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Accumulated Other Comprehensive (Loss) Income
12 Months Ended
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss
ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of and changes in accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the year ended June 30, 2019 (in thousands):
Attributable to Kennametal:
Postretirement benefit plans
Currency translation adjustment
Derivatives
Total
Balance, June 30, 2018
$
(187,755
)
$
(127,347
)
$
(5,223
)
$
(320,325
)
Other comprehensive loss before reclassifications
(39,639
)
(20,248
)
197

(59,690
)
Amounts Reclassified from AOCL
5,124


1,348

6,472

Net current period other comprehensive loss
(34,515
)
(20,248
)
1,545

(53,218
)
AOCL, June 30, 2019
$
(222,270
)
$
(147,595
)
$
(3,678
)
$
(373,543
)
 
 
 
 
 
Attributable to noncontrolling interests:
 
 
 
 
Balance, June 30, 2018
$

$
(2,913
)
$

$
(2,913
)
Other comprehensive loss before reclassifications

(537
)

(537
)
Net current period other comprehensive loss

(537
)

(537
)
AOCL, June 30, 2019
$

$
(3,450
)
$

$
(3,450
)


The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2018 (in thousands):
Attributable to Kennametal:
Postretirement benefit plans
Currency translation adjustment
Derivatives
Total
Balance, June 30, 2017
$
(189,038
)
$
(126,606
)
$
(8,048
)
$
(323,692
)
Other comprehensive loss before reclassifications
(5,991
)
(741
)
(922
)
(7,654
)
Amounts Reclassified from AOCL
7,274


3,747

11,021

Net current period other comprehensive
    income
1,283

(741
)
2,825

3,367

AOCL, June 30, 2018
$
(187,755
)
$
(127,347
)
$
(5,223
)
$
(320,325
)
 
 
 
 
 
Attributable to noncontrolling interests:
 
 
 
 
Balance, June 30, 2017
$

$
(2,164
)
$

$
(2,164
)
Other comprehensive loss before reclassifications

(749
)

(749
)
Net current period other comprehensive
    loss

(749
)

(749
)
AOCL, June 30, 2018
$

$
(2,913
)
$

$
(2,913
)


The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2017 (in thousands):
Attributable to Kennametal:
Postretirement benefit plans
Currency translation adjustment
Derivatives
Total
Balance, June 30, 2016
$
(212,163
)
$
(131,212
)
$
(9,134
)
$
(352,509
)
Other comprehensive income before reclassifications
15,559

4,606

(471
)
19,694

Amounts Reclassified from AOCL
7,566


1,557

9,123

Net current period other comprehensive income
23,125

4,606

1,086

28,817

AOCL, June 30, 2017
$
(189,038
)
$
(126,606
)
$
(8,048
)
$
(323,692
)
 
 
 
 
 
Attributable to noncontrolling interests:
 
 
 
 
Balance, June 30, 2016
$

$
(3,446
)
$

$
(3,446
)
Other comprehensive income before
reclassifications

1,282


1,282

Net current period other comprehensive income

1,282


1,282

AOCL, June 30, 2017
$

$
(2,164
)
$

$
(2,164
)


Reclassifications out of AOCL for the years ended June 30, 2019, 2018 and 2017 consisted of the following:
 
Year Ended June 30,
 
Details about AOCL components
(in thousands)
2019
2018
2017
Affected line item in the Income Statement
Gains and losses on cash flow hedges:
 
 
 
 
Forward starting interest rate swaps
$
2,352

$
2,265

$
2,180

Interest expense
Currency exchange contracts
(567
)
2,243

(623
)
Other income, net
Total before tax
1,785

4,508

1,557

 
Tax impact
(437
)
(761
)

Provision for income taxes
Net of tax
$
1,348

$
3,747

$
1,557

 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
Amortization of transition obligations
$
91

$
94

$
89

Other income, net
Amortization of prior service credit
(109
)
26

(474
)
Other income, net
Recognition of actuarial losses
6,971

7,187

8,711

Other income, net
Total before tax
6,953

7,307

8,326

 
Tax impact
(1,829
)
(33
)
(760
)
Provision for income taxes
Net of tax
$
5,124

$
7,274

$
7,566

 


The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2019:
(in thousands)
Pre-tax
Tax impact
Net of tax
Unrealized gain on derivatives designated and qualified as cash flow hedges
$
261

$
(64
)
$
197

Reclassification of unrealized loss on expired derivatives designated and qualified as cash flow hedges
1,785

(437
)
1,348

Unrecognized net pension and other postretirement benefit loss
(52,087
)
12,448

(39,639
)
Reclassification of net pension and other postretirement benefit loss
6,953

(1,829
)
5,124

Foreign currency translation adjustments
(20,881
)
96

(20,785
)
Other comprehensive income
$
(63,969
)
$
10,214

$
(53,755
)

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2018:
(in thousands)
Pre-tax
Tax impact
Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges
$
(928
)
$
6

$
(922
)
Reclassification of unrealized loss on expired derivatives designated and qualified as cash flow hedges
4,508

(761
)
3,747

Unrecognized net pension and other postretirement benefit loss
(8,043
)
2,052

(5,991
)
Reclassification of net pension and other postretirement benefit loss
7,307

(33
)
7,274

Foreign currency translation adjustments
(1,593
)
103

(1,490
)
Other comprehensive income
$
1,251

$
1,367

$
2,618


The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2017:
(in thousands)
Pre-tax
Tax impact
Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges
$
(471
)
$

$
(471
)
Reclassification of unrealized loss on expired derivatives designated and qualified as cash flow hedges
1,557


1,557

Unrecognized net pension and other postretirement benefit gain
18,656

(3,097
)
15,559

Reclassification of net pension and other postretirement benefit loss
8,326

(760
)
7,566

Foreign currency translation adjustments
6,266

(378
)
5,888

Other comprehensive income
$
34,334

$
(4,235
)
$
30,099