Twin Disc (TWIN) 10-Q 4 May 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 25, 2022	Apr. 29, 2022
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	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 25, 2022
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		13,651,611

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 25, 2022	Jun. 30, 2021
Current assets:
Cash	$ 12,825	$ 12,340
Trade accounts receivable, net	38,977	39,491
Inventories	131,080	114,967
Assets held for sale	3,082	9,539
Prepaid expenses	6,984	5,704
Other	8,447	9,926
Total current assets	201,395	191,967
Property, plant and equipment, net	42,753	45,463
Right-of-use assets operating leases	13,692	14,736
Intangible assets, net	13,944	17,480
Deferred income taxes	2,258	2,511
Other assets	3,682	3,256
Total assets	277,724	275,413
Current liabilities:
Current maturities of long-term debt	2,000	2,000
Accounts payable	34,195	31,011
Accrued liabilities	48,779	45,549
Total current liabilities	84,974	78,560
Long-term debt	32,069	30,085
Lease obligations	11,543	12,887
Accrued retirement benefits	10,065	11,176
Deferred income taxes	3,959	5,045
Other long-term liabilities	5,659	7,000
Total liabilities	148,269	144,753
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	42,048	40,972
Retained earnings	127,251	126,936
Accumulated other comprehensive loss	(25,724)	(22,615)
Equity before treasury stock	143,575	145,293
Less treasury stock, at cost (965,987 and 984,139 shares, respectively)	14,805	15,083
Total Twin Disc shareholders' equity	128,770	130,210
Noncontrolling interest	685	450
Total equity	129,455	130,660
Total liabilities and equity	$ 277,724	$ 275,413

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 25, 2022	Jun. 30, 2021
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)	965,987	984,139

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Net sales	$ 59,289	$ 57,640	$ 166,939	$ 152,377
Cost of goods sold	41,598	43,678	122,319	119,835
Gross profit	17,691	13,962	44,620	32,542
Marketing, engineering and administrative expenses	14,396	13,196	42,753	39,000
Restructuring expenses	303	251	1,542	777
Other operating income	(63)	0	(2,957)	0
Income (loss) from operations	3,055	515	3,282	(7,235)
Interest expense	490	606	1,594	1,769
Other (income) expense, net	(498)	(557)	(608)	2,314
Non-operating income (expense)	(8)	49	986	4,083
Income (loss) before income taxes and noncontrolling interest	3,063	466	2,296	(11,318)
Income tax expense (benefit)	753	300	1,757	(3,267)
Net income (loss)	2,310	166	539	(8,051)
Less: Net earnings attributable to noncontrolling interest, net of tax	(79)	(72)	(223)	(147)
Net income (loss) attributable to Twin Disc	$ 2,231	$ 94	$ 316	$ (8,198)
Income (loss) per share data:
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.17	$ 0.01	$ 0.02	$ (0.62)
Diluted income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.17	$ 0.01	$ 0.02	$ (0.62)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,397	13,269	13,339	13,240
Diluted shares outstanding (in shares)	13,457	13,295	13,373	13,240
Comprehensive income (loss)
Net (loss) income	$ 2,310	$ 166	$ 539	$ (8,051)
Benefit plan adjustments, net of income taxes of $4, $177, $4 and $529, respectively	505	583	1,512	1,691
Foreign currency translation adjustment	(2,721)	(3,008)	(6,359)	5,503
Unrealized gain on cash flow hedge, net of income taxes of $0, $60, $0 and $115, respectively	810	193	1,748	372
Comprehensive income (loss)	904	(2,066)	(2,560)	(485)
Less: Comprehensive income (loss) attributable to noncontrolling interest	38	(34)	235	(133)
Comprehensive income (loss) attributable to Twin Disc	$ 942	$ (2,100)	$ (2,325)	$ (618)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Benefit plan adjustments, income taxes	$ 4	$ 177	$ 4	$ 529
Unrealized loss on cash flow hedge, income taxes	$ 0	$ 60	$ 0	$ 115

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Cash flows from operating activities:
Net income (loss)	$ 539	$ (8,051)
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities:
Depreciation and amortization	7,317	8,366
Gain on sale of assets	(2,939)	0
Restructuring expenses	(487)	215
Provision for deferred income taxes	(1,383)	(6,052)
Stock compensation expense and other non-cash changes, net	2,642	1,934
Net change in operating assets and liabilities	(12,912)	8,603
Net cash (used) provided by operating activities	(7,223)	5,015
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(2,371)	(3,851)
Proceeds from sale of fixed assets	9,152	76
Proceeds on note receivable	500	700
Other, net	465	(18)
Net cash provided (used) by investing activities	7,746	(3,093)
Cash flows from financing activities:
Borrowings under revolving loan arrangement	78,142	56,463
Repayments of revolver loans	(73,192)	(58,497)
Repayments of other long term debt	(2,789)	(411)
Payments of withholding taxes on stock compensation	(487)	(224)
Net cash provided (used) by financing activities	1,674	(2,669)
Effect of exchange rate changes on cash	(1,712)	1,653
Net change in cash	485	906
Cash:
Beginning of period	12,340	10,688
End of period	$ 12,825	$ 11,594

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Mar. 25, 2022
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, 2021. not Reclassification Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation. Recently Adopted Accounting Standards In December 2019, 2019 12 July 1, 2021. 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 March 2020 January 2021, 2020 04 2021 01, 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	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	B. Inventories The major classes of inventories were as follows: March 25, 2022 June 30, 2021 Inventories: Finished parts $ 68,166 $ 59,761 Work in process 19,580 17,908 Raw materials 43,334 37,298 $ 131,080 $ 114,967

Note C - Warranty

Note C - Warranty	9 Months Ended
	Mar. 25, 2022
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 ended March 25, 2022 March 26, 2021: For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Reserve balance, beginning of period $ 3,483 $ 4,474 $ 4,369 $ 4,460 Current period expense and adjustments 339 805 658 2,550 Payments or credits to customers (518 ) (995 ) (1,688 ) (2,814 ) Translation (27 ) (28 ) (62 ) 60 Reserve balance, end of period $ 3,277 $ 4,256 $ 3,277 $ 4,256 The current portion of the warranty accrual ($2,757 and $3,314 as of March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021,

Note D - Contingencies

Note D - Contingencies	9 Months Ended
	Mar. 25, 2022
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. 25, 2022
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 reportable segments: manufacturing and distribution. These segment structures reflect the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers between segments are at established inter-company selling prices. Management evaluates the performance of its segments based on their net income. Information about the Company’s segments is summarized as follows: For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Net sales Manufacturing segment sales $ 56,403 $ 52,138 $ 147,296 $ 132,338 Distribution segment sales 23,660 26,221 72,485 71,950 Inter/Intra segment elimination – manufacturing (16,672 ) (15,074 ) (40,815 ) (37,892 ) Inter/Intra segment elimination – distribution (4,102 ) (5,645 ) (12,027 ) (14,019 ) $ 59,289 $ 57,640 $ 166,939 $ 152,377 Net (loss) income attributable to Twin Disc Manufacturing segment net (loss) income $ 6,000 $ 2,422 $ 9,230 $ (3,352 ) Distribution segment net income 1,415 697 3,396 2,352 Corporate and eliminations (5,184 ) (3,025 ) (12,310 ) (7,198 ) $ 2,231 $ 94 $ 316 $ (8,198 ) Assets March 25, 2022 June 30, 2021 Manufacturing segment assets $ 356,154 $ 364,379 Distribution segment assets 54,629 46,956 Corporate assets and elimination of intercompany assets (133,059 ) (135,922 ) $ 277,724 $ 275,413 Disaggregated revenue: The following table presents details deemed most relevant to the users of the financial statements for the quarters and three March 25, 2022 March 26, 2021. Net sales by product group for the quarter ended March 25, 2022 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 7,947 $ 1,449 $ (935 ) $ 8,461 Land-based transmissions 17,448 7,173 (8,535 ) 16,086 Marine and propulsion systems 30,820 13,108 (10,766 ) 33,162 Other 188 1,930 (538 ) 1,580 Total $ 56,403 $ 23,660 $ (20,774 ) $ 59,289 Net sales by product group for the quarter ended March 26, 2021 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 5,652 $ 1,491 $ (1,307 ) $ 5,836 Land-based transmissions 13,793 6,892 (5,419 ) 15,266 Marine and propulsion systems 32,671 15,016 (13,951 ) 33,736 Other 22 2,822 (42 ) 2,802 Total $ 52,138 $ 26,221 $ (20,719 ) $ 57,640 Net sales by product group for the three March 25, 2022 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 20,939 $ 4,377 $ (3,016 ) $ 22,300 Land-based transmissions 41,158 18,775 (18,287 ) 41,646 Marine and propulsion systems 84,968 41,330 (30,983 ) 95,315 Other 231 8,003 (556 ) 7,678 Total $ 147,296 $ 72,485 $ (52,842 ) $ 166,939 Net sales by product group for the three March 26, 2021 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 15,744 $ 4,168 $ (3,369 ) $ 16,543 Land-based transmissions 34,388 19,267 (14,388 ) 39,267 Marine and propulsion systems 82,152 41,996 (34,095 ) 90,053 Other 54 6,519 (59 ) 6,514 Total $ 132,338 $ 71,950 $ (51,911 ) $ 152,377

Note F - Stock-based Compensati

Note F - Stock-based Compensation	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	F. Stock-Based Compensation Performance Stock Awards ( PSA ) During the three 2022 2021, 2022 three June 30, 2024. The fiscal 2021 three June 30, 2023. There were 440.9 and 433.1 unvested PSAs outstanding at March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021, three March 25, 2022 March 26, 2021, March 25, 2022 March 25, 2022, 2022, 2021 2020 March 25, 2022 March 26, 2021 $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 to 3 years. During the three 2022 2021, March 25, 2022 March 26, 2021, three March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021, three March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021 March 25, 2022, three Restricted Stock Unit Awards ( RSU ) Under the 2018 2021 three three 2022 2021, March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021, three March 25, 2022 March 26, 2021, March 25, 2022 March 26, 2021 March 25, 2022 March 25, 2022, two

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefit Plans	9 Months Ended
	Mar. 25, 2022
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 Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Pension Benefits: Service cost $ 137 $ 144 $ 406 $ 432 Prior service cost 10 16 30 48 Interest cost 709 715 2,055 2,072 Expected return on plan assets (1,258 ) (1,133 ) (3,773 ) (3,400 ) Amortization of transition obligation 9 9 28 28 Amortization of prior service cost (4 ) (4 ) (12 ) (12 ) Amortization of actuarial net loss 562 811 1,687 2,434 Net periodic benefit cost $ 165 $ 558 $ 421 $ 1,602 Postretirement Benefits: Service cost $ 4 $ 4 $ 11 $ 12 Interest cost 35 39 105 116 Amortization of prior service cost (69 ) (69 ) (206 ) (206 ) Net periodic benefit gain $ (30 ) $ (26 ) $ (90 ) $ (78 ) 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 $733 to its pension plans in fiscal 2022. three March 25, 2022, The Company has reclassified $505 (net of $4 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 25, 2022, March 26, 2021. three March 25, 2022, three March 26, 2021.

Note H - Income Taxes

Note H - Income Taxes	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H. Income Taxes 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 (AETR). 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. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. In situations in which an entity is in a loss position and recognizes a full valuation allowance, the guidance in ASC 740 270 25 9 may 740 10 For the three March 25, 2022 March 26, 2021 March 26, 2021 not not On January 30, 2020, 19 March 2020, 19 19 March 27, 2020 2017. 2021 December 27, 2020. not March 11, 2021, 2021 December 31, 2026, five not 162 19 19 The Company maintains valuation allowances when it is more likely than not not no The Company has approximately $752 of unrecognized tax benefits, including related interest and penalties, as of March 25, 2022, no March 25, 2022. 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 2014 2021. 2018. 2017. 2022.

Note I - Intangible Assets

Note I - Intangible Assets	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	I. Intangible Assets As of March 25, 2022, Net Book Value Rollforward Net Book Value By Asset Type Gross Carrying Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2021 $ 41,142 $ (23,662 ) $ 17,480 $ 10,321 $ 4,883 $ 1,282 $ 994 Addition 9 - $ 9 - - - 9 Amortization - (2,415 ) $ (2,415 ) (1,225 ) (888 ) (133 ) (169 ) Translation adjustment (1,130 ) - $ (1,130 ) (707 ) (321 ) (89 ) (13 ) Balance at March 25, 2022 $ 40,021 $ (26,077 ) $ 13,944 $ 8,389 $ 3,674 $ 1,060 $ 821 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 7 years. Intangible amortization expense was $785 and $838 for the quarters ended March 25, 2022, March 26, 2021, three March 25, 2022, March 26, 2021, 2022 five Fiscal Year 2022 791 2023 2,924 2024 2,779 2025 2,661 2026 1,343 Thereafter 3,446

Note J - Long-term Debt

Note J - Long-term Debt	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	J. Long-term Debt Long-term debt at March 25, 2022 June 30, 2021 March 25, 2022 June 30, 2021 Credit Agreement Debt Revolving loans (expire June 2023) $ 19,472 $ 15,415 Term loan (due March 2026) 14,500 16,500 Other 97 170 Subtotal 34,069 32,085 Less: current maturities (2,000 ) (2,000 ) Total long-term debt $ 32,069 $ 30,085 Credit Agreement Debt: June 29, 2018 ( On January 27, 2021, September 30, 2021. On September 30, 2021, February 28, 2022, 1.00. On February 28, 2022, second No. 8 June 29, 2018, June 30, 2022, For the quarter ended March 25, 2022, not 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, 2021, 2 As of March 25, 2022, Other: three five During the quarters ended March 25, 2022, As of March 25, 2022, The Company’s borrowings described above approximate fair value at March 25, 2022 June 30, 2021. 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 March 25, 2022, 815, During the fourth 2021,

Note K - Shareholders' Equity

Note K - Shareholders' Equity	9 Months Ended
	Mar. 25, 2022
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 March 25, 2022 not March 25, 2022 March 26, 2021. The following is a reconciliation of the Company’s equity balances for the first three 2022 2021: Twin Disc, Inc. Shareholders’ Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Non- Controlling Interest Total Equity Balance, June 30, 2021 $ 40,972 $ 126,936 $ (22,615 ) $ (15,083 ) $ 450 $ 130,660 Net (loss) income 1,920 60 1,980 Translation adjustments (2,014 ) 76 (1,938 ) Benefit plan adjustments, net of tax 384 384 Unrealized gain on cash flow hedge, net of tax 204 204 Compensation expense 625 625 Shares (acquired) issued, net (432 ) 141 (291 ) Balance, September 24, 2021 41,165 128,856 (24,041 ) (14,942 ) 586 131,624 Net (loss) income (3,836 ) 86 (3,750 ) Translation adjustments (1,676 ) (25 ) (1,701 ) Benefit plan adjustments, net of tax 623 623 Unrealized gain on cash flow hedge, net of tax 735 735 Compensation expense 595 595 Shares (acquired) issued, net (169 ) (26 ) (195 ) Balance, December 31, 2021 $ 41,591 $ 125,020 $ (24,359 ) $ (14,968 ) $ 647 $ 127,931 Net income 2,231 79 2,310 Translation adjustments (2,680 ) (41 ) (2,721 ) Benefit plan adjustments, net of tax 505 505 Unrealized loss on cash flow hedge, net of tax 810 810 Compensation expense 620 620 Shares issued (acquired), net (163 ) 163 0 Balance, March 25, 2022 $ 42,048 $ 127,251 $ (25,724 ) $ (14,805 ) $ 685 $ 129,455 Twin Disc, Inc. Shareholders’ Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- Controlling Interest Total 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 Net (loss) income 94 72 166 Translation adjustments (2,970 ) (38 ) (3,008 ) Benefit plan adjustments, net of tax 583 583 Unrealized loss on cash flow hedge, net of tax 193 193 Compensation expense 524 524 Shares issued (acquired), net 4 (4 ) - Balance, March 26, 2021 $ 40,446 $ 148,457 $ (33,646 ) $ (15,106 ) $ 702 $ 140,853 Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended March 25, 2022 March 26, 2021 Translation Benefit Plan Cash Flow Net Investment Adjustment Adjustment Hedges Hedges Balance at June 30, 2021 $ 9,192 $ (31,463 ) $ (678 ) $ 334 Translation adjustment during the quarter (2,014 ) - - - Amounts reclassified from accumulated other comprehensive income - 384 68 136 Net current period other comprehensive (loss) income (2,014 ) 384 68 136 Balance at September 24, 2021 $ 7,178 $ (31,079 ) $ (610 ) $ 470 Translation adjustment during the quarter (1,676 ) - - - Amounts reclassified from accumulated other comprehensive income - 623 232 503 Net current period other comprehensive (loss) income (1,676 ) 623 232 503 Balance at December 31, 2021 5,502 (30,456 ) (378 ) 973 Translation adjustment during the quarter (2,680 ) - - - Amounts reclassified from accumulated other comprehensive income - 505 556 254 Net current period other comprehensive (loss) income (2,680 ) 505 556 254 Balance at March 25, 2022 $ 2,822 $ (29,951 ) $ 178 $ 1,227 Translation Adjustment Benefit Plan Adjustment Cash Flow 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 adjustment during the quarter (2,970 ) - - Amounts reclassified from accumulated other comprehensive income - 583 193 Net current period other comprehensive (loss) income (2,970 ) 583 193 Balance at March 26, 2021 $ 8,971 $ (41,885 ) $ (732 ) Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended March 25, 2022 Amount Reclassified Quarter Ended March 25, 2022 Amount Reclassified Three Quarters Ended March 25, 2022 Changes in benefit plan items Actuarial losses $ 573 (a) $ 1,707 (a) Transition asset and prior service benefit (64 ) (a) (191 ) (a) Total amortization 509 1,516 Income tax (benefit) expense 4 4 Total reclassification net of tax $ 505 $ 1,512 Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended March 26, 2021 Amount Reclassified Quarter Ended March 26, 2021 Amount Reclassified Three Quarters Ended March 26, 2021 Changes in benefit plan items Actuarial losses $ 824 (a) $ 2,410 (a) Transition asset and prior service benefit (64 ) (a) (190 ) (a) Total amortization 760 2,220 Income tax expense 177 529 Total reclassification net of tax $ 583 $ 1,691 (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. 25, 2022
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	L. Restructuring of Operations Restructuring expenses The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth 2015. fourth 2021, With regard to its Belgian operations, on June 30, 2021, December 2022. In the second second 2022. Total restructuring charges relating to streamlining operations totaled to $303 and $251 in the quarters ending March 25, 2022 March 26, 2021, three March 25, 2022 March 26, 2021, June 2015 March 25, 2022 The following is a roll-forward of restructuring activity: Accrued restructuring liability, June 30, 2021 $ 2,352 Additions 1,542 Payments, adjustments and write-offs during the year (2,028 ) Accrued restructuring liability, March 25, 2022 $ 1,866 Assets held for sale To improve its fixed cost structure and monetize some of its under-utilized assets, the Company commenced the active marketing of three fourth 2021. During the second 2022, During the third 2022, first 2023. third 2022, Additionally, during the third 2022, April 20, 2022; two fourth 2022,

Note M - Earnings Per Share

Note M - Earnings Per Share	9 Months Ended
	Mar. 25, 2022
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 Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Basic: Net income (loss) $ 2,310 $ 166 $ 539 $ (8,051 ) Less: Net earnings attributable to noncontrolling interest (79 ) (72 ) (223 ) (147 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 2,231 94 316 (8,198 ) Weighted average shares outstanding - basic 13,397 13,269 13,339 13,240 Basic Loss Per Share: Net earnings (loss) per share - basic $ 0.17 $ 0.01 $ 0.02 $ (0.62 ) Diluted: Net income (loss) $ 2,310 $ 166 $ 539 $ (8,051 ) Less: Net earnings attributable to noncontrolling interest (79 ) (72 ) (223 ) (147 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 2,231 94 316 (8,198 ) Weighted average shares outstanding - basic 13,397 13,269 13,339 13,240 Effect of dilutive stock awards 60 26 34 - Weighted average shares outstanding - diluted 13,457 13,295 13,373 13,240 Diluted Income (Loss) Per Share: Net earnings (loss) per share - diluted $ 0.17 $ 0.01 $ 0.02 $ (0.62 ) The following potential common shares were excluded from diluted EPS for the quarter and three March 26, 2021

Note N - Lease Liabilities

Note N - Lease Liabilities	9 Months Ended
	Mar. 25, 2022
Notes to Financial Statements
Lessee, Operating and Finance Leases [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 Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Finance lease cost: Amortization of right-of-use assets $ 162 $ 154 $ 492 $ 421 Interest on lease liabilities 68 73 211 201 Operating lease cost 800 717 2,190 2,097 Short-term lease cost 13 17 53 29 Variable lease cost 46 36 127 118 Total lease cost 1,089 997 3,073 2,866 Less: Sublease income (19 ) (23 ) (57 ) (135 ) Net lease cost $ 1,070 $ 974 $ 3,016 $ 2,731 Other information related to leases was as follows: For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 808 $ 747 $ 2,281 $ 2,275 Operating cash flows from finance leases 207 125 623 343 Financing cash flows from finance leases 68 73 211 201 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 695 19 1,091 125 Finance leases - 86 307 4,757 Weighted average remaining lease term (years): Operating leases 8.8 10.5 Finance lease 11.4 12.2 Weighted average discount rate: Operating leases 7.1 % 7.4 % Finance leases 5.1 % 5.2 % Approximate future minimum rental commitments under non-cancellable leases as of March 25, 2022 Operating Leases Finance Leases 2022 $ 794 $ 204 2023 2,981 807 2024 2,489 772 2025 1,625 555 2026 1,488 492 Thereafter 9,458 4,263 Total future lease payments 18,835 7,093 Less: Amount representing interest (5,124 ) (1,994 ) Present value of future payments $ 13,711 $ 5,099 The following table provides a summary of leases recorded on the condensed consolidated balance sheet. Balance Sheet Location March 25, 2022 June 30, 2021 Lease Assets Operating lease right-of-use assets Right-of-use assets operating leases $ 13,692 $ 14,736 Finance lease right-of-use assets Property, plant and equipment, net 4,904 5,244 Lease Liabilities Operating lease liabilities Accrued liabilities $ 2,168 $ 1,870 Operating lease liabilities Lease obligations 11,543 12,887 Finance lease liabilities Accrued liabilities 567 541 Finance lease liabilities Other long-term liabilities 4,532 4,836

Note O - Derivative Financial I

Note O - Derivative Financial Instruments	9 Months Ended
	Mar. 25, 2022
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 risks relating to interest rate and foreign exchange rate volatility. 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 March 25, 2022, 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 SOFR-based (formerly 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 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 twelve Net unrealized after-tax gain (loss) related to cash flow hedging activities that were included in accumulated other comprehensive income were $178 and $(678) as of March 25, 2022, June 30, 2021, The Company estimates that $98 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 Derivatives Designated as Net Investment Hedges The Company is exposed to foreign currency exchange risk related to its investment in net assets in foreign countries. As discussed in Note J, Long-term Debt, during the fourth 2021, €6,500, March 25, 2022 June 30, 2021, Fair Value of Derivative Instruments The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows: Balance Sheet Location March 25, 2022 June 30, 2021 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 100 $ 346 Interest rate swap Other long-term liabilities $ - $ 542 The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive (loss) income for the quarter and three March 25, 2022 March 26, 2021, Statement of Comprehensive For the Quarter Ended For the Three Quarters Ended Income Location March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Derivative designated as hedge: Interest rate swap Interest expense $ 81 $ 98 $ 268 $ 297 Interest rate swap Unrealized gain (loss) on cash flow hedge 556 193 855 372 Net investment hedge Unrealized gain on hedges 254 - 893 - Derivatives not designated as hedges: Foreign currency forward contracts Other income (expense), net $ - $ - $ - $ (13 )

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 25, 2022
Accounting Policies [Abstract]
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In December 2019, 2019 12 July 1, 2021. 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 March 2020 January 2021, 2020 04 2021 01, March 12, 2020, may December 31, 2022.
Reporting Status [Policy Text Block]	Special Note Regarding Smaller Reporting Company Status Under SEC Release 33 10513; 34 83550,

Note B - Inventories (Tables)

Note B - Inventories (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 25, 2022 June 30, 2021 Inventories: Finished parts $ 68,166 $ 59,761 Work in process 19,580 17,908 Raw materials 43,334 37,298 $ 131,080 $ 114,967

Note C - Warranty (Tables)

Note C - Warranty (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Reserve balance, beginning of period $ 3,483 $ 4,474 $ 4,369 $ 4,460 Current period expense and adjustments 339 805 658 2,550 Payments or credits to customers (518 ) (995 ) (1,688 ) (2,814 ) Translation (27 ) (28 ) (62 ) 60 Reserve balance, end of period $ 3,277 $ 4,256 $ 3,277 $ 4,256

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Net sales Manufacturing segment sales $ 56,403 $ 52,138 $ 147,296 $ 132,338 Distribution segment sales 23,660 26,221 72,485 71,950 Inter/Intra segment elimination – manufacturing (16,672 ) (15,074 ) (40,815 ) (37,892 ) Inter/Intra segment elimination – distribution (4,102 ) (5,645 ) (12,027 ) (14,019 ) $ 59,289 $ 57,640 $ 166,939 $ 152,377 Net (loss) income attributable to Twin Disc Manufacturing segment net (loss) income $ 6,000 $ 2,422 $ 9,230 $ (3,352 ) Distribution segment net income 1,415 697 3,396 2,352 Corporate and eliminations (5,184 ) (3,025 ) (12,310 ) (7,198 ) $ 2,231 $ 94 $ 316 $ (8,198 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Assets March 25, 2022 June 30, 2021 Manufacturing segment assets $ 356,154 $ 364,379 Distribution segment assets 54,629 46,956 Corporate assets and elimination of intercompany assets (133,059 ) (135,922 ) $ 277,724 $ 275,413
Revenue from External Customers by Products and Services [Table Text Block]	Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 7,947 $ 1,449 $ (935 ) $ 8,461 Land-based transmissions 17,448 7,173 (8,535 ) 16,086 Marine and propulsion systems 30,820 13,108 (10,766 ) 33,162 Other 188 1,930 (538 ) 1,580 Total $ 56,403 $ 23,660 $ (20,774 ) $ 59,289 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 5,652 $ 1,491 $ (1,307 ) $ 5,836 Land-based transmissions 13,793 6,892 (5,419 ) 15,266 Marine and propulsion systems 32,671 15,016 (13,951 ) 33,736 Other 22 2,822 (42 ) 2,802 Total $ 52,138 $ 26,221 $ (20,719 ) $ 57,640 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 20,939 $ 4,377 $ (3,016 ) $ 22,300 Land-based transmissions 41,158 18,775 (18,287 ) 41,646 Marine and propulsion systems 84,968 41,330 (30,983 ) 95,315 Other 231 8,003 (556 ) 7,678 Total $ 147,296 $ 72,485 $ (52,842 ) $ 166,939 Manufacturing Distribution Elimination of Intercompany Sales Total Industrial $ 15,744 $ 4,168 $ (3,369 ) $ 16,543 Land-based transmissions 34,388 19,267 (14,388 ) 39,267 Marine and propulsion systems 82,152 41,996 (34,095 ) 90,053 Other 54 6,519 (59 ) 6,514 Total $ 132,338 $ 71,950 $ (51,911 ) $ 152,377

Note G - Pension and Other Po_2

Note G - Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Pension Benefits: Service cost $ 137 $ 144 $ 406 $ 432 Prior service cost 10 16 30 48 Interest cost 709 715 2,055 2,072 Expected return on plan assets (1,258 ) (1,133 ) (3,773 ) (3,400 ) Amortization of transition obligation 9 9 28 28 Amortization of prior service cost (4 ) (4 ) (12 ) (12 ) Amortization of actuarial net loss 562 811 1,687 2,434 Net periodic benefit cost $ 165 $ 558 $ 421 $ 1,602 Postretirement Benefits: Service cost $ 4 $ 4 $ 11 $ 12 Interest cost 35 39 105 116 Amortization of prior service cost (69 ) (69 ) (206 ) (206 ) Net periodic benefit gain $ (30 ) $ (26 ) $ (90 ) $ (78 )

Note I - Intangible Assets (Tab

Note I - Intangible Assets (Tables)	9 Months Ended
	Mar. 25, 2022
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 Amount Accumulated Amortization / Impairment Net Book Value Customer Relationships Technology Know-how Trade Name Other Balance at June 30, 2021 $ 41,142 $ (23,662 ) $ 17,480 $ 10,321 $ 4,883 $ 1,282 $ 994 Addition 9 - $ 9 - - - 9 Amortization - (2,415 ) $ (2,415 ) (1,225 ) (888 ) (133 ) (169 ) Translation adjustment (1,130 ) - $ (1,130 ) (707 ) (321 ) (89 ) (13 ) Balance at March 25, 2022 $ 40,021 $ (26,077 ) $ 13,944 $ 8,389 $ 3,674 $ 1,060 $ 821
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year 2022 791 2023 2,924 2024 2,779 2025 2,661 2026 1,343 Thereafter 3,446

Note J - Long-term Debt (Tables

Note J - Long-term Debt (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Debt [Table Text Block]	March 25, 2022 June 30, 2021 Credit Agreement Debt Revolving loans (expire June 2023) $ 19,472 $ 15,415 Term loan (due March 2026) 14,500 16,500 Other 97 170 Subtotal 34,069 32,085 Less: current maturities (2,000 ) (2,000 ) Total long-term debt $ 32,069 $ 30,085

Note K - Shareholders' Equity (

Note K - Shareholders' Equity (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Twin Disc, Inc. Shareholders’ Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Non- Controlling Interest Total Equity Balance, June 30, 2021 $ 40,972 $ 126,936 $ (22,615 ) $ (15,083 ) $ 450 $ 130,660 Net (loss) income 1,920 60 1,980 Translation adjustments (2,014 ) 76 (1,938 ) Benefit plan adjustments, net of tax 384 384 Unrealized gain on cash flow hedge, net of tax 204 204 Compensation expense 625 625 Shares (acquired) issued, net (432 ) 141 (291 ) Balance, September 24, 2021 41,165 128,856 (24,041 ) (14,942 ) 586 131,624 Net (loss) income (3,836 ) 86 (3,750 ) Translation adjustments (1,676 ) (25 ) (1,701 ) Benefit plan adjustments, net of tax 623 623 Unrealized gain on cash flow hedge, net of tax 735 735 Compensation expense 595 595 Shares (acquired) issued, net (169 ) (26 ) (195 ) Balance, December 31, 2021 $ 41,591 $ 125,020 $ (24,359 ) $ (14,968 ) $ 647 $ 127,931 Net income 2,231 79 2,310 Translation adjustments (2,680 ) (41 ) (2,721 ) Benefit plan adjustments, net of tax 505 505 Unrealized loss on cash flow hedge, net of tax 810 810 Compensation expense 620 620 Shares issued (acquired), net (163 ) 163 0 Balance, March 25, 2022 $ 42,048 $ 127,251 $ (25,724 ) $ (14,805 ) $ 685 $ 129,455 Twin Disc, Inc. Shareholders’ Equity Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non- Controlling Interest Total 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 Net (loss) income 94 72 166 Translation adjustments (2,970 ) (38 ) (3,008 ) Benefit plan adjustments, net of tax 583 583 Unrealized loss on cash flow hedge, net of tax 193 193 Compensation expense 524 524 Shares issued (acquired), net 4 (4 ) - Balance, March 26, 2021 $ 40,446 $ 148,457 $ (33,646 ) $ (15,106 ) $ 702 $ 140,853
Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]	Translation Benefit Plan Cash Flow Net Investment Adjustment Adjustment Hedges Hedges Balance at June 30, 2021 $ 9,192 $ (31,463 ) $ (678 ) $ 334 Translation adjustment during the quarter (2,014 ) - - - Amounts reclassified from accumulated other comprehensive income - 384 68 136 Net current period other comprehensive (loss) income (2,014 ) 384 68 136 Balance at September 24, 2021 $ 7,178 $ (31,079 ) $ (610 ) $ 470 Translation adjustment during the quarter (1,676 ) - - - Amounts reclassified from accumulated other comprehensive income - 623 232 503 Net current period other comprehensive (loss) income (1,676 ) 623 232 503 Balance at December 31, 2021 5,502 (30,456 ) (378 ) 973 Translation adjustment during the quarter (2,680 ) - - - Amounts reclassified from accumulated other comprehensive income - 505 556 254 Net current period other comprehensive (loss) income (2,680 ) 505 556 254 Balance at March 25, 2022 $ 2,822 $ (29,951 ) $ 178 $ 1,227 Translation Adjustment Benefit Plan Adjustment Cash Flow 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 adjustment during the quarter (2,970 ) - - Amounts reclassified from accumulated other comprehensive income - 583 193 Net current period other comprehensive (loss) income (2,970 ) 583 193 Balance at March 26, 2021 $ 8,971 $ (41,885 ) $ (732 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amount Reclassified Quarter Ended March 25, 2022 Amount Reclassified Three Quarters Ended March 25, 2022 Changes in benefit plan items Actuarial losses $ 573 (a) $ 1,707 (a) Transition asset and prior service benefit (64 ) (a) (191 ) (a) Total amortization 509 1,516 Income tax (benefit) expense 4 4 Total reclassification net of tax $ 505 $ 1,512 Amount Reclassified Quarter Ended March 26, 2021 Amount Reclassified Three Quarters Ended March 26, 2021 Changes in benefit plan items Actuarial losses $ 824 (a) $ 2,410 (a) Transition asset and prior service benefit (64 ) (a) (190 ) (a) Total amortization 760 2,220 Income tax expense 177 529 Total reclassification net of tax $ 583 $ 1,691

Note L - Restructuring of Ope_2

Note L - Restructuring of Operations (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Restructuring and Related Costs [Table Text Block]	Accrued restructuring liability, June 30, 2021 $ 2,352 Additions 1,542 Payments, adjustments and write-offs during the year (2,028 ) Accrued restructuring liability, March 25, 2022 $ 1,866

Note M - Earnings Per Share (Ta

Note M - Earnings Per Share (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Basic: Net income (loss) $ 2,310 $ 166 $ 539 $ (8,051 ) Less: Net earnings attributable to noncontrolling interest (79 ) (72 ) (223 ) (147 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 2,231 94 316 (8,198 ) Weighted average shares outstanding - basic 13,397 13,269 13,339 13,240 Basic Loss Per Share: Net earnings (loss) per share - basic $ 0.17 $ 0.01 $ 0.02 $ (0.62 ) Diluted: Net income (loss) $ 2,310 $ 166 $ 539 $ (8,051 ) Less: Net earnings attributable to noncontrolling interest (79 ) (72 ) (223 ) (147 ) Less: Undistributed earnings attributable to unvested shares - - - - Net income (loss) available to Twin Disc shareholders 2,231 94 316 (8,198 ) Weighted average shares outstanding - basic 13,397 13,269 13,339 13,240 Effect of dilutive stock awards 60 26 34 - Weighted average shares outstanding - diluted 13,457 13,295 13,373 13,240 Diluted Income (Loss) Per Share: Net earnings (loss) per share - diluted $ 0.17 $ 0.01 $ 0.02 $ (0.62 )

Note N - Lease Liabilities (Tab

Note N - Lease Liabilities (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Lease, Cost [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Finance lease cost: Amortization of right-of-use assets $ 162 $ 154 $ 492 $ 421 Interest on lease liabilities 68 73 211 201 Operating lease cost 800 717 2,190 2,097 Short-term lease cost 13 17 53 29 Variable lease cost 46 36 127 118 Total lease cost 1,089 997 3,073 2,866 Less: Sublease income (19 ) (23 ) (57 ) (135 ) Net lease cost $ 1,070 $ 974 $ 3,016 $ 2,731
Operating and Finance Leases, Other Disclosures [Table Text Block]	For the Quarter Ended For the Three Quarters Ended March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 808 $ 747 $ 2,281 $ 2,275 Operating cash flows from finance leases 207 125 623 343 Financing cash flows from finance leases 68 73 211 201 Right-of-use-assets obtained in exchange for lease obligations: Operating leases 695 19 1,091 125 Finance leases - 86 307 4,757 Weighted average remaining lease term (years): Operating leases 8.8 10.5 Finance lease 11.4 12.2 Weighted average discount rate: Operating leases 7.1 % 7.4 % Finance leases 5.1 % 5.2 %
Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases 2022 $ 794 $ 204 2023 2,981 807 2024 2,489 772 2025 1,625 555 2026 1,488 492 Thereafter 9,458 4,263 Total future lease payments 18,835 7,093 Less: Amount representing interest (5,124 ) (1,994 ) Present value of future payments $ 13,711 $ 5,099
Assets and Liabilities, Lessee [Table Text Block]	Balance Sheet Location March 25, 2022 June 30, 2021 Lease Assets Operating lease right-of-use assets Right-of-use assets operating leases $ 13,692 $ 14,736 Finance lease right-of-use assets Property, plant and equipment, net 4,904 5,244 Lease Liabilities Operating lease liabilities Accrued liabilities $ 2,168 $ 1,870 Operating lease liabilities Lease obligations 11,543 12,887 Finance lease liabilities Accrued liabilities 567 541 Finance lease liabilities Other long-term liabilities 4,532 4,836

Note O - Derivative Financial_2

Note O - Derivative Financial Instruments (Tables)	9 Months Ended
	Mar. 25, 2022
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Balance Sheet Location March 25, 2022 June 30, 2021 Derivative designated as hedge: Interest rate swap Accrued liabilities $ 100 $ 346 Interest rate swap Other long-term liabilities $ - $ 542
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Statement of Comprehensive For the Quarter Ended For the Three Quarters Ended Income Location March 25, 2022 March 26, 2021 March 25, 2022 March 26, 2021 Derivative designated as hedge: Interest rate swap Interest expense $ 81 $ 98 $ 268 $ 297 Interest rate swap Unrealized gain (loss) on cash flow hedge 556 193 855 372 Net investment hedge Unrealized gain on hedges 254 - 893 - 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	Mar. 25, 2022	Jun. 30, 2021
Finished parts	$ 68,166	$ 59,761
Work in process	19,580	17,908
Raw materials	43,334	37,298
Total inventories	$ 131,080	$ 114,967

Note C - Warranty (Details Text

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Mar. 25, 2022	Mar. 26, 2021
Product Warranty Accrual, Current	$ 2,757	$ 3,314
Product Warranty Accrual, Noncurrent	$ 520	$ 942

Note C - Warranty - Warranty (D

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Reserve balance, beginning of period	$ 3,483	$ 4,474	$ 4,369	$ 4,460
Current period expense and adjustments	339	805	658	2,550
Payments or credits to customers	(518)	(995)	(1,688)	(2,814)
Translation	(27)	(28)	(62)	60
Reserve balance, end of period	$ 3,277	$ 4,256	$ 3,277	$ 4,256

Note E - Business Segments (Det

Note E - Business Segments (Details Textual)	9 Months Ended
	Mar. 25, 2022
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. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Net sales	$ 59,289	$ 57,640	$ 166,939	$ 152,377
Net income (loss)	2,231	94	316	(8,198)
Intersegment Eliminations [Member]
Net sales	(20,774)	(20,719)	(52,842)	(51,911)
Corporate, Non-Segment [Member]
Net income (loss)	(5,184)	(3,025)	(12,310)	(7,198)
Manufacturing Segment [Member] | Operating Segments [Member]
Net sales	56,403	52,138	147,296	132,338
Net income (loss)	6,000	2,422	9,230	(3,352)
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net sales	(16,672)	(15,074)	(40,815)	(37,892)
Distribution Segment [Member] | Operating Segments [Member]
Net sales	23,660	26,221	72,485	71,950
Net income (loss)	1,415	697	3,396	2,352
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net sales	$ (4,102)	$ (5,645)	$ (12,027)	$ (14,019)

Note E - Business Segments - As

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Jun. 30, 2021
Segment Assets	$ 277,724	$ 275,413
Operating Segments [Member] | Manufacturing Segment [Member]
Segment Assets	356,154	364,379
Operating Segments [Member] | Distribution Segment [Member]
Segment Assets	54,629	46,956
Corporate, Non-Segment [Member]
Segment Assets	$ (133,059)	$ (135,922)

Note E - Business Segments - Ne

Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Net Sales	$ 59,289	$ 57,640	$ 166,939	$ 152,377
Intersegment Eliminations [Member]
Net Sales	(20,774)	(20,719)	(52,842)	(51,911)
Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	56,403	52,138	147,296	132,338
Manufacturing Segment [Member] | Intersegment Eliminations [Member]
Net Sales	(16,672)	(15,074)	(40,815)	(37,892)
Distribution Segment [Member] | Operating Segments [Member]
Net Sales	23,660	26,221	72,485	71,950
Distribution Segment [Member] | Intersegment Eliminations [Member]
Net Sales	(4,102)	(5,645)	(12,027)	(14,019)
Industrial [Member]
Net Sales	8,461	5,836	22,300	16,543
Industrial [Member] | Intersegment Eliminations [Member]
Net Sales	(935)	(1,307)	(3,016)	(3,369)
Industrial [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	7,947	5,652	20,939	15,744
Industrial [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	1,449	1,491	4,377	4,168
Land Based Transmissions [Member]
Net Sales	16,086	15,266	41,646	39,267
Land Based Transmissions [Member] | Intersegment Eliminations [Member]
Net Sales	(8,535)	(5,419)	(18,287)	(14,388)
Land Based Transmissions [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	17,448	13,793	41,158	34,388
Land Based Transmissions [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	7,173	6,892	18,775	19,267
Marine and Propulsion Systems [Member]
Net Sales	33,162	33,736	95,315	90,053
Marine and Propulsion Systems [Member] | Intersegment Eliminations [Member]
Net Sales	(10,766)	(13,951)	(30,983)	(34,095)
Marine and Propulsion Systems [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	30,820	32,671	84,968	82,152
Marine and Propulsion Systems [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	13,108	15,016	41,330	41,996
Other [Member]
Net Sales	1,580	2,802	7,678	6,514
Other [Member] | Intersegment Eliminations [Member]
Net Sales	(538)	(42)	(556)	(59)
Other [Member] | Manufacturing Segment [Member] | Operating Segments [Member]
Net Sales	188	22	231	54
Other [Member] | Distribution Segment [Member] | Operating Segments [Member]
Net Sales	$ 1,930	$ 2,822	$ 8,003	$ 6,519

Note F - Stock-based Compensa_2

Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021	Jun. 30, 2021
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	103,600	265,300
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)	155,400		155,400		334,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	440,900	433,100	440,900	433,100
Share-Based Payment Arrangement, Expense	$ 237	$ 132	$ 672	$ 360
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)	$ 9.18		$ 9.18
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,895		$ 2,895
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			51,700	250,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	268,500	377,500	268,500	377,500
Share-Based Payment Arrangement, Expense	$ 294	$ 302	$ 913	$ 991
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 840		840
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 1,695	$ 533
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			29,800	6,800
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, Equity Instruments Other than Options, Grants in Period (in shares)			67,400	0
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)	67,400	34,800	67,400	34,800
Share-Based Payment Arrangement, Expense	$ 89	$ 90	$ 255	$ 253
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)	$ 14.19		$ 14.19
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 727		$ 727
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 475	$ 25
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		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 505	$ 583	$ 1,513	$ 1,691
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	4	$ 177	4	$ 529
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 733		733
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 701

Note G - Pension and Other Po_4

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. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Pension Plan [Member]
Service cost	$ 137	$ 144	$ 406	$ 432
Prior service cost	10	16	30	48
Interest cost	709	715	2,055	2,072
Expected return on plan assets	(1,258)	(1,133)	(3,773)	(3,400)
Amortization of transition obligation	9	9	28	28
Amortization of prior service cost	(4)	(4)	(12)	(12)
Amortization of actuarial net loss	562	811	1,687	2,434
Net periodic benefit cost (gain)	165	558	421	1,602
Service cost	137	144	406	432
Other Postretirement Benefits Plan [Member]
Service cost	4	4	11	12
Interest cost	35	39	105	116
Amortization of prior service cost	(69)	(69)	(206)	(206)
Net periodic benefit cost (gain)	(30)	(26)	(90)	(78)
Service cost	$ 4	$ 4	$ 11	$ 12

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	76.50%	28.90%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 752
Foreign Tax Authority [Member]
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member]
Open Tax Year	2018

Note I - Intangible Assets (Det

Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)			7 years
Amortization of Intangible Assets	$ 785	$ 838	$ 2,415	$ 2,516

Note I - Intangible Assets - In

Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Balance, Definite Intangible Assets Gross Carrying Amount			$ 41,142
Balance, Definite Intangible Assets Accumulated Amortization/Impairment			(23,662)
Balance, Definite Intangible Assets Net Book Value			17,480
Addition, Definite Intangible Assets Gross Carrying Amount			9
Addition			9
Amortization, Intangible Asset	$ (785)	$ (838)	(2,415)	$ (2,516)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount			(1,130)
Translation adjustment, Definite Intangible Assets Net Book Value			(1,130)
Balance, Definite Intangible Assets Gross Carrying Amount	40,021		40,021
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(26,077)		(26,077)
Balance, Definite Intangible Assets Net Book Value	13,944		13,944
Customer Relationships [Member]
Balance, Definite Intangible Assets Net Book Value			10,321
Addition			0
Amortization, Intangible Asset			(1,225)
Translation adjustment, Definite Intangible Assets Net Book Value			(707)
Balance, Definite Intangible Assets Net Book Value	8,389		8,389
Technology-Based Intangible Assets [Member]
Balance, Definite Intangible Assets Net Book Value			4,883
Addition			0
Amortization, Intangible Asset			(888)
Translation adjustment, Definite Intangible Assets Net Book Value			(321)
Balance, Definite Intangible Assets Net Book Value	3,674		3,674
Trade Names [Member]
Balance, Definite Intangible Assets Net Book Value			1,282
Addition			0
Amortization, Intangible Asset			(133)
Translation adjustment, Definite Intangible Assets Net Book Value			(89)
Balance, Definite Intangible Assets Net Book Value	1,060		1,060
Other Intangible Assets [Member]
Balance, Definite Intangible Assets Net Book Value			994
Addition			9
Amortization, Intangible Asset			(169)
Translation adjustment, Definite Intangible Assets Net Book Value			(13)
Balance, Definite Intangible Assets Net Book Value	$ 821		$ 821

Note I - Intangible Assets - Es

Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Mar. 25, 2022USD ($)
2022	$ 791
2023	2,924
2024	2,779
2025	2,661
2026	1,343
Thereafter	$ 3,446

Note J - Long-term Debt (Detail

Note J - Long-term Debt (Details Textual) $ in Thousands	9 Months Ended
	Mar. 25, 2022USD ($)	Jun. 30, 2021USD ($)	Mar. 04, 2019	Jun. 29, 2018USD ($)
Long-term Debt, Current Maturities, Total	$ 2,000	$ 2,000
Principal Paid on Sale Leaseback Liabilities	63
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member]
Derivative, Notional Amount	$ 14,500			$ 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%
BMO [Member] | The 2018 Credit Agreement [Member]
Long-term Debt, Current Maturities, Total	$ 2,000
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Debt Instrument, Interest Rate During Period	4.25%
Line of Credit Facility, Current Borrowing Capacity	$ 35,339
Line of Credit Facility, Remaining Borrowing Capacity	$ 15,866
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member]
Debt Instrument, Interest Rate During Period	3.98%
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio			3

Note J - Long-term Debt - Summa

Note J - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Jun. 30, 2021
Long-term debt	$ 34,069	$ 32,085
Less: current maturities	(2,000)	(2,000)
Total long-term debt	32,069	30,085
Revolving Loan [Member]
Long-term debt	19,472	15,415
Term Loan [Member]
Long-term debt	14,500	16,500
Other Long-Term Debt [Member]
Long-term debt	$ 97	$ 170

Note K - Shareholders' Equity_2

Note K - Shareholders' Equity (Details Textual) - shares shares in Thousands	9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
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						9 Months Ended
	Mar. 25, 2022	Dec. 31, 2021	Sep. 24, 2021	Mar. 26, 2021	Dec. 25, 2020	Sep. 25, 2020	Mar. 25, 2022	Mar. 26, 2021
Balance	$ 127,931	$ 131,624	$ 130,660	$ 142,395	$ 140,555	$ 139,958	$ 130,660	$ 139,958
Net (loss) income	2,310	(3,750)	1,980	166	(4,280)	(3,937)	539	(8,051)
Translation adjustments	(2,721)	(1,701)	(1,938)	(3,008)	4,899	3,612	(6,359)	5,503
Benefit plan adjustments, net of tax	505	623	384	583	555	553	1,512	1,691
Unrealized gain on cash flow hedge, net of tax	810	735	204	193	104	75	1,748	372
Compensation expense	620	595	625	524	562	518
Shares (acquired) issued, net	0	(195)	(291)	0	0	(224)
Balance	129,455	127,931	131,624	140,853	142,395	140,555	129,455	140,853
Common Stock [Member]
Balance	41,591	41,165	40,972	39,918	40,814	42,756	40,972	42,756
Net (loss) income
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense	620	595	625	524	562	518
Shares (acquired) issued, net	(163)	(169)	(432)	4	(1,458)	(2,460)
Balance	42,048	41,591	41,165	40,446	39,918	40,814	42,048	40,446
Retained Earnings [Member]
Balance	125,020	128,856	126,936	148,363	152,676	156,655	126,936	156,655
Net (loss) income	2,231	(3,836)	1,920	94	(4,313)	(3,979)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net
Balance	127,251	125,020	128,856	148,457	148,363	152,676	127,251	148,457
AOCI Attributable to Parent [Member]
Balance	(24,359)	(24,041)	(22,615)	(31,452)	(36,998)	(41,226)	(22,615)	(41,226)
Net (loss) income
Translation adjustments	(2,680)	(1,676)	(2,014)	(2,970)	4,887	3,600
Benefit plan adjustments, net of tax	505	623	384	583	555	553
Unrealized gain on cash flow hedge, net of tax	810	735	204	193	104	75
Compensation expense
Shares (acquired) issued, net
Balance	(25,724)	(24,359)	(24,041)	(33,646)	(31,452)	(36,998)	(25,724)	(33,646)
Treasury Stock [Member]
Balance	(14,968)	(14,942)	(15,083)	(15,102)	(16,560)	(18,796)	(15,083)	(18,796)
Net (loss) income
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net	163	(26)	141	(4)	1,458	2,236
Balance	(14,805)	(14,968)	(14,942)	(15,106)	(15,102)	(16,560)	(14,805)	(15,106)
Noncontrolling Interest [Member]
Balance	647	586	450	668	623	569	450	569
Net (loss) income	79	86	60	72	33	42
Translation adjustments	(41)	(25)	76	(38)	12	12
Benefit plan adjustments, net of tax
Unrealized gain on cash flow hedge, net of tax
Compensation expense
Shares (acquired) issued, net
Balance	$ 685	$ 647	$ 586	$ 702	$ 668	$ 623	$ 685	$ 702

Note K - Shareholders' Equity_3

Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 25, 2022	Dec. 31, 2021	Sep. 24, 2021	Mar. 26, 2021	Dec. 25, 2020	Sep. 25, 2020	Mar. 25, 2022	Mar. 26, 2021
Balance	$ 127,931	$ 131,624	$ 130,660	$ 142,395	$ 140,555	$ 139,958	$ 130,660	$ 139,958
Translation adjustment during the quarter	(2,721)	(1,701)	(1,938)	(3,008)	4,899	3,612	(6,359)	5,503
Balance	129,455	127,931	131,624	140,853	142,395	140,555	129,455	140,853
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	5,502	7,178	9,192	11,941	7,054	3,454	9,192	3,454
Translation adjustment during the quarter	(2,680)	(1,676)	(2,014)	(2,970)	4,887	3,600
Amounts reclassified from accumulated other comprehensive income	0	0	0	0	0	0
Net current period other comprehensive (loss) income	(2,680)	(1,676)	(2,014)	(2,970)	4,887	3,600
Balance	2,822	5,502	7,178	8,971	11,941	7,054	2,822	8,971
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(30,456)	(31,079)	(31,463)	(42,468)	(43,023)	(43,576)	(31,463)	(43,576)
Translation adjustment during the quarter	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	505	623	384	583	555	553
Net current period other comprehensive (loss) income	505	623	384	583	555	553
Balance	(29,951)	(30,456)	(31,079)	(41,885)	(42,468)	(43,023)	(29,951)	(41,885)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(378)	(610)	(678)	(925)	(1,029)	(1,104)	(678)	(1,104)
Translation adjustment during the quarter	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	556	232	68	193	104	75
Net current period other comprehensive (loss) income	556	232	68	193	104	75
Balance	178	(378)	(610)	$ (732)	$ (925)	$ (1,029)	178	$ (732)
Accumulated Gain (Loss), Net, Net Investment Hedge [Member]
Balance	973	470	334				334
Translation adjustment during the quarter	0	0	0
Amounts reclassified from accumulated other comprehensive income	254	503	136
Net current period other comprehensive (loss) income	254	503	136
Balance	$ 1,227	$ 973	$ 470				$ 1,227

Note K - Shareholders' Equity_4

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. 25, 2022	Dec. 31, 2021	Sep. 24, 2021	Mar. 26, 2021	Dec. 25, 2020	Sep. 25, 2020	Mar. 25, 2022	Mar. 26, 2021
Total amortization		$ 3,063			$ 466			$ 2,296	$ (11,318)
Income tax (benefit) expense		753			300			1,757	(3,267)
Net income (loss)		2,310	$ (3,750)	$ 1,980	166	$ (4,280)	$ (3,937)	539	(8,051)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	[1]	573			824			1,707	2,410
Transition asset and prior service benefit	[1]	(64)			(64)			(191)	(190)
Total amortization		509			760			1,516	2,220
Income tax (benefit) expense		4			177			4	529
Net income (loss)		$ 505			$ 583			$ 1,512	$ 1,691
[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, $ in Thousands	3 Months Ended				9 Months Ended		18 Months Ended	79 Months Ended	82 Months Ended
	Mar. 25, 2022USD ($)	Mar. 25, 2022EUR (€)	Dec. 31, 2021USD ($)	Mar. 26, 2021USD ($)	Mar. 25, 2022USD ($)	Mar. 26, 2021USD ($)	Dec. 31, 2022	Dec. 31, 2021	Mar. 25, 2022USD ($)	Jun. 30, 2021USD ($)
Restructuring Reserve, Ending Balance	$ 1,866				$ 1,866				$ 1,866	$ 2,352
Restructuring and Related Cost, Expected Pre-tax Savings					1,600
Restructuring Charges, Total	303			$ 251	1,542	$ 777
Proceeds from Sale of Property, Plant, and Equipment, Total					9,152	76
Gain (Loss) on Disposition of Assets, Total					2,939	0
Lease Back of Headquarter Building in Racine [Member]
Sale Leaseback Transaction, Monthly Payment	$ 25
Lease Back of Headquarter Building in Racine [Member] | Maximum [Member]
Sale Leaseback Transaction, Lease Term (Month)	18 months	18 months
Spare Warehouse in Italy [Member]
Sale Leaseback Transaction, Lease Term (Month)	2 years	2 years
Propeller Machining Plant and Office in Switzerland [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 9,138
Propeller Machining Plant and Office in Switzerland [Member] | Other Operating Income (Expense) [Member]
Gain (Loss) on Disposition of Assets, Total			2,939
Headquarter Building in Racine [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 3,250
Selling Expense	230
Spare Warehouse in Italy [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	305	€ 275
Spare Warehouse in Italy [Member] | Other Operating Income (Expense) [Member]
Gain (Loss) on Disposition of Assets, Total	184
Concerns Brought by the Union Representing Certain Employees Affected by Restructuring of Belgian Operations [Member] | Settled Litigation [Member]
Litigation Settlement, Amount Awarded to Other Party			3,200
Employee Severance [Member]
Restructuring and Related Cost, Number of Positions Eliminated								259
Restructuring Reserve, Ending Balance										$ 2,200
Restructuring Reserve, Accrual Adjustment			$ 1,000
Restructuring Charges, Total	$ 303			$ 251	$ 1,542	$ 777			$ 16,807
Forecast [Member]
Restructuring and Related Cost, Number of Positions Eliminated							23

Note L - Restructuring of Ope_4

Note L - Restructuring of Operations - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Accrued restructuring liability			$ 2,352
Restructuring Charges, Total	$ 303	$ 251	1,542	$ 777
Payments, adjustments and write-offs during the year			(2,028)
Accrued restructuring liability	$ 1,866		$ 1,866

Note M - Earnings Per Share (De

Note M - Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 26, 2022shares
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	433,100
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	377,500
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	34,800

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. 25, 2022	Dec. 31, 2021	Sep. 24, 2021	Mar. 26, 2021	Dec. 25, 2020	Sep. 25, 2020	Mar. 25, 2022	Mar. 26, 2021
Net income (loss)	$ 2,310	$ (3,750)	$ 1,980	$ 166	$ (4,280)	$ (3,937)	$ 539	$ (8,051)
Less: Net earnings attributable to noncontrolling interest	(79)			(72)			(223)	(147)
Less: Undistributed earnings attributable to unvested shares	0			0			0	0
Net income (loss) available to Twin Disc shareholders	$ 2,231			$ 94			$ 316	$ (8,198)
Weighted average shares outstanding - basic (in shares)	13,397			13,269			13,339	13,240
Basic income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.17			$ 0.01			$ 0.02	$ (0.62)
Net income (loss) available to Twin Disc shareholders	$ 2,231			$ 94			$ 316	$ (8,198)
Effect of dilutive stock awards (in shares)	60			26			34	0
Weighted average shares outstanding - diluted (in shares)	13,457			13,295			13,373	13,240
Diluted income (loss) per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.17			$ 0.01			$ 0.02	$ (0.62)

Note N - Lease Liabilities - Co

Note N - Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Amortization of right-of-use assets	$ 162	$ 154	$ 492	$ 421
Interest on lease liabilities	68	73	211	201
Operating lease cost	800	717	2,190	2,097
Short-term lease cost	13	17	53	29
Variable lease cost	46	36	127	118
Total lease cost	1,089	997	3,073	2,866
Less: Sublease income	(19)	(23)	(57)	(135)
Net lease cost	$ 1,070	$ 974	$ 3,016	$ 2,731

Note N - Lease Liabilities - Ot

Note N - Lease Liabilities - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Operating cash flows from operating leases	$ 808	$ 747	$ 2,281	$ 2,275
Operating cash flows from finance leases	207	125	623	343
Financing cash flows from finance leases	68	73	211	201
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	695	19	1,091	125
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 0	$ 86	$ 307	$ 4,757
Weighted average remaining lease term (years): Operating leases (Year)	8 years 9 months 18 days	10 years 6 months	8 years 9 months 18 days	10 years 6 months
Weighted average remaining lease term (years): Finance lease (Year)	11 years 4 months 24 days	12 years 2 months 12 days	11 years 4 months 24 days	12 years 2 months 12 days
Weighted average discount rate: Operating leases	7.10%	7.40%	7.10%	7.40%
Weighted average discount rate: Finance leases	5.10%	5.20%	5.10%	5.20%

Note N - Lease Liabilities - Fu

Note N - Lease Liabilities - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands	Mar. 25, 2022USD ($)
2022, Operating Leases	$ 794
2022	204
2023, Operating Leases	2,981
2023	807
2024, Operating Leases	2,489
2024	772
2025, Operating Leases	1,625
2025	555
2026, Operating Leases	1,488
2026	492
Thereafter	9,458
Thereafter	4,263
Total future lease payments, Operating Leases	18,835
Total future lease payments, Finance Leases	7,093
Less: Amount representing interest, Operating Leases	(5,124)
Less: Amount representing interest, Finance Leases	(1,994)
Present value of future payments, Operating Leases	13,711
Present value of future payments, Finance Leases	$ 5,099

Note N - Lease Liabilities - _2

Note N - Lease Liabilities - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Jun. 30, 2021
Operating lease right-of-use assets	$ 13,692	$ 14,736
Operating lease liabilities	11,543	12,887
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use assets	4,904	5,244
Accrued Liabilities [Member]
Operating lease liabilities	2,168	1,870
Finance lease liabilities	567	541
Lease Obligation [Member]
Operating lease liabilities	11,543	12,887
Other Noncurrent Liabilities [Member]
Finance lease liabilities	$ 4,532	$ 4,836

Note O - Derivative Financial_3

Note O - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions	9 Months Ended	12 Months Ended
	Mar. 25, 2022USD ($)	Jun. 30, 2021USD ($)	Mar. 25, 2022EUR (€)	Dec. 31, 2021USD ($)	Sep. 24, 2021USD ($)	Mar. 26, 2021USD ($)	Dec. 25, 2020USD ($)	Sep. 25, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 29, 2018USD ($)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 129,455	$ 130,660		$ 127,931	$ 131,624	$ 140,853	$ 142,395	$ 140,555	$ 139,958
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months	98
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 178	(678)		$ (378)	$ (610)	$ (732)	$ (925)	$ (1,029)	$ (1,104)
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total	1		1
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Bank of Montreal [Member]
Derivative, Notional Amount	$ 14,500									$ 20,000
Euro Denominated Revolving Loan [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount | €			€ 6.5
Derivative, Gain (Loss) on Derivative, Net, Total	$ 1,227	$ 334

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	Mar. 25, 2022	Jun. 30, 2021
Accounts Payable and Accrued Liabilities [Member]
Derivative Liabilities, Current	$ 100	$ 346
Other Noncurrent Liabilities [Member]
Derivative Liabilities, Noncurrent	$ 0	$ 542

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						9 Months Ended
	Mar. 25, 2022	Dec. 31, 2021	Sep. 24, 2021	Mar. 26, 2021	Dec. 25, 2020	Sep. 25, 2020	Mar. 25, 2022	Mar. 26, 2021
Unrealized gain on cash flow hedge, net of tax	$ 810	$ 735	$ 204	$ 193	$ 104	$ 75	$ 1,748	$ 372
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Unrealized Gain (Loss) on Hedges [Member] | Cash Flow Hedging [Member]
Unrealized gain on cash flow hedge, net of tax	556			193			855	372
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Gain (loss) on derivative instruments	81			98			268	297
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member]
Gain (loss) on derivative instruments	0			0			0	(13)
Euro Denominated Revolving Loan [Member] | Designated as Hedging Instrument [Member] | Unrealized Gain (Loss) on Hedges [Member] | Net Investment Hedging [Member]
Unrealized gain on cash flow hedge, net of tax	$ 254			$ 0			$ 893	$ 0