 2018
Number of Reportable Segments	2

Note E - Business Segments - Re

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Net sales	$ 65,349	$ 45,084	$ 166,960	$ 114,591
Net income (loss)	4,308	(1,849)	3,586	(7,456)
Corporate, Non-Segment [Member]
Net income (loss)	(3,751)	(2,315)	(10,719)	(5,810)
Manufacturing Segment [Member] | Operating Segments [Member]
Net sales	58,482	39,793	146,935	99,764
Net income (loss)	6,910	(213)	12,100	(3,092)
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net sales	(13,494)	(9,427)	(33,315)	(25,782)
Distribution Segment [Member] | Operating Segments [Member]
Net sales	22,854	17,596	61,852	47,282
Net income (loss)	1,149	679	2,205	1,446
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net sales	$ (2,493)	$ (2,878)	$ (8,512)	$ (6,673)

Note E - Business Segments - As

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 30, 2018	Jun. 30, 2017
Segment Assets	$ 228,599	$ 210,898
Operating Segments [Member] | Manufacturing Segment [Member]
Segment Assets	249,348	222,136
Operating Segments [Member] | Distribution Segment [Member]
Segment Assets	51,163	50,418
Corporate, Non-Segment [Member]
Segment Assets	$ (71,912)	$ (61,656)

Note F - Stock-based Compensa37

Note F - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			54,900	109,600
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	69,200	149,400	69,200	149,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	206,200	181,800	206,200	181,800
Allocated Share-based Compensation Expense, Total	$ 138,000	$ 15,000	$ 274,000	$ 45,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 11.75		$ 11.75
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 2,036,000		$ 2,036,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0	$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			85,300	181,800
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	237,700	269,600	237,700	269,600
Allocated Share-based Compensation Expense, Total	$ 186,000	$ 430,000	$ 1,113,000	$ 1,126,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 1,512,000		1,512,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 1,809,000	$ 587,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			32,700	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years

Note G - Pension and Other Po38

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 474	$ 682	$ 2,682	$ 2,104
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	212	$ 398	1,164	$ 1,196
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 2,265		2,265
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 1,949

Note G - Pension and Other Po39

Note G - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Pension Plan [Member]
Service cost	$ 260	$ 238	$ 763	$ 718
Interest cost	1,089	1,130	3,225	3,373
Expected return on plan assets	(1,524)	(1,537)	(4,565)	(4,436)
Amortization of transition obligation	9	8	27	26
Amortization of prior service cost	1	1	3	3
Amortization of actuarial net loss	759	900	2,277	2,698
Net periodic benefit cost	594	740	1,730	2,382
Other Postretirement Benefits Plan [Member]
Service cost	5	6	15	19
Interest cost	78	123	247	367
Amortization of actuarial net loss	(59)	181	(115)	545
Net periodic benefit cost	$ 24	$ 310	$ 147	$ 931

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 29, 2017	Mar. 30, 2018	Mar. 31, 2017	Jun. 30, 2019
Effective Income Tax Rate Reconciliation, Percent, Total		39.40%	34.80%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 4,293
Effective Income Tax Rate Reconciliation, Deferred Tax Asset and Liability Adjustment on Enacted Tax Act, Percent		70.50%
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent		3.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		27.60%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		$ 798
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%
Foreign Tax Authority [Member]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ (3,803)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	62.40%
Foreign Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year		2,011
Foreign Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year		2,017
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year		2,015
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | Wisconsin Department of Revenue [Member]
Open Tax Year		2,010
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | Wisconsin Department of Revenue [Member]
Open Tax Year		2,013

Note H - Income Taxes - Effecti

Note H - Income Taxes - Effective Tax Rate for Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Income (loss) before income taxes	$ 5,469	$ (3,367)	$ 6,091	$ (11,182)
Income tax expense (benefit)	$ 1,133	$ (1,639)	$ 2,401	$ (3,892)
Effective tax rate			39.40%	34.80%
Net impact on U.S. deferred tax assets and liabilities (provisional)			$ (4,293)
Net discrete impacts of the enactment of the Tax Act			$ (4,293)

Note I - Goodwill and Other I42

Note I - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017	Jun. 30, 2017
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			13 years
Amortization of Intangible Assets, Total	$ 46	$ 41	$ 135	$ 126
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance	214		$ 214		$ 205
Industrial [Member] | Europe [Member]
Goodwill, Impairment Loss	$ 0

Note I - Goodwill and Other I43

Note I - Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 30, 2018	Jun. 30, 2017
Balance, gross carrying amount	$ 16,407
Translation adjustment	258
Balance, gross carrying amount	16,665
Balance, accumulated impairment	(13,822)	$ (13,822)
Balance, net book value	2,585
Translation adjustment	258
Balance, net book value	$ 2,843

Note I - Goodwill and Other I44

Note I - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Balance, Gross Carrying Amount			$ 13,436
Addition, Gross Carrying Amount			19
Translation adjustment, Gross Carrying Amount			139
Balance, Gross Carrying Amount	$ 13,594		13,594
Balance, Accumulated Amortization/Impairment			(11,632)
Amortization	(46)	$ (41)	(135)	$ (126)
Balance, Accumulated Amortization/Impairment	(11,767)		(11,767)
Balance, Net Book Value			1,804
Addition, Net Book Value			19
Translation adjustment, Net Book Value			139
Balance, Net Book Value	1,827		1,827
Licensing Agreements [Member]
Amortization			(45)
Balance, Net Book Value			390
Addition, Net Book Value
Translation adjustment, Net Book Value
Balance, Net Book Value	345		345
Trade Names [Member]
Amortization			(66)
Balance, Net Book Value			1,319
Addition, Net Book Value
Translation adjustment, Net Book Value			129
Balance, Net Book Value	1,382		1,382
Other Intangible Assets [Member]
Amortization			(24)
Balance, Net Book Value			95
Addition, Net Book Value			19
Translation adjustment, Net Book Value			10
Balance, Net Book Value	$ 100		$ 100

Note I - Goodwill and Other I45

Note I - Goodwill and Other Intangibles - Estimated Intangibles (Details) $ in Thousands	Mar. 30, 2018USD ($)
2,018	$ 59
2,019	191
2,020	176
2,021	161
2,022	154
2,023	$ 153

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual) - Revolving Loan [Member] - Bank of Montreal [Member] $ in Thousands	Mar. 30, 2018USD ($)
Line of Credit Facility, Current Borrowing Capacity	$ 34,581
Line of Credit Facility, Remaining Borrowing Capacity	$ 26,146
Line of Credit Facility, Interest Rate at Period End	3.41%

Note J - Long-term Debt - Long-

Note J - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2018	Jun. 30, 2017
Long-term debt	$ 7,604	$ 6,323
Less: current maturities and short-term borrowings
Total long-term debt	7,604	6,323
Revolving Loan [Member]
Long-term debt	7,565	6,285
Other Long-Term Debt [Member]
Long-term debt	$ 39	$ 38

Note K - Shareholders' Equity48

Note K - Shareholders' Equity (Details Textual) - shares shares in Thousands	9 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	315
Treasury Stock, Shares, Acquired	0	0

Note K - Shareholders' Equity -

Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Balance			$ 123,567	$ 117,053
Net income (loss)	$ 4,336	$ (1,728)	3,690	(7,290)
Foreign currency translation adjustment	1,849	1,059	4,878	(2,456)
Benefit plan adjustments, net of tax	474	682	2,682	2,104
Cash dividends			(172)	(109)
Compensation expense and tax shortfall			1,387	1,004
Shares (acquired) issued, net			(422)	(140)
Balance	135,610	110,166	135,610	110,166
Common Stock [Member]
Balance			10,429	11,761
Net income (loss)
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends
Compensation expense and tax shortfall			1,387	1,004
Shares (acquired) issued, net			(914)	(2,725)
Balance	10,902	10,040	10,902	10,040
Retained Earnings [Member]
Balance			169,368	175,662
Net income (loss)			3,586	(7,456)
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends
Compensation expense and tax shortfall
Shares (acquired) issued, net
Balance	172,954	168,206	172,954	168,206
AOCI Attributable to Parent [Member]
Balance			(32,671)	(44,143)
Net income (loss)
Foreign currency translation adjustment			4,887	(2,439)
Benefit plan adjustments, net of tax			2,682	2,104
Cash dividends
Compensation expense and tax shortfall
Shares (acquired) issued, net
Balance	(25,102)	(44,478)	(25,102)	(44,478)
Treasury Stock [Member]
Balance			(24,205)	(26,790)
Net income (loss)
Foreign currency translation adjustment
Benefit plan adjustments, net of tax
Cash dividends
Compensation expense and tax shortfall
Shares (acquired) issued, net			492	2,585
Balance	(23,713)	(24,205)	(23,713)	(24,205)
Noncontrolling Interest [Member]
Balance			646	563
Net income (loss)			104	166
Foreign currency translation adjustment			(9)	(17)
Benefit plan adjustments, net of tax
Cash dividends			(172)	(109)
Compensation expense and tax shortfall
Shares (acquired) issued, net
Balance	$ 569	$ 603	$ 569	$ 603

Note K - Shareholders' Equity50

Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2018	Dec. 29, 2017	Sep. 29, 2017	Mar. 31, 2017	Dec. 30, 2016	Sep. 30, 2016
Balance			$ 123,567			$ 117,053
Balance	$ 135,610			$ 110,166
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	9,166	$ 8,677	6,130	1,577	$ 5,785	5,158
Other comprehensive income before reclassifications	1,851	489	2,547	1,142	(4,208)	627
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive (loss) income	1,851	489	2,547	1,142	(4,208)	627
Balance	11,017	9,166	8,677	2,719	1,577	5,785
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(36,593)	(38,327)	(38,801)	(47,879)	(48,629)	(49,301)
Other comprehensive income before reclassifications		1,695
Amounts reclassified from accumulated other comprehensive income	474	39	474	682	750	672
Net current period other comprehensive (loss) income	474	1,734	474	682	750	672
Balance	$ (36,119)	$ (36,593)	$ (38,327)	$ (47,197)	$ (47,879)	$ (48,629)

Note K - Shareholders' Equity51

Note K - Shareholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Income tax expense (benefit)		$ 1,133	$ (1,639)	$ 2,401	$ (3,892)
Net income (loss)		4,336	(1,728)	3,690	(7,290)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	[1]	676	1,071	2,121	3,271
Transition asset and prior service benefit	[1]	10	9	30	29
Total amortization		686	1,080	2,151	3,300
Other benefit plan adjustments				(1,695)
Income tax expense (benefit)		212	398	1,164	1,196
Net income (loss)		$ 474	$ 682	$ 2,682	$ 2,104
[1]	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).

Note L - Restructuring of Ope52

Note L - Restructuring of Operations (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended		34 Months Ended
	Mar. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 30, 2018USD ($)
Restructuring Charges, Total	$ 452	$ 293	$ 2,501	$ 1,367	$ 8,376
Restructuring and Related Cost, Number of Positions Eliminated					164

Note L - Restructuring of Ope53

Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		34 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018
Accrued restructuring liability			$ 92
Additions during the year	$ 452	$ 293	2,501	$ 1,367	$ 8,376
Payments and adjustments during the year			(2,578)
Accrued restructuring liability	$ 15		$ 15		$ 15

Note M - Earnings Per Share (De

Note M - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	179,100	181,800	179,100	181,800
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	237,700	269,600	237,700	269,600
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,400	13,200	5,400	13,200

Note M - Earnings Per Share - C

Note M - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 30, 2018	Mar. 31, 2017	Mar. 30, 2018	Mar. 31, 2017
Basic:
Net income (loss)	$ 4,336	$ (1,728)	$ 3,690	$ (7,290)
Less: Net earnings attributable to noncontrolling interest	(28)	(121)	(104)	(166)
Less: Undistributed earnings attributable to unvested shares	(98)		(86)
Net income (loss) available to Twin Disc shareholders	$ 4,210	$ (1,849)	$ 3,500	$ (7,456)
Weighted average shares outstanding - basic (in shares)	11,313	11,250	11,289	11,236
Basic Income (Loss) Per Share:
Net income (loss) per share - basic (in dollars per share)	$ 0.37	$ (0.16)	$ 0.31	$ (0.66)
Diluted:
Net income (loss)	$ 4,336	$ (1,728)	$ 3,690	$ (7,290)
Less: Net earnings attributable to noncontrolling interest	(28)	(121)	(104)	(166)
Less: Undistributed earnings attributable to unvested shares	(98)		(86)
Net income (loss) available to Twin Disc shareholders	$ 4,210	$ (1,849)	$ 3,500	$ (7,456)
Weighted average shares outstanding - basic (in shares)	11,313	11,250	11,289	11,236
Effect of dilutive stock awards (in shares)	31		31
Weighted average shares outstanding - diluted (in shares)	11,344	11,250	11,320	11,236
Diluted Income (Loss) Per Share:
Net income (loss) per share - diluted (in dollars per share)	$ 0.37	$ (0.16)	$ 0.31	$ (0.66)