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Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended
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Mar. 31, 2021
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 nine months ended March 31, 2021:
(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 | (5,489) |  | 47,108 |  | 9,272 |  | 50,891 |
Amounts reclassified from AOCL | 7,758 |  | — |  | (210) |  | 7,548 |
Net current period other comprehensive income | 2,269 |  | 47,108 |  | 9,062 |  | 58,439 |
AOCL, March 31, 2021 | $ | (230,365) |  | $ | (133,919) |  | $ | 5,481 |  | $ | (358,803) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2020 | $ | — |  | $ | (5,909) |  | $ | — |  | $ | (5,909) |
Other comprehensive income before reclassifications | — |  | 1,904 |  | — |  | 1,904 |
Net current period other comprehensive income | — |  | 1,904 |  | — |  | 1,904 |
AOCL, March 31, 2021 | $ | — |  | $ | (4,005) |  | $ | — |  | $ | (4,005) |
The components of, and changes in, AOCL were as follows, net of tax, for the nine months ended March 31, 2020:
(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 | 2,123 |  | (44,855) |  | (144) |  | (42,876) |
Amounts reclassified from AOCL | 5,916 |  | — |  | 306 |  | 6,222 |
Net current period other comprehensive income (loss) | 8,039 |  | (44,855) |  | 162 |  | (36,654) |
AOCL, March 31, 2020 | $ | (214,231) |  | $ | (192,450) |  | $ | (3,516) |  | $ | (410,197) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2019 | $ | — |  | $ | (3,450) |  | $ | — |  | $ | (3,450) |
Other comprehensive loss before reclassifications | — |  | (2,836) |  | — |  | (2,836) |
Net current period other comprehensive loss | — |  | (2,836) |  | — |  | (2,836) |
AOCL, March 31, 2020 | $ | — |  | $ | (6,286) |  | $ | — |  | $ | (6,286) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and nine months ended March 31, 2021 and 2020 consisted of the following:
| Three Months Ended March 31, | Nine Months Ended March 31, |  |
(in thousands) | 2021 |  | 2020 | 2021 |  | 2020 |  | Affected line item in the Income Statement
Losses and (gains) on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | 3,068 |  |  | $ | 611 |  | $ | 4,337 |  |  | $ | 1,833 |  |  | Interest expense
Currency exchange contracts | — |  |  | 75 |  | (24) |  |  | (1,428) |  |  | Cost of goods sold and other income, net
Total before tax | 3,068 |  |  | 686 |  | 4,313 |  |  | 405 |  |  |
Tax impact | (4,216) |  |  | (168) |  | (4,523) |  |  | (99) |  |  | Provision/benefit on/from income taxes
Net of tax | $ | (1,148) |  |  | $ | 518 |  | $ | (210) |  |  | $ | 306 |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 24 |  |  | $ | 23 |  | $ | 70 |  |  | $ | 67 |  |  | Other income, net
Amortization of prior service credit | (61) |  |  | (56) |  | (182) |  |  | (169) |  |  | Other income, net
Recognition of actuarial losses | 3,508 |  |  | 2,661 |  | 10,420 |  |  | 7,970 |  |  | Other income, net
Total before tax | 3,471 |  |  | 2,628 |  | 10,308 |  |  | 7,868 |  |  |
Tax impact | (892) |  |  | (662) |  | (2,550) |  |  | (1,952) |  |  | Provision/benefit on/from income taxes
Net of tax | $ | 2,579 |  |  | $ | 1,966 |  | $ | 7,758 |  |  | $ | 5,916 |  |  |
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 March 31, 2021 and 2020 were as follows:
|  | 2021 |  |  |  |  | 2020 |
(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 | $ | 6,319 |  | $ | (1,548) |  | $ | 4,771 |  |  |  | $ | (1,325) |  | $ | 325 |  | $ | (1,000) |
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges | 3,068 |  | (4,216) |  | (1,148) |  |  |  | 686 |  | (168) |  | 518 |
Unrecognized net pension and other postretirement benefit gain | 2,804 |  | (772) |  | 2,032 |  |  |  | 3,295 |  | (722) |  | 2,573 |
Reclassification of net pension and other postretirement benefit loss | 3,471 |  | (892) |  | 2,579 |  |  |  | 2,628 |  | (662) |  | 1,966 |
Foreign currency translation adjustments | (24,604) |  | (932) |  | (25,536) |  |  |  | (38,103) |  | 85 |  | (38,018) |
Other comprehensive (loss) income | $ | (8,942) |  | $ | (8,360) |  | $ | (17,302) |  |  |  | $ | (32,819) |  | $ | (1,142) |  | $ | (33,961) |
The amount of income tax allocated to each component of other comprehensive income (loss) for the nine months ended March 31, 2021 and 2020 were as follows:
|  | 2021 |  |  |  |  | 2020 |
(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 | $ | 12,281 |  | $ | (3,009) |  | $ | 9,272 |  |  |  | $ | (191) |  | $ | 47 |  | $ | (144) |
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges | 4,313 |  | (4,523) |  | (210) |  |  |  | 405 |  | (99) |  | 306 |
Unrecognized net pension and other postretirement benefit (loss) gain | (7,109) |  | 1,620 |  | (5,489) |  |  |  | 2,876 |  | (753) |  | 2,123 |
Reclassification of net pension and other postretirement benefit loss | 10,308 |  | (2,550) |  | 7,758 |  |  |  | 7,868 |  | (1,952) |  | 5,916 |
Foreign currency translation adjustments | 49,174 |  | (162) |  | 49,012 |  |  |  | (47,809) |  | 118 |  | (47,691) |
Other comprehensive income (loss) | $ | 68,967 |  | $ | (8,624) |  | $ | 60,343 |  |  |  | $ | (36,851) |  | $ | (2,639) |  | $ | (39,490) |

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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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