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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Dec. 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 six months ended December 31, 2023:
(in thousands) | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Attributable to Kennametal: |  |  |  |
Balance, June 30, 2023 | $ | (215,435) |  | $ | (202,641) |  | $ | 3,733 |  | $ | (414,343) |
Other comprehensive (loss) income before reclassifications | (235) |  | 11,576 |  | (59) |  | 11,282 |
Amounts reclassified from AOCL | 2,125 |  |  | (385) |  | 1,740 |
Net other comprehensive income (loss) | 1,890 |  | 11,576 |  | (444) |  | 13,022 |
AOCL, December 31, 2023 | $ | (213,545) |  | $ | (191,065) |  | $ | 3,289 |  | $ | (401,321) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2023 | $ | — |  | $ | (8,139) |  | $ | — |  | $ | (8,139) |
Other comprehensive income before reclassifications | — |  | 28 |  | — |  | 28 |
Net other comprehensive income | — |  | 28 |  | — |  | 28 |
AOCL, December 31, 2023 | $ | — |  | $ | (8,111) |  | $ | — |  | $ | (8,111) |
The components of, and changes in, 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) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and six months ended December 31, 2023 and 2022 consisted of the following:
| Three Months Ended December 31, | Six Months Ended December 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) |  | $ | (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 | $ | 19 |  |  | $ | 20 |  | $ | 38 |  |  | $ | 41 |  |  | Other (income) expense, net
Amortization of prior service credit | (64) |  |  | (66) |  | (129) |  |  | (132) |  |  | Other (income) expense, net
Recognition of actuarial losses | 1,463 |  |  | 1,140 |  | 2,943 |  |  | 2,293 |  |  | Other (income) expense, net
Total before tax | 1,418 |  |  | 1,094 |  | 2,852 |  |  | 2,202 |  |  |
Tax impact | (347) |  |  | (262) |  | (727) |  |  | (563) |  |  | Provision for income taxes
Net of tax | $ | 1,071 |  |  | $ | 832 |  | $ | 2,125 |  |  | $ | 1,639 |  |  |
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 for the three months ended December 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
Unrealized loss on derivatives designated and qualified as cash flow hedges | $ | (78) |  | $ | 19 |  | $ | (59) |  |  |  | $ | — |  | $ | — |  | $ | — |
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 | (2,378) |  | 626 |  | (1,752) |  |  |  | (4,564) |  | 1,193 |  | (3,371) |
Reclassification of net pension and other postretirement benefit plans loss | 1,418 |  | (347) |  | 1,071 |  |  |  | 1,094 |  | (262) |  | 832 |
Foreign currency translation adjustments | 31,681 |  | 110 |  | 31,791 |  |  |  | 52,675 |  | 144 |  | 52,819 |
Other comprehensive income | $ | 30,388 |  | $ | 471 |  | $ | 30,859 |  |  |  | $ | 48,950 |  | $ | 1,138 |  | $ | 50,088 |
The amount of income tax allocated to each component of other comprehensive income for the six months ended December 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
Unrealized loss on derivatives designated and qualified as cash flow hedges | $ | (78) |  | $ | 19 |  | $ | (59) |  |  |  | $ | — |  | $ | — |  | $ | — |
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 | (331) |  | 96 |  | (235) |  |  |  | (85) |  | 38 |  | (47) |
Reclassification of net pension and other postretirement benefit plans loss | 2,852 |  | (727) |  | 2,125 |  |  |  | 2,202 |  | (563) |  | 1,639 |
Foreign currency translation adjustments | 11,494 |  | 110 |  | 11,604 |  |  |  | (124) |  | (6) |  | (130) |
Other comprehensive income | $ | 13,426 |  | $ | (376) |  | $ | 13,050 |  |  |  | $ | 1,482 |  | $ | (405) |  | $ | 1,077 |

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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 -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1 + Details
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