0001437749-21-021350 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2021	Aug. 20, 2021	Dec. 25, 2020
Document Information [Line Items]
Entity Central Index Key	0000100378
Entity Registrant Name	TWIN DISC INC
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-7635
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0667110
Entity Address, Address Line One	1328 Racine Street
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	638‑4000
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	TWIN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 77,500,872
Entity Common Stock, Shares Outstanding		13,654,965
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash	$ 12,340	$ 10,688
Trade accounts receivable, net	39,491	30,682
Inventories	114,967	120,607
Assets held for sale	9,539	0
Prepaid expenses	5,704	5,269
Other	9,926	6,739
Total current assets	191,967	173,985
Property, plant and equipment, net	45,463	58,284
Operating lease right-of-use assets	14,736	14,448
Intangible assets, net	17,480	18,973
Deferred income taxes	2,511	24,445
Other assets	3,256	3,992
Total assets	275,413	294,127
Current liabilities:
Current maturities of long-term debt	2,000	4,691
Accounts payable	31,011	25,663
Accrued liabilities	45,549	36,380
Total current liabilities	78,560	66,734
Long-term debt	30,085	37,896
Lease obligations	12,887	12,738
Accrued retirement benefits	11,176	27,938
Deferred income taxes	5,045	5,501
Other long-term liabilities	7,000	3,362
Total liabilities	144,753	154,169
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	0	0
Common shares authorized: 30,000,000; issued: 14,632,802; no par value	40,972	42,756
Retained earnings	126,936	156,655
Accumulated other comprehensive loss	(22,615)	(41,226)
Equity before treasury stock	145,293	158,185
Less treasury stock, at cost (984,139 and 1,226,809 shares, respectively)	15,083	18,796
Total Twin Disc shareholders' equity	130,210	139,389
Noncontrolling interest	450	569
Total equity	130,660	139,958
Total liabilities and equity	$ 275,413	$ 294,127

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 2021	Jun. 30, 2020
Preferred Shares, Authorized (in shares)	200,000	200,000
Preferred Shares, Issued (in shares)	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Common shares, authorized (in shares)	30,000,000	30,000,000
Common shares, shares issued (in shares)	14,632,802	14,632,802
Common shares, no par value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	984,139	1,226,809

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 218,581	$ 246,838
Cost of goods sold	167,724	191,130
Gross profit	50,857	55,708
Marketing, engineering and administrative expenses	55,750	63,218
Restructuring expenses	7,377	5,138
Goodwill and other asset impairment charge	0	27,603
Loss from operations	(12,270)	(40,251)
Other income (expense):
Interest expense	(2,358)	(1,860)
Income from extinguishment of loan	8,200	0
Other (expense) income, net	(3,411)	(1,629)
Non-operating income (expense)	2,431	(3,489)
Loss before income taxes and noncontrolling interest	(9,839)	(43,740)
Income tax expense (benefit)	19,680	(4,169)
Net loss	(29,519)	(39,571)
Less: Net earnings attributable to noncontrolling interest, net of tax	(200)	(246)
Net loss attributable to Twin Disc	$ (29,719)	$ (39,817)
Loss per share data:
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (2.24)	$ (3.03)
Diluted loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (2.24)	$ (3.03)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,247	13,153
Dilutive stock awards (in shares)	0	0
Diluted shares outstanding (in shares)	13,247	13,153
Comprehensive loss
Net loss	$ (29,519)	$ (39,571)
Foreign currency translation adjustment	5,639	(966)
Benefit plan adjustments, net of income taxes of $3,791 and ($530), respectively	12,113	(1,675)
Unrealized gain (loss) on hedges, net of income taxes of $235 and ($185), respectively	760	(595)
Comprehensive loss	(11,007)	(42,807)
Less: Comprehensive income attributable to noncontrolling interest	(101)	(266)
Comprehensive loss attributable to Twin Disc	$ (11,108)	$ (43,073)

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Benefit plan adjustments, income taxes	$ 3,791	$ (530)
Unrealized loss on cash flow hedge, income taxes	$ 235	$ (185)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (29,519)	$ (39,571)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,243	11,925
Income from extinguishment of loan	(8,200)	0
Restructuring of operations	6,619	2,269
Stock compensation expense	2,154	1,158
Provision for deferred income taxes	17,655	(8,072)
Goodwill and other asset impairment charge	0	27,603
Other, net	798	258
Changes in operating assets and liabilities
Trade accounts receivable	(7,810)	13,132
Inventories	9,063	6,775
Other assets	(5,007)	2,246
Accounts payable	4,606	(3,342)
Accrued liabilities	7,058	(5,807)
Accrued/prepaid retirement benefits	(2,132)	544
Net cash provided by operating activities	6,528	9,118
Cash flows from investing activities:
Capital expenditures	(4,464)	(10,699)
Proceeds on note receivable	1,500	500
Proceeds from sale of plant assets	102	137
Proceeds from life insurance policy	253	102
Other, net	(133)	(159)
Net cash used by investing activities	(2,742)	(10,119)
Cash flows from financing activities:
Borrowings under long-term debt agreement	0	8,200
Borrowings under revolving loan agreement	76,335	99,262
Repayments under revolving loan agreement	(78,370)	(105,065)
Repayments of long-term borrowings	(1,838)	(2,241)
Payments of withholding taxes on stock compensation	(224)	(913)
Dividends paid to noncontrolling interest	(220)	(298)
Net cash used by financing activities	(4,317)	(1,055)
Effect of exchange rate changes on cash	2,183	382
Net change in cash	1,652	(1,674)
Cash:
Beginning of year	10,688	12,362
End of year	12,340	10,688
Supplemental cash flow information:
Interest	2,366	1,861
Income taxes	$ 3,257	$ 3,481

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Balance at Jun. 30, 2019	$ 45,047	$ 196,472	$ (37,971)	$ (21,332)	$ 602	$ 182,818
Net (loss) income		(39,817)			246	(39,571)
Translation adjustments			(985)		19	(966)
Benefit plan adjustments, net of tax			(1,675)			(1,675)
Unrealized gain (loss) on hedges			(595)			(595)
Cash dividends					(298)	(298)
Compensation expense	1,158					1,158
Shares (acquired) issued, net	(3,449)			2,536		(913)
Balance at Jun. 30, 2020	42,756	156,655	(41,226)	(18,796)	569	139,958
Net (loss) income		(29,719)			200	(29,519)
Translation adjustments			5,738		(99)	5,639
Benefit plan adjustments, net of tax			12,113			12,113
Unrealized gain (loss) on hedges			760			760
Cash dividends					(220)	(220)
Compensation expense	2,154					2,154
Shares (acquired) issued, net	(3,938)			3,713		(225)
Balance at Jun. 30, 2021	$ 40,972	$ 126,936	$ (22,615)	$ (15,083)	$ 450	$ 130,660

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Note A - Significant Accounting Policies

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

A. SIGNIFICANT ACCOUNTING POLICIES

COVID-19

Throughout this report, references made to “COVID-19” pertain to the global pandemic declared by the World Health Organization (“WHO”) in March 2020. This pandemic caused shelter-in-place policies, unexpected factory closures, supply chain disruptions, and market volatilities across the globe. These drastic actions resulted in an unprecedented global recession, causing substantial declines in countries’ gross domestic output around the world.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. The depth and duration of the pandemic remains unknown. Despite the availability of vaccines, recent surges in the infection rate and the detection of new variants of the virus have reinforced the general consensus that the containment of COVID-19 remains a challenge. Management is actively monitoring the global situation and its effect on its financial condition, liquidity, operations, suppliers, industry, and workforce.

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-owned domestic and foreign subsidiaries. In fiscal 2021 and 2020, certain subsidiaries changed their reporting periods to conform to the Company’s fiscal year end. The impact of aligning to the corporate reporting period is not material to the consolidated results. 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 (expense) income are foreign currency transaction losses of ($2,108) and ($570) in fiscal 2021 and 2020, 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.

Accounts Receivable--These represent trade accounts receivable and are stated net of an allowance for doubtful accounts of $1,870 and $1,740 at June 30, 2021 and 2020, respectively. The Company records an allowance for doubtful accounts 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 its 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 and accounts payable 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 defined in Note M, Pension and Other Postretirement Benefit Plans. The Company’s borrowings under the revolving loan agreement, which is classified as long-term debt and consists of loans that are routinely borrowed and repaid throughout the year, approximate fair value at June 30, 2021. The Company’s term loan borrowing, which is LIBOR-based, approximates fair value at June 30, 2021. If measured at fair value in the financial statements, long-term debt (including any current portion) would be classified as Level 2 in the fair value hierarchy.

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 derivative financial instruments to manage certain financial risks. The Company enters into forward contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. The Company uses interest rate swap contracts to reduce the exposure to variability in interest rates on floating debt borrowings. The Company designates certain financial instruments as cash flow hedges for accounting purposes. The Company designates certain financial instruments as net investment hedges to reduce the exposure in its foreign currency denominated net investments in wholly-owned subsidiaries. See Note R, Derivative Financial Instruments, for additional information.

Inventories‑‑Inventories are valued at the lower of cost or net realizable value. 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.

Assets Held for Sale--Assets that will be recovered principally through sale rather than in its continuing use in operations are reclassified out of property, plant and equipment and into assets held for sale if all of the following criteria are met: (a) management, having the authority to approve the action, commits to a plan to sell the asset(s); (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (c) an active program to locate a buyer, and other actions required to complete the plan to sell the asset have been initiated; (d) the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within a year; (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that plan will be withdrawn.

Assets Held for Sale are carried at fair value less costs to sell, or net book value, whichever is lower. The Company ceases to record depreciation expense at the time of designation as held for sale. During fiscal 2021, the Company classified certain properties as held for sale and recorded impairment charges of $4,267. See Note P, Restructuring of Operations and Income from Extinguishment of Loan, for additional information.

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.

Right of Use Lease Assets--In accordance with ASC 842, the Company’s leases, with lease periods longer than twelve months, are recorded on the consolidated balance sheets. These leases primarily consist of office and warehouse facilities, as well as production and office equipment.

The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the lease period, and the economic environments where the lease activity is concentrated.

During fiscal 2021, the Company elected to more closely align with ASC 842 by presenting operating lease right-of-use assets and finance lease right-of-use assets on separate lines on the consolidated balance sheets, as well as to present operating lease liabilities and finance lease liabilities on separate lines on the consolidated balance sheets. For comparative purposes, the Company restated certain amounts previously reported on the consolidated balance sheet as of June 30, 2020. The following table presents the effect of those changes:

June 30, 2020

June 30, 2020

As Reported

Impact

Restated

Property, plant and equipment, net
$ 72,732 $ (14,448 ) $ 58,284

Right-of-use assets operating leases
- 14,448 14,448

Lease obligations
$ 13,495 $ (757 ) $ 12,738

Other long-term liabilities
2,605 757 3,362

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, including 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.

Intangible Assets--Intangible assets primarily consist of customer relationships, technology and know-how, and tradenames, all of which are definite-lived. They were initially valued at fair value at acquisition, and are amortized over their respective useful lives on the basis of straight line or accelerated, as appropriate.

Income Taxes--The Company recognizes deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities 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. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority.

Revenue Recognition--Revenue from contracts with customers is recognized using a five-step model consisting of the following:

1.

identify the contract with a customer; The Company’s customers consist of distributors and direct end-users. With regard to distributors, the Company generally has written distribution agreements which describe the terms of the distribution arrangement, such as the product range, the sales territory, product pricing, sales support, payment and returns policy, etc. Customer contracts are generally in the form of acknowledged purchase orders. Services to be rendered, as part of the delivery of those products, are also generally specified. Such services include installation reviews and technical commissioning.

2.

identify the performance obligations in the contract; The Company’s performance obligations primarily consist of product delivery and certain service obligations such as technical commissioning, repair services, installation reviews, and shift development.

3.

determine the transaction price; The Company considers the invoice as the transaction price.

4.

allocate the transaction price to the performance obligations in the contract; The Company determined that the most relevant allocation method for its service obligations is to apply the expected cost plus appropriate margin. This is the Company’s practice of billing for repairs, overhaul, and other product service related time incurred by its technicians.

5.

recognize revenue; Revenue is recognized as each performance obligation is satisfied which is typically when the Company transfers control of a good or service to a customer, which can occur over time or at a point in time. For technical commissioning, repairs, installation review, and shift development services, revenue is recognized upon completion of the service. The amount of revenue recognized is based on the consideration to which the Company expects to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and the Company no longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable.

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. Goods sold under bill and hold arrangements are recorded as revenue when control has been transferred to the customer and when the reason for the arrangement is substantive, when the product is identified as the customer’s asset, when the product is ready for delivery to the customer, and when the Company cannot use the product or redirect the product to another customer.

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.

Recently Adopted Accounting Standards

a.

In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance (ASU 2018-13) as part of the disclosure framework project, which focuses on improving the effectiveness of disclosures in the notes to the financial statements. The amendments in this update modify the disclosure requirements on fair value measurements in ASC 820, Fair Value Measurement. The Company adopted this guidance effective July 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements and disclosures.

b.

In August 2018, the FASB issued updated guidance (ASU 2018-14) intended to modify the disclosure requirements for employers that sponsor defined benefit pension or postretirement plans. The Company adopted this guidance effective July 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements and disclosures.

New Accounting Releases

a.

In June 2016, the FASB issued updated guidance (ASU 2016-13) and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, and for smaller reporting companies for fiscal years beginning after December 15, 2022 (the Company’s fiscal 2024), with early adoption permitted for certain amendments. ASC 326 must be adopted by applying a cumulative effect adjustment to retained earnings. The Company is currently evaluating the potential impact of this guidance on the Company’s disclosures.

b.

In December 2019, the FASB issued guidance (ASU 2019-12) intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 (the Company’s fiscal 2022), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company’s disclosures.

c.

In March 2020 and January 2021, the FASB issued guidance (ASU 2020-04 and ASU 2021-01, respectively), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is working with its lender and currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

Special Note Regarding Smaller Reporting Company Status

Under SEC Release 33-10513; 34-83550, Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company based on its public float as of the last business day of the second quarter of fiscal 2021. Accordingly, it has scaled some of its disclosures of financial and non-financial information in this annual report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules.

Note B - Inventories

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

B. INVENTORIES

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

	2021		2020
Finished parts	$	59,761	$	62,394
Work in process		17,908		17,844
Raw materials		37,298		40,369
	$	114,967	$	120,607

Inventories stated on a LIFO basis represent approximately 45% and 50% of total inventories at June 30, 2021 and 2020, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $25,969 and $27,225 at June 30, 2021 and 2020, respectively. Inventories were reduced during 2021, resulting in a liquidation of a LIFO inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (“LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the year ended June 30, 2021, the effect of this LIFO decrement decreased cost of goods sold by $1,105. There was no LIFO decrement for the year ended June 20, 2020.

The Company had reserves for inventory obsolescence of $10,279 and $9,863 at June 30, 2021 and 2020, respectively.

Note C - Property, Plant and Equipment

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

C. PROPERTY, PLANT AND EQUIPMENT

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

	2021			2020
Land	$	3,858		$	6,589
Buildings		30,317			48,168
Machinery and equipment		150,872			146,841
		185,047			201,598
Less: accumulated depreciation		(139,584	)		(143,314	)
	$	45,463		$	58,284

Included in the above amounts are finance lease right-of-use assets of $5,244 and $959 for the years ended June 30, 2021 and 2020, respectively.

Depreciation expense for the years ended June 30, 2021 and 2020 was $7,853 and $7,394, respectively.

Note D - Intangible Assets

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

D. INTANGIBLE ASSETS

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

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2019	$	39,587		$	(14,434	)	$	25,153		$	14,843		$	7,025		$	2,733		$	552
Addition		92			-			92			-			-			-			92
Amortization		-			(4,532	)		(4,532	)		(3,003	)		(1,139	)		(232	)		(158	)
Impairment		-			(1,306	)		(1,306	)		-			-			(1,080	)		(226	)
Translation adjustment		(434	)		-			(434	)		(286	)		(102	)		(33	)		(13	)
Balance at June 30, 2020		39,245			(20,272	)		18,973			11,554			5,784			1,388			247
Addition		833			-			833			-			-			-			833
Amortization		-			(3,390	)		(3,390	)		(1,880	)		(1,226	)		(184	)		(100	)
Translation adjustment		1,064			-			1,064			647			325			78			14
Balance at June 30, 2021	$	41,142		$	(23,662	)	$	17,480		$	10,321		$	4,883		$	1,282		$	994

Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets.

The weighted average remaining useful life of the intangible assets included in the table above is approximately 7 years.

Intangible amortization expense for the years ended June 30, 2021 and 2020 was $3,390 and $4,532, respectively. Estimated intangible amortization expense for each of the next five fiscal years is as follows:

Fiscal Year
2022	$	3,316
2023		3,144
2024		2,988
2025		2,817
2026		1,427
Thereafter		3,788

Goodwill and Other Intangibles Impairment Charge in Fiscal 2020

Prior to the third quarter of fiscal 2020, the Company carried goodwill in the amount $25,380. As a result of the economic disruptions and unprecedented market volatilities and uncertainties driven by the COVID-19 outbreak, the Company experienced significant supply chain disruptions and a slowdown in the demand for its products. The Company believed that the negative economic impacts of the COVID-19 outbreak was a triggering event in the third quarter of fiscal 2020 that required it to perform an interim goodwill impairment test as of the quarter ended March 27, 2020.

The Company completed its assessment for goodwill impairment as of March 27, 2020 with the assistance of a third party expert, using updated inputs, such as updated cash flow projections and an appropriate risk-based, company specific weighted average discount rate of 13.0%. The assessment resulted in the full impairment of goodwill, which pertained to the European Propulsion and European Industrial reporting units, in the amount of $25,380.

As a result of the full impairment of goodwill, the balance of goodwill at June 30, 2021 and June 30, 2020 was zero. There will no longer be a need for future goodwill impairment tests unless the Company acquires new goodwill in the future through a business combination.

As a consequence of these macroeconomic developments, market insights and expectations, and the occurrence of a triggering event in the quarter, the Company also performed an assessment of its intangibles and other long-lived assets. The Company performed an undiscounted operating cash flow analysis as of March 27, 2020, as well as the review of other assets in service and their remaining useful lives. It was determined that an impairment charge pertaining to certain tradenames, licenses and other assets was required, in the amount of $2,223.

The total non-cash impairment charge of $27,603 in fiscal year 2020, as described above, was a non-cash charge and is reported on the goodwill and other asset impairment charge line in the consolidated statement of operations within the manufacturing segment. The tax impact of this charge was to increase the income tax expense (benefit) by $1,199.

The changes in the carrying amount of goodwill are summarized as follows:

	Net Book Value Rollforward									Net Book Value By Reporting Unit
	Gross Carrying Amount			Accumulated Impairment			Net Book Value			European Propulsion			European Industrial
Balance at June 30, 2019	$	39,776		$	(13,822	)	$	25,954		$	23,371		$	2,583
Impairment		-			(25,380	)		(25,380	)		(22,822	)		(2,558	)
Translation adjustment		(574	)		-			(574	)		(549	)		(25	)
Balance at June 30, 2020		39,202			(39,202	)		-			-			-
Translation adjustment		-			-			-			-			-
Balance at June 30, 2021	$	39,202		$	(39,202	)	$	-		$	-		$	-

Note E - Accrued Liabilities

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

E. ACCRUED LIABILITIES

Accrued liabilities at June 30 were as follows:

	2021		2020
Customer deposits	$	13,124	$	11,541
Salaries and wages		10,022		5,116
Warranty		3,448		3,520
Distributor rebates		3,190		3,769
Retirement benefits		1,769		3,559
Other		13,996		8,875
	$	45,549	$	36,380

The increase in accrued salaries and wages as of June 30, 2021 is due to an accrual for bonus as well as timing of the payments in the payroll cycle.

Note F - Warranty

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

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 the Company’s 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 the Company believes that 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:

	2021			2020

Reserve balance, July 1	$	4,460		$	3,736
Current period expense and adjustments		3,590			10,369
Payments or credits to customers		(3,742	)		(9,629	)
Translation adjustment		61			(16	)
Reserve balance, June 30	$	4,369		$	4,460

Included in current period expense and adjustments in the year ended June 30, 2020 is a non-recurring warranty charge in the amount of $6,233 to accrue for estimated costs to resolve a unique product performance issue at certain installations.

The current portion of the warranty accrual ($3,448 and $3,520 for fiscal 2021 and 2020, respectively) is reflected in accrued liabilities, while the long-term portion ($921 and $940 for fiscal 2021 and 2020, respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note G - Debt

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

G. DEBT

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

	2021			2020
Credit Agreement Debt
Revolving loans (expire June 2023)	$	15,415		$	16,641
Term loan (due March 2026)		16,500			17,500
PPP loan		-			8,200
Other		170			246
Subtotal		32,085			42,587
Less: current maturities		(2,000	)		(4,691	)
Total long-term debt	$	30,085		$	37,896

Credit Agreement Debt:

On June 29, 2018, the Company entered into a new credit agreement (the “Credit Agreement”) with BMO Harris Bank N.A. (“BMO”) that provided for the assignment and assumption of the previously existing loans between the Company and Bank of Montreal and subsequent amendments into a term loan (the “Term Loan”) and revolving credit loans (each a “Revolving Loan” and, collectively, the “Revolving Loans,” and, together with the Term Loan, the “Loans”). Pursuant to the Credit Agreement, BMO agreed to make the Term Loan to the Company in a principal amount not to exceed $35,000 and the Company may, from time to time prior to the maturity date, enter into Revolving Loans in amounts not to exceed, in the aggregate, $50,000 (the “Revolving Credit Commitment”). The Credit Agreement also allows the Company to obtain letters of credit from BMO, which if drawn upon by the beneficiary thereof and paid by BMO, would become Revolving Loans.

On July 2, 2018, in connection with the acquisition of Veth Propulsion, the Company drew a total of $60,729 of additional borrowings on the Credit Agreement, consisting of a $35,000 Term Loan payable and revolver borrowings of $25,729. The new borrowing was used to pay the cash consideration at closing of $58,862, and to pay off the loan owed to the prior parent of Veth Propulsion in the amount of $1,865.

On September 25, 2018, the Company used the proceeds of a stock offering (see Note I, Shareholders’ Equity) of $32,210 to partially pay down the Term Loan and Revolving Loans.

On March 4, 2019, the Company entered into a second amendment (the “Second Amendment”) to the Credit Agreement. The Second Amendment reduced the principal amount of the Term Loan commitment under the Credit Agreement from $35,000 to $20,000. In connection with the Second Amendment, the Company issued an amended and restated term note in the amount of $20,000 to BMO, which amended the original $35,000 note provided under the Credit Agreement.

Prior to entering into the Second Amendment, the outstanding principal amount of the Term Loan under the Credit Agreement was $10,849. On the date of the Second Amendment, the BMO made an additional advance on the Term Loan to the Company in the amount of $9,151. The Second Amendment also extended the maturity date of the Term Loan from January 2, 2020 to March 4, 2026, and added a requirement that the Company make principal installments of $500 per quarter starting with the quarter ending June 30, 2019.

The Second Amendment also reduced the applicable margin for purposes of determining the interest rate applicable to the Term Loan. Previously, the applicable margin was 3.00%, which was added to the Monthly Reset LIBOR Rate or the Adjusted LIBOR, as applicable. Under the Second Amendment, the applicable margin is between 1.375% and 2.375%, depending on the Company’s total funded debt to EBITDA ratio.

The Second Amendment also adjusts certain financial covenants made by the Company under the Credit Agreement. Specifically, the Company has covenanted (i) not to allow its total funded debt to EBITDA ratio to be greater than 3.00 to 1.00 (the cap had previously been 3.50 to 1.00 for quarters ending on or before September 30, 2019 and 3.25 to 1.00 for quarters ending on or about December 31, 2019 through September 30, 2020), and (ii) that its tangible net worth will not be less than $100,000 plus 50% of net income for each fiscal year ending on and after June 30, 2019 for which net income is a positive number (the $100,000 figure had previously been $70,000).

On January 28, 2020, the Company entered into a third amendment (the “Third Amendment”). The Third Amendment restated the financial covenant provisions related to the maximum allowable ratio of total funded debt to EBITDA from 3.00 to 1.00 to 4.00 to 1.00 for the quarter ended December 27, 2019, 5.00 to 1.00 for the quarter ending March 27, 2020, 4.00 to 1.00 for the quarter ending June 30, 2020, 3.50 to 1.00 for the quarter ending September 25, 2020 and 3.00 to 1.00 for quarters ending on or after December 25, 2020. For purposes of determining EBITDA, the Third Amendment added back extraordinary expenses (not to exceed $3,900 million) related to the previously reported isolated product performance issue on one of the Company’s oil and gas transmission models at certain installations. Under the Third Amendment, the applicable margin for revolving loans, letters of credit, and term loans was between 1.25% and 3.375%, depending on the Company’s total funded debt to EBITDA ratio.

On April 17, 2020, in connection with a loan obtained under the Payment Protection Plan (the “PPP Loan”) as described below, the Company entered into a fourth amendment (the “Fourth Amendment”). The Fourth Amendment: (1) permitted the Company to incur indebtedness in the form of the PPP Loan notwithstanding the Credit Agreement’s restrictions limiting the Company’s ability to incur indebtedness, and (2) provides that the PPP Loan (to the extent that the Loan is forgiven) shall be disregarded for purposes of calculating financial covenants in the Credit Agreement (the “Covenants”). Any unforgiven portion of the Loan and the interest thereon will not be disregarded for purposes of calculating the Covenants.

On July 22, 2020, the Company entered into a fifth amendment (the "Fifth Amendment"), which was effective June 30, 2020. Under this amendment, (a) the Revolving Loan availability was reduced from $50,000 to $45,000, (b) the quarterly payments occurring on September 30, 2020 and December 31, 2020 are changed to be interest-only payments at the Company's option, and (c) the applicable margin on the Term Loan was increased from 3.375% to 3.875%. As a result of this amendment, $1,000 of principal payments originally due in fiscal 2021 have been deferred to fiscal 2026.

In addition, the Company was given financial covenant relief for the quarters ended June 30, 2020 through June 30, 2021. During this period, in lieu of the Total Funded Debt to EBITDA ratio financial covenant, the Company is required to maintain a minimum cumulative EBITDA, as follows: (1) $1,000 for the fiscal quarter ended June 30, 2020 and the two fiscal quarters ending September 25, 2020; (2) $2,500 for the three fiscal quarters ending December 25, 2020; (3) $6,000 for the four fiscal quarters ending March 26, 2021; and (4) $10,000 for the four fiscal quarters ending June 30, 2021.

The Company also entered into a Deposit Account Control Agreement with the Bank, reflecting the Bank’s security interest in deposit accounts the Company maintains with the Bank. Under the Fifth Amendment, the Bank may not provide a notice of exclusive control of a deposit account (thereby obtaining exclusive control of the account) prior to the occurrence or existence of a Default or an Event of Default under the Credit Agreement or otherwise upon the occurrence or existence of an event or condition that would, but for the passage of time or the giving of notice, constitute a Default or an Event of Default under the Credit Agreement.

On January 27, 2021, the Company and BMO entered into a forbearance agreement and amendment to the Credit Agreement (the “Forbearance Agreement”). Under this agreement, BMO agreed to forbear from exercising its rights and remedies against the Company with respect to its noncompliance with the minimum EBITDA financial covenant, for the period beginning with the date of the amendment through September 30, 2021. After this date, the forbearance period ends and, therefore, on December 31, 2021, the Company is subject to a total funded debt to EBITDA ratio of 3.00 to 1.00. During the forbearance period, revolving credit commitment is reduced from $45,000 to $42,500.

For the quarter ended June 30, 2021, as a result of the Forbearance Agreement, the Company was not required to meet the minimum EBITDA financial covenant. The Company expects to be in compliance with the terms of the Credit Agreement following the forbearance period, and therefore continues to classify its debt as long term.

The Company is also required to maintain a minimum liquidity level, and abide by certain cash dividend and capital expenditure restrictions. The Company remains in compliance with its liquidity and other financial covenants, and has agreed to provide additional financial reports to BMO.

Borrowings under the Credit Agreement are secured by substantially all of the Company’s personal property, including accounts receivable, inventory, machinery and equipment, and intellectual property. The Company has also pledged 100% of its equity interests in certain domestic subsidiaries and 65% of its equity interests in certain foreign subsidiaries. The Company also entered into a Collateral Assignment of Rights under Purchase Agreement for its acquisition of Veth Propulsion.

Upon the occurrence of an event of default, BMO may take the following actions upon written notice to the Company: (1) terminate its remaining obligations under the Credit Agreement; (2) declare all amounts outstanding under the Credit Agreement to be immediately due and payable; and (3) demand the Company to immediately cash collateralize letter of credit obligations in an amount equal to 105% of the aggregate letter of credit obligations or a greater amount if BMO determines a greater amount is necessary. If such event of default is due to the Company’s bankruptcy, BMO may take the three actions listed above without notice to the Company.

In addition to the monthly interest payments and any mandatory principal payments required by the Credit Agreement (if applicable), the Company is responsible for paying a quarterly Revolving Credit Commitment Fee and quarterly Letter of Credit Fees. The Revolving Credit Commitment Fee is paid at an annual rate equal to the Applicable Margin on the average daily unused portion of the Revolving Credit Commitment. The Letter of Credit Fee is paid at the Applicable Margin for Revolving Loans that are Eurodollar Loans on the daily average face amount of Letters of Credit outstanding during the preceding calendar quarter. The Company may prepay the Loans (or any one of the Loans), subject to certain limitations.

The PPP Loan:

On April 17, 2020, the Company entered into a promissory note (the “PPP Loan”) evidencing an unsecured loan in the amount of $8,200 made to the Company under the Payment Protection Plan ("PPP"). The PPP is a liquidity facility program established by the U.S. government as part of the CARES Act in response to the negative economic impact of the COVID-19 outbreak. The PPP Loan is funded by the Small Business Administration (“SBA”) and administered by BMO. The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments were deferred until April 2022.

The PPP Loan is a forgivable loan to the extent proceeds are used to cover qualified documented payroll, mortgage interest, rent, and utility costs over a 24-week measurement period (as amended) following loan funding. For the loan to be forgiven, the Company was required to formally apply for forgiveness, and potentially, could be required to pass an audit that it met the eligibility qualifications of the loan.

In accounting for the terms of the PPP Loan, the Company is guided by ASC 470 Debt, and ASC 450-30 Gain contingency. Accordingly, it recorded the proceeds of the PPP Loan of $8,200 as debt and it will derecognize the liability when the loan is paid off or it has obtained forgiveness. The Company believes that the possibility of loan forgiveness is to be regarded as a contingent gain and therefore did not recognize the gain (and derecognize the loan) until all uncertainty was removed (i.e. all conditions for forgiveness are met). The Company applied for forgiveness, and on June 16, 2021, it was notified by BMO that the SBA remitted funds to BMO to repay the PPP Loan in full, evidencing that the PPP Loan was fully forgiven. The Company removed the balance of the PPP Loan from its consolidated balance sheet and recorded $8,200 in income from extinguishment of loan in its consolidated statement of operations in fiscal 2021.

While the loan has been formally forgiven, under the terms of the PPP Loan, the Company remains subject to an audit by the SBA for a period of six years after forgiveness. The audit is intended to confirm the Company’s eligibility for the loan and the appropriateness of the loan obtained. In accordance with ASC 450 Contingencies, the Company assessed the probability of failing the audit and being required to repay all or any portion of the PPP Loan. The Company is aware of the requirements and has retained all necessary documentation in support of its eligibility, including gross receipts calculations, supporting payroll expenses and related information. The Company believes that it has materially complied with all the requirements of the PPP and reasonably assured it would satisfy the requirements of an audit.

Other:

Other long-term debt pertains mainly to a financing arrangement in Europe. During fiscal 2019, the Company entered into sale leaseback agreements with a leasing company covering various company vehicles. Under the terms of the agreements, the Company received $329 in cash proceeds and agreed to lease back those same vehicles under various terms, ranging from 3 to 5 years. Under ASC 842, Leases, these agreements are required to be accounted for as financing transactions. Consequently, the Company recorded long-term liabilities for the proceeds received, and they are reduced as lease payments are made. These liabilities carry implied interest rates ranging from 7% to 25%. A total amount of $91 in principal was paid on these liabilities during the current fiscal year.

During fiscal year 2021, the average interest rate was 4.01% on the Term Loan, and 4.25% on the Revolving Loans.

As of June 30, 2021, the Company’s borrowing capacity under the terms of the Credit Agreement was approximately $43,795 and the Company had approximately $27,085 of available borrowings.

The Company’s borrowings described above approximates fair value at June 30, 2021 and June 30, 2020. 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.

The Company is party to an interest rate swap arrangement with Bank of Montreal, with an outstanding notional amount of $15,500 as of June 30, 2021, and maturing on March 2026. This swap has been designated as a cash flow hedge under ASC 815, Derivatives and Hedging. This swap is included in the disclosures in Note R, Derivative Financial Instruments.

During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign companies. Effective upon the designation, all changes in fair value of the euro revolver are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. This net investment hedge is included in the disclosures in Note R, Derivative Financial Instruments.

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

Fiscal Year
2022	$	2,084
2023		17,461
2024		2,015
2025		2,000
2026		8,500
Thereafter		25
	$	32,085

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 $1,535 with a weighted average interest rate of 5.6% as of June 30, 2021, and $943 with a weighted average interest rate of 5.6% as of June 30, 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note H - Lease Obligations

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

H. LEASE OBLIGATIONS

The following table provides a summary of leases recorded on the consolidated balance sheet at June 30.

	Balance Sheet Location	2021		2020
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,736	$	14,448
Finance lease right-of-use assets	Property, plant and equipment, net		5,244		959

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,870	$	1,724
Operating lease liabilities	Lease obligations		12,887		12,738
Finance lease liabilities	Accrued liabilities		541		233
Finance lease liabilities	Other long-term liabilities		4,836		757

The components of lease expense for the years ended June 30 were as follows:

	2021			2020
Finance lease cost:
Amortization of right-of-use assets	$	580		$	188
Interest on lease liabilities		273			56
Operating lease cost		2,795			3,137
Short-term lease cost		24			64
Variable lease cost		159			58
Total lease cost		3,831			3,503
Less: Sublease income		(154	)		(212	)
Net lease cost	$	3,677		$	3,291

Other information related to leases was as follows:

	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,022		$	3,141
Operating cash flows from finance leases		480			167
Financing cash flows from finance leases		273			56
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		1,481			2,757
Finance leases		4,814			592
Weighted average remaining lease term (years):
Operating leases		9.8			10.7
Finance lease		12.0			4.0
Weighted average discount rate:
Operating leases		7.2	%		7.4	%
Finance leases		5.2	%		6.2	%

Approximate future minimum rental commitments under non-cancellable leases as of June 30, 2021 were as follows:

	Operating Leases			Finance Leases
2022	$	2,898		$	805
2023		2,600			796
2024		2,256			752
2025		1,663			507
2026		1,575			434
Thereafter		9,989			3,879
Total future lease payments		20,981			7,173
Less: Amount representing interest		(6,224	)		(1,796	)
Present value of future payments	$	14,757		$	5,377

Note I - Shareholders' Equity

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

I. SHAREHOLDERS' EQUITY

The total number of shares of common stock outstanding at June 30, 2021 and 2020 was 13,648,663 and 13,405,993, respectively. At June 30, 2021 and 2020, treasury stock consisted of 984,139 and 1,226,809 shares of common stock, respectively. The Company issued 249,480 and 186,226 shares of treasury stock in fiscal 2021 and 2020, respectively, to fulfill its obligations under its incentive compensation plans. The Company also recorded forfeitures of 6,809 and 20,511 shares of previously issued restricted stock in fiscal 2021 and 2020, 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 two most recent fiscal years. As of June 30, 2021 and 2020, 315,000 shares remain authorized for purchase.

Cash dividends per share were $0.00 in both fiscal 2021 and 2020.

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 as Series A Junior Preferred Stock.

The components of accumulated other comprehensive loss included in equity as of June 30, 2021 and 2020 are as follows:

	2021			2020
Translation adjustments	$	9,192		$	3,454
Net loss on cash flow hedge derivatives, net of income taxes of $211 and $341, respectively		(678	)		(1,104	)
Net gain on net investment hedge derivatives, net of income taxes of $103 and $0, respectively		334			-
Benefit plan adjustments, net of income taxes of $9,537 and $13,316 respectively		(31,463	)		(43,576	)
Accumulated other comprehensive loss	$	(22,615	)	$	(41,226	)

A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the years ended June 30, 2021 and June 30, 2020 is as follows:

	Translation		Benefit Plan			Cash Flow			Net Investment
	Adjustment		Adjustment			Hedges			Hedges
Balance at June 30, 2020	$	3,454	$	(43,576	)	$	(1,104	)	$	-
Other comprehensive loss before reclassifications		5,738		9,783			426			334
Amounts reclassified from accumulated other comprehensive loss		-		2,330			-			-
Net current period other comprehensive income		5,738		12,113			426			334
Balance at June 30, 2021	$	9,192	$	(31,463	)	$	(678	)	$	334

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)
Other comprehensive loss before reclassifications		(985	)		(3,792	)		(595	)
Amounts reclassified from accumulated other comprehensive loss		-			2,117			-
Net current period other comprehensive loss		(985	)		(1,675	)		(595	)
Balance at June 30, 2020	$	3,454		$	(43,576	)	$	(1,104	)

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the year ended June 30, 2021 is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(3,246	)
Transition asset and prior service benefit		187
Total before tax benefit		(3,059	)
Tax benefit		729
Total reclassification net of tax	$	(2,330	)

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the year ended June 30, 2020 is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,982	)
Transition asset and prior service benefit		195
Total before tax benefit		(2,787	)
Tax benefit		670
Total reclassification net of tax	$	(2,117	)

- Definition

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

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-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Note J - Business Segments and Foreign Operations

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

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, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, energy and natural resources, government, and industrial markets.

Net sales by product group is summarized as follows:

	2021		2020
Industrial	$	23,454	$	26,343
Land-based transmissions		58,421		62,697
Marine and propulsion systems		127,243		152,501
Other		9,463		5,297
Total	$	218,581	$	246,838

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 oil field and natural gas, military and airport rescue and fire fighting. The marine and propulsion systems include marine transmission, azimuth drives, controls, surface drives, propellers and boat management systems for the global commercial marine, pleasure craft and patrol boat markets. Other 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.

Information about the Company's segments, before intercompany eliminations, is summarized as follows:

2021	Manufacturing			Distribution		Total
Net Sales	$	191,510		$	100,221	$	291,731
Intra-segment sales		9,436			14,746		24,182
Inter-segment sales		44,575			4,393		48,968
Interest income		172			17		189
Interest expense		2,449			1		2,450
Income taxes		(980	)		189		(791	)
Depreciation and amortization		10,455			412		10,867
Net income attributable to Twin Disc		11,016			105		11,121
Assets		364,379			46,956		411,335
Expenditures for segment assets		3,500			188		3,688

2020	Manufacturing			Distribution		Total
Net Sales	$	227,565		$	95,824	$	323,389
Intra-segment sales		14,230			12,889		27,119
Inter-segment sales		43,854			5,578		49,432
Interest income		346			22		368
Interest expense		2,128			-		2,128
Income taxes		(2,027	)		268		(1,759	)
Depreciation and amortization		11,151			379		11,530
Net (loss) income attributable to Twin Disc		(31,603	)		553		(31,050	)
Assets		365,417			43,118		408,535
Expenditures for segment assets		9,615			734		10,349

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

	2021			2020
Net sales:
Total net sales from reportable segments	$	291,731		$	323,389
Elimination of inter-company sales		(73,150	)		(76,551	)
Total consolidated net sales	$	218,581		$	246,838

Net income (loss) attributable to Twin Disc:
Total net income (loss) from reportable segments	$	11,121		$	(31,050	)
Other adjustments and corporate expenses		(40,840	)		(8,767	)
Total consolidated net loss attributable to Twin Disc	$	(29,719	)	$	(39,817	)

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						Consolidated
	Totals			Adjustments			Totals
2021
Interest income	$	189		$	(170	)	$	19
Interest expense		2,450			(92	)		2,358
Income taxes		(791	)		20,471			19,680
Depreciation and amortization		10,867			376			11,243
Assets		411,335			(135,922	)		275,413
Expenditures for segment assets		3,688			776			4,464

2020
Interest income	$	368		$	(290	)	$	78
Interest expense		2,128			(268	)		1,860
Income taxes		(1,759	)		(2,410	)		(4,169	)
Depreciation and amortization		11,530			395			11,925
Assets		408,535			(114,408	)		294,127
Expenditures for segment assets		10,349			350			10,699

All adjustments represent inter-company eliminations and corporate amounts.

Geographic information about the Company is summarized as follows:

	2021		2020
Net sales
United States	$	64,344	$	83,771
Netherlands		33,026		39,501
China		25,790		26,354
Australia		17,963		12,438
Italy		16,041		11,802
Austria		7,798		12,552
Other countries		53,619		60,420
Total	$	218,581	$	246,838

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

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

Long-lived assets	2021		2020
United States	$	34,629	$	41,996
Netherlands		12,447		12,659
Belgium		8,575		8,363
Italy		1,525		1,697
Switzerland		503		6,804
Other countries		5,776		5,205
Total	$	63,455	$	76,724

There were no customers that accounted for 10% of consolidated net sales in fiscal 2021. The Company had one distributor customer, primarily of its manufacturing segment, that accounted for 10% of total Company sales for fiscal 2020.

Disaggregated revenue:

The following tables present details deemed most relevant to the users of the financial statements for the years ended June 30, 2021 and June 30, 2020.

Net sales by product group for the year ended June 30, 2021 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	22,621	$	5,494	$	(4,661	)	$	23,454
Land-based transmissions		52,441		26,003		(20,023	)		58,421
Marine and propulsion systems		116,371		59,276		(48,404	)		127,243
Other		77		9,448		(62	)		9,463
Total	$	191,510	$	100,221	$	(73,150	)	$	218,581

Net sales by product group for the year ended June 30, 2020 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	24,143	$	5,634	$	(3,434	)	$	26,343
Land-based transmissions		63,523		25,699		(26,525	)		62,697
Marine and propulsion systems		139,833		59,212		(46,544	)		152,501
Other		66		5,279		(48	)		5,297
Total	$	227,565	$	95,824	$	(76,551	)	$	246,838

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Note K - Stock-based Compensation

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

K. STOCK-BASED COMPENSATION

In fiscal 2021, the Company adopted the Twin Disc, Incorporated 2020 Stock Incentive Plan for Non-Employee Directors (the “2020 Directors' Plan”). The 2020 Directors' Plan retains the features of the 2010 Directors' Plan, as well as allows non-employee Directors to elect to receive all or a portion of their base cash retainer in the form of restricted stock. Benefits under the 2020 Directors’ Plan may be granted, awarded or paid in any one or a combination of stock options, restricted stock awards, or cash-settled restricted stock units. There is reserved for issuance under the 2020 Directors’ Plan an aggregate of 750,000 shares of the Company's common stock, which may be authorized and unissued shares or shares reacquired by the Company in the open market or a combination of both. The aggregate amount is subject to proportionate adjustments for stock dividends, stock splits and similar changes.

In fiscal 2019, the Company adopted the Twin Disc, Incorporated 2018 Long-Term Incentive Plan (the “2018 LTI Plan”). Benefits under the 2018 LTI Plan may be granted, awarded or paid in any one or a combination of stock options, stock appreciation rights, restricted stock awards, restricted stock units, cash-settled restricted stock units, performance stock awards, performance stock unit awards, performance unit awards, and dividend equivalent awards. There is reserved for issuance under the Plan an aggregate of 850,000 shares of the Company’s common stock, which may be authorized and unissued shares or shares reacquired by the Company in the open market or a combination of both. The aggregate amount is subject to proportionate adjustments for stock dividends, stock splits and similar changes.

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 and restricted stock.

Shares available for future awards as of June 30 were as follows (assuming that outstanding performance awards are issued at the target level of performance):

	2021		2020
2020 Directors' Plan		666,913		-
2018 LTI Plan		103,289		492,591

Performance Stock Awards (“PSA”)

In fiscal 2021 and 2020, the Company granted a target number of 265,256 and 131,688 PSAs, respectively, to various employees of the Company, including executive officers.

The PSAs granted in fiscal 2021 will vest if the Company achieves performance-based target objectives relating to average return on invested capital, average annual sales and average free cash flow (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2023. These PSAs are subject to adjustment if the Company’s return on invested capital, net sales, and free cash flow 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 397,884. Based upon actual results to date, the Company is currently accruing compensation expense for these PSAs.

The PSAs granted in fiscal 2020 will vest if the Company achieves performance-based target objectives relating to average return on invested capital, average annual sales and average annual Earnings Per Share (“EPS”) (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2022. These PSAs are subject to adjustment if the Company’s return on invested capital, net sales, and EPS 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 184,766. Based upon actual results to date, the Company is not currently accruing compensation expense for these PSAs.

There were 388,433 and 167,848 unvested PSAs outstanding at June 30, 2021 and 2020, 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 (benefit) for the year ended June 30, 2021 and 2020, related PSAs, was $491 and ($368), respectively. The tax benefit (expense) from compensation expense (benefit) for the year ended June 30, 2021 and 2020, related PSAs, was $116 and ($87), respectively. The weighted average grant date fair value of the unvested awards at June 30, 2021 was $7.50. At June 30, 2021, the Company had $2,432 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2021 and 2020 awards. The total fair value of performance stock awards vested in fiscal 2021 and fiscal 2020 was $0 and $167, respectively.

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 2021 and 2020, the Company granted 251,804 and 180,379 service based restricted shares, respectively, to employees and non-employee directors in each year. A total of 6,809 and 20,511 shares of restricted stock were forfeited during fiscal 2021 and 2020, respectively. There were 379,095 and 231,379 unvested shares outstanding at June 30, 2021 and 2020, respectively. Compensation expense of $1,335 and $1,200 was recognized during the year ended June 30, 2021 and 2020, respectively, related to these service-based awards. The tax benefit from compensation expense for the year ended June 30, 2021 and 2020, related to these service-based awards, was $315 and $283, respectively. The total fair value of restricted stock grants vested in fiscal 2021 and 2020 was $533 and $1,241, respectively. As of June 30, 2021, the Company had $1,333 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

Restricted Stock Unit Awards (“RSU”)

Under the 2018 Long Term Incentive Plan, the Company has been authorized to issue RSUs. The RSUs entitle the employee to shares of common stock of the Company if the employee remains employed by the Company through a specified date, generally three years from the date of grant. The fair value of the RSUs (on the date of grant) is recorded as compensation expense over the vesting period. There were 34,822 and 37,950 unvested RSUs outstanding at June 30, 2021 and June 30, 2020, respectively. Compensation expense of $328 and $326 was recognized during the year ended June 30, 2021 and 2020, respectively. The tax benefit from compensation expense for the year ended June 30, 2021 and 2020, related to these service-based awards, was $78 and $77, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2021 was $25.79. As of June 30, 2021, the Company had $25 of unrecognized compensation expense related to RSUs which will be recognized over the next year.

Note L - Engineering and Development Costs

12 Months Ended

Jun. 30, 2021

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 $1,867 and $1,820 in fiscal 2021 and 2020, respectively. Total engineering and development costs were $8,535 and $10,998 in fiscal 2021 and 2020, respectively.

Note M - Pension and Other Postretirement Benefit Plans

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Retirement Benefits [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 from January 1, 1997 through July 31, 2009, at which time the Company froze future accruals under domestic defined benefit pension plans. The Company's funding policy for the plans covering domestic employees is to contribute an actuarially determined amount which falls between the minimum required contribution and maximum amount that can be deducted for federal income tax purposes.

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 2021 and 2020 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 loss as of June 30:

							Other
	*Pension*						*Postretirement*
	*Benefits*						*Benefits*
	*2021*			*2020*			*2021*			*2020*
Change in benefit obligation:
Benefit obligation, beginning of year	$	105,520		$	107,322		$	7,059		$	7,451
Service cost		608			653			16			17
Interest cost		2,516			3,305			154			219
Prior service cost		65			-			-			-
Actuarial (gain) loss		(1,577	)		3,161			(395	)		211
Contributions by plan participants		114			93			269			352
Benefits paid		(8,546	)		(9,014	)		(1,001	)		(1,191	)
Benefit obligation, end of year	$	98,700		$	105,520		$	6,102		$	7,059

Change in plan assets:
Fair value of assets, beginning of year	$	83,284		$	87,291		$	-		$	-
Actual return on plan assets		15,325			3,541			-			-
Employer contribution		2,253			1,373			732			839
Contributions by plan participants		114			93			269			352
Benefits paid		(8,546	)		(9,014	)		(1,001	)		(1,191	)
Fair value of assets, end of year	$	92,430		$	83,284		$	-		$	-

Funded status	$	(6,270	)	$	(22,236	)	$	(6,102	)	$	(7,059	)

*Amounts recognized in the balance sheet consist of:*
Other assets - noncurrent	$	60		$	-		$	-		$	-
Accrued liabilities - current		(423	)		(276	)		(833	)		(1,081	)
Accrued retirement benefits - noncurrent		(5,907	)		(21,960	)		(5,269	)		(5,978	)
Net amount recognized	$	(6,270	)	$	(22,236	)	$	(6,102	)	$	(7,059	)

*Amounts recognized in accumulated other comprehensive loss consist of (net of tax):*
Net transition obligation	$	133		$	158		$	-		$	-
Prior service cost		94			104			(487	)		(697	)
Actuarial net loss		31,563			43,548			160			463
Net amount recognized	$	31,790		$	43,810		$	(327	)	$	(234	)

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 defined benefit and other postretirement benefit plans are as follows:

			Other
	*Pension*		*Postretirement*
	*Benefits*		*Benefits*
Net transition obligation	$	37	$	-
Prior service cost		44		(275	)
Actuarial net loss		2,254		-
Net amount to be recognized	$	2,335	$	(275	)

The accumulated benefit obligation for all defined benefit pension plans was approximately $98,700 and $105,520 at June 30, 2021 and 2020, respectively.

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

	June 30
	2021		2020
Projected and accumulated benefit obligation	$	53,780	$	105,520
Fair value of plan assets		47,450		83,284

Components of Net Periodic Benefit Cost:

	Pension Benefits
	2021			2020
Service cost	$	615		$	648
Interest cost		2,516			3,304
Prior service cost		65			-
Expected return on plan assets		(4,552	)		(4,894	)
Amortization of transition obligation		40			35
Amortization of prior service cost		47			45
Amortization of actuarial net loss		3,246			2,982
Net periodic benefit cost	$	1,977		$	2,120

	Other Postretirement Benefits
	2021			2020
Service cost	$	16		$	17
Interest cost		154			219
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(104	)	$	(38	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss for Fiscal 2021 (Pre-tax):

				Other
				Postretirement
	Pension			Benefits
Net loss	$	(12,464	)	$	(397	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		(43	)		275
Amortization of net loss		(3,246	)		-
Total recognized in other comprehensive income		(15,793	)		(122	)
Net periodic benefit cost (benefit)		1,977			(104	)
Total recognized in net periodic benefit cost and other comprehensive income	$	(13,816	)	$	(226	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss for Fiscal 2020 (Pre-tax):

				Other
				Postretirement
	Pension			Benefits
Net loss	$	4,770		$	211
Amortization of transition asset		(35	)		-
Amortization of prior service (cost) benefit		(45	)		275
Amortization of net loss		(2,978	)		-
Total recognized in other comprehensive income		1,712			486
Net periodic benefit cost (benefit)		2,120			(38	)
Total recognized in net periodic benefit cost and other comprehensive income	$	3,832		$	448

Additional Information

Assumptions

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	*2021*			*2020*			*2021*			*2020*
Discount rate		2.63	%		2.49	%		2.47	%		2.37	%
Expected return on plan assets		5.69	%		5.89	%

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	*2021*			*2020*			*2021*			*2020*
Discount rate		2.49	%		3.22	%		2.37	%		3.15	%
Expected return on plan assets		5.89	%		6.04	%

The assumed weighted-average healthcare cost trend rate was 6.00% in 2021, grading down to 5% in 2025. A 1% increase in the assumed health care cost trend would increase the accumulated postretirement benefit obligation by approximately $81 and the service and interest cost by approximately $2. A 1% decrease in the assumed health care cost trend would decrease the accumulated postretirement benefit obligation by approximately $71 and the service and interest cost by approximately $2.

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, 2021 and 2020 by asset category were as follows:

	Target			June 30
Asset Category	Allocation			2021			2020
Equity securities		51	%		53	%		47	%
Debt securities		40	%		38	%		44	%
Real estate		9	%		9	%		9	%
		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 $1,398 (1.5% of total plan assets) at June 30, 2021 and 98,211 shares with a fair market value of $544 (0.7% of total plan assets) at June 30, 2020.

The U.S. plans have a long-term return assumption of 5.90%. This rate was derived based upon historical experience and forward-looking return expectations for major asset class categories. The weighted average long-term return across all plans is 5.69%.

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, 2021:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	1,043	$	1,043	$	-	$	-
Equity securities:
Company common stock (a)		1,398		1,398		-		-
Common stock (a)		18,201		18,201		-		-
Mutual funds (b)		9,366		9,366		-		-
Annuity contracts (c)		6,646		-		-		6,646
Total	$	36,654	$	30,008	$	-	$	6,646
Investments Measured at Net Asset Value (d)		55,776
Total	$	92,430

The following table presents plan assets using the fair value hierarchy as of June 30, 2020:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	920	$	920	$	-	$	-
Equity securities:
Company common stock (a)		544		544		-		-
Common stock (a)		14,551		14,551		-		-
Mutual funds (b)		7,916		7,916		-		-
Annuity contracts (c)		6,095		-		-		6,095
Total	$	30,026	$	23,931	$	-	$	6,095
Investments Measured at Net Asset Value (d)		53,258
Total	$	83,284

(a) Common stock is valued at the closing price reported on the active market on which the individual securities are traded. These securities include U.S. equity securities invested in companies that are traded on exchanges inside the U.S. and international equity securities invested in companies that are traded on exchanges outside the U.S.

(b) Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company’s funded benefit plans are open-end mutual funds that are registered with the Securities Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company’s funded benefit plans are deemed to be actively traded.

(c) 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 fair value using the net present value of future cash flows.

(d) In accordance with ASC 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of the year.

The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plan assets that calculate fair value based on NAV per share practical expedient as of June 30, 2021 and June 30, 2020:

	2021		2020
Fixed income funds	$	31,627	$	33,032
International equity securities		4,282		2,840
Real estate		7,747		7,186
Hedged equity mutual funds		12,120		10,200
Total	$	55,776	$	53,258

The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2021 and 2020:

	2021			2020
Beginning balance	$	6,095		$	6,171
Actual return on plan assets:
Relating to assets still held at reporting date		600			75
Purchases, sales and settlements, net		(49	)		(151	)
Ending balance	$	6,646		$	6,095

Cash Flows

Contributions

The Company expects to contribute $733 to its defined benefit pension plans in fiscal 2021.

Estimated Future Benefit Payments

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

			Other
	*Pension*		*Postretirement*
	*Benefits*		*Benefits*

2022	$	8,535	$	843
2023		7,794		769
2024		7,433		693
2025		7,095		608
2026		6,865		544
Years 2027 - 2031		31,435		2,042

The Company does not expect to make any Part D reimbursements for the periods presented.

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 $2,162 and $1,949 in fiscal 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note N - Income Taxes

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

N. INCOME TAXES

United States and foreign (loss) income before income taxes and minority interest were as follows:

	2021			2020
United States	$	(15,925	)	$	(29,332	)
Foreign		6,086			(14,408	)
	$	(9,839	)	$	(43,740	)

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

	2021			2020
Currently payable:
Federal	$	28		$	(149	)
State		49			30
Foreign		1,948			4,022
		2,025			3,903
Deferred:
Federal		15,554			(5,673	)
State		2,341			(860	)
Foreign		(240	)		(1,539	)
		17,655			(8,072	)
	$	19,680		$	(4,169	)

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

	2021			2020
Deferred tax assets:
Retirement plans and employee benefits	$	4,584		$	7,934
Foreign tax credit carryforwards		7,609			7,429
Federal tax credits		1,801			1,585
State net operating loss and other state credit carryforwards		2,208			1,696
Federal net operating loss		6,506			1,607
Inventory		-			205
Reserves		1,670			1,056
Foreign NOL carryforwards		66			555
Accruals		871			823
Right of use assets - operating leases		3,674			3,920
Disallowed interest		982			418
Disallowed PPP expenses		-			1,320
Other assets		1,033			832
		31,004			29,380
Valuation allowance		(24,420	)		-
		6,584			29,380

Deferred tax liabilities:
Inventory		480			-
Property, plant and equipment		1,852			3,231
Intangibles		2,982			3,306
Long term operating lease obligations		3,622			3,855
Other liabilities		182			44
		9,118			10,436

Total net deferred tax (liabilities) assets	$	(2,534	)	$	18,944

At June 30, 2021 the Company has net operating loss carryforwards (“NOLs”) of approximately $30,980 and $31,181 for federal and state income tax purposes which will expire at various dates from fiscal year 2023 – 2041. Federal NOLs were generated subsequent to fiscal 2019 and have an indefinite carryover period. The Company has federal and state tax credit carryforwards of approximately $9,780 and $1,037, respectively, which will expire at various dates from fiscal 2026 – 2041.

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. The Company has evaluated the likelihood of whether the net deferred tax assets would be realized and concluded that it is more likely than not that all of deferred tax assets would not be realized. Management believes that it is more likely than not that the results of future operations will not generate sufficient taxable income and foreign source income to realize all the domestic deferred tax assets, therefore, a valuation allowance in the amount of $24,420 has been recorded for fiscal year 2021.

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

	2021			2020

U.S. federal income tax at 21%	$	(2,066	)	$	(9,185	)
Increases (reductions) in tax resulting from:
Foreign tax items		552			236
State taxes		(440	)		(716	)
Change in prior year estimate		(1,138	)		(213	)
Nondeductible PPP loan expenses		(1,722	)		-
Research and development tax credits		(336	)		(412	)
Goodwill impairment		-			4,814
Unrecognized tax benefits		59			9
Stock compensation		252			(93	)
Rate changes		18			237
Deferred tax basis adjustments		42			(138	)
GILTI inclusion		-			1,220
Valuation allowance		24,420			-
Other, net		39			72
	$	19,680		$	(4,169	)

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the Internal Revenue Code. The Tax Act is generally applicable for tax years beginning after December 31, 2017, which is the Company’s fiscal year 2018. However, several provisions of the Tax Act have differing effective dates, meaning these provisions did not impact the Company’s financial statements until fiscal year 2019. The provisions impacting the Company’s fiscal year 2019 financial statements include the global intangible low taxed income (“GILTI”) income and foreign-derived intangible income (“FDII”) deduction and limitations on the deductibility of executive compensation.

Changes in the tax treatment of certain items have been reflected during the current quarter, chief among them the impact on the effective tax rate related to the non-taxable treatment of $8,200 of forgiven PPP loans included in net loss, as well as the impact of deferred employer Social Security tax payments.

Executive Compensation Limitations: The Tax Act substantially modifies the limitation on corporate deductibility of executive compensation under Section 162(m) of the Code. Section 162(m) limits the deduction for compensation paid by a publicly held corporation to certain of its executive employees to $1,000 per year. The Tax Act has amended the definition of “covered employee” to correspond to the general SEC reporting requirements for named executive officers. These are the corporation’s principal executive officer, principal financial officer, and the next three highest-paid executive officers. Most significantly, the Tax Act has eliminated the exemptions for commissions and performance-based compensation. This did not have an impact on the Company’s effective tax rate in fiscal year 2021 and 2020.

Global Intangible Low Taxed Income (“GILTI”): The Tax Act changed the foreign source income calculations and related foreign tax credit amounts. The GILTI require 10% domestic shareholders (“U.S. Shareholders”) of controlled foreign corporations (“CFC’s”) to include in gross income annually the U.S. Shareholders’ pro rata share of GILTI for the year. The High Tax Exception (“HTE") rules were finalized and applicable for the Company during fiscal year 2021. Accordingly, the Company may exclude from the GILTI inclusion tested income from tested units with an effective tax rate greater than 18.9%. The Company was able to take advantage of this high tax exception, which resulted in zero GILTI inclusion in the Company’s effective tax rate for fiscal year 2021. In fiscal year 2020, the GILTI inclusion was $1,220.

Foreign Derived Intangible Income (“FDII”): The Tax Act provides companies with a new permanent deduction. An incentive for C corporations to generate revenue from serving foreign markets, the provision applies a preferential tax rate to eligible income. The new tax law assumes a fixed rate of return on a corporation’s tangible assets. Any remaining income is deemed to be generated by intangible assets. This did not have an impact on the Company’s effective tax rate in fiscal year 2021 and 2020.

The Company has not provided additional U.S. income taxes on cumulative earnings of its consolidated foreign subsidiaries that are considered to be reinvested indefinitely. The Company reaffirms its position that the earnings of those subsidiaries remain permanently invested and has no plans to repatriate funds from any permanently reinvested subsidiaries to the U.S. for the foreseeable future. These earnings relate to ongoing operations and were approximately $10,871 and $1,729 at June 30, 2021 and June 30, 2020, respectively. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. 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, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination are 2017 through 2021 for our major operations in Belgium, Japan, Netherlands, Singapore and Australia. The tax years open to examination in the U.S. are for years subsequent to fiscal 2017.

The Company has approximately $778 and $918 of unrecognized tax benefits as of June 30, 2021 and June 30, 2020, respectively, which, if recognized, would impact the effective tax rate. During the fiscal year the amount of unrecognized tax benefits decreased primarily due to settlements with tax authorities. No material changes are expected to the reserve during the next 12 months. 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 as of June 30:

	2021			2020
Unrecognized tax benefits, beginning of year	$	918		$	938
Additions based on tax positions related to the prior year		-			17
Additions based on tax positions related to the current year		66			87
Reductions based on tax positions related to the prior year		(21	)		(19	)
Subtractions due to statutes closing		-			(105	)
Settlements with taxing authorities		(185	)		-
Unrecognized tax benefits, end of year	$	778		$	918

Substantially all of the Company’s unrecognized tax benefits as of June 30, 3021, if recognized, would affect the effective tax rate. As of June 30, 2021 and 2020, the amounts accrued for interest and penalties totaled $141 and $185, respectively, and are not included in the reconciliation above.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note O - Contingencies

12 Months Ended

Jun. 30, 2021

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 and Income From Extinguishment of Loan

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

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

P. RESTRUCTURING OF OPERATIONS AND INCOME FROM EXTINGUISHMENT OF LOAN

Restructuring expenses

The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth quarter of fiscal 2015. These programs primarily involved the reduction of workforce in several of the Company’s manufacturing locations, under a combination of voluntary and involuntary programs. During the fourth quarter of fiscal 2021, the Company undertook a series of steps to accelerate its focus on its core competencies, improve its fixed cost structure, and monetize some of its under-utilized assets.

With regard to its Belgian operations, on June 30, 2021, the Company announced a new phase in its restructuring plans. Under this plan, the Belgian operation’s workforce will be reduced by 23 employees. This reduction in force resulted in an accrual of $2,200, pertaining to the Company’s current estimate for the payment of severance benefits, which is expected to be completed by December 2022. The accrual will be adjusted as negotiations with the union representing certain of the affected employees commence and progress. The action was taken to allow the Belgian operation to focus resources on core manufacturing processes, while allowing for savings on the outsourcing of non-core processes. The Company anticipates annual pre-tax savings upon completion of the restructuring of approximately $1,600.

Total restructuring charges relating to streamlining operations amounted to $3,110 and $1,953 in fiscal 2021 and 2020, respectively. Restructuring activities since June 2015 have resulted in the elimination of 252 full-time employees in the manufacturing segment. Accumulated costs to date under these programs within the manufacturing segment through June 30, 2021 were $15,515.

Assets held for sale

To improve its fixed cost structure and monetize some of its under-utilized assets, the Company commenced the active marketing of three of its real estate properties, namely, its corporate headquarters in Racine, its propeller machining plant and office in Switzerland, and a spare warehouse in Italy during the fourth quarter of fiscal 2021. Such actions required the Company to reclassify these assets from Property, Plant and Equipment to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. Fair value was determined using real estate broker estimates, and would be classified as Level 3 in the fair value hierarchy. This assessment of fair value resulted in the Company recognizing a write-down of the carrying value of its corporate headquarters by $4,267.

On August 17, 2021, the Company signed an agreement to sell the propeller machining plant and office in Switzerland and received 600 Swiss francs as partial proceeds.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2019	$	-
Additions		5,138
Payments and adjustments		(5,054	)
Accrued restructuring liability, June 30, 2020		84
Additions		7,377
Payments and adjustments		(5,109	)
Accrued restructuring liability, June 30, 2021	$	2,352

Income from extinguishment of loan

As discussed in Note G, Debt, on June 16, 2021, the Company received formal forgiveness of its PPP Loan in the amount of $8,200. In accordance with ASC 470 Debt and ASC 450-30 Gain contingency, the Company recorded $8,200 in income from extinguishment of loan in its condensed consolidated statement of operations in fiscal 2021.

Note Q - Earnings Per Share

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Q. EARNINGS PER SHARE

The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Restricted stock award recipients under the 2010 LTI Plan have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the two-class method.

The components of basic and diluted earnings per share were as follows:

	2021			2020
Basic:
Net loss	$	(29,519	)	$	(39,571	)
Less: Net earnings attributable to noncontrolling interest		(200	)		(246	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net loss available to Twin Disc shareholders		(29,719	)		(39,817	)

Weighted average shares outstanding - basic		13,247			13,153

Basic Loss Per Share:
Net loss per share - basic	$	(2.24	)	$	(3.03	)

Diluted:
Net loss	$	(29,519	)	$	(39,571	)
Less: Net earnings attributable to noncontrolling interest		(200	)		(246	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net loss available to Twin Disc shareholders		(29,719	)		(39,817	)

Weighted average shares outstanding - basic		13,247			13,153
Effect of dilutive stock awards		-			-
Weighted average shares outstanding - diluted		13,247			13,153

Diluted Loss Per Share:
Net loss per share - diluted	$	(2.24	)	$	(3.03	)

The following potential common shares were excluded from diluted EPS for the year ended June 30, 2021 as the Company reported a net loss: 388,433 related to the Company’s unvested PSAs, 379,095 related to the Company’s unvested RS awards, and 34,822 related to the Company’s unvested RSUs.

The following potential common shares were excluded from diluted EPS for the year ended June 30, 2020 as the Company reported a net loss: 167,848 related to the Company’s unvested PSAs, 231,379 related to the Company’s unvested RS awards, and 37,950 related to the Company’s unvested RSUs.

Note R - Derivative Financial Instruments

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

R. DERIVATIVE FINANCIAL INSTRUMENTS

The Company reports all derivative instruments on its consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes.

As a global organization, the Company faces exposure to market risks, such as fluctuations in foreign currency exchange rates, interest rates and commodity prices. To manage the volatility relating to these exposures, the Company enters into various derivative instruments from time to time under its risk management policies. The Company designates derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset in part or in whole corresponding changes in the fair value or cash flows of the underlying exposures being hedged. The Company assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its policy. The Company does not purchase, hold or sell derivative financial instruments for trading purposes. The Company’s practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if it determines the underlying forecasted transaction is no longer probable of occurring.

Interest Rate Swaps Designated as Cash Flow Hedges

The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s LIBOR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its consolidated statements of operations and comprehensive loss. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve months.

Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were $678 and $1,104 for the years ended June 30, 2021 and 2020, respectively. The unrealized amounts in accumulated other comprehensive loss will fluctuate based on changes in the fair value of open contracts during each reporting period.

The Company estimates that $346 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve months.

Derivatives Designated as Net Investment Hedges

The Company is exposed to foreign currency exchange risk related to its investment in net assets in foreign countries. As discussed in Note G, Debt, during the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan, with a notional amount of €13,000, as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign subsidiaries. All changes in fair value of the euro revolver were then reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. Net unrealized after-tax income related to net investment hedging activities that were included in accumulated other comprehensive loss were $334 and $0 for the years ended June 30, 2021 and 2020, respectively.

Foreign Currency Forward Contracts Not Designated as Hedges

The Company primarily 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 expense, net in the consolidated statement of operations and comprehensive loss 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 2021 and 2020 was the euro. At June 30, 2021 and 2020, there were no significant forward exchange contracts outstanding.

Other Derivative Instruments

The Company does not utilize commodity price hedges to manage commodity price risk exposure. Likewise, the Company does not hedge the translation exposure represented by the net assets of its foreign subsidiaries.

Fair Value of Derivative Instruments

The Company’s interest rate swaps and foreign currency forward contracts are recorded at fair value on the consolidated balance sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks, third-party sources and foreign currency dealers involving identical or comparable instruments (Level 2).

Counterparties to these foreign currency forward contracts have at least an investment grade rating. Credit ratings on some of the Company’s counterparties may change during the term of the financial instruments. The Company closely monitors its counterparties’ credit ratings and, if necessary, will make any appropriate changes to its financial instruments. The fair value generally reflects the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date.

As discussed in Note G, Debt, the Company's euro denominated Revolving Loan approximates fair value at June 30, 2021 and June 30, 2020. If measured at fair value in the financial statements, it would be classified as Level 2 in the fair value hierarchy.

The fair value of derivative instruments included in the consolidated balance sheets at June 30 were as follows:

	Balance Sheet Location	2021		2020
Derivatives designated as hedges:
Interest rate swaps	Accrued liabilities	$	346	$	392
Interest rate swaps	Other long-term liabilities		542		1,052

The impact of the Company’s derivative instruments on the consolidated statement of operations and comprehensive loss for the years ended June 30 was as follows:

	Statement of Comprehensive
	Loss Location	2021			2020
Derivatives designated as hedges:
Interest rate swap	Interest expense	$	399		$	171
Interest rate swap	Unrealized gain (loss) on hedges		425			(595	)
Net investment hedge	Unrealized gain (loss) on hedges		335			-

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	(15	)	$	(9	)

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

SEC Schedule, 12-09, 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, 2021 and 2020 (in thousands)

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

2021:
Allowance for losses on accounts receivable	$	1,740	$	346	$	216	$	1,870

Reserve for inventory obsolescence	$	9,863	$	1,178	$	762	$	10,279

Deferred tax valuation allowance	$	-	$	24,420	$	-	$	24,420

2020:
Allowance for losses on accounts receivable	$	1,582	$	399	$	241	$	1,740

Reserve for inventory obsolescence	$	10,463	$	1,532	$	2,132	$	9,863

(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, 2021

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

Foreign Currency Transactions and Translations Policy [Policy Text Block]

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 (expense) income are foreign currency transaction losses of ($2,108) and ($570) in fiscal 2021 and 2020, respectively.

Cash and Cash Equivalents, Policy [Policy Text Block]

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.

Receivable [Policy Text Block]

Accounts Receivable--These represent trade accounts receivable and are stated net of an allowance for doubtful accounts of $1,870 and $1,740 at June 30, 2021 and 2020, respectively. The Company records an allowance for doubtful accounts 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 its 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, Policy [Policy Text Block]

Fair Value of Financial Instruments--The carrying amount reported in the consolidated balance sheets for cash, trade accounts receivable and accounts payable 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 defined in Note M, Pension and Other Postretirement Benefit Plans. The Company’s borrowings under the revolving loan agreement, which is classified as long-term debt and consists of loans that are routinely borrowed and repaid throughout the year, approximate fair value at June 30, 2021. The Company’s term loan borrowing, which is LIBOR-based, approximates fair value at June 30, 2021. If measured at fair value in the financial statements, long-term debt (including any current portion) would be classified as Level 2 in the fair value hierarchy.

Derivatives, Policy [Policy Text Block]

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 derivative financial instruments to manage certain financial risks. The Company enters into forward contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. The Company uses interest rate swap contracts to reduce the exposure to variability in interest rates on floating debt borrowings. The Company designates certain financial instruments as cash flow hedges for accounting purposes. The Company designates certain financial instruments as net investment hedges to reduce the exposure in its foreign currency denominated net investments in wholly-owned subsidiaries. See Note R, Derivative Financial Instruments, for additional information.

Inventory, Policy [Policy Text Block]

Inventories‑‑Inventories are valued at the lower of cost or net realizable value. 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.

Assets Held for Sale [Policy Text Block]

Assets Held for Sale--Assets that will be recovered principally through sale rather than in its continuing use in operations are reclassified out of property, plant and equipment and into assets held for sale if all of the following criteria are met: (a) management, having the authority to approve the action, commits to a plan to sell the asset(s); (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (c) an active program to locate a buyer, and other actions required to complete the plan to sell the asset have been initiated; (d) the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within a year; (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that plan will be withdrawn.

Assets Held for Sale are carried at fair value less costs to sell, or net book value, whichever is lower. The Company ceases to record depreciation expense at the time of designation as held for sale. During fiscal 2021, the Company classified certain properties as held for sale and recorded impairment charges of $4,267. See Note P, Restructuring of Operations and Income from Extinguishment of Loan, for additional information.

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

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.

Lessee, Leases [Policy Text Block]

Right of Use Lease Assets--In accordance with ASC 842, the Company’s leases, with lease periods longer than twelve months, are recorded on the consolidated balance sheets. These leases primarily consist of office and warehouse facilities, as well as production and office equipment.

The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the lease period, and the economic environments where the lease activity is concentrated.

During fiscal 2021, the Company elected to more closely align with ASC 842 by presenting operating lease right-of-use assets and finance lease right-of-use assets on separate lines on the consolidated balance sheets, as well as to present operating lease liabilities and finance lease liabilities on separate lines on the consolidated balance sheets. For comparative purposes, the Company restated certain amounts previously reported on the consolidated balance sheet as of June 30, 2020. The following table presents the effect of those changes:

	June 30, 2020					June 30, 2020
	As Reported		Impact			Restated

Property, plant and equipment, net	$	72,732	$	(14,448	)	$	58,284
Right-of-use assets operating leases		-		14,448			14,448

Lease obligations	$	13,495	$	(757	)	$	12,738
Other long-term liabilities		2,605		757			3,362

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

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, including 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.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets--Intangible assets primarily consist of customer relationships, technology and know-how, and tradenames, all of which are definite-lived. They were initially valued at fair value at acquisition, and are amortized over their respective useful lives on the basis of straight line or accelerated, as appropriate.

Income Tax, Policy [Policy Text Block]

Income Taxes--The Company recognizes deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities 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. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority.

Revenue [Policy Text Block]

Revenue Recognition--Revenue from contracts with customers is recognized using a five-step model consisting of the following:

identify the contract with a customer; The Company’s customers consist of distributors and direct end-users. With regard to distributors, the Company generally has written distribution agreements which describe the terms of the distribution arrangement, such as the product range, the sales territory, product pricing, sales support, payment and returns policy, etc. Customer contracts are generally in the form of acknowledged purchase orders. Services to be rendered, as part of the delivery of those products, are also generally specified. Such services include installation reviews and technical commissioning.

identify the performance obligations in the contract; The Company’s performance obligations primarily consist of product delivery and certain service obligations such as technical commissioning, repair services, installation reviews, and shift development.

determine the transaction price; The Company considers the invoice as the transaction price.

allocate the transaction price to the performance obligations in the contract; The Company determined that the most relevant allocation method for its service obligations is to apply the expected cost plus appropriate margin. This is the Company’s practice of billing for repairs, overhaul, and other product service related time incurred by its technicians.

recognize revenue; Revenue is recognized as each performance obligation is satisfied which is typically when the Company transfers control of a good or service to a customer, which can occur over time or at a point in time. For technical commissioning, repairs, installation review, and shift development services, revenue is recognized upon completion of the service. The amount of revenue recognized is based on the consideration to which the Company expects to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and the Company no longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable.

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. Goods sold under bill and hold arrangements are recorded as revenue when control has been transferred to the customer and when the reason for the arrangement is substantive, when the product is identified as the customer’s asset, when the product is ready for delivery to the customer, and when the Company cannot use the product or redirect the product to another customer.

Shipping and Handling, Fees and Costs [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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance (ASU 2018-13) as part of the disclosure framework project, which focuses on improving the effectiveness of disclosures in the notes to the financial statements. The amendments in this update modify the disclosure requirements on fair value measurements in ASC 820, Fair Value Measurement. The Company adopted this guidance effective July 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements and disclosures.

In August 2018, the FASB issued updated guidance (ASU 2018-14) intended to modify the disclosure requirements for employers that sponsor defined benefit pension or postretirement plans. The Company adopted this guidance effective July 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements and disclosures.

New Accounting Releases

In June 2016, the FASB issued updated guidance (ASU 2016-13) and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, and for smaller reporting companies for fiscal years beginning after December 15, 2022 (the Company’s fiscal 2024), with early adoption permitted for certain amendments. ASC 326 must be adopted by applying a cumulative effect adjustment to retained earnings. The Company is currently evaluating the potential impact of this guidance on the Company’s disclosures.

In December 2019, the FASB issued guidance (ASU 2019-12) intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 (the Company’s fiscal 2022), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company’s disclosures.

In March 2020 and January 2021, the FASB issued guidance (ASU 2020-04 and ASU 2021-01, respectively), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is working with its lender and currently evaluating the potential impact of this guidance on the Company’s financial statements and disclosures.

Reporting Status [Policy Text Block]

Special Note Regarding Smaller Reporting Company Status

Under SEC Release 33-10513; 34-83550, Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company based on its public float as of the last business day of the second quarter of fiscal 2021. Accordingly, it has scaled some of its disclosures of financial and non-financial information in this annual report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules.

Note A - Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	June 30, 2020					June 30, 2020
	As Reported		Impact			Restated

Property, plant and equipment, net	$	72,732	$	(14,448	)	$	58,284
Right-of-use assets operating leases		-		14,448			14,448

Lease obligations	$	13,495	$	(757	)	$	12,738
Other long-term liabilities		2,605		757			3,362

Note B - Inventories (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2021		2020
Finished parts	$	59,761	$	62,394
Work in process		17,908		17,844
Raw materials		37,298		40,369
	$	114,967	$	120,607

Note C - Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	2021			2020
Land	$	3,858		$	6,589
Buildings		30,317			48,168
Machinery and equipment		150,872			146,841
		185,047			201,598
Less: accumulated depreciation		(139,584	)		(143,314	)
	$	45,463		$	58,284

Note D - Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

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

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2019	$	39,587		$	(14,434	)	$	25,153		$	14,843		$	7,025		$	2,733		$	552
Addition		92			-			92			-			-			-			92
Amortization		-			(4,532	)		(4,532	)		(3,003	)		(1,139	)		(232	)		(158	)
Impairment		-			(1,306	)		(1,306	)		-			-			(1,080	)		(226	)
Translation adjustment		(434	)		-			(434	)		(286	)		(102	)		(33	)		(13	)
Balance at June 30, 2020		39,245			(20,272	)		18,973			11,554			5,784			1,388			247
Addition		833			-			833			-			-			-			833
Amortization		-			(3,390	)		(3,390	)		(1,880	)		(1,226	)		(184	)		(100	)
Translation adjustment		1,064			-			1,064			647			325			78			14
Balance at June 30, 2021	$	41,142		$	(23,662	)	$	17,480		$	10,321		$	4,883		$	1,282		$	994

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

Fiscal Year
2022	$	3,316
2023		3,144
2024		2,988
2025		2,817
2026		1,427
Thereafter		3,788

Schedule of Goodwill [Table Text Block]

	Net Book Value Rollforward									Net Book Value By Reporting Unit
	Gross Carrying Amount			Accumulated Impairment			Net Book Value			European Propulsion			European Industrial
Balance at June 30, 2019	$	39,776		$	(13,822	)	$	25,954		$	23,371		$	2,583
Impairment		-			(25,380	)		(25,380	)		(22,822	)		(2,558	)
Translation adjustment		(574	)		-			(574	)		(549	)		(25	)
Balance at June 30, 2020		39,202			(39,202	)		-			-			-
Translation adjustment		-			-			-			-			-
Balance at June 30, 2021	$	39,202		$	(39,202	)	$	-		$	-		$	-

Note E - Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

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

	2021		2020
Customer deposits	$	13,124	$	11,541
Salaries and wages		10,022		5,116
Warranty		3,448		3,520
Distributor rebates		3,190		3,769
Retirement benefits		1,769		3,559
Other		13,996		8,875
	$	45,549	$	36,380

Note F - Warranty (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	2021			2020

Reserve balance, July 1	$	4,460		$	3,736
Current period expense and adjustments		3,590			10,369
Payments or credits to customers		(3,742	)		(9,629	)
Translation adjustment		61			(16	)
Reserve balance, June 30	$	4,369		$	4,460

Note G - Debt (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	2021			2020
Credit Agreement Debt
Revolving loans (expire June 2023)	$	15,415		$	16,641
Term loan (due March 2026)		16,500			17,500
PPP loan		-			8,200
Other		170			246
Subtotal		32,085			42,587
Less: current maturities		(2,000	)		(4,691	)
Total long-term debt	$	30,085		$	37,896

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

Fiscal Year
2022	$	2,084
2023		17,461
2024		2,015
2025		2,000
2026		8,500
Thereafter		25
	$	32,085

Note H - Lease Obligations (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Assets and Liabilities, Lessee [Table Text Block]

	Balance Sheet Location	2021		2020
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,736	$	14,448
Finance lease right-of-use assets	Property, plant and equipment, net		5,244		959

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,870	$	1,724
Operating lease liabilities	Lease obligations		12,887		12,738
Finance lease liabilities	Accrued liabilities		541		233
Finance lease liabilities	Other long-term liabilities		4,836		757

Lease, Cost [Table Text Block]

	2021			2020
Finance lease cost:
Amortization of right-of-use assets	$	580		$	188
Interest on lease liabilities		273			56
Operating lease cost		2,795			3,137
Short-term lease cost		24			64
Variable lease cost		159			58
Total lease cost		3,831			3,503
Less: Sublease income		(154	)		(212	)
Net lease cost	$	3,677		$	3,291

Operating and Finance Leases, Other Disclosures [Table Text Block]

	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,022		$	3,141
Operating cash flows from finance leases		480			167
Financing cash flows from finance leases		273			56
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		1,481			2,757
Finance leases		4,814			592
Weighted average remaining lease term (years):
Operating leases		9.8			10.7
Finance lease		12.0			4.0
Weighted average discount rate:
Operating leases		7.2	%		7.4	%
Finance leases		5.2	%		6.2	%

Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block]

	Operating Leases			Finance Leases
2022	$	2,898		$	805
2023		2,600			796
2024		2,256			752
2025		1,663			507
2026		1,575			434
Thereafter		9,989			3,879
Total future lease payments		20,981			7,173
Less: Amount representing interest		(6,224	)		(1,796	)
Present value of future payments	$	14,757		$	5,377

Note I - Shareholders' Equity (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	2021			2020
Translation adjustments	$	9,192		$	3,454
Net loss on cash flow hedge derivatives, net of income taxes of $211 and $341, respectively		(678	)		(1,104	)
Net gain on net investment hedge derivatives, net of income taxes of $103 and $0, respectively		334			-
Benefit plan adjustments, net of income taxes of $9,537 and $13,316 respectively		(31,463	)		(43,576	)
Accumulated other comprehensive loss	$	(22,615	)	$	(41,226	)

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

	Translation		Benefit Plan			Cash Flow			Net Investment
	Adjustment		Adjustment			Hedges			Hedges
Balance at June 30, 2020	$	3,454	$	(43,576	)	$	(1,104	)	$	-
Other comprehensive loss before reclassifications		5,738		9,783			426			334
Amounts reclassified from accumulated other comprehensive loss		-		2,330			-			-
Net current period other comprehensive income		5,738		12,113			426			334
Balance at June 30, 2021	$	9,192	$	(31,463	)	$	(678	)	$	334

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)
Other comprehensive loss before reclassifications		(985	)		(3,792	)		(595	)
Amounts reclassified from accumulated other comprehensive loss		-			2,117			-
Net current period other comprehensive loss		(985	)		(1,675	)		(595	)
Balance at June 30, 2020	$	3,454		$	(43,576	)	$	(1,104	)

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

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(3,246	)
Transition asset and prior service benefit		187
Total before tax benefit		(3,059	)
Tax benefit		729
Total reclassification net of tax	$	(2,330	)

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,982	)
Transition asset and prior service benefit		195
Total before tax benefit		(2,787	)
Tax benefit		670
Total reclassification net of tax	$	(2,117	)

Note J - Business Segments and Foreign Operations (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

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

	2021		2020
Industrial	$	23,454	$	26,343
Land-based transmissions		58,421		62,697
Marine and propulsion systems		127,243		152,501
Other		9,463		5,297
Total	$	218,581	$	246,838

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	22,621	$	5,494	$	(4,661	)	$	23,454
Land-based transmissions		52,441		26,003		(20,023	)		58,421
Marine and propulsion systems		116,371		59,276		(48,404	)		127,243
Other		77		9,448		(62	)		9,463
Total	$	191,510	$	100,221	$	(73,150	)	$	218,581

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	24,143	$	5,634	$	(3,434	)	$	26,343
Land-based transmissions		63,523		25,699		(26,525	)		62,697
Marine and propulsion systems		139,833		59,212		(46,544	)		152,501
Other		66		5,279		(48	)		5,297
Total	$	227,565	$	95,824	$	(76,551	)	$	246,838

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

2021	Manufacturing			Distribution		Total
Net Sales	$	191,510		$	100,221	$	291,731
Intra-segment sales		9,436			14,746		24,182
Inter-segment sales		44,575			4,393		48,968
Interest income		172			17		189
Interest expense		2,449			1		2,450
Income taxes		(980	)		189		(791	)
Depreciation and amortization		10,455			412		10,867
Net income attributable to Twin Disc		11,016			105		11,121
Assets		364,379			46,956		411,335
Expenditures for segment assets		3,500			188		3,688

2020	Manufacturing			Distribution		Total
Net Sales	$	227,565		$	95,824	$	323,389
Intra-segment sales		14,230			12,889		27,119
Inter-segment sales		43,854			5,578		49,432
Interest income		346			22		368
Interest expense		2,128			-		2,128
Income taxes		(2,027	)		268		(1,759	)
Depreciation and amortization		11,151			379		11,530
Net (loss) income attributable to Twin Disc		(31,603	)		553		(31,050	)
Assets		365,417			43,118		408,535
Expenditures for segment assets		9,615			734		10,349

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

	2021			2020
Net sales:
Total net sales from reportable segments	$	291,731		$	323,389
Elimination of inter-company sales		(73,150	)		(76,551	)
Total consolidated net sales	$	218,581		$	246,838

Net income (loss) attributable to Twin Disc:
Total net income (loss) from reportable segments	$	11,121		$	(31,050	)
Other adjustments and corporate expenses		(40,840	)		(8,767	)
Total consolidated net loss attributable to Twin Disc	$	(29,719	)	$	(39,817	)

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

	Segment						Consolidated
	Totals			Adjustments			Totals
2021
Interest income	$	189		$	(170	)	$	19
Interest expense		2,450			(92	)		2,358
Income taxes		(791	)		20,471			19,680
Depreciation and amortization		10,867			376			11,243
Assets		411,335			(135,922	)		275,413
Expenditures for segment assets		3,688			776			4,464

2020
Interest income	$	368		$	(290	)	$	78
Interest expense		2,128			(268	)		1,860
Income taxes		(1,759	)		(2,410	)		(4,169	)
Depreciation and amortization		11,530			395			11,925
Assets		408,535			(114,408	)		294,127
Expenditures for segment assets		10,349			350			10,699

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

	2021		2020
Net sales
United States	$	64,344	$	83,771
Netherlands		33,026		39,501
China		25,790		26,354
Australia		17,963		12,438
Italy		16,041		11,802
Austria		7,798		12,552
Other countries		53,619		60,420
Total	$	218,581	$	246,838

Long-lived assets	2021		2020
United States	$	34,629	$	41,996
Netherlands		12,447		12,659
Belgium		8,575		8,363
Italy		1,525		1,697
Switzerland		503		6,804
Other countries		5,776		5,205
Total	$	63,455	$	76,724

Note K - Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

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

	2021		2020
2020 Directors' Plan		666,913		-
2018 LTI Plan		103,289		492,591

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

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Net Funded Status [Table Text Block]

							Other
	*Pension*						*Postretirement*
	*Benefits*						*Benefits*
	*2021*			*2020*			*2021*			*2020*
Change in benefit obligation:
Benefit obligation, beginning of year	$	105,520		$	107,322		$	7,059		$	7,451
Service cost		608			653			16			17
Interest cost		2,516			3,305			154			219
Prior service cost		65			-			-			-
Actuarial (gain) loss		(1,577	)		3,161			(395	)		211
Contributions by plan participants		114			93			269			352
Benefits paid		(8,546	)		(9,014	)		(1,001	)		(1,191	)
Benefit obligation, end of year	$	98,700		$	105,520		$	6,102		$	7,059

Change in plan assets:
Fair value of assets, beginning of year	$	83,284		$	87,291		$	-		$	-
Actual return on plan assets		15,325			3,541			-			-
Employer contribution		2,253			1,373			732			839
Contributions by plan participants		114			93			269			352
Benefits paid		(8,546	)		(9,014	)		(1,001	)		(1,191	)
Fair value of assets, end of year	$	92,430		$	83,284		$	-		$	-

Funded status	$	(6,270	)	$	(22,236	)	$	(6,102	)	$	(7,059	)

*Amounts recognized in the balance sheet consist of:*
Other assets - noncurrent	$	60		$	-		$	-		$	-
Accrued liabilities - current		(423	)		(276	)		(833	)		(1,081	)
Accrued retirement benefits - noncurrent		(5,907	)		(21,960	)		(5,269	)		(5,978	)
Net amount recognized	$	(6,270	)	$	(22,236	)	$	(6,102	)	$	(7,059	)

*Amounts recognized in accumulated other comprehensive loss consist of (net of tax):*
Net transition obligation	$	133		$	158		$	-		$	-
Prior service cost		94			104			(487	)		(697	)
Actuarial net loss		31,563			43,548			160			463
Net amount recognized	$	31,790		$	43,810		$	(327	)	$	(234	)

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

			Other
	*Pension*		*Postretirement*
	*Benefits*		*Benefits*
Net transition obligation	$	37	$	-
Prior service cost		44		(275	)
Actuarial net loss		2,254		-
Net amount to be recognized	$	2,335	$	(275	)

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

	June 30
	2021		2020
Projected and accumulated benefit obligation	$	53,780	$	105,520
Fair value of plan assets		47,450		83,284

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits
	2021			2020
Service cost	$	615		$	648
Interest cost		2,516			3,304
Prior service cost		65			-
Expected return on plan assets		(4,552	)		(4,894	)
Amortization of transition obligation		40			35
Amortization of prior service cost		47			45
Amortization of actuarial net loss		3,246			2,982
Net periodic benefit cost	$	1,977		$	2,120

	Other Postretirement Benefits
	2021			2020
Service cost	$	16		$	17
Interest cost		154			219
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(104	)	$	(38	)

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

				Other
				Postretirement
	Pension			Benefits
Net loss	$	(12,464	)	$	(397	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		(43	)		275
Amortization of net loss		(3,246	)		-
Total recognized in other comprehensive income		(15,793	)		(122	)
Net periodic benefit cost (benefit)		1,977			(104	)
Total recognized in net periodic benefit cost and other comprehensive income	$	(13,816	)	$	(226	)

				Other
				Postretirement
	Pension			Benefits
Net loss	$	4,770		$	211
Amortization of transition asset		(35	)		-
Amortization of prior service (cost) benefit		(45	)		275
Amortization of net loss		(2,978	)		-
Total recognized in other comprehensive income		1,712			486
Net periodic benefit cost (benefit)		2,120			(38	)
Total recognized in net periodic benefit cost and other comprehensive income	$	3,832		$	448

Defined Benefit Plan, Assumptions [Table Text Block]

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	*2021*			*2020*			*2021*			*2020*
Discount rate		2.63	%		2.49	%		2.47	%		2.37	%
Expected return on plan assets		5.69	%		5.89	%

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	*2021*			*2020*			*2021*			*2020*
Discount rate		2.49	%		3.22	%		2.37	%		3.15	%
Expected return on plan assets		5.89	%		6.04	%

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

	Target			June 30
Asset Category	Allocation			2021			2020
Equity securities		51	%		53	%		47	%
Debt securities		40	%		38	%		44	%
Real estate		9	%		9	%		9	%
		100	%		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	1,043	$	1,043	$	-	$	-
Equity securities:
Company common stock (a)		1,398		1,398		-		-
Common stock (a)		18,201		18,201		-		-
Mutual funds (b)		9,366		9,366		-		-
Annuity contracts (c)		6,646		-		-		6,646
Total	$	36,654	$	30,008	$	-	$	6,646
Investments Measured at Net Asset Value (d)		55,776
Total	$	92,430

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	920	$	920	$	-	$	-
Equity securities:
Company common stock (a)		544		544		-		-
Common stock (a)		14,551		14,551		-		-
Mutual funds (b)		7,916		7,916		-		-
Annuity contracts (c)		6,095		-		-		6,095
Total	$	30,026	$	23,931	$	-	$	6,095
Investments Measured at Net Asset Value (d)		53,258
Total	$	83,284

	2021		2020
Fixed income funds	$	31,627	$	33,032
International equity securities		4,282		2,840
Real estate		7,747		7,186
Hedged equity mutual funds		12,120		10,200
Total	$	55,776	$	53,258

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

	2021			2020
Beginning balance	$	6,095		$	6,171
Actual return on plan assets:
Relating to assets still held at reporting date		600			75
Purchases, sales and settlements, net		(49	)		(151	)
Ending balance	$	6,646		$	6,095

Schedule of Expected Benefit Payments [Table Text Block]

			Other
	*Pension*		*Postretirement*
	*Benefits*		*Benefits*

2022	$	8,535	$	843
2023		7,794		769
2024		7,433		693
2025		7,095		608
2026		6,865		544
Years 2027 - 2031		31,435		2,042

Note N - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

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

	2021			2020
United States	$	(15,925	)	$	(29,332	)
Foreign		6,086			(14,408	)
	$	(9,839	)	$	(43,740	)

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

	2021			2020
Currently payable:
Federal	$	28		$	(149	)
State		49			30
Foreign		1,948			4,022
		2,025			3,903
Deferred:
Federal		15,554			(5,673	)
State		2,341			(860	)
Foreign		(240	)		(1,539	)
		17,655			(8,072	)
	$	19,680		$	(4,169	)

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

	2021			2020
Deferred tax assets:
Retirement plans and employee benefits	$	4,584		$	7,934
Foreign tax credit carryforwards		7,609			7,429
Federal tax credits		1,801			1,585
State net operating loss and other state credit carryforwards		2,208			1,696
Federal net operating loss		6,506			1,607
Inventory		-			205
Reserves		1,670			1,056
Foreign NOL carryforwards		66			555
Accruals		871			823
Right of use assets - operating leases		3,674			3,920
Disallowed interest		982			418
Disallowed PPP expenses		-			1,320
Other assets		1,033			832
		31,004			29,380
Valuation allowance		(24,420	)		-
		6,584			29,380

Deferred tax liabilities:
Inventory		480			-
Property, plant and equipment		1,852			3,231
Intangibles		2,982			3,306
Long term operating lease obligations		3,622			3,855
Other liabilities		182			44
		9,118			10,436

Total net deferred tax (liabilities) assets	$	(2,534	)	$	18,944

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

	2021			2020

U.S. federal income tax at 21%	$	(2,066	)	$	(9,185	)
Increases (reductions) in tax resulting from:
Foreign tax items		552			236
State taxes		(440	)		(716	)
Change in prior year estimate		(1,138	)		(213	)
Nondeductible PPP loan expenses		(1,722	)		-
Research and development tax credits		(336	)		(412	)
Goodwill impairment		-			4,814
Unrecognized tax benefits		59			9
Stock compensation		252			(93	)
Rate changes		18			237
Deferred tax basis adjustments		42			(138	)
GILTI inclusion		-			1,220
Valuation allowance		24,420			-
Other, net		39			72
	$	19,680		$	(4,169	)

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

	2021			2020
Unrecognized tax benefits, beginning of year	$	918		$	938
Additions based on tax positions related to the prior year		-			17
Additions based on tax positions related to the current year		66			87
Reductions based on tax positions related to the prior year		(21	)		(19	)
Subtractions due to statutes closing		-			(105	)
Settlements with taxing authorities		(185	)		-
Unrecognized tax benefits, end of year	$	778		$	918

Note P - Restructuring of Operations and Income From Extinguishment of Loan (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Restructuring and Related Costs [Table Text Block]

Accrued restructuring liability, June 30, 2019	$	-
Additions		5,138
Payments and adjustments		(5,054	)
Accrued restructuring liability, June 30, 2020		84
Additions		7,377
Payments and adjustments		(5,109	)
Accrued restructuring liability, June 30, 2021	$	2,352

Note Q - Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2021			2020
Basic:
Net loss	$	(29,519	)	$	(39,571	)
Less: Net earnings attributable to noncontrolling interest		(200	)		(246	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net loss available to Twin Disc shareholders		(29,719	)		(39,817	)

Weighted average shares outstanding - basic		13,247			13,153

Basic Loss Per Share:
Net loss per share - basic	$	(2.24	)	$	(3.03	)

Diluted:
Net loss	$	(29,519	)	$	(39,571	)
Less: Net earnings attributable to noncontrolling interest		(200	)		(246	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net loss available to Twin Disc shareholders		(29,719	)		(39,817	)

Weighted average shares outstanding - basic		13,247			13,153
Effect of dilutive stock awards		-			-
Weighted average shares outstanding - diluted		13,247			13,153

Diluted Loss Per Share:
Net loss per share - diluted	$	(2.24	)	$	(3.03	)

Note R - Derivative Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Balance Sheet Location	2021		2020
Derivatives designated as hedges:
Interest rate swaps	Accrued liabilities	$	346	$	392
Interest rate swaps	Other long-term liabilities		542		1,052

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

	Statement of Comprehensive
	Loss Location	2021			2020
Derivatives designated as hedges:
Interest rate swap	Interest expense	$	399		$	171
Interest rate swap	Unrealized gain (loss) on hedges		425			(595	)
Net investment hedge	Unrealized gain (loss) on hedges		335			-

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	(15	)	$	(9	)

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2021

Notes Tables

Valuation Allowances and Reserves [Table Text Block]

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

2021:
Allowance for losses on accounts receivable	$	1,740	$	346	$	216	$	1,870

Reserve for inventory obsolescence	$	9,863	$	1,178	$	762	$	10,279

Deferred tax valuation allowance	$	-	$	24,420	$	-	$	24,420

2020:
Allowance for losses on accounts receivable	$	1,582	$	399	$	241	$	1,740

Reserve for inventory obsolescence	$	10,463	$	1,532	$	2,132	$	9,863

Note A - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Foreign Currency Transaction Gain (Loss), before Tax, Total	$ (2,108)	$ (570)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	1,870	$ 1,740
Impairment of Long-Lived Assets to be Disposed of	$ 4,267
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note A - Significant Accounting Policies - Restatement (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Property, plant and equipment, net	$ 45,463	$ 58,284
Right-of-use assets operating leases	14,736	14,448
Operating lease liabilities	12,887	12,738
Other long-term liabilities	$ 7,000	3,362
Previously Reported [Member]
Property, plant and equipment, net		72,732
Right-of-use assets operating leases		0
Operating lease liabilities		13,495
Other long-term liabilities		2,605
Revision of Prior Period, Error Correction, Adjustment [Member]
Property, plant and equipment, net		(14,448)
Right-of-use assets operating leases		14,448
Operating lease liabilities		(757)
Other long-term liabilities		$ 757

Note B - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Percentage of LIFO Inventory	45.00%	50.00%
Excess of Replacement or Current Costs over Stated LIFO Value	$ 25,969	$ 27,225
Effect of LIFO Inventory Liquidation on Income	1,105	0
Inventory Valuation Reserves, Ending Balance	$ 10,279	$ 9,863

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Finished parts	$ 59,761	$ 62,394
Work in process	17,908	17,844
Raw materials	37,298	40,369
Total inventories	$ 114,967	$ 120,607

Note C - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	$ 5,244	$ 959
Depreciation, Total	$ 7,853	$ 7,394

Note C - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Land	$ 3,858	$ 6,589
Buildings	30,317	48,168
Machinery and equipment	150,872	146,841
Property, plant and Equipment, Gross	185,047	201,598
Less: accumulated depreciation	(139,584)	(143,314)
Property, plant and Equipment, Net	$ 45,463	$ 58,284

Note D - Intangible Assets (Details Textual) $ in Thousands		12 Months Ended
Note D - Intangible Assets (Details Textual) $ in Thousands	Mar. 27, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)		7 years
Amortization of Intangible Assets, Total		$ 3,390	$ 4,532
Goodwill, Ending Balance	$ 25,380	0	0	$ 25,954
Goodwill, Impairment Loss	$ 25,380		25,380
Impairment of Intangible Assets (Excluding Goodwill), Total			2,223
Goodwill and Intangible Asset Impairment, Total		$ 0	27,603
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Goodwill and Other Impairment Charge, Amount			$ 1,199
Measurement Input, Discount Rate [Member]
Goodwill, Measurement Input	0.130

Note D - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Balance, Definite Intangible Assets Gross Carrying Amount	$ 39,245	$ 39,587
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(20,272)	(14,434)
Balance at June 30, Definite Intangible Assets Net Book Value	18,973	25,153
Addition, Definite Intangible Assets Gross Carrying Amount	833	92
Addition, Definite Intangible Assets Net Book Value	833	92
Amortization, Intangible Asset	(3,390)	(4,532)
Impairment, Intangible Asset		(1,306)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount	1,064	(434)
Translation adjustment, Definite Intangible Assets Net Book Value	1,064	(434)
Balance, Definite Intangible Assets Gross Carrying Amount	41,142	39,245
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(23,662)	(20,272)
Balance at June 30, Definite Intangible Assets Net Book Value	17,480	18,973
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	11,554	14,843
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(1,880)	(3,003)
Impairment, Intangible Asset		0
Translation adjustment, Definite Intangible Assets Net Book Value	647	(286)
Balance at June 30, Definite Intangible Assets Net Book Value	10,321	11,554
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	5,784	7,025
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(1,226)	(1,139)
Impairment, Intangible Asset		0
Translation adjustment, Definite Intangible Assets Net Book Value	325	(102)
Balance at June 30, Definite Intangible Assets Net Book Value	4,883	5,784
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	1,388	2,733
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(184)	(232)
Impairment, Intangible Asset		(1,080)
Translation adjustment, Definite Intangible Assets Net Book Value	78	(33)
Balance at June 30, Definite Intangible Assets Net Book Value	1,282	1,388
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	247	552
Addition, Definite Intangible Assets Net Book Value	833	92
Amortization, Intangible Asset	(100)	(158)
Impairment, Intangible Asset		(226)
Translation adjustment, Definite Intangible Assets Net Book Value	14	(13)
Balance at June 30, Definite Intangible Assets Net Book Value	$ 994	$ 247

Note D - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Jun. 30, 2021 USD ($)
2022	$ 3,316
2023	3,144
2024	2,988
2025	2,817
2026	1,427
Thereafter	$ 3,788

Note D - Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 27, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance, goodwill gross carrying amount		$ 39,202	$ 39,776
Balance, goodwill accumulated impairment		(39,202)	(13,822)
Balance, goodwill net book value		0	25,954
Impairment, goodwill accumulated impairment	$ (25,380)		(25,380)
Translation adjustment, goodwill gross carrying amount		0	(574)
Translation adjustment, goodwill net book value		0	(574)
Balance, goodwill gross carrying amount		39,202	39,202
Balance, goodwill accumulated impairment		(39,202)	(39,202)
Balance at June 30, 2020	$ 25,380	0	0
European Propulsion [Member]
Balance, goodwill net book value		0	23,371
Impairment, goodwill accumulated impairment			(22,822)
Translation adjustment, goodwill gross carrying amount		0	(549)
Translation adjustment, goodwill net book value		0	(549)
Balance at June 30, 2020		0	0
European Industrial [Member]
Balance, goodwill net book value		0	2,583
Impairment, goodwill accumulated impairment			(2,558)
Translation adjustment, goodwill gross carrying amount		0	(25)
Translation adjustment, goodwill net book value		0	(25)
Balance at June 30, 2020		$ 0	$ 0

Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Customer deposits	$ 13,124	$ 11,541
Salaries and wages	10,022	5,116
Warranty	3,448	3,520
Distributor rebates	3,190	3,769
Retirement benefits	1,769	3,559
Other	13,996	8,875
Total accrued liabilities	$ 45,549	$ 36,380

Note F - Warranty (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total		$ 6,233
Product Warranty Accrual, Current	$ 3,448	3,520
Product Warranty Accrual, Noncurrent	$ 921	$ 940
Minimum [Member]
Warranty Period (Month)	12 months
Maximum [Member]
Warranty Period (Month)	24 months

Note F - Warranty - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Reserve balance, July 1	$ 4,460	$ 3,736
Current period expense and adjustments	3,590	10,369
Payments or credits to customers	(3,742)	(9,629)
Translation adjustment	61	(16)
Reserve balance, June 30	$ 4,369	$ 4,460

Note G - Debt (Details Textual)							12 Months Ended
Note G - Debt (Details Textual)	Jul. 22, 2020 USD ($)	Apr. 17, 2020 USD ($)	Jan. 28, 2020 USD ($)	Mar. 04, 2019 USD ($)	Sep. 25, 2018 USD ($)	Jul. 02, 2018 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2021	Mar. 26, 2021 USD ($)	Jan. 27, 2021 USD ($)	Jan. 26, 2021 USD ($)	Dec. 25, 2020 USD ($)	Sep. 25, 2020	Mar. 27, 2020	Dec. 27, 2019	Dec. 26, 2019	Mar. 03, 2019 USD ($)	Jun. 29, 2018 USD ($)
Proceeds from Long-term Lines of Credit							$ 76,335,000	$ 99,262,000
Gain (Loss) on Extinguishment of Debt, Total							8,200,000	0
Proceeds from Sale Leaseback Agreement									$ 329,000
Principal Paid on Sale Leaseback Liabilities							91,000
Minimum [Member]
Sale Leaseback Transactions, Term (Year)									3 years
Sale Leaseback Transactions, Implied Interest Rate									7.00%
Maximum [Member]
Sale Leaseback Transactions, Term (Year)									5 years
Sale Leaseback Transactions, Implied Interest Rate									25.00%
Prior Parent of Veth Propulsion [Member]
Repayments of Debt						$ 1,865,000
Bank of Montreal [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative, Notional Amount							15,500,000
Veth Propulsion [Member]
Payments to Acquire Businesses, Gross						58,862,000
Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 1,535,000	$ 943,000
Debt, Weighted Average Interest Rate							5.60%	5.60%
The 2018 Credit Agreement [Member]
Repayments of Debt					$ 32,210,000
Paycheck Protection Program CARES Act [Member] \| Promissory Note [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 8,200,000
Gain (Loss) on Extinguishment of Debt, Total							$ 8,200,000
BMO [Member] \| The 2018 Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity												$ 42,500	$ 45,000
Proceeds from Issuance of Debt						60,729,000
Debt Instrument, Covenant, Minimum Cumulative EBITDA							$ 10,000,000	$ 1,000,000			$ 6,000,000			$ 2,500,000
Debt Instrument, Percentage of Equity Interest in Domestic Subsidiaries Pledged	100.00%
Debt Instrument, Percentage of Equity Interest in Foreign Subsidiaries Pledged	65.00%
Debt Instrument, Debt Default, Percentage of Letter of Credit Obligations Required to Cash Collateralize	105.00%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Forecast [Member]
Debt Instrument, Covenant, Allowable Ratio, Current Quarter										3.00
BMO [Member] \| The 2018 Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
BMO [Member] \| The 2018 Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			3.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity				$ 20,000,000
Proceeds from Issuance of Debt				9,151,000		35,000,000
Long-term Debt, Gross																			$ 10,849,000
Debt Instrument, Periodic Payment, Total				$ 500,000
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio				3.00
Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income				$ 100,000,000															$ 70,000,000
Debt Instrument, Principal Payment Deferred	$ 1,000,000
Debt Instrument, Interest Rate During Period							4.01%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| Minimum [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio																			3.50
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| Maximum [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio																			3.25
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				1.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.875%		3.375%	2.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity																				$ 35,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 45,000,000																			$ 50,000,000
Proceeds from Long-term Lines of Credit						$ 25,729,000
Debt Instrument, Interest Rate During Period							4.25%
Line of Credit Facility, Current Borrowing Capacity							$ 43,795,000
Line of Credit Facility, Remaining Borrowing Capacity							$ 27,085,000
BMO [Member] \| The 2018 Credit Agreement Amendment [Member]
Debt Instrument, Covenant, Maximum Allowable Extraordinary Expenses			$ 3,900,000,000
BMO [Member] \| The 2018 Credit Agreement Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Covenant, Allowable Ratio, Current Quarter								4.00						3.00	3.50	5.00	4.00	3.00

Note G - Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Long-term debt	$ 32,085	$ 42,587
Less: current maturities	(2,000)	(4,691)
Total long-term debt	30,085	37,896
Revolving Loan [Member]
Long-term debt	15,415	16,641
Term Loan [Member]
Long-term debt	16,500	17,500
Promissory Note [Member] \| Paycheck Protection Program CARES Act [Member]
Long-term debt	0	8,200
Other Long-Term Debt [Member]
Long-term debt	$ 170	$ 246

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Note G - Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
2022	$ 2,084
2023	17,461
2024	2,015
2025	2,000
2026	8,500
Thereafter	25
Long-term Debt, Total	$ 32,085	$ 42,587

- Definition

+ References + Details

Note H - Lease Obligations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Operating lease right-of-use assets	$ 14,736	$ 14,448
Finance lease right-of-use assets	5,244	959
Operating lease liabilities	12,887	12,738
Property, Plant and Equipment, Net [Member]
Operating lease right-of-use assets	14,736	14,448
Finance lease right-of-use assets	5,244	959
Accrued Liabilities [Member]
Operating lease liabilities	1,870	1,724
Finance lease liabilities	541	233
Lease Obligation [Member]
Operating lease liabilities	12,887	12,738
Finance lease liabilities	$ 4,836	$ 757

Note H - Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Amortization of right-of-use assets	$ 580	$ 188
Interest on lease liabilities	273	56
Operating lease cost	2,795	3,137
Short-term lease cost	24	64
Variable lease cost	159	58
Total lease cost	3,831	3,503
Less: Sublease income	(154)	(212)
Net lease cost	$ 3,677	$ 3,291

Note H - Lease Obligations - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating cash flows from operating leases	$ 3,022	$ 3,141
Operating cash flows from finance leases	480	167
Financing cash flows from finance leases	273	56
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	1,481	2,757
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 4,814	$ 592
Weighted average remaining lease term (years): Operating leases (Year)	9 years 9 months 18 days	10 years 8 months 12 days
Weighted average remaining lease term (years): Finance lease (Year)	12 years	4 years
Weighted average discount rate: Operating leases	7.20%	7.40%
Weighted average discount rate: Finance leases	5.20%	6.20%

Note H - Lease Obligations - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
2022, Operating Leases	$ 2,898
2022, Finance Leases	805
2023, Operating Leases	2,600
2023, Finance Leases	796
2024, Operating Leases	2,256
2024, Finance Leases	752
2025, Operating Leases	1,663
2025, Finance Leases	507
2026, Operating Leases	1,575
2026, Finance Leases	434
Thereafter, Operating Leases	9,989
Thereafter, Finance Leases	3,879
Total future lease payments, Operating Leases	20,981
Total future lease payments, Finance Leases	7,173
Less: Amount representing interest, Operating Leases	(6,224)
Less: Amount representing interest, Finance Leases	(1,796)
Present value of future payments, Operating Leases	14,757
Present value of future payments, Finance Leases	$ 5,377

Note I - Shareholders' Equity (Details Textual) - $ / shares $ / shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Common Stock, Shares, Outstanding, Ending Balance (in shares)	13,648,663	13,405,993
Treasury Stock, Shares, Ending Balance (in shares)	984,139	1,226,809
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)	249,480	186,226
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	6,809	20,511
Treasury Stock, Shares, Acquired (in shares)	0	0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	315,000	315,000
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0
Preferred Stock, Shares Authorized (in shares)	200,000	200,000
Preferred Stock, Shares Issued, Total (in shares)	0	0
Preferred Stock, Capital Shares Reserved for Future Issuance (in shares)	150,000

Note I - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Translation adjustments	$ 9,192	$ 3,454
Net loss on cash flow hedge derivatives, net of income taxes of $211 and $341, respectively	(678)	(1,104)
Net gain on net investment hedge derivatives, net of income taxes of $103 and $0, respectively	334	0
Benefit plan adjustments, net of income taxes of $9,537 and $13,316 respectively	(31,463)	(43,576)
Accumulated other comprehensive loss	$ (22,615)	$ (41,226)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Note I - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Net loss on cash flow hedge derivatives, income taxes	$ 211	$ 341
Net gain on net investment hedge derivatives, taxes	103	0
Benefit plan adjustments, tax	$ 9,537	$ 13,316

Note I - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Balance	$ 139,958	$ 182,818
Balance	130,660	139,958
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	3,454	4,439
Other comprehensive loss before reclassifications	5,738	(985)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive income	5,738	(985)
Balance	9,192	3,454
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(43,576)	(41,901)
Other comprehensive loss before reclassifications	9,783	(3,792)
Amounts reclassified from accumulated other comprehensive loss	2,330	2,117
Net current period other comprehensive income	12,113	(1,675)
Balance	(31,463)	(43,576)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(1,104)	(509)
Other comprehensive loss before reclassifications	426	(595)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive income	426	(595)
Balance	(678)	(1,104)
Accumulated Gain (Loss), Net, Net Investment Hedge [Member]
Balance	0
Other comprehensive loss before reclassifications	334
Amounts reclassified from accumulated other comprehensive loss	0
Net current period other comprehensive income	334
Balance	$ 334	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Note I - Stockholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net loss	$ (29,519)	$ (39,571)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	(3,246)	(2,982)
Transition asset and prior service benefit	187	195
Total before tax benefit	(3,059)	(2,787)
Tax benefit	729	670
Net loss	$ (2,330)	$ (2,117)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Note J - Business Segments and Foreign Operations (Details Textual)	12 Months Ended
	Jun. 30, 2021
Number of Reportable Segments	2

Note J - Business Segments and Foreign Operations - Net Sales by Product Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 218,581	$ 246,838
Operating Segments [Member]
Net Sales	291,731	323,389
Intersegment Eliminations [Member]
Net Sales	(73,150)	(76,551)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	191,510	227,565
Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	100,221	95,824
Industrial [Member]
Net Sales	23,454	26,343
Industrial [Member] \| Intersegment Eliminations [Member]
Net Sales	(4,661)	(3,434)
Industrial [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	22,621	24,143
Industrial [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	5,494	5,634
Land Based Transmissions [Member]
Net Sales	58,421	62,697
Land Based Transmissions [Member] \| Intersegment Eliminations [Member]
Net Sales	(20,023)	(26,525)
Land Based Transmissions [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	52,441	63,523
Land Based Transmissions [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	26,003	25,699
Marine and Propulsion Systems [Member]
Net Sales	127,243	152,501
Marine and Propulsion Systems [Member] \| Intersegment Eliminations [Member]
Net Sales	(48,404)	(46,544)
Marine and Propulsion Systems [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	116,371	139,833
Marine and Propulsion Systems [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	59,276	59,212
Other [Member]
Net Sales	9,463	5,297
Other [Member] \| Intersegment Eliminations [Member]
Net Sales	(62)	(48)
Other [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	77	66
Other [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	$ 9,448	$ 5,279

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Paragraph 1
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+ Details

Note J - Business Segments and Foreign Operations - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 218,581	$ 246,838
Intra-segment sales	24,182	27,119
Inter-segment sales	48,968	49,432
Interest income	19	78
Interest expense	2,358	1,860
Income taxes	19,680	(4,169)
Depreciation and amortization	11,243	11,925
Net income attributable to Twin Disc	(29,719)	(39,817)
Assets	275,413	294,127
Expenditures for segment assets	4,464	10,699
Manufacturing Segment [Member]
Intra-segment sales	9,436	14,230
Inter-segment sales	44,575	43,854
Distribution Segment [Member]
Intra-segment sales	14,746	12,889
Inter-segment sales	4,393	5,578
Operating Segments [Member]
Net Sales	291,731	323,389
Interest income	189	368
Interest expense	2,450	2,128
Income taxes	(791)	(1,759)
Depreciation and amortization	10,867	11,530
Net income attributable to Twin Disc	11,121	(31,050)
Assets	411,335	408,535
Expenditures for segment assets	3,688	10,349
Operating Segments [Member] \| Manufacturing Segment [Member]
Net Sales	191,510	227,565
Interest income	172	346
Interest expense	2,449	2,128
Income taxes	(980)	(2,027)
Depreciation and amortization	10,455	11,151
Net income attributable to Twin Disc	11,016	(31,603)
Assets	364,379	365,417
Expenditures for segment assets	3,500	9,615
Operating Segments [Member] \| Distribution Segment [Member]
Net Sales	100,221	95,824
Interest income	17	22
Interest expense	1	0
Income taxes	189	268
Depreciation and amortization	412	379
Net income attributable to Twin Disc	105	553
Assets	46,956	43,118
Expenditures for segment assets	$ 188	$ 734

Note J - Business Segments and Foreign Operations - Reconciliation of Reportable Segment Net Sales and Net Earnings to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 218,581	$ 246,838
Net earnings attributable to Twin Disc	(29,719)	(39,817)
Operating Segments [Member]
Net Sales	291,731	323,389
Net earnings attributable to Twin Disc	11,121	(31,050)
Intersegment Eliminations [Member]
Net Sales	(73,150)	(76,551)
Corporate, Non-Segment [Member]
Net earnings attributable to Twin Disc	$ (40,840)	$ (8,767)

- Definition

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

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Note J - Business Segments and Foreign Operations - Reconciliation of Reportable Segments Other Significant Reconciling Items to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Interest income	$ 19	$ 78
Interest expense	2,358	1,860
Income taxes	19,680	(4,169)
Depreciation and amortization	11,243	11,925
Assets	275,413	294,127
Expenditures for segment assets	4,464	10,699
Depreciation and amortization		11,925
Operating Segments [Member]
Interest income	189	368
Interest expense	2,450	2,128
Income taxes	(791)	(1,759)
Depreciation and amortization	10,867	11,530
Assets	411,335	408,535
Expenditures for segment assets	3,688	10,349
Depreciation and amortization		11,530
Segment Reconciling Items [Member]
Interest income	(170)	(290)
Interest expense	(92)	(268)
Income taxes	20,471	(2,410)
Depreciation and amortization	376
Assets	(135,922)	(114,408)
Expenditures for segment assets	$ 776	350
Depreciation and amortization		$ 395

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 825
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-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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-Paragraph 25
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-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note J - Business Segments and Foreign Operations - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 218,581	$ 246,838
Long-lived assets	63,455	76,724
Reportable Geographical Components [Member] \| UNITED STATES
Net Sales	64,344	83,771
Long-lived assets	34,629	41,996
Reportable Geographical Components [Member] \| NETHERLANDS
Net Sales	33,026	39,501
Long-lived assets	12,447	12,659
Reportable Geographical Components [Member] \| BELGIUM
Long-lived assets	8,575	8,363
Reportable Geographical Components [Member] \| CHINA
Net Sales	25,790	26,354
Reportable Geographical Components [Member] \| ITALY
Net Sales	16,041	11,802
Long-lived assets	1,525	1,697
Reportable Geographical Components [Member] \| AUSTRALIA
Net Sales	17,963	12,438
Reportable Geographical Components [Member] \| SWITZERLAND
Long-lived assets	503	6,804
Reportable Geographical Components [Member] \| Other Countries [Member]
Net Sales	53,619	60,420
Long-lived assets	5,776	5,205
Reportable Geographical Components [Member] \| AUSTRIA
Net Sales	$ 7,798	$ 12,552

Note K - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	251,804	180,379
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	6,809	20,511
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	397,884	184,766
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	265,256	131,688
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	388,433	167,848
Allocated Share-based Compensation Expense (Reversal)	$ 491	$ (368)
Share-based Payment Arrangement, Expense, Tax Benefit	$ 116	(87)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 7.50
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,432
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 167
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	379,095	231,379
Share-based Payment Arrangement, Expense, Tax Benefit	$ 315	$ 283
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	1,333
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 533	$ 1,241
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	6,809	20,511
Share-based Payment Arrangement, Expense	$ 1,335	$ 1,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	34,822	37,950
Share-based Payment Arrangement, Expense, Tax Benefit	$ 78	$ 77
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 25.79
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 25
Share-based Payment Arrangement, Expense	$ 328	$ 326
The 2020 Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	750,000
The 2018 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	850,000
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	250,000
Long-term Incentive Compensation Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	650,000

Note K - Stock-based Compensation - Shares Available for Future Options (Details) - Stock Options [Member] - shares	Jun. 30, 2021	Jun. 30, 2019
The 2020 Directors Plan [Member]
Shares Available for Grant (in shares)	666,913	0
The 2018 Long-Term Incentive Plan [Member]
Shares Available for Grant (in shares)	103,289	492,591

Note L - Engineering and Development Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Research and Development Expense, Total	$ 1,867	$ 1,820
Engineering and Development Costs	$ 8,535	$ 10,998

Note M - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan, Cost of Premium for Health Coverage Plan, Percentage	100.00%
Defined Benefit Plan, Accumulated Benefit Obligation	$ 98,700	$ 105,520
Defined Benefit Plan, Weighted Average Healthcare Cost, Trend Rate	6.00%
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	$ 81
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components	$ 2
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	$ 71
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	$ 2
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Defined Benefit Plan, Expected Long-term Return on Plan Assets	5.69%
Defined Contribution Plan, Cost	$ 2,162	$ 1,949
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 733
UNITED STATES
Defined Benefit Plan, Expected Long-term Return on Plan Assets	5.90%
Common Stock Held by U.S Pension Plans [Member]
Defined Benefit Plan, Plan Assets, Employer, Related Party, Number of Shares (in shares)	98,211	98,211
Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount	$ 1,398	$ 544
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	1.50%	0.70%

Note M - Pension and Other Postretirement Benefit Plans - Net Funded Status of Pension and Postretirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net amount recognized	$ (31,463)	$ (43,576)
Pension Plan [Member]
Benefit obligation, beginning of year	105,520	107,322
Service cost	608	653
Interest cost	2,516	3,305
Prior service cost	65	0
Actuarial (gain) loss	(1,577)	3,161
Contributions by plan participants	114	93
Benefits paid	(8,546)	(9,014)
Benefit obligation, end of year	98,700	105,520
Fair value of assets, Balance	83,284	87,291
Actual return on plan assets	15,325	3,541
Employer contribution	2,253	1,373
Contributions by plan participants	114	93
Benefits paid	(8,546)	(9,014)
Fair value of assets, Balance	92,430	83,284
Funded status	(6,270)	(22,236)
Other assets - noncurrent	60	0
Accrued liabilities - current	(423)	(276)
Accrued retirement benefits - noncurrent	(5,907)	(21,960)
Net amount recognized	(6,270)	(22,236)
Net transition obligation	133	158
Prior service cost	94	104
Actuarial net loss	31,563	43,548
Net amount recognized	31,790	43,810
Other Postretirement Benefits Plan [Member]
Benefit obligation, beginning of year	7,059	7,451
Service cost	16	17
Interest cost	154	219
Prior service cost	0	0
Actuarial (gain) loss	(395)	211
Contributions by plan participants	269	352
Benefits paid	(1,001)	(1,191)
Benefit obligation, end of year	6,102	7,059
Fair value of assets, Balance	0	0
Actual return on plan assets	0	0
Employer contribution	732	839
Contributions by plan participants	269	352
Benefits paid	(1,001)	(1,191)
Fair value of assets, Balance	0	0
Funded status	(6,102)	(7,059)
Other assets - noncurrent	0	0
Accrued liabilities - current	(833)	(1,081)
Accrued retirement benefits - noncurrent	(5,269)	(5,978)
Net amount recognized	(6,102)	(7,059)
Net transition obligation	0	0
Prior service cost	(487)	(697)
Actuarial net loss	160	463
Net amount recognized	$ (327)	$ (234)

Note M - Pension and Other Postretirement Benefit Plans - Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Pension Plan [Member]
Net transition obligation	$ 37
Prior service cost	44
Actuarial net loss	2,254
Net amount to be recognized	2,335
Other Postretirement Benefits Plan [Member]
Net transition obligation	0
Prior service cost	(275)
Actuarial net loss	0
Net amount to be recognized	$ (275)

Note M - Pension and Other Postretirement Benefit Plans - Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Projected and accumulated benefit obligation	$ 53,780	$ 105,520
Fair value of plan assets	$ 47,450	$ 83,284

Note M - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Pension Plan [Member]
Service cost	$ 615	$ 648
Interest cost	2,516	3,304
Prior service cost	65	0
Expected return on plan assets	(4,552)	(4,894)
Amortization of transition obligation	40	35
Amortization of prior service cost	47	45
Amortization of actuarial net loss	3,246	2,982
Net periodic benefit cost	1,977	2,120
Other Postretirement Benefits Plan [Member]
Service cost	16	17
Interest cost	154	219
Prior service cost	0	0
Amortization of prior service cost	(274)	(274)
Net periodic benefit cost	$ (104)	$ (38)

Note M - Pension and Other Postretirement Benefit Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Pension Plan [Member]
Net loss	$ (12,464)	$ 4,770
Amortization of transition asset	(40)	(35)
Amortization of prior service (cost) benefit	(43)	(45)
Amortization of net loss	(3,246)	(2,978)
Total recognized in other comprehensive income	(15,793)	1,712
Net periodic benefit cost (benefit)	1,977	2,120
Total recognized in net periodic benefit cost and other comprehensive income	(13,816)	3,832
Other Postretirement Benefits Plan [Member]
Net loss	(397)	211
Amortization of transition asset	0	0
Amortization of prior service (cost) benefit	275	275
Amortization of net loss	0	0
Total recognized in other comprehensive income	(122)	486
Net periodic benefit cost (benefit)	(104)	(38)
Total recognized in net periodic benefit cost and other comprehensive income	$ (226)	$ 448

Note M - Pension and Other Postretirement Benefit Plans - Schedule of Assumptions (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Pension Plan [Member]
Discount rate	2.63%	2.49%
Expected return on plan assets	5.69%	5.89%
Discount rate	2.49%	3.22%
Expected return on plan assets	5.89%	6.04%
Other Postretirement Benefits Plan [Member]
Discount rate	2.47%	2.37%
Expected return on plan assets
Discount rate	2.37%	3.15%
Expected return on plan assets

Note M - Pension and Other Postretirement Benefit Plans - Pension Plan Weighted-Average Asset Allocations (Details)	Jun. 30, 2021	Jun. 30, 2020
Target Allocation	100.00%
Actual Allocation	100.00%	100.00%
Equity Securities [Member]
Target Allocation	51.00%
Actual Allocation	53.00%	47.00%
Debt Securities [Member]
Target Allocation	40.00%
Actual Allocation	38.00%	44.00%
Real Estate [Member]
Target Allocation	9.00%
Actual Allocation	9.00%	9.00%

Note M - Pension and Other Postretirement Benefit Plans - Plan Assets Using Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Fair Value, Inputs, Level 3 [Member]

Plan Assets

$ 6,646

$ 6,095

$ 6,171

Pension Plan [Member]

Plan Assets

92,430

83,284

$ 87,291

Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

36,654

30,026

Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

30,008

23,931

Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

6,646

6,095

Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

^[1]

55,776

53,258

Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

1,043

920

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

Plan Assets

1,043

920

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

Plan Assets

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

Plan Assets

Investments Measured at Net Asset Value, Fixed Income Funds [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

31,627

33,032

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[2]

1,398

544

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[2]

1,398

544

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[2]

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[2]

Investments Measured at Net Asset Value, Equity Securities [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

4,282

2,840

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[2]

18,201

14,551

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[2]

18,201

14,551

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[2]

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[2]

Investments Measured at Net Asset Value, Real Estate [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

7,747

7,186

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[3]

9,366

7,916

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[3]

9,366

7,916

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[3]

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[3]

Investments Measured at Net Asset Value, Hedge Funds [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

12,120

10,200

Annuity Contracts [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[4]

6,646

6,095

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

Plan Assets

^[4]

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

Plan Assets

^[4]

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

Plan Assets

^[4]

$ 6,646

$ 6,095

[1]	In accordance with ASC 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of the year.
[2]	Common stock is valued at the closing price reported on the active market on which the individual securities are traded. These securities include U.S. equity securities invested in companies that are traded on exchanges inside the U.S. and international equity securities invested in companies that are traded on exchanges outside the U.S.
[3]	Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company’s funded benefit plans are open-end mutual funds that are registered with the Securities Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company’s funded benefit plans are deemed to be actively traded.
[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 fair value using the net present value of future cash flows.

Note M - Pension and Other Postretirement Benefit Plans - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair value of assets, Balance	$ 6,095	$ 6,171
Relating to assets still held at reporting date	600	75
Purchases, sales and settlements, net	(49)	(151)
Fair value of assets, Balance	$ 6,646	$ 6,095

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Note M - Pension and Other Postretirement Benefit Plans - Defined Benefit Plan Estimated Future Benefit Payments (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Pension Plan [Member]
2022	$ 8,535
2023	7,794
2024	7,433
2025	7,095
2026	6,865
Years 2027 - 2031	31,435
Other Postretirement Benefits Plan [Member]
2022	843
2023	769
2024	693
2025	608
2026	544
Years 2027 - 2031	$ 2,042

Note N - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 24,420	$ 0
Gain (Loss) on Extinguishment of Debt, Total	8,200	0
Effective Income Tax Rate Reconciliation, GILTI, Amount	0	1,220
Undistributed Earnings of Foreign Subsidiaries	10,871	1,729
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	778	918
Unrecognized Tax Benefits, Income Tax Penalties Accrued	141	$ 185
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	30,980
Tax Credit Carryforward, Amount	9,780
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	31,181
Tax Credit Carryforward, Amount	$ 1,037

Note N - Income Taxes - Domestic and Foreign Earnings Before Income Taxes and Minority Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
United States	$ (15,925)	$ (29,332)
Foreign	6,086	(14,408)
Loss before income taxes and noncontrolling interest	$ (9,839)	$ (43,740)

Note N - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Federal	$ 28	$ (149)
State	49	30
Foreign	1,948	4,022
Current	2,025	3,903
Federal	15,554	(5,673)
State	2,341	(860)
Foreign	(240)	(1,539)
Deferred	17,655	(8,072)
Income tax (benefit) expense	$ 19,680	$ (4,169)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note N - Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Retirement plans and employee benefits	$ 4,584	$ 7,934
Foreign tax credit carryforwards	7,609	7,429
Federal tax credits	1,801	1,585
State net operating loss and other state credit carryforwards	2,208	1,696
Federal net operating loss	6,506	1,607
Inventory	0	205
Reserves	1,670	1,056
Foreign NOL carryforwards	66	555
Accruals	871	823
Right of use assets - operating leases	3,674	3,920
Disallowed interest	982	418
Disallowed PPP expenses	0	1,320
Other assets	1,033	832
Gross deferred tax assets	31,004	29,380
Valuation allowance	(24,420)	0
Deferred Tax Assets, Net of Valuation Allowance, Total	6,584	29,380
Inventory	480	0
Property, plant and equipment	1,852	3,231
Intangibles	2,982	3,306
Long term operating lease obligations	3,622	3,855
Other liabilities	182	44
Deferred Tax Liabilities, Gross, Total	9,118	10,436
Total net deferred tax (liabilities)	$ (2,534)
Total net deferred tax assets		$ 18,944

Note N - Income Taxes - Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
U.S. federal income tax at 21%	$ (2,066)	$ (9,185)
Increases (reductions) in tax resulting from:
Foreign tax items	552	236
State taxes	(440)	(716)
Change in prior year estimate	(1,138)	(213)
Nondeductible PPP loan expenses	(1,722)	0
Research and development tax credits	(336)	(412)
Goodwill impairment	0	4,814
Unrecognized tax benefits	59	9
Stock compensation	252	(93)
Rate changes	18	237
Deferred tax basis adjustments	42	(138)
GILTI inclusion	0	1,220
Valuation allowance	24,420	0
Other, net	39	72
Income tax (benefit) expense	$ 19,680	$ (4,169)

Note N - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Unrecognized tax benefits, beginning of year	$ 918	$ 938
Additions based on tax positions related to the prior year	0	17
Additions based on tax positions related to the current year	66	87
Reductions based on tax positions related to the prior year	(21)	(19)
Subtractions due to statutes closing	0	(105)
Settlements with taxing authorities	(185)	0
Unrecognized tax benefits, end of year	$ 778	$ 918

Note P - Restructuring of Operations and Income From Extinguishment of Loan (Details Textual) $ in Thousands, SFr in Millions			12 Months Ended		18 Months Ended	73 Months Ended
	Aug. 17, 2021 CHF (SFr)	Jun. 16, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2022	Jun. 30, 2021 USD ($)	Jun. 30, 2019 USD ($)
Restructuring and Related Cost, Number of Positions Eliminated						252
Restructuring Reserve, Ending Balance			$ 2,352	$ 84		$ 2,352	$ 0
Restructuring and Related Cost, Expected Pre-tax Savings			1,600
Restructuring Charges, Total			7,377	5,138		15,515
Impairment of Long-Lived Assets to be Disposed of			4,267
Gain (Loss) on Extinguishment of Debt, Total			8,200	0
Paycheck Protection Program CARES Act [Member] \| Promissory Note [Member]
Extinguishment of Debt, Amount		$ 8,200
Gain (Loss) on Extinguishment of Debt, Total			8,200
Subsequent Event [Member] \| SWITZERLAND
Proceeds from Sale of Productive Assets, Total \| SFr	SFr 0.6
Employee Severance [Member]
Restructuring Reserve, Ending Balance			2,200			$ 2,200
Restructuring Charges, Total			$ 3,110	$ 1,953
Forecast [Member]
Restructuring and Related Cost, Number of Positions Eliminated					23

Note P - Restructuring of Operations and Income From Extinguishment of Loan - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended		73 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Accrued restructuring liability	$ 84	$ 0
Additions	7,377	5,138	$ 15,515
Payments and adjustments	(5,109)	(5,054)
Accrued restructuring liability	$ 2,352	$ 84	$ 2,352

Note Q - Earnings Per Share (Details Textual) - shares	12 Months Ended
Note Q - Earnings Per Share (Details Textual) - shares	Jun. 30, 2021	Jun. 30, 2020
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	388,433	167,848
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	379,095	231,379
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	34,822	37,950

Note Q - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net loss	$ (29,519)	$ (39,571)
Less: Net earnings attributable to noncontrolling interest	(200)	(246)
Less: Undistributed earnings attributable to unvested shares	0	0
Net loss available to Twin Disc shareholders	$ (29,719)	$ (39,817)
Weighted average shares outstanding - basic (in shares)	13,247	13,153
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ (2.24)	$ (3.03)
Net loss available to Twin Disc shareholders	$ (29,719)	$ (39,817)
Effect of dilutive stock awards (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	13,247	13,153
Net loss per share - diluted (in dollars per share)	$ (2.24)	$ (3.03)

Note R - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions	12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 EUR (€)	Jun. 30, 2019 USD ($)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 130,660	$ 139,958		$ 182,818
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(346)
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Euro Denominated Revolving Loan [Member]
Derivative, Notional Amount \| €			€ 13
Derivative, Gain (Loss) on Derivative, Net, Total	334	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (678)	$ (1,104)		$ (509)

- Definition

+ References

+ Details

Note R - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Accounts Payable and Accrued Liabilities [Member]
Derivative Liabilities, Current	$ 346	$ 392
Other Noncurrent Liabilities [Member]
Derivative Liabilities, Noncurrent	$ 542	$ 1,052

Note R - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Unrealized gain (loss) on hedges	$ 760	$ (595)
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Unrealized Gain (Loss) on Hedges [Member] \| Cash Flow Hedging [Member]
Unrealized gain (loss) on hedges	425	(595)
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Interest Expense [Member]
Gain (loss) on derivative instruments	399	171
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member] \| Other Nonoperating Income (Expense) [Member]
Gain (loss) on derivative instruments	(15)	(9)
Euro Denominated Revolving Loan [Member] \| Designated as Hedging Instrument [Member] \| Unrealized Gain (Loss) on Hedges [Member] \| Net Investment Hedging [Member]
Unrealized gain (loss) on hedges	$ 335	$ 0

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance at Beginning of Period

$ 1,740

$ 1,582

Charged to Costs and Expenses

346

399

Adjustments

^[1]

216

241

Balance at End of Period

1,870

1,740

SEC Schedule, 12-09, Reserve, Inventory [Member]

Balance at Beginning of Period

9,863

10,463

Charged to Costs and Expenses

1,178

1,532

Adjustments

^[1]

762

2,132

Balance at End of Period

10,279

9,863

SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]

Balance at Beginning of Period

Charged to Costs and Expenses

24,420

Adjustments

Balance at End of Period

$ 24,420

$ 0

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