0001437749-24-015219 | 10-Q | XBRL Viewer

Income Tax Disclosure [Text Block]

H.	Income Taxes

The Company computes its effective tax rate each quarter consistent with the requirements of ASC 740-270-25. However, due to historic domestic losses and the full domestic valuation allowance, the Company has removed the loss jurisdiction for which no tax benefit may be recorded from the Annual Effective Tax Rate ("AETR") calculations consistent with ASC 740-270-30-30.

The Company recorded an overall effective tax rate of 9.3% and 14.0% for the quarters ended March 29, 2024 and March 31, 2023, respectively and an overall effective tax rate of 41.0% and 38.2% for the three quarters ended March 29, 2024 and March 31, 2023. Year-to-date foreign earnings were $14,916 and $8,207, with corresponding income tax expense of $2,599 and $2,303 for the period ended March 29, 2024 and March 31, 2023. The foreign effective tax rate for the period ended March 29, 2024 incudes a total discrete benefit of ($834), of which ($786) related to a favorable tax ruling related to operations in the Netherlands.

Year-to-date domestic earnings were ($8,557) and ($2,063), with corresponding income tax expense of $7 and $47 for the three quarters ended March 29, 2024 and March 31, 2023.

The entire disclosure for income tax.

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Note M - Earnings Per Share (Details Textual) - shares	9 Months Ended
Note M - Earnings Per Share (Details Textual) - shares	Mar. 29, 2024	Mar. 31, 2023
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	224,600	355,500
PSAU Award [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	10,500
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	153,900	191,600
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	51,000	59,500

Note M - Earnings Per Share

9 Months Ended

Mar. 29, 2024

Earnings Per Share [Text Block]

M.	Earnings Per Share

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

As discussed in Note A, during the fourth quarter of 2023, the Company changed its Accounting method related to the recognition of actuarial gains and losses for its pension plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years. See Notes A, G, K, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.

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

	For the Quarter Ended						For the Three Quarters Ended
				As Adjusted						As Adjusted
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Basic:
Net income	$	3,900		$	3,357		$	3,752		$	3,793
Less: Net earnings attributable to noncontrolling interest		(78	)		(76	)		(173	)		(188	)
Less: Undistributed earnings attributable to unvested shares		-			-			-			-
Net income attributable to Twin Disc		3,822			3,281			3,579			3,605

Weighted average shares outstanding - basic		13,742			13,504			13,663			13,455

Basic Income Per Share:
Net earnings per share - basic	$	0.28		$	0.24		$	0.26		$	0.27

Diluted:
Net income	$	3,900		$	3,357		$	3,752		$	3,793
Less: Net earnings attributable to noncontrolling interest		(78	)		(76	)		(173	)		(188	)
Less: Undistributed earnings attributable to unvested shares		-			-			-			-
Net income attributable to Twin Disc		3,822			3,281			3,579			3,605

Weighted average shares outstanding - basic		13,742			13,504			13,663			13,455
Effect of dilutive stock awards		162			158			189			153
Weighted average shares outstanding - diluted		13,904			13,662			13,852			13,608

Diluted Income Per Share:
Net earnings per share - diluted	$	0.27		$	0.24		$	0.26		$	0.26

The following potential common shares were excluded from diluted EPS for the three quarters ended March 29, 2024 because they were anti-dilutive: 224.6 related to the Company’s unvested PSAs, 10.5 related to the Company’s unvested PSAUs, 153.9 related to the Company’s unvested RS awards, and 51.0 related to the Company’s unvested RSUs.

The following potential common shares were excluded from diluted EPS for the three quarters ended March 31, 2023 because they were anti-dilutive: 355.5 related to the Company’s unvested PSAs, 191.6 related to the Company’s unvested RS awards, and 59.5 related to the Company’s unvested RSUs.

Note N - Lease Obligations - Future Minimum Rental Commitments Under Noncancelable Leases (Details) $ in Thousands	Mar. 29, 2024 USD ($)
2024, Operating Leases	$ 766
2024, Finance Leases	248
2025, Operating Leases	2,828
2025, Finance Leases	877
2026, Operating Leases	2,288
2026, Finance Leases	828
2027, Operating Leases	2,023
2027, Finance Leases	775
2028, Operating Leases	1,972
2028, Finance Leases	695
2029, Operating Leases	1,965
2029, Finance Leases	513
Thereafter, Operating Leases	9,844
Thereafter, Finance Leases	2,674
Total future lease payments, Operating Leases	21,686
Total future lease payments, Finance Leases	6,610
Less: Amount representing interest, Operating Leases	(7,091)
Less: Amount representing interest, Finance Leases	(1,440)
Present value of future payments, Operating Leases	14,595
Present value of future payments, Finance Leases	$ 5,170

Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Mar. 29, 2024	Mar. 31, 2023
Balance	$ 145,910	$ 140,175	$ 145,517	$ 133,765	$ 124,768	$ 131,188	$ 145,517	$ 131,188
Translation adjustment during the quarter	(3,084)	5,190	(3,036)	1,014	8,392	(6,290)	(930)	3,116
Balance	146,944	145,910	140,175	138,619	133,765	124,768	146,944	138,619
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	477	(4,678)	(1,582)	(261)	(8,594)	(2,266)	(1,582)	(2,266)
Translation adjustment during the quarter	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0		0
Net current period other comprehensive (loss) income	3,040	(5,155)	3,096	(1,023)	(8,333)	6,328
Net current period other comprehensive income (loss)	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)
Balance	(2,563)	477	(4,678)	762	(261)	(8,594)	(2,563)	762
Plan merger adjustment					0
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(6,227)	(6,119)	(5,948)	(7,825)	(6,703)	(6,614)	(5,948)	(6,614)
Translation adjustment during the quarter	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	(191)	(108)	(171)	(29)	(7)	(89)
Net current period other comprehensive (loss) income	191	108	171	29	1,122	89
Net current period other comprehensive income (loss)	(191)	(108)	(171)	(29)	(1,122)	(89)
Balance	(6,418)	(6,227)	(6,119)	(7,854)	(7,825)	(6,703)	(6,418)	(7,854)
Plan merger adjustment					(1,115)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	499	682	688	1,003	1,013	356	688	356
Translation adjustment during the quarter	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	40	(183)	(6)	(133)	(10)	657
Net current period other comprehensive (loss) income	(40)	183	6	133	10	(657)
Net current period other comprehensive income (loss)	40	(183)	(6)	(133)	(10)	657
Balance	539	499	682	870	1,003	1,013	539	870
Plan merger adjustment					0
Accumulated Gain (Loss), Net, Net Investment Hedge [Member]
Balance	1,192	1,494	1,272	1,101	1,686	1,550	1,272	1,550
Translation adjustment during the quarter	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	156	(302)	222	(91)	(585)	136
Net current period other comprehensive (loss) income	(156)	302	(222)	91	585	(136)
Net current period other comprehensive income (loss)	156	(302)	222	(91)	(585)	136
Balance	$ 1,348	$ 1,192	$ 1,494	$ 1,010	1,101	$ 1,686	$ 1,348	$ 1,010
Plan merger adjustment					$ 0

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

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

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Note M - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Mar. 29, 2024	Mar. 31, 2023
Net income	$ 3,900	$ 935	$ (1,083)	$ 3,357	$ 1,761	$ (1,324)	$ 3,752	$ 3,793
Less: Net earnings attributable to noncontrolling interest	(78)			(76)			(173)	(188)
Less: Undistributed earnings attributable to unvested shares	0			0			0	0
Net income attributable to Twin Disc	$ 3,822			$ 3,281			$ 3,579	$ 3,605
Weighted average shares outstanding - basic (in shares)	13,742			13,504			13,663	13,455
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.28			$ 0.24			$ 0.26	$ 0.27
Effect of dilutive stock awards (in shares)	162			158			189	153
Weighted average shares outstanding - diluted (in shares)	13,904			13,662			13,852	13,608
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.27			$ 0.24			$ 0.26	$ 0.26

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

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.

Amount of Net Income (Loss) attributable to noncontrolling interest.

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

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

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Note O - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Other Assets, Current	$ 10,451	$ 8,326	$ 8,341
Assets, Noncurrent [Abstract]
Other assets	$ 2,755	2,811	$ 2,668
Interest rate swap	Other Assets, Current
Interest rate swap	Other assets
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member]
Interest rate swap	$ 217	292
Interest rate swap	$ 112	$ 187

Note I - Intangible Assets (Tables)

9 Months Ended

Mar. 29, 2024

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

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2023	$	31,925		$	(19,288	)	$	12,637		$	6,553		$	2,422		$	668		$	2,994
Addition		89			-			89			-			-			-			89
Reduction		(631	)		631			-			-			-			-			-
Amortization		-			(2,458	)		(2,458	)		(935	)		(923	)		(39	)		(561	)
Translation adjustment		(111	)		-			(111	)		(66	)		(135	)		105			(15	)
Balance at March 29, 2024	$	31,272		$	(21,115	)	$	10,157		$	5,552		$	1,364		$	734		$	2,507

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

Fiscal Year
2024	$	945
2025		3,274
2026		2,290
2027		1,531
2028		1,382
2029		735
Total	$	10,157

Note N - Lease Obligations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Assets [Abstract]
Property, plant and equipment, net	$ 40,606	$ 38,650	$ 40,700
Current liabilities:
Accrued Liabilities, Current	63,406	61,586	56,886
Liabilities, Noncurrent [Abstract]
Other long-term liabilities	5,822	5,253	5,403
Operating lease right-of-use assets	$ 14,498	13,133	12,415
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net
Finance lease right-of-use assets	$ 4,845	4,427
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Operating lease liabilities	$ 1,957	2,343
Operating lease liabilities	$ 12,638	10,811	$ 9,897
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Finance lease liabilities	$ 628	643
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Finance lease liabilities	$ 4,542	$ 4,314

Note P - Impact of Accounting Method Change (Tables)

9 Months Ended

Mar. 29, 2024

Accounting Standards Update and Change in Accounting Principle [Table Text Block]

	For the Quarter Ended									For the Three Quarters Ended
	March 31, 2023									March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method			As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method

Net sales	$	73,772		$	-		$	73,772		$	193,036		$	-		$	193,036
Cost of goods sold		54,507			-			54,507			143,451			-			143,451
Gross profit		19,265			-			19,265			49,585			-			49,585

Marketing, engineering and administrative expenses		14,626			-			14,626			45,688			-			45,688
Restructuring expenses		33			-			33			208			-			208
Other operating expense (income)		1			-			1			(4,149	)		-			(4,149	)
Income from operations		4,605			-			4,605			7,838			-			7,838

Other expense (income):
Interest expense		522			-			522			1,682			-			1,682
Other expense (income), net		785			(607	)		178			1,834			(1,821	)		13
		1,307			(607	)		700			3,516			(1,821	)		1,695
Income before income taxes and noncontrolling interest		3,298			607			3,905			4,322			1,821			6,143

Income tax expense		548			-			548			2,350			-			2,350
Net income		2,750			607			3,357			1,972			1,821			3,793
Less: Net earnings attributable to noncontrolling interest, net of tax		(76	)		-			(76	)		(188	)		-			(188	)
Net income attributable to Twin Disc	$	2,674		$	607		$	3,281		$	1,784		$	1,821		$	3,605

Income per share data:
Basic income per share attributable to Twin Disc common shareholders	$	0.20		$	0.04		$	0.24		$	0.13		$	0.14		$	0.27
Diluted income per share attributable to Twin Disc common shareholders	$	0.20		$	0.04		$	0.24		$	0.13		$	0.13		$	0.26

Weighted average shares outstanding data:
Basic shares outstanding		13,504			-			13,504			13,455			-			13,455
Diluted shares outstanding		13,662			-			13,662			13,608			-			13,608

Comprehensive income
Net income	$	2,750		$	607		$	3,357		$	1,972		$	1,821		$	3,793
Benefit plan adjustments, net of income taxes of $ 1 and $5 computed under previous method; and $1 and $5 as reported under new method		578			(607	)		(29	)		581			(1,821	)		(1,240	)
Foreign currency translation adjustment		1,014			-			1,014			3,116			-			3,116
Unrealized loss on hedges, net of income taxes of $0 and $0, respectively		(224	)		-			(224	)		(26	)		-			(26	)
Comprehensive income		4,118			-			4,118			5,643			-			5,643
Less: Comprehensive income attributable to noncontrolling interest		67			-			67			277			-			277

Comprehensive income attributable to Twin Disc	$	4,051		$	-		$	4,051		$	5,366		$	-		$	5,366

	March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method
ASSETS
Current assets:
Cash	$	14,024		$	-		$	14,024
Trade accounts receivable, net		44,438			-			44,438
Inventories		136,153			-			136,153
Assets held for sale		2,968			-			2,968
Prepaid expenses		10,025			-			10,025
Other		8,341			-			8,341
Total current assets		215,949			-			215,949

Property, plant and equipment, net		40,700			-			40,700
Right-of-use assets operating leases		12,415			-			12,415
Intangible assets, net		11,239			-			11,239
Deferred income taxes		2,542			-			2,542
Other assets		2,668			-			2,668

Total assets	$	285,513		$	-		$	285,513

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	2,000		$	-		$	2,000
Accounts payable		29,726			-			29,726
Accrued liabilities		56,886			-			56,886
Total current liabilities		88,612			-			88,612

Long-term debt		29,276			-			29,276
Lease obligations		9,897			-			9,897
Accrued retirement benefits		10,315			-			10,315
Deferred income taxes		3,391			-			3,391
Other long-term liabilities		5,403			-			5,403
Total liabilities		146,894			-			146,894

Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value		-			-			-
Common shares authorized: 30,000,000; issued: 14,632,802; no par value		42,145			-			42,145
Retained earnings		136,815			(23,291	)		113,524
Accumulated other comprehensive (loss) income		(28,503	)		23,291			(5,212	)
		150,457			-			150,457
Less treasury stock, at cost (819,398 shares, respectively)		12,527			-			12,527

Total Twin Disc shareholders' equity		137,930			-			137,930

Noncontrolling interest		689			-			689
Total equity		138,619			-			138,619

Total liabilities and equity	$	285,513		$	-		$	285,513

	For the Three Quarters Ended March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,972		$	1,821		$	3,793
Adjustments to reconcile net income to net cash provided by activities:
Depreciation and amortization		6,936			-			6,936
Gain on sale of assets		(4,237	)		-			(4,237	)
Provision for deferred income taxes		(1,462	)		-			(1,462	)
Stock compensation expense		2,355			-			2,355
Net change in operating assets and liabilities		1,295			(1,821	)		(526	)

Net cash provided by operating activities		6,859			-			6,859

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment		(6,783	)		-			(6,783	)
Proceeds from sale of fixed assets		7,177			-			7,177
Proceeds on note receivable		-			-			-
Other, net		199			-			199

Net cash provided by investing activities		593			-			593

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements		65,862			-			65,862
Repayments of revolving loan arrangements		(69,823	)		-			(69,823	)
Repayments of other long-term debt		(1,534	)		-			(1,534	)
Payments of finance lease obligations		(231	)		-			(231	)
Payments of withholding taxes on stock compensation		(463	)		-			(463	)

Net cash used by financing activities		(6,189	)		-			(6,189	)

Effect of exchange rate changes on cash		240			-			240

Net change in cash		1,503			-			1,503

Cash:
Beginning of period		12,521			-			12,521

End of period	$	14,024		$	-		$	14,024

	For the Three Quarters Ended March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method
Retained earnings
Balance at June 30, 2022		135,031			(25,112	)		109,919
Net income attributable to Twin Disc		1,784			1,821			3,605
Balance at March 31, 2023	$	136,815		$	(23,291	)	$	113,524

Accumulated other comprehensive (loss) income
Balance at June 30, 2022		(32,086	)		25,112			(6,974	)
Translation adjustments		3,028			-			3,028
Benefit plan adjustments, net of tax		581			(1,821	)		(1,240	)
Unrealized loss on hedges, net of tax		(26	)		-			(26	)
Balance at March 31, 2023	$	(28,503	)	$	23,291		$	(5,212	)

Note N - Lease Liabilities (Tables)

9 Months Ended

Mar. 29, 2024

Assets and Liabilities, Lessee [Table Text Block]

	Balance Sheet Location	March 29, 2024		June 30, 2023
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,498	$	13,133
Finance lease right-of-use assets	Property, plant and equipment, net		4,845		4,427

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,957	$	2,343
Operating lease liabilities	Lease obligations		12,638		10,811
Finance lease liabilities	Accrued liabilities		628		643
Finance lease liabilities	Other long-term liabilities		4,542		4,314

Lease, Cost [Table Text Block]

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Finance lease cost:
Amortization of right-of-use assets	$	206		$	187		$	603		$	498
Interest on lease liabilities		76			87			227			219
Operating lease cost		941			852			2,716			2,250
Short-term lease cost		1			2			9			5
Variable lease cost		101			94			301			202
Total lease cost		1,325			1,222			3,856			3,174
Less: Sublease income		(20	)		(18	)		(61	)		(53	)
Net lease cost	$	1,305		$	1,204		$	3,795		$	3,121

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

	For the Quarter Ended				For the Three Quarters Ended
	March 29, 2024		March 31, 2023		March 29, 2024			March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	951	$	873	$	2,822		$	2,268
Operating cash flows from finance leases		76		138		225			270
Financing cash flows from finance leases		192		73		663			231
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		3,551		218		3,739			1,736
Finance leases		227		47		883			367
Weighted average remaining lease term (years):
Operating leases						9.3			8.8
Finance lease						9.3			11.3
Weighted average discount rate:
Operating leases						8.2	%		7.2	%
Finance leases						5.9	%		5.2	%

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

	Operating Leases			Finance Leases
2024	$	766		$	248
2025		2,828			877
2026		2,288			828
2027		2,023			775
2028		1,972			695
2029		1,965			513
Thereafter		9,844			2,674
Total future lease payments		21,686			6,610
Less: Amount representing interest		(7,091	)		(1,440	)
Present value of future payments	$	14,595		$	5,170

Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Net sales	$ 74,161	$ 73,772	$ 210,709	$ 193,036
Manufacturing segment net income	3,822	3,281	3,579	3,605
Intersegment Eliminations [Member]
Net sales	(25,501)	(24,420)	(71,953)	(60,303)
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Manufacturing segment net income	(5,088)	(5,252)	(13,146)	(14,128)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net sales	62,640	64,353	175,545	169,607
Manufacturing segment net income	5,662	6,480	9,298	13,321
Manufacturing Segment [Member] \| Intersegment Eliminations [Member]
Net sales	(19,929)	(18,531)	(58,908)	(46,373)
Distribution Segment [Member] \| Operating Segments [Member]
Net sales	37,022	33,839	107,117	83,732
Manufacturing segment net income	3,248	2,053	7,427	4,412
Distribution Segment [Member] \| Intersegment Eliminations [Member]
Net sales	$ (5,572)	$ (5,889)	$ (13,045)	$ (13,930)

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

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

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Note L - Assets Held for Sale

9 Months Ended

Mar. 29, 2024

Assets Held-for-Sale [Text Block]

L.	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 several of its real estate properties. 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 former corporate headquarters by $4,267 in the fourth quarter of fiscal 2021.

In the first quarter of fiscal 2023, the Company commenced the active marketing of an additional real estate property located in Nivelles, Belgium. This action 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. The real estate property's fair value less costs to sell exceeded its net book value. The Company reclassified the property's net book value of $2,801 from Property, Plant, and Equipment to Assets Held for Sale.

In the second quarter of fiscal 2023, the Company completed the sale of the real estate property located in Belgium and received $7,150 in proceeds, net of fees and recorded a gain of $4,161 in other operating income.

In the first quarter of fiscal 2024, the Company entered into an agreement to sell certain machinery assets, inventory, and legal relationships of its boat management systems product line. This action required the Company to reclassify these assets from Property, Plant and Equipment and Inventory to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. The fair value of the machinery assets was determined using local internal specialists. The machinery assets’ fair value less costs to sell exceeded its net book value. The boat management systems inventory was valued at the lower of cost or net realizable value. Net realizable value was determined using the offer amount from the buyer less costs to sell. This assessment resulted in the Company recognizing a write-down of the carrying value of its boat management systems inventory of $2.1 million. The write-down was classified in the income statement as a component of cost of goods sold. The agreement closed October 30, 2023.

Note O - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Mar. 29, 2024	Mar. 31, 2023
Unrealized gain (loss) on hedges	$ 196	$ (485)	$ 216	$ (224)	$ (595)	$ 793	$ (73)	$ (26)
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Unrealized Gain (Loss) on Hedges [Member] \| Cash Flow Hedging [Member]
Unrealized gain (loss) on hedges	40			(133)			(148)	206
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Interest Expense [Member]
Gain (loss) on derivative instruments	62			76			200	238
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	$ 156			$ (91)			$ 75	$ (232)

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Net sales	$ 74,161	$ 73,772	$ 210,709	$ 193,036
Gross profit	20,940	19,265	58,233	49,585
Marketing, engineering and administrative expenses	17,199	14,626	51,268	45,688
Restructuring expenses	139	33	207	208
Other operating expense (income)	0	1	0	(4,149)
Income from operations	3,602	4,605	6,758	7,838
Interest expense	263	522	1,049	1,682
Other (income) expense, net	(959)	178	(649)	13
Non-operating income (expense)	(696)	700	400	1,695
Income before income taxes and noncontrolling interest	4,298	3,905	6,358	6,143
Income tax expense	398	548	2,606	2,350
Net income	3,900	3,357	3,752	3,793
Less: Net earnings attributable to noncontrolling interest, net of tax	(78)	(76)	(173)	(188)
Net income attributable to Twin Disc	$ 3,822	$ 3,281	$ 3,579	$ 3,605
Dividends per share (in dollars per share)	$ 0.04	$ 0	$ 0.08	$ 0
Income per share data:
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)	0.28	0.24	0.26	0.27
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.27	$ 0.24	$ 0.26	$ 0.26
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,742	13,504	13,663	13,455
Diluted shares outstanding (in shares)	13,904	13,662	13,852	13,608
Comprehensive income
Net income	$ 3,900	$ 3,357	$ 3,752	$ 3,793
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively	(191)	(29)	(470)	(1,240)
Translation adjustment during the quarter	(3,084)	1,014	(930)	3,116
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively	196	(224)	(73)	(26)
Comprehensive income	821	4,118	2,279	5,643
Less: Comprehensive income attributable to noncontrolling interest	34	67	224	277
Comprehensive income attributable to Twin Disc	787	4,051	2,055	5,366
Service Excluding Boat Management System Product Line [Member]
Cost of goods sold	53,221	54,507	149,377	143,451
Boat Management System Product Line [Member]
Cost of goods sold	$ 0	$ 0	$ 3,099	$ 0

Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Segment Assets	$ 288,754	$ 289,181	$ 285,513
Operating Segments [Member] \| Manufacturing Segment [Member]
Segment Assets	385,832	381,668
Operating Segments [Member] \| Distribution Segment [Member]
Segment Assets	73,586	69,213
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Assets	$ (170,664)	$ (161,700)

Amount of asset recognized for present right to economic benefit.

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Note K - Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Jun. 30, 2023	Jul. 01, 2022
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	315
Treasury Stock, Shares, Acquired (in shares)	0	0
Retained Earnings (Accumulated Deficit)	$ 122,759	$ 113,524	$ 120,299
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (7,094)	(5,212)	$ (5,570)
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member]
Retained Earnings (Accumulated Deficit)		(23,291)		$ (25,100)
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 23,291		25,100
AOCI Including Portion Attributable to Noncontrolling Interest, Tax				0
Deferred Tax Assets, Gross				7,900
Deferred Tax Assets, Valuation Allowance				$ 7,900

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Amount of accumulated undistributed earnings (deficit).

Note I - Intangible Assets

9 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

I.	Intangible Assets

As of March 29, 2024, the following acquired intangible assets have definite useful lives and are subject to amortization:

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2023	$	31,925		$	(19,288	)	$	12,637		$	6,553		$	2,422		$	668		$	2,994
Addition		89			-			89			-			-			-			89
Reduction		(631	)		631			-			-			-			-			-
Amortization		-			(2,458	)		(2,458	)		(935	)		(923	)		(39	)		(561	)
Translation adjustment		(111	)		-			(111	)		(66	)		(135	)		105			(15	)
Balance at March 29, 2024	$	31,272		$	(21,115	)	$	10,157		$	5,552		$	1,364		$	734		$	2,507

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 5 years.

Intangible amortization expense was $822 and $738 for the quarters ended March 29, 2024, and March 31, 2023, respectively. Intangible amortization expense was $2,458 and $2,140 for the three quarters ended March 29, 2024, and March 31, 2023, respectively. Estimated intangible amortization expense for the remainder of fiscal 2024 and each of the next five fiscal years is as follows:

Fiscal Year
2024	$	945
2025		3,274
2026		2,290
2027		1,531
2028		1,382
2029		735
Total	$	10,157

Note C - Warranty (Details Textual) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Product Warranty Accrual, Current	$ 4,052	$ 3,503
Product Warranty Accrual, Noncurrent	$ 843	$ 515

Note A - Basis of Presentation

9 Months Ended

Mar. 29, 2024

Significant Accounting Policies [Text Block]

TWIN DISC, INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

A.	Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include adjustments, consisting primarily of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report filed on Form 10-K for June 30, 2023. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States.

The Company's reporting period ends on the last Friday of the quarterly calendar period. The Company's fiscal year ends on June 30, regardless of the day of the week on which June 30 falls.

Change in Accounting Method

During the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for the Company’s pension and postretirement benefit plans (the “Accounting change”). Prior to the Accounting change, actuarial gains and losses were recognized as a component of Accumulated other comprehensive income (loss) upon annual remeasurement and were amortized into earnings in future periods when they exceeded the accounting corridor, a defined range within which amortization of net gains and losses is not required. Under the Accounting change, the accounting corridor of 10% of the greater of the projected benefit obligation and plan assets was modified to add full, immediate recognition above a second 20% threshold. Although the decision to make the Accounting change occurred in the fourth quarter of fiscal year 2023, the actual accounting method change was applied to all calculations for fiscal year end 2023, and retroactively applied to all other amounts presented in this Form 10-Q.

Under the new accounting method, actuarial gains and losses are recognized in net periodic benefit cost through a modified mark-to-market (expense) benefit upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. The method for recognizing prior service credits (charges) as a component of Accumulated other comprehensive income (loss) and amortized into earnings in future periods did not change. With respect to the recognition of actuarial gains and losses, while the historical principle was acceptable, the Company believes the Accounting change is preferable as it better aligns with fair value principles by recognizing the effects of economic and interest rate changes in plan assets and liabilities in the year in which the gains and losses are incurred to the degree such accumulated gains and losses exceed the new 20% threshold in addition to amortizing the amounts between the 10% and 20% thresholds over time. The Accounting change has been applied retrospectively to prior years and amounts presented.

See Notes G, K, M and P for further information regarding the impact of the Accounting change on the Company’s current and prior consolidated financial statements.

Recently Issued Not Yet Adopted Accounting Standards

In December 2023, the FASB issued guidance ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its financial statement disclosures.

Recently Adopted Accounting Standards

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 adoption of this guidance did not have a material impact on the Company’s financial statements.

Special Note Regarding Smaller Reporting Company Status

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

Note I - Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Amortization of Intangible Assets	$ 822	$ 738	$ 2,458	$ 2,140

Note P - Impact of Accounting Method Change

9 Months Ended

Mar. 29, 2024

Accounting Standards Update and Change in Accounting Principle [Text Block]

P.	IMPACT OF ACCOUNTING METHOD CHANGE

The following tables summarize the effects of the Accounting change described in Note A on the Company’s condensed consolidated statement of operations and comprehensive income, statement of cash flows and statement of changes in equity for the quarter ended and the three quarters ended March 31, 2023 and condensed consolidated balance sheet as of March 31, 2023.

CONDENSED CONSOLIDATED STATEMENT OF OPERATION AND COMPREHENSIVE INCOME

	For the Quarter Ended									For the Three Quarters Ended
	March 31, 2023									March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method			As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method

Net sales	$	73,772		$	-		$	73,772		$	193,036		$	-		$	193,036
Cost of goods sold		54,507			-			54,507			143,451			-			143,451
Gross profit		19,265			-			19,265			49,585			-			49,585

Marketing, engineering and administrative expenses		14,626			-			14,626			45,688			-			45,688
Restructuring expenses		33			-			33			208			-			208
Other operating expense (income)		1			-			1			(4,149	)		-			(4,149	)
Income from operations		4,605			-			4,605			7,838			-			7,838

Other expense (income):
Interest expense		522			-			522			1,682			-			1,682
Other expense (income), net		785			(607	)		178			1,834			(1,821	)		13
		1,307			(607	)		700			3,516			(1,821	)		1,695
Income before income taxes and noncontrolling interest		3,298			607			3,905			4,322			1,821			6,143

Income tax expense		548			-			548			2,350			-			2,350
Net income		2,750			607			3,357			1,972			1,821			3,793
Less: Net earnings attributable to noncontrolling interest, net of tax		(76	)		-			(76	)		(188	)		-			(188	)
Net income attributable to Twin Disc	$	2,674		$	607		$	3,281		$	1,784		$	1,821		$	3,605

Income per share data:
Basic income per share attributable to Twin Disc common shareholders	$	0.20		$	0.04		$	0.24		$	0.13		$	0.14		$	0.27
Diluted income per share attributable to Twin Disc common shareholders	$	0.20		$	0.04		$	0.24		$	0.13		$	0.13		$	0.26

Weighted average shares outstanding data:
Basic shares outstanding		13,504			-			13,504			13,455			-			13,455
Diluted shares outstanding		13,662			-			13,662			13,608			-			13,608

Comprehensive income
Net income	$	2,750		$	607		$	3,357		$	1,972		$	1,821		$	3,793
Benefit plan adjustments, net of income taxes of $ 1 and $5 computed under previous method; and $1 and $5 as reported under new method		578			(607	)		(29	)		581			(1,821	)		(1,240	)
Foreign currency translation adjustment		1,014			-			1,014			3,116			-			3,116
Unrealized loss on hedges, net of income taxes of $0 and $0, respectively		(224	)		-			(224	)		(26	)		-			(26	)
Comprehensive income		4,118			-			4,118			5,643			-			5,643
Less: Comprehensive income attributable to noncontrolling interest		67			-			67			277			-			277

Comprehensive income attributable to Twin Disc	$	4,051		$	-		$	4,051		$	5,366		$	-		$	5,366

CONDENSED CONSOLIDATED CONDENSED BALANCE SHEET

	March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method
ASSETS
Current assets:
Cash	$	14,024		$	-		$	14,024
Trade accounts receivable, net		44,438			-			44,438
Inventories		136,153			-			136,153
Assets held for sale		2,968			-			2,968
Prepaid expenses		10,025			-			10,025
Other		8,341			-			8,341
Total current assets		215,949			-			215,949

Property, plant and equipment, net		40,700			-			40,700
Right-of-use assets operating leases		12,415			-			12,415
Intangible assets, net		11,239			-			11,239
Deferred income taxes		2,542			-			2,542
Other assets		2,668			-			2,668

Total assets	$	285,513		$	-		$	285,513

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	2,000		$	-		$	2,000
Accounts payable		29,726			-			29,726
Accrued liabilities		56,886			-			56,886
Total current liabilities		88,612			-			88,612

Long-term debt		29,276			-			29,276
Lease obligations		9,897			-			9,897
Accrued retirement benefits		10,315			-			10,315
Deferred income taxes		3,391			-			3,391
Other long-term liabilities		5,403			-			5,403
Total liabilities		146,894			-			146,894

Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value		-			-			-
Common shares authorized: 30,000,000; issued: 14,632,802; no par value		42,145			-			42,145
Retained earnings		136,815			(23,291	)		113,524
Accumulated other comprehensive (loss) income		(28,503	)		23,291			(5,212	)
		150,457			-			150,457
Less treasury stock, at cost (819,398 shares, respectively)		12,527			-			12,527

Total Twin Disc shareholders' equity		137,930			-			137,930

Noncontrolling interest		689			-			689
Total equity		138,619			-			138,619

Total liabilities and equity	$	285,513		$	-		$	285,513

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	For the Three Quarters Ended March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,972		$	1,821		$	3,793
Adjustments to reconcile net income to net cash provided by activities:
Depreciation and amortization		6,936			-			6,936
Gain on sale of assets		(4,237	)		-			(4,237	)
Provision for deferred income taxes		(1,462	)		-			(1,462	)
Stock compensation expense		2,355			-			2,355
Net change in operating assets and liabilities		1,295			(1,821	)		(526	)

Net cash provided by operating activities		6,859			-			6,859

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment		(6,783	)		-			(6,783	)
Proceeds from sale of fixed assets		7,177			-			7,177
Proceeds on note receivable		-			-			-
Other, net		199			-			199

Net cash provided by investing activities		593			-			593

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements		65,862			-			65,862
Repayments of revolving loan arrangements		(69,823	)		-			(69,823	)
Repayments of other long-term debt		(1,534	)		-			(1,534	)
Payments of finance lease obligations		(231	)		-			(231	)
Payments of withholding taxes on stock compensation		(463	)		-			(463	)

Net cash used by financing activities		(6,189	)		-			(6,189	)

Effect of exchange rate changes on cash		240			-			240

Net change in cash		1,503			-			1,503

Cash:
Beginning of period		12,521			-			12,521

End of period	$	14,024		$	-		$	14,024

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	For the Three Quarters Ended March 31, 2023
	As Computed Under Previous Method			Effect of Accounting Change			As Reported Under New Method
Retained earnings
Balance at June 30, 2022		135,031			(25,112	)		109,919
Net income attributable to Twin Disc		1,784			1,821			3,605
Balance at March 31, 2023	$	136,815		$	(23,291	)	$	113,524

Accumulated other comprehensive (loss) income
Balance at June 30, 2022		(32,086	)		25,112			(6,974	)
Translation adjustments		3,028			-			3,028
Benefit plan adjustments, net of tax		581			(1,821	)		(1,240	)
Unrealized loss on hedges, net of tax		(26	)		-			(26	)
Balance at March 31, 2023	$	(28,503	)	$	23,291		$	(5,212	)

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Note K - Shareholders' Equity (Tables)

9 Months Ended

Mar. 29, 2024

Schedule of Stockholders Equity [Table Text Block]

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Loss			Stock			Interest			Equity
Balance, June 30, 2023	$	42,855		$	120,299		$	(5,570	)	$	(12,491	)	$	424		$	145,517
Net (loss) income					(1,173	)								90			(1,083	)
Translation adjustments								(3,096	)					60			(3,036	)
Benefit plan adjustments, net of tax								(171	)								(171	)
Unrealized gain on hedges, net of tax								216									216
Compensation expense		495															495
Shares (acquired) issued, net		(3,911	)								2,148						(1,763	)
Balance, September 29, 2023		39,439			119,126			(8,621	)		(10,343	)		574			140,175
Net income					930									5			935
Dividends paid to shareholders					(560	)											(560	)
Translation adjustments								5,155						35			5,190
Benefit plan adjustments, net of tax								(108	)								(108	)
Unrealized loss on hedges, net of tax								(485	)								(485	)
Compensation expense		772															772
Shares (acquired) issued, net		(550	)								541						(9	)
Balance, December 29, 2023		39,661			119,496			(4,059	)		(9,802	)		614			145,910
Net income					3,822									78			3,900
Dividends paid to shareholders					(559	)											(559	)
Translation adjustments								(3,040	)					(44	)		(3,084	)
Benefit plan adjustments, net of tax								(191	)								(191	)
Unrealized gain on cash flow hedge, net of tax								196									196
Compensation expense		791															791
Shares (acquired) issued, net		(24	)								5						(19	)
Balance, March 29, 2024	$	40,428		$	122,759		$	(7,094	)	$	(9,797	)	$	648		$	146,944

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Loss			Stock			Interest			Equity
Balance, June 30, 2022	$	42,551		$	109,919		$	(6,974	)	$	(14,720	)	$	412		$	131,188
Net (loss) income					(1,422	)								98			(1,324	)
Translation adjustments								(6,328	)					38			(6,290	)
Benefit plan adjustments, net of tax								(89	)								(89	)
Unrealized gain on hedges, net of tax								793									793
Compensation expense		658															658
Shares (acquired) issued, net		(1,924	)								1,756						(168	)
Balance, September 30, 2022		41,285			108,497			(12,598	)		(12,964	)		548			124,768
Net income					1,746									15			1,761
Translation adjustments								8,333						59			8,392
Benefit plan adjustments, net of tax								(1,122	)								(1,122	)
Unrealized loss on hedges, net of tax								(595	)								(595	)
Compensation expense		856															856
Shares (acquired) issued, net		(697	)								402						(295	)
Balance, December 30, 2022		41,444			110,243			(5,982	)		(12,562	)		622			133,765
Net income					3,281									76			3,357
Translation adjustments								1,023						(9	)		1,014
Benefit plan adjustments, net of tax								(29	)								(29	)
Unrealized loss on cash flow hedge, net of tax								(224	)								(224	)
Compensation expense		736															736
Shares (acquired) issued, net		(35	)								35						-
Balance, March 31, 2023	$	42,145		$	113,524		$	(5,212	)	$	(12,527	)	$	689		$	138,619

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, June 30, 2023	$	(1,582	)	$	(5,948	)	$	688		$	1,272
Translation adjustment during the quarter		(3,096	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(171	)		(6	)		222
Net current period other comprehensive (loss) income		(3,096	)		(171	)		(6	)		222
Balance, September 29, 2023		(4,678	)		(6,119	)		682			1,494
Translation adjustment during the quarter		5,155			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(108	)		(183	)		(302	)
Net current period other comprehensive income (loss)		5,155			(108	)		(183	)		(302	)
Balance at December 29, 2023		477			(6,227	)		499			1,192
Translation adjustment during the quarter		(3,040	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(191	)		40			156
Net current period other comprehensive (loss) income		(3,040	)		(191	)		40			156
Balance at March 29, 2024	$	(2,563	)	$	(6,418	)	$	539		$	1,348

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance, June 30, 2022	$	(2,266	)	$	(6,614	)	$	356		$	1,550
Translation adjustment during the quarter		(6,328	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(89	)		657			136
Net current period other comprehensive (loss) income		(6,328	)		(89	)		657			136
Balance, September 30, 2022		(8,594	)		(6,703	)		1,013			1,686
Translation adjustment during the quarter		8,333			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(7	)		(10	)		(585	)
Plan merger adjustment		-			(1,115	)		-			-
Net current period other comprehensive income (loss)		8,333			(1,122	)		(10	)		(585	)
Balance at December 30, 2022		(261	)		(7,825	)		1,003			1,101
Translation adjustment during the quarter		1,023			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(29	)		(133	)		(91	)
Net current period other comprehensive income (loss)		1,023			(29	)		(133	)		(91	)
Balance at March 31, 2023	$	762		$	(7,854	)	$	870		$	1,010

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

	Amount Reclassified				Amount Reclassified
	Quarter Ended				Three Quarters Ended
	March 29, 2024				March 29, 2024
Changes in benefit plan items
Actuarial losses	$	(198	)	(a)	$	(461	)	(a)
Transition asset and prior service benefit		(3	)	(a)		(11	)	(a)
Total amortization		(201	)			(472	)
Income tax expense		10				2
Total reclassification net of tax	$	(191	)		$	(470	)

	Amount Reclassified				Amount Reclassified
	Quarter Ended				Three Quarters Ended
	March 31, 2023				March 31, 2023
Changes in benefit plan items
Actuarial gains	$	630		(a)	$	1,853		(a)
Transition asset and prior service benefit		(51	)	(a)		(152	)	(a)
Mark-to-market adjustment		(607	)			(1,821	)
Plan merger remeasurement adjustment		-				(1,115	)
Total amortization		(28	)			(1,235	)
Income taxes		(1	)			(5	)
Total reclassification net of tax	$	(29	)		$	(1,240	)

Note N - Lease Liabilities

9 Months Ended

Mar. 29, 2024

Lessee, Operating and Finance Leases [Text Block]

N.	Lease Liabilities

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

The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated. Some of the Company’s leases contain non-lease components (e.g., common area, other maintenance costs, etc.) that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component.

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

	Balance Sheet Location	March 29, 2024		June 30, 2023
Lease Assets
Operating lease right-of-use assets	Right-of-use assets operating leases	$	14,498	$	13,133
Finance lease right-of-use assets	Property, plant and equipment, net		4,845		4,427

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,957	$	2,343
Operating lease liabilities	Lease obligations		12,638		10,811
Finance lease liabilities	Accrued liabilities		628		643
Finance lease liabilities	Other long-term liabilities		4,542		4,314

The components of lease expense were as follows:

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Finance lease cost:
Amortization of right-of-use assets	$	206		$	187		$	603		$	498
Interest on lease liabilities		76			87			227			219
Operating lease cost		941			852			2,716			2,250
Short-term lease cost		1			2			9			5
Variable lease cost		101			94			301			202
Total lease cost		1,325			1,222			3,856			3,174
Less: Sublease income		(20	)		(18	)		(61	)		(53	)
Net lease cost	$	1,305		$	1,204		$	3,795		$	3,121

Other information related to leases was as follows:

	For the Quarter Ended				For the Three Quarters Ended
	March 29, 2024		March 31, 2023		March 29, 2024			March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	951	$	873	$	2,822		$	2,268
Operating cash flows from finance leases		76		138		225			270
Financing cash flows from finance leases		192		73		663			231
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		3,551		218		3,739			1,736
Finance leases		227		47		883			367
Weighted average remaining lease term (years):
Operating leases						9.3			8.8
Finance lease						9.3			11.3
Weighted average discount rate:
Operating leases						8.2	%		7.2	%
Finance leases						5.9	%		5.2	%

Approximate future minimum rental commitments under non-cancellable leases as of March 29, 2024 were as follows:

	Operating Leases			Finance Leases
2024	$	766		$	248
2025		2,828			877
2026		2,288			828
2027		2,023			775
2028		1,972			695
2029		1,965			513
Thereafter		9,844			2,674
Total future lease payments		21,686			6,610
Less: Amount representing interest		(7,091	)		(1,440	)
Present value of future payments	$	14,595		$	5,170

Note C - Warranty

9 Months Ended

Mar. 29, 2024

Product Warranty Disclosure [Text Block]

C.	Warranty

The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarters ended March 29, 2024 and March 31, 2023:

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Reserve balance, beginning of period	$	4,488		$	4,145		$	3,476		$	3,329
Current period expense and adjustments		1,656			371			4,377			2,052
Payments or credits to customers		(1,236	)		(510	)		(2,948	)		(1,381	)
Translation		(13	)		12			(10	)		18
Reserve balance, end of period	$	4,895		$	4,018		$	4,895		$	4,018

The current portion of the warranty accrual ($4,052 and $3,503 as of March 29, 2024 and March 31, 2023, respectively) is reflected in accrued liabilities, while the long-term portion ($843 and $515 as of March 29, 2024 and March 31, 2023, respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note J - Long-term Debt and Subsequent Event

9 Months Ended

Mar. 29, 2024

Debt Disclosure [Text Block]

J.	Long-Term Debt and Subsequent Event

Long-term debt at March 29, 2024 and June 30, 2023 consisted of the following:

	March 29, 2024			June 30, 2023
Credit Agreement Debt
Revolving loans (expire April 2027)	$	7,019		$	7,094
Term loan (due April 2027)		10,000			11,500
Other		23			33
Subtotal		17,042			18,627
Less: current maturities		(2,000	)		(2,010	)
Total long-term debt	$	15,042		$	16,617

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”), subject to a Borrowing Base based on Eligible Inventory and Eligible Receivables. Subsequent amendments to the Credit Agreement reduced the Term Loan to $20.0 million, extended the maturity date of the Term Loan to April 1, 2027, and require the Company to make principal installment payments on the Term Loan of $0.5 million per quarter. In addition, under subsequent amendments to the Credit Agreement, BMO’s Revolving Credit Commitment is currently $45.0 million. 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 $5.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through April 1, 2027.

Under the Credit Agreement as amended, interest rates are based on either the secured overnight financing rate (“SOFR”) or the euro interbank offered rate (the “EURIBO Rate”). Loans 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. Currently, the Applicable Margins are between 2.00% and 3.50% for Revolving Loans and Letters of Credit; 2.125% and 3.625% for Term Loans; and 0.15% and 0.30% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).

The Credit Agreement, as amended, requires the Company to meet certain financial covenants. Specifically, the Company’s Total Funded Debt to EBITDA ratio 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. In determining whether the Company is in compliance with its Total Funded Debt/EBITDA Ratio, the Company’s EBITDA will include transaction expenses of up to $0.6 million for the Katsa Oy acquisition, as well as pro-forma EBITDA of Katsa Oy as permitted by the Bank. The Company’s Tangible Net Worth may not be less than $100.0 million 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.

The Company has 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. 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.

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.

On April 1, 2024, the Company entered into Amendment No. 10 to Credit Agreement (the “Tenth Amendment”) that amended and extended the Credit Agreement. The Tenth Amendment increased the Revolving Credit Commitment from $40.0 million to $45.0 million, and also increased the Borrowing Base for Revolving Loans from the sum of (a) 85% of outstanding unpaid Eligible Receivable and (b) the lesser of $30.0 million and 50% of Eligible Inventory to the sum of (a) 85% of outstanding unpaid Eligible Receivables and (b) the lesser of $35.0 million (reduced to $32.5 million beginning with the first quarter of the 2026 fiscal year) and 60% of Eligible Inventory (reduced to 55% of Eligible Inventory beginning with the third quarter of the 2025 fiscal year, and 50% of Eligible Inventory beginning with the first quarter of the 2026 fiscal year).

The Company intends to use the increased borrowing capacity under the Credit Agreement to help finance its previously announced proposed acquisition of Katsa Oy by TD Finland Holding Oy, a wholly-owned subsidiary of the Company. The Tenth Amendment specifically permits the Company to use Revolving Loans for the Katsa Oy acquisition. In addition, in determining whether the Company is in compliance with its Total Funded Debt/EBITDA Ratio, the Company’s EBITDA will include transaction expenses of up to $0.6 million for the Katsa Oy acquisition, as well as pro-forma EBITDA of Katsa Oy as permitted by the Bank.

The Tenth Amendment also extended the Credit Agreement through April 1, 2027 and extended the maturity date of the Term Loan and the Term Loan Commitment Date to April 1, 2027. Prior to the Tenth Amendment, the Credit Agreement was scheduled to terminate as of June 30, 2025, and the Term Loan and Term Loan Commitment Date were scheduled to mature/terminate on March 4, 2026.

The Tenth Amendment also increased the Applicable Margins under the Credit Agreement for purposes of determining interest rates on Revolving Loans, Letters of Credit, Term Loans, and the Unused Revolving Credit Commitment. Prior to the Tenth Amendment, the Applicable Margins were 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). Under the Tenth Amendment, the Applicable Margins are between 2% and 3.5% for Revolving Loans and Letters of Credit; 2.125% and 3.625% for Term Loans; and .15% and .3% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).

The Tenth Amendment also increased the amount of Restricted Payments that the Company may make in the form of cash dividends, distributions, purchases, redemptions, or other acquisitions of its common stock from $3.0 million to $5.0 million in any fiscal year.

The Company remains in compliance with its liquidity and other covenants.

As of March 29, 2024, current maturities include $2.0 million of term loan payments due within the coming year.

Other: Other long-term debt pertains mainly to a financing arrangement in Europe. These liabilities carry terms of three to five years and implied interest rates ranging from 7% to 25%. A total amount of $10 in principal was paid on these liabilities during the current fiscal year.

During the quarters ended March 29, 2024, the average interest rate was 6.83% on the Term Loan, and 5.12% on the Revolving Loans.

As of March 29, 2024, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $37,016, and the Company had approximately $29,694 of available borrowings. In addition to the Credit Agreement, the Company has established unsecured lines of credit that are used from time to time to secure certain performance obligations by the Company.

The Company’s borrowings described above approximate fair value at March 29, 2024 and June 30, 2023. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy.

The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 to hedge the Term Loan. As of March 29, 2024, the notional amount was $10,000. This swap has been designated as a cash flow hedge under ASC 815, Derivatives and Hedging. This swap is included in the disclosures in Note O, Derivative Financial Instruments.

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Material Terms of Trading Arrangement [Text Block]

Insider Trading Arrangements

9 Months Ended

Mar. 29, 2024

Insider Trading Arr Line Items

Item 5.

Other Information

None.

Rule 10b5-1 Arrangement Terminated [Flag]

false

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

3 Months Ended

9 Months Ended

Mar. 29, 2024

Dec. 29, 2023

Sep. 29, 2023

Mar. 31, 2023

Dec. 30, 2022

Sep. 30, 2022

Mar. 29, 2024

Mar. 31, 2023

Total amortization

$ 4,298

$ 3,905

$ 6,358

$ 6,143

Income tax expense

398

548

2,606

2,350

Net income

3,900

$ 935

$ (1,083)

3,357

$ 1,761

$ (1,324)

3,752

3,793

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

Actuarial losses

^[1]

(198)

630

(461)

1,853

Transition asset and prior service benefit

^[1]

(51)

(152)

Total amortization

(201)

(28)

(472)

(1,235)

Income tax expense

(1)

(5)

Net income

(191)

(29)

(470)

(1,240)

Actuarial gains

^[1]

$ (198)

630

$ (461)

1,853

Mark-to-market adjustment

(607)

(1,821)

Plan merger adjustment

$ 0

$ 1,115

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

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

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Note P - Impact of Accounting Method Change - Adjustment to Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Mar. 29, 2024	Mar. 31, 2023	Jun. 30, 2023	Jul. 01, 2022
Net sales	$ 74,161			$ 73,772			$ 210,709	$ 193,036
Gross profit	20,940			19,265			58,233	49,585
Marketing, engineering and administrative expenses	17,199			14,626			51,268	45,688
Restructuring expenses	139			33			207	208
Other operating expense (income)	0			1			0	(4,149)
Income from operations	3,602			4,605			6,758	7,838
Interest expense	263			522			1,049	1,682
Other (income) expense, net	(959)			178			(649)	13
Interest Income (Expense), Nonoperating	(696)			700			400	1,695
Income before income taxes and noncontrolling interest	4,298			3,905			6,358	6,143
Income tax expense	398			548			2,606	2,350
Net income	3,900	$ 935	$ (1,083)	3,357	$ 1,761	$ (1,324)	3,752	3,793
Less: Net earnings attributable to noncontrolling interest, net of tax	(78)			(76)			(173)	(188)
Net income attributable to Twin Disc	$ 3,822			$ 3,281			$ 3,579	$ 3,605
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.28			$ 0.24			$ 0.26	$ 0.27
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)	$ 0.27			$ 0.24			$ 0.26	$ 0.26
Basic shares outstanding (in shares)	13,742			13,504			13,663	13,455
Diluted shares outstanding (in shares)	13,904			13,662			13,852	13,608
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively	$ (191)	(108)	(171)	$ (29)	(1,122)	(89)	$ (470)	$ (1,240)
Translation adjustment during the quarter	(3,084)	5,190	(3,036)	1,014	8,392	(6,290)	(930)	3,116
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively	196	(485)	216	(224)	(595)	793	(73)	(26)
Comprehensive income (loss)	821			4,118			2,279	5,643
Less: Comprehensive income attributable to noncontrolling interest	34			67			224	277
Comprehensive income attributable to Twin Disc	787			4,051			2,055	5,366
Current assets:
Cash	23,843			14,024			23,843	14,024	$ 13,263
Trade accounts receivable, net	40,950			44,438			40,950	44,438	54,760
Inventories	129,845			136,153			129,845	136,153	131,930
Assets held for sale	2,968			2,968			2,968	2,968	2,968
Prepaid expenses	10,471			10,025			10,471	10,025	8,459
Other	10,451			8,341			10,451	8,341	8,326
Total current assets	218,528			215,949			218,528	215,949	219,706
Property, plant and equipment, net	40,606			40,700			40,606	40,700	38,650
Right-of-use assets operating leases	14,498			12,415			14,498	12,415	13,133
Intangible assets, net	10,157			11,239			10,157	11,239	12,637
Deferred income taxes	2,210			2,542			2,210	2,542	2,244
Other assets	2,755			2,668			2,755	2,668	2,811
Total assets	288,754			285,513			288,754	285,513	289,181
Current liabilities:
Current maturities of long-term debt	2,000			2,000			2,000	2,000	2,010
Accounts payable	33,230			29,726			33,230	29,726	36,499
Accrued liabilities	63,406			56,886			63,406	56,886	61,586
Total current liabilities	98,636			88,612			98,636	88,612	100,095
Long-term debt	15,042			29,276			15,042	29,276	16,617
Lease obligations	12,638			9,897			12,638	9,897	10,811
Accrued retirement benefits	6,707			10,315			6,707	10,315	7,608
Deferred income taxes	2,965			3,391			2,965	3,391	3,280
Other long-term liabilities	5,822			5,403			5,822	5,403	5,253
Total liabilities	141,810			146,894			141,810	146,894	143,664
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value	0			0			0	0	0
Common shares authorized: 30,000,000; issued: 14,632,802; no par value	40,428			42,145			40,428	42,145	42,855
Retained earnings	122,759			113,524			122,759	113,524	120,299
Accumulated Other Comprehensive Income (Loss), Net of Tax	(7,094)			(5,212)			(7,094)	(5,212)	(5,570)
Equity before treasury stock	156,093			150,457			156,093	150,457	157,584
Less treasury stock, at cost (638,712 and 814,734 shares, respectively)	9,797			12,527			9,797	12,527	12,491
Total Twin Disc shareholders' equity	146,296			137,930			146,296	137,930	145,093
Noncontrolling interest	648			689			648	689	424
Total equity	146,944	145,910	140,175	138,619	133,765	124,768	146,944	138,619	145,517
Total liabilities and equity	288,754			285,513			288,754	285,513	289,181
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	3,900	935	(1,083)	3,357	1,761	(1,324)	3,752	3,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							7,497	6,936
Gain on sale of assets							(87)	(4,237)
Provision for deferred income taxes							239	(1,462)
Stock compensation expense and other non-cash changes, net							2,242	2,355
Net change in operating assets and liabilities							5,531	(526)
Net cash provided by operating activities							22,273	6,859
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment							(7,598)	(6,783)
Proceeds from sale of fixed assets							0	7,177
Proceeds on note receivable								0
Other, net							(167)	199
Net cash (used) provided by investing activities							(7,765)	593
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements							66,661	65,862
Repayments of revolving loan arrangements							(66,661)	(69,823)
Repayments of other long-term debt							(1,510)	(1,534)
Payments of finance lease obligations	(192)			(73)			(663)	(231)
Payments of withholding taxes on stock compensation							(1,791)	(463)
Net cash used by financing activities							(5,083)	(6,189)
Effect of exchange rate changes on cash							1,155	240
Net change in cash							10,580	1,503
Cash:
Beginning of period			13,263			12,521	13,263	12,521
End of period	23,843			14,024			23,843	14,024
Balance	145,910	140,175	145,517	133,765	124,768	131,188	145,517	131,188
Net income attributable to Twin Disc	3,822			3,281			3,579	3,605
Balance	146,944	145,910	140,175	138,619	133,765	124,768	146,944	138,619
Translation adjustment during the quarter	(3,084)	5,190	(3,036)	1,014	8,392	(6,290)	(930)	3,116
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively	196	(485)	216	(224)	(595)	793	(73)	(26)
Retained Earnings [Member]
Net income	3,822	930	(1,173)	3,281	1,746	(1,422)
Net income attributable to Twin Disc								3,605
Twin Disc shareholders' equity:
Total equity	122,759	119,496	119,126	113,524	110,243	108,497	122,759	113,524	120,299
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	3,822	930	(1,173)	3,281	1,746	(1,422)
Cash:
Balance	119,496	119,126	120,299	110,243	108,497	109,919	120,299	109,919
Net income attributable to Twin Disc								3,605
Balance	122,759	119,496	119,126	113,524	110,243	108,497	122,759	113,524
AOCI Attributable to Parent [Member]
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively	(191)	(108)	(171)	(29)	(1,122)	(89)
Translation adjustment during the quarter	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)		3,028
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively	196	(485)	216	(224)	(595)	793		(26)
Twin Disc shareholders' equity:
Total equity	(7,094)	(4,059)	(8,621)	(5,212)	(5,982)	(12,598)	(7,094)	(5,212)	$ (5,570)
Cash:
Balance	(4,059)	(8,621)	(5,570)	(5,982)	(12,598)	(6,974)	(5,570)	(6,974)
Balance	(7,094)	(4,059)	(8,621)	(5,212)	(5,982)	(12,598)	$ (7,094)	(5,212)
Translation adjustment during the quarter	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)		3,028
Benefit plan adjustments, net of tax								(1,240)
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively	$ 196	$ (485)	$ 216	(224)	$ (595)	793		(26)
Previously Reported [Member]
Net sales				73,772				193,036
Cost of goods sold				54,507				143,451
Gross profit				19,265				49,585
Marketing, engineering and administrative expenses				14,626				45,688
Restructuring expenses				33				208
Other operating expense (income)				1				(4,149)
Income from operations				4,605				7,838
Interest expense				522				1,682
Other (income) expense, net				785				1,834
Interest Income (Expense), Nonoperating				1,307				3,516
Income before income taxes and noncontrolling interest				3,298				4,322
Income tax expense				548				2,350
Net income				2,750				1,972
Less: Net earnings attributable to noncontrolling interest, net of tax				(76)				(188)
Net income attributable to Twin Disc				$ 2,674				$ 1,784
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.2				$ 0.13
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.2				$ 0.13
Basic shares outstanding (in shares)				13,504,000				13,455,000
Diluted shares outstanding (in shares)				13,662,000				13,608,000
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively				$ 578				$ 581
Translation adjustment during the quarter				1,014
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				(224)				(26)
Comprehensive income (loss)				4,118				5,643
Less: Comprehensive income attributable to noncontrolling interest				67
Comprehensive income attributable to Twin Disc				4,051				5,366
Current assets:
Cash				14,024				14,024
Trade accounts receivable, net				44,438				44,438
Inventories				136,153				136,153
Assets held for sale				2,968				2,968
Prepaid expenses				10,025				10,025
Other				8,341				8,341
Total current assets				215,949				215,949
Property, plant and equipment, net				40,700				40,700
Right-of-use assets operating leases				12,415				12,415
Intangible assets, net				11,239				11,239
Deferred income taxes				2,542				2,542
Other assets				2,668				2,668
Total assets				285,513				285,513
Current liabilities:
Current maturities of long-term debt				2,000				2,000
Accounts payable				29,726				29,726
Accrued liabilities				56,886				56,886
Total current liabilities				88,612				88,612
Long-term debt				29,276				29,276
Lease obligations				9,897				9,897
Accrued retirement benefits				10,315				10,315
Deferred income taxes				3,391				3,391
Other long-term liabilities				5,403				5,403
Total liabilities				146,894				146,894
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				42,145				42,145
Retained earnings				136,815				136,815
Accumulated Other Comprehensive Income (Loss), Net of Tax				(28,503)				(28,503)
Equity before treasury stock				150,457				150,457
Less treasury stock, at cost (638,712 and 814,734 shares, respectively)				12,527				12,527
Total Twin Disc shareholders' equity				137,930				137,930
Noncontrolling interest				689				689
Total equity				138,619				138,619
Total liabilities and equity				285,513				285,513
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income				2,750				1,972
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization								6,936
Gain on sale of assets								(4,237)
Provision for deferred income taxes								(1,462)
Stock compensation expense and other non-cash changes, net								2,355
Net change in operating assets and liabilities								1,295
Net cash provided by operating activities								6,859
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment								(6,783)
Proceeds from sale of fixed assets								7,177
Proceeds on note receivable								0
Other, net								199
Net cash (used) provided by investing activities								593
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements								65,862
Repayments of revolving loan arrangements								(69,823)
Repayments of other long-term debt								(1,534)
Payments of finance lease obligations								(231)
Payments of withholding taxes on stock compensation								(463)
Net cash used by financing activities								(6,189)
Effect of exchange rate changes on cash								240
Net change in cash								1,503
Cash:
Beginning of period						12,521		12,521
End of period				14,024				14,024
Net income attributable to Twin Disc				2,674				1,784
Balance				138,619				138,619
Translation adjustment during the quarter				1,014
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				(224)				(26)
Previously Reported [Member] \| Retained Earnings [Member]
Net income attributable to Twin Disc								1,784
Twin Disc shareholders' equity:
Total equity				136,815				136,815
Cash:
Balance						135,031		135,031
Net income attributable to Twin Disc								1,784
Balance				136,815				136,815
Previously Reported [Member] \| AOCI Attributable to Parent [Member]
Translation adjustment during the quarter								3,028
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively								(26)
Twin Disc shareholders' equity:
Total equity				(28,503)				(28,503)
Cash:
Balance						(32,086)		(32,086)
Balance				(28,503)				(28,503)
Translation adjustment during the quarter								3,028
Benefit plan adjustments, net of tax								581
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively								(26)
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member]
Net sales				0				0
Cost of goods sold				0				0
Gross profit				0				0
Marketing, engineering and administrative expenses				0				0
Restructuring expenses				0				0
Other operating expense (income)				0				0
Income from operations				0				0
Interest expense				0				0
Other (income) expense, net				(607)				(1,821)
Interest Income (Expense), Nonoperating				(607)				(1,821)
Income before income taxes and noncontrolling interest				607				1,821
Income tax expense				0				0
Net income				607				1,821
Less: Net earnings attributable to noncontrolling interest, net of tax				0				0
Net income attributable to Twin Disc				$ 607				$ 1,821
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.04				$ 0.14
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.04				$ 0.13
Basic shares outstanding (in shares)				0				0
Diluted shares outstanding (in shares)				0				0
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively				$ (607)				$ (1,821)
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				0				0
Comprehensive income (loss)				0				0
Comprehensive income attributable to Twin Disc				0				0
Current assets:
Cash				0				0
Trade accounts receivable, net				0				0
Inventories				0				0
Assets held for sale				0				0
Prepaid expenses				0				0
Other				0				0
Total current assets				0				0
Property, plant and equipment, net				0				0
Right-of-use assets operating leases				0				0
Intangible assets, net				0				0
Deferred income taxes				0				0
Other assets				0				0
Total assets				0				0
Current liabilities:
Current maturities of long-term debt				0				0
Accounts payable				0				0
Accrued liabilities				0				0
Total current liabilities				0				0
Long-term debt				0				0
Lease obligations				0				0
Accrued retirement benefits				0				0
Deferred income taxes				0				0
Other long-term liabilities				0				0
Total liabilities				0				0
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				0				0
Retained earnings				(23,291)				(23,291)		$ (25,100)
Accumulated Other Comprehensive Income (Loss), Net of Tax				23,291				23,291		$ 25,100
Equity before treasury stock				0				0
Less treasury stock, at cost (638,712 and 814,734 shares, respectively)				0				0
Total Twin Disc shareholders' equity				0				0
Noncontrolling interest				0				0
Total equity				0				0
Total liabilities and equity				0				0
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income				607				1,821
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization								0
Gain on sale of assets								0
Provision for deferred income taxes								0
Stock compensation expense and other non-cash changes, net								0
Net change in operating assets and liabilities								(1,821)
Net cash provided by operating activities								0
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment								0
Proceeds from sale of fixed assets								0
Proceeds on note receivable								0
Other, net								0
Net cash (used) provided by investing activities								0
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements								0
Repayments of revolving loan arrangements								0
Repayments of other long-term debt								0
Payments of finance lease obligations								0
Payments of withholding taxes on stock compensation								0
Net cash used by financing activities								0
Effect of exchange rate changes on cash								0
Net change in cash								0
Cash:
Beginning of period						0		0
End of period				0				0
Net income attributable to Twin Disc				607				1,821
Balance				0				0
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				0				0
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] \| Retained Earnings [Member]
Net income attributable to Twin Disc								1,821
Twin Disc shareholders' equity:
Total equity				(23,291)				(23,291)
Cash:
Balance						(25,112)		(25,112)
Net income attributable to Twin Disc								1,821
Balance				(23,291)				(23,291)
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] \| AOCI Attributable to Parent [Member]
Translation adjustment during the quarter								0
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively								0
Twin Disc shareholders' equity:
Total equity				23,291				23,291
Cash:
Balance						$ 25,112		25,112
Balance				23,291				23,291
Translation adjustment during the quarter								0
Benefit plan adjustments, net of tax								(1,821)
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively								0
As Reported Under New Method [Member]
Net sales				73,772				193,036
Cost of goods sold				54,507				143,451
Gross profit				19,265				49,585
Marketing, engineering and administrative expenses				14,626				45,688
Restructuring expenses				33				208
Other operating expense (income)				1				(4,149)
Income from operations				4,605				7,838
Interest expense				522				1,682
Other (income) expense, net				178				13
Interest Income (Expense), Nonoperating				700				1,695
Income before income taxes and noncontrolling interest				3,905				6,143
Income tax expense				548				2,350
Net income				3,357				3,793
Less: Net earnings attributable to noncontrolling interest, net of tax				(76)				(188)
Net income attributable to Twin Disc				$ 3,281				$ 3,605
Basic income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.24				$ 0.27
Diluted income per share attributable to Twin Disc common shareholders (in dollars per share)				$ 0.24				$ 0.26
Basic shares outstanding (in shares)				13,504,000				13,455,000
Diluted shares outstanding (in shares)				13,662,000				13,608,000
Benefit plan adjustments, net of income taxes of $10, $(1), $2 and $(5), respectively				$ (29)				$ (1,240)
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				(224)				(26)
Comprehensive income (loss)				4,118				5,643
Comprehensive income attributable to Twin Disc				4,051				5,366
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income				3,357				3,793
Cash:
Net income attributable to Twin Disc				3,281				3,605
Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively				$ (224)				$ (26)

Note F - Stock-based Compensation

9 Months Ended

Mar. 29, 2024

Share-Based Payment Arrangement [Text Block]

F.	Stock-Based Compensation

Performance Stock Awards (“PSA”)

During the first three quarters of fiscal 2024 and 2023, the Company granted a target number of 119.3 and 118.1 PSAs, respectively, to various employees of the Company, including executive officers. The fiscal 2024 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative earnings before interest, taxes, depreciation, and amortization ("EBITDA", as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA 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 238.7.

The fiscal 2023 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2025. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA 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 234.2.

There were 329.9 and 437.9 unvested PSAs outstanding at March 29, 2024 and March 31, 2023, respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $326 and $307 was recognized for the quarters ended March 29, 2024 and March 31, 2023, respectively, related to PSAs. Compensation expense of $704 and $903 was recognized for the three quarters ended March 29, 2024 and March 31, 2023, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at March 29, 2024 was $11.48. At March 29, 2024, the Company had $1,652 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2024 and 2023 awards. The total fair value of PSAs vested as of March 29, 2024 and March 31, 2023 was $0.

Performance Stock Unit Awards (“PSUA”)

The PSUAs entitle an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date. During the first three quarters of fiscal 2024 and 2023 , the Company granted a target number of 10.5 and 0 PSUAs, respectively, to various individuals in the Company. The fiscal 2024 PSUAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSUA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSUAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA 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 20.9.

There were 10.5 and 0 unvested PSUAs outstanding at March 29, 2024 and March 31, 2023, respectively. The fair value of the PSUAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $11 and $0 was recognized for the quarters ended March 29, 2024 and March 31, 2023, respectively, related to PSUAs. Compensation expense of $29 and $0 was recognized for the three quarters ended March 29, 2024 and March 31, 2023, respectively, related to PSUAs. The weighted average grant date fair value of the unvested awards at March 29, 2024 was $12.15. At March 29, 2024, the Company had $98 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective were achieved for the fiscal 2024 awards. The total fair value of PSUAs vested as of March 29, 2024 and March 31, 2023 was $0.

Restricted Stock Awards (“RS”)

The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first three quarters of fiscal 2024 and 2023, the Company granted 117.2 and 180.0 service based restricted shares, respectively, to employees and non-employee directors. There were 246.6 and 308.6 unvested shares outstanding at March 29, 2024 and March 31, 2023, respectively. A total of 2.4 and 0 shares of restricted stock were forfeited during the three quarters ended March 29, 2024 and March 31, 2023, respectively. Compensation expense of $330 and $313 was recognized for the quarters ended March 29, 2024 and March 31, 2023, respectively. Compensation expense of $953 and $1,007 was recognized for the three quarters ended March 29, 2024 and March 31, 2023, respectively. The total fair value of restricted stock grants vested as of March 29, 2024 and March 31, 2023 was $2,196 and $1,699, respectively. As of March 29, 2024, the Company had $1,568 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.

Restricted Stock Unit Awards (“RSU”)

The RSUs entitles an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date, generally three years from the date of grant or when performance conditions have been met. The fair value of the RSUs (on the date of grant) is recorded as compensation expense over the vesting period. During the first three quarters of fiscal 2024 and 2023, the Company granted 7.1 and 72.4 of employment based RSUs, respectively. There were 135.0 and 130.2 unvested RSUs outstanding at March 29, 2024 and March 31, 2023, respectively. Compensation expense of $124 and $116 was recognized for the quarters ended March 29, 2024 and March 31, 2023, respectively. Compensation expense of $372 and $340 was recognized for the three quarters ended March 29, 2024 and March 31, 2023, respectively. The total fair value of RSUs vested as of March 29, 2024 and March 31, 2023 was $25 and $40, respectively. The weighted average grant date fair value of the unvested awards at March 29, 2024 was $10.97. As of March 29, 2024, the Company had $412 of unrecognized compensation expense related to RSUs which will be recognized over the next three years.

Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	$ 191	$ 29	$ 470	$ 1,240
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	10	$ (1)	2	$ (5)
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 662		662
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 634

Note L - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 29, 2024	Sep. 29, 2023	Mar. 25, 2022	Mar. 29, 2024	Mar. 31, 2023
Proceeds from Sale of Property, Plant, and Equipment				$ 0	$ 7,177
Gain (Loss) on Disposition of Assets				$ 87	$ 4,237
Boat Management System Product Line [Member]
Inventory Write-down	$ 2,100	$ 2,100
Property, Plant, and Equipment Reclassified to Assets Held for Sale [Member]
Increase (Decrease) in Asset, Held-for-Sale	2,801
Propeller Machining Plant and Office in Switzerland [Member]
Proceeds from Sale of Property, Plant, and Equipment	7,150
Gain (Loss) on Disposition of Assets	$ 4,161
Employee Severance [Member]
Impairment of Long-Lived Assets to be Disposed of			$ 4,267

Note P - Impact of Accounting Method Change - Adjustment to Financial Statements (Details) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Jun. 30, 2023
Benefit plan adjustments, income taxes	$ 10	$ (1)	$ 2	$ (5)
Unrealized loss on cash flow hedge, income taxes	$ 0	$ 0	$ 0	$ 0
Preferred Shares, Authorized (in shares)	200,000	200,000	200,000	200,000	200,000
Preferred Shares, Issued (in shares)	0	0	0	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0
Common shares, authorized (in shares)	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000
Common shares, shares issued (in shares)	14,632,802	14,632,802	14,632,802	14,632,802	14,632,802
Common shares, no par value (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0
Treasury Stock, Common, Shares (in shares)	638,712	819,398	638,712	819,398	814,734
Previously Reported [Member]
Benefit plan adjustments, income taxes		$ 1		$ 1
As Reported Under New Method [Member]
Benefit plan adjustments, income taxes		$ 5		$ 5

Note C - Warranty - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Reserve balance, beginning of period	$ 4,488	$ 4,145	$ 3,476	$ 3,329
Current period expense and adjustments	1,656	371	4,377	2,052
Payments or credits to customers	(1,236)	(510)	(2,948)	(1,381)
Translation	(13)	12	(10)	18
Reserve balance, end of period	$ 4,895	$ 4,018	$ 4,895	$ 4,018

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	9.30%	14.00%	41.00%	38.20%
Income (Loss) from Continuing Operations before Income Taxes, Foreign			$ 14,916	$ 8,207
Income Tax Expense (Benefit)	$ 398	$ 548	2,606	2,350
Income (Loss) from Continuing Operations before Income Taxes, Domestic			(8,557)	(2,063)
Tax and Customs Administration, Netherlands [Member]
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	$ 786
Foreign Tax Jurisdiction [Member]
Income Tax Expense (Benefit)			2,599	2,303
Domestic Tax Jurisdiction [Member]
Income Tax Expense (Benefit)			$ 7	$ 47

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

Note J - Long-term Debt and Subsequent Event (Tables)

9 Months Ended

Mar. 29, 2024

Schedule of Debt [Table Text Block]

	March 29, 2024			June 30, 2023
Credit Agreement Debt
Revolving loans (expire April 2027)	$	7,019		$	7,094
Term loan (due April 2027)		10,000			11,500
Other		23			33
Subtotal		17,042			18,627
Less: current maturities		(2,000	)		(2,010	)
Total long-term debt	$	15,042		$	16,617

Note B - Inventories (Tables)

9 Months Ended

Mar. 29, 2024

Schedule of Inventory, Current [Table Text Block]

	March 29, 2024		June 30, 2023
Inventories:
Finished parts	$	64,191	$	66,956
Work in process		24,698		23,374
Raw materials		40,956		41,600
	$	129,845	$	131,930

Note O - Derivative Financial Instruments

9 Months Ended

Mar. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

O.	Derivative Financial Instruments

From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign currency exchange rates. The Company does not purchase, hold, or sell derivative financial instruments for trading purposes. The Company’s practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if it determines the underlying forecasted transaction is no longer probable of occurring.

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

Interest Rate Swap Contracts

The Company has one outstanding interest rate swap contract as of March 29, 2024, with a notional amount of $10,000. It has been designated as a cash flow hedge in accordance with ASC 815, Derivatives and Hedging.

The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s 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 condensed consolidated statements of operations and comprehensive income. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve months.

Net unrealized after-tax gains related to cash flow hedging activities that were included in accumulated other comprehensive loss were $539 and $688 as of March 29, 2024, and June 30, 2023, 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 $230 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 rate risk related to its investment in net assets in foreign countries. During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan, with a notional amount of €13,000, as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign subsidiaries. All changes in the fair value of the euro revolver were then recorded in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. Net unrealized after-tax income related to net investment hedging activities that were included in accumulated other comprehensive loss were ($1,348) and ($1,272) as of March 29, 2024 and June 30, 2023, respectively.

Fair Value of Derivative Instruments

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

	Balance Sheet Location	March 29, 2024		June 30, 2023
Derivative designated as hedge:
Interest rate swap	Other current assets	$	217	$	292
Interest rate swap	Other noncurrent assets		112		187

The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive income for the quarters ended March 29, 2024 and March 31, 2023, respectively, was as follows:

	Statement of Comprehensive	For the Quarter Ended					For the Three Quarters Ended
	Income Location	March 29, 2024		March 31, 2023			March 29, 2024			March 31, 2023
Derivative designated as hedge:
Interest rate swap	Interest expense	$	62	$	76		$	200		$	238
Interest rate swap	Unrealized gain (loss) on hedges		40		(133	)		(148	)		206
Net investment hedge	Unrealized gain (loss) on hedges		156		(91	)		75			(232	)

Note O - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions	3 Months Ended
	Mar. 29, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 29, 2023 USD ($)	Sep. 29, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 EUR (€)
Equity, Including Portion Attributable to Noncontrolling Interest	$ 146,944	$ 145,517	$ 145,910	$ 140,175	$ 138,619	$ 133,765	$ 124,768	$ 131,188
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months	$ 230
Interest Rate Swap [Member]
Derivative, Number of Instruments Held	1
Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Bank of Montreal [Member]
Derivative, Notional Amount	$ 10,000	20,000
Equity, Including Portion Attributable to Noncontrolling Interest	539	688
Euro Denominated Revolving Loan [Member] \| Net Investment Hedging [Member] \| Designated as Hedging Instrument [Member]
Derivative, Notional Amount \| €									€ 13
Derivative, Gain (Loss) on Derivative, Net	$ (1,348)	$ (1,272)

Note G - Pension and Other Postretirement Benefit Plans

9 Months Ended

Mar. 29, 2024

Retirement Benefits [Text Block]

G.	Pension and Other Postretirement Benefit Plans

The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides healthcare and life insurance benefits for certain domestic retirees.

As discussed in Note A, during the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for its pension and postretirement benefit plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years presented below. See Notes A, K, M, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.

The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Pension Benefits:
Service cost	$	95		$	106		$	283		$	309
Prior service cost		-			8			-			25
Interest cost		896			912			2,688			2,648
Expected return on plan assets		(1,049	)		(1,053	)		(3,145	)		(3,173	)
Amortization of transition obligation		10			9			29			27
Amortization of prior service cost		9			9			26			27
Amortization of actuarial net loss		15			639			47			1,873
Net periodic benefit (gain) cost	$	(24	)	$	630		$	(72	)	$	1,736

Postretirement Benefits:
Service cost	$	2		$	2		$	6		$	7
Interest cost		48			53			143			159
Amortization of prior service cost		(22	)		(69	)		(66	)		(206	)
Amortization of actuarial net loss		(155	)		(10	)		(465	)		(29	)
Net periodic benefit gain	$	(127	)	$	(24	)	$	(382	)	$	(69	)

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

The Company expects to contribute approximately $662 to its pension plans in fiscal 2024. As of March 29, 2024, $634 in contributions to the pension plans have been made.

The Company has reclassified ($191) (net of $10 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 29, 2024, and ($29) (net of $1 in taxes) during the quarter ended March 31, 2023. The Company has reclassified ($470) (net of $2 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three quarters ended March 29, 2024, and $(1,240) (net of $5 in taxes) during the three quarters ended March 31, 2023. These reclassifications are included in the computation of net periodic benefit cost.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Note E - Business Segments - Net Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Net Sales	$ 74,161	$ 73,772	$ 210,709	$ 193,036
Intersegment Eliminations [Member]
Net Sales	(25,501)	(24,420)	(71,953)	(60,303)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	62,640	64,353	175,545	169,607
Manufacturing Segment [Member] \| Intersegment Eliminations [Member]
Net Sales	(19,929)	(18,531)	(58,908)	(46,373)
Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	37,022	33,839	107,117	83,732
Distribution Segment [Member] \| Intersegment Eliminations [Member]
Net Sales	(5,572)	(5,889)	(13,045)	(13,930)
Industrial [Member]
Net Sales	6,232	7,303	18,449	21,846
Industrial [Member] \| Intersegment Eliminations [Member]
Net Sales	(631)	(1,321)	(1,994)	(3,208)
Industrial [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	5,779	7,076	16,773	20,732
Industrial [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	1,084	1,548	3,670	4,322
Land Based Transmissions [Member]
Net Sales	19,089	19,575	53,530	50,184
Land Based Transmissions [Member] \| Intersegment Eliminations [Member]
Net Sales	(6,898)	(5,902)	(22,765)	(14,888)
Land Based Transmissions [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	16,701	16,785	46,385	48,329
Land Based Transmissions [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	9,286	8,692	29,910	16,743
Marine and Propulsion Systems [Member]
Net Sales	45,244	43,854	128,651	109,633
Marine and Propulsion Systems [Member] \| Intersegment Eliminations [Member]
Net Sales	(17,968)	(16,505)	(47,166)	(40,751)
Marine and Propulsion Systems [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	40,160	40,492	112,387	100,546
Marine and Propulsion Systems [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	23,052	19,867	63,430	49,838
Other [Member]
Net Sales	3,596	3,040	10,079	11,373
Other [Member] \| Intersegment Eliminations [Member]
Net Sales	(4)	(692)	(28)	(1,456)
Other [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	0	0	0	0
Other [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	$ 3,600	$ 3,732	$ 10,107	$ 12,829

Note O - Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 29, 2024

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

	Balance Sheet Location	March 29, 2024		June 30, 2023
Derivative designated as hedge:
Interest rate swap	Other current assets	$	217	$	292
Interest rate swap	Other noncurrent assets		112		187

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

	Statement of Comprehensive	For the Quarter Ended					For the Three Quarters Ended
	Income Location	March 29, 2024		March 31, 2023			March 29, 2024			March 31, 2023
Derivative designated as hedge:
Interest rate swap	Interest expense	$	62	$	76		$	200		$	238
Interest rate swap	Unrealized gain (loss) on hedges		40		(133	)		(148	)		206
Net investment hedge	Unrealized gain (loss) on hedges		156		(91	)		75			(232	)

Note B - Inventories

9 Months Ended

Mar. 29, 2024

Inventory Disclosure [Text Block]

B.	Inventories

The major classes of inventories were as follows:

	March 29, 2024		June 30, 2023
Inventories:
Finished parts	$	64,191	$	66,956
Work in process		24,698		23,374
Raw materials		40,956		41,600
	$	129,845	$	131,930

In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its boat management system product line located at one of its subsidiaries in Italy. The sale amount was below cost and resulted in the Company recognizing an inventory write-down of $2.1 million. The Company also evaluated its other boat management system inventory, not associated with the sale. This evaluation resulted in the Company recognizing an additional inventory write-down of $1.6 million for inventory located in the U.S. These write-downs were partially offset by certain liabilities transferred to the buyer at the time of sale. The sale was completed in the second quarter of fiscal year 2024.

Note E - Business Segments

9 Months Ended

Mar. 29, 2024

Segment Reporting Disclosure [Text Block]

E.	Business Segments

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

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

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

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Net sales
Manufacturing segment sales	$	62,640		$	64,353		$	175,545		$	169,607
Distribution segment sales		37,022			33,839			107,117			83,732
Inter/Intra segment elimination – manufacturing		(19,929	)		(18,531	)		(58,908	)		(46,373	)
Inter/Intra segment elimination – distribution		(5,572	)		(5,889	)		(13,045	)		(13,930	)
	$	74,161		$	73,772		$	210,709		$	193,036
Net income attributable to Twin Disc
Manufacturing segment net income	$	5,662		$	6,480		$	9,298		$	13,321
Distribution segment net income		3,248			2,053			7,427			4,412
Corporate and eliminations		(5,088	)		(5,252	)		(13,146	)		(14,128	)
	$	3,822		$	3,281		$	3,579		$	3,605

Assets	March 29, 2024			June 30, 2023
Manufacturing segment assets	$	385,832		$	381,668
Distribution segment assets		73,586			69,213
Corporate assets and elimination of intercompany assets		(170,664	)		(161,700	)
	$	288,754		$	289,181

Disaggregated revenue:

The following tables presents details deemed most relevant to the users of the financial statements for the quarters ended March 29, 2024 and March 31, 2023.

Net sales by product group for the quarter ended March 29, 2024 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	5,779	$	1,084	$	(631	)	$	6,232
Land-based transmissions		16,701		9,286		(6,898	)		19,089
Marine and propulsion systems		40,160		23,052		(17,968	)		45,244
Other		-		3,600		(4	)		3,596
Total	$	62,640	$	37,022	$	(25,501	)	$	74,161

Net sales by product group for the quarter ended March 31, 2023 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	7,076	$	1,548	$	(1,321	)	$	7,303
Land-based transmissions		16,785		8,692		(5,902	)		19,575
Marine and propulsion systems		40,492		19,867		(16,505	)		43,854
Other		-		3,732		(692	)		3,040
Total	$	64,353	$	33,839	$	(24,420	)	$	73,772

Net Sales by product group for the three quarters ended March 29, 2024 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	16,773	$	3,670	$	(1,994	)	$	18,449
Land-based transmissions		46,385		29,910		(22,765	)		53,530
Marine and propulsion systems		112,387		63,430		(47,166	)		128,651
Other		-		10,107		(28	)		10,079
Total	$	175,545	$	107,117	$	(71,953	)	$	210,709

Net Sales by product group for the three quarters ended March 31, 2023 is summarized as follows:

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	20,732	$	4,322	$	(3,208	)	$	21,846
Land-based transmissions		48,329		16,743		(14,888	)		50,184
Marine and propulsion systems		100,546		49,838		(40,751	)		109,633
Other		-		12,829		(1,456	)		11,373
Total	$	169,607	$	83,732	$	(60,303	)	$	193,036

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

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,752	$ 3,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,497	6,936
Gain on sale of assets	(87)	(4,237)
Provision for deferred income taxes	239	(1,462)
Stock compensation expense and other non-cash changes, net	2,242	2,355
Net change in operating assets and liabilities	5,531	(526)
Net cash provided by operating activities	22,273	6,859
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant, and equipment	(7,598)	(6,783)
Proceeds from sale of fixed assets	0	7,177
Other, net	(167)	199
Net cash (used) provided by investing activities	(7,765)	593
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan arrangements	66,661	65,862
Repayments of revolving loan arrangements	(66,661)	(69,823)
Repayments of other long-term debt	(1,510)	(1,534)
Dividends paid to shareholders	(1,119)	0
Payments of finance lease obligations	(663)	(231)
Payments of withholding taxes on stock compensation	(1,791)	(463)
Net cash used by financing activities	(5,083)	(6,189)
Effect of exchange rate changes on cash	1,155	240
Net change in cash	10,580	1,503
Cash:
Beginning of period	13,263	12,521
End of period	23,843	14,024
Boat Management System Product Line [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of boat management product line and related inventory	$ 3,099	$ 0

Note E - Business Segments (Tables)

9 Months Ended

Mar. 29, 2024

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

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Net sales
Manufacturing segment sales	$	62,640		$	64,353		$	175,545		$	169,607
Distribution segment sales		37,022			33,839			107,117			83,732
Inter/Intra segment elimination – manufacturing		(19,929	)		(18,531	)		(58,908	)		(46,373	)
Inter/Intra segment elimination – distribution		(5,572	)		(5,889	)		(13,045	)		(13,930	)
	$	74,161		$	73,772		$	210,709		$	193,036
Net income attributable to Twin Disc
Manufacturing segment net income	$	5,662		$	6,480		$	9,298		$	13,321
Distribution segment net income		3,248			2,053			7,427			4,412
Corporate and eliminations		(5,088	)		(5,252	)		(13,146	)		(14,128	)
	$	3,822		$	3,281		$	3,579		$	3,605

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

Assets	March 29, 2024			June 30, 2023
Manufacturing segment assets	$	385,832		$	381,668
Distribution segment assets		73,586			69,213
Corporate assets and elimination of intercompany assets		(170,664	)		(161,700	)
	$	288,754		$	289,181

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

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	5,779	$	1,084	$	(631	)	$	6,232
Land-based transmissions		16,701		9,286		(6,898	)		19,089
Marine and propulsion systems		40,160		23,052		(17,968	)		45,244
Other		-		3,600		(4	)		3,596
Total	$	62,640	$	37,022	$	(25,501	)	$	74,161

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	7,076	$	1,548	$	(1,321	)	$	7,303
Land-based transmissions		16,785		8,692		(5,902	)		19,575
Marine and propulsion systems		40,492		19,867		(16,505	)		43,854
Other		-		3,732		(692	)		3,040
Total	$	64,353	$	33,839	$	(24,420	)	$	73,772

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	16,773	$	3,670	$	(1,994	)	$	18,449
Land-based transmissions		46,385		29,910		(22,765	)		53,530
Marine and propulsion systems		112,387		63,430		(47,166	)		128,651
Other		-		10,107		(28	)		10,079
Total	$	175,545	$	107,117	$	(71,953	)	$	210,709

					Elimination of
	Manufacturing		Distribution		Intercompany Sales			Total
Industrial	$	20,732	$	4,322	$	(3,208	)	$	21,846
Land-based transmissions		48,329		16,743		(14,888	)		50,184
Marine and propulsion systems		100,546		49,838		(40,751	)		109,633
Other		-		12,829		(1,456	)		11,373
Total	$	169,607	$	83,732	$	(60,303	)	$	193,036

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

9 Months Ended

Mar. 29, 2024

Schedule of Net Benefit Costs [Table Text Block]

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Pension Benefits:
Service cost	$	95		$	106		$	283		$	309
Prior service cost		-			8			-			25
Interest cost		896			912			2,688			2,648
Expected return on plan assets		(1,049	)		(1,053	)		(3,145	)		(3,173	)
Amortization of transition obligation		10			9			29			27
Amortization of prior service cost		9			9			26			27
Amortization of actuarial net loss		15			639			47			1,873
Net periodic benefit (gain) cost	$	(24	)	$	630		$	(72	)	$	1,736

Postretirement Benefits:
Service cost	$	2		$	2		$	6		$	7
Interest cost		48			53			143			159
Amortization of prior service cost		(22	)		(69	)		(66	)		(206	)
Amortization of actuarial net loss		(155	)		(10	)		(465	)		(29	)
Net periodic benefit gain	$	(127	)	$	(24	)	$	(382	)	$	(69	)

Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Finished parts	$ 64,191	$ 66,956
Work in process	24,698	23,374
Raw materials	40,956	41,600
Total inventories	$ 129,845	$ 131,930	$ 136,153

Note E - Business Segments (Details Textual)	3 Months Ended
Note E - Business Segments (Details Textual)	Mar. 29, 2024
Number of Reportable Segments	2

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Benefit plan adjustments, income taxes	$ 10	$ (1)	$ 2	$ (5)
Unrealized loss on cash flow hedge, income taxes	$ 0	$ 0	$ 0	$ 0

Note M - Earnings Per Share (Tables)

9 Months Ended

Mar. 29, 2024

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

	For the Quarter Ended						For the Three Quarters Ended
				As Adjusted						As Adjusted
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Basic:
Net income	$	3,900		$	3,357		$	3,752		$	3,793
Less: Net earnings attributable to noncontrolling interest		(78	)		(76	)		(173	)		(188	)
Less: Undistributed earnings attributable to unvested shares		-			-			-			-
Net income attributable to Twin Disc		3,822			3,281			3,579			3,605

Weighted average shares outstanding - basic		13,742			13,504			13,663			13,455

Basic Income Per Share:
Net earnings per share - basic	$	0.28		$	0.24		$	0.26		$	0.27

Diluted:
Net income	$	3,900		$	3,357		$	3,752		$	3,793
Less: Net earnings attributable to noncontrolling interest		(78	)		(76	)		(173	)		(188	)
Less: Undistributed earnings attributable to unvested shares		-			-			-			-
Net income attributable to Twin Disc		3,822			3,281			3,579			3,605

Weighted average shares outstanding - basic		13,742			13,504			13,663			13,455
Effect of dilutive stock awards		162			158			189			153
Weighted average shares outstanding - diluted		13,904			13,662			13,852			13,608

Diluted Income Per Share:
Net earnings per share - diluted	$	0.27		$	0.24		$	0.26		$	0.26

Note K - Shareholders' Equity

9 Months Ended

Mar. 29, 2024

Equity [Text Block]

K.	Shareholders’ Equity

The Company, from time to time, makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315.0 shares as of March 29, 2024 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended March 29, 2024 and March 31, 2023.

As of July 1, 2022, the cumulative effect of the Accounting change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to accumulated other comprehensive loss, both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).

See Notes A, G, M, and P for further information regarding the impact of the Accounting change on the Company’s prior year consolidated financial statements.

The following is a reconciliation of the Company’s equity balances for the three fiscal quarters of 2024 and 2023:

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Loss			Stock			Interest			Equity
Balance, June 30, 2023	$	42,855		$	120,299		$	(5,570	)	$	(12,491	)	$	424		$	145,517
Net (loss) income					(1,173	)								90			(1,083	)
Translation adjustments								(3,096	)					60			(3,036	)
Benefit plan adjustments, net of tax								(171	)								(171	)
Unrealized gain on hedges, net of tax								216									216
Compensation expense		495															495
Shares (acquired) issued, net		(3,911	)								2,148						(1,763	)
Balance, September 29, 2023		39,439			119,126			(8,621	)		(10,343	)		574			140,175
Net income					930									5			935
Dividends paid to shareholders					(560	)											(560	)
Translation adjustments								5,155						35			5,190
Benefit plan adjustments, net of tax								(108	)								(108	)
Unrealized loss on hedges, net of tax								(485	)								(485	)
Compensation expense		772															772
Shares (acquired) issued, net		(550	)								541						(9	)
Balance, December 29, 2023		39,661			119,496			(4,059	)		(9,802	)		614			145,910
Net income					3,822									78			3,900
Dividends paid to shareholders					(559	)											(559	)
Translation adjustments								(3,040	)					(44	)		(3,084	)
Benefit plan adjustments, net of tax								(191	)								(191	)
Unrealized gain on cash flow hedge, net of tax								196									196
Compensation expense		791															791
Shares (acquired) issued, net		(24	)								5						(19	)
Balance, March 29, 2024	$	40,428		$	122,759		$	(7,094	)	$	(9,797	)	$	648		$	146,944

	Twin Disc, Inc. Shareholders’ Equity
							Accumulated
							Other						Non-
	Common			Retained			Comprehensive			Treasury			Controlling			Total
	Stock			Earnings			Loss			Stock			Interest			Equity
Balance, June 30, 2022	$	42,551		$	109,919		$	(6,974	)	$	(14,720	)	$	412		$	131,188
Net (loss) income					(1,422	)								98			(1,324	)
Translation adjustments								(6,328	)					38			(6,290	)
Benefit plan adjustments, net of tax								(89	)								(89	)
Unrealized gain on hedges, net of tax								793									793
Compensation expense		658															658
Shares (acquired) issued, net		(1,924	)								1,756						(168	)
Balance, September 30, 2022		41,285			108,497			(12,598	)		(12,964	)		548			124,768
Net income					1,746									15			1,761
Translation adjustments								8,333						59			8,392
Benefit plan adjustments, net of tax								(1,122	)								(1,122	)
Unrealized loss on hedges, net of tax								(595	)								(595	)
Compensation expense		856															856
Shares (acquired) issued, net		(697	)								402						(295	)
Balance, December 30, 2022		41,444			110,243			(5,982	)		(12,562	)		622			133,765
Net income					3,281									76			3,357
Translation adjustments								1,023						(9	)		1,014
Benefit plan adjustments, net of tax								(29	)								(29	)
Unrealized loss on cash flow hedge, net of tax								(224	)								(224	)
Compensation expense		736															736
Shares (acquired) issued, net		(35	)								35						-
Balance, March 31, 2023	$	42,145		$	113,524		$	(5,212	)	$	(12,527	)	$	689		$	138,619

Reconciliations for the changes in accumulated other comprehensive loss, net of tax, by component for the quarters ended March 29, 2024 and March 31, 2023 are as follows:

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance, June 30, 2023	$	(1,582	)	$	(5,948	)	$	688		$	1,272
Translation adjustment during the quarter		(3,096	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(171	)		(6	)		222
Net current period other comprehensive (loss) income		(3,096	)		(171	)		(6	)		222
Balance, September 29, 2023		(4,678	)		(6,119	)		682			1,494
Translation adjustment during the quarter		5,155			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(108	)		(183	)		(302	)
Net current period other comprehensive income (loss)		5,155			(108	)		(183	)		(302	)
Balance at December 29, 2023		477			(6,227	)		499			1,192
Translation adjustment during the quarter		(3,040	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(191	)		40			156
Net current period other comprehensive (loss) income		(3,040	)		(191	)		40			156
Balance at March 29, 2024	$	(2,563	)	$	(6,418	)	$	539		$	1,348

	Translation			Benefit Plan			Cash Flow			Net Investment
	Adjustment			Adjustment			Hedges			Hedges
Balance, June 30, 2022	$	(2,266	)	$	(6,614	)	$	356		$	1,550
Translation adjustment during the quarter		(6,328	)		-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(89	)		657			136
Net current period other comprehensive (loss) income		(6,328	)		(89	)		657			136
Balance, September 30, 2022		(8,594	)		(6,703	)		1,013			1,686
Translation adjustment during the quarter		8,333			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(7	)		(10	)		(585	)
Plan merger adjustment		-			(1,115	)		-			-
Net current period other comprehensive income (loss)		8,333			(1,122	)		(10	)		(585	)
Balance at December 30, 2022		(261	)		(7,825	)		1,003			1,101
Translation adjustment during the quarter		1,023			-			-			-
Amounts reclassified from accumulated other comprehensive loss		-			(29	)		(133	)		(91	)
Net current period other comprehensive income (loss)		1,023			(29	)		(133	)		(91	)
Balance at March 31, 2023	$	762		$	(7,854	)	$	870		$	1,010

Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended March 29, 2024 are as follows:

	Amount Reclassified				Amount Reclassified
	Quarter Ended				Three Quarters Ended
	March 29, 2024				March 29, 2024
Changes in benefit plan items
Actuarial losses	$	(198	)	(a)	$	(461	)	(a)
Transition asset and prior service benefit		(3	)	(a)		(11	)	(a)
Total amortization		(201	)			(472	)
Income tax expense		10				2
Total reclassification net of tax	$	(191	)		$	(470	)

Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended March 31, 2023 is as follows:

	Amount Reclassified				Amount Reclassified
	Quarter Ended				Three Quarters Ended
	March 31, 2023				March 31, 2023
Changes in benefit plan items
Actuarial gains	$	630		(a)	$	1,853		(a)
Transition asset and prior service benefit		(51	)	(a)		(152	)	(a)
Mark-to-market adjustment		(607	)			(1,821	)
Plan merger remeasurement adjustment		-				(1,115	)
Total amortization		(28	)			(1,235	)
Income taxes		(1	)			(5	)
Total reclassification net of tax	$	(29	)		$	(1,240	)

(a)

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

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Note N - Lease Obligations - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Operating cash flows from operating leases	$ 951	$ 873	$ 2,822	$ 2,268
Operating cash flows from finance leases	76	138	225	270
Financing cash flows from finance leases	192	73	663	231
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	3,551	218	3,739	1,736
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 227	$ 47	$ 883	$ 367
Weighted average remaining lease term (years): Operating leases (Year)	9 years 3 months 18 days	8 years 9 months 18 days	9 years 3 months 18 days	8 years 9 months 18 days
Weighted average remaining lease term (years): Finance lease (Year)	9 years 3 months 18 days	11 years 3 months 18 days	9 years 3 months 18 days	11 years 3 months 18 days
Weighted average discount rate: Operating leases	8.20%	7.20%	8.20%	7.20%
Weighted average discount rate: Finance leases	5.90%	5.20%	5.90%	5.20%

Note N - Lease Obligations - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Amortization of right-of-use assets	$ 206	$ 187	$ 603	$ 498
Interest on lease liabilities	76	87	227	219
Operating lease cost	941	852	2,716	2,250
Short-term lease cost	1	2	9	5
Variable lease cost	101	94	301	202
Total lease cost	1,325	1,222	3,856	3,174
Less: Sublease income	(20)	(18)	(61)	(53)
Net lease cost	$ 1,305	$ 1,204	$ 3,795	$ 3,121

Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 29, 2023
Performance Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			119,300	118,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	238,700		238,700			234,200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	329,900	437,900	329,900	437,900
Share-Based Payment Arrangement, Expense	$ 326	$ 307	$ 704	$ 903
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)	$ 11.48		$ 11.48
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,652		$ 1,652
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 0
Performance Stock Unit Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			10,500	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	20,900		20,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	10,500	0	10,500	0
Share-Based Payment Arrangement, Expense	$ 11	$ 0	$ 29	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)	$ 12.15		$ 12.15
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 98		$ 98
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	0
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			117,200	180,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	246,600		246,600		308,600
Share-Based Payment Arrangement, Expense	$ 330	313	$ 953	$ 1,007
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	1,568		$ 1,568
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 2,196	$ 1,699
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			2,400	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Restricted Stock [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			7,100	72,400
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	135,000	130,200	135,000	130,200
Share-Based Payment Arrangement, Expense	$ 124	$ 116	$ 372	$ 340
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)	$ 10.97		$ 10.97
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 412		$ 412
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 25	$ 40
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years

Note D - Contingencies

9 Months Ended

Mar. 29, 2024

Commitments and Contingencies Disclosure [Text Block]

D.	Contingencies

The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company’s results of operations, financial position, or cash flows.

Note C - Warranty (Tables)

9 Months Ended

Mar. 29, 2024

Schedule of Product Warranty Liability [Table Text Block]

	For the Quarter Ended						For the Three Quarters Ended
	March 29, 2024			March 31, 2023			March 29, 2024			March 31, 2023
Reserve balance, beginning of period	$	4,488		$	4,145		$	3,476		$	3,329
Current period expense and adjustments		1,656			371			4,377			2,052
Payments or credits to customers		(1,236	)		(510	)		(2,948	)		(1,381	)
Translation		(13	)		12			(10	)		18
Reserve balance, end of period	$	4,895		$	4,018		$	4,895		$	4,018

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Mar. 29, 2024	Apr. 23, 2024
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	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2024
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	222 East Erie Street, Suite 400
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,996,503

Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 29, 2024	Jul. 01, 2023
2024	$ 945
2025	3,274
2026	2,290
2027	1,531
2028	1,382
2029	735
Total	$ 10,157	$ 10,157	$ 12,637

Note J - Long-term Debt and Subsequent Event (Details Textual) $ in Thousands		3 Months Ended	9 Months Ended
	Apr. 01, 2024 USD ($)	Mar. 29, 2024 USD ($)	Mar. 29, 2024 USD ($)	Jul. 01, 2025 USD ($)	Jan. 01, 2025	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 29, 2018 USD ($)
Long-Term Debt, Current Maturities		$ 2,000	$ 2,000			$ 2,010	$ 2,000
Principal Paid on Sale Leaseback Liabilities			10
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Bank of Montreal [Member]
Derivative, Notional Amount		10,000	10,000			$ 20,000
Katsa Oy [Member]
Business Acquisition, Transaction Costs		$ 600	$ 600
Maximum [Member]
Sale Leaseback Transactions, Term (Year)			5 years
Sale Leaseback Transactions, Implied Interest Rate		25.00%	25.00%
Minimum [Member]
Sale Leaseback Transactions, Term (Year)			3 years
Sale Leaseback Transactions, Implied Interest Rate		7.00%	7.00%
Subsequent Event [Member] \| Maximum [Member] \| Katsa Oy [Member]
Business Combination, Acquisition Related Costs	$ 600
BMO [Member] \| The 2018 Credit Agreement [Member]
Debt Instrument, Percentage of Equity Interest in Domestic Subsidiaries Pledged		100.00%	100.00%
Debt Instrument, Percentage of Equity Interest in Foreign Subsidiaries Pledged		65.00%	65.00%
Debt Instrument, Debt Default, Percentage of Letter of Credit Obligations Required to Cash Collateralize		105.00%	105.00%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity		$ 20,000	$ 20,000
Debt Instrument, Periodic Payment, Total		$ 500
Debt Instrument, Interest Rate During Period		6.83%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity								$ 35,000
Line of Credit Facility, Maximum Borrowing Capacity								$ 50,000
Debt Instrument, Interest Rate During Period		5.12%
Line of Credit Facility, Current Borrowing Capacity		$ 37,016	37,016
Line of Credit Facility, Remaining Borrowing Capacity		29,694	29,694
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Covenant, Maximum Cash Dividends		5,000	5,000
BMO [Member] \| The Tenth Amendment [Member]
Long-Term Debt, Current Maturities		2,000	2,000
BMO [Member] \| The Tenth Amendment [Member] \| Subsequent Event [Member]
Debt Instrument, Covenant, Maximum Cash Dividends	$ 5,000
BMO [Member] \| The Tenth Amendment [Member] \| Term Loan [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.625%
BMO [Member] \| The Tenth Amendment [Member] \| Term Loan [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.125%
BMO [Member] \| The Tenth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.30%
BMO [Member] \| The Tenth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.15%
BMO [Member] \| The Tenth Amendment [Member] \| Revolving Credit Facility [Member] \| Forecast [Member]
Debt Instrument, Borrowing Base Two				$ 32,500
Debt Instrument, Borrowing Base, Percentage of Receivables Two				50.00%	55.00%
BMO [Member] \| The Tenth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 45,000
Debt Instrument, Borrowing Base, Percentage of Receivables	85.00%
Debt Instrument, Borrowing Base Two	$ 35,000
Debt Instrument, Borrowing Base, Percentage of Receivables Two	60.00%
BMO [Member] \| The Tenth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
BMO [Member] \| The Tenth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Debt Instrument, Borrowing Base, Percentage of Receivables	50.00%
Debt Instrument, Borrowing Base	$ 30,000
BMO [Member] \| The Ninth Amendment [Member] \| Subsequent Event [Member]
Debt Instrument, Covenant, Maximum Cash Dividends	$ 3,000
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member]
Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income		$ 100,000	100,000
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.625%
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.125%
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.875%
BMO [Member] \| The Ninth Amendment [Member] \| Term Loan [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.375%
BMO [Member] \| The Ninth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.30%
BMO [Member] \| The Ninth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.15%
BMO [Member] \| The Ninth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.15%
BMO [Member] \| The Ninth Amendment [Member] \| Unused Revolving Credit Commitment [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 40,000	$ 40,000
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%
Fixed Charge Coverage Ratio		1.1	1.1
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Total Funded Debt To EBITDA Allowable Ratio		3.5	3.5
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
BMO [Member] \| The Ninth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%

Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Mar. 29, 2024	Mar. 31, 2023
Balance	$ 145,910	$ 140,175	$ 145,517	$ 133,765	$ 124,768	$ 131,188	$ 145,517	$ 131,188
Net income	3,900	935	(1,083)	3,357	1,761	(1,324)	3,752	3,793
Translation adjustments	(3,084)	5,190	(3,036)	1,014	8,392	(6,290)	(930)	3,116
Benefit plan adjustments, net of tax	(191)	(108)	(171)	(29)	(1,122)	(89)	(470)	(1,240)
Unrealized gain (loss) on hedges	196	(485)	216	(224)	(595)	793	(73)	(26)
Compensation expense	791	772	495	736	856	658
Shares (acquired) issued, net	(19)	(9)	(1,763)		(295)	(168)
Dividends paid to shareholders	(559)	(560)
Translation adjustments	(3,084)	5,190	(3,036)	1,014	8,392	(6,290)	(930)	3,116
Balance	146,944	145,910	140,175	138,619	133,765	124,768	146,944	138,619
Common Stock [Member]
Balance	39,661	39,439	42,855	41,444	41,285	42,551	42,855	42,551
Compensation expense	791	772	495	736	856	658
Shares (acquired) issued, net	(24)	(550)	(3,911)	(35)	(697)	(1,924)
Balance	40,428	39,661	39,439	42,145	41,444	41,285	40,428	42,145
Retained Earnings [Member]
Balance	119,496	119,126	120,299	110,243	108,497	109,919	120,299	109,919
Net income	3,822	930	(1,173)	3,281	1,746	(1,422)
Dividends paid to shareholders	(559)	(560)
Balance	122,759	119,496	119,126	113,524	110,243	108,497	122,759	113,524
AOCI Attributable to Parent [Member]
Balance	(4,059)	(8,621)	(5,570)	(5,982)	(12,598)	(6,974)	(5,570)	(6,974)
Translation adjustments	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)		3,028
Benefit plan adjustments, net of tax	(191)	(108)	(171)	(29)	(1,122)	(89)
Unrealized gain (loss) on hedges	196	(485)	216	(224)	(595)	793		(26)
Translation adjustments	(3,040)	5,155	(3,096)	1,023	8,333	(6,328)		3,028
Balance	(7,094)	(4,059)	(8,621)	(5,212)	(5,982)	(12,598)	(7,094)	(5,212)
Treasury Stock, Common [Member]
Balance	(9,802)	(10,343)	(12,491)	(12,562)	(12,964)	(14,720)	(12,491)	(14,720)
Shares (acquired) issued, net	5	541	2,148	35	402	1,756
Balance	(9,797)	(9,802)	(10,343)	(12,527)	(12,562)	(12,964)	(9,797)	(12,527)
Noncontrolling Interest [Member]
Balance	614	574	424	622	548	412	424	412
Net income	78	5	90	76	15	98
Translation adjustments	(44)	35	60	(9)	59	38
Translation adjustments	(44)	35	60	(9)	59	38
Balance	$ 648	$ 614	$ 574	$ 689	$ 622	$ 548	$ 648	$ 689

Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Mar. 31, 2024	Jul. 01, 2023
Balance, Definite Intangible Assets Gross Carrying Amount	$ 31,272		$ 31,272			$ 31,925
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(21,115)		(21,115)			(19,288)
Balance at June 30, Definite Intangible Assets Net Book Value	10,157		10,157		$ 10,157	12,637
Addition, Definite Intangible Assets Gross Carrying Amount			89
Addition, Definite Intangible Assets Net Book Value			89
Reduction, Definite Intangible Assets Gross Carrying Amount			(631)
Reduction, Definite Intangible Assets Accumulated Amortization/Impairment			631
Amortization, Intangible Asset	(822)	$ (738)	(2,458)	$ (2,140)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount			(111)
Translation adjustment, Definite Intangible Assets Net Book Value			(111)
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	5,552		5,552			6,553
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Intangible Asset			(935)
Translation adjustment, Definite Intangible Assets Net Book Value			(66)
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	1,364		1,364			2,422
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Intangible Asset			(923)
Translation adjustment, Definite Intangible Assets Net Book Value			(135)
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	734		734			668
Addition, Definite Intangible Assets Net Book Value			0
Amortization, Intangible Asset			(39)
Translation adjustment, Definite Intangible Assets Net Book Value			105
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	$ 2,507		2,507			$ 2,994
Addition, Definite Intangible Assets Net Book Value			89
Amortization, Intangible Asset			(561)
Translation adjustment, Definite Intangible Assets Net Book Value			$ (15)

Note G - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Pension Plan [Member]
Service cost	$ 95	$ 106	$ 283	$ 309
Prior service cost	0	8	0	25
Interest cost	896	912	2,688	2,648
Expected return on plan assets	(1,049)	(1,053)	(3,145)	(3,173)
Amortization of transition obligation	10	9	29	27
Amortization of prior service cost	9	9	26	27
Amortization of actuarial net loss	15	639	47	1,873
Net periodic benefit (gain) cost	(24)	630	(72)	1,736
Other Postretirement Benefits Plan [Member]
Service cost	2	2	6	7
Interest cost	48	53	143	159
Amortization of prior service cost	(22)	(69)	(66)	(206)
Amortization of actuarial net loss	(155)	(10)	(465)	(29)
Net periodic benefit (gain) cost	$ (127)	$ (24)	$ (382)	$ (69)

Note B - Inventories (Details Textual) - Boat Management System Product Line [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Sep. 29, 2023
Inventory Write-down	$ 2.1		$ 2.1
UNITED STATES
Inventory Write-down		$ 1.6

Note J - Long-term Debt and Subsequent Event - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Long-term debt	$ 17,042	$ 18,627
Less: current maturities	(2,000)	(2,010)	$ (2,000)
Total long-term debt	15,042	16,617	$ 29,276
Revolving Loan [Member]
Long-term debt	7,019	7,094
Term Loan [Member]
Long-term debt	10,000	11,500
Other Long-Term Debt [Member]
Long-term debt	$ 23	$ 33

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