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Significant Accounting Policies [Text Block]

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 majority-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.

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.

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 (losses) gains of ($320), $491 and $293 in fiscal 2016, 2015 and 2014, 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 $1,824 and $2,183 at June 30, 2016 and 2015, 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 at June 30, 2015. The Senior Notes were paid off in full on April 10, 2016. The fair value of the Senior Notes was 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% for fiscal 2015), plus the add-on related to the Company’s revolving loan agreement (1.00% for fiscal 2015), outstanding at the time, resulting in a total rate of 2.01% for fiscal 2015. See Note G, “Debt” for the related book value of this debt instrument. The Company’s revolving loan agreement, which consists of loans of a short-term nature, as they are routinely borrowed and repaid throughout the year, approximates fair value at June 30, 2016. 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 department and restrict 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 2016 and 2015 was the euro. At June 30, 2016 and 2015, 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. In fiscal 2016, the Company determined that sufficient impairment indicators existed at its U.S. manufacturing and European propulsion operations. Accordingly, the Company performed a recoverability test on those long-lived assets as of June 30, 2016, and concluded that there was no impairment.

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; the fair value determined is also compared to the value obtained using a market approach from guideline public company multiples. 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.

The Company conducted its annual assessment for goodwill impairment as of June 30, 2016 using updated inputs, including appropriate risk-based, country and company specific weighted average discount rates for all of the Company’s reporting units. As further described in Note D, the assessment resulted in the Company recognizing a goodwill impairment charge of $7,602.

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, 2016 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.

As of June 30, 2016, the Company elected to early adopt the FASB guidance requiring that deferred income tax assets and liabilities, by jurisdiction, be presented in the balance sheet as noncurrent classification. The Consolidated Balance Sheet as of June 30, 2016 reflects the early adoption of this new accounting policy. The Company chose not to retrospectively adjust prior periods.

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.

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 and increase net earnings attributable to Twin Disc by $69 (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 as of June 30, 2013, resulting in an increase to earnings from operations.

●

The Company had overstated its warranty accrual by $217 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 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 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 for the year ended June 30, 2014.

The impact of the correction of this error was to decrease net earnings by $175 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 return guarantees of approximately $470. The impact of this correction was to increase comprehensive loss by $470. 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance to the Accounting Standards Codification (“ASC”), intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 (the Company’s fiscal 2018), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

In February 2016, the FASB issued guidance which replaces the existing guidance for leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018

(the Company’s fiscal 2020), including interim periods within those fiscal years and requires retrospective application.

The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

In November 2015, the FASB issued guidance intended to simplify current presentation guidance by requiring that deferred income tax assets and liabilities, by jurisdiction, be presented in the balance sheet as noncurrent. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 (the Company’s fiscal 2018), with early adoption permitted. The Company has elected to early adopt this guidance during the fiscal year ended June 30, 2016. The Consolidated Balance Sheet as of June 30, 2016 reflects this early adoption. This guidance was adopted prospectively and therefore prior year periods were not revised.

In July 2015, the FASB issued guidance intended to simplify the measurement of inventory and to closely align with International Financial Reporting Standards. Current guidance requires inventories to be measured at the lower of cost or market. Under this new guidance, inventories other than those measured under LIFO are to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is to be applied prospectively, and is effective for fiscal years beginning after December 15, 2016 (the Company’s fiscal 2018). The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and disclosures.

In July 2015, the FASB issued guidance to reduce complexity in employee benefit plan accounting, which is consistent with its Simplification Initiative of improving areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. This guidance update consists of several parts that affect the reporting of defined benefit pension plans, defined contribution pension plans, and their fair value measurements, among others. This guidance is effective for 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 disclosures.

In April 2015, the 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. With regard to debt issuance costs in connection with line-of-credit arrangements, they are to be presented as an asset and amortized ratably over the term of the arrangement. 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.

Note B - Inventories

12 Months Ended

Jun. 30, 2016

Inventory Disclosure [Text Block]

B. INVENTORIES

The major classes of inventories at June 30 were as follows:

	2016		2015
Finished parts	$	45,622	$	56,982
Work in process		8,020		8,292
Raw materials		12,927		14,967
	$	66,569	$	80,241

Inventories stated on a LIFO basis represent approximately 33% and 28% of total inventories at June 30, 2016 and 2015, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $26,451 and $26,816 at June 30, 2016 and 2015, respectively. The Company had reserves for inventory obsolescence of $8,823 and $8,167 at June 30, 2016 and 2015, respectively.

Note C - Property, Plant and Equipment

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment Disclosure [Text Block]

C. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at June 30 were as follows:

	2016			2015
Land	$	6,497		$	6,646
Buildings		45,808			44,110
Machinery and equipment		132,969			133,432
		185,274			184,188
Less: accumulated depreciation		(133,609	)		(127,761	)
	$	51,665		$	56,427

Depreciation expense for the years ended June 30, 2016, 2015 and 2014 was $8,682, $9,922 and $10,180, respectively.

Note D - Goodwill and Other Intangibles

12 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Text Block]

D. GOODWILL AND OTHER INTANGIBLES

Goodwill

The Company reviews goodwill for impairment on a reporting unit basis annually as of the end of the fiscal year, and whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of goodwill may not be recoverable. Goodwill recorded in the following reporting units was evaluated:

US Industrial

European Propulsion

European Industrial

The goodwill impairment test involves a two-step process. In step one, the fair value of each of the reporting units is compared to its carrying value, including the goodwill allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, there is no indication of impairment and no further testing is required. If the fair value of the reporting unit is less than the carrying value, step two of the impairment test is performed to measure the amount of impairment loss, if any. In step two of the test, the fair value of the reporting unit’s assets and liabilities (both recognized and unrecognized intangible assets) are measured in accordance with ASC 805, “Business Combinations”, in a hypothetical purchase transaction and compared to the fair value of the reporting unit in order to calculate the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit’s goodwill is less than the carrying value, the difference is recorded as an impairment loss.

The fair value of reporting units is primarily driven by projected growth rates and operating results under the income approach using a discounted cash flow model, which applies an appropriate market-participant discount rate, and consideration of other market approach data from guideline public companies.

The Company experienced sustained declines in operating results across the business during fiscal 2016, which resulted from weak market trends in the Company’s

global oil and gas and commercial marine markets, an underperforming European economy, and few signs of significant near-term recovery in the markets served by these reporting units. The Company conducted its annual assessment for goodwill impairment as of June 30, 2016 using updated inputs, including appropriate risk-based, country and company specific weighted average discount rates for all of the Company’s reporting units, which had increased from the prior year to 13.1% for the U.S. Industrial business as a result of the macroeconomic trends and the Company’s forecasted cash flows. The assessment resulted in the U.S. Industrial and European Propulsion reporting units failing step one of the impairment test. The Company then performed step two testing for each of the reporting units. The conclusions were that the U.S. Industrial reporting unit required an impairment charge of $6,391, and the European Propulsion reporting unit required a full impairment charge of $1,211. The fair value of the European Industrial reporting unit exceeded its carrying value by 31% and therefore no impairment charge was required for this reporting unit.

The total non-cash impairment charge of $7,602 does not result in any future cash expenditures, impact liquidity, affect the ongoing business or financial performance of the Company, impact compliance with our lending arrangements, or reduce borrowing capacity.

As of June 30, 2016, goodwill is carried in the following reporting units:

Reporting Unit
US Industrial	$	2,550
European Industrial		2,570
Total	$	5,120

The changes in the carrying amount of goodwill, all of which is allocated to the manufacturing segment, for the years ended June 30, 2016 and 2015 were as follows:

	Gross Carrying Amount			Accumulated Impairment			Net Book Value
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
Sale of business		(25	)		-			(25	)
Impairment		-			(7,602	)		(7,602	)
Translation adjustment		(42	)		-			(42	)
Balance at June 30, 2016	$	16,392		$	(11,272	)	$	5,120

Other Intangibles

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

	June 30, 2016
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Book Value
Licensing agreements	$	3,015	$	(2,565	)	$	-		$	450
Non-compete agreements		2,128		(2,045	)		(83	)		-
Trade name		1,668		(275	)		-			1,393
Other		6,615		(5,301	)		(1,194	)		120
	$	13,426	$	(10,186	)	$	(1,277	)	$	1,963

	June 30, 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

Other intangibles consist of certain amortizable acquisition costs, proprietary technology, computer software and certain customer relationships.

The weighted average remaining useful life of the intangible assets included in the table above is approximately 14 years.

Intangible amortization expense for the years ended June 30, 2016, 2015 and 2014 was $165, $239 and $477, respectively. Estimated intangible amortization expense for each of the next five fiscal years is as follows:

Fiscal Year
2017	$	180
2018		179
2019		167
2020		153
2021		149
Thereafter		1,135

The gross carrying amount of the Company’s intangible assets that have indefinite lives and are not subject to amortization as of June 30, 2016 and 2015 are $201 and $213, respectively. These assets are comprised of acquired tradenames.

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.

Note E - Accrued Liabilities

12 Months Ended

Jun. 30, 2016

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

E. ACCRUED LIABILITIES

Accrued liabilities at June 30 were as follows:

	2016		2015
Salaries and wages	$	4,851	$	8,568
Retirement benefits		3,550		3,773
Distributor rebate		2,538		2,989
Warranty		2,532		3,310
Customer advances/deferred revenue		2,372		2,602
Restructuring		801		3,776
Other		4,771		7,736
	$	21,415	$	32,754

Note F - Warranty

12 Months Ended

Jun. 30, 2016

Product Warranty Disclosure [Text Block]

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:

	2016			2015
Reserve balance, July 1	$	5,245		$	5,968
Current period expense		646			1,989
Payments or credits to customers		(2,278	)		(2,332	)
Translation adjustment		(6	)		(380	)
Reserve balance, June 30	$	3,607		$	5,245

The current portion of the warranty accrual ($2,532 and $3,310 for fiscal 2016 and 2015, respectively) is reflected in accrued liabilities, while the long-term portion ($1,075 and $1,935 for fiscal 2016 and 2015, respectively) is included in other long-term liabilities on the Consolidated Balance Sheets.

Note G - Debt

12 Months Ended

Jun. 30, 2016

Debt Disclosure [Text Block]

G. DEBT

Long-term Debt

Long-term debt consisted of the following at June 30:

	2016		2015
Revolving loan agreement	$	8,478	$	10,208
10-year unsecured senior notes		-		3,571
Other		23		23
Subtotal		8,501		13,802
Less: current maturities		-		(3,571	)
Total long-term debt	$	8,501	$	10,231

The revolving loan agreement as of June 30, 2016 pertains to the revolving loan facility which the Company entered into on April 22, 2016 with Bank of Montreal (the “BMO Agreement”). The BMO Agreement is secured by substantially all of the Company’s personal property, including accounts receivable, inventory, and certain machinery and equipment of its primary manufacturing facility in Racine, Wisconsin, and the personal property of Mill-Log Equipment Co., Inc., a wholly-owned domestic subsidiary of the Company. The BMO Agreement provides for a borrowing base calculation to determine borrowing capacity. This capacity will be based upon eligible domestic inventory, eligible accounts receivable and machinery and equipment, subject to certain adjustments. As of June 30, 2016, the Company’s borrowing capacity under the terms of the BMO Agreement was approximately $21,571, and the Company had approximately $12,058 of available borrowings. As of June 30, 2016, the interest rate under this agreement was 2.21%.

The revolving loan agreement as of June 30, 2015 pertains to the unsecured revolving loan facility which the Company entered into on June 30, 2014 with Wells Fargo Bank, N.A. (the “Wells Fargo Agreement”). The Wells Fargo Agreement bore interest at LIBOR plus 1.00%. The interest rate was 1.20% at June 30, 2015. The Wells Fargo Agreement required compliance with certain covenants, including restrictions on investments, acquisitions and indebtedness. Financial covenants included a minimum consolidated adjusted net worth amount, a minimum EBITDA for the most recent four fiscal quarters of $11,000 at June 30, 2015 and a maximum total funded debt to EBITDA ratio of 3.0 at June 30, 2015. Subsequently in August 2015, the definition of EBITDA was revised to add $3,300, 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. On March 25, 2016, due to unfavorable operating results, the Company was not in compliance with the EBITDA covenant. The Company paid off this loan with the proceeds of the BMO Agreement on April 22, 2016.

The unsecured senior notes pertain to borrowings under an Amended and Restated Note Purchase and Private Shelf Agreement (the “Prudential Agreement”) which the Company entered into on June 30, 2014, amending the original note agreement dated April 10, 2006. The Prudential Agreement consists of (a) a “note” agreement, under which the Company had an outstanding balance of $3,571 as of June 30, 2015, and (b) a “Shelf Notes” agreement which set forth the terms of the potential sale and purchase of up to $50,000. The notes bore interest at 6.05%. The notes matured and were fully paid on April 10, 2016. The Company did not draw on the Shelf Notes agreement and cancelled this facility on April 21, 2016. The Prudential Agreement required compliance with the same financial covenants as those in the Wells Fargo Agreement.

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

Fiscal Year
2017	$	-
2018		-
2019		-
2020		-
2021		8,478
Thereafter		23
	$	8,501

Other lines of credit

The Company has established unsecured lines of credit, which may be withdrawn at the option of the banks. Under these arrangements, the Company has unused and available credit lines of $1,470 with a weighted average interest rate of 5.4% as of June 30, 2016, and $1,689 with a weighted average interest rate of 5.8% as of June 30, 2015.

Note H - Lease Commitments

12 Months Ended

Jun. 30, 2016

Leases of Lessee Disclosure [Text Block]

H. LEASE COMMITMENTS

The Company leases certain office and warehouse space, as well as production and office equipment.

Approximate future minimum rental commitments under noncancellable operating leases are as follows:

Fiscal Year
2017	$	2,422
2018		1,374
2019		483
2020		217
2021		25
Thereafter		44
	$	4,565

Total rent expense for operating leases approximated $3,240, $3,550 and $3,920 in fiscal 2016, 2015 and 2014, respectively.

Note I - Shareholders' Equity

12 Months Ended

Jun. 30, 2016

Stockholders' Equity Note Disclosure [Text Block]

I. SHAREHOLDERS' EQUITY

The total number of shares of common stock outstanding at June 30, 2016, 2015 and 2014 was 11,350,174, 11,267,347 and 11,261,873, respectively. At June 30, 2016, 2015 and 2014, treasury stock consisted of 1,749,294, 1,832,121 and 1,837,595 shares of common stock, respectively. The Company issued 83,377, 49,314 and 51,921 shares of treasury stock in fiscal 2016, 2015 and 2014, respectively, to fulfill its obligations under the stock option plans and restricted stock grants. The Company also recorded forfeitures of 1,750 and 46,240 shares of previously issued restricted stock in fiscal 2016 and 2015, respectively. The difference between the cost of treasury shares and the option price is recorded in common stock.

Under an authorization given by the Board of Directors on July 27, 2012, the Company is permitted to make open market purchases of its common stock. The Company did not make any open market purchases during the three most recent fiscal years. As of June 30, 2016, 2015, and 2014, 315,000 shares remain authorized for purchase.

Cash dividends per share were $0.18, $0.36 and $0.36 in fiscal 2016, 2015 and 2014, 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, 2016 and 2015 are as follows:

	2016			2015
Translation adjustments	$	5,158		$	6,740
Benefit plan adjustments, net of income taxes of $27,750 and $24,411 respectively		(49,301	)		(42,221	)
Accumulated other comprehensive loss	$	(44,143	)	$	(35,481	)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended June 30, 2014, June 30, 2015 and June 30, 2016 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	)

	Translation Adjustment			Benefit Plan Adjustment
Balance at June 30, 2015	$	6,740		$	(42,221	)
Other comprehensive loss before reclassifications		(1,582	)		(10,101	)
Amounts reclassified from accumulated other comprehensive income		-			3,021
Net current period other comprehensive income		(1,582	)		(7,080	)
Balance at June 30, 2016	$	5,158		$	(49,301	)

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	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended June 30, 2016 is as follows:

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	$	(4,355	)
Transition asset and prior service benefit		(92	)
Total before tax benefit		(4,447	)
Tax benefit		1,426
Total reclassification net of tax	$	(3,021	)

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.

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+ Details

Note J - Business Segments and Foreign Operations

12 Months Ended

Jun. 30, 2016

Segment Reporting Disclosure [Text Block]

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, energy and natural resources, government, and industrial markets.

Net sales by product group is summarized as follows:

	2016		2015		2014
Industrial	$	32,437	$	42,078	$	41,188
Land based transmissions		29,028		76,450		67,055
Marine and propulsion systems		98,925		141,137		149,432
Other		5,892		6,125		6,234
Total	$	166,282	$	265,790	$	263,909

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 Company-owned distribution entities.

The Company has two reportable segments: manufacturing and distribution. Its segment structure reflects the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments.

The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings.

In fiscal 2016, the Company changed the composition of entities that are reported in each segment to the chief operating decision maker. Consequently, in accordance with ASC 280, “Segment Reporting”, the Company revised segment information of fiscal 2015 and 2014 for comparability.

Information about the Company's segments is summarized as follows:

2016	Manufacturing			Distribution		Total
Net Sales	$	140,965		$	74,199	$	215,164
Intra-segment sales		11,476			7,854		19,330
Inter-segment sales		26,883			2,669		29,552
Interest income		117			25		142
Interest expense		397			1		398
Income taxes		(2,554	)		108		(2,446	)
Depreciation and amortization		7,536			471		8,007
Net (loss) earnings attributable to Twin Disc		(12,694	)		762		(11,932	)
Assets		221,590			68,939		290,529
Expenditures for segment assets		3,850			188		4,038

2015 (as revised)	Manufacturing		Distribution		Total
Net Sales	$	232,545	$	120,594	$	353,139
Intra-segment sales		19,541		9,584		29,125
Inter-segment sales		54,947		3,277		58,224
Interest income		171		33		204
Interest expense		946		-		946
Income taxes		7,125		1,646		8,771
Depreciation and amortization		8,103		502		8,605
Net earnings attributable to Twin Disc		12,861		6,350		19,211
Assets		246,374		62,134		308,508
Expenditures for segment assets		7,335		1,271		8,606

2014 (as revised)	Manufacturing		Distribution		Total
Net Sales	$	219,489	$	138,416	$	357,905
Intra-segment sales		18,231		13,253		31,484
Inter-segment sales		59,728		2,784		62,512
Interest income		311		22		333
Interest expense		2,565		45		2,610
Income taxes		6,233		1,432		7,665
Depreciation and amortization		8,562		553		9,115
Net earnings attributable to Twin Disc		6,634		6,455		13,089
Assets		246,771		65,115		311,886
Expenditures for segment assets		6,429		315		6,744

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

	2016			2015			2014
Net sales:
Total net sales from reportable segments	$	215,164		$	353,139		$	357,905
Elimination of inter-company sales		(48,882	)		(87,349	)		(93,996	)
Total consolidated net sales	$	166,282		$	265,790		$	263,909

Net (loss) earnings attributable to Twin Disc:
Total net (loss) earnings from reportable segments	$	(11,932	)	$	19,211		$	13,089
Other adjustments and corporate expenses		(1,172	)		(8,038	)		(9,445	)
Total consolidated net (loss) earnings attributable to Twin Disc	$	(13,104	)	$	11,173		$	3,644

Corporate expenses pertain to certain costs that are not allocated to the reportable segments, primarily consisting of unallocated corporate overhead costs, including administrative functions and global functional expenses.

Other significant items:

	Segment Totals			Adjustments			Consolidated Totals
2016
Interest income	$	142		$	5		$	147
Interest expense		398			28			426
Income taxes		(2,446	)		(9,836	)		(12,282	)
Depreciation and amortization		8,007			840			8,847
Assets		290,529			(76,607	)		213,922
Expenditures for segment assets		4,038			176			4,214

2015
Interest income	$	204		$	(80	)	$	124
Interest expense		946			(340	)		606
Income taxes		8,771			(4,256	)		4,515
Depreciation and amortization		8,605			1,556			10,161
Assets		308,508			(58,646	)		249,862
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
Assets		311,886			(44,901	)		266,985
Expenditures for segment assets		6,744			501			7,245

All adjustments represent inter-company eliminations and corporate amounts.

Geographic information about the Company is summarized as follows:

	2016		2015		2014
Net sales
United States	$	77,147	$	131,198	$	108,380
Italy		13,294		14,457		17,396
Australia		9,943		10,454		9,955
China		9,019		19,712		33,830
Canada		8,699		13,661		9,277
Other countries		48,180		76,308		85,071
Total	$	166,282	$	265,790	$	263,909

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

Long-lived assets primarily pertain to property, plant and equipment and exclude goodwill and other intangibles. They are summarized as follows:

Long-lived assets	2016		2015
United States	$	37,319	$	40,822
Belgium		7,154		6,709
Switzerland		7,145		7,686
Italy		1,638		2,376
Other countries		2,477		2,586
Total	$	55,733	$	60,179

The Company has two distributor customers, primarily of our manufacturing segment, that each accounted for 12% of total Company sales for fiscal 2016. One of them accounted for 11% of total Company sales in each of fiscal 2015 and fiscal 2014.

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.

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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=68060357&loc=d3e8906-108599

+ Details

Note K - Stock-based Compensation

12 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

K. STOCK-BASED COMPENSATION

In fiscal 2011, the Company adopted the Twin Disc, Incorporated 2010 Stock Incentive Plan for Non-Employee Directors (the “2010 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 “2010 Employee Incentive Plan”), a plan under which officers and key employees may be granted equity-based awards up to 650,000 shares of common stock. Equity-based awards granted under these plans include performance shares, performance units, and restricted stock.

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

	2016		2015
2010 Employee Incentive Plan		333,054		447,730
2010 Directors' Plan		144,656		171,986

Performance Stock Awards (“PSA”)

In fiscal 2016, 2015 and 2014, the Company granted a target number of 60,466, 16,261 and 17,312 PSAs, respectively, to various employees of the Company, including executive officers. The PSAs granted in fiscal 2016 will vest if the Company achieves (a) performance-based target objectives relating to average annual sales and consolidated economic profit, and (b) relative Total Shareholder Return (“TSR”) (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2018. These PSAs are subject to adjustment if the Company’s net sales, economic profit and relative TSR 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 90,699. Based upon actual results to date and the low probability of achieving the threshold performance levels, the Company is currently not accruing as compensation expense for the portion of the PSAs relating to the average annual sales and economic profit measures. The Company is currently accruing compensation expense for the TSR measure. Compensation expense relating to the relative TSR portion is recognized based on the grant date fair value over the vesting period. The PSAs granted in fiscal 2015 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSA Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. PSAs 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 compensation expense for these PSAs. The PSAs granted in fiscal 2014 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSA Grant Agreement) in the cumulative three fiscal year period ending June 30, 2016. The PSAs 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 compensation expense for these PSAs. There were 72,217, 25,949 and 44,712 unvested PSAs outstanding at June 30, 2016, 2015 and 2014, respectively. The fair value of the PSAs (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, 2016, 2015 and 2014, related PSAs, approximated $54, $0 and $0, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2016 was $17.85. At June 30, 2016, the Company had $1,235 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2016 and 2015 awards. The total fair value of performance stock awards vested in fiscal 2016, 2015 and 2014 was $0.

Performance Stock Unit Awards (“PSU”)

In fiscal 2015 and 2014, the Company granted a target number of 15,861 and 43,154 PSUs, respectively, to various employees of the Company, including executive officers. There were no grants of PSUs during fiscal 2016. The PSUs granted in fiscal 2015 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSU Grant Agreement) in the cumulative three fiscal year period ending June 30, 2017. The PSUs 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 PSUs 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 compensation expense for the PSUs granted in fiscal 2015. The PSUs granted in fiscal 2014 will vest if the Company achieves a specified target objective relating to consolidated economic profit (as defined in the PSU Grant Agreement) in the cumulative three fiscal year period ending June 30, 2016. The PSUs 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 PSUs 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 compensation expense for the PSUs granted in fiscal 2014. There were 11,351, 29,855 and 41,160 unvested PSUs outstanding at June 30, 2016, 2015 and 2014, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2016 was $30.16. The PSUs 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 years ended June 30, 2016, 2015 and 2014 related to the PSU grants, were $0. At June 30, 2016, the Company had $118 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2016 awards. The total fair value of PSUs vested in fiscal 2016, 2015 and 2014 was $0. The PSUs are cash based, and are thus recorded as a liability on the Company’s Consolidated Balance Sheets. As of June 30, 2016, 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.

Restricted Stock Awards (“RS”)

The Company has unvested RS outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation over the vesting period, which is generally 1 to 3 years. During fiscal 2016, 2015 and 2014, the Company granted 95,738, 59,494 and 51,004 service based restricted shares, respectively, to employees and non-employee directors in each year. A total of 1,750, 46,240 and 3,000 shares of restricted stock were forfeited during fiscal 2016, 2015 and 2014, respectively. There were 142,971, 94,183 and 116,297 unvested shares outstanding at June 30, 2016, 2015 and 2014, respectively. Compensation expense of $1,241, $696 and $1,184 was recognized during the year ended June 30, 2016, 2015 and 2014, respectively, related to these service-based awards. The total fair value of restricted stock grants vested in fiscal 2016, 2015 and 2014 was $681, $993 and $3,053, respectively. As of June 30, 2016, the Company had $1,109 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

Stock Options

The 2010 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 2010 Employee 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 2010 Employee 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 2010 Directors’ Plan and the 2010 Employee Incentive Plan as of June 30, 2016 and 2015.

2004 Plans

The Company has 16,800 non-qualified stock options outstanding as of June 30, 2016 under the 2004 Twin Disc, Incorporated Plan for Non-Employee Directors and 2004 Twin Disc, Incorporated Stock Incentive Plan. The 2004 plans were terminated during 2011, except options then outstanding will remain so until exercised or until they expire.

Stock option transactions under the plans during 2016 were as follows:

	2016			Weighted Average Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value

Non-qualified stock options:
Options outstanding at beginning of year		19,200		$	15.96
Granted		-			-
Canceled/expired		(1,200	)		10.11
Exercised		(1,200	)		10.11
Options outstanding at June 30		16,800		$	16.80		2.64	$	2.3

Options price range ($10.01 - $27.55)

In addition, the Company computes its windfall tax pool using the shortcut method. ASC 718, “Compensation – Stock Compensation”, 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 2016, 2015 and 2014 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 2016, 2015 and 2014, respectively.

The total intrinsic value of options exercised during the years ended June 30, 2016, 2015 and 2014 was approximately $4, $55 and $0, respectively.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Note L - Engineering and Development Costs	12 Months Ended
Note L - Engineering and Development Costs	Jun. 30, 2016
Notes to Financial Statements
Research, Development, and Computer Software Disclosure [Text Block]	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 $1,805, $2,288 and $3,028 in fiscal 2016, 2015 and 2014, respectively. Total engineering and development costs were $9,481, $11,091 and $10,900 in fiscal 2016, 2015 and 2014, respectively.

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.

Note M - Pension and Other Postretirement Benefit Plans

12 Months Ended

Jun. 30, 2016

Pension and Other Postretirement Benefits Disclosure [Text Block]

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 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 2016 and 2015 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:

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Change in benefit obligation:
Benefit obligation, beginning of year	$	127,733		$	123,832		$	16,372		$	16,584
Service cost		770			465			28			30
Interest cost		4,968			4,862			604			579
Actuarial loss (gain)		7,043			8,384			496			882
Contributions by plan participants		143			154			519			547
Benefits paid		(11,601	)		(9,964	)		(2,086	)		(2,250	)
Benefit obligation, end of year	$	129,056		$	127,733		$	15,933		$	16,372

Change in plan assets:
Fair value of assets, beginning of year	$	104,681		$	102,495		$	-		$	-
Actual return on plan assets		(1,442	)		5,828			-			-
Employer contribution		2,383			6,168			1,567			1,703
Contributions by plan participants		143			154			519			547
Benefits paid		(11,601	)		(9,964	)		(2,086	)		(2,250	)
Fair value of assets, end of year	$	94,164		$	104,681		$	-		$	-

Funded status	$	(34,892	)	$	(23,052	)	$	(15,933	)	$	(16,372	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	654		$	638		$	-		$	-
Accrued liabilities - current		(805	)		(764	)		(1,969	)		(2,040	)
Accrued retirement benefits - noncurrent		(34,741	)		(22,926	)		(13,964	)		(14,332	)
Net amount recognized	$	(34,892	)	$	(23,052	)	$	(15,933	)	$	(16,372	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	285		$	296		$	-		$	-
Actuarial net loss		45,850			38,613			3,166			3,312
Net amount recognized	$	46,135		$	38,909		$	3,166		$	3,312

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:

	Pension Benefits		Other Postretirement Benefits
Net transition obligation	$	99	$	-
Actuarial net loss		3,598		726
Net amount to be recognized	$	3,697	$	726

The accumulated benefit obligation for all defined benefit pension plans was approximately $129,056 and $127,733 at June 30, 2016 and 2015, respectively.

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

	June 30
	2016		2015
Projected and accumulated benefit obligation	$	127,528	$	126,242
Fair value of plan assets		91,982		102,552

Components of Net Periodic Benefit Cost:

	Pension Benefits
	2016			2015			2014
Service cost	$	770		$	465		$	536
Interest cost		4,968			4,862			5,425
Expected return on plan assets		(6,874	)		(7,272	)		(6,591	)
Amortization of transition obligation		33			36			32
Amortization of prior service cost		59			-			-
Amortization of actuarial net loss		3,627			2,436			2,894
Net periodic benefit cost	$	2,583		$	527		$	2,296

	Other Postretirement Benefits
	2016		2015		2014
Service cost	$	28	$	30	$	37
Interest cost		604		579		659
Amortization of actuarial net loss		728		638		602
Net periodic benefit cost	$	1,360	$	1,247	$	1,298

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal 2016 (Pre-tax):

	Pension			Other Postretirement Benefits
Net loss	$	15,514		$	496
Prior service cost		58			-
Amortization of transition asset		(33	)		-
Amortization of prior service cost		(59	)		-
Amortization of net (loss) gain		(3,627	)		(728	)
Total recognized in other comprehensive income		11,853			(232	)
Net periodic benefit cost		2,583			1,360
Total recognized in net periodic benefit cost and other comprehensive income	$	14,436		$	1,128

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

	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

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal 2014 (Pre-tax):

	Pension			Other Postretirement Benefits
Net loss	$	(6,303	)	$	(59	)
Amortization of prior service benefit		7			-
Amortization of transition asset		(38	)		-
Amortization of net (loss) gain		(2,894	)		(602	)
Total recognized in other comprehensive income		(9,228	)		(661	)
Net periodic benefit cost		2,296			1,298
Total recognized in net periodic benefit cost and other comprehensive income	$	(6,932	)	$	637

Additional Information

Assumptions

	Pension Benefits						Other Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	2016			2015			2016			2015
Discount rate		3.35	%		4.05	%		3.27	%		3.93	%
Expected return on plan assets		6.57	%		7.11	%

	Pension Benefits									Other Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	2016			2015			2014			2016			2015			2014
Discount rate		4.05	%		4.06	%		4.35	%		3.93	%		3.76	%		3.99	%
Expected return on plan assets		7.11	%		7.39	%		7.41	%

The assumed weighted-average healthcare cost trend rate was 7.5 % in 2016, 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 $320 and the service and interest cost by approximately $13. A 1% decrease in the assumed health care cost trend would decrease the accumulated postretirement benefit obligation by approximately $313 and the service and interest cost by approximately $13.

Plan Assets

The Company’s Benefits Committee (“Committee”), a non-board management 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, 2016 and 2015 by asset category are as follows:

	Target			June 30
Asset Category	Allocation			2016			2015
Equity securities		65	%		63	%		62	%
Debt securities		25	%		25	%		25	%
Real estate		10	%		12	%		13	%
		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 $1,054.8 (1.1 percent of total plan assets) at June 30, 2016 and 98,211 shares with a fair market value of $1,830.7 (1.8 percent of total plan assets) at June 30, 2015.

The plans have a long-term return assumption of 7.0%. 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, 2016:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	1,143	$	1,143	$	-	$	-
Equity securities:
U.S. (a)		26,046		26,046		-		-
International (b)		12,674		8,881		3,793		-
Fixed Income (c)		20,842		-		20,842		-
Annuity contracts (d)		9,031		-		-		9,031
Real estate (e)		10,537		-		10,537		-
Other (f)		13,891		-		-		13,891
Total	$	94,164	$	36,070	$	35,172	$	22,922

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

	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

(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, 2016 and 2015:

	Annuity Contracts			Other
Balance - June 30, 2015	$	9,508		$	15,900
Actual return on plan assets:
Relating to assets still held at reporting date		38			(2,009	)
Purchases, sales and settlements, net		(619	)		-
Transfers in and/or out of Level III		104			-
Balance - June 30, 2016	$	9,031		$	13,891

	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
Purchases, sales and settlements, net		190		-
Balance - June 30, 2015	$	9,508	$	15,900

Cash Flows

Contributions

The Company expects to contribute $1,467 to its defined benefit pension plans in fiscal 2017.

Estimated Future Benefit Payments

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

	Pension Benefits		Other Postretirement Benefits
			Gross Benefits		Part D Reimbursement		Net Benefit Payments
2017	$	10,477	$	2,000	$	-	$	2,000
2018		10,925		1,959		-		1,959
2019		9,675		1,559		-		1,559
2020		9,124		1,465		-		1,465
2021		8,760		1,343		-		1,343
Years 2022 - 2026		38,280		5,258		-		5,258

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 $2,058, $2,526 and $2,218 in fiscal 2016, 2015 and 2014, respectively.

Note N - Income Taxes

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Text Block]

N. INCOME TAXES

United States and foreign earnings before income taxes and minority interest were as follows:

	2016			2015		2014
United States	$	(29,293	)	$	5,614	$	1,107
Foreign		3,998			10,286		6,989
	$	(25,295	)	$	15,900	$	8,096

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

	2016			2015			2014
Currently payable:
Federal	$	(1,683	)	$	1,607		$	651
State		136			518			104
Foreign		1,468			2,832			2,837
		(79	)		4,957			3,592
Deferred:
Federal		(10,978	)		408			1,309
State		(787	)		5			(95	)
Foreign		(438	)		(855	)		(580	)
		(12,203	)		(442	)		634
	$	(12,282	)	$	4,515		$	4,226

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

	2016			2015
Deferred tax assets:
Retirement plans and employee benefits	$	19,106		$	15,157
Foreign tax credit carryforwards		8,887			-
Federal tax credits		191			-
State net operating loss and other state credit carryforwards		768			369
Inventory		1,775			1,789
Reserves		1,544			2,587
Foreign NOL carryforwards		3,176			3,539
Accruals		522			584
Other assets		678			568
		36,647			24,593
Deferred tax liabilities:
Property, plant and equipment		6,329			7,221
Intangibles		2,011			4,778
Other liabilities		140			451
		8,480			12,450

Valuation Allowance		(3,123	)		(3,577	)
Total net deferred tax assets	$	25,044		$	8,566

As of June 30, 2016, due to the early adoption of Accounting Standards Update 2015-17, all deferred tax assets and liabilities have been classified as noncurrent. The Company elected to adopt this guidance prospectively and not revise prior periods. As of June 30, 2015, $4,863 of deferred tax assets is presented as a current asset in the Consolidated Balance Sheet, and $82 of deferred tax liabilities is included in accrued liabilities.

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 2016, 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 $3,123 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 $454 in fiscal 2016 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:

	2016			2015			2014

U.S. federal income tax at 35%	$	(8,601	)	$	5,491		$	2,754
Increases (reductions) in tax resulting from:
Foreign tax items		(2,525	)		362			(291	)
State taxes		(374	)		32			228
Valuation allowance		(1,288	)		(1,121	)		1,551
Change in prior year estimate		473			157			139
Research and development tax credits		(348	)		(337	)		(267	)
Section 199 deduction		-			(96	)		(109	)
Unrecognized tax benefits		(21	)		5			183
Goodwill impairment		420			-			-
Other, net		(18	)		22			38
	$	(12,282	)	$	4,515		$	4,226

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 $3,039 at June 30, 2016. 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 2012 through 2016 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 2013.

The Company has approximately $790 of unrecognized tax benefits as of June 30, 2016, which, if recognized would impact the effective tax rate. During the fiscal year the amount of unrecognized tax benefits decreased primarily due to expiration of statutes. 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:

	June 30, 2016			June 30, 2015
Unrecognized tax benefits, beginning of year	$	810		$	1,603
Additions based on tax positions related to the prior year		12			-
Additions based on tax positions related to the current year		172			184
Reductions based on tax positions related to the prior year		(4	)		(3	)
Subtractions due to statutes closing		(179	)		(60	)
Settlements with Taxing Authorities		(21	)		(914	)
Unrecognized tax benefits, end of year	$	790		$	810

Substantially all of the Company’s unrecognized tax benefits as of June 30, 3016, if recognized, would affect the effective tax rate. As of June 30, 2016 and 2015, the amounts accrued for interest and penalties totaled $61 and $62, respectively, and are not included in the reconciliation above.

Note O - Contingencies	12 Months Ended
Note O - Contingencies	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	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.

Note P - Restructuring of Operations

12 Months Ended

Jun. 30, 2016

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

P. RESTRUCTURING OF OPERATIONS

In response to challenging global market conditions within the Company’s oil and gas, global pleasure craft and commercial marine markets, the Company undertook a series of restructuring actions starting in late fiscal 2015 through the fourth quarter of fiscal 2016, which primarily involved the elimination of several full-time positions at its operations primarily in the U.S., Italy, and Singapore. These actions resulted in a pre-tax restructuring charge of $921 and $3,282 in fiscal 2016 and 2015, respectively. During fiscal 2014, the Company recorded a pre-tax restructuring charge of $961 to further reduce headcount relating to actions that were initiated in fiscal 2013 in our Belgium operations.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2014	$	785
Additions		3,282
Payments and adjustments		(291	)
Accrued restructuring liability, June 30, 2015		3,776
Additions		921
Payments and adjustments		(3,896	)
Accrued restructuring liability, June 30, 2016	$	801

During fiscal 2016, as part of its initiative to focus resources on core manufacturing and product development activities aimed at improving profitability, the Company sold one of its distribution entities in the U.S. The proceeds of $4,100 represent the sale of distribution rights to its southeastern U.S. territories, amounting to $600, and certain assets, consisting primarily of inventories, for $3,500. The gain on sale of $445 is recorded as other operating income in the statement of operations.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2016

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

TWIN DISC, INCORPORATED AND SUBSIDIARIES

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

for the years ended June 30, 2016, 2015 and 2014 (in thousands)

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

2016:
Allowance for losses on accounts receivable	$	2,183	$	237	$	596	$	1,824
Deferred tax valuation allowance	$	3,577	$	257	$	711	$	3,123

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

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

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Consolidation Principles

Use of Estimates, Policy [Policy Text Block]

Management Estimates--

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation of Foreign Currencies

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

Receivables, Policy [Policy Text Block]

Receivables

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment and Depreciation

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-lived Assets

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangibles

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

Income Tax, Policy [Policy Text Block]

Deferred Taxes

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Shipping and Handling Cost, Policy [Policy Text Block]

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 [Policy Text Block]

Out-of-Period Adjustments

●

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

●

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

●

The Company’s deferred tax liabilities were understated by $285 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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

(the Company’s fiscal 2020), including interim periods within those fiscal years and requires retrospective application.

The Company is currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

Note B - Inventories (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Inventory, Current [Table Text Block]

	2016		2015
Finished parts	$	45,622	$	56,982
Work in process		8,020		8,292
Raw materials		12,927		14,967
	$	66,569	$	80,241

Note C - Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Table Text Block]

	2016			2015
Land	$	6,497		$	6,646
Buildings		45,808			44,110
Machinery and equipment		132,969			133,432
		185,274			184,188
Less: accumulated depreciation		(133,609	)		(127,761	)
	$	51,665		$	56,427

Note D - Goodwill and Other Intangibles (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Goodwill Carried in Reporting Units [Table Text Block]

Reporting Unit
US Industrial	$	2,550
European Industrial		2,570
Total	$	5,120

Schedule of Goodwill [Table Text Block]

	Gross Carrying Amount			Accumulated Impairment			Net Book Value
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
Sale of business		(25	)		-			(25	)
Impairment		-			(7,602	)		(7,602	)
Translation adjustment		(42	)		-			(42	)
Balance at June 30, 2016	$	16,392		$	(11,272	)	$	5,120

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

	June 30, 2016
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Book Value
Licensing agreements	$	3,015	$	(2,565	)	$	-		$	450
Non-compete agreements		2,128		(2,045	)		(83	)		-
Trade name		1,668		(275	)		-			1,393
Other		6,615		(5,301	)		(1,194	)		120
	$	13,426	$	(10,186	)	$	(1,277	)	$	1,963

	June 30, 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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year
2017	$	180
2018		179
2019		167
2020		153
2021		149
Thereafter		1,135

Note E - Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	2016		2015
Salaries and wages	$	4,851	$	8,568
Retirement benefits		3,550		3,773
Distributor rebate		2,538		2,989
Warranty		2,532		3,310
Customer advances/deferred revenue		2,372		2,602
Restructuring		801		3,776
Other		4,771		7,736
	$	21,415	$	32,754

Note F - Warranty (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Product Warranty Liability [Table Text Block]

	2016			2015
Reserve balance, July 1	$	5,245		$	5,968
Current period expense		646			1,989
Payments or credits to customers		(2,278	)		(2,332	)
Translation adjustment		(6	)		(380	)
Reserve balance, June 30	$	3,607		$	5,245

Note G - Debt (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Debt [Table Text Block]

	2016		2015
Revolving loan agreement	$	8,478	$	10,208
10-year unsecured senior notes		-		3,571
Other		23		23
Subtotal		8,501		13,802
Less: current maturities		-		(3,571	)
Total long-term debt	$	8,501	$	10,231

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal Year
2017	$	-
2018		-
2019		-
2020		-
2021		8,478
Thereafter		23
	$	8,501

Note H - Lease Commitments (Tables)

12 Months Ended

Jun. 30, 2016

Operating Leases of Lessee Disclosure [Table Text Block]

Fiscal Year
2017	$	2,422
2018		1,374
2019		483
2020		217
2021		25
Thereafter		44
	$	4,565

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.

Note I - Shareholders' Equity (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	2016			2015
Translation adjustments	$	5,158		$	6,740
Benefit plan adjustments, net of income taxes of $27,750 and $24,411 respectively		(49,301	)		(42,221	)
Accumulated other comprehensive loss	$	(44,143	)	$	(35,481	)

Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]

	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	)

	Translation Adjustment			Benefit Plan Adjustment
Balance at June 30, 2015	$	6,740		$	(42,221	)
Other comprehensive loss before reclassifications		(1,582	)		(10,101	)
Amounts reclassified from accumulated other comprehensive income		-			3,021
Net current period other comprehensive income		(1,582	)		(7,080	)
Balance at June 30, 2016	$	5,158		$	(49,301	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	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	)

	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	)

	Amount Reclassified
Amortization of benefit plan items
Actuarial losses	$	(4,355	)
Transition asset and prior service benefit		(92	)
Total before tax benefit		(4,447	)
Tax benefit		1,426
Total reclassification net of tax	$	(3,021	)

Note J - Business Segments and Foreign Operations (Tables)

12 Months Ended

Jun. 30, 2016

Revenue from External Customers by Products and Services [Table Text Block]

	2016		2015		2014
Industrial	$	32,437	$	42,078	$	41,188
Land based transmissions		29,028		76,450		67,055
Marine and propulsion systems		98,925		141,137		149,432
Other		5,892		6,125		6,234
Total	$	166,282	$	265,790	$	263,909

Schedule of Segment Reporting Information, by Segment [Table Text Block]

2016	Manufacturing			Distribution		Total
Net Sales	$	140,965		$	74,199	$	215,164
Intra-segment sales		11,476			7,854		19,330
Inter-segment sales		26,883			2,669		29,552
Interest income		117			25		142
Interest expense		397			1		398
Income taxes		(2,554	)		108		(2,446	)
Depreciation and amortization		7,536			471		8,007
Net (loss) earnings attributable to Twin Disc		(12,694	)		762		(11,932	)
Assets		221,590			68,939		290,529
Expenditures for segment assets		3,850			188		4,038

2015 (as revised)	Manufacturing		Distribution		Total
Net Sales	$	232,545	$	120,594	$	353,139
Intra-segment sales		19,541		9,584		29,125
Inter-segment sales		54,947		3,277		58,224
Interest income		171		33		204
Interest expense		946		-		946
Income taxes		7,125		1,646		8,771
Depreciation and amortization		8,103		502		8,605
Net earnings attributable to Twin Disc		12,861		6,350		19,211
Assets		246,374		62,134		308,508
Expenditures for segment assets		7,335		1,271		8,606

2014 (as revised)	Manufacturing		Distribution		Total
Net Sales	$	219,489	$	138,416	$	357,905
Intra-segment sales		18,231		13,253		31,484
Inter-segment sales		59,728		2,784		62,512
Interest income		311		22		333
Interest expense		2,565		45		2,610
Income taxes		6,233		1,432		7,665
Depreciation and amortization		8,562		553		9,115
Net earnings attributable to Twin Disc		6,634		6,455		13,089
Assets		246,771		65,115		311,886
Expenditures for segment assets		6,429		315		6,744

Reconciliation of Revenue and Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	2016			2015			2014
Net sales:
Total net sales from reportable segments	$	215,164		$	353,139		$	357,905
Elimination of inter-company sales		(48,882	)		(87,349	)		(93,996	)
Total consolidated net sales	$	166,282		$	265,790		$	263,909

Net (loss) earnings attributable to Twin Disc:
Total net (loss) earnings from reportable segments	$	(11,932	)	$	19,211		$	13,089
Other adjustments and corporate expenses		(1,172	)		(8,038	)		(9,445	)
Total consolidated net (loss) earnings attributable to Twin Disc	$	(13,104	)	$	11,173		$	3,644

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

	Segment Totals			Adjustments			Consolidated Totals
2016
Interest income	$	142		$	5		$	147
Interest expense		398			28			426
Income taxes		(2,446	)		(9,836	)		(12,282	)
Depreciation and amortization		8,007			840			8,847
Assets		290,529			(76,607	)		213,922
Expenditures for segment assets		4,038			176			4,214

2015
Interest income	$	204		$	(80	)	$	124
Interest expense		946			(340	)		606
Income taxes		8,771			(4,256	)		4,515
Depreciation and amortization		8,605			1,556			10,161
Assets		308,508			(58,646	)		249,862
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
Assets		311,886			(44,901	)		266,985
Expenditures for segment assets		6,744			501			7,245

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	2016		2015		2014
Net sales
United States	$	77,147	$	131,198	$	108,380
Italy		13,294		14,457		17,396
Australia		9,943		10,454		9,955
China		9,019		19,712		33,830
Canada		8,699		13,661		9,277
Other countries		48,180		76,308		85,071
Total	$	166,282	$	265,790	$	263,909

Long-lived assets	2016		2015
United States	$	37,319	$	40,822
Belgium		7,154		6,709
Switzerland		7,145		7,686
Italy		1,638		2,376
Other countries		2,477		2,586
Total	$	55,733	$	60,179

Note K - Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2016

Schedule Of Share-based Compensation Shares Available For Future Options [Table Text Block]

	2016		2015
2010 Employee Incentive Plan		333,054		447,730
2010 Directors' Plan		144,656		171,986

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	2016			Weighted Average Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value

Non-qualified stock options:
Options outstanding at beginning of year		19,200		$	15.96
Granted		-			-
Canceled/expired		(1,200	)		10.11
Exercised		(1,200	)		10.11
Options outstanding at June 30		16,800		$	16.80		2.64	$	2.3

Note M - Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Net Funded Status [Table Text Block]

	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Change in benefit obligation:
Benefit obligation, beginning of year	$	127,733		$	123,832		$	16,372		$	16,584
Service cost		770			465			28			30
Interest cost		4,968			4,862			604			579
Actuarial loss (gain)		7,043			8,384			496			882
Contributions by plan participants		143			154			519			547
Benefits paid		(11,601	)		(9,964	)		(2,086	)		(2,250	)
Benefit obligation, end of year	$	129,056		$	127,733		$	15,933		$	16,372

Change in plan assets:
Fair value of assets, beginning of year	$	104,681		$	102,495		$	-		$	-
Actual return on plan assets		(1,442	)		5,828			-			-
Employer contribution		2,383			6,168			1,567			1,703
Contributions by plan participants		143			154			519			547
Benefits paid		(11,601	)		(9,964	)		(2,086	)		(2,250	)
Fair value of assets, end of year	$	94,164		$	104,681		$	-		$	-

Funded status	$	(34,892	)	$	(23,052	)	$	(15,933	)	$	(16,372	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	654		$	638		$	-		$	-
Accrued liabilities - current		(805	)		(764	)		(1,969	)		(2,040	)
Accrued retirement benefits - noncurrent		(34,741	)		(22,926	)		(13,964	)		(14,332	)
Net amount recognized	$	(34,892	)	$	(23,052	)	$	(15,933	)	$	(16,372	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	285		$	296		$	-		$	-
Actuarial net loss		45,850			38,613			3,166			3,312
Net amount recognized	$	46,135		$	38,909		$	3,166		$	3,312

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

	Pension Benefits		Other Postretirement Benefits
Net transition obligation	$	99	$	-
Actuarial net loss		3,598		726
Net amount to be recognized	$	3,697	$	726

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

	June 30
	2016		2015
Projected and accumulated benefit obligation	$	127,528	$	126,242
Fair value of plan assets		91,982		102,552

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits
	2016			2015			2014
Service cost	$	770		$	465		$	536
Interest cost		4,968			4,862			5,425
Expected return on plan assets		(6,874	)		(7,272	)		(6,591	)
Amortization of transition obligation		33			36			32
Amortization of prior service cost		59			-			-
Amortization of actuarial net loss		3,627			2,436			2,894
Net periodic benefit cost	$	2,583		$	527		$	2,296

	Other Postretirement Benefits
	2016		2015		2014
Service cost	$	28	$	30	$	37
Interest cost		604		579		659
Amortization of actuarial net loss		728		638		602
Net periodic benefit cost	$	1,360	$	1,247	$	1,298

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	Pension			Other Postretirement Benefits
Net loss	$	15,514		$	496
Prior service cost		58			-
Amortization of transition asset		(33	)		-
Amortization of prior service cost		(59	)		-
Amortization of net (loss) gain		(3,627	)		(728	)
Total recognized in other comprehensive income		11,853			(232	)
Net periodic benefit cost		2,583			1,360
Total recognized in net periodic benefit cost and other comprehensive income	$	14,436		$	1,128

	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

	Pension			Other Postretirement Benefits
Net loss	$	(6,303	)	$	(59	)
Amortization of prior service benefit		7			-
Amortization of transition asset		(38	)		-
Amortization of net (loss) gain		(2,894	)		(602	)
Total recognized in other comprehensive income		(9,228	)		(661	)
Net periodic benefit cost		2,296			1,298
Total recognized in net periodic benefit cost and other comprehensive income	$	(6,932	)	$	637

Schedule of Assumptions Used [Table Text Block]

	Pension Benefits						Other Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	2016			2015			2016			2015
Discount rate		3.35	%		4.05	%		3.27	%		3.93	%
Expected return on plan assets		6.57	%		7.11	%

	Pension Benefits									Other Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	2016			2015			2014			2016			2015			2014
Discount rate		4.05	%		4.06	%		4.35	%		3.93	%		3.76	%		3.99	%
Expected return on plan assets		7.11	%		7.39	%		7.41	%

Schedule of Plan Weighted Average Assets Allocations [Table Text Block]

	Target			June 30
Asset Category	Allocation			2016			2015
Equity securities		65	%		63	%		62	%
Debt securities		25	%		25	%		25	%
Real estate		10	%		12	%		13	%
		100	%		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	1,143	$	1,143	$	-	$	-
Equity securities:
U.S. (a)		26,046		26,046		-		-
International (b)		12,674		8,881		3,793		-
Fixed Income (c)		20,842		-		20,842		-
Annuity contracts (d)		9,031		-		-		9,031
Real estate (e)		10,537		-		10,537		-
Other (f)		13,891		-		-		13,891
Total	$	94,164	$	36,070	$	35,172	$	22,922

	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

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

	Annuity Contracts			Other
Balance - June 30, 2015	$	9,508		$	15,900
Actual return on plan assets:
Relating to assets still held at reporting date		38			(2,009	)
Purchases, sales and settlements, net		(619	)		-
Transfers in and/or out of Level III		104			-
Balance - June 30, 2016	$	9,031		$	13,891

	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
Purchases, sales and settlements, net		190		-
Balance - June 30, 2015	$	9,508	$	15,900

Schedule of Expected Benefit Payments [Table Text Block]

	Pension Benefits		Other Postretirement Benefits
			Gross Benefits		Part D Reimbursement		Net Benefit Payments
2017	$	10,477	$	2,000	$	-	$	2,000
2018		10,925		1,959		-		1,959
2019		9,675		1,559		-		1,559
2020		9,124		1,465		-		1,465
2021		8,760		1,343		-		1,343
Years 2022 - 2026		38,280		5,258		-		5,258

Note N - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	2016			2015		2014
United States	$	(29,293	)	$	5,614	$	1,107
Foreign		3,998			10,286		6,989
	$	(25,295	)	$	15,900	$	8,096

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2016			2015			2014
Currently payable:
Federal	$	(1,683	)	$	1,607		$	651
State		136			518			104
Foreign		1,468			2,832			2,837
		(79	)		4,957			3,592
Deferred:
Federal		(10,978	)		408			1,309
State		(787	)		5			(95	)
Foreign		(438	)		(855	)		(580	)
		(12,203	)		(442	)		634
	$	(12,282	)	$	4,515		$	4,226

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2016			2015
Deferred tax assets:
Retirement plans and employee benefits	$	19,106		$	15,157
Foreign tax credit carryforwards		8,887			-
Federal tax credits		191			-
State net operating loss and other state credit carryforwards		768			369
Inventory		1,775			1,789
Reserves		1,544			2,587
Foreign NOL carryforwards		3,176			3,539
Accruals		522			584
Other assets		678			568
		36,647			24,593
Deferred tax liabilities:
Property, plant and equipment		6,329			7,221
Intangibles		2,011			4,778
Other liabilities		140			451
		8,480			12,450

Valuation Allowance		(3,123	)		(3,577	)
Total net deferred tax assets	$	25,044		$	8,566

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2016			2015			2014

U.S. federal income tax at 35%	$	(8,601	)	$	5,491		$	2,754
Increases (reductions) in tax resulting from:
Foreign tax items		(2,525	)		362			(291	)
State taxes		(374	)		32			228
Valuation allowance		(1,288	)		(1,121	)		1,551
Change in prior year estimate		473			157			139
Research and development tax credits		(348	)		(337	)		(267	)
Section 199 deduction		-			(96	)		(109	)
Unrecognized tax benefits		(21	)		5			183
Goodwill impairment		420			-			-
Other, net		(18	)		22			38
	$	(12,282	)	$	4,515		$	4,226

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	June 30, 2016			June 30, 2015
Unrecognized tax benefits, beginning of year	$	810		$	1,603
Additions based on tax positions related to the prior year		12			-
Additions based on tax positions related to the current year		172			184
Reductions based on tax positions related to the prior year		(4	)		(3	)
Subtractions due to statutes closing		(179	)		(60	)
Settlements with Taxing Authorities		(21	)		(914	)
Unrecognized tax benefits, end of year	$	790		$	810

Note P - Restructuring of Operations (Tables)

12 Months Ended

Jun. 30, 2016

Restructuring and Related Costs [Table Text Block]

Accrued restructuring liability, June 30, 2014	$	785
Additions		3,282
Payments and adjustments		(291	)
Accrued restructuring liability, June 30, 2015		3,776
Additions		921
Payments and adjustments		(3,896	)
Accrued restructuring liability, June 30, 2016	$	801

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2016

Valuation Allowances and Reserves [Table Text Block]

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

2016:
Allowance for losses on accounts receivable	$	2,183	$	237	$	596	$	1,824
Deferred tax valuation allowance	$	3,577	$	257	$	711	$	3,123

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

Note A - Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Sep. 27, 2013	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.05%			6.05%
Long-term Debt, Fair Value	$ 3,726,000			$ 3,726,000
Debt Instrument, Interest Rate During Period				1.01%
Debt Instrument, Basis Spread on Variable Rate				1.00%
Fair Value Inputs, Discount Rate				2.01%
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life			10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life			40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life			5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life			15 years
Overstatement of Payroll Accrual [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount						$ 337,000
Overstatement of Warranty Accrual [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount						217,000
Overstatement of Work in Progress Inventory [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount						(117,000)
Understatement of Deferred Tax Liabilities [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount						$ 285,000
Understatement Of Tax Expenses [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount					$ 175,000
Understatement Of Accrued Retirement Benefits [Member]
Quantifying Misstatement in Current Year Financial Statements, Amount	470,000
Impairment of Long-Lived Assets Held-for-use			$ 0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			0
Foreign Currency Transaction Gain (Loss), before Tax			(320,000)	$ 491,000	293,000
Allowance for Doubtful Accounts Receivable	2,183,000		$ 1,824,000	2,183,000
Debt Instrument, Interest Rate, Stated Percentage			6.05%
Goodwill, Impairment Loss			$ 7,602,000
Quantifying Misstatement in Current Year Financial Statements, Amount		$ 437,000
Quantifying Misstatement in Current Year Financial Statements Amount, Net of Tax Attributable to Parent		$ 69,000
Quantifying Misstatement In Current Year Financial Statement Increase Decrease Amount Net Earnings				$ (175,000)
Quantifying Misstatement In Current Year Financial Statement Increase (Decrease) Amount Comprehensive Income (Loss)	$ (470,000)

Note B - Inventories (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Percentage of LIFO Inventory	33.00%	28.00%
Excess of Replacement or Current Costs over Stated LIFO Value	$ 26,451	$ 26,816
Inventory Valuation Reserves	$ 8,823	$ 8,167

Note B - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Finished parts	$ 45,622	$ 56,982
Work in process	8,020	8,292
Raw materials	12,927	14,967
Total inventories	$ 66,569	$ 80,241

Note C - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Depreciation	$ 8,682	$ 9,922	$ 10,180

Note C - Property, Plant and Equipmnet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Land	$ 6,497	$ 6,646
Buildings	45,808	44,110
Machinery and equipment	132,969	133,432
Property, plant and Equipment, Gross	185,274	184,188
Less: accumulated depreciation	(133,609)	(127,761)
Property, plant and Equipment, Net	$ 51,665	$ 56,427

Note D - Goodwill and Other Intangibles (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Industrial [Member] \| UNITED STATES
Fair Value Inputs, Discount Rate	13.10%
Goodwill, Impairment Loss	$ 6,391,000
Industrial [Member] \| Europe [Member]
Goodwill, Impairment Loss	$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	31.00%
Marine and Propulsion Systems [Member] \| Europe [Member]
Goodwill, Impairment Loss	$ 1,211,000
Goodwill, Impairment Loss	$ 7,602,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years
Amortization of Intangible Assets	$ 165,000	239,000	$ 477,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 201,000	$ 213,000

Note D - Goodwill by Reporting Units (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Industrial [Member] \| UNITED STATES
Goodwill	$ 2,550
Marine and Propulsion Systems [Member] \| Europe [Member]
Goodwill	2,570
Goodwill	$ 5,120	$ 12,789	$ 13,463

Note D - Goodwill Rollforward (Details) - USD ($)	12 Months Ended
Note D - Goodwill Rollforward (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Balance, Gross carrying Amount	$ 16,459,000	$ 17,133,000
Balance	(3,670,000)
Balance, Net Book Value	12,789,000	13,463,000
Translation Adjustment, Gross carrying Amount	(42,000)	(674,000)
Balance, Gross carrying Amount	16,392,000	16,459,000	$ 17,133,000
Balance	(11,272,000)	(3,670,000)
Balance, Net Book Value	5,120,000	12,789,000	13,463,000
Sale of business, Gross carrying Amount	(25,000)
Impairment	(7,602,000)
Translation adjustment, Net Book Value	$ (42,000)	$ (674,000)

Note D - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Licensing Agreements [Member]
Gross Carrying Amount	$ 3,015	$ 3,015
Accumulated Amortization	(2,565)	(2,505)
Net Book Value	450	510
Noncompete Agreements [Member]
Gross Carrying Amount	2,128	2,128
Accumulated Amortization	(2,045)	(2,045)
Accumulated Impairment	(83)	(83)
Trade Names [Member]
Gross Carrying Amount	1,668	1,653
Accumulated Amortization	(275)	(194)
Net Book Value	1,393	1,459
Other Intangible Assets [Member]
Gross Carrying Amount	6,615	6,476
Accumulated Amortization	(5,301)	(5,278)
Net Book Value	120	4
Accumulated Impairment	(1,194)	(1,194)
Gross Carrying Amount	13,426	13,272
Accumulated Amortization	(10,186)	(10,022)
Net Book Value	1,963	1,973
Accumulated Impairment	$ (1,277)	$ (1,277)

Note D - Estimated Intangibles (Details) $ in Thousands	Jun. 30, 2016 USD ($)
2017	$ 180
2018	179
2019	167
2020	153
2021	149
Thereafter	$ 1,135

Note E - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Salaries and wages	$ 4,851	$ 8,568
Retirement benefits	3,550	3,773
Distributor rebate	2,538	2,989
Product Warranty Accrual, Current	2,532	3,310
Customer advances/deferred revenue	2,372	2,602
Restructuring	801	3,776
Other	4,771	7,736
Total accrued liabilities	$ 21,415	$ 32,754

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]

Note F - Warranty (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Minimum [Member]
Warranty Period	1 year
Maximum [Member]
Warranty Period	2 years
Product Warranty Accrual, Current	$ 2,532	$ 3,310
Product Warranty Accrual, Noncurrent	$ 1,075	$ 1,935

Note F - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
Note F - Warranty (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Reserve Balance	$ 5,245	$ 5,968
Current period expense	646	1,989
Payments or credits to customers	(2,278)	(2,332)
Translation adjustment	(6)	(380)
Reserve Balance	$ 3,607	$ 5,245

Note G - Debt (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
Note G - Debt (Details Textual) $ in Thousands	Jun. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)
Line of Credit [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,689	$ 1,689	$ 1,470
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,689	$ 1,689	$ 1,470
Debt, Weighted Average Interest Rate	5.80%	5.80%	5.40%
Revolving Loan Agreement [Member] \| Bank of Montreal [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 12,058
Line of Credit Facility, Current Borrowing Capacity			$ 21,571
Line of Credit Facility, Interest Rate at Period End			2.21%
Revolving Loan Agreement [Member] \| Wells Fargo Bank, National Association [Member]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Line of Credit Facility, Interest Rate During Period		1.20%
Number Of Recent Quarters Considered For Minimum Effective Interest Rate	4	4
Minimum EBITDA		$ 11,000
EBITDA Ratio		3
Revised EBITDA	$ 3,300
Revolving Loan Agreement [Member]
Long-term Debt	10,208	$ 10,208	$ 8,478
Senior Notes [Member]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Long-term Debt	3,571	$ 3,571
Maximum Potential Sale and Purchase	$ 50,000	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	6.05%	6.05%
Long-term Debt	$ 13,802	$ 13,802	$ 8,501
Debt Instrument, Interest Rate, Stated Percentage			6.05%

Note G - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Revolving Loan Agreement [Member]
Long-term Debt	$ 8,478	$ 10,208
The10-year Unsecured Senior Notes [Member]
Long-term Debt		3,571
Other Long-Term Debt [Member]
Long-term Debt	23	23
Long-term Debt	8,501	13,802
Less: current maturities		(3,571)
Total long-term debt	$ 8,501	$ 10,231

Note G - Long-term Debt (Details) (Parentheticals)	12 Months Ended
Note G - Long-term Debt (Details) (Parentheticals)	Jun. 30, 2016	Jun. 30, 2015
The10-year Unsecured Senior Notes [Member]
Maturity period of unsecured senior notes	10 years	10 years

Note G - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
2017
2018
2019
2020
2021	8,478
Thereafter	23
Total long-term debt	$ 8,501	$ 13,802

Note H - Lease Commitments (Details Textual) - USD ($)	12 Months Ended
Note H - Lease Commitments (Details Textual) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating Leases, Rent Expense, Net	$ 3,240,000	$ 3,550,000	$ 3,920,000

Note H - Future Minimum Rental Commitments Under Noncancellable Operating Leases (Details) $ in Thousands	Jun. 30, 2016 USD ($)
2017	$ 2,422
2018	1,374
2019	483
2020	217
2021	25
Thereafter	44
Total	$ 4,565

Note I - Shareholders' Equity (Details Textual)		12 Months Ended
Note I - Shareholders' Equity (Details Textual)	Jun. 30, 2008 $ / shares $ / item shares	Jun. 30, 2016 $ / shares shares	Jun. 30, 2015 $ / shares shares	Jun. 30, 2014 $ / shares shares
Treasury Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		83,377	49,314	51,921
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		315,000	315,000	315,000
Number of Preferred Stock Purchase Rights Per Outstanding Share of Common Stock	1
Preferred Stock, Shares Issued		0	0
Common Stock, Shares, Outstanding		11,350,174	11,267,347	11,261,873
Treasury Stock, Shares		1,749,294	1,832,121	1,837,595
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		1,750	46,240
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares		$ 0.18	$ 0.36	$ 0.36
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	0.25
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 125
Number of Business Days Following Public Announcement to Exercise Right	10 days
Beneficial Ownership of Company's Common Stock	20.00%
Beneficial Ownership of Company's Common Stock for ExistingHolder	30.00%
Beneficial Ownership of Company's Common Stock as Result of Transfer	20.00%
Number of Business Days Following Commencement of Tender Offer	10 days
Beneficial Ownership of Common Stock Under Second Condition Minimum	20.00%
Beneficial Ownership of Common Stock for Existing Holder Under Second Condition	30.00%
Multiple of Exercise Price	2
Redemption Price of Right \| $ / item	0.01
Preferred Stock, Shares Authorized		200,000	200,000
Preferred Stock, Capital Shares Reserved for Future Issuance		150,000

Note I - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Translation adjustments	$ 5,158	$ 6,740
Benefit plan adjustments, net of income taxes of $27,750 and $24,411 respectively	(49,301)	(42,221)
Accumulated other comprehensive loss	$ (44,143)	$ (35,481)

Note I - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Tax effect on benefit plan adjustments	$ 27,750	$ 24,411

Note I - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Translation Adjustment [Member]
Balance	$ 6,740	$ 20,779	$ 16,949
Other comprehensive loss before reclassifications	(1,582)	(14,039)	3,830
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	(1,582)	(14,039)	3,830
Balance	5,158	6,740	20,779
Benefit Plan Adjustment [Member]
Balance	(42,221)	(36,722)	(42,848)
Other comprehensive loss before reclassifications	(10,101)	(7,518)	3,950
Amounts reclassified from accumulated other comprehensive income	3,021	2,019	2,176
Net current period other comprehensive income	(7,080)	(5,499)	6,126
Balance	(49,301)	(42,221)	$ (36,722)
Balance	(35,481)
Balance	$ (44,143)	$ (35,481)

Note I - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Benefit Plan Adjustment [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Actuarial losses	$ (4,355)	$ (3,074)	$ (3,496)
Transition asset and prior service benefit	(92)	(36)	(31)
Total before tax benefit	(4,447)	(3,110)	(3,527)
Income taxes	1,426	1,091	1,351
Net (loss) earnings	(3,021)	(2,019)	(2,176)
Income taxes	(12,282)	4,515	4,226
Net (loss) earnings	$ (13,013)	$ 11,385	$ 3,870

Note J - Business Segments and Foreign Operations (Details Textual)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Customer 1 [Member]
Concentration Risk, Percentage	12.00%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Customer 2 [Member]
Concentration Risk, Percentage	12.00%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Number of Customers	2	1	1
Concentration Risk, Percentage		11.00%	11.00%
Number of Reportable Segments	2

Note J - Net Sales by Product Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Industrial [Member]
Net Sales	$ 32,437	$ 42,078	$ 41,188
Land Based Transmissions [Member]
Net Sales	29,028	76,450	67,055
Marine and Propulsion Systems [Member]
Net Sales	98,925	141,137	149,432
Other [Member]
Net Sales	5,892	6,125	6,234
Net Sales	$ 166,282	$ 265,790	$ 263,909

Note J - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating Segments [Member] \| Manufacturing Segment [Member]
Net Sales	$ 140,965	$ 232,545	$ 219,489
Interest income	117	171	311
Interest expense	397	946	2,565
Income taxes	(2,554)	7,125	6,233
Depreciation and amortization	7,536	8,103	8,562
Net (loss) earnings attributable to Twin Disc	(12,694)	12,861	6,634
Assets	221,590	246,374	246,771
Expenditures for segment assets	3,850	7,335	6,429
Operating Segments [Member] \| Distribution Segment [Member]
Net Sales	74,199	120,594	138,416
Interest income	25	33	22
Interest expense	1		45
Income taxes	108	1,646	1,432
Depreciation and amortization	471	502	553
Net (loss) earnings attributable to Twin Disc	762	6,350	6,455
Assets	68,939	62,134	65,115
Expenditures for segment assets	188	1,271	315
Operating Segments [Member]
Net Sales	215,164	353,139	357,905
Interest income	142	204	333
Interest expense	398	946	2,610
Income taxes	(2,446)	8,771	7,665
Depreciation and amortization	8,007	8,605	9,115
Net (loss) earnings attributable to Twin Disc	(11,932)	19,211	13,089
Assets	290,529	308,508	311,886
Expenditures for segment assets	4,038	8,606	6,744
Intra-segment Sales [Member] \| Manufacturing Segment [Member]
Net Sales	11,476	19,541	18,231
Intra-segment Sales [Member] \| Distribution Segment [Member]
Net Sales	7,854	9,584	13,253
Intra-segment Sales [Member]
Net Sales	19,330	29,125	31,484
Inter-segment Sales [Member] \| Manufacturing Segment [Member]
Net Sales	26,883	54,947	59,728
Inter-segment Sales [Member] \| Distribution Segment [Member]
Net Sales	2,669	3,277	2,784
Inter-segment Sales [Member]
Net Sales	29,552	58,224	62,512
Net Sales	166,282	265,790	263,909
Interest income	147	124	121
Interest expense	426	606	936
Income taxes	(12,282)	4,515	4,226
Depreciation and amortization	8,847	10,161	10,657
Net (loss) earnings attributable to Twin Disc	(13,104)	11,173	3,644
Assets	213,922	249,862	266,985
Expenditures for segment assets	$ 4,214	$ 9,049	$ 7,245

Note J - Reconciliation of Reportable Segment Net Sales and Net Earnings to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating Segments [Member]
Net Sales	$ 215,164	$ 353,139	$ 357,905
Net (loss) earnings attributable to Twin Disc	(11,932)	19,211	13,089
Intersegment Eliminations [Member]
Net Sales	(48,882)	(87,349)	(93,996)
Corporate, Non-Segment [Member]
Net (loss) earnings attributable to Twin Disc	(1,172)	(8,038)	(9,445)
Net Sales	166,282	265,790	263,909
Net (loss) earnings attributable to Twin Disc	$ (13,104)	$ 11,173	$ 3,644

Note J - Reconciliation of Reportable Segments Other Significant Reconciling Items to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Operating Segments [Member]
Interest income	$ 142	$ 204	$ 333
Interest expense	398	946	2,610
Income taxes	(2,446)	8,771	7,665
Depreciation and amortization	8,007	8,605	9,115
Assets	290,529	308,508	311,886
Expenditures for segment assets	4,038	8,606	6,744
Adjustments [Member]
Interest income	5	(80)	(212)
Interest expense	28	(340)	(1,674)
Income taxes	(9,836)	(4,256)	(3,439)
Depreciation and amortization	840	1,556	1,542
Assets	(76,607)	(58,646)	(44,901)
Expenditures for segment assets	176	443	501
Interest income	147	124	121
Interest expense	426	606	936
Income taxes	(12,282)	4,515	4,226
Depreciation and amortization	8,847	10,161	10,657
Assets	213,922	249,862	266,985
Expenditures for segment assets	$ 4,214	$ 9,049	$ 7,245

Note J - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Reportable Geographical Components [Member] \| UNITED STATES
Net Sales	$ 77,147	$ 131,198	$ 108,380
Long-lived Assets	37,319	40,822
Reportable Geographical Components [Member] \| ITALY
Net Sales	13,294	14,457	17,396
Long-lived Assets	1,638	2,376
Reportable Geographical Components [Member] \| BELGIUM
Long-lived Assets	7,154	6,709
Reportable Geographical Components [Member] \| AUSTRALIA
Net Sales	9,943	10,454	9,955
Reportable Geographical Components [Member] \| SWITZERLAND
Long-lived Assets	7,145	7,686
Reportable Geographical Components [Member] \| CHINA
Net Sales	9,019	19,712	33,830
Reportable Geographical Components [Member] \| CANADA
Net Sales	8,699	13,661	9,277
Reportable Geographical Components [Member] \| Other Countries [Member]
Net Sales	48,180	76,308	85,071
Long-lived Assets	2,477	2,586
Net Sales	166,282	265,790	$ 263,909
Long-lived Assets	$ 55,733	$ 60,179

Note K - Stock-based Compensation (Details Textual) - USD ($)	9 Months Ended		12 Months Ended
	Mar. 25, 2016	Mar. 27, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			250,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			0
Long-term Incentive Compensation Plan 2010 [Member] \| Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			5 years
Percentage of Combined Voting Power of Stock Owned by Optionee			10.00%
Percentage of Grant Date Fair Market Value Specified as Price of Incentive Stock Options Based on Condition, Minimum			110.00%
Percentage of Stock Owned by Shareholder to Which No Options Were Granted			10.00%
Long-term Incentive Compensation Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			650,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				0
Stock Incentive Plan for Non-employee Directors 2004 [Member] \| Non-qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			16,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures			0	0	0
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			90,699	14,101	17,038
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			60,466	16,261	17,312
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			72,217	25,949	44,712
Allocated Share-based Compensation Expense			$ 54,000	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$ 17.85
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			$ 1,235,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 0
Performance Stock Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				13,621	22,205
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0	15,861	43,154
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			11,351	29,855	41,160
Allocated Share-based Compensation Expense			$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$ 30.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0	$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 118,000
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			95,738	59,494	51,004
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			142,971	94,183	116,297
Allocated Share-based Compensation Expense			$ 1,241,000	$ 696,000	$ 1,184,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 1,109,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			1,750	46,240	3,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			681,000	993,000	3,053,000
Non-qualified Stock Options [Member] \| Exercise Price Range ($10.01 - $27.55) [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 10.01
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit			$ 27.55
Non-qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			16,800	19,200
Stock Options [Member]
Allocated Share-based Compensation Expense			$ 0	$ 0	$ 0
Percentage of Options Vested on Adoption of Statement			100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 4,000	$ 55,000	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			1,750	46,240

Note K - Shares Available for Future Options (Details) - Stock Options [Member] - shares	Jun. 30, 2016	Jun. 30, 2015
Long-term Incentive Compensation Plan 2010 [Member]
Shares Available for Grant (in shares)	333,054	447,730
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Shares Available for Grant (in shares)	144,656	171,986

Note K - Stock Option Transactions (Details) - Non-qualified Stock Options [Member]	12 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Options outstanding (in shares)	19,200
Options outstanding, weighted average price (in dollars per share) \| $ / shares	$ 15.96
Options outstanding, aggregate intrinsic value \| $
Options Granted (in shares)
Options Canceled/expired (in shares)	(1,200)
Canceled/expired, weighted average price (in dollars per share) \| $ / shares	$ 10.11
Options Exercised (in shares)	(1,200)
Exercised, weighted average price (in dollars per share) \| $ / shares	$ 10.11
Options outstanding (in shares)	16,800
Options outstanding, weighted average price (in dollars per share) \| $ / shares	$ 16.80
Options outstanding, weighted average remaining contractual life	2 years 233 days
Options outstanding, aggregate intrinsic value \| $	$ 2,300

Note L - Engineering and Development Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Research and Development Expense	$ 1,805	$ 2,288	$ 3,028
Engineering and Development Costs	$ 9,481	$ 11,091	$ 10,900

Note M - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Common Stock Held by U.S Pension Plans [Member]
Defined Benefit Plan, Number of Shares of Equity Securities Issued by Employer and Related Parties Included in Plan Assets	98,211	98,211
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets	$ 1,054,800	$ 1,830,700
Defined Benefit Plan, Actual Plan Asset Allocations	1.10%	1.80%
Pension Plan [Member]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 1,467,000
Defined Benefit Plan, Cost of Premium for Health Coverage Plan, Percentage	100.00%
Defined Benefit Plan, Accumulated Benefit Obligation	$ 129,056,000	$ 127,733,000
Defined Benefit Plan, Weighted Average Healthcare Cost, Trend Rate	7.50%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%
Defined Benefit Plan, Percentage of Increase in Assumed HealthCare Cost Trend Rate	1.00%
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	$ 320,000
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components	$ 13,000
Defined Benefit Plan, Percentage of Decrease in Assumed Healthcare Cost Trend Rate	1.00%
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	$ 313,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	$ 13,000
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Defined Benefit Plan, Expected Long-term Return on Plan Assets	7.00%
Defined Contribution Plan, Cost Recognized	$ 2,058,000	$ 2,526,000	$ 2,218,000

Note M - Net Funded Status of Pension and Postretirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Benefit obligation, beginning of year	$ 127,733	$ 123,832
Service cost	770	465	$ 536
Interest cost	4,968	4,862	5,425
Actuarial loss (gain)	7,043	8,384
Contributions by plan participants	143	154
Benefits paid	(11,601)	(9,964)
Benefit obligation, end of year	129,056	127,733	123,832
Fair value of assets, beginning of year	104,681	102,495
Actual return on plan assets	(1,442)	5,828
Employer contribution	2,383	6,168
Contributions by plan participants	143	154
Benefits paid	(11,601)	(9,964)
Fair value of assets, end of year	94,164	104,681	102,495
Funded status	(34,892)	(23,052)
Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	654	638
Accrued liabilities - current	(805)	(764)
Accrued retirement benefits - noncurrent	(34,741)	(22,926)
Net amount recognized	(34,892)	(23,052)
Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	285	296
Actuarial net loss	45,850	38,613
Net amount recognized	46,135	38,909
Other Postretirement Benefit Plan [Member]
Benefit obligation, beginning of year	16,372	16,584
Service cost	28	30	37
Interest cost	604	579	659
Actuarial loss (gain)	496	882
Contributions by plan participants	519	547
Benefits paid	(2,086)	(2,250)
Benefit obligation, end of year	15,933	16,372	16,584
Fair value of assets, beginning of year
Actual return on plan assets
Employer contribution	1,567	1,703
Contributions by plan participants	519	547
Benefits paid	(2,086)	(2,250)
Fair value of assets, end of year
Funded status	(15,933)	(16,372)
Amounts recognized in the balance sheet consist of:
Other assets - noncurrent
Accrued liabilities - current	(1,969)	(2,040)
Accrued retirement benefits - noncurrent	(13,964)	(14,332)
Net amount recognized	(15,933)	(16,372)
Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation
Actuarial net loss	3,166	3,312
Net amount recognized	3,166	3,312
Fair value of assets, beginning of year	104,681
Fair value of assets, end of year	94,164	104,681
Net amount recognized	$ 49,301	$ 42,221

Note M - Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($)
Pension Plan [Member]
Net transition obligation	$ 99
Actuarial net loss	3,598
Net amount to be recognized	3,697
Other Postretirement Benefit Plan [Member]
Net transition obligation
Actuarial net loss	726
Net amount to be recognized	$ 726

Note M - Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Projected and accumulated benefit obligation	$ 127,528	$ 126,242
Fair value of plan assets	$ 91,982	$ 102,552

Note M - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Service cost	$ 770	$ 465	$ 536
Interest cost	4,968	4,862	5,425
Expected return on plan assets	(6,874)	(7,272)	(6,591)
Amortization of transition obligation	33	36	32
Amortization of prior service cost	59
Amortization of actuarial net loss	3,627	2,436	2,894
Net periodic benefit cost	2,583	527	2,296
Other Postretirement Benefit Plan [Member]
Service cost	28	30	37
Interest cost	604	579	659
Amortization of actuarial net loss	728	638	602
Net periodic benefit cost	$ 1,360	$ 1,247	$ 1,298

Note M - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Net loss	$ 15,514	$ 9,406	$ (6,303)
Prior service cost	58
Amortization of transition asset	(33)	(36)	(38)
Amortization of prior service cost	(59)		7
Amortization of net (loss) gain	(3,627)	(2,436)	(2,894)
Total recognized in other comprehensive income	11,853	6,934	(9,228)
Net periodic benefit cost	2,583	527	2,296
Total recognized in net periodic benefit cost and other comprehensive income	14,436	7,461	(6,932)
Other Postretirement Benefit Plan [Member]
Net loss	496	882	(59)
Prior service cost
Amortization of transition asset
Amortization of prior service cost
Amortization of net (loss) gain	(728)	(638)	(602)
Total recognized in other comprehensive income	(232)	244	(661)
Net periodic benefit cost	1,360	1,247	1,298
Total recognized in net periodic benefit cost and other comprehensive income	$ 1,128	$ 1,491	$ 637

Note M - Schedule of Assumptions (Details)	12 Months Ended
Note M - Schedule of Assumptions (Details)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Discount rate	3.35%	4.05%
Expected return on plan assets	6.57%	7.11%
Discount rate	4.05%	4.06%	4.35%
Expected return on plan assets	7.11%	7.39%	7.41%
Other Postretirement Benefit Plan [Member]
Discount rate	3.27%	3.93%
Expected return on plan assets
Discount rate	3.93%	3.76%	3.99%
Expected return on plan assets

Note M - Pension Plan Weighted-Average Asset Allocations (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Equity Securities [Member]
Target Allocation	65.00%
Actual Allocation	63.00%	62.00%
Debt Securities [Member]
Target Allocation	25.00%
Actual Allocation	25.00%	25.00%
Real Estate [Member]
Target Allocation	10.00%
Actual Allocation	12.00%	13.00%
Target Allocation	100.00%
Actual Allocation	100.00%	100.00%

Note M - Plan Assets Using Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2014

Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]

$ 1,143

$ 1,034

Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]

Cash and Cash Equivalents [Member]

Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES

1,143

1,034

Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Non-US [Member]

^[1]

26,046

28,035

Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES

^[2]

8,881

10,649

Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Non-US [Member]

^[1]

Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES

^[2]

3,793

4,170

Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Non-US [Member]

^[1]

Equity Securities [Member] | UNITED STATES

^[2]

Equity Securities [Member] | Non-US [Member]

^[1]

26,046

28,035

Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]

^[2]

12,674

14,819

Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

8,993

Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

20,842

13,622

Fixed Income Securities [Member]

^[3]

Annuity Contracts [Member] | Fair Value, Inputs, Level 1 [Member]

^[3]

20,842

22,615

Annuity Contracts [Member] | Fair Value, Inputs, Level 2 [Member]

^[4]

Annuity Contracts [Member] | Fair Value, Inputs, Level 3 [Member]

^[4]

Annuity Contracts [Member]

9,031

^[4]

9,508

^[4]

$ 6,340

Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]

^[4]

9,031

9,508

Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]

^[5]

Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]

^[5]

10,537

12,770

^[5]

Real Estate [Member]

Other [Member] | Fair Value, Inputs, Level 1 [Member]

^[5]

10,537

12,770

Other [Member] | Fair Value, Inputs, Level 2 [Member]

^[6]

Other [Member] | Fair Value, Inputs, Level 3 [Member]

^[6]

13,891

^[6]

15,900

^[6]

$ 14,689

Other [Member]

Fair Value, Inputs, Level 1 [Member]

^[6]

13,891

15,900

Fair Value, Inputs, Level 2 [Member]

36,070

48,711

Fair Value, Inputs, Level 3 [Member]

35,172

30,562

22,922

25,408

Fair Value, Inputs, Level 3 [Member] | Annuity Contracts [Member]

$ 94,164

$ 104,681

[1]	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.
[2]	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
[3]	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.
[4]	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.
[5]	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.
[6]	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.

Note M - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2016

Jun. 30, 2015

$ 9,508

^[1]

$ 6,340

Relating to assets still held at reporting date

2,978

Purchases, sales and settlements, net

(619)

190

Transfers in and/or out of Level III

104

^[1]

9,031

9,508

Fair Value, Inputs, Level 3 [Member] | Other [Member]

9,508

^[1]

6,340

15,900

^[2]

14,689

Relating to assets still held at reporting date

(2,009)

1,211

Purchases, sales and settlements, net

Transfers in and/or out of Level III

^[2]

13,891

15,900

Fair Value, Inputs, Level 3 [Member]

15,900

^[2]

14,689

25,408

22,922

25,408

Annuity Contracts [Member]

25,408

^[1]

9,508

^[1]

9,031

9,508

^[1]

9,508

Other [Member]

^[2]

15,900

^[2]

13,891

15,900

^[2]

15,900

104,681

94,164

$ 104,681