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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 31, 2023

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, 2023:

(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			(1,106)			13,903			—			12,797
Amounts reclassified from AOCL			2,480						(577)			1,903
Net other comprehensive income (loss)			1,374			13,903			(577)			14,700
AOCL, March 31, 2023			$	(207,032)		$	(196,145)		$	3,926		$	(399,251)
Attributable to noncontrolling interests:
Balance, June 30, 2022			$	—		$	(7,547)		$	—		$	(7,547)
Other comprehensive loss before reclassifications			—			(344)			—			(344)
Net other comprehensive loss			—			(344)			—			(344)
AOCL, March 31, 2023			$	—		$	(7,891)		$	—		$	(7,891)

The components of, and changes in, 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)

Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL for the three and nine months ended March 31, 2023 and 2022 consisted of the following:

			Three Months Ended March 31,									Nine Months Ended March 31,
(in thousands)			2023						2022			2023						2022						Affected line item in the Income Statement
Gains on cash flow hedges:
Forward starting interest rate swaps			$	(255)					$	(255)		$	(766)					$	(766)					Interest expense
Total before tax			(255)						(255)			(766)						(766)
Tax impact			63						63			189						189						Provision for income taxes
Net of tax			$	(192)					$	(192)		$	(577)					$	(577)
Pension and other postretirement benefits:
Amortization of transition obligations			$	21					$	23		$	62					$	71					Other income, net
Amortization of prior service credit			(67)						(66)			(199)						(198)						Other income, net
Recognition of actuarial losses			1,165						2,992			3,458						9,052						Other income, net
Total before tax			1,119						2,949			3,321						8,925
Tax impact			(277)						(764)			(841)						(2,324)						Provision for income taxes
Net of tax			$	842					$	2,185		$	2,480					$	6,601

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, 2023 and 2022 were as follows:

						2023															2022
(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			(1,428)			369			(1,059)									2,054			(543)			1,511
Reclassification of net pension and other postretirement benefit plans loss			1,119			(277)			842									2,949			(764)			2,185
Foreign currency translation adjustments			13,598			91			13,689									(8,055)			(13)			(8,068)
Other comprehensive income (loss)			$	13,034		$	246		$	13,280								$	(3,307)		$	(1,257)		$	(4,564)

The amount of income tax allocated to each component of other comprehensive income (loss) for the nine months ended March 31, 2023 and 2022 were as follows:

						2023															2022
(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			$	(766)		$	189		$	(577)								$	(766)		$	189		$	(577)
Unrecognized net pension and other postretirement benefit plans (loss) gain			(1,512)			406			(1,106)									5,885			(1,594)			4,291
Reclassification of net pension and other postretirement benefit plans loss			3,321			(841)			2,480									8,925			(2,324)			6,601
Foreign currency translation adjustments			13,474			85			13,559									(34,575)			(51)			(34,626)
Other comprehensive income (loss)			$	14,517		$	(161)		$	14,356								$	(20,531)		$	(3,780)		$	(24,311)

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- Definition

Income Tax Allocated to Each Component of Other Comprehensive Income [Table Text Block]

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- Definition

Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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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

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