Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 31, 2021

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, 2021:

(in thousands)	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Attributable to Kennametal:
Balance, June 30, 2020	$	(232,634)	$	(181,027)	$	(3,581)	$	(417,242)
Other comprehensive (loss) income before reclassifications	(5,489)		47,108		9,272		50,891
Amounts reclassified from AOCL	7,758		—		(210)		7,548
Net current period other comprehensive   income	2,269		47,108		9,062		58,439
AOCL, March 31, 2021	$	(230,365)	$	(133,919)	$	5,481	$	(358,803)
Attributable to noncontrolling interests:
Balance, June 30, 2020	$	—	$	(5,909)	$	—	$	(5,909)
Other comprehensive income before   reclassifications	—		1,904		—		1,904
Net current period other comprehensive   income	—		1,904		—		1,904
AOCL, March 31, 2021	$	—	$	(4,005)	$	—	$	(4,005)

The components of, and changes in, AOCL were as follows, net of tax, for the nine months ended March 31, 2020:

(in thousands)	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Attributable to Kennametal:
Balance, June 30, 2019	$	(222,270)	$	(147,595)	$	(3,678)	$	(373,543)
Other comprehensive income (loss) before reclassifications	2,123		(44,855)		(144)		(42,876)
Amounts reclassified from AOCL	5,916		—		306		6,222
Net current period other comprehensive   income (loss)	8,039		(44,855)		162		(36,654)
AOCL, March 31, 2020	$	(214,231)	$	(192,450)	$	(3,516)	$	(410,197)
Attributable to noncontrolling interests:
Balance, June 30, 2019	$	—	$	(3,450)	$	—	$	(3,450)
Other comprehensive loss before   reclassifications	—		(2,836)		—		(2,836)
Net current period other comprehensive loss	—		(2,836)		—		(2,836)
AOCL, March 31, 2020	$	—	$	(6,286)	$	—	$	(6,286)

Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL for the three and nine months ended March 31, 2021 and 2020 consisted of the following:

	Three Months Ended March 31,				Nine Months Ended March 31,
(in thousands)	2021		2020		2021		2020		Affected line item in the Income Statement
Losses and (gains) on cash flow hedges:
Forward starting interest rate swaps	$	3,068	$	611	$	4,337	$	1,833	Interest expense
Currency exchange contracts	—		75		(24)		(1,428)		Cost of goods sold and other income, net
Total before tax	3,068		686		4,313		405
Tax impact	(4,216)		(168)		(4,523)		(99)		Provision/benefit on/from income taxes
Net of tax	$	(1,148)	$	518	$	(210)	$	306
Pension and other postretirement benefits:
Amortization of transition obligations	$	24	$	23	$	70	$	67	Other income, net
Amortization of prior service credit	(61)		(56)		(182)		(169)		Other income, net
Recognition of actuarial losses	3,508		2,661		10,420		7,970		Other income, net
Total before tax	3,471		2,628		10,308		7,868
Tax impact	(892)		(662)		(2,550)		(1,952)		Provision/benefit on/from income taxes
Net of tax	$	2,579	$	1,966	$	7,758	$	5,916

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, 2021 and 2020 were as follows:

			2021						2020
(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	$	6,319	$	(1,548)	$	4,771	$	(1,325)	$	325	$	(1,000)
Reclassification of unrealized (gain) loss on derivatives designated and qualified as cash flow hedges	3,068		(4,216)		(1,148)		686		(168)		518
Unrecognized net pension and other postretirement benefit gain	2,804		(772)		2,032		3,295		(722)		2,573
Reclassification of net pension and other postretirement benefit loss	3,471		(892)		2,579		2,628		(662)		1,966
Foreign currency translation adjustments	(24,604)		(932)		(25,536)		(38,103)		85		(38,018)
Other comprehensive (loss) income	$	(8,942)	$	(8,360)	$	(17,302)	$	(32,819)	$	(1,142)	$	(33,961)

The amount of income tax allocated to each component of other comprehensive income (loss) for the nine months ended March 31, 2021 and 2020 were as follows:

			2021						2020
(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	$	12,281	$	(3,009)	$	9,272	$	(191)	$	47	$	(144)
Reclassification of unrealized loss (gain) on derivatives designated and qualified as cash flow hedges	4,313		(4,523)		(210)		405		(99)		306
Unrecognized net pension and other postretirement benefit (loss) gain	(7,109)		1,620		(5,489)		2,876		(753)		2,123
Reclassification of net pension and other postretirement benefit loss	10,308		(2,550)		7,758		7,868		(1,952)		5,916
Foreign currency translation adjustments	49,174		(162)		49,012		(47,809)		118		(47,691)
Other comprehensive income (loss)	$	68,967	$	(8,624)	$	60,343	$	(36,851)	$	(2,639)	$	(39,490)