Twin Disc (TWIN) 10-Q 3 Feb 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 25, 2020	Jan. 28, 2021
Document Information [Line Items]
Entity Central Index Key	0000100378
Entity Registrant Name	TWIN DISC INC
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 25, 2020
Document Transition Report	false
Entity File Number	1-7635
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0667110
Entity Address, Address Line One	1328 Racine Street
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	638-4000
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	TWIN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,643,695

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020
Current assets:
Cash	$ 11,838	$ 10,688
Trade accounts receivable, net	31,893	30,682
Inventories	122,161	120,607
Prepaid expenses	4,206	5,269
Other	5,096	6,739
Total current assets	175,194	173,985
Property, plant and equipment, net	78,187	72,732
Intangible assets, net	18,856	18,973
Deferred income taxes	30,924	24,445
Other assets	3,422	3,992
Total assets	306,583	294,127
Current liabilities:
Current maturities of long-term debt	5,569	4,691
Accounts payable	26,615	25,663
Accrued liabilities	42,924	36,380
Total current liabilities	75,108	66,734
Long-term debt (Note J)	36,195	37,896
Lease obligations	18,099	13,495
Accrued retirement benefits	27,156	27,938
Deferred income taxes	5,564	5,501
Other long-term liabilities	2,066	2,605
Total liabilities	164,188	154,169
Commitments and contingencies (Note D)
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	0	0
Common shares authorized: 30,000,000; issued: 14,632,802; no par value	39,918	42,756
Retained earnings	148,363	156,655
Accumulated other comprehensive loss	(31,452)	(41,226)
Equity before treasury stock	156,829	158,185
Less treasury stock, at cost (985,426 and 1,226,809 shares, respectively)	15,102	18,796
Total Twin Disc shareholders' equity	141,727	139,389
Noncontrolling interest	668	569
Total equity	142,395	139,958
Total liabilities and equity	$ 306,583	$ 294,127

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 25, 2020	Jun. 30, 2020
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, shares issued (in shares)	14,632,802	14,632,802
Common shares, no par value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	985,426	1,226,809

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Net Sales	$ 48,438	$ 59,536	$ 94,581	$ 118,826
Cost of goods sold	38,953	43,825	74,819	93,479
Gross profit	9,485	15,711	19,762	25,347
Marketing, engineering and administrative expenses	13,973	16,413	26,996	32,759
Restructuring expenses	120	4,248	525	4,369
Loss from operations	(4,608)	(4,950)	(7,759)	(11,781)
Interest expense	590	447	1,163	836
Other expense (income), net	1,719	29	2,862	720
Non-operating income (expense)	2,309	476	4,025	1,556
Loss before income taxes and noncontrolling interest	(6,917)	(5,426)	(11,784)	(13,337)
Income tax (benefit) expense	(2,637)	1,040	(3,567)	(578)
Net Loss	(4,280)	(6,466)	(8,217)	(12,759)
Less: Net earnings attributable to noncontrolling interest, net of tax	(33)	(50)	(75)	(68)
Net loss attributable to Twin Disc	$ (4,313)	$ (6,516)	$ (8,292)	$ (12,827)
Loss per share data:
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (0.33)	$ (0.49)	$ (0.63)	$ (0.98)
Diluted loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (0.33)	$ (0.49)	$ (0.63)	$ (0.98)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,255	13,164	13,227	13,135
Diluted shares outstanding (in shares)	13,255	13,164	13,227	13,135
Comprehensive income (loss)
Net loss	$ (4,280)	$ (6,466)	$ (8,217)	$ (12,759)
Benefit plan adjustments, net of income taxes of $177, $169, $353 and $338, respectively	555	548	1,108	1,105
Foreign currency translation adjustment	4,899	1,647	8,511	(1,349)
Unrealized gain on cash flow hedge, net of income taxes of $32, ($45), $55 and ($1), respectively	104	146	179	3
Comprehensive income (loss)	1,278	(4,125)	1,581	(13,000)
Less: Comprehensive income attributable to noncontrolling interest	(45)	(50)	(99)	(86)
Comprehensive income (loss) attributable to Twin Disc	$ 1,233	$ (4,175)	$ 1,482	$ (13,086)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Benefit plan adjustments, income taxes	$ 177	$ 169	$ 353	$ 338
Unrealized loss on cash flow hedge, income taxes	$ 32	$ (45)	$ 55	$ (1)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019
Cash flows from operating activities:
Net loss	$ (8,217)	$ (12,759)
Adjustments to reconcile net loss to net cash provided by operating activities, net of acquired assets:
Depreciation and amortization	5,523	5,926
Restructuring expenses	22	3,844
Provision for deferred income taxes	(7,122)	(3,901)
Stock compensation expense and other non-cash charges, net	1,317	774
Net change in operating assets and liabilities	11,254	6,232
Net cash provided by operating activities	2,777	116
Cash flows from investing activities:
Acquisitions of fixed assets	(2,788)	(6,860)
Proceeds on note receivable	600	0
Proceeds from sale of fixed assets	48	55
Other, net	(17)	(129)
Net cash used by investing activities	(2,157)	(6,934)
Cash flows from financing activities:
Borrowings under revolving loan arrangement	34,241	58,993
Repayments of revolver loans	(36,276)	(48,130)
Repayments of other long term debt	(261)	(603)
Payments of withholding taxes on stock compensation	(224)	(913)
Dividends paid to noncontrolling interest	0	(127)
Net cash (used) provided by financing activities	(2,520)	9,220
Effect of exchange rate changes on cash	3,050	72
Net change in cash	1,150	2,474
Cash:
Beginning of period	10,688	12,362
End of period	$ 11,838	$ 14,836

Note A - Basis of Presentation

Note A - Basis of Presentation	6 Months Ended
	Dec. 25, 2020
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 adjustments, consisting primarily 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, 2020. not Recently Adopted Accounting Standards In August 2018, 2018 13 820, July 1, 2020. not In August 2018, 2018 14 July 1, 2020. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In December 2019, 2019 12 December 15, 2020 ( 2022 In March 2020, 2020 04 March 12, 2020, may December 31, 2022. Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550,

Note B - Inventories

Note B - Inventories	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	B . Inventor ies The major classes of inventories were as follows: December 25, 2020 June 30, 2020 Inventories: Finished parts $ 63,563 $ 62,394 Work in process 17,771 17,844 Raw materials 40,827 40,369 $ 122,161 $ 120,607

Note C - Warranty

Note C - Warranty	6 Months Ended
	Dec. 25, 2020
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 quarters and two December 25, 2020 December 27, 2019: For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Reserve balance, beginning of period $ 4,682 $ 7,107 $ 4,460 $ 3,736 Current period expense and adjustments 711 681 1,745 6,129 Payments or credits to customers (971 ) (2,035 ) (1,819 ) (4,067 ) Translation 52 22 88 (23 ) Reserve balance, end of period $ 4,474 $ 5,775 $ 4,474 $ 5,775 Included in expense in the two December 25, 2020 December 27, 2019 The current portion of the warranty accrual ($3,676 and $4,856 as of December 25, 2020 December 27, 2019, December 25, 2020 December 27, 2019,

Note D - Contingencies

Note D - Contingencies	6 Months Ended
	Dec. 25, 2020
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	6 Months Ended
	Dec. 25, 2020
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, azimuth drives, 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's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. The Company has two Information about the Company’s segments is summarized as follows: For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Net sales Manufacturing segment sales $ 41,705 $ 57,173 $ 80,200 $ 111,734 Distribution segment sales 23,223 22,025 45,729 44,452 Inter/Intra segment elimination – manufacturing (12,170 ) (15,105 ) (22,908 ) (28,935 ) Inter/Intra segment elimination – distribution (4,320 ) (4,557 ) (8,440 ) (8,425 ) $ 48,438 $ 59,536 $ 94,581 $ 118,826 Net (loss) income attributable to Twin Disc Manufacturing segment net loss $ (3,112 ) $ (2,936 ) $ (5,774 ) $ (7,791 ) Distribution segment net income 500 842 1,655 1,934 Corporate and eliminations (1,701 ) (4,422 ) (4,173 ) (6,970 ) $ (4,313 ) $ (6,516 ) $ (8,292 ) $ (12,827 ) December 25, 2020 June 30, 2020 Assets Manufacturing segment assets $ 373,405 $ 365,417 Distribution segment assets 45,534 43,118 Corporate assets and elimination of intercompany assets (112,356 ) (114,408 ) $ 306,583 $ 294,127 Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters and two December 25, 2020 December 27, 2019. Net sales by product group for the quarter ended December 25, 2020 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,287 $ 1,308 $ (512 ) $ 6,083 Land-based transmissions 10,101 6,308 (5,503 ) 10,906 Marine and propulsion systems 26,300 14,216 (10,464 ) 30,052 Other 17 1,391 (11 ) 1,397 Total $ 41,705 $ 23,223 $ (16,490 ) $ 48,438 Net sales by product group for the quarter ended December 27, 2019 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,892 $ 1,484 $ (751 ) $ 6,625 Land-based transmissions 16,559 6,238 (7,492 ) 15,305 Marine and propulsion systems 34,700 13,418 (11,419 ) 36,699 Other 22 885 - 907 Total $ 57,173 $ 22,025 $ (19,662 ) $ 59,536 Net sales by product group for the two December 25, 2020 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 10,093 $ 2,679 $ (905 ) $ 11,867 Land-based transmissions 20,595 12,374 (10,231 ) 22,738 Marine and propulsion systems 49,479 26,975 (20,195 ) 56,259 Other 33 3,701 (17 ) 3,717 Total $ 80,200 $ 45,729 $ (31,348 ) $ 94,581 Net sales by product group for the two December 27, 2019 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 12,700 $ 2,952 $ (1,564 ) $ 14,088 Land-based transmissions 33,973 11,718 (14,867 ) 30,824 Marine and propulsion systems 65,020 27,628 (20,928 ) 71,720 Other 41 2,154 (1 ) 2,194 Total $ 111,734 $ 44,452 $ (37,360 ) $ 118,826

Note F - Stock-based Compensati

Note F - Stock-based Compensation	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	F . Stock-Based Compensation Performance Stock Awards (“PSA”) During the first two 2021 2020, 2021 three June 30, 2023. The fiscal 2020 three June 30, 2022. not There were 433.1 and 214.0 unvested PSAs outstanding at December 25, 2020 December 27, 2019, December 25, 2020 December 27, 2019, two December 25, 2020 December 27, 2019, December 25, 2020 December 25, 2020, 2021, 2020 2019 December 25, 2020 December 27, 2019 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 to 3 years. During the first two 2021 2020, December 25, 2020 December 27, 2019, two December 27, 2019. December 25, 2020 December 27, 2019, two December 25, 2020 December 27, 2019, December 25, 2020 December 27, 2019 December 25, 2020, three Restricted Stock Unit Awards (“RS U ”) Under the 2018 three December 25, 2020 December 27, 2019. December 25, 2020 December 27, 2019, two December 25, 2020 December 27, 2019, December 25, 2020 December 25, 2020, two

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Retirement Benefits [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 Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Pension Benefits: Service cost $ 146 $ 194 $ 289 $ 406 Prior service cost 16 - 32 - Interest cost 690 889 1,357 1,794 Expected return on plan assets (1,133 ) (1,240 ) (2,266 ) (2,488 ) Amortization of transition obligation 9 9 18 17 Amortization of prior service cost (4 ) (4 ) (8 ) (7 ) Amortization of actuarial net loss 811 784 1,623 1,568 Net periodic benefit cost $ 535 $ 632 $ 1,045 $ 1,290 Postretirement Benefits: Service cost $ 4 $ 4 $ 8 $ 9 Interest cost 39 55 77 110 Amortization of prior service cost (69 ) (69 ) (137 ) (138 ) Net periodic benefit gain $ (26 ) $ (10 ) $ (52 ) $ (19 ) The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net. The Company expects to contribute approximately $2,346 to its pension plans in fiscal 2021. December 25, 2020, The Company has reclassified $555 (net of $177 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended December 25, 2020, December 27, 2019. two December 25, 2020, two December 27, 2019.

Note H - Income Taxes

Note H - Income Taxes	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H . Income Taxes For the two December 25, 2020 December 27, 2019, not no July 23, 2020. no The spread of the COVID- 19 March 27, 2020 2017. 19 19 The Consolidated Appropriations Act (“CAA”) of 2021 December 27, 2020. December 25, 2020, third 2021, not The Company maintains valuation allowances when it is more likely than not not no 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 $926 of unrecognized tax benefits, including related interest and penalties, as of December 25, 2020, no December 25, 2020. 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 in foreign jurisdictions are 2013 2019. 2019. 2016. 2020.

Note I - Intangible Assets

Note I - Intangible Assets	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	I . Intangible Assets As of December 25, 2020, Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Accumulated Net Book Customer Technology Trade Name Other Balance at June 30, 2020 $ 39,245 $ (20,272 ) $ 18,973 $ 11,554 $ 5,784 $ 1,388 $ 247 Addition 2 - 2 - - - 2 Amortization - (1,678 ) (1,678 ) (936 ) (610 ) (91 ) (41 ) Translation adjustment 1,559 - 1,559 951 473 115 20 Balance at December 25, 2020 $ 40,806 $ (21,950 ) $ 18,856 $ 11,569 $ 5,647 $ 1,412 $ 228 Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets. The weighted average remaining useful life of the intangible assets included in the table above is approximately 8 years. Intangible amortization expense was $843 and $1,143 for the quarters ended December 25, 2020, December 27, 2019, two December 25, 2020, December 27, 2019, 2021 five Fiscal Year 2021 $ 1,768 2022 3,240 2023 3,062 2024 2,906 2025 2,691 2026 1,325

Note J - Long-term Debt

Note J - Long-term Debt	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at December 25, 2020 June 30, 2020 December 25, 2020 June 30, 2020 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,843 $ 16,641 Term loan (due March 2026) 17,500 17,500 PPP loan 8,200 8,200 Other 221 246 Subtotal 41,764 42,587 Less: current maturities (5,569 ) (4,691 ) Total long-term debt $ 36,195 $ 37,896 Credit Agreement Debt: June 29, 2018 ( December 25, 2020, three not December 25, 2020. On January 27, 2021, September 30, 2021. December 31, 2021, 1.00. The Company remains in compliance with its liquidity and other covenants, and has agreed to provide additional financial reports to BMO. The Credit Agreement, including its amendments, is more fully described in the Company’s Annual Report filed on Form 10 June 30, 2020, 2 As of December 25, 2020, The PPP Loan: April 17, 2020, 19 two 1.0% May 2021. In accounting for the terms of the PPP Loan, the Company is guided by ASC 470 450 30 $8,200 not As of December 25, 2020, The PPP Loan is more fully described in the Company’s Annual Report filed on Form 10 June 30, 2020, 2 Other: three five During the two December 25, 2020, As of December 25, 2020, The Company’s borrowings described above approximate fair value at December 25, 2020 June 30, 2020. 2 The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 December 25, 2020, 815,

Note K - Shareholders' Equity

Note K - Shareholders' Equity	6 Months Ended
	Dec. 25, 2020
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 315.0 shares as of December 25, 2020 not December 25, 2020 December 27, 2019. The following is a reconciliation of the Company’s equity balances for the first two 2021 2020: Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 40,814 152,676 (36,998 ) (16,560 ) 623 140,555 Net (loss) income (4,313 ) 33 (4,280 ) Translation adjustments 4,887 12 4,899 Benefit plan adjustments, net of tax 555 555 Unrealized gain on cash flow hedge, net of tax 104 104 Compensation expense 562 562 Shares (acquired) issued, net (1,458 ) 1,458 - Balance, December 25, 2020 $ 39,918 $ 148,363 $ (31,452 ) $ (15,102 ) $ 668 $ 142,395 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2019 $ 45,047 $ 196,472 $ (37,971 ) $ (21,332 ) $ 602 $ 182,818 Net (loss) income (6,311 ) 18 (6,293 ) Translation adjustments (3,014 ) 18 (2,996 ) Benefit plan adjustments, net of tax 557 557 Unrealized loss on cash flow hedge, net of tax (143 ) (143 ) Cash dividends (127 ) (127 ) Compensation expense 459 459 Shares (acquired) issued, net (2,324 ) 1,412 (912 ) Balance, September 27, 2019 43,182 190,161 (40,571 ) (19,920 ) 511 173,363 Net (loss) income (6,516 ) 50 (6,466 ) Translation adjustments 1,647 - 1,647 Benefit plan adjustments, net of tax 548 548 Unrealized gain on cash flow hedge, net of tax 146 146 Compensation expense 248 248 Shares (acquired) issued, net (1,125 ) 1,124 (1 ) Balance, December 27, 2019 $ 42,305 $ 183,645 $ (38,230 ) $ (18,796 ) $ 561 $ 169,485 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 25, 2020 December 25, 2020, September 27, 2019 December 27, 2019 Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 7,054 (43,023 ) (1,029 ) Translation adjustment during the quarter 4,887 - - Amounts reclassified from accumulated other comprehensive income - 555 104 Net current period other comprehensive income 4,887 555 104 Balance at December 25, 2020 $ 11,941 $ (42,468 ) $ (925 ) Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2019 $ 4,439 $ (41,901 ) $ (509 ) Translation adjustment during the quarter (3,014 ) - - Amounts reclassified from accumulated other comprehensive income - 557 (143 ) Net current period other comprehensive (loss) income (3,014 ) 557 (143 ) Balance at September 27, 2019 1,425 (41,344 ) (652 ) Translation adjustment during the quarter 1,647 - - Amounts reclassified from accumulated other comprehensive income - 548 146 Net current period other comprehensive income 1,647 548 146 Balance at December 27, 2019 $ 3,072 $ (40,796 ) $ (506 ) Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and two December 25, 2020 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 25, 2020 December 25, 2020 Changes in benefit plan items Actuarial losses $ 796 (a) $ 1,588 (a) Transition asset and prior service benefit (64 ) (a) (127 ) (a) Total amortization 732 1,461 Income taxes 177 353 Total reclassification net of tax $ 555 $ 1,108 Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter and two December 27, 2019 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 27, 2019 December 27, 2019 Changes in benefit plan items Actuarial losses $ 781 (a) $ 1,571 (a) Transition asset and prior service benefit (64 ) (a) (128 ) (a) Total amortization 717 1,443 Income taxes 169 338 Total reclassification net of tax $ 548 $ 1,105 (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	6 Months Ended
	Dec. 25, 2020
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. These actions resulted in restructuring charges of $120 and $525 in the quarter and two December 25, 2020, two December 27, 2019. Restructuring activities since June 2015 December 25, 2020 During the second 2020, December 27, 2019. The following is a roll-forward of restructuring activity: Accrued restructuring liability, June 30, 2020 $ 84 Additions 525 Payments, adjustments and write-offs during the year (587 ) Accrued restructuring liability, December 25, 2020 $ 22

Note M - Earnings Per Share

Note M - Earnings Per Share	6 Months Ended
	Dec. 25, 2020
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. Certain 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 Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Basic: Net loss $ (4,280 ) $ (6,466 ) $ (8,217 ) $ (12,759 ) Less: Net earnings attributable to noncontrolling interest (33 ) (50 ) (75 ) (68 ) Less: Undistributed earnings attributable to unvested shares - - - - Net loss available to Twin Disc shareholders (4,313 ) (6,516 ) (8,292 ) (12,827 ) Weighted average shares outstanding - basic 13,255 13,164 13,227 13,135 Basic Loss Per Share: Net loss per share - basic $ (0.33 ) $ (0.49 ) $ (0.63 ) $ (0.98 ) Diluted: Net loss $ (4,280 ) $ (6,466 ) $ (8,217 ) $ (12,759 ) Less: Net earnings attributable to noncontrolling interest (33 ) (50 ) (75 ) (68 ) Less: Undistributed earnings attributable to unvested shares - - - - Net loss available to Twin Disc shareholders (4,313 ) (6,516 ) (8,292 ) (12,827 ) Weighted average shares outstanding - basic 13,255 13,164 13,227 13,135 Effect of dilutive stock awards - - - - Weighted average shares outstanding - diluted 13,255 13,164 13,227 13,135 Diluted Loss Per Share: Net loss per share - diluted $ (0.33 ) $ (0.49 ) $ (0.63 ) $ (0.98 ) The following potential common shares were excluded from diluted EPS for the quarter and two December 25, 2020 The following potential common shares were excluded from diluted EPS for the quarter and two December 27, 2019

Note N - Lease Liabilities

Note N - Lease Liabilities	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	N. Lease Liabilities The Company leases certain office and warehouse space, as well as production and office equipment. The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may not The components of lease expense were as follows: For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Finance lease cost: Amortization of right-of-use assets $ 148 $ 43 $ 267 $ 79 Interest on lease liabilities 17 13 35 25 Operating lease cost 795 815 1,557 1,596 Short-term lease cost 3 9 12 26 Variable lease cost 15 8 31 24 Total lease cost 978 888 1,902 1,750 Less: Sublease income (56 ) (54 ) (112 ) (107 ) Net lease cost $ 922 $ 834 $ 1,790 $ 1,643 Other information related to leases was as follows: For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 758 $ 805 $ 1,528 $ 1,584 Operating cash flows from finance leases 176 38 310 68 Financing cash flows from finance leases 17 13 35 25 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 105 2,073 105 2,424 Finance leases 55 53 4,671 277 Weighted average remaining lease term (years): Operating leases 10.6 11.0 Finance lease 12.4 4.4 Weighted average discount rate: Operating leases 7.4 % 7.4 % Finance leases 5.2 % 6.9 % Approximate future minimum rental commitments under non-cancellable leases as of December 25, 2020 Operating Leases Finance Leases 2021 $ 1,395 $ 389 2022 2,441 778 2023 2,162 769 2024 1,932 724 2025 1,703 482 Thereafter 11,861 4,307 Total future lease payments 21,494 7,449 Less: Amount representing interest (6,802 ) (1,929 ) Present value of future payments $ 14,692 $ 5,520 The following table provides a summary of leases recorded on the condensed consolidated balance sheet. Balance Sheet Location December 25, 2020 June 30, 2020 Lease Assets Operating lease right-of-use assets Property, plant and equipment, net $ 14,674 $ 14,448 Finance lease right-of-use assets Property, plant and equipment, net 5,435 959 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,609 $ 1,724 Operating lease liabilities Lease obligations 13,083 12,738 Finance lease liabilities Accrued liabilities 504 233 Finance lease liabilities Lease obligations 5,016 757

Note O - Derivative Financial I

Note O - Derivative Financial Instruments	6 Months Ended
	Dec. 25, 2020
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	O. Derivative Financial Instruments From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign exchange. The Company does not no The Company reports all derivative instruments on its consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes. Interest Rate Swap Contracts The Company has one outstanding interest rate swap contract as of December 25, 2020, 815, The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s LIBOR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its consolidated statements of operations and comprehensive (loss) income. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than 12 Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were $925 and $1,104 as of December 25, 2020 June 30, 2020, The Company estimates that $371 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve For eign Currency Forward Contracts The Company primarily enters into forward exchange contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. The Company had no outstanding forward exchange contracts at December 25, 2020. June 30, 2020, one June 30, 2020. Fair Value of Derivative Instruments The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows: Balance Sheet Location December 25, 2020 June 30, 2020 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 347 $ 392 Interest rate swap Other long-term liabilities 864 1,052 The impact of the Company’s derivative instruments on the consolidated statement of operations and comprehensive income (loss) for the quarter and two December 25, 2020 December 27, 2019, Statement of Comprehensive For the Quarter Ended For the Two Quarters Ended Income Location December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Derivative designated as hedge: Interest rate swap Interest expense $ 101 $ 31 $ 199 $ 42 Interest rate swap Unrealized loss on cash flow hedge 104 146 179 3 Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ - $ (13 ) $ -

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 25, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In August 2018, 2018 13 820, July 1, 2020. not In August 2018, 2018 14 July 1, 2020. not New Accounting Releases In June 2016, 2016 13 2018 19, 2019 04, 2019 05 2019 10 326 326 December 15, 2019, December 15, 2022 ( 2024 326 In December 2019, 2019 12 December 15, 2020 ( 2022 In March 2020, 2020 04 March 12, 2020, may December 31, 2022. Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550,

Note B - Inventories (Tables)

Note B - Inventories (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 25, 2020 June 30, 2020 Inventories: Finished parts $ 63,563 $ 62,394 Work in process 17,771 17,844 Raw materials 40,827 40,369 $ 122,161 $ 120,607

Note C - Warranty (Tables)

Note C - Warranty (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Reserve balance, beginning of period $ 4,682 $ 7,107 $ 4,460 $ 3,736 Current period expense and adjustments 711 681 1,745 6,129 Payments or credits to customers (971 ) (2,035 ) (1,819 ) (4,067 ) Translation 52 22 88 (23 ) Reserve balance, end of period $ 4,474 $ 5,775 $ 4,474 $ 5,775

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Net sales Manufacturing segment sales $ 41,705 $ 57,173 $ 80,200 $ 111,734 Distribution segment sales 23,223 22,025 45,729 44,452 Inter/Intra segment elimination – manufacturing (12,170 ) (15,105 ) (22,908 ) (28,935 ) Inter/Intra segment elimination – distribution (4,320 ) (4,557 ) (8,440 ) (8,425 ) $ 48,438 $ 59,536 $ 94,581 $ 118,826 Net (loss) income attributable to Twin Disc Manufacturing segment net loss $ (3,112 ) $ (2,936 ) $ (5,774 ) $ (7,791 ) Distribution segment net income 500 842 1,655 1,934 Corporate and eliminations (1,701 ) (4,422 ) (4,173 ) (6,970 ) $ (4,313 ) $ (6,516 ) $ (8,292 ) $ (12,827 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	December 25, 2020 June 30, 2020 Assets Manufacturing segment assets $ 373,405 $ 365,417 Distribution segment assets 45,534 43,118 Corporate assets and elimination of intercompany assets (112,356 ) (114,408 ) $ 306,583 $ 294,127
Revenue from External Customers by Products and Services [Table Text Block]	Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,287 $ 1,308 $ (512 ) $ 6,083 Land-based transmissions 10,101 6,308 (5,503 ) 10,906 Marine and propulsion systems 26,300 14,216 (10,464 ) 30,052 Other 17 1,391 (11 ) 1,397 Total $ 41,705 $ 23,223 $ (16,490 ) $ 48,438 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 5,892 $ 1,484 $ (751 ) $ 6,625 Land-based transmissions 16,559 6,238 (7,492 ) 15,305 Marine and propulsion systems 34,700 13,418 (11,419 ) 36,699 Other 22 885 - 907 Total $ 57,173 $ 22,025 $ (19,662 ) $ 59,536 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 10,093 $ 2,679 $ (905 ) $ 11,867 Land-based transmissions 20,595 12,374 (10,231 ) 22,738 Marine and propulsion systems 49,479 26,975 (20,195 ) 56,259 Other 33 3,701 (17 ) 3,717 Total $ 80,200 $ 45,729 $ (31,348 ) $ 94,581 Elimination of Manufacturing Distribution Intercompany Sales Total Industrial $ 12,700 $ 2,952 $ (1,564 ) $ 14,088 Land-based transmissions 33,973 11,718 (14,867 ) 30,824 Marine and propulsion systems 65,020 27,628 (20,928 ) 71,720 Other 41 2,154 (1 ) 2,194 Total $ 111,734 $ 44,452 $ (37,360 ) $ 118,826

Note G - Pension and Other Po_2

Note G - Pension and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Net Funded Status [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Pension Benefits: Service cost $ 146 $ 194 $ 289 $ 406 Prior service cost 16 - 32 - Interest cost 690 889 1,357 1,794 Expected return on plan assets (1,133 ) (1,240 ) (2,266 ) (2,488 ) Amortization of transition obligation 9 9 18 17 Amortization of prior service cost (4 ) (4 ) (8 ) (7 ) Amortization of actuarial net loss 811 784 1,623 1,568 Net periodic benefit cost $ 535 $ 632 $ 1,045 $ 1,290 Postretirement Benefits: Service cost $ 4 $ 4 $ 8 $ 9 Interest cost 39 55 77 110 Amortization of prior service cost (69 ) (69 ) (137 ) (138 ) Net periodic benefit gain $ (26 ) $ (10 ) $ (52 ) $ (19 )

Note I - Intangible Assets (Tab

Note I - Intangible Assets (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
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 Accumulated Net Book Customer Technology Trade Name Other Balance at June 30, 2020 $ 39,245 $ (20,272 ) $ 18,973 $ 11,554 $ 5,784 $ 1,388 $ 247 Addition 2 - 2 - - - 2 Amortization - (1,678 ) (1,678 ) (936 ) (610 ) (91 ) (41 ) Translation adjustment 1,559 - 1,559 951 473 115 20 Balance at December 25, 2020 $ 40,806 $ (21,950 ) $ 18,856 $ 11,569 $ 5,647 $ 1,412 $ 228
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year 2021 $ 1,768 2022 3,240 2023 3,062 2024 2,906 2025 2,691 2026 1,325

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Debt [Table Text Block]	December 25, 2020 June 30, 2020 Credit Agreement Debt Revolving loans (expire June 2023) $ 15,843 $ 16,641 Term loan (due March 2026) 17,500 17,500 PPP loan 8,200 8,200 Other 221 246 Subtotal 41,764 42,587 Less: current maturities (5,569 ) (4,691 ) Total long-term debt $ 36,195 $ 37,896

Note K - Shareholders' Equity (

Note K - Shareholders' Equity (Tables)	6 Months Ended
	Dec. 25, 2020
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, 2020 $ 42,756 $ 156,655 $ (41,226 ) $ (18,796 ) $ 569 $ 139,958 Net (loss) income (3,979 ) 42 (3,937 ) Translation adjustments 3,600 12 3,612 Benefit plan adjustments, net of tax 553 553 Unrealized gain on cash flow hedge, net of tax 75 75 Compensation expense 518 518 Shares (acquired) issued, net (2,460 ) 2,236 (224 ) Balance, September 25, 2020 40,814 152,676 (36,998 ) (16,560 ) 623 140,555 Net (loss) income (4,313 ) 33 (4,280 ) Translation adjustments 4,887 12 4,899 Benefit plan adjustments, net of tax 555 555 Unrealized gain on cash flow hedge, net of tax 104 104 Compensation expense 562 562 Shares (acquired) issued, net (1,458 ) 1,458 - Balance, December 25, 2020 $ 39,918 $ 148,363 $ (31,452 ) $ (15,102 ) $ 668 $ 142,395 Twin Disc, Inc. Shareholders’ Equity Accumulated Other Non- Common Retained Comprehensive Treasury Controlling Total Stock Earnings Income (Loss) Stock Interest Equity Balance, June 30, 2019 $ 45,047 $ 196,472 $ (37,971 ) $ (21,332 ) $ 602 $ 182,818 Net (loss) income (6,311 ) 18 (6,293 ) Translation adjustments (3,014 ) 18 (2,996 ) Benefit plan adjustments, net of tax 557 557 Unrealized loss on cash flow hedge, net of tax (143 ) (143 ) Cash dividends (127 ) (127 ) Compensation expense 459 459 Shares (acquired) issued, net (2,324 ) 1,412 (912 ) Balance, September 27, 2019 43,182 190,161 (40,571 ) (19,920 ) 511 173,363 Net (loss) income (6,516 ) 50 (6,466 ) Translation adjustments 1,647 - 1,647 Benefit plan adjustments, net of tax 548 548 Unrealized gain on cash flow hedge, net of tax 146 146 Compensation expense 248 248 Shares (acquired) issued, net (1,125 ) 1,124 (1 ) Balance, December 27, 2019 $ 42,305 $ 183,645 $ (38,230 ) $ (18,796 ) $ 561 $ 169,485
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]	Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2020 $ 3,454 $ (43,576 ) $ (1,104 ) Translation adjustment during the quarter 3,600 - - Amounts reclassified from accumulated other comprehensive income - 553 75 Net current period other comprehensive income 3,600 553 75 Balance at September 25, 2020 7,054 (43,023 ) (1,029 ) Translation adjustment during the quarter 4,887 - - Amounts reclassified from accumulated other comprehensive income - 555 104 Net current period other comprehensive income 4,887 555 104 Balance at December 25, 2020 $ 11,941 $ (42,468 ) $ (925 ) Translation Benefit Plan Cash Flow Adjustment Adjustment Hedges Balance at June 30, 2019 $ 4,439 $ (41,901 ) $ (509 ) Translation adjustment during the quarter (3,014 ) - - Amounts reclassified from accumulated other comprehensive income - 557 (143 ) Net current period other comprehensive (loss) income (3,014 ) 557 (143 ) Balance at September 27, 2019 1,425 (41,344 ) (652 ) Translation adjustment during the quarter 1,647 - - Amounts reclassified from accumulated other comprehensive income - 548 146 Net current period other comprehensive income 1,647 548 146 Balance at December 27, 2019 $ 3,072 $ (40,796 ) $ (506 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 25, 2020 December 25, 2020 Changes in benefit plan items Actuarial losses $ 796 (a) $ 1,588 (a) Transition asset and prior service benefit (64 ) (a) (127 ) (a) Total amortization 732 1,461 Income taxes 177 353 Total reclassification net of tax $ 555 $ 1,108 Amount Reclassified Amount Reclassified Quarter Ended Two Quarters Ended December 27, 2019 December 27, 2019 Changes in benefit plan items Actuarial losses $ 781 (a) $ 1,571 (a) Transition asset and prior service benefit (64 ) (a) (128 ) (a) Total amortization 717 1,443 Income taxes 169 338 Total reclassification net of tax $ 548 $ 1,105

Note L - Restructuring of Ope_2

Note L - Restructuring of Operations (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Restructuring and Related Costs [Table Text Block]	Accrued restructuring liability, June 30, 2020 $ 84 Additions 525 Payments, adjustments and write-offs during the year (587 ) Accrued restructuring liability, December 25, 2020 $ 22

Note M - Earnings Per Share (Ta

Note M - Earnings Per Share (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Basic: Net loss $ (4,280 ) $ (6,466 ) $ (8,217 ) $ (12,759 ) Less: Net earnings attributable to noncontrolling interest (33 ) (50 ) (75 ) (68 ) Less: Undistributed earnings attributable to unvested shares - - - - Net loss available to Twin Disc shareholders (4,313 ) (6,516 ) (8,292 ) (12,827 ) Weighted average shares outstanding - basic 13,255 13,164 13,227 13,135 Basic Loss Per Share: Net loss per share - basic $ (0.33 ) $ (0.49 ) $ (0.63 ) $ (0.98 ) Diluted: Net loss $ (4,280 ) $ (6,466 ) $ (8,217 ) $ (12,759 ) Less: Net earnings attributable to noncontrolling interest (33 ) (50 ) (75 ) (68 ) Less: Undistributed earnings attributable to unvested shares - - - - Net loss available to Twin Disc shareholders (4,313 ) (6,516 ) (8,292 ) (12,827 ) Weighted average shares outstanding - basic 13,255 13,164 13,227 13,135 Effect of dilutive stock awards - - - - Weighted average shares outstanding - diluted 13,255 13,164 13,227 13,135 Diluted Loss Per Share: Net loss per share - diluted $ (0.33 ) $ (0.49 ) $ (0.63 ) $ (0.98 )

Note N - Lease Liabilities (Tab

Note N - Lease Liabilities (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Lease, Cost [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Finance lease cost: Amortization of right-of-use assets $ 148 $ 43 $ 267 $ 79 Interest on lease liabilities 17 13 35 25 Operating lease cost 795 815 1,557 1,596 Short-term lease cost 3 9 12 26 Variable lease cost 15 8 31 24 Total lease cost 978 888 1,902 1,750 Less: Sublease income (56 ) (54 ) (112 ) (107 ) Net lease cost $ 922 $ 834 $ 1,790 $ 1,643
Operating and Finance Leases, Other Disclosures [Table Text Block]	For the Quarter Ended For the Two Quarters Ended December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 758 $ 805 $ 1,528 $ 1,584 Operating cash flows from finance leases 176 38 310 68 Financing cash flows from finance leases 17 13 35 25 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 105 2,073 105 2,424 Finance leases 55 53 4,671 277 Weighted average remaining lease term (years): Operating leases 10.6 11.0 Finance lease 12.4 4.4 Weighted average discount rate: Operating leases 7.4 % 7.4 % Finance leases 5.2 % 6.9 %
Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases 2021 $ 1,395 $ 389 2022 2,441 778 2023 2,162 769 2024 1,932 724 2025 1,703 482 Thereafter 11,861 4,307 Total future lease payments 21,494 7,449 Less: Amount representing interest (6,802 ) (1,929 ) Present value of future payments $ 14,692 $ 5,520
Assets and Liabilities, Lessee [Table Text Block]	Balance Sheet Location December 25, 2020 June 30, 2020 Lease Assets Operating lease right-of-use assets Property, plant and equipment, net $ 14,674 $ 14,448 Finance lease right-of-use assets Property, plant and equipment, net 5,435 959 Lease Liabilities Operating lease liabilities Accrued liabilities $ 1,609 $ 1,724 Operating lease liabilities Lease obligations 13,083 12,738 Finance lease liabilities Accrued liabilities 504 233 Finance lease liabilities Lease obligations 5,016 757

Note O - Derivative Financial_2

Note O - Derivative Financial Instruments (Tables)	6 Months Ended
	Dec. 25, 2020
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Balance Sheet Location December 25, 2020 June 30, 2020 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 347 $ 392 Interest rate swap Other long-term liabilities 864 1,052
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Statement of Comprehensive For the Quarter Ended For the Two Quarters Ended Income Location December 25, 2020 December 27, 2019 December 25, 2020 December 27, 2019 Derivative designated as hedge: Interest rate swap Interest expense $ 101 $ 31 $ 199 $ 42 Interest rate swap Unrealized loss on cash flow hedge 104 146 179 3 Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ - $ (13 ) $ -

Note B - Inventories - Inventor

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020
Finished parts	$ 63,563	$ 62,394
Work in process	17,771	17,844
Raw materials	40,827	40,369
Total inventories	$ 122,161	$ 120,607

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total	$ 321	$ 3,889
Product Warranty Accrual, Current	3,676	4,856
Product Warranty Accrual, Noncurrent	$ 798	$ 919

Note C - Warranty - Warranty (D

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Reserve balance, beginning of period	$ 4,682	$ 7,107	$ 4,460	$ 3,736
Current period expense and adjustments	711	681	1,745	6,129
Payments or credits to customers	(971)	(2,035)	(1,819)	(4,067)
Translation	52	22	88	(23)
Reserve balance, end of period	$ 4,474	$ 5,775	$ 4,474	$ 5,775

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	6 Months Ended
	Dec. 25, 2020
Number of Reportable Segments	2

Note E - Business Segments - Re

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Net sales	$ 48,438	$ 59,536	$ 94,581	$ 118,826
Net income (loss)	(4,313)	(6,516)	(8,292)	(12,827)
Intersegment Eliminations [Member]
Net sales	(16,490)	(19,662)	(31,348)	(37,360)
Corporate, Non-Segment [Member]
Net income (loss)	(1,701)	(4,422)	(4,173)	(6,970)
Manufacturing Segment [Member] | Operating Segments [Member]
Net sales	41,705	57,173	80,200	111,734
Net income (loss)	(3,112)	(2,936)	(5,774)	(7,791)
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net sales	(12,170)	(15,105)	(22,908)	(28,935)
Distribution Segment [Member] | Operating Segments [Member]
Net sales	23,223	22,025	45,729	44,452
Net income (loss)	500	842	1,655	1,934
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net sales	$ (4,320)	$ (4,557)	$ (8,440)	$ (8,425)

Note E - Business Segments - As

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020	Jun. 30, 2019
Segment Assets	$ 306,583	$ 294,127	$ 294,127
Operating Segments [Member] | Manufacturing Segment [Member]
Segment Assets	373,405		365,417
Operating Segments [Member] | Distribution Segment [Member]
Segment Assets	45,534		43,118
Corporate, Non-Segment [Member]
Segment Assets	$ (112,356)		$ (114,408)

Note E - Business Segments - Ne

Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Net Sales	$ 48,438	$ 59,536	$ 94,581	$ 118,826
Intersegment Eliminations [Member]
Net Sales	(16,490)	(19,662)	(31,348)	(37,360)
Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	41,705	57,173	80,200	111,734
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net Sales	(12,170)	(15,105)	(22,908)	(28,935)
Distribution Segment [Member] | Operating Segments [Member]
Net Sales	23,223	22,025	45,729	44,452
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net Sales	(4,320)	(4,557)	(8,440)	(8,425)
Industrial [Member]
Net Sales	6,083	6,625	11,867	14,088
Industrial [Member] | Intersegment Eliminations [Member]
Net Sales	(512)	(751)	(905)	(1,564)
Industrial [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	5,287	5,892	10,093	12,700
Industrial [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	1,308	1,484	2,679	2,952
Land Based Transmissions [Member]
Net Sales	10,906	15,305	22,738	30,824
Land Based Transmissions [Member] | Intersegment Eliminations [Member]
Net Sales	(5,503)	(7,492)	(10,231)	(14,867)
Land Based Transmissions [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	10,101	16,559	20,595	33,973
Land Based Transmissions [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	6,308	6,238	12,374	11,718
Marine and Propulsion Systems [Member]
Net Sales	30,052	36,699	56,259	71,720
Marine and Propulsion Systems [Member] | Intersegment Eliminations [Member]
Net Sales	(10,464)	(11,419)	(20,195)	(20,928)
Marine and Propulsion Systems [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	26,300	34,700	49,479	65,020
Marine and Propulsion Systems [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	14,216	13,418	26,975	27,628
Other [Member]
Net Sales	1,397	907	3,717	2,194
Other [Member] | Intersegment Eliminations [Member]
Net Sales	(11)	0	(17)	(1)
Other [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	17	22	33	41
Other [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	$ 1,391	$ 885	$ 3,701	$ 2,154

Note F - Stock-based Compensa_2

Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		184,800		184,800
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			265,300	131,700
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	397,900		397,900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	433,100	214,000	433,100	214,000
Share-based Payment Arrangement, Expense	$ 131	$ (52)	$ 228	$ 20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 9.26		$ 9.26
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,792		$ 3,792
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 (in shares)			246,800	180,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	380,900	231,400	380,900	231,400
Share-based Payment Arrangement, Expense	$ 350	$ 218	$ 689	$ 524
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,014		2,014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 533	$ 1,241
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)				20,500
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	38,000	38,000	38,000	38,000
Share-based Payment Arrangement, Expense	$ 81	$ 81	$ 163	$ 163
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 25.77		$ 25.77
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 190		$ 190
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years

Note G - Pension and Other Po_3

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 555	$ 548	$ 1,108	$ 1,105
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	177	$ 169	353	$ 338
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 2,346		2,346
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 391

Note G - Pension and Other Po_4

Note G - Pension and Other Postretirement Benefit Plans - Net Funded Status of Pension and Postretirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Pension Plan [Member]
Service cost	$ 146	$ 194	$ 289	$ 406
Prior service cost	16	0	32	0
Interest cost	690	889	1,357	1,794
Expected return on plan assets	1,133	1,240	2,266	2,488
Amortization of transition obligation	(9)	(9)	(18)	(17)
Amortization of prior service cost	(4)	(4)	(8)	(7)
Amortization of actuarial net loss	811	784	1,623	1,568
Net periodic benefit cost	535	632	1,045	1,290
Other Postretirement Benefits Plan [Member]
Service cost	4	4	8	9
Interest cost	39	55	77	110
Amortization of prior service cost	(69)	(69)	(137)	(138)
Net periodic benefit cost	$ (26)	$ (10)	$ (52)	$ (19)

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Jun. 30, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	30.30%	4.30%
Effective Income Tax Rate Reconciliation, GILTI benefit, Percent	9.00%		18.60%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 926
Foreign Tax Authority [Member]
Open Tax Year	2013 2014 2015 2016 2017 2018 2019
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member]
Open Tax Year	2019

Note I - Intangible Assets (Det

Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)			8 years
Amortization of Intangible Assets, Total	$ 843	$ 1,143	$ 1,678	$ 2,272

Note I - Intangible Assets - In

Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Balance, Definite Intangible Assets Gross Carrying Amount			$ 39,245
Balance, Definite Intangible Assets Accumulated Amortization/Impairment			(20,272)
Balance at June 30, Definite Intangible Assets Net Book Value			18,973
Addition, Definite Intangible Assets Gross Carrying Amount			2
Addition, Definite Intangible Assets Net Book Value			2
Amortization, Definite Intangible Assets Accumulated Amortization/Impairment	$ (843)	$ (1,143)	(1,678)	$ (2,272)
Amortization, Definite Intangible Assets Net Book Value	(843)	$ (1,143)	(1,678)	$ (2,272)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount			1,559
Translation adjustment, Definite Intangible Assets Net Book Value			1,559
Balance, Definite Intangible Assets Gross Carrying Amount	40,806		40,806
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(21,950)		(21,950)
Balance at June 30, Definite Intangible Assets Net Book Value	18,856		18,856
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value			11,554
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Definite Intangible Assets Accumulated Amortization/Impairment			(936)
Amortization, Definite Intangible Assets Net Book Value			(936)
Translation adjustment, Definite Intangible Assets Net Book Value			951
Balance at June 30, Definite Intangible Assets Net Book Value	11,569		11,569
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value			5,784
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Definite Intangible Assets Accumulated Amortization/Impairment			(610)
Amortization, Definite Intangible Assets Net Book Value			(610)
Translation adjustment, Definite Intangible Assets Net Book Value			473
Balance at June 30, Definite Intangible Assets Net Book Value	5,647		5,647
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value			1,388
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Definite Intangible Assets Accumulated Amortization/Impairment			(91)
Amortization, Definite Intangible Assets Net Book Value			(91)
Translation adjustment, Definite Intangible Assets Net Book Value			115
Balance at June 30, Definite Intangible Assets Net Book Value	1,412		1,412
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value			247
Addition, Definite Intangible Assets Net Book Value			2
Amortization, Definite Intangible Assets Accumulated Amortization/Impairment			(41)
Amortization, Definite Intangible Assets Net Book Value			(41)
Translation adjustment, Definite Intangible Assets Net Book Value			20
Balance at June 30, Definite Intangible Assets Net Book Value	$ 228		$ 228

Note I - Intangible Assets - Es

Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Dec. 25, 2020USD ($)
2021	$ 1,768
2022	3,240
2023	3,062
2024	2,906
2025	2,691
2026	$ 1,325

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual) $ in Thousands	Apr. 17, 2020USD ($)	Dec. 25, 2020USD ($)	Dec. 31, 2021	Jun. 30, 2020USD ($)	Jun. 29, 2018USD ($)
Long-term Debt, Current Maturities, Total		$ 5,569		$ 4,691
Principal Paid on Sale Leaseback Liabilities		45
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member]
Derivative, Notional Amount		$ 17,000			$ 20,000
Minimum [Member]
Sale Leaseback Transactions, Term (Year)		3 years
Sale Leaseback Transactions, Implied Interest Rate		7.00%
Maximum [Member]
Sale Leaseback Transactions, Term (Year)		5 years
Sale Leaseback Transactions, Implied Interest Rate		25.00%
Paycheck Protection Program CARES Act [Member] | Promissory Note [Member]
Long-term Debt, Current Maturities, Total		$ 3,569
Proceeds from Issuance of Long-term Debt, Total	$ 8,200
BMO [Member] | The 2018 Credit Agreement [Member]
Debt Instrument, Covenant, Minimum Cumulative EBITDA		2,500
Long-term Debt, Current Maturities, Total		$ 2,000
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument, Interest Rate During Period		4.25%
Line of Credit Facility, Current Borrowing Capacity		$ 39,487
Line of Credit Facility, Remaining Borrowing Capacity		$ 23,644
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member]
Debt Instrument, Interest Rate During Period		4.03%
BMO [Member] | The 2018 Credit Agreement [Member] | Forecast [Member]
Total Funded Debt To EBITDA Allowable Ratio			3

Note J - Long-term Debt - Long-

Note J - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020
Long-term debt	$ 41,764	$ 42,587
Less: current maturities	(5,569)	(4,691)
Total long-term debt	36,195	37,896
Revolving Loan [Member]
Long-term debt	15,843	16,641
Term Loan [Member]
Long-term debt	17,500	17,500
Promissory Note [Member] | Paycheck Protection Program CARES Act [Member]
Long-term debt	8,200	8,200
Less: current maturities	(3,569)
Other Long-Term Debt [Member]
Long-term debt	$ 221	$ 246

Note K - Shareholders' Equity_2

Note K - Shareholders' Equity (Details Textual) - shares	3 Months Ended
	Dec. 25, 2020	Dec. 27, 2019
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	315
Treasury Stock, Shares, Acquired (in shares)	0	0

Note K - Shareholders' Equity -

Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 25, 2020	Sep. 25, 2020	Dec. 27, 2019	Sep. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Balance	$ 140,555	$ 139,958	$ 173,363	$ 182,818	$ 139,958	$ 182,818
Net income (loss)	(4,280)	(3,937)	(6,466)	(6,293)	(8,217)	(12,759)
Translation adjustments	4,899	3,612	1,647	(2,996)	8,511	(1,349)
Benefit plan adjustments, net of tax	555	553	548	557	1,108	1,105
Unrealized gain on cash flow hedge, net of tax	104	75	146	(143)	179	3
Compensation expense	562	518	248	459
Shares (acquired) issued, net	0	(224)	(1)	(912)
Cash dividends				(127)
Balance	142,395	140,555	169,485	173,363	142,395	169,485
Common Stock [Member]
Balance	40,814	42,756	43,182	45,047	42,756	45,047
Net income (loss)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense	562	518	248	459
Shares (acquired) issued, net	(1,458)	(2,460)	(1,125)	(2,324)
Balance	39,918	40,814	42,305	43,182	39,918	42,305
Retained Earnings [Member]
Balance	152,676	156,655	190,161	196,472	156,655	196,472
Net income (loss)	(4,313)	(3,979)	(6,516)	(6,311)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net
Balance	148,363	152,676	183,645	190,161	148,363	183,645
AOCI Attributable to Parent [Member]
Balance	(36,998)	(41,226)	(40,571)	(37,971)	(41,226)	(37,971)
Net income (loss)
Translation adjustments	4,887	3,600	1,647	(3,014)
Benefit plan adjustments, net of tax	555	553	548	557
Unrealized gain on cash flow hedge, net of tax	104	75	146	(143)
Compensation expense
Shares (acquired) issued, net
Balance	(31,452)	(36,998)	(38,230)	(40,571)	(31,452)	(38,230)
Treasury Stock [Member]
Balance	(16,560)	(18,796)	(19,920)	(21,332)	(18,796)	(21,332)
Net income (loss)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net	1,458	2,236	1,124	1,412
Balance	(15,102)	(16,560)	(18,796)	(19,920)	(15,102)	(18,796)
Noncontrolling Interest [Member]
Balance	623	569	511	602	569	602
Net income (loss)	33	42	50	18
Translation adjustments	12	12	0	18
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net
Cash dividends				(127)
Balance	$ 668	$ 623	$ 561	$ 511	$ 668	$ 561

Note K - Stockholders' Equity -

Note K - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 25, 2020	Sep. 25, 2020	Dec. 27, 2019	Sep. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Balance	$ 140,555	$ 139,958	$ 173,363	$ 182,818	$ 139,958	$ 182,818
Translation adjustment during the quarter	4,899	3,612	1,647	(2,996)	8,511	(1,349)
Balance	142,395	140,555	169,485	173,363	142,395	169,485
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	7,054	3,454	1,425	4,439	3,454	4,439
Translation adjustment during the quarter	4,887	3,600	1,647	(3,014)
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Net current period other comprehensive income	4,887	3,600	1,647	(3,014)
Net current period other comprehensive income	4,887	3,600	1,647	(3,014)
Balance	11,941	7,054	3,072	1,425	11,941	3,072
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(43,023)	(43,576)	(41,344)	(41,901)	(43,576)	(41,901)
Translation adjustment during the quarter	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	555	553	548	557
Net current period other comprehensive income	555	553	548	557
Net current period other comprehensive income	555	553	548	557
Balance	(42,468)	(43,023)	(40,796)	(41,344)	(42,468)	(40,796)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(1,029)	(1,104)	(652)	(509)	(1,104)	(509)
Translation adjustment during the quarter	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	104	75	146	(143)
Net current period other comprehensive income	104	75	146	(143)
Net current period other comprehensive income	104	75	146	(143)
Balance	$ (925)	$ (1,029)	$ (506)	$ (652)	$ (925)	$ (506)

Note K - Shareholders' Equity_3

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				6 Months Ended
		Dec. 25, 2020	Sep. 25, 2020	Dec. 27, 2019	Sep. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Income tax (benefit) expense		$ (2,637)		$ 1,040		$ (3,567)	$ (578)
Net loss		(4,280)	$ (3,937)	(6,466)	$ (6,293)	(8,217)	(12,759)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	[1]	796		781		1,588	1,571
Transition asset and prior service benefit	[1]	(64)		(64)		(127)	(128)
Total amortization		732		717		1,461	1,443
Income tax (benefit) expense		177		169		353	338
Net loss		$ 555		$ 548		$ 1,108	$ 1,105
[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 Ope_3

Note L - Restructuring of Operations (Details Textual) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended		67 Months Ended
	Dec. 25, 2020USD ($)	Dec. 27, 2019USD ($)	Dec. 15, 2020USD ($)	Dec. 25, 2020USD ($)	Dec. 27, 2019USD ($)	Dec. 25, 2020USD ($)
Restructuring Charges, Total	$ 120	$ 4,248		$ 525	$ 4,369	$ 12,930
Restructuring and Related Cost, Number of Positions Eliminated						249
Payments for Restructuring				$ 587
Employee Severance [Member]
Restructuring Charges, Total	$ 120	1,063	$ 525		$ 1,184
Contract Termination [Member] | Manufacturing Segment [Member]
Restructuring Charges, Total		3,185
Restructuring Reserve, Settled without Cash		2,185
Payments for Restructuring		$ 1,000

Note L - Restructuring of Ope_4

Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		67 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020
Accrued restructuring liability			$ 84
Additions	$ 120	$ 4,248	525	$ 4,369	$ 12,930
Payments, adjustments and write-offs during the year			(587)
Accrued restructuring liability	$ 22		$ 22		$ 22

Note M - Earnings Per Share (De

Note M - Earnings Per Share (Details Textual) - shares	6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	433,100	214,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	380,900	231,400
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	38,000	38,000

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				6 Months Ended
	Dec. 25, 2020	Sep. 25, 2020	Dec. 27, 2019	Sep. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Net loss	$ (4,280)	$ (3,937)	$ (6,466)	$ (6,293)	$ (8,217)	$ (12,759)
Less: Net earnings attributable to noncontrolling interest	(33)		(50)		(75)	(68)
Less: Undistributed earnings attributable to unvested shares	0		0		0	0
Net loss available to Twin Disc shareholders	$ (4,313)		$ (6,516)		$ (8,292)	$ (12,827)
Weighted average shares outstanding - basic (in shares)	13,255		13,164		13,227	13,135
Net loss per share - basic (in dollars per share)	$ (0.33)		$ (0.49)		$ (0.63)	$ (0.98)
Net loss available to Twin Disc shareholders	$ (4,313)		$ (6,516)		$ (8,292)	$ (12,827)
Effect of dilutive stock awards (in shares)	0		0		0	0
Weighted average shares outstanding - diluted (in shares)	13,255		13,164		13,227	13,135
Net loss per share - diluted (in dollars per share)	$ (0.33)		$ (0.49)		$ (0.63)	$ (0.98)

Note N - Lease Liabilities - Co

Note N - Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Amortization of right-of-use assets	$ 148	$ 43	$ 267	$ 79
Interest on lease liabilities	17	13	35	25
Operating lease cost	795	815	1,557	1,596
Short-term lease cost	3	9	12	26
Variable lease cost	15	8	31	24
Total lease cost	978	888	1,902	1,750
Less: Sublease income	(56)	(54)	(112)	(107)
Net lease cost	$ 922	$ 834	$ 1,790	$ 1,643

Note N - Lease Liabilities - Ot

Note N - Lease Liabilities - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 25, 2020	Dec. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Operating cash flows from operating leases	$ 758	$ 805	$ 1,528	$ 1,584
Operating cash flows from finance leases	176	38	310	68
Financing cash flows from finance leases	17	13	35	25
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	105	2,073	105	2,424
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 55	$ 53	$ 4,671	$ 277
Weighted average remaining lease term (years): Operating leases (Year)	10 years 7 months 6 days	11 years	10 years 7 months 6 days	11 years
Weighted average remaining lease term (years): Finance lease (Year)	12 years 4 months 24 days	4 years 4 months 24 days	12 years 4 months 24 days	4 years 4 months 24 days
Weighted average discount rate: Operating leases	7.40%	7.40%	7.40%	7.40%
Weighted average discount rate: Finance leases	5.20%	6.90%	5.20%	6.90%

Note N - Lease Liabilities - Fu

Note N - Lease Liabilities - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands	Dec. 25, 2020USD ($)
2021, Operating Leases	$ 1,395
2021, Finance Leases	389
2022, Operating Leases	2,441
2022, Finance Leases	778
2023, Operating Leases	2,162
2023, Finance Leases	769
2024, Operating Leases	1,932
2024, Finance Leases	724
2025, Operating Leases	1,703
2025, Finance Leases	482
Thereafter, Operating Leases	11,861
Thereafter, Finance Leases	4,307
Total future lease payments, Operating Leases	21,494
Total future lease payments, Finance Leases	7,449
Less: Amount representing interest, Operating Leases	(6,802)
Less: Amount representing interest, Finance Leases	(1,929)
Present value of future payments, Operating Leases	14,692
Present value of future payments, Finance Leases	$ 5,520

Note N - Lease Liabilities - _2

Note N - Lease Liabilities - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020
Operating lease liabilities	$ 18,099	$ 13,495
Property, Plant and Equipment, Net [Member]
Operating lease right-of-use assets	14,674	14,448
Finance lease right-of-use assets	5,435	959
Accrued Liabilities [Member]
Operating lease liabilities	1,609	1,724
Finance lease liabilities	504	233
Lease Obligation [Member]
Operating lease liabilities	13,083	12,738
Finance lease liabilities	$ 5,016	$ 757

Note O - Derivative Financial_3

Note O - Derivative Financial Instruments (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 25, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 25, 2020USD ($)	Dec. 27, 2019USD ($)	Sep. 27, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 29, 2018USD ($)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 142,395	$ 139,958	$ 140,555	$ 169,485	$ 173,363	$ 182,818
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(371)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (925)	$ (1,104)	$ (1,029)	$ (506)	$ (652)	$ (509)
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total	1
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Bank of Montreal [Member]
Derivative, Notional Amount	$ 17,000						$ 20,000
Foreign Exchange Forward [Member]
Derivative, Number of Instruments Held, Total	0	1
Derivative, Notional Amount		$ 1,247
Derivative, Average Remaining Maturity (Day)		7 days
Derivative, Loss on Derivative		$ 9

Note O - Derivative Financial_4

Note O - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Dec. 25, 2020	Jun. 30, 2020
Accounts Payable and Accrued Liabilities [Member]
Derivative Liabilities, Current	$ 347	$ 392
Other Noncurrent Liabilities [Member]
Derivative Liabilities, Noncurrent	$ 864	$ 1,052

Note O - Derivative Financial_5

Note O - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 25, 2020	Sep. 25, 2020	Dec. 27, 2019	Sep. 27, 2019	Dec. 25, 2020	Dec. 27, 2019
Interest rate swap	$ 104	$ 75	$ 146	$ (143)	$ 179	$ 3
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Interest rate swap	104		146		179	3
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Interest rate swap	101		31		199	42
Derivative liabilities, not designated	101		31		199	42
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member]
Interest rate swap	0		0		(13)	0
Derivative liabilities, not designated	$ 0		$ 0		$ (13)	$ 0