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Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended
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Mar. 31, 2024
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, 2024:
(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 income (loss) before reclassifications | 239 |  | (7,091) |  | (43) |  | (6,895) |
Amounts reclassified from AOCL | 3,191 |  |  | (544) |  | 2,647 |
Net other comprehensive income (loss) | 3,430 |  | (7,091) |  | (587) |  | (4,248) |
AOCL, March 31, 2024 | $ | (212,005) |  | $ | (209,732) |  | $ | 3,146 |  | $ | (418,591) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2023 | $ | — |  | $ | (8,139) |  | $ | — |  | $ | (8,139) |
Other comprehensive loss before reclassifications | — |  | (450) |  | — |  | (450) |
Net other comprehensive loss | — |  | (450) |  | — |  | (450) |
AOCL, March 31, 2024 | $ | — |  | $ | (8,589) |  | $ | — |  | $ | (8,589) |
The components of, and changes in, 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) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and nine months ended March 31, 2024 and 2023 consisted of the following:
| Three Months Ended March 31, | Nine Months Ended March 31, |  |
(in thousands) | 2024 |  | 2023 | 2024 |  | 2023 |  | Affected line item in the Income Statement
(Gains) losses on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | (255) |  |  | $ | (255) |  | $ | (766) |  |  | $ | (766) |  |  | Interest expense
Currency exchange contracts | 36 |  |  | — |  | 17 |  |  | — |  |  | Cost of goods sold
Total before tax | (219) |  |  | (255) |  | (749) |  |  | (766) |  |  |
Tax impact | 60 |  |  | 63 |  | 205 |  |  | 189 |  |  | Provision for income taxes
Net of tax | $ | (159) |  |  | $ | (192) |  | $ | (544) |  |  | $ | (577) |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | 19 |  |  | $ | 21 |  | $ | 57 |  |  | $ | 62 |  |  | Other (income) expense, net
Amortization of prior service credit | (64) |  |  | (67) |  | (194) |  |  | (199) |  |  | Other (income) expense, net
Recognition of actuarial losses | 1,477 |  |  | 1,165 |  | 4,421 |  |  | 3,458 |  |  | Other (income) expense, net
Total before tax | 1,432 |  |  | 1,119 |  | 4,284 |  |  | 3,321 |  |  |
Tax impact | (366) |  |  | (277) |  | (1,093) |  |  | (841) |  |  | Provision for income taxes
Net of tax | $ | 1,066 |  |  | $ | 842 |  | $ | 3,191 |  |  | $ | 2,480 |  |  |
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) income for the three months ended March 31, 2024 and 2023 were as follows:
|  | 2024 |  |  |  |  | 2023 |
(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 | $ | 22 |  | $ | (6) |  | $ | 16 |  |  |  | $ | — |  | $ | — |  | $ | — |
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges | (219) |  | 60 |  | (159) |  |  |  | (255) |  | 63 |  | (192) |
Unrecognized net pension and other postretirement benefit plans gain (loss) | 655 |  | (181) |  | 474 |  |  |  | (1,428) |  | 369 |  | (1,059) |
Reclassification of net pension and other postretirement benefit plans loss | 1,432 |  | (366) |  | 1,066 |  |  |  | 1,119 |  | (277) |  | 842 |
Foreign currency translation adjustments | (19,229) |  | 86 |  | (19,143) |  |  |  | 13,598 |  | 91 |  | 13,689 |
Other comprehensive (loss) income | $ | (17,339) |  | $ | (407) |  | $ | (17,746) |  |  |  | $ | 13,034 |  | $ | 246 |  | $ | 13,280 |
The amount of income tax allocated to each component of other comprehensive (loss) income for the nine months ended March 31, 2024 and 2023 were as follows:
|  | 2024 |  |  |  |  | 2023 |
(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 | $ | (59) |  | $ | 16 |  | $ | (43) |  |  |  | $ | — |  | $ | — |  | $ | — |
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges | (749) |  | 205 |  | (544) |  |  |  | (766) |  | 189 |  | (577) |
Unrecognized net pension and other postretirement benefit plans gain (loss) | 324 |  | (85) |  | 239 |  |  |  | (1,512) |  | 406 |  | (1,106) |
Reclassification of net pension and other postretirement benefit plans loss | 4,284 |  | (1,093) |  | 3,191 |  |  |  | 3,321 |  | (841) |  | 2,480 |
Foreign currency translation adjustments | (7,517) |  | (24) |  | (7,541) |  |  |  | 13,474 |  | 85 |  | 13,559 |
Other comprehensive (loss) income | $ | (3,717) |  | $ | (981) |  | $ | (4,698) |  |  |  | $ | 14,517 |  | $ | (161) |  | $ | 14,356 |

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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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