XML 70 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Accumulated Other Comprehensive Loss
 3 Months Ended
Sep. 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 three months ended September 30, 2019:
(in thousands)
Pension and other postretirement benefits
Currency translation adjustment
Derivatives
Total
Attributable to Kennametal:
 
 
 
 
Balance, June 30, 2019
$
(222,270
)
$
(147,595
)
$
(3,678
)
$
(373,543
)
Other comprehensive income (loss) before reclassifications
2,607

(34,034
)
395

(31,032
)
Amounts reclassified from AOCL
1,960

—

181

2,141

Net current period other comprehensive
  income (loss)
4,567

(34,034
)
576

(28,891
)
AOCL, September 30, 2019
$
(217,703
)
$
(181,629
)
$
(3,102
)
$
(402,434
)
 
 
 
 
 
Attributable to noncontrolling interests:
 
 
 
 
Balance, June 30, 2019
$
—

$
(3,450
)
$
—

$
(3,450
)
Other comprehensive loss before
  reclassifications
—

(1,392
)
—

(1,392
)
Net current period other comprehensive
  loss
—

(1,392
)
—

(1,392
)
AOCL, September 30, 2019
$
—

$
(4,842
)
$
—

$
(4,842
)


The components of, and changes in, AOCL were as follows, net of tax, for the three months ended September 30, 2018:
(in thousands)
Pension and other postretirement benefits
Currency translation adjustment
Derivatives
Total
Attributable to Kennametal:
 
 
 
 
Balance, June 30, 2018
$
(187,755
)
$
(127,347
)
$
(5,223
)
$
(320,325
)
Other comprehensive income (loss) before reclassifications
318

(14,971
)
(262
)
(14,915
)
Amounts reclassified from AOCL
1,312

—

595

1,907

Net current period other comprehensive
  income (loss)
1,630

(14,971
)
333

(13,008
)
AOCL, September 30, 2018
$
(186,125
)
$
(142,318
)
$
(4,890
)
$
(333,333
)
 
 
 
 
 
Attributable to noncontrolling interests:
 
 
 
 
Balance, June 30, 2018
$
—

$
(2,913
)
$
—

$
(2,913
)
Other comprehensive loss before
  reclassifications
—

(1,232
)
—

(1,232
)
Net current period other comprehensive
  loss
—

(1,232
)
—

(1,232
)
AOCL, September 30, 2018
$
—

$
(4,145
)
$
—

$
(4,145
)

Reclassifications out of AOCL for the three months ended September 30, 2019 and 2018 consisted of the following:
 
Three Months Ended September 30,
 
 
(in thousands)
2019
 
2018
 
Affected line item in the Income Statement
Gains and losses on cash flow hedges:
 
 
 
 
 
Forward starting interest rate swaps
$
611

 
$
588

 
Interest expense
Currency exchange contracts
(371
)
 
200

 
Cost of goods sold and other income, net
Total before tax
240

 
788

 
 
Tax impact
(59
)
 
(193
)
 
Provision for income taxes
Net of tax
$
181

 
$
595

 
 
 
 
 
 
 
 
Pension and other postretirement benefits:
 
 
 
 
 
Amortization of transition obligations
$
22

 
$
23

 
Other income, net
Amortization of prior service credit
(57
)
 
(27
)
 
Other income, net
Recognition of actuarial losses
2,659

 
1,757

 
Other income, net
Total before tax
2,624

 
1,753

 
 
Tax impact
(664
)
 
(441
)
 
Provision for income taxes
Net of tax
$
1,960

 
$
1,312

 
 


The amount of income tax allocated to each component of other comprehensive loss for the three months ended September 30, 2019 and 2018 were as follows:
 
 
2019
 
 
 
 
2018
 
(in thousands)
Pre-tax
Tax impact
Net of tax
 
 
Pre-tax
Tax impact
Net of tax
Unrealized gain (loss) on derivatives designated and qualified as cash flow hedges
$
523

$
(128
)
$
395

 
 
$
(347
)
$
85

$
(262
)
Reclassification of unrealized loss on derivatives designated and qualified as cash flow hedges
240

(59
)
181

 
 
788

(193
)
595

Unrecognized net pension and other postretirement benefit gain
3,469

(862
)
2,607

 
 
412

(94
)
318

Reclassification of net pension and other postretirement benefit loss
2,624

(664
)
1,960

 
 
1,753

(441
)
1,312

Foreign currency translation adjustments
(35,579
)
153

(35,426
)
 
 
(16,270
)
67

(16,203
)
Other comprehensive loss
$
(28,723
)
$
(1,560
)
$
(30,283
)
 
 
$
(13,664
)
$
(576
)
$
(14,240
)