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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Components of, and changes in accumulated other comprehensive loss | The components of, and changes in, accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the six months ended December 31, 2020:
(in thousands) | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Attributable to Kennametal: |  |  |  |
Balance, June 30, 2020 | $ | (232,634) |  | $ | (181,027) |  | $ | (3,581) |  | $ | (417,242) |
Other comprehensive (loss) income before reclassifications | (7,521) |  | 71,912 |  | 4,501 |  | 68,892 |
Amounts reclassified from AOCL | 5,179 |  | — |  | 940 |  | 6,119 |
Net current period other comprehensive (loss) income | (2,342) |  | 71,912 |  | 5,441 |  | 75,011 |
AOCL, December 31, 2020 | $ | (234,976) |  | $ | (109,115) |  | $ | 1,860 |  | $ | (342,231) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2020 | $ | — |  | $ | (5,909) |  | $ | — |  | $ | (5,909) |
Other comprehensive income before reclassifications | — |  | 2,635 |  | — |  | 2,635 |
Net current period other comprehensive income | — |  | 2,635 |  | — |  | 2,635 |
AOCL, December 31, 2020 | $ | — |  | $ | (3,274) |  | $ | — |  | $ | (3,274) |
The components of, and changes in, AOCL were as follows, net of tax, for the six months ended December 31, 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 (loss) income before reclassifications | (449) |  | (8,821) |  | 856 |  | (8,414) |
Amounts reclassified from AOCL | 3,950 |  | — |  | (212) |  | 3,738 |
Net current period other comprehensive income (loss) | 3,501 |  | (8,821) |  | 644 |  | (4,676) |
AOCL, December 31, 2019 | $ | (218,769) |  | $ | (156,416) |  | $ | (3,034) |  | $ | (378,219) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2019 | $ | — |  | $ | (3,450) |  | $ | — |  | $ | (3,450) |
Other comprehensive loss before reclassifications | — |  | (853) |  | — |  | (853) |
Net current period other comprehensive loss | — |  | (853) |  | — |  | (853) |
AOCL, December 31, 2019 | $ | — |  | $ | (4,303) |  | $ | — |  | $ | (4,303) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and six months ended December 31, 2020 and 2019 consisted of the following:
| Three Months Ended December 31, | Six Months Ended December 31, |  |
(in thousands) | 2020 |  | 2019 | 2020 |  | 2019 |  | Affected line item in the Income Statement
Losses and (gains) on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | 635 |  |  | $ | 611 |  | $ | 1,269 |  |  | $ | 1,222 |  |  | Interest expense
Currency exchange contracts | (1) |  |  | (1,132) |  | (24) |  |  | (1,503) |  |  | Cost of goods sold and other income, net
Total before tax | 634 |  |  | (521) |  | 1,245 |  |  | (281) |  |  |
Tax impact | (155) |  |  | 128 |  | (305) |  |  | 69 |  |  | Benefit from income taxes
Net of tax | $ | 479 |  |  | $ | (393) |  | $ | 940 |  |  | $ | (212) |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 23 |  |  | $ | 22 |  | $ | 45 |  |  | $ | 44 |  |  | Other income, net
Amortization of prior service credit | (61) |  |  | (56) |  | (121) |  |  | (113) |  |  | Other income, net
Recognition of actuarial losses | 3,463 |  |  | 2,649 |  | 6,912 |  |  | 5,308 |  |  | Other income, net
Total before tax | 3,425 |  |  | 2,615 |  | 6,836 |  |  | 5,239 |  |  |
Tax impact | (811) |  |  | (625) |  | (1,657) |  |  | (1,289) |  |  | Benefit from income taxes
Net of tax | $ | 2,614 |  |  | $ | 1,990 |  | $ | 5,179 |  |  | $ | 3,950 |  |  |
Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block] | The amount of income tax allocated to each component of other comprehensive income (loss) for the three months ended December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  |  |  | 2019 |
(in thousands) | Pre-tax | Tax impact | Net of tax |  |  | Pre-tax | Tax impact | Net of tax
Unrealized gain on derivatives designated and qualified as cash flow hedges | $ | 4,359 |  | $ | (1,068) |  | $ | 3,291 |  |  |  | $ | 611 |  | $ | (150) |  | $ | 461 |
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges | 634 |  | (155) |  | 479 |  |  |  | (521) |  | 128 |  | (393) |
Unrecognized net pension and other postretirement benefit loss | (5,272) |  | 1,061 |  | (4,211) |  |  |  | (3,887) |  | 831 |  | (3,056) |
Reclassification of net pension and other postretirement benefit loss | 3,425 |  | (811) |  | 2,614 |  |  |  | 2,615 |  | (625) |  | 1,990 |
Foreign currency translation adjustments | 41,671 |  | 930 |  | 42,601 |  |  |  | 25,871 |  | (120) |  | 25,751 |
Other comprehensive income | $ | 44,817 |  | $ | (43) |  | $ | 44,774 |  |  |  | $ | 24,689 |  | $ | 64 |  | $ | 24,753 |
The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  |  |  | 2019 |
(in thousands) | Pre-tax | Tax impact | Net of tax |  |  | Pre-tax | Tax impact | Net of tax
Unrealized gain on derivatives designated and qualified as cash flow hedges | $ | 5,962 |  | $ | (1,461) |  | $ | 4,501 |  |  |  | $ | 1,134 |  | $ | (278) |  | $ | 856 |
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges | 1,245 |  | (305) |  | 940 |  |  |  | (281) |  | 69 |  | (212) |
Unrecognized net pension and other postretirement benefit loss | (9,654) |  | 2,133 |  | (7,521) |  |  |  | (418) |  | (31) |  | (449) |
Reclassification of net pension and other postretirement benefit loss | 6,836 |  | (1,657) |  | 5,179 |  |  |  | 5,239 |  | (1,289) |  | 3,950 |
Foreign currency translation adjustments | 73,777 |  | 770 |  | 74,547 |  |  |  | (9,707) |  | 33 |  | (9,674) |
Other comprehensive income (loss) | $ | 78,166 |  | $ | (520) |  | $ | 77,646 |  |  |  | $ | (4,033) |  | $ | (1,496) |  | $ | (5,529) |

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e526-108580 + Details
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