0001437749-21-025022 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

A.	Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include adjustments, consisting primarily of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report filed on Form 10-K for June 30, 2021. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States.

Reclassification

Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation.

Recently Adopted Accounting Standards

In December 2019, the FASB issued guidance (ASU 2019-12) intended to simplify the accounting for income taxes. The Company adopted this guidance effective July 1, 2021. The adoption of this guidance did not have a material impact on the Company’s 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 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 and accordingly, it has scaled some of its disclosures of financial and non-financial information in this quarterly 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

3 Months Ended

Sep. 24, 2021

Inventory Disclosure [Text Block]

B.	Inventories

The major classes of inventories were as follows:

	September 24, 2021		June 30, 2021
Inventories:
Finished parts	$	62,735	$	59,761
Work in process		19,785		17,908
Raw materials		38,572		37,298
	$	121,092	$	114,967

Note C - Warranty

3 Months Ended

Sep. 24, 2021

Product Warranty Disclosure [Text Block]

C.	Warranty

The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarters ended September 24, 2021 and September 25, 2020:

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Reserve balance, beginning of period	$	4,369		$	4,460
Current period (benefit) expense		(265	)		1,034
Payments or credits to customers		(532	)		(848	)
Translation		(12	)		36
Reserve balance, end of period	$	3,560		$	4,682

The current portion of the warranty accrual ($2,947 and $3,863 as of September 24, 2021 and September 25, 2020, respectively) is reflected in accrued liabilities, while the long-term portion ($613 and $819 as of September 24, 2021 and September 25, 2020, respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note D - Contingencies

3 Months Ended

Sep. 24, 2021

Commitments and Contingencies Disclosure [Text Block]

D.	Contingencies

The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not 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.

Note E - Business Segments

3 Months Ended

Sep. 24, 2021

Segment Reporting Disclosure [Text Block]

E.	Business Segments

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

The Company has two reportable segments: manufacturing and distribution. These segment structures reflect the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net income.

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

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Net sales
Manufacturing segment sales	$	41,594		$	38,495
Distribution segment sales		20,534			22,506
Inter/Intra segment elimination – manufacturing		(10,942	)		(10,738	)
Inter/Intra segment elimination – distribution		(3,425	)		(4,084	)
	$	47,761		$	46,179
Net income (loss) attributable to Twin Disc
Manufacturing segment net income (loss)	$	4,832		$	(2,662	)
Distribution segment net income		483			1,155
Corporate and eliminations		(3,395	)		(2,472	)
	$	1,920		$	(3,979	)

Assets	September 24, 2021			June 30, 2021
Manufacturing segment assets	$	366,338		$	364,379
Distribution segment assets		49,914			46,956
Corporate assets and elimination of intercompany assets		(140,005	)		(135,922	)
	$	276,247		$	275,413

Disaggregated revenue:

The following table presents details deemed most relevant to the users of the financial statements for the quarters ended September 24, 2021 and September 25, 2020.

Net sales by product group for the quarter ended September 24, 2021 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	5,907	$	1,118	$	(893	)	$	6,132
Land-based transmissions		11,384		5,105		(4,247	)		12,242
Marine and propulsion systems		24,285		11,562		(9,214	)		26,633
Other		18		2,749		(13	)		2,754
Total	$	41,594	$	20,534	$	(14,367	)	$	47,761

Net sales by product group for the quarter ended September 25, 2020 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	4,806	$	1,370	$	(753	)	$	5,423
Land-based transmissions		10,494		6,067		(4,302	)		12,259
Marine and propulsion systems		23,179		12,759		(9,762	)		26,176
Other		16		2,310		(5	)		2,321
Total	$	38,495	$	22,506	$	(14,822	)	$	46,179

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

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Note F - Stock-based Compensation

3 Months Ended

Sep. 24, 2021

Share-based Payment Arrangement [Text Block]

F.	Stock-Based Compensation

Performance Stock Awards (“PSA”)

During the first quarter of fiscal 2022 and 2021, the Company granted a target number of 103.6 and 265.3 PSAs, respectively, to various employees of the Company, including executive officers. The fiscal 2022 PSAs 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, 2024. 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 155.4. Based upon actual results to date, the Company is currently accruing compensation expense for these PSAs.

The fiscal 2021 PSAs 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 382.3. Based upon actual results to date, the Company is currently accruing compensation expense for these PSAs.

There were 477.4 and 433.1 unvested PSAs outstanding at September 24, 2021 and September 25, 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. Compensation expense of $216 and $87 was recognized for the quarters ended September 24, 2021 and September 25, 2020, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at September 24, 2021 was $8.98. At September 24, 2021, the Company had $3,589 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2022, 2021 and 2020 awards. The total fair value of PSAs vested as of September 24, 2021 and September 25, 2020 was $0.

Restricted Stock Awards (“RS”)

The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first quarter of fiscal 2022 and 2021, the Company granted 2.4 and 151.6 service based restricted shares, respectively, to employees and non-employee directors. There were 362.0 and 332.8 unvested shares outstanding at September 24, 2021 and September 25, 2020, respectively. A total of 6.9 and 0.0 shares of restricted stock were forfeited during the quarters ended September 24, 2021 and September 25, 2020, respectively. Compensation expense of $335 and $339 was recognized for the quarters ended September 24, 2021 and September 25, 2020, respectively. The total fair value of restricted stock grants vested as of September 24, 2021 and September 25, 2020 was $181 and $293, respectively. As of September 24, 2021, the Company had $993 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 and 2021 Long Term Incentive Plans, 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. During the first quarter of fiscal 2022 and 2021, the Company granted 65.6 and 0.0 of employment based RSUs, respectively. There were 65.6 and 38.0 unvested RSUs outstanding at September 24, 2021 and September 25, 2020, respectively. Compensation expense of $74 and $82 was recognized for the quarters ended September 24, 2021 and September 25, 2020, respectively. The total fair value of restricted stock units vested as of September 24, 2021 and September 25, 2020 was $475 and $0, respectively. The weighted average grant date fair value of the unvested awards at September 24, 2021 was $14.29. As of September 24, 2021, the Company had $888 of unrecognized compensation expense related to restricted stock which will be recognized over the next two years.

Note G - Pension and Other Postretirement Benefit Plans

3 Months Ended

Sep. 24, 2021

Retirement Benefits [Text Block]

G.	Pension and Other Postretirement Benefit Plans

The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides healthcare and life insurance benefits for certain domestic retirees. The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Pension Benefits:
Service cost	$	139		$	142
Prior service cost		10			16
Interest cost		666			668
Expected return on plan assets		(1,259	)		(1,132	)
Amortization of transition obligation		9			9
Amortization of prior service cost		(4	)		(4	)
Amortization of actuarial net loss		562			811
Net periodic benefit cost	$	123		$	510

Postretirement Benefits:
Service cost	$	4		$	4
Interest cost		35			39
Amortization of prior service cost		(69	)		(69	)
Net periodic benefit gain	$	(30	)	$	(26	)

The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net.

The Company expects to contribute approximately $733 to its pension plans in fiscal 2022. As of September 24, 2021, $196 in contributions to the pension plans have been made.

The Company has reclassified $384 (net of $117 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 24, 2021, and $553 (net of $177 in taxes) during the quarter ended September 25, 2020. These reclassifications are included in the computation of net periodic benefit cost.

The entire disclosure for retirement benefits.

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Note H - Income Taxes

3 Months Ended

Sep. 24, 2021

Income Tax Disclosure [Text Block]

H.	Income Taxes

Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated Annual Effective Tax Rate (“AETR”). Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. As of September 24, 2021, 91% of the forecasted consolidated income has been earned which under this methodology would have resulted in 91% of the forecasted tax expense being recorded as of the Company’s first fiscal quarter. In situations in which an entity is in a loss position and recognizes a full valuation allowance, the guidance in ASC 740 applies. The tax effect of losses that arise in the early portion of the fiscal year shall be recognized only when the tax benefits are expected to be realized during the year or recognizable as a deferred tax asset at the end of the year. Due to continued losses and uncertain future domestic earnings, the Company recognizes a full US valuation allowance. Permanent differences continue to fluctuate and are significant compared to projected ordinary income. Therefore, according to ASC 740 guidance, the fully valued domestic entity was removed from the annualized effective rate calculation. Because of the full US valuation allowance, the US entity may only recognize tax expense / benefit recorded for FIN 48 adjustments and the valuation allowance entries recorded for pension and hedging adjustments.

For the quarters ended September 24, 2021 and September 25, 2020 the Company’s effective income tax rate was 16.2% and 19.1% respectively. For the quarter ended September 24, 2021, the net income tax expense reflected is the estimated AETR for the foreign entities with no valuation allowance plus the limited tax expense / benefits allowed under ASC 740 for the fully valued US entity. For the quarter ended September 25, 2020 the company did not recognize a full US valuation allowance so the tax expense realized was based on the estimated AETR. Due to the different methodologies utilized to calculate the interim tax provisions, it is not reasonable to numerically reconcile the change in the estimated tax rate.

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of a novel coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally. In March 2020, the World Health Organization classified the COVID-19 outbreak a pandemic, based on the rapid increase in exposure globally. The spread of the COVID-19 outbreak has caused significant volatility and uncertainty in U.S. and international markets. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law. The CARES Act includes many measures to assist companies, including temporary changes to income and non-income-based tax laws, some of which were enacted under the Tax Cuts and Jobs Act (“TCJA”) in 2017. In addition, governments around the world continue to initiate various forms of assistance. The Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020. Changes in the tax treatment of certain items have been reflected during this quarter. These changes did not have a material impact to the Company’s effective tax rate. On March 11, 2021, President Biden signed into law The American Rescue Plan Act of 2021 (“ARPA”), which among other things, further changed the executive compensation rules. Under the ARPA, which is effective for tax years beginning after December 31, 2026, the definition of covered employee has been expanded to include employees who are among the five highest compensated employees for the year, not limited to only officers. This is in addition to the existing pool of officers who are defined as “covered employees” under the current IRC 162(m) rules. Management will continue to monitor these new rules and apply them as required. Currently, there is minimal impact anticipated. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such it is uncertain as to the full magnitude that the COVID-19 outbreak will have on the Company’s financial condition, liquidity, and future results of operations.

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. In addition, all other available positive and negative evidence is taken into consideration, including all new impacts of tax reform. The Company has evaluated the realizability of the net deferred tax assets related to its foreign operations and based on this evaluation management has concluded that no valuation allowances are required. However, due to continued historical domestic losses and uncertain future domestic earnings, the Company continues to recognize a full domestic valuation allowance.

The Company has approximately $814 of unrecognized tax benefits, including related interest and penalties, as of September 24, 2021, which, if recognized, would favorably impact the effective tax rate. There were no significant changes in the total unrecognized tax benefits due to the settlement of audits, the expiration of statutes of limitations or for other items during the quarter ended September 24, 2021. It appears possible that the amount of unrecognized tax benefits could change in the next twelve months due to on-going audit activity.

Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination in foreign jurisdictions are 2014 through 2021. The tax year open to exam in the Netherlands is 2019. The tax years open to examination in the U.S. are for years subsequent to fiscal 2016. It is reasonably possible that other audit cycles will be completed during fiscal 2022.

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.

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Note I - Intangible Assets

3 Months Ended

Sep. 24, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

I.	Intangible Assets

As of September 24, 2021, 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, 2021	$	41,142		$	(23,662	)	$	17,480		$	10,321		$	4,883		$	1,282		$	994
Amortization		-			(826	)		(826	)		(419	)		(304	)		(46	)		(57	)
Translation adjustment		(186	)		-			(186	)		(116	)		(54	)		(14	)		(2	)
Balance at September 24, 2021	$	40,956		$	(24,488	)	$	16,468		$	9,786		$	4,525		$	1,222		$	935

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

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

Intangible amortization expense was $826 and $835 for the quarters ended September 24, 2021, and September 25, 2020, respectively. Estimated intangible amortization expense for the remainder of fiscal 2022 and each of the next five fiscal years is as follows:

Fiscal Year
2022	$	2,494
2023		3,110
2024		2,955
2025		2,789
2026		1,413
Thereafter		3,707

Note J - Long-term Debt

3 Months Ended

Sep. 24, 2021

Debt Disclosure [Text Block]

J.	Long-term Debt

Long-term debt at September 24, 2021 and June 30, 2021 consisted of the following:

	September 24, 2021			June 30, 2021
Credit Agreement Debt
Revolving loans (expire June 2023)	$	15,237		$	15,415
Term loan (due March 2026)		16,500			16,500
Other		146			170
Subtotal		31,883			32,085
Less: current maturities		(2,000	)		(2,000	)
Total long-term debt	$	29,883		$	30,085

Credit Agreement Debt: The Company’s credit agreement debt represents borrowings made under the credit agreement, as amended, which it entered into with BMO Harris Bank N.A, (“BMO”) on June 29, 2018 (“Credit Agreement”). Under the agreement, the Company, among other obligations, is subject to a minimum EBITDA financial covenant.

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 covenant, for the period beginning with the date of the amendment through September 30, 2021.

On September 30, 2021, the Company and BMO entered into an amended and restated forbearance agreement and amendment to the Credit Agreement (the "Amended and Restated Forbearance Agreement"). The Amended and Restated Forbearance Agreement extends the forbearance period through February 28, 2022, or if earlier, through the date on which a default under the Amended and Restated Forbearance Agreement or Credit Agreement occurs. During the extended forbearance period, BMO will continue to forbear from exercising its rights and remedies against the Company under the Credit Agreement with respect to the Company’s noncompliance with its minimum EBITDA covenants. The Amended and Restated Forbearance Agreement also makes certain adjustments to the Credit Agreement. When the forbearance period ends, the Company is subject to a maximum total funded debt to EBITDA ratio of 3.00 to 1.00.

For the quarter ended September 24, 2021, as a result of the Amended and Restated 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 remains in compliance with its liquidity and other covenants, and has agreed to provide additional financial reports to BMO.

The Credit Agreement, including its amendments, is more fully described in the Company’s Annual Report filed on Form 10-K for June 30, 2021, as well as in Item 2 of this quarterly report.

As of September 24, 2021, current maturities include $2,000 of term loan payments due within the coming year.

Other: Other long-term debt pertains mainly to a financing arrangement in Europe. These liabilities carry terms of three to five years and implied interest rates ranging from 7% to 25%. A total amount of $23 in principal was paid on these liabilities during the current fiscal year.

During the quarters ended September 24, 2021, the average interest rate was 3.96% on the Term Loan, and 4.25% on the Revolving Loans.

As of September 24, 2021, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $40,622, and the Company had approximately $25,384 of available borrowings. In addition to the Credit Agreement, the Company has established unsecured lines of credit that are used from time to time to secure certain performance obligations by the Company.

The Company’s borrowings described above approximate fair value at September 24, 2021 and June 30, 2021. 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 initial notional amount of $20,000 and a maturity date of March 4, 2026 to hedge the Term Loan. As of September 24, 2021, the notional amount was $15,500. 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 O, 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 the 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 O, Derivative Financial Instruments.

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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Note K - Shareholders' Equity

3 Months Ended

Sep. 24, 2021

Stockholders' Equity Note Disclosure [Text Block]

K.	Shareholders’ Equity

The Company, from time to time, makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315.0 shares as of September 24, 2021 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended September 24, 2021 and September 25, 2020.

The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2022 and 2021:

	Twin Disc, Inc. Shareholders’ Equity
						Accumulated
						Other						Non-
	Common			Retained		Comprehensive			Treasury			Controlling		Total
	Stock			Earnings		Income (Loss)			Stock			Interest		Equity
Balance, June 30, 2021	$	40,972		$	126,936	$	(22,615	)	$	(15,083	)	$	450	$	130,660
Net income					1,920								60		1,980
Translation adjustments							(2,014	)					76		(1,938	)
Benefit plan adjustments, net of tax							384								384
Unrealized gain on hedges, net of tax							204								204
Compensation expense		625													625
Shares (acquired) issued, net		(432	)							141					(291	)
Balance, September 24, 2021	$	41,165		$	128,856	$	(24,041	)	$	(14,942	)	$	586	$	131,624

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling		Total
	Stock			Earnings			Income (Loss)			Stock			Interest		Equity
Balance, June 30, 2020	$	42,756		$	156,655		$	(41,226	)	$	(18,796	)	$	569	$	139,958
Net (loss) income					(3,979	)								42		(3,937	)
Translation adjustments								3,600						12		3,612
Benefit plan adjustments, net of tax								553								553
Unrealized gain on cash flow hedge, net of tax								75								75
Compensation expense		518														518
Shares (acquired) issued, net		(2,460	)								2,236					(224	)
Balance, September 25, 2020	$	40,814		$	152,676		$	(36,998	)	$	(16,560	)	$	623	$	140,555

Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 24, 2021 and September 25, 2020 are as follows:

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance at June 30, 2021	$	9,192		$	(31,463	)	$	(678	)	$	334
Translation adjustment during the quarter		(2,014	)		-			-			-
Amounts reclassified from accumulated other comprehensive income		-			384			68			136
Net current period other comprehensive (loss) income		(2,014	)		384			68			136
Balance at September 24, 2021	$	7,178		$	(31,079	)	$	(610	)	$	470

	Translation		Benefit Plan			Cash Flow
	Adjustment		Adjustment			Hedges
Balance at June 30, 2020	$	3,454	$	(43,576	)	$	(1,104	)
Translation adjustment during the quarter		3,600		-			-
Amounts reclassified from accumulated other comprehensive income		-		553			75
Net current period other comprehensive income		3,600		553			75
Balance at September 25, 2020	$	7,054	$	(43,023	)	$	(1,029	)

Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 24, 2021 are as follows:

	Amount Reclassified
	Quarter Ended
	September 24, 2021
Changes in benefit plan items
Actuarial losses	$	565	(a)
Transition asset and prior service benefit		(64	) (a)
Total amortization		501
Income taxes		117
Total reclassification net of tax	$	384

Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 25, 2020 is as follows:

	Amount Reclassified
	Quarter Ended
	September 25, 2020
Changes in benefit plan items
Actuarial losses	$	794	(a)
Transition asset and prior service benefit		(64	) (a)
Total amortization		730
Income taxes		177
Total reclassification net of tax	$	553

(a)

These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G, "Pension and Other Postretirement Benefit Plans" for further details).

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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Note L - Restructuring of Operations

3 Months Ended

Sep. 24, 2021

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

L.	Restructuring of Operations

Restructuring expenses

The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company’s markets since the fourth 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 initial 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 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.

In October 2021, the Company and the union representing certain of the employees affected by the restructuring of the Belgian operations came to an agreement on a final settlement amount of $3,200. The Company plans to book the additional $1,000 in restructuring charges during the 2nd quarter of fiscal 2022.

Total restructuring charges relating to streamlining operations totaled to $48 and $405 in the quarters ending September 24, 2021 and September 25, 2020, respectively. Restructuring activities since June 2015 have resulted in the elimination of 257 full-time employees in the manufacturing segment. Accumulated costs to date under these programs within the manufacturing segment through September 24, 2021 were $15,563.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2021	$	2,352
Additions		48
Payments, adjustments and write-offs during the year		(172	)
Accrued restructuring liability, September 24, 2021	$	2,228

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. During the first quarter of fiscal 2022, the Company completed the sale of its propeller machining plant and office in Switzerland and received $9,138 in proceeds, net of fees and local taxes and recorded a gain of $2,939 in other operating income in the condensed consolidated statements of operations and comprehensive income.

Note M - Earnings Per Share

3 Months Ended

Sep. 24, 2021

Earnings Per Share [Text Block]

M.	Earnings Per Share

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

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

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Basic:
Net income (loss)	$	1,980		$	(3,937	)
Less: Net earnings attributable to noncontrolling interest		(60	)		(42	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) available to Twin Disc shareholders		1,920			(3,979	)

Weighted average shares outstanding - basic		13,283			13,197

Basic Income (Loss) Per Share:
Net income (loss) per share - basic	$	0.14		$	(0.30	)

Diluted:
Net income (loss)	$	1,980		$	(3,937	)
Less: Net earnings attributable to noncontrolling interest		(60	)		(42	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) available to Twin Disc shareholders		1,920			(3,979	)

Weighted average shares outstanding - basic		13,283			13,197
Effect of dilutive stock awards		67			-
Weighted average shares outstanding - diluted		13,350			13,197

Diluted Income (Loss) Per Share:
Net income (loss) per share - diluted	$	0.14		$	(0.30	)

The following potential common shares were excluded from diluted EPS for the quarter ended September 24, 2021 because they were anti-dilutive: 439.1 related to the Company’s unvested PSAs, 362.0 related to the Company’s unvested RS awards, and 37.0 related to the Company’s unvested RSUs.

The following potential common shares were excluded from diluted EPS for the quarter ended September 25, 2020 as the Company reported a net loss: 433.1 related to the Company’s unvested PSAs, 332.8 related to the Company’s unvested RS awards, and 38.0 related to the Company’s unvested RSUs.

Note N - Lease Liabilities

3 Months Ended

Sep. 24, 2021

Lessee, Operating and Finance Leases [Text Block]

N.	Lease Liabilities

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

The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may 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 term of the lease, and the economic environments where the lease activity is concentrated.

The following table provides a summary of leases recorded on the condensed consolidated balance sheet.

	Balance Sheet Location	September 24, 2021		June 30, 2021
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,216	$	14,736
Finance lease right-of-use assets	Property, plant and equipment, net		5,201		5,244

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,864	$	1,870
Operating lease liabilities	Lease obligations		12,373		12,887
Finance lease liabilities	Accrued liabilities		566		541
Finance lease liabilities	Other long-term liabilities		4,790		4,836

The components of lease expense were as follows:

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Finance lease cost:
Amortization of right-of-use assets	$	163		$	119
Interest on lease liabilities		72			17
Operating lease cost		693			762
Short-term lease cost		2			9
Variable lease cost		39			16
Total lease cost		969			923
Less: Sublease income		(20	)		(56	)
Net lease cost	$	949		$	867

Other information related to leases was as follows:

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	742		$	762
Operating cash flows from finance leases		136			135
Financing cash flows from finance leases		72			17
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		165			-
Finance leases		174			4,616
Weighted average remaining lease term (years):
Operating leases		9.6			10.7
Finance lease		11.7			12.8
Weighted average discount rate:
Operating leases		7.2	%		7.4	%
Finance leases		5.2	%		5.2	%

Approximate future minimum rental commitments under non-cancellable leases as of September 24, 2021 were as follows:

	Operating Leases			Finance Leases
2022	$	2,169		$	621
2023		2,625			819
2024		2,283			776
2025		1,643			534
2026		1,551			465
Thereafter		9,855			3,895
Total future lease payments		20,126			7,110
Less: Amount representing interest		(5,889	)		(1,754	)
Present value of future payments	$	14,237		$	5,356

Note O - Derivative Financial Instruments

3 Months Ended

Sep. 24, 2021

Derivative Instruments and Hedging Activities Disclosure [Text Block]

O.	Derivative Financial Instruments

From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign exchange. The Company does not 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.

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

Interest Rate Swap Contracts

The Company has one outstanding interest rate swap contract as of September 24, 2021, with a notional amount of $15,500. It has been designated as a cash flow hedge in accordance with ASC 815, Derivatives and Hedging.

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 income. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve months.

Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were $611 and $678 as of September 24, 2021 and June 30, 2021, 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 $334 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 J, Long-term 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 the fair value of the euro revolver were then recorded 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 $471 and $334 as of September 24, 2021 and June 30, 2021, respectively.

Fair Value of Derivative Instruments

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

	Balance Sheet Location	September 24, 2021		June 30, 2021
Derivative designated as hedge:
Interest rate swap	Accrued liabilities	$	314	$	346
Interest rate swap	Other long-term liabilities		486		542

The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive income for the quarters ended September 24, 2021 and September 25, 2020, respectively, was as follows:

	Statements of Operations and	For the Quarter Ended
	Comprehensive Income Location	September 24, 2021		September 25, 2020
Derivative designated as hedge:
Interest rate swap	Interest expense	$	90	$	98
Interest rate swap	Unrealized gain on hedges		68		75
Net investment hedge	Unrealized gain on hedges		136		-

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	-	$	(13	)

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Sep. 24, 2021
Accounting Policies [Abstract]
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification Certain prior year amounts primarily in cost of goods sold and marketing, engineering, and administrative expenses have been reclassified for consistency with current year presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In December 2019, the FASB issued guidance (ASU 2019-12) intended to simplify the accounting for income taxes. The Company adopted this guidance effective July 1, 2021. The adoption of this guidance did not have a material impact on the Company’s 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 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 and accordingly, it has scaled some of its disclosures of financial and non-financial information in this quarterly 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 (Tables)

3 Months Ended

Sep. 24, 2021

Schedule of Inventory, Current [Table Text Block]

	September 24, 2021		June 30, 2021
Inventories:
Finished parts	$	62,735	$	59,761
Work in process		19,785		17,908
Raw materials		38,572		37,298
	$	121,092	$	114,967

Note C - Warranty (Tables)

3 Months Ended

Sep. 24, 2021

Schedule of Product Warranty Liability [Table Text Block]

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Reserve balance, beginning of period	$	4,369		$	4,460
Current period (benefit) expense		(265	)		1,034
Payments or credits to customers		(532	)		(848	)
Translation		(12	)		36
Reserve balance, end of period	$	3,560		$	4,682

Note E - Business Segments (Tables)

3 Months Ended

Sep. 24, 2021

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Net sales
Manufacturing segment sales	$	41,594		$	38,495
Distribution segment sales		20,534			22,506
Inter/Intra segment elimination – manufacturing		(10,942	)		(10,738	)
Inter/Intra segment elimination – distribution		(3,425	)		(4,084	)
	$	47,761		$	46,179
Net income (loss) attributable to Twin Disc
Manufacturing segment net income (loss)	$	4,832		$	(2,662	)
Distribution segment net income		483			1,155
Corporate and eliminations		(3,395	)		(2,472	)
	$	1,920		$	(3,979	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Assets	September 24, 2021			June 30, 2021
Manufacturing segment assets	$	366,338		$	364,379
Distribution segment assets		49,914			46,956
Corporate assets and elimination of intercompany assets		(140,005	)		(135,922	)
	$	276,247		$	275,413

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

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	5,907	$	1,118	$	(893	)	$	6,132
Land-based transmissions		11,384		5,105		(4,247	)		12,242
Marine and propulsion systems		24,285		11,562		(9,214	)		26,633
Other		18		2,749		(13	)		2,754
Total	$	41,594	$	20,534	$	(14,367	)	$	47,761

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	4,806	$	1,370	$	(753	)	$	5,423
Land-based transmissions		10,494		6,067		(4,302	)		12,259
Marine and propulsion systems		23,179		12,759		(9,762	)		26,176
Other		16		2,310		(5	)		2,321
Total	$	38,495	$	22,506	$	(14,822	)	$	46,179

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

3 Months Ended

Sep. 24, 2021

Schedule of Net Benefit Costs [Table Text Block]

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Pension Benefits:
Service cost	$	139		$	142
Prior service cost		10			16
Interest cost		666			668
Expected return on plan assets		(1,259	)		(1,132	)
Amortization of transition obligation		9			9
Amortization of prior service cost		(4	)		(4	)
Amortization of actuarial net loss		562			811
Net periodic benefit cost	$	123		$	510

Postretirement Benefits:
Service cost	$	4		$	4
Interest cost		35			39
Amortization of prior service cost		(69	)		(69	)
Net periodic benefit gain	$	(30	)	$	(26	)

Note I - Intangible Assets (Tables)

3 Months Ended

Sep. 24, 2021

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

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2021	$	41,142		$	(23,662	)	$	17,480		$	10,321		$	4,883		$	1,282		$	994
Amortization		-			(826	)		(826	)		(419	)		(304	)		(46	)		(57	)
Translation adjustment		(186	)		-			(186	)		(116	)		(54	)		(14	)		(2	)
Balance at September 24, 2021	$	40,956		$	(24,488	)	$	16,468		$	9,786		$	4,525		$	1,222		$	935

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

Fiscal Year
2022	$	2,494
2023		3,110
2024		2,955
2025		2,789
2026		1,413
Thereafter		3,707

Note J - Long-term Debt (Tables)

3 Months Ended

Sep. 24, 2021

Schedule of Debt [Table Text Block]

	September 24, 2021			June 30, 2021
Credit Agreement Debt
Revolving loans (expire June 2023)	$	15,237		$	15,415
Term loan (due March 2026)		16,500			16,500
Other		146			170
Subtotal		31,883			32,085
Less: current maturities		(2,000	)		(2,000	)
Total long-term debt	$	29,883		$	30,085

Note K - Shareholders' Equity (Tables)

3 Months Ended

Sep. 24, 2021

Schedule of Stockholders Equity [Table Text Block]

	Twin Disc, Inc. Shareholders’ Equity
						Accumulated
						Other						Non-
	Common			Retained		Comprehensive			Treasury			Controlling		Total
	Stock			Earnings		Income (Loss)			Stock			Interest		Equity
Balance, June 30, 2021	$	40,972		$	126,936	$	(22,615	)	$	(15,083	)	$	450	$	130,660
Net income					1,920								60		1,980
Translation adjustments							(2,014	)					76		(1,938	)
Benefit plan adjustments, net of tax							384								384
Unrealized gain on hedges, net of tax							204								204
Compensation expense		625													625
Shares (acquired) issued, net		(432	)							141					(291	)
Balance, September 24, 2021	$	41,165		$	128,856	$	(24,041	)	$	(14,942	)	$	586	$	131,624

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling		Total
	Stock			Earnings			Income (Loss)			Stock			Interest		Equity
Balance, June 30, 2020	$	42,756		$	156,655		$	(41,226	)	$	(18,796	)	$	569	$	139,958
Net (loss) income					(3,979	)								42		(3,937	)
Translation adjustments								3,600						12		3,612
Benefit plan adjustments, net of tax								553								553
Unrealized gain on cash flow hedge, net of tax								75								75
Compensation expense		518														518
Shares (acquired) issued, net		(2,460	)								2,236					(224	)
Balance, September 25, 2020	$	40,814		$	152,676		$	(36,998	)	$	(16,560	)	$	623	$	140,555

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

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance at June 30, 2021	$	9,192		$	(31,463	)	$	(678	)	$	334
Translation adjustment during the quarter		(2,014	)		-			-			-
Amounts reclassified from accumulated other comprehensive income		-			384			68			136
Net current period other comprehensive (loss) income		(2,014	)		384			68			136
Balance at September 24, 2021	$	7,178		$	(31,079	)	$	(610	)	$	470

	Translation		Benefit Plan			Cash Flow
	Adjustment		Adjustment			Hedges
Balance at June 30, 2020	$	3,454	$	(43,576	)	$	(1,104	)
Translation adjustment during the quarter		3,600		-			-
Amounts reclassified from accumulated other comprehensive income		-		553			75
Net current period other comprehensive income		3,600		553			75
Balance at September 25, 2020	$	7,054	$	(43,023	)	$	(1,029	)

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

	Amount Reclassified
	Quarter Ended
	September 24, 2021
Changes in benefit plan items
Actuarial losses	$	565	(a)
Transition asset and prior service benefit		(64	) (a)
Total amortization		501
Income taxes		117
Total reclassification net of tax	$	384

	Amount Reclassified
	Quarter Ended
	September 25, 2020
Changes in benefit plan items
Actuarial losses	$	794	(a)
Transition asset and prior service benefit		(64	) (a)
Total amortization		730
Income taxes		177
Total reclassification net of tax	$	553

Note L - Restructuring of Operations (Tables)

3 Months Ended

Sep. 24, 2021

Restructuring and Related Costs [Table Text Block]

Accrued restructuring liability, June 30, 2021	$	2,352
Additions		48
Payments, adjustments and write-offs during the year		(172	)
Accrued restructuring liability, September 24, 2021	$	2,228

Note M - Earnings Per Share (Tables)

3 Months Ended

Sep. 24, 2021

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

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Basic:
Net income (loss)	$	1,980		$	(3,937	)
Less: Net earnings attributable to noncontrolling interest		(60	)		(42	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) available to Twin Disc shareholders		1,920			(3,979	)

Weighted average shares outstanding - basic		13,283			13,197

Basic Income (Loss) Per Share:
Net income (loss) per share - basic	$	0.14		$	(0.30	)

Diluted:
Net income (loss)	$	1,980		$	(3,937	)
Less: Net earnings attributable to noncontrolling interest		(60	)		(42	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) available to Twin Disc shareholders		1,920			(3,979	)

Weighted average shares outstanding - basic		13,283			13,197
Effect of dilutive stock awards		67			-
Weighted average shares outstanding - diluted		13,350			13,197

Diluted Income (Loss) Per Share:
Net income (loss) per share - diluted	$	0.14		$	(0.30	)

Note N - Lease Liabilities (Tables)

3 Months Ended

Sep. 24, 2021

Assets and Liabilities, Lessee [Table Text Block]

	Balance Sheet Location	September 24, 2021		June 30, 2021
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,216	$	14,736
Finance lease right-of-use assets	Property, plant and equipment, net		5,201		5,244

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,864	$	1,870
Operating lease liabilities	Lease obligations		12,373		12,887
Finance lease liabilities	Accrued liabilities		566		541
Finance lease liabilities	Other long-term liabilities		4,790		4,836

Lease, Cost [Table Text Block]

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Finance lease cost:
Amortization of right-of-use assets	$	163		$	119
Interest on lease liabilities		72			17
Operating lease cost		693			762
Short-term lease cost		2			9
Variable lease cost		39			16
Total lease cost		969			923
Less: Sublease income		(20	)		(56	)
Net lease cost	$	949		$	867

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

	For the Quarter Ended
	September 24, 2021			September 25, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	742		$	762
Operating cash flows from finance leases		136			135
Financing cash flows from finance leases		72			17
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		165			-
Finance leases		174			4,616
Weighted average remaining lease term (years):
Operating leases		9.6			10.7
Finance lease		11.7			12.8
Weighted average discount rate:
Operating leases		7.2	%		7.4	%
Finance leases		5.2	%		5.2	%

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

	Operating Leases			Finance Leases
2022	$	2,169		$	621
2023		2,625			819
2024		2,283			776
2025		1,643			534
2026		1,551			465
Thereafter		9,855			3,895
Total future lease payments		20,126			7,110
Less: Amount representing interest		(5,889	)		(1,754	)
Present value of future payments	$	14,237		$	5,356

Note O - Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 24, 2021

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

	Balance Sheet Location	September 24, 2021		June 30, 2021
Derivative designated as hedge:
Interest rate swap	Accrued liabilities	$	314	$	346
Interest rate swap	Other long-term liabilities		486		542

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

	Statements of Operations and	For the Quarter Ended
	Comprehensive Income Location	September 24, 2021		September 25, 2020
Derivative designated as hedge:
Interest rate swap	Interest expense	$	90	$	98
Interest rate swap	Unrealized gain on hedges		68		75
Net investment hedge	Unrealized gain on hedges		136		-

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	-	$	(13	)

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 30, 2021
Finished parts	$ 62,735	$ 59,761
Work in process	19,785	17,908
Raw materials	38,572	37,298
Total inventories	$ 121,092	$ 114,967

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Sep. 24, 2021	Sep. 25, 2020
Product Warranty Accrual, Current	$ 2,947	$ 3,863
Product Warranty Accrual, Noncurrent	$ 613	$ 819

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Reserve balance, beginning of period	$ 4,369	$ 4,460
Current period (benefit) expense	(265)	1,034
Payments or credits to customers	(532)	(848)
Translation	(12)	36
Reserve balance, end of period	$ 3,560	$ 4,682

Note E - Business Segments (Details Textual)	3 Months Ended
Note E - Business Segments (Details Textual)	Sep. 30, 2021
Number of Reportable Segments	2

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Net sales	$ 47,761	$ 46,179
Net income (loss)	1,920	(3,979)
Intersegment Eliminations [Member]
Net sales	(14,367)	(14,822)
Corporate, Non-Segment [Member]
Net income (loss)	(3,395)	(2,472)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net sales	41,594	38,495
Net income (loss)	4,832	(2,662)
Manufacturing Segment [Member] \| Intersegment Eliminations [Member]
Net sales	(10,942)	(10,738)
Distribution Segment [Member] \| Operating Segments [Member]
Net sales	20,534	22,506
Net income (loss)	483	1,155
Distribution Segment [Member] \| Intersegment Eliminations [Member]
Net sales	$ (3,425)	$ (4,084)

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

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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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Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 30, 2021
Segment Assets	$ 276,247	$ 275,413
Operating Segments [Member] \| Manufacturing Segment [Member]
Segment Assets	366,338	364,379
Operating Segments [Member] \| Distribution Segment [Member]
Segment Assets	49,914	46,956
Corporate, Non-Segment [Member]
Segment Assets	$ (140,005)	$ (135,922)

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.

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Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Net Sales	$ 47,761	$ 46,179
Intersegment Eliminations [Member]
Net Sales	(14,367)	(14,822)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	41,594	38,495
Manufacturing Segment [Member] \| Intersegment Eliminations [Member]
Net Sales	(10,942)	(10,738)
Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	20,534	22,506
Distribution Segment [Member] \| Intersegment Eliminations [Member]
Net Sales	(3,425)	(4,084)
Industrial [Member]
Net Sales	6,132	5,423
Industrial [Member] \| Intersegment Eliminations [Member]
Net Sales	(893)	(753)
Industrial [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	5,907	4,806
Industrial [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	1,118	1,370
Land Based Transmissions [Member]
Net Sales	12,242	12,259
Land Based Transmissions [Member] \| Intersegment Eliminations [Member]
Net Sales	(4,247)	(4,302)
Land Based Transmissions [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	11,384	10,494
Land Based Transmissions [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	5,105	6,067
Marine and Propulsion Systems [Member]
Net Sales	26,633	26,176
Marine and Propulsion Systems [Member] \| Intersegment Eliminations [Member]
Net Sales	(9,214)	(9,762)
Marine and Propulsion Systems [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	24,285	23,179
Marine and Propulsion Systems [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	11,562	12,759
Other [Member]
Net Sales	2,754	2,321
Other [Member] \| Intersegment Eliminations [Member]
Net Sales	(13)	(5)
Other [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	18	16
Other [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	$ 2,749	$ 2,310

Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Jun. 30, 2021
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	103,600	265,300
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	155,400		382,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	477,400	433,100
Share-based Payment Arrangement, Expense, Tax Benefit	$ (216)	$ (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)	$ 8.98
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,589
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	2,400	151,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	362,000.0	332,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 993
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 181	$ 293
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	6,900	0.0
Share-based Payment Arrangement, Expense	$ 335	$ 339
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	65,600	0.0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	65,600	38,000.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 14.29
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 888
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	475	$ 0
Share-based Payment Arrangement, Expense	$ 74	$ 82
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 384	$ 553
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	117	$ 177
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	733
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 196

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Note G - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Pension Plan [Member]
Service cost	$ 139	$ 142
Prior service cost	10	16
Interest cost	666	668
Expected return on plan assets	(1,259)	(1,132)
Amortization of transition obligation	9	9
Amortization of prior service cost	(4)	(4)
Amortization of actuarial net loss	562	811
Net periodic benefit cost (gain)	123	510
Service cost	139	142
Other Postretirement Benefits Plan [Member]
Service cost	4	4
Interest cost	35	39
Amortization of prior service cost	(69)	(69)
Net periodic benefit cost (gain)	(30)	(26)
Service cost	$ 4	$ 4

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Annual Effective Tax Rate ("AETR") Methodology, Percentage of Forecasted Consolidated Income Earned	91.00%
Effective Income Tax Rate Reconciliation, Percent, Total	16.20%	19.10%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 814
Foreign Tax Authority [Member]
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021
Foreign Tax Authority [Member] \| Tax and Customs Administration, Netherlands [Member]
Open Tax Year	2019
Domestic Tax Authority [Member]
Open Tax Year	2016 2017 2018 2019 2020 2021

Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	7 years
Amortization of Intangible Assets, Total	$ 826	$ 835

Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Balance, Definite Intangible Assets Gross Carrying Amount	$ 41,142
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(23,662)
Balance at June 30, Definite Intangible Assets Net Book Value	17,480
Amortization, Intangible Asset	(826)	$ (835)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount	(186)
Translation adjustment, Definite Intangible Assets Net Book Value	(186)
Balance, Definite Intangible Assets Gross Carrying Amount	40,956
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(24,488)
Balance at June 30, Definite Intangible Assets Net Book Value	16,468
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	10,321
Amortization, Intangible Asset	(419)
Translation adjustment, Definite Intangible Assets Net Book Value	(116)
Balance at June 30, Definite Intangible Assets Net Book Value	9,786
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	4,883
Amortization, Intangible Asset	(304)
Translation adjustment, Definite Intangible Assets Net Book Value	(54)
Balance at June 30, Definite Intangible Assets Net Book Value	4,525
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	1,282
Amortization, Intangible Asset	(46)
Translation adjustment, Definite Intangible Assets Net Book Value	(14)
Balance at June 30, Definite Intangible Assets Net Book Value	1,222
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	994
Amortization, Intangible Asset	(57)
Translation adjustment, Definite Intangible Assets Net Book Value	(2)
Balance at June 30, Definite Intangible Assets Net Book Value	$ 935

Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Sep. 24, 2021 USD ($)
2022	$ 2,494
2023	3,110
2024	2,955
2025	2,789
2026	1,413
Thereafter	$ 3,707

Note J - Long-term Debt (Details Textual) $ in Thousands	3 Months Ended
Note J - Long-term Debt (Details Textual) $ in Thousands	Sep. 24, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 04, 2019	Jun. 29, 2018 USD ($)
Long-term Debt, Current Maturities, Total	$ 2,000	$ 2,000
Principal Paid on Sale Leaseback Liabilities	23
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Bank of Montreal [Member]
Derivative, Notional Amount	$ 15,500			$ 20,000
Minimum [Member]
Sale Leaseback Transactions, Term (Year)	3 years
Sale Leaseback Transactions, Implied Interest Rate	7.00%
Maximum [Member]
Sale Leaseback Transactions, Term (Year)	5 years
Sale Leaseback Transactions, Implied Interest Rate	25.00%
BMO [Member] \| The 2018 Credit Agreement [Member]
Long-term Debt, Current Maturities, Total	$ 2,000
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Interest Rate During Period	4.25%
Line of Credit Facility, Current Borrowing Capacity	$ 40,622
Line of Credit Facility, Remaining Borrowing Capacity	$ 25,384
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio			3.00
Debt Instrument, Interest Rate During Period	3.96%

Note J - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 30, 2021
Long-term debt	$ 31,883	$ 32,085
Less: current maturities	(2,000)	(2,000)
Total long-term debt	29,883	30,085
Revolving Loan [Member]
Long-term debt	15,237	15,415
Term Loan [Member]
Long-term debt	16,500	16,500
Other Long-Term Debt [Member]
Long-term debt	$ 146	$ 170

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 K - Shareholders' Equity (Details Textual) - shares shares in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	315
Treasury Stock, Shares, Acquired (in shares)	0	0

Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2020
Balance	$ 130,660	$ 139,958	$ 139,958
Net income (loss)	1,980	(3,937)	(3,937)
Translation adjustments	(1,938)	3,612	3,612
Benefit plan adjustments, net of tax	384	553	553
Unrealized gain (loss) on hedges	204	75	75
Compensation expense	625		518
Shares (acquired) issued, net	(291)		(224)
Balance	131,624		140,555
Common Stock [Member]
Balance	40,972	42,756	42,756
Net income (loss)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain (loss) on hedges
Compensation expense	625		518
Shares (acquired) issued, net	(432)		(2,460)
Balance	41,165		40,814
Retained Earnings [Member]
Balance	126,936	156,655	156,655
Net income (loss)	1,920		(3,979)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain (loss) on hedges
Compensation expense
Shares (acquired) issued, net
Balance	128,856		152,676
AOCI Attributable to Parent [Member]
Balance	(22,615)	(41,226)	(41,226)
Net income (loss)
Translation adjustments	(2,014)		3,600
Benefit plan adjustments, net of tax	384		553
Unrealized gain (loss) on hedges	204		75
Compensation expense
Shares (acquired) issued, net
Balance	(24,041)		(36,998)
Treasury Stock [Member]
Balance	(15,083)	(18,796)	(18,796)
Net income (loss)
Translation adjustments
Benefit plan adjustments, net of tax
Unrealized gain (loss) on hedges
Compensation expense
Shares (acquired) issued, net	141		2,236
Balance	(14,942)		(16,560)
Noncontrolling Interest [Member]
Balance	450	$ 569	569
Net income (loss)	60		42
Translation adjustments	76		12
Benefit plan adjustments, net of tax
Unrealized gain (loss) on hedges
Compensation expense
Shares (acquired) issued, net
Balance	$ 586		$ 623

Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2020
Balance	$ 130,660	$ 139,958	$ 139,958
Translation adjustment during the quarter	(1,938)	3,612	3,612
Balance	131,624		140,555
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	9,192	3,454	3,454
Translation adjustment during the quarter	(2,014)	3,600
Amounts reclassified from accumulated other comprehensive income	0	0
Net current period other comprehensive (loss) income	(2,014)	3,600
Balance	7,178	7,054
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(31,463)	(43,576)	(43,576)
Translation adjustment during the quarter	0	0
Amounts reclassified from accumulated other comprehensive income	384	553
Net current period other comprehensive (loss) income	384	553
Balance	(31,079)	(43,023)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(678)	(1,104)	$ (1,104)
Translation adjustment during the quarter	0	0
Amounts reclassified from accumulated other comprehensive income	68	75
Net current period other comprehensive (loss) income	68	75
Balance	(611)	$ (1,029)
Accumulated Gain (Loss), Net, Net Investment Hedge [Member]
Balance	334
Translation adjustment during the quarter	0
Amounts reclassified from accumulated other comprehensive income	136
Net current period other comprehensive (loss) income	136
Balance	$ 470

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

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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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Income tax expense (benefit)

Note K - Shareholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 24, 2021

Sep. 25, 2020

Sep. 24, 2020

Total amortization

$ 2,362

$ (4,868)

382

(931)

Net income (loss)

1,980

(3,937)

$ (3,937)

Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Actuarial losses

^[1]

565

794

Transition asset and prior service benefit

^[1]

(64)

Total amortization

501

730

Income tax expense (benefit)

117

177

Net income (loss)

$ 384

$ 553

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G, "Pension and Other Postretirement Benefit Plans" for further details).

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

+ References + Details

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

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