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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Dec. 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 six months ended December 31, 2022:
(in thousands) | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Attributable to Kennametal: |  |  |  |
Balance, June 30, 2022 | $ | (208,406) |  | $ | (210,048) |  | $ | 4,503 |  | $ | (413,951) |
Other comprehensive (loss) income before reclassifications | (47) |  | 568 |  | — |  | 521 |
Amounts reclassified from AOCL | 1,639 |  | — |  | (385) |  | 1,254 |
Net other comprehensive income (loss) | 1,592 |  | 568 |  | (385) |  | 1,775 |
AOCL, December 31, 2022 | $ | (206,814) |  | $ | (209,480) |  | $ | 4,118 |  | $ | (412,176) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2022 | $ | — |  | $ | (7,547) |  | $ | — |  | $ | (7,547) |
Other comprehensive loss before reclassifications | — |  | (698) |  | — |  | (698) |
Net other comprehensive loss | — |  | (698) |  | — |  | (698) |
AOCL, December 31, 2022 | $ | — |  | $ | (8,245) |  | $ | — |  | $ | (8,245) |
The components of, and changes in, 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 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 loss before reclassifications | — |  | (904) |  | — |  | (904) |
Net other comprehensive loss | — |  | (904) |  | — |  | (904) |
AOCL, December 31, 2021 | $ | — |  | $ | (4,886) |  | $ | — |  | $ | (4,886) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and six months ended December 31, 2022 and 2021 consisted of the following:
| Three Months Ended December 31, | Six Months Ended December 31, |  |
(in thousands) | 2022 |  | 2021 | 2022 |  | 2021 |  | Affected line item in the Income Statement
Gains on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | (255) |  |  | $ | (255) |  | $ | (511) |  |  | $ | (511) |  |  | Interest expense
Total before tax | (255) |  |  | (255) |  | (511) |  |  | (511) |  |  |
Tax impact | 63 |  |  | 63 |  | 126 |  |  | 126 |  |  | Provision for income taxes
Net of tax | $ | (192) |  |  | $ | (192) |  | $ | (385) |  |  | $ | (385) |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 20 |  |  | $ | 24 |  | $ | 41 |  |  | $ | 48 |  |  | Other income, net
Amortization of prior service credit | (66) |  |  | (66) |  | (132) |  |  | (133) |  |  | Other income, net
Recognition of actuarial losses | 1,140 |  |  | 3,015 |  | 2,293 |  |  | 6,059 |  |  | Other income, net
Total before tax | 1,094 |  |  | 2,973 |  | 2,202 |  |  | 5,974 |  |  |
Tax impact | (262) |  |  | (772) |  | (563) |  |  | (1,558) |  |  | Provision for income taxes
Net of tax | $ | 832 |  |  | $ | 2,201 |  | $ | 1,639 |  |  | $ | 4,416 |  |  |
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, 2022 and 2021 were as follows:
|  | 2022 |  |  |  |  | 2021 |
(in thousands) | Pre-tax | Tax impact | Net of tax |  |  | Pre-tax | Tax impact | Net of tax
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges | $ | (255) |  | $ | 63 |  | $ | (192) |  |  |  | $ | (255) |  | $ | 63 |  | $ | (192) |
Unrecognized net pension and other postretirement benefit plans (loss) gain | (4,564) |  | 1,193 |  | (3,371) |  |  |  | 1,232 |  | (356) |  | 876 |
Reclassification of net pension and other postretirement benefit plans loss | 1,094 |  | (262) |  | 832 |  |  |  | 2,973 |  | (772) |  | 2,201 |
Foreign currency translation adjustments | 52,675 |  | 144 |  | 52,819 |  |  |  | (10,062) |  | (19) |  | (10,081) |
Other comprehensive income (loss) | $ | 48,950 |  | $ | 1,138 |  | $ | 50,088 |  |  |  | $ | (6,112) |  | $ | (1,084) |  | $ | (7,196) |
The amount of income tax allocated to each component of other comprehensive income (loss) for the six months ended December 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
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges | $ | (511) |  | $ | 126 |  | $ | (385) |  |  |  | $ | (511) |  | $ | 126 |  | $ | (385) |
Unrecognized net pension and other postretirement benefit plans (loss) gain | (85) |  | 38 |  | (47) |  |  |  | 3,831 |  | (1,050) |  | 2,781 |
Reclassification of net pension and other postretirement benefit plans loss | 2,202 |  | (563) |  | 1,639 |  |  |  | 5,974 |  | (1,558) |  | 4,416 |
Foreign currency translation adjustments | (124) |  | (6) |  | (130) |  |  |  | (26,519) |  | (38) |  | (26,557) |
Other comprehensive income (loss) | $ | 1,482 |  | $ | (405) |  | $ | 1,077 |  |  |  | $ | (17,225) |  | $ | (2,520) |  | $ | (19,745) |

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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 https://asc.fasb.org/extlink&oid=126968391&loc=d3e526-108580 + Details
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