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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Dec. 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 six months ended December 31, 2021:
(in thousands) | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Attributable to Kennametal: |  |  |  |
Balance, June 30, 2021 | $ | (213,172) |  | $ | (122,428) |  | $ | 5,273 |  | $ | (330,327) |
Other comprehensive income (loss) before reclassifications | 2,781 |  | (25,653) |  | — |  | (22,872) |
Amounts reclassified from AOCL | 4,416 |  | — |  | (385) |  | 4,031 |
Net current period other comprehensive income (loss) | 7,197 |  | (25,653) |  | (385) |  | (18,841) |
AOCL, December 31, 2021 | $ | (205,975) |  | $ | (148,081) |  | $ | 4,888 |  | $ | (349,168) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2021 | $ | — |  | $ | (3,982) |  | $ | — |  | $ | (3,982) |
Other comprehensive income before reclassifications | — |  | (904) |  | — |  | (904) |
Net current period other comprehensive income | — |  | (904) |  | — |  | (904) |
AOCL, December 31, 2021 | $ | — |  | $ | (4,886) |  | $ | — |  | $ | (4,886) |
The components of, and changes in, 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) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and six months ended December 31, 2021 and 2020 consisted of the following:
| Three Months Ended December 31, | Six Months Ended December 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 | $ | (255) |  |  | $ | 635 |  | $ | (511) |  |  | $ | 1,269 |  |  | Interest expense
Currency exchange contracts | — |  |  | (1) |  | — |  |  | (24) |  |  | Cost of goods sold and other income, net
Total before tax | (255) |  |  | 634 |  | (511) |  |  | 1,245 |  |  |
Tax impact | 63 |  |  | (155) |  | 126 |  |  | (305) |  |  | Provision for income taxes
Net of tax | $ | (192) |  |  | $ | 479 |  | $ | (385) |  |  | $ | 940 |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 24 |  |  | $ | 23 |  | $ | 48 |  |  | $ | 45 |  |  | Other income, net
Amortization of prior service credit | (66) |  |  | (61) |  | (133) |  |  | (121) |  |  | Other income, net
Recognition of actuarial losses | 3,015 |  |  | 3,463 |  | 6,059 |  |  | 6,912 |  |  | Other income, net
Total before tax | 2,973 |  |  | 3,425 |  | 5,974 |  |  | 6,836 |  |  |
Tax impact | (772) |  |  | (811) |  | (1,558) |  |  | (1,657) |  |  | Provision for income taxes
Net of tax | $ | 2,201 |  |  | $ | 2,614 |  | $ | 4,416 |  |  | $ | 5,179 |  |  |
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 (loss) income for the three months ended December 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 on derivatives designated and qualified as cash flow hedges | $ | — |  | $ | — |  | $ | — |  |  |  | $ | 4,359 |  | $ | (1,068) |  | $ | 3,291 |
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges | (255) |  | 63 |  | (192) |  |  |  | 634 |  | (155) |  | 479 |
Unrecognized net pension and other postretirement benefit gain (loss) | 1,232 |  | (356) |  | 876 |  |  |  | (5,272) |  | 1,061 |  | (4,211) |
Reclassification of net pension and other postretirement benefit loss | 2,973 |  | (772) |  | 2,201 |  |  |  | 3,425 |  | (811) |  | 2,614 |
Foreign currency translation adjustments | (10,062) |  | (19) |  | (10,081) |  |  |  | 41,671 |  | 930 |  | 42,601 |
Other comprehensive (loss) income | $ | (6,112) |  | $ | (1,084) |  | $ | (7,196) |  |  |  | $ | 44,817 |  | $ | (43) |  | $ | 44,774 |
The amount of income tax allocated to each component of other comprehensive (loss) income for the six months ended December 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 on derivatives designated and qualified as cash flow hedges | $ | — |  | $ | — |  | $ | — |  |  |  | $ | 5,962 |  | $ | (1,461) |  | $ | 4,501 |
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges | (511) |  | 126 |  | (385) |  |  |  | 1,245 |  | (305) |  | 940 |
Unrecognized net pension and other postretirement benefit gain (loss) | 3,831 |  | (1,050) |  | 2,781 |  |  |  | (9,654) |  | 2,133 |  | (7,521) |
Reclassification of net pension and other postretirement benefit loss | 5,974 |  | (1,558) |  | 4,416 |  |  |  | 6,836 |  | (1,657) |  | 5,179 |
Foreign currency translation adjustments | (26,519) |  | (38) |  | (26,557) |  |  |  | 73,777 |  | 770 |  | 74,547 |
Other comprehensive (loss) income | $ | (17,225) |  | $ | (2,520) |  | $ | (19,745) |  |  |  | $ | 78,166 |  | $ | (520) |  | $ | 77,646 |

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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=124509347&loc=d3e526-108580 + Details
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