XML 43 R34.htm IDEA: XBRL DOCUMENT
v3.22.1

Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended
--- | ---
Mar. 31, 2022
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, 2022:
(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 | 4,291 |  | (33,263) |  | — |  | (28,972) |
Amounts reclassified from AOCL | 6,601 |  | — |  | (577) |  | 6,024 |
Net other comprehensive income (loss) | 10,892 |  | (33,263) |  | (577) |  | (22,948) |
AOCL, March 31, 2022 | $ | (202,280) |  | $ | (155,691) |  | $ | 4,696 |  | $ | (353,275) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2021 | $ | — |  | $ | (3,982) |  | $ | — |  | $ | (3,982) |
Other comprehensive loss before reclassifications | — |  | (1,363) |  | — |  | (1,363) |
Net other comprehensive loss | — |  | (1,363) |  | — |  | (1,363) |
AOCL, March 31, 2022 | $ | — |  | $ | (5,345) |  | $ | — |  | $ | (5,345) |
The components of, and changes in, 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 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 other comprehensive income | — |  | 1,904 |  | — |  | 1,904 |
AOCL, March 31, 2021 | $ | — |  | $ | (4,005) |  | $ | — |  | $ | (4,005) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and nine months ended March 31, 2022 and 2021 consisted of the following:
| Three Months Ended March 31, | Nine Months Ended March 31, |  |
(in thousands) | 2022 |  | 2021 | 2022 |  | 2021 |  | Affected line item in the Income Statement
Losses and (gains) on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | (255) |  |  | $ | 3,068 |  | $ | (766) |  |  | $ | 4,337 |  |  | Interest expense
Currency exchange contracts | — |  |  | — |  | — |  |  | (24) |  |  | Cost of goods sold and other income, net
Total before tax | (255) |  |  | 3,068 |  | (766) |  |  | 4,313 |  |  |
Tax impact | 63 |  |  | (4,216) |  | 189 |  |  | (4,523) |  |  | Provision for income taxes
Net of tax | $ | (192) |  |  | $ | (1,148) |  | $ | (577) |  |  | $ | (210) |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 23 |  |  | $ | 24 |  | $ | 71 |  |  | $ | 70 |  |  | Other income, net
Amortization of prior service credit | (66) |  |  | (61) |  | (198) |  |  | (182) |  |  | Other income, net
Recognition of actuarial losses | 2,992 |  |  | 3,508 |  | 9,052 |  |  | 10,420 |  |  | Other income, net
Total before tax | 2,949 |  |  | 3,471 |  | 8,925 |  |  | 10,308 |  |  |
Tax impact | (764) |  |  | (892) |  | (2,324) |  |  | (2,550) |  |  | Provision for income taxes
Net of tax | $ | 2,185 |  |  | $ | 2,579 |  | $ | 6,601 |  |  | $ | 7,758 |  |  |
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 for the three months ended March 31, 2022 and 2021 were as follows:
|  | 2022 |  |  |  |  | 2021 |
(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 | $ | — |  | $ | — |  | $ | — |  |  |  | $ | 6,319 |  | $ | (1,548) |  | $ | 4,771 |
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges | (255) |  | 63 |  | (192) |  |  |  | 3,068 |  | (4,216) |  | (1,148) |
Unrecognized net pension and other postretirement benefit gain | 2,054 |  | (543) |  | 1,511 |  |  |  | 2,804 |  | (772) |  | 2,032 |
Reclassification of net pension and other postretirement benefit loss | 2,949 |  | (764) |  | 2,185 |  |  |  | 3,471 |  | (892) |  | 2,579 |
Foreign currency translation adjustments | (8,055) |  | (13) |  | (8,068) |  |  |  | (24,604) |  | (932) |  | (25,536) |
Other comprehensive loss | $ | (3,307) |  | $ | (1,257) |  | $ | (4,564) |  |  |  | $ | (8,942) |  | $ | (8,360) |  | $ | (17,302) |
The amount of income tax allocated to each component of other comprehensive (loss) income for the nine months ended March 31, 2022 and 2021 were as follows:
|  | 2022 |  |  |  |  | 2021 |
(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 | $ | — |  | $ | — |  | $ | — |  |  |  | $ | 12,281 |  | $ | (3,009) |  | $ | 9,272 |
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges | (766) |  | 189 |  | (577) |  |  |  | 4,313 |  | (4,523) |  | (210) |
Unrecognized net pension and other postretirement benefit gain (loss) | 5,885 |  | (1,594) |  | 4,291 |  |  |  | (7,109) |  | 1,620 |  | (5,489) |
Reclassification of net pension and other postretirement benefit loss | 8,925 |  | (2,324) |  | 6,601 |  |  |  | 10,308 |  | (2,550) |  | 7,758 |
Foreign currency translation adjustments | (34,575) |  | (51) |  | (34,626) |  |  |  | 49,174 |  | (162) |  | 49,012 |
Other comprehensive (loss) income | $ | (20,531) |  | $ | (3,780) |  | $ | (24,311) |  |  |  | $ | 68,967 |  | $ | (8,624) |  | $ | 60,343 |

X
- Definition Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block] + References No definition available. + Details
Name: | kmt_IncomeTaxAllocatedtoEachComponentofOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | kmt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration