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Accumulated Other Comprehensive (Loss) Income | 12 Months Ended
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Jun. 30, 2021
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, 2021 (in thousands):
Attributable to Kennametal: | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Balance, June 30, 2020 | $ | (232,634) |  | $ | (181,027) |  | $ | (3,581) |  | $ | (417,242) |
Other comprehensive income before reclassifications | 9,107 |  | 58,599 |  | 9,255 |  | 76,961 |
Amounts Reclassified from AOCL | 10,355 |  | — |  | (401) |  | 9,954 |
Net other comprehensive income | 19,462 |  | 58,599 |  | 8,854 |  | 86,915 |
AOCL, June 30, 2021 | $ | (213,172) |  | $ | (122,428) |  | $ | 5,273 |  | $ | (330,327) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2020 | $ | — |  | $ | (5,909) |  | $ | — |  | $ | (5,909) |
Other comprehensive income before reclassifications | — |  | 1,927 |  | — |  | 1,927 |
Net other comprehensive income | — |  | 1,927 |  | — |  | 1,927 |
AOCL, June 30, 2021 | $ | — |  | $ | (3,982) |  | $ | — |  | $ | (3,982) |
The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2020 (in thousands):
Attributable to Kennametal: | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Balance, June 30, 2019 | $ | (222,270) |  | $ | (147,595) |  | $ | (3,678) |  | $ | (373,543) |
Other comprehensive loss before reclassifications | (18,299) |  | (33,432) |  | (582) |  | (52,313) |
Amounts Reclassified from AOCL | 7,935 |  | — |  | 679 |  | 8,614 |
Net other comprehensive loss | (10,364) |  | (33,432) |  | 97 |  | (43,699) |
AOCL, June 30, 2020 | $ | (232,634) |  | $ | (181,027) |  | $ | (3,581) |  | $ | (417,242) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2019 | $ | — |  | $ | (3,450) |  | $ | — |  | $ | (3,450) |
Other comprehensive loss before reclassifications | — |  | (2,459) |  | — |  | (2,459) |
Net other comprehensive loss | — |  | (2,459) |  | — |  | (2,459) |
AOCL, June 30, 2020 | $ | — |  | $ | (5,909) |  | $ | — |  | $ | (5,909) |
The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2019 (in thousands):
Attributable to Kennametal: | Pension and other postretirement benefits | 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 other comprehensive (loss) income | (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 other comprehensive loss | — |  | (537) |  | — |  | (537) |
AOCL, June 30, 2019 | $ | — |  | $ | (3,450) |  | $ | — |  | $ | (3,450) |
Reclassifications out of AOCL for the years ended June 30, 2021, 2020 and 2019 consisted of the following:
| Year Ended June 30, |
Details about AOCL components (in thousands) | 2021 | 2020 | 2019 | Affected line item in the Income Statement
Losses and (gains) on cash flow hedges: |  |  |  |
Forward starting interest rate swaps | $ | 4,082 |  | $ | 2,444 |  | $ | 2,352 |  | Interest expense
Currency exchange contracts | (24) |  | (1,545) |  | (567) |  | Other income, net
Total before tax | 4,058 |  | 899 |  | 1,785 |  |
Tax impact | (4,459) |  | (220) |  | (437) |  | Provision for income taxes
Net of tax | $ | (401) |  | $ | 679 |  | $ | 1,348 |  |
Pension and other postretirement benefits: |  |  |  |
Amortization of transition obligations | $ | 94 |  | $ | 88 |  | $ | 91 |  | Other income, net
Amortization of prior service credit | (242) |  | (226) |  | (109) |  | Other income, net
Recognition of actuarial losses | 13,913 |  | 10,616 |  | 6,971 |  | Other income, net
Total before tax | 13,765 |  | 10,478 |  | 6,953 |  |
Tax impact | (3,410) |  | (2,543) |  | (1,829) |  | Provision for income taxes
Net of tax | $ | 10,355 |  | $ | 7,935 |  | $ | 5,124 |  |
The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2021:
(in thousands) | Pre-tax | Tax impact | Net of tax
Unrealized gain on derivatives designated and qualified as cash flow hedges | $ | 12,264 |  | $ | (3,009) |  | $ | 9,255 |
Reclassification of unrealized loss (gain) on expired derivatives designated and qualified as cash flow hedges | 4,058 |  | (4,459) |  | (401) |
Unrecognized net pension and other postretirement benefit gain | 11,901 |  | (2,794) |  | 9,107 |
Reclassification of net pension and other postretirement benefit loss | 13,765 |  | (3,410) |  | 10,355 |
Foreign currency translation adjustments | 61,038 |  | (510) |  | 60,528 |
Other comprehensive income | $ | 103,026 |  | $ | (14,182) |  | $ | 88,844 |
The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2020:
(in thousands) | Pre-tax | Tax impact | Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges | $ | (771) |  | $ | 189 |  | $ | (582) |
Reclassification of unrealized loss on expired derivatives designated and qualified as cash flow hedges | 899 |  | (220) |  | 679 |
Unrecognized net pension and other postretirement benefit loss | (23,999) |  | 5,700 |  | (18,299) |
Reclassification of net pension and other postretirement benefit loss | 10,478 |  | (2,543) |  | 7,935 |
Foreign currency translation adjustments | (35,936) |  | 45 |  | (35,891) |
Other comprehensive loss | $ | (49,329) |  | $ | 3,171 |  | $ | (46,158) |
The amount of income tax allocated to each component of other comprehensive loss 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 loss | $ | (63,969) |  | $ | 10,214 |  | $ | (53,755) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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