0001437749-22-022023 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2022	Aug. 24, 2022	Dec. 31, 2021
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	2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-7635
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0667110
Entity Address, Address Line One	1328 Racine Street
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	638‑4000
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	TWIN
Security Exchange Name	NASDAQ
Entity 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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 116,665,389
Entity Common Stock, Shares Outstanding		13,784,266
Auditor Name	RSM US LLP
Auditor Location	Milwaukee, Wisconsin
Auditor Firm ID	49

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash	$ 12,521	$ 12,340
Trade accounts receivable, net	45,452	39,491
Inventories	127,109	114,967
Assets held for sale	2,968	9,539
Prepaid expenses	7,756	5,704
Other	8,646	9,926
Total current assets	204,452	191,967
Property, plant and equipment, net	41,615	45,463
Right-of-use assets operating leases	12,685	14,736
Intangible assets, net	13,010	17,480
Deferred income taxes	2,178	2,511
Other assets	2,583	3,256
Total assets	276,523	275,413
Current liabilities:
Current maturities of long-term debt	2,000	2,000
Accounts payable	28,536	31,011
Accrued liabilities	50,542	45,549
Total current liabilities	81,078	78,560
Long-term debt	34,543	30,085
Lease obligations	10,575	12,887
Accrued retirement benefits	9,974	11,176
Deferred income taxes	3,802	5,045
Other long-term liabilities	5,363	7,000
Total liabilities	145,335	144,753
Commitments and contingencies (Note O)
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	0	0
Common shares authorized: 30,000,000; issued: 14,632,802; no par value	42,551	40,972
Retained earnings	135,031	126,936
Accumulated other comprehensive loss	(32,086)	(22,615)
Equity before treasury stock	145,496	145,293
Less treasury stock, at cost (960,459 and 984,139 shares, respectively)	14,720	15,083
Total Twin Disc shareholders' equity	130,776	130,210
Noncontrolling interest	412	450
Total equity	131,188	130,660
Total liabilities and equity	$ 276,523	$ 275,413

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 2022	Jun. 30, 2021
Preferred Shares, Authorized (in shares)	200,000	200,000
Preferred Shares, Issued (in shares)	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Common shares, authorized (in shares)	30,000,000	30,000,000
Common shares, shares issued (in shares)	14,632,802	14,632,802
Common shares, no par value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	960,459	984,139

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 242,913	$ 218,581
Cost of goods sold	174,101	167,724
Gross profit	68,812	50,857
Marketing, engineering and administrative expenses	60,085	55,750
Restructuring expenses	973	7,377
Other operating income	(3,282)	0
Income (loss) from operations	11,036	(12,270)
Other income (expense):
Interest expense	(2,128)	(2,358)
Income from extinguishment of loan	0	8,200
Other income (expense), net	1,321	(3,411)
Non-operating income (expense)	(807)	2,431
Income (loss) before income taxes and noncontrolling interest	10,229	(9,839)
Income tax expense	1,823	19,680
Net income (loss)	8,406	(29,519)
Less: Net earnings attributable to noncontrolling interest, net of tax	(311)	(200)
Net income (loss) attributable to Twin Disc	$ 8,095	$ (29,719)
Income (loss) per share data:
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.61	$ (2.24)
Diluted loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.60	$ (2.24)
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,353	13,247
Dilutive stock awards (in shares)	29	0
Diluted shares outstanding (in shares)	13,382	13,247
Comprehensive loss
Net income (loss)	$ 8,406	$ (29,519)
Foreign currency translation adjustment	(11,593)	5,639
Benefit plan adjustments, net of income taxes of $7 and $3,791, respectively	(263)	12,113
Unrealized gain on hedges, net of income taxes of $0 and 235, respectively	2,250	760
Comprehensive loss	(1,200)	(11,007)
Less: Comprehensive income (loss) attributable to noncontrolling interest	176	(101)
Comprehensive loss attributable to Twin Disc	$ (1,024)	$ (11,108)

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Benefit plan adjustments, income taxes	$ 7	$ 3,791
Unrealized loss on cash flow hedge, income taxes	$ 0	$ 235

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 8,406	$ (29,519)
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities:
Depreciation and amortization	9,547	11,243
Gain on sale of assets	(3,126)	0
Income from extinguishment of loan	0	(8,200)
Restructuring of operations	(1,328)	6,619
Stock compensation expense	2,428	2,154
Provision for deferred income taxes	(849)	17,655
Other, net	201	798
Changes in operating assets and liabilities
Trade accounts receivable	(8,405)	(7,810)
Inventories	(18,552)	9,063
Other assets	(3,081)	(5,007)
Accounts payable	(638)	4,606
Accrued liabilities	8,581	7,058
Accrued retirement benefits	(1,497)	(2,132)
Net cash (used) provided by operating activities	(8,312)	6,528
Cash flows from investing activities:
Capital expenditures	(4,729)	(4,464)
Proceeds on note receivable	500	1,500
Proceeds from sale of plant assets	9,455	102
Proceeds from life insurance policy	0	253
Other, net	675	(133)
Net cash provided (used) by investing activities	5,901	(2,742)
Cash flows from financing activities:
Borrowings under revolving loan agreement	104,473	76,335
Repayments under revolving loan agreement	(95,704)	(78,370)
Repayments of long-term borrowings	(3,081)	(1,091)
Payments of finance lease obligations	(933)	(747)
Payments of withholding taxes on stock compensation	(487)	(224)
Dividends paid to noncontrolling interest	(214)	(220)
Net cash provided (used) by financing activities	4,054	(4,317)
Effect of exchange rate changes on cash	(1,462)	2,183
Net change in cash	181	1,652
Cash:
Beginning of year	12,340	10,688
End of year	12,521	12,340
Supplemental cash flow information:
Interest	2,254	2,366
Income taxes	$ 3,190	$ 3,257

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, 2020	$ 42,756	$ 156,655	$ (41,226)	$ (18,796)	$ 569	$ 139,958
Net income (loss)		(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
Net income (loss)		8,095			311	8,406
Translation adjustments			(11,458)		(135)	(11,593)
Benefit plan adjustments, net of tax			(263)			(263)
Unrealized gain (loss) on hedges			2,250			2,250
Cash dividends					(214)	(214)
Compensation expense	2,428					2,428
Shares (acquired) issued, net	(849)			363		(486)
Balance at Jun. 30, 2022	$ 42,551	$ 135,031	$ (32,086)	$ (14,720)	$ 412	$ 131,188

- 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, 2022

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, 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 gain (losses) of $714 and ($2,108) in fiscal 2022 and 2021, 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 $1,741 and $1,870 at June 30, 2022 and 2021, 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, 2022. The Company’s term loan borrowing, which is SOFR-based, approximates fair value at June 30, 2022. 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. During fiscal 2022, the Company sold certain assets held for sale and record a net gain of $2,939. 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.

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, 2021. 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, 2021. 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, 2021 (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 2021 and January 2022, the FASB issued guidance (ASU 2021-04 and ASU 2022-01, 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, 2021, 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 2022. 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, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

B. INVENTORIES

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

	2022		2021
Finished parts	$	65,789	$	59,761
Work in process		19,801		17,908
Raw materials		41,519		37,298
	$	127,109	$	114,967

Inventories stated on a LIFO basis represent approximately 44% and 45% of total inventories at June 30, 2022 and 2021, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $27,797 and $25,969 at June 30, 2022 and 2021, 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. There was no LIFO decrement for the year ended June 30, 2022. For the year ended June 30, 2021, the effect of this LIFO decrement decreased cost of goods sold by $1,105.

The Company had reserves for inventory obsolescence of $11,557 and $10,279 at June 30, 2022 and 2021, respectively.

Note C - Property, Plant and Equipment

12 Months Ended

Jun. 30, 2022

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:

	2022			2021
Land	$	2,163		$	3,858
Buildings		31,935			30,317
Machinery and equipment		146,054			150,872
		180,152			185,047
Less: accumulated depreciation		(138,537	)		(139,584	)
	$	41,615		$	45,463

Included in the above amounts are finance lease right-of-use assets of $4,805 and $5,244 for the years ended June 30, 2022 and 2021, respectively.

Depreciation expense for the years ended June 30, 2022 and 2021 was $6,374 and $7,853, respectively.

Note D - Intangible Assets

12 Months Ended

Jun. 30, 2022

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:

	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
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
Addition		421			-			421			-			-			-			421
Amortization		-			(3,173	)		(3,173	)		(1,605	)		(1,163	)		(174	)		(231	)
Translation adjustment		(1,718	)		-			(1,718	)		(1,080	)		(482	)		(136	)		(20	)
Balance at June 30, 2022	$	39,845		$	(26,835	)	$	13,010		$	7,636		$	3,238		$	972		$	1,164

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, 2022 and 2021 was $3,173 and $3,390, respectively. Estimated intangible amortization expense for each of the next five fiscal years is as follows:

Fiscal Year
2023			2,880
2024			2,741
2025			2,590
2026			1,354
2027			1,235
Thereafter			2,210

The changes in the carrying amount of goodwill (impairment charges) 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, 2020	$	39,202	$	(39,202	)	$	-	$	-	$	-
Translation adjustment		-		-			-		-		-
Balance at June 30, 2021		39,202		(39,202	)		-		-		-
Translation adjustment		-		-			-		-		-
Balance at June 30, 2022	$	39,202	$	(39,202	)	$	-	$	-	$	-

Note E - Accrued Liabilities

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

E. ACCRUED LIABILITIES

Accrued liabilities at June 30 were as follows:

	2022		2021
Customer deposits	$	17,151	$	13,124
Salaries and wages		11,272		10,022
Warranty		2,724		3,448
Distributor rebates		2,627		3,190
Retirement benefits		1,738		1,769
Other		15,030		13,996
	$	50,542	$	45,549

Note F - Warranty

12 Months Ended

Jun. 30, 2022

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:

	2022			2021

Reserve balance, July 1	$	4,369		$	4,460
Current period expense and adjustments		1,570			3,590
Payments or credits to customers		(2,501	)		(3,742	)
Translation adjustment		(109	)		61
Reserve balance, June 30	$	3,329		$	4,369

The current portion of the warranty accrual ($2,724 and $3,448 for fiscal 2022 and 2021, respectively) is reflected in accrued liabilities, while the long-term portion ($605 and $921 for fiscal 2022 and 2021, respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note G - Debt

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

G. DEBT

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

	2022			2021
Credit Agreement Debt
Revolving loans (expire June 2025)	$	22,968		$	15,415
Term loan (due March 2026)		13,500			16,500
Other		75			170
Subtotal		36,543			32,085
Less: current maturities		(2,000	)		(2,000	)
Total long-term debt	$	34,543		$	30,085

Credit Agreement Debt:

On June 29, 2018, the Company entered into a 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 (the “2016 Credit Agreement”) 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 $35.0 million 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, $50.0 million (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. Under the Credit Agreement, the Company may not pay cash dividends on its common stock in excess of $3.0 million in any fiscal year.

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 $35.0 million to $20.0 million. In connection with the Second Amendment, the Company issued an amended and restated term note in the amount of $20.0 million to the Bank, which amended the original $35.0 million note provided under the Credit Agreement.

Prior to entering into the Second Amendment, the outstanding principal amount of the term loan (the “Term Loan”) under the Credit Agreement was $10.8 million. On the date of the Second Amendment, the Bank made an additional advance on the Term Loan to the Company in the amount of $9.2 million. 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 $0.5 million 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 was between 1.375% and 2.375%, depending on the Company’s total funded debt to EBITDA ratio.

The Second Amendment also adjusted certain financial covenants made by the Company under the Credit Agreement. Specifically, the Company 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 $100.0 million 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 $100.0 million figure had previously been $70.0 million).

On January 28, 2020, the Company entered into a third amendment (the “Third Amendment”) to the Credit Agreement. 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 $3.9 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 July 22, 2020, the Company entered into a fifth amendment (the “Fifth Amendment”) to the Credit Agreement that amends the Credit Agreement dated as of June 29, 2018, as amended, between the Company and BMO. The Fifth Amendment reduced BMO’s Revolving Credit Commitment from $50.0 million to $45.0 million. The Fifth Amendment also gives the Company the option to make interest-only payments on the Term Loan for quarterly payments occurring on September 30, 2020 and December 31, 2020, and limits the Company’s Capital Expenditures for the fiscal year ending June 30, 2021 to $10.0 million.

The Fifth Amendment provides the Company with relief from its Total Funded Debt to EBITDA ratio financial covenant under the Credit Agreement through (and including) the earlier of June 30, 2021 or a date selected by the Company. During the financial covenant relief period:

●

The “Applicable Margin” to be applied to Revolving Loans, the Term Loan, and the Commitment/Facility Fee will be increased to 3.25%, 3.875%, and 0.20%, respectively.

●

The Company may not make certain restricted payments (specifically, cash dividends, distributions, purchases, redemptions or other acquisitions of or with respect to shares of its common stock or other common equity interests).

●

The Company must maintain liquidity (as defined in the Fifth Amendment) of at least $15.0 million.

●

The Company must maintain minimum EBITDA of at least (1) $1.0 million for the fiscal quarter ending June 30, 2020 and the two fiscal quarters ending on or about September 30, 2020; (2) $2.5 million for the three fiscal quarters ending on or about December 31, 2020; (3) $6.0 million for the four fiscal quarters ending on or about March 31, 2021; and (4) $10.0 million for the four fiscal quarters ending June 30, 2021.

For purposes of the minimum EBITDA covenant and the Total Funded Debt to EBITDA ratio, the Fifth Amendment clarified that EBITDA shall exclude any gain that is realized on the forgiveness of the Small Business Administration Paycheck Protection Program loan that the Company previously received.

The Fifth Amendment also changed the definition of “LIBOR” (used in calculating interest on Eurodollar Loans), “Monthly Reset LIBOR Rate” (used in calculating interest on LIBOR Loans), and “LIBOR Quoted Rate” (used in the definition of “Base Rate,” which is used in calculating interest on Letters of Credit that are drawn upon and not timely reimbursed).

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 entered into a Forbearance Agreement and Amendment No. 6 to the Credit Agreement (the “Forbearance Agreement”) that further amended the Credit Agreement.

The Company entered into the Forbearance Agreement because the Company was not in compliance with its financial covenant to maintain a minimum EBITDA of at least $2.5 million for the three fiscal quarters ended as of December 25, 2020. In the Forbearance Agreement, the Bank has agreed to forbear from exercising its rights and remedies against the Company under the Credit Agreement with respect to the Company’s noncompliance with the minimum EBITDA covenant during the period (the “Forbearance Period”) commencing January 27, 2021 and ending on the earlier of (i) September 30, 2021, and (ii) the date on which a default under the Forbearance Agreement or Credit Agreement occurs. During the Forbearance Period, the Bank may continue to honor requests of the Company for draws on the revolving note provided by the Bank under the Credit Agreement, except that the revolving credit commitment is reduced from $45.0 million to $42.5 million during the Forbearance Period.

The Forbearance Agreement also added to the Company’s financial reporting requirements under the Credit Agreement by requiring the Company to provide the Bank with monthly forecasts of the Company’s financial statements, and monthly reports on the Company’s six-month backlog.

On September 30, 2021, the Company entered into a First Amended and Restated Forbearance Agreement and Amendment No. 7 to Credit Agreement (the “Amended and Restated Forbearance Agreement”) that amends the Credit Agreement dated as of June 29, 2018, as amended between the Company and the Bank.

The Amended and Restated Forbearance Agreement extended 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, the Bank 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 made certain adjustments to the Credit Agreement, including:

●

Permitting the Company to sell its manufacturing facility in Novazzano, Switzerland for a gross sales price of approximately $10 million, resulting in Net Cash Proceeds of approximately $8.7 million (the “Rolla Disposition”).

●

Requiring the Company to promptly repatriate approximately $7 million of the Net Cash Proceeds from the Rolla Disposition (the “Rolla Repatriation”), and to apply $1 million of such Net Cash Proceeds to the Term Loan and the remainder to the revolving Loans under the Credit Agreement.

●

Upon completion of the Rolla Repatriation: (1) reducing the portion of the Borrowing Base that is based on Eligible Inventory from the lesser of $35 million or 50% of the value of Eligible Inventory to the lesser of $30 million or 50% of the value of Eligible Inventory; and (2) reducing the Revolving Credit Commitment from a maximum of $42.5 million to a maximum of $40 million.

On February 28, 2022, the Company entered into a Second Amended and Restated Forbearance Agreement and Amendment No. 8 to Credit Agreement (the “Second Amended and Restated Forbearance Agreement”) that amended the Credit Agreement dated as of June 29, 2018, as amended between the Company and the Bank.

The Second Amended and Restated Forbearance Agreement extended the Forbearance Period through June 30, 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, the Bank continued 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 Second Amended and Restated Forbearance Agreement also made certain adjustments to the Credit Agreement, including:

●

Reduced the portion of the Borrowing Base that is based on Eligible Inventory from the lesser of $35,000,000 or 50% of the value of Eligible Inventory to the lesser of $30,000,000 or 50% of the value of Eligible Inventory. This change was already in effect under the terms of the Amended and Restated Forbearance Agreement, due to the Company’s previously reported sale of its manufacturing facility in Novazzano, Switzerland for a gross sales price of approximately $10,000,000, resulting in Net Cash Proceeds (as defined in the Amended and Restated Forbearance Agreement) of approximately $8,700,000 (the “Rolla Disposition”) and repatriation of approximately $7,000,000 of those Net Cash Proceeds (the “Rolla Repatriation”).

●

Reduced the Revolving Credit Commitment from a maximum of $42,500,000 to a maximum of $40,000,000. This change was also already in effect under the terms of the Amended and Restated Forbearance Agreement due to the Rolla Disposition and Rolla Repatriation.

The Company also executed a Third Amended and Restated Revolving Note with the Bank, reflecting the maximum Revolving Credit Commitment of $40,000,000.

On June 30, 2022, the Company entered into Amendment No. 9 to Credit Agreement (the “Ninth Amendment”) that amends and extends the Credit Agreement dated as of June 29, 2018, as amended (the “Credit Agreement”) between the Company and BMO.

Pursuant to the Credit Agreement, as in effect prior to the Ninth Amendment, the Bank made a Term Loan to the Company in the principal amount of $20,000,000, 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 and subject to a Borrowing Base, $40,000,000 (the “Revolving Credit Commitment”). The Credit Agreement also allows the Company to obtain Letters of Credit from the Bank, which if drawn upon by the beneficiary thereof and paid by the Bank, would become Revolving Loans.

The Ninth Amendment extended the Credit Agreement through June 30, 2025. Prior to the Ninth Amendment, the Credit Agreement was scheduled to terminate as of June 30, 2023.

The Ninth Amendment also formally terminated the January 27, 2021 Forbearance Agreement, which had been entered into because the Company had not been in compliance with a requirement to maintain a minimum EBITDA of $2,500,000 for the three fiscal quarters ended as of December 25, 2020. The Bank also waived the Company’s compliance with the minimum EBITDA requirements under the Credit Agreement and any Event of Default associated with the Company’s noncompliance with the minimum EBITDA requirements.

The Ninth Amendment also replaced LIBOR-based interest rates with different benchmark rates based on the secured overnight financing rate (“SOFR”) or the euro interbank offered rate (the “EURIBO Rate”). Loans under the Credit Agreement are designated either as “SOFR Loans,” which accrue interest at an Adjusted Term SOFR plus an Applicable Margin, or “Eurodollar Loans,” which accrue interest at the EURIBO Rate plus an Applicable Margin. Amounts drawn on a Letter of Credit that are not timely reimbursed to the Bank bear interest at a Base Rate plus an Applicable Margin. The Company also pays a commitment fee on the average daily Unused Revolving Credit Commitment equal to an Applicable Margin.

The Ninth Amendment also reduced the Applicable Margins from the rates that had been in effect during the period of the Forbearance Agreement. During the period covered by the Forbearance Agreement, the Applicable Margins for Revolving Loans, Term Loans, and the Unused Revolving Credit Commitment were 3.25%, 3.875%, and .20%, respectively. Under the Ninth Amendment, the Applicable Margins are between 1.25% and 2.75% for Revolving Loans and Letters of Credit; 1.375% and 2.875% for Term Loans; and .10% and .15% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).

The Ninth Amendment also revised the Company’s financial covenants under the Credit Agreement. The Company’s Total Funded Debt to EBITDA ratio (for which the Bank provided relief during period covered by the Forbearance Agreement) may not exceed 3.50 to 1.00, and the Company’s Fixed Charge Coverage Ratio may not be less than 1.10 to 1.00. The Company’s Tangible Net Worth may not be less than $100,000,000 plus 50% of positive Net Income for each fiscal year ending on or after June 30, 2023.

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. To effect these security interests, the Company entered into various amendment and assignment agreements that consent to the assignment of certain agreements previously entered into between the Company and the Bank of Montreal in connection with the 2016 Credit Agreement. The Company also amended and assigned to BMO a Negative Pledge Agreement that it has previously entered into with Bank of Montreal, pursuant to which it agreed not to sell, lease or otherwise encumber real estate that it owns except as permitted by the Credit Agreement and the Negative Pledge Agreement.

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 L/C Obligations in an amount equal to 105% of the aggregate L/C 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.

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 PPP loan and the appropriateness of the PPP loan forgiveness. 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 2022, the average interest rate was 4.10% on the Term Loan, and 4.23% on the Revolving Loans.

As of June 30, 2022, the Company’s borrowing capacity under the terms of the Credit Agreement was approximately $40,662 and the Company had approximately $17,032 of available borrowings.

The Company’s borrowings described above approximates fair value at June 30, 2022 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 outstanding notional amount of $13,500 as of June 30, 2022, 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 Revolving Loan 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
2023	$	2,038
2024		2,014
2025		24,968
2026		5,500
2027		-
Thereafter		22
	$	34,543

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 $1,049 with a weighted average interest rate of 5.7% as of June 30, 2022, and $1,535 with a weighted average interest rate of 5.6% as of June 30, 2021.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1I
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Note H - Lease Obligations

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Lessee, Operating and Finance Leases [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	2022		2021
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	12,685	$	14,736
Finance lease right-of-use assets	Property, plant and equipment, net		4,805		5,244

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	2,127	$	1,870
Operating lease liabilities	Lease obligations		10,575		12,887
Finance lease liabilities	Accrued liabilities		576		541
Finance lease liabilities	Other long-term liabilities		4,440		4,836

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

	2022			2021
Finance lease cost:
Amortization of right-of-use assets	$	650		$	580
Interest on lease liabilities		277			273
Operating lease cost		2,908			2,795
Short-term lease cost		98			24
Variable lease cost		173			159
Total lease cost		4,106			3,831
Less: Sublease income		(75	)		(154	)
Net lease cost	$	4,031		$	3,677

Other information related to leases was as follows:

	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,050		$	3,022
Operating cash flows from finance leases		277			273
Financing cash flows from finance leases		933			747
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		1,192			1,481
Finance leases		406			4,814
Weighted average remaining lease term (years):
Operating leases		8.7			9.8
Finance lease		11.3			12.0
Weighted average discount rate:
Operating leases		7.1	%		7.2	%
Finance leases		5.1	%		5.2	%

Approximate future minimum rental commitments under non-cancellable leases as of June 30, 2022 were as follows:

	Operating Leases			Finance Leases
2023	$	2,941		$	855
2024		2,378			821
2025		1,539			578
2026		1,404			512
2027		1,130			457
Thereafter		7,742			3,376
Total future lease payments		17,134			6,598
Less: Amount representing interest		(4,432	)		(1,582	)
Present value of future payments	$	12,702		$	5,016

Note I - Shareholders' Equity

12 Months Ended

Jun. 30, 2022

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, 2022 and 2021 was 13,672,343 and 13,648,663, respectively. At June 30, 2022 and 2021, treasury stock consisted of 960,459 and 984,139 shares of common stock, respectively. The Company issued 57,204 and 249,480 shares of treasury stock in fiscal 2022 and 2021, respectively, to fulfill its obligations under its incentive compensation plans. The Company also recorded forfeitures of 29,810 and 6,809 shares of previously issued restricted stock in fiscal 2022 and 2021, 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, 2022 and 2021, 315,000 shares remain authorized for purchase.

Cash dividends per share were $0.00 in both fiscal 2022 and 2021.

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, 2022 and 2021 are as follows:

	2022			2021
Translation adjustments	$	(2,266	)	$	9,192
Benefit plan adjustments, net of income taxes of $9,452 and $9,537 respectively		(31,726	)		(678	)
Net loss on cash flow hedge derivatives, net of income taxes of $34 and $211, respectively		356			334
Net gain on net investment hedge derivatives, net of income taxes of $388 and $103, respectively		1,550			(31,463	)
Accumulated other comprehensive loss	$	(32,086	)	$	(22,615	)

A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the years ended June 30, 2022 and June 30, 2021 is as follows:

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance at June 30, 2021	$	9,192		$	(31,463	)	$	(678	)	$	334
Other comprehensive loss before reclassifications		(11,458	)		(1,835	)		-			-
Amounts reclassified from accumulated other comprehensive loss		-			1,572			1,034			1,216
Net current period other comprehensive income		(11,458	)		(263	)		1,034			1,216
Balance at June 30, 2022	$	(2,266	)	$	(31,726	)	$	356		$	1,550

	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 loss		5,738		12,113			426			334
Balance at June 30, 2021	$	9,192	$	(31,463	)	$	(678	)	$	334

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the year ended June 30, 2022 is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,376	)
Transition asset and prior service benefit		321
Total before tax benefit		(2,055	)
Tax benefit		483
Total reclassification net of tax	$	(1,572	)

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	)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Note J - Business Segments and Foreign Operations

12 Months Ended

Jun. 30, 2022

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:

	2022		2021
Industrial	$	32,100	$	23,454
Land-based transmissions		64,904		58,421
Marine and propulsion systems		125,446		127,243
Other		20,463		9,463
Total	$	242,913	$	218,581

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 firefighting. 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:

2022	Manufacturing			Distribution		Total
Net Sales	$	217,488		$	106,731	$	324,219
Intra-segment sales		4,218			12,987		17,206
Inter-segment sales		60,220			3,880		64,100
Interest income		423			269		692
Interest expense		2,734			1		2,735
Income taxes		795			1,177		1,972
Depreciation and amortization		8,912			294		9,205
Net income attributable to Twin Disc		22,455			3,238		25,692
Assets		364,174			50,958		415,132
Expenditures for segment assets		(8,112	)		386		(7,726	)

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 (loss) 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

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

	2022			2021
Net sales:
Total net sales from reportable segments	$	324,219		$	291,731
Elimination of inter-company sales		(81,305	)		(73,150	)
Total consolidated net sales	$	242,913		$	218,581

Net income (loss) attributable to Twin Disc:
Total net income (loss) from reportable segments	$	25,692		$	11,121
Other adjustments and corporate expenses		(17,598	)		(40,840	)
Total consolidated net loss attributable to Twin Disc	$	8,095		$	(29,719	)

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

Other significant items:

	Segment						Consolidated
	Totals			Adjustments			Totals
2022
Interest income	$	692		$	(664	)	$	28
Interest expense		2,735			(607	)		2,128
Income taxes		1,972			(148	)		1,823
Depreciation and amortization		9,205			342			9,547
Assets		415,132			(138,610	)		276,523
Expenditures for segment assets		(7,726	)		12,455			4,729

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

All adjustments represent inter-company eliminations and corporate amounts.

Geographic information about the Company is summarized as follows:

	2022		2021
Net sales
United States	$	81,454	$	64,344
Netherlands		28,099		25,790
China		26,870		33,026
Australia		18,404		17,963
Italy		16,577		16,041
Other countries		71,510		61,417
Total	$	242,913	$	218,581

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	2022		2021
United States	$	32,293	$	34,629
Netherlands		10,471		12,447
Belgium		6,760		8,575
Italy		1,244		1,525
Switzerland		923		503
Other countries		5,191		5,776
Total	$	56,883	$	63,455

There was one customer, an authorized distributor of the Company, that accounted for 10% of consolidated net sales in fiscal year 2022. There were no customers that accounted for 10% of consolidated net sales in fiscal 2021.

Disaggregated revenue:

The following tables present details deemed most relevant to the users of the financial statements for the years ended June 30, 2022 and June 30, 2021.

Net sales by product group for the year ended June 30, 2022 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	30,769	$	5,506	$	(4,175	)	$	32,100
Land-based transmissions		65,332		30,177		(30,605	)		64,904
Marine and propulsion systems		112,149		56,909		(43,612	)		125,446
Other		9,238		14,139		(2,914	)		20,463
Total	$	217,488	$	106,731	$	(81,305	)	$	242,913

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

- 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

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+ Details

Note K - Stock-based Compensation

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

K. STOCK-BASED COMPENSATION

In fiscal 2022, the Company adopted the Twin Disc, Incorporated 2021 Long-Term Incentive Plan (the “2021 LTI Plan”). Benefits under the 2021 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 715,000 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 2021, the Company adopted the Twin Disc, Incorporated 2020 Stock Incentive Plan for Non-Employee Directors (the “2020 Directors' Plan”) a plan to grant non-employee directors equity-based awards. 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. Under the 2020 Directors’ Plan, non-employee directors may elect to receive all or a portion of their base cash retainer in the form of restricted stock. 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.

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):

	2022		2021
2020 Directors' Plan		612,981		666,913
2021 LTI Plan		551,901		-

Performance Stock Awards (“PSA”)

In fiscal 2022 and 2021, the Company granted a target number of 103,575 and 265,256 PSAs, respectively, to various employees of the Company, including executive officers.

The PSAs granted in fiscal 2022 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”) or average free cashflow (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 or average free cashflow 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 146,562. Based upon actual results to date, the Company is currently accruing compensation expense for these PSAs.

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.

There were 320,779 and 388,433 unvested PSAs outstanding at June 30, 2022 and 2021, respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. The compensation expense for the year ended June 30, 2022 and 2021, related PSAs, was $883 and $491, respectively. The tax expense from compensation expense for the year ended June 30, 2022 and 2021, related PSAs, was $207 and $116, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2022 was $8.37. At June 30, 2022, the Company had $1,322 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2022 and 2021 awards. The total fair value of performance stock awards vested in fiscal 2022 and fiscal 2021 was $0.

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 2022 and 2021, the Company granted 57,204 and 251,804 service based restricted shares, respectively, to employees and non-employee directors in each year. A total of 29,810 and 6,809 shares of restricted stock were forfeited during fiscal 2022 and 2021, respectively. There were 272,438 and 379,095 unvested shares outstanding at June 30, 2022 and 2021, respectively. Compensation expense of $1,223 and $1,335 was recognized during the year ended June 30, 2022 and 2021, respectively, related to these service-based awards. The tax benefit from compensation expense for the year ended June 30, 2022 and 2021, related to these service-based awards, was $287 and $315, respectively. The total fair value of restricted stock grants vested in fiscal 2022 and 2021 was $1,711 and $533, respectively. As of June 30, 2022, the Company had $618 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

Restricted Stock Unit Awards (“RSU”)

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 62,119 and 34,822 unvested RSUs outstanding at June 30, 2022 and June 30, 2021, respectively. Compensation expense of $321 and $328 was recognized during the year ended June 30, 2022 and 2021, respectively. The tax benefit from compensation expense for the year ended June 30, 2022 and 2021, related to these service-based awards, was $75 and $78, respectively. The weighted average grant date fair value of the unvested awards at June 30, 2022 was $14.18. As of June 30, 2022, the Company had $585 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, 2022

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 $1,576 and $1,867 in fiscal 2022 and 2021, respectively. Total engineering and development costs were $8,808 and $8,535 in fiscal 2022 and 2021, respectively.

Note M - Pension and Other Postretirement Benefit Plans

12 Months Ended

Jun. 30, 2022

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 2022 and 2021 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*
	*2022*			*2021*			*2022*			*2021*
Change in benefit obligation:
Benefit obligation, beginning of year	$	98,700		$	105,520		$	6,102		$	7,059
Service cost		507			608			14			16
Interest cost		2,472			2,516			140			154
Prior service cost		40			65			-			-
Actuarial (gain) loss		(14,253	)		(1,577	)		(786	)		(395	)
Contributions by plan participants		105			114			203			269
Benefits paid		(8,022	)		(8,546	)		(888	)		(1,001	)
Benefit obligation, end of year	$	79,549		$	98,700		$	4,785		$	6,102

Change in plan assets:
Fair value of assets, beginning of year	$	92,430		$	83,284		$	-		$	-
Actual return on plan assets		(11,884	)		15,325			-			-
Employer contribution		709			2,253			686			732
Contributions by plan participants		105			114			203			269
Benefits paid		(8,022	)		(8,546	)		(889	)		(1,001	)
Fair value of assets, end of year	$	73,338		$	92,430		$	-		$	-

Funded status	$	(6,211	)	$	(6,270	)	$	(4,785	)	$	(6,102	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	-		$	60		$	-		$	-
Accrued liabilities - current		(271	)		(423	)		(751	)		(833	)
Accrued retirement benefits - noncurrent		(5,940	)		(5,907	)		(4,034	)		(5,269	)
Net amount recognized	$	(6,211	)	$	(6,270	)	$	(4,785	)	$	(6,102	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	102		$	133		$	-		$	-
Prior service cost		9			94			(278	)		(487	)
Actuarial net loss		32,453			31,563			(560	)		160
Net amount recognized	$	32,564		$	31,790		$	(838	)	$	(327	)

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	$	36	$	-
Prior service cost		37		(275	)
Actuarial net loss		2,482		(39	)
Net amount to be recognized	$	2,555	$	(314	)

The accumulated benefit obligation for all defined benefit pension plans was approximately $79,549 and $98,700 at June 30, 2022 and 2021, respectively.

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

	June 30
	2022		2021
Projected and accumulated benefit obligation	$	79,549	$	53,780
Fair value of plan assets		73,338		47,450

Components of Net Periodic Benefit Cost:

	Pension Benefits
	2022			2021
Service cost	$	511		$	615
Interest cost		2,473			2,516
Prior service cost		40			65
Expected return on plan assets		(5,055	)		(4,552	)
Amortization of transition obligation		40			40
Amortization of prior service cost		(85	)		47
Amortization of actuarial net loss		2,375			3,246
Net periodic benefit cost	$	299		$	1,977

	Other Postretirement Benefits
	2022			2021
Service cost	$	14		$	16
Interest cost		140			154
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(120	)	$	(104	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss for Fiscal 2022 (Pre-tax):

				Other
				Postretirement
	Pension			Benefits
Net income (loss)	$	2,860		$	(785	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		85			275
Amortization of net loss		(2,375	)		-
Total recognized in other comprehensive income		530			(510	)
Net periodic benefit cost (benefit)		299			(120	)
Total recognized in net periodic benefit cost and other comprehensive income	$	829		$	(630	)

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

				Other
				Postretirement
	Pension			Benefits
Net loss	$	(12,460	)	$	(397	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		(47	)		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	)

Additional Information

Assumptions

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	*2022*			*2021*			*2022*			*2021*
Discount rate		4.61	%		2.63	%		4.83	%		2.47	%
Expected return on plan assets		6.13	%		5.69	%

	Pension Benefits						Other Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	*2022*			*2021*			*2022*			*2021*
Discount rate		2.59	%		2.49	%		2.47	%		2.37	%
Expected return on plan assets		5.50	%		5.89	%

The assumed weighted-average healthcare cost trend rate was 5.75% in 2022, grading down to 5.00% in 2025.

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, 2022 and 2021 by asset category were as follows:

	Target			June 30
Asset Category	Allocation			2022			2021
Equity securities		43	%		40	%		53	%
Debt securities		50	%		49	%		38	%
Real estate		7	%		11	%		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 $890 (1.3% of total plan assets) at June 30, 2022 and 98,211 shares with a fair market value of $1,398 (1.5% of total plan assets) at June 30, 2021.

The U.S. plans have a long-term return assumption of 6.40%. 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 6.13%.

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, 2022:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	865	$	865	$	-	$	-
Equity securities:
Company common stock (a)		890		890		-		-
Common stock (a)		10,612		10,612		-		-
Mutual funds (b)		4,720		4,720		-		-
Annuity contracts (c)		6,302		-		-		6,302
Total	$	23,389	$	17,087	$	-	$	6,302
Investments Measured at Net Asset Value (d)		49,949
Total	$	73,338

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

Equity securities:

Company common stock (a)

1,398

Common stock (a)

18,201

Mutual funds (b)

9,366

Annuity contracts (c)

6,646

Total

36,654

30,008

6,646

Investments Measured at Net Asset Value (d)

55,776

Total

92,430

(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, 2022 and June 30, 2021:

	2022		2021
Fixed income funds	$	31,763	$	31,627
International equity securities		2,198		4,282
Real estate		7,074		7,747
Hedged equity mutual funds		8,914		12,120
Total	$	49,949	$	55,776

The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2022 and 2021:

	2022			2021
Beginning balance	$	6,646		$	6,095
Actual return on plan assets:
Relating to assets still held at reporting date		(452	)		600
Purchases, sales and settlements, net		108			(49	)
Ending balance	$	6,302		$	6,646

Cash Flows

Contributions

The Company expects to contribute $612 to its defined benefit pension plans in fiscal 2023.

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			$	7,946	$	769
2023				7,380		693
2024				7,068		608
2025				6,833		544
2026				6,738		501
Years 2027	-	2031		34,812		1,806

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 $2,245 and $2,162 in fiscal 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note N - Income Taxes

12 Months Ended

Jun. 30, 2022

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:

	2022			2021
United States	$	(1,165	)	$	(15,925	)
Foreign		11,394			6,086
	$	10,229		$	(9,839	)

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

	2022			2021
Currently payable:
Federal	$	(164	)	$	28
State		(2	)		49
Foreign		2,838			1,948
		2,672			2,025
Deferred:
Federal	$	-			15,554
State		62			2,341
Foreign		(911	)		(240	)
		(849	)		17,655
	$	1,823		$	19,680

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

	2022			2021
Deferred tax assets:
Retirement plans and employee benefits	$	4,787		$	4,584
Foreign tax credit carryforwards		7,822			7,609
Federal tax credits, net of ASU 2013-11		1,597			1,801
State net operating loss and other state credit carryforwards, net of ASU 2013-11		2,179			2,208
Federal net operating loss		5,492			6,506
Inventory		-			-
Reserves		1,119			1,670
Foreign NOL carryforwards		-			66
Accruals		703			871
Right of use assets - operating leases		3,381			3,674
Disallowed interest		980			982
Capital loss carryforward		108			-
Other assets		358			1,033
		28,526			31,004
Valuation allowance		(23,097	)		(24,420	)
		5,429			6,584

Deferred tax liabilities:
Inventory		285			480
Property, plant and equipment		1,155			1,852
Intangibles		2,012			2,982
Long term operating lease obligations		3,352			3,622
Other liabilities		249			182
		7,053			9,118

Total net deferred tax (liabilities) assets	$	(1,624	)	$	(2,534	)

At June 30, 2022 the Company has net operating loss carryforwards (“NOLs”) of approximately $26,154 and $30,901 for federal and state income tax purposes which will expire at various dates from fiscal year 2023 – 2042. 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 $9,738 and $935, respectively, which will expire at various dates from fiscal 2026 – 2042.

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 $23,097 and $24,420 have been recorded for fiscal year 2022 and 2021, respectively.

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

	2022			2021

U.S. federal income tax at 21%	$	2,148		$	(2,066	)
Increases (reductions) in tax resulting from:
Foreign tax items		(575	)		552
State taxes		(12	)		(440	)
Change in prior year estimate		372			(1,138	)
Nondeductible PPP loan expenses		-			(1,722	)
Research and development tax credits		(10	)		(336	)
Unrecognized tax benefits		(152	)		59
Stock compensation		(46	)		252
Rate changes		121			18
Deferred tax basis adjustments		(54	)		42
Executive compensation		42			-
GILTI inclusion		920			-
Valuation allowance		(981	)		24,420
Other, net		50			39
	$	1,823		$	19,680

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.

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 had an impact on the company’s effective tax rate in fiscal years 2022 and 2021 of $42 and $0 respectively.

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 2022. 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 2022, the GILTI inclusion was $920. During Q4 FY2022, neither Rolla nor TD China qualified for the HTE because their effective tax rates are lower than 18.9%. This resulted in a GILTI income inclusion of approximately $4.9 million. The Rolla inclusion is largely due to the gain on the sale of their building, while TD China’s inclusion is due to a temporary tax rate decrease in China.

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 2022 and 2021.

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 $14,175 and $10,871 at June 30, 2022 and June 30, 2021, 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 2022 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 $716 and $778 of unrecognized tax benefits as of June 30, 2022 and June 30, 2021, 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:

	2022			2021
Unrecognized tax benefits, beginning of year	$	778		$	918
Additions based on tax positions related to the prior year		-			-
Additions based on tax positions related to the current year		3			66
Reductions based on tax positions related to the prior year		(65	)		(21	)
Subtractions due to statutes closing		-			-
Settlements with taxing authorities		-			(185	)
Unrecognized tax benefits, end of year	$	716		$	778

Substantially all of the Company’s unrecognized tax benefits as of June 30, 3022, if recognized, would affect the effective tax rate. As of June 30, 2022 and 2021, the amounts accrued for interest and penalties totaled $38 and $141, 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
-Publisher FASB
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Note O - Contingencies

12 Months Ended

Jun. 30, 2022

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, 2022

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 was reduced by 18 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 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.

Total restructuring charges relating to streamlining operations amounted to $973 and $3,110 in fiscal 2022 and 2021, respectively. Restructuring activities since June 2015 have resulted in the elimination of 254 full-time employees in the manufacturing segment. Accumulated costs to date under these programs within the manufacturing segment through June 30, 2022 were $16,226.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2020	$	84
Additions		7,377
Payments and adjustments		(5,109	)
Accrued restructuring liability, June 30, 2021		2,352
Additions		973
Payments and adjustments		(2,301	)
Accrued restructuring liability, June 30, 2022	$	1,024

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.

In 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 fourth quarter of fiscal 2022, the Company completed the sale of its spare warehouse in Italy and received net proceeds of about $305.

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, 2022

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:

	2022			2021
Basic:
Net income (loss)	$	8,406		$	(29,519	)
Less: Net earnings attributable to noncontrolling interest		(311	)		(200	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) attributable to Twin Disc		8,095			(29,719	)

Weighted average shares outstanding - basic		13,353			13,247

Basic Loss Per Share:
Net income (loss) per share - basic	$	0.61		$	(2.24	)

Diluted:
Net income (loss)	$	8,406		$	(29,519	)
Less: Net earnings attributable to noncontrolling interest		(311	)		(200	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) attributable to Twin Disc		8,095			(29,719	)

Weighted average shares outstanding - basic		13,353			13,247
Effect of dilutive stock awards		29			-
Weighted average shares outstanding - diluted		13,382			13,247

Diluted Loss Per Share:
Net income (loss) per share - diluted	$	0.60		$	(2.24	)

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.

Note R - Derivative Financial Instruments

12 Months Ended

Jun. 30, 2022

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 SOFR-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 ($356) and $678 for the years ended June 30, 2022 and 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 ($68) 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 2022, the Company designated its euro denominated Revolving Loan, with a notional amount of €13,500, 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 ($1,551) and $334 for the years ended June 30, 2022 and 2021, 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 2022 and 2021 was the euro. At June 30, 2022 and 2021, 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, 2022 and June 30, 2021. 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	2022		2021
Derivatives designated as hedges:
Interest rate swaps	Other current assets	$	68	$	-
Interest rate swaps	Other noncurrent assets		77		-
Interest rate swaps	Accrued liabilities		-		(346	)
Interest rate swaps	Other long-term liabilities		-		(542	)

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	2022		2021
Derivatives designated as hedges:
Interest rate swap	Interest expense	$	362	$	399
Interest rate swap	Unrealized gain (loss) on hedges		1,034		425
Net investment hedge	Unrealized gain (loss) on hedges		1,216		335

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

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2022

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, 2022 and 2021 (in thousands)

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

2022
Allowance for losses on accounts receivable	$	1,870	$	255	$	384	$	1,741

Reserve for inventory obsolescence	$	10,279	$	2,246	$	968	$	11,557

Deferred tax valuation allowance	$	24,420	$	-	$	1,323	$	23,097

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

(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, 2022

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 gain (losses) of $714 and ($2,108) in fiscal 2022 and 2021, 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 $1,741 and $1,870 at June 30, 2022 and 2021, 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.

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. During fiscal 2022, the Company sold certain assets held for sale and record a net gain of $2,939. 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.

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.

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.

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.

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, 2021. 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, 2021. 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, 2021 (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 2021 and January 2022, the FASB issued guidance (ASU 2021-04 and ASU 2022-01, 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, 2021, 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 2022. 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 (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2022		2021
Finished parts	$	65,789	$	59,761
Work in process		19,801		17,908
Raw materials		41,519		37,298
	$	127,109	$	114,967

Note C - Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	2022			2021
Land	$	2,163		$	3,858
Buildings		31,935			30,317
Machinery and equipment		146,054			150,872
		180,152			185,047
Less: accumulated depreciation		(138,537	)		(139,584	)
	$	41,615		$	45,463

Note D - Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
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
Addition		421			-			421			-			-			-			421
Amortization		-			(3,173	)		(3,173	)		(1,605	)		(1,163	)		(174	)		(231	)
Translation adjustment		(1,718	)		-			(1,718	)		(1,080	)		(482	)		(136	)		(20	)
Balance at June 30, 2022	$	39,845		$	(26,835	)	$	13,010		$	7,636		$	3,238		$	972		$	1,164

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

Fiscal Year
2023			2,880
2024			2,741
2025			2,590
2026			1,354
2027			1,235
Thereafter			2,210

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, 2020	$	39,202	$	(39,202	)	$	-	$	-	$	-
Translation adjustment		-		-			-		-		-
Balance at June 30, 2021		39,202		(39,202	)		-		-		-
Translation adjustment		-		-			-		-		-
Balance at June 30, 2022	$	39,202	$	(39,202	)	$	-	$	-	$	-

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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+ Details

Note E - Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	2022		2021
Customer deposits	$	17,151	$	13,124
Salaries and wages		11,272		10,022
Warranty		2,724		3,448
Distributor rebates		2,627		3,190
Retirement benefits		1,738		1,769
Other		15,030		13,996
	$	50,542	$	45,549

Note F - Warranty (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	2022			2021

Reserve balance, July 1	$	4,369		$	4,460
Current period expense and adjustments		1,570			3,590
Payments or credits to customers		(2,501	)		(3,742	)
Translation adjustment		(109	)		61
Reserve balance, June 30	$	3,329		$	4,369

Note G - Debt (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Debt [Table Text Block]

	2022			2021
Credit Agreement Debt
Revolving loans (expire June 2025)	$	22,968		$	15,415
Term loan (due March 2026)		13,500			16,500
Other		75			170
Subtotal		36,543			32,085
Less: current maturities		(2,000	)		(2,000	)
Total long-term debt	$	34,543		$	30,085

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

Fiscal Year
2023	$	2,038
2024		2,014
2025		24,968
2026		5,500
2027		-
Thereafter		22
	$	34,543

Note H - Lease Obligations (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Assets and Liabilities, Lessee [Table Text Block]

	Balance Sheet Location	2022		2021
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	12,685	$	14,736
Finance lease right-of-use assets	Property, plant and equipment, net		4,805		5,244

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	2,127	$	1,870
Operating lease liabilities	Lease obligations		10,575		12,887
Finance lease liabilities	Accrued liabilities		576		541
Finance lease liabilities	Other long-term liabilities		4,440		4,836

Lease, Cost [Table Text Block]

	2022			2021
Finance lease cost:
Amortization of right-of-use assets	$	650		$	580
Interest on lease liabilities		277			273
Operating lease cost		2,908			2,795
Short-term lease cost		98			24
Variable lease cost		173			159
Total lease cost		4,106			3,831
Less: Sublease income		(75	)		(154	)
Net lease cost	$	4,031		$	3,677

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

	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,050		$	3,022
Operating cash flows from finance leases		277			273
Financing cash flows from finance leases		933			747
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		1,192			1,481
Finance leases		406			4,814
Weighted average remaining lease term (years):
Operating leases		8.7			9.8
Finance lease		11.3			12.0
Weighted average discount rate:
Operating leases		7.1	%		7.2	%
Finance leases		5.1	%		5.2	%

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

	Operating Leases			Finance Leases
2023	$	2,941		$	855
2024		2,378			821
2025		1,539			578
2026		1,404			512
2027		1,130			457
Thereafter		7,742			3,376
Total future lease payments		17,134			6,598
Less: Amount representing interest		(4,432	)		(1,582	)
Present value of future payments	$	12,702		$	5,016

Note I - Shareholders' Equity (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	2022			2021
Translation adjustments	$	(2,266	)	$	9,192
Benefit plan adjustments, net of income taxes of $9,452 and $9,537 respectively		(31,726	)		(678	)
Net loss on cash flow hedge derivatives, net of income taxes of $34 and $211, respectively		356			334
Net gain on net investment hedge derivatives, net of income taxes of $388 and $103, respectively		1,550			(31,463	)
Accumulated other comprehensive loss	$	(32,086	)	$	(22,615	)

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
Other comprehensive loss before reclassifications		(11,458	)		(1,835	)		-			-
Amounts reclassified from accumulated other comprehensive loss		-			1,572			1,034			1,216
Net current period other comprehensive income		(11,458	)		(263	)		1,034			1,216
Balance at June 30, 2022	$	(2,266	)	$	(31,726	)	$	356		$	1,550

	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 loss		5,738		12,113			426			334
Balance at June 30, 2021	$	9,192	$	(31,463	)	$	(678	)	$	334

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

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,376	)
Transition asset and prior service benefit		321
Total before tax benefit		(2,055	)
Tax benefit		483
Total reclassification net of tax	$	(1,572	)

	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	)

Note J - Business Segments and Foreign Operations (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	2022		2021
Industrial	$	32,100	$	23,454
Land-based transmissions		64,904		58,421
Marine and propulsion systems		125,446		127,243
Other		20,463		9,463
Total	$	242,913	$	218,581

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	30,769	$	5,506	$	(4,175	)	$	32,100
Land-based transmissions		65,332		30,177		(30,605	)		64,904
Marine and propulsion systems		112,149		56,909		(43,612	)		125,446
Other		9,238		14,139		(2,914	)		20,463
Total	$	217,488	$	106,731	$	(81,305	)	$	242,913

					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

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

2022	Manufacturing			Distribution		Total
Net Sales	$	217,488		$	106,731	$	324,219
Intra-segment sales		4,218			12,987		17,206
Inter-segment sales		60,220			3,880		64,100
Interest income		423			269		692
Interest expense		2,734			1		2,735
Income taxes		795			1,177		1,972
Depreciation and amortization		8,912			294		9,205
Net income attributable to Twin Disc		22,455			3,238		25,692
Assets		364,174			50,958		415,132
Expenditures for segment assets		(8,112	)		386		(7,726	)

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 (loss) 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

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

	2022			2021
Net sales:
Total net sales from reportable segments	$	324,219		$	291,731
Elimination of inter-company sales		(81,305	)		(73,150	)
Total consolidated net sales	$	242,913		$	218,581

Net income (loss) attributable to Twin Disc:
Total net income (loss) from reportable segments	$	25,692		$	11,121
Other adjustments and corporate expenses		(17,598	)		(40,840	)
Total consolidated net loss attributable to Twin Disc	$	8,095		$	(29,719	)

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

	Segment						Consolidated
	Totals			Adjustments			Totals
2022
Interest income	$	692		$	(664	)	$	28
Interest expense		2,735			(607	)		2,128
Income taxes		1,972			(148	)		1,823
Depreciation and amortization		9,205			342			9,547
Assets		415,132			(138,610	)		276,523
Expenditures for segment assets		(7,726	)		12,455			4,729

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

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

	2022		2021
Net sales
United States	$	81,454	$	64,344
Netherlands		28,099		25,790
China		26,870		33,026
Australia		18,404		17,963
Italy		16,577		16,041
Other countries		71,510		61,417
Total	$	242,913	$	218,581

Long-lived assets	2022		2021
United States	$	32,293	$	34,629
Netherlands		10,471		12,447
Belgium		6,760		8,575
Italy		1,244		1,525
Switzerland		923		503
Other countries		5,191		5,776
Total	$	56,883	$	63,455

Note K - Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	2022		2021
2020 Directors' Plan		612,981		666,913
2021 LTI Plan		551,901		-

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

12 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Net Funded Status [Table Text Block]

							Other
	*Pension*						*Postretirement*
	*Benefits*						*Benefits*
	*2022*			*2021*			*2022*			*2021*
Change in benefit obligation:
Benefit obligation, beginning of year	$	98,700		$	105,520		$	6,102		$	7,059
Service cost		507			608			14			16
Interest cost		2,472			2,516			140			154
Prior service cost		40			65			-			-
Actuarial (gain) loss		(14,253	)		(1,577	)		(786	)		(395	)
Contributions by plan participants		105			114			203			269
Benefits paid		(8,022	)		(8,546	)		(888	)		(1,001	)
Benefit obligation, end of year	$	79,549		$	98,700		$	4,785		$	6,102

Change in plan assets:
Fair value of assets, beginning of year	$	92,430		$	83,284		$	-		$	-
Actual return on plan assets		(11,884	)		15,325			-			-
Employer contribution		709			2,253			686			732
Contributions by plan participants		105			114			203			269
Benefits paid		(8,022	)		(8,546	)		(889	)		(1,001	)
Fair value of assets, end of year	$	73,338		$	92,430		$	-		$	-

Funded status	$	(6,211	)	$	(6,270	)	$	(4,785	)	$	(6,102	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	-		$	60		$	-		$	-
Accrued liabilities - current		(271	)		(423	)		(751	)		(833	)
Accrued retirement benefits - noncurrent		(5,940	)		(5,907	)		(4,034	)		(5,269	)
Net amount recognized	$	(6,211	)	$	(6,270	)	$	(4,785	)	$	(6,102	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	102		$	133		$	-		$	-
Prior service cost		9			94			(278	)		(487	)
Actuarial net loss		32,453			31,563			(560	)		160
Net amount recognized	$	32,564		$	31,790		$	(838	)	$	(327	)

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	$	36	$	-
Prior service cost		37		(275	)
Actuarial net loss		2,482		(39	)
Net amount to be recognized	$	2,555	$	(314	)

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

	June 30
	2022		2021
Projected and accumulated benefit obligation	$	79,549	$	53,780
Fair value of plan assets		73,338		47,450

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits
	2022			2021
Service cost	$	511		$	615
Interest cost		2,473			2,516
Prior service cost		40			65
Expected return on plan assets		(5,055	)		(4,552	)
Amortization of transition obligation		40			40
Amortization of prior service cost		(85	)		47
Amortization of actuarial net loss		2,375			3,246
Net periodic benefit cost	$	299		$	1,977

	Other Postretirement Benefits
	2022			2021
Service cost	$	14		$	16
Interest cost		140			154
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(120	)	$	(104	)

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

				Other
				Postretirement
	Pension			Benefits
Net income (loss)	$	2,860		$	(785	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		85			275
Amortization of net loss		(2,375	)		-
Total recognized in other comprehensive income		530			(510	)
Net periodic benefit cost (benefit)		299			(120	)
Total recognized in net periodic benefit cost and other comprehensive income	$	829		$	(630	)

				Other
				Postretirement
	Pension			Benefits
Net loss	$	(12,460	)	$	(397	)
Amortization of transition asset		(40	)		-
Amortization of prior service (cost) benefit		(47	)		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	)

Defined Benefit Plan, Assumptions [Table Text Block]

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	*2022*			*2021*			*2022*			*2021*
Discount rate		4.61	%		2.63	%		4.83	%		2.47	%
Expected return on plan assets		6.13	%		5.69	%

	Pension Benefits						Other Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	*2022*			*2021*			*2022*			*2021*
Discount rate		2.59	%		2.49	%		2.47	%		2.37	%
Expected return on plan assets		5.50	%		5.89	%

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

	Target			June 30
Asset Category	Allocation			2022			2021
Equity securities		43	%		40	%		53	%
Debt securities		50	%		49	%		38	%
Real estate		7	%		11	%		9	%
		100	%		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	865	$	865	$	-	$	-
Equity securities:
Company common stock (a)		890		890		-		-
Common stock (a)		10,612		10,612		-		-
Mutual funds (b)		4,720		4,720		-		-
Annuity contracts (c)		6,302		-		-		6,302
Total	$	23,389	$	17,087	$	-	$	6,302
Investments Measured at Net Asset Value (d)		49,949
Total	$	73,338

Total

Level I

Level II

Level III

Cash and cash equivalents

1,043

Equity securities:

Company common stock (a)

1,398

Common stock (a)

18,201

Mutual funds (b)

9,366

Annuity contracts (c)

6,646

Total

36,654

30,008

6,646

Investments Measured at Net Asset Value (d)

55,776

Total

92,430

	2022		2021
Fixed income funds	$	31,763	$	31,627
International equity securities		2,198		4,282
Real estate		7,074		7,747
Hedged equity mutual funds		8,914		12,120
Total	$	49,949	$	55,776

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

	2022			2021
Beginning balance	$	6,646		$	6,095
Actual return on plan assets:
Relating to assets still held at reporting date		(452	)		600
Purchases, sales and settlements, net		108			(49	)
Ending balance	$	6,302		$	6,646

Schedule of Expected Benefit Payments [Table Text Block]

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

2022			$	7,946	$	769
2023				7,380		693
2024				7,068		608
2025				6,833		544
2026				6,738		501
Years 2027	-	2031		34,812		1,806

Note N - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	2022			2021
United States	$	(1,165	)	$	(15,925	)
Foreign		11,394			6,086
	$	10,229		$	(9,839	)

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

	2022			2021
Currently payable:
Federal	$	(164	)	$	28
State		(2	)		49
Foreign		2,838			1,948
		2,672			2,025
Deferred:
Federal	$	-			15,554
State		62			2,341
Foreign		(911	)		(240	)
		(849	)		17,655
	$	1,823		$	19,680

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

	2022			2021
Deferred tax assets:
Retirement plans and employee benefits	$	4,787		$	4,584
Foreign tax credit carryforwards		7,822			7,609
Federal tax credits, net of ASU 2013-11		1,597			1,801
State net operating loss and other state credit carryforwards, net of ASU 2013-11		2,179			2,208
Federal net operating loss		5,492			6,506
Inventory		-			-
Reserves		1,119			1,670
Foreign NOL carryforwards		-			66
Accruals		703			871
Right of use assets - operating leases		3,381			3,674
Disallowed interest		980			982
Capital loss carryforward		108			-
Other assets		358			1,033
		28,526			31,004
Valuation allowance		(23,097	)		(24,420	)
		5,429			6,584

Deferred tax liabilities:
Inventory		285			480
Property, plant and equipment		1,155			1,852
Intangibles		2,012			2,982
Long term operating lease obligations		3,352			3,622
Other liabilities		249			182
		7,053			9,118

Total net deferred tax (liabilities) assets	$	(1,624	)	$	(2,534	)

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

	2022			2021

U.S. federal income tax at 21%	$	2,148		$	(2,066	)
Increases (reductions) in tax resulting from:
Foreign tax items		(575	)		552
State taxes		(12	)		(440	)
Change in prior year estimate		372			(1,138	)
Nondeductible PPP loan expenses		-			(1,722	)
Research and development tax credits		(10	)		(336	)
Unrecognized tax benefits		(152	)		59
Stock compensation		(46	)		252
Rate changes		121			18
Deferred tax basis adjustments		(54	)		42
Executive compensation		42			-
GILTI inclusion		920			-
Valuation allowance		(981	)		24,420
Other, net		50			39
	$	1,823		$	19,680

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

	2022			2021
Unrecognized tax benefits, beginning of year	$	778		$	918
Additions based on tax positions related to the prior year		-			-
Additions based on tax positions related to the current year		3			66
Reductions based on tax positions related to the prior year		(65	)		(21	)
Subtractions due to statutes closing		-			-
Settlements with taxing authorities		-			(185	)
Unrecognized tax benefits, end of year	$	716		$	778

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

12 Months Ended

Jun. 30, 2022

Notes Tables

Restructuring and Related Costs [Table Text Block]

Accrued restructuring liability, June 30, 2020	$	84
Additions		7,377
Payments and adjustments		(5,109	)
Accrued restructuring liability, June 30, 2021		2,352
Additions		973
Payments and adjustments		(2,301	)
Accrued restructuring liability, June 30, 2022	$	1,024

Note Q - Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	2022			2021
Basic:
Net income (loss)	$	8,406		$	(29,519	)
Less: Net earnings attributable to noncontrolling interest		(311	)		(200	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) attributable to Twin Disc		8,095			(29,719	)

Weighted average shares outstanding - basic		13,353			13,247

Basic Loss Per Share:
Net income (loss) per share - basic	$	0.61		$	(2.24	)

Diluted:
Net income (loss)	$	8,406		$	(29,519	)
Less: Net earnings attributable to noncontrolling interest		(311	)		(200	)
Less: Undistributed earnings attributable to unvested shares		-			-
Net income (loss) attributable to Twin Disc		8,095			(29,719	)

Weighted average shares outstanding - basic		13,353			13,247
Effect of dilutive stock awards		29			-
Weighted average shares outstanding - diluted		13,382			13,247

Diluted Loss Per Share:
Net income (loss) per share - diluted	$	0.60		$	(2.24	)

Note R - Derivative Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2022

Notes Tables

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

	Balance Sheet Location	2022		2021
Derivatives designated as hedges:
Interest rate swaps	Other current assets	$	68	$	-
Interest rate swaps	Other noncurrent assets		77		-
Interest rate swaps	Accrued liabilities		-		(346	)
Interest rate swaps	Other long-term liabilities		-		(542	)

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

	Statement of Comprehensive
	Loss Location	2022		2021
Derivatives designated as hedges:
Interest rate swap	Interest expense	$	362	$	399
Interest rate swap	Unrealized gain (loss) on hedges		1,034		425
Net investment hedge	Unrealized gain (loss) on hedges		1,216		335

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

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2022

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

2022
Allowance for losses on accounts receivable	$	1,870	$	255	$	384	$	1,741

Reserve for inventory obsolescence	$	10,279	$	2,246	$	968	$	11,557

Deferred tax valuation allowance	$	24,420	$	-	$	1,323	$	23,097

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

Note A - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Foreign Currency Transaction Gain (Loss), before Tax, Total	$ (714)	$ (2,108)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	1,741	1,870
Impairment of Long-Lived Assets to be Disposed of	$ 2,939	$ 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 B - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Percentage of LIFO Inventory	44.00%	45.00%
Excess of Replacement or Current Costs over Stated LIFO Value	$ 27,797	$ 25,969
Effect of LIFO Inventory Liquidation on Income	0	1,105
Inventory Valuation Reserves	$ 11,557	$ 10,279

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Finished parts	$ 65,789	$ 59,761
Work in process	19,801	17,908
Raw materials	41,519	37,298
Total inventories	$ 127,109	$ 114,967

Note C - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	$ 4,805	$ 5,244
Depreciation, Total	$ 6,374	$ 7,853

Note C - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Land	$ 2,163	$ 3,858
Buildings	31,935	30,317
Machinery and equipment	146,054	150,872
Property, plant and Equipment, Gross	180,152	185,047
Less: accumulated depreciation	(138,537)	(139,584)
Property, plant and Equipment, Net	$ 41,615	$ 45,463

Note D - Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	7 years
Amortization of Intangible Assets	$ 3,173	$ 3,390

Note D - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
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
Addition, Definite Intangible Assets Gross Carrying Amount	421	833
Addition, Definite Intangible Assets Net Book Value	421	833
Amortization, Intangible Asset	(3,173)	(3,390)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount	(1,718)	1,064
Translation adjustment, Definite Intangible Assets Net Book Value	(1,718)	1,064
Balance, Definite Intangible Assets Gross Carrying Amount	39,845	41,142
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(26,835)	(23,662)
Balance at June 30, Definite Intangible Assets Net Book Value	13,010	17,480
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	10,321	11,554
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(1,605)	(1,880)
Translation adjustment, Definite Intangible Assets Net Book Value	(1,080)	647
Balance at June 30, Definite Intangible Assets Net Book Value	7,636	10,321
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	4,883	5,784
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(1,163)	(1,226)
Translation adjustment, Definite Intangible Assets Net Book Value	(482)	325
Balance at June 30, Definite Intangible Assets Net Book Value	3,238	4,883
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	1,282	1,388
Addition, Definite Intangible Assets Net Book Value	0	0
Amortization, Intangible Asset	(174)	(184)
Translation adjustment, Definite Intangible Assets Net Book Value	(136)	78
Balance at June 30, Definite Intangible Assets Net Book Value	972	1,282
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	994	247
Addition, Definite Intangible Assets Net Book Value	421	833
Amortization, Intangible Asset	(231)	(100)
Translation adjustment, Definite Intangible Assets Net Book Value	(20)	14
Balance at June 30, Definite Intangible Assets Net Book Value	$ 1,164	$ 994

Note D - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2023	$ 2,880
2024	2,741
2025	2,590
2026	1,354
2027	1,235
Thereafter	$ 2,210

Note D - Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Balance, goodwill gross carrying amount	$ 39,202	$ 39,202
Balance, goodwill accumulated impairment	(39,202)	(39,202)
Balance, goodwill net book value	0	0
Translation adjustment, goodwill gross carrying amount	0	0
Translation adjustment, goodwill net book value	0	0
Balance, goodwill gross carrying amount	39,202	39,202
Balance, goodwill accumulated impairment	(39,202)	(39,202)
Balance at June 30, 2021	0	0
European Propulsion [Member]
Balance, goodwill net book value	0	0
Translation adjustment, goodwill gross carrying amount	0	0
Translation adjustment, goodwill net book value	0	0
Balance at June 30, 2021	0	0
European Industrial [Member]
Balance, goodwill net book value	0	0
Translation adjustment, goodwill gross carrying amount	0	0
Translation adjustment, goodwill net book value	0	0
Balance at June 30, 2021	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Customer deposits	$ 17,151	$ 13,124
Salaries and wages	11,272	10,022
Warranty	2,724	3,448
Distributor rebates	2,627	3,190
Retirement benefits	1,738	1,769
Other	15,030	13,996
Total accrued liabilities	$ 50,542	$ 45,549

Note F - Warranty (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Product Warranty Accrual, Current	$ 2,724	$ 3,448
Product Warranty Accrual, Noncurrent	$ 605	$ 921
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, 2022	Jun. 30, 2021
Reserve balance, July 1	$ 4,369	$ 4,460
Current period expense and adjustments	1,570	3,590
Payments or credits to customers	(2,501)	(3,742)
Translation adjustment	(109)	61
Reserve balance, June 30	$ 3,329	$ 4,369

Note G - Debt (Details Textual)								3 Months Ended	9 Months Ended	12 Months Ended
Note G - Debt (Details Textual)	Jul. 22, 2022	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jan. 27, 2021 USD ($)	Apr. 17, 2020 USD ($)	Jan. 28, 2020 USD ($)	Mar. 04, 2019 USD ($)	Jun. 30, 2020 USD ($)	Dec. 25, 2020 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2019 USD ($)	Mar. 25, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 07, 2022 USD ($)	Sep. 29, 2021 USD ($)	Jan. 26, 2021 USD ($)	Sep. 25, 2020	Jul. 22, 2020 USD ($)	Mar. 27, 2020	Dec. 27, 2019	Dec. 26, 2019	Mar. 03, 2019 USD ($)	Jun. 29, 2018 USD ($)
Proceeds from Sale of Property, Plant, and Equipment, Total										$ 9,455,000	$ 102,000
Gain (Loss) on Extinguishment of Debt, Total										0	8,200,000
Proceeds from Sale Leaseback Agreement													$ 329,000
Principal Paid on Sale Leaseback Liabilities										91,000
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Bank of Montreal [Member]
Derivative, Notional Amount		$ 13,500,000								13,500,000
Manufacturing Facility [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 10,000,000
Proceeds from Sale of Property, Plant, and Equipment, Net			8,700,000
Maximum [Member]
Sale Leaseback Transactions, Term (Year)													5 years
Sale Leaseback Transactions, Implied Interest Rate													25.00%
Minimum [Member]
Sale Leaseback Transactions, Term (Year)													3 years
Sale Leaseback Transactions, Implied Interest Rate													7.00%
Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,049,000								$ 1,049,000	$ 1,535,000
Debt, Weighted Average Interest Rate		5.70%								5.70%	5.60%
The Amended and Restated Forbearance Agreement [Member]
Repayments of Long-Term Debt, Total			7,000,000
The Amended and Restated Forbearance Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity			30,000,000														$ 35,000,000
Repayments of Long-Term Debt, Total			$ 1,000,000
Debt Agreement, Maximum Borrowing Capacity, Percentage of Eligible Inventory Value			50.00%														50.00%
The Second Amended and Restated Forbearance Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity, Percentage of Eligible Inventory Value															50.00%
The Second Amended and Restated Forbearance Agreement [Member] \| Maximum [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity															$ 35,000,000
The Second Amended and Restated Forbearance Agreement [Member] \| Minimum [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity															30,000,000
The Ninth Amendment [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity		$ 20,000,000								$ 20,000,000
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]
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] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Maximum Borrowing Capacity																				$ 45,000,000.0					$ 50,000,000.0
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity							$ 20,000,000.0																	$ 35,000,000.0
Long-Term Debt, Gross																								10,800,000
Proceeds from Issuance of Debt							9,200,000
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							$ 100,000,000.0																	$ 70,000,000.0
Debt Instrument, Interest Rate During Period										4.10%
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] \| Maximum [Member]
Debt Instrument, Covenant, Maximum Capital Expenditures											10,000,000.0
BMO [Member] \| The 2018 Credit Agreement [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						3.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Maximum [Member] \| Term Loan [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio																								3.25
BMO [Member] \| The 2018 Credit Agreement [Member] \| Maximum [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.875%						2.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Maximum [Member] \| Commitment Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.20%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Minimum [Member]
Liquidity		15,000,000.0								$ 15,000,000.0
EBITDA								$ 1,000,000.0	$ 2,500,000		$ 10,000,000.0	$ 6,000,000.0
BMO [Member] \| The 2018 Credit Agreement [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						1.25%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Minimum [Member] \| Term Loan [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio																								3.50
BMO [Member] \| The 2018 Credit Agreement [Member] \| Minimum [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							1.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity																									35,000,000.0
Line of Credit Facility, Maximum Borrowing Capacity														$ 40,000,000											$ 50,000,000.0
Debt Instrument, Interest Rate During Period										4.23%
Line of Credit Facility, Current Borrowing Capacity		40,662,000								$ 40,662,000
Line of Credit Facility, Remaining Borrowing Capacity		17,032,000								17,032,000
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Covenant, Maximum Cash Dividends		3,000,000.0								3,000,000.0
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%
BMO [Member] \| The 2018 Credit Agreement Amendment [Member]
Debt Instrument, Covenant, Maximum Allowable Extraordinary Expenses						$ 3,900,000
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
BMO [Member] \| Forbearance Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 42,500,000														$ 45,000,000.0
BMO [Member] \| Forbearance Agreement [Member] \| Maximum [Member] \| Unused Revolving Credit Commitment [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				20.00%
BMO [Member] \| Forbearance Agreement [Member] \| Minimum [Member]
EBITDA									$ 2,500,000
BMO [Member] \| Forbearance Agreement [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.25%
BMO [Member] \| The Amended and Restated Forbearance Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 40,000,000														$ 42,500,000
BMO [Member] \| The Second Amended and Restated Forbearance Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity															$ 40,000,000	$ 42,500,000
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member]
Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income		$ 100,000,000								100,000,000
BMO [Member] \| The Ninth Amendment [Member] \| Maximum [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.875%		3.875%
BMO [Member] \| The Ninth Amendment [Member] \| Maximum [Member] \| Unused Revolving Credit Commitment [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		15.00%
BMO [Member] \| The Ninth Amendment [Member] \| Minimum [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.375%
BMO [Member] \| The Ninth Amendment [Member] \| Minimum [Member] \| Unused Revolving Credit Commitment [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		10.00%
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 40,000,000								$ 40,000,000
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Covenant, Allowable Ratio, Current Quarter		3.50								3.50
Fixed Charge Coverage Ratio		1.10								1.10
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.75%
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
BMO [Member] \| The Ninth Amendment [Member] \| Letter of Credit [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.75%
BMO [Member] \| The Ninth Amendment [Member] \| Letter of Credit [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%

Note G - Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Long-term debt	$ 36,543	$ 32,085
Less: current maturities	(2,000)	(2,000)
Total long-term debt	34,543	30,085
Revolving Loan [Member]
Long-term debt	22,968	15,415
Term Loan [Member]
Long-term debt	13,500	16,500
Other Long-Term Debt [Member]
Long-term debt	$ 75	$ 170

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note G - Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
2023	$ 2,038
2024	2,014
2025	24,968
2026	5,500
2027	0
Thereafter	22
Long-Term Debt, Excluding Current Maturities, Total	$ 34,543	$ 30,085

Note H - Lease Obligations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Operating lease right-of-use assets	$ 12,685	$ 14,736
Finance lease right-of-use assets	4,805	5,244
Operating lease liabilities	10,575	12,887
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use assets	4,805	5,244
Accrued Liabilities [Member]
Operating lease liabilities	2,127	1,870
Finance lease liabilities	576	541
Lease Obligation [Member]
Operating lease liabilities	10,575	12,887
Other Noncurrent Liabilities [Member]
Finance lease liabilities	$ 4,440	$ 4,836

Note H - Lease Obligations - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Amortization of right-of-use assets	$ 650	$ 580
Interest on lease liabilities	277	273
Operating lease cost	2,908	2,795
Short-term lease cost	98	24
Variable lease cost	173	159
Total lease cost	4,106	3,831
Less: Sublease income	(75)	(154)
Net lease cost	$ 4,031	$ 3,677

Note H - Lease Obligations - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating cash flows from operating leases	$ 3,050	$ 3,022
Operating cash flows from finance leases	277	273
Financing cash flows from finance leases	933	747
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	1,192	1,481
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 406	$ 4,814

Note H - Lease Obligations - Future Minimum Rental Commitments Under Noncancelable Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2023, Operating Leases	$ 2,941
2023	855
2024, Operating Leases	2,378
2024	821
2025, Operating Leases	1,539
2025	578
2026, Operating Leases	1,404
2026	512
2027, Operating Leases	1,130
2027	457
Thereafter	7,742
Thereafter	3,376
Total future lease payments, Operating Leases	17,134
Total future lease payments, Finance Leases	6,598
Less: Amount representing interest, Operating Leases	(4,432)
Less: Amount representing interest, Finance Leases	(1,582)
Present value of future payments, Operating Leases	12,702
Present value of future payments, Finance Leases	$ 5,016

Note I - Shareholders' Equity (Details Textual) - $ / shares $ / shares in Thousands	12 Months Ended		24 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Common Stock, Shares, Outstanding, Ending Balance (in shares)	13,672,343	13,648,663	13,672,343
Treasury Stock, Shares, Total (in shares)	960,459	984,139	960,459
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)	57,204	249,480
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	29,810	6,809
Treasury Stock, Shares, Acquired (in shares)			0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	315,000	315,000	315,000
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	200,000	200,000	200,000
Preferred Stock, Shares Issued, Total (in shares)	0	0	0
Preferred Stock, Capital Shares Reserved for Future Issuance (in shares)	150,000		150,000

Note I - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Translation adjustments	$ (2,266)	$ 9,192
Benefit plan adjustments, net of income taxes of $9,452 and $9,537 respectively	(31,726)	(678)
Net loss on cash flow hedge derivatives, net of income taxes of $34 and $211, respectively	356	334
Net gain on net investment hedge derivatives, net of income taxes of $388 and $103, respectively	1,550	(31,463)
Accumulated other comprehensive loss	$ (32,086)	$ (22,615)

- 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, 2022	Jun. 30, 2021
Benefit plan adjustments, tax	$ 9,452	$ 9,537
Net loss on cash flow hedge derivatives, income taxes	34	211
Net gain on net investment hedge derivatives, taxes	$ 388	$ 103

Note I - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Balance	$ 130,660	$ 139,958
Balance	131,188	130,660
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	9,192	3,454
Other comprehensive loss before reclassifications	(11,458)	5,738
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive income	(11,458)	5,738
Balance	(2,266)	9,192
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(31,463)	(43,576)
Other comprehensive loss before reclassifications	(1,835)	9,783
Amounts reclassified from accumulated other comprehensive loss	1,572	2,330
Net current period other comprehensive income	(263)	12,113
Balance	(31,726)	(31,463)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(678)	(1,104)
Other comprehensive loss before reclassifications	0	426
Amounts reclassified from accumulated other comprehensive loss	1,034	0
Net current period other comprehensive income	1,034	426
Balance	356	(678)
Accumulated Gain (Loss), Net, Net Investment Hedge [Member]
Balance	334	0
Other comprehensive loss before reclassifications	0	334
Amounts reclassified from accumulated other comprehensive loss	1,216	0
Net current period other comprehensive income	1,216	334
Balance	$ 1,550	$ 334

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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, 2022	Jun. 30, 2021
Income (loss) before income taxes and noncontrolling interest	$ 10,229	$ (9,839)
Net income (loss)	8,406	(29,519)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	(2,376)	(3,246)
Transition asset and prior service benefit	321	187
Income (loss) before income taxes and noncontrolling interest	(2,055)	(3,059)
Tax benefit	483	729
Net income (loss)	$ (1,572)	$ (2,330)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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, 2022
Number of Reportable Segments	2
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Customers	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer 1 [Member]
Concentration Risk, Percentage	10.00%

Note J - Business Segments and Foreign Operations - Net Sales by Product Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 242,913	$ 218,581
Operating Segments [Member]
Net Sales	324,219	291,731
Intersegment Eliminations [Member]
Net Sales	(81,305)	(73,150)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	217,488	191,510
Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	106,731	100,221
Industrial [Member]
Net Sales	32,100	23,454
Industrial [Member] \| Intersegment Eliminations [Member]
Net Sales	(4,175)	(4,661)
Industrial [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	30,769	22,621
Industrial [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	5,506	5,494
Land Based Transmissions [Member]
Net Sales	64,904	58,421
Land Based Transmissions [Member] \| Intersegment Eliminations [Member]
Net Sales	(30,605)	(20,023)
Land Based Transmissions [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	65,332	52,441
Land Based Transmissions [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	30,177	26,003
Marine and Propulsion Systems [Member]
Net Sales	125,446	127,243
Marine and Propulsion Systems [Member] \| Intersegment Eliminations [Member]
Net Sales	(43,612)	(48,404)
Marine and Propulsion Systems [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	112,149	116,371
Marine and Propulsion Systems [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	56,909	59,276
Other [Member]
Net Sales	20,463	9,463
Other [Member] \| Intersegment Eliminations [Member]
Net Sales	(2,914)	(62)
Other [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	9,238	77
Other [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	$ 14,139	$ 9,448

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note J - Business Segments and Foreign Operations - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 242,913	$ 218,581
Intra-segment sales	17,206	24,182
Inter-segment sales	64,100	48,968
Interest income	28	19
Interest expense	2,128	2,358
Income taxes	1,823	19,680
Depreciation and amortization	9,547	11,243
Net income attributable to Twin Disc	8,095	(29,719)
Assets	276,523	275,413
Expenditures for segment assets	4,729	4,464
Capital expenditures	(4,729)	(4,464)
Manufacturing Segment [Member]
Intra-segment sales	4,218	9,436
Inter-segment sales	60,220	44,575
Distribution Segment [Member]
Intra-segment sales	12,987	14,746
Inter-segment sales	3,880	4,393
Operating Segments [Member]
Net Sales	324,219	291,731
Interest income	692	189
Interest expense	2,735	2,450
Income taxes	1,972	(791)
Depreciation and amortization	9,205	10,867
Net income attributable to Twin Disc	25,692	11,121
Assets	415,132	411,335
Expenditures for segment assets	7,726	3,688
Capital expenditures	(7,726)	(3,688)
Operating Segments [Member] \| Manufacturing Segment [Member]
Net Sales	217,488	191,510
Interest income	423	172
Interest expense	2,734	2,449
Income taxes	795	(980)
Depreciation and amortization	8,912	10,455
Net income attributable to Twin Disc	22,455	11,016
Assets	364,174	364,379
Expenditures for segment assets	(8,112)	3,500
Capital expenditures	8,112	(3,500)
Operating Segments [Member] \| Distribution Segment [Member]
Net Sales	106,731	100,221
Interest income	269	17
Interest expense	1	1
Income taxes	1,177	189
Depreciation and amortization	294	412
Net income attributable to Twin Disc	3,238	105
Assets	50,958	46,956
Expenditures for segment assets	386	188
Capital expenditures	$ (386)	$ (188)

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, 2022	Jun. 30, 2021
Net Sales	$ 242,913	$ 218,581
Net earnings attributable to Twin Disc	8,095	(29,719)
Operating Segments [Member]
Net Sales	324,219	291,731
Net earnings attributable to Twin Disc	25,692	11,121
Intersegment Eliminations [Member]
Net Sales	(81,305)	(73,150)
Corporate, Non-Segment [Member]
Net earnings attributable to Twin Disc	$ (17,598)	$ (40,840)

- 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, 2022	Jun. 30, 2021
Interest income	$ 28	$ 19
Interest expense	2,128	2,358
Income taxes	1,823	19,680
Depreciation and amortization	9,547	11,243
Assets	276,523	275,413
Capital expenditures	(4,729)	(4,464)
Expenditures for segment assets	4,729	4,464
Depreciation and amortization		11,243
Operating Segments [Member]
Interest income	692	189
Interest expense	2,735	2,450
Income taxes	1,972	(791)
Depreciation and amortization	9,205	10,867
Assets	415,132	411,335
Capital expenditures	(7,726)	(3,688)
Expenditures for segment assets	7,726	3,688
Depreciation and amortization		10,867
Segment Reconciling Items [Member]
Interest income	(664)	(170)
Interest expense	(607)	(92)
Income taxes	(148)	20,471
Depreciation and amortization	342
Assets	(138,610)	(135,922)
Capital expenditures	(12,455)	(776)
Expenditures for segment assets	$ 12,455	776
Depreciation and amortization		$ 376

- 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

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+ 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, 2022	Jun. 30, 2021
Net Sales	$ 242,913	$ 218,581
Long-lived assets	56,883	63,455
Reportable Geographical Components [Member] \| UNITED STATES
Net Sales	81,454	64,344
Long-lived assets	32,293	34,629
Reportable Geographical Components [Member] \| NETHERLANDS
Net Sales	28,099	25,790
Long-lived assets	10,471	12,447
Reportable Geographical Components [Member] \| BELGIUM
Long-lived assets	6,760	8,575
Reportable Geographical Components [Member] \| CHINA
Net Sales	26,870	33,026
Reportable Geographical Components [Member] \| ITALY
Net Sales	16,577	16,041
Long-lived assets	1,244	1,525
Reportable Geographical Components [Member] \| AUSTRALIA
Net Sales	18,404	17,963
Reportable Geographical Components [Member] \| SWITZERLAND
Long-lived assets	923	503
Reportable Geographical Components [Member] \| Other Countries [Member]
Net Sales	71,510	61,417
Long-lived assets	$ 5,191	$ 5,776

Note K - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	57,204	251,804
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	29,810	6,809
Performance Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	146,562	397,884
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	103,575	265,256
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)	320,779	388,433
Allocated Share-based Compensation Expense (Reversal)	$ 883	$ 491
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 207	116
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)	$ 8.37
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,322
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, Nonvested, Number, Ending Balance (in shares)	272,438	379,095
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 287	$ 315
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	618
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 1,711	$ 533
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	29,810	6,809
Share-Based Payment Arrangement, Expense	$ 1,223	$ 1,335
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)	62,119	34,822
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 75	$ 78
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)	$ 14.18
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 585
Share-Based Payment Arrangement, Expense	$ 321	$ 328
The 2021 Long-Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	715,000
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

Note K - Stock-based Compensation - Shares Available for Future Options (Details) - Stock Options [Member] - shares	Jun. 30, 2022	Jun. 30, 2021
The 2020 Directors Plan [Member]
Shares Available for Grant (in shares)	612,981	666,913
The 2018 Long-Term Incentive Plan [Member]
Shares Available for Grant (in shares)	551,901	0

Note L - Engineering and Development Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Research and Development Expense, Total	$ 1,576	$ 1,867
Engineering and Development Costs	$ 8,808	$ 8,535

Note M - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan, Cost of Premium for Health Coverage Plan, Percentage	100.00%
Defined Benefit Plan, Accumulated Benefit Obligation	$ 79,549	$ 98,700
Defined Benefit Plan, Weighted Average Healthcare Cost, Trend Rate	5.75%	5.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Defined Benefit Plan, Expected Long-term Return on Plan Assets	6.13%
Defined Contribution Plan, Cost	$ 2,245	$ 2,162
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 612
UNITED STATES
Defined Benefit Plan, Expected Long-term Return on Plan Assets	6.40%
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	$ 890	$ 1,398
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	1.30%	1.50%

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, 2022	Jun. 30, 2021
Net amount recognized	$ (31,726)	$ (678)
Pension Plan [Member]
Benefit obligation, beginning of year	98,700	105,520
Service cost	507	608
Interest cost	2,472	2,516
Prior service cost	40	65
Actuarial (gain) loss	(14,253)	(1,577)
Contributions by plan participants	105	114
Benefits paid	(8,022)	(8,546)
Benefit obligation, end of year	79,549	98,700
Fair value of assets, Balance	92,430	83,284
Actual return on plan assets	(11,884)	15,325
Employer contribution	709	2,253
Contributions by plan participants	105	114
Benefits paid	(8,022)	(8,546)
Fair value of assets, Balance	73,338	92,430
Funded status	(6,211)	(6,270)
Other assets - noncurrent	0	60
Accrued liabilities - current	(271)	(423)
Accrued retirement benefits - noncurrent	(5,940)	(5,907)
Net amount recognized	(6,211)	(6,270)
Net transition obligation	102	133
Prior service cost	9	94
Actuarial net loss	32,453	31,563
Net amount recognized	32,564	31,790
Other Postretirement Benefits Plan [Member]
Benefit obligation, beginning of year	6,102	7,059
Service cost	14	16
Interest cost	140	154
Prior service cost	0	0
Actuarial (gain) loss	(786)	(395)
Contributions by plan participants	203	269
Benefits paid	(888)	(1,001)
Benefit obligation, end of year	4,785	6,102
Fair value of assets, Balance	0	0
Actual return on plan assets	0	0
Employer contribution	686	732
Contributions by plan participants	203	269
Benefits paid	(889)	(1,001)
Fair value of assets, Balance	0	0
Funded status	(4,785)	(6,102)
Other assets - noncurrent	0	0
Accrued liabilities - current	(751)	(833)
Accrued retirement benefits - noncurrent	(4,034)	(5,269)
Net amount recognized	(4,785)	(6,102)
Net transition obligation	0	0
Prior service cost	(278)	(487)
Actuarial net loss	(560)	160
Net amount recognized	$ (838)	$ (327)

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, 2022 USD ($)
Pension Plan [Member]
Net transition obligation	$ 36
Prior service cost	37
Actuarial net loss	2,482
Net amount to be recognized	2,555
Other Postretirement Benefits Plan [Member]
Net transition obligation	0
Prior service cost	(275)
Actuarial net loss	(39)
Net amount to be recognized	$ (314)

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, 2022	Jun. 30, 2021
Projected and accumulated benefit obligation	$ 79,549	$ 53,780
Fair value of plan assets	$ 73,338	$ 47,450

Note M - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Pension Plan [Member]
Service cost	$ 511	$ 615
Interest cost	2,473	2,516
Prior service cost	40	65
Expected return on plan assets	(5,055)	(4,552)
Amortization of transition obligation	40	40
Amortization of prior service cost	(85)	47
Amortization of actuarial net loss	2,375	3,246
Net periodic benefit cost	299	1,977
Service cost	507	608
Interest cost	2,472	2,516
Other Postretirement Benefits Plan [Member]
Prior service cost	0	0
Amortization of prior service cost	(274)	(274)
Net periodic benefit cost	(120)	(104)
Service cost	14	16
Interest cost	$ 140	$ 154

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, 2022	Jun. 30, 2021
Pension Plan [Member]
Net income (loss)	$ 2,860	$ (12,460)
Amortization of transition asset	(40)	(40)
Amortization of prior service (cost) benefit	85	(47)
Amortization of net loss	(2,375)	(3,246)
Total recognized in other comprehensive income	530	(15,793)
Net periodic benefit cost (benefit)	299	1,977
Total recognized in net periodic benefit cost and other comprehensive income	829	(13,816)
Other Postretirement Benefits Plan [Member]
Net income (loss)	(785)	(397)
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	(510)	(122)
Net periodic benefit cost (benefit)	(120)	(104)
Total recognized in net periodic benefit cost and other comprehensive income	$ (630)	$ (226)

Note M - Pension and Other Postretirement Benefit Plans - Schedule of Assumptions (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Pension Plan [Member]
Discount rate	4.61%	2.63%
Expected return on plan assets	6.13%	5.69%
Discount rate	2.59%	2.49%
Expected return on plan assets	5.50%	5.89%
Other Postretirement Benefits Plan [Member]
Discount rate	4.83%	2.47%
Expected return on plan assets
Discount rate	2.47%	2.37%
Expected return on plan assets

Note M - Pension and Other Postretirement Benefit Plans - Pension Plan Weighted-Average Asset Allocations (Details)	Jun. 30, 2022	Jun. 30, 2021
Target Allocation	100.00%
Actual Allocation	100.00%	100.00%
Equity Securities [Member]
Target Allocation	43.00%
Actual Allocation	40.00%	53.00%
Debt Securities [Member]
Target Allocation	50.00%
Actual Allocation	49.00%	38.00%
Real Estate [Member]
Target Allocation	7.00%
Actual Allocation	11.00%	9.00%

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

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2020

Fair Value, Inputs, Level 3 [Member]

Plan Assets

$ 6,302

$ 6,646

$ 6,095

Pension Plan [Member]

Plan Assets

73,338

92,430

$ 83,284

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

Plan Assets

23,389

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

Plan Assets

17,087

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

Plan Assets

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

Plan Assets

6,302

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

Plan Assets

49,949

^[1]

55,776

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

Plan Assets

865

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

Plan Assets

865

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

31,763

31,627

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

Plan Assets

^[2]

890

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

Plan Assets

^[2]

890

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

2,198

4,282

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

Plan Assets

^[2]

10,612

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

Plan Assets

^[2]

10,612

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

7,074

7,747

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

Plan Assets

^[3]

4,720

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

Plan Assets

^[3]

4,720

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

8,914

$ 12,120

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

Plan Assets

^[4]

6,302

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]

$ 6,302

[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, 2022	Jun. 30, 2021
Fair value of assets, Balance	$ 6,646	$ 6,095
Relating to assets still held at reporting date	(452)	600
Purchases, sales and settlements, net	108	(49)
Fair value of assets, Balance	$ 6,302	$ 6,646

- 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, 2022 USD ($)
Pension Plan [Member]
2022	$ 7,946
2023	7,380
2024	7,068
2025	6,833
2026	6,738
Years 2027	34,812
Other Pension Plan [Member]
2022	769
2023	693
2024	608
2025	544
2026	501
Years 2027	$ 1,806

Note N - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Deferred Tax Assets, Valuation Allowance	$ 23,097	$ 23,097	$ 24,420
Effective Income Tax Rate Reconciliation, Executive Compensation		42	0
Effective Income Tax Rate Reconciliation, GILTI, Amount		920	0
Undistributed Earnings of Foreign Subsidiaries	14,175	14,175	10,871
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	716	716	778
Unrecognized Tax Benefits, Income Tax Penalties Accrued	38	38	$ 141
Rolla and TD China [Member]
Effective Income Tax Rate Reconciliation, GILTI, Amount	$ 4,900
Rolla and TD China [Member] \| Maximum [Member]
Effective Income Tax Rate Reconciliation, GILTI, Percent	18.90%
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	$ 26,154	26,154
Tax Credit Carryforward, Amount	9,738	9,738
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	30,901	30,901
Tax Credit Carryforward, Amount	$ 935	$ 935

Note N - Income Taxes - Domestic and Foreign Earnings Before Income Taxes and Minority Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
United States	$ (1,165)	$ (15,925)
Foreign	11,394	6,086
Income (loss) before income taxes and noncontrolling interest	$ 10,229	$ (9,839)

- Definition

+ References

+ Details

Note N - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Federal	$ (164)	$ 28
State	(2)	49
Foreign	2,838	1,948
Current	2,672	2,025
Federal	0	15,554
State	62	2,341
Foreign	(911)	(240)
Deferred	(849)	17,655
Income tax (benefit) expense	$ 1,823	$ 19,680

- 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, 2022	Jun. 30, 2021
Retirement plans and employee benefits	$ 4,787	$ 4,584
Foreign tax credit carryforwards	7,822	7,609
Federal tax credits, net of ASU 2013-11	1,597	1,801
State net operating loss and other state credit carryforwards, net of ASU 2013-11	2,179	2,208
Federal net operating loss	5,492	6,506
Inventory	0	0
Reserves	1,119	1,670
Foreign NOL carryforwards	0	66
Accruals	703	871
Right of use assets - operating leases	3,381	3,674
Disallowed interest	980	982
Capital loss carryforward	108	0
Other assets	358	1,033
Gross deferred tax assets	28,526	31,004
Valuation allowance	(23,097)	(24,420)
Deferred Tax Assets, Net of Valuation Allowance, Total	5,429	6,584
Inventory	285	480
Property, plant and equipment	1,155	1,852
Intangibles	2,012	2,982
Long term operating lease obligations	3,352	3,622
Other liabilities	249	182
Deferred Tax Liabilities, Gross, Total	7,053	9,118
Total net deferred tax (liabilities) assets	$ (1,624)	$ (2,534)

Note N - Income Taxes - Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
U.S. federal income tax at 21%	$ 2,148	$ (2,066)
Increases (reductions) in tax resulting from:
Foreign tax items	(575)	552
State taxes	(12)	(440)
Change in prior year estimate	372	(1,138)
Nondeductible PPP loan expenses	0	(1,722)
Research and development tax credits	(10)	(336)
Unrecognized tax benefits	(152)	59
Stock compensation	(46)	252
Rate changes	121	18
Deferred tax basis adjustments	(54)	42
Executive compensation	42	0
GILTI inclusion	920	0
Valuation allowance	(981)	24,420
Other, net	50	39
Income tax (benefit) expense	$ 1,823	$ 19,680

Note N - Income Taxes - Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes (Details) (Parentheticals)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Federal Income Tax	21.00%	21.00%

Note N - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Unrecognized tax benefits, beginning of year	$ 778	$ 918
Additions based on tax positions related to the prior year	0	0
Additions based on tax positions related to the current year	3	66
Reductions based on tax positions related to the prior year	(65)	(21)
Subtractions due to statutes closing	0	0
Settlements with taxing authorities	0	(185)
Unrecognized tax benefits, end of year	$ 716	$ 778

Note P - Restructuring of Operations and Income From Extinguishment of Loan (Details Textual) Pure in Thousands, $ in Thousands		3 Months Ended			12 Months Ended		85 Months Ended
	Jun. 16, 2021 USD ($)	Jun. 30, 2022 USD ($)	Mar. 25, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2020 USD ($)
Restructuring Reserve, Ending Balance		$ 1,024			$ 1,024	$ 2,352	$ 1,024	$ 84
Restructuring Charges, Total					973	7,377
Impairment of Long-Lived Assets to be Disposed of					2,939	4,267
Proceeds from Sale of Property, Plant, and Equipment, Total					9,455	102
Gain (Loss) on Disposition of Assets, Total					3,126	(0)
Gain (Loss) on Extinguishment of Debt, Total					0	8,200
Paycheck Protection Program CARES Act [Member] \| Promissory Note [Member]
Extinguishment of Debt, Amount	$ 8,200
Gain (Loss) on Extinguishment of Debt, Total						8,200
Propeller Machining Plant and Office in Switzerland [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 305		$ 9,138
Propeller Machining Plant and Office in Switzerland [Member] \| Other Operating Income (Expense) [Member]
Gain (Loss) on Disposition of Assets, Total				$ 2,939
Employee Severance [Member]
Restructuring Reserve, Ending Balance						2,200
Restructuring Charges, Total					$ 973	$ 3,110	$ 16,226
Restructuring and Related Cost, Number of Positions Eliminated							254
Impairment of Long-Lived Assets to be Disposed of			$ 4,267

Note P - Restructuring of Operations and Income From Extinguishment of Loan - Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accrued restructuring liability	$ 2,352	$ 84
Additions	973	7,377
Payments and adjustments	(2,301)	(5,109)
Accrued restructuring liability	$ 1,024	$ 2,352

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

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, 2022	Jun. 30, 2021
Net income (loss)	$ 8,406	$ (29,519)
Less: Net earnings attributable to noncontrolling interest	(311)	(200)
Less: Undistributed earnings attributable to unvested shares	0	0
Net income (loss) attributable to Twin Disc	$ 8,095	$ (29,719)
Weighted average shares outstanding - basic (in shares)	13,353	13,247
Basic loss per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.61	$ (2.24)
Effect of dilutive stock awards (in shares)	29	0
Weighted average shares outstanding - diluted (in shares)	13,382	13,247
Net income (loss) per share - diluted (in dollars per share)	$ 0.60	$ (2.24)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ 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 R - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2020 USD ($)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 131,188	$ 130,660		$ 139,958
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months	68
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Euro Denominated Revolving Loan [Member]
Derivative, Notional Amount \| €			€ 13.5
Derivative, Gain (Loss) on Derivative, Net, Total	(1,551)	334
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 356	$ (678)		$ (1,104)

- 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, 2022	Jun. 30, 2021
Other Current Assets [Member]
Derivative Assets, Current	$ 68	$ 0
Other Assets [Member]
Derivative Assets, Noncurrent	77	0
Accounts Payable and Accrued Liabilities [Member]
Derivative Liabilities, Current	0	(346)
Other Noncurrent Liabilities [Member]
Derivative Liabilities, Noncurrent	$ 0	$ (542)

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, 2022	Jun. 30, 2021
Unrealized gain (loss) on hedges	$ 2,250	$ 760
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Unrealized Gain (Loss) on Hedges [Member] \| Cash Flow Hedging [Member]
Unrealized gain (loss) on hedges	1,034	425
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Interest Expense [Member]
Gain (loss) on derivative instruments	362	399
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member] \| Other Nonoperating Income (Expense) [Member]
Gain (loss) on derivative instruments	0	(15)
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	$ 1,216	$ 335

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

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Balance at Beginning of Period

$ 24,420

$ 0

Charged to Costs and Expenses

24,420

Adjustments

Balance at End of Period

24,420

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

Balance at Beginning of Period

1,870,000

1,740,000

Charged to Costs and Expenses

255,000

346,000

Adjustments

^[1]

384,000

216,000

Balance at End of Period

1,741,000

1,870,000

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

Balance at Beginning of Period

10,279,000

9,863,000

Charged to Costs and Expenses

2,246,000

1,178,000

Adjustments

^[1]

968,000

762,000

Balance at End of Period

11,557,000

10,279,000

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

Balance at Beginning of Period

24,420,000

Charged to Costs and Expenses

Adjustments

1,323,000

Balance at End of Period

$ 23,097,000

$ 24,420,000

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