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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

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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Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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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

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