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Accumulated Other Comprehensive Loss | 9 Months Ended
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Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Loss | 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) |
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 |  |  |
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 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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