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Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended
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Dec. 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 six months ended December 31, 2024:
(in thousands) | Pension and other postretirement benefits | Currency translation adjustment | Derivatives | Total
Attributable to Kennametal: |  |  |  |
Balance, June 30, 2024 | $ | (221,308) |  | $ | (216,263) |  | $ | 2,983 |  | $ | (434,588) |
Other comprehensive income (loss) before reclassifications | 616 |  | (20,905) |  | 1,085 |  | (19,204) |
Amounts reclassified from AOCL | 3,724 |  | — |  | (392) |  | 3,332 |
Net other comprehensive income (loss) | 4,340 |  | (20,905) |  | 693 |  | (15,872) |
AOCL, December 31, 2024 | $ | (216,968) |  | $ | (237,168) |  | $ | 3,676 |  | $ | (450,460) |
Attributable to noncontrolling interests: |  |  |  |
Balance, June 30, 2024 | $ | — |  | $ | (8,680) |  | $ | — |  | $ | (8,680) |
Other comprehensive loss before reclassifications | — |  | (1,055) |  | — |  | (1,055) |
Net other comprehensive loss | — |  | (1,055) |  | — |  | (1,055) |
AOCL, December 31, 2024 | $ | — |  | $ | (9,735) |  | $ | — |  | $ | (9,735) |
The components of, and changes in, 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) |
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL for the three and six months ended December 31, 2024 and 2023 consisted of the following:
| Three Months Ended December 31, | Six Months Ended December 31, |  |
(in thousands) | 2024 |  | 2023 | 2024 |  | 2023 |  | Affected line item in the Income Statement
(Gain) loss on cash flow hedges: |  |  |  |  |  |  |  |
Forward starting interest rate swaps | $ | (255) |  |  | $ | (255) |  | $ | (511) |  |  | $ | (511) |  |  | Interest expense
Currency exchange contracts | 31 |  |  | — |  | (8) |  |  | — |  |  | Cost of goods sold
Total before tax | (224) |  |  | (255) |  | (519) |  |  | (511) |  |  |
Tax impact | 55 |  |  | 63 |  | 127 |  |  | 126 |  |  | Provision for income taxes
Net of tax | $ | (169) |  |  | $ | (192) |  | $ | (392) |  |  | $ | (385) |  |  |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |
Amortization of transition obligations | $ | — |  |  | $ | 19 |  | $ | — |  |  | $ | 38 |  |  | Other (income) expense, net
Amortization of prior service credit | (65) |  |  | (64) |  | (132) |  |  | (129) |  |  | Other (income) expense, net
Recognition of actuarial losses | 2,141 |  |  | 1,463 |  | 4,280 |  |  | 2,943 |  |  | Other (income) expense, net
Settlement | — |  |  | — |  | 836 |  |  | — |  |  | Other (income) expense, net
Total before tax | 2,076 |  |  | 1,418 |  | 4,984 |  |  | 2,852 |  |  |
Tax impact | (537) |  |  | (347) |  | (1,260) |  |  | (727) |  |  | Provision for income taxes
Net of tax | $ | 1,539 |  |  | $ | 1,071 |  | $ | 3,724 |  |  | $ | 2,125 |  |  |
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 December 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 (loss) on derivatives designated and qualified as cash flow hedges | $ | 1,548 |  | $ | (379) |  | $ | 1,169 |  |  |  | $ | (78) |  | $ | 19 |  | $ | (59) |
Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges | (224) |  | 55 |  | (169) |  |  |  | (255) |  | 63 |  | (192) |
Unrecognized net pension and other postretirement benefit plans gain (loss) | 4,313 |  | (1,122) |  | 3,191 |  |  |  | (2,378) |  | 626 |  | (1,752) |
Reclassification of net pension and other postretirement benefit plans loss | 2,076 |  | (537) |  | 1,539 |  |  |  | 1,418 |  | (347) |  | 1,071 |
Foreign currency translation adjustments | (56,998) |  | — |  | (56,998) |  |  |  | 31,681 |  | 110 |  | 31,791 |
Other comprehensive (loss) income | $ | (49,285) |  | $ | (1,983) |  | $ | (51,268) |  |  |  | $ | 30,388 |  | $ | 471 |  | $ | 30,859 |

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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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