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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2015	Aug. 19, 2015	Dec. 26, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	TWIN DISC INC
Entity Central Index Key	0000100378
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 171,061,739
Entity Common Stock, Shares Outstanding		11,323,394
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash	$ 22,936	$ 24,757
Trade accounts receivable, net	43,883	40,219
Inventories	80,241	97,579
Deferred income taxes	4,863	4,779
Other	17,907	12,763
Total current assets	169,830	180,097
Property, plant and equipment, net	56,427	60,267
Goodwill, net	12,789	13,463
Deferred income taxes	4,878	2,556
Intangible assets, net	2,186	2,797
Other assets	3,752	7,805
Total assets	249,862	266,985
Current liabilities:
Short-term borrowings and current maturities of long-term debt	3,571	3,604
Accounts payable	20,729	22,111
Accrued liabilities	32,754	31,265
Total current liabilities	57,054	56,980
Long-term debt	10,231	14,800
Accrued retirement benefits	38,362	37,006
Deferred income taxes	1,093	1,778
Other long-term liabilities	2,955	4,110
Total liabilities	109,695	114,674
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	0	0
Common shares authorized: 30,000,000; issued: 13,099,468; no par value	12,259	11,973
Retained earnings	190,807	183,695
Accumulated other comprehensive loss	(35,481)	(15,943)
Shareholders' equity before treasury stock	167,585	179,725
Less treasury stock, at cost (1,832,121 and 1,837,595 shares, respectively)	28,057	28,141
Total Twin Disc shareholders' equity	139,528	151,584
Noncontrolling interest	639	727
Total equity	140,167	152,311
Total liabilities and equity	$ 249,862	$ 266,985

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Twin Disc shareholders' equity:
Preferred stock, shares authorized (in shares)	200,000	200,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	13,099,468	13,099,468
Common stock, no par value (in dollars per share)	$ 0	$ 0
Treasury stock, shares (in shares)	1,832,121	1,837,595

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME [Abstract]
Net sales	$ 265,790	$ 263,909	$ 285,282
Cost of goods sold	182,758	186,655	205,257
Gross profit	83,032	77,254	80,025
Marketing, engineering and administrative expenses	64,264	67,406	67,899
Restructuring of operations	3,282	961	708
Impairment charge	0	0	1,405
Earnings from operations	15,486	8,887	10,013
Other income (expense):
Interest income	124	121	102
Interest expense	(606)	(936)	(1,435)
Other, net	896	24	557
Other income (expense) total	414	(791)	(776)
Earnings before income taxes and noncontrolling interest	15,900	8,096	9,237
Income taxes	4,515	4,226	4,986
Net earnings	11,385	3,870	4,251
Less: Net earnings attributable to noncontrolling interest	(212)	(226)	(369)
Net earnings attributable to Twin Disc	$ 11,173	$ 3,644	$ 3,882
Earnings per share data:
Basic earnings per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.99	$ 0.32	$ 0.34
Diluted earnings per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.99	$ 0.32	$ 0.34
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	11,273	11,258	11,304
Dilutive stock awards (in shares)	4	6	73
Diluted shares outstanding (in shares)	11,277	11,264	11,377
Comprehensive (loss) income:
Net earnings	$ 11,385	$ 3,870	$ 4,251
Foreign currency translation adjustment	(14,119)	3,760	447
Benefit plan adjustments, net of income taxes of $(2,974), $3,806 and $4,163, respectively	(5,499)	6,126	8,322
Comprehensive (loss) income	(8,233)	13,756	13,020
Comprehensive income attributable to noncontrolling interest	(132)	(156)	(240)
Comprehensive (loss) income attributable to Twin Disc	$ (8,365)	$ 13,600	$ 12,780

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Comprehensive (loss) income:
Benefit plan adjustments, tax	$ (2,974)	$ 3,806	$ 4,163

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net earnings	$ 11,385	$ 3,870	$ 4,251
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	10,161	10,657	10,838
Loss on sale of plant assets	215	26	287
Impairment charge	0	0	1,405
Stock compensation expense	696	1,184	2,681
Restructuring of operations	3,282	961	708
Provision for deferred income taxes	(442)	634	687
Changes in operating assets and liabilities:
Trade accounts receivable	(7,248)	7,076	17,636
Inventories	8,860	6,972	176
Other assets	(4,090)	2,198	(3,136)
Accounts payable	914	1,364	(2,457)
Accrued liabilities	380	(8,531)	(4,969)
Accrued/prepaid retirement benefits	(7,053)	(662)	(3,631)
Net cash provided by operating activities	17,060	25,749	24,476
Cash flows from investing activities:
Proceeds from sale of plant assets	279	103	315
Capital expenditures	(9,049)	(7,245)	(6,582)
Other, net	1,934	34	(231)
Net cash used by investing activities	(6,836)	(7,108)	(6,498)
Cash flows from financing activities:
Proceeds from senior notes	0	0	32
Payments of senior notes	(3,600)	(3,651)	(96)
Borrowings under revolving loan agreement	83,681	70,443	83,450
Repayments under revolving loan agreement	(84,674)	(75,544)	(88,382)
Proceeds from exercise of stock options	15	0	189
Acquisition of treasury stock	0	0	(3,069)
Dividends paid to shareholders	(4,061)	(4,059)	(4,078)
Dividends paid to noncontrolling interest	(220)	(487)	(204)
Excess tax benefits from stock compensation	(26)	524	1,451
Payments of withholding taxes on stock compensation	(313)	(2,169)	(1,700)
Net cash used by financing activities	(9,198)	(14,943)	(12,407)
Effect of exchange rate changes on cash	(2,847)	335	(548)
Net change in cash	(1,821)	4,033	5,023
Cash:
Beginning of year	24,757	20,724	15,701
End of year	22,936	24,757	20,724
Cash paid during the year for:
Interest	569	989	1,536
Income taxes	$ 5,061	$ 3,691	$ 2,545

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Non-Controlling Interest [Member]	Total
Balance, beginning of period at Jun. 30, 2012	$ 12,759	$ 184,306	$ (34,797)	$ (26,781)	$ 1,022	$ 136,509
Net earnings		3,882			369	4,251
Translation adjustments			576		(129)	447
Benefit plan adjustments, net of tax			8,322			8,322
Cash dividends		(4,078)			(204)	(4,282)
Compensation expense and windfall tax benefits	2,894					2,894
Shares (acquired) issued, net	(2,470)			(2,109)		(4,579)
Balance, end of period at Jun. 30, 2013	13,183	184,110	(25,899)	(28,890)	1,058	143,562
Net earnings		3,644			226	3,870
Translation adjustments			3,830		(70)	3,760
Benefit plan adjustments, net of tax			6,126			6,126
Cash dividends		(4,059)			(487)	(4,546)
Compensation expense and windfall tax benefits	1,708					1,708
Shares (acquired) issued, net	(2,918)			749		(2,169)
Balance, end of period at Jun. 30, 2014	11,973	183,695	(15,943)	(28,141)	727	152,311
Net earnings		11,173			212	11,385
Translation adjustments			(14,039)		(80)	(14,119)
Benefit plan adjustments, net of tax			(5,499)			(5,499)
Cash dividends		(4,061)			(220)	(4,281)
Compensation expense and windfall tax benefits	668					668
Shares (acquired) issued, net	(382)			84		(298)
Balance, end of period at Jun. 30, 2015	$ 12,259	$ 190,807	$ (35,481)	$ (28,057)	$ 639	$ 140,167

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2015

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

A. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed in the preparation of these financial statements:

Consolidation Principles--The consolidated financial statements include the accounts of Twin Disc, Incorporated and its wholly and partially owned domestic and foreign subsidiaries. Certain foreign subsidiaries are included based on fiscal years ending May 31, to facilitate prompt reporting of consolidated accounts. The Company also has a controlling interest in a Japanese joint venture, which is consolidated based upon a fiscal year ending March 31. All significant intercompany transactions have been eliminated.

Translation of Foreign Currencies--The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for revenues and expenses. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in equity. Gains and losses from foreign currency transactions are included in earnings. Included in other income (expense) are foreign currency transaction gains of $491,000, $293,000 and $642,000 in fiscal 2015, 2014 and 2013, respectively.

Cash--The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalent. Under the Company’s cash management system, cash balances at certain banks are funded when checks are presented for payment. To the extent that checks issued, but not yet presented for payment, exceed the balance on hand at the specific bank against which they were written, the amount of those un-presented checks is included in accounts payable.

Receivables--Trade accounts receivable are stated net of an allowance for doubtful accounts of $2,183,000 and $3,637,000 at June 30, 2015 and 2014, respectively. The Company records an allowance for doubtful accounts provision for certain customers where a risk of default has been specifically identified as well as provisions determined on a general basis when it is believed that some default is probable and estimable. The assessment of likelihood of customer default is based on a variety of factors, including the length of time the receivables are past due, the historical collection experience and existing economic conditions. Various factors may adversely impact our customer’s ability to access sufficient liquidity and capital to fund their operations and render the Company’s estimation of customer defaults inherently uncertain. While the Company believes current allowances for doubtful accounts are adequate, it is possible that these factors may cause higher levels of customer defaults and bad debt expense in future periods.

Fair Value of Financial Instruments--The carrying amount reported in the consolidated balance sheets for cash, trade accounts receivable, accounts payable and short term borrowings approximate fair value because of the immediate short-term maturity of these financial instruments. If measured at fair value, cash would be classified as Level 1 and all other items listed above would be classified as Level 2 in the fair value hierarchy, as described in Note M. The fair value of the Company’s 6.05% Senior Notes due April 10, 2016 was approximately $3,726,000 and $7,605,000 at June 30, 2015 and 2014, respectively. The fair value of the Senior Notes is estimated by discounting the future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. This rate was represented by the U.S.Treasury Three-Year Yield Curve Rate (1.01% and 0.88% for fiscal 2015 and 2014, respectively), plus the current add-on related to the Company’s revolving loan agreement (1.00% for both fiscal 2015 and 2014) resulting in a total rate of 2.01% and 1.88% for fiscal 2015 and 2014, respectively. See Note G, “Debt” for the related book value of this debt instrument. The Company’s revolving loan agreement approximates fair value at June 30, 2015. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy, as described in Note M.

Derivative Financial Instruments--The Company has written policies and procedures that place all financial instruments under the direction of the Company’s corporate treasury and restricts all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates.

Periodically, the Company enters into forward exchange contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. These contracts are highly effective in hedging the cash flows attributable to changes in currency exchange rates. Gains and losses resulting from these contracts offset the foreign exchange gains or losses on the underlying assets and liabilities being hedged. The maturities of the forward exchange contracts generally coincide with the settlement dates of the related transactions. Gains and losses on these contracts are recorded in other income (expense) as the changes in the fair value of the contracts are recognized and generally offset the gains and losses on the hedged items in the same period. The primary currency to which the Company was exposed in fiscal 2015 and 2014 was the euro. At June 30, 2015 and 2014, the Company had no outstanding forward exchange contracts.

Inventories--Inventories are valued at the lower of cost or market. Cost has been determined by the last-in, first-out (LIFO) method for the majority of inventories located in the United States, and by the first-in, first-out (FIFO) method for all other inventories. Management specifically identifies obsolete products and analyzes historical usage, forecasted production based on future orders, demand forecasts, and economic trends, among others, when evaluating the adequacy of the reserve for excess and obsolete inventory.

Property, Plant and Equipment and Depreciation--Assets are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and betterments are capitalized and depreciated. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. The lives assigned to buildings and related improvements range from 10 to 40 years, and the lives assigned to machinery and equipment range from 5 to 15 years. Upon disposal of property, plant and equipment, the cost of the asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in earnings. Fully depreciated assets are not removed from the accounts until physically disposed.

Impairment of Long-lived Assets--The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. For property, plant and equipment and other long-lived assets, excluding indefinite-lived intangible assets, the Company performs undiscounted operating cash flow analyses to determine if an impairment exists. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Fair value is primarily determined using discounted cash flow analyses; however, other methods may be used to determine the fair value, including third party valuations when necessary.

Revenue Recognition--Revenue is recognized by the Company when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred and ownership has transferred to the customer; the price to the customer is fixed or determinable; and collectability is reasonably assured. Revenue is recognized at the time product is shipped to the customer, except for certain domestic shipments to overseas customers where revenue is recognized upon receipt by the customer. A significant portion of our consolidated net sales is transacted through a third party distribution network. Sales to third party distributors are subject to the revenue recognition criteria described above. Goods sold to third party distributors are subject to an annual return policy, for which a provision is made at the time of shipment based upon historical experience.

Goodwill and Other Intangibles--Goodwill and other indefinite-lived intangible assets, primarily tradenames, are tested for impairment at least annually on the last day of the Company’s fiscal year and more frequently if an event occurs which indicates the asset may be impaired. If applicable, goodwill and other indefinite-lived intangible assets not subject to amortization have been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit.

A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on the Company’s consolidated financial statements.

Impairment of goodwill is measured according to a two step approach. In the first step, the fair value of a reporting unit, as defined, is compared to the carrying value of the reporting unit, including goodwill. The fair value is primarily determined using discounted cash flow analyses; however, other methods may be used to determine the fair value, including third party valuations. For purposes of the June 30, 2015 impairment analysis, the Company has utilized discounted cash flow analyses. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied value of the goodwill is estimated as the fair value of the reporting unit less the fair value of all other tangible and identifiable intangible assets of the reporting unit. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill.

Based upon the goodwill impairment review completed in conjunction with the preparation of the annual financial statements at the end of fiscal 2015, which incorporates management’s best estimates of economic and market conditions over the projected period and a weighted-average cost of capital that reflects current market conditions, it was determined that the fair value of goodwill for each of the reporting units exceeded the carrying value and therefore goodwill was not impaired.

The fair value of the Company’s other intangible assets with indefinite lives, primarily tradenames, is estimated using the relief-from-royalty method, which requires assumptions related to projected revenues; assumed royalty rates that could be payable if the Company did not own the asset; and a discount rate. The Company completed the impairment testing of indefinite-lived intangibles as of June 30, 2015 and concluded there were no impairments.

Changes in circumstances, existing at the measurement date or at other times in the future, or in the numerous estimates associated with management’s judgments, assumptions and estimates made in assessing the fair value of goodwill and other indefinite-lived intangibles, could result in an impairment charge in the future. The Company will continue to monitor all significant estimates and impairment indicators, and will perform interim impairment reviews as necessary.

Any cost incurred to extend or renew the term of an indefinite lived intangible asset are expensed as incurred.

Deferred Taxes--The Company recognizes deferred tax liabilities and assets for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets.

Management Estimates--The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual amounts could differ from those estimates.

Shipping and Handling Fees and Costs--The Company records revenue from shipping and handling costs in net sales. The cost associated with shipping and handling of products is reflected in cost of goods sold.

Out-of-Period Adjustments--During the first quarter of fiscal 2014, the Company recorded out-of-period adjustments related to the correction of errors identified late in the year-end closing process of fiscal 2013 that were deemed immaterial for adjustment to the fiscal 2013 financial statements. The impact of these corrections to the fiscal 2014 first quarter and full year results was to increase earnings before income taxes and noncontrolling interest by $437,000 and increase net earnings attributable to Twin Disc by $69,000 (after considering applicable tax effects). The nature of these errors is as follows:

·	The Company had over accrued for certain payroll related items totaling $337,000 as of June 30, 2013, resulting in an increase to earnings from operations.

·	The Company had overstated its warranty accrual by $217,000 as of June 30, 2013, resulting in an increase to earnings from operations.

·	The Company determined that work-in-process inventory had been overstated by $117,000 as of June 30, 2013. As a result, additional cost of goods sold was recorded in the first quarter of fiscal 2014, resulting in a decrease to earnings from operations.

·	The Company’s deferred tax liabilities were understated by $285,000 as of June 30, 2013, resulting in additional tax expense.

The Company does not believe these errors were material to its financial statements for any prior period, nor that the correction of these errors was material to the year ended June 30, 2014.

During the third quarter of fiscal 2015, the Company recorded an out-of-period adjustment for the correction of an error related to tax expense. More specifically, the Company understated tax expense by $175,000 for the year ended June 30, 2014.

The impact of the correction of this error was to decrease net earnings by $175,000 for the fiscal year ended June 30, 2015. The Company does not believe this error is material to its financial statements for any prior period, nor that the correction of these errors was material to the year ended June 30, 2015, or any of the quarters therein.

During the fourth quarter of 2015, the Company recorded an out-of-period adjustment to correct an error related to an understatement of its accrued retirement benefits for certain of its international benefit plans that contain minimum guarantees of approximately $470,000. The impact of this correction was to increase comprehensive loss by $470,000. The Company does not believe this error is material to its financial statements for any prior period, nor that the correction of this error is material to the year ended June 30, 2015.

Recently Issued Accounting Standards

In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance intended to amend current presentation guidance by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures.

In August 2014, the FASB issued updated guidance intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern. The amendments in this guidance are effective for fiscal years ending after December 15, 2016 (the Company’s fiscal 2017), and interim periods within fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial disclosures.

In June 2014, the FASB issued stock compensation guidance requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (the Company’s fiscal 2017). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures.

In May 2014, the FASB issued updated guidance on revenue from contracts with customers. This revenue recognition guidance supersedes existing U.S. GAAP guidance, including most industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance identifies steps to apply in achieving this principle. This updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 (the Company’s fiscal 2019). The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

In April 2014, the FASB issued updated guidance on the reporting for discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The new guidance also requires expanded financial disclosures about discontinued operations. The amendments in this updated guidance are effective for the first quarter of the Company’s fiscal 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures.

In July 2013, the FASB issued guidance stating that, except in certain defined circumstances, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013 (the Company’s fiscal 2015). The adoption of this guidance did not have a material impact on the Company’s financial statements and disclosures.

In March 2013, the FASB issued guidance on the parent company’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This guidance clarifies the circumstances under which the related cumulative translation adjustment should be released into net income. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013 (the Company’s fiscal 2015). The adoption of this guidance did not have a material impact on the Company’s financial statements.

INVENTORIES

12 Months Ended

Jun. 30, 2015

INVENTORIES [Abstract]

INVENTORIES

B. INVENTORIES

The major classes of inventories at June 30 were as follows (in thousands):

	2015	2014
Finished parts	$ 56,982	$ 66,418
Work-in-process	8,292	12,419
Raw materials	14,967	18,742

	$ 80,241	$ 97,579

Inventories stated on a LIFO basis represent approximately 28% of total inventories at June 30, 2015 and 2014. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $26,816,000 and $27,180,000 at June 30, 2015 and 2014, respectively. The Company had reserves for inventory obsolescence of $8,167,000 and $7,591,000 at June 30, 2015 and 2014, respectively.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Jun. 30, 2015

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

C. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at June 30 were as follows (in thousands):

	2015	2014
Land	$ 6,646	$ 5,310
Buildings	44,110	44,540
Machinery and equipment	133,432	141,665

	184,188	191,515
Less: accumulated depreciation	127,761	131,248

	$ 56,427	$ 60,267

Depreciation expense for the years ended June 30, 2015, 2014 and 2013 was $9,922,000, $10,180,000 and $10,120,000, respectively.

GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Jun. 30, 2015

GOODWILL AND OTHER INTANGIBLES [Abstract]

GOODWILL AND OTHER INTANGIBLES

D. GOODWILL AND OTHER INTANGIBLES

The changes in the carrying amount of goodwill, substantially all of which is allocated to the manufacturing segment, for the years ended June 30, 2015 and 2014 were as follows (in thousands):

	Gross Carrying Amount	Accumulated Impairment	Net Book Value

Balance at June 30, 2013	$ 16,902	($ 3,670)	$ 13,232
Translation adjustment	231	-	231

Balance at June 30, 2014	17,133	( 3,670)	13,463
Translation adjustment	(674)	-	(674)

Balance at June 30, 2015	$ 16,459	($ 3,670)	$ 12,789

The Company conducted its annual assessment for goodwill impairment during the fourth fiscal quarter of 2015 and concluded these assets are not impaired.

At June 30, the following acquired intangible assets have definite useful lives and are subject to amortization (in thousands):

		2015
	Gross Carrying Amount	Accumulated Amortization	Accumulated Impairment	Net Book Value

Licensing agreements	$ 3,015	($ 2,505)	$ -	$ 510
Non-compete agreements	2,128	( 2,045)	( 83)	-
Trade name	1,653	( 194)	-	1,459
Other	6,476	( 5,278)	( 1,194)	4

	$13,272	($10,022)	($ 1,277)	$ 1,973

		2014
	Gross Carrying Amount	Accumulated Amortization	Accumulated Impairment	Net Book Value

Licensing agreements	$ 3,015	($ 2,445)	$ -	$ 570
Non-compete agreements	2,128	( 2,045)	( 83)	-
Trade name	2,009	( 100)	-	1,909
Other	6,482	( 5,193)	( 1,194)	95

	$13,634	($ 9,783)	($ 1,277)	$ 2,574

Other intangibles consist of certain amortizable acquisition costs, proprietary technology, computer software, certain customer relationships and debt issuance costs on the 6.05% notes.

During the fourth quarter of fiscal 2013, the Company committed to a plan and entered negotiations to exit the distribution agreement and sell the inventory of its Italian distributor back to the parent supplier. This decision triggered an impairment review of the long lived assets at this entity, resulting in an impairment charge of $1,405,000, representing a complete impairment of the remaining intangibles ($1,277,000) and fixed assets ($128,000) for this entity. The impairment charge was determined by deriving the fair value of the asset group utilizing a discounted cash flow model. Significant inputs to this model include the discount rate, sales projections and profitability estimates. These inputs would be considered Level 3 in the fair value hierarchy.

The weighted average remaining useful life of the intangible assets included in the table above is approximately 16 years.

Intangible amortization expense for the years ended June 30, 2015, 2014 and 2013 was $239,000, $477,000 and $718,000, respectively. Estimated intangible amortization expense for each of the next five fiscal years is as follows (in thousands):

Fiscal Year
2016	$ 146
2017	141
2018	141
2019	141
2020	141
Thereafter	1,263
	$1,973

The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not subject to amortization as of June 30, 2015 and 2014 are $213,000 and $223,000, respectively. These assets are comprised of acquired tradenames.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

ACCRUED LIABILITIES

12 Months Ended

Jun. 30, 2015

ACCRUED LIABILITIES [Abstract]

ACCRUED LIABILITIES

E. ACCRUED LIABILITIES

Accrued liabilities at June 30 were as follows (in thousands):

	2015	2014
Salaries and wages	$ 8,568	$ 6,648
Retirement benefits	3,773	4,909
Warranty	3,310	3,917
Customer advances/deferred revenue	2,602	3,082
Restructuring	3,776	785
Distributor rebate	2,989	3,242
Other	7,736	8,682

	$32,754	$31,265

WARRANTY

12 Months Ended

Jun. 30, 2015

WARRANTY [Abstract]

WARRANTY

F. WARRANTY

The Company warrants all assembled products, parts (except component products or parts on which written warranties are issued by the respective manufacturers thereof and are furnished to the original customer, as to which the Company makes no warranty and assumes no liability) and service against defective materials or workmanship. Such warranty generally extends from periods ranging from 12 months to 24 months. 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 during the years ended June 30 (in thousands):

	2015	2014

Reserve balance, July 1	$5,968	$5,701
Current period expense	1,989	2,214
Payments or credits to customers	(2,332)	(2,055)
Translation adjustment	(380)	108

Reserve balance, June 30	$5,245	$5,968

The current portion of the warranty accrual ($3,310,000 and $3,917,000 for fiscal 2015 and 2014, respectively) is reflected in accrued liabilities, while the long-term portion ($1,935,000 and $2,051,000 for fiscal 2015 and 2014, respectively) is included in other long-term liabilities on the Consolidated Balance Sheets.

DEBT

12 Months Ended

Jun. 30, 2015

DEBT [Abstract]

DEBT

G. DEBT

Notes Payable:

Notes payable consists of amounts borrowed under unsecured line of credit agreements. These lines of credit may be withdrawn at the option of the banks. The following is aggregate borrowing information at June 30 (in thousands):

	2015	2014

Available credit lines	$ 1,689	$ 3,372
Unused credit lines	1,689	3,372

Total notes payable	$ -	$ -

Weighted-average interest
rates on credit lines	5.8%	2.9%

Long-term Debt:

Long-term debt consisted of the following at June 30 (in thousands):

	2015	2014

Revolving loan agreement	$10,208	$11,200
10-year unsecured senior notes	3,571	7,143
Capital lease obligations	-	29
Other long-term debt	23	32

Subtotal	13,802	18,404
Less: current maturities	(3,571)	(3,604)

Total long-term debt	$10,231	$14,800

On June 30, 2014, the Company entered into a revolving loan agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association. Pursuant to the Credit Agreement, the Company may, from time to time, enter into revolving credit loans in amounts not to exceed, in the aggregate, Wells Fargo’s revolving credit commitment of $60,000,000. The revolving credit commitment may be increased under the agreement by an additional $10,000,000 in the event that the conditions for “Incremental Loans” (as defined in the agreement) are satisfied. In general, outstanding revolving credit loans will bear interest at LIBOR plus 1.00%. The rate was 1.20% and 1.16% at June 30, 2015 and June 30, 2014, respectively. In addition to principal and interest payments, the Company will be responsible for paying monthly commitment fees equal to 0.15% of the unused revolving credit commitment. The Company has the option of making additional prepayments subject to certain limitations. The Credit Agreement is scheduled to expire on May 31, 2018. The outstanding balance of $10,208,000 and $11,200,000 at June 30, 2015 and June 30, 2014, respectively, is classified as long-term debt. This agreement contains certain covenants, including restrictions on investments, acquisitions and indebtedness. Financial covenants include a minimum consolidated adjusted net worth amount, a minimum EBITDA for the most recent four fiscal quarters of $11,000,000 at June 30, 2015, and a maximum total funded debt to EBITDA ratio of 3.0 at June 30, 2015. On August 3, 2015, the Credit Agreement was amended to revise the definition of EBITDA for the four consecutive fiscal quarters ending on and including June 30, 2015 to and including March 25, 2016 to add $3,300,000, reflective of the restructuring charge taken by the Company in the fourth quarter of the fiscal year ending June 30, 2015. As of June 30, 2015, the Company was in compliance with these financial covenants. The minimum adjusted net worth covenant fluctuates based upon actual earnings and the Company’s compliance with that covenant is based on the Company’s shareholders’ equity as adjusted by certain pension accounting items. As of June 30, 2015, the minimum adjusted equity requirement was $124,741,000, and the Company was in compliance with this covenant.

On June 30, 2014, the Company entered into an Amended and Restated Note Purchase and Private Shelf Agreement (the “Prudential Agreement”). Among other things, the Prudential Agreement: (a) amends and restates the “Note Agreement” between the Company and Purchasers dated as of April 10, 2006, as it has been amended from time to time (the “2006 Agreement”); and (b) sets forth the terms of the potential sale and purchase of up to $50,000,000 in “Shelf Notes” as defined in the Prudential Agreement (the “Shelf Notes”) by the Company to Prudential. The notes sold by the Company to the Existing Holders under the 2006 Agreement (the “2006 Notes”) are deemed outstanding under, and are governed by, the terms of the Prudential Agreement. The 2006 Notes bear interest on the outstanding principal balance at a fixed rate of 6.05% per annum and mature on April 10, 2016. The 2006 Notes mature and become due and payable in full on April 10, 2016 (the “Payment Date”). Prior to the Payment Date, the Company was obligated to make quarterly payments of interest during the term of the 2006 Notes, plus prepayments of principal of $3,571,429 on April 10 of each year from 2010 to 2015, inclusive. The outstanding balance was $3,571,429 and $7,142,857 at June 30, 2015 and June 30, 2014, respectively. Of the outstanding balance, $3,571,429 was classified as a current maturity of long-term debt at June 30, 2015 and June 30, 2014, respectively. The remaining $3,571,429 on June 30, 2014 was classified as long-term debt. In addition to the interest payments and any mandatory principal payments required under the terms of the Shelf Note, the Company will pay an issuance fee of 0.10% of the aggregate principal balance of each of the Shelf Notes sold to, and purchased by, Prudential. The Company may prepay the Shelf Notes or the 2006 Notes, subject to certain limitations. At no time during the term of the Prudential Agreement may the aggregate outstanding principal amount of the 2006 Notes and the Shelf Notes exceed $35,000,000. The Prudential Agreement includes financial covenants regarding minimum net worth, minimum EBITDA for the most recent four (4) fiscal quarters of $11,000,000 and a maximum total funded debt to EBITDA ratio of 3.0. On August 3, 2015, the Prudential Agreement was amended to revise the definition of EBITDA for the four consecutive fiscal quarters ending on and including June 30, 2015 to and including March 25, 2016 to add $3,300,000, reflective of the restructuring charge taken by the Company in the fourth quarter of the fiscal year ending June 30, 2015. As of June 30, 2015, the Company was in compliance with these financial covenants. In addition, the Company will be required to make an offer to purchase the 2006 Notes and Shelf Notes upon a Change of Control, and any such offer must include the payment of a Yield-Maintenance Amount. The Prudential Agreement also includes certain covenants that limit, among other things, certain indebtedness, acquisitions and investments. The Prudential Agreement also has a most favored lender provision whereby the Prudential Agreement shall be automatically modified to include any additional covenant or event of default that is included in any agreement evidencing, securing, guarantying or otherwise related to other indebtedness in excess of $1,000,000.

The aggregate scheduled maturities of outstanding long-term debt obligations in subsequent years are as follows (in thousands):

Fiscal Year
2016	$ 3,571
2017	-
2018	10,208
2019	-
2020	-
Thereafter	23
	$13,802

LEASE COMMITMENTS

12 Months Ended

Jun. 30, 2015

LEASE COMMITMENTS [Abstract]

LEASE COMMITMENTS

H. LEASE COMMITMENTS

Approximate future minimum rental commitments under noncancellable operating leases are as follows (in thousands):

Fiscal Year
2016	$ 2,955
2017	2,568
2018	1,910
2019	406
2020	232
Thereafter	11
	$ 8,082

Total rent expense for operating leases approximated $3,550,000, $3,920,000 and $3,863,000 in fiscal 2015, 2014 and 2013, respectively.

SHAREHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2015

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

I. SHAREHOLDERS' EQUITY

The total number of shares of common stock outstanding at June 30, 2015, 2014 and 2013 was 11,267,347, 11,261,873 and 11,212,952, respectively. At June 30, 2015, 2014 and 2013, treasury stock consisted of 1,832,121, 1,837,595 and 1,886,516 shares of common stock, respectively. The Company issued 49,314, 51,921 and 123,997 shares of treasury stock in fiscal 2015, 2014 and 2013, respectively, to fulfill its obligations under the stock option plans and restricted stock grants. The Company also recorded forfeitures of 46,240 and 3,000 shares of previously issued restricted stock in fiscal 2015 and 2014, respectively. The difference between the cost of treasury shares and the option price is recorded in common stock.

On February 1, 2008, the Board of Directors authorized the purchase of 500,000 shares of common stock at market values. In fiscal 2009, the Company purchased 250,000 shares of its outstanding common stock at an average price of $7.25 per share for a total cost of $1,812,500. In fiscal 2012, the Company purchased 125,000 shares of its outstanding common stock at an average price of $19.40 per share for a total cost of $2,425,000. On July 27, 2012, the Board of Directors authorized the purchase of an additional 375,000 shares of common stock at market values. This authorization has no expiration. In fiscal 2013, the Company purchased 185,000 shares of its outstanding common stock at an average price of $16.59 per share for a total cost of $3,068,652.

Cash dividends per share were $0.36, $0.36 and $0.36 in fiscal 2015, 2014 and 2013, respectively.

Effective June 30, 2008, the Company’s Board of Directors established a Shareholder Rights Plan and distributed to shareholders one preferred stock purchase right (a “Right’) for each outstanding share of common stock. This Shareholder Rights Plan was amended on May 1, 2012. Under certain circumstances, a Right can be exercised to purchase one four-hundredth of a share of Series A Junior Preferred Stock at an exercise price of $125, subject to certain anti-dilution adjustments. The Rights will become exercisable on the earlier of: (i) ten business days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired, or obtained the right to acquire from shareholders, beneficial ownership of 20% or more of the outstanding Company’s common stock (or 30% or more in the case of any person or group which currently owns 20% or more of the shares or who shall become the beneficial owner of 20% or more of the shares as a result of any transfer by reason of the death of or by gift from any other person who is an affiliate or an associate of such existing holder or by succeeding such a person as trustee of a trust existing on the Record Date ("Existing Holder")) or (ii) ten business days following the commencement of a tender offer or exchange offer that would result in a person or group beneficially owning 20% or more of such outstanding Common Stock (or 30% or more for an Existing Holder), as such periods may be extended pursuant to the Rights Agreement. In the event that any person or group becomes an Acquiring Person, each holder of a Right shall thereafter have the right to receive, upon exercise, in lieu of Preferred Stock, common stock of the Company having a value equal to two times the exercise price of the Right. However, Rights are not exercisable as described in this paragraph until such time as the Rights are no longer redeemable by the Company as set forth below. Notwithstanding any of the foregoing, if any person becomes an Acquiring Person all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by an Acquiring Person will become null and void.

The Rights will expire at the close of business on June 30, 2018, unless earlier redeemed or exchanged by the Company. At any time before a person becomes an Acquiring Person, the Company may redeem the Rights in whole, but not in part, at a price of $.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof. Immediately upon the action of the Board of Directors ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $.01 redemption price.

The Company is authorized to issue 200,000 shares of preferred stock, none of which have been issued. The Company has designated 150,000 shares of the preferred stock for the purpose of the Shareholder Rights Plan.

The components of accumulated other comprehensive loss included in equity as of June 30, 2015 and 2014 are as follows (in thousands):

	2015	2014
Translation adjustments	$ 6,740	$ 20,779
Benefit plan adjustments, net of income taxes
of $24,411 and $21,436, respectively	(42,221)	(36,722)
Accumulated other comprehensive loss	$(35,481)	$(15,943)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended June 30, 2014 and June 30, 2015 is as follows:

	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2013	$ 16,949	($42,848)
Other comprehensive loss before reclassifications	3,830	3,950
Amounts reclassified from accumulated other comprehensive income	-	2,176
Net current period other comprehensive income	3,830	6,126
Balance at June 30, 2014	$ 20,779	($36,722)

	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2014	$ 20,779	($36,722)
Other comprehensive loss before reclassifications	(14,039)	(7,518)
Amounts reclassified from accumulated other comprehensive income	-	2,019
Net current period other comprehensive income	(14,039)	(5,499)
Balance at June 30, 2015	$ 6,740	($42,221)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2014 is as follows:

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	($3,496)
Transition asset and prior service benefit	(31)
Total before tax benefit	(3,527)
Tax benefit	1,351
Total reclassification net of tax	($2,176)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2015 is as follows:

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	($3,074)
Transition asset and prior service benefit	(36)
Total before tax benefit	(3,110)
Tax benefit	1,091
Total reclassification net of tax	($2,019)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number 210
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-Paragraph d
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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-Article 3

+ Details

BUSINESS SEGMENTS AND FOREIGN OPERATIONS

12 Months Ended

Jun. 30, 2015

BUSINESS SEGMENTS AND FOREIGN OPERATIONS [Abstract]

BUSINESS SEGMENTS AND FOREIGN OPERATIONS

J. BUSINESS SEGMENTS AND FOREIGN OPERATIONS

The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy duty off-highway power transmission equipment. Principal products include marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets.

Net sales by product group is summarized as follows (in thousands):

	2015	2014	2013
Industrial	$ 42,078	$ 41,188	$ 48,110
Land based transmissions	76,450	67,055	68,535
Marine and propulsion systems	141,137	149,432	162,823
Other	6,125	6,234	5,814
Total	$265,790	$263,909	$285,282

Industrial products include clutches, power take-offs and pump drives sold to the agriculture, recycling, construction and oil and gas markets. The land based transmission products include applications for oilfield and natural gas, military and airport rescue and fire fighting. The marine and propulsion systems include marine transmission, controls, surface drives, propellers and boat management systems for the global commercial, pleasure craft and patrol boat markets. Other products includes non-Twin Disc manufactured product sold through our Company-owned distribution entities.

The Company has two reportable segments: manufacturing and distribution. These segments are managed separately because each provides different services and requires different technology and marketing strategies. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings.

Information about the Company's segments is summarized as follows (in thousands):

	Manufacturing	Distribution	Total
2015

Net sales	$240,085	$100,708	$340,793
Intra-segment sales	19,901	6,961	26,862
Inter-segment sales	44,864	3,277	48,141
Interest income	171	33	204
Interest expense	946	-	946
Income taxes	7,312	1,459	8,771
Depreciation and amortization	8,106	482	8,588
Net earnings attributable to Twin Disc	14,409	5,013	19,422
Assets	254,749	53,759	308,508
Expenditures for segment assets	7,335	1,271	8,606

2014

Net sales	$227,590	$121,389	$348,979
Intra-segment sales	18,416	9,926	28,342
Inter-segment sales	53,960	2,768	56,728
Interest income	311	22	333
Interest expense	2,565	45	2,610
Income taxes	6,233	1,432	7,665
Depreciation and amortization	8,566	549	9,115
Net earnings attributable to Twin Disc	7,029	6,285	13,314
Assets	254,652	57,233	311,885
Expenditures for segment assets	6,429	315	6,744

2013

Net sales	$245,592	$130,360	$375,952
Intra-segment sales	16,140	15,127	31,267
Inter-segment sales	55,746	3,657	59,403
Interest income	479	19	498
Interest expense	3,248	62	3,310
Income taxes	5,112	1,630	6,742
Depreciation and amortization	8,817	497	9,314
Net earnings attributable to Twin Disc	10,141	5,840	15,981
Assets	258,617	56,965	315,582
Expenditures for segment assets	5,705	349	6,054

The following is a reconciliation of reportable segment net sales, net earnings and assets to the Company’s consolidated totals (in thousands):

	2015	2014	2013
Net sales:
Total net sales from reportable segments	$340,793	$348,979	$375,952
Elimination of inter-company sales	(75,003)	(85,070)	(90,670)
Total consolidated net sales	$265,790	$263,909	$285,282

Net earnings attributable to Twin Disc:
Total net earnings from
reportable segments	$ 19,422	$ 13,314	$ 15,981
Other corporate expenses	(8,249)	(9,670)	(12,099)
Total consolidated net earnings
attributable to Twin Disc	$ 11,173	$ 3,644	$ 3,882

Assets
Total assets for reportable segments	$308,508	$311,885
Corporate assets and eliminations	(58,646)	(44,900)
Total consolidated assets	$249,862	$266,985

Other significant items (in thousands):

	Segment		Consolidated
	Totals	Adjustments	Totals
2015
Interest income	$ 204	$ (80)	$ 124
Interest expense	946	(340)	606
Income taxes	8,771	(4,256)	4,515
Depreciation and amortization	8,588	1,573	10,161
Expenditures for segment assets	8,606	443	9,049

2014
Interest income	$ 333	$ (212)	$ 121
Interest expense	2,610	(1,674)	936
Income taxes	7,665	(3,439)	4,226
Depreciation and amortization	9,115	1,542	10,657
Expenditures for segment assets	6,744	501	7,245

2013
Interest income	$ 498	$ (396)	$ 102
Interest expense	3,310	(1,875)	1,435
Income taxes	6,742	(1,756)	4,986
Depreciation and amortization	9,314	1,524	10,838
Expenditures for segment assets	6,054	528	6,582

All adjustments represent inter-company eliminations and corporate amounts.

Geographic information about the Company is summarized as follows (in thousands):

	2015	2014	2013
Net sales
United States	$131,198	$108,380	$127,844
China	19,712	33,830	29,119
Italy	14,457	17,396	19,140
Singapore	13,856	12,703	14,214
Canada	13,661	9,277	10,846
Other countries	72,906	82,323	84,119

Total	$265,790	$263,909	$285,282

Net sales by geographic region are based on product shipment destination.

	2015	2014
Long-lived assets
United States	$ 40,822	$ 46,821
Switzerland	7,686	8,196
Belgium	6,709	7,450
Italy	2,376	3,531
Other countries	2,586	2,074

Total	$ 60,179	$ 68,072

One customer, Sewart Supply, Inc. (a distributor of Twin Disc), accounted for approximately 11%, 11% and 11% of consolidated net sales in fiscal 2015, 2014 and 2013, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Jun. 30, 2015

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

K. STOCK-BASED COMPENSATION

During fiscal 2011, the Company adopted the Twin Disc, Incorporated 2010 Stock Incentive Plan for Non-Employee Directors (the “Directors’ Plan”), a plan to grant non-employee directors equity based awards up to 250,000 shares of common stock, and the Twin Disc, Incorporated 2010 Long-Term Incentive Compensation Plan (the “Incentive Plan”), a plan under which officers and key employees may be granted equity based awards up to 650,000 shares of common stock. The Directors’ Plan may grant options to purchase shares of common stock, at the discretion of the board, to non-employee directors who are elected or reelected to the board, or who continue to serve on the board. Such options carry an exercise price equal to the fair market value of the Company’s common stock as of the date of grant, vest immediately, and expire ten years after the date of grant. Options granted under the Incentive Plan are determined to be non-qualified or incentive stock options as of the date of grant, and may carry a vesting schedule. For options under the Incentive Plan that are intended to qualify as incentive stock options, if the optionee owns more than 10% of the total combined voting power of the Company’s stock, the price will not be less than 110% of the grant date fair market value and the options expire five years after the date of grant. There were no incentive options granted to a greater than 10% shareholder during the years presented. There were no options outstanding under the Directors’ Plan and the Incentive Plan as of June 30, 2015 and 2014.

The Company has 19,200 non-qualified stock options outstanding as of June 30, 2015 under the Twin Disc, Incorporated Plan for Non-Employee Directors and Twin Disc, Incorporated 2004 Stock Incentive Plans. The 2004 plans were terminated during 2011, except options then outstanding will remain so until exercised or until they expire.

Shares available for future options as of June 30 were as follows:

	2015	2014
2010 Long-Term Incentive Compensation Plan	447,730	466,589
2010 Stock Incentive Plan for Non-employee Directors	171,986	193,858

Stock option transactions under the plans during 2015 were as follows:

		Weighted	Weighted Average	Aggregate
		Average	Remaining Contractual	Intrinsic
	2015	Price	Life (years)	Value

Non-qualified stock options:
Options outstanding
at beginning of year	21,600	$ 14.88
Granted	-	-
Canceled/expired	-	-
Exercised	(2,400)	6.23

Options outstanding at June 30	19,200	$ 15.96	3.31	$81,492

Options price range
($10.01 - $27.55)

Number of shares	19,200

Weighted average price	$ 15.96

Weighted average remaining life	3.31 years

The Company accounts for stock based compensation in accordance with ASC Topic 718-10, “Compensation – Stock Compensation.” In addition, the Company computes its windfall tax pool using the shortcut method. ASC Topic 718-10 requires the Company to expense the cost of employee services received in exchange for an award of equity instruments using the fair-value-based method. All options were 100% vested at the adoption of this statement.

During fiscal 2015, 2014 and 2013 the Company granted no non-qualified stock options and all non-qualified stock options from prior periods have fully vested. As a result, no compensation cost has been recognized in the Consolidated Statements of Operations and Comprehensive Income for fiscal 2015, 2014 and 2013, respectively.

The total intrinsic value of options exercised during the years ended June 30, 2015, 2014 and 2013 was approximately $55,000, $0 and $539,000, respectively.

In fiscal 2015, 2014 and 2013, the Company granted a target number of 15,861, 43,154 and 28,255 performance stock unit awards, respectively, to various employees of the Company, including executive officers. The performance stock unit awards granted in fiscal 2015 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the Performance Stock Unit Award Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. The performance stock unit awards granted in fiscal 2015 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance stock units that can be awarded if the target objective is exceeded is 13,621. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock unit awards granted in fiscal 2015. The performance stock unit awards granted in fiscal 2014 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the Performance Stock Unit Award Grant Agreement) in the cumulative three fiscal year period ending June 30, 2016. The performance stock unit awards granted in fiscal 2014 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance stock units that can be awarded if the target objective is exceeded is 22,205. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock unit awards granted in fiscal 2014. The performance stock unit awards granted in fiscal 2013 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance stock units that can be awarded if the target objective is exceeded is 22,487. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock unit awards granted in fiscal 2013 and has reversed previously recognized expenses related to these awards during the second quarter of fiscal 2013. There were 29,855, 41,160 and 42,962 unvested performance stock unit awards outstanding at June 30, 2015, 2014 and 2013, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2015 was $27.24. The performance stock unit awards are remeasured at fair-value based upon the Company’s stock price at the end of each reporting period. The fair-value of the stock unit awards are expensed over the performance period for the shares that are expected to ultimately vest. The compensation expense (income) for the year ended June 30, 2015, 2014 and 2013 related to the performance stock unit award grants, approximated $0, $0 and $1,238,000, respectively. At June 30, 2015, the Company had $537,000 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2015 and 2014 awards. The total fair value of performance stock unit awards vested in fiscal 2015, 2014 and 2013 was $0, $0 and $2,787,000, respectively. The performance stock unit awards are cash based, and are thus recorded as a liability on the Company’s Consolidated Balance Sheets. As of June 30, 2015, there were no awards included in “Liabilities” due to actual results to date and the low probability of achieving any of the threshold performance levels.

In fiscal 2015, 2014 and 2013, the Company granted a target number of 16,261, 17,312 and 28,535 performance stock awards, respectively, to various employees of the Company, including executive officers. The performance stock awards granted in fiscal 2015 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the Performance Stock Award Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. The performance stock awards granted in fiscal 2015 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 14,101. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock awards granted in fiscal 2015. The performance stock awards granted in fiscal 2014 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the Performance Stock Award Grant Agreement) in the cumulative three fiscal year period ending June 30, 2016. The performance stock awards granted in fiscal 2014 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 17,038. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock awards granted in fiscal 2014. The performance stock awards granted in fiscal 2013 are subject to adjustment if the Company’s economic profit for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 30,635. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is not accruing the performance stock awards granted in fiscal 2013 and has reversed previously recognized expenses related to these awards during the second quarter of fiscal 2013. There were 25,949, 44,712 and 42,141 unvested performance stock awards outstanding at June 30, 2015, 2014 and 2013, respectively. The fair value of the stock awards (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. The compensation expense for the year ended June 30, 2015, 2014 and 2013, related to performance stock awards, approximated $0, $0 and $209,000, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2015 was $27.36. At June 30, 2015, the Company had $710,000 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2015 and 2014 awards. The total fair value of performance stock awards vested in fiscal 2015, 2014 and 2013 was $0, $0 and $2,055,000, respectively.

In addition to the performance shares mentioned above, the Company has unvested restricted stock outstanding that will vest if certain service conditions are fulfilled. The fair value of the restricted stock grants is recorded as compensation over the vesting period, which is generally 1 to 3 years. During fiscal 2015, 2014 and 2013, the Company granted 59,494, 51,004 and 83,729 service based restricted shares, respectively, to employees and non-employee directors in each year. A total of 46,240, 3,000 and 30,532 shares of restricted stock were forfeited during fiscal 2015, 2014 and 2013, respectively. There were 94,183, 116,297 and 186,469 unvested shares outstanding at June 30, 2015, 2014 and 2013, respectively. Compensation expense of $696,000, $1,184,000 and $1,234,000 was recognized during the year ended June 30, 2015, 2014 and 2013, respectively, related to these service-based awards. The total fair value of restricted stock grants vested in fiscal 2015, 2014 and 2013 was $993,000, $3,053,000 and $2,177,000, respectively. As of June 30, 2015, the Company had $923,000 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

ENGINEERING AND DEVELOPMENT COSTS	12 Months Ended
ENGINEERING AND DEVELOPMENT COSTS	Jun. 30, 2015
ENGINEERING AND DEVELOPMENT COSTS [Abstract]
ENGINEERING AND DEVELOPMENT COSTS	L. ENGINEERING AND DEVELOPMENT COSTS Engineering and development costs include research and development expenses for new products, development and major improvements to existing products, and other costs for ongoing efforts to refine existing products. Research and development costs charged to operations totaled $2,288,000, $3,028,000 and $3,058,000 in fiscal 2015, 2014 and 2013, respectively. Total engineering and development costs were $11,091,000, $10,900,000 and $10,242,000 in fiscal 2015, 2014 and 2013, respectively.

- Definition

The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

+ References + Details

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Jun. 30, 2015

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

M. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company has non-contributory, qualified defined benefit pension plans covering substantially all domestic employees hired prior to October 1, 2003, and certain foreign employees. Domestic plan benefits are based on years of service, and, for salaried employees, on average compensation for benefits earned prior to January 1, 1997, and on a cash balance plan for benefits earned after January 1, 1997. The Company's funding policy for the plans covering domestic employees is to contribute an actuarially determined amount which falls between the minimum and maximum amount that can be deducted for federal income tax purposes.

On June 3, 2009, the Company announced it would freeze future accruals under the domestic defined benefit pension plans effective August 1, 2009.

In addition, the Company has unfunded, non-qualified retirement plans for certain management employees and Directors. In the case of management employees, benefits are based either on final average compensation or on an annual credit to a bookkeeping account, intended to restore the benefits that would have been earned under the qualified plans, but for the earnings limitations under the Internal Revenue Code. In the case of Directors, benefits are based on years of service on the Board. All benefits vest upon retirement from the Company.

In addition to providing pension benefits, the Company provides other postretirement benefits, including healthcare and life insurance benefits for certain domestic retirees. All employees retiring after December 31, 1992, and electing to continue healthcare coverage through the Company's group plan, are required to pay 100% of the premium cost.

The measurement date for the Company’s pension and postretirement benefit plans in fiscal 2015 and 2014 was June 30.

Obligations and Funded Status

The following table sets forth the Company's defined benefit pension plans’ and other postretirement benefit plans’ funded status and the amounts recognized in the Company's balance sheets and statement of operations and comprehensive income as of June 30 (in thousands):

			Other
	Pension		Postretirement
	Benefits		Benefits
	2015	2014	2015	2014
Change in benefit obligation:
Benefit obligation, beginning of year	$123,832	$125,846	$16,584	$17,739
Service cost	465	536	30	37
Interest cost	4,862	5,425	579	659
Actuarial loss (gain)	8,384	1,221	882	(60)
Contributions by plan participants	154	174	547	581
Settlements	-	(121)	-	-
Benefits paid	(9,964)	(9,249)	(2,250)	(2,372)

Benefit obligation, end of year	$127,733	$123,832	$ 16,372	$ 16,584

Change in plan assets:
Fair value of assets, beginning of year	$102,495	$ 94,723	$ -	$ -
Actual return on plan assets	5,828	14,031	-	-
Employer contribution	6,168	2,816	1,703	1,791
Contributions by plan participants	154	174	547	581
Benefits paid	(9,964)	(9,249)	(2,250)	(2,372)

Fair value of assets, end of year	$104,681	$102,495	$ -	$ -


Funded status	$(23,052)	$(21,337)	$ (16,372)	$(16,584)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$ 638	$ 680	$ -	$ -
Accrued liabilities - current	(764)	(1,189)	(2,040)	(2,418)
Accrued retirement benefits - noncurrent	(22,926)	(20,828)	(14,332)	(14,166)

Net amount recognized	$(23,052)	$(21,337)	$(16,372)	$(16,584)


Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$ 296	$ 340	$ -	$ -
Actuarial net loss	38,613	33,220	3,312	3,163

Net amount recognized	$ 38,909	$ 33,560	$ 3,312	$ 3,163

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year for the qualified domestic defined benefit and other postretirement benefit plans are as follows (in thousands):

		Other
	Pension	Postretirement
	Benefits	Benefits
Net transition obligation	$ 35	$ -
Actuarial net loss	3,646	728

Net amount to be recognized	$3,681	$ 728

The accumulated benefit obligation for all defined benefit pension plans was approximately $127,733,000 and $123,832,000 at June 30, 2015 and 2014, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets (in thousands):

	June 30
	2015	2014
Projected and accumulated benefit obligation	$126,242	$122,045
Fair value of plan assets	102,552	100,028

Components of Net Periodic Benefit Cost (in thousands):

	Pension Benefits
	2015	2014	2013
Service cost	$ 465	$ 536	$ 367
Interest cost	4,862	5,425	5,399
Expected return on plan assets	(7,272)	(6,591)	(6,382)
Settlement loss	-	-	5
Amortization of transition obligation	36	32	35
Amortization of actuarial net loss	2,436	2,894	3,357

Net periodic benefit cost	$ 527	$ 2,296	$ 2,781

	Other Postretirement Benefits
	2015	2014	2013
Service cost	$ 30	$ 37	$ 34
Interest cost	579	659	766
Amortization of actuarial net loss	638	602	792

Net periodic benefit cost	$1,247	$1,298	$1,592

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal 2015 (Pre-tax, in thousands):

	Pension	Other Postretirement Benefits
Net loss	$ 9,406	$ 882
Amortization of transition asset	(36)	-
Amortization of net (loss) gain	(2,436)	(638)
Total recognized in other comprehensive income	6,934	244
Net periodic benefit cost	527	1,247
Total recognized in net periodic benefit cost and
other comprehensive income	$ 7,461	$ 1,491

Additional Information

Assumptions (as of June 30, 2015 and 2014)

					Other
	Pension Benefits				Postretirement Benefits
Weighted average assumptions used
to determine benefit obligations
at June 30
	2015		2014		2015		2014
Discount rate	4.05%		4.06%		3.93%		3.76%
Expected return on plan assets	7.11%		7.39%

Weighted average assumptions used
to determine net periodic benefit
cost for years ended June 30

								Other
		Pension Benefits						Postretirement Benefits
		2015		2014		2013		2015	2014	2013
Discount rate		4.06%		4.35%		4.20%		3.76%	3.99%	4.20%
Expected return on plan assets		7.39%		7.41%		7.50%

The assumed weighted-average healthcare cost trend rate was 7.8% in 2015, grading down to 5% in 2022. A 1% increase in the assumed health care cost trend would increase the accumulated postretirement benefit obligation by approximately $336,000 and the service and interest cost by approximately $13,000. A 1% decrease in the assumed health care cost trend would decrease the accumulated postretirement benefit obligation by approximately $322,000 and the service and interest cost by approximately $12,000.

Plan Assets

The Company’s Pension Committee (“Committee”) oversees investment matters related to the Company’s funded benefit plans. The Committee works with external actuaries and investment consultants on an ongoing basis to establish and monitor investment strategies and target asset allocations. The overall objective of the Committee’s investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension plans. The Committee has established an Investment Policy Statement which provides written documentation of the Company’s expectations regarding its investment programs for the pension plans, establishes objectives and guidelines for the investment of the plan assets consistent with the Company’s financial and benefit-related goals, and outlines criteria and procedures for the ongoing evaluation of the investment program. The Company employs a total return on investment approach whereby a mix of investments among several asset classes are used to maximize long-term return of plan assets while avoiding excessive risk. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, and annual liability measurements.

The Company’s pension plan weighted-average asset allocations at June 30, 2015 and 2014 by asset category are as follows:

	Target	June 30
Asset Category	Allocation	2015	2014
Equity securities	65%	62%	65%
Debt securities	25%	25%	23%
Real estate	10%	13%	12%

	100%	100%	100%

Due to market conditions and other factors, actual asset allocation may vary from the target allocation outlined above. The U.S. pension plans held 98,211 shares of Company stock with a fair market value of $1,830,653 (1.8 percent of total plan assets) at June 30, 2015 and 98,211 shares with a fair market value of $3,245,874 (3.2 percent of total plan assets) at June 30, 2014.

The plans have a long-term return assumption of 7.25%. This rate was derived based upon historical experience and forward-looking return expectations for major asset class categories.

Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are classified into the following hierarchy:

Level I	Unadjusted quoted prices in active markets for identical instruments

Level II	Unadjusted quoted prices in active markets for similar instruments, or

		Unadjusted quoted prices for identical or similar instruments in markets that are not active, or

		Other inputs that are observable in the market or can be corroborated by observable market data

Level III		Use of one or more significant unobservable inputs

The following table presents plan assets using the fair value hierarchy as of June 30, 2015 (in thousands):

	Total	Level I	Level II	Level III
Cash and cash equivalents	$ 1,034	$ 1,034	$ -	$ -
Equity securities:
U.S. (a)	28,035	28,035	-	-
International (b)	14,819	10,649	4,170	-
Fixed income (c)	22,615	8,993	13,622	-
Annuity contracts (d)	9,508	-	-	9,508
Real estate (e)	12,770	-	12,770	-
Other (f)	15,900	-	-	15,900
Total	$104,681	$48,711	$30,562	$25,408

The following table presents plan assets using the fair value hierarchy as of June 30, 2014 (in thousands):

	Total	Level I	Level II	Level III
Cash and cash equivalents	$ 965	$ 965	$ -	$ -
Equity securities:
U.S. (a)	30,727	30,727	-	-
International (b)	16,676	10,785	5,891	-
Fixed income (c)	21,892	7,603	14,289	-
Annuity contracts (d)	6,340	-	-	6,340
Real estate (e)	11,206	-	11,206	-
Other (f)	14,689	-	-	14,689
Total	$102,495	$50,080	$31,386	$21,029

(a) U.S. equity securities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. These securities are valued at the closing price reported on the active market on which the individual securities are traded.

(b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country, capitalization and equity style (i.e., growth and value strategies). Certain assets are invested in international commingled equity funds. The vast majority of the investments are made in companies in developed markets with a smaller percentage in emerging markets. Securities traded on exchanges are valued at the closing price reported on the active market on which the individual securities are traded. International commingled funds are valued at the net asset value (“NAV”) as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.

(c) Fixed income consists of corporate bonds with investment grade BBB or better from diversified industries, as well as government debt securities. Corporate and government debt investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and inactive markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data.

(d) Annuity contracts represent contractual agreements in which payments are made to an insurance company, which agrees to pay out an income or lump sum amount at a later date. Annuity contracts are valued at the net present value of future cash flows.

(e) Real estate investments invested in common collective trusts and other mutual funds holding real estate investments. They are valued at the net asset value (“NAV”) as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding. Level 2 investments represent funds where regular opportunities exist for the Company to sell the holdings, whereas Level 3 investments represent funds where less frequent opportunities exist during the year for the Company to sell its holding in the funds.

(f) Other consists of hedged equity mutual funds. These investments are valued at the net asset value (“NAV”) as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.

The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2015 and 2014 (in thousands):

	Annuity
	Contracts	Other
Balance – June 30, 2014	$ 6,340	$14,689
Actual return on plan assets:
Relating to assets still held at reporting date	2,978	1,211
Relating to assets sold during the period	-	-
Purchases, sales and settlements, net	190	-
Transfers in and/or out of Level III	-	-

Balance – June 30, 2015	$ 9,508	$ 15,900
	Annuity
	Contracts	Real Estate	Other
Balance – June 30, 2013	$ 5,819	$ 3,012	$13,153
Actual return on plan assets:
Relating to assets still held at reporting date	433	-	1,536
Relating to assets sold during the period	-	257	-
Purchases, sales and settlements, net	88	(3,269)	-
Transfers in and/or out of Level III	-	-	-

Balance – June 30, 2014	$ 6,340	$ -	$ 14,689

Cash Flows

Contributions

The Company expects to contribute $2,240,000 to its defined benefit pension plans in fiscal 2016.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

		Other Postretirement Benefits
	Pension	Gross	Part D	Net Benefit
	Benefits	Benefits	Reimbursement	Payments
2016	$10,446	$2,379	$ -	$2,379
2017	9,927	2,349	-	2,349
2018	10,913	1,844	-	1,844
2019	9,756	1,734	-	1,734
2020	9,231	1,584	-	1,584
Years 2021- 2025	40,355	6,157	-	6,157

The Company sponsors defined contribution plans covering substantially all domestic employees and certain foreign employees. These plans provide for employer contributions based primarily on employee participation. The total expense under the plans was $2,526,000, $2,218,000 and $2,074,000 in fiscal 2015, 2014 and 2013, respectively.

INCOME TAXES

12 Months Ended

Jun. 30, 2015

INCOME TAXES [Abstract]

INCOME TAXES

N. INCOME TAXES

United States and foreign earnings before income taxes and minority interest were as follows (in thousands):

	2015	2014	2013

United States	$ 5,614	$1,107	$3,935
Foreign	10,286	6,989	5,302

	$15,900	$8,096	$9,237

The provision (benefit) for income taxes is comprised of the following (in thousands):

	2015	2014	2013
Currently payable:
Federal	$1,607	$ 651	$1,745
State	518	104	(234)
Foreign	2,832	2,837	2,788

	4,957	3,592	4,299
Deferred:
Federal	408	1,309	1,122
State	5	(95)	439
Foreign	(855)	(580)	(874)

	(442)	634	687
	$4,515	$4,226	$4,986

The components of the net deferred tax asset as of June 30 are summarized in the table below (in thousands).

	2015	2014
Deferred tax assets:
Retirement plans and employee benefits	$15,157	$13,692
Foreign tax credit carryforwards	-	706
Federal tax credits	-	160
State net operating loss and other state credit carryforwards	369	348
Inventory	1,789	1,672
Reserves	2,587	2,578
Foreign NOL carryforwards	3,539	6,090
Accruals	584	681
Other assets	568	(54)

	24,593	25,873
Deferred tax liabilities:
Property, plant and equipment	7,221	8,650
Intangibles	4,778	5,528
Other liabilities	451	711

	12,450	14,889

Valuation Allowance	(3,577)	(5,593)

Total net deferred tax assets	$ 8,566	$ 5,391

Note: $82,000 and $166,000 of this net deferred tax position is included in Accrued Liabilities at June 30, 2015 and 2014, respectively.

The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. During fiscal 2015, the Company reported operating income in certain foreign jurisdictions where the loss carryforward period is unlimited. The Company has evaluated the likelihood of whether the net deferred tax assets related to these jurisdictions would be realized and concluded that based primarily upon the uncertainty to achieve levels of sustained improvement and uncertain exchange rates in these jurisdictions, (a) it is more likely than not that $3,577,000 of deferred tax assets would not be realized; and that (b) a full valuation allowance on the balance of deferred tax assets relating to these jurisdictions continues to be necessary. The company recorded a net decrease in valuation allowance of $2,016,000 in fiscal 2015 due to lower cumulative operating losses in these jurisdictions. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income and foreign source income to realize the remaining deferred tax assets.

Following is a reconciliation of the applicable U.S. federal income taxes to the actual income taxes reflected in the statements of operations (in thousands):

	2015	2014	2013

U.S. federal income tax at 35%	$5,491	$2,754	$3,104
Increases (reductions) in tax resulting from:
Foreign tax items	362	(291)	88
State taxes	32	228	296
Valuation allowance	(1,121)	1,551	1,216
Change in prior year estimate	157	139	309
Research and development tax credits	(337)	(267)	(526)
Section 199 deduction	(96)	(109)	(84)
Unrecognized tax benefits	5	183	539
Other, net	22	38	44
	$4,515	$4,226	$4,986

The Company has not provided additional U.S. income taxes on cumulative earnings of consolidated foreign subsidiaries that are considered to be reinvested indefinitely. The Company reaffirms its position that these earnings remain permanently invested, and has no plans to repatriate funds to the U.S. for the foreseeable future. These earnings relate to ongoing operations and were approximately $3,045,000 at June 30, 2015. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. It is not practicable to estimate the amount of unrecognized withholding taxes and deferred tax liability on such earnings. The Company’s intent is for such earnings to be reinvested by the subsidiaries or to be repatriated only when it would be tax effective through the utilization of foreign tax credits.

Annually, we file income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination are 2011 through 2015 for our major operations in Italy, Belgium and Japan. The tax years open to examination in the U.S. are for years subsequent to fiscal 2012. The Company has approximately $810,000 of unrecognized tax benefits as of June 30, 2015, which, if recognized would impact the effective tax rate. During the fiscal year the amount of unrecognized tax benefits decreased primarily due to settlements with various taxing authorities. During the next twelve months, the Company does not anticipate any significant changes in unrecognized tax benefits. The Company’s policy is to accrue interest and penalties related to unrecognized tax benefits in income tax expense.

Below is a reconciliation of beginning and ending amount of unrecognized tax benefits (in thousands):

	June 30, 2015	June 30, 2014
Unrecognized tax benefits, beginning of year	$ 1,603	$ 1,556
Additions based on tax positions related to the prior year	-	7
Additions based on tax positions related to the current year	184	173
Reductions based on tax positions related to the prior year	(3)	-
Subtractions due to statutes closing	(60)	(1)
Settlements with Taxing Authorities	(914)	(132)
Unrecognized tax benefits, end of year	$ 810	$1,603

Substantially all of the Company’s unrecognized tax benefits as of June 30, 3015, if recognized, would affect the effective tax rate. As of June 30, 2015 and 2014, the amounts accrued for interest and penalties totaled $62,000 and $309,000, respectively, and are not included in the reconciliation above.

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Jun. 30, 2015
CONTINGENCIES [Abstract]
CONTINGENCIES	O. CONTINGENCIES The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, are not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company’s results of operations, financial position or cash flows, either individually or in the aggregate.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14394-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14557-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12053-110248

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14453-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14615-108349

+ Details

RESTRUCTURING OF OPERATIONS	12 Months Ended
RESTRUCTURING OF OPERATIONS	Jun. 30, 2015
RESTRUCTURING OF OPERATIONS [Abstract]
RESTRUCTURING OF OPERATIONS	P. RESTRUCTURING OF OPERATIONS During the fourth quarter of fiscal 2015, the Company committed to a restructuring plan to reduce costs and improve efficiencies at its North American manufacturing operations. This restructuring resulted in a reduction of 79 people through a combination of early retirement and reduction in force. The restructuring was meant to be a proactive measure to offset the impact low oil and gas prices had on the demand from its customers. The Company recorded a pre-tax restructuring charge of $3,282,000 in the fourth quarter of fiscal 2015, upon announcement of the intended restructuring action. During fiscal 2015, the Company made no cash payments, resulting in an accrual balance of $3,282,000 at June 30, 2015. During fiscal 2014, the Company recorded a pre-tax restructuring charge of $961,000 representing the incremental cost above the minimum legal indemnity for a targeted workforce reduction at its Belgian operation, following finalization of negotiations with the local labor unions. The minimum legal indemnity of $548,000 was recorded in the fourth quarter of fiscal 2013, upon announcement of the intended restructuring action. During fiscal 2014, the Company made cash payments of $857,000, resulting in an accrual balance at June 30, 2014 of $785,000. The Company made additional payments of $156,000 during fiscal 2015, resulting in a June 30, 2015 balance of $494,000 after a foreign exchange impact of $135,000. This remaining obligation relates to increased pension benefits agreed to as part of the restructuring and is expected to be paid out over the next several years.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Jun. 30, 2015

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

TWIN DISC, INCORPORATED AND SUBSIDIARIES

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

for the years ended June 30, 2015, 2014 and 2013 (in thousands)

		-----------Additions----------
	Balance at	Charged to			Balance at
	Beginning	Costs and	Net		End of
Description	of Period	Expenses	Acquired	Deductions(1)	Period

2015:

Allowance for losses on
accounts receivable	$3,637	$ 304	$ -	$1,758	$2,183




Deferred tax valuation
allowance	$5,593	$ 805	$ -	$2,821	$3,577

2014:

Allowance for losses on
accounts receivable	$2,884	$1,169	$ -	$ 416	$3,637




Deferred tax valuation
allowance	$3,724	$2,140	$ -	$271	$5,593

2013:

Allowance for losses on
accounts receivable	$2,194	$1,385	$ -	$ 695	$2,884




Deferred tax valuation
allowance	$3,811	$1,112	$ -	$1,199 (2)	$3,724

(1) Activity primarily represents amounts written-off during the year, along with other adjustments (primarily foreign currency translation adjustments).

(2) Represents adjustments resulting from foreign tax audits.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2015

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Consolidation Principles

Translation of Foreign Currencies

Cash

Receivables

Fair Value of Financial Instruments

Derivative Financial Instruments

Inventories

Property, Plant and Equipment and Depreciation

Impairment of Long-lived Assets

Revenue Recognition

Goodwill and Other Intangibles

Any cost incurred to extend or renew the term of an indefinite lived intangible asset are expensed as incurred.

Deferred Taxes

Management Estimates

Shipping and Handling Fees and Costs

Out-of-Period Adjustments

·	The Company had over accrued for certain payroll related items totaling $337,000 as of June 30, 2013, resulting in an increase to earnings from operations.

·	The Company had overstated its warranty accrual by $217,000 as of June 30, 2013, resulting in an increase to earnings from operations.

·	The Company determined that work-in-process inventory had been overstated by $117,000 as of June 30, 2013. As a result, additional cost of goods sold was recorded in the first quarter of fiscal 2014, resulting in a decrease to earnings from operations.

·	The Company’s deferred tax liabilities were understated by $285,000 as of June 30, 2013, resulting in additional tax expense.

The Company does not believe these errors were material to its financial statements for any prior period, nor that the correction of these errors was material to the year ended June 30, 2014.

Recently Issued Accounting Standards

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2015

INVENTORIES [Abstract]

Major Classes of Inventories

The major classes of inventories at June 30 were as follows (in thousands):

	2015	2014
Finished parts	$ 56,982	$ 66,418
Work-in-process	8,292	12,419
Raw materials	14,967	18,742

	$ 80,241	$ 97,579

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Jun. 30, 2015

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Property, Plant and Equipment

Property, plant and equipment at June 30 were as follows (in thousands):

	2015	2014
Land	$ 6,646	$ 5,310
Buildings	44,110	44,540
Machinery and equipment	133,432	141,665

	184,188	191,515
Less: accumulated depreciation	127,761	131,248

	$ 56,427	$ 60,267

GOODWILL AND OTHER INTANGIBLES (Tables)

12 Months Ended

Jun. 30, 2015

GOODWILL AND OTHER INTANGIBLES [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill, substantially all of which is allocated to the manufacturing segment, for the years ended June 30, 2015 and 2014 were as follows (in thousands):

	Gross Carrying Amount	Accumulated Impairment	Net Book Value

Balance at June 30, 2013	$ 16,902	($ 3,670)	$ 13,232
Translation adjustment	231	-	231

Balance at June 30, 2014	17,133	( 3,670)	13,463
Translation adjustment	(674)	-	(674)

Balance at June 30, 2015	$ 16,459	($ 3,670)	$ 12,789

Acquired Intangible Assets with Finite Lives

At June 30, the following acquired intangible assets have definite useful lives and are subject to amortization (in thousands):

		2015
	Gross Carrying Amount	Accumulated Amortization	Accumulated Impairment	Net Book Value

Licensing agreements	$ 3,015	($ 2,505)	$ -	$ 510
Non-compete agreements	2,128	( 2,045)	( 83)	-
Trade name	1,653	( 194)	-	1,459
Other	6,476	( 5,278)	( 1,194)	4

	$13,272	($10,022)	($ 1,277)	$ 1,973

		2014
	Gross Carrying Amount	Accumulated Amortization	Accumulated Impairment	Net Book Value

Licensing agreements	$ 3,015	($ 2,445)	$ -	$ 570
Non-compete agreements	2,128	( 2,045)	( 83)	-
Trade name	2,009	( 100)	-	1,909
Other	6,482	( 5,193)	( 1,194)	95

	$13,634	($ 9,783)	($ 1,277)	$ 2,574

Estimated Intangible Amortization Expense

Estimated intangible amortization expense for each of the next five fiscal years is as follows (in thousands):

Fiscal Year
2016	$ 146
2017	141
2018	141
2019	141
2020	141
Thereafter	1,263
	$1,973

ACCRUED LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2015

ACCRUED LIABILITIES [Abstract]

Accrued Liabilities

Accrued liabilities at June 30 were as follows (in thousands):

	2015	2014
Salaries and wages	$ 8,568	$ 6,648
Retirement benefits	3,773	4,909
Warranty	3,310	3,917
Customer advances/deferred revenue	2,602	3,082
Restructuring	3,776	785
Distributor rebate	2,989	3,242
Other	7,736	8,682

	$32,754	$31,265

WARRANTY (Tables)

12 Months Ended

Jun. 30, 2015

WARRANTY [Abstract]

Warranty Reserve

The following is a listing of the activity in the warranty reserve during the years ended June 30 (in thousands):

	2015	2014

Reserve balance, July 1	$5,968	$5,701
Current period expense	1,989	2,214
Payments or credits to customers	(2,332)	(2,055)
Translation adjustment	(380)	108

Reserve balance, June 30	$5,245	$5,968

DEBT (Tables)

12 Months Ended

Jun. 30, 2015

DEBT [Abstract]

Notes Payable Under Unsecured Line of Credit Agreements

The following is aggregate borrowing information at June 30 (in thousands):

	2015	2014

Available credit lines	$ 1,689	$ 3,372
Unused credit lines	1,689	3,372

Total notes payable	$ -	$ -

Weighted-average interest
rates on credit lines	5.8%	2.9%

Long-term Debt

Long-term debt consisted of the following at June 30 (in thousands):

	2015	2014

Revolving loan agreement	$10,208	$11,200
10-year unsecured senior notes	3,571	7,143
Capital lease obligations	-	29
Other long-term debt	23	32

Subtotal	13,802	18,404
Less: current maturities	(3,571)	(3,604)

Total long-term debt	$10,231	$14,800

Schedule of Maturities of Long-term Debt

The aggregate scheduled maturities of outstanding long-term debt obligations in subsequent years are as follows (in thousands):

Fiscal Year
2016	$ 3,571
2017	-
2018	10,208
2019	-
2020	-
Thereafter	23
	$13,802

LEASE COMMITMENTS (Tables)

12 Months Ended

Jun. 30, 2015

LEASE COMMITMENTS [Abstract]

Future Minimum Rental Commitments Under Noncancellable Operating Leases

Approximate future minimum rental commitments under noncancellable operating leases are as follows (in thousands):

Fiscal Year
2016	$ 2,955
2017	2,568
2018	1,910
2019	406
2020	232
Thereafter	11
	$ 8,082

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Jun. 30, 2015

SHAREHOLDERS' EQUITY [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive loss included in equity as of June 30, 2015 and 2014 are as follows (in thousands):

	2015	2014
Translation adjustments	$ 6,740	$ 20,779
Benefit plan adjustments, net of income taxes
of $24,411 and $21,436, respectively	(42,221)	(36,722)
Accumulated other comprehensive loss	$(35,481)	$(15,943)

Reconciliation for the Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax, by Component

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended June 30, 2014 and June 30, 2015 is as follows:

	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2013	$ 16,949	($42,848)
Other comprehensive loss before reclassifications	3,830	3,950
Amounts reclassified from accumulated other comprehensive income	-	2,176
Net current period other comprehensive income	3,830	6,126
Balance at June 30, 2014	$ 20,779	($36,722)

	Translation Adjustment	Benefit Plan Adjustment
Balance at June 30, 2014	$ 20,779	($36,722)
Other comprehensive loss before reclassifications	(14,039)	(7,518)
Amounts reclassified from accumulated other comprehensive income	-	2,019
Net current period other comprehensive income	(14,039)	(5,499)
Balance at June 30, 2015	$ 6,740	($42,221)

Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2014 is as follows:

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	($3,496)
Transition asset and prior service benefit	(31)
Total before tax benefit	(3,527)
Tax benefit	1,351
Total reclassification net of tax	($2,176)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2015 is as follows:

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	($3,074)
Transition asset and prior service benefit	(36)
Total before tax benefit	(3,110)
Tax benefit	1,091
Total reclassification net of tax	($2,019)

BUSINESS SEGMENTS AND FOREIGN OPERATIONS (Tables)

12 Months Ended

Jun. 30, 2015

BUSINESS SEGMENTS AND FOREIGN OPERATIONS [Abstract]

Net Sales by Product Group

Net sales by product group is summarized as follows (in thousands):

	2015	2014	2013
Industrial	$ 42,078	$ 41,188	$ 48,110
Land based transmissions	76,450	67,055	68,535
Marine and propulsion systems	141,137	149,432	162,823
Other	6,125	6,234	5,814
Total	$265,790	$263,909	$285,282

Segment Information

Information about the Company's segments is summarized as follows (in thousands):

	Manufacturing	Distribution	Total
2015

Net sales	$240,085	$100,708	$340,793
Intra-segment sales	19,901	6,961	26,862
Inter-segment sales	44,864	3,277	48,141
Interest income	171	33	204
Interest expense	946	-	946
Income taxes	7,312	1,459	8,771
Depreciation and amortization	8,106	482	8,588
Net earnings attributable to Twin Disc	14,409	5,013	19,422
Assets	254,749	53,759	308,508
Expenditures for segment assets	7,335	1,271	8,606

2014

Net sales	$227,590	$121,389	$348,979
Intra-segment sales	18,416	9,926	28,342
Inter-segment sales	53,960	2,768	56,728
Interest income	311	22	333
Interest expense	2,565	45	2,610
Income taxes	6,233	1,432	7,665
Depreciation and amortization	8,566	549	9,115
Net earnings attributable to Twin Disc	7,029	6,285	13,314
Assets	254,652	57,233	311,885
Expenditures for segment assets	6,429	315	6,744

2013

Net sales	$245,592	$130,360	$375,952
Intra-segment sales	16,140	15,127	31,267
Inter-segment sales	55,746	3,657	59,403
Interest income	479	19	498
Interest expense	3,248	62	3,310
Income taxes	5,112	1,630	6,742
Depreciation and amortization	8,817	497	9,314
Net earnings attributable to Twin Disc	10,141	5,840	15,981
Assets	258,617	56,965	315,582
Expenditures for segment assets	5,705	349	6,054

Reconciliation of Reportable Segment Net Sales to Consolidated Totals

The following is a reconciliation of reportable segment net sales, net earnings and assets to the Company’s consolidated totals (in thousands):

	2015	2014	2013
Net sales:
Total net sales from reportable segments	$340,793	$348,979	$375,952
Elimination of inter-company sales	(75,003)	(85,070)	(90,670)
Total consolidated net sales	$265,790	$263,909	$285,282

Reconciliation of Reportable Segment Net Earnings Attributable to Twin Disc to Consolidated Totals

Net earnings attributable to Twin Disc:
Total net earnings from
reportable segments	$ 19,422	$ 13,314	$ 15,981
Other corporate expenses	(8,249)	(9,670)	(12,099)
Total consolidated net earnings
attributable to Twin Disc	$ 11,173	$ 3,644	$ 3,882

Reconciliation of Reportable Segment Assets to Consolidated Totals

Assets
Total assets for reportable segments	$308,508	$311,885
Corporate assets and eliminations	(58,646)	(44,900)
Total consolidated assets	$249,862	$266,985

Reconciliation of Reportable Segments Other Significant Reconciling items to Consolidated Totals

Other significant items (in thousands):

	Segment		Consolidated
	Totals	Adjustments	Totals
2015
Interest income	$ 204	$ (80)	$ 124
Interest expense	946	(340)	606
Income taxes	8,771	(4,256)	4,515
Depreciation and amortization	8,588	1,573	10,161
Expenditures for segment assets	8,606	443	9,049

2014
Interest income	$ 333	$ (212)	$ 121
Interest expense	2,610	(1,674)	936
Income taxes	7,665	(3,439)	4,226
Depreciation and amortization	9,115	1,542	10,657
Expenditures for segment assets	6,744	501	7,245

2013
Interest income	$ 498	$ (396)	$ 102
Interest expense	3,310	(1,875)	1,435
Income taxes	6,742	(1,756)	4,986
Depreciation and amortization	9,314	1,524	10,838
Expenditures for segment assets	6,054	528	6,582

Geographic Information

Geographic information about the Company is summarized as follows (in thousands):

	2015	2014	2013
Net sales
United States	$131,198	$108,380	$127,844
China	19,712	33,830	29,119
Italy	14,457	17,396	19,140
Singapore	13,856	12,703	14,214
Canada	13,661	9,277	10,846
Other countries	72,906	82,323	84,119

Total	$265,790	$263,909	$285,282

Net sales by geographic region are based on product shipment destination.

	2015	2014
Long-lived assets
United States	$ 40,822	$ 46,821
Switzerland	7,686	8,196
Belgium	6,709	7,450
Italy	2,376	3,531
Other countries	2,586	2,074

Total	$ 60,179	$ 68,072

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2015

STOCK-BASED COMPENSATION [Abstract]

Shares Available for Future Options

Shares available for future options as of June 30 were as follows:

	2015	2014
2010 Long-Term Incentive Compensation Plan	447,730	466,589
2010 Stock Incentive Plan for Non-employee Directors	171,986	193,858

Stock Option Transactions

Stock option transactions under the plans during 2015 were as follows:

		Weighted	Weighted Average	Aggregate
		Average	Remaining Contractual	Intrinsic
	2015	Price	Life (years)	Value

Non-qualified stock options:
Options outstanding
at beginning of year	21,600	$ 14.88
Granted	-	-
Canceled/expired	-	-
Exercised	(2,400)	6.23

Options outstanding at June 30	19,200	$ 15.96	3.31	$81,492

Options price range
($10.01 - $27.55)

Number of shares	19,200

Weighted average price	$ 15.96

Weighted average remaining life	3.31 years

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Jun. 30, 2015

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS [Abstract]

Net Funded Status of Pension and Postretirement Plans

			Other
	Pension		Postretirement
	Benefits		Benefits
	2015	2014	2015	2014
Change in benefit obligation:
Benefit obligation, beginning of year	$123,832	$125,846	$16,584	$17,739
Service cost	465	536	30	37
Interest cost	4,862	5,425	579	659
Actuarial loss (gain)	8,384	1,221	882	(60)
Contributions by plan participants	154	174	547	581
Settlements	-	(121)	-	-
Benefits paid	(9,964)	(9,249)	(2,250)	(2,372)

Benefit obligation, end of year	$127,733	$123,832	$ 16,372	$ 16,584

Change in plan assets:
Fair value of assets, beginning of year	$102,495	$ 94,723	$ -	$ -
Actual return on plan assets	5,828	14,031	-	-
Employer contribution	6,168	2,816	1,703	1,791
Contributions by plan participants	154	174	547	581
Benefits paid	(9,964)	(9,249)	(2,250)	(2,372)

Fair value of assets, end of year	$104,681	$102,495	$ -	$ -


Funded status	$(23,052)	$(21,337)	$ (16,372)	$(16,584)

Amounts Recognized in Balance Sheet

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$ 638	$ 680	$ -	$ -
Accrued liabilities - current	(764)	(1,189)	(2,040)	(2,418)
Accrued retirement benefits - noncurrent	(22,926)	(20,828)	(14,332)	(14,166)

Net amount recognized	$(23,052)	$(21,337)	$(16,372)	$(16,584)

Amounts Recognized in Other Comprehensive Income (Loss)


Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$ 296	$ 340	$ -	$ -
Actuarial net loss	38,613	33,220	3,312	3,163

Net amount recognized	$ 38,909	$ 33,560	$ 3,312	$ 3,163

Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year

		Other
	Pension	Postretirement
	Benefits	Benefits
Net transition obligation	$ 35	$ -
Actuarial net loss	3,646	728

Net amount to be recognized	$3,681	$ 728

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets (in thousands):

	June 30
	2015	2014
Projected and accumulated benefit obligation	$126,242	$122,045
Fair value of plan assets	102,552	100,028

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost (in thousands):

	Pension Benefits
	2015	2014	2013
Service cost	$ 465	$ 536	$ 367
Interest cost	4,862	5,425	5,399
Expected return on plan assets	(7,272)	(6,591)	(6,382)
Settlement loss	-	-	5
Amortization of transition obligation	36	32	35
Amortization of actuarial net loss	2,436	2,894	3,357

Net periodic benefit cost	$ 527	$ 2,296	$ 2,781

	Other Postretirement Benefits
	2015	2014	2013
Service cost	$ 30	$ 37	$ 34
Interest cost	579	659	766
Amortization of actuarial net loss	638	602	792

Net periodic benefit cost	$1,247	$1,298	$1,592

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal 2015 (Pre-tax, in thousands):

	Pension	Other Postretirement Benefits
Net loss	$ 9,406	$ 882
Amortization of transition asset	(36)	-
Amortization of net (loss) gain	(2,436)	(638)
Total recognized in other comprehensive income	6,934	244
Net periodic benefit cost	527	1,247
Total recognized in net periodic benefit cost and
other comprehensive income	$ 7,461	$ 1,491

Schedule of Assumptions

Assumptions (as of June 30, 2015 and 2014)

					Other
	Pension Benefits				Postretirement Benefits
Weighted average assumptions used
to determine benefit obligations
at June 30
	2015		2014		2015		2014
Discount rate	4.05%		4.06%		3.93%		3.76%
Expected return on plan assets	7.11%		7.39%

Weighted average assumptions used
to determine net periodic benefit
cost for years ended June 30

								Other
		Pension Benefits						Postretirement Benefits
		2015		2014		2013		2015	2014	2013
Discount rate		4.06%		4.35%		4.20%		3.76%	3.99%	4.20%
Expected return on plan assets		7.39%		7.41%		7.50%

Pension Plan Weighted-Average Asset Allocations

The Company’s pension plan weighted-average asset allocations at June 30, 2015 and 2014 by asset category are as follows:

	Target	June 30
Asset Category	Allocation	2015	2014
Equity securities	65%	62%	65%
Debt securities	25%	25%	23%
Real estate	10%	13%	12%

	100%	100%	100%

The plans have a long-term return assumption of 7.25%. This rate was derived based upon historical experience and forward-looking return expectations for major asset class categories.

Level I	Unadjusted quoted prices in active markets for identical instruments

Level II	Unadjusted quoted prices in active markets for similar instruments, or

		Unadjusted quoted prices for identical or similar instruments in markets that are not active, or

		Other inputs that are observable in the market or can be corroborated by observable market data

Level III		Use of one or more significant unobservable inputs

The following table presents plan assets using the fair value hierarchy as of June 30, 2015 (in thousands):

	Total	Level I	Level II	Level III
Cash and cash equivalents	$ 1,034	$ 1,034	$ -	$ -
Equity securities:
U.S. (a)	28,035	28,035	-	-
International (b)	14,819	10,649	4,170	-
Fixed income (c)	22,615	8,993	13,622	-
Annuity contracts (d)	9,508	-	-	9,508
Real estate (e)	12,770	-	12,770	-
Other (f)	15,900	-	-	15,900
Total	$104,681	$48,711	$30,562	$25,408

The following table presents plan assets using the fair value hierarchy as of June 30, 2014 (in thousands):

	Total	Level I	Level II	Level III
Cash and cash equivalents	$ 965	$ 965	$ -	$ -
Equity securities:
U.S. (a)	30,727	30,727	-	-
International (b)	16,676	10,785	5,891	-
Fixed income (c)	21,892	7,603	14,289	-
Annuity contracts (d)	6,340	-	-	6,340
Real estate (e)	11,206	-	11,206	-
Other (f)	14,689	-	-	14,689
Total	$102,495	$50,080	$31,386	$21,029

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2015 and 2014 (in thousands):

	Annuity
	Contracts	Other
Balance – June 30, 2014	$ 6,340	$14,689
Actual return on plan assets:
Relating to assets still held at reporting date	2,978	1,211
Relating to assets sold during the period	-	-
Purchases, sales and settlements, net	190	-
Transfers in and/or out of Level III	-	-

Balance – June 30, 2015	$ 9,508	$ 15,900
	Annuity
	Contracts	Real Estate	Other
Balance – June 30, 2013	$ 5,819	$ 3,012	$13,153
Actual return on plan assets:
Relating to assets still held at reporting date	433	-	1,536
Relating to assets sold during the period	-	257	-
Purchases, sales and settlements, net	88	(3,269)	-
Transfers in and/or out of Level III	-	-	-

Balance – June 30, 2014	$ 6,340	$ -	$ 14,689

Defined Benefit Plan Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

		Other Postretirement Benefits
	Pension	Gross	Part D	Net Benefit
	Benefits	Benefits	Reimbursement	Payments
2016	$10,446	$2,379	$ -	$2,379
2017	9,927	2,349	-	2,349
2018	10,913	1,844	-	1,844
2019	9,756	1,734	-	1,734
2020	9,231	1,584	-	1,584
Years 2021- 2025	40,355	6,157	-	6,157

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2015

INCOME TAXES [Abstract]

Earnings Before Income Taxes and Noncontrolling Interest

United States and foreign earnings before income taxes and minority interest were as follows (in thousands):

	2015	2014	2013

United States	$ 5,614	$1,107	$3,935
Foreign	10,286	6,989	5,302

	$15,900	$8,096	$9,237

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes is comprised of the following (in thousands):

	2015	2014	2013
Currently payable:
Federal	$1,607	$ 651	$1,745
State	518	104	(234)
Foreign	2,832	2,837	2,788

	4,957	3,592	4,299
Deferred:
Federal	408	1,309	1,122
State	5	(95)	439
Foreign	(855)	(580)	(874)

	(442)	634	687
	$4,515	$4,226	$4,986

Components of Net Deferred Tax Assets

The components of the net deferred tax asset as of June 30 are summarized in the table below (in thousands).

	2015	2014
Deferred tax assets:
Retirement plans and employee benefits	$15,157	$13,692
Foreign tax credit carryforwards	-	706
Federal tax credits	-	160
State net operating loss and other state credit carryforwards	369	348
Inventory	1,789	1,672
Reserves	2,587	2,578
Foreign NOL carryforwards	3,539	6,090
Accruals	584	681
Other assets	568	(54)

	24,593	25,873
Deferred tax liabilities:
Property, plant and equipment	7,221	8,650
Intangibles	4,778	5,528
Other liabilities	451	711

	12,450	14,889

Valuation Allowance	(3,577)	(5,593)

Total net deferred tax assets	$ 8,566	$ 5,391

Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes

Following is a reconciliation of the applicable U.S. federal income taxes to the actual income taxes reflected in the statements of operations (in thousands):

	2015	2014	2013

U.S. federal income tax at 35%	$5,491	$2,754	$3,104
Increases (reductions) in tax resulting from:
Foreign tax items	362	(291)	88
State taxes	32	228	296
Valuation allowance	(1,121)	1,551	1,216
Change in prior year estimate	157	139	309
Research and development tax credits	(337)	(267)	(526)
Section 199 deduction	(96)	(109)	(84)
Unrecognized tax benefits	5	183	539
Other, net	22	38	44
	$4,515	$4,226	$4,986

Reconciliation of Unrecognized Tax Benefits

Below is a reconciliation of beginning and ending amount of unrecognized tax benefits (in thousands):

	June 30, 2015	June 30, 2014
Unrecognized tax benefits, beginning of year	$ 1,603	$ 1,556
Additions based on tax positions related to the prior year	-	7
Additions based on tax positions related to the current year	184	173
Reductions based on tax positions related to the prior year	(3)	-
Subtractions due to statutes closing	(60)	(1)
Settlements with Taxing Authorities	(914)	(132)
Unrecognized tax benefits, end of year	$ 810	$1,603

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2015	Sep. 27, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Translation of Foreign Currencies [Abstract]
Foreign currency transaction gains (losses)			$ 491,000	$ 293,000	$ 642,000
Receivables [Abstract]
Allowance for doubtful accounts	$ 2,183,000		$ 2,183,000	3,637,000
Debt Instrument [Line Items]
Interest rate on senior notes (in hundredths)	6.05%		6.05%
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings		$ 437,000
Impact of errors correction on earnings net of tax attributable to parent		$ 69,000
Increase (decrease) in impact of errors correction on net earnings			$ (175,000)
Increase in impact of errors on comprehensive loss	$ (470,000)
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment and Depreciation [Abstract]
Life assigned to building, improvements, machinery and equipment			10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment and Depreciation [Abstract]
Life assigned to building, improvements, machinery and equipment			40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment and Depreciation [Abstract]
Life assigned to building, improvements, machinery and equipment			5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment and Depreciation [Abstract]
Life assigned to building, improvements, machinery and equipment			15 years
Overstatement of Payroll Accrual [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings					337,000
Overstatement of Warranty Accrual [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings					217,000
Overstatement of Work in Progress Inventory [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings					(117,000)
Understatement of Deferred Tax Liabilities [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings					$ 285,000
Understatement of Tax Expenses [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings				$ 175,000
Understatement of Accrued Retirement Benefits [Member]
Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Abstract]
Impact of errors correction on earnings	$ 470,000
Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes (in hundredths)	6.05%		6.05%	6.05%
Fair value of senior notes	$ 3,726,000		$ 3,726,000	$ 7,605,000
Maturity date of senior notes			Apr. 10, 2016
Reference rate used to estimate fair value of financial instruments (in hundredths)			1.01%	0.88%
Basis spread on variable rate (in hundredths)			1.00%	1.00%
Calculated rate used to estimate fair value of financial instruments (in hundredths)			2.01%	1.88%

INVENTORIES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Major classes of inventories [Abstract]
Finished parts	$ 56,982,000	$ 66,418,000
Work-in-process	8,292,000	12,419,000
Raw materials	14,967,000	18,742,000
Total Inventories	$ 80,241,000	$ 97,579,000
Percentage of LIFO inventory (in hundredths)	28.00%	28.00%
Current cost of the LIFO inventories exceeded the LIFO cost	$ 26,816,000	$ 27,180,000
Reserves for inventory obsolescence	$ 8,167,000	$ 7,591,000

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Property, plant and equipment [Abstract]
Land	$ 6,646,000	$ 5,310,000
Buildings	44,110,000	44,540,000
Machinery and equipment	133,432,000	141,665,000
Property, plant and equipment, gross	184,188,000	191,515,000
Less: accumulated depreciation	127,761,000	131,248,000
Property, plant and equipment, net	56,427,000	60,267,000
Depreciation expense	$ 9,922,000	$ 10,180,000	$ 10,120,000

GOODWILL AND OTHER INTANGIBLES (Details) - USD ($)	12 Months Ended
GOODWILL AND OTHER INTANGIBLES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Intangible assets with finite lives [Abstract]
Gross Carrying Amount	$ 13,272,000	$ 13,634,000
Accumulated amortization	(10,022,000)	(9,783,000)
Accumulated Impairment	(1,277,000)	(1,277,000)
Total	1,973,000	2,574,000
Goodwill Net Book Value [Roll Forward]
Gross Carrying Amount	16,459,000	17,133,000	$ 16,902,000
Accumulated Impairment	(3,670,000)	(3,670,000)	(3,670,000)
Translation adjustment	(674,000)	231,000
Net Book Value	$ 12,789,000	13,463,000	13,232,000
Interest rate on senior notes (in hundredths)	6.05%
Impairment review of Long lived assets, resulting in an impairment charge	$ 0	0	1,405,000
Impairment review of Long lived assets, resulting in an impairment charge of fixed assets		(128,000)
Weighted average remaining useful life	16 years
Intangible amortization expense	$ 239,000	477,000	$ 718,000
Estimated intangible amortization expense [Abstract]
2016	146,000
2017	141,000
2018	141,000
2019	141,000
2020	141,000
Thereafter	1,263,000
Total	1,973,000	2,574,000
Carrying amount of indefinite lived intangible assets, gross	213,000	223,000
Licensing agreements [Member]
Intangible assets with finite lives [Abstract]
Gross Carrying Amount	3,015,000	3,015,000
Accumulated amortization	(2,505,000)	(2,445,000)
Accumulated Impairment	0	0
Total	510,000	570,000
Estimated intangible amortization expense [Abstract]
Total	510,000	570,000
Non-compete agreements [Member]
Intangible assets with finite lives [Abstract]
Gross Carrying Amount	2,128,000	2,128,000
Accumulated amortization	(2,045,000)	(2,045,000)
Accumulated Impairment	(83,000)	(83,000)
Total	0	0
Estimated intangible amortization expense [Abstract]
Total	0	0
Trade name [Member]
Intangible assets with finite lives [Abstract]
Gross Carrying Amount	1,653,000	2,009,000
Accumulated amortization	(194,000)	(100,000)
Accumulated Impairment	0	0
Total	1,459,000	1,909,000
Estimated intangible amortization expense [Abstract]
Total	1,459,000	1,909,000
Other [Member]
Intangible assets with finite lives [Abstract]
Gross Carrying Amount	6,476,000	6,482,000
Accumulated amortization	(5,278,000)	(5,193,000)
Accumulated Impairment	(1,194,000)	(1,194,000)
Total	4,000	95,000
Estimated intangible amortization expense [Abstract]
Total	$ 4,000	$ 95,000

ACCRUED LIABILITIES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Accrued liabilities [Abstract]
Salaries and wages	$ 8,568,000	$ 6,648,000
Retirement benefits	3,773,000	4,909,000
Warranty	3,310,000	3,917,000
Customer advances/deferred revenue	2,602,000	3,082,000
Restructuring	3,776,000	785,000
Distributor rebate	2,989,000	3,242,000
Other	7,736,000	8,682,000
Total accrued liabilities	$ 32,754,000	$ 31,265,000

WARRANTY (Details) - USD ($)	12 Months Ended
WARRANTY (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
WARRANTY [Abstract]
Minimum warranty period	12 months
Maximum warranty period	24 months
Activity in warranty reserve [Abstract]
Reserve balance, beginning of period	$ 5,968,000	$ 5,701,000
Current period expense	1,989,000	2,214,000
Payments or credits to customers	(2,332,000)	(2,055,000)
Translation adjustment	(380,000)	108,000
Reserve balance, end of period	5,245,000	5,968,000
Current portion of warranty accrual	3,310,000	3,917,000
Long-term portion of warranty accrual	$ 1,935,000	$ 2,051,000

DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Line of Credit Facility [Line Items]
Total notes payable	$ 0	$ 0
Line of Credit [Member]
Line of Credit Facility [Line Items]
Available credit lines	1,689	3,372
Unused credit lines	$ 1,689	$ 3,372
Weighted-average interest rates on credit lines (in hundredths)	5.80%	2.90%

DEBT, (Long-term) (Details)	12 Months Ended
DEBT, (Long-term) (Details)	Jun. 30, 2015 USD ($) Quarter	Jun. 30, 2014 USD ($)	Jun. 30, 2010
Debt Instrument [Line Items]
Long-term debt, total	$ 13,802,000	$ 18,404,000
Less: current maturities	(3,571,000)	(3,604,000)
Total long-term debt	$ 10,231,000	14,800,000
Interest rate on senior notes (in hundredths)	6.05%
Maturities of long-term debt [Abstract]
2016	$ 3,571,000
2017	0
2018	10,208,000
2019	0
2020	0
Thereafter	23,000
Long-term debt, total	13,802,000	18,404,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	1,689,000	3,372,000
Revolving Loan Agreement [Member]
Debt Instrument [Line Items]
Long-term debt, total	10,208,000	11,200,000
Maturities of long-term debt [Abstract]
Long-term debt, total	$ 10,208,000	$ 11,200,000
Revolving Loan Agreement [Member] \| Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Expiration date	May 31, 2018
Basis spread on variable rate (in hundredths)	1.00%
Effective interest rate (in hundredths)	1.20%	1.16%
Number of recent quarters considered for minimum EBITDA \| Quarter	4
Minimum adjusted Equity requirement	$ 124,741,000
Outstanding balance	10,208,000	$ 11,200,000
Maximum borrowing capacity	60,000,000
Additional borrowing capacity	$ 10,000,000
Commitment fee percentage of unused capacity (in hundredths)	0.15%
EBITDA Ratio	3.0
10-year Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, total	$ 3,571,000	7,143,000
Maturity period of unsecured senior notes	10 years
Maturities of long-term debt [Abstract]
Long-term debt, total	$ 3,571,000	7,143,000
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Long-term debt, total	0	29,000
Maturities of long-term debt [Abstract]
Long-term debt, total	0	29,000
Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Long-term debt, total	23,000	32,000
Maturities of long-term debt [Abstract]
Long-term debt, total	23,000	32,000
Senior Notes [Member]
Debt Instrument [Line Items]
Less: current maturities	$ (3,571,429)	(3,571,429)
Total long-term debt		$ 3,571,429
Basis spread on variable rate (in hundredths)	1.00%	1.00%
Number of recent quarters considered for minimum EBITDA \| Quarter	4
Effective date of Note Agreement	Apr. 10, 2006
Interest rate on senior notes (in hundredths)	6.05%	6.05%
Maturity date of note agreement	Apr. 10, 2016
Periodic payment of interest and principal	$ 3,571,429
Date of first required payment			Apr. 10, 2010
Minimum amount attributable to covenants not covered	1,000,000
Minimum EBITDA	$ 11,000,000
EBITDA Ratio	3.0
Revised EBITDA	$ 3,300,000
Maximum potential sale and purchase value	$ 50,000,000
Issuance fees (in hundredths)	0.10%
Aggregate outstanding principal not to exceed	$ 35,000,000

LEASE COMMITMENTS (Details) - USD ($)	12 Months Ended
LEASE COMMITMENTS (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Future minimum rental commitments under noncancellable operating leases [Abstract]
2016	$ 2,955,000
2017	2,568,000
2018	1,910,000
2019	406,000
2020	232,000
Thereafter	11,000
Total	8,082,000
Rent expense for operating leases, total	$ 3,550,000	$ 3,920,000	$ 3,863,000

SHAREHOLDERS' EQUITY (Details)	12 Months Ended
SHAREHOLDERS' EQUITY (Details)	Jun. 30, 2015 USD ($) Right Multiple $ / shares shares	Jun. 30, 2014 USD ($) $ / shares shares	Jun. 30, 2013 USD ($) $ / shares shares	Jun. 30, 2012 USD ($) $ / shares shares	Jun. 30, 2009 USD ($) $ / shares shares	Jun. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) shares	Jun. 30, 2013 USD ($) shares	Jul. 27, 2012 shares	Feb. 01, 2008 shares
SHAREHOLDERS' EQUITY [Abstract]
Total common stock outstanding (in shares) \| shares						11,267,347	11,261,873	11,212,952
Treasury stock, shares (in shares) \| shares						1,832,121	1,837,595	1,886,516
Treasury shares issued (in shares) \| shares	49,314	51,921	123,997
Forfeiture of restricted share (in shares) \| shares	46,240	3,000
Number of shares authorized to be repurchased at market value (in shares) \| shares									375,000	500,000
Stockholders Equity [Line Items]
Cash dividend (in dollars per share) \| $ / shares	$ 0.36	$ 0.36	$ 0.36
Class of Stock [Line Items]
Number of business days following public announcement to exercise right	10 days
Beneficial ownership of entity's common stock, minimum (in hundredths)						20.00%
Beneficial ownership of entity's common stock for existing holder, minimum (in hundredths)	30.00%
Beneficial ownership of entity's common stock as a result of transfer, minimum (in hundredths)	20.00%
Number of business days following commencement of tender offer	10 days
Beneficial ownership of entity's common stock, second condition, minimum (in hundredths)	20.00%
Beneficial ownership of entity's common stock for existing holder, second condition, minimum (in hundredths)	30.00%
Multiple of exercise price \| Multiple	2
Maturity date of rights	Jun. 30, 2018
Redemption price of a right (in dollars per share) \| $ / shares						0.01
Preferred stock, shares authorized (in shares) \| shares						200,000	200,000
Preferred stock, shares issued (in shares) \| shares						0	0
Preferred stock designated for shareholder rights plan (in shares) \| shares						150,000
Accumulated other comprehensive loss included in equity [Abstract]
Translation adjustments						$ 6,740,000	$ 20,779,000
Benefit plan adjustments, net of income taxes of $24,411 and $21,436 respectively						(42,221,000)	(36,722,000)
Accumulated other comprehensive loss	$ (15,943,000)	$ (15,943,000)				(35,481,000)	(15,943,000)
Tax effect on benefit plan adjustments	24,411,000	21,436,000
Reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component [Roll Forward]
Balance, beginning of period	(15,943,000)
Balance, end of period	(35,481,000)	(15,943,000)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	4,515,000	4,226,000	$ 4,986,000
Total reclassification net of tax	11,385,000	3,870,000	4,251,000
Translation Adjustment [Member]
Accumulated other comprehensive loss included in equity [Abstract]
Accumulated other comprehensive loss	20,779,000	16,949,000	16,949,000			6,740,000	20,779,000	$ 16,949,000
Reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component [Roll Forward]
Balance, beginning of period	20,779,000	16,949,000
Other comprehensive loss before reclassifications	(14,039,000)	3,830,000
Amounts reclassified from accumulated other comprehensive income	0	0
Net current period other comprehensive income	(14,039,000)	3,830,000
Balance, end of period	6,740,000	20,779,000	16,949,000
Benefit Plan Adjustment [Member]
Accumulated other comprehensive loss included in equity [Abstract]
Accumulated other comprehensive loss	(36,722,000)	(36,722,000)	(42,848,000)			$ (42,221,000)	$ (36,722,000)	(42,848,000)
Reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component [Roll Forward]
Balance, beginning of period	(36,722,000)	(42,848,000)
Other comprehensive loss before reclassifications	(7,518,000)	3,950,000
Amounts reclassified from accumulated other comprehensive income	2,019,000	2,176,000
Net current period other comprehensive income	(5,499,000)	6,126,000
Balance, end of period	(42,221,000)	(36,722,000)	$ (42,848,000)
Benefit Plan Adjustment [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial losses	(3,074,000)	(3,496,000)
Transition asset and prior service benefit	(36,000)	(31,000)
Total before tax benefit	(3,110,000)	(3,527,000)
Tax benefit	1,091,000	1,351,000
Total reclassification net of tax	$ (2,019,000)	$ (2,176,000)
Common Stock [Member]
Stockholders Equity [Line Items]
Common stock, average price (in dollars per share) \| $ / shares			$ 16.59	$ 19.40	$ 7.25
Cost of shares purchased				$ 2,425,000	$ 1,812,500			$ 3,068,652
Number of shares repurchased (in shares) \| shares			185,000	125,000	250,000
Series A Junior Preferred Stock [Member]
Class of Stock [Line Items]
Number of preferred stock purchase rights per outstanding share of common stock \| Right	1
Number of shares exercised per right (in shares) \| shares						0.0025
Exercise price of rights (in dollars per unit) \| $ / shares						$ 125

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Net Sales by Product Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net Sales by Product Group [Abstract]
Net sales	$ 265,790	$ 263,909	$ 285,282
Industrial [Member]
Net Sales by Product Group [Abstract]
Net sales	42,078	41,188	48,110
Land Based Transmissions [Member]
Net Sales by Product Group [Abstract]
Net sales	76,450	67,055	68,535
Marine and Propulsion Systems [Member]
Net Sales by Product Group [Abstract]
Net sales	141,137	149,432	162,823
Other [Member]
Net Sales by Product Group [Abstract]
Net sales	$ 6,125	$ 6,234	$ 5,814

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Segment Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2015 USD ($) Segment	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)
BUSINESS SEGMENTS AND FOREIGN OPERATIONS [Abstract]
Number of reportable segments \| Segment	2
Segment Reporting Information [Line Items]
Net sales	$ 265,790	$ 263,909	$ 285,282
Interest income	124	121	102
Interest expense	606	936	1,435
Income taxes	4,515	4,226	4,986
Depreciation and amortization	10,161	10,657	10,838
Net earnings attributable to Twin Disc	11,173	3,644	3,882
Assets	249,862	266,985
Expenditures for segment assets	9,049	7,245	6,582
Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net sales	340,793	348,979	375,952
Interest income	204	333	498
Interest expense	946	2,610	3,310
Income taxes	8,771	7,665	6,742
Depreciation and amortization	8,588	9,115	9,314
Net earnings attributable to Twin Disc	19,422	13,314	15,981
Assets	308,508	311,885	315,582
Expenditures for segment assets	8,606	6,744	6,054
Reportable Segment [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Net sales	240,085	227,590	245,592
Interest income	171	311	479
Interest expense	946	2,565	3,248
Income taxes	7,312	6,233	5,112
Depreciation and amortization	8,106	8,566	8,817
Net earnings attributable to Twin Disc	14,409	7,029	10,141
Assets	254,749	254,652	258,617
Expenditures for segment assets	7,335	6,429	5,705
Reportable Segment [Member] \| Distribution [Member]
Segment Reporting Information [Line Items]
Net sales	100,708	121,389	130,360
Interest income	33	22	19
Interest expense	0	45	62
Income taxes	1,459	1,432	1,630
Depreciation and amortization	482	549	497
Net earnings attributable to Twin Disc	5,013	6,285	5,840
Assets	53,759	57,233	56,965
Expenditures for segment assets	1,271	315	349
Intra-segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	26,862	28,342	31,267
Intra-segment Sales [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Net sales	19,901	18,416	16,140
Intra-segment Sales [Member] \| Distribution [Member]
Segment Reporting Information [Line Items]
Net sales	6,961	9,926	15,127
Inter-segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	48,141	56,728	59,403
Inter-segment Sales [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Net sales	44,864	53,960	55,746
Inter-segment Sales [Member] \| Distribution [Member]
Segment Reporting Information [Line Items]
Net sales	$ 3,277	$ 2,768	$ 3,657

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Reconciliation of Reportable Segment Net Sales to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Segment Reconciliation [Abstract]
Net sales	$ 265,790	$ 263,909	$ 285,282
Reportable Segments [Member]
Segment Reconciliation [Abstract]
Net sales	340,793	348,979	375,952
Intercompany Elimination [Member]
Segment Reconciliation [Abstract]
Net sales	$ (75,003)	$ (85,070)	$ (90,670)

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Reconciliation of Reportable Segment Net Earnings Attributable to Twin Disc to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Segment Reconciliation [Abstract]
Net earnings attributable to Twin Disc	$ 11,173	$ 3,644	$ 3,882
Reportable Segments [Member]
Segment Reconciliation [Abstract]
Net earnings attributable to Twin Disc	19,422	13,314	15,981
Corporate [Member]
Segment Reconciliation [Abstract]
Net earnings attributable to Twin Disc	$ (8,249)	$ (9,670)	$ (12,099)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Reconciliation of Reportable Segment Assets to Consolidated Totals (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Segment Reconciliation [Abstract]
Assets	$ 249,862	$ 266,985
Reportable Segments [Member]
Segment Reconciliation [Abstract]
Assets	308,508	311,885	$ 315,582
Corporate and Intercompany Eliminations [Member]
Segment Reconciliation [Abstract]
Assets	$ (58,646)	$ (44,900)

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Reconciliation of Reportable Segment Other Significant Items to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Interest income	$ 124	$ 121	$ 102
Interest expense	606	936	1,435
Income taxes	4,515	4,226	4,986
Depreciation and amortization	10,161	10,657	10,838
Expenditures for segment assets	9,049	7,245	6,582
Reportable Segments [Member]
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Interest income	204	333	498
Interest expense	946	2,610	3,310
Income taxes	8,771	7,665	6,742
Depreciation and amortization	8,588	9,115	9,314
Expenditures for segment assets	8,606	6,744	6,054
Adjustments [Member]
Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract]
Interest income	(80)	(212)	(396)
Interest expense	(340)	(1,674)	(1,875)
Income taxes	(4,256)	(3,439)	(1,756)
Depreciation and amortization	1,573	1,542	1,524
Expenditures for segment assets	$ 443	$ 501	$ 528

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Geographic information [Abstract]
Net sales	$ 265,790	$ 263,909	$ 285,282
Long-lived assets	60,179	68,072
United States [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Net sales	131,198	108,380	127,844
Long-lived assets	40,822	46,821
China [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Net sales	19,712	33,830	29,119
Switzerland [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Long-lived assets	7,686	8,196
Belgium [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Long-lived assets	6,709	7,450
Italy [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Net sales	14,457	17,396	19,140
Long-lived assets	2,376	3,531
Singapore [Member]
Geographic information [Abstract]
Net sales	13,856	12,703	14,214
Canada [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Net sales	13,661	9,277	10,846
Other Countries [Member] \| Reportable Geographical Components [Member]
Geographic information [Abstract]
Net sales	72,906	82,323	$ 84,119
Long-lived assets	$ 2,586	$ 2,074

BUSINESS SEGMENTS AND FOREIGN OPERATIONS, Major Customers (Details) - Sewart Supply, Inc. [Member] - Customer	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Revenue, Major Customer [Line Items]
Number of customers	1	1	1
Percentage of revenue generated from a single customer (in hundredths)	11.00%	11.00%	11.00%

STOCK-BASED COMPENSATION (Details) - USD ($)	12 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014
Options price range [Abstract]
Stock awards forfeited (in shares)	(46,240)	(3,000)
Long-Term Incentive Compensation Plan 2010 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of shares of common stock that can be granted, maximum (in shares)				650,000
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of shares of common stock that can be granted, maximum (in shares)				250,000
Options expiration period after the date of grant (in years)	10 years
Stock Options [Member]
Options price range [Abstract]
Percentage of options vested on adoption of statement (in hundredths)	100.00%
Compensation cost, recognized	$ 0	$ 0	$ 0
Intrinsic value of options exercised	$ 55,000	$ 0	$ 539,000
Stock Options [Member] \| Long-Term Incentive Compensation Plan 2010 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Shares available for future options (in shares)				447,730	466,589
Stock Options [Member] \| Stock Incentive Plan for Non-employee Directors 2010 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Shares available for future options (in shares)				171,986	193,858
Non-qualified stock options [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of stock options outstanding under specified plan (in shares)	21,600	21,600		19,200	21,600
Number of shares [Abstract]
Options outstanding at beginning of year (in shares)	21,600
Stock granted (in shares)	0	0	0
Canceled/expired (in shares)	0
Exercised (in shares)	(2,400)
Options outstanding at end of year (in shares)	19,200	21,600
Weighted Average Price [Abstract]
Options outstanding at beginning of year (in dollars per share)	$ 14.88
Granted (in dollars per share)	0
Canceled/expired (in dollars per share)	0
Exercised (in dollars per share)	6.23
Options outstanding at end of year (in dollars per share)	$ 15.96	$ 14.88
Weighted Average Remaining Contractual Life [Abstract]
Options outstanding at end of year	3 years 3 months 22 days
Aggregate Intrinsic Value [Abstract]
Options outstanding at end of year	$ 81,492
Options price range [Abstract]
Stock granted (in shares)	0	0	0
Non-qualified stock options [Member] \| Exercise Price Range ($10.01 - $27.55) [Member]
Options price range [Abstract]
Options price range, lower range limit (in dollars per share)	$ 10.01
Options price range, upper range limit (in dollars per share)	$ 27.55
Number of shares (in shares)				19,200
Weighted average price (in dollars per share)				$ 15.96
Weighted average remaining life	3 years 3 months 22 days
Non-qualified stock options [Member] \| Stock Incentive Plan for Non employee Directors 2004 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of stock options outstanding under specified plan (in shares)	19,200			19,200
Number of shares [Abstract]
Options outstanding at end of year (in shares)	19,200
Performance Stock Unit Awards [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of shares of common stock that can be granted, maximum (in shares)			22,487	13,621	22,205
Options price range [Abstract]
Compensation cost, recognized	$ 0	$ 0	$ 1,238,000
Stock awards granted (in shares)	15,861	43,154	28,255
Stock awards vesting period	3 years	3 years	3 years
Unvested stock awards outstanding (in shares)			42,962	29,855	41,160
Weighted average grant date fair value of the unvested awards (in dollars per share)				$ 27.24
Unrecognized compensation expense related to the unvested shares				$ 537,000
Total fair value of stock awards vested	$ 0	$ 0	$ 2,787,000
Performance Stock Awards [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Number of shares of common stock that can be granted, maximum (in shares)			30,635	14,101	17,038
Options price range [Abstract]
Compensation cost, recognized	$ 0	$ 0	$ 209,000
Stock awards granted (in shares)	16,261	17,312	28,535
Stock awards vesting period	3 years	3 years	3 years
Unvested stock awards outstanding (in shares)			42,141	25,949	44,712
Weighted average grant date fair value of the unvested awards (in dollars per share)				$ 27.36
Unrecognized compensation expense related to the unvested shares				$ 710,000
Total fair value of stock awards vested	$ 0	$ 0	$ 2,055,000
Restricted Stock [Member]
Options price range [Abstract]
Compensation cost, recognized	$ 696,000	$ 1,184,000	$ 1,234,000
Stock awards granted (in shares)	59,494	51,004	83,729
Unvested stock awards outstanding (in shares)			186,469	94,183	116,297
Unrecognized compensation expense related to the unvested shares				$ 923,000
Total fair value of stock awards vested	$ 993,000	$ 3,053,000	$ 2,177,000
Stock awards forfeited (in shares)	(46,240)	(3,000)	(30,532)
Recognition period for unrecognized compensation expense	3 years
Restricted Stock [Member] \| Maximum [Member]
Options price range [Abstract]
Stock awards vesting period	3 years
Restricted Stock [Member] \| Minimum [Member]
Options price range [Abstract]
Stock awards vesting period	1 year
Incentive stock options [Member] \| Long-Term Incentive Compensation Plan 2010 [Member]
Schedule of Share Based Compensation Arrangements by Options Activity and Exercise Price Range [Line Items]
Options expiration period after the date of grant (in years)	5 years
Percentage of combined voting power of the stock owned by optionee	More than 10%
Percentage of grant date fair market value specified as price of incentive stock options based on condition minimum (in hundredths)	110.00%
Percentage of stock owned by shareholder to which no options were granted	Greater than 10%

ENGINEERING AND DEVELOPMENT COSTS (Details) - USD ($)	12 Months Ended
ENGINEERING AND DEVELOPMENT COSTS (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
ENGINEERING AND DEVELOPMENT COSTS [Abstract]
Research and development expenses	$ 2,288,000	$ 3,028,000	$ 3,058,000
Engineering and development costs	$ 11,091,000	$ 10,900,000	$ 10,242,000

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($)

12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2013

Defined Benefit Plan Disclosure [Line Items]

Cost of premium for health coverage plan (in hundredths)

100.00%

INCOME TAXES (Details) - USD ($)	12 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Earnings before income taxes and noncontrolling interest [Abstract]
United States	$ 5,614,000	$ 1,107,000	$ 3,935,000
Foreign	10,286,000	6,989,000	5,302,000
Earnings before income taxes and noncontrolling interest	15,900,000	8,096,000	9,237,000
Currently payable [Abstract]
Federal	1,607,000	651,000	1,745,000
State	518,000	104,000	(234,000)
Foreign	2,832,000	2,837,000	2,788,000
Currently payable, total	4,957,000	3,592,000	4,299,000
Deferred [Abstract]
Federal	408,000	1,309,000	1,122,000
State	5,000	(95,000)	439,000
Foreign	(855,000)	(580,000)	(874,000)
Deferred, total	(442,000)	634,000	687,000
Total provision (benefit)	4,515,000	4,226,000	$ 4,986,000
Deferred tax assets [Abstract]
Retirement plans and employee benefits	15,157,000	13,692,000
Foreign tax credit carryforwards	0	706,000
Federal tax credits	0	160,000
State net operating loss and other state credit carryforwards	369,000	348,000
Inventory	1,789,000	1,672,000
Reserves	2,587,000	2,578,000
Foreign NOL carryforwards	3,539,000	6,090,000
Accruals	584,000	681,000
Other assets	568,000	(54,000)
Deferred tax assets, total	24,593,000	25,873,000
Deferred tax liabilities [Abstract]
Property, plant and equipment	7,221,000	8,650,000
Intangibles	4,778,000	5,528,000
Other liabilities	451,000	711,000
Deferred tax liabilities, total	12,450,000	14,889,000
Valuation Allowance	(3,577,000)	(5,593,000)
Total net deferred tax assets	8,566,000	5,391,000
Net deferred tax position is included in Accrued Liabilities	82,000	$ 166,000
Net decrease in valuation allowance	$ (2,016,000)
Reconciliation of U.S. federal income taxes to actual income taxes [Abstract]
Rate of federal income tax (in hundredths)	35.00%	35.00%	35.00%
U.S. federal income tax at 35%	$ 5,491,000	$ 2,754,000	$ 3,104,000
Increases (reductions) in tax resulting from [Abstract]
Foreign tax items	362,000	(291,000)	88,000
State taxes	32,000	228,000	296,000
Valuation allowance	(1,121,000)	1,551,000	1,216,000
Change in prior year estimate	157,000	139,000	309,000
Research and development tax credits	(337,000)	(267,000)	(526,000)
Section 199 deduction	(96,000)	(109,000)	(84,000)
Unrecognized tax benefits	5,000	183,000	539,000
Other, net	22,000	38,000	44,000
Total provision (benefit)	4,515,000	4,226,000	4,986,000
Undistributed earnings of foreign subsidiaries	3,045,000
Income Tax Examination [Line Items]
Unrecognized tax benefits, which, if recognized would impact the effective tax rate	810,000
Reconciliation of unrecognized tax benefits [Roll Forward]
Unrecognized tax benefits, beginning of year	1,603,000	1,556,000
Additions based on tax positions related to the prior year	0	7,000
Additions based on tax positions related to the current year	184,000	173,000
Reductions based on tax positions related to the prior year	(3,000)	0
Subtractions due to statutes closing	(60,000)	(1,000)
Settlements with Taxing Authorities	(914,000)	(132,000)
Unrecognized tax benefits, end of year	810,000	1,603,000	$ 1,556,000
Interest and penalties	$ 62,000	$ 309,000
Italy, Canada, Belgium, and Japan [Member]
Income Tax Examination [Line Items]
Tax years that remain subject to examination	2011 through 2015
U.S. [Member]
Income Tax Examination [Line Items]
Tax years that remain subject to examination	subsequent to fiscal 2012

RESTRUCTURING OF OPERATIONS (Details)	3 Months Ended		12 Months Ended
RESTRUCTURING OF OPERATIONS (Details)	Jun. 30, 2015 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2015 USD ($) Employee	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)
RESTRUCTURING OF OPERATIONS [Abstract]
Pre-tax restructuring charges	$ 3,282,000	$ 548,000	$ 3,282,000	$ 961,000	$ 708,000
Number of manufacturing employees eligible for minimum legal indemnity \| Employee			79
Cash payments			$ 156,000	857,000
Accrual balance of restructuring charge	3,282,000		3,282,000	$ 785,000
Accrual balance after foreign exchange impact	$ 494,000		494,000
Foreign exchange impact			$ 135,000