Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of and changes in accumulated other comprehensive loss (AOCL) were as follows, net of tax, for the year ended June 30, 2022 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2021	$	(213,172)	$	(122,428)	$	5,273	$	(330,327)
Other comprehensive loss before reclassifications	(4,163)		(87,620)		—		(91,783)
Amounts reclassified from AOCL	8,929		—		(770)		8,159
Net other comprehensive income (loss)	4,766		(87,620)		(770)		(83,624)
AOCL, June 30, 2022	$	(208,406)	$	(210,048)	$	4,503	$	(413,951)

Attributable to noncontrolling interests:
Balance, June 30, 2021	$	—	$	(3,982)	$	—	$	(3,982)
Other comprehensive income before reclassifications	—		(3,565)		—		(3,565)
Net other comprehensive loss	—		(3,565)		—		(3,565)
AOCL, June 30, 2022	$	—	$	(7,547)	$	—	$	(7,547)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2021 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2020	$	(232,634)	$	(181,027)	$	(3,581)	$	(417,242)
Other comprehensive income before reclassifications	9,107		58,599		9,255		76,961
Amounts reclassified from AOCL	10,355		—		(401)		9,954
Net other comprehensive income	19,462		58,599		8,854		86,915
AOCL, June 30, 2021	$	(213,172)	$	(122,428)	$	5,273	$	(330,327)

Attributable to noncontrolling interests:
Balance, June 30, 2020	$	—	$	(5,909)	$	—	$	(5,909)
Other comprehensive income before reclassifications	—		1,927		—		1,927
Net other comprehensive income	—		1,927		—		1,927
AOCL, June 30, 2021	$	—	$	(3,982)	$	—	$	(3,982)

The components of and changes in AOCL were as follows, net of tax, for the year ended June 30, 2020 (in thousands):


Attributable to Kennametal:	Pension and other postretirement benefits		Currency translation adjustment		Derivatives		Total
Balance, June 30, 2019	$	(222,270)	$	(147,595)	$	(3,678)	$	(373,543)
Other comprehensive loss before reclassifications	(18,299)		(33,432)		(582)		(52,313)
Amounts reclassified from AOCL	7,935		—		679		8,614
Net other comprehensive (loss) income	(10,364)		(33,432)		97		(43,699)

AOCL, June 30, 2020	$	(232,634)	$	(181,027)	$	(3,581)	$	(417,242)

Attributable to noncontrolling interests:
Balance, June 30, 2019	$	—	$	(3,450)	$	—	$	(3,450)
Other comprehensive loss before reclassifications	—		(2,459)		—		(2,459)
Net other comprehensive loss	—		(2,459)		—		(2,459)
AOCL, June 30, 2020	$	—	$	(5,909)	$	—	$	(5,909)

Reclassifications out of AOCL for the years ended June 30, 2022, 2021 and 2020 consisted of the following:


	Year Ended June 30,
Details about AOCL components (in thousands)	2022		2021		2020		Affected line item in the Income Statement
(Gains) and losses on cash flow hedges:
Forward starting interest rate swaps	$	(1,020)	$	4,082	$	2,444	Interest expense
Currency exchange contracts	—		(24)		(1,545)		Other income, net
Total before tax	(1,020)		4,058		899
Tax impact	250		(4,459)		(220)		Provision for income taxes
Net of tax	$	(770)	$	(401)	$	679

Pension and other postretirement benefits:
Amortization of transition obligations	$	94	$	94	$	88	Other income, net
Amortization of prior service credit	(263)		(242)		(226)		Other income, net
Recognition of actuarial losses	11,999		13,913		10,616		Other income, net
Total before tax	11,830		13,765		10,478
Tax impact	(2,901)		(3,410)		(2,543)		Provision for income taxes
Net of tax	$	8,929	$	10,355	$	7,935

The amount of income tax allocated to each component of other comprehensive income for the year ended June 30, 2022:


(in thousands)	Pre-tax		Tax impact		Net of tax

Reclassification of unrealized gain on expired derivatives designated and qualified as cash flow hedges	$	(1,020)	$	250	$	(770)
Unrecognized net pension and other postretirement benefit plans loss	(3,894)		(269)		(4,163)
Reclassification of net pension and other postretirement benefit plans loss	11,830		(2,901)		8,929
Foreign currency translation adjustments	(91,012)		(173)		(91,185)
Other comprehensive loss	$	(84,096)	$	(3,093)	$	(87,189)

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2021:


(in thousands)	Pre-tax		Tax impact		Net of tax
Unrealized gain on derivatives designated and qualified as cash flow hedges	$	12,264	$	(3,009)	$	9,255
Reclassification of unrealized loss (gain) on expired derivatives designated and qualified as cash flow hedges	4,058		(4,459)		(401)
Unrecognized net pension and other postretirement benefit plans gain	11,901		(2,794)		9,107
Reclassification of net pension and other postretirement benefit plans loss	13,765		(3,410)		10,355
Foreign currency translation adjustments	61,038		(510)		60,528
Other comprehensive income	$	103,026	$	(14,182)	$	88,844

The amount of income tax allocated to each component of other comprehensive loss for the year ended June 30, 2020:


(in thousands)	Pre-tax		Tax impact		Net of tax
Unrealized loss on derivatives designated and qualified as cash flow hedges	$	(771)	$	189	$	(582)
Reclassification of unrealized loss on expired derivatives designated and qualified as cash flow hedges	899		(220)		679
Unrecognized net pension and other postretirement benefit plans loss	(23,999)		5,700		(18,299)
Reclassification of net pension and other postretirement benefit plans loss	10,478		(2,543)		7,935
Foreign currency translation adjustments	(35,936)		45		(35,891)

Other comprehensive loss	$	(49,329)	$	3,171	$	(46,158)